Bitget Daily Morning Report: U.S. Senate releases cryptocurrency market structure bill
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Bitget Daily Morning Report: U.S. Senate releases cryptocurrency market structure bill
Ethereum mainnet Fusaka upgrade will activate BPO fork; BTC and ETH fall in the short term as market volatility intensifies.
Navigating Web3 tides with focused insightsAuthor: Bitget
Today's Outlook
1. White House: October non-farm and inflation data may never be released;
2. Market news: The U.S. House of Representatives has cleared a key procedural hurdle, paving the way for an all-chamber vote on the funding bill already passed by the Senate to end the government shutdown;
3. The Block: Active addresses on Solana have dropped to 3.3 million, hitting a 12-month low and sharply declining from the network’s peak of over 9 million active addresses in January this year;
4. SEC Chair Paul Atkins announced at the Philadelphia Fed’s fintech conference that the SEC will launch a new regulatory framework called "Token Taxonomy," aiming to redefine when crypto assets qualify as securities.
Macro Highlights
1. Market news: Japanese exchanges are studying ways to curb public companies' accumulation of cryptocurrencies;
2. U.S. Treasury Secretary: By 2030, stablecoin market size could grow tenfold from $300 billion;
3. U.S. White House: Trump signed the temporary funding bill at 10:45 a.m. today (UTC+8);
4. Market news: At a sensitive moment when Trump intensifies attacks on the Fed and internal re-election votes loom, hawkish Fed leader Phil Boestick chose to step down abruptly.
Market Trends
1. BTC down approximately 3.5%, ETH down approximately 5.2%, short-term market panic; total liquidations reached ~$120 million in the past 24 hours, mainly long positions;
2. U.S. stocks closed mixed, Dow leading with a gain of over 300 points, Nasdaq slightly retreating, global risk appetite weakening;
3. Bitget BTC/USDT liquidation map shows current liquidation pressure concentrated below key long support levels, with short liquidations more dispersed; short-term market volatility increasing, watch for support stabilization and rebound signals;
4. In the past 24 hours, BTC spot inflows were $2.86 billion, outflows $2.29 billion, net inflow of $570 million;
5. In the past 24 hours, BTC, ETH, USDT, XRP, BNB and other tokens led in net outflows in futures trading, potentially indicating trading opportunities;
News Updates
1. U.S. SEC is set to roll out a digital asset classification framework clarifying standards between securities and commodities;
2. Analysts: Cryptocurrency projects with market cap exceeding $100 million have declined from 477 in November 2021 to 388;
3. SoFi Technologies launches integrated crypto trading platform, becoming the first U.S. bank to operate both retail crypto and traditional services;
4. Ethereum Foundation: The account abstraction team jointly releases the “Trustless Manifesto” with Vitalik and places it on-chain.
Project Developments
1. Another associated address of Ethereum co-founder Taylor Gerring staked 7,455 ETH early this morning, worth approximately $25.35 million;
2. Sonic network to undergo mainnet upgrade, planning enhanced infrastructure performance;
3. SharpLink Q3 earnings: Total revenue up 1100% YoY, total crypto assets around $3 billion;
4. Since x402 launched, its network facilitators have processed over 18.82 million transactions, a 35x increase from May;
5. SoFi Technologies integrates crypto trading services, expanding digital banking operations;
6. FTX/Alameda redeems 193,800 SOL from staking and distributes them across 28 addresses;
7. Ethereum and Solana ETFs receive regulatory approval, supporting staking functionality to optimize asset liquidity;
8. Monad mainnet to officially launch on 2025-11-24, positioned as a high-performance Layer-1 blockchain solution;
9. IRS announces safe harbor policy for crypto staking ETF transactions, enhancing project compliance;
10. Beaconchain: Since July, daily active validators on Ethereum have declined by about 10%, reaching the lowest level since April 2024.
Disclaimer: This report is AI-generated, with human verification only for information accuracy; no investment advice is provided.
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