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According to official website information, the fully on-chain synthetic perpetual trading platform Papertrade deployed on HyperEVM went live for 1 hour, with a cumulative nominal trading volume exceeding 80 billion USD. Data shows that the cumulative trading losses of platform users reached 4.73 million USD.According to official documentation, the issuance model of the Papertrade token PAPER is such that for every 1 USD lost by platform users, the protocol mints a certain amount of PAPER according to a curve. When the LP balance is below 2 million USD, the minting ratio is fixed at 100 PAPER for every 1 USD lost; currently, due to the LP scale exceeding 2 million USD, PAPER emissions have entered a decay mode.Papertrade reads prices from the Hyperliquid order book BBO mid-price, with users directly trading against the protocol LP as the counterparty, rather than through traditional order book matching. The protocol supports high leverage, zero slippage, and no funding rates.

According to Hupzy, the current net exposure of hedge funds to the "Magnificent 7" in the U.S. stock market has risen to 22%, a record high, surpassing the peak of 21% on June 2024, and increasing by 7 percentage points since July of this year. In comparison, at the bottom of the bear market in 2022, this indicator was only 8%.The record-long positions reflect strong confidence from institutions in technology stocks, but it also means that trading may be overly crowded and does not necessarily indicate that the market will continue to rise. If the relevant investment logic changes, large-scale liquidations could trigger a sharp reversal and directly impact the perpetual contract market for the S&P 500 index; a decline in risk appetite may also further pressure Bitcoin.Additionally, the net exposure of hedge funds in the semiconductor sector is currently at 12%, slightly below the peak of 14% in June 2024, but significantly up from 2% at the beginning of 2025. Over the past three months, the increase in hedge fund exposure to the Magnificent 7 has been the largest since 2023.

Robinhood Chain's on-chain activity continues to cool down. According to CoinDesk's calculations based on growthepie data, from October 2 to 8, the network's average daily transaction volume was 6.2 million, a decrease of 42% compared to 10.8 million from September 10 to 16, and a drop of 20% from the previous week; during the same period, the average daily active addresses were about 322,000, down 31% from mid-September. Robinhood launched this chain in July, allowing users to trade tokens and lend through applications connected to Ethereum, and plans to introduce around-the-clock trading of tokens linked to stocks and funds.Transaction volume has also declined. From October 2 to 8, the spot trading volume fell to $7.45 billion, down 21% from the previous week's $9.46 billion, with Uniswap handling about 77% of it. However, funds have not fled; on-chain lending and trading application deposits increased by about 2% week-over-week to $1.04 billion, and the supply of stablecoins rose to about $1.1 billion. Perpetual contract trading volume, on the other hand, grew against the trend by 26% to about $7.35 billion.Fee income has shrunk accordingly. During that week, users paid an average of about $65,000 in network fees daily, a decrease of 39% from the previous week, far below the peak of $8 million per day at the beginning of September. According to a report by Bernstein last month, Robinhood retains about 90% of network fees.

According to SoSoValue data, yesterday (Eastern Time, October 9), the total net inflow of Bitcoin spot ETFs was $21.1281 million.The highest single-day net inflow was from BlackRock ETF IBIT, at $22.38 million, with a historical total net inflow of $65.733 billion; followed by VanEck ETF HODL, with a single-day net inflow of $2.3286 million and a historical total net inflow of $1.009 billion. The highest single-day net outflow was from Fidelity ETF FBTC, at $3.5805 million, with a historical total net inflow of $10.515 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs was $105.844 billion, with an ETF net asset ratio of 6.38%, and the historical cumulative net inflow has reached $57.107 billion.

Global investment management company Franklin Templeton is exploring regulatory exemptions that would allow tokenized money market funds and ETFs to trade on blockchain trading venues. On October 9, the company met with staff from the U.S. Securities and Exchange Commission (SEC) cryptocurrency working group to discuss legal issues related to pricing, fees, and asset pools.The agenda included whether investors could exchange blockchain fund shares for tokenized national market system stocks through blockchain trading venues, and whether liquidity providers could charge service fees. Related issues involve pricing rules under the Investment Company Act and whether exemptions are needed. Regarding tokenized ETFs, Franklin Templeton also discussed forming trading pairs with tokenized stocks, approved payment stablecoins, or tokenized money market funds, as well as whether liquidity pools need to obtain investment company regulatory exemptions.As of September 30, the preliminary disclosed assets under management amounted to $1.79 trillion. Franklin Templeton's blockchain fund record-keeping business began with the launch of the Franklin Onchain U.S. Government Money Fund in 2021. The BENJI token represents shares of this fund, and transferring the token will simultaneously transfer the corresponding shares, with related transactions recorded and tracked by the Benji Technology Platform.

According to Bitcoin.com, Brazil's largest stock exchange B3 plans to launch a tokenized asset platform in the first half of 2027. Tokenized securities will share prices and liquidity with traditional stocks, but initially will still use the T+2 settlement mechanism.B3's Product Director Humberto Costa stated that the 24/7 continuous trading and instant settlement features still require approval from regulatory authorities. In addition, B3 also plans to launch its own stablecoin and has applied to the Central Bank of Brazil for qualifications in digital asset operations and custody. It has not yet been confirmed whether these two products will be interoperable at the initial launch.

Robot company Ultra announced the completion of a $62 million financing round, which includes a $50 million Series A led by Framework.Ultra stated that the robotics industry is facing issues of implementation and distribution, with deployment being the current bottleneck. The company believes that demonstrating the effectiveness of robots in controlled environments is relatively easy; the more challenging aspect is to have robots continuously operate and perform effectively in open environments, gain the trust of their human counterparts, and be able to repeat this process. Ultra claims that this is precisely the direction they are currently focusing on.

According to CoinDesk, the Layer 2 blockchain Robinhood Chain, designed for tokenizing real-world financial assets, is evaluating a transaction sorting system that allows users to pay fees for prioritizing specific transactions. This technology is developed by Arbitrum, the infrastructure provider for Robinhood Chain. Insiders say that Arbitrum's previously launched paid transaction sorting technology, Time Boost, could provide users with a 200-millisecond prioritization advantage, but it was replaced on September 24 by the new Priority Gas Auctions model, which allows traders to pay higher fees to prioritize individual transactions. This new version is what Robinhood Chain is currently evaluating.Currently, Robinhood Chain employs a first-come, first-served transaction sorting strategy and has not yet utilized Arbitrum's original Time Boost application. Since launching its Ethereum-compatible network in July, Robinhood Chain has rapidly gained popularity and has entered the top ten blockchains ranked by total locked value. Robinhood's traditional brokerage business has long profited through "payment for order flow," where market makers pay brokers for the routing rights of customer orders.The mechanism of on-chain paid transaction prioritization operates differently; it provides advantages to traders by accelerating transaction processing speeds, helping professional institutions compete for fleeting trading opportunities.

Driven by fluctuations in gold and silver prices and active trading by investors, global banks are expected to achieve approximately $5 billion in precious metals trading revenue in 2026, setting a new historical high.JPMorgan earned about $700 million from precious metals trading in the first half of the year, while Deutsche Bank's related revenue exceeded $200 million this year. Citigroup has become the first bank in ten years to join the London gold market vault and clearing services.

Bitfinex stated that Bitcoin typically transfers to trading platforms before being sold, but during the drop of BTC from $87,000, there was almost no behavior of Bitcoin held for 6 months or more.Data shows that nearly all Bitcoin flowing into trading platforms recently has only been transferred in the past week. Bitfinex pointed out that true market capitulation usually requires long-term holders to start transferring and selling their chips, but there are currently no signs of this.

GMGN announces the launch of the global memecoin trading championship Season 1, featuring a 10-day live memecoin trading competition on GMGN, where 6 traders will be selected to participate in the finals in London. Registration for the competition is now open.The qualification rounds will take place from October 17 to 27 (UTC), and participants must use their own funds (up to $2000), create a Solana wallet and an EVM wallet to compete, with rankings based on realized profits and losses. A real-time leaderboard will be provided during the competition, and all trades will be recorded on-chain. Daily champions will receive a platinum GMGN nameplate, and the ultimate champion will win a limited edition Aston Martin Vantage. The organizers will cover the airfare, hotel, and visa costs for the London finals.

J.P. Morgan analysts stated that SpaceX's latest spectrum deal may raise concerns about intensified competition among the three major wireless carriers in the United States. Although SpaceX could become a new market participant, the threat to Verizon, T-Mobile, and AT&T remains limited in the short term.

Shunyet Jan, the head of trading and trading operations at Binance, stated that the future competition among financial platforms will no longer be limited to cryptocurrency asset trading, but will integrate services such as investment, payment, lending, and asset management, creating a comprehensive financial ecosystem that covers both traditional finance and the cryptocurrency market. Jan has worked for about 30 years at Goldman Sachs, Morgan Stanley, and JPMorgan Chase. He believes that traditional finance has advantages in regulation, risk management, and functional segregation, while the cryptocurrency industry is more competitive in 24-hour trading, fast settlement, and openness, and that the two will accelerate their integration in the future.Binance hopes to allow users to utilize their financial value without having to sell underlying assets through features such as unified accounts, cross-asset margin, tokenized assets, and stablecoin payments, and to explore using AI to simplify asset selection and risk management. Jan revealed that Binance currently has over 300 million users, most of whom come from emerging markets; among users of its direct stock and tokenized stock products, about 90% come from emerging markets. He stated that Binance's long-term goal is to expand its user base from 300 million to 3 billion and to become a financial infrastructure that more people can use.

Decentralized exchange THORChain announced that native Zcash swaps are now live, allowing users to exchange ZEC with assets on other supported blockchains without relying on wrapped tokens or centralized exchanges. This launch follows the protocol's 3.20 update, which introduced support for Zcash and Monero. At that time, the liquidity in the Zcash pool exceeded $50,000, and the network has begun processing real ZEC swaps.The pool is currently in a soft launch phase, with performance being monitored. If vulnerabilities or other issues arise, trading may be temporarily paused. The current pool size can easily support five-figure trades, while larger trades will experience higher slippage and slower settlement until liquidity increases. When the fee-to-depth ratio is sufficiently high, the protocol's own liquidity will automatically join the Zcash pool. This mechanism was introduced with the 3.20 upgrade, allowing the protocol to deploy a portion of liquidity fees (initially set at 20%) to supported liquidity pools.After integration, ZEC holders can swap their native assets with supported assets such as Bitcoin, Ethereum, and stablecoins without needing to deposit Zcash with a centralized custodian or convert it into wrapped assets on other networks. Zcash brings the total number of native blockchains in THORChain's cross-chain liquidity network to 14, with swaps settled in native assets on their respective chains, rather than transferring assets through cross-chain bridges or requiring users to relinquish custody.

The cryptocurrency asset platform Blockchain.com has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) seeking to obtain Designated Contract Market (DCM) and Futures Commission Merchant (FCM) licenses to provide event contracts (prediction markets) and cryptocurrency derivatives trading services to U.S. users.Blockchain.com CEO and co-founder Peter Smith stated that the company aims to allow users to manage digital assets, trade derivatives, and participate in real-world event predictions on the same platform. Currently, Blockchain.com has provided prediction market services to some international users through its partner Polymarket and supports perpetual contract trading through Hyperliquid.As the popularity of prediction markets rises, several cryptocurrency companies, including Crypto.com, Gemini, and Coinbase, are seeking to enter this field. If approved, Blockchain.com will join the ranks of companies that have applied for CFTC Designated Contract Market licenses this year.

According to reports from American media, U.S. Treasury Secretary Scott Basset stated that the Trump administration is escalating its "maximum pressure" campaign against Iran to an "absolute isolation" action. In addition to financial sanctions, it will further restrict Iran's access to international markets, transportation networks, and financial resources through maritime blockades, restrictions on air transport, and cutting off land routes.Basset revealed during an interview at the Newsmax NPolicy summit held in Washington on Thursday that the U.S. government may seize approximately $1 billion in cryptocurrency assets this week, stating that authorities have located the relevant assets and are taking measures to isolate them. Basset also mentioned that the U.S. is cooperating with the United Arab Emirates and Oman, and coordinating with Pakistan and Turkey to attempt to cut off Iran's land transportation routes. He stated that the government's goal is to completely block Iran's oil exports and restrict international travel for Iranian officials and individuals associated with the regime. Currently, reports have not disclosed the specific cryptocurrencies, wallet addresses, executing agencies, and legal basis involved in this cryptocurrency asset seizure action, and it is also unclear whether the related actions have been officially implemented.

WEEX Exchange announced that the platform will appear as a platinum sponsor at TOKEN2049 Singapore 2026 from October 7 to 8, marking WEEX's third consecutive year participating in this top industry event. At the event, WEEX showcased its AI Trading features and set up interactive experiences such as the Trading MBTI trading personality test; during the live broadcast segment, they connected with the Dubai team to introduce the Trading House plan aimed at traders and content creators. In addition, WEEX collaborated with the Pudgy Penguins community to launch TOKEN2049 limited co-branded merchandise and participated in hosting the "Inside the Igloo" community event.

Bitget launches a dual CandyBomb event, with participation time from October 9, 18:00 to October 19, 18:00 (UTC+8).Exclusive for new contract users: Complete specified net recharge and contract trading tasks to participate in sharing a prize pool of 0.2 BTC, with a maximum of 0.002 BTC per person.Exclusive for new TradFi contract users: Trade specified contracts such as SanDisk and Micron to participate in sharing a prize pool of 8 rSNDK, with a maximum of 0.08 rSNDK per person.