gm 10/11

Summary
gm, Bitcoin rebounded above $106,000 (up 4.2%) and Ethereum surged 7.4% to $3,643. Acting CFTC head Caroline Pham is making proactive moves to enable regulated retail spot crypto trading on U.S. exchanges possibly by next month, despite lacking explicit Congressional authority. Meanwhile, Bitwise's new Solana Staking ETF has attracted remarkable investor interest, accumulating over $545 million in net inflows even as Bitcoin and Ethereum ETFs experience outflows totaling more than $2.1 billion. The market was further buoyed by President Trump's announcement of a planned $2,000 "tariff dividend" for most Americans, which particularly benefited speculative assets like Dogecoin, which jumped 5.2% amid increased trading volumes.

News Headlines
🚀 XRP Surges 6.2% as DTCC Lists 5 Spot XRP ETFs

• XRP broke through the $2.35 resistance level to reach $2.40, confirming a bullish pattern of higher highs and higher lows on strong trading volume as institutional interest in the cryptocurrency grows.
• Major financial firms including Canary Capital, Bitwise, Franklin Templeton, and 21Shares have filed for spot XRP exchange-traded funds (ETFs), introducing standardized language to facilitate SEC reviews for an imminent US launch.

🏛️ Trump's First Year Marks 'Complete Reversal' in U.S. Crypto Policy

• President Trump has positioned himself as a strong crypto advocate, introducing proactive policies aimed at integrating digital assets into the financial system, including pushing for a bitcoin reserve and prioritizing industry regulations like the GENIUS Act.
• Despite policy progress, a government shutdown has hampered crucial legislation such as the market structure bill, limiting financial regulators' capacity to fully implement the administration's crypto agenda.

🔐 Ledger Plans New York IPO or Private Funding Round for 2026

• Ledger, the French cryptocurrency hardware wallet manufacturer, is planning either a New York IPO or a private financing round next year, according to CEO Pascal Gauthier who emphasized New York's importance for crypto financing.
• The company currently manages approximately $100 billion in client bitcoin and reported record revenues this year, driven by increased demand for secure custody solutions amid a rise in cryptocurrency theft incidents.

💰 Korean Investors Abandon Crypto for AI Chip Stocks as KOSPI Soars

• South Korean crypto trading volumes have plummeted up to 80% on platforms like Upbit and Bithumb, while the KOSPI stock index has surged more than 70%, driven by AI chip manufacturers such as Samsung Electronics and SK hynix.
• Millions of new retail investors have entered the Korean stock market, attracted by a government-backed rally in AI stocks, with Upbit's daily transactions dropping from approximately $9 billion to $1.8 billion.

Market Metrics

Fundraising & VC
No fundraising data today.

Regulatory
📱 Stablecoin Adoption Set to Become "Invisible" to Consumers

• Transak CEO Sami Start predicts that stablecoin adoption is evolving to become seamlessly integrated into financial applications without overt branding, similar to how PayPal's Venmo presents account balances.
• Legislation like the GENIUS Act in the U.S. is enhancing legitimacy while traditional financial institutions and major tech companies show increasing interest in implementing stablecoin infrastructure.

🚨 Spanish Authorities Arrest Leader of €260M Crypto Ponzi Scheme

• Spain's Civil Guard has arrested a man known as "CryptoSpain" for allegedly running a €260 million ($300 million) Ponzi scheme called Madeira Invest Club that promised guaranteed returns on crypto investments.
• The scheme, which began in 2023, attracted over 3,000 victims by claiming to invest in various assets including cryptocurrencies, gold, and luxury yachts, but conducted no legitimate economic activities.

🏦 Wall Street Embraces Crypto Investment But Hesitates on Blockchain Tech

• Major financial institutions are showing increased interest in cryptocurrency investments, evidenced by record inflows into Bitcoin ETFs, but most trading activities remain off-chain due to blockchain performance limitations.
• Issues such as unpredictable transaction speeds, erratic gas fees, and settlement reliability concerns prevent institutions from conducting transactions directly on blockchain networks.

🏛️ CFTC Moving to Enable Spot Crypto Trading Without Congress

• Acting CFTC Chair Caroline Pham is working with U.S. exchanges to launch compliant retail spot crypto products by next month, despite lacking explicit Congressional authorization.
• The initiative aims to enable leveraged trading of digital assets under traditional commodity regulations, creating a regulated environment that could attract institutional investors.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency is approaching resistance at 107300 points, which may give a negative reaction. However, a break upwards through 107300 points will be a positive signal. Negative volume balance shows that volume is higher on days with falling prices than days with rising prices. This indicates decreasing optimism among investors. The RSI curve shows a falling trend, which is an early signal of a possible trend reversal downwards for the price as well. The currency is overall assessed as technically negative for the short term.

Ethereum - Ethereum is in a falling trend channel in the short term. This shows that investors over time have sold at lower prices to get out of the currency, and indicates negative development for the currency. The currency gave a negative signal from the rectangle formation by the break down through the support at 3777. Further fall to 3189 or lower is signaled. The currency has support at points 3330 and resistance at points 3830. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. Volume balance is also negative, which confirms the trend. The currency is overall assessed as technically negative for the short term.