Crypto Morning News: CZ's first public statement after release from prison, U.S. spot Bitcoin ETF holdings surpass 1 million BTC
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Crypto Morning News: CZ's first public statement after release from prison, U.S. spot Bitcoin ETF holdings surpass 1 million BTC
Asia has surpassed North America to become the leading continent for crypto developers.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Tether Reports $2.5 Billion Net Profit in Q3, USDT Circulating Supply Hits Record High
Tether, the stablecoin issuer, announced in its latest audited report that it achieved a net profit of $2.5 billion in the third quarter, bringing its year-to-date net profit to $7.7 billion.
Tether also noted that USDT’s circulating supply reached a record high of nearly $120 billion in 2024, a 30% increase from the beginning of the year. The company’s reserves include over $105 billion in cash and cash equivalents, with $102.5 billion directly or indirectly invested in U.S. Treasury securities.
CEO Paolo Ardoino stated that Tether has once again set a benchmark for financial stability by increasing its reserve buffer to over $6 billion and focusing on strategic investments.
Elon Musk Mentions DOGE on X, Says Trump and DOGE Will Solve U.S. Illegal Immigration
Elon Musk posted on social media platform X: "Our system is backwards—making it hard for high-skilled talent to enter legally while criminals can easily enter illegally. Why is illegal entry easier than legal entry? Trump and DOGE will fix this."
DOGE refers to the "Department of Government Efficiency" (D.O.G.E), an initiative co-launched by Musk and Donald Trump aimed at conducting a comprehensive financial audit of the federal government and proposing measures to reduce waste, fraud, and unnecessary spending.
U.S. Spot Bitcoin ETF Holdings Surpass 1 Million BTC; BlackRock Leads with 430K BTC
Bitcoin Magazine announced on X that total holdings of U.S. spot Bitcoin ETFs have surpassed 1 million BTC, reaching 1,007,665 BTC. According to the shared data, BlackRock’s IBIT leads with 429,112 BTC, capturing nearly 43% of the market share.
Study: Asia Overtakes North America as Leading Continent for Crypto Developers
Maria Shen, partner at Electric Capital, released a global crypto developer distribution report analyzing over 110,000 developer profiles. The findings show that Asia has overtaken North America in share of cryptocurrency developers. North America’s share has sharply declined from 44% in 2015 to 24% in 2024, while Asia’s share has risen from 13% to 32%, making it the leading continent for crypto talent.
By country, the United States leads globally with 18.8%, followed by India at 11.8% and the UK at 4.2%. Since 2015, the U.S. share of global crypto developers has dropped by 51%. During the same period, the cryptocurrency market size surged from $5 billion to $2.4 trillion—an increase of nearly 480 times.
Additionally, although the crypto industry is often associated with traditional tech hubs like California and New York, 64% of developers are actually located outside these regions. The study analyzed over 200,000 crypto-related Git commits across more than 350,000 code repositories.
MicroStrategy Market Cap Surpasses Coinbase
MicroStrategy’s market capitalization has exceeded that of Coinbase. MicroStrategy stock (MSTR) currently stands at $49.54 billion, compared to Coinbase stock (COIN) at $44.87 billion.
CZ’s First Public Statement After Release: Still Major Binance Shareholder but Not Involved in Operations, Won’t Launch Token for Giggle Academy
On October 31, Changpeng Zhao (CZ) spoke publicly for the first time since his release during an interview at Binance Blockchain Week in Dubai:
1. While incarcerated, no inmates caused him trouble. Some guards were strict, but nothing escalated. He was fortunate not to suffer physical harm. After serving his sentence, he realized most other inmates had long terms—his four months were the shortest.
2. He remains a major shareholder of Binance and still has access to information, but cannot make decisions or issue directives.
3. He currently does not plan to launch a token for Giggle Academy.
Zircuit Fairdrop Now Live for EIGEN Holders and Stakers
The Zircuit Fairdrop is now open to Eigenlayer (EIGEN) holders and stakers.
This event distributes 2% of the total ZRC token supply. All eligible wallet addresses will receive equal rewards regardless of staking amount. The team also confirmed future ZRC airdrops for EIGEN holders on exchanges.
BlackRock’s IBIT Sees $1.933 Billion in Trading Volume Yesterday, 42% From Active Sell Orders
According to monitoring by Trader T, BlackRock’s IBIT recorded $1.933 billion in trading volume yesterday, with 36% from active buy orders and 42% from active sell orders.
Zhejiang Court Rules Cryptocurrency Mining Equipment Purchase Contract Invalid, Orders Refund
According to The Paper, a court in Jingde, Zhejiang recently ruled on a dispute over a cryptocurrency mining equipment purchase contract. In April 2021, plaintiff Hang purchased a “mining rig” platform and 64 hard drives from defendant Chen for 429,000 yuan. After full payment, Chen failed to deliver the equipment and only refunded 180,000 yuan.
Citing the National Development and Reform Commission’s September 2021 notice on curbing cryptocurrency "mining" activities and a joint statement by the PBOC and other departments on preventing risks related to cryptocurrency trading speculation, the court ruled that cryptocurrency-related business activities constitute illegal financial activity. The mining equipment purchase contract was deemed invalid due to violating public order and good customs, and the defendant was ordered to return the remaining 249,000 yuan.
The appellate court upheld the ruling, noting the contract not only violates public order and good customs but also contradicts the fundamental principles of resource conservation and environmental protection.
Market Update
Suggested Reading
CZ’s Full Speech After Release: Still Very Bullish on Industry, Will Continue Supporting Builders
AI Summary: Binance founder Changpeng Zhao (CZ) delivered his first public speech after release, sharing his prison experience, views on the crypto industry, and future plans. He emphasized the importance of relationships, expressed strong optimism about the sector, and introduced his educational project Giggle Academy, aiming to provide services via digital platforms to those lacking educational access.
From Code to Agents: How AI Is Redefining the Web3 Era?
AI Summary: This article explores the new era brought by integrating AI agents with Web3, emphasizing decentralization and innovation. It discusses the rise of AI memes and their potential applications in Web3, and envisions the future development of AI agents in the metaverse and commercial sectors.
U.S. Presidential Election Approaches—What Are the Potential Speculative Assets?
AI Summary: The article examines how the upcoming U.S. presidential election could impact the cryptocurrency market, particularly speculative opportunities in meme coins. As the election nears, politically linked meme coins such as DOGE, People, and MAGA are gaining attention. Trump’s pro-crypto stance may influence market sentiment and policy direction. Ultimately, long-term market trends will depend on the next president’s crypto policies.
Asset Issuance on Bitcoin: Guide to Existing Projects and Their Solutions
AI Summary: This article explores existing projects and solutions for asset issuance on the Bitcoin network, including Colored Coins, Counterparty, Omni Layer, Rootstock, and RGB, comparing their advantages, disadvantages, and use cases.
How to Find the Next Big Meme Coin? Look for Assets That Trigger Your Emotions
AI Summary: This article analyzes the dynamics of the meme coin market, highlighting the importance of emotional intelligence (EQ) in selecting meme coins. The author presents a framework for choosing meme coins, emphasizing the role of emotional triggers in their success, and discusses strategies for effective investing in this highly speculative market.
Why Is Blockchain Payment Making a Comeback?
AI Summary: Blockchain payments are regaining momentum, entering a critical phase from exploration to real-world application. Despite past challenges—including negative media coverage and regulatory resistance—blockchain payments are increasingly recognized by financial institutions and users for their ability to transcend trust boundaries, improve efficiency, and reduce costs. Global adoption of blockchain payments is accelerating, especially in cross-border transactions, where the technology demonstrates clear advantages.
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