Today's headlines:
Next week's macro outlook: Fed enters collective blackout period, US earnings season hits its peak
Analyst: Bitcoin MVRV indicator falls to 25.7%, market enters transitional accumulation phase
US AI concept stocks' perpetual contracts saw a sharp drop in the early morning; Micron and SK Hynix fell over 6%
BAYC launches Mudwater physical and digital trading card series, airdrops to BAYC and MAYC holders
Two whales dormant for 12 to 13 years transferred approximately 416.7 BTC, worth $33.82 million
Shanghai Solana Enterprise Management Co., Ltd. completes registration; Solana China co-head Du Yanjing serves as legal representative
Regulation & Macro
Next week's macro outlook: Fed enters collective blackout period, US earnings season hits its peak
Wall Street began to waver this week and re-examine the US economy. The Nasdaq Composite fell 4.5% this week, its worst weekly performance since June; the S&P 500 fell 1.1% on Friday and 1.9% for the week. The Federal Reserve has entered its blackout period ahead of the October 27-28 interest rate meeting. Next week, about 70 S&P 500 constituents will report earnings, including Tesla, Meta, Western Digital, and AT&T. On the macro data front: Thursday brings the Bank of Korea rate decision, Lagarde's speech, and euro area and US data; Friday brings UK retail sales, the US S&P PMI preliminary reading, and the final University of Michigan consumer sentiment index.
Brooklyn prosecutors and FBI seize 241 crypto scam domains
The Virtual Currency Unit (VCU) of the Brooklyn District Attorney's Office, in conjunction with the FBI New York Office, seized or shut down 241 scam domains and 112 servers. The October operation marked the end of a three-year investigation into an internationally connected crypto investment fraud network. The network mainly targeted Russian-speaking communities, directing victims to fake crypto investment platforms through Russian-language Facebook ads, then defrauding them a second time under the guise of "recovering funds," with estimated losses reaching tens of millions of dollars. Prosecutors have recovered about $300,000, and no arrests have been reported. FBI reports show crypto-related fraud losses reached $11.366 billion that year, up 22% year-over-year, accounting for more than half of all internet crime losses in 2025.
Project Developments
BAYC launches Mudwater physical and digital trading card series, airdrops to BAYC and MAYC holders
BAYC launched the Mudwater physical and digital trading card collectible project based on the Solana blockchain, and airdropped 6551 Totems to BAYC and MAYC holders for claiming card packs. Each BAYC can claim 10 packs, each MAYC can claim 2 packs; each pack contains 10 cards, each box contains 24 packs, for a total of 10,000 boxes. The series includes 120 artworks, covering foil cards, numbered cards, and rare treasures with a "crushed ice" texture. Each transaction includes a 2.5% "giveback" mechanism, with funds used to purchase $APE and distributed proportionally based on the number of Mudwater cards collectors hold. Totems, Packs, and Cards series are currently tradable on OpenSea.
Nine crypto institutions form Quantum Alliance to address quantum risk
Nine blockchain-related organizations announced the formation of the Quantum Alliance, aimed at developing unified open standards for "quantum readiness," clarifying and verifying claims of quantum resistance for networks, wallets, and infrastructure, and establishing migration compatibility rules. The alliance benchmarks against the IETF and is advancing through four subgroups: blockchain migration, post-quantum zero-knowledge systems, wallet security, and cross-chain compatibility. Founding members include Quantus, Postquant Labs, Midnight Foundation, Keystone, Abelian, Hacken, and others. The alliance noted that the elliptic curve signatures used by current mainstream blockchains have left approximately 6.04 million bitcoin (about 30% of the total supply) in a quantum-exposed state, and a sufficiently powerful quantum computer could theoretically use Shor's algorithm to reverse-engineer private keys and steal assets.
Shanghai Solana Enterprise Management Co., Ltd. completes registration; Solana China co-head Du Yanjing serves as legal representative
Tianyancha shows that Shanghai Solana Enterprise Management Co., Ltd. was established in June this year with registered capital of 5 million yuan, and Claire Du (Du Yanjing), co-head of Solana China, serves as legal representative. In August this year, the company established Shanghai Yaokun Qiusuo Digital Technology Co., Ltd. as a joint venture with 45% ownership alongside Langyao Kunsheng Enterprise Consulting (35%) and Shanghai Yaosuo Zhihe Digital Technology (20%), with registered capital of 10 million yuan; Even Jiang (Jiang Yiwen), co-head of Solana Foundation China, serves as chairman, and Du Yanjing serves as director. Its business scope covers technology development, system integration, and conferences and exhibitions. Corporate information shows that the above companies are all wholly natural-person-owned or joint-venture entities, and there are no equity clues indicating a direct legal association with the Solana blockchain, Solana Labs, or the SOL token.
UNCX discloses Smart Token Vesting V2 cross-chain attack, involving losses of approximately $807,600
UNCX Network disclosed that on October 14, attackers exploited a set of public vesting operations in Smart Token Vesting V2 to create an inconsistency between the pool's token balances and recorded shares, enabling controlled positions to withdraw excess tokens. The attack affected four networks—Ethereum, BNB Chain, Base, and Robinhood—and 10 tokens, with 11 confirmed withdrawal transactions and verified economic value of approximately $807,609, of which BNB Chain accounted for about $567,500. None of the involved calls used administrator privileges. After the incident, white hats returned 82,143,476 X tokens and 23.8682 ETH; there are currently no major tokens pending disposal.
DeepSeek to charge for Search and Fetch calls within some coding tools starting November 1
According to DeepSeek's official API documentation, starting at 00:00 on November 1, 2026, when users use the DeepSeek API in DeepSeek Harness, Claude Code, and Codex, access to the Search and Fetch interfaces through server-side tool calls will begin to be billed per call. Search and Fetch are each charged 5 RMB per 1,000 successful requests, not based on tokens or the number of returned results; failed requests, searches with no results, or timeouts are not charged. The two interfaces are rate-limited independently per account, with a maximum of 5 requests per second.
Investment and Financing News
Anthropic receives first credit rating of BB+, the highest "junk" grade
Rating agency KBRA assigned Anthropic a BB+ issuer rating in June this year, the highest speculative-grade (junk) level, just one notch below investment grade, with a stable outlook. The rating applies to approximately $4.4 billion of subordinated debt within a $35 billion chip financing package, issued at a yield of about 8.5%, while senior debt carries a 5.75% rate. Due to limited disclosure by Anthropic, KBRA did not have access to metrics such as free cash flow and EBITDA, and instead used a "risk score" in place of a full financial model for its assessment. As of the end of June, the company's own balance sheet debt was zero. Wall Street is preparing a $60 billion new debt package (including $18 billion of subordinated debt) to fund the acquisition of custom AI chips jointly developed by Google and Broadcom. Moody's, S&P, and Fitch will ultimately decide its formal rating after listing.
Views & Analysis
Analyst: Bitcoin MVRV indicator falls to 25.7%, market enters transitional accumulation phase
Crypto analyst Darkfost noted that Bitcoin encountered resistance and pulled back near $87,000, with the MVRV indicator falling back below the 30% percentile (currently 25.7%), re-entering a transitional phase after a capitulation-style selloff. The indicator places the current MVRV within its historical distribution; an MVRV falling below the 30th percentile means Bitcoin has entered a range that has occurred only about 25% of the time in its historical valuation levels. Although it has exited the "extremely undervalued" range that typically corresponds to market bottoms, the current area still fits the characteristics of an "accumulation zone."
Michael Saylor responds to MSCI potentially removing MSTR: not that important to Strategy, hopes MSCI reconsiders
Strategy founder Michael Saylor responded to the possibility that MSCI's new index rules could remove MSTR, saying the move is not that important to Strategy, but he is disappointed with MSCI's stance to date, arguing that treating oil, natural gas, land, and machines as capital while not treating Bitcoin as such is a value judgment and a bias against digital assets. He said MSCI is like an "unregistered financial advisor" setting a "bad precedent" for the entire industry, and hopes it reconsiders. He compared Strategy to banks and insurance companies, saying it uses Bitcoin to support digital credit products, is an operating business, and should be viewed like other financial companies.BIS Working Paper: Banks Raising Deposit Rates May Slow Stablecoin Growth, USDC Responds More Notably
The Bank for International Settlements (BIS) has published a working paper titled "Are Stablecoins and Bank Deposits Substitutes?", based on U.S. weekly data from January 2019 to June 2025, finding that rising bank deposit rates are associated with a slowdown in stablecoin market capitalization growth. Under the baseline model, a 1 basis point increase in the average deposit rate in a single week corresponds to a roughly 3 percentage point reduction in the cumulative growth rate of stablecoin market capitalization over the following ten weeks, from an average of about 15% to around 12%. USDC responds more strongly than USDT. The authors note that this cannot be taken as evidence that total bank deposits or lending have declined, and that the sample covers only one high-interest-rate cycle.
Citrini Releases 79-Page Report Bullish on RWA Tokenization, Divergence Shifts to "Who Will Profit"
Citrini Research is bullish on RWA tokenization in its 79-page report "Breaking the Wall." The focus has shifted to where profits accrue: Christian Magoon of Amplify ETFs believes infrastructure providers will become "on-chain toll booths," with distribution channels also key; Jeff Dorman of Arca expects tokenization to become commoditized, with value lying in post-on-chain trading, lending, and collateralization, and is bullish on Securitize, Hyperliquid, Aave, and others; Zach Pandl of Grayscale advocates betting on the hosting networks, with Ethereum, BNB Chain, and Solana currently leading. Arthur Hayes questions whether it is merely "better bookkeeping" but is bullish on the prospect of AI agents running financial services.
Musk: The Only Way to Solve the U.S. Debt Problem Is to Rely on AI and Robots
Musk stated that the reform experiment of the Department of Government Efficiency (DOGE), which he once led, ultimately came to nothing, proving that "it is fundamentally impossible to solve the fiscal deficit problem from within the government," and that the only way to solve the U.S. national debt problem is to rely on AI and robots—"it cannot be solved by belt-tightening." He acknowledged that the President, the House of Representatives, the Senate, and the judiciary have no willingness to cut spending, and said he "somewhat did overdo it," should have returned to his companies earlier, and that the reform perhaps only needed to last one or two months rather than serving formally at the White House for as long as four months; he should have refocused on AI earlier.
Key Data
U.S. AI Concept Stock Perpetual Contracts Plunge in Early Morning; Micron, SK Hynix Fall Over 6%
In the early morning, perpetual contracts on several U.S. AI concept stocks plunged before recovering: Western Digital fell as much as 7.03% to $298.7 (now at $319.31); Nebius fell 6.97% to $155.12; AAOI fell 6.93% to $70.04; IREN fell 6.92% to $24.88; Micron fell 6.32% to $818.57; SK Hynix fell 6.3% to $127.68; SanDisk fell 6.1% to $1,215.35; CoreWeave fell 5.87% to $57.55. All current prices have recovered.
"AI Stock God" Leopold's Fund Hit by Selloff Again After Heavy AI Bet in Early September; 7 Targets Fall 18.3% on Average
According to Coin Bureau, "AI stock god" Leopold Aschenbrenner's fund Situational Awareness re-entered AI stocks after closing positions in July this year, buying hundreds of millions of dollars in options in early September. Since September 8, 6 of its 7 heavily bet stocks have fallen sharply: CoreWeave down 37.4%, SK Hynix down 25.8%, SanDisk down 23.8%, DRAM down 22.9%, Bloom Energy down 18.1%, Intel down 9.4%; only AMD rose against the trend, up 9.1%. The 7 stocks fell 18.3% on average. Actual investment losses still depend on position size, option terms, and subsequent trading.
Whale with $187 Million Long Position at High Leverage Has $11.74 Million ETH Long Liquidated
According to on-chain analyst Yu Jin's monitoring, a whale that previously opened a $187 million long position at maximum leverage had its long position of 4,890 ETH liquidated at $2,356 during the early morning decline today, with the position valued at $11.74 million. That price was also the lowest point of ETH's decline in the early hours of today.
Two Whales Dormant for 12 to 13 Years Transfer About 416.7 BTC Worth $33.82 Million
According to Onchain Lens monitoring, two whale wallets dormant for 12 to 13 years transferred 416.6941 BTC (worth $33.82 million) to the same address. The wallet dormant for 13 years transferred 167.8402 BTC (worth $13.62 million), and the wallet dormant for 12 years transferred 248.8539 BTC (worth $20.2 million). These assets were initially worth about $105,380 and have now appreciated by about $33.71 million.
Chainalysis: Tokenization Is Expanding the Overseas Market for U.S. Treasuries; U.S. Holdings Account for Only 10.5%
Chainalysis analysis says tokenization is expanding the overseas market for U.S. Treasuries. According to its 2026 data, Italy, Portugal, and Singapore hold 66.9% of tokenized U.S. Treasuries, while the United States accounts for 10.5%. Tokenization lowers the minimum holding threshold and eliminates the need to open a U.S. brokerage account, providing overseas investors with another channel to invest in U.S. Treasuries.