1. Trump mentioned at a private gathering that cryptocurrencies might solve the U.S. debt problem of $35 trillion.

According to a report by Bitcoinist, Trump stated at a private gathering that cryptocurrencies have a “great future” and hinted that the United States might use cryptocurrencies to address the $35 trillion U.S. debt issue. A leaked video showed Trump saying: “I would write on a small note: $35 trillion in cryptocurrency, we have no debt, this is what I like to do.” Notably, this is not the first time Trump has hinted at using digital assets to eliminate the growing U.S. debt; he has repeatedly stated publicly that Bitcoin could be used to “save America.”

2. Poly Group: No involvement or participation in businesses or activities related to Hong Kong stablecoins or stablecoin funds.

China Poly Group issued a statement regarding recent online discussions about “Hong Kong Poly Stablecoin,” “Poly Stablecoin Fund,” and related entities, clarifying that Poly Group and its subsidiaries have not organized or participated in any businesses or activities involving Hong Kong stablecoins or stablecoin funds. The companies registered in Hong Kong, namely “Poly Digital Industry Group Co., Ltd.,” “Poly Digital Assets Co., Ltd.,” and “Poly Digital Asset Issuance Co., Ltd.,” have no equity or affiliation with Poly Group or its subsidiaries, nor any investment, cooperation, or business relationships. All their actions are unrelated to Poly Group. Poly Group advises the public to remain vigilant, exercise caution in investment partnerships, and report any criminal activities to law enforcement authorities as soon as possible.

3. Zhao Changpeng: Future focus will be on YZi Labs investment activities; invited to serve as a crypto industry advisor to multiple national leaders.

Binance founder Zhao Changpeng confirmed on October 25 that U.S. President Trump had signed a pardon for him. Zhao stated that his future efforts will continue to focus on the family office YZi Labs investment activities while accepting invitations to serve as a crypto industry advisor to the leaders of several countries.

4. CryptoQuant: The Bitcoin bull market cycle has not ended, with short-term support at $100,000.

According to CryptoQuant’s weekly analysis, as of now, whale addresses (those holding between 100 and 1,000 Bitcoins) collectively hold approximately 5.16 million BTC, accounting for 26% of the circulating Bitcoin supply, making them the most significant group of holders in the current market. In 2025, whale addresses cumulatively added approximately 681,000 BTC, while other address groups experienced net reductions, indicating a trend of institutional investors absorbing retail selling pressure. The annual growth rate of whale holdings stands at 907,000 BTC, higher than the 365-day average of 730,000 BTC, reflecting robust long-term demand. However, short-term momentum has weakened. If the monthly accumulation rate fails to accelerate, Bitcoin prices may struggle to break the new high of $126,000. Currently, Bitcoin price resistance is at $115,000, with support at $100,000. A drop below $100,000 could trigger further corrections to around $75,000. Historical data shows that when the annual growth rate of whale holdings falls below the 365-day average, it often signals the end of a bull market. Current data suggests the market may still be in the late stages of a bull run, with future trends depending on whether this group accelerates its accumulation pace.

5. Bloomberg: JPMorgan to allow Bitcoin and Ethereum as collateral in the crypto space.

According to Bloomberg, JPMorgan plans to allow institutional clients to use Bitcoin and Ethereum holdings as loan collateral by the end of the year, marking a significant step in Wall Street’s integration of cryptocurrencies. Sources revealed that the project will entrust third-party custodians to stake tokens and expand upon prior crypto ETF collateral services. For JPMorgan, this move holds both symbolic and substantive significance: CEO Jamie Dimon once referred to Bitcoin as a “fraud” or “pet rock,” but the bank no longer views cryptocurrencies as fringe investments. Digital assets will now stand alongside traditional assets such as stocks, bonds, and gold as acceptable collateral. While Dimon’s stance has softened recently, he remains cautious.

6. JPMorgan: Coinbase’s Potential Launch of Base Token Could Unlock $34 Billion in Value

According to a report by The Block, analysts at JPMorgan stated that the eventual launch of a Base network token by Coinbase could unlock up to $34 billion in value. The bank also emphasized that changes to Coinbase’s USDC rewards mechanism and new DEX functionalities integrated with Base are key profit and risk management levers. In a report released on Friday by JPMorgan’s equity research team, the firm upgraded Coinbase’s rating and raised its target price for December 2026 to $404, citing the company’s “emerging profit opportunities and reduced risks” as it moves closer to Layer 2 ecosystems and the stablecoin economy. JPMorgan noted that the Base token could “equitably distribute” the success of Coinbase’s Ethereum-based Layer 2 network. Based on current network activity and “strong token economics,” the bank predicts Coinbase’s market capitalization could reach $12 billion to $34 billion over time, with Coinbase potentially retaining 40% of the token supply, equivalent to approximately $4 billion to $12 billion in equity value. JPMorgan also pointed out that Coinbase’s USDC yield program represents a potential margin lever. Currently, the company returns most of the interest it earns from Circle’s USDC reserves (approximately $400 million annually) to customers as rewards. However, analysts noted that Coinbase is evaluating a change to limit payouts to subscribers of Coinbase One. If regular users stop earning yields, Coinbase could retain approximately $374 million annually and reallocate it to customers. Finally, analysts highlighted that Coinbase has integrated a DEX aggregator into the Base application as a hedge against the growth of decentralized exchanges, which currently account for about 25% of total cryptocurrency spot trading volume.

7. Bloomberg: Trump Nominates Michael Selig, Chief Legal Counsel of SEC Crypto Task Force, to Chair the CFTC

According to a Bloomberg report, an anonymous government official revealed that President Donald Trump has nominated Michael Selig to chair the Commodity Futures Trading Commission (CFTC). Michael Selig serves as the chief legal counsel of the U.S. Securities and Exchange Commission (SEC) Crypto Task Force and has been an assistant to SEC Chairman Paul Atkins. During this period, Michael Selig has been working to align the policies of the SEC and CFTC with various sectors of the financial and cryptocurrency industries. Early in his career, Michael Selig served as a partner in the asset management practice at Willkie Farr & Gallagher.

8. U.S. Payment Network Zelle Considers Using Stablecoin Technology for International Expansion

According to a report by The Block, the U.S. payment network Zelle is considering leveraging stablecoin technology for international expansion. Cameron Fowler, CEO of Early Warning Services, stated: “Zelle has transformed the way Americans transfer money domestically. Now, we are working to provide consumers with equally fast and reliable services for cross-border transfers via Zelle. Our goal is to bring Zelle’s trustworthiness, speed, and convenience to consumers with international remittance needs.” Early Warning Services operates Zelle. The company described this initiative, whose details remain unclear, as “a significant step for Zelle to expand globally by utilizing stablecoins.” According to a report last month, Zelle has been exploring the issuance of its own stablecoin. According to Early Warning Services, the total amount transferred through Zelle last year was approximately $1 trillion. Despite other payment networks like PayPal and Wise handling large volumes of cross-border payments and many crypto companies attempting to compete by offering low-cost international remittance services, Zelle boasts a vast customer base that may be interested in transferring funds to other countries.

9. Semafor: Bipartisan Cryptocurrency Bill Faces New Opposition in the Senate

According to a report by Semafor, the leading legislative effort for the cryptocurrency industry encountered further resistance shortly after CEOs of various companies met with senators in an attempt to salvage bipartisan negotiations. First, law enforcement accused NBA head coach Chauncey Billups and others of using cryptocurrency to launder proceeds from mafia-linked gambling syndicates. Subsequently, The Wall Street Journal revealed that Trump pardoned Changpeng Zhao, the founder of Binance, whose company had provided the Trump family’s cryptocurrency enterprise with its first major development opportunity. These developments may provide fresh ammunition for Democrats relied upon by Republicans to push the bill forward—Democrats who, during a closed-door meeting on Wednesday, expressed concerns about illicit finance and conflicts of interest. Senator Ruben Gallego remarked: “This pardon highlights further corruption within the Trump administration.” Republican Senator Thom Tillis of North Carolina stated: “I would be shocked if [this Congress] made significant progress in the cryptocurrency space, as it has become a political minefield.”

10. Financial Giant Western Union to Pilot Settlement System Based on Stablecoins

According to a report by Cointelegraph, financial services company Western Union plans to pilot a settlement system based on stablecoins to modernize its remittance business for over 150 million customers. During Thursday’s third-quarter earnings call, CEO Devin McGranahan stated that the pilot “aims to leverage on-chain settlement channels to reduce reliance on traditional correspondent banking systems, shorten settlement cycles, and improve capital efficiency.” McGranahan noted that Western Union initially refrained from entering the cryptocurrency space due to concerns about volatility, regulatory uncertainty, and customer protection issues, but the passage of the GENIUS Act changed this trajectory. Western Union stated that the stablecoin service will provide customers with more options and control over managing and transferring funds, particularly those in high-inflation countries.

11. Binance is considering integrating Binance.US into its global operations or allowing its global exchange to enter the U.S. market directly.

CZ’s pardon could pave the way for Binance to integrate its U.S. operations, which currently operate under significant limitations and remain structurally independent from the global exchange. Binance is exploring a range of strategic options, including incorporating Binance.US into its global business or enabling its global exchange to access the U.S. market directly. Markus Thielen, CEO of 10x Research, revealed that Binance’s U.S. subsidiary will likely be reintegrated into the global Binance ecosystem, granting American investors direct access to the platform’s liquidity and derivatives services.

12. Hong Kong media: Ant Group has applied for Web3-related trademarks such as “ANTCOIN” in Hong Kong.

According to reports by the Hong Kong Economic Times, documents show that Ant Group has applied to register a series of trademarks related to virtual assets, stablecoins, and blockchain in Hong Kong, including “ANTCOIN,” potentially as a preemptive move to expand into relevant businesses. This initiative aims to broaden its scope beyond traditional payment services and delve deeper into the fintech sector.

13. Governor of the Bank of Ghana: Cryptocurrency regulations to be issued by the end of the year.

According to Cointelegraph, Johnson Asiama, Governor of the Bank of Ghana, stated at an International Monetary Fund (IMF) meeting that Ghana would be able to establish robust cryptocurrency regulations by the end of the year. “The bill is being submitted to parliament. We hope that by the end of December, we will be able to regulate cryptocurrencies in Ghana.” The Bank of Ghana first released a draft of the legislation in August 2024. Within these guidelines, the central bank proposed an eight-pillar framework that includes enhanced registration and reporting requirements for exchanges and Virtual Asset Service Providers (VASPs). The new law aims to address the growing interest of Ghanaian investors in cryptocurrencies. Approximately 3 million Ghanaians (nearly 9% of the country’s population) use cryptocurrencies.

14. Data: Non-liquid Bitcoin supply declines as approximately 62,000 BTC flow out of long-term holder wallets.

According to The Block, data from Glassnode shows that since mid-October, about 62,000 bitcoins (worth approximately $7 billion) have been transferred out of wallets that were previously inactive for extended periods, marking the first significant decline observed in the second half of 2025. This has reduced Bitcoin’s non-liquid supply, potentially making it harder for price momentum to build. However, Glassnode noted, “Interestingly, at this stage, whale wallets have actually been accumulating. Over the past 30 days, the holdings of whale wallets have increased, and since October 15, they have not significantly sold off.” Additionally, wallets holding between approximately $10,000 and $1 million worth of Bitcoin saw the largest outflows, with persistent selling observed since November of last year. Glassnode wrote, “Momentum buyers have largely exited the market, while bargain hunters have failed to provide sufficient demand to absorb this supply. With the number of first-time buyers remaining flat, this supply-demand imbalance will continue to pressure prices until stronger spot demand emerges.” Alongside the decline in Bitcoin’s price, there has been a similar drop in the percentage of circulating Bitcoin that remains profitable. Currently, about 82.3% of the supply is in profit, up from the yearly low of 76.0% recorded in April.

15. Proposal to mitigate Bitcoin spam via temporary soft fork sparks debate among developers.

According to The Block, debates among Bitcoin developers regarding blockchain data capacity have led to the controversial proposal BIP-444. This proposal emerged after the Bitcoin Core v30 update removed the cap on data additions via OP_RETURN, with only about 6.3% of nodes adopting the new version so far. BIP-444 proposes limiting OP_RETURN outputs to 83 bytes, while most other scriptPubKeys would be capped at 34 bytes, effectively blocking outputs containing large scripts or data chunks. The proposal also seeks to limit the size of individual data pushes, invalidate unused or undefined script versions to prevent circumvention, restrict the size of embedded Merkle trees in Taproot outputs, and prohibit OP_IF in Tapscripts, thereby eliminating the ordinal inscription method entirely. These changes would be implemented through a temporary soft fork expected to last one year, allowing developers time to explore alternative data storage solutions. Critics argue that the move violates Bitcoin’s permissionless principles and constitutes censorship. Jameson Lopp of Casa pointed out that the proposal does not clearly define the problem and questioned the legal liabilities of node operators. Although the proposal has yet to be submitted to the Bitcoin development mailing list for feedback, it has already sparked heated discussions on social media.