News Preview:
- The first Solana exchange-traded fund in Hong Kong, "Huaxia Solana ETF," is expected to be listed on the Hong Kong Stock Exchange on October 27;
- Grass (GRASS) will unlock approximately 181 million tokens at 9:30 PM Beijing time on October 28, accounting for 72.4% of the current circulation, valued at about $79.3 million;
- The Federal Reserve will announce its interest rate decision on October 30, with Chairman Powell holding a monetary policy press conference;
- Mt. Gox repayments are due by October 31, with 34,689 BTC remaining potentially entering the market;
- The U.S. SEC has extended the review period for Nasdaq's Ethereum Trust staking proposal until October 30;
- Sui (SUI) will unlock approximately 43.96 million tokens at 8:00 AM Beijing time on November 1, accounting for 1.21% of the current circulation, valued at about $113 million;
- EigenCloud (EIGEN) will unlock approximately 36.82 million tokens at 12:00 PM Beijing time on November 1, accounting for 12.10% of the current circulation, valued at about $41.6 million.
October 27
Exchanges:
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 shares, 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%.
Binance Alpha will launch XNAP, COMMON, and 42 airdrops on October 27
According to the official announcement, Binance Alpha will be the first platform to launch the following projects: SnapX (XNAP) airdrop on October 27; Common (COMMON) airdrop on October 27; Semantic Layer (42) airdrop on October 27. Eligible users can visit the Alpha event page to claim the airdrop using Binance Alpha points after trading opens. Further details will be announced separately.
Additionally, Binance Futures will launch Semantic Layer (42) on October 27, with a maximum leverage of up to 50 times.
Syndicate (SYND) will be listed on Bybit's spot platform on October 27
Bybit will list Syndicate (SYND) on the spot market at 9 AM UTC on October 27. To celebrate the listing, the platform will simultaneously launch a 1,300,000 SYND Token Splash trading competition and a 2,300,000 SYND Launchpool event, where users can earn rewards through staking, deposits, and trading.
Project Updates:
MegaETH will launch a public sale of MEGA tokens on October 27, with an initial FDV of $1 million
MegaETH, an Ethereum scaling solution developed by MegaLabs, announced on platform X that it will launch a public sale on the Sonar platform under Echo, with an initial fully diluted valuation (FDV) of $1 million and a valuation cap set at $999 million. Users can bid through an English auction, with the highest bid reaching $186,282. If subscriptions exceed expectations, priority will be given to existing MegaETH community members and those demonstrating long-term consistency through social activities, on-chain behavior, and locked preferences. The dual-peak distribution process ensures broad token distribution while prioritizing key contributors. Core supporters of MegaETH will receive priority allocation, with at least 5,000 participants receiving a base allocation starting at $2,650. 5% of the total MEGA tokens will be sold on October 27. The registration process for participation eligibility is now open.
X Layer mainnet will undergo a technical upgrade on October 27
According to the official announcement from X Layer, as protocol integration and ecosystem expansion continue to advance, plans are in place to upgrade the underlying technology of the public chain to further enhance overall system performance and scalability, aiming to become a leading platform for high-performance blockchain solutions. This upgrade is scheduled to begin on October 27, 2025, at 11:30 PM (UTC+8) and is expected to last about one hour, after which the mainnet will resume block production. If there are any adjustments to the upgrade progress or schedule, the official will update through announcement channels promptly.
The announcement states that during the upgrade, the X Layer mainnet will suspend block production, and all related services will be temporarily interrupted, including asset deposits and withdrawals related to OKX exchange, DEX trading services, OKX Wallet functionalities, and OKX Pay services. Users with questions can contact OKX customer service at any time. The X Layer team stated that they will continue to work on improving platform stability, security, and operational reliability to achieve the long-term ecological vision of "The New Money Chain."
October 28
Policy Regulation:
The Federal Reserve will hold a policy meeting on October 28-29
Exchanges:
Binance Alpha will launch Piggycell (PIGGY) on October 28
Binance Alpha will launch Piggycell (PIGGY) on October 28, and eligible users can visit the Alpha event page to claim the airdrop using Binance Alpha points after trading opens. Further details will be announced separately.
Binance Futures will delist GMTUSD and DOGSUSD coin-margined perpetual contracts on October 28
Binance Futures will automatically liquidate the GMTUSD and DOGSUSD coin-margined perpetual contracts at 5:00 PM (UTC+8) on October 28, 2025, and will delist the aforementioned perpetual contract trading pairs after the liquidation is complete.
Project Updates:
Following a successful trial on the Holesky testnet two weeks ago, Ethereum developers initiated the second test of the Fusaka upgrade on the Sepolia testnet earlier this week. Before determining the mainnet activation date, a final rehearsal is planned on the Hoodi testnet on October 28, marking the last step before deployment. Fusaka introduces the PeerDAS data validation method, allowing validators to process only a portion of the data, thereby reducing bandwidth requirements and lowering costs for institutional users and Layer 2 networks.
Token Unlocking:
Grass (GRASS) will unlock approximately 181 million tokens at 9:30 PM Beijing time on October 28, accounting for 72.4% of the current circulation, valued at about $79.3 million.
Jupiter (JUP) will unlock approximately 53.47 million tokens at 10:00 PM Beijing time on October 28, accounting for 1.72% of the current circulation, valued at about $23 million.
Sign (SIGN) will unlock approximately 290 million tokens at 6:00 PM Beijing time on October 28, accounting for 21.48% of the current circulation, valued at about $12.1 million.
October 29
Policy Regulation:
The Bank of Japan will hold its next monetary policy meeting on October 29
Japan's new Prime Minister, Sanae Takaichi, announced a package of economic stimulus measures to alleviate the impact of inflation on households. Some cryptocurrency observers believe this move may lead to more funds flowing into Bitcoin. The stimulus measures include subsidies for electricity and gas costs, as well as regional grants aimed at easing price pressures and encouraging small and medium-sized enterprises to raise wages. BitMEX co-founder Arthur Hayes believes this initiative signals that the Bank of Japan will further increase the issuance of fiat currency, which could drive Bitcoin prices to soar to $1 million. Hayes stated in a tweet on platform X on Tuesday: "Translated, it means: Japan is printing money to give to the public to help them cope with rising food and energy costs, and this dynamic could push Bitcoin prices to $1 million while causing the yen to appreciate."
Hayes previously predicted that the Bank of Japan's shift to quantitative easing (QE) policy could be a significant catalyst for Bitcoin and risk assets. The next monetary policy meeting of the Bank of Japan is scheduled for October 29. According to a Reuters report on Monday, most analysts expect the Bank of Japan to raise interest rates by 0.75% by early 2026, but there is currently no clear consensus on the exact timeline.
Project Updates:
Believe will upgrade LAUNCHCOIN tokens to BELIEVE, with the upgrade period lasting until October 29
According to official news, Believe announced that LAUNCHCOIN can be upgraded to BELIEVE on a 1:1 basis through the official website, with the upgrade period lasting two weeks until October 29, 2025. After the upgrade period ends, LAUNCHCOIN holders who have not completed the upgrade can still claim BELIEVE during the final claiming period, which will also last two weeks. This upgrade aims to better support the long-term development of the Believe ecosystem. The initial total supply of BELIEVE is set at 1.33 billion tokens, an increase of 25% compared to LAUNCHCOIN. Of this, 17% is allocated to incentivize current and future contributors, 5% is allocated to early investors, and 3% is for foundation projects. Contributor allocations will have a four-year vesting period with a one-year lock-up, while investor allocations will be locked for one year, and foundation tokens will enter circulation immediately. After the upgrade period, all unclaimed tokens will be permanently destroyed, aiming to control the total supply to approximately 1 billion tokens. LAUNCHCOIN will no longer receive support or maintenance after the upgrade period ends, and the official advises holders to carefully review the upgrade details.
October 30
Policy Regulation:
U.S. SEC documents show that the Nasdaq Stock Exchange has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to amend the rules related to the iShares Ethereum Trust, allowing the trust to stake Ethereum. The SEC has decided to extend the review period, and a decision on the proposal will be made by October 30 at the latest.
Exchanges:
Binance: To combat sniper bots, the fee structure for fair mode will be adjusted on October 30
Binance stated on platform X: "To combat sniper bots, the fee structure for fair mode will be adjusted during the initial few blocks. For more details, please refer to the official announcement from Four.Meme." According to the Four.Meme announcement: "The fee structure for fair mode will be adjusted on October 30. After a token is created, the first block will be subject to the increased fee, which will then decrease block by block within a few seconds until it reaches the normal rate."
Coinbase will release its Q3 financial results after the market closes on October 30
Coinbase Global, Inc. announced that it will publish its Q3 2025 shareholder letter, including financial results, on its investor relations website after the market closes on October 30, 2025. The company will hold a Q&A session at 2:30 PM (Pacific Time) on the same day to discuss its financial performance.
Project Updates:
According to the summary of the 223rd Ethereum Core Developer Meeting (ACDE) by Christine Kim, developers have set the deadline for submitting EIP proposals for the Glamsterdam upgrade to next Thursday (October 30) and plan to finalize the scope of code changes included in the upgrade by November 27.
Lit Protocol announced that its network token LITKEY will launch its second Community Token Launch (Aero Ignition) on October 30 at 08:00 (UTC+8) on the Base chain through AerodromeFi. The first LITKEY/WETH pool has been pre-filled with liquidity and set up with incentives, and veAERO holders can vote to guide Aerodrome emissions to this pool; after the launch, anyone can provide liquidity to this pool.
Strategy will announce its Q3 2025 financial results on October 30
Bitcoin financial company Strategy announced that it will release its Q3 2025 financial results on Thursday, October 30, after the close of the U.S. financial markets, and will hold a live video webinar at 5:00 PM Eastern Time to discuss the results.
Developer Activities:
Solana Foundation: The registration for the 12th "Cypherpunk" International Hackathon is open until October 30
The Solana Foundation has launched the 12th "Cypherpunk" International Hackathon, with registration open on the Colosseum platform. This hackathon will last until October 30. The Cypherpunk online hackathon focuses on six major areas: DeFi hosted by Arcium, RWA hosted by Forward Industries, consumer applications hosted by Raydium, stablecoins hosted by Reflect, infrastructure hosted by Triton, and a free track hosted by the Solana Foundation. The best projects will receive a total championship prize of $30,000 awarded by Phantom. Additionally, three special awards will be given for the best public welfare project, best campus project, and Solana mobile application project. Hackathon winners will also have the opportunity to be selected for the Colosseum accelerator program, receiving $250,000 in pre-seed funding, resource connections, and 1v1 support.
Token Unlocking:
Zora (ZORA) will unlock approximately 167 million tokens at 8:00 AM Beijing time on October 30, accounting for 4.55% of the current circulation, valued at about $15.9 million.
Kamino (KMNO) will unlock approximately 229 million tokens at 8:00 PM Beijing time on October 30, accounting for 5.99% of the current circulation, valued at about $14.2 million.
October 31
Policy Regulation:
Democrats in the U.S. Senate have sent a letter to Trump's Middle East envoy, Steve Witkoff, requesting more details about his personal cryptocurrency investments. The letter, led by Senator Adam Schiff and signed by eight other senators, asks Witkoff to explain why his latest ethics disclosure document shows that he still holds stakes in cryptocurrency and other business entities related to Trump. The senators expressed concerns that the unliquidated assets raise questions about whether he is complying with federal ethics laws and whether he can prioritize the interests of the American people over his personal financial interests.
Steve Witkoff stated in May that he was "fully divesting" his shares in the project with World Liberty Financial. However, the latest ethics disclosure document from August 13 shows that he has divested his $120 million stake in the real estate company but has not yet sold his cryptocurrency assets. Senate Democrats claim that Witkoff's ongoing business interests in the cryptocurrency space could create conflicts of interest, as his role as the top diplomat in the Middle East reportedly overlaps with World Liberty Financial's business ties to the UAE. They have requested Witkoff to respond by October 31.
Exchanges:
Mt. Gox repayments are due by October 31, with 34,689 BTC remaining potentially entering the market
The trustee of Mt. Gox must complete the three-phase process of basic repayments to Bitcoin creditors, early one-time repayments, and mid-term repayments by October 31. Currently, approximately 34,689 BTC remain in associated wallets, with Bitcoin and Bitcoin Cash being distributed through Bitstamp, Kraken, or cash, some through BitGo custody. Historical data shows that about 64.1% of the funds have previously entered exchanges; if applied to the remaining balance, the worst-case scenario could see about 22,253 BTC entering the market simultaneously, with a potential selling pressure of about $2.4 billion. Kraken and Bitstamp have processing windows of up to 90 days and 60 days, respectively, and actual deposits will be staggered, possibly avoiding the order book through custody or OTC paths.
Token Unlocking:
Optimism (OP) will unlock approximately 31.34 million tokens at 8:00 AM Beijing time on October 31, accounting for 1.71% of the current circulation, valued at about $14.2 million.
Immutable (IMX) will unlock approximately 24.52 million tokens at 8:00 AM Beijing time on October 31, accounting for 1.24% of the current circulation, valued at about $13.3 million.
November 1
Project Updates:
Supported by Yield Guild Games, YGG Play announced the launch of its Launchpad platform aimed at supporting casual gaming (Casual Degen gaming). Its first project is the in-game loyalty and reward token LOL for the game LOL Land. The official emphasized that LOL is a utility token for the game traded only on DEX, with no plans for centralized exchange listings.
According to the timeline, the Launchpad opened on October 15 and initiated point tasks; the contribution period is from October 29 to 31; the LOL token will officially launch on November 1 and trading will begin on DEX. The total supply of LOL tokens is 5 billion, with a fully diluted valuation (FDV) of $900,000. In terms of token distribution, 10% will be used for Play-to-Airdrop, 10% for Launchpad activities, and 10% for the development team, with YGG Play itself not holding any shares.
Token Unlocking:
Sui (SUI) will unlock approximately 43.96 million tokens at 8:00 AM Beijing time on November 1, accounting for 1.21% of the current circulation, valued at about $113 million.
EigenCloud (EIGEN) will unlock approximately 36.82 million tokens at 12:00 PM Beijing time on November 1, accounting for 12.10% of the current circulation, valued at about $41.6 million.
November 2
Policy Regulation:
The Central Bank of Brazil has proposed new regulations for the foreign exchange industry, which may further restrict cryptocurrency exchanges. They have released a public consultation document to gather feedback; although the proposal does not directly mention cryptocurrency trading and exchanges, the rules will affect platforms that allow customers to make international transfers or sell cryptocurrencies for non-Brazilian real fiat currencies. The new regulations aim to bring the largely unregulated foreign exchange industry under supervision, requiring foreign exchange providers to apply for licenses, submit customer transaction data, and use designated entry/exit points for deposits and withdrawals, with a limit of $10,000 per transaction. The Central Bank of Brazil hopes to increase transparency in foreign exchange platforms, and local media warns that cryptocurrency exchanges facilitating transfers may be affected, with foreign-operated exchanges also potentially facing restrictions. The consultation period will last until November 2.
On June 7, Nasdaq submitted a rule change application to the U.S. Securities and Exchange Commission (SEC) to include XRP, Solana (SOL), Cardano (ADA), and Stellar Lumens (XLM) in its cryptocurrency index benchmark. This adjustment involves the Hashdex Nasdaq Crypto Index ETF (NCIQ), which aims to expand its tracking from the original Nasdaq Crypto US Settlement Price Index (NCIUS) to cover nine tokens in the Nasdaq Crypto Index (NCI).
Currently, the NCI index includes nine cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), but due to current SEC regulations, the ETF can only hold BTC and ETH, leading to tracking error risks. If approved, the ETF will be able to invest in all index component assets, with a final decision expected by November 2, 2025. This move could represent a key step towards diversification for U.S. crypto ETFs.
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