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During the TOKEN2049 conference in Singapore, the POP Night event was held, focusing on the integration of AI, DeFi, and culture. The event explored the development of DeFi 3.0 and DAT technology, and also launched the Web3 virtual idol NP and an ecosystem fund. Summary generated by Mars AI This summary was generated by the Mars AI model, and the accuracy and completeness of its content are still being iteratively updated.

In Brief Trump's tariff threat caused a major sell-off in the crypto market. Unreported data and government shutdown intensified uncertainties among investors. Resilience in the market suggests potential for a strong recovery.

In Brief The crypto market grappled with fear after Trump's tariff announcement on China. Bitcoin prices and the Crypto Fear & Greed Index dropped significantly. Some analysts see the market's fear as a potential buying opportunity.


Ethereum spot ETFs saw $175M in outflows on October 10, while Bitcoin ETFs remained relatively stable.Bitcoin ETFs Remain ResilientWhat This Means for Investors

The crypto market briefly lost $530 billion before bouncing back to a $3.7 trillion valuation.Fast Recovery to $3.7 Trillion Market CapWhat’s Next for Crypto Investors?
- 15:50Viewpoint: USDe is a financial certificate rather than a stablecoin; the misalignment in marketing narrative aims to secure more use cases.On October 11, Conflux co-founder Forgiven shared his views on USDe by Ethena Labs, stating that USDe is essentially a financial certificate rather than a stablecoin. Some users also pointed out that USDe is a Hedge Fund Product, but with a built-in rebase mechanism, its NAV can always be pegged to 1 USD. The narrative that "USDe is a stablecoin" is the biggest misalignment in its marketing positioning, which is of course intentional, as it can attract more use cases, such as payments, USD trading pairs, or margin collateral. In reality, however, USDe is a radical financial product innovation. Vida, founder of Formula News, commented that the source of this large-scale liquidation may have been "USDe arbitrageurs' looped lending positions being force-liquidated," causing the collateral capacity of USDe as a unified account collateral to decline, which in turn triggered more positions of market makers using USDe as margin to be force-liquidated. Subsequently, Ethena released a proof of reserves in response to market doubts, stating that USDe still has about 66 million USD in excess collateral.
- 15:18Data: Bitmine's total acquisition cost of Ethereum is approximately $12.934 billion, currently facing an unrealized loss of nearly $2.076 billion.ChainCatcher news, according to strategicethreserve data, the largest Ethereum holding institution, Bitmine, increased its holdings by 27,256 ETH today. It now holds 2,857,407 ETH, with a total acquisition cost of 12.934 billions USD and an average price of approximately 4,526 USD. Based on the current ETH price of 3,800 USD, its portfolio is currently valued at about 10.858 billions USD, facing an unrealized loss of approximately 2.076 billions USD.
- 14:23Bitmine increased its holdings by 27,256 ETH in the past hour, worth $104 million.According to Jinse Finance, on-chain analytics platform Lookonchain has monitored that Bitmine, the largest Ethereum holding institution, purchased another 27,256 ETH within the past hour, valued at $104 million. Previous reports stated that Bitmine Chairman Tom Lee mentioned that the decline was expected and that the probability of an increase in the following week is quite high.