Morning News | Coinbase spends $375 million to acquire crypto investment platform ECHO; Limitless announces LMTS token economics
Overview of Important Market Events on October 21整理：Zhou，ChainCatcher
Important News:
- The probability of the Federal Reserve cutting interest rates by 25 basis points in October drops to 96.7%
- Limitless announces tokenomics: total supply of 1 billion, with 24.37% for airdrops and incentives
- YZi Labs leads $25.5 million strategic financing for Sign
- STBL founder denies team’s connection to large profit wallets, calls related accusations FUD
- Wall Street Journal: Coinbase spends $375 million to acquire crypto investment platform ECHO
What important events happened in the past 24 hours?
According to ChainCatcher, monitoring by HyperInsight shows that this morning, 1011 insider whales increased their Bitcoin short positions tenfold to 2,000 BTC, valued at approximately $226 million, with an opening price of $111,190.3 and a current unrealized profit of $6.15 million.
According to ChainCatcher, data from CME's "FedWatch" indicates that the probability of the Federal Reserve cutting interest rates by 25 basis points in October is 96.7%, while the probability of maintaining the current rate is 3.3%.
Arthur Hayes: Competition among Perp DEXs is intensifying, HYPE faces valuation compression risk
ChainCatcher reports that BitMEX co-founder Arthur Hayes stated on social media that HYPE faces the risk of valuation compression. Annual revenue has nearly returned to historical highs, but the token price is much lower. In an increasingly competitive environment for decentralized perpetual contract exchanges (Perp DEX), speculators are reluctant to pay high premiums for uncertain future revenues.
ChainCatcher reports that Galaxy Digital Inc. (NASDAQ: GLXY) today released its financial performance report for the three and nine months ending September 30, 2025. The net profit for Q3 2025 is $505 million, with diluted earnings per share (EPS) of $1.01 and adjusted EPS of $1.12. Adjusted EBITDA is $629 million, primarily driven by record performance in the digital asset business and gains from digital asset and investment positions.
As of September 30, 2025, the company has a total equity of $3.2 billion and cash and stablecoin holdings of $1.9 billion. Galaxy Digital's quarterly trading volume in digital assets reached a record high, increasing by 140% compared to Q2 2025, reflecting increased spot and derivatives activity, as well as client sales of over 80,000 Bitcoin. The total assets on the platform reached an all-time high of approximately $17 billion at the end of the quarter.
Limitless announces tokenomics: total supply of 1 billion, with 24.37% for airdrops and incentives
According to ChainCatcher, Limitless, a prediction market platform, has announced the LMTS tokenomics, with a total supply of 1 billion tokens to be issued on the Base network. The token distribution is as follows: 25% for investors, 1.37% for Kaito presale, 1.26% for Echo round, 25% for the team, 24.37% for ecosystem rewards (airdrops and incentives), 13% for the treasury, and 10% for liquidity.
YZi Labs leads $25.5 million strategic financing for Sign
ChainCatcher reports that YZi Labs has led a $25.5 million strategic financing round for Sign, with IDG Capital also participating. Sign CEO Xin Yan stated that Sign is committed to building digital infrastructure and plans to use the funds to expand its technical team. The funds will also be used to develop various partnerships aimed at promoting sovereign blockchain infrastructure.
In January of this year, Sign received $16 million in financing from YZi Labs. Sign has raised over $55 million in total across seed, Series A, and strategic rounds.
SharpLink discloses acquisition of 19,271 ETH, total holdings rise to 859,853 ETH
ChainCatcher reports that SharpLink disclosed that as of October 19, 2025, it purchased 19,271 ETH at an average price of $3,892, bringing its total Ethereum holdings to 859,853 ETH, valued at $3.5 billion.
STBL founder denies team’s connection to large profit wallets, calls related accusations FUD
ChainCatcher reports that in response to concerns raised by blockchain analytics platform Bubblemaps regarding "five interconnected wallets of STBL tokens accumulating profits of approximately $17 million," STBL founder Avtar Sehra stated that these wallets have no connection to the project team. He noted that on-chain records and independent analyses confirm that these five addresses were active long before STBL launched and are typical opportunistic traders. Sehra emphasized that this is not a "team sell-off," but rather market manipulation by external participants. Bubblemaps later clarified that the related wallets are not connected to the STBL team or insiders, and the project contract and team wallets can be publicly verified on-chain.
ChainCatcher reports that regarding Coinbase's acquisition of Echo, Cobie stated on social media that when Echo was created two years ago, it was almost certain that 95% would fail, but he persisted, believing that even failure was worthwhile.
Now, he reveals that this transaction surprised him but is very exciting, stating that the Echo platform will temporarily operate independently but will integrate the Sonar public product into the Coinbase system, potentially opening new channels for entrepreneurs to connect with investors while creating investment opportunities for investors to access the Coinbase ecosystem.
Wall Street Journal: Coinbase spends $375 million to acquire crypto investment platform ECHO
ChainCatcher reports that according to the Wall Street Journal, Coinbase has reached a deal to acquire the cryptocurrency investment platform ECHO for $375 million. This acquisition is reportedly Coinbase's eighth transaction this year, as the company actively pursues acquisitions amid favorable momentum from U.S. cryptocurrency policies.
Bank of Japan Deputy Governor: Stablecoins may play a key role in the global payment system
ChainCatcher reports that Bank of Japan Deputy Governor Masayoshi Amamiya stated that stablecoins may play a key role in the global payment system, partially replacing the role of bank deposits.
Binance adds "Chinese" section to contract market page
ChainCatcher reports that according to the Binance app, a "Chinese" section has been added to the contract market page, with the meme coin "Binance Life" being the only token listed in this section as of yesterday.
ConsenSys founder: New token economy platform and launch platform to be launched on Linea
ChainCatcher reports that ConsenSys founder Joseph Lubin tweeted that he will launch a new token economy platform and launch platform on Linea. "If we can accelerate the global adoption of prediction markets like Polymarket and MYRIAD, we can bring collective wisdom and market power into governance and decision-making at all levels of society. Before Futarchy can truly be widespread, we need deep liquidity and broad application of prediction markets. Once this goal is achieved, we can begin to replace the subjective and centralized control of platforms that have rent-seeking and de-platforming powers with more objective market-driven decisions involving a broader range of stakeholders."
Meme Popularity Rankings
According to meme token tracking and analysis platform GMGN, as of October 22, 09:20,
The top five popular ETH tokens in the past 24 hours are: USDe, LINK, sUSDe, HYPER, SQUIRREL
The top five popular Solana tokens in the past 24 hours are: TRUMP, Solara, Solara, PERC, USELESS
The top five popular Base tokens in the past 24 hours are: UPOONLY, BNKR, CLANKER, ECHO, echo
What are some interesting articles worth reading in the past 24 hours?
From rags to riches: The inspiring life of Polymarket founder
June 2020: A 21-year-old poor kid launched a betting platform in his bathroom during the pandemic.
November 2024: FBI agents raided his apartment, confiscated his phone, but left without pressing any charges.
October 2025: The parent company of the New York Stock Exchange invested $2 billion in his company.
This is the trajectory of Shayne Coplan's life over five years ------ from counting items in his New York Lower East Side apartment and figuring out what to sell to pay rent, to becoming the youngest self-made billionaire tracked by Bloomberg.
How does someone with "nothing to lose" build a business that even regulators want to destroy?
Why has a platform banned in its home country attracted the favor of Wall Street's most powerful institutions?
Moat or speculative trap? The life and death of the DAT model
The Digital Asset Treasury (DAT) model was once seen as an innovative path for crypto investment, where companies hold crypto assets as reserves to drive up stock prices, creating a "buy coins - finance - buy coins again" flywheel.
However, market sentiment seems to be shifting: on one hand, DAT companies have raised over $20 billion this year, and some institutional investors believe the peak has passed. On the other hand, short-selling voices are rising, and investors are beginning to question whether there will be a collective rush for the exits. Is the treasury model a long-term moat or a short-term speculative tool?
This article discusses topics of high interest to investors and summarizes some institutions' views on the current DAT trend.
Solana's crisis of faith: unbeatable fundamentals, why is the price still "lying flat"?
As a loyal SOL soldier, I am starting to lose faith in SOL.
From the token price perspective, this cycle may not be over yet. However, among the top market cap tokens, BTC, ETH, BNB, and even XRP all set historical highs in the second half of 2025, while SOL has not broken its previous high since reaching $295 in January (despite a months-long Solana meme coin craze).
Why has SOL been stagnant? It could be due to the token inflation mechanism, the meme craze shifting to other networks, or liquidity issues and whales being bearish. Another point to note is that Solana seems to always be a step behind in catching up with trends.
How to participate in the MegaETH public offering, check out the hottest ICO platform
Filled $50 million in minutes, ICO price $0.05, directly yielding 20 times returns, with the peak bringing ICO investors up to 3260% returns.
The success of the Plasma ICO has made everyone realize that the madness of ICOs may soon reappear. From that moment on, all eyes turned to the platform behind it------Echo.
It not only carried the explosion of Plasma but also attempted to reshape the rules of new offerings with its new Sonar feature. Related reading: "Echo launches new feature Sonar, can it create a 'compliant ICO' market?"
No one wants to miss the next "Plasma." And now, a new wave of excitement is gathering. The next project that may replicate the Plasma myth, MegaETH, is now open for registration on the Echo platform.
The plight of Korean retail investors: 14 million "ant groups" dive into cryptocurrency and leverage
Tony Kim, a manager at a textile company in Seoul, buys into a stock with his entire portfolio as long as he is optimistic about it.
34-year-old Tony Kim has never held two stocks simultaneously in his investment portfolio of 140 million Korean won (approximately $98,500). This father of two said, "Koreans, including myself, are obsessed with that dopamine rush; it seems to be ingrained in our genes."
Risk warning
Risk warning
