PA Daily | Bitcoin ETF experienced net outflows of $488 million yesterday; Coinbase increased Bitcoin holdings by $299 million in Q3

Today’s Key News Reminder:

Revolut launches 1:1 USD-to-Stablecoin swap service across 6 blockchains, supporting USDC and USDT

Standard Chartered: Tokenized RWA market expected to reach $2 trillion by 2028, with the “vast majority” based on Ether

AI16Z to be swapped for ELIZAOS, total token supply to increase 40% to 11 billion

dYdX plans to enter the US market by year-end and will significantly drop trading fees

Ether.Fi community proposes “up to $50 million treasury allocation for ETHFI buyback plan”

Bitcoin spot ETFs saw a total net outflow of $488 million yesterday, with no net inflow among all twelve ETFs

Public company SEGG Media plans to launch a $300 million digital asset initiative, initially focusing on Bitcoin

Macro

Revolut launches 1:1 USD-to-Stablecoin swap service across 6 blockchains, supporting USDC and USDT

According to Cointelegraph, UK fintech company Revolut has launched a 1:1 USD-to-Stablecoin swap feature, supporting USDC and USDT on six blockchains including Ether, Solana, and Tron. Users can swap up to $578,000 every 30 days with no trading fee or spread. Revolut says this move aims to simplify the conversion process between fiat and crypto, eliminating operational pain points. Additionally, Revolut recently obtained a crypto asset market regulatory license (MiCA) from the Cyprus Securities and Exchange Commission, allowing it to offer regulated crypto services in 30 countries across the European Economic Area.

Ministry of Commerce and 5 other departments: Strengthen integration of blockchain and other technologies in urban commercial systems

The Ministry of Commerce and five other departments issued the “Urban Commercial Quality Improvement Action Plan,” which emphasizes empowering new technologies and strengthening the integration of AI, blockchain, and other technologies in urban commercial systems.

Sources: US Senate Agriculture Committee to release bipartisan draft bill on crypto market structure

Crypto journalist Eleanor Terrett reports that multiple sources say the US Senate Agriculture Committee is set to release its bipartisan draft bill, covering commodity-related aspects of the crypto market structure legislation. The exact release timing varies by source: some say action could come as soon as tomorrow, others suggest final preparations may push it to next week. Either way, the imminent draft, combined with renewed negotiations by the Banking Committee’s bipartisan staff, signals that market structure discussions are back on track after last week’s industry roundtable.

US Senate passes resolution to end Trump’s global tariff policy

According to CCTV News, the US Senate voted 51-47 to pass a resolution ending President Trump’s global tariff policy. The Senate announced it has approved a joint resolution to terminate the national emergency declared for global tariffs. Earlier this week, the Senate passed two resolutions to remove tariffs on Canada and Brazil. These resolutions must now be voted on by the House, but House Republicans have repeatedly blocked similar legislation, making passage unlikely. Even if the House passes them, Congress would need a two-thirds majority to override a presidential veto.

JPMorgan: USDC surpasses USDT in on-chain activity and market capitalization growth

According to The Block, JPMorgan analysts say that clearer regulatory frameworks and rising institutional adoption have helped Circle’s Stablecoin USDC surpass Tether’s USDT in on-chain activity and market capitalization growth. USDC’s market cap rose from about $43 billion in January to $74 billion now, a 72% rise, far outpacing USDT’s 32% rise in the same period. This reflects a market shift toward Stablecoins emphasizing transparency. USDC’s transparent reserve management and regular audits have earned institutional trust, and its compliance with MiCA and other frameworks makes it the preferred Stablecoin for financial institutions. The MiCA regulation, effective July 2024, has accelerated the divergence in Stablecoin circulation speed, with USDC’s circulation and on-chain activity rising, also aided by the “Genius Act.” USDT, lacking MiCA authorization, was delisted, while USDC’s integration with payment networks and cross-chain protocols on Solana and other chains has fueled its growth. The emerging competition is likely a “Zero-sum Game”—unless the overall crypto market expands significantly, US Stablecoin issuers are mainly fighting for market share.

Canary XRP spot ETF’s latest filing removes “delayed amendment clause,” may list on November 13

Crypto journalist Eleanor Terrett reports that Canary Capital has submitted an updated S-1 for its XRP spot ETF, removing the “delayed amendment clause” that blocked automatic registration, handing timing control to the SEC. If Nasdaq approves the 8-A filing, Canary’s XRP ETF will launch on November 13. Note: Government reopening may affect timing; if filings are complete and the SEC is satisfied, the date could be earlier; if more comments arise, it could be delayed. Notably, the SEC Chair seems to support companies using the automatic effectiveness mechanism. While not commenting directly on ETF launches, Paul S. Atkins said yesterday he was pleased to see companies like MapLight use the 20-day statutory waiting period to list during the government shutdown, and praised Bitwise and Canary for using the same legal mechanism for their SOL, HBAR, and LTC ETF launches this week.

Views

Standard Chartered: Tokenized RWA market expected to reach $2 trillion by 2028, with the “vast majority” based on Ether

According to The Block, Standard Chartered Bank says that aside from Stablecoins, the market cap of tokenized real-world assets (RWA) is expected to grow from about $35 billion to $2 trillion by 2028—a roughly 5600% rise. Geoffrey Kendrick, Head of Digital Asset Research, says Stablecoins lay the foundation for large-scale on-chain asset migration, and “the vast majority” of such activity will occur on Ether, given its 10+ years of uninterrupted mainnet operation. Kendrick estimates that by 2028, tokenized money market funds and listed stocks will be the largest segments, with money market funds driven by corporate Stablecoin use at $750 billion, and listed stocks at $750 billion once US regulation is clarified. Kendrick believes Borrow, especially RWA, is key for Decentralized Finance to disrupt traditional finance, and DeFi has started a growth cycle. The US “Genius Act” accelerates Stablecoin adoption, and the “Digital Asset Market Clarity Act” is expected to further legalize asset tokenization, though even without it, regulators may provide clear rules. However, unclear US regulation remains a risk.

Michael Saylor: Strategy not interested in acquiring other Bitcoin asset reserve companies

According to Cointelegraph, Strategy Chairman Michael Saylor said that while he hasn’t completely ruled out acquiring other Bitcoin asset reserve companies, the company isn’t interested due to the uncertainty involved. On the Q3 earnings call, Saylor said: “Generally, we have no plans for M&A activity. Even if such activity seems potentially accretive, there’s too much uncertainty, and these things often drag on for six to nine months or even a year. What seems like a good idea at first may not be so six months later.”

Project Updates

Kite completes testnet and NFT Snapshot, 48% of KITE tokens to be allocated to community and ecosystem

According to Kite Foundation, the Ozone testnet and “FLY THE KITE” NFT Snapshot were completed at 08:00 Beijing time on October 31, covering interaction and social media binding data. EOA Wallet binding is still ongoing, with the deadline shown on the official page. The Kite Foundation also released its tokenomics: $KITE is designed to support the first blockchain for AI affiliate payments, with a total supply of 10 billion. Initial allocation: ecosystem & community (48%), modules (20%), team & early contributors (20%), investors (12%). Modules are a key part of the Kite network, covering supply-side services (compute, models, data) and demand-side services (affiliates, DApps), with rewards based on verified usage. Previously, Binance Launchpool listed Kite (KITE), with KITE spot trading launching November 3.

AI16Z to be swapped for ELIZAOS, total token supply to increase 40% to 11 billion

According to the announcement, after swapping AI16Z tokens for ELIZAOS tokens, total supply will rise from 6.6 billion to 11 billion (+40%), allocated as follows: 75%: community (60% for AI16Z holders swap), 5.5%: liquidity & listing, 4.5%: foundation, 2.5%: ecosystem, 2.5%: protocol-owned liquidity, 15%: future token simple protocol, 10%: team & contributors. Circulating supply will immediately rise from 6.6 billion to 7.4 billion, with 607 million for liquidity & listing and 275 million for protocol-owned liquidity. Previously, Binance Alpha and Binance Futures announced support for AI16Z token swap, increment, and brand upgrade to ELIZAOS.

Binance Alpha and Binance Futures to support AI16Z token swap, increment, and brand upgrade to ELIZAOS

Binance Alpha and Binance Futures will support the AI16Z token swap, increment, and brand upgrade to ELIZAOS. According to the announcement, Binance Alpha 2.0 will suspend AI16Z trading and Deposit at 18:00 (Beijing time) on November 6, 2025, and complete the swap at a ratio of 1 AI16Z = 6 ELIZAOS. After the upgrade, ELIZAOS trading and Deposit will open at 10:00 (Beijing time) on November 7, 2025. Binance Futures will Auto-liquidate the AI16ZUSDT USD-margined perpetual Futures at 17:00 (Beijing time) on November 6, 2025, delist the pair, and announce relisting separately.

Western Union’s “WUUSD” trademark hints at possible crypto service launch

According to Cointelegraph, Western Union filed a “WUUSD” trademark application with the US Patent and Trademark Office on Wednesday, covering crypto Wallets, crypto trading, and Stablecoin payment processing. The trademark covers a range of Stablecoin-related services and has been accepted but not assigned an examiner. It’s unclear how WUUSD differs from the planned Stablecoin USDPT, as Western Union also filed a trademark for USDPT in early October. The filing shows WUUSD can be used for Stablecoin swap, trading, and payment processing, and hints at broader crypto services such as software for managing and verifying transactions, “spending and trading crypto,” as well as crypto exchanges, trading, payment processing, and financial brokerage. The filing also mentions crypto lending services, i.e., “conducting securities and derivation trading,” which would be a significant departure from Western Union’s traditional business. Previously, Western Union announced plans to launch the Solana-based Stablecoin USDPT in 2026 and has applied to register the WUUSD trademark.

dYdX plans to enter the US market by year-end and will significantly drop trading fees

According to Reuters, dYdX President Eddie Zhang said in an interview that dYdX is preparing to enter the US market by year-end, opening the decentralized exchange (DEX) to previously excluded US users. Zhang said: “The platform plans to expand trading products and will launch Solana and other crypto Spot Trading in the US by year-end. After entering the US, dYdX plans to drop trading fees by up to half, to 50-65 basis points. Perpetual Futures will not launch in the US, but dYdX hopes US regulators will eventually provide guidance for decentralized platforms to offer these products.”

Ether.Fi community proposes “up to $50 million treasury allocation for ETHFI buyback plan”

The Ether.Fi community has proposed a “treasury allocation for ETHFI buyback plan,” authorizing the foundation to use treasury funds to buy back ETHFI tokens when the market price falls below $3, with a total buyback cap of $50 million. The goal is to accumulate ETHFI when the price is below this threshold and increase the proportion of protocol income used for buybacks. Buybacks will begin immediately after DAO Approval and continue until one of the following: the cap is reached; the foundation deems the plan complete; or subsequent governance votes modify or terminate the plan. Next, a 4-day vote will be held on Snapshot. Once approved, the buyback plan will take effect immediately when price conditions are met.

Bonk and Manta incubate zeroed MEME recycling protocol Junk.Fun, launching first season

According to official sources, Bonk and Manta Network have jointly incubated and supported the Solana zeroed asset recycling protocol Junk.Fun, which is now live on Mainnet and has launched its first season. Junk.Fun allows users to burn zeroed assets and passive MEME Airdrops in their Wallets, reclaim SOL rent, and participate in lucky draw. Over 20,000 active addresses joined during the 48-hour pre-launch. Prize pools come from recycled SOL rewards and initial rewards from Manta and Bonk. Each season lasts one week, with the first season’s prize pool currently valued at $40,000. Junk.Fun expects the prize pool to rise sharply next week as the season progresses.

SBF releases report claiming FTX was never truly bankrupt

Former FTX CEO Sam Bankman-Fried (SBF) shared a report titled “FTX: Where Did The Money Go?” The report states: “In November 2022, over seven million customers deposited about $20 billion into FTX. However, when customers tried to withdraw, FTX filed for bankruptcy, still owing $8 billion. For years, customers received nothing—so where did the billions go? The money never disappeared. After two years of delay, bankruptcy administrators revealed all customers will receive 119% to 143% repayment. Currently, about 98% of creditors have received 120% repayment; after paying $8 billion in claims and $1 billion in legal fees, $8 billion remains. In fact, FTX was never insolvent. Whether in November 2022 or now, FTX always had enough assets for full, in-kind repayment. The crisis FTX faced in November 2022 was a liquidity crisis—a sudden cash shortfall. This crisis could have been resolved by month-end, but external legal counsel took control. Even when lawyers pushed FTX into bankruptcy, it was never truly bankrupt.”

Jupiter community voting on whether to burn 130 million repurchased JUP

Jupiter posted on X that after the team downsized the DAO and reset the community, the “Litterbox burn vote” is the next major step for a fresh start, refocusing on JUP as the ecosystem core to rebuild long-term confidence and Consensus. Currently, 50% of Jupiter’s on-chain income goes to the “Litterbox trust fund,” which buys back JUP from the open market, accumulating about 130 million JUP (about 4% of circulating supply). These tokens were originally planned for DAO use after three years, but recently holders felt they created uncertainty for the community and holders. After listening to feedback, the DAO began voting today on whether to burn the existing tokens (vote ends in 4 days, 13 h). In the coming weeks, there will be separate votes on how to handle ongoing Litterbox income.

Ether developers officially set Fusaka fork target date for December 3

According to The Block, Ether Foundation researchers have finalized the mainnet fork date for the next major upgrade, Fusaka, after deploying the final testnet two days ago. On Thursday’s All Core Developers call, researchers said Fusaka will go live on December 3. The backward-compatible Fusaka fork will implement about a dozen Ether Improvement Proposals to enhance the base chain and surrounding Layer 2 ecosystem’s sustainability, security, and scalability. Notably, Fusaka will introduce PeerDAS technology for more efficient data access for validators. PeerDAS was originally planned for Ether’s previous major upgrade, Pectra, in February, but was delayed for more testing. Fusaka will also raise Ether’s Block gas limit from 30 million to 150 million units and is expected to quickly double blob capacity.

Key Data

Ether spot ETFs saw a total net outflow of $184 million yesterday, with no net inflow among all nine ETFs

According to SoSoValue data, on October 30 (US Eastern Time), Ether spot ETFs saw a total net outflow of $184 million. The largest single-day net outflow was Blackrock’s ETF ETHA, with $118 million outflow; ETHA’s historical total net inflow is $14.206 billion. Next was Bitwise ETF ETHW, with $31.1443 million outflow; ETHW’s historical total net inflow is $399 million. As of press time, Ether spot ETF total Asset Value is $24.992 billion, ETF net asset ratio (market cap as a percentage of Ether’s total market cap) is 5.51%, and historical cumulative net inflow is $14.467 billion.

Bitcoin spot ETFs saw a total net outflow of $488 million yesterday, with no net inflow among all twelve ETFs

According to SoSoValue data, on October 30 (US Eastern Time), Bitcoin spot ETFs saw a total net outflow of $488 million. The largest single-day net outflow was Blackrock’s ETF IBIT, with $291 million outflow; IBIT’s historical total net inflow is $65.052 billion. Next was Ark Invest and 21Shares’ ETF ARKB, with $65.6193 million outflow; ARKB’s historical total net inflow is $2.053 billion. As of press time, Bitcoin spot ETF total Asset Value is $143.944 billion, ETF net asset ratio (market cap as a percentage of Bitcoin’s total market cap) is 6.71%, and historical cumulative net inflow is $61.378 billion.

US Hedera spot ETF sees single-day net inflow of $29.9 million, a record high; Litecoin spot ETF sees no net inflow or outflow

According to SoSoValue data, on October 30 (US Eastern Time), Canary HBAR spot ETF HBR saw a net inflow of $29.9 million, a record high since listing. As of press time, Canary HBAR ETF total Asset Value is $33.05 million, HBAR net asset ratio (market cap as a percentage of HBAR’s total market cap) is 0.41%. Canary Litecoin spot ETF LTCC saw no net inflow or outflow. As of press time, Canary Litecoin ETF total Asset Value is $1.34 million, LTC net asset ratio (market cap as a percentage of LTC’s total market cap) is 0.02%.

US Solana spot ETF sees total net inflow of $37.33 million today, third consecutive day of net inflow

According to SoSoValue data, on October 30 (US Eastern Time), US Solana spot ETFs saw a total net inflow of $37.33 million. Bitwise Solana spot ETF BSOL saw a single-day net inflow of $36.55 million; BSOL’s historical total net inflow is $153 million. Grayscale Solana spot ETF GSOL saw a single-day net inflow of $780,000; GSOL’s historical total net inflow is $2.18 million. As of press time, Solana spot ETF total Asset Value is $440 million, Solana net asset ratio (market cap as a percentage of Solana’s total market cap) is 0.44%, and historical cumulative net inflow is $155 million.

( Fundraising/Acquisitions

Solana ecosystem project Dare Market raises $2 million

According to Finance Feeds, Solana-based challenge platform Dare Market announced a $2 million raise led by Karatage and Paper Ventures. Launched in September, the platform lets users complete challenges posted by others. Participants must Share proof of completion on social media to earn rewards. Users can also create their own challenges and commit to completing them after reaching specific fundraising goals. Dare Market charges a 6.9% Commission on each successfully completed challenge bounty.

Bitcoin rewards app Lolli acquires browser extension Slice, accelerating Lightning Network adoption

According to The Block, Bitcoin rewards app Lolli has acquired browser extension Slice, which lets users earn BTC while browsing. Previously, Lolli was acquired by Bitcoin infrastructure company Thesis this summer (undisclosed amount), and this acquisition follows closely. The merger will boost Lolli users’ earning potential. Currently, users earn Bitcoin rewards by shopping online with partner retailers. Slice rewards users for “passive” browsing activities like scrolling and streaming.

Lombard Finance acquires Avalanche cross-chain Bitcoin asset BTC.b

According to The Block, Bitcoin DeFi protocol Lombard Finance announced the acquisition of Avalanche (AVAX) cross-chain Bitcoin asset BTC.b and related infrastructure from Ava Labs. BTC.b’s market cap is about $502 million and will continue to operate on Avalanche, with contract and name unchanged.

Web3 collectible project Capybobo raises $8 million, led by Pluto, with Animoca and HashKey participating

Web3 collectible project Capybobo announced an $8 million raise led by Pluto Vision Labs, supported by YZi Labs, which previously built CatizenAI with 63 million players. The round also saw participation from Folius Ventures, Animoca Brands, HashKey Capital, and Mirana Ventures.

Capybobo says funds will accelerate development of its online outfit (PYBOBO Outfits) products, build a global collectible trading platform, and promote its brand in Europe and Asia. Capybobo is a GameFi project in the TON and Kaia ecosystem, focused on bringing global collectible art culture into Web3 and building a virtual-real fusion collectible IP.

Metalpha receives $12 million strategic investment from Gortune and Avenir Group

Nasdaq-listed Metalpha Technology Holding Ltd. (MATH) announced it has signed subscription agreements with two strategic investors—Gortune International Investment Limited Partnership and Avenir Group—to raise about $12 million via private placement, with the deal expected to close around November 30, 2025.

Legal AI startup Harvey raises $150 million led by a16z, valued at $8 billion

Legal AI startup Harvey raised $150 million led by Andreessen Horowitz (a16z), with a latest valuation of $8 billion. This is Harvey’s third major raise in 2025, bringing its total funding this year to about $750 million. Named after the lead character in the legal drama “Suits,” Harvey focuses on generative AI tools for law firms, automating contract review and case file analysis. Previous investors include Sequoia Capital, Coatue, OpenAI Startup Fund, GV, and Kleiner Perkins.

DeepSafe raises $3 million seed round, core tech accepted by IEEE TIFS

DeepSafe announced a $3 million seed round with investors including Antalpha, ViaBTC Capital, Spark Capital, Cogitent Ventures, Sharding Capital, Gate, Satoshi Lab, and CKB Eco Fund. Its core decentralized verification tech has been accepted by the international cryptography journal IEEE TIFS. DeepSafe says its network has processed nearly 120 million transaction verifications, with over 2.65 million active accounts. The project aims to build a better “Trust Layer.”

Semantic Layer raises $5 million led by Greenfield Capital

According to Semantic Layer, it completed a $5 million Series A led by Greenfield Capital to advance on-chain AI autonomy, affiliate, DApp, and asset sorting sovereignty. Binance Alpha has listed Semantic Layer (42). Previously, MEV infrastructure developer Semantic Layer raised $3 million in a seed round led by Figment Capital to develop core products and boost ASS market awareness, including sponsoring research and developer events.

Institutional Holdings

Strategy transfers 22,704 BTC (about $2.45 billion) to multiple new addresses

According to Lookonchain, Strategy transferred 22,704 BTC (worth $2.45 billion) to multiple new Wallets in the past 9 h.

Public company SEGG Media plans $300 million digital asset initiative, initially focusing on Bitcoin

According to Cryptobriefing, Nasdaq-listed SEGG Media plans a $300 million digital asset initiative, allocating 80% of funds to multi-asset crypto reserves. Bitcoin will be the initial focus, providing a stable foundation, with ETH, SOL, and ZIG also included to boost Return via validator operations.

Coinbase added 2,772 BTC and 11,933 ETH to Holdings in Q3

Base co-founder Jesse Pollak posted on X that Coinbase added 2,772 BTC and 11,933 ETH to Holdings in Q3 and will continue to add more. Previously, Coinbase released its Q3 financials, reporting $433 million net income and $1.9 billion total revenue, with $299 million in Bitcoin added.

Strategy Q3 net profit hits $2.8 billion, plans to raise preferred stock Yield to boost demand

According to Bloomberg, Strategy posted $2.8 billion net profit in Q3, driven by unrealized gains from its $69 billion crypto reserves. The company announced it will raise the Yield on its variable-rate Series A perpetual preferred stock by 25 basis points to 10.5% in November. Co-founder Michael Saylor said: “We believe we’re at a turning point. As Bitcoin matures and volatility drops, our net asset value multiple has been declining.” Since last November’s all-time high, Strategy’s stock price has dropped about 45%, erasing most of its long-term premium over its Bitcoin Holdings. Meanwhile, demand for preferred stock remains weak. Recent sales have fallen short of Saylor’s large fundraising goals, slowing Bitcoin purchases. CEO Phong Le said on the earnings call that the company is seeking international financing and considering launching an ETF backed by preferred stock. Strategy’s annual Interest and dividend payments total about $689 million. In its latest report, the company said it did not issue Series A common stock under its ATM program this month and will continue to take a prudent approach to raising funds via common stock. Its legacy enterprise software business saw 11% revenue rise to $128.7 million.

Bitmine suspected to have received 44,036 ETH ($166 million) from CEX via two new Wallets

According to Onchain Lens, two newly created Wallets received 44,036 ETH ($166.76 million) from Kraken and BitGo, likely belonging to Bitmine.

Coinbase Q3 financials: $433 million net income, $1.9 billion total revenue, $299 million in Bitcoin added

According to Forbes, crypto exchange Coinbase posted $433 million net income in Q3. Total revenue rose 25% quarter-over-quarter to $1.9 billion. Coinbase added $299 million in Bitcoin Holdings via weekly purchases, now holding 14,548 BTC. As of September 30, its fair value of investment crypto assets was $2.6 billion ($1.6 billion in Bitcoin), with another $1 billion in crypto assets as Collateral. Including crypto assets, Coinbase’s total Available resources are $15.5 billion. Q3 trading income was $1 billion, up 37% from last quarter but still below early-year levels. Q4 2024 trading income was $1.6 billion, and Q1 2025 was $1.3 billion. This trend shows that despite Bitcoin price rise and increased market activity, trading volume hasn’t reached the level needed for major revenue growth. Retail investor trading volume was $59 billion, up 37% quarter-over-quarter, outperforming the US spot market. Retail trading income rose to $844 million, up 30%. Institutional trading volume was $236 billion, up 22%, with trading income at $135 million, up 122%. Coinbase’s acquisition of Deribit contributed $52 million in income 47 days after the deal. Subscription and service income reached $747 million in Q3, up 14%. Stablecoin income rose to $355 million, up 7%. Average USDC balance held in Coinbase products rose 9% to $15 billion, while off-platform USDC balance rose 12% to $53 billion. Additionally, Bloomberg reports Coinbase CEO Brian Armstrong said on the earnings call that Coinbase will hold a product showcase on December 17 to announce more details on tokenized stocks and prediction markets, and will continue to pursue M&A opportunities, especially in trading and payments.

Jump Crypto transferred $205 million in SOL to Galaxy Digital overnight, received 2,455 BTC in exchange

According to Lookonchain, Jump Crypto transferred 1.1 million unlocked SOL ($205 million) to Galaxy Digital overnight and received 2,455 BTC ($265 million) in exchange.