Fear and Greed Index: 28 (Fear)
Bitcoin Price: $108,428
BTC/ETH Spot ETF Fund Flow (10.21)
BTC Net Inflow: $477.19 M
ETH Net Inflow: $141.66 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (10.22)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
[]( Solana Exchange-Traded Fund "Huaxia Solana ETF" Approved
The Hong Kong Securities and Futures Commission has officially approved the first Solana (SOL) spot ETF, issued by Huaxia Fund (Hong Kong), making it the third approved cryptocurrency spot ETF after Bitcoin and Ethereum, and the first of its kind in Asia. The ETF (code: 03460) is expected to be listed on the Hong Kong Stock Exchange on October 27, with a RMB counter (83460) and a USD counter (9460), each trading unit consisting of 100 units, with a minimum investment amount of approximately $100. Its virtual asset trading platform is OSL Exchange, with a management fee rate of 0.99% and an annual recurring expense ratio of about 1.99%.
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In response to Bloomberg's report on "Hong Kong Stock Exchange and other major securities exchanges in the Asia-Pacific region tightening regulations on cryptocurrency treasury (DAT) companies," a spokesperson for the Hong Kong Stock Exchange stated, "The Hong Kong Stock Exchange framework ensures that all applicants seeking listing and those already listed have viable, sustainable, and substantive business operations." The spokesperson declined to comment on the specific companies that are under scrutiny.
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The Financial Secretary of Hong Kong, Paul Chan, attended the APEC Finance Ministers' Meeting and stated that blockchain technology and artificial intelligence are leading the rapid development of digital financial services, which not only enhances efficiency and reduces costs but also helps promote inclusive finance. In the context of the increasing application of digital assets and artificial intelligence in financial services, economies should pay attention to whether such innovations are responsible and sustainable, including considerations for investor interests and financial stability. Hong Kong actively participates in cross-border cooperation and policy dialogue in digital finance and is willing to deepen cooperation with regional partners in related fields.
]( AI Widely Applied in Financial Services but Must Consider Investor Interests and Financial Stability
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[DAT
]( Selected Activities in Hong Kong for October
We have specially compiled noteworthy activities in the cryptocurrency field in Hong Kong for October, which will open a window to the future of Web3 for you.
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[]( Selected Activities in Hong Kong for October
We have specially compiled noteworthy activities in the cryptocurrency field in Hong Kong for October, which will open a window to the future of Web3 for you.
Although the slowdown in the growth of the DAT market is no longer news, the restrictions imposed by exchanges such as the Hong Kong Stock Exchange from a regulatory perspective have undoubtedly put the brakes on the continued expansion of this market. As an important driving force in this bull market, DAT companies are also one of the most significant features of the current cryptocurrency market. What situation is the DAT market facing now, how long can its flywheel effect be maintained, and where will it head in the future? These questions are becoming the focus of market attention.
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[Regulation/Macro
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This resistance targets both cryptocurrencies themselves and the listed company vehicles that hoard crypto assets, posing risks to the digital asset market, which has been on a continuous rise for most of 2025.
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This resistance targets both cryptocurrencies themselves and the listed company vehicles that hoard crypto assets, posing risks to the digital asset market, which has been on a continuous rise for most of 2025.
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This resistance targets both cryptocurrencies themselves and the listed company vehicles that hoard crypto assets, posing risks to the digital asset market, which has been on a continuous rise for most of 2025.
Senator Elizabeth Warren wrote to Treasury Secretary Scott Bessent, stating that the GENIUS stablecoin bill is "lightly regulated" and called for the establishment of implementation rules to control financial stability, consumer protection, and national security risks. The bill requires stablecoins to have 100% reserves in USD or equivalent highly liquid assets, annual audits for issuers with a market cap exceeding $50 billion, and guidelines for foreign issuers. Warren pointed out potential conflicts of interest related to World Liberty Financial USD, associated with Trump, mentioned the Paxos incident of misprinting $30 trillion PYUSD due to technical issues, and urged the Treasury to propose anti-money laundering and operational risk countermeasures, as well as to fill regulatory gaps in broader cryptocurrency legislation.
According to The Hill, legislation to establish clear regulatory rules for the cryptocurrency industry has encountered obstacles in the Senate, making the path for the bill increasingly unclear. A draft known as the "Preliminary Framework for Decentralized Finance Regulation," submitted by Senate Democrats in early October, was leaked and faced strong opposition from the cryptocurrency industry. Negotiations this month are currently at a standstill, with talks between Republicans and pro-cryptocurrency Democrats having derailed. The U.S. Congress is busy dealing with the government shutdown issue, and the likelihood of the bill passing before the end of the year is in doubt.
Multiple European countries are collaborating with Ukraine to develop a 12-point proposal aimed at ending the war with Russia along the current front lines. Sources indicate that the implementation of this proposal will be overseen by a "Peace Committee" led by Trump. According to the draft, once both Russia and Ukraine agree to a ceasefire and commit to halting advances on the front lines, the plan includes: all forcibly relocated Ukrainian children will be returned home, and both sides will engage in prisoner exchanges; Ukraine will receive security guarantees, reconstruction funds for war damages, and a fast track to join the EU. Sanctions against Russia will be gradually lifted, but approximately $300 billion of frozen Russian central bank reserves will only be returned if Russia agrees to fund Ukraine's post-war reconstruction; if Russia acts again, these restrictions will be immediately reinstated. Sources say that Russia and Ukraine will negotiate governance issues regarding the occupied territories, but both Europe and Ukraine will not legally recognize any occupied territory as belonging to Russia.
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Multiple European countries are collaborating with Ukraine to develop a 12-point proposal aimed at ending the war with Russia along the current front lines. Sources indicate that the implementation of this proposal will be overseen by a "Peace Committee" led by Trump. According to the draft, once both Russia and Ukraine agree to a ceasefire and commit to halting advances on the front lines, the plan includes: all forcibly relocated Ukrainian children will be returned home, and both sides will engage in prisoner exchanges; Ukraine will receive security guarantees, reconstruction funds for war damages, and a fast track to join the EU. Sanctions against Russia will be gradually lifted, but approximately $300 billion of frozen Russian central bank reserves will only be returned if Russia agrees to fund Ukraine's post-war reconstruction; if Russia acts again, these restrictions will be immediately reinstated. Sources say that Russia and Ukraine will negotiate governance issues regarding the occupied territories, but both Europe and Ukraine will not legally recognize any occupied territory as belonging to Russia.
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Multiple European countries are collaborating with Ukraine to develop a 12-point proposal aimed at ending the war with Russia along the current front lines. Sources indicate that the implementation of this proposal will be overseen by a "Peace Committee" led by Trump. According to the draft, once both Russia and Ukraine agree to a ceasefire and commit to halting advances on the front lines, the plan includes: all forcibly relocated Ukrainian children will be returned home, and both sides will engage in prisoner exchanges; Ukraine will receive security guarantees, reconstruction funds for war damages, and a fast track to join the EU. Sanctions against Russia will be gradually lifted, but approximately $300 billion of frozen Russian central bank reserves will only be returned if Russia agrees to fund Ukraine's post-war reconstruction; if Russia acts again, these restrictions will be immediately reinstated. Sources say that Russia and Ukraine will negotiate governance issues regarding the occupied territories, but both Europe and Ukraine will not legally recognize any occupied territory as belonging to Russia.
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[](
Multiple European countries are collaborating with Ukraine to develop a 12-point proposal aimed at ending the war with Russia along the current front lines. Sources indicate that the implementation of this proposal will be overseen by a "Peace Committee" led by Trump. According to the draft, once both Russia and Ukraine agree to a ceasefire and commit to halting advances on the front lines, the plan includes: all forcibly relocated Ukrainian children will be returned home, and both sides will engage in prisoner exchanges; Ukraine will receive security guarantees, reconstruction funds for war damages, and a fast track to join the EU. Sanctions against Russia will be gradually lifted, but approximately $300 billion of frozen Russian central bank reserves will only be returned if Russia agrees to fund Ukraine's post-war reconstruction; if Russia acts again, these restrictions will be immediately reinstated. Sources say that Russia and Ukraine will negotiate governance issues regarding the occupied territories, but both Europe and Ukraine will not legally recognize any occupied territory as belonging to Russia.
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[](
Multiple European countries are collaborating with Ukraine to develop a 12-point proposal aimed at ending the war with Russia along the current front lines. Sources indicate that the implementation of this proposal will be overseen by a "Peace Committee" led by Trump. According to the draft, once both Russia and Ukraine agree to a ceasefire and commit to halting advances on the front lines, the plan includes: all forcibly relocated Ukrainian children will be returned home, and both sides will engage in prisoner exchanges; Ukraine will receive security guarantees, reconstruction funds for war damages, and a fast track to join the EU. Sanctions against Russia will be gradually lifted, but approximately $300 billion of frozen Russian central bank reserves will only be returned if Russia agrees to fund Ukraine's post-war reconstruction; if Russia acts again, these restrictions will be immediately reinstated. Sources say that Russia and Ukraine will negotiate governance issues regarding the occupied territories, but both Europe and Ukraine will not legally recognize any occupied territory as belonging to Russia.
<h3 dir=)[Cryptocurrency trading company FalconX plans to acquire ETF management company 21Shares. Executives from both companies stated in an interview that the merged company will focus on developing cryptocurrency funds centered around derivatives and structured products. The transaction is financed through a combination of cash and equity, but specific terms of the deal have not been disclosed.
]( FalconX to Acquire ETF Management Company 21Shares<p class=)
[]( FalconX to Acquire ETF Management Company 21Shares<p class=)[Industrial giant Siemens and digital asset market maker B2C2 have begun using JPMorgan's blockchain foreign exchange payment platform. This service supports 24/7 cross-border foreign exchange transactions in USD, GBP, and EUR, achieving near-instant settlement. Compared to traditional foreign exchange transfer methods, which are limited to business days and can take several days, this platform significantly enhances trading efficiency.
[]( B2C2 Begins Using JPMorgan's Blockchain Foreign Exchange Payment Platform<p class=)[BlackRock's digital liquidity fund BUIDL has added $500 million in tokenized assets deployed to Aptos, elevating its adoption ranking among BUIDL fund deployments to second place, only behind Ethereum. As of the time of this article, the scale of RWA tokenized assets on the Aptos chain has surpassed $1.2 billion, ranking third across the network. The BUIDL fund was jointly launched by BlackRock and tokenization infrastructure platform Securitize, with underlying assets including cash, U.S. Treasury bonds, and repurchase agreements, initially deployed on Ethereum in March 2024 and expanded to chains like Aptos in November 2024.
]( BlackRock's BUIDL Fund Adds $500 Million, RWA Scale Ranks Third Across the Network<p class=)
[]( BlackRock's BUIDL Fund Adds $500 Million, RWA Scale Ranks Third Across the Network<p class=)[Kadena has officially announced that due to deteriorating market conditions, the company will immediately cease all business activities and blockchain maintenance work. As a decentralized PoW smart contract blockchain, the Kadena network will continue to be operated by independent miners. The company will provide new binaries to ensure a seamless transition and encourage node operators to upgrade as soon as possible. The KDA token will continue to exist, with the remaining 566 million mining rewards to be distributed until 2139. The Kadena team has stated that they are ready to discuss with the community how to transition to community governance and maintenance.
]( Kadena Ceases Operations, Blockchain to Be Taken Over by Community<p class=)
[]( Kadena Ceases Operations, Blockchain to Be Taken Over by Community<p class=)[Base APP announced on the X platform that due to Coinbase's comprehensive upgrade scheduled for October 25, 2025, at 22:00 Hong Kong time, several features using the Coinbase platform in the Base APP will be suspended for approximately 4 hours, specifically including: staking and unstaking assets, using Coinbase accounts to fund on-chain transactions, using Coinbase Pay to purchase cryptocurrencies, and withdrawing funds through Coinbase accounts.
]( APP: Some Features on the Platform Will Be Suspended for Approximately 4 Hours Due to Coinbase Upgrade on October 25<p class=)
[]( APP: Some Features on the Platform Will Be Suspended for Approximately 4 Hours Due to Coinbase Upgrade on October 25<p class=)[ProShares has officially applied to list its "ProShares CoinDesk Crypto 20 ETF" on the NYSE. This fund will track the CoinDesk Crypto 20 Index, providing investors with investment opportunities in the top 20 digital assets by market capitalization.
]( Application to List "ProShares CoinDesk Crypto 20 ETF" on the NYSE<p class=)
[]( Application to List "ProShares CoinDesk Crypto 20 ETF" on the NYSE<p class=)[
The American department store chain Bealls, with a history of 110 years, now accepts cryptocurrency payments. Bealls will support dozens of cryptocurrencies as payment methods through the digital payment platform Flexa, including Bitcoin, Ethereum, and major stablecoins.
Ethereum has grown from a geek project to a multi-hundred-billion-dollar ecosystem, but its governance structure and culture remain in the early stages. In Péter's words, the foundation is still managing a large system that requires "additive thinking" with a "subtractive thinking" approach. The deeper reason may be that Ethereum has fallen into the typical big company syndrome.
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A comprehensive and coordinated financial mobilization, led by the country's three largest mega-banks, approved by its most powerful regulatory agencies, and clearly targeting one goal: to execute a "Meiji Restoration" in the digital age to reclaim its monetary sovereignty and reinvigorate its stagnant economy.
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[Perspective](
A comprehensive and coordinated financial mobilization, led by the country's three largest mega-banks, approved by its most powerful regulatory agencies, and clearly targeting one goal: to execute a "Meiji Restoration" in the digital age to reclaim its monetary sovereignty and reinvigorate its stagnant economy.
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Today, the team will discuss the issues related to cryptocurrency involved in what the U.S. Department of Justice has called "one of the largest financial fraud cases in history," helping everyone understand more about cryptocurrency crime and cryptocurrency confiscation.