Morning News | Over $1 billion in liquidations across the entire network in the past 24 hours; MegaETH public offering oversubscribed by 27.8 times
Overview of Important Market Events on October 30Organizer: Zhou, ChainCatcher
Important News:
- Strategy's Q3 net income reaches $2.8 billion, BTC holdings increase to 640,000
- Coinbase Q3 financial report: net income of $433 million, total revenue of $1.9 billion, increased holdings of $299 million in Bitcoin
- Probability of a 25 basis point rate cut by the Fed in December is 74.7%, and 57.7% for January next year
- MegaETH public offering officially ends, over 50,000 participants subscribe for a total of $1.39 billion, oversubscribed by 27.8 times
- Chairman of the Hong Kong Securities and Futures Commission: plans to provide guidance for digital asset treasury and study the issue of listed companies purchasing Bitcoin
What important events have occurred in the past 24 hours?
Strategy's Q3 net income reaches $2.8 billion, BTC holdings increase to 640,000
According to ChainCatcher, Strategy reported its Q3 2025 financial results, with a net income of $2.8 billion. The company increased its BTC holdings from 597,325 to 640,031 during the third quarter, adding over 40,000 BTC. As of October, Strategy's total BTC holdings have reached 640,808.
During the third quarter, the price of BTC rose from about $107,000 in early July to about $114,000 at the end of September, contributing to the company's profits. However, Strategy's stock price fell nearly 14% during the same period, and its market premium relative to BTC holdings narrowed. In the latest financial report, the company stated that it did not issue Class A common stock under its ordinary share ATM plan this month and reiterated its commitment to continue raising funds through ordinary shares in a prudent manner.
According to ChainCatcher, data from Coinglass shows that $1.074 billion was liquidated across the network in the past 24 hours, with $954 million in long positions and $120 million in short positions. Among these, $378 million in Bitcoin long positions were liquidated, and $38.52 million in Bitcoin short positions were liquidated, while $188 million in Ethereum long positions and $25.69 million in Ethereum short positions were liquidated.
Additionally, in the last 24 hours, a total of 243,642 people were liquidated globally, with the largest single liquidation occurring on Hyperliquid - BTC-USD worth $21.4298 million.
According to ChainCatcher, Forbes reports that cryptocurrency exchange Coinbase's Q3 net income reached $433 million. Total revenue increased by 25% quarter-on-quarter to $1.9 billion. During this quarter, Coinbase increased its Bitcoin holdings by $299 million through weekly purchases, currently holding 14,548 BTC. As of September 30, its fair market value of crypto assets held for investment reached $2.6 billion (of which $1.6 billion is Bitcoin), with another $1 billion in crypto assets used as collateral.
Including crypto assets, Coinbase's total available resources amount to $15.5 billion. The trading revenue for this quarter was $1 billion, which, although a 37% increase from the previous quarter, is still far below the levels seen at the beginning of the year. In Q4 2024, Coinbase's trading revenue is expected to reach $1.6 billion, and $1.3 billion in Q1 2025. This trend indicates that despite the rise in Bitcoin prices and increased market activity, trading volumes have not reached the levels needed for Coinbase to significantly grow its revenue.
According to ChainCatcher, Jinshi reports that CME's "FedWatch" shows a 74.7% probability of a 25 basis point rate cut by the Fed in December, with a 25.3% probability of maintaining the current rate. By January next year, the cumulative probability of a 25 basis point rate cut is 57.7%, with a 16.6% probability of maintaining the current rate, and a 25.6% probability of a cumulative 50 basis point rate cut.
Bitwise CIO: Polymarket has become an important institutional data source alongside Bloomberg
According to ChainCatcher, Bitwise Investment Company's CIO Matt Hougan confirmed that Polymarket has become an important institutional data source alongside Bloomberg.
According to Ryan Rasmussen, Polymarket was cited twice within just 20 minutes of the start of a $50 billion RIA investment committee meeting.
According to ChainCatcher, the official announcement states that the Layer-1 project MegaETH public offering has officially ended, attracting over 50,000 participants with a total subscription amount of $1.39 billion, resulting in an overall subscription ratio of 27.8 times.
The official statement indicates that the next phase will enter the allocation and refund process: users who bid below $0.0999 will automatically receive refunds; users who bid exactly $0.0999 will enter the allocation review stage, which will last until November 5, when the final allocation results will be announced, and refunds for users who did not receive allocations will begin.
According to ChainCatcher, data from Coingecko shows that the market capitalization of USD stablecoins has reached $303.5 billion, a significant increase of about 50% from $202.8 billion at the beginning of the year. The total market capitalization of USDT is currently reported at $188.4 billion, and USDC at $76.3 billion, ranking first and second.
Legal AI startup Harvey raises $150 million in funding, led by Andreessen Horowitz
According to ChainCatcher, legal tech startup Harvey has completed a $150 million funding round led by Andreessen Horowitz, bringing the company's valuation to $8 billion. This is Harvey's third significant funding round in 2025, bringing its total funding for the year close to $750 million.
The company was founded in 2022 in San Francisco by Winston Weinberg and Gabriel Pereyra, focusing on developing AI legal tools that can analyze contracts, draft documents, and summarize cases to help law firms and corporate legal teams improve efficiency.
AI education agent VideoTutor completes $11 million seed round funding, led by YZi Labs
According to ChainCatcher, AI education agent platform VideoTutor announced the completion of an $11 million seed round funding, led by YZi Labs, with participation from Jin Qiu Fund (ByteDance affiliated), Baidu Ventures, Amino Capital, and BridgeOne Capital.
Reportedly, VideoTutor was founded by 20-year-old Silicon Valley entrepreneur Kai Zhao, combining large language models (LLM) with the Manim rendering pipeline to transform any question into personalized animated courses. The platform has currently attracted over 20,000 users and received more than 1,000 API integration requests from educational institutions.
Bank of Japan maintains interest rates
According to ChainCatcher, Gelonghui reports that the Bank of Japan has maintained its benchmark interest rate at 0.5% for the sixth consecutive meeting, in line with market expectations.
Bank of Japan committee member Naoki Tamura believes that given the rising risks to prices, the Bank of Japan should set its policy rate closer to the neutral rate.
According to ChainCatcher, Hong Kong Wen Wei Po reports that the Chairman of the Hong Kong Securities and Futures Commission, Huang Tianyou, stated yesterday that there are currently no regulations governing listed companies' participation in cryptocurrency investments in Hong Kong. The commission will monitor market conditions and study providing relevant guidance for the market.
Huang Tianyou added that there are currently no laws regulating listed companies' participation in virtual asset treasury arrangements. For listed companies claiming to adopt digital asset treasury (DAT), he urged investors to be cautious and clearly understand what DAT is and its underlying value, while also stating that the commission will study the issue of listed companies purchasing Bitcoin.
OpenAI aims for an IPO in 2027, with a valuation potentially reaching $1 trillion
According to ChainCatcher, Gelonghui reports that insiders have revealed that OpenAI is preparing for an IPO, with a valuation potentially reaching around $1 trillion, which could become one of the largest IPOs in history.
Sources say that OpenAI is considering submitting its IPO application to securities regulators as early as the second half of 2026. In preliminary discussions, the company considered raising at least $60 billion, with the actual amount possibly higher. However, insiders caution that negotiations are still in the early stages, and specific figures and timelines may be adjusted based on business growth and market conditions.
It is reported that the company's CFO Sarah Friar has indicated to some partners that OpenAI's goal is to go public in 2027.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of October 31 at 09:00,
The top five popular ETH tokens in the past 24 hours are: LINK, BFX, sUSDe, USDe, RAMDAI
The top five popular Solana tokens in the past 24 hours are: TRUMP, PORNHUB, XCHANGE, AINET, SHIPIT
The top five popular Base tokens in the past 24 hours are: VIRTUAL, AORA, CLANKER, EURC, ZORA
What are some interesting articles worth reading in the past 24 hours?
CZ invested in a Chinese junior student, $11 million seed round, creating an education agent
A Chinese junior student raised $11 million in a seed round, making it the highest-funded product among Silicon Valley student startups.
With a focus on generating personalized teaching/explanation videos with just one sentence, the K12 education agent product VideoTutor announced today the completion of an $11 million seed round funding. This round was led by YZi Labs, with participation from Baidu Ventures, Jin Qiu Fund, Amino Capital, BridgeOne Capital, and several well-known investors.
This is also the first AI product company invested by YZi Labs.
Founder Kai Zhao stated that VideoTutor has received recognition and support from CZ and the YZi Labs investment team, ultimately leading to YZi Labs leading this funding round. They received over 10 term sheets (letters of intent) and ultimately chose these few firms.
The mysterious team that dominated Solana for three months is about to launch a token on Jupiter?
A team without a website, community, or public identity has captured nearly half of the trading volume on Jupiter within 90 days.
To gain a deeper understanding of this mysterious project, we must first delve into an on-chain trading revolution quietly happening on Solana.
Trump is going to open his own casino
On October 28, Trump Media & Technology Group announced the launch of a prediction market product called "Truth Predict" on its social platform Truth Social. The company's CEO stated that this platform aims to engage more people in information judgment or prediction, allowing individuals not just to voice their opinions but to validate their judgments through betting.
This marks the Trump family's third significant move in the prediction market space.
As early as January 2025, Donald Trump Jr. joined the regulated prediction platform Kalshi as a strategic advisor.
In August of the same year, his venture capital firm 1789 Capital led a new funding round for Kalshi's main competitor—the crypto prediction market Polymarket. The latter is a platform that has received investment from ICE, the parent company of the New York Stock Exchange, and is valued at $9 billion. Following the completion of the transaction, Donald Trump Jr. also joined its advisory board.
Airdrop is heating up, check out this MetaMask Season 1 points interaction guide
On the evening of October 28, MetaMask announced the launch of the "MetaMask Rewards" Season 1 points reward program.
As a well-established wallet application that has been active and widely used since the DeFi era, combined with the recent confirmation of upcoming token issuance in MetaMask's official press release, the news of this event has quickly attracted significant market attention.
Risk warning
Risk warning
