Morning News | Binance launches a $400 million industry recovery and confidence rebuilding plan; Metaplanet's market value falls below its Bitcoin reserve value
Overview of Important Market Events on October 14整理：Zhou，ChainCatcher
Important News:
- Binance Launches $400 Million Industry Recovery and Confidence Restoration Plan Together Initiative
- Bloomberg: Metaplanet's Market Value Has Fallen Below Its Bitcoin Reserve Value, mNAV Ratio Drops to 0.99
- Total Market Cap of Stablecoins Has Grown by Approximately $10 Billion in the Past Three Weeks, Now Exceeding $310 Billion to Set New Highs
- Ethena Labs: Has Transferred USDtb Smart Contract to Anchorage Digital, Becoming the First Federally Regulated Stablecoin Compliant with the GENIUS Act
- Opinion: Garrett Jin May Just Be an Agent, the Real Backers Might Be Two WLFI Co-Founders
What Important Events Happened in the Last 24 Hours?
According to ChainCatcher, on the X platform, on-chain detective ZachXBT pointed out that the approximately 127,000 bitcoins (worth about $14 billion) announced for seizure by the U.S. government were linked to wallet addresses identified two years ago in a security research report (Milky Sad Report) as having private key vulnerability risks.
Tether Reaches Settlement with Celsius Bankruptcy Consortium and Pays $299.5 Million
ChainCatcher reports that the blockchain recovery investment alliance (BRIC), co-founded by GXD Labs and VanEck, announced that after initiating litigation in August 2024, BRIC has reached a settlement with Tether regarding the Celsius Network bankruptcy case. Tether has paid $299.5 million to the Celsius Network bankruptcy estate to resolve the bankruptcy law and related claims filed in August 2024. The case involves collateral transfers and liquidations prior to Celsius's bankruptcy in July 2022. BRIC was appointed in January 2024 as the complex asset recovery and litigation administrator and continues to manage Celsius's illiquid assets and litigation assets to facilitate liquidation.
Binance Launches $400 Million Industry Recovery and Confidence Restoration Plan Together Initiative
ChainCatcher reports that Binance has announced the launch of a $400 million industry recovery and confidence restoration plan Together Initiative, which includes:
- $300 Million USDC
Binance will distribute USDC worth $4,000 to $6,000 to qualified users who meet all of the following criteria:
Users who incurred forced liquidation losses during the period from October 10, 2025, 00:00 to October 11, 2025, 23:59 (UTC) in contract and leveraged trading.
Total liquidation loss amount: at least equivalent to $50.
Total forced liquidation loss must account for at least 30% of the user's net asset snapshot as of October 9, 2025, 23:59 (UTC) (loss rate).
The amount of USDC will be determined based on an assessment of each user's liquidation loss amount, loss rate, and other factors.
ChainCatcher reports that db updated that the 127,271 bitcoins (worth about $14 billion) sought for seizure by the U.S. government actually came from the LuBian mining operation run by Chen Zhi and were stolen as early as 2020.
These bitcoins have been idle since then. Unless some sort of impersonation hacking incident occurs, they are unlikely to recover these coins.
ChainCatcher reports that the corporate market value of Japan's listed company Metaplanet Inc. has fallen below its Bitcoin reserve value.
The company shifted to a Bitcoin accumulation strategy in April 2024 and once enjoyed a significant premium relative to its Bitcoin net asset value. Its stock price hit an all-time high in mid-June this year but subsequently plummeted by about 70%, causing the company's mNAV to drop to 0.99 on Tuesday.
ChainCatcher reports that on October 14, DeFiance Capital founder Arthur posted on social media stating, "We are fine, the fund has experienced some losses, but it does not rank among our top five days of profit and loss volatility. I am just very angry and disappointed; this crash event has set back the entire crypto space significantly, especially for the altcoin market, as most price discovery processes occur on offshore CEX."
ChainCatcher reports that the total market cap of stablecoins has exceeded $310 billion, setting a new historical high, currently reaching $310,788,054,325, with a 24-hour market cap increase of 0.3%. Among them, Tether (USDT) has a market cap of $179.969 billion, ranking first, while USDC has a market cap of $75.835 billion, ranking second.
Historical data shows that the total market cap of stablecoins surpassed $300 billion around September 25, indicating a growth of approximately $10 billion in the past three weeks.
Arthur Hayes: The U.S. May Initiate "Poor Man's QE 4," Favoring Bitcoin's Rise
ChainCatcher reports that BitMEX co-founder Arthur Hayes stated on the X platform that the U.S. banking sector, led by JPMorgan CEO Jamie Dimon, is preparing to increase credit issuance to support domestic industries. He noted that this means the market will welcome "poor man's QE 4," and the increase in liquidity may drive Bitcoin prices further up.
ChainCatcher reports that according to Ethena Labs, the USDtb smart contract has been transferred to Anchorage Digital, making USDtb the first federally regulated stablecoin issued in compliance with the GENIUS Act.
ChainCatcher reports that after last Friday's liquidation wave, options market investors are preparing for further volatility and declines in Bitcoin and Ethereum, actively positioning for protective measures against a new round of potential crashes. Sean Dawson, head of research at Derive.xyz, stated that volatility surged across the board last Friday, and market sentiment regarding short-term volatility shows more concern about downside risks.
Data shows that traders are buying large amounts of Bitcoin and Ethereum "put options," indicating that the market is hedging against potential downside risks. In the Bitcoin market, there has been significant buying of put options with strike prices of $115,000 and $95,000, expiring on October 31, while call options with a strike price of $125,000 expiring on October 17 have shifted from buying to selling, indicating a pessimistic short-term outlook.
Opinion: Garrett Jin May Just Be an Agent, the Real Backers Might Be Two WLFI Co-Founders
ChainCatcher reports that according to on-chain detective Eye, an investigation into an insider trading group has made significant progress. The investigation indicates that the previously high-profile BTC whale Garrett Jin, who swapped ETH, may just be an agent, with the real source of insider information pointing to a group of insiders within the White House.
It has been disclosed that this group has long profited from trading using confidential information from White House rumors and official announcements. Key information is relayed to the insider group by aides who have contact with the president, allowing them to establish extremely favorable trading positions before significant price fluctuations. The investigation shows that the core figures leading this operation are Zach Witkoff and Chase Herro from WLFI, with Trump's son also involved in these activities.
ChainCatcher reports that glassnode released a weekly market report stating that despite the severe impact of the crash event, the overall market structure remains intact. Bitcoin's spot trading volume continues to be high, with ongoing ETF inflows, and adjusted transfer volumes indicate strong on-chain activity. These dynamics suggest that while leveraged participants have been forced to exit, structural capital and institutional demand still exist.
ChainCatcher reports that OKX CEO Star stated on social media that X Layer never opposes meme coins, as they are an important and unique part of the ecosystem as open on-chain infrastructure.
He emphasized that what X Layer opposes is some trading platforms abandoning their neutral and objective stances to personally engage in the mass production of worthless tokens, manipulating public opinion through "airdrops," "rewards," and "hundredfold, thousandfold coins," inducing users to trade in a pyramid scheme manner.
Star pointed out that such behavior ultimately harms the interests of ordinary users, allowing a few "early birds" to profit. He stated that the significance of blockchain lies not in creating illusions but in rebuilding trust, and X Layer will continue to build a real and sustainable future through technology and time.
ChainCatcher reports that according to The Block, predictive markets are continuing to heat up, with Kalshi and Polymarket achieving a combined trading volume of $1.44 billion in September, setting a historical record. Recently, both platforms announced the completion of a new round of financing: Polymarket raised $2 billion from the Intercontinental Exchange (ICE), raising its valuation to $9 billion; Kalshi raised $300 million at a valuation of $5 billion.
This financing has created at least one new billionaire, with Polymarket founder Shayne Coplan becoming the youngest self-made billionaire. Data shows that Kalshi's market share surged to 60% in September, reversing the earlier dominance held by Polymarket.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of October 15, 08:45,
The top five popular tokens in ETH in the past 24 hours are: USDe, WICKED, LINK, LILIPEPE, sUSDe
The top five popular tokens in Solana in the past 24 hours are: MetaMask, MetaMask, TRUMP, LILPEPE, PAXG
The top five popular tokens in Base in the past 24 hours are: ZORA, EURC, AERO, BLUPEPE, ZEN
What Are Some Noteworthy Articles to Read in the Last 24 Hours?
The Disappearing Liquidity: Market Makers Retreat and $19 Billion Liquidation Storm
In my previous three analyses of the cryptocurrency liquidation storm from October 10 to 11, I explored oracle failures, infrastructure collapses, and potential paths for coordinated attacks. Today, I will focus on perhaps the most critical yet underestimated aspect: market makers—those entities that should provide market stability—how they became the main catalyst for creating an unprecedented liquidity vacuum, turning a controllable adjustment into a $19 billion disaster.
Who Is Kyle Wool, Who Helped the Trump Family Earn $500 Million?
This article analyzes how investment bank Dominari Holdings Inc. and its president Kyle Wool leveraged their close relationship with the Trump family to engage in high-profit trading in the micro-cap stock sector, and how this model allowed Trump's two sons, Eric and Donald Jr., to quickly monetize their reputations and accumulate vast wealth, while revealing potential conflicts of interest and fraud risks in the micro-cap market and its IPOs.
ZEC Rises Against the Trend by 37%, Which Privacy Projects Are Worth Watching?
This article analyzes the strong rebound momentum in the privacy sector after the maximum liquidation day on October 11, particularly the astonishing nearly 400% increase of $ZEC in less than half a month, and dissects the rebound drivers in this sector under regulatory pressure, its historical process, and the current main investment opportunities and risks.
Is Charging Listing Fees Reasonable? Base Sparks Controversy Over Binance Listing Fees
On October 11, Base founder Jesse Pollak posted multiple messages on X criticizing some centralized exchanges for charging project parties 2% to 9% of token supply as listing fees.
This post garnered over a million views, with Zerebro founder Jeffy Yu retweeting, stating, "When we were building Zerebro, Binance asked for a $1 million listing fee, Bybit took a large number of tokens and $250,000, and accused market maker Wintermute of demanding 10% of the token supply (100,000,000 tokens), later selling them for profit."
Although Binance later responded that there was no related information after checking with the listing team, it is possible that Jeffy encountered a scam. However, Jesse's comments have kept the topic of listing fees for centralized exchanges alive in the community, with many industry insiders revealing that some centralized exchanges charge unreasonable listing fees.
The Silent Profiteers on Polymarket Using Arbitrage
After securing $2 billion in investment, Polymarket's valuation reached $9 billion, one of the highest funding amounts for projects in the Crypto space in recent years.
Against the backdrop of increasing rumors of IPOs, IDOs, and airdrops, let’s first look at some interesting data: If your PNL exceeds $1,000, you enter the TOP 0.51% of wallets; if your trading volume exceeds $50,000, you are among the top 1.74% of large holders; if you complete more than 50 trades, you surpass 77% of users.
Risk warning
