October 22, 2025, Beijing Time – Amid ongoing fluctuations in the cryptocurrency market, several major exchanges released significant announcements this week, including Binance's HODLer airdrop launching the liquidity protocol Turtle (TURTLE), OKX preparing to open MET (Meteora) spot trading, and UK-listed company The Smarter Web Company increasing its Bitcoin holdings. Meanwhile, Bloomberg reported that three major exchanges in the Asia-Pacific region are strengthening regulatory resistance against "Digital Asset Treasury" (DAT) companies. These events reflect the multiple games in the market under signals of the end of a bull market: DeFi innovation and liquidity injection are running parallel, institutional holdings are steadily advancing, but regulatory barriers may suppress some companies' transformations. Below are the key developments of the week.

Binance HODLer Airdrop Launches TURTLE: BNB Holders Receive 10% Token Retroactive Rewards

Binance recently announced that its HODLer airdrop mechanism has welcomed its 55th project—Turtle (TURTLE), a DeFi protocol focused on liquidity distribution, aimed at connecting capital providers with protocols to achieve efficient and deep on-chain liquidity management. The project addresses two major pain points in the blockchain ecosystem: liquidity fragmentation and sustainable reward distribution, enhancing market depth and stability through a staking mechanism that does not require smart contracts.

Participation Details: From October 14, 2025, 08:00 to October 17, 07:59 (UTC+8), users who purchase principal-protected earning coins (fixed/variable) or on-chain earning products using BNB will automatically receive TURTLE retroactive airdrops. The airdrop page will be launched within 24 hours, and the new tokens will be distributed to users' wallets at least one hour before spot trading opens. The uniqueness of the HODLer airdrop mechanism lies in its "retroactive" design: no continuous operation is required; a historical BNB holding snapshot is sufficient to reward holders, simplifying the earning path while stacking Launchpool and Megadrop earnings.

Token Economics and Listing Arrangements:

• Total Supply: 1 billion TURTLE (genesis and maximum supply are the same)

• Total HODLer Airdrop Amount: 10 million TURTLE (1% of maximum supply)

• Additional Incentives: An additional 10 million TURTLE will be released for market activities within three months post-listing (rules to be announced separately)

• Initial Circulation: 154.7 million TURTLE (15.47% of total supply)

• Network Support: BNB Smart Chain and Ethereum (contract address: 0x66fD8de541c0594b4DccdFc13Bf3a390E50d3Afd)

• Listing Fee: 0

• Listing Time: October 22, 2025, 23:00 (UTC+8), opening trading pairs TURTLE/USDT, USDC, BNB, FDUSD, TRY, subject to seed label rules (high-risk warning)

• Deposit Open: October 21, 18:00 (UTC+8)

TURTLE will be launched for trading in Binance Alpha (time to be announced), but will be removed from Alpha after spot trading opens. Research reports will be available 48 hours after the announcement. BNB holding calculation rules: a single user's share cannot exceed 4% of total holdings (excess portion will be calculated at 4%). This mechanism encourages small retail participation while preventing monopolization by large holders.

The launch of TURTLE comes at a peak demand for DeFi liquidity, with project financing already supported by institutions like GSR with $5.5 million. Since its launch, the Binance HODLer airdrop has rewarded dozens of projects, distributing over 100 million tokens in total, aiding the expansion of the BNB ecosystem.

OKX Launches MET (Meteora): Accelerating Liquidity Infrastructure in the Solana Ecosystem

In sync with Binance, OKX announced that it will open the MET (Meteora) deposit channel on October 22, 2025, at 11:00 (UTC+8), with the spot trading time for MET/USDT to be announced later. Meteora is a decentralized exchange (DEX) in the Solana ecosystem, focused on building secure and sustainable liquidity infrastructure, supporting composite liquidity for DeFi protocols, and providing deep markets and efficient trading experiences.

Project Highlights: The MET token serves as a governance and incentive tool, helping users earn rewards through staking and liquidity provision without relinquishing asset custody. Pre-market trading began on October 10, with the current price around $0.00021633 (24-hour increase of 248.56%), circulating supply of 1 billion tokens, and a market cap of approximately $216,000. This listing will further strengthen Solana's competitiveness in the DeFi space, expected to attract liquidity injection and drive ecosystem TVL growth.

OKX emphasized that it will implement risk control measures, including order limits and price fluctuation restrictions at the opening to prevent extreme market conditions. Investors can deposit USDT in advance to prepare for trading. The addition of Meteora marks a deepening of OKX's layout in the Solana track, having previously launched several related protocols.

Institutional Holdings Steady: UK-listed Company The Smarter Web Company Increases Holdings by 10 BTC, Totaling 2,660 BTC

Amid market volatility, institutional Bitcoin allocations continue to heat up. UK-listed company The Smarter Web Company PLC (AQUIS: SWC) announced on October 21 that it has purchased an additional 10 Bitcoins at an average price of approximately £83,258 (about $111,591), increasing its total holdings to 2,660 BTC. The company has adopted a Bitcoin treasury strategy since 2023, viewing it as a core asset to hedge against traditional market volatility.

Holding Analysis: The company's quarterly BTC yield is 1.70%, defined as the change in the ratio of Bitcoin holdings to diluted equity. This increase is part of "The 10 Year Plan," aimed at enhancing financial resilience through Bitcoin payments acceptance and long-term accumulation. The company emphasized that while Bitcoin is not protected by UK regulations, its potential in the global financial system cannot be ignored. This move makes The Smarter Web the largest publicly listed company in the UK holding Bitcoin, with an average cost basis of approximately £78,793 per coin.

This development echoes the global trend of corporate Bitcoin treasuries, such as MicroStrategy's ongoing accumulation, highlighting institutional confidence in BTC as a store of value. Despite short-term price pressures, long-term allocations may help it outpace inflation.

Regulatory Resistance Intensifies: Bloomberg Reports Asia-Pacific Exchanges Resisting Digital Asset Treasury Companies

Bloomberg reported on October 21 that three major securities exchanges in the Asia-Pacific region (Hong Kong Stock Exchange HKEX, and platforms in India and Australia) are actively resisting the wave of transformation towards "Digital Asset Treasury" (DAT) companies. These companies primarily hoard cryptocurrencies while masquerading as listed companies, raising regulatory concerns.

Key Resistance:

• Hong Kong Stock Exchange: Has questioned at least five companies planning to transform into DATs, stating that current regulations prohibit "cash companies" from excessively holding liquid assets (such as Bitcoin) to prevent "selling listing status" rather than genuine operations.

• India and Australia: Similar concerns have stalled transformation plans, with exchanges worried about market manipulation and liquidity risks.

• Japan Exception: Local regulations are relatively lenient, but MSCI has proposed removing large DAT companies from global indices, which may end their argument for "premium to book value."

The report noted that DAT equities have driven the crypto market this year, but stock prices have declined over the past three months, resulting in retail investors losing approximately $17 billion. Analysts warn that this resistance may end the "financial magic era," forcing DATs to shift towards compliant operations. While Hong Kong has expanded virtual asset ETFs to a market value of HKD 81 billion, it remains cautious about companies hoarding assets.

Conclusion: Opportunities and Risks Coexist, Investors Need Rational Layouts

This week's cryptocurrency dynamics highlight market differentiation: exchanges inject liquidity through new coins like TURTLE and MET, while institutional holdings such as The Smarter Web's increase provide support, but regulatory barriers remind practitioners to prioritize compliance. As signals of the end of a bull market frequently appear, the HODLer mechanism and DeFi protocols may become shortcuts for retail investors to earn coins, while DAT resistance warns of transformation risks. Investors should pay attention to policy aspects (such as the impact of the US government's reopening on consumer data), combined with volume and price cycles, to avoid emotional trading. In the future, asset allocation that outpaces global inflation will become key.

(Data source: Binance, OKX official announcements, Bloomberg reports, The Smarter Web Company filings.)

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