Morning Report | The total liquidation amount across the internet in 24 hours exceeds 19.1 billion USD; Kalshi completes 300 million USD financing with a valuation of 5 billion USD
Overview of Important Market Events on October 10整理：Zhou，ChainCatcher
Important News:
- Data: Liquidations across the network rose to $19.1 billion in the past 24 hours, setting a new historical record
- Star: Not opposed to Memecoins, but trading platforms should remain neutral
- Reuters: Global banks including Goldman Sachs and Barclays collaborate on a joint stablecoin project
- New York Times: Kalshi completes $300 million funding at a valuation of $5 billion
- Hong Kong's largest cryptocurrency exchange Hashkey considers IPO, plans to raise up to $500 million
What important events occurred in the past 24 hours?
According to ChainCatcher, data from Coinglass shows that liquidations across the network rose to $19.141 billion in the past 24 hours, setting a new historical record. A total of 1,621,284 people were liquidated globally, with long positions liquidated at $16.686 billion and short positions at $2.455 billion. The largest single liquidation occurred in the ETH-USDT contract trading pair on the Hyperliquid platform, valued at $203 million.
In terms of cryptocurrencies, Bitcoin saw liquidations of $5.317 billion, Ethereum $4.378 billion, SOL $1.995 billion, HYPE $0.888 billion, and XRP $0.699 billion.
According to ChainCatcher, around 5:30 AM today, Ethena's USDe stablecoin experienced severe de-pegging. The price of USDE/USDT on Binance dropped to a low of $0.65. Ethena Labs stated that USDe's price fluctuations in the secondary market were due to market turbulence and a series of liquidations.
Ethena claims that USDe minting and redemption are operating normally, and assets are still over-collateralized. Due to liquidations causing perpetual contracts to fall below spot prices, Ethena is experiencing additional unrealized profit and loss (uPNL) from short positions, which is being converted into protocol revenue, making USDe even more over-collateralized compared to yesterday.
Probability of a 25 basis point rate cut by the Fed in October reaches 97.8%
According to ChainCatcher, reports from Jin10 indicate that CME's "FedWatch" shows a 97.8% probability of a 25 basis point rate cut by the Fed in October, with a 2.2% probability of maintaining the current rate. Additionally, the probability of the Fed maintaining the rate in December is 0%, with a cumulative probability of a 25 basis point cut at 2.2% and a cumulative probability of a 50 basis point cut at 97.8%.
Data: BTC total contract open interest decreased by 21.25% in 24h
According to ChainCatcher, data from Coinglass shows that BTC total contract open interest decreased by 21.25% in the past 24 hours, with the current total open interest at $70.994 billion. Among them, Binance's open interest is $12.31 billion, OKX's is $3.828 billion, and Bybit's is $7.711 billion.
Star: Not opposed to Memecoins, but trading platforms should remain neutral
According to ChainCatcher, OKX CEO Star posted on social media, "Many people interpreted my previous article as me opposing Memecoins, which is actually a misunderstanding. As I have emphasized multiple times, I am not opposed to Memecoins. Memecoins embody community spirit and consensus culture, making the crypto world more vibrant and creative.
What I really want to express is that trading platforms should remain neutral. If competing platforms hype up so-called wealth effects through individual 'get-rich-quick' cases, guiding a small number of 'early birds' to mass-produce Memecoins, or even personally promoting trades to attract more users who lack professional knowledge and are easily swayed by emotions to blindly follow, this is a short-sighted behavior that kills the goose that lays the golden eggs.
The U.S. Bureau of Labor Statistics will release the September CPI report on October 24
According to ChainCatcher, reports from Jin10 indicate that the U.S. Bureau of Labor Statistics will release the September CPI report on October 24 at 8:30 AM (Beijing time: 8:30 PM).
Trump: Considering significantly raising tariffs on Chinese products entering the U.S.
According to ChainCatcher, U.S. President Trump stated on social media, "One of the policies we are currently considering is significantly raising tariffs on Chinese products entering the United States. Many other countermeasures are also being seriously considered."
Canary submits updated version of its Solana spot ETF S-1 application, with a fee rate set at 0.5%
According to ChainCatcher, market news indicates that Canary has submitted an updated version of its S-1 application for a spot Solana ETF, setting the fee rate at 0.5%.
Reuters: Global banks including Goldman Sachs and Barclays collaborate on a joint stablecoin project
According to ChainCatcher, reports from Reuters indicate that several global banks are collaborating on a joint stablecoin project, including Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG, TD Bank, and UBS.
According to ChainCatcher, crypto KOL Ansem stated on social media that this round of crypto innovation from 0 to 1 aims to create a 24/7 trading market for all assets (not just cryptocurrencies).
The launch of Perp Dex will drive a new height of on-chain speculation. There is a significant amount of "sticky funds" in the crypto space that are unwilling to exit off-chain, and with the arrival of stablecoin regulation and government support, a large amount of capital is also flowing into on-chain.
The investment opportunities in the next decade lie in: going long on faster, more efficient, permissionless global financial protocols while shorting the laggards in traditional finance.
New York Times: Kalshi completes $300 million funding at a valuation of $5 billion
According to ChainCatcher, reports from the New York Times indicate that the prediction market platform Kalshi has completed $300 million in funding at a valuation of $5 billion. The company also plans to disclose that it will begin allowing customers from over 140 countries to place bets on its website.
Kalshi's rapid expansion has attracted the attention of venture capital firms, including Sequoia Capital, which first invested in the company in 2020, and new investor Andreessen Horowitz. Other investors in this round of funding include Paradigm, CapitalG, and Coinbase Ventures. Although Kalshi just completed its previous round of funding in June, it initiated new funding negotiations in August, doubling the company's valuation.
Solana's on-chain TVL reaches $42.4 billion, setting a new historical high
According to ChainCatcher, reports from Cointelegraph indicate that the total value locked (TVL) in Solana's applications has reached $42.4 billion, setting a new historical high.
Vitalik: Significant progress in prediction markets, Polymarket is a key driver
According to ChainCatcher, Vitalik Buterin stated that prediction markets have made significant progress since 2015, with Polymarket being a key driver of this achievement. Vitalik expressed, "I am glad to see the progress Polymarket has made over the years."
Earlier this week, Polymarket received a strategic investment of $2 billion from the parent company of the New York Stock Exchange at a post-money valuation of $9 billion.
Hong Kong's largest cryptocurrency exchange Hashkey considers IPO, plans to raise up to $500 million
According to ChainCatcher, reports from Gelonghui indicate that Hong Kong's largest virtual asset exchange Hashkey is reportedly seeking an IPO to raise no more than $500 million.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of October 11, 09:00,
The top five popular tokens in ETH over the past 24 hours are: LINK, USDe, PEPE, UNI, SPX
The top five popular tokens in Solana over the past 24 hours are: TRUMP, SCI6900, WAI, USELESS, PUMP
The top five popular tokens in Base over the past 24 hours are: ZORA, EURC, PHI, ZEN, AERO
What are some interesting articles worth reading in the past 24 hours?
Naval's call to action drives ZEC surge; which privacy narratives are worth paying attention to?
The October Uptober market belongs not only to the lively new Memes on Binance but also to some long-forgotten old coins.
In the jargon, these old coins are referred to as "Dino Coins," representing those that pioneered certain tracks but whose initial popularity has gradually faded.
For example, ZEC (Zcash) surged from around $53 at the end of September to $230 a week after National Day, with a monthly increase of over 370%. The revival of old coins was not driven by institutional purchases or technological upgrades but was directly ignited by a tweet.
On October 1, Silicon Valley legend investor Naval Ravikant, with 2.9 million followers, posted a highly controversial opinion on platform X: "Bitcoin is insurance against fiat currency, while Zcash is insurance against Bitcoin."
The man behind Hyperliquid, who was an apprentice at Binance Labs seven years ago
What can change in seven years?
In the crypto world, seven years can transform a young person who once took a photo at Binance Labs into a competitor that Binance must take seriously.
Recently, an old photo suddenly resurfaced, igniting discussions on social media.
Tiger Research: An analysis of the licensing status of centralized exchanges in Vietnam
This article, written by Tiger Research, deeply analyzes the new regulations for cryptocurrency exchanges in Vietnam: with a minimum registered capital threshold of $380 million, international giants like Binance and Bybit are fiercely competing with local institutions for limited licenses.
IOSG Founder: A cold reflection on the explosive rise of Binance
In an unregulated era, self-regulation is necessary to ensure a continuous flow of resources.
The Binance life and OKX life dominate Twitter, with countless wealth creation myths exciting community users, leading the industry into a fast-money mode.
Behind Alpha's success is that out of 326 launched projects, less than 10%, only 32 projects went live on spot, meaning that 90% of the projects that launched alpha this year ultimately became platform fuel. In an unregulated industry, exchanges hold significant power and dominance, and the failure of projects seems to have no inherent connection to exchanges; it merely reflects that in an unregulated industry, if platforms cannot self-regulate better, it is akin to administering a strong drug to the entire industry. The success and failure of liquidity can happen in an instant, with wealth creation myths appearing and disappearing rapidly.
Risk warning
