BREAKING
- JPMorgan (JPM) is allowing institutional clients to use Bitcoin and Ethereum as loan collateral for the first time.
MORE
- The FED holds its first crypto conference, signaling openness toward DeFi and blockchain payment systems.
- US President Trump pardons Binance founder CZ and declares the earlier prosecution politically motivated. The ECB moves the digital euro into its next development phase, with a decision on final rollout no earlier than 2026.
- Walmart OnePay integrates Bitcoin and Ethereum trading directly into its banking app, bringing crypto to the US mass market.
- Chainlink, Swift and UBS (UBS) are integrating tokenization into existing financial systems by having Swift messages trigger onchain transactions.
- Morgan Stanley (MS) opens access to crypto investments across all retirement accounts, without the restrictions applied to date.
- Grayscale enables staking yields directly through US-listed ETH and SOL ETPs for the first time.
- S&P Global (SPGI) launches a hybrid index with Dinari that tracks listed crypto companies and tokens together.
- US Treasury confirms that MicroStrategy (MSTR) is not subject to CAMT (the US minimum tax for large corporations), as unrealized Bitcoin gains will be excluded from the calculation going forward.
- Polymarket, the largest on-chain prediction market platform, receives a $2 billion investment from ICE (ICE) and is preparing a regulated US launch.
- Yuga Labs: A US federal judge rules that Bored Ape Yacht Club NFTs are not securities — an important precedent against the SEC's prior argumentation.
- SUI Group (SUIG) and Ethena bring the first native stablecoins to the Sui blockchain with suiUSDe and USDi, creating new DeFi infrastructure.
- Coinbase (COIN) is seeking a National Trust Company Charter from the OCC in order to expand financial products beyond custody.
- Galaxy (GLXY) launches GalaxyOne, a retail app for crypto, equities and yield accounts.
- Stripe launches an open-issuance platform enabling companies to issue their own stablecoins with interoperable liquidity.
- Samsung enables direct wallet funding of Coinbase (COIN) accounts via Samsung Pay for 75 million Galaxy users.
- Bullish, the crypto trading platform, is partnering with Deutsche Bank (DB) to provide fiat payment infrastructure for its exchange in HK and DE.
- MetaMask brings perpetuals trading and Polymarket integration into the wallet and is working on its own stablecoin.
- Uniswap Labs acquires Guidestar to expand routing and AMM technology for more efficient onchain liquidity.
- Fireblocks expands institutional crypto custody through new partnerships with Bakkt, FalconX, Galaxy Digital and Castle Island.
- Tokenized gold assets reach a new all-time high with more than $3 billion in market capitalization, led by XAUT and PAXG.
- Russia officially legalizes crypto payments in foreign trade, primarily to circumvent SWIFT sanctions.
SPEAKERS’ CORNER
- This month was defined by the sharpest flash crash since the emergence of digital assets. On October 10, leveraged long positions totaling roughly **USD 19 billion **were liquidated within a very short period.
- The event once again underscores the structural vulnerability of highly interconnected and leveraged crypto markets during phases of exogenous shocks.
- Despite these short-term dislocations, we view the long-term growth drivers of digital assets as fully intact: a) increasing tokenization of real-world assets, b) growing **institutional infrastructure **and c) rising **regulatory clarity **in key markets.
- While the event unsettled many market participants, our conversations nonetheless point to a predominantly optimistic outlook — many investors continue to expect a possible year-end rally. Whether these expectations materialize remains to be seen.
Translated from the German original, which is the authoritative version. Read the German version
