Cardano showed a modest recovery on Friday, with ADA rising almost 2% to trade near $0.2156 after suffering a 6% decline in the prior session. Despite this limited rebound, ADA remains below its key moving averages and the previous rising support trendline, highlighting persistent technical pressures on the cryptocurrency.
Large investors show mixed positioningData from on-chain analytics platform Santiment revealed that wallets holding between 10 million and 100 million ADA controlled 37.93% of the circulating supply on Friday, a decrease from 38.27% reported on October 10. This reduction suggests that some sizable investors trimmed their ADA holdings in recent days, although reclassification of wallet categories could have contributed to these shifts.
Meanwhile, the largest investors—wallets with more than 100 million ADA—took the opposite approach. Their share of the ADA supply increased from 15.92% to 16.04% over the same period, indicating selective accumulation among top holders even as other whales reduced exposure.
The divergence in holdings reveals an uneven approach among large investors, rather than blanket selling across the board.
Holder GroupOctober 10October 1810M – 100M ADA38.27%37.93%>100M ADA15.92%16.04%Santiment is a blockchain analytics provider that tracks on-chain metrics, including investor behavior, whale activity, and token distribution.
Mini dictionary: Santiment is an on-chain data analytics platform that monitors cryptocurrency wallet distributions, investor activity, and other blockchain metrics to help investors assess market sentiment and asset flows.
The share of ADA supply in profit also slid notably, dropping from 30.78% to 17.8%. This shift means significantly fewer Cardano tokens now trade above their acquisition cost, reflecting both price declines and potential unrealized losses.
Mixed whale activity and falling supply in profit show that Cardano’s rebound is accompanied by pressure from large holders and weak sentiment among investors.
Derivatives market reflects reduced risk appetiteDerivatives data from CoinGlass indicated that open interest in ADA futures declined 3.3% to $467.97 million over the past 24 hours. Falling open interest alongside the recent price drop is typically linked to traders closing positions and reducing leverage exposure.
Because open interest is denominated in dollars, declines can also result from lower ADA prices. Liquidations over the same period totaled about $1.08 million, with $1.02 million coming from long positions—a sign that bullish traders bore the brunt of forced closures as prices fell.
Despite these liquidations, the funding rate in ADA perpetual futures remains positive at 0.0038%, highlighting that traders are still paying a premium to maintain long positions. This suggests ongoing bullish positioning, although signals appear divided across investor categories.
Technical levels cap Cardano’s recoveryOn the technical front, ADA continues to trade below significant resistance zones. The daily chart shows Cardano below the 50-day Exponential Moving Average at $0.2274 and the recently broken rising trendline near $0.2282. The 200-day EMA at $0.2322 presents an additional resistance barrier further overhead.
The Relative Strength Index, currently near 41, reflects subdued momentum, as values below 50 typically indicate weakness. The MACD has drifted further into negative territory, supporting a cautious short-term outlook for ADA.
On the downside, immediate support centers on the $0.20 mark, a key psychological and technical level. If sellers push ADA below this threshold, the price could test the August 30 low around $0.1894.
Unless ADA regains and closes above the $0.2322 region, the current move is likely a brief bounce within a broader corrective phase rather than a sustained reversal.
For any lasting recovery, analysts point to the need for ADA to reclaim the $0.2274–$0.2282 resistance zone, followed by a daily close above the 200-day EMA. Until then, Cardano is viewed as remaining in a corrective trend despite Friday’s modest advance.
The ranking member of the Senate’s investigations subcommittee gave Tether and Nxum until early November to turn over contracts, payment details and messages tied to the firm co-founded by Tether’s U.S. chief.
Blumenthal probes Tether links to Bo Hines' Nxum
Original Image Credits: Xuthoria, CC BY-SA 4.0, via Wikimedia Commons
Posted October 23, 2026 at 6:45 am ET.
Sen. Richard Blumenthal (D-Conn.), the ranking member of the Senate Permanent Subcommittee on Investigations, demanded records on Oct. 22 from Tether and from Nxum Group, a consulting firm co-founded by former White House crypto official Bo Hines. The request covers millions of dollars Tether reportedly paid the firm while Hines was working on stablecoin policy.
Blumenthal sent one letter to Tether CEO Paolo Ardoino and a second to Nxum CEO Todd Hines, Bo Hines’ father. Both set a Nov. 3, 2026 deadline and ask for contracts, payment details and communications involving Nxum, Bo Hines and related parties.
“Tether’s alleged multimillion-dollar payment to a firm controlled by the White House official primarily responsible for cryptocurrency policy implicates federal ethics, anticorruption, and lobbying laws,” Blumenthal wrote.
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What the Letters Cite The letters build on an Oct. 14 report by The Wall Street Journal, which Unchained covered on Oct. 15. The WSJ reported, according to the letters, that Tether agreed in May 2025 to pay Nxum $415,000 a month, and more than $6 million moved from Tether to Nxum overall. Hines, then executive director of the White House’s crypto council, did not divest his one-third stake in the firm, the letter says, citing the paper.
Messages reviewed by the WSJ reportedly show Tether steering Nxum’s lobbying on the GENIUS Act, with Ardoino demanding that Nxum “obliterate” the bill’s opponents, according to the letter. Blumenthal wrote that Hines pushed for changes giving Tether more time to comply and room to keep operating offshore, provisions he said became known as the “Tether loophole.”
The letter says Tether first routed its crypto payments through a marketing firm, Notorious, led by Peter Vincer, and began paying Nxum directly only after Hines left government. Nxum later allegedly offered Notorious’ director more than $300,000 and a share of future Tether payments in return for a nondisclosure agreement, Blumenthal wrote.
Questions for Both Firms Blumenthal asked Tether to break down every payment, including any wallet addresses used, and to hand over its records involving Hines from Jan. 20, 2025, to Aug. 9, 2025. Both letters ask whether Tether and Nxum have discussed Tether taking a stake in Nxum. The question follows the WSJ’s report that Nxum, while seeking new investment, claimed Tether planned to buy a 25% stake for $56 million. The Nxum letter also states that the firm never registered its lobbying with the House or Senate.
Hines left the White House in August 2025, and Tether announced on Aug. 19, 2025, that it had hired him as a strategic adviser. He now runs Tether’s U.S. operations.
A Nxum representative reportedly told the WSJ that Hines had no involvement in Tether business while he served in government. Blumenthal has separately urged Treasury and the Justice Department to investigate Tether over Iran’s use of USDT.
Related Listen: Tether Freezes Stolen Funds. Circle Doesn’t. Why?
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
TRON has shipped another mandatory upgrade for the people who keep its network running. GreatVoyage-v4.8.2.4, codenamed Empedocles, went public on October 23, 2026, and Java-tron node operators are expected to install it.
What Empedocles actually changes
The release focuses on two areas, according to the TRON DAO materials.
The first is consistency and stability in specific edge cases. These are the rare, oddly shaped situations that normal operation rarely hits. When they do appear, they can cause outsized problems.
The second is optimization of smart contract storage and metadata handling. This covers how the node software stores contract data and keeps track of information about those contracts.
The TRON materials describe these fixes as important for preventing disruptions to block synchronization. They frame that as an ongoing concern for the network’s performance.
The software lives in the tronprotocol/java-tron repository on GitHub. Releases come with signed binaries and GPG verification links. Those let operators confirm that the files they download are the files TRON actually published.
A quick follow-up to Anaxagoras
Empedocles arrives a little over three weeks after its predecessor. GreatVoyage-v4.8.2.3, codenamed Anaxagoras, was also a mandatory upgrade. It shipped on September 30, 2026.
Anaxagoras targeted a different set of performance issues. Its focus areas included storage access optimizations and BN128 pairing performance. It also improved JSON parsing.
Who needs to do something, and who doesn’t
The work falls almost entirely on node operators. Ordinary network users and TRX holders are not expected to take any action, according to the release materials.
Operators get a structured process. The java-tron Node Upgrade Guide walks through a safe deployment. For mandatory releases, the guide stresses that operators should follow its steps strictly.
Operators running a primary/backup high-availability setup have a separate path. A dedicated Primary/Backup Node Upgrade Guide covers that configuration. Its goal is a smooth handoff so service continues while one machine is updated.
What this means for the network
Mandatory upgrades are a stress test of coordination as much as code. The fix only works if enough operators actually deploy it. A network where a meaningful slice of nodes lags behind on software can run into exactly the kind of sync inconsistencies these releases aim to prevent.
For developers building on TRON, the smart contract storage and metadata work is the most relevant piece. Contracts that lean heavily on storage, or that involve complex metadata, stand to benefit most from these optimizations. Combined with the BN128 and storage access improvements in Anaxagoras, the direction is clear: TRON is investing in how efficiently its virtual machine handles real contract workloads.
For now, the instructions are simple. If you run a Java-tron node, verify the signed binaries and follow the upgrade guide. If you just hold TRX, carry on with your day.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Brent crude touched $115.84 on Friday, its highest level since May. Houthi attacks on Saudi Arabia and fears of new US strikes on Iran drove the move.
Other energy prices were mixed, Trading Economics data show:
West Texas Intermediate (WTI) crude rose 1.35% on the day to $100.81. Heating oil gained 1.48% to $5.01 per gallon. US natural gas fell 2.86% to $2.72 per million British thermal units (MMBtu). Brent Crude Daily Price Chart Showing the Climb to its Highest Level Since May. Source: TradingViewThe rally landed on markets still shaken by a tech selloff. Crypto also slipped as investors pulled back from risk.
Gulf Attacks Put a Risk Premium Back on OilYemen’s Houthis said they hit Saudi energy targets, including an Aramco site in Yanbu and the Shaybah oilfield. Aramco later ordered staff out of its Dhahran headquarters on the Gulf coast.
OilPrice noted that this suggests the group can now strike well beyond its usual Red Sea targets. A pipeline shutdown in Libya also cut output at two fields.
ING analysts cited reports that Trump is weighing fresh Iran strikes as a second US carrier deploys. The bank now calls its earlier $80 fourth-quarter Brent forecast unattainable. Brent first reached a five-month high earlier this week, BeInCrypto reported.
“If anything, re-escalation seems the most likely path. As a result, our expectation that ICE Brent would average $80/bbl over 4Q26 is looking unattainable. Even if tensions don’t re-escalate, the mere possibility is likely to keep a sizeable geopolitical risk premium embedded in prices,” the analysts said.
Still, commodity trader Jack Prandelli sees a split. He noted Dated Brent, the physical cargo price, slid from about $135 in early October to around $118.
The oil market is sending 2 different messages.
Dated Brent, the price of physical cargoes, has dropped from about $135 in early October to around $118.
Brent futures have gone the other way, up to about $112.
The gap between them has shrunk from roughly $30 to under $10 in 3… pic.twitter.com/BXInybZC0i
— Jack Prandelli (@jackprandelli) October 22, 2026 Follow us on X to get the latest news as it happens
Tech Selling and Rate Fears Weigh on Risk AssetsThe oil rally arrived amid a sharp drop on Wall Street. On Thursday, the Nasdaq Composite fell 2.6% to 26,008.86, while the S&P 500 lost 1.21%.
Meta led the decline, falling nearly 7% after raising its 2026 spending floor to $135 billion.
Crypto did not escape Thursday’s selling on Wall Street. That spillover shows in BeInCrypto Markets data. Total crypto market capitalization fell 3.74% in 24 hours to $2.76 trillion. Ethereum (ETH), XRP (XRP), and TRON (TRX) were among the major assets trading lower.
Analyst Benjamin Cowen tied that volatility back to oil.
Oil adds pressure through interest rates. Higher crude feeds inflation expectations and strengthens the case for tighter Fed policy.
Traders still saw about an 83% chance that the Fed holds rates at its October 27-28 meeting. Renewed energy price gains, however, could shift those odds.
Next week brings two tests. The Fed announces its rate decision on October 28, and Microsoft, Amazon, and Alphabet report earnings.
Whether Brent holds above $115 into those events may decide how quickly risk appetite returns.
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
BNB Chain recorded $25.6 billion in tokenized stock trading in Q3 2026, about 11 times the previous quarter.
Blockworks ranked BNB Chain first for tokenized stock volume, supply and holders.
Tokenized stock supply doubled to $1.13 billion, with about 1.8 million holders.
Network revenue rose 54% to $54.2 million, while daily active addresses fell 14%.
The 37th quarterly burn removed about 1.646 million BNB, worth roughly $1.2 billion.
BNB Chain led all tracked blockchains in tokenized stock trading during the third quarter of 2026. The network recorded about $25.6 billion in tokenized-equity trades, according to a Blockworks token-holder report.
That figure was roughly 11 times higher than the $2.4 billion recorded in the second quarter. The network also ranked first for tokenized stock supply and holder count.
Decentralized exchanges handled $24.4 billion of the volume. Ondo Global Markets added another $1.2 billion.
Across $45.8 billion in tokenized-asset DEX trading on tracked networks, BNB Chain held more than half. Robinhood Chain came second with $10.2 billion, followed by Solana at $6.4 billion.
BNB Price on CoinGecko
bStocks Drives Trading Growth
The jump followed the June 11 launch of bStocks, making Q3 its first full quarter. Trading peaked on July 26, when tokenized-asset DEX volume hit $1.2 billion in one day.
QQQB, a tokenized version of the Invesco QQQ ETF, made up about 80% of bStocks’ DEX volume. Other products included SPCXB, SPYB and NVDAB.
Volumes cooled after July. From mid-August, weekly trading mostly ranged from $600 million to $1.1 billion, with one September week reaching $2.1 billion.
By September 30, tokenized stock supply on BNB Chain reached $1.13 billion, up from $560 million at the end of Q2. That was 39% of the $2.89 billion tracked across all blockchains.
The network counted about 1.8 million tokenized-equity holders. bStocks accounted for $810 million of the supply.
Revenue Rises as Active Addresses Fall
Network revenue climbed 54% to $54.2 million in Q3, up from $35.2 million. Transaction fees made up $49.1 million, with $5.1 million coming from maximal extractable value payments.
BNB Smart Chain processed 1.51 billion transactions, a 7.5% increase. Average fees rose to $0.032.
Daily active addresses fell 14% to 2.10 million. The Pasteur hard fork went live on August 25 and changed how blocks are built.
Lending deposits grew 42% to $3.57 billion, while borrowing rose 33% to $940 million. Tokenized equities made up less than 2% of deposits.
Stablecoin supply dropped 4.6% to $13.22 billion, mainly due to lower USD1 balances. Other real-world asset supply rose 24% to $4.96 billion, including $3.77 billion in tokenized Treasuries.
On October 19, BNB Chain completed its 37th quarterly burn, removing about 1.646 million BNB worth roughly $1.2 billion. That puts the value of each token at about $729 at the time of the burn.
In an October 21 update, BNB Chain said remaining supply stood near 131.51 million BNB. The network aims to cut total supply to 100 million BNB over time.
Futu Holdings subsidiary Futu Securities International (Hong Kong) Limited has announced the launch of BNB deposit and withdrawal services for eligible professional investors (PIs) in Hong Kong. Qualified PIs can now deposit BNB to their Futu crypto accounts from self-custody wallets, or withdraw to verified whitelisted addresses, via the BNB Smart Chain (BEP20) network. Earlier, Futu’s wholly-owned SFC (Securities and Futures Commission)-licensed virtual asset trading platform PantherTrade (Cheetah Trade) in Hong Kong had already listed BNB and offered BNB trading pairs to Hong Kong’s eligible professional investors.
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Binance founder Changpeng Zhao says AI doesn’t need to break Bitcoin’s cryptography to cause damage. Instead, he warns that leaked data already fuels phishing and social engineering.
Meanwhile, Bitcoin Core developers are changing how they disclose bugs as AI makes flaws easier to find.
Everyone worried about AI hacking crypto, but the internet and banking systems rely on weaker encryption.
That said, AI doesn’t need to break Bitcoin’s cryptography to cause damage, leaked data already enables more phishing, social engineering, etc,
Stay SAFU!
— CZ 🔶 BNB (@cz_binance) October 23, 2026 Why CZ Sees Phishing as the Bigger AI ThreatZhao, known as CZ, made the point in an X post on October 23. He argued that crypto’s encryption is not the weak link.
In fact, he said banks and much of the internet rely on weaker encryption than Bitcoin. As a result, those legacy systems would face greater risk if AI code-breaking became a serious threat.
However, AI can already make scams more convincing. Attackers combine old leaked personal data with polished, AI-written messages that seem to come from real contacts. CZ closed his post with a familiar reminder: “Stay SAFU!”
CZ’s view contrasts with a warning from Ethereum researcher Justin Drake on October 8. Drake urged the industry to “calmly start planning for ‘bunker mode.’” In a worst case, he said, AI could break the math protecting wallets “in months, not years.”
Still, no practical attack has emerged so far. Drake suggested that large holders gradually move funds to addresses whose public keys have never appeared on-chain.
Today I call upon the blockchain industry to calmly begin planning for "bunker mode". My personal recommendation is to set in motion a controlled mass migration of assets to fresh addresses, i.e. addresses whose pubkeys remain hidden behind a hash.
Holders, starting with large…
— Justin Drake (@drakefjustin) October 7, 2026 How Is Bitcoin Core Responding to AI-Discovered Bugs?Bitcoin Core developer Antoine Poinsot announced a new security policy on the Bitcoin Development Mailing List on Thursday. He said large language models now make some flaws easy to rediscover.
As a result, Poinsot said long embargoes on those bugs achieve little. They also delay fixed releases for users.
Bitcoin Core Security Policy Update. Source: Google GroupsUnder the new rules, easily discoverable vulnerabilities will receive fixes as soon as possible across all maintained versions. Security advisories will accompany those updates.
Other bugs follow severity-based timelines. Low-severity issues become public two weeks after a major release includes the fix. Meanwhile, medium- and high-severity flaws stay private until the last affected version reaches end of life. Critical bugs, however, will likely need a separate process.
Together, both developments show how quickly AI is reshaping crypto security, from user scams to core software.
BNB, the native token of BNB Chain, traded between $730 and $745 in late October 2026 after briefly touching $750. While investors and analysts monitor whether BNB can surpass its multi-month range’s upper boundary, the latest quarterly token burn has added a fundamental element to the ongoing technical debate.
BNB’s $1.2 billion token burn reduces supplyBNB Chain, a blockchain platform developed by Binance, completed its 37th quarterly auto-burn on October 19. The burn permanently removed 1,646,196.44 BNB tokens, valued at roughly $1.197 billion at that moment, from circulation. Following the burn, the BNB Foundation reported the remaining total supply had decreased to 131,512,085 tokens.
This auto-burn is part of BNB’s broader plan to reduce its total supply to 100 million tokens. The mechanism calculates the burn amount based on factors such as BNB’s current price and block production activity on BNB Smart Chain. Burned tokens are sent to an inaccessible address, making them irretrievable and deflationary by nature.
However, the $1.2 billion figure represents the value of tokens at the time of removal, not cash spent or new purchases. According to CryptoSlate, the October burn removed about 1.9% more tokens compared to July, while the overall dollar value rose by 28.5% due in large part to higher token prices during this round.
While supply reduction supports BNB’s long-term deflationary aim, its influence on price action will depend on demand, trading volumes, and overall market sentiment. Eliminating tokens alone does not indicate new buyers are entering or that BNB will necessarily breach technical resistance levels.
BNB’s deflationary design is reinforced by regular token burns, but the effect on market price still depends on demand and market activity rather than the total dollar value of tokens removed.
$750 resistance emerges as a crucial levelTechnical analyst Alex Marzell called the $750 range a “make or break zone” for BNB, highlighting it as a critical point near the top of its multi-month trading range. A consistent move above this area could pave the way for a recovery to previous or even new all-time highs. However, brief spikes are not sufficient—a confirmed breakout requires ongoing buying support.
On October 22, technical analysis pointed out immediate resistance near $752.78 and support around $722.52. The daily relative strength index (RSI) hovered at 45, suggesting BNB’s momentum lags behind strong bullish trends.
If BNB can reclaim and sustain trading above the $750–$753 region, analysts believe a move toward higher resistance levels, and potentially the $850 zone, could follow. Failure to break this resistance, however, could lead to another downward phase.
For BNB’s bullish scenario to play out, traders are watching for a sustained break above the $750 mark, targeting further upside if momentum builds. Immediate support and resistance levels remain key to price direction in the coming days.
Price LevelRoleImplication$750–$753ResistanceBreakout could trigger bullish momentum$722.52Near-term supportFailure to hold may cause pullback$680–$695Demand zonePotential area for buyer interest$700NecklineBearish confirmation if breachedKey demand zones and emerging risksAnalyst TokenTalk3x has identified $680–$695 as a significant demand zone should BNB decline from current levels. Buyers may look to this area for potential entry, but it is not considered a firm price floor at present.
The technical analysis also refers to a Change of Character (CHoCH), which signals possible changes in market structure. If BNB rebounds with clear buying interest in the zone, a move toward the $850 level becomes plausible. However, any drop below this range could expose the token to weaker support and enhance downside risk.
Mini dictionary: Change of Character (CHoCH), a chart analysis term signaling a shift in trend direction or market structure, commonly used by technical analysts to identify reversals or new phases in price movement.
Meanwhile, analysis from TradingView contributor AnhbaCong_ suggests BNB may be developing a head-and-shoulders reversal pattern on the daily chart. The pattern forms with a head near $815, a neckline close to $700, and the right shoulder developing around $745–$750. A confirmed break of the $700 neckline could deepen losses, with $600 being a potential downside target.
BNB price outlook: Technicals drive short-term narrativeBNB’s short-term future depends on how price action interacts with reduced supply at key resistance and support levels. The October burn removed more than 1.64 million tokens, tightening supply, but the market’s reaction remains focused on whether BNB can close above $750 on strong volume.
If BNB manages a confirmed breakout above $750, analysts may shift focus to targets like $850. Conversely, a failure at resistance or a sustained fall below $700 could strengthen bearish signals and lead to further retracement.
For the time being, the $680–$695 zone represents a possible accumulation point, but technical signals are mixed with no definitive trend established. The short-term narrative is likely to depend less on headlines about supply and more on how BNB performs at its key resistance and support thresholds.
Ascend and M1X Global completed the first institutional repo on Stellar (XLM), using tokenized sovereign bond USDM1 and 72 automated hourly rolls over three days.
@AscendFi Markets and @M1XGlobal have completed the first institutional repurchase agreement (repo) on the @StellarOrg blockchain, using a tokenized sovereign bond as collateral. The trade ran with no manual intervention across a three-day window that included overnight and weekend hours.
Because the rolls were automated, financing continued outside normal market hours, a feature of 24/7 on-chain markets that traditional repo desks do not offer.
Terms of the trade and the collateralThe collateral was $USDM1.
The structure differs from many tokenized Treasury products.
Why it matters for StellarThe deal extends Stellar beyond its established payments focus.
Ascend has also received backing from the network's main steward. The Stellar Development Foundation made a strategic investment in the firm, which
The test was a single transaction, and the companies have not disclosed its size in the release. Whether tokenized sovereign collateral gains wider acceptance among lenders will depend on further repeat trades and broader institutional uptake.
Sources:
Business Wire: Ascend and M1X Global complete first institutional repo on StellarThe Block: Paradigm leads $5.5 million seed round in M1X GlobalStellar: SDF strategic investment in Ascend
Stellar [XLM] recovered slightly on October 23 after it saw a 4.57% decline the previous day. It was near $0.177 at the time of this writing, having briefly reached $0.179 earlier in the session.
The bounce has helped with its recovery, but it has only recovered a small part of what it lost. With it still below the levels it reached during its latest recovery attempt, buyers have more work to do before October’s negative trend can begin to change direction.
A promising rebound has already faded once
Earlier this week, XLM climbed from around $0.175 toward $0.187. That recovery gave traders some breathing room after several weeks of losses it saw.
But by October 22, the price had fallen back toward the $0.175 price area, taking away much of the advance. The small improvement it saw on Friday leaves its price close to where that rebound started.
Source: TradingView
The four-hour chart shows the difficulty even more clearly when observed. Throughout October, successive recoveries have generally stopped at lower prices. Buyers have managed to interrupt the decline, but they have not been able to build on those gains.
The daily chart also shows how much September’s strength has faded. XLM traded above $0.23 late that month before slipping below $0.18 in October.
What would make this bounce more convincing?
The first improvement would be if it returns above the $0.179–$0.181 price area, followed by XLM then being able to hold that level as it tries to change the trend into a positive one.
That would put the price above its nearest short-term averages, and it will show that buyers are gaining some control.
But the harder test lies around the $0.184–$0.187 price area, because that was where the latest rebound ran out of steam. Moving through that area would interrupt the pattern of recoveries ending at lower prices.
Even then, a wider turnaround would require more progress. The daily chart’s longer-term averages remain overhead, clustered around the $0.188–$0.192 price area.
The recent lows still matter
For now, the $0.174–$0.175 price range looks like the area that buyers need to defend. This is because XLM has visited this range repeatedly in recent sessions.
If the price settles below it and it’s not able to recover, the recent lows around the $0.171–$0.172 price area become an area to watch.
If the price falls briefly below the support area, it’s fine, but if it continues to trade below it, it means decline has set in. Until either buyers reclaim higher ground or those lows give way, it will not be able to complete its recovery from its October decline.
Final Summary
XLM’s modest bounce has recovered only a small portion of its latest decline.
Holding $0.174–$0.175 and recovering $0.181 would improve the immediate outlook.
The deal, which follows an Oct. 6 memorandum on LG CNS’s KITL platform, brings Chainlink’s full stack to LG CNS, the lead contractor on the Bank of Korea’s Project Hangang.
Chainlink and LG CNS broaden tie-up
Posted October 23, 2026 at 5:45 am ET.
Chainlink and LG CNS, the technology arm of South Korea’s LG Group, announced a strategic partnership on Oct. 22, widening a relationship the two companies set up just over two weeks earlier.
On Oct. 6, LG CNS unveiled KITL, a blockchain infrastructure platform, and signed memorandums of understanding with five blockchain firms: Circle, Securitize, the Canton Foundation, Chainalysis and Chainlink. LG CNS said it would work on pairing KITL with Chainlink’s services, Korean daily Financial News reported, describing Chainlink as a supplier of outside information, including currency exchange rates and fund prices, to blockchains and as a bridge between separate chains.
The Oct. 22 agreement lays out a more detailed scope. According to the release, LG CNS will bring the full Chainlink platform into the digital asset systems it builds for Korean institutions, the two will work to widen the use and distribution of Korean stablecoins, and they will jointly develop technical standards for the country’s digital asset sector.
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What the Deal Covers
The companies listed three areas of work. Chainlink’s cross-chain, data and orchestration tools are meant to link blockchain networks with institutional systems on LG CNS’s platform. The pair will also work on oracle, interoperability and cross-chain standards for regulated digital assets in Korea, and on the broader technical rulebook for the market.
Johann Eid, chief business officer at Chainlink Labs, said the partnership “establishes the foundation for compliant digital asset infrastructure in Korea.”
Hongkeun Kim, executive vice president and head of the Digital Business Division at LG CNS, said “Korea’s financial infrastructure is entering the tokenization era.” He added that LG CNS and Chainlink aim “to accelerate the growth of Korea’s tokenized securities market by enabling secure interoperability and real-world data.”
The Hangang Connection
LG CNS is the lead contractor on Project Hangang, the Bank of Korea’s digital currency initiative. The release said the project’s first phase involved about 80,000 customers across seven Korean banks, and that LG CNS is looking to fold Chainlink’s oracle infrastructure into its platform.
The companies put Korea’s digital asset market at $68 billion and said the country has more than 11 million users eligible to trade crypto. They also said the Korean won regularly ranks second only to the U.S. dollar by crypto trading volume. LG Group holds ₩186 trillion in assets across 63 affiliates, according to the release.
The announcement did not include financial terms or a date for when Chainlink’s tools would go live on LG CNS’s platform.
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TLDR Chainlink has partnered with LG CNS, the IT and AI services arm of South Korea’s LG Group. The deal focuses on expanding the use and distribution of Korean won stablecoins. LG CNS will add Chainlink’s cross-chain, data, and orchestration tools to its digital asset platform. South Korea’s crypto market is valued at $68 billion, with more than 11 million eligible stablecoin users. No financial terms, customers, or launch timeline were shared. Chainlink has formed a strategic partnership with LG CNS, the IT service and AI transformation arm of South Korean conglomerate LG Group. The deal was announced on October 22.
The two companies said they will work to expand the use and distribution of Korean won stablecoins. They also plan to build infrastructure for South Korea’s $68 billion crypto market.
According to the announcement, the Korean stablecoin market has more than 11 million eligible users. Stablecoins are digital tokens designed to hold a steady value, often tied to a national currency.
What the Partnership Includes LG CNS will integrate Chainlink’s cross-chain, data, and orchestration infrastructure into its Digital Asset Platform Solution. This platform is aimed at Korean financial institutions looking for regulated blockchain tools.
Chainlink is a decentralized oracle network. It connects smart contracts on blockchains with real-world data and outside systems.
Its technology lets separate blockchain networks communicate and coordinates transactions across platforms. The companies plan to use these tools to help move tokenized money between systems that would otherwise not work together.
The two firms will also cooperate on technical standards. They said they will combine their expertise to help advance the country’s digital asset framework.
“Korea’s financial infrastructure is entering the tokenization era,” said Hongkeun Kim, executive vice president and head of LG CNS’s Digital Business Division. He said the partnership aims to grow Korea’s tokenized securities market and create a foundation for global expansion.
LG CNS and South Korea’s Stablecoin Rules LG CNS is the lead contractor for Project Hangang, the Bank of Korea’s digital currency initiative. The company handles development, operations, and infrastructure for the program.
The first phase of Project Hangang involved about 80,000 customers across seven Korean banks. This gave LG CNS hands-on experience with digital payment systems.
LG Group holds about 186 trillion won ($140.5 billion) in assets across 63 affiliates. Its subsidiaries have a combined market value of more than $100 billion.
South Korea does not yet have a clear legal basis for issuing and trading stablecoins tied to the won. Lawmakers and the government are working on the Digital Asset Basic Act, which would set rules for won stablecoins and other digital assets.
South Korea is Asia’s second-largest crypto market. The Korean won ranks behind only the U.S. dollar in global crypto trading volume.
Chainlink already works with major financial firms, including Swift, Euroclear, Mastercard, and UBS. These ties give it an established presence among large financial organizations.
However, the announcement did not include financial terms, named customers, or a date for commercial launch. It also did not confirm that Chainlink’s technology will be used directly in Project Hangang.
A whale bought more than 80,000 LINK worth $1.02 million through CoWSwap.
Chainlink’s Whale vs Retail Delta climbed to 0.594 on October 22, up from near 0.10.
Spot and futures Taker CVD readings on CryptoQuant remain seller-dominant.
LINK pulled back from $14.218 resistance and is holding the $12 support.
A break above $14.218 could open a path toward the $18 zone.
Chainlink (LINK) drew fresh interest from large investors this week. A whale bought more than 80,000 LINK worth about $1.02 million, according to on-chain data shared on X.
$LINK — Chainlink
ㅤ
Everyone is watching $BTC, $ETH, and $SOL.
ㅤ
But what about the infrastructure connecting blockchains to the global financial system?
ㅤ$LINK is betting that the future of finance will depend on secure data, interoperability, and tokenized assets.… pic.twitter.com/m2Yv9I61U8
— Jus7Degen (@Jus7Degen) October 23, 2026
The post showed the wallet made the purchase through CoWSwap. It also showed the wallet’s total crypto portfolio was close to $3 million, including stablecoin holdings.
The buy came during a period of wider market uncertainty. It has raised questions about whether large holders expect stronger LINK performance in the fourth quarter.
Whales Return as Sellers Hold Ground
The single purchase was not the only sign of whale activity. Chainlink’s Whale vs Retail Delta indicator climbed to 0.594 on October 22, according to CoinGlass.
That reading followed an earlier drop toward the 0.10 level. The rise shows whales are now more active relative to retail traders.
The metric has stayed mostly positive through much of 2026. Its latest increase brought whale participation closer to levels seen during past accumulation phases.
However, trading data from CryptoQuant shows sellers remain in control. The Spot Taker CVD is still seller-dominant, meaning market sell orders outweigh aggressive buying.
The Futures Taker CVD shows the same pattern. Traders using leverage have not yet built steady buying demand.
This leaves a gap between whale buying and the wider market. So far, large purchases have not reversed the selling pressure.
Chainlink’s recovery may depend on whether other market players follow the whales. For now, that shift has not appeared in the data.
LINK Holds $12 Support After Rejection
LINK’s weekly recovery from the $8 support area stalled at $14.218. The rejection pulled price back toward $12, where buyers stepped in.
Chainlink Price on CoinGecko
Holding that level kept LINK above its recent recovery base. The $12 area is now the key support on the weekly chart.
On the weekly TradingView chart, the MACD is still leaning bullish. The MACD line sits at 0.800 above the signal line at 0.433, but the histogram has cooled to 0.367, so momentum is fading, not flipping. RSI is at 54.79, just under its 55.43 average but still above neutral.
Simple setup here: $12 is the floor, $14.218 is the ceiling. What to watch next is a clean weekly close above $14.218, which would put the $18 zone back on the table, where sellers stepped in before.
As of October 22, LINK continued to hold above $12. The Whale vs Retail Delta stood at 0.594, while both spot and futures CVD readings still favored sellers.
Chainlink has entered into a strategic partnership with LG CNS, the IT and artificial intelligence services unit of South Korea’s LG Group, to accelerate the adoption of Korean won-denominated stablecoins and support the country’s expanding crypto market.
Partnership targets Korean stablecoin ecosystemLG CNS announced it will integrate Chainlink’s cross-chain, data, and orchestration solutions into its Digital Asset Platform Solution. This product is designed for Korean financial institutions seeking compliant blockchain tools to support digital assets and payment infrastructure.
Chainlink, a global decentralized oracle network, enables smart contracts on various blockchains to interact securely with external data and systems. Its key technology facilitates interoperability, allowing diverse blockchain platforms to transfer tokenized value and execute contracts in a connected environment.
Through this collaboration, the two firms aim to strengthen South Korea’s digital asset infrastructure amid a $68 billion national crypto market. They also plan to address technical standards for the country’s emerging stablecoin sector, combining Chainlink’s expertise in decentralized services with LG CNS’s experience in digital transformation.
Hongkeun Kim, executive vice president and head of LG CNS’s Digital Business Division, stated the partnership’s objective is to “grow Korea’s tokenized securities market and create a foundation for global expansion.”
The market for Korean won-backed stablecoins reportedly includes over 11 million eligible users, reflecting growing demand for regulated and efficient blockchain-based financial services in South Korea.
Role of LG CNS and regulatory developmentsLG CNS serves as the lead contractor for Project Hangang, the Bank of Korea’s initiative for digital currency experimentation. The company is responsible for the project’s development, ongoing operations, and technological infrastructure.
In the initial stage of Project Hangang, around 80,000 customers across seven major Korean banks participated, giving LG CNS valuable experience in large-scale digital payment deployments.
LG Group, one of South Korea’s largest conglomerates, controls approximately 186 trillion won, or $140.5 billion, in assets through its 63 affiliates. The combined market capitalization of these subsidiaries exceeds $100 billion.
Mini dictionary: LG CNS is the digital technology arm of LG Group, providing IT and AI solutions for enterprise clients across South Korea and internationally. The company focuses on digital transformation projects in financial services, smart cities, and manufacturing.
South Korea has yet to introduce comprehensive regulations for stablecoins tied to the won. National lawmakers and the government are working on the Digital Asset Basic Act, which aims to create a formal legal framework for issuing and trading Korean won stablecoins and other digital assets.
Chainlink has previously secured partnerships with prominent financial entities such as Swift, Euroclear, Mastercard, and UBS, establishing a strong presence among global institutions exploring blockchain integration.
Currently, the Korean won is the second most active fiat currency in global crypto trading volume, following the US dollar, highlighting South Korea’s significant standing in the cryptocurrency landscape within Asia.
Launch details remain undisclosedAlthough LG CNS and Chainlink have outlined their intentions to work together on stablecoin infrastructure and digital asset solutions, the announcement did not specify any financial details, participating customers, or anticipated commercial launch date. There is also no confirmation regarding the direct use of Chainlink’s services within Project Hangang at this stage.
The companies emphasized their commitment to advancing South Korea’s blockchain ecosystem, but concrete implementation plans, licensing, and rollout schedules have yet to be made public.
MetricSouth KoreaGlobal ContextCrypto market value$68 billionOne of Asia’s largestEligible stablecoin users11 millionSignificant regional user baseRegulatory statusDraft stage (Digital Asset Basic Act)Varies by countryMain fiat currency rank2nd in global crypto tradingAfter USD
Chainlink (LINK) has a fresh institutional catalyst, with LG CNS partnering with the blockchain infrastructure provider to advance South Korea’s $68 billion digital asset market. The deal adds weight to Chainlink’s institutional adoption story. But for LINK holders, the immediate question is whether the partnership can help sustain a recovery above key technical levels.
LG CNS Partnership Gives Chainlink Fresh MomentumLG CNS, the technology arm of LG Group, will work with Chainlink to develop digital asset infrastructure for Korean institutions. LG Group has approximately 186 trillion won in assets across 63 affiliates, while LG CNS serves as the lead contractor for the Bank of Korea’s Project Hangang digital currency initiative.
NEW: LG CNS, the technology arm of LG Group, enters a strategic partnership with Chainlink to advance Korea’s $68B digital asset market.
LG Group is one of Korea’s largest business groups, with approximately ₩186 trillion in assets across 63 affiliates. LG CNS is the lead… pic.twitter.com/t0wdsotDUs
— Chainlink (@chainlink) October 22, 2026 The partnership will enhance LG CNS’s digital asset platform with Chainlink’s cross-chain, data, and orchestration infrastructure. Both sides also plan to collaborate on institutional digital asset solutions and advance technical standards for Korea’s digital asset economy.
South Korea Offers a Significant Institutional OpportunitySouth Korea is described as Asia’s second-largest digital asset market, with the Korean won consistently ranking second in crypto trading volume behind the US dollar. That makes the market a meaningful target for institutional blockchain infrastructure.
Still, a strategic partnership isn’t the same as guaranteed revenue or immediate token demand. The announcement strengthens Chainlink’s institutional positioning, but the longer-term impact depends on how the collaboration develops and how widely its technology is used.
LINK Price Prediction Hinges on Holding $10.79⚡ $LINK: THE $10.79 RETEST COULD RELOAD THE RALLY 👀
LINK is approaching $10.79, where the former May high could become support.
Holding or quickly reclaiming it would support a rebound toward $12.80–$13.00.
Clearing that area and holding a higher low would bring the previous… pic.twitter.com/oaPGm0YBiQ
— Giannis Andreou (@gandreou007) October 23, 2026 LINK is approaching $10.79, a level that previously marked the May high and could now act as support. If the price holds or quickly reclaims this zone, the chart scenario points toward $12.80 to $13.00.
A break above that range, followed by a higher low, could bring previous highs near $15 to $15.80 back into focus. However, losing $10.79 would expose $10.00. A daily close below $10.00 followed by a failed reclaim would weaken the bullish setup.
For now, the Chainlink price prediction depends on both institutional execution and price confirmation. The LG CNS partnership adds a significant development, but LINK price must defend $10.79 to keep the rebound scenario alive.
Story Ends Here
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Chainlink, a leading provider of blockchain data and interoperability services, and LG CNS, the technology subsidiary of South Korea’s LG Group, announced a comprehensive strategic partnership on October 22. This move broadens a relationship the two companies initiated just over two weeks prior, focusing on advancing digital asset infrastructure in South Korea.
Expanded collaboration targets tokenizationEarlier this month, LG CNS introduced KITL, its new blockchain infrastructure platform. The company also signed memorandums of understanding with Circle, Securitize, the Canton Foundation, Chainalysis, and Chainlink. As reported by Korean daily Financial News, LG CNS described Chainlink as a supplier of real-world data such as currency exchange rates and fund prices that can be integrated into blockchain systems. Chainlink’s technology serves as a bridge connecting independent blockchain networks.
Building on this base, the October 22 agreement details a broader scope for the partnership. LG CNS plans to integrate the full suite of Chainlink’s platform and tools into digital asset systems it builds for financial institutions. The companies also intend to expand the adoption and distribution of Korean stablecoins and to jointly establish technical standards for Korea’s digital asset sector.
Mini dictionary: LG CNS is the IT and digital services arm of LG Group, one of South Korea’s largest conglomerates, specializing in smart technology solutions including blockchain, cloud, and AI for enterprise and public sectors.
Technical focus and institutional adoptionThe partnership addresses three core areas: linking institutional systems to blockchain networks using Chainlink’s cross-chain, data, and orchestration solutions; working together to set standards for oracles, interoperability, and cross-chain technology for regulated digital assets; and collaborating on the broader market standards for Korea’s digital asset industry.
Johann Eid, chief business officer at Chainlink Labs, emphasized that the alliance will provide a foundation for compliant digital asset infrastructure in South Korea.
Hongkeun Kim, executive vice president and head of the Digital Business Division at LG CNS, said that financial infrastructure in the country is shifting into a tokenization era. He stated that LG CNS and Chainlink are working “to accelerate the growth of Korea’s tokenized securities market by enabling secure interoperability and real-world data.”
Role in digital currency initiativesLG CNS is currently the lead contractor for Project Hangang, the Bank of Korea’s digital currency initiative. The first phase of this pilot has engaged approximately 80,000 users across seven major Korean banks. LG CNS is now looking to incorporate Chainlink’s oracle services into this national platform.
According to estimates provided in the partnership announcement, Korea’s digital asset market stands at $68 billion, with over 11 million domestic users eligible to trade cryptocurrencies. The Korean won is cited as the world’s second-most used currency in crypto trading, trailing only the US dollar. LG Group, the parent conglomerate of LG CNS, manages ₩186 trillion in assets across 63 affiliated companies.
MetricFigureEstimated digital asset market size$68 billionEligible crypto users11 millionLG Group assets₩186 trillionTrading currency rank (Korean won)#2 (after USD)No financial specifics or projected launch dates for the integration of Chainlink’s tools on LG CNS platforms were disclosed as part of the announcement.
The LINK price is holding a support zone where its broken neckline meets a deep Fibonacci level.
A death cross on the 4-hour chart keeps the short-term trend tilted toward sellers.
Chainlink signed a strategic partnership with LG CNS, the lead contractor behind the Bank of Korea’s Project Hangang.
The deal carries no disclosed value or launch date, so its effect on LINK demand remains unproven.
Chainlink (LINK) is trading near $12.11 on the 4-hour chart on Friday, sitting on a support zone between $11.70 and $11.72 that has stopped two separate selloffs this week. The token is holding that floor a day after Chainlink and LG CNS, the technology arm of South Korea’s LG Group and the lead contractor for the Bank of Korea’s Project Hangang, announced the partnership on October 22, with plans covering regulated digital asset infrastructure, wider use of Korean stablecoins and tokenized securities. So far the news has not been enough to pull LINK out of the downtrend that began in early October.
LINK/USDT 4-hour chart. Source: Alexander Stefanov / TradingView
How a $15.78 Top Turned Into a Breakdown
LINK rallied from $10.62 on September 16 to $15.78 on September 29, and that peak became the head of a head and shoulders pattern, with the two shoulders near $14.44 and $14.33. Sellers broke the neckline around $13.15 on October 7 and 8, a move that projects a target near $10.80, and the decline has so far reached $11.55. In mid-October the 50-period EMA at $12.30 also slipped below the 200-period EMA at $12.64, a death cross that confirms the short-term trend has turned lower.
The broken neckline, extended to the right, caught the October 19 and October 22 lows and now runs through $11.70, the same spot where the 0.786 Fibonacci retracement sits at $11.72. That overlap explains why buyers keep stepping in there, while an RSI reading of 47 shows that neither side currently has real momentum.
LG CNS Builds Korea’s Central Bank Pilot
Under the agreement, LG CNS will bring Chainlink’s oracle network, which feeds blockchains with outside information such as market prices, into the digital asset platforms it builds for Korean financial institutions. The package also includes Chainlink’s cross-chain interoperability tools and its orchestration layer, which coordinates workflows between blockchain networks and the systems banks already run. Both companies plan to work on technical standards for regulated digital assets, covering data reliability and communication between networks.
LG CNS also builds Project Hangang, the Bank of Korea’s digital currency pilot, and that role gives the deal more weight than a typical vendor agreement. The pilot’s first phase involved around 80,000 customers at seven Korean banks, and LG CNS develops, operates and expands its technology. The announcement does not say that the central bank has selected Chainlink or that Chainlink technology runs inside Hangang. What Chainlink gains is a working relationship with the company that builds that system.
The agreement also formalizes cooperation LG CNS disclosed earlier this month. On October 6, the company launched KITL, a blockchain platform that lets banks, brokers, card issuers and payment firms build stablecoin and tokenized securities services on networks including Ethereum and Solana, and it listed Chainlink among five global partners alongside Circle, Securitize, the Canton Foundation and Chainalysis.
Johann Eid, Chief Business Officer at Chainlink Labs, said the goal is to let Korean financial institutions move tokenized money securely between systems and blockchains. Hongkeun Kim, Executive Vice President and head of the Digital Business Division at LG CNS, linked the deal to growth in tokenized securities and named international expansion as a longer-term aim. The companies put the Korean digital asset market at $68 billion with more than 11 million eligible users, figures that come from the announcement rather than independent estimates.
Chainlink’s Road Into Korean Finance
Key steps in 2026
January
Chainlink Labs joins the Global Alliance for KRW Stablecoins
October 6
LG CNS launches KITL and names Chainlink among five global partners
October 22
Chainlink and LG CNS sign a strategic partnership
No Price Tag Yet for LINK Demand
The connection between enterprise deals and the token runs through Chainlink’s fee model. Revenue from on-chain and off-chain use of Chainlink services can be converted into LINK and accumulated in the Chainlink Reserve, so steady institutional usage would gradually show up as token purchases by the network itself. The LG CNS announcement discloses no contract value, expected revenue, transaction volumes or production date, and no live integration has been confirmed. Timing also depends on Seoul, where lawmakers are still working on the Digital Asset Basic Act that would set rules for won-denominated stablecoins, and LG CNS has said it wants KITL clients ready to launch services as soon as that framework takes effect. Until those numbers appear, the deal widens a Korean footprint that already includes Proof of Reserve checks for KRWQ, the won-pegged stablecoin from Frax and IQ, without creating buying pressure anyone can measure.
Five Cents Stand Between LINK and a Trend Shift
Overhead, resistance is packed into a narrow band. The 0.618 retracement at $12.59 and the 200-period EMA at $12.64 sit five cents apart, and the October 21 spike failed right there before sliding back under the 50-period EMA. A 4-hour close above $12.64 would be the first sign that the death cross is losing its grip, and it would open the way toward the 0.5 retracement at $13.20, where the neckline originally broke.
A clean break below $11.70 would remove the only support that has held this month, exposing the 0.886 retracement at $11.21 and then the $10.80 pattern target, which sits just above the $10.62 September low that marks a full retracement of the rally.
Price
Level
$13.20
Upside target
$12.64
Key resistance
$12.11
LINK now
$11.70
Key support
$10.80
Pattern target
LINK key levels on the 4-hour chart.
The lows of the past ten days also trace a possible inverse head and shoulders, with a left shoulder near $11.90 on October 15, a head at $11.55 on October 18 and a right shoulder forming around $11.85. Its neckline runs across the October 16 and October 21 highs near $12.80 to $12.90, just above the 200-period EMA, and a confirmed break would project a move toward $14.10. Volume has been fading since the early-October selloff, however, and reversals built on thin trading fail often, so the clearer signal may come from the fundamental side, such as a named Korean bank or securities firm going live with Chainlink data on KITL, which would give this week’s headline its first real usage figure.
Alex is a financial markets journalist and co-founder of Millennial Media Group, and he's spent close to ten years trying to answer one stubborn question: what's really driving this?
It started in 2016, when Bitcoin refused to make sense to him - and rather than shrug, he stayed with it until it did. That patience became his method. He's less interested in what an asset is doing today than in the plumbing behind it: how liquidity flows, where risk hides, what a chart is quietly telling you that the headline isn't. That lens eventually stretched well past crypto into traditional markets, because the same forces - fear, leverage, incentives, timing - show up everywhere once you know how to look.
Most coverage, in his view, insults the reader by stopping at the surface. Price up, price down, moving on. He'd rather leave someone genuinely understanding a move than merely informed that it happened.
His path into markets ran through a Tourism degree at New Bulgarian University - proof, maybe, that curiosity beats credentials. With more than 200 deep analyses and over 10,000 articles behind him, he still walks away from most trading days having learned something he didn't know that morning.
HSBC RedCoin stablecoin starts a phased rollout on October 23, bringing peer-to-peer transfers and merchant payments to PayMe’s 3.3 million users.
PayMe users can activate wallets after updating the app, without opening another account or keeping a minimum balance; full access is expected before the weekend.
HSBC plans to add RedCoin to its Hong Kong mobile banking app by year-end, enabling tokenized money market fund subscriptions starting at HK$100.
Tokenized gold and third-party funds are planned for a later stage, after HSBC received its Hong Kong stablecoin issuer license in April 2026.
HSBC RedCoin stablecoin is rolling out to more than 3.3 million PayMe users in Hong Kong. The phased consumer launch for PayMe begins Friday, October 23. The HKD-backed stablecoin supports peer-to-peer transfers and merchant payments within PayMe during its first phase.
HSBC expects full availability before the weekend, the South China Morning Post reports. Customers can activate a wallet after updating the app, without opening another account or meeting a minimum balance. They can select the wallet for transfers through PayMe. The launch gives HSBC a route to introduce a stablecoin through a payment service many local customers already use.
HSBC RedCoin Stablecoin Begins PayMe Payment Rollout
The HSBC RedCoin stablecoin’s first phase centers on routine payments. PayMe users can send RedCoin to other people and pay merchants through the app. HSBC has not announced other payment functions for this launch. Because the rollout is staged, access will not arrive for every user simultaneously. The bank expects the service to reach full availability before the weekend. The 3.3 million figure describes PayMe’s user base, not confirmed wallet activations.
HSBC Launches HKD-Backed RedCoin Stablecoin for 3.3 Million PayMe Users in Hong Kong
According to the South China Morning Post, HSBC is rolling out its Hong Kong dollar-backed stablecoin, RedCoin, to more than 3.3 million PayMe users starting October 23. The initial phase… pic.twitter.com/dGitKCfD8Y
— Wu Blockchain (@WuBlockchain) October 23, 2026
Wallet setup for the HSBC RedCoin stablecoin uses the existing PayMe experience. Customers need only update the app and select the wallet. They do not need another account or a minimum balance. PayMe head Lawrence Li said transfers would be instant through an interface closely aligned with the current app. This keeps activation within a familiar payment service.
The Hong Kong dollar backing ties RedCoin’s denomination to the local currency. That gives it a payment role distinct from crypto assets whose market prices fluctuate. The launch details do not specify its reserve composition, redemption terms, blockchain network, transaction fees or merchant coverage. Those details may shape how users and businesses assess the new service.
HSBC can offer RedCoin through an app its customers already use for payments. That may make the token easier to try than a service requiring a separate crypto platform. That could ease adoption for PayMe users. Use still depends on customers choosing RedCoin and merchants accepting it. The announcement lists the initial functions. It does not say how many PayMe merchants will support RedCoin at launch.
HSBC RedCoin Stablecoin Set for Investment App Expansion
The HSBC RedCoin stablecoin rollout is planned to extend beyond PayMe payments. HSBC plans to integrate the token into its Hong Kong mobile banking app by year-end. The bank says the app will let users subscribe to tokenized money market funds, starting at HK$100. This would add an investment use alongside transfers and merchant payments.
Tokenized gold and funds offered by third parties are also planned for a later stage. HSBC has not provided launch dates or additional access terms for those products. The proposed HK$100 starting amount establishes a minimum entry point for the money market fund feature. Product availability will depend on HSBC’s rollout and the terms it sets for each offering.
HSBC received its stablecoin issuer license from the Hong Kong Monetary Authority in April 2026. The HSBC RedCoin stablecoin rollout followed that approval. Hong Kong has been seeking to position itself as a hub for digital assets. The license came before the retail launch. RedCoin enters PayMe before HSBC’s planned investment expansion.
The HSBC RedCoin stablecoin’s phased approach links two of HSBC’s services: PayMe and its mobile banking app. PayMe is the first distribution channel; the banking app is intended to carry RedCoin into tokenized funds. The practical test will be whether customers activate wallets, transfer the token and use it for payments. Broader investment access remains a future step, with the initial PayMe rollout beginning October 23.
A Circle shareholder filed a federal lawsuit against President Trump, World Liberty Financial and Steve Witkoff.
The suit claims foreign money moving through the USD1 stablecoin left Circle’s USDC unable to compete.
It centers on a $2 billion MGX investment in Binance that was paid using USD1.
The plaintiff asks the court to rule that Trump violated the Constitution’s Foreign Emoluments Clause.
The White House called the lawsuit “frivolous,” and Circle said it had no role in the filing.
A shareholder of Circle Internet Financial has filed a lawsuit against President Donald Trump, his family’s crypto company World Liberty Financial, and US Special Envoy to the Middle East Steve Witkoff.
The case was filed Thursday in the US District Court for the District of Columbia. It also names several affiliate entities connected to World Liberty.
What the Lawsuit Claims
The plaintiff, J. Benjamin Greenberg, says he holds 10,000 ordinary shares of Circle. The company issues USDC, one of the largest stablecoins on the market.
Greenberg alleges that Trump, Witkoff and World Liberty created a path for foreign governments to move money through USD1, the Trump family company’s stablecoin. He claims this “brazen corruption” left Circle “unable to compete” in the stablecoin market.
At the center of the case is MGX, an Abu Dhabi investment firm tied to the United Arab Emirates royal family. In 2025, MGX invested $2 billion into crypto exchange Binance using the USD1 stablecoin.
The Wall Street Journal reported in February that another investment vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan agreed to buy a 49% stake in World Liberty for $500 million.
“By accepting hundreds of millions of dollars from a foreign government, the President and his companies have diverted business from [Circle],” Greenberg alleged in the filing.
Greenberg asks the court to declare that Trump violated the Constitution’s Foreign Emoluments Clause. He also wants injunctions that would stop Trump and Witkoff from pursuing similar financial interests without the consent of Congress.
The lawsuit seeks an accounting of payments from foreign states to the president and his businesses. It also asks the court to force the companies to give up those payments and to award compensatory and punitive damages.
Zach Witkoff, the son of Steve Witkoff, is a co-founder of World Liberty. Trump and his three sons are also co-founders of the crypto venture.
Crypto Deals Become a Campaign Issue
Trump reported that his family’s crypto ventures earned him $1.4 billion in 2025. The consumer advocacy group Public Citizen reported that the same ventures cost investors about $4.7 billion.
The crypto business is one of several deals drawing scrutiny of the president. Others include his acceptance of a jet from the government of Qatar.
The 2026 midterm elections are less than two weeks away, and early voting has already started in some states. Democrats seeking reelection are using Trump’s crypto deals to appeal to voters.
Last week, Senator Mark Warner released a campaign ad saying the president made “more than $600 million alone from the crypto memecoin.”
A Circle spokesperson said the company “did not initiate, direct, authorize, or participate in the filing.” The company declined to comment further on the pending case.
A spokesperson for World Liberty did not respond to a request for comment.
White House spokesperson Anna Kelly said Trump has “no conflicts of interest” with his crypto investments. She called the lawsuit “frivolous.”
New integration enables users to move USDC across networks, fund Tria cards and access trading accounts without separate bridging steps.
Tria, the self-custodial finance platform unifying trading, payments and digital asset management, today announced the integration of Arc, Circle’s newly launched Layer 1 blockchain, bringing new spending, trading and cross-chain capabilities to USDC holders.
The integration allows Tria users to send and receive USDC on Arc, convert funds between supported blockchain networks, top up their Tria cards and fund trading accounts directly within the platform. Users can move from holding digital dollars to spending or trading them without navigating separate applications or arranging manual bridge transfers.
Launched on September 16, Arc is Circle’s blockchain infrastructure designed for stablecoin payments, financial markets and real-time settlement. Its integration with Tria extends those capabilities into everyday financial activity, connecting USDC on Arc to practical uses across payments, trading and personal finance.
“Stablecoins become much more powerful when people can actually use them across every part of their financial lives,” said Vijit Katta, CEO of Tria. “Arc is building infrastructure for the next generation of digital money, and Tria is making that infrastructure accessible. Users can now take USDC from Arc straight into their card balance or trading account, or move it across supported networks, without leaving Tria.”
The integration introduces four core capabilities:
USDC transfers: Send, receive and hold USDC on Arc through Tria’s self-custodial wallet.
Cross-chain conversions: Move funds between Arc and other supported networks directly within Tria.
Card funding: Use USDC on Arc to top up a Tria card for everyday purchases.
Trading access: Fund supported trading accounts using USDC on Arc, without arranging a separate bridge transfer.
The integration is available across Tria’s web and mobile platforms. Users can select Arc in their Tria wallet to receive USDC, initiate conversions or fund their card and trading balances. Available routes, processing times and fees vary by transaction.
The launch advances Tria’s broader effort to make digital assets usable across financial applications, allowing users to manage, move, spend and trade their funds through a single self-custodial experience.
To access Arc on Tria, visit app.tria.so.
About Tria
Tria is a leading self-custodial finance platform serving more than 600,000 users, bringing digital asset trading, yield opportunities, payments and everyday spending into one application. Through its integrated wallet, trading infrastructure and payment card, Tria enables users to manage and use digital assets across supported blockchain networks without surrendering control of their funds.
Users can start using Tria: https://link.tria.so/4i5Tmab
Learn more about Tria: https://link.tria.so/4hZbgeK
Injective ($INJ) has grown its native $USDC supply by 43% in 30 days to $16.5M, as it positions itself as the canonical dollar standard for Cosmos and 20+ chains.
@Injective has expanded its native $USDC supply by 43% over the past 30 days, lifting the total on-chain dollar supply on the network to $16.5M. The financial Layer-1 blockchain is positioning itself as the canonical dollar standard across more than 20 chains, including @Cosmos.
The increase comes ahead of a liquidity rotation in which protocols are expected to allocate more than $100M in bridged and native stablecoins to $INJ.
How Injective Became a Dollar HubThe growth follows a series of integrations over the past several months. , giving the chain direct access to the largest regulated stablecoin without wrapped assets. That design avoids reliance on third-party bridges.
Native USDC later went live on mainnet. That figure refers to the broader USDC ecosystem, not the amount currently held on Injective.
The Cosmos link followed in May.
Why Cosmos Liquidity Is ShiftingThe move addresses a long-standing issue in Cosmos.
For $INJ, the potential benefit is indirect. That outcome is not assured, and the current $16.5M supply remains small next to the wider stablecoin market.
Investors will be watching whether the planned stablecoin allocations materialise and whether more Cosmos chains complete the move to Injective USDC.
Sources:
Injective: USDC adopted by Cosmos and dYdX as canonical stablecoin standardBlockchain.News: Circle brings native USDC to Injective with CCTPCrypto Economy: Injective's USDC becomes the stablecoin standard for Cosmos and dYdX
PANews, Oct. 23 — According to Bloomberg, privacy-focused cryptocurrency Zcash (ZEC) has gained roughly 3,000% year to date, drawing increased positioning from early Bitcoin investor and Gemini co-founder the Winklevoss twins and Digital Currency Group (DCG) founder Barry Silbert, with the two sides now competing over Zcash mining infrastructure and investment products.
On the investment product side, DCG's Grayscale launched the first U.S. Zcash ETF in August, providing a channel for institutional capital to enter the asset. The Winklevoss twins filed for their own Zcash ETF this month, further intensifying the competition.
Cypherpunk Technologies, backed by the Winklevoss twins, and Fortitude Mining, backed by Silbert, have become major mining companies on the Zcash network, and plan to invest tens of millions of dollars to expand hashrate in pursuit of more mining rewards. Cypherpunk currently holds about 20% of the network's total hashrate; Fortitude said that once its newly added hashrate is deployed, its share will reach 20%. However, Zcash mining is essentially a competition for hashrate over a fixed issuance, so increasing a mining company's hashrate mainly affects its probability of earning mining rewards and does not mean the token's price is bound to rise.
Aave Pro launches its Earn feature, enabling APY-based comparison of asset yields and one-click deposits.
According to an official announcement, Aave Pro has launched its Earn feature to help users easily identify yield opportunities. Users can now compare different assets based on annual percentage yield (APY), select their desired V4 market, and complete deposits with a single click.
4 minutes ago
Ethereum Foundation postpones the Glamsterdam upgrade for the Hoodi testnet, with no new date confirmed yet.
The Ethereum Foundation has announced that the Glamsterdam upgrade, originally set to activate on the Hoodi testnet at 17:42:48 UTC on October 26, 2026, has been delayed, with a new activation date yet to be confirmed. Core developers decided to postpone the upgrade during the 248th Ethereum Consensus Layer Developer Meeting (ACDE #248) to further investigate interactions between EIP-8037 and Ethereum mainnet smart contracts. The delay cancels the original plans for the Amsterdam execution layer activation and Gloas consensus layer activation, and also revokes the prior plan to raise the Hoodi testnet’s gas limit to 200 million in the same cycle. The Ethereum Foundation stressed that this adjustment only rolls back configurations for future upgrades and will not revert historical on-chain data on the Hoodi testnet. The upgrade originally scheduled for October 26 is no longer on the agenda; the new activation cycle and specific timing will be announced at a later date.
4 minutes ago
Bankless Co-founder: Bitcoin 'Clone Coins' Heat Up Again, PRL and QTC Surge Simultaneously
Bankless co-founder David Hoffman wrote in a post that a batch of tokens he dubs "2017-era Bitcoin clones" has recently drawn renewed market interest. Among them, PRL rose 30% this week, hitting a fully diluted valuation (FDV) of $4.2 billion. QTC jumped 300% this month, and with a total supply of 21 million tokens, its valuation reached $1.8 billion. Notably, tokens with a fixed supply of 21 million are commanding multi-billion-dollar valuations, a trend that warrants attention.
4 minutes ago
ether.fi acquires crypto wallet Zeal Wallet
According to official announcements, ether.fi has announced the acquisition of Zeal Wallet. Zeal users can now migrate directly to ether.fi within the Zeal app, completing the migration process without leaving the application.
4 minutes ago
Brent crude oil breaks above $112 per barrel, the first time since May.
Per Bitget's market data, Brent crude oil has surpassed $112 per barrel for the first time since May, rising 2.66% intraday.
Aave has activated the first Aave V4 external curator market on Ethereum.
Institutional DeFi platform Sentora is now curating three isolated lending markets on the protocol, letting users borrow Ripple’s RLUSD, PayPal’s PYUSD, and Origin’s OUSD against yield-bearing and blue-chip collateral.
The launch marks the first real-world deployment of Aave V4’s Hub-and-Spoke architecture under external curation, a model the Aave DAO approved through governance.
Three New Markets, One Modular Architecture
Sentora, which has allocated more than $2 billion across on-chain strategies, operates three distinct markets.
The RLUSD Yield and OUSD Yield markets allow borrowing against USDe, PRIME, mWIN, and PST.
The Bluechip market lets users borrow RLUSD, PYUSD, or OUSD against kBTC. Each market runs in isolation from Aave’s core pools, containing any risk to its own liquidity hub.
Sentora controls collateral selection, risk parameters, interest rates, and oracle configuration within its hubs. The Aave DAO, however, retains ownership of all underlying contracts.
Every risk-increasing parameter change passes through a 48-hour timelock. New assets must also clear an Aave governance review before listing.
These safeguards mean Sentora curates, but the DAO anchors the infrastructure. The markets are live now on Aave Pro.
This development builds on Aave’s accelerating push beyond monolithic lending.
Earlier this year, the protocol’s AAVE price jumped 8% as Aave moved protocol IP under DAO control, signaling a broader shift toward decentralized governance and curator-run credit markets.
Institutional Stablecoins Find a New DeFi Venue
The choice of RLUSD and PYUSD as borrowable assets is notable. Both are regulated, institution-grade stablecoins pushing deeper into decentralized finance.
Standard Chartered recently entered the space when it launched custody for Ripple’s RLUSD stablecoin, underscoring the institutional appetite for RLUSD-enabled products.
Sentora’s Aave V4 external curator deployment now gives that capital a structured DeFi borrowing venue for the first time.
The broader stablecoin market context matters here. With USDT at $183B and USDC at $73B dominating the market, RLUSD and PYUSD are carving out niche utility through regulated, compliant pathways.
The OCC’s finalized GENIUS Act stablecoin rules, effective January 2027, make that pathway clearer for issuers, and for protocols willing to list them.
Aave is simultaneously expanding the Aave V4 external curator model across chains.
After Ethereum, the protocol launched V4 on Avalanche in its first expansion beyond Ethereum, targeting institutional RWA and tokenized credit markets.
The Sentora integration now adds another layer: a specialized curator running yield-driven strategies for sophisticated borrowers inside that expanding framework.
For AAVE token holders, the Sentora hubs contribute revenue to the DAO, a point worth watching as Coinbase tokenized stocks launched on Aave V4 Base earlier this year showed how new asset classes can move the protocol’s TVL meaningfully.
TLDR Aave V4 has launched its first externally curated lending markets, managed by Sentora on Ethereum. Users can borrow Ripple’s RLUSD, PayPal’s PYUSD and Origin’s OUSD against selected crypto assets. A Bluechip market lets users borrow stablecoins against kBTC, a Bitcoin-backed asset. Aave DAO keeps ownership of the contracts, and risk-raising changes face a 48-hour timelock. Aave V4 deposits passed $1 billion in September, with $310 million in active loans. Aave has launched its first externally curated lending markets on its V4 protocol. The markets are managed by Sentora, an institutional decentralized finance (DeFi) platform.
The three new markets run on Ethereum. They let users borrow three stablecoins against selected crypto assets.
The stablecoins are Ripple’s RLUSD, PayPal’s PYUSD and Origin’s OUSD. Users can access the markets through Aave Pro, the platform’s interface for curated lending products.
Sentora sets the risk rules for each market, including which assets can be used as collateral. Aave DAO keeps ownership of the underlying contracts.
How the Sentora Markets Work All three markets draw from a Sentora Liquidity Hub on Ethereum. The Hub holds the assets available for borrowing and supplies liquidity to each market.
The RLUSD Yield market lets users borrow RLUSD against USDe, PRIME, mWIN and PST. The OUSD Yield market accepts the same collateral but lends OUSD instead.
A third market, called Bluechip, supports borrowing RLUSD, PYUSD and OUSD against kBTC. kBTC is a Bitcoin-backed asset.
Each market has its own borrowing conditions. Sentora manages collateral settings, interest rate curves, price oracles and liquidation rules.
In an October 22 research article, Sentora called the launch the first governance-approved Hub and Spoke deployment run by an external curator on Ethereum. Its architecture diagram also lists a planned PYUSD Yield market, though its collateral has not been confirmed.
Sentora has worked on stablecoin lending before. In August, it approved FXRP as collateral in its RLUSD lending vault on Morpho.
How Aave V4 Manages Lending Risk Aave V4 uses a Hub and Spoke design. Hubs hold funds and track supplied assets, while Spokes set borrowing rules and liquidation points.
Positions are tracked separately in each Spoke. This means a user’s collateral and debt in one market are not combined with positions in another.
Borrowing costs depend partly on how much of an asset’s liquidity is in use. V4 can also add a risk premium, so borrowers using riskier collateral may pay higher interest.
Any change that raises market risk must pass a 48-hour timelock. New collateral assets need Aave governance review before they can be listed.
Sentora says it has allocated more than $2 billion across onchain strategies. Its Risk Radar system tracks more than 40 DeFi protocols on over 12 blockchains and now covers Aave V4.
The V4 design already supports other products. In September, Aave opened an equities market on Base that accepts seven Coinbase tokenized stocks as collateral for USDC loans, with a $21 million initial borrowing cap.
Aave Labs reported that V4 deposits passed $1 billion in September, with $310 million in active loans.
Aave is also reviewing an October 14 proposal from Babylon Labs. It would allow stablecoin borrowing against native Bitcoin held in vaults on the Bitcoin blockchain, pending governance approval, final risk settings and security checks.
Real Vision chief crypto analyst Jamie Coutts says a break above $86,000 could send Bitcoin (CRYPTO: BTC) toward $100,000 quickly, even as he shifts his own portfolio toward Ethereum and DeFi applications.
Why Coutts Sees $100,000 Within ReachCoutts on Thursday told the Milk Road podcast that $85,000 to $86,000 marks a cluster of major resistance built from on-chain data, spot positioning and the high of May’s counter-trend rally.
Clearing that zone would remove the overhang keeping Bitcoin range-bound, he said, opening a fast move toward six figures.
Coutts called Bitcoin’s current low already in place, arguing any dip tied to macro volatility is a buying opportunity rather than a warning sign.
He flagged two reasons to expect volatility ahead:
Rising margin debt: hit its highest three-month annualized rate since 2007 in Q2 Slowing global liquidity growth: has pulled back since early this year Even so, Coutts said the Trump administration understands liquidity management well enough to respond with stimulus if equity markets wobble, given how much tax revenue depends on continued economic growth.
Why Coutts Calls This Crypto’s ‘Payback Era’Coutts built a quality screening system tracking fee durability, token supply discipline and how much revenue protocols actually return to holders through buybacks and burns.
Crypto protocols paid out nearly $2 billion to token holders over the past year, he said, even as new token issuance hit record lows.
That shift shows up in performance data too:
2022 to present: high-quality tokens by Coutts’ screen underperformed Bitcoin’s 82% gain badly, with the top third of ranked assets still down 50% and the bottom third down 73% Year to date: that pattern flipped, with the top third of quality-ranked tokens gaining 49% while Bitcoin fell roughly 6% Where Coutts Has Repositioned His PortfolioBitcoin remains Coutts’ largest holding, but he’s cut that allocation sharply, from roughly 80% to 85% down to 30% to 35%. Here’s where that capital went instead:
Ethereum (CRYPTO: ETH): now one of his largest single positions DeFi applications: taken from 0% up to about 20% of his portfolio Aave (CRYPTO: AAVE): his main lending exposure Derive (CRYPTO: DRV): held since March, one of his standout performers He also continues holding Zcash (CRYPTO: ZEC), bought back in April, alongside Athena (CRYPTO: ENA), which he treats more as a shorter-term trade than a long-term core holding.
Looking further out, Coutts pointed to two trends he expects to smooth out crypto’s traditional boom-bust cycles: tokenized real-world assets, which have grown 16-fold over three years, and stablecoins, which have doubled over the same stretch.
He also flagged agentic payments, where AI agents transact using crypto rails, as a theme still in its early stages but one he expects to become significant by 2027.
Image: Shutterstock
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An address tracked by Lookonchain bought about $7.22 million worth of cryptos in twenty-four hours. Its portfolio favors Ethena, Ondo, Aerodrome, and Uniswap, while Pepe represents only a small part of the operation.
In brief
A whale bought nine cryptos for $7.22 million in 24 hours.
LIT, ENA, and ONDO represent nearly 57% of invested capital.
PEPE accounts for only 2.7% of purchases, far behind tokens linked to DeFi.
The portfolio favors decentralized finance, tokenization, and artificial intelligence.
These purchases may signal a bet on an altcoin rebound, without guaranteeing a price increase.
PEPE, Ethena, Ondo, and Lighter dominate purchases
Lookonchain spotted on October 22 a series of purchases made by the same address. It allocated its capital among nine assets linked to several sectors, including DeFi, tokenization, artificial intelligence, and memecoins.
The operation therefore does not constitute a general accumulation by several whales. It reflects the strategy of a single portfolio, whose owner and objectives remain unknown.
The published allocation allows measuring its main positions :
378,129 LIT, for about $1.4 million ;
6.61 million ENA, for $1.34 million ;
3 million ONDO, for $1.34 million ;
1.154 million AERO, for $948,000 ;
241.8 ETH, for $591,000 ;
2,944 QNT, for $589,000 ;
61,252 UNI, for $443,000 ;
1,387 TAO, for $368,000 ;
43.3 billion PEPE, for $195,000.
Lookonchain stated :
A whale bought about $7.22 million worth of tokens in the last twenty-four hours.
LIT, ENA, and ONDO concentrate nearly $4.1 million, or about 57% of the total amount. Pepe ranks last with only 2.7% of invested capital.
The source headline therefore highlights this memecoin, but the transaction mainly targets projects associated with decentralized finance and tokenized assets.
The portfolio bets on several market narratives
The purchases seem to follow a thematic diversification strategy. Ethena develops an ecosystem centered on its synthetic dollar USDe. Ondo Finance focuses on tokenizing traditional financial products. Uniswap and Aerodrome provide decentralized exchange services.
Bittensor, whose token is TAO, represents the bet on decentralized artificial intelligence. Quant and Ethereum add exposure to more established infrastructures. LIT, the main purchase, remains more volatile due to its smaller size and more limited liquidity.
The whale also seems to have taken advantage of the recent decline of several assets. During the transactions, ENA traded around $0.199 after a drop from $0.2437. ONDO was priced near $0.435, while AERO traded around $0.807.
Only LIT showed a notable daily increase, close to 7%, with a price around $3.69. The portfolio therefore does not follow a uniform strategy. It combines purchases after a correction with a position on a token already trending upwards.
This selection could indicate an anticipation of capital returning to altcoins. It might also respond to needs for market making, liquidity, or cash management. The identity of the address does not allow deciding between these hypotheses.
A whale purchase does not guarantee any rise
Large address movements attract attention because they can reduce the quantity available on the market. However, they do not constitute a reliable forecast. A whale can be wrong, hedge another position, or resell its tokens a few hours later.
Small and medium altcoins also have less market depth than bitcoin or ether. A large purchase can temporarily raise their price. Conversely, a quick sale can trigger a sharper correction.
Transfer to a private wallet also does not prove that tokens will be kept for a long period. One must examine origin addresses, potential deposits on platforms, and interactions with DeFi protocols to understand the real strategy.
Future operations from this address will therefore be more informative than this isolated purchase. Regular accumulation, followed by long-term holding, would strengthen the hypothesis of a bullish bet. Quick transfers to exchanges would rather indicate a short-term strategy.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Uniswap [UNI] has extended its decentralized trading infrastructure with the launch of Aggregator Hooks, bringing external liquidity into v4 pools across its three networks.
The protocol recently announced that its new upgrade transformed Uniswap v4 into an aggregator, which in turn expanded its liquidity capabilities beyond the conventional pools. The external liquidity sources will be operating within Uniswap’s existing pool infrastructure through Aggregator Hooks, expanding available trading routes.
The feature was launched across Ethereum [ETH], Base, and Robinhood Chain, with access through the Uniswap Web App and API. Notably, the expansion provided developers with additional flexibility while integrating liquidity sources into decentralized trading applications.
This development marked another step in Uniswap’s infrastructure improvement, although the UNI token faced separate concerns around large-holder activity.
Source: X
Uniswap whale deposit contrasts with spot buying
An OTC-linked wallet reportedly deposited 180,000 UNI, valued around $1.25 million, to Binance, which raised concerns about potential selling pressure. This significant exchange deposit escalated the speculation that the holder could liquidate tokens through the centralized exchange.
Yet, this transaction alone did not, however, establish whether the wallet had executed any sales. In fact, UNI’s Spot Taker CVD remained taker-buy dominant, suggesting stronger aggressive buying activity across the measured period.
Here, this positioning highlighted that the spot buyers maintained an advantage despite the potential supply entering Binance. These diverging developments therefore highlighted a market where buying interest persisted in spite of the uncertainty surrounding whale transactions.
Whether buyers could absorb additional selling remained crucial as Uniswap approached an important technical area.
Source: Uniswap Spot Taker CVD on CryptoQuant
UNI nears trendline as indicators strengthen
Uniswap’s daily chart highlighted a roughly 3.00% recovery to $7.22, following an extended decline from September highs above $10. The rebound visibly pushed UNI closer to its emerging descending trendline resistance, even though the price was yet to test the boundary.
Supporting the price recovery, the Money Flow Index climbed to 53.45, crossing above its neutral midpoint. Additionally, the RSI indicator improved to 44.67, slightly exceeding its signal average, which sat at 44.13. Even if the indicator remained below the 50-threshold, its improvement suggested easing bearish pressure.
However, for now, the $7.00 level remained crucial support, while a sustained breakout above the descending trendline would validate the bullish bias.
Source: UNI/USDT on TradingView
Where could UNI’s liquidity pull price next?
Beyond the daily technical chart, Binance’s 24-hour Liquidation Heatmap revealed considerable liquidity bands on both sides of the prevailing UNI’s price.
Notably, the strongest overhead clusters appeared around $7.25–$7.30, which placed potential short liquidations near UNI’s immediate recovery path. Additional clusters extended towards the $7.40 area, providing another zone of interest in case buyers push through the nearby resistance.
On the other hand, significant downside liquidity visibly accumulated around the $6.85–$6.90 region, which could trigger long liquidations in case of a price correction. These opposing clusters therefore showed potential volatility as the token approached its next directional move.
Overall, the improving technical indicators and dominant spot buying cautiously supported a recovery attempt, although UNI still needed a confirmed trendline breakout.
Source: Binance UNI/USDT Liquidation Heatmap on CoinGlass
Final Summary
Uniswap introduced Aggregator Hooks across three networks, expanding liquidity access despite potential whale selling.
UNI approached descending resistance as improving technical indicators supported a possible breakout toward $8.
Santiment data shows Internet Computer ($ICP) median daily active addresses up 35% and new addresses up 45%, but activity is still about half its November 2025 level.
Internet Computer (@dfinity) $ICP is facing criticism over adoption, but its on-chain activity is recovering. Data from analytics firm Santiment shows a clear pickup in network usage over the past two months, though activity remains well below last year's levels.
Active and new addresses climbMedian daily active addresses on Internet Computer rose 35%, according to Santiment. The daily median climbed from 2,838 between July 24 and August 22 to 3,860 between September 22 and October 21.
New addresses rose faster. Over the same periods, the figure increased 45%, from 481 to 710.
Santiment defines daily active addresses as the number of distinct addresses that took part in a transfer for a given asset on a given day. Each address is counted once per day, and both senders and receivers are included. The metric measures network participation but does not show how much value is moving, or whether activity comes from organic users.
The gap to November 2025 remainsThe recovery comes with a caveat. The latest weekly readings remain roughly half the 9,500-address average recorded in early November 2025. That leaves the network well short of its recent peak, even after the improvement.
The user growth has also not been matched by price. COINOTAG reported that ICP lost 8.29% over the past month while new daily addresses rose 45% to 710, and that traders are watching the $2.50 to $2.85 range for the next decisive move. That divergence between usage and token performance is now a central question for holders, the outlet said.
For investors, the data points to early signs of stabilising demand for the network rather than a full rebound. Whether the increase in addresses can be sustained, and whether it translates into deeper usage, will determine if $ICP can close the gap with its late 2025 activity levels.
Sources:
COINOTAG: ICP new addresses up 45% as price slides, Santiment showsSantiment Academy: Daily Active Addresses metric definition
Dominic Williams, founder of DFINITY, claims that Near Protocol stole its intellectual property (IP) behind its cross-chain stack, NEAR Intents. DFINITY is the developer of the Internet Computer (ICP) blockchain.
Williams labelled Near’s cross-chain execution as a ‘fake decentralization’
The NEAR Intents saga just got much more crazy on further investigation. Much is missing from Intents, but key enabling component turns out to be stolen proprietary DFINITY tech. I’m stunned.
William added that Near Protocol used a former DFINITY employee they fired in 2021. According to him, the ex-employee helped Near Protocol develop its cross-chain NEAR Intents, warning of potential “legal implications.’
NEAR Intents uses Chain Abstraction (powered by our proprietary tech) to custody assets on different chains, and then Intents basically just uses a market maker paid by them to swap them across chains according to people’s wishes.
DFINITY and Internet Computer claimed that the IP theft harmed them financially. In fact, William said that even ICP crypto holders have been impacted by alleged NEAR Intent theft. However, he didn’t mention any pending lawsuit, but noted that “something has to be worked out.”
NEAR Intents’ response to Internet Computer claims As of writing, Illia Polosukhin, founder of Near Protocol, had not responded to the allegations. However, Alex Shevchenko, an executive at Near Protocol, responded with a sarcastic post, indirectly urging his followers to short the ICP token.
It’s unclear whether DFINITY will escalate the alleged IP theft to court. That said, NEAR Intents has seen more traction than Internet Computer. The cross-chain hit a record $5 billion volume in September with over $8 million in cumulative revenue.
Source: DeFiLlama On the other hand, Internet Computer has seen a sustained drop in network activity. Its total value locked (TVL) has declined from $200 million to about $4 million. The liquidity has also decreased to $4 million from $7 million.
Impact on ICP crypto Some community members claimed that the allegations were mere FUD (fear, uncertainty, and disinformation). Critics warned that the FUD would backfire and impact ICP market sentiment.
Sentiment analysis showed users were neutral on the altcoin as of writing. This was down from its ‘greed’ level of 68 seen on Thursday and last month. On the price charts, ICP dipped 6%, which coincided with a broader market decline.
Source: ICP/USDT, TradingView Final Summary DFINITY founder claimed that NEAR Intents stole its proprietary tech, financially harming the Internet Computer and ICP token holders. The founder warned of ‘legal implications’ but did not clarify whether it will sue Near Protocol.
Internet Computer (ICP) ağında yeni adreslerin günlük medyanı yaklaşık %45 arttı, ancak token fiyatı son bir ayda %8,29 geriledi. Santiment verileri ağ aktivitesinde toparlanmaya işaret ederken teknik analistler fiyatın yönü konusunda ayrışıyor. Bir senaryo 2,40 dolara kadar düşüş riskini öne çıkarıyor. Diğeriyse 2,50–2,80 dolar aralığında bir taban oluşabileceğini savunuyor.
ICP Ağında Yeni Adresler Yüzde 45 Arttı Santiment verilerine göre ICP ağındaki günlük aktif adreslerin medyanı, 22 Eylül–21 Ekim döneminde 3.860’a yükseldi. 24 Temmuz–22 Ağustos döneminde bu değer 2.838 seviyesindeydi. Artış yaklaşık yüzde 35 olarak hesaplandı.
Yeni adreslerdeki yükseliş daha belirgin. Günlük yeni adres medyanı 481’den 710’a çıktı. Böylece yaklaşık yüzde 45’lik bir artış kaydedildi.
Ancak her gün aynı yoğunluk görülmedi. Santiment, 14 ve 21 Ekim tarihlerinde yeni adres aktivitesinin 7.400’ü aştığını belirtti. Ekim ayındaki 21 günün 16’sında ise günlük aktif adres sayısı 3.100–4.300 aralığında kaldı.
Ağ aktivitesi yaz aylarına kıyasla toparlanmış durumda. Yine de gösterge, Kasım 2025 başındaki seviyelerin oldukça altında. O dönemde haftalık ortalama yaklaşık 9.500 adrese ulaşmıştı.
Ağ Aktivitesi Artarken ICP Neden Geriliyor? ICP, Caffeine AI lansmanının ardından geçen yılın kasım ayındaki yükseliş döneminde haftalık bazda yüzde 166 değer kazanarak 7,80 dolara ulaşmıştı. Kaynakta belirtilen 2,78 dolarlık fiyat, bu zirvenin yaklaşık %64 altında.
Bugünkü ayrışma burada ortaya çıkıyor. Yeni adreslerin artması, ağa yönelik aktivitenin canlandığını gösteriyor. Ancak bu hareket, tek başına ICP tokenına yönelik alım talebinin güçlendiğini kanıtlamıyor.
Ağdaki işlemler ve yeni adres oluşumları farklı amaçlardan kaynaklanabilir. Bu nedenle aktivite artışını doğrudan fiyat yükselişi beklentisine dönüştürmek doğru olmaz.
ICP için asıl soru, ağdaki hareketliliğin zaman içinde kalıcı kullanıcı büyümesine ve token talebine dönüşüp dönüşmeyeceği.
Teknik Analistten 2,40 Dolar Uyarısı Analist nordin.eth, ICP’nin dört saatlik grafikte bir baş-omuz formasyonunun boyun çizgisinin altına indiğini savunuyor. Analiste göre formasyonun aşağı yönlü çalışması halinde fiyat 2,40 dolara kadar gerileyebilir.
Bu seviye, kaynakta belirtilen 2,78 dolarlık fiyatın yaklaşık yüzde 14 altında. Nordin.eth, boyun çizgisinin bulunduğu 2,85 doların üzerine dönüşün teknik görünümü hızla değiştirebileceğini de belirtiyor.
Buradaki 2,40 dolar seviyesi kesin bir fiyat tahmini değil. Analistin grafik formasyonuna dayalı senaryosu olarak değerlendirilmeli.
Diğer Analistler 2,50–2,80 Dolar Aralığını İzliyor ICP konusunda daha olumlu bir teknik senaryo da bulunuyor. Giannis Andreou, haftalık grafikte henüz kesinleşmemiş bir taban oluşumu ihtimaline dikkat çekiyor. Analistin belirlediği yakın destek aralığı 2,60–2,80 dolar.
Andreou’ya göre fiyatın 3,30–3,60 dolar bölgesini kalıcı biçimde geri kazanması, 4–4,50 dolar aralığını gündeme getirebilir. Daha yukarıda ise 5–6,50 dolar seviyelerini izliyor.
Ancak bu senaryonun da bir geçersizlik noktası var. Andreou, haftalık kapanışın 2,50 doların altına inmesinin teknik görünümü zayıflatacağını ve 2–2,20 dolar aralığını gündeme taşıyabileceğini belirtiyor.
Trader Nebraskangooner da 20 Ekim’de ICP yaklaşık 2,89 dolardan işlem görürken trend çizgisi desteğine dikkat çekmişti. Analist, fiyatın bu bölgede tepki vermesi gerektiğini söylemişti. ICP, o tarihten sonra yaklaşık %4 geriledi.
CP’de Şimdi Hangi Seviyeler Önemli? ICP’de 2,50 dolar desteği ile 2,85 dolar direnci kısa vadeli mücadelenin sınırlarını çiziyor. Haftalık kapanışın 2,50 doların altına inmesi, Andreou’nun taban senaryosuna darbe vurur. Fiyatın 2,85 doları aşması ise nordin.eth’in aşağı yönlü formasyon yorumunu yeniden tartışmaya açar.
Ağdaki yeni adres sayısı yükseldi. ICP ise henüz bu hareketliliği fiyat artışına dönüştüremedi. Şimdilik zincir üstü veriler ile fiyat grafiği aynı hikâyeyi anlatmıyor.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
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TL;DRU.S. spot Bitcoin ETFs lost $635 million in one of the largest daily outflows in months, while over 82,000 traders were liquidated, mostly longs.
Grayscale’s Zcash ETF (ZCSH) posted a third straight day of inflows ($14.23 million) ahead of the NU7 hard fork on November 5.
Spot XRP ETFs added $3.55 million, with XRP outperforming the market ahead of Ripple Swell.
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DFINITY founder Dominic Williams accused NEAR Protocol of building NEAR Intents on DFINITY’s proprietary technology; NEAR fell 1.29%.
The Friday morning session on the crypto market, October 23, 2026, is characterized by a large redistribution of institutional capital amid profit-taking in Bitcoin. The total capitalization of the crypto market stands at $2.75 trillion with a daily trading volume of $108.21 billion. Planned de-risking amid macroeconomic pressure triggered a wave of margin position closures.
Crypto market capitalization heat map with BTC at $81,657.29 and 60.02% dominance, Source: CoinMarketCapThe external factor is the correction of the U.S. stock market, where the S&P 500 index fell by 1.24%, and the price of gold was recorded at $4,029.80. A direct consequence of this dynamic was one of the largest daily outflows in recent months from U.S. spot Bitcoin ETFs, amounting to $634.99 million.
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The trading structure points to an intra-market rotation of capital rather than its complete exit into fiat. While retail traders lock in losses, large limit orders absorb the drawdown in alternative assets. Liquidity is flowing into utility blockchain platforms of the banking sector and regulated exchange-traded products based on privacy coins.
The key beneficiaries of the morning distribution of funds are XRP and Zcash.
The great capital migration: how the Bitcoin drawdown fed XRP and ZECAccording to the SoSoValue analytics dashboard, U.S. spot Bitcoin ETFs recorded a net outflow of $634.99 million. The trading session also ended in the red zone for Ethereum funds, which lost $26.13 million, and Solana ETFs, where the outflow amounted to $2.65 million.
Countertrend resilience is demonstrated by Grayscale's spot Zcash ETF (ZCSH), which absorbed a net daily inflow of $14.23 million. Accumulation has continued for the third consecutive day after injections of $23.16 million and $12.88 million in previous sessions, which raised the fund's total net assets under management to $681.39 million.
Zcash spot ETF inflows chart showing a $14.23M net inflow and $681.39M in total net assets, Source: SoSoValueThrough this regulated instrument, institutional investors directly control 3.11% of Zcash's market capitalization, with a daily trading volume of $63.33 million and an underlying asset price of $1,236.83.
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In parallel, spot XRP funds recorded an inflow of $3.55 million, fully provided by the Franklin Templeton pool (FBIT). At the same time, issuers Bitwise, Canary, Grayscale, and 21Shares maintained a zero daily balance change.
XRP spot ETF net asset flows tracking a $3.55M daily inflow and $1.49B in total net assets, Source: SoSoValueFundstrat co-founder Tom Lee notes that this cycle represents a healthy correction, not a bubble: the short on big tech has become excessively consensus-driven, and the debt market is tightly limiting the inflow of speculative capital. The cumulative historical inflow into XRP ETFs has surpassed the $1.8 billion mark, with net assets under management at $1.49 billion (1.01% of the token's capitalization) at an estimated underlying asset price of $1.31.
Billionaires' race for privacy and code theft from ICP. Main stories of this morningAt the morning session, the focus of attention shifted from Bitcoin's price fluctuations to major corporate conflicts. In the U.S., a battle for control over privacy technologies is flaring up, accompanied by loud accusations of code plagiarism.
An open infrastructure war for Zcash has unfolded on the American market between Cameron and Tyler Winklevoss (Gemini) and DCG founder Barry Silbert. Demand for privacy has intensified due to AI tracking on public networks, so the miners they control, Cypherpunk Technologies and Fortitude Mining, each hold approximately 20% of the network hashrate. Big capital views the asset as a scarce alternative to Bitcoin with fixed issuance.
In parallel, a technology scandal is flaring up: DFINITY founder Dominic Williams publicly accused NEAR Protocol of patent theft. Williams claims that a key component of NEAR Intents is built on DFINITY's proprietary ECDSA threshold signature algorithm.
@hosseeb @grok The algorithm NEAR has been running on for two and a half years is patented. They also took vetKeys, it looks like, but that's not. Obviously if you're mining the repos, research, and work of competitors, without talking to them, referencing them, etc, this is a risk you take.
— dom | icp (@dominic_w) October 23, 2026 According to him, NEAR's solution runs on only 8 servers, is completely devoid of decentralization, and an emergency rollback to slower algorithms was recorded on NEAR's GitHub due to legal and litigation risks in the U.S. Against this background, the NEAR token decreased in value by 1.29%, trading at $4.96.
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At the same time, a flow of capital toward regulated Asia is being recorded, where traditional financial giants and state regulators are massively introducing stablecoins into the real sector of the economy.
Briefly about other important events this morning:
HSBC launches RedCoin in Hong Kong: Banking giant HSBC, with $3.4 trillion in assets, has officially deployed RedCoin (RCHKD), a stablecoin licensed by the HKMA and 100% backed by the Hong Kong dollar. It is instantly available to 3.3 million users of the PayMe app for payments across a network of 100,000 merchants.
Legalization of stablecoins in South Korea: The South Korean government recognizes stablecoins as an official means of payment from December 3. For this purpose, LG Group's IT division (LG CNS) has entered into a strategic alliance with Chainlink to digitize the Korean won on the $68 billion local crypto market.
Zcash anniversary and AI verification: The Zcash project celebrates a decade since its launch, and a $1,000 investment made five years ago is equivalent to $7,178 today. The developers used Anthropic's Claude AI tools for formal verification of code security before the Network Upgrade 7 (NU7) hard fork on November 5.
Ripple liquidity based on RLUSD: Ripple announces a partnership with the Arf platform to provide cross-border liquidity for the RLUSD stablecoin on the XRP Ledger network. The project is preparing to launch Web3 lending features ahead of the Ripple Swell conference, while traders on Kalshi are pricing in a scenario of XRP rising to $1.80 by the end of the year.
A healthy correction, not a bubble. What to expect from the market in the coming daysBitcoin quotes are holding at $81,657.29 (-0.07% over 24 hours) with a market dominance of 59.63%. The current decline is accompanied by a shakeout of margin positions. Over the past 24 hours, the positions of 82,246 traders totaling $332.09 million were liquidated on the futures market. The decline is directed against buyers: 82.6% of the total volume of forced closures fell on long positions ($274.37 million), according to CoinGlass.
Crypto derivatives liquidation heat map dominated by Ethereum at $59.54M and Bitcoin at $52.28M, Source: CoinGlassThe main blow was taken by Ethereum derivatives ($59.54 million in liquidations, 82.1% longs) and Bitcoin derivatives ($52.28 million in liquidations, 87.3% longs). Binance's share is 45.5%, and the largest order was recorded on Hyperliquid in the XYZ:SOXL-USD pair, worth $4.34 million.
The correction is fully synchronized with the U.S. technology sector, where the SPDR index (XLK) fell by 3.6%, and semiconductors dropped almost 7% after Meta's reports on AI spending of up to $135 billion.
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Amid Ethereum's drop to $2,403.04 (dominance of 10.72%) and Solana's stagnation ($104.46), the outperforming dynamics of XRP ($1.3172, daily growth of +0.66%) and Zcash confirm the local rotation. The scandal around the centralization of NEAR Intents is accelerating the exit of capital into regulated U.S. exchange-traded products (ETFs) based on protected protocols.
Indicators to watch:
Holding the BTC price corridor: Bitcoin's ability to lock in the $81,700 – $82,000 range will determine the speed of the market recovery.
Zcash hard fork (November 5): The launch of the NU7 upgrade acts as the main fundamental trigger for retaining institutional demand for ZEC.
Ripple Swell conference: Upcoming announcements on the RLUSD stablecoin could push XRP through local resistance at $1.32 – $1.50.
Legal consequences of the ICP/NEAR dispute: The dynamics of NEAR Protocol's quotes will directly depend on official responses to DFINITY's accusations in U.S. courts.
The PancakeSwap community will consider passing 88% of transaction fees to liquidity providers and reducing the daily CAKE emission from 22,500 to 7,000.
Decentralized cryptocurrency exchange PancakeSwap has launched a new governance vote that could significantly alter the distribution of fee revenues and the production speed of the CAKE token. If the proposal, dubbed “The Flip,” is accepted, 88% of transaction fees in the V3 and Infinity pools will go to liquidity providers.
In the current system, the share received by liquidity providers ranges from 66% to 68% in most pools. The new model aims to give users who provide capital to the pools a higher share of transaction fees.
Another important part of the proposal concerns CAKE emissions. The plan is to gradually reduce the daily amount of CAKE tokens produced from 22,500 tokens to 7,000 tokens. This change represents a reduction of approximately 69%. Lower emissions may reduce the amount of new tokens entering the market, but it alone does not guarantee an increase in the CAKE price.
Voting began on October 21st and will continue until October 24th. If the proposal is accepted by the community, implementation is expected to begin gradually in November. Therefore, the announced rates are not yet in effect.
Prior to the vote, PancakeSwap’s total locked assets increased by approximately 19 percent in a week, rising from $2.02 billion to $2.4 billion. The majority of this increase occurred in V3 pools, where locked assets rose from approximately $336 million to $739 million.
PancakeSwap also accounts for approximately 71% of the decentralized exchange volume on BNB Chain. With a trading volume reaching $4.67 billion over the last seven days, the change in fee distribution is significant for both liquidity providers and CAKE holders.
*This is not investment advice.
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With over four years of experience in covering and tracking the financial markets, Sneha Agrawal is a dedicated Crypto Journalist and Editor with passion for researching and writing the crypto pieces. She is currently leading the Block of Fame, here at CoinGape. She likes to keep track of political, legal and financial happenings all around the world - without which she deems her day incomplete. Apart from her Journalistic endeavours, she is a solo traveler, museum goer, and a keen reader of books.
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A Solana-based KIMCHI memecoin has plunged more than 95% after a promotional post linked to crypto trader Kimchi’s X account disappeared, triggering allegations of suspicious trading and questions about Pump.fun co-founder Alon’s involvement in promoting the token.
Summary
A KIMCHI token promoted through a QR code linked to trader Kimchi’s X account crashed after the post disappeared.
Lookonchain reported that the token briefly reached a $14 million market capitalization before falling more than 95%.
Blockchain analysts flagged profitable early trading, while allegations of hacking and deliberate fraud remain unconfirmed.
Pump.fun’s daily revenue and active addresses declined during the same period, without evidence establishing a direct connection.
According to blockchain analytics firm Lookonchain, Kimchi’s account promoted a newly launched token after reportedly receiving 500 million KIMCHI tokens, while Alon reposted the announcement. Both posts subsequently disappeared, and the token’s market capitalization collapsed after briefly reaching approximately $14 million.
The controversy began when an AI-generated promotional image appeared on Kimchi’s X account, featuring a QR code directing users to a newly created token on Pump.fun. Traders quickly bought the token, while Alon’s repost drew further attention to the promotion.
Within minutes, KIMCHI reportedly climbed past a $10 million market capitalization before reaching roughly $14 million. Its subsequent decline exceeded 95%, with some market observations placing the drop closer to 99% after the promotional post disappeared.
Kimchi token crashe, source: Lookonchain/X
Market capitalization measures the estimated value of a token’s supply at the prevailing price. The reported $14 million peak therefore does not establish that investors collectively lost $14 million or that an equivalent amount of money entered the market.
Crypto trader Arez questioned the sequence, alleging that the QR code’s destination changed after the token attracted substantial trading. The trader said Alon subsequently withdrew his repost, while some buyers were left holding tokens purchased near the peak.
The incident followed recent attention surrounding Kimchi’s relationship with Pump.fun.
Lookonchain identifies over $385K in suspected trading profits
Lookonchain’s investigation identified several wallets that reportedly accumulated KIMCHI at relatively low prices before selling during the rally. The analytics firm estimated that the transactions generated more than $385,000 in combined profits.
Investigators identified three Solana addresses for examining the associated transfers. The wallet activity described by Lookonchain raises questions about trading patterns, but blockchain transfers alone do not establish who controlled the addresses or whether the traders had advance knowledge of the promotion.
A separate Bitquery investigation documented activity involving another KIMCHI launch around October 20. Its researchers identified three linked wallets that bought a newly issued token and quickly sold their holdings, generating approximately $104,000 in gains.
Bitquery explicitly stated that it could not connect those wallets to the deployer through direct transfers. Its findings concern a separately identified token and transaction sequence, so the reported profits should not be combined with Lookonchain’s estimate without matching the contracts and timestamps.
Traders demand answers over deleted KIMCHI promotion
Following the collapse, some traders accused the accounts involved of promoting an unsafe token. An X user known as tontheneko demanded refunds, arguing that Alon should have verified the promotion before sharing it with his followers.
Hello @a1lon9, I hope you immediately refund anyone who lost money on this coin.
You literally retweeted a rug pull and made hundreds of people lose money.
It was your responsibility as @Pumpfun founder to double check and confirm what you are posting with kimchi before… pic.twitter.com/3QNtkWSYA8
— ton (@tontheneko) October 22, 2026
Those accusations remain allegations, not established findings of fraud or misconduct. Neither the promotional repost nor subsequent deletion independently proves that Alon or Kimchi coordinated the trading or benefited financially from the token’s price movements.
A suspected account hack has been suggested as another explanation, although the available statements do not confirm unauthorized access. No verified refund arrangement or official finding assigning responsibility was identified.
The episode follows scrutiny of Pump.fun token survival rates, with an October Bitquery study finding that 79% of launches in its sample recorded no trading after their first day. That study covered a larger token sample and did not examine the latest KIMCHI promotion specifically.
Pump.fun revenue falls as activity declines
Meanwhile, Lookonchain highlighted a decline in activity on Pump.fun after Kimchi reportedly removed the platform’s name from his X biography. The researcher compared daily revenue of $1.61 million with $1.35 million two days later, representing a decline of approximately 16%.
Active addresses fell from 178,539 to 159,492 over the same comparison, a drop of roughly 11%. However, the timing does not demonstrate that the KIMCHI controversy caused either decline.
The DefiLlama protocol dashboard separately showed approximately $1.35 million in daily revenue and 159,492 active addresses. Its methodology distinguishes platform revenue from total fees paid by traders.
Recently, Pump.fun introduced perpetual futures trading through Hyperliquid, expanding its services beyond memecoin launches. Subsequently, the platform launched Pump Bridge to support cross-chain transactions, with its published performance figures based on testing conducted between September 28 and October 7.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
