Crypto markets did not fully match the cycle optimism described in the source report over China’s National Day holiday period. The report said Bitcoin was 364 days past its previous cycle high, a point that, by past cycle patterns, would suggest it had moved out of the bear-market bottom and into a bull-market advance. Price action and market sentiment, however, were less convincing.
Bitcoin failed to clear $87,000 as meme-related on-chain names cooled
According to HTX market data cited in the report, Bitcoin made several unsuccessful attempts to push above $87,000 during the holiday period. It then saw two sharp intraday pullbacks and later found support again above $83,000.
Altcoins that had drawn attention earlier also corrected. NEAR held up relatively well, rebounding quickly after a hacking incident and trading largely sideways over the past week. The report put its weekly gain at 0.1%, with the token at $5.32. ZEC was weaker, falling 7.3% over the week to $1,325.
Valuations for on-chain projects dropped sharply as well. In the Robinhood ecosystem, PONS fell back to a market capitalization of $263 million on a burned-token-adjusted basis. AI dropped to $100 million, down nearly 80% from its peak, according to the report.
U.S. equities remained firm through most of the holiday stretch despite a modest pullback on the previous day. The S&P 500 and Nasdaq both hit record highs, while the chip index rose for a fourth straight session. Tech shares and AI chip names led the move. Among the examples cited, AAOI rose 14% for the week and MRVL gained 6.18%.
OKX completed a new funding round at a $25 billion valuation
On Oct. 6, crypto exchange OKX completed a new funding round at a $25 billion valuation. Existing partners and hedge fund Qube Research & Technologies participated.
OKX said Circle Internet Group, Ripple and SC Ventures, the investment arm of Standard Chartered, also joined the round. The company declined to disclose the amount raised, saying only that the financing extended a round completed in March this year.
The report said Intercontinental Exchange, the parent company of the New York Stock Exchange, invested about $200 million in OKX in March at the same $25 billion valuation.
A day before the funding news, OKX filed with the U.S. Securities and Exchange Commission to launch a tokenized U.S. stock trading platform. The report said that would make it one of the first large crypto exchanges to use new U.S. rules for that type of business.
The operating entity, OKXICE LLC, was set up jointly by OKX and Intercontinental Exchange, according to the report. It plans to initially offer tokenized shares tied to 63 companies listed on the NYSE, and issuers will be able to opt out up to 30 days before trading begins.
NEAR Intents said the full $3.8 million was returned within 48 hours
On Oct. 1, NEAR Intents issued a security notice confirming that it had been attacked. An initial investigation found that the vulnerability stemmed from flaws in interactions between Omni deposit and withdrawal infrastructure and contracts.
Within 48 hours, the head of NEAR Intents said the full $3.8 million involved in the attack had been returned, and the team stopped its related investigation.
CZ spoke to The New York Times
During the holiday period, The New York Times published an interview with CZ. In that interview, he said his actual personal net worth was about $10 billion to $30 billion, well below Forbes’ estimate of $100 billion.
The report also said CZ disclosed that during the U.S.-Iran war he was on Saadiyat Island in Abu Dhabi and experienced an Iranian missile attack firsthand. He said the windows shook, but he was not overly worried and kept working.
Trump renewed a pledge to send $5,000 payments to U.S. adults
On Oct. 3, U.S. President Donald Trump again pledged that if Republicans win both the House and the Senate in the midterm elections, every adult U.S. citizen would receive a $5,000 “dividend.”
Using an estimated 240 million adult U.S. citizens, the plan would cost about $1.2 trillion, the report said, making it one of the largest U.S. stimulus programs since the COVID-19 period.
CFTC proposed two rules to build a U.S. crypto oversight framework
On Oct. 5, the U.S. Commodity Futures Trading Commission proposed two new rules aimed at creating a U.S. regulatory framework for crypto, using its authority over leveraged and margined trading. The report said the move was meant to address regulatory uncertainty left by Congress’ failure to complete crypto legislation.
Under the proposed rules, crypto activity involving leverage, margin or financing would fall under CFTC oversight. That means traders using borrowed funds to increase positions would be regulated by the agency.
CFTC Chair Mike Selig said in prepared remarks for Fordham Law School’s annual blockchain regulation symposium: “These rules would codify a path for crypto asset trading platforms to operate under the CFTC’s unified national regulatory framework, using the same statutory authorities that the previous administration relied on to regulate through enforcement.”