Crypto Weekly Digest | Coinbase Fee Revenue Surges, Signaling Potential Trader Rebound
This week, the cryptocurrency market trended weaker amid volatility. $Bitcoin (BTC.CC)$ fell to around $108,000, and $Ethereum (ETH.CC)$ declined to near $3,744. For the week, Bitcoin posted a loss of 6.26%, while Ethereum fell 11.21%.
Top events last week
US-China Trade Talks: Nations to Synchronously Pause Tariffs and Controls for One Year
On October 30, following trade negotiations in Kuala Lumpur, the U.S. side agreed to cancel the 10% "Fentanyl tariff" on Chinese goods (including those from Hong Kong SAR and Macau SAR) and will continue to suspend the 24% reciprocal tariff on Chinese goods for an additional year. China will adjust its countermeasures accordingly. Both parties also agreed to extend certain existing tariff exclusions.
The U.S. will pause its 50% pass-through rule for export controls, announced on September 29, for one year. China will, in turn, suspend its related export control measures announced on October 9 for one year and will study specific implementation details. The U.S. will also pause its Section 301 investigation into China's maritime, logistics, and shipbuilding industries for one year. Following the U.S. suspension, China will pause its corresponding countermeasures for one year.
Federal Reserve Decision: Cuts Rates 25bps, Ends Balance Sheet Runoff; Two Dissents Show Deepening Split
On October 30, the Federal Reserve lowered the benchmark interest rate by 25 basis points to a range of 3.75%-4.00%, marking the second consecutive rate cut, in line with market expectations. Two members dissented, highlighting a deepening divide. Kansas City Fed President Schmid dissented, favoring holding rates steady. Governor Milan also dissented, arguing for a 50-basis-point cut.
Furthermore, the FOMC statement announced the end of its balance sheet runoff (quantitative tightening) effective December 1. The current runoff rate is $5 billion in Treasuries and $35 billion in MBS per month. After that date, principal payments from MBS will be reinvested into short-term Treasury bills.
Powell: December Cut "Not a Foregone Conclusion," Cites "Very Different Views" on Committee
Following the 25bp rate cut in October, Fed Chair Jerome Powell stated at a press conference that the September and October cuts were "risk-management-style" adjustments, but this would not be the case going forward. In his opening remarks, he delivered a key line: "The committee had very different views on how to proceed in December. A further reduction in the policy rate at the December meeting is not a foregone conclusion."
Following these comments, market-implied probabilities for a December Fed rate cut quickly fell from 92% to 70%, and risk assets broadly declined.
$Bitwise Solana Staking ETF (BSOL.US)$ Sees $56M in Day-One Volume, Setting Record for New 2025 ETFs
Bloomberg Senior ETF Analyst Eric Balchunas posted on X: "The Bitwise Solana Staking ETF (BSOL) had $56 million in day-one trading volume. The Canary HBAR ETF (HBR) and Canary Litecoin Spot ETF recorded $8M and $1M, respectively. BSOL's $56M debut is the highest of any new ETF this year, surpassing XRPR, SSK, Ives, and BMNU. The ETF had $220M in initial seeding; it could have deployed its full seed on day one, which would have brought its size to ~$280M, even larger than ETHA's debut. Regardless, this is a strong start."
Data: 70 Ethereum Treasury Entities Now Hold Over 6M ETH
The total holdings of Ethereum treasury entities have surpassed 6 million ETH, currently standing at 6.06 million ETH. This represents 5.01% of Ethereum's circulating supply and is valued at approximately $25.4 billion. In addition, current Ethereum ETF reserves have reached 6.75 million ETH, accounting for 5.58% of the circulating supply and valued at $28.29 billion.
Consensys Plans US IPO, Hires JPMorgan and Goldman Sachs as Lead Underwriters
Consensys, the developer of the MetaMask wallet and a key Ethereum infrastructure firm, is planning a public listing in the United States. The company has reportedly hired JPMorgan and Goldman Sachs as lead underwriters for the IPO.
Ethereum's Next Major Upgrade, "Fusaka," Set for December 3
On October 31, Ethereum Foundation researchers officially set the date for the mainnet hard fork, codenamed "Fusaka." During Thursday's "All Core Developers" call, researchers stated that Fusaka will go live on December 3.
This backward-compatible hard fork will implement approximately a dozen Ethereum Improvement Proposals (EIPs) to enhance the sustainability, security, and scalability of the base chain and its surrounding Layer-2 ecosystem. Most notably, Fusaka will implement "Peer Data Availability Sampling" (PeerDAS), a technique to simplify data access for validators. PeerDAS was originally planned for Ethereum's last major upgrade, Pectra (in February), but was delayed for further testing. Fusaka will also raise Ethereum's block gas limit from 30 million to 150 million units and is expected to quickly double data blob capacity.
Perspectives
Standard Chartered: RWA Sector Market Cap Could Reach $2 Trillion by 2028
On October 30, Standard Chartered released a report stating that the cumulative value of tokenized real-world assets (RWAs) could reach $2 trillion over the next three years as more global capital and payment activities migrate to more efficient blockchain networks. The "trustless" structure of DeFi is poised to challenge the dominance of the traditional financial (TradFi) system controlled by centralized entities.
Of this $2 trillion, the bank expects: $750 billion in money market funds; $750 billion in tokenized U.S. equities; $250 billion in tokenized U.S. funds; and another $250 billion in "less liquid" segments of private equity, including commodities, corporate debt, and tokenized real estate.
The current cumulative value of RWAs is approximately $35 billion. Reaching a $2 trillion market cap would imply a growth of over 57-fold in the next three years.
Arthur Hayes on Japanese Economic Policy: Will Drive Bitcoin to 200M JPY (Approx. $1.3M)
On October 30, BitMEX co-founder Arthur Hayes remarked: "The Bank of Japan delivered a golden quote today: 'Given the growing uncertainty in the domestic political situation and the global economic weakness indicated by the Fed's continued rate cuts, we believe it is best to maintain existing policy in hopes of further boosting inflation (metric unspecified) to our 2% target.' Translation: Bitcoin to 200 million JPY (approx. $1.3 million)."
Michael Saylor: Bitcoin to Hit $150K by Year-End, Targets $1M in Next 4-8 Years
On October 29, Strategy founder Michael Saylor, in an interview with CNBC, gave his latest Bitcoin price prediction: $150,000 by the end of the year, with a target of $1 million within the next 4 to 8 years.
Crypto-Related Stocks Tracking
$Strategy (MSTR.US)$ Q3 Net Income Hits $2.8B, BTC Holdings Grow to 640K
Strategy (MSTR) reported its 2025 third-quarter financial results, posting net income of $2.8 billion. The company increased its BTC holdings from 597,325 to 640,031 during the quarter, adding over 40,000 BTC. As of October, Strategy's total BTC holdings reached 640,808.
During Q3, the price of BTC rose from ~$107,000 in early July to ~$114,000 by the end of September, contributing to the company's profits. However, Strategy's stock price fell during the same period, and its market premium relative to its BTC holdings narrowed. In the latest report, the company stated it did not issue Class A common stock under its at-the-market (ATM) program this month and reiterated it will continue to take a prudent approach to raising capital via common stock.
Coinbase (COIN) Beats Q3 Expectations with $432.6M Net Income, Transaction Revenue Up 37% QoQ
On October 31, $Coinbase (COIN.US)$ reported Q3 earnings that surpassed expectations. Q3 net income rose to $432.6 million ($1.50 per share) from $75.5 million ($0.28 per share) in the prior-year period. EPS beat the analyst consensus estimate of $1.10 compiled by LSEG.
Revenue increased to $1.87 billion from $1.21 billion last year, exceeding analyst expectations of $1.8 billion. Transaction-related revenue grew to $1.0 billion, a 37% increase from Q2, with retail trading revenue at $844 million, up 30% QoQ. Subscription and services revenue reached $747 million.
The platform's consumer trading volume jumped to $59.0 billion, up 37% from the previous quarter. On the institutional side, Q3 trading revenue was $135 million, a 122% increase from the prior quarter, while institutional trading volume grew 22% QoQ to $236.0 billion.
Citigroup (C) Partners with Coinbase to Explore Stablecoin Payment Services
Bloomberg reported that $Citigroup (C.US)$ and Coinbase (COIN) have announced a partnership to expand digital asset payment capabilities for the bank's corporate clients.
This is the latest instance of a Wall Street giant turning to blockchain for innovation amid years of regulatory warnings about digital asset risks. The collaboration will initially focus on exploring how to simplify fund conversion for Citi's institutional clients—including cashing out from crypto to fiat and the reverse process of purchasing crypto with fiat, covering cross-border scenarios.
Trump Media (DJT) to Launch Prediction Market Product "Truth Predict" on Truth Social
On October 28, $Trump Media & Technology (DJT.US)$ announced it will launch a prediction market product called "Truth Predict" on its Truth Social platform. The company's CEO said in a statement that the platform aims to get more people involved in information judgment or prediction, allowing people to not just voice opinions but to "validate their judgments by placing bets."
This marks the Trump family's third significant move into the prediction market space. In January 2025, Donald Trump Jr. joined the regulated prediction platform Kalshi as a strategic advisor. In August of the same year, his VC firm, 1789 Capital, led a new financing round for Kalshi's main competitor, the crypto prediction market Polymarket. Polymarket, which previously received investment from NYSE-parent ICE (ICE) and was valued at $9 billion, subsequently added Trump Jr. to its advisory board.
BitMine (BMNR) Added 77,055 ETH Last Week, Total Holdings Reach 3.31M ETH
$Bitmine Immersion Technologies (BMNR.US)$ announced its total holdings of crypto, cash, and high-risk innovative assets reached $14.2 billion. This includes: 3,313,069 ETH; 192 BTC; an $88 million stake in Eightco Holdings (ORBS); and $305 million in unrestricted cash. BitMine disclosed its ETH holdings now account for 2.8% of the total ETH supply, having added 77,055 ETH last week. The company is steadily approaching its 5% ETH holding target.
Nasdaq-listed company $Chijet Motor (CJET.US)$ announced today the successful completion of a private placement, raising crypto-denominated funds equivalent to $300 million. The offering was directed at non-U.S. institutional investors, with each unit consisting of one common share (priced at $0.10 equivalent) and three warrants (exercise price at $0.12 equivalent).
Mastercard (MA) Reportedly in Talks to Acquire Crypto Infrastructure Startup Zerohash for Up to $2B
$MasterCard (MA.US)$ is reportedly planning to acquire Chicago-based crypto and stablecoin infrastructure startup Zerohash for up to $2 billion. This acquisition would further extend Mastercard's crypto operations into stablecoin and tokenization infrastructure.
$The Western Union (WU.US)$ Announces "USDPT" Stablecoin and Digital Asset Network
NYSE-listed payments giant Western Union (WU) announced its stablecoin will be named the U.S. Dollar Payment Token (USDPT). The company also announced the launch of a digital asset network aimed at connecting the digital and fiat worlds, enabling real-world utility for digital assets.
Western Union expects USDPT to be listed in the first half of 2026 and plans to provide users with access to USDPT through partner exchanges for broad accessibility and ease of use.
OceanPal (OP) Completes $120M Financing, Partners with NEAR Foundation for SovereignAI and Digital Asset Treasury
$OceanPal (OP.US)$ announced today the completion of a $120 million Private Investment in Public Equity (PIPE) transaction for the purchase and sale of common stock and/or pre-funded warrants.
The company plans to use the net proceeds to implement a digital asset treasury strategy through its wholly-owned subsidiary, SovereignAI Services LLC ("SovereignAI"). This subsidiary focuses on commercializing the $NEAR Protocol (NEAR.CC)$ , a blockchain platform designed for AI use cases. Through this transaction, OceanPal, via SovereignAI, expects to become a primary public investment vehicle offering investors exposure to the NEAR Protocol's native token (NEAR) and the underlying AI infrastructure required for autonomous business operations.
$Ethzilla (ETHZ.US)$ Sells $40M in ETH to Advance $250M Stock Buyback Plan
Ethereum treasury company Ethzilla (ETHZ) has sold approximately $40 million worth of its Ethereum holdings to fund stock repurchases. The ETHZilla board authorized a stock buyback program of up to $250 million in August. Since the Ethereum sale on October 24, Ethzilla has spent approximately $12 million to repurchase about 600,000 shares of its common stock.
$Core Scientific (CORZ.US)$ Terminates Merger with CoreWeave (CRWV)
On October 30, U.S.-listed mining firm Core Scientific (CORZ) announced the termination of its merger with $CoreWeave (CRWV.US)$ .
On August 8, Core Scientific's largest shareholder, Two Seas Capital, announced it would vote against the all-stock sale to CoreWeave, calling the deal undervalued and structurally flawed. In July, CoreWeave had announced an all-stock deal to acquire digital infrastructure company Core Scientific at a value of $20.40 per share, implying a company valuation of approximately $9 billion.
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Axe MM : Well October turned out to be red when it should be green. Perhaps its the year the cycle ends. Would November be any different?
T3RPeth Axe MM : the days of crytpo cycles are over now, its gone mainstream.
Axe MM T3RPeth : It sure feels like its moving in that direction
74721759 : **Yes, Western Union is actively developing and piloting a stablecoin-based platform to enhance international money transfers.**[1][2]
## Key Developments
CEO Devin McGranahan announced during the Q3 2025 earnings call that the company is testing stablecoin settlement systems to speed up cross-border payments, cut costs, and reduce reliance on traditional banking. These pilots aim to serve over 150 million customers in 200 countries by enabling faster on-chain settlements and fiat-to-stablecoin conversions.[2][3][7][1]
## Future Plans
Western Union plans to launch its own U.S. Dollar Payment Token (USDPT) on Solana in the first half of 2026, allowing customers to send and receive stablecoins via wallets or agents for cash pickup worldwide. The strategy includes crypto on-ramps and off-ramps through partnerships, focusing on practical remittances rather than speculation. This builds on earlier 2025 explorations amid regulatory clarity from the GENIUS Act.[3][4][5][6][8]
Sources
[1] Western Union Launches Blockchain-Based Cross-Border Payment ... https://zebpay.com/in/blog/western-union-integrates-blockchain-and-stablecoin-for-global-payments
[2] Western Union Pilots Stablecoin Settlement System to Modernize ... https://yellow.com/news/western-union-pilots-stablecoin-settlement-system-to-modernize-cross-border-remittances
[3] Western Union to Pilot Stablecoin Settlement System for Global ... https://finance.yahoo.com/news/western-union-pilot-stablecoin-settlement-062602407.html
[4] Western Union joins stablecoin race, eyes crypto partnerships: CEO https://cointelegraph.com/news/wester-union-looks-to-offer-stablecoin-services-ceo-says
[5] Western Union's crypto leap - eMarketer https://www.emarketer.com/content/western-union-stablecoins-cross-border-payments-remittances
[6] Western Union CEO confirms crypto on and off-ramps are coming https://www.mitrade.com/insights/news/live-news/article-3-976436-20250722
[7] Stablecoin Transfers Coming Soon to Western Union? - BeInCrypto https://beincrypto.com/western-union-stablecoin-pilot/
[8] Western Union to Pilot Stablecoin Settlement System for Global https://www.youtube.com/watch?v=_P_OHx1PtDA
[9] Can Solana handle 100M Western Union users sending dollar ... https://cryptoslate.com/can-solana-handle-100m-western-union-users-sending-dollar-tokens-worldwide/
[10] Western Union CEO confirms crypto on and off-ramps are coming https://www.cryptopolitan.com/western-union-confirms-crypto-on-off-ramps/