Weekly prediction market volume has reached an all-time high of over $2 billion, with Polymarket regaining its lead over Kalshi after eight weeks. Sports betting has driven this surge, accounting for $414.7 million, while political markets generated $322.6 million, despite the upcoming elections in November. This surge in trading volume is also reflected in the significant funding rounds for both platforms. Kalshi raised $300 million at a $5 billion valuation, while Polymarket secured $2 billion from ICE, pushing its valuation to $9 billion.
This influx of capital indicates strong institutional interest in prediction markets.
Evernorth, a new publicly traded digital asset treasury, is aiming to raise over $1 billion to accumulate XRP, with backing from Ripple and other notable crypto firms. This initiative is significant as it seeks to create the largest institutional XRP vehicle, potentially enhancing the asset's market presence. Ripple executives, including CEO Brad Garlinghouse, are set to act as strategic advisors for Evernorth, which is merging with Armada Acquisition. This move reflects a growing institutional appetite for digital assets, particularly XRP, which has a market cap nearing $150 billion.
In the wake of recent market volatility, a prominent trader known as the "Trump insider" has expanded their Bitcoin short position by adding 200 BTC, bringing their total to 900 BTC valued at approximately $99.6 million. This trader's actions indicate a bearish sentiment, especially as Bitcoin struggles to maintain stability above $109,000. Additionally, BitMine Immersion has capitalized on the dip by purchasing over 203,800 ETH, increasing its total holdings to approximately 3.24 million ETH, valued at over $13 billion. This strategic accumulation amidst market uncertainty suggests a long-term bullish outlook from institutional players.
The recent surge in prediction market volumes and the establishment of Evernorth highlight a significant shift towards institutional adoption in the crypto space. As these entities position themselves strategically, the market may see increased liquidity and stability, particularly for XRP and Ethereum. However, the bearish positioning from traders and the volatile price movements of Bitcoin and Ethereum suggest that caution remains prevalent among investors. The interplay between institutional accumulation and retail sentiment will be crucial in determining the market's trajectory in the coming weeks.
After the October crash shook global markets, Bitcoin (BTC) was trading at $109,524, which is 10.6% below its pre–Black Friday crash level of over $122,500. Ethereum (ETH) stood at $3,932. Bitcoin’s weekly losses deepened to 4.28%, while ETH dropped 6.50%.
Coinbase has paid $25 million for an NFT that compels the once popular crypto podcast UpOnly to restart.
After its latest modest purchase, Michael Saylor’s Strategy has 59,582 BTC to go before hitting 700,000 BTC on its balance sheet.
Gemini’s Solana Credit Card lets users earn and auto-stake SOL rewards for up to 6.77% yield.
The New York-based exchange is launching a Solana-themed credit card offering users up to 4% SOL token rewards on purchases.
Building on the success of its XRP card, Gemini has unveiled a Solana credit card edition that fuses spending with staking, offering high crypto cashback.
CleanSpark joins other bitcoin miners exploring AI data-center conversions as traditional compute assets command steep valuation premiums.
Ripple's recent announcement regarding a $1 billion XRP treasury has significantly boosted social engagement metrics for XRP. On October 15, mentions of XRP surged to approximately 8,530, with total engagements reaching around 12.98 million. The AltRank, which measures social activity, improved dramatically from 667 on October 13 to 32 on October 17, before settling at 177. This spike in social metrics coincided with Ripple's strategic move into the $120 trillion corporate treasury payments market, further solidifying XRP's position as a key player in the crypto payments landscape.
The Galaxy Score, currently at 56 out of 100, indicates a stable interest level rather than speculative euphoria, suggesting that while the initial excitement has cooled, there remains a solid foundation for future growth.
The broader crypto market is experiencing a correction, with Bitcoin recently peaking at $126,080 before a sell-off triggered by external economic factors, including a tariff announcement. As of October 20, XRP was priced at $2.42, reflecting a 1.85% decline, amidst a general market downturn where major altcoins like Solana and Dogecoin also faced losses. Analysts suggest that this correction could serve as a healthy reset, potentially leading to a robust upward trend as the market stabilizes. Technical indicators for XRP show a relative strength index (RSI) at 41, indicating that it may soon shift direction and begin to recover.
Coinbase has made headlines by purchasing the UpOnly NFT for $25 million, a move that revives the popular crypto podcast hosted by Cobie. This purchase, which exceeded the asking price by $5 million, is tied to a unique stipulation that mandates the production of eight new episodes. While Coinbase will not gain sponsorship rights or editorial control, this strategic acquisition may serve to distract from ongoing technical challenges faced by the exchange. The revival of the podcast could also reinvigorate community engagement and interest in Coinbase's platform during a period of market uncertainty.
Wyoming has successfully deployed 100,000 FRNT stablecoins on each of seven major blockchains, totaling 700,000 tokens. This deployment is part of a testing phase for the state-issued stablecoin, which is fully backed by U.S. dollars and short-duration U.S. Treasuries, ensuring a 2% overcollateralization as mandated by state law.
The deployment aims to enhance accessibility and resilience through multi-chain capabilities, aligning with Wyoming's goal of innovative public service funding.
Solana co-founder Anatoly Yakovenko has introduced a new decentralized perpetual exchange protocol named "Percolator," designed to operate natively on the Solana blockchain. This initiative comes as Solana's perpetual trading volume has decreased by 24.19% week-on-week, with total monthly volume now at approximately $63.24 billion. Percolator aims to enhance performance by implementing a two-program architecture that allows for concurrent trading without resource competition, potentially addressing existing congestion issues during high-volume periods.
During a significant outage at Amazon Web Services, Ethereum gas fees fell to below 0.1 gwei, a notably low level. This disruption affected various crypto platforms, including decentralized applications like MetaMask, which rely on AWS for blockchain data. The incident underscores the crypto sector's dependence on centralized infrastructure, raising concerns about resilience and reliability.
Gemini has introduced a Solana Credit Card that allows users to earn and automatically stake SOL rewards, offering yields of up to 6.77%. This initiative aims to deepen user engagement with the Solana network and enhance the integration of crypto into mainstream consumer finance.
Coinbase has formally requested the U.S. Treasury Department to overhaul its anti-money-laundering (AML) regulations, which the exchange deems outdated. The company suggests integrating advanced technologies such as artificial intelligence (AI), application programming interfaces (APIs), and zero-knowledge proofs to enhance compliance in the digital asset space. Coinbase's proposal includes establishing safe harbors for AI applications and recognizing decentralized identities to mitigate the burdensome and privacy-invasive nature of current Know Your Customer (KYC) processes.
In Asia, the stablecoin sector is experiencing a competitive landscape as governments navigate the balance between modernization and monetary control. Countries like Japan and Singapore are moving from policy discussions to practical implementations, with Japan's banks leading institutional pilots and Singapore establishing a regulatory benchmark. This evolution is characterized by the emergence of various models, including bank-issued domestic currencies and regulated innovation hubs, which could significantly influence how cryptocurrencies align with existing monetary policies.
Travis Chen, a quantitative trader who worked for the brothers' company, testified about a December 2022 meeting where they outlined the alleged scheme. Chen agreed to forfeit $2.4 million, his cut from the operation, under a nonprosecution agreement with the government. Notes from the planning meeting showed the brothers reportedly anticipated making $6 million or potentially "way higher" if they could "trap them all at once." The brothers allegedly planned for months to exploit a software vulnerability and steal $25 million from crypto traders in just 12 seconds, a former employee testified Friday in Manhattan federal court.
A $3 million XRP theft has rattled investors after hackers reportedly breached what was believed to be a secure wallet, moving the stolen assets through complex blockchain routes that reveal unsettling vulnerabilities across the digital finance ecosystem.
Europol has dismantled a sophisticated cybercrime syndicate accused of creating more than 49 million fake online accounts, including fraudulent profiles linked to major cryptocurrency platforms. The operation, codenamed “SIMCARTEL,” uncovered a sophisticated SIM farm-for-hire network that sold temporary mobile numbers used to bypass two-factor authentication, allowing criminals to mass-produce fake identities and commit large-scale financial fraud. The coordinated raid, executed on October 10, 2025, by Latvian authorities with support from Europol and Eurojust, led to seven arrests and the seizure of hundreds of SIM servers, routers, and digital devices.
ZachXBT says $3 million worth of XRP from a crypto user in the US was laundered through Huione-linked OTC venues.
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