Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | October 19 - October 25, 2025

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Crypto Weekly Recap

Total crypto market cap: $3.72T

Crypto Fear & Greed Index: 37 (Fear)

BTC.D: 59.85%

Bitcoin:

• Weekly performance: +4.16%
• US Spot BTC ETFs: +$446.36M
• Bitcoin traded between $106.5K and $113.7K, now sitting near $111.7K as early-week volatility cleared leverage and reset funding.
• Gold fell about 5% and silver up to 8% on October 21, 2025, after recent record highs, which was attributed to profit-taking.
• The October 24 CPI print at +3.0% y/y, +0.3% m/m undercut expectations, sparking equity gains and a softer dollar as bond yields hovered around 4.0%.
• The odds of three Fed rate cuts this year have reached a new record high on Polymarket. And while crypto markets saw a short-lived move of BTC to $112K, S&P500, Nasdaq, and Dow Jones both reached their all-time highs.
• Bitcoin liquidity is “rapidly decreasing,” hitting a seven-year low of approximately 3.12 million BTC, a level not seen since 2018, according to CryptoQuant contributor Arab Chain.
• BTC’s $106K-$114K range now acts as the liquidity coil; a dovish FOMC decision could ignite ETF-driven upside, while hawkish surprise risks a retest of $100K-$106K support.

Ethereum:

• Weekly performance: +1.68%
• US Spot ETH ETFs: -$243.91M
• ETH held steady at $3,945, after swinging between a $4,109 high (Oct 21) and a $3,738 low (Oct 22), showing resilience but no clean breakout.
• Tariff-driven caution persisted, with funds fading rallies above $4K as liquidity stayed defensive after October’s earlier liquidation shock.
• Derivatives showed short-covering near $3.72K, but upside follow-through lacked depth, indicating low conviction and mechanical bounce behavior.
• ETH is range-bound ($3,720-$4,100); sustained upside requires both ETF inflow reversal and macro tailwinds, while failure to hold $3,700 risks triggering another liquidation wave.

Others:

• Michael Saylor’s Strategy slowed Bitcoin purchases, adding 168 BTC worth $18.6M.
• VanEck filed for a Lido Staked ETH ETF, as the SEC softened its stance on liquid staking.
• Tom Lee’s BitMine bought $820M in ETH, lifting its holdings to 3.24M ETH valued at $13.4B.
• Gemini launched a Solana credit card offering 4% crypto rewards and 6.77% staking yield integration.
• FalconX entered the ETF space by acquiring 21Shares, signaling rising institutional crypto demand.
• Coinbase acquired Echo for $375M, marking a return to on-chain fundraising.
• Google claimed a 13,000× quantum speedup, reigniting debate over Bitcoin’s long-term security.
• Kalshi entered $12B valuation talks as investors flooded the regulated event-trading market.
• CZ criticized Peter Schiff’s tokenized gold, calling it a “trust-me-bro” asset, fueling on-chain value debates.
• Ripple veterans and crypto leaders backed a $1B Evernorth SPAC to build the largest public XRP treasury.
• Hyperliquid Strategies’ $1B SEC filing and Robinhood listing pushed the HYPE token above $40.
• Polychain Capital led a $110M round to launch a Berachain treasury initiative.
• Solana co-founder Anatoly Yakovenko began designing a perpetuals DEX, revealed via GitHub.
• Zelle’s operator explored using stablecoins for cross-border transfers.
• Crypto.com pursued a federal charter to expand institutional crypto services.
• Coinbase and Cloudflare launched the x402 Foundation to enable machine-to-machine crypto payments.
• Binance listed Giggle Fund and SynFutures, expanding its tradable asset lineup.

Trump Pardons Binance Founder Changpeng Zhao After $4.3B Settlement, Signaling Pro-Crypto Shift

On October 23, 2025, Donald Trump granted a full pardon to Binance founder Changpeng Zhao, following Zhao's $4.3 billion settlement with U.S. authorities and a four-month prison sentence for anti-money-laundering violations. This pardon signals a shift toward a pro-crypto stance, as Trump seeks to correct regulatory overreach. Zhao expressed gratitude, pledging to bolster the U.S. as the "Capital of Crypto." The market reacted positively, with Binance's token, BNB, rising about 5%. Critics, including Senator Elizabeth Warren, condemned the pardon as a display of political corruption, highlighting ties between Trump’s ventures and Binance.

Federal Reserve Proposes "Skinny" Accounts for Fintech and Crypto Access

Federal Reserve Governor Christopher J. Waller proposed a new “skinny master account” framework aimed at providing limited-access accounts for fintech and crypto firms, addressing their banking access challenges. These accounts would not earn interest, lack overdraft facilities, and have capped balances to mitigate systemic risk. This initiative seeks to modernize Fed payment system access while ensuring regulatory oversight. It marks a shift towards cooperation with innovative payment models, which have faced exclusion from traditional banking. Feedback will be gathered from industry stakeholders before formal rules are set, potentially reshaping the relationship between digital finance and the Fed's infrastructure.

JPMorgan to Accept Bitcoin and Ethereum as Loan Collateral for Institutions by Late 2025

JPMorgan will permit institutional clients to use Bitcoin and Ethereum as loan collateral by late 2025, marking a significant integration of digital assets into traditional finance. The initiative employs third-party custodians to manage collateral, minimizing the bank's risk exposure. Bitcoin's price is around $110,595, and Ethereum at $3,924, reflecting strong performance in 2025. Analysts express concerns regarding the potential volatility risks and systemic effects on traditional markets. This strategic pivot underscores JPMorgan's response to increasing client demand and aligns with broader institutional crypto adoption, reshaping the perception of digital assets as viable financial instruments.

T. Rowe Price Files for Actively Managed Crypto ETF Targeting 5–15 Digital Assets

T. Rowe Price filed with the SEC on October 22, 2025, for its first actively managed crypto ETF, aiming to invest in 5–15 digital assets like BTC, ETH, and SOL, with a goal to outperform the FTSE Crypto US Listed Index. With approximately $1.8 trillion in assets under management, this marks a significant shift for the traditional asset manager. The ETF will employ an active strategy based on fundamental and momentum factors, seeking to provide diversified crypto exposure. This move reflects increasing institutional adoption of digital assets, amidst a growing number of crypto ETF applications.

Major AWS Outage Disrupts Crypto Platforms, Exposing Reliance on Centralized Infrastructure

On October 20, 2025, a significant AWS outage led to major disruptions across the crypto industry, affecting platforms like Coinbase and Robinhood. The incident, stemming from DNS resolution errors in AWS’s US-EAST-1 region, resulted in over 11 million user complaints globally. Users faced hours of inactivity, unable to log in, trade, or access accounts. Experts criticized the industry's reliance on centralized cloud services, despite a decentralized ethos, revealing vulnerabilities in digital finance infrastructure. Coinbase plans to reorganize its architecture to mitigate future risks, underscoring the fragility of the interconnected digital ecosystem.

Kadena Shuts Down Operations Amid 65% KDA Price Collapse and Exchange Delistings

Kadena abruptly ceased all business operations on October 21, 2025, citing harsh market conditions. Following the announcement, its native token, KDA, plummeted over 65% to approximately $0.072, a staggering drop from its 2021 peak of $27.64, marking a 99% loss in value. Major exchanges, including OKX and Bybit, initiated delistings, halting trading and liquidity access. While the blockchain remains operational via miners, its future is uncertain without corporate support. This incident underscores challenges for smaller blockchain projects amid tightening capital and waning retail interest, serving as a cautionary tale about the limits of decentralization in sustaining value.

Polymarket Announces POLY Token Launch and Airdrop Amid U.S. Relaunch Plans, Eyes $15B Valuation

Polymarket's CMO, Matthew Modabber, confirmed the upcoming launch of the POLY token and a significant airdrop, aiming for a U.S. market re-entry following a 2022 exit due to regulatory issues. The platform boasts $2.9 billion in monthly trading volume and has attracted $2 billion from Intercontinental Exchange, targeting a valuation between $12 billion and $15 billion. Eligibility for the airdrop may include distributing 5-10% of POLY to active users. Analysts anticipate POLY will serve multiple functions, including governance and fee discounts, as Polymarket continues to expand its influence in prediction markets and finance.

Fidelity Adds Solana Trading, Tapping $5.8 Trillion Client Base, Boosting Institutional Crypto Adoption

Fidelity Digital Assets has added Solana (SOL) to its trading and custody platform, expanding access to a client base managing approximately $5.8 trillion in assets. This move positions SOL alongside Bitcoin, Ethereum, and Litecoin, reflecting heightened institutional interest, with over $4 billion already held in corporate treasuries. Retail users can trade SOL with zero-commission execution while institutions access it via Fidelity’s custody service. Analysts view this as a significant turning point, indicating traditional finance's acceptance of alternative blockchains and potentially influencing broader crypto market liquidity as institutional allocations shift towards Solana's high-performance infrastructure.

Ledger Launches Nano Gen5 and Wallet App but Faces Backlash Over New Multisig Fees and Exclusions

Ledger recently launched the Nano Gen5, Ledger Wallet app, and Enterprise Multisig platform, focusing on digital asset security and identity protection amid an AI-driven landscape. Priced at $179, the Nano Gen5 features Bluetooth, an E Ink touchscreen, and user-friendly enhancements. However, the introduction of multisig coordination system fees, including $10 for standard transfers and 0.05% on ERC-20 transactions, sparked backlash from developers, labeling it as a profit-driven move. Additionally, the multisig feature excludes original Nano S users due to hardware limitations, causing discontent among long-term supporters. Ledger has not publicly addressed these criticisms yet.

Tether Set to Hit $15B Profit, 500M Users, Launches USAT and BTC Tipping via Rumble in December

According to Bloomberg, Tether is on track to earn $15 billion in 2025 with a 99% profit margin, valuing the company near $500B. CEO Paolo Ardoino claims USDT has reached 500 million users globally—about 6.25% of the world’s population—mainly serving unbanked individuals in emerging markets. In December, Tether will launch USAT, a U.S.-focused stablecoin under the GENIUS Act via Tether America. Meanwhile, Rumble, which received a $775M investment from Tether in 2024, will enable Bitcoin tipping for creators via a native wallet, also expanding into digital asset storage with MoonPay support. Rumble’s Bitcoin treasury now holds $25M.