Fear and Greed Index: 34 (Fear)
Bitcoin Price: $110,513
BTC/ETH Spot ETF Fund Flow (10.29)
BTC Net Outflow: $382.63 M
ETH Net Outflow: $102.80 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (10.28)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
[1611.HK](
Insiders from New Fire Technology told Techub News that the Hong Kong-listed company New Fire Technology Holdings Limited (stock code: <a href=) has launched part of its virtual asset over-the-counter (OTC) trading business in Hong Kong for professional investors based on the "Stablecoin Regulation" (Chapter 656) implemented on August 1, 2025, providing OTC trading services for qualified professional investors in currencies such as USDT and USDC.
[](
The Secretary for Justice of the Hong Kong Special Administrative Region, Paul Lam, stated that virtual asset trading is becoming increasingly active, with most transactions conducted through virtual asset trading platforms. Many investors place virtual assets on trading platforms to earn returns. In recent years, digital assets "stablecoins" pegged to fiat currencies have rapidly emerged. Anyone issuing fiat stablecoins in Hong Kong or claiming to anchor the value of Hong Kong dollars must apply for a license from the Financial Commissioner. Relevant parties must comply with regulations regarding reserve asset management and redemption, including properly segregating client assets and maintaining a sound stability mechanism, among others.
<div class=)[
The Assistant General Manager (Financial Infrastructure) of the Hong Kong Monetary Authority, Chow Man-chung, stated that based on the intentions received by the Monetary Authority, seven banks are currently looking to launch tokenized deposits this year. In response to market rumors that the Hong Kong Monetary Authority is not advancing the retail application of the digital Hong Kong dollar, the Deputy General Manager, Li Da-zhi, responded that "the retail application of stablecoins is not ruled out, and there are significant opportunities for using stablecoins in retail, but the actual usage will depend on commercial institutions."
](<div class=)
[]( Labs, in collaboration with Boston Consulting Group and Hang Seng Bank, completed the "Digital Hong Kong Dollar+" pilot and research, with over 60% of investors planning to double down on tokenized funds
Aptos Labs and Boston Consulting Group (BCG) jointly released the "Hong Kong Digital Currency and Tokenized Assets Survey" report, which covered over 500 retail fund investors. Among them, 61% of retail investors from Hong Kong and mainland China indicated plans to increase their investment in tokenized funds by more than double, mainly attracted by the higher liquidity, transparency, 24/7 trading, and programmability offered by tokenization technology.
<div class=)[Regulatory/Macro
]( Selected Activities in Hong Kong for October
We have specifically compiled noteworthy activities in the crypto field in Hong Kong for October, which will open a window to the future of Web3 for you.
<span style=)
[]( Selected Activities in Hong Kong for October
We have specifically compiled noteworthy activities in the crypto field in Hong Kong for October, which will open a window to the future of Web3 for you.
<span style=)
[]( Selected Activities in Hong Kong for October
We have specifically compiled noteworthy activities in the crypto field in Hong Kong for October, which will open a window to the future of Web3 for you.
On October 28 local time, the U.S. Senate failed again to pass a procedural vote aimed at ending the government shutdown, with a result of 54 votes to 45. The bill, passed by the House of Representatives, aims to temporarily restore government operations at current funding levels and requires 60 votes in the Senate to advance. This was the 13th vote on the bill, which still did not meet the required threshold, meaning the U.S. government shutdown will continue.
The Beijing People's Procuratorate released the "Typical Cases of High-Quality Performance in Financial Prosecution" (2024-2025), which includes 13 cases involving major financial business areas such as banking, insurance, credit, securities, and foreign exchange. In terms of maintaining financial security and openness, a typical case involving illegal foreign exchange operations using virtual currency as a trading medium involved over 1.1 billion.
The Beijing People's Procuratorate released the "Typical Cases of High-Quality Performance in Financial Prosecution" (2024-2025), which includes 13 cases involving major financial business areas such as banking, insurance, credit, securities, and foreign exchange. In terms of maintaining financial security and openness, a typical case involving illegal foreign exchange operations using virtual currency as a trading medium involved over 1.1 billion.
The Beijing People's Procuratorate released the "Typical Cases of High-Quality Performance in Financial Prosecution" (2024-2025), which includes 13 cases involving major financial business areas such as banking, insurance, credit, securities, and foreign exchange. In terms of maintaining financial security and openness, a typical case involving illegal foreign exchange operations using virtual currency as a trading medium involved over 1.1 billion.
The Beijing People's Procuratorate released the "Typical Cases of High-Quality Performance in Financial Prosecution" (2024-2025), which includes 13 cases involving major financial business areas such as banking, insurance, credit, securities, and foreign exchange. In terms of maintaining financial security and openness, a typical case involving illegal foreign exchange operations using virtual currency as a trading medium involved over 1.1 billion.
<h3 dir=)
[]( Community Proposal to Use 100% of Three-Month Agreement Fees for DYDX Buyback
The dYdX community proposed a three-month experimental proposal to use 100% of the net trading fees from the dYdX chain for DYDX buybacks from November 1, 2025, to January 31, 2026, to enhance token value. During this period, rewards for validators and stakers will be paid from the community treasury to maintain network security while avoiding fee dilution. This proposal aims to test higher price-to-earnings ratios and market capitalization efficiency, and will automatically revert to the original allocation ratio after the experiment ends. It is expected that approximately $5 million to $10 million of DYDX tokens can be repurchased within three months, with the proposal scheduled for submission on November 3.
The first Solana spot ETF, Bitwise Solana Staking ETF (stock code BSOL), had a net inflow of $69.45 million on its first day of listing, with a trading volume of $57.91 million. The initial subscription size before BSOL's listing was $223 million, and the total net asset value after the first day of trading reached $289 million, with a net asset ratio of SOL (market value compared to total market value of SOL) reaching 0.27%.
The next Ethereum hard fork, Fusaka, was launched on the Hoodi testnet on Tuesday, marking the final step before mainnet activation, which is expected to launch by the end of the year. Fusaka aims to implement backend improvements to enhance the scalability, efficiency, and security of this largest smart contract blockchain, including increasing block gas fee limits, expanding "data block" capacity, and introducing new node security features. The upgrade includes at least ten Ethereum Improvement Proposals, with the most notable being EIP-7594, which introduces peer data availability sampling (PeerDAS), allowing validators to probe data fragments instead of complete "data blocks," thereby improving data availability in the Ethereum Layer 2 ecosystem.
OceanPal Inc. today announced the completion of a $120 million private investment in public equity (PIPE) transaction for the purchase and sale of common stock and/or pre-funded warrants. The company plans to use the net proceeds from this transaction to implement a digital asset treasury strategy through its wholly-owned subsidiary, SovereignAI Services LLC ("SovereignAI"), which focuses on commercializing the NEAR Protocol, a blockchain platform designed for artificial intelligence (AI) use cases.
The prediction market platform Kalshi filed a federal lawsuit against the New York State Gaming Commission on October 28, 2025, challenging the state's decision to ban its sports-related contracts. Kalshi, as a CFTC-registered designated contract market (DCM), argues that under the Commodity Exchange Act, the CFTC has "exclusive jurisdiction" over derivatives on federally regulated exchanges, and that New York's intervention violates federal law. The company had self-certified sports event contracts with the CFTC earlier this year, allowing users to financially bet on the outcomes of games. Kalshi is seeking emergency relief to prevent New York from enforcing its cease-and-desist order.
<div class=)
Polymarket plans to return to the U.S. market within weeks, focusing on providing sports predictions. It was previously expelled from the U.S. market in 2022 and paid a $1.4 million fine. Some insiders indicate that initial trading may start before the end of November, but it will not be open to all users. The timing of the launch is expected to allow Polymarket to capture more trading volume during the peak of the U.S. football and basketball seasons.
]( Plans to return to the U.S. market within weeks, focusing on sports predictions<div class=)
[]( Plans to separate from Fairshake and seek alternative political donation channels, with plans to establish a presence in the U.S.
Tether is considering establishing a presence in the U.S. and participating in political donations related to the 2026 U.S. elections. Tether CEO Paolo Ardoino expressed dissatisfaction with the major political action committee (PAC) Fairshake in the crypto industry, stating that it ultimately "serves the interests of a particular company," but he refused to disclose the name of that company.
SharpLink Gaming (SBET) will deploy $200 million in Ethereum on the Linea blockchain through strategic partnerships with <a href=), EigenLayer, and Anchorage. The company stated that this move will enable it to gain multiple sources of revenue, including native staking rewards, direct incentives from Linea and EtherFi, and re-staking rewards through EigenCloud's autonomous validation services (AVSs).
In-Depth & Outlook
[How will the dynamics evolve when prediction markets are embedded in media? I don't know, but for now, the trend is clear: the underlying components of the attention economy are already in place, and we are witnessing the birth of a trading economy.
](<p class=)
[](<p class=)[
]( $300 million "private dining room" and its crypto benefactors
For the past decade, the crypto industry has touted itself as a "decentralized revolution," opposing the monopoly of traditional power. Today, they have entered a corner of history with a "donation," also proving with a bill that the future of decentralization ultimately requires a center.
<div class=)
[Opinion]( $300 million "private dining room" and its crypto benefactors
For the past decade, the crypto industry has touted itself as a "decentralized revolution," opposing the monopoly of traditional power. Today, they have entered a corner of history with a "donation," also proving with a bill that the future of decentralization ultimately requires a center.
<div class=)
[]( What changes will the successful activation of the upgrade on the final testnet Hoodi bring to Ethereum?
The Fusaka upgrade is a key step in Ethereum's 2025 roadmap, laying the foundation for the subsequent Glamsterdam upgrade. By continuously optimizing the underlying mechanisms, the Ethereum network will gradually achieve higher levels of scalability and efficiency, with promising prospects for the future.
Previously, the market generally anticipated that Solana, XRP, and other altcoin ETFs would be launched in succession, but the listing of Hong Kong's first Solana spot ETF successfully attracted the attention of many investors, further focusing market interest on Solana ETFs. Meanwhile, related developments of Solana ETFs in the U.S. market have shown a more positive trend.
