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Goldman Sachs Group data shows that, affected by the stock market sell-off, global hedge funds have experienced the broadest decline since the COVID-19 pandemic. All three major stock strategies fell more than 1% on the same day.As of Thursday's close, global fundamental long-short strategy funds fell by 1.4%, while funds focused on telecommunications, media, and technology sectors averaged a decline of 2.7%. Global systematic long-short strategy funds fell by 1.3%, and multi-strategy platforms fell by 1.9%.

Early investment institution ZhenFund has launched Ask AI on its official website. Entrepreneurs can directly inquire about which teams ZhenFund has invested in, what fields they are currently focusing on, and what activities are suitable for them.ZhenFund has compiled publicly available information about its investment team, invested companies, areas of interest, entrepreneurial activities, and contact information into a bilingual zhenfund.md. After users click on any AI entry point, the website will redirect to Kimi, ChatGPT, Claude, or DeepSeek, and pre-fill the prompts, allowing the model to read the document before answering questions.

As the sell-off of technology stocks intensifies, investors are returning to the bond market in search of safety. An indicator measuring the "inverse relationship" between U.S. Treasuries and AI-related stocks has risen back to levels seen a year ago. Nomura Holdings strategists stated that the market is reassessing the likelihood of a "growth panic" in the U.S. based on the "reset" of the AI boom.

According to The Defiant, the UAE-led "Confrontation Ghost" operation has identified over $39 billion in funds and cryptocurrencies. The operation has arrested more than 960 people and raided 29 scam centers. The countries involved in the operation are advancing asset recovery efforts to reclaim the assets involved.

According to PR Newswire, J.P. Morgan Asset Management announced that its tokenized money market funds MONY and JLTXX have launched on the Solana blockchain, open to qualified U.S. investors. Qualified investors can subscribe and redeem through its institutional trading platform Morgan Money and receive token balances at their blockchain addresses.MONY is a private fund established under Rule 506(c), set to launch in December 2025. At that time, J.P. Morgan will be the first globally systemically important bank to launch a tokenized money market fund on a public blockchain. JLTXX is a government money market fund registered in the United States, designed to support stablecoin issuers under the framework of the GENIUS Act.

According to community reports, on October 23, crypto influencer kimchi posted an image containing a QR code, which points to the meme coin kimchi. Relevant information indicates that the kimchi address holds over 50% of the token, and it is different from the previously mentioned "speedrun 30 million dollars" token. The co-founder of the meme coin issuance platform pump.fun, alon, subsequently retweeted the post.The new kimchi token briefly surged to a market value of about 10 million dollars. Afterward, alon canceled the retweet, kimchi deleted the post, and removed the mention of pump.fun from his personal profile, leading to a rapid decline in the token's value, which was then about 190,000 dollars. According to GMGN market data, the previous Kimchi token also accelerated its decline that morning, with a market value of about 12.81 million dollars at that time.These actions have sparked dissatisfaction within the community, with some crypto investors accusing kimchi and alon of potentially illegal behavior. Kimchi has frequently flaunted wealth on social media and claimed to have profited significantly from investing in the TRUMP token. Recently, alon stated that Kimchi is the first person to truly bridge the gap between the crypto industry and pop culture, and is the first case of a trader becoming a public figure.

According to Jinshi, SK Group's newly established data center business unit SK Hyper is in talks with large technology companies and financial investors for financing, planning to raise funds for a data center construction project expected to cost $350 billion. SK Hyper has begun discussions with potential partners, aiming to build data centers in South Korea with a total capacity of 15 gigawatts by 2035.SK Hyper CEO Chung Suk-geun stated that the first phase of the 5-gigawatt construction alone requires $350 billion, which includes equipment costs. The company plans to complete its first round of external financing by the end of this year or early 2027, and will continue to raise funds over the next three to four years while sharing the overall construction costs with data center tenants and external investors.

The meme coin issuance platform Pump.fun announced the addition of take-profit and stop-loss order features for trading on EVM chains, a feature that was previously launched on Solana in September.This expansion covers networks such as Robinhood, BSC, Base, HyperEVM, Arc, and Ink.

S&P Global Ratings released a report on Thursday, granting the UK digital bank Revolut a BBB+ investment grade rating for the first time, and expects the company to issue senior unsecured bonds in 2027 to establish a debt buffer capable of absorbing potential losses and meeting regulatory requirements.The report noted that Revolut's balance sheet has exceeded £40 billion (approximately $53.5 billion); if the bank were to collapse, the Bank of England could push for a restructuring, with investors bearing the corresponding losses. S&P expects that as Revolut expands its unsecured retail lending business and launches mortgage products, its loan portfolio size will double by 2027 and double again by 2028.S&P believes that Revolut has a strong consumer brand, a scalable technology platform, and an increasingly diversified product range, but its main banking customer relationships still account for a lower proportion compared to traditional banks, and rapid global expansion may exacerbate operational complexity and compliance risks. BBB+ is considered a lower tier within S&P's investment grade ratings.

According to a report by Cointelegraph, DWF Labs pointed out in a research report released on Thursday that the daily capital flow of the U.S. spot Bitcoin ETF is difficult to predict for Bitcoin's subsequent trends, with investors more inclined to buy after price increases and withdraw during declines.The study covers 694 trading days since the launch of the U.S. Bitcoin spot ETF in January 2024: in 8 instances where the Bitcoin price fell by 15%, there were net outflows of ETF funds in 7 of those cases; while in all 9 instances where the price rose by 15%, there were net inflows of funds.DWF Labs concluded that ETF capital flows are more about confirming market trends rather than predicting them in advance. Data shows that the correlation coefficient of the day's ETF capital flow with the price changes of Bitcoin over the previous 5 trading days is 0.54, but the correlation coefficient with the price changes over the subsequent 5 trading days is only 0.03. From October 2025 to February 2026, the net outflow from Bitcoin ETFs was approximately $6.9 billion, and during the market decline from May to June 2026, the net outflow was about $8.2 billion.DWF Labs also noted that some ETF trades may involve buying fund shares while simultaneously shorting Bitcoin through futures on the Chicago Mercantile Exchange (CME) as a hedging strategy, so the capital flow does not directly reflect investors' true bullish or bearish positions.

According to PR Newswire, the blockchain asset management firm CMCC Global announced the tokenization of its Crest Fund (Crest) and Liberty Bitcoin Accumulation Fund (LBAF), calling them the first tokenized master fund products issued under El Salvador's digital asset legal framework.The two funds will be issued using Tether's Hadron tokenization platform and will raise funds from qualified investors through the regulated Bitfinex Securities platform, with the subscription period ending on October 30, 2026. Both funds are multi-manager quantitative hedge funds that invest in market-neutral strategies in the digital asset market, including funding rates, cross-exchange and volatility arbitrage, market making, and DeFi strategies. Among them, Crest is denominated in USD, targeting returns above U.S. Treasury yields; LBAF is denominated in Bitcoin, targeting a net annualized return of 8% to 12%.BTCS S.A., a digital asset treasury company listed in Poland and Frankfurt, has agreed to act as a cornerstone investor and plans to allocate a three-digit number of Bitcoins to LBAF, with the specific amount not yet disclosed. The token issuance price is set at $10 per CREST and 0.0001 BTC per LBAF, with a minimum subscription of one token; eligible holders can also trade on the secondary market through Bitfinex Securities around the clock.

CoinDCX released further clarification regarding the on-chain activities of the TQKJQ wallet, stating that after the security incident in July 2025, the affected wallet addresses have been deactivated, but some users are still depositing funds to the old addresses. The platform's original periodic fund collection process was ineffective for a period of time, and the related issues were discovered this morning, resulting in some operational losses, which will be borne by CoinDCX.CoinDCX stated that despite some users depositing funds to the deactivated addresses, the relevant user accounts have still received the corresponding credits. The platform claims that customer assets continue to be stored in independent cold wallets, and the currently active wallets and user addresses have not been affected, with the platform's trading operations running normally. CoinDCX also reminds users to verify the latest deposit addresses only through the official app or website to avoid transferring funds to deactivated addresses.Previously, on-chain detective ZachXBT had questioned why the deposit address TQKJQ was still in use for about 10 months after the security incident, with approximately $15.8 million of user deposits unaccounted for.

According to Bloomberg, the Central Bank of Ireland has fined Coinbase's Irish subsidiary €3.25 million (approximately $3.6 million) due to deficiencies in its outsourcing governance framework and inadequate customer fund protection measures.Regulators pointed out that the company relied too heavily on the U.S. Coinbase Group to execute customer fund protection processes, and design flaws in the system along with insufficient control testing led to a long-term shortfall in the designated customer fund protection accounts.A Coinbase spokesperson stated that the relevant issues mainly occurred during the U.S. banking crisis in 2023, when the company directed customers to deposit funds into other bank accounts of Coinbase to mitigate potential losses from bank failures. However, this practice resulted in the mixing of customer funds with those held by other entities of Coinbase, which did not comply with regulatory requirements.Last year, the Central Bank of Ireland also fined Coinbase Europe €21.5 million for violating anti-money laundering and counter-terrorism financing transaction monitoring obligations (which included a 30% settlement discount).

On October 22, a16z announced the removal of "Crypto" from the name of its flagship blockchain fund, renaming it to a16z Frontier, and long-time general partner Ali Yahya is stepping down. The announcement stated that this move does not signify a withdrawal from investing in the cryptocurrency space, but rather aims to further broaden the investment scope.The fund has previously raised nearly $10 billion, including $4.5 billion in 2022 and $2.2 billion for Fund 5 this year, making it one of the largest institutional players in the industry. When raising Fund 5 this year, a16z stated that the industry is shifting from a price cycle to a usage cycle, focusing on the infrastructure of stablecoins, on-chain finance, prediction markets, and asset tokenization, rather than merely chasing market trends.Chris Dixon, founder and managing partner of a16z crypto, will remain in his position. Investments related to crypto assets and blockchain remain one of the core directions, but the overall label and strategic focus have been adjusted to cover a broader range of frontier technology fields.

According to The Information, a16z will remove "Crypto" from the name of its flagship blockchain fund, renaming it to "a16z Frontier," and will shift its focus to other investment areas; the fund's first founding member will also be leaving.

Cryptocurrency analyst Axel Adler Jr. stated that as of October 21, the proportion of new investors' funds in the Bitcoin network has risen from a year-to-date low of 6.6% on July 5 to 11.2%, indicating that new funds are gradually returning, but the inflow remains below the levels of over 20% seen in 2024 and 2025.Currently, the price of Bitcoin is approximately $82,300, with the average holding cost for short-term holders at $75,100, resulting in an overall unrealized profit of about 9.5%. This group has been in a profitable state for 63 consecutive days since August 20, with the unrealized profit ratio reaching 16% on October 5. If the proportion of new investors' funds exceeds 11.5%, it will indicate a further increase in buyer demand; if it falls back below 10%, it suggests that the inflow of new funds may stagnate. If Bitcoin drops below $75,100, the overall short-term holders will turn to a loss, and related selling pressure may increase accordingly.

According to EU-Startups, the Barcelona venture capital platform Masia has announced the completion of a €18 million first-phase fundraise, which will invest in early-stage AI and cutting-edge technology companies associated with Barcelona. The fund has the support of over 70 limited partners, including tech founders, corporate executives, and seasoned investors, with two institutional investors also participating.Masia has also opened Masia House in the Gràcia district of Barcelona, covering an area of 1,000 square meters, consisting of four floors, providing office space, meeting rooms, accommodation for visiting investors, and a terrace event space.

The co-founder and Chief Operating Officer Alon of the meme coin issuance platform Pump.fun stated that the team had previously focused on launch pads for a long time and only began supporting cross-chain exchanges about 5 months ago. After investigating the cross-chain service provider Relay used at that time, he noted that over one-ninth of cross-chain purchases on Relay encountered errors, with typical purchase landing times close to 4 seconds, and one-tenth exceeding 7 seconds. The number of tokens users received was usually less than expected. He also mentioned that the social trading application FOMO still relies on Relay.Alon stated that the self-developed cross-chain bridge Pump Bridge has been opened to all Pump.fun application users. Compared to Relay, the purchase landing speed has improved by 2 times, and the error rate has decreased by 92%, dropping from over one-ninth to less than one percent. Users can obtain more tokens on average with the same amount of funds, and currently, no additional cross-chain fees are charged. He mentioned that due to the limitations of light speed and target chain confirmation time, the theoretical fastest landing time for purchases is about 1.1 seconds, and the team is still working to reduce the remaining gap.The above comparison comes from random tests conducted in the Pump.fun mobile application from September 28 to October 7, covering Robinhood, BSC, Base, Arc, and Ink, excluding Ethereum, with a total of 416,669 transaction results recorded. Among them, 383,326 transactions recorded the time taken from click to successful prompt, and an additional 35,333 transactions of completed USDC purchases under $500 were used for comparison. Alon also stated that the platform fee rate is 0.45%, with Callout rewards of at least $300,000 daily, totaling about $20 million over two months, and the platform does not retain platform fees.