Crypto Morning Brief: Senate has enough votes to pass bill ending shutdown; this week APT, LINEA, AVAX and other tokens will undergo large unlocks
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Crypto Morning Brief: Senate has enough votes to pass bill ending shutdown; this week APT, LINEA, AVAX and other tokens will undergo large unlocks
The fourth round of FTX repayments is expected in January 2026, with the deadline for confirming distribution eligibility likely in December.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Source: Senate has secured enough Democratic support to pass bill ending government shutdown
According to Jinshi Data, sources indicate that the U.S. Senate Democratic caucus has secured at least eight votes in favor of reaching a negotiated agreement to end the government shutdown, ensuring sufficient Democratic support to pass legislation ending the shutdown.
U.S. consumer confidence drops to second-lowest level on record, below 2008 recession levels
Latest data from the University of Michigan shows the U.S. consumer sentiment index fell 3.3 points to 50.3 in November, marking the second-lowest level in history and significantly below the expected 53.0. This marks the fourth consecutive month of decline for the index.
The current conditions index dropped 6.3 points to 52.3, hitting a historic low; the consumer expectations index declined 1.3 points to 49.0, the third-lowest since July 2022. Notably, the current consumer sentiment level is now lower than during all previous economic recessions, including the 2008 financial crisis.
Analysts point out that despite official inflation data showing some relief, prices for essential goods remain high, leading American consumers to widely feel economic pressure, with many believing the U.S. is already in a recession.
U.S. CFTC may allow stablecoins as acceptable tokenized collateral
According to CoinDesk, Congress has been attempting to grant the U.S. Commodity Futures Trading Commission (CFTC) greater direct authority over the crypto spot market. Sources reveal that the CFTC is developing a tokenized collateral policy expected to launch early next year, which may allow stablecoins to be used as acceptable tokenized collateral in derivatives markets. The initiative could first be piloted at U.S. clearinghouses, accompanied by stricter regulations requiring greater disclosure on positions, large traders, trading volumes, and more detailed reporting on operational incidents.
Chan Mo-po: HKMA proposes over 40 initiatives at FinTech Week, focusing on financial tokenization and other areas
Hong Kong Financial Secretary Chan Mo-po published a blog post titled "Financial Technology and Innovation Reinforce Each Other," noting that the Hong Kong Monetary Authority (HKMA) introduced over 40 specific initiatives at FinTech Week. The "FinTech 2030" strategy focuses on financial tokenization, payment infrastructure, artificial intelligence, and other fields. Chan also disclosed that startups under Cyberport and Science Park raised HK$6 billion in financing over the past year, with several companies going public and raising a total of HK$5.2 billion.
Re7 Labs releases xUSD depeg impact report: Approximately $13 million affected by Stable Labs, no response received yet
Re7 Labs has released an impact report on the xUSD depeg event, revealing that funds affected by Stable Labs exceed $13 million. Key findings include:
1. Stream-xUSD: The CEO of Stream has assured financial stability unaffected by market events. Stream has partially repaid loan positions on Plasma and Re7 Labs' treasury on Worldchain with $7 million worth of USDC. To prevent further exposure, Re7 Labs has withdrawn all funds from the Earn treasury out of the xUSD market. Additionally, the xUSD market cap has been set to zero and removed from the Euler Earn treasury supply queue.
2. Elixir-deUSD and sdeUSD: After discovering last week that borrowers using deUSD and sdeUSD as collateral appeared linked to Stream, Re7 Labs began reducing exposure to both Stream and Elixir by lowering investment caps and withdrawing funds from markets involving xUSD, deUSD, and sdeUSD. All borrowing positions using sdeUSD as collateral have now been fully repaid on Plume.
3. Stable Labs-USDx and SUSDx: Communication this week with Stable Labs CEO Flex revealed he may be facing difficulties. Re7 Labs has requested he deposit liquidity to enable user exits. Funds affected by Stable Labs amount to approximately $13,114,000, and no response has been received so far.
Re7 Labs stated it is seeking legal advice and will develop appropriate legal and strategic responses after a comprehensive assessment of the incident.
Hourglass: Second phase of Stable pre-deposit campaign now open for KYC verification
Hourglass announced on X that the second phase of the Stable pre-deposit campaign is now open for KYC verification. Over 24,000 wallets (total deposits around $1.74 billion) have successfully passed initial wallet screening.
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Each user must complete KYC by 23:59 UTC on Tuesday, November 11;
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Users who previously failed to complete KYC can do so during this window. If you deposited USDC but did not receive a KYC link, your wallet did not pass Chainalysis screening, and you may withdraw USDC directly from the contract at any time;
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KYC links are only accessible via the Hourglass frontend in the user dashboard. Do not trust links received from other channels;
If your KYC review is rejected, do not resubmit immediately. Re-review procedures will be posted soon on Hourglass Discord.
Coinbase official post hints at possible Launchpad platform launch
Coinbase posted a video on X with the caption: "It doesn't have to be this way." The video repeatedly mentions terms like Launchpool and Launches. Combined with comments, this may hint at the launch of its Launchpad platform on November 10.
FTX fourth round repayment expected January 2026, distribution eligibility deadline possibly in December
Sunil, FTX creditor representative, tweeted that FTX’s total assets before creditor repayments were between $16–17 billion. Repayments included $454 million on February 18, 2025, $5 billion on May 30, 2025, and $1.6 billion on September 30, 2025, totaling $7.1 billion repaid so far.
The next repayment is expected in January 2026, with the deadline to confirm distribution eligibility likely in December (Sunil noted the exact date awaits official announcement).
Bitget appoints Ignacio Aguirre Franco as Chief Marketing Officer (CMO)
Bitget announced the appointment of Ignacio Aguirre Franco as Chief Marketing Officer (CMO). With over fifteen years of experience in technology, fintech, and blockchain, Ignacio has held senior roles at international firms such as Adobe, SAP, Scorechain, and Xapo Bank, bringing extensive expertise in global brand operations and user growth.
As CMO, Ignacio will focus on Bitget’s Universal Exchange (UEX) vision, driving seamless integration across CeFi, DeFi, and TradFi ecosystems to build a diversified financial system enabling users to “buy all global assets in one place.” He will also lead global brand strategy, enhance user engagement, refine product storytelling, and accelerate adoption of innovative products like Bitget’s on-chain trading, stock contracts, and GetAgent, providing key momentum toward the company’s goal of surpassing 150 million users by 2026.
JPMorgan takes stake in Ethereum reserve leader Bitmine, holding $102 million in value
JPMorgan filed a 13F-HR holdings report with the U.S. SEC on November 7, revealing that as of September 30, the bank held 1,974,144 shares in Bitmine Immersion Technologies, the world’s largest Ethereum reserve firm, valued at $102 million. Originally a Bitcoin miner, Bitmine transitioned into an Ethereum reserve company in 2025 and now holds over 3.24 million ETH, maintaining the largest global reserve position.
This week APT, LINEA, AVAX and other tokens face large unlocks, totaling over $200 million
According to Tokenomist, multiple tokens will undergo significant unlocks this week:
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APT will unlock 11.31 million tokens on November 11, worth ~$36.3 million, representing 0.49% of circulating supply;
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LINEA will unlock 2.88 billion tokens on November 10, worth ~$36.21 million, representing 16.44% of circulating supply;
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AVAX will unlock 1.67 million tokens on November 13, worth ~$29.62 million, representing 0.33% of circulating supply;
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CONX will unlock 2.32 million tokens on November 15, worth ~$29.19 million, representing 2.92% of circulating supply;
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ARB will unlock 92.65 million tokens on November 16, worth ~$27.78 million, representing 1.94% of circulating supply;
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STRK will unlock 127 million tokens on November 15, worth ~$18.84 million, representing 5.34% of circulating supply;
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WCT will unlock 124.89 million tokens on November 15, worth ~$15.73 million, representing 65.21% of circulating supply;
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CHEEL will unlock 20.81 million tokens on November 13, worth ~$13.73 million, representing 2.95% of circulating supply;
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SEI will unlock 55.56 million tokens on November 15, worth ~$10.14 million, representing 1.11% of circulating supply;
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LAYER will unlock 27.02 million tokens on November 11, worth ~$6.78 million, representing 9.51% of circulating supply;
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PEAQ will unlock 84.84 million tokens on November 12, worth ~$6.49 million, representing 5.57% of circulating supply;
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USUAL will unlock 175 million tokens on November 14, worth ~$5.94 million, representing 18.78% of circulating supply;
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BB will unlock 60.85 million tokens on November 13, worth ~$5.65 million, representing 7.52% of circulating supply;
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IO will unlock 13.29 million tokens on November 11, worth ~$4.23 million, representing 5.55% of circulating supply;
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W will unlock 50.41 million tokens on November 14, worth ~$3.3 million, representing 1.03% of circulating supply;
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XCN will unlock 296.38 million tokens on November 15, worth ~$2.01 million, representing 0.81% of circulating supply;
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AGI will unlock 69.03 million tokens on November 11, worth ~$1.86 million, representing 3.89% of circulating supply;
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IOTA will unlock 12.37 million tokens on November 12, worth ~$1.76 million, representing 0.33% of circulating supply;
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PUFFER will unlock 19.17 million tokens on November 13, worth ~$1.65 million, representing 19.78% of circulating supply;
Market Movements
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