BlockBeats will summarize key industry news from the week of October 6 to October 12 in this article and recommend in-depth articles to help readers better understand the market and grasp industry trends.

Important News Review

After Bitcoin reached an all-time high, the crypto market faced an epic crash, with 1.6 million liquidations and $20 billion cleared

On October 8, Bitcoin hit a historic high of $126,000, up 2% from the August peak of $124,514. However, it retreated to $121,698 on October 10 due to profit-taking by traders and macro pressures, a 3.5% drop from its ATH, but still achieving a weekly increase of 12%.

Just three days later, on the morning of October 11, the entire crypto market experienced an epic crash, with over $19.1 billion liquidated across the network, affecting more than 1.6 million people, with each figure setting a record in the 10-year history of cryptocurrency contract trading. Reviewing the K-line, Bitcoin actually began its downward trend at 11.7 thousand dollars on the night of October 10 at 10 PM. Around 5 AM, the epic "1011" crash officially began, with Bitcoin dropping continuously without resistance at an average rate of nearly 1% per minute over 30 minutes. The most extreme moment occurred at 5:19 AM, when Bitcoin plummeted over 4% in that minute, dropping nearly $5,000, ultimately hitting a low of $102,000. Meanwhile, the altcoin market was even more brutal, with larger market cap altcoins like SUI, WLD, and DOGE experiencing sharp declines, and small-cap tokens even briefly "going to zero." The crash led to widespread despair in the contract market, with many crypto KOLs and seasoned traders unable to escape unscathed.

The reasons for this crash include an analysis by traders suggesting that Trump's announcement of a 100% tariff on China starting November 1 may have been the trigger, followed by suspected large market makers actively withdrawing liquidity, and major trading platforms beginning to accept illegal stablecoins as high LTV collateral, causing risks to penetrate between trading platforms. The de-pegging of stablecoins also accelerated the decline and liquidations.

JPMorgan: The crypto market will be influenced by several key factors in the coming months, including Uptober and interest rate cuts

On October 8, according to The Block, JPMorgan analysts pointed out that the crypto market will be influenced by several key factors in the coming months, including the seasonal "Uptober" trend, Federal Reserve interest rate cuts, Bitcoin ETF options trading, and Ethereum's "Pectra" upgrade.

The report mentioned that historical data shows that over 70% of "Uptober" months have positive Bitcoin returns, which may have a positive impact on market behavior. Additionally, despite the recent interest rate cuts by the Federal Reserve, JPMorgan analysts noted that the broader cryptocurrency market has yet to see the anticipated positive effects.

Another potential catalyst is the recently approved spot Bitcoin ETF options trading. Analysts expect this could deepen liquidity and attract new market participants.

Democratic Party's proposal to end government shutdown fails to pass in the Senate

On October 6, White House National Economic Council Director Hassett stated that Trump's threat of mass layoffs during the government shutdown depends on whether the Democrats will yield in the government funding deadlock. Hassett said, "If the president determines that negotiations are making no progress," layoffs will begin.

On October 9, according to Cointelegraph, U.S. Representative Bryan Steil from Wisconsin, one of the original co-sponsors of the House's crypto market structure bill CLARITY, stated that despite the government shutdown, the Republican Party still plans to pass the bill before 2026.

On October 10, the Democratic Party's proposal to end the U.S. government shutdown failed to secure enough votes in the Senate, with voting still ongoing.

At the same time, the U.S. Senate rejected the Democratic government's funding bill; the next step will be to vote on the Republican temporary funding bill.

On October 10, Republican and Democratic congressional leaders continued to blame each other for the U.S. government's "shutdown," with neither side yielding from their respective positions and talking points, marking the ninth day of the deadlock. Republicans need five Democrats to join them to support their temporary bill to end the "shutdown."

U.S. Bureau of Labor Statistics expected to release CPI report during shutdown

On October 10, according to The New York Times, a U.S. government source stated that despite the federal government shutdown, the U.S. Bureau of Labor Statistics is still preparing to release the CPI data for September, although the specific release time is unclear, but it is almost certain it will not be on the originally scheduled date of October 15. The statistical agency has halted all operations during the funding interruption, thus failing to release the non-farm payroll report as originally planned last week.

On October 10, the U.S. Bureau of Labor Statistics will release the consumer price index for September 2025 at 8:30 AM (Beijing time 8:30 PM) on October 24.

U.S. SEC plans to formally establish "innovation exemption" policy by the end of the year

On October 8, according to CoinDesk, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins stated that the SEC still plans to formally establish an "innovation exemption" that allows companies to conduct digital asset and other innovative technology-related businesses in the U.S., with this initiative potentially launching as early as the end of this quarter.

Negotiations on U.S. cryptocurrency market structure stalled due to leaked Democratic DeFi proposal

On October 10, according to Crypto in America, negotiations between Senate Republicans and Democrats on cryptocurrency market structure legislation stalled due to a new proposal from Democrats to regulate DeFi, which sparked strong opposition within the industry. Republicans expressed frustration over their Democratic colleagues' differing views on DeFi issues and noted that there was almost no substantive feedback on the draft discussion.

Aster: S2 phase rewards can choose the "full refund of transaction fees" option

On October 6, according to an official announcement, Aster stated that it has added more flexibility to the way users can claim rewards for Genesis Phase 2 (S2):

Option 1: Receive ASTER airdrop as usual.

Option 2: Full refund of S2 transaction fees. Treat it as a zero-fee trading activity.

When the claim page opens on October 10, users can choose either option 1 or 2, and the claim will end 48 hours after October 12. If no choice is made, option 1 will be the default.

The airdropped ASTER tokens will begin distribution on October 14, and the transaction fee refunds will be processed in batches after the claim period ends.

Monad airdrop claim portal will open on October 14, exchange launches MON perpetual contract trading

On October 9, Monad announced that the airdrop claim portal will open on October 14 (Tuesday).

On October 10, according to official news, Binance launched Monad (MON) U-based pre-market perpetual contract trading at 3:15 PM Beijing time on October 10, supporting up to 5x leverage.

Additionally, on October 10, according to official news, OKX launched MON (Monad) and MET (Meteora) pre-market perpetual contracts at 4:00 PM on October 10.

MetaMask announces reward program launch at the end of October and confirms token issuance

On October 9, according to an official announcement, crypto wallet MetaMask announced today the launch of perpetual contract trading functionality, which is now live, and the MetaMask reward program will start at the end of October. MetaMask is introducing a points system and tiered rewards aimed at rewarding on-chain trading activities. Users can earn points for each token swap and perpetual contract trade, and can also earn points by referring others. In the future, users will also be able to earn points by spending with the MetaMask card and holding mUSD, expanding rewards across the entire ecosystem.

Polymarket founder becomes the youngest self-made billionaire tracked by Bloomberg Index

On October 9, according to Bloomberg, Shayne Coplan, the 27-year-old founder of the prediction market platform Polymarket, became a billionaire after securing a maximum investment of $2 billion from the parent company of the New York Stock Exchange, Intercontinental Exchange (ICE), with a pre-financing valuation of $8 billion, making him the youngest self-made billionaire tracked by the Bloomberg Billionaires Index.

Polymarket founder hints at potential issuance of POLY token

On October 9, according to The Block, Polymarket founder Shayne Coplan hinted that the popular prediction platform may launch a native token, and the POLY token could potentially rank among the top in the crypto market by market capitalization in the future.

This is not the first time the Polymarket team has hinted at possibly rewarding users through token airdrops or issuances. Just days after Trump wins the presidential election in November 2024, the official Polymarket X account briefly posted: "We predict future drops."

Previously, on October 8, Polymarket secured a $2 billion investment from Intercontinental Exchange at a valuation of $9 billion.

YZi Labs announces the establishment of a $1 billion Builder Fund to increase support for BNB ecosystem project founders

On October 8, YZi Labs announced the establishment of a $1 billion Builder Fund aimed at increasing support for founders of BNB ecosystem projects. This is particularly focused on founders of projects on the BNB Chain, attracting more long-term entrepreneurs to focus on innovations based on BNB. The fund will cover areas including trading, RWA (real-world assets), artificial intelligence (AI), DeSci (decentralized science), DeFi, payments, and wallets, fully leveraging the high-performance, low-cost infrastructure of the BNB Chain, as well as enhanced tools, funding, integration capabilities, and an ecosystem of over 460 million users.

Morgan Stanley lifts restrictions on crypto fund holdings for wealth management clients

On October 10, according to CNBC, Morgan Stanley informed its financial advisors on Friday that the company is expanding access to crypto investments for all clients and allowing such investments in any type of account, including retirement accounts. Starting October 15, advisors will be able to market cryptocurrency funds to any client. Previously, this option was limited to clients with a higher risk tolerance, assets of at least $1.5 million, and a desire to hold crypto assets in taxable brokerage accounts.

SoftBank-backed Japan's largest payment giant PayPay acquires 40% stake in Binance Japan

On October 9, Binance Japan signed a capital and business alliance agreement with PayPay. PayPay will acquire a 40% stake in Binance Japan.

The announcement stated that through this collaboration, the two companies will leverage their respective strengths to jointly develop innovative services and promote technological cooperation connecting cashless payments and digital assets.

Binance Alpha and contracts launch various Chinese narrative Meme coins

This week, the Binance ecosystem suddenly welcomed a new wave of Meme coin explosions, with CZ and He Yi's social media interactions directly igniting community sentiment, leading to a surge in Chinese Meme creation. The Meme coin "Binance Life" was the first to launch on Binance Alpha, reaching a market cap of over $10 million in just three days, also becoming the first Chinese meme coin to be listed on a mainstream trading platform. Subsequently, on-chain projects collectively entered the market, further boosting market enthusiasm. This led to the emergence of over 200 imitators like "Binance Car" and "Binance Community," forming a "Binance + xx" naming paradigm. On October 9, Binance's contract system API added support for Chinese trading pair names.

He Yi's lengthy article "Come! Let's Cultivate Immortality Together!" sparked secondary creations, with the token "Cultivation" achieving a trading volume of over $120 million in just four hours, with over 37,000 holding addresses. However, this operation also drew market criticism, with OKX CEO Star publicly criticizing "platform-induced calls touching compliance bottom lines," and U.S. lawmakers proposing to review the listing process for Meme coins on CEX.

On October 7, Binance Alpha launched the Meme coins "Binance Life" and "palu."

On October 9, Binance Alpha launched "Customer Service Xiao He."

On October 8, Binance launched 4 U-based perpetual contracts.

On October 9, Binance launched U-based GIGGLE perpetual contracts.

Binance launches exclusive Meme Rush platform

On October 9, Binance Wallet partnered with Four.Meme to launch the exclusive Meme Rush platform, allowing users to explore high-potential Meme tokens through a dedicated channel. This new feature, designed specifically for Binance Wallet (non-custodial address) users, facilitates the discovery and participation in Meme token projects, providing users with a fairer, more transparent token mechanism, as well as a leaderboard to track token performance in real-time.

Binance spot market lists Aster

On October 6, Binance listed Aster (ASTER) and applied the Seed label.

This week's major financing:

On October 6, decentralized mapping project Bee Maps (supported by Hivemapper technology) announced it has completed a new round of financing of $32 million, led by Pantera Capital, LDA Capital, Borderless Capital, and Ajna Capital.

On October 7, according to The Wall Street Journal, sources revealed that the parent company of the New York Stock Exchange (NYSE), Intercontinental Exchange (ICE), is close to reaching an agreement to invest $2 billion in Polymarket. This investment is expected to value Polymarket between $8 billion and $10 billion.

On October 7, according to dlnews, CrunchDAO's core contributor Crunch Lab completed a strategic financing of $5 million, led by Galaxy Ventures and Road Capital, with follow-on investments from VanEck and Multicoin in June this year. The total financing for the project has reached $10 million.

On October 8, according to official news, the DePIN project Grass announced it has completed $10 million in financing, with participation from Polychain and Tribe Capital, among others. The funds raised will be used to support business growth and expand infrastructure.

On October 8, NYSE-listed DDC Enterprise Limited (NYSE: DDC) completed an equity financing of $124 million, led by PAG Pegasus Fund, OKG Financial Services Limited (a subsidiary of OKG Technology Holdings Limited), and Mulana Investment Management. DDC founder, chairman, and CEO Zhu Jiaying personally invested $3 million.

On October 9, Solana's edge data intelligence network 375ai completed $5 million in financing, led by Delphi Ventures, Strobe Capital, and HackVC, with participation from 6MV, ARCA, EV3, Peaq, and Heartcore.

On October 9, tokenized stock infrastructure Block Street completed $11.5 million in strategic financing, led by Hack VC, with participation from Generative Venture, DWF Labs, StudioB, Bridge34, Jane Street, Point72, and the HRT operations team.

On October 9, crypto compliance startup CipherOwl, founded by former Coinbase and Cruise employees, completed $15 million in seed round financing, led by General Catalyst and Flourish Ventures, with participation from Coinbase Ventures, Enlight Capital, and other investment institutions.

This week's popular articles

He Yi: In this industry, if we don't run to keep up, the community will teach us a lesson

Binance co-founder He Yi candidly shared her thoughts and changes throughout the industry's ups and downs in a lengthy article early in the morning. She explained her journey from "rejecting contracts and questioning MEME" to "understanding the market and embracing the community," using her personal experiences to clarify the underlying logic behind Binance's frequent actions, while also addressing external controversies regarding contracts, MEME, and fairness, emphasizing that on this unprecedented path, only by continuously running, accepting criticism, and iterating quickly can we truly walk alongside users.

Is this the real reason behind the $20 billion liquidation in the crypto circle?

The calm of October 11 was completely rewritten in just a few hours: after an anonymous whale opened a $1.1 billion short position, Bitcoin suddenly plummeted without resistance in half an hour, evaporating over 12% of its market cap overnight, with over 1.6 million people and nearly $20 billion disappearing in the epic "1011" liquidation; meanwhile, news of Trump restarting the trade war arrived late, causing a synchronized shock in global markets, with altcoins bleeding heavily, and the S&P, Nasdaq, and Hong Kong stock index futures all plunging.

What major projects are set to issue tokens this year?

As the market continues to heat up after the holiday, more and more projects are entering the countdown to token issuance, and a new liquidity window is forming. Projects such as Meteora, Monad, Abstract, Pharos, OpenSea, MetaMask, Rainbow, Football.Fun, Limitless, Lighter, and Grvt have successively announced TGE or airdrop plans, covering various sectors including public chains, liquidity protocols, wallets, and prediction markets. Understanding the token issuance rhythm of these projects can help investors better grasp the timing of capital allocation and market rotation.

“CZ's Midnight AMA: What are the secrets to wealth?”

CZ made a rare appearance in an AMA on Trust Wallet, sharing the stage with several core BNB project teams to discuss topics such as the MEME market, Aster's development, prediction markets, RWA and AI, as well as changes in U.S. regulations. He shared his insights on the future of the industry and responded to the unexpected popularity of "Binance Life," emphasizing the unpredictable power of the community. This late-night dialogue revealed his genuine thoughts on ecological growth and technological trends.

“Why did the NYSE invest $2 billion in Polymarket?”

The parent company of the New York Stock Exchange, ICE, is preparing to invest $2 billion in the decentralized prediction market platform Polymarket. This funding not only sets a record for crypto private placements but also reveals traditional finance's strategic emphasis on "prediction markets." ICE aims to integrate Polymarket's event odds with its own clearing, settlement, and trading systems, incorporating belief data and capital flows into the global financial infrastructure, opening new space for future price discovery.

“If Base has an airdrop, how will you take advantage of it?”

In the past six months, Base has continuously expanded its technology and ecosystem, upgrading from Flashblocks to cross-chain bridges and launching the Base App, gradually forming a complete system that combines speed, liquidity, and social layers. As the team begins to explore the issuance of a native token, the market is already taking action, with users laying out potential airdrop opportunities around NFT creation, token issuance, and content production. For those hoping to participate in the $BASE allocation, now is a critical time to engage with the ecosystem and accumulate interaction records.

“Why are retail investors always 'harvested'? Understand how market makers operate in one article.”

Retail investors often say, "Whenever I buy, it drops; whenever I sell, it rises." This phenomenon is not a coincidence but a direct result of the market maker's operational mechanism. Market makers profit repeatedly from price fluctuations by continuously placing orders, earning spreads, and adjusting the order book, while leveraging time and information differences to maintain control. When market volatility increases or liquidity is insufficient, their operations can significantly impact prices, causing retail investors who follow them to frequently find themselves in a passive position.

“Token2049 'Short Essays' Collection: Innovation Exhaustion, Capital-Driven; Ordinary People's Path Upwards is Being Compressed”

After Token2049 Singapore concluded, various KOLs, VCs, and founders released "short essays," capturing their genuine feelings about this industry event from different perspectives: some discussed FOMO and personal paths, others observed a shift in attention from grand narratives to trading and applications, while some bluntly stated that innovation is stagnating and capital is dominating, with social models changing. Beneath the surface excitement of the conference, there may be a collective consensus that the cycles of project rise and fall are being compressed, and the upward paths for ordinary people are being squeezed.

“Interview with Cathie Wood: Ark's Three Major Investment Directions, Bitcoin, Ethereum, and Solana are the Final Choices”

In this interview, Cathie Wood systematically elaborated on Ark's three major investment directions—Bitcoin, Ethereum, and Solana—and explained why she believes Bitcoin will maintain its dominant position in the long term. She also discussed the role of stablecoins in the crypto ecosystem, her latest views on Ethereum, and the economic and geopolitical factors behind the rise in gold prices. She mentioned her attention to Hyperliquid, believing its development stage is similar to that of early Solana.

“Arthur Hayes and Tom Lee Discuss the Future of DATs, Stablecoins, and Prediction Markets”

Arthur Hayes and Tom Lee discussed DAT, stablecoin-specific chains, perpetual DEX, and prediction markets at Token2049; they proposed that DAT could serve as "the Wall Street CEO on-chain," stablecoin chains must first introduce real capital flows, perpetual DEXs test their moats in unlocking and fee competition, and prediction markets generate information while influencing behavior. This discussion brought institutional perspectives and product constraints to the same table.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。

Weekly Review | Epic Crash in the Crypto Market Leads to 1.6 Million Liquidations; Monad Airdrop Claim Portal Will Open on October 14