Crypto Morning Brief: Ethereum rebounds above $4,000; this week tokens including FTN, CONX, and ARB will undergo large-scale unlocks
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Crypto Morning Brief: Ethereum rebounds above $4,000; this week tokens including FTN, CONX, and ARB will undergo large-scale unlocks
Binance will compensate users affected by the USDE, BNSOL, and WBETH depegging incidents.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Trump said early today: Everything will be fine, the U.S. wants to help China, not harm China
U.S. President Trump posted on social media early today saying, "Don't worry about China. Everything will be fine. The United States wants to help China, not hurt China."
Analysis: The impact of the crypto market's "October 11 flash crash" may take days or even weeks to fully emerge
According to Wall Street Insights, after the "October 11 flash crash," the crypto market has begun to recover some ground, but the full impact of the event could take days or even weeks to become clear. Industry insiders have shared their views:
1. Edward Chin, CEO of crypto hedge fund Parataxis, said he suspects there will be news in the coming days or weeks about funds being liquidated or market makers suffering severe losses.
2. Caroline Mauron, co-founder of Orbit Markets, pointed out that Bitcoin’s next major support level is at $100,000; a break below this level would mark the end of the past three years’ bull cycle.
3. Vincent Liu, CIO of Kronos Research, believes the recent plunge was triggered by tariff concerns but amplified by excessive institutional leverage, highlighting the tight link between cryptocurrencies and macroeconomic conditions.
Binance to compensate users affected by USDE, BNSOL, and WBETH depegging events
Binance released an announcement titled “Notice on Handling of USDE, BNSOL, and WBETH Depegging Events and Risk Control Optimization.” The notice stated that Binance has completed a comprehensive review of the incident and will compensate all affected futures, margin, and lending users within 72 hours. Compensation will be automatically credited to affected users’ accounts. All affected futures, margin, and lending users who held USDE, BNSOL, and WBETH as collateral and were impacted by the depegging between 05:36 and 06:16 on October 11, 2025 (UTC+8), will receive differential compensation. The exact amount will be calculated based on the difference between the market price at 08:00 on October 11, 2025, and the liquidation price. Users falling outside these criteria can contact Binance customer service for manual assistance via a form submission, which will be reviewed case by case. Additionally, to prevent recurrence, Binance will further strengthen risk controls and adjust relevant parameters as follows: 1) Add redemption prices into the index weighting for BNSOL, WBETH, and USDE; 2) Introduce a minimum price floor for the USDE index to enhance price stability; 3) Increase the frequency of risk parameter reviews to ensure dynamic adjustments according to market conditions.
Binance: Claims that “Binance product depegging caused market crash” are false; $283 million in compensation funds already distributed
Binance issued an early-morning announcement titled “Clarification on Recent Market Volatility and Latest Progress on User Protection Measures,” stating: “Firstly, it must be clarified: extreme market downturn occurred first, followed by product depegging. Claims from outside parties that ‘depegging triggered the market crash’ do not reflect the facts. After the extreme downward move, the market reached its lowest point between 05:20 and 05:21 on October 11, 2025 (UTC+8). The extreme depegging of Binance-related financial products (USDE, BNSOL, and WBETH) occurred after 05:36 on October 11, 2025 (UTC+8).
However, during subsequent volatility, the price deviation of these products still materially impacted certain users who used these assets as collateral. Therefore, the platform has decided to fully bear the losses incurred by users whose positions in futures, margin, and lending were liquidated due to the depegging of certain financial products (such as USDE, BNSOL, and WBETH) caused by this extreme market event. Compensation has been disbursed in two batches, totaling approximately $283 million. For detailed compensation rules, please refer to the previously published official announcement.”
Lighter announces compensation plan for LLP holders
Decentralized derivatives exchange Lighter posted on X, stating that LLP had a tough day over the past 24 hours with a return rate of -5.35%, and will release a detailed analysis tomorrow, including a compensation plan for LLP holders.
ZeroBase founder responds to withdrawal concerns, promises immediate capital injection to enable instant withdrawals
In response to rumors of ZeroBase collapsing circulating today, ZeroBase founder "Mirror Tang" (@mirrorzk) posted: "Those needing instant withdrawals, go ahead and withdraw fast—I’m injecting funds into the pool right now."
Hyperliquid founder: Hyperliquid operated normally during market volatility and activated ADL for the first time
Jeff, founder of Hyperliquid, tweeted that during recent market fluctuations, Hyperliquid maintained 100% uptime with no bad debt. This marks the first time Hyperliquid has implemented cross-margin auto-deleveraging (ADL) since launching over two years ago. ADL does not alter the outcome for any liquidated traders. While some ADL trades resulted in suboptimal pricing, the overall effect allowed traders to close positions at temporarily favorable prices, achieving significant profit and loss outcomes.
Analysis: Whale who “sold over $4.23 billion worth of BTC to rotate into ETH” likely linked to former exchange executive Garrett Jin
On-chain analyst Eye (@eyeonchains) posted on X indicating that the HyperLiquid whale holding over 100,000 BTC and selling more than $4.23 billion worth of BTC to rotate into ETH is likely associated with former exchange executive Garrett Jin. According to reports, in August and September this year, this whale used a series of wallets to sell over 35,000 BTC to buy ETH. Investigation revealed that the address deploying his staked ETH contract received funding from a wallet whose initial deposit originated from “ereignis.eth,” which is also linked to another ENS domain “garrettjin.eth,” pointing to X user @GarrettBullish.
The analysis further notes that Garrett Jin graduated from Boston University with a degree in economics in 2008, interned at China Construction Bank, founded Da Yo Trading (HK) in 2012, later joined a cryptocurrency exchange as operations director, and served as CEO of BitForex from 2017 to 2020—a platform embroiled in scandal over alleged fabricated trading volumes. In March this year, Hong Kong’s Securities and Futures Commission warned the public about potential virtual asset fraud linked to BitForex.
As of now, Garrett Jin reportedly still holds 46,295 BTC across multiple wallet addresses, valued at $5.19 billion.
Moomoo to integrate Fireblocks wallet services to expand crypto business in Singapore
According to Crowdfund Insider, trading platform Moomoo will integrate Fireblocks’ Wallet-as-a-Service (WaaS) infrastructure to expand and secure its digital asset offerings. The integration, scheduled for completion by the end of 2025, will connect Moomoo Singapore to the Fireblocks network, providing access to a broad range of liquidity providers.
Tokenization firm Securitize in merger talks with Cantor’s SPAC, valuation expected to exceed $1 billion
According to Bloomberg, blockchain tokenization investment firm Securitize is in talks with a blank-check company launched by Cantor Fitzgerald LP regarding a potential listing.
Insiders report that a merger between Securitize and Cantor Equity Partners II Inc. would value the combined entity above $1 billion. However, negotiations are ongoing, and Securitize may ultimately choose to remain private.
This week, tokens such as FTN, CONX, ARB, and others face large unlocks, totaling over $150 million
According to Token Unlocks data, large token unlocks are scheduled this week for FTN, CONX, ARB, and others, with a total value exceeding $150 million.
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FTN will unlock 20 million tokens on October 18, worth approximately $40.2 million, representing 2.04% of circulating supply;
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CONX will unlock 2.32 million tokens on October 15, worth approximately $32.79 million, representing 3.00% of circulating supply;
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ARB will unlock 92.65 million tokens on October 16, worth approximately $31.09 million, representing 1.99% of circulating supply;
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DBR will unlock 605 million tokens on October 17, worth approximately $17.64 million, representing 17.01% of circulating supply;
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STRK will unlock 127 million tokens on October 15, worth approximately $16.52 million, representing 5.64% of circulating supply;
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SEI will unlock 55.56 million tokens on October 15, worth approximately $12.71 million, representing 1.15% of circulating supply;
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ZK will unlock 173 million tokens on October 17, worth approximately $6.96 million, representing 3.49% of circulating supply;
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APE will unlock 15.6 million tokens on October 17, worth approximately $6.67 million, representing 1.69% of circulating supply;
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W will unlock 50.41 million tokens on October 17, worth approximately $4.02 million, representing 1.06% of circulating supply;
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MELANIA will unlock 26.25 million tokens on October 18, worth approximately $3.32 million, representing 5.30% of circulating supply;
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XCN will unlock 296 million tokens on October 15, worth approximately $2.93 million, representing 0.82% of circulating supply;
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PUFFER will unlock 19.17 million tokens on October 14, worth approximately $2.09 million, representing 24.72% of circulating supply;
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IOTA will unlock 12.37 million tokens on October 15, worth approximately $1.92 million, representing 0.33% of circulating supply;
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PIXEL will unlock 91.18 million tokens on October 19, worth approximately $1.76 million, representing 4.34% of circulating supply;
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ZKJ will unlock 15.53 million tokens on October 19, worth approximately $1.38 million, representing 4.19% of circulating supply;
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CYBER will unlock 886,120 tokens on October 14, worth approximately $992,450, representing 1.71% of circulating supply.
Market Updates
Suggested Reading
Largest liquidation day in crypto history: Lessons from the October 11 crash
This article describes how the cryptocurrency market experienced its largest-ever crash on October 11, with Bitcoin briefly dropping below $110,000, USDE depegging, and altcoins plunging sharply—resulting in $19.2 billion in liquidations within 24 hours affecting 1.64 million users. The crash stemmed from a confluence of macro policy shocks, high leverage, and the collapse of liquidity protection mechanisms. The author urges investors to remain cautious in the crypto market, prioritize risk management, and avoid full position liquidations due to extreme market movements.
This article discusses OpenAI’s transformation from a research lab into a vertically integrated “AI empire” focused on building Artificial General Intelligence (AGI). CEO Sam Altman reveals future strategies including aggressive infrastructure investments, energy solutions, the potential of AI scientists, and the necessity of vertical integration.
This article analyzes current market conditions and explores whether the bull market may be nearing its end. It highlights dangerous signals such as the perception that “bad news is good news,” where investors react positively to signs of economic slowdown, betting on potential Fed easing. The piece also draws parallels between today’s environment and the 1999 internet bubble, with AI as the central narrative driving markets despite risks of inflated valuations and speculative bubbles. The author warns investors about narrative-driven rather than fundamentals-based markets, noting that the “Buffett Indicator” has surpassed historical highs, suggesting the market may face sharp volatility and potential correction.
Trump reignites trade war: Macro factors behind dual declines in stocks and crypto
This article covers how Trump announced possible high tariffs on Chinese goods, while China responded with measures such as restricting rare earth exports and charging fees on U.S. ships, sparking market panic. Both stock and crypto markets plunged sharply, as investors worried about disrupted supply chains, rising inflation, and recession risks. Automated trading mechanisms amplified volatility, leading to concentrated selloffs in tech stocks. Future market direction depends on the extent of de-escalation in U.S.-China tensions.
Under extreme market conditions, why was your position suddenly force-liquidated?
This article explores how perpetual futures markets are essentially zero-sum games, where participants allocate cash within a system without actual BTC ownership. Long and short positions must be perfectly balanced, otherwise the system cannot function. The liquidation mechanism forcibly exits positions when funds are depleted. Perpetual futures are a virtual system where value isn’t created or destroyed but simulated through contracts mirroring spot market fluctuations.
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