Crypto Morning Brief: U.S. no longer considering 100% tariffs on China; major token unlocks for SUI, GRASS, EIGEN, etc. this week
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Crypto Morning Brief: U.S. no longer considering 100% tariffs on China; major token unlocks for SUI, GRASS, EIGEN, etc. this week
Western Union will pilot stablecoin transfer services.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Bessent: U.S. no longer considering 100% tariffs on China
According to Jinshi Data, the economic and trade teams from China and the U.S. concluded a two-day consultation in Kuala Lumpur, Malaysia. Reuters reported this marks the fifth face-to-face meeting between the two sides since May this year. After the talks, U.S. Treasury Secretary Bessent told American media that the negotiations achieved a "very substantive framework agreement," and the U.S. is "no longer considering" imposing 100% tariffs on Chinese goods.
Trump nominates Michael Selig as CFTC Chair
According to Jinshi Data, a government official revealed that Trump has selected Michael Selig to serve as chairman of the Commodity Futures Trading Commission (CFTC).
Selig is currently the chief legal counsel for the SEC’s cryptocurrency task force and previously served as an aide to SEC Chairman Paul Atkins.
Selig’s nomination marks Trump’s second attempt to fill the CFTC chair position—an office with relatively low visibility but potentially growing influence under pending crypto market structure legislation. Once nominated, Selig will require Senate confirmation.
Nikkei 225 breaks 50,000 for the first time; South Korea’s KOSPI surpasses 4,000
According to Jinshi Data, Japan’s Nikkei 225 index broke through the 50,000 mark for the first time, while South Korea’s KOSPI index surpassed 4,000 for the first time.
Ferrari plans to launch digital token “Token Ferrari 499P”
According to Reuters, Ferrari recently announced it will launch a digital token named “Token Ferrari 499P.” The token will be used to auction the Ferrari 499P race car, which has won the 24 Hours of Le Mans three times consecutively.
The initiative is being carried out in partnership with Italian fintech firm Conio and primarily targets members of its “Hyperclub,” a group of 100 top-tier clients passionate about endurance racing who can trade and bid on race car models.
The token is expected to debut at the start of the 2027 World Endurance Championship season, and Conio is applying for licensing under the EU’s new crypto regulations.
Giggle Academy: Never issued any cryptocurrency, token, or smart contract address
Giggle Academy posted on X: "We have discovered individuals impersonating Giggle Academy and our community to create fake coins. Important notice: Giggle Academy has never issued any cryptocurrency, token, or smart contract address.
Giggle Academy is dedicated to promoting free, high-quality education worldwide. We do not issue or endorse any tokens or investment projects, and we will never send DMs asking for money or requesting downloads.
If you encounter suspicious activity: Do not click unknown links. Do not send funds. Report impersonators. Stay vigilant and protect yourself from scams. We regret seeing bad actors misuse our name—thank you for helping us keep our community safe."
Solana to launch Alpenglow upgrade, significantly reducing validator operating costs and entry barriers
According to CoinDesk, Solana is set to roll out the Alpenglow upgrade by the end of this year or early 2026, which will significantly reduce validator operating costs and lower entry barriers.
Michael Repetny, CEO of Marinade Labs, revealed that running a Solana validator node currently costs around $5,000 per month, with $4,000 (80%) spent on voting fees. The Alpenglow upgrade will drastically cut these voting fees, making it more affordable for participants to operate validator nodes.
Besides cost reduction, Alpenglow will also enhance network bandwidth, reduce latency, improve validator economics through better block packing, and curb malicious MEV (Maximum Extractable Value) activities. However, the upgrade may impose higher hardware requirements on validators.
Singer JJ Lin shares photo with Vitalik, captioning “Great to have an in-depth conversation”
Singer JJ Lin shared a photo with Ethereum co-founder Vitalik Buterin on social media, captioning: “Great to have an in-depth conversation with @vitalik.eth.official! We discussed how technology can inspire more people to live sustainably and mindfully.”
CZ: Kyrgyzstan’s national stablecoin to launch on BNB Chain
CZ posted on X about his visit to Kyrgyzstan, disclosing several developments:
1. Kyrgyzstan’s national stablecoin will launch on BNB Chain;
2. Kyrgyzstan’s central bank digital currency (CBDC) is ready for rollout, intended for government-related payments;
3. Kyrgyzstan has established a national cryptocurrency reserve including BNB;
4. Binance Academy has partnered with 10 leading universities;
5. The Binance App has been fully localized into Kyrgyz.
Western Union to pilot stablecoin transfer service
According to Cointelegraph, financial services company Western Union will pilot a stablecoin-based settlement system to modernize remittance services for its over 150 million customers.
Western Union CEO Devin McGranahan stated during the Q3 earnings call that the pilot project "focuses on leveraging on-chain settlement rails to reduce reliance on traditional correspondent banking, shorten settlement windows, and improve capital efficiency." He emphasized the company sees "significant opportunities to transfer funds faster, more transparently, and at lower cost without compromising compliance or customer trust."
With approximately 70 million transfers processed quarterly, Western Union noted the stablecoin service will offer users greater choice and control, particularly valuable for users in high-inflation countries who benefit from holding dollar-denominated assets.
AI infrastructure firm Crusoe raises initial $1.375B in Series E, backed by Franklin Templeton
According to Globenewswire, AI infrastructure company Crusoe announced the initial close of a $1.375 billion Series E round, co-led by Valor Equity Partners and Mubadala Capital, with participation from 137 Ventures, 1789 Capital, Activate Capital, Altimeter Capital, Fidelity Management & Research Company, Founders Fund, and Franklin Templeton. The new capital will fund the construction of its data centers.
Earlier reports indicated Crusoe had engaged in Bitcoin mining and received investments from multiple crypto firms but sold its Bitcoin mining operations to NYDIG in March this year.
This week, SUI, GRASS, EIGEN and other tokens face large unlocks totaling over $300 million
According to Token Unlocks data, several tokens will undergo major unlock events this week:
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SUI unlocks 43.96 million tokens on November 1, worth ~$117 million, representing 1.21% of circulating supply;
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GRASS unlocks 181 million tokens on October 28, worth ~$80.27 million, representing 72.40% of circulating supply;
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EIGEN unlocks 36.82 million tokens on November 1, worth ~$44.55 million, representing 12.10% of circulating supply;
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OMNI unlocks 7.99 million tokens on November 2, worth ~$23.97 million, representing 30.30% of circulating supply;
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JUP unlocks 53.47 million tokens on October 28, worth ~$23.29 million, representing 1.72% of circulating supply;
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ENA unlocks 40.63 million tokens on November 2, worth ~$20.73 million, representing 0.60% of circulating supply;
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ZORA unlocks 167 million tokens on October 30, worth ~$15.51 million, representing 4.55% of circulating supply;
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KMNO unlocks 229 million tokens on October 30, worth ~$14.86 million, representing 5.99% of circulating supply;
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OP unlocks 31.34 million tokens on October 31, worth ~$14.59 million, representing 1.71% of circulating supply;
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IMX unlocks 24.52 million tokens on October 31, worth ~$13.77 million, representing 1.24% of circulating supply;
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SIGN unlocks 290 million tokens on October 28, worth ~$12.07 million, representing 21.48% of circulating supply;
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ZETA unlocks 44.26 million tokens on November 1, worth ~$5.56 million, representing 4.13% of circulating supply;
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REZ unlocks 424 million tokens on October 30, worth ~$4.62 million, representing 8.79% of circulating supply;
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W unlocks 50.41 million tokens on October 31, worth ~$3.83 million, representing 1.04% of circulating supply;
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TREE unlocks 11.25 million tokens on October 29, worth ~$2.17 million, representing 6.12% of circulating supply;
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IOTA unlocks 12.37 million tokens on October 29, worth ~$1.87 million, representing 0.33% of circulating supply;
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GUN unlocks 87.58 million tokens on October 30, worth ~$1.74 million, representing 7.25% of circulating supply;
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YGG unlocks 10.68 million tokens on October 27, worth ~$1.52 million, representing 1.25% of circulating supply;
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AI unlocks 18.21 million tokens on November 1, worth ~$1.5 million, representing 4.14% of circulating supply;
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DYDX unlocks 4.17 million tokens on November 1, worth ~$1.48 million, representing 0.58% of circulating supply.
Market Update
Suggested Reading
Coinbase’s Acquisition of Echo: Cobie’s 13-Year Journey from $200 Entry to Fame and Fortune
This article details Coinbase’s $375 million acquisition of Echo, a crypto fundraising platform founded by Jordan "Cobie" Fish. Cobie entered the crypto industry in 2012 with $200, weathered multiple market cycles, and eventually became a key figure and investor in the space. Through developing tools, successful investments (such as Lido), and launching the popular podcast UpOnly, he built significant influence and wealth. Echo’s success stems not only from its fundraising function but also from Cobie’s extensive network and reputation within the crypto community. This acquisition marks a major milestone in Cobie’s 13-year crypto career.
From Bot Wallet to One-Stop Financial Ecosystem: The Evolution of Cwallet 3.0
This article introduces Cwallet, a project that started as a bot wallet and has evolved into a one-stop Web3 financial ecosystem. It details Cwallet’s development journey, functional evolution, and future roadmap, highlighting its unique advantages in user experience, security, feature diversity, and market expansion.
Interview with Coinbase CBO: Why Did We Acquire Cobie’s Echo Platform?
This article explores Coinbase Chief Business Officer Shan Aggarwal’s insights on the Echo acquisition and Coinbase’s strategic goals and implementation paths regarding on-chain capital markets, M&A strategy, tokenized stocks, and prediction markets. Through acquiring Echo, Coinbase aims to provide more open and transparent financial services globally and gradually realize the on-chain transformation of capital markets.
Reviewing the Stable Deposit Campaign Timeline: A Victory of Front-Running and Insider Access
This article analyzes how the Stable project’s pre-deposit campaign saw its $825 million allocation sell out almost instantly, with most slots filled before the official announcement. Ninety percent of the capacity was taken up 15–20 minutes prior, and 20 addresses controlled $700 million, leaving ordinary users with virtually no access. The piece highlights how retail participants are disadvantaged in information-asymmetric markets and urges them to enhance on-chain monitoring skills, technical capabilities, or adapt their strategies accordingly.
Boros: Consuming DeFi, CeFi, TradFi—Unlocking Pendle’s Next 100x Growth Engine
This article focuses on Boros, a protocol launched by Pendle that innovatively transforms funding rates into tradable standardized assets, creating a high-scale, high-volatility, high-yield market. Boros has sparked wide discussion in the DeFi space, offering users new yield opportunities through diverse functions and strategies, and driving overall growth of the Pendle ecosystem.
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