gm 25/10

Summary
gm, JPMorgan announced plans to accept Bitcoin and Ethereum as collateral for institutional loans by year-end, signaling deeper crypto integration by traditional finance. Revolut secured a MiCA license in Cyprus, positioning the digital bank to potentially launch its own stablecoin across European markets. Meanwhile, CME crypto derivatives markets hit record volumes with options open interest surpassing $9 billion, as institutions increasingly shift from offshore platforms to regulated venues. Additionally, President Trump's pardon of Binance founder Changpeng Zhao sparked market reactions, with BNB rising 3.3% amid speculation about Binance's potential re-entry to the US market, while payment processor Zelle announced plans to integrate stablecoins for cross-border transactions.

News Headlines
🔄 Ethereum's Fusaka Upgrade Set for December Mainnet Fork

• Ethereum developers are advancing toward a mainnet fork scheduled for December 3, 2025, as part of the anticipated Fusaka upgrade, with strong support from client teams.
• The upgrade will introduce two key features: the Blob Parameter Override (BPO) mechanism, allowing dynamic adjustment of blob parameters, and Peer Data Availability Sampling (PeerDAS), which should significantly decrease infrastructure costs.

🏛️ Crypto.com Files for National Bank Charter

• Crypto.com has submitted an application for a U.S. National Trust Bank Charter with the Office of the Currency Comptroller (OCC), joining companies like Coinbase and Circle in seeking enhanced regulatory status.
• If approved, the charter would allow Crypto.com to offer federally regulated custody services for digital assets, including institutional treasuries and ETFs, while potentially gaining access to expedited "skinny" master accounts being explored by the Federal Reserve.

💰 Crypto Markets Hit Record Trading Volumes Amid Volatility

• On-chain perpetual exchanges have exceeded $1 trillion in total trading volume in October, a substantial increase from $739 billion in September, coinciding with increased market volatility.
• The peak trading occurred on October 10 when cryptocurrencies saw substantial declines, resulting in around $20 billion in forced liquidations, with Hyperliquid liquidating 1,000 wallets including 205 with losses exceeding $1 million each.

📱 DeFi Perpetuals Trading Volume Exceeds $1 Trillion in October

• Decentralized perpetual trading volume has surged past $1 trillion in October, significantly exceeding the previous record of $762 billion set in August, with leading platforms Hyperliquid, Lighter, and Aster recording volumes of $317.6, $255.4, and $177.6 billion respectively.
• Analysts predict the total volume could reach approximately $1.3 trillion by the end of October, with a single-day peak of $78 billion on October 10.

🚀 Coinbase Stock Surges After JPMorgan Upgrade on Base and USDC Potential

• Coinbase shares jumped over 9% after JPMorgan upgraded the stock from 'Neutral' to 'Overweight' and raised its price target from $342 to $404, citing monetization opportunities through its Base layer-2 network and revised USDC strategy.
• Analysts estimate Coinbase could access a $12-34 billion market opportunity through Base, with the company's share valued between $4-12 billion, while changes to the USDC rewards program could boost earnings by $374 million annually.

Market Metrics

Fundraising & VC
1. DePinSim (Strategic, $8M) - Decentralized connectivity and simulation platform
2. Pieverse (Strategic, $7M) - Web3-native payment and compliance infrastructure

Regulatory
🌏 Blockchain.com Obtains Malta MiCA License for European Expansion

• Blockchain.com has secured a MiCA license in Malta, joining exchange companies like Kraken, Gate, and Gemini in accessing the EU market through the island.
• The company plans to make Malta the center for European operations, focusing on expanding brokerage, institutional infrastructure, and self-custody wallet services.

⚖️ Swiss Bitcoin App Relai Receives MiCA License in France

• Relai, a Bitcoin-only investment app based in Switzerland, has successfully obtained a MiCA license from France's financial markets regulator AMF.
• As one of the early Bitcoin companies to secure MiCA approval, Relai can now offer regulated services including SEPA payments within the EU and enhanced trading limits in euros.

🌐 Interpol Operation Results in 83 Arrests for Crypto Terror Financing

• Interpol and Afripol have arrested 83 individuals in Operation Catalyst, targeting terrorism financing and cybercrime across Africa.
• Authorities identified $260 million in illicit crypto and fiat assets, recovering $600,000 so far, with private sector collaborators including Binance providing blockchain data and forensic analysis.

🏛️ Trump Nominates SEC Crypto Task Force Chief for CFTC Chair

• President Trump has nominated Michael Selig, chief counsel for the SEC's crypto task force, to lead the Commodity Futures Trading Commission (CFTC).
• The appointment signals a push toward a unified regulatory strategy for cryptocurrencies, aligning the CFTC with the SEC's pro-crypto policies.

🏦 Custodia and Vantage Launch Live Tokenized Deposit Network

• Custodia Bank and Vantage Bank Texas have launched a live network allowing U.S. banks to issue tokens representing insured deposits on a blockchain.
• The platform transforms traditional bank money into digital dollars that can function as both insured deposits and stablecoins, while maintaining compliance with U.S. banking regulations and the GENIUS Act.

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 has support at points 109600 and resistance at points 115500. Negative volume balance weakens the currency in the short term. The currency is overall assessed as technically slightly 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 is moving within a rectangle formation between support at 3819 and resistance at 4647. A decisive break through one of these levels indicates the new direction for the currency. The currency is between support at points 3850 and resistance at points 3970. A definitive break through of one of these levels predicts the new direction. Volume tops and volume bottoms correspond badly with tops and bottoms in the price. Volume balance is also negative, which confirms the trend. The RSI curve shows a rising trend, which is an early signal of a possible trend reversal upwards for the price as well. The currency is overall assessed as technically negative for the short term.