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Bitcoin has reached a new all-time high above $125,700 on October 6, as strong inflows into spot exchange-traded funds (ETFs) and falling exchange balances pushed the market higher.



<a href="https://blockworks.com/analytics/bitcoin">According</a> to Blockworks Research, roughly $3.5 billion of net ETF inflows in August reversed earlier summer outflows, setting a foundation for renewed accumulation.



September followed with a 5% month-over-month rebound, while exchange balances continued to decline — a sign that long-term holders are keeping coins off trading venues.



Miner fundamentals also support the advance: With estimated breakevens near $108,000 and hashrate and difficulty both at or near records, network security remains high and margins positive.



With about 94.9% of the total 21 million bitcoin supply already mined and annual issuance growth below 1%, scarcity continues to tighten. This breakout also comes after gold <a href="https://finance.yahoo.com/news/inflation-adjusted-gold-price-hits-185401716.html">set</a> its own all-time high above $3,800 in late September, historically a bullish precursor for bitcoin.&nbsp;



Seasonality adds tailwinds, with October often delivering double-digit gains.



However, open interest in bitcoin derivatives hovers near cycle highs, leaving room for sharp intraday reversals if leveraged positions unwind. Analysts at Blockworks Research <a href="https://app.blockworksresearch.com/flashnotes/bitcoin-september-2025-update">note</a> that sustained ETF demand and stable funding conditions will be critical for consolidation above prior highs.



If momentum holds, bitcoin’s “staircase” pattern of rallies and consolidations may extend into the final quarter of 2025.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Bitcoin

Bitcoin price sets new all-time high above $125K

Uniswap Labs announced on Monday, that it has acquired Guidestar, a stealth team focused on automated market maker (AMM) and routing technology.



The move brings Guidestar’s engineers, including founder Alex Nezlobin, to strengthen research on advanced market design and execution. <a href="https://blog.uniswap.org/guidestar-joins-uniswap-labs">According</a> to Uniswap Labs, the acquisition builds on Uniswap v4’s enhanced flexibility, which allows developers to tailor liquidity pools and market structures for a range of assets — from stablecoins and liquid staking tokens to real-world assets and long-tail tokens.



Guidestar has been working to adapt AMMs to different market types and blockchain environments, including those using both priority ordering and first-come-first-serve transaction models. Uniswap said the combined effort will extend the protocol’s ability to serve diverse onchain markets with greater efficiency and flexibility.



In addition to market design, the acquisition will bolster Uniswap’s work on routing and execution, key to ensuring optimal swaps for users. Guidestar’s expertise will support improvements to UniswapX, an offchain and cross-chain protocol that aggregates liquidity beyond traditional pools.



Uniswap Labs said the goal is to make its products the fastest and most reliable path to competitive liquidity in decentralized finance.



The acquisition continues Uniswap’s broader push toward scalable and transparent market infrastructure. No acquisition terms were disclosed.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

AMMs

Uniswap Labs acquires Guidestar to advance AMM and routing research

Donovan Choy

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Bee Maps has raised $32 million to scale its DePIN mapping network, with Pantera Capital, LDA Capital, Borderless Capital and Ajna Capital participating in the round. Hivemapper, Inc. now operates under the brand name Bee Maps.



Alongside the raise, Bee Maps is introducing a new subscription-based “Bee Membership” to improve accessibility for contributors. Instead of paying $589 upfront for the Bee LTE device, drivers in the US can now get hardware, LTE connectivity and Beekeeper fleet software bundled for $19 per month on a 24-month term.



Hivemapper CEO Ariel Seidman frames the network’s challenge as one of supply rather than demand. The funding is earmarked to quickly expand coverage and scale contributor rewards so Bee Maps can meet a backlog of enterprise needs across navigation, automotive and city planning.



The company’s go-to-market momentum has grown through a string of notable customers in the past year.



Bee Maps <a href="https://beemaps.com/blog/bee-maps-adds-lyft-as-customer">announced</a> in May that ride-hailing company Lyft was sourcing real-time, crowdsourced street-level data to improve routing and support its autonomous strategy, while Volkswagen’s autonomous vehicle unit was <a href="https://x.com/aseidman/status/1942600814591082523">revealed</a> in July to be leveraging Bee Maps for robotaxi mapping data.&nbsp;



Bee Maps’ site also highlights media and mapping companies like NBCUniversal, Mapbox and HERE (formerly Nokia HERE) among users of its technology.&nbsp;



CEO Ariel Seidman tells me: “These aren’t small pilots; some of these are six and seven-figure deals,” noting that interest from those companies is driven by Bee’s ability to deliver data they can’t obtain elsewhere.



Companies “want broader coverage, especially in smaller markets like Des Moines. Dropping the Bee price from a $500 upfront cost to $19 a month changes who can participate. It turns this from a niche device into something anyone can deploy anywhere.”



Built on the Hivemapper Network, Bee Maps uses an edge-based AI pipeline to convert contributor imagery into dynamic map features.&nbsp;



By bootstrapping the supply side of the network with token rewards, Hivemapper is able to produce fresher map data at about a faster rate of <a href="https://x.com/aseidman/status/1753600670857671092">5-6x</a> than those supplied by incumbents like Google Maps and Apple Maps that traditionally rely on infrequent fleet surveys to refresh data.



According to Hivemapper official data, the network has mapped 644 million km of roads in total, including 21 million km in unique roadway.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1442" height="482" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=1024&amp;h=1024" alt="" class="wp-image-108694" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=1442 1442w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-13.png?w=80 80w" sizes="auto, (max-width: 1442px) 100vw, 1442px" /><figcaption class="wp-element-caption">Source: <a href="https://hivemapper.com/">Hivemapper</a></figcaption></figure>







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<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

DePIN

Hivemapper raises $32M, launches new subscription for Bee dashcams

Galaxy Digital Inc. has launched GalaxyOne, a new consumer-focused financial platform led by Zac Prince, the co-founder and former chief executive of BlockFi Inc. — the crypto lender that collapsed after the fall of FTX in 2022.



The platform <a href="https://www.bloomberg.com/news/articles/2025-10-06/blockfi-founder-zac-prince-returns-to-lead-galaxy-s-retail-push">combines</a> high-yield banking, crypto trading, and commission-free stock brokerage in one app, marking Galaxy’s first direct move into retail finance.



Prince <a href="https://x.com/GalaxyOneZac/status/1975171091204059412">joined</a> Galaxy earlier this year after the firm’s acquisition of Fierce, a personal finance app, to lead the integration and relaunch under the Galaxy brand. GalaxyOne offers a 4% APY cash account insured by Cross River Bank and the FDIC up to $250,000, along with crypto trading for Bitcoin, Ethereum, Solana and Paxos Gold.



A premium yield product offering 8% APY is <a href="https://x.com/galaxyhq/status/1975173116428234999">available</a> to accredited investors, though it is not FDIC-insured and is guaranteed only by a Galaxy subsidiary.



Prince said the new platform reflects lessons from BlockFi’s downfall, which resulted from risky lending practices and a lack of registration with the US Securities and Exchange Commission (SEC)—issues that led to a $100 million settlement in 2022.&nbsp;



He described Galaxy’s approach as “much more conservative,” emphasizing strengthened risk controls and regulatory alignment. Galaxy’s risk team has quadrupled in size in recent years, underscoring a shift toward institutional-grade oversight.



The launch follows Galaxy’s NASDAQ listing and aligns with broader efforts by firms such as Robinhood Markets Inc. to merge banking and crypto services. Shares of Galaxy Digital rose 5% to $38.06 after the announcement, tripling over the past year as the company expands beyond institutional trading into the retail market.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Banking

Galaxy Digital launches retail platform led by ex-BlockFi CEO

Switzerland’s gambling authority Gespa has opened a preliminary investigation into FIFA’s sale of blockchain-based tokens that grant fans the right to purchase tickets for matches at the 2026 World Cup.



Bloomberg <a href="https://www.swissinfo.ch/eng/fifas-blockchain-based-ticketing-system-for-2026-world-cup-faces-preliminary-probe/90122003">reported</a> on Monday that the regulator is determining whether FIFA’s “Right to Buy” tokens constitute a form of gambling under Swiss law. Gespa director Manuel Richard said the offering “may be relevant under gambling legislation” and that further fact-finding will decide whether regulatory action is warranted.



The tokens, developed with blockchain firm Modex Tech Ltd., allow holders to buy tickets for specific matches once sales open. Some are tied to national teams, such as the $999 “Right to Final: England” token, which guarantees access to the final only if the chosen team qualifies.&nbsp;



The structure has raised questions about speculative behavior, since most buyers will not receive tickets if their teams fail to advance. FIFA reportedly earned around $15 million from these sales, <a href="https://www.nytimes.com/athletic/6609001/2025/09/08/fifa-collect-world-cup-tickets-2026/">according</a> to The Athletic.



The 2026 tournament — hosted across the U.S., Mexico, and Canada — is projected to generate $11 billion for FIFA.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<ul class="wp-block-list">
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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

FIFA

FIFA faces Swiss probe over blockchain ticket tokens

Ondo Finance has completed its acquisition of Oasis Pro, a regulated digital asset broker-dealer and alternative trading system (ATS).



The deal, announced in October 2025, provides Ondo with SEC-registered broker-dealer, ATS, and transfer agent designations. This will <a href="https://ondo.finance/blog/ondo-acquires-oasis-pro">enable</a> it to operate compliant markets for tokenized securities within the United States.



Founded in 2019, Oasis Pro operates as a FINRA-member broker-dealer and SEC-registered transfer agent, and was among the first firms authorized to support digital securities settlement in both fiat and stablecoins such as USDC and DAI.&nbsp;



Its infrastructure enables issuance, transfer, and secondary trading of tokenized real-world assets (RWAs), including equities, corporate debt, and structured products.



With this acquisition, Ondo Finance gains a regulatory foundation to bridge traditional capital markets with blockchain-based infrastructure. The firm, which has $1.6 billion in tokenized assets under management, plans to build out compliant tokenized securities offerings accessible to US investors.



CEO Nathan Allman said the acquisition represents “the most comprehensive suite of licenses and infrastructure necessary to develop regulated tokenized securities markets in the US.”



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<ul class="wp-block-list">
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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

M&amp;A

Ondo Finance finalizes Oasis Pro acquisition to expand US tokenized securities platform

Grayscale Investments has just launched the first US-listed spot crypto exchange-traded products (ETPs) offering staking.



The Grayscale Ethereum Trust ETF (ETHE) and Grayscale Ethereum Mini Trust ETF (ETH) now <a href="https://www.globenewswire.com/news-release/2025/10/06/3161548/0/en/Grayscale-Launches-First-Staking-Spot-Crypto-ETPs-in-U-S.html">enable</a> Ether staking, while the Grayscale Solana Trust (GSOL) has activated staking capabilities ahead of its proposed uplisting as a spot Solana ETP.



The move provides traditional brokerage investors with access to staking rewards — previously confined to native crypto platforms — through regulated vehicles.



The products are not registered under the Investment Company Act of 1940, meaning they operate outside the framework governing traditional mutual funds and ETFs. Staking, the process of locking up tokens to secure proof-of-stake blockchains like Ethereum and Solana in exchange for rewards, introduces yield potential but also adds operational and network risks.&nbsp;



Grayscale said staking will be managed through institutional custodians and diversified validator networks to reduce single-party risk.



This marks the first time US investors can access staking yield through exchange-traded exposure to Ethereum and Solana, expanding upon regulatory acceptance that began with spot Bitcoin ETFs in January 2024 and spot Ether ETFs in July 2024.&nbsp;



Grayscale CEO Peter Mintzberg called the initiative “first mover innovation,” underscoring the firm’s role in shaping institutional crypto access.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

ETFs

Grayscale debuts first US spot crypto ETPs with staking

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forward-guidance" target="_blank" rel="noreferrer noopener">subscribe</a>.



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The weekend is just about here, and bitcoin is flirting with its all-time high.



With the government shutdown delaying new potential crypto ETF launches, we can focus today on the US bitcoin funds that have seen ~$2.2 billion of inflows over the last four trading days.



(This is part of a broader “debasement trade” that analysts at a TradFi giant are only now starting to talk about. You’ll have to forgive them for not hearing about this when you did.)



When I wrote about the crypto market outlook for October, bitcoin was in the $117,500 range. It has since surged above $123,000 — sitting 1% off its all-time high at midday.



As many have turned attention to the expected launches of crypto ETFs holding SOL, LTC, XRP, etc., the <a href="http://google.com/search?q=blockworks+shutdown&amp;sca_esv=7c4197be7832523f&amp;rlz=1C5CHFA_enUS1069US1072&amp;ei=kPPfaPacC5Ki0PEP-PrzqAI&amp;ved=0ahUKEwj2pOvRs4iQAxUSETQIHXj9HCUQ4dUDCBA&amp;uact=5&amp;oq=blockworks+shutdown&amp;gs_lp=Egxnd3Mtd2l6LXNlcnAiE2Jsb2Nrd29ya3Mgc2h1dGRvd24yBRAhGKABMgUQIRigATIFECEYoAEyBRAhGKABSLEEUGBY0QNwAHgCkAEAmAGSAqABjQWqAQUwLjEuMrgBA8gBAPgBAZgCA6ACjwPCAgQQABhHmAMA4gMFEgExIECIBgGQBgiSBwUxLjEuMaAH-wyyBwUwLjEuMbgHhQPCBwUwLjIuMcgHDA&amp;sclient=gws-wiz-serp">government shutdown</a> (and therefore SEC pause) gives us a chance to check back on the classics.&nbsp;&nbsp;



Spot bitcoin ETF inflows rebounded in September after the products bled $750 million in August. Though ether ETFs had stolen the show in August, capital flowing to those funds <a href="https://blockworks.co/news/ethereum-etf-momentum-collapses">slowed mightily</a> last month.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="909" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-12.png?w=1024&amp;h=1024" alt="" class="wp-image-108670" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-12.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-12.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-12.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-12.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-12.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-12.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-12.png?w=459 459w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-12.png?w=385 385w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-12.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The above chart doesn’t include Wednesday and Thursday, during which bitcoin ETFs reeled in another $676 million and $627 million, respectively — their highest inflow levels in three weeks.&nbsp;



On the odds of <a href="https://blockworks.co/news/btc-uptober-factors">another “Uptober”</a> playing out for BTC, 21Shares’ Matt Mena had noted the expected Fed rate cut later this month as a major tailwind. Bitcoin can benefit as both a “digital gold” hedge in times of fiscal uncertainty and as a high-beta risk asset when liquidity returns, he explained.&nbsp;



Felix mentioned in <a href="https://forward-guidance.beehiiv.com/p/shut-er-down">yesterday’s newsletter</a> how the ongoing government shutdown (and the delay of jobs data, for example) forces market watchers to lean on recent private payrolls data that showed labor market weakness. Essentially that means “the continuation of the rate-cutting cycle is a lock,” he explained.&nbsp;



Beyond the expected cut, Mena mentioned ETF flows as another reason bitcoin looks well-positioned to retest $124,000 and potentially reach between $140,000 and $150,000 before 2025 is through. The broader market could follow suit, he added.&nbsp;



“Total crypto market cap is poised to challenge the $5 trillion threshold — less than 25% above current levels,” Mena told me earlier this week. “That’s an achievable move considering Q4 2024 saw a 63% surge, with market cap climbing from $2.2 trillion in October to $3.6 trillion by year-end.”



JPMorgan analysts recently went on record saying bitcoin could reach $165,000 by the end of 2025 — noting the asset is undervalued relative to volatility-adjusted gold levels.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Per this CNBC reporting, the strategy favoring gold and Bitcoin now has a name: JP Morgan analysts are calling it &quot;the debasement trade.&quot;<a href="https://twitter.com/hashtag/economy?src=hash&amp;ref_src=twsrc%5Etfw">#economy</a> <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> <a href="https://twitter.com/jpmorgan?ref_src=twsrc%5Etfw">@jpmorgan</a> <a href="https://twitter.com/CNBC?ref_src=twsrc%5Etfw">@CNBC</a> <a href="https://t.co/tl1BOMCgz8">pic.twitter.com/tl1BOMCgz8</a>&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1973755997173989595?ref_src=twsrc%5Etfw">October 2, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



As we get set to see a <a href="https://blockworks.co/news/etfs-indexes-crypto-investing">widely expanding array</a> of crypto ETFs, it’s important to remember the role bitcoin plays in a portfolio is different from that of other crypto assets. I’m not telling bitcoin maxis anything they don’t already believe.&nbsp;



Remember what ETF.com analyst Sumit Roy told me about potential demand for the upcoming spot crypto ETFs? They won’t necessarily see flows from the investors who put a fraction of their wealth (2%, let’s say) in BTC as a diversifier and/or hedge.



This ETF-focused Oct. 15 panel at <a href="https://blockworks.co/event/digital-asset-summit-2025-london/home">DAS London</a> with execs from BlackRock and 21Shares is an extra timely one.



<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="1000" height="628" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-11.png" alt="" class="wp-image-108669" style="width:572px;height:auto" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-11.png?w=1000 1000w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-11.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-11.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-11.png?w=409 409w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-11.png?w=416 416w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-11.png?w=349 349w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-11.png?w=80 80w" sizes="auto, (max-width: 1000px) 100vw, 1000px" /></figure>



Another possible tailwind for bitcoin ETFs would be a brokerage firm like Vanguard allowing clients to trade them. This has come up again after a recent <a href="https://www.bloomberg.com/news/articles/2025-09-29/vanguard-weighs-allowing-trading-of-crypto-etfs-a-big-reversal">report</a> that the index fund giant was weighing that possibility. While Vanguard hasn’t responded to me about this report, it’s historically made its crypto stance (or should I say <a href="https://blockworks.co/news/tradfi-crypto-vanguard-stands-apart-bitcoin">anti-crypto stance</a>) very clear. A Vanguard spokesperson has previously told me the firm “continuously evaluates” its brokerage offerings, so this report doesn’t seem too different from that language. Many believe, of course, Vanguard will ultimately cave.&nbsp;



I’ve rambled enough for a Friday. If you’re in a place with seasons, go enjoy this autumn weather.&nbsp;&nbsp;



— Ben Strack



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ETF inflows, ‘debasement trade’ fuel bitcoin’s climb above $123K

Samsung Electronics has partnered with Coinbase to expand cryptocurrency access to more than 75 million Galaxy users in the United States, with plans to extend the effort globally.



Beginning October 3, Samsung Wallet users can access Coinbase One, the exchange’s premium membership program, directly from their devices. The <a href="https://www.coinbase.com/blog/Samsung-taps-Coinbase-to-bring-crypto-to-more-than-75-million-Galaxy-users">collaboration</a> aims to simplify crypto adoption by combining Samsung’s mobile reach with Coinbase’s trading and custody infrastructure.



Coinbase One offers zero trading fees on certain transactions, enhanced staking rewards, dedicated customer support, and limited account protection against unauthorized transfers. A Coinbase debit card, allowing crypto-based payments and rewards, is also tied to the service.



The integration builds on Coinbase’s recent push into mainstream payment tools, including a live rollout of its Samsung Pay feature for US users.



“Together with Samsung, we’re pairing their global scale with Coinbase’s trusted platform to deliver the best value for people to access crypto,” said Shan Aggarwal, Chief Business Officer at Coinbase.



Drew Blackard, Senior Vice President of Mobile Product Management at Samsung Electronics America, added “Samsung Wallet is a trusted tool to millions of Galaxy users, and we’re continually working to find creative ways to enhance the experience with added functionality,” going on to call Coinbase an “ideal partner” in achieving this mission.



This marks one of the largest exchange–hardware partnerships since Apple Pay’s limited crypto wallet integrations.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Coinbase

Galaxy users gain Coinbase One access through Samsung Wallet

The European Central Bank (ECB) has chosen technology providers to deliver core services for a potential digital euro.



In a notice <a href="https://www.ecb.europa.eu/press/intro/news/html/ecb.mipnews251002.en.html">published</a> on October 2, the ECB said it had signed framework agreements with firms responsible for alias lookup, fraud and risk management, app development, offline payments, and secure exchange of payment information. Service requests will first go to the primary provider in each category, with a second vendor available if needed.



Among the selected companies are Feedzai and Capgemini Deutschland for fraud management, Almaviva and Fabrick for app and software development, and Giesecke+Devrient for offline payment solutions. EquensWorldline and Senacor FCS were chosen for secure information exchange, while Sapient GmbH and Tremend Software Consulting are included in multiple categories.&nbsp;



One additional provider for offline services will be announced later, according to the note.



The ECB stressed that the agreements involve no payments at this stage and include safeguards to adapt scope in line with European Union legislation. A decision to issue a digital euro will only follow adoption of the Digital Euro Regulation, which remains under debate. Development of specific components will depend on future approval from the ECB Governing Council.



The initiative reflects the EU’s ongoing effort to create a central bank digital currency (CBDC) that could coexist with cash, improve payment efficiency, and reduce reliance on private stablecoins. Even if ultimately adopted, however, a digital euro may not be launched until the end of the decade.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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ECB picks providers for digital euro components

Casey Wagner

As the US government shutdown enters its second day, the crypto industry is left wondering how the closure will impact pending regulatory matters.



Currently in limbo: the crypto market structure bill, the status of GENIUS Act policies, and the timeline for approving certain spot crypto ETFs.



<h2 class="wp-block-heading">Spot crypto ETFs&nbsp;</h2>



Perhaps the most direct impact the government shutdown is expected to have on the crypto industry is that new spot crypto ETFs will be delayed.&nbsp;



The Securities and Exchange Commission <a href="https://www.sec.gov/files/sec-plan-operations-during-lapse-appropriations.pdf">said</a> that during the shutdown, staff will not review or approve registration statements or issue notices of effectiveness.&nbsp;



An “extremely limited number” of SEC staff will be monitoring emergency email addresses and phone lines for each commission division, the guidance added. An &#8220;emergency” would be anything that immediately threatens market stability, personal safety or property protection.&nbsp;



One crypto ETF issuer told Blockworks that prior to the shutdown, they were feeling confident about listing on Monday, Oct. 6.&nbsp;



But now things are up in the air.



<h2 class="wp-block-heading">Crypto market structure bill&nbsp;</h2>



Despite the shutdown, members of the Senate Banking Committee plan to work on the market structure bill that is due for a markup, according to a person familiar with the matter.&nbsp;



Lawmakers originally wanted to hold a markup hearing for the Responsible Financial Innovation Act of 2025 at the end of September, Blockworks <a href="https://blockworks.co/news/senate-september-market-structure-bill">previously reported</a>, but the failure to pass an appropriations bill delayed this timeline.&nbsp;



Senate Banking Committee Republicans in September finalized the bill draft, expanding upon the House’s CLARITY Act, which passed in July.&nbsp;



The industry is still waiting for the Senate Agriculture Committee — which oversees the Commodity Futures Trading Commission — to release its version of a market structure bill.&nbsp;



A person familiar with the matter told Blockworks ahead of the shutdown that the Agriculture Committee’s draft was “close” but market structure legislation is proving to be more complicated than stablecoin rules.&nbsp;&nbsp;



Should the Senate Banking Committee move forward with a market structure bill markup mid-shutdown, they wouldn’t be the only Committee proceeding with crypto business as scheduled.&nbsp;



On Wednesday, in the first hours of the shutdown, the Senate Finance Committee held a hearing on crypto tax policy.&nbsp;



In his opening remarks, ranking member Sen. Ron Wyden said that while cryptocurrency taxation is an important issue Senators need to “get right,” holding the hearing yesterday showed a “warped sense of priorities.”&nbsp;



Senate Finance Committee Chairman Mike Crapo said the budget debate will continue, but updating the tax code should be a primary concern for lawmakers.&nbsp;



“Without clear tax rules, taxpayers are left with many unanswered questions and individuals, businesses and our country’s finances bear the burden,” Crapo said. “Lingering tax uncertainty also makes the U.S. a less attractive place to do business and invest, and hurts tax compliance.



<h2 class="wp-block-heading">GENIUS Act&nbsp;</h2>



Stablecoin legislation, as it turns out, may not be as straightforward as lawmakers originally believed.&nbsp;



The GENIUS Act became law in July, but that was only step one. The bill lays out a general framework, but it delegates responsibilities to federal and state regulators, who are now tasked with writing and issuing new rules. These include licensing requirements, enforcement processes, AML procedures, etc.&nbsp;



It’s going to take a long time, and we knew that prior to the shutdown, but with agencies currently operating with skeleton crews, designing stablecoin policy is not a top priority.&nbsp;



Plus, the lobbying around stablecoin legislation didn’t stop when President Trump signed the GENIUS Act. Big banks and crypto companies — mostly exchanges — are still at odds over rules surrounding stablecoin yields, and both sides are prepared for an expensive fight, according to a person familiar.&nbsp;



The GENIUS Act stipulates that no stablecoin issuers can offer any yield or interest on holdings. It prohibits issues from offering yields directly, but does not block exchanges, or “affiliates,” from doing so.&nbsp;



Banks weren’t happy about this language, but the crypto industry, especially Coinbase, was.&nbsp;



Back in March, when GENIUS Act negotiations were underway, Coinbase CEO Brian Armstrong emphasized the need for allowing interest payments on stablecoins.&nbsp;“We can choose to level the playing field and ensure these laws pave a way for all regulated stablecoins to deliver interest directly to consumers, the same way a savings or checking account can,” Armstrong wrote in a <a href="https://x.com/brian_armstrong/article/1906723887112401179">post</a> on X.



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Capitol Gains

Capitol Gains: Shutdown blues slow crypto work

Macauley Peterson

The perpetuals race has a new entrant in open beta. Lighter has <a href="https://x.com/Lighter_xyz/status/1973508660061180363">opened</a> its public mainnet after roughly eight months in private testing, positioning itself as an Ethereum-settled alternative to the current leaders.



Under the hood, Lighter is a <a href="https://blockworks.co/tag/zero-knowledge-rollup">zk-rollup</a> purpose-built for <a href="https://blockworks.co/tag/perpetuals">perps</a>. A centralized sequencer batches orders, but state transitions — price-time-priority matching, liquidations, funding and risk checks — are verified by custom zero-knowledge circuits. <a href="https://blockworks.co/tag/ethereum">Ethereum</a> smart contracts custody user funds, track the canonical state root, and advance state only after a proof verifies on L1. If the sequencer stalls or censors, users can submit priority operations on-chain or exit via an emergency “Desert Mode” that relies on Ethereum data.



That security posture contrasts with <a href="https://blockworks.co/tag/hyperliquid">Hyperliquid</a>, which runs its own layer-1 secured by its validator set, and with <a href="https://blockworks.co/news/perps-competition">Aster</a>, which currently operates on BNB Chain as a smart-contract. Lighter’s pitch: centralized-style performance, with settlement and finality anchored to Ethereum and fairness enforced by zk proofs.



Lighter is also diverging on fees. Retail traders using the front end pay no trading fees, while API and high-frequency flow is charged. The team says it has enabled automated rules to deter wash-trading and Sybil activity, an attempt to keep points farming from dominating behavior.



By the team’s <a href="https://x.com/Lighter_xyz/status/1973508673982046513">count</a>, private beta usage reached ~188,000 unique accounts and ~50,000 daily activities. With the public launch, Lighter is starting Season 2 of its points program, which it says is planned to run through the end of 2025. Market watchers naturally read that as a prelude to a token, although the project has not announced any token details.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Along with their public launch, <a href="https://twitter.com/Lighter_xyz?ref_src=twsrc%5Etfw">@Lighter_xyz</a> just quietly flexed their stacked list of investors:<a href="https://twitter.com/foundersfund?ref_src=twsrc%5Etfw">@foundersfund</a> <a href="https://twitter.com/dragonfly_xyz?ref_src=twsrc%5Etfw">@dragonfly_xyz</a> <a href="https://twitter.com/HaunVentures?ref_src=twsrc%5Etfw">@HaunVentures</a> <a href="https://twitter.com/robotventures?ref_src=twsrc%5Etfw">@robotventures</a> <a href="https://twitter.com/a16z?ref_src=twsrc%5Etfw">@a16z</a> <a href="https://twitter.com/lightspeedvp?ref_src=twsrc%5Etfw">@lightspeedvp</a> <a href="https://twitter.com/A_StarVC?ref_src=twsrc%5Etfw">@A_StarVC</a> <a href="https://twitter.com/coatuemgmt?ref_src=twsrc%5Etfw">@coatuemgmt</a> <a href="https://twitter.com/CRV?ref_src=twsrc%5Etfw">@CRV</a> <a href="https://twitter.com/AbstractVC?ref_src=twsrc%5Etfw">@AbstractVC</a> <a href="https://twitter.com/svangel?ref_src=twsrc%5Etfw">@svangel</a> <a href="https://twitter.com/8vc?ref_src=twsrc%5Etfw">@8vc</a> <a href="https://t.co/xfnzcxkKtF">pic.twitter.com/xfnzcxkKtF</a>&mdash; matt (@mattbcapital) <a href="https://twitter.com/mattbcapital/status/1973516338024030282?ref_src=twsrc%5Etfw">October 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The launch was heralded by several prominent founders building on Ethereum, including Eigenlayer’s <a href="https://x.com/sreeramkannan/status/1973563675349782604">Sreeram Kannan</a> and LayerZero’s <a href="https://x.com/PrimordialAA/status/1973566826857767275">Bryan Pellegrino</a>.



The near-term test is whether Lighter can convert flavor-of-the-moment attention into durable open interest and fee revenue — areas where Hyperliquid still leads — while its Ethereum-anchored architecture becomes a deciding factor for capital that prioritizes provable fairness and exit guarantees.



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Ethereum

Lighter opens public mainnet with Ethereum-settled zk perps

CME Group, the leading US derivatives exchange, announced it will begin offering 24/7 trading for cryptocurrency futures and options in early 2026, pending a regulatory review.



Under the <a href="https://www.prnewswire.com/news-releases/cme-group-to-offer-around-the-clock-trading-for-cryptocurrency-futures-and-options-302573425.html">plan</a>, CME’s cryptocurrency products will trade continuously on the CME Globex platform with only a two-hour weekend maintenance period. Transactions executed during holidays or over weekends will carry the following business day’s trade date, with clearing and settlement also processed on that timeline.



“While not all markets lend themselves to operating 24/7, client demand for around-the-clock cryptocurrency trading has grown as market participants need to manage their risk every day of the week,” said Tim McCourt, Global Head of Equities, FX and Alternative Products at CME Group. “Ensuring that our regulated cryptocurrency markets are always on will enable clients to trade with confidence at any time.”



The potential expansion comes on the heels of record volumes in CME’s crypto segment. In its latest market statistics, also <a href="https://www.cmegroup.com/media-room/press-releases/2025/10/02/cme_group_reportssecond-highestq3andseptemberadv.html">published</a> today, CME reported a record average daily volume of 340,000 cryptocurrency contracts in Q3 2025, representing about $14.1 billion in notional value. Ether futures reached a quarterly record of 236,000 contracts, while Micro Ether futures set a record of 209,000 contracts.



In September alone, cryptocurrency ADV hit 309,000 contracts, with Micro Ether futures surging 472% year over year. These gains underscore the deepening role of digital assets within CME’s broader portfolio, which also saw strong growth in US Treasury, equity index, and metals trading.



If implemented as planned, the shift will reduce traders’ reliance on offshore venues for weekend and overnight risk management. It also signals CME’s intent to capture a greater share of institutional crypto derivatives activity within regulated US markets, though the change will require infrastructure adjustments in clearing, margin, and settlement to handle continuous operations.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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CME Group

CME Group eyes 24/7 crypto derivatives trading expansion

DoubleZero announced the launch of its mainnet-beta on October 2, marking a transition from controlled testing to full-scale production and coinciding with the public debut of the 2Z token.



<a href="https://doublezero.xyz/journal/mainnet-beta-is-live-high-performance-networking-at-global-scale">According</a> to the announcement, the network now runs on more than 70 high-performance fiber links across over 25 global locations, contributed by independent providers such as Jump, RockawayX, Distributed Global, Galaxy, Jito and Cumberland/DRW. These links form a dedicated backbone engineered for low-latency, deterministic routing to support high-throughput distributed systems.



The launch follows a staged rollout. Early testnet phases deliberately stress-tested redundancy and failover, while the September 15 mainnet-alpha allowed validators to validate performance at scale. Data from epoch 24 showed that 77% of active links and 82% of measured city-pair routes outperformed the public internet, underscoring the gains of a dedicated transport layer.



At the core of the system is the 2Z token, a Solana Program Library (SPL) asset used for payments, staking and contributor rewards. Genesis supply is capped at 10 billion tokens, with modest inflation to reward network contributions and partial burns to discourage artificial traffic.&nbsp;



This news follows recent guidance from the SEC’s Division of Corporation Finance, where staff issued a no-action letter confirming that 2Z does not need to be registered as a security and that programmatic flows on the DoubleZero network are not considered securities transactions.



This marks a departure from the Commission’s historically cautious stance on token classification, which previously left infrastructure-linked assets in a gray area. Indications suggest the agency is growing ever more open to distinguishing utility-driven distribution models from speculative instruments — a shift that could shape how future DePIN projects approach regulatory compliance.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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DoubleZero launches mainnet-beta and 2Z token

Avalanche Treasury Co. (AVAT), a digital asset treasury firm aligned with the Avalanche Foundation will merge with Mountain Lake Acquisition Corp. (Nasdaq: MLAC) in a business combination valued at more than $675 million.



The deal, which <a href="https://www.businesswire.com/news/home/20251002739600/en/Avalanche-Treasury-Co.-Announces-%24675-Million-Business-Combination-with-Mountain-Lake-Acquisition-Corp.-with-Goal-to-Build-%241-Billion-Ecosystem-Treasury">includes</a> about $460 million in treasury assets, is expected to close in the first quarter of 2026 pending regulatory and shareholder approvals, with the combined company slated to list on Nasdaq.



The transaction gives institutional investors a new pathway to gain AVAX exposure through a public vehicle. AVAT’s launch strategy includes discounted token purchases and priority rights on Avalanche Foundation sales to US treasury companies, offering an entry point at 0.77x multiple of net asset value.



The firm aims to expand its holdings to more than $1 billion in AVAX, positioning itself as a key partner in Avalanche’s growing ecosystem, according to the company’s press release.



Advisors and board members include Avalanche founder Emin Gün Sirer, Ava Labs executive John Nahas, and representatives from Dragonfly Capital, Galaxy Digital and Aave.&nbsp;



CEO Bart Smith, formerly of Susquehanna International Group and AllianceBernstein, said the company intends to deploy capital actively across ecosystem initiatives, including real-world asset tokenization, stablecoin infrastructure and validator operations.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Avalanche

Avalanche Treasury Co to merge with MLAC in $675M deal

Polygon has become the launch venue for a new tokenized money market fund (MMF) developed by AlloyX, with Standard Chartered Bank taking on the roles of custodian and registrar.



<a href="https://x.com/sandeepnailwal/status/1973746496668680691">Announced</a> Thursday, the partnership is designed to offer institutional investors a bridge between traditional regulated fund products and blockchain-based financial infrastructure.



At the center of the rollout is the AlloyX Real Yield Token (RYT), which represents exposure to the China Asset Management Select USD Money Market Fund. Unlike conventional shares, these tokens are issued and transacted on Polygon’s blockchain, while Standard Chartered ensures off-chain asset custody and recordkeeping.



AlloyX has integrated Chainlink’s Proof of Reserve and NAVLink to provide real-time transparency into the assets backing the token, aiming to address a common institutional concern about on-chain financial products.



AlloyX was acquired earlier this year by Hong Kong’s Solowin Holdings for $350 million, a move that reinforced its positioning as a stablecoin and tokenization provider for the Asia-Pacific market. With RYT, the company is adding an additional layer of decentralized finance mechanics, such as looping strategies on Polygon, to enhance liquidity and yield.



The project reflects a broader push toward real-world asset (RWA) tokenization, which has attracted both startups and established asset managers. Franklin Templeton and Ondo Finance, among others, have previously launched tokenized MMF structures.



AlloyX’s decision to work with Standard Chartered signals an effort to reassure institutional clients on issues of custody, compliance, and oversight, while Polygon’s low-cost settlement network provides scalability for fund transactions.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



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