Today's news tips:

Macro

Quantum computing concept stocks generally rose before the opening of the U.S. stock market

Quantum computing stocks generally rose in pre-market trading. IONQ (IONQ.N) rose 13%, RIGETTI (RGTI.O) rose 12%, DWAVE (QBTS.N) rose 16%, and Quantum Computing (QUBT.O) rose 13%. Earlier reports indicated that the Trump administration was in talks with IonQ, Rigetti Computing, D-Wave Quantum, and other companies to exchange equity for federal funding. Deputy Secretary of Commerce Paul Dabbar was leading the negotiations. Quantum Computing Inc. and Atom Computing were also considering similar arrangements. Separately, Google announced that its Willow quantum chip completed a calculation simulating quantum chaos in about two hours, compared to a classical supercomputer requiring much longer. This achievement was verified by measuring over-the-air (OTOC) values. Researchers say this advances quantum computing's practical applications in areas such as Hamiltonian learning and may reignite debate about the threat to Bitcoin. Separately, Tesla (TSLA.O) fell 3.3% in pre-market trading due to a sharp decline in third-quarter profits.

Goldman Sachs maintains its gold price target of $4,900 by the end of next year

Goldman Sachs maintains its gold price target of $4,900 per ounce by the end of 2026. Goldman Sachs said that due to growing market interest in gold as a strategic portfolio diversification tool, we still believe that the risk of gold prices exceeding the forecast target of $4,900 by the end of 2026 is rising. We believe that "sticky" and structural buying will continue.

Osprey Submits S-1 Application for Solana Spot ETF to US SEC

SEC documents show that Osprey Solana Trust submitted Form S-1 to the US SEC, intending to issue a spot ETF tracking Solana (SOL).

The Trump administration is in talks to take a stake in a quantum computing company.

According to the Wall Street Journal, US President Trump's administration is in talks to acquire stakes in quantum computing companies. IonQ, Rigetti Computing, D-Wave Quantum, and others are in discussions with the US Department of Commerce, with Deputy Commerce Secretary Paul Dabbar leading the negotiations. This proposal could see the government become a shareholder in quantum computing companies, with funding targeted at companies with "critical technologies." Quantum Computing Inc. and Atom Computing are also considering similar arrangements.

Coinbase launches 'Payments MCP' to enable AI agents to directly access crypto wallets and make on-chain payments

According to The Block, Coinbase has released "Payments MCP," which allows large language models (such as Claude and Gemini) to access wallets, deposit fiat currency, and pay with stablecoins through natural language, with support for local operation and customization. Developed by the Coinbase Developer Platform, this tool aligns with the x402 Foundation, previously backed by Coinbase and Cloudflare, to standardize AI payments. Officially, stablecoins are described as the ideal payment infrastructure for "agentic commerce," and Payments MCP will enable mainstream LLMs to natively connect the crypto economy with payment protocols like x402.

Tesla's Q3 profit increased by approximately $80 million due to changes in Bitcoin's fair value

According to CoinDesk, Tesla (TSLA) maintained its holdings of 11,509 Bitcoin (BTC) in the third quarter, recognizing approximately $80 million in gains due to price increases, bringing the end-of-period valuation of its digital assets to approximately $1.35 billion. Tesla's Q3 revenue was $28.1 billion, exceeding market expectations of $26.36 billion. Adjusted earnings per share were $0.50, missing the $0.54 forecast. Under new FASB rules, the company is required to recognize changes in the fair value of its crypto assets on a quarterly basis. After-hours trading saw a slight decline in the stock price to approximately $434.

U.S. national debt exceeds $38 trillion for the first time

On October 22, local time, the latest data released by the U.S. Treasury Department showed that as of October 21, the total U.S. federal government debt exceeded $38 trillion for the first time. This was just over two months after the total U.S. federal government debt reached $37 trillion in mid-August.

WazirX will resume operations on Friday, with no transaction fees initially charged.

According to CoinDesk, Indian crypto exchange WazirX, which was suspended for a year due to a theft of approximately $230 million, will reopen on October 24th with zero transaction fees. The reopening follows the Singapore High Court's approval of Zettai Pte. Ltd.'s restructuring plan, which received near-unanimous support from creditors. Officials announced that trading will initially open on USDT/INR and select currency pairs, with token distribution and Recovery Tokens simultaneously issued to signal the start of the repayment process.

Viewpoint

Li Guoquan: Singapore uses the "BLOOM" plan to reshape the Web3 financial order and build a global settlement infrastructure of AI+Crypto

In a live report from the 2025 Shanghai International Blockchain Week, Lee Kok-kuen, Dean of the Global Fintech Academy and Professor at the Singapore University of Social Sciences, delivered a keynote speech titled "From the Wild West to the Garden City: Singapore's Web3 Order Revolution." He explained that the Monetary Authority of Singapore recently launched the "BLOOM" initiative (Borderless, Liquid, Open, Online, Multi-currency), aiming to build a borderless, highly liquid, multi-currency Web3 financial infrastructure. The initiative leverages AI and blockchain to promote the implementation of tokenized commercial bank currencies, stablecoins, and cross-border settlement systems. Lee noted that the Singaporean model replaces the chaotic "Wild West" approach of innovation with the meticulous governance of a "garden city," reshaping the global Web3 trust system through stablecoin legislation, compliance frameworks, and institutional collaboration. He emphasized that the integration of AI and cryptocurrencies is key to inclusive finance and cross-border settlement, ushering in the ABCD (AI, Blockchain, Cloud, Data) era. Singapore and Hong Kong complement each other in the global landscape: the former focuses on underlying settlement infrastructure, while the latter focuses on trading and financing. He warned that the Web3 industry will be divided into two camps: "responsible innovation" and "disorderly speculation." Only the former will gain regulatory and mainstream support. The BLOOM project represents a new blueprint for Web3 compliance and institutionalization, aiming to make cross-border payments as easy as sending an email, and to realize an AI-driven machine economy and a trusted digital identity system.

Cryptoquant: Bitcoin and the S&P 500 are in a late bull market phase, and any market cooling could quickly affect BTC prices

Cryptoquant analyst Axel Adler Jr. released a market analysis stating that Bitcoin (BTC) and the S&P 500 are currently in a late-stage bull market. The S&P 500 has returned +13% over the past 52 weeks, indicating that the market remains in a risk-on mode. The correlation between BTC and the S&P 500 is 0.26, indicating a moderate positive correlation. Bitcoin tends to move in tandem with the stock market, but is not completely dependent on it. Furthermore, the S&P 500 is sensitive to macroeconomic and political rhetoric, and any market downturn could quickly impact BTC prices. Market focus will shift to corporate earnings performance in the fourth quarter of 2025. During the third-quarter earnings season, all 58 companies that released results exceeded expectations, with an average outperformance of 571 basis points. Projected earnings growth has risen from 7% to 8%, a typical performance in the late stages of a bull market.

Analyst: Bunni hacker has connections with some VCs and has extensive connections in the crypto industry. He has attacked 14 protocols including Curve.

Eye, the analyst who previously exposed the "1011 Flash Crash Whale," published an article on the X platform revealing the Bunni hacker. He stated that the hacker had attacked 14 protocols, including Equilibria, BSX, DFX Finance, and Curve. In many cases, her attacks drained all liquidity, causing the protocols to crash. The hacker acted recklessly and mercilessly, disregarding the future of many, including users' funds and those of various teams. Eye noted that the attacker had extensive connections in the crypto industry, including with venture capital firms. She believed her alibi made her untouchable, and she also had thousands of online handles. It was time for her to pay the price. Earlier, the decentralized trading protocol Bunni announced today that it was officially shutting down due to security vulnerabilities and insufficient funds.

Project News

At least 226 Binance Alpha Points can be used to claim 32 Meteora tokens (MET) airdrops

Binance Alpha announced it will be the first platform to list the Meteora (MET) token. Trading on Alpha will officially begin on October 23, 2025, at 9:00 PM (UTC). To celebrate the launch, users holding at least 226 Binance Alpha Points will be eligible to claim an airdrop of 32 MET tokens on a first-come, first-served basis. The point threshold will automatically decrease by 15 points every hour for the duration of the promotion.

Decentralized trading protocol Bunni announced its closure due to security vulnerabilities and insufficient funds.

Bunni, a decentralized exchange protocol, announced a recent vulnerability that has stalled its growth. Restarting the platform would require six to seven figures in audit and monitoring fees, and the development and business cycle would be too long, leading the team to shut down. Users can still withdraw their assets through the official website; the team will subsequently distribute the remaining treasury assets (BUNNI, LIT, and veBUNNI) to holders based on snapshots. Team members will not be involved, and specific details will be announced after the legal process is completed. The Bunni v2 contract has been converted from the BUSL open source license to the MIT open source license, and the platform will continue to assist law enforcement in recovering stolen funds.

Binance Alpha to List Meteora (MET)

Binance Alpha will list Meteora (MET) on October 23rd. Eligible users can claim the airdrop using Binance Alpha Points on the Alpha event page after Alpha trading opens.

Humanity Protocol announces migration from IPFS to Walrus

According to the Walrus blog, Humanity Protocol is migrating from IPFS to Walrus, aiming to on-chain over 10 million user identity credentials and integrating them into the Sui ecosystem, with the goal of exceeding 100 million unique credentials by 2025. This decentralized, privacy-first identity network verifies uniqueness through palm print scanning, and credentials are tamper-proof and stored on the blockchain. Walrus offers data availability and high-throughput issuance, programmable access control, and cross-chain authentication capabilities, with storage capacity expected to exceed 300GB this year.

Polymarket prediction market integrates with BNB Chain, launching BNB deposits and withdrawals

Polymarket announced that BNB deposits and withdrawals are now online, supporting the use of BNB tokens for transactions and settlements on the BSC chain.

Mantle (MNT) Quarterly Trading Volume on Bybit Surges 450% to a Record High

According to Bybit's official website, driven by the full implementation of the Bybit x Mantle roadmap, MNT (Mantle Token) performed strongly on the platform in the third quarter, with average daily trading volume increasing by over 450% quarter-over-quarter and AUM increasing by nearly 300%, making it one of the fastest-growing and most actively traded assets. Emily Bao, Head of Spot Trading at Bybit and Mantle Advisor, attributed this growth to real application value and solid fundamentals. MNT's market capitalization has exceeded $6 billion, with its price doubling since August, and its ecosystem continues to expand across DeFi and payments. Bybit will support its long-term development with tools, education, and events.

Sonic: All mainnet and testnet nodes must be upgraded to 2.1.2 immediately to avoid disconnection

Sonic issued an important notice on the X platform: All nodes on the mainnet and testnet must immediately upgrade to version 2.1.2 to avoid disconnection. This version introduces native fee subsidies and key security improvements. It replaces the earlier v2.1 before the Sonic mainnet is fully upgraded to Pectra compatibility. It is applicable to validators, RPC providers, archive nodes, exchanges, and other node operators. After the upgrade, the nodes will continue to run on the current mainnet until the full transition on November 3, 2025.

Users with 240 or more Binance Alpha Points can participate in the aPriori (APR) TGE event.

Binance Chinese tweeted that users with 240 or more Binance Alpha Points can participate in the aPriori (APR) TGE event through the Alpha event page. Participation will cost 15 points.

aPriori (APR) will be listed on Binance Alpha and Futures

aPriori (APR) will be available for trading on Binance Alpha at 18:00 (UTC+8) on October 23, 2025. Additionally, Binance Futures will launch APRUSDT perpetual contracts at 18:30 (UTC+8) on October 23, 2025, with up to 50x leverage.

Important data

Investors/institutions who received 1 million SOLs cleared their HYPE holdings and repurchased SOL, earning $23.83 million in 10 months.

According to @EmberCN, an investor/institution that received a 1 million Solana (SOL) investment has just liquidated the last 743,000 HYPE tokens, valued at $28.21 million. This HYPE investment, held over 10 months, generated a cumulative profit of $23.83 million. Following the liquidation, the investor sold 2.52 million HYPE tokens, generating 93.64 million USDC, and reinvested them back into the Solana ecosystem, purchasing 502,900 SOL tokens at an average price of $186.2. Their 2020 investment of 1 million SOL has now grown to 1.496 million, valued at approximately $280 million. This includes 368,000 SOL staked and 127,900 SOL invested in HYPE. Previously, the investor sold 375,000 SOL tokens for $70 million at the end of 2024, purchasing 2.52 million HYPE tokens at $27.70. They have recently been gradually reducing their HYPE holdings at an average price of $36.50.

Bitcoin spot ETFs saw a net outflow of $101 million yesterday, while BlackRock IBIT bucked the trend with an inflow of $73.63 million.

According to SoSoValue, Bitcoin spot ETFs saw a net outflow of $101 million on October 22nd, Eastern Time. BlackRock's IBIT bucked the trend with a net inflow of $73.6272 million, bringing its historical net inflow to $65.165 billion. Valkyrie BRRR saw a net inflow of $2.1376 million. Grayscale's GBTC saw a net outflow of $56.6288 million, bringing its historical net outflow to $24.555 billion. As of now, the total net asset value of Bitcoin spot ETFs stands at $146.270 billion, representing approximately 6.81% of Bitcoin's total market capitalization, with a cumulative net inflow of $61.874 billion.

Data: Whales have flowed into Binance for $5.56 billion in the past 30 days, with $1.07 billion flowing in on October 21

According to CryptoQuant analyst Maartunn, whale inflows into Binance, representing large transactions exceeding 1,000 BTC, have reached $5.56 billion over the past 30 days. This metric tracks significant whale inflows and has a significant impact on Bitcoin price movements. Data shows a significant inflow peak on October 21st, totaling $1.07 billion. These inflows included the following large transactions: 04:00: $43.74 million; 08:00: $21.63 million + $162.24 million; 10:00: $143.77 million + $323.43 million; 17:00: $39.45 million; 18:00: $336.95 million. That day, Bitcoin's price rose from $108,000 to $113,000 before retreating back to $108,000, suggesting that these large inflows may have had a direct impact on price fluctuations.

Financing/Acquisition

Prediction market platform Kalshi receives funding from multiple VCs, potentially valued at over $10 billion

According to Bloomberg, prediction market platform Kalshi is receiving funding offers from multiple venture capital firms, with a target valuation of approximately $10 billion to $12 billion. This news comes weeks after the company announced a $300 million funding round (co-led by A16z and Sequoia) at a $5 billion valuation; in June, it secured $185 million (led by Paradigm) at a $2 billion valuation. Kalshi did not respond to requests for comment. Regarding regulations, the CFTC has allowed it to list more contracts, but state-level gambling regulations remain controversial. The company claims annualized trading volume has reached $50 billion; competitor Polymarket has secured up to $2 billion in investment from ICE, with a valuation of approximately $8 billion.

Payments firm Modern Treasury acquires stablecoin startup Beam for $40 million

Modern Treasury, a payments infrastructure company valued at $2.1 billion, has acquired stablecoin startup Beam, according to Fortune magazine. Sources revealed the acquisition is an all-stock transaction valued at approximately $40 million. As part of the deal, Beam's founder will join Modern Treasury and help lead the company's expansion into stablecoin payments. Founded in 2022, Beam reportedly provides software for banks and other businesses to send and receive stablecoins. Modern Treasury originally joined the Y Combinator incubator in the summer of 2018, positioning itself as a one-stop shop for businesses handling cash flows.

AI Web3 startup Bluwhale completes US$10 million Series A funding round, with participation from UOB Venture Management and others

According to Globenewswire, AI Web3 startup Bluwhale announced the completion of a $10 million Series A funding round, backed by a global financial institution and L1/L2 blockchain companies. The lead investor in this round was UOB Venture Management, with participation from many existing investors, and new backers including PAID Network, Sublime Ventures, High Cosmos Capital, CMY Ventures, DataSpike, NewHeritage, and Amazon AI. Bluwhale is a decentralized intelligent network built on blockchain infrastructure for artificial intelligence. Bluwhale's Token Generation Event (TGE) will take place on October 21, 2025, launching BLUAI, the native token of its decentralized AI network.

Stablecoin payment provider Cybrid completes $10 million Series A funding

According to Axios, Cybrid, a company that provides infrastructure for stablecoin and fiat currency payments, has raised $10 million in Series A funding, its CEO Avinash Chidambaram revealed.

Cryptocurrency trading firm FalconX to acquire ETF issuer 21shares

According to the Wall Street Journal, cryptocurrency trading firm FalconX has agreed to acquire 21Shares, one of the largest managers of digital asset ETFs. Executives from both firms stated in an interview that the combined company will focus on developing cryptocurrency funds centered around derivatives and structured products. The transaction was financed through a combination of cash and equity, but terms were not disclosed.

Institutional holdings

Hyperliquid Strategies Files S-1, Intending to Raise Up to $1 Billion, Possibly for Purchasing HYPE Tokens

U.S. SEC documents show that Hyperliquid Strategies has submitted an S-1 prospectus, planning to raise up to $1 billion. The funds will be used for general corporate purposes, including possible purchases of HYPE tokens.

Crypto company Cube plans to go public through a SPAC transaction and will spend $500 million to purchase SOL reserves before the merger is completed

According to Newswire, Mercer Park Opportunities Corp. (TSX: SPAC.U), a special purpose acquisition company, announced that it has signed a definitive business combination agreement with Cube Group, Inc., an innovator in hybrid digital asset trading. The transaction values Cube at US$300 million and, subject to regulatory approval, is expected to create a publicly listed entity. The entity plans to acquire a reserve of Solana tokens (SOL) for US$500 million prior to closing to enhance liquidity, revenue generation, and long-term value creation. Following completion of the transaction, the combined company will operate as Cube Exchange Inc. The transaction is subject to approval by the Toronto Stock Exchange. Mercer Park has also agreed to use reasonable efforts to seek a dual listing on Nasdaq promptly following the closing of the transaction. Mercer Park expects the transaction to close in the first quarter of 2026.

Publicly listed Applied DNA Sciences reveals its initial BNB holdings are worth over $17 million

According to Businesswire, biotechnology company Applied DNA Sciences, Inc. (NASDAQ: APDN) announced the completion of its previously announced private investment in equity (PIPE) financing, led by institutional DeFi and TradFi investors, with initial BNB holdings valued at over $17 million. The PIPE generated approximately $27 million in gross proceeds for the company, with the potential for up to $31 million in additional gross proceeds from future warrant exercises. The PIPE transaction included $15.3 million in cash and stablecoins, as well as $11.71 million in OBNB trust units. The company received a total of 435,638 trust units, representing underlying ownership in 10,647 BNB tokens. The company also announced today that it has purchased an additional 4,908 BNB tokens, with an estimated total value of $5.3 million as of 10:00 PM ET on October 20, 2025.

An entity withdrew 2.1 million SOL from Coinbase, worth approximately $400 million

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