Goldman Sachs Cuts KOSPI 12-Month Target by 25% as AI Anxiety Deepens
Goldman Sachs strategists led by Timothy Moe lowered their 12-month target for South Korea's KOSPI index from 12,000 to 9,000 points, a 25% reduction, as concerns over the AI trade intensify. The benchmark has already fallen more than 35% from its June high, pushing the team to adopt more conservative valuation assumptions. Even after the downgrade, Goldman sees more than 60% upside from current levels, arguing the sustained sell-off has left Korean equities deeply undervalued.
ChinaAMC Hong Kong and PantherTrade Launch 24/7 Tokenized Fund Trading
ChinaAMC (Hong Kong) and PantherTrade, the SFC-licensed virtual asset trading platform wholly owned by Futu Holdings, have jointly introduced what they describe as the world's first 24/7 secondary market trading for SFC-approved digital public funds. Retail investors can now buy or sell tokenized shares of ChinaAMC's Hong Kong dollar and US dollar digital money market funds 365 days a year, including weekends and public holidays. The service has already gone live on PantherTrade, marking a significant step in Hong Kong's push to integrate traditional fund products with round-the-clock crypto market infrastructure.
South Korea's Presidential Office Leans Toward Fourth Delay of 22% Crypto Tax
South Korea's presidential office is inclined to postpone the virtual asset income tax originally scheduled for January 1, 2027, which would mark the fourth deferral of the levy. A presidential official said crypto taxation discussions are moving toward postponement in party-government consultations, though a written response noted the matter is still under review. The ruling Democratic Party's Rep. Park Min-gyu has proposed pushing the tax to 2029, with the opposition People Power Party also supporting delay. The current plan would tax virtual asset transfer and lending income at 22% after a 2.5 million won basic deduction, but difficulties in obtaining overseas exchange transaction data remain a key obstacle.
Binance Retail BTC Inflows Hit 6-Month High as Whales Pull Back
Analyst Darkfost highlights a sharp divergence in Bitcoin flows on Binance: retail deposits have surged to a 6-month high as BTC holds above $80,000, while whale deposits continue to decline. The 30-day cumulative retail inflow has climbed from $5.5 billion to $10.75 billion, suggesting small holders are accumulating despite market choppiness. The contrasting behavior points to a bifurcated market where institutional players are reducing exposure while retail traders lean into the range.
Tether Freezes $2.21 Million Across Nine Addresses Tied to CoinDCX Incident
Tether blacklisted nine addresses connected to the CoinDCX security incident, freezing 2,212,850.3 USDT, with the action taking effect on October 23. The probe began after investigator Darcy flagged an anomalous transfer of approximately 15.99 million USDT, and Salus subsequently challenged CoinDCX's initial denial using proof-of-reserve address flows and TRX distribution patterns. The Indian exchange later clarified that the address involved was an old wallet compromised in a July security event and said it would absorb the loss itself, emphasizing that all affected users' deposits have been credited and customer funds remain in independent cold wallets.
Upbit and Bithumb Flag Initia (INIT) as Trading Caution Asset
South Korea's two largest exchanges, Upbit and Bithumb, have designated Initia (INIT) as a trading caution asset following a security incident whose cause has not yet been identified or remediated. Upbit said it confirmed the token may pose risks to users after considering multiple factors, including the unresolved hack. Both platforms had earlier suspended INIT deposits and withdrawals and issued warnings in the wake of the attack.
Revolut in Talks for Philippine Digital Banking License
British fintech Revolut is in active discussions with the Bangko Sentral ng Pilipinas to secure a digital banking license in the Philippines, according to BSP Deputy Governor Lyn I. Javier. Revolut must pass the central bank's evaluation process, including meeting requirements for establishing a foreign-owned banking institution in the country. The timing of approval depends on Revolut's compliance readiness. The company already holds banking licenses in the UK, Australia, Colombia, and France, and has conditional approval to establish a bank in the United States.
BNB Chain New L1 to Coexist with BSC, Keep BNB as Core Asset
Binance founder CZ amplified BNB Chain's new Layer 1 plan, endorsing the slogan "many chains, one coin." According to official documentation, the new L1 will coexist with Binance Smart Chain and connect via a native cross-chain bridge, without issuing a standalone token. BNB will remain the core asset for gas fees, staking, and governance. The testnet is planned for late 2026, with mainnet launch targeted for early 2027.
Standard Chartered-Led Anchorpoint Plans Retail Stablecoin on Public Blockchain
Anchorpoint, the stablecoin issuance joint venture led by Standard Chartered, plans to launch a retail-facing stablecoin on a public blockchain, according to the South China Morning Post. The venture emphasized it will take a "prudent" approach to the rollout. The move signals growing institutional interest in Hong Kong and Singapore's evolving stablecoin regulatory frameworks as global banks test tokenized payment products.
DBS Sees 10-Year US Treasury Yield Retreating to 4.8%
DBS senior rates strategist Eugene Leow, based in Singapore, said demand for haven assets is rising and the 10-year US Treasury yield could retreat to 4.8%. He noted cautious sentiment will remain a core consideration for investors amid AI-related doubts, economic slowdown risks, and political uncertainty in Europe and the US. At current absolute yield levels, Leow argued US Treasuries remain suitable as a hedging tool, with 4.8% serving as a logical near-term technical target.
