gm 16/10

Summary
gm, U.S. authorities made one of the largest crypto seizures in history, confiscating $14 billion in Bitcoin tied to a Cambodian "pig butchering" scam operation. Meanwhile, stablecoin infrastructure gained momentum with Stripe's Bridge applying for a national bank trust charter, alongside Erebor Bank receiving conditional OCC approval for crypto banking operations, signaling growing institutional integration. In the corporate sphere, notable moves included BlackRock reporting record $205 billion inflows for its ETFs (with $17 billion into crypto ETFs specifically), and Coinbase adding Binance's BNB token to its listing roadmap. Despite recent market turbulence that caused a record $20 billion in liquidations, market analysts and executives like Bitwise's CIO view the recent correction as a necessary deleveraging rather than a fundamental shift in crypto's outlook.

News Headlines
💰 Coinbase invests in Indian crypto exchange CoinDCX at $2.45B valuation

• Coinbase has made a significant investment in CoinDCX, valuing the Indian cryptocurrency exchange at $2.45 billion post-money and signaling long-term confidence in India's growing role in the onchain economy.
• CoinDCX reports impressive metrics including over 20 million customers across India and the UAE, annual revenue of approximately $141 million, and transaction volumes of $165 billion.

🔄 CME Futures Open Interest Tops Binance After Flash Crash

• Following the recent crypto market crash, CME's futures open interest has surged to $28.3 billion, overtaking Binance's $23 billion, signaling a significant shift toward institutional control of the crypto derivatives market.
• This transition occurred after a record liquidation of $74 billion in leveraged positions during the flash crash, with unregulated platforms experiencing larger drops due to their higher leverage offerings.

🏛️ France's Lise Wins License to Launch Europe's First Tokenized Stock Exchange

• Paris-based Lise has received a groundbreaking DLT license from French regulator ACPR, becoming the first European firm authorized to operate a fully tokenized equity exchange. The platform combines the functions of a trading facility and central securities depository, creating a streamlined blockchain-based trading and settlement system.
• Backed by major financial institutions including BNP Paribas and CACEIS, Lise aims to launch in early 2026 with a focus on serving SMEs and midcap companies in sectors like energy, infrastructure, and defense. This innovation addresses financing challenges for smaller growth companies and serves as a significant test case for blockchain adoption in traditional capital markets.

⚖️ Shareholder Sues to Block Bitcoin Treasury Firm Strive's Merger with Semler Scientific

• Semler Scientific shareholder Terry Tran has filed a lawsuit attempting to halt the company's merger with Strive, a Bitcoin treasury firm led by Vivek Ramaswamy. The lawsuit claims Semler's board provided misleading and incomplete information to shareholders regarding the financial fairness of the deal.
• The legal action seeks to prevent the shareholder vote on the merger until additional financial disclosures are made, with the plaintiff also pursuing monetary damages if the merger proceeds.

Market Metrics

Fundraising & VC
1. Telcoin (Series A, $25M) - Blockchain-based financial platform connecting telecommunications and digital banking
2. Inference (Seed, $11.8M) - Decentralized AI infrastructure platform
3. Crown (Seed, $8.1M) - Issuer of BRLV, a BRL-backed stablecoin

Regulatory
🏛️ U.S. Approves Federal Charter for Crypto Bank Erebor

• The OCC has granted Erebor Bank a conditional federal bank charter, marking the first new bank charter under OCC chief Jonathan Gould and positioning it to offer crypto services alongside traditional banking products.
• Backed by Peter Thiel and other prominent investors, Erebor aims to serve technology companies and high-net-worth individuals, potentially filling the void left by Silicon Valley Bank's collapse.

🌍 Kenya Passes Bill to Regulate Cryptocurrency

• Kenya's parliament has enacted the Virtual Asset Service Providers Bill, establishing a regulatory framework for cryptocurrencies in the country.
• The legislation designates the Central Bank of Kenya and Capital Markets Authority as key regulatory bodies overseeing various aspects of the crypto industry.

🗽 NYC Mayor Creates Digital Assets and Blockchain Office

• New York City Mayor Eric Adams signed an executive order establishing the Office of Digital Assets and Blockchain Technology, aimed at promoting the sector's growth.
• The office, led by Moises Rendon, will work to position New York City as a global hub for digital innovation and attract talent and investment.

🚫 Japan to Ban Crypto Insider Trading

• Japanese regulators are working to prohibit insider trading in cryptocurrency, with planned amendments to existing financial regulations.
• The Securities and Exchange Surveillance Commission (SESC) will gain authority to investigate suspected violations and impose fines based on profits from insider trading.

🔄 SEC Chair: US is 10 Years Behind on Crypto Regulation

• SEC Chair Paul Atkins stated that the United States is lagging behind in cryptocurrency regulation by a decade and creating a proper framework is the SEC's "job one."
• Atkins expressed a desire to bring back crypto innovators who have left the US and mentioned the possibility of an "innovation exemption" to allow experimentation with new business models.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency has support at points 109600 and resistance at points 113400. Negative volume balance weakens the currency in the short term. The currency is overall assessed as technically neutral for the short term.

Ethereum - Ethereum is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 4300 points. Negative volume balance weakens the currency in the short term. The currency is overall assessed as technically negative for the short term.