The Block headlines
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Crypto Market Structure Explained
Crypto market structure is the architecture behind digital asset markets. It explains who participates, where trades happen, how liquidity forms, how prices are discovered, how derivatives and funding rates work, and how market design affects execution, fairness, risk, and resilience.
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Zcash co-founder proposes ending grants subsidy, citing $125 million treasury
Zcash co-founder Sean Bowe proposed ending automatic grants funding, citing a treasury valuation of more than $125 million.
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Ark Invest buys $5.2 million of Circle shares, sells $15.9 million of its own Bitcoin ETF as BTC grinds lower
Ark Invest rebalanced its fund weightings, adding Circle shares and trimming its Bitcoin ETF holdings as BTC fell below $80,000.
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Circle faces up to 20% revenue risk from AI agents, Mizuho says
Mizuho cited 10-20% medium-term reserve revenue downside risk as AI agents steer USDC holders toward higher-yielding fiat alternatives.
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StoneX lifts Strive price target 34% as new stock offering bolsters bitcoin strategy
StoneX has raised its price target for bitcoin treasury company Strive to $43 from $32 and reiterated its Buy rating on the stock.
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Ripple gains final OCC approval to launch national trust bank and bring RLUSD under federal oversight
Ripple's structure places reserve management and custody under federal supervision while leaving issuance with the New York-regulated entity.
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BlackRock joins SBI and Startale to link tokenized MMFs with Japanese yen stablecoins
BlackRock, SBI Holdings, and Startale will explore connecting tokenized money market funds with SBI's Japanese yen-pegged stablecoin JPYSC.
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CZ pitches BNB Chain’s role in AI as BNB Standard rings Nasdaq bell
CZ sees AI driving crypto use, while BNB Standard plans to expand beyond holding tokens in its treasury.
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Hyperliquid says Kraken parent Payward to be first CFTC-regulated HIP-3 deployer
Hyperliquid plans to make Kraken parent Payward the first CFTC-regulated HIP-3 deployer, a step toward regulated U.S. perpetual futures.
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Y Combinator-backed Mochatrade raises $5.5 million to offer US stock perpetuals to Indian traders
The platform is in beta and plans to open to the public in the coming weeks, co-founder Chetan Manda told The Block.
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Prediction markets and derivatives drive Bernstein’s crypto stock outlook for Coinbase, Robinhood and Circle
Bernstein cuts Coinbase’s target while raising Circle’s as new products shift their earnings outlook.
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NBA becomes third league to sign CFTC prediction market pact, taps Kalshi and Polymarket
The CFTC and NBA have agreed to put in place standards to protect the integrity of the game when it comes to prediction markets.
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Tom Lee insists ‘crypto bull market is underway’ as Bitmine adds 10,452 ETH
The company's combined crypto, cash, marketable securities, and other investments totaled $15 billion as of Oct. 25.
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Strategy pauses bitcoin buys, repurchases $205 million of STRC preferred shares
Strategy's bitcoin holdings account for roughly 4% of the total supply cap, with $3.9 billion in paper gains.
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Strive closes in on second-largest corporate bitcoin treasury with $511 million purchase
Strive's latest bitcoin purchase puts it within 1,000 BTC of second-place Metaplanet as it unveils a new $1 billion preferred stock offering program.
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Galaxy says bitcoin bear market is over; now is the time to buy and hold
Galaxy said bitcoin’s bear market ended in June as fading long-term holder selling signals an attractive buying opportunity.
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Aviva Investors, Ripple launch tokenized share class of $29 billion sterling fund on XRP Ledger
Aviva Investors has launched a tokenized share class of its Sterling Liquidity Fund on the Ripple-backed XRP Ledger.
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South Korea weighs fourth delay of crypto gains tax, eyes 2029 start: report
The delay reportedly aims to align with the U.S. schedule of integrating CARF, the OECD's international tax framework for digital assets.
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CoinDCX confirms $16 million loss from retired wallets days after CEO called breach reports a ‘false alarm’
CEO Sumit Gupta had told X users on Wednesday that early reports of a breach sounded like "a false alarm."
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Keystone customers say breach exposed data the hardware wallet maker promised to delete
Keystone has said it deletes customer information 180 days after their orders in most cases, though X users have cast doubt on that claim.
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Crypto longs lose $404 million in four hours as bitcoin briefly slips below $80,000
Spot bitcoin ETFs lost $773 million on Thursday and Friday after three days of net inflows, per SoSoValue data.
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Argentine judge clears Milei and 10 others in LIBRA case, finding no ‘criminally relevant deception’
The judge's 60-page ruling concluded Argentine President Javier Milei's post promoting the LIBRA token did not, by itself, establish fraud.
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Netanyahu seeking blockchain plan to prepare for possible sanctions
Netanyahu says blockchain could help Israel prepare for possible sanctions targeting its banking system.
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Sen. Blumenthal seeks answers from Tether over payments to firm founded by ex-White House crypto adviser
Sen. Blumenthal said he wants answers from Tether following reports that it paid millions to a firm started by a former WH crypto adviser.
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Initia halts network after security incident as attacker reportedly mints tokens
Onchain data shows a $2.7 million ether transfer as Initia investigates the scope of a security incident.
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Phantom rolls out Kalshi prediction markets to US users, says it’s ‘confident and comfortable’ amid state lawsuits
Phantom users will fund trades with CASH stablecoins, with market restrictions applied in Michigan, Nevada and Washington.
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Singapore, Malaysia and Thailand central banks expand cross-border stablecoin initiative involving Ripple, Visa and Mastercard
Malaysia and Thailand have joined Singapore's BLOOM initiative for cross-border stablecoin and tokenized deposit settlement.
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Bitcoin ETFs swing back to net outflows as $636 million in withdrawals erase previous day’s inflows
BlackRock's IBIT led Thursday's net outflows with $254.1 million, while four other funds also witnessed withdrawals.
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New York seeks over $1.3 billion from NovaTech founders after couple fled the US
New York wants $1.3 billion from NovaTech's founders, whose platform took in $1.16 billion and traded a fraction of it.
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South Korea to amend forex law to regulate stablecoins as payment instruments: report
South Korea is currently developing the Digital Asset Basic Act, which seeks to establish a comprehensive framework for crypto.