Morning News | 70 Ethereum treasury entities hold a total of over 6 million ETH; MetaMask launches a rewards points program
Overview of Important Market Events on October 28整理：Zhou，ChainCatcher
Important News:
- The probability of the Federal Reserve cutting interest rates by 25 basis points in October reaches 99.5%
- MetaMask launches rewards points program MetaMask Rewards
- Data: The total holdings of 70 Ethereum treasury entities exceed 6 million ETH
- Bitcoin's return rate in October is currently reported at 0.39%, while the historical average return rate is 21.89%
- GoPlus: 402bridge suspected of being hacked, over 200 users lost USDC due to excessive authorization
What important events happened in the past 24 hours?
According to ChainCatcher, Bloomberg senior ETF analyst Eric Balchunas posted on the X platform stating: "The trading volume of the Bitwise Solana Staking ETF (BSOL) on its first day reached $56 million, while the Canary HBAR ETF (HBR) and the Canary Litecoin spot ETF recorded trading volumes of $8 million and $1 million, respectively. The $56 million trading volume of BSOL on its first day is the highest among all newly listed ETFs this year, surpassing products like XRPR, SSK, Ives, and BMNU. The initial investment for this ETF was $220 million, and it could have deployed all initial funds on the first day, bringing the total to about $280 million, even exceeding the scale at which ETHA debuted. Regardless, this is a strong start."
According to ChainCatcher, as reported by Jin10, CME's "FedWatch" shows that the probability of the Federal Reserve cutting interest rates by 25 basis points in October is 99.5%, while the probability of maintaining the current rate is 0.5%. Additionally, the cumulative probability of a 50 basis point cut by December is 91.6%.
Tether reveals physical gold reserves of 375,572.297 troy ounces
According to ChainCatcher, Tether announced that its tokenized gold, Tether Gold (XAUT), has surpassed a market capitalization of $2 billion. Tether's total physical gold reserves amount to 375,572.297 troy ounces, stored in Switzerland and fully compliant with London Good Delivery standards, with a total circulating supply of 522,089.3 XAUT tokens.
Oracle announces plans to launch a digital asset data hub next year
According to ChainCatcher, as reported by Jin10, Oracle announced plans to launch a digital asset data hub next year.
MetaMask launches rewards points program MetaMask Rewards
According to ChainCatcher, MetaMask announced on the X platform the launch of its rewards points program, MetaMask Rewards. Users can earn points through trading, exchanging, cross-chain bridging, and inviting friends, and can receive points rewards for past activities. Points can be used to upgrade reward levels, unlocking fee discounts, token allocations, etc. New incentives and rewards will be updated each quarter.
According to ChainCatcher, OceanPal Inc. 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-financing warrants.
The company plans to use the net proceeds from this transaction to implement a digital asset treasury strategy through its wholly-owned subsidiary, SovereignAI Services LLC ("SovereignAI"), which focuses on commercializing the NEAR Protocol, a blockchain platform designed for artificial intelligence (AI) use cases. Through this transaction, OceanPal expects to become a major public investment vehicle through SovereignAI, providing investors with exposure to NEAR (the native token of NEAR Protocol) and the foundational AI infrastructure needed to support autonomous business operations.
Data: The total holdings of 70 Ethereum treasury entities exceed 6 million ETH
According to ChainCatcher, the total holdings of Ethereum treasury entities have now surpassed 6 million ETH, currently reaching 6.06 million ETH, accounting for 5.01% of Ethereum's circulating supply, valued at approximately $25.4 billion. Additionally, the current Ethereum ETF reserve has reached 6.75 million ETH, accounting for 5.58% of Ethereum's circulating supply, valued at $28.29 billion.
According to ChainCatcher, SlowMist YuXian analyzed that the attack on the cross-chain bridge project 402Bridge originated from private key leakage, and internal personnel involvement cannot be ruled out.
The domain 402 bridge.fun stopped service just two days after registration, and the stolen funds have not shown further movement. This is the first publicly reported security incident related to the 402 protocol, and SlowMist YuXian stated that this incident is not a typical case of collective wrongdoing by the project team.
GoPlus: 402bridge suspected of being hacked, over 200 users lost USDC due to excessive authorization
According to ChainCatcher, GoPlus's Chinese community issued a security alert, stating that the x402 cross-chain protocol @402bridge is suspected of being hacked. The contract starting with 0xed1A transferred ownership to the address 0x2b8F, and then the new owner called the transferUserToken method in the contract to transfer all remaining USDC from authorized user wallets.
Users must authorize USDC to the @402bridge contract before minting, which led to over 200 users losing their remaining USDC due to excessive authorization. The address 0x2b8F transferred a total of 17,693 USDC from users, which was then exchanged for ETH and transferred across multiple chains to Arbitrum. Users who participated in this project are advised to revoke relevant authorizations as soon as possible; they should check whether the authorization address is the official address of the interactive project before authorizing, only authorize the necessary amount, and regularly check and revoke unnecessary authorizations.
According to ChainCatcher, data from Coinglass shows that Bitcoin's return rate in October has turned positive, currently reported at 0.39%, while the historical average return rate is 21.89%.
Previously reported, on October 1, since 2013, Bitcoin's average return rate in October has been +21.89%, with only two years in the past 12 years having negative return rates in October (2014 and 2018).
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of October 29, 08:55,
The top five popular tokens on ETH in the past 24 hours are: HANA, sUSDe, LINK, RTX, USDe
The top five popular tokens on Solana in the past 24 hours are: TRUMP, USCR, USCR, SAI, PAYAI
The top five popular tokens on Base in the past 24 hours are: VIRTUAL, CLANKER, EURC, AORA, ZORA
What are some interesting articles worth reading in the past 24 hours?
The new cycle of crypto VC and old rules
An undeniable and obvious fact is that crypto VCs have been declining in recent market cycles, with almost all VC institutions experiencing a decrease in returns, influence, and power to varying degrees, even leading many investors to "scoff" at VC tokens.
There are many summarizable reasons, such as most VCs being accustomed to selling tokens and accumulating too many capital-intensive projects, leading users to develop aversion to VC tokens, with more funds flowing into narratives with lower VC content like memes and AI agents, resulting in a lack of liquidity for VC tokens. Additionally, the token unlocking periods for VCs are becoming longer, leading to slower exit cycles and unfavorable positions.
Since the launch of the first batch of ETFs, there have been significant changes in the crypto ETF space. The total net assets of US spot Bitcoin ETFs have exceeded $146 billion, solidifying Bitcoin's dominant position with a 59% market share in the crypto market. Ethereum ETFs rank second, holding about $25 billion in assets. The cumulative net inflow of spot Bitcoin ETFs has now surpassed $50 billion, and the market continues to see daily inflows.
Before the emergence of crypto ETFs, traditional finance held digital asset exposure through GBTC and MSTR. This method gave rise to Digital Asset Treasury companies (DATs), which accumulate specific altcoins like ETH, SOL, XRP, etc., allowing investors to gain exposure through stocks. DATs serve as a bridge between the pre-ETF era and the current pending altcoin ETFs, and they are also where risks arise.
The moats of Tether and Circle are being eroded: distribution channels surpass network effects. The market share occupied by Tether and Circle in the stablecoin market may have reached a relative peak—despite the overall supply of stablecoins continuing to grow. It is expected that by 2027, the total market capitalization of stablecoins will exceed $1 trillion, but the benefits of this expansion will not primarily flow to existing giants as in the last cycle. Instead, an increasing share will flow to "ecosystem-native stablecoins" and "white label issuance" strategies, as blockchains and applications begin to internalize benefits and distribution channels.
Why can some coins surge without revenue?
In the waves of the crypto world, we are often swept away by various narratives and technologies, making it difficult to clarify direction. The author of this article proposes an insightful framework: dividing the crypto world into two camps, "narrative-driven crypto" and "utility-driven crypto." The former drives attention through stories, while the latter drives value through products. Both are opposing yet complementary, forming a dual driving force in the crypto ecosystem. Whether you are a builder or a trader, this article will help you reassess your positioning and strategy, understand how attention translates into adoption, and how narratives feed back into products.
Late last week, the largest gambling scandal in recent years shook the sports world. At this time, professional leagues and sports betting companies expressed their intention to actively embrace the booming prediction markets, raising questions about whether this combination would lead to foreseeable consequences.
On October 23, NBA Portland Trail Blazers head coach Chauncey Billups and Miami Heat guard Terry Rozier were arrested in a federal investigation into illegal gambling activities, including manipulating game outcomes to influence sports betting.
Just a day earlier, the National Hockey League (NHL) made history by becoming the first major sports league to sign a licensing agreement with a prediction market. Prediction markets are emerging and popular betting sites that have sparked a craze in traditional sports betting, but their operations exist in a legal gray area. On the same day, one of the most popular sports betting sites in the U.S., DraftKings, acquired a prediction market company, making a strong entry into this emerging field.
Risk warning
Risk warning
