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GOOGL $343.13 +0.29%
MSFT $535.40 +0.85%
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NVDA $215.57 -1.18%
TSLA $367.20 +3.46%
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CryptoQuant: The proportion of new Bitcoin whales in the realized market value has risen to about 1/3, with a cost basis of approximately $77,000

CryptoQuant analyst MorenoDV_ published an analysis indicating that the realized market cap of new whales in Bitcoin is $78.61 billion, while old whales stand at $159.15 billion. New whales account for 33.06%, compared to about 18% earlier in 2026.Since September, the realized market cap of new whales has continued to grow, while old whales have remained relatively stable, with the growth primarily coming from new whales. The realized market cap is calculated based on the price at the last on-chain transfer of the tokens and does not represent the proportion of BTC supply.In terms of cost, the overall cost basis of new whales has decreased from a previous high of around $110,000 to about $68,000 at the end of August, before rebounding to around $77,000. The current BTC price is $82,134, which is approximately 6.7% higher than the cost basis of new whales.The analysis suggests that the data shows large holders buying during the downturn and continuing to accumulate as prices rebound. However, the turnover of the holder group and transfers between addresses can also inflate the realized market cap, so the growth in realized market cap cannot be interpreted as an equivalent influx of new funds. If BTC continues to fall below around $77,000, new whales will incur losses again, increasing the likelihood of selling during a rebound. The inflow to exchanges and realized losses can be used to determine whether this is short-term pressure or if large holders are starting to sell off again.

Interlace, together with ecological partners, has initiated a white paper on stablecoin payment infrastructure, exploring the path from on-chain settlement to real-world payments

The stablecoin infrastructure platform Interlace announced a joint initiative with multiple industry partners, including OSL, AllScale, Stable, Hetu, Cregis, WIDTH, KEM, and KTX, to launch the white paper titled Stablecoin Payment Infrastructure: From On-Chain Settlement to Real-World Payments. As stablecoins evolve from crypto-native financial instruments into global financial infrastructure, stablecoin payment activity is also growing rapidly. In Q1 2026, stablecoin transaction volume exceeded $28 trillion, while stablecoin B2B payments reached $226 billion in 2025, representing a 733% year-over-year increase. However, as stablecoin payments expand into real-world commercial use cases, the industry still lacks a systematic framework for defining the capabilities covered by stablecoin payment infrastructure and how on-chain assets can be connected with real-world commerce. The white paper will focus on this gap, covering key topics such as stablecoin payment infrastructure, end-to-end costs, compliance and risk management, and enterprise-scale adoption. Drawing on industry data, practical experience, and real-world cases, it will further explore the development path of stablecoin payment infrastructure. The full white paper is expected to be officially released within the next 1-2 months.

first_img The real-world asset market HyperDex launches a spot and perpetual aggregator

On October 13, 2026, the real-world asset market HyperDex announced the launch of a spot and perpetual contract aggregator, placing spot routing, cross-chain transfers, and the newly announced perpetual aggregation on the same interface. The announcement did not disclose the trading volume upon launch, and the perpetual section did not specify the venue, supported contracts, collateral rules, or liquidation mechanisms; the product is currently labeled as beta.The interface provides quotes for each exchange and cross-chain transaction between exchanges, cross-chain bridges, and intent resolvers; users sign with their own addresses, and funds are routed through audited contracts to the selected target, with the platform not holding custody. The team claims to have integrated with LI.FI, RIFT, Enso, Ravn, and specifically mentions Relay, Across, NEAR Intents, Chainflip, among others, totaling over 70 venues and more than 19,000 tokens, including tokenized stocks, gold, government bonds, and credit issued by Ondo, Backpack, Coinbase, Robinhood, etc. The supporting chain documentation states that routing covers 69 mainnets, 36 bridges, and 39 exchanges, including EVM, Bitcoin, Solana, Sui, and Zcash.After selecting tokens, chains, and quantities, the system requests quotes and sorts them by the best price or fastest completion, refreshing quotes every 20 seconds. Before signing, it displays the minimum received amount, network fees, HyperDex fees, and estimated completion time; standard transfer fees are 0.50%, private exchanges are 0.75%, and protocol fees are deducted from the sent tokens. On-chain settlements are reportedly completed atomically, and any slippage beyond the limit will roll back; if a cross-chain bridge is completed but the target chain exchange fails, users will receive the bridged assets on the target chain. The routing contracts are claimed to be audited, open-source, and have a bug bounty program.
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