Author: Deep Tide TechFlow
Market Dynamics Yesterday
Trump: Reached a rare earth agreement with China, reducing the tariff on Chinese fentanyl to 10%.
According to CNBC, U.S. President Trump has announced a one-year agreement with China regarding rare earths and critical minerals, and will cut tariffs on fentanyl from China by half to 10%. The two leaders met in Busan, South Korea, for their first meeting in six years, which lasted for 1 hour and 40 minutes.
Trump told reporters when leaving South Korea that the meeting was “amazing” and that “many decisions were made.” He stated that “the rare earth issue has been resolved,” which is an annual agreement renegotiated each year. The export tariffs to China will also be reduced from 57% to 47%. Trump also revealed that he will visit China in April.
Bescent: Appreciates the Federal Reserve's 25 basis point rate cut, but is not satisfied with the wording.
According to Jinshi data reports, Bessent: appreciates the Federal Reserve's 25 basis point rate cut, but is not satisfied with the wording. The second round of interviews for the Federal Reserve chairman is about to begin. The next candidate for Federal Reserve chairman may be determined before Christmas.
Chairman of the Hong Kong Securities and Futures Commission: Will study providing guidelines for listed companies to invest in cryptocurrencies.
According to the Hong Kong Wen Wei Po, the chairman of the Hong Kong Securities and Futures Commission, Huang Tianyou, stated that there are currently no regulations in Hong Kong governing listed companies' participation in cryptocurrency investments. The commission will monitor the market situation and study whether it is necessary to provide relevant guidelines for the market.
It is reported that the Hong Kong Stock Exchange has previously raised questions about the digital asset treasury (DAT) transformation plans of at least 5 companies, none of which have received listing approval. Currently, Hong Kong prohibits listed companies from transforming into companies that purely hoard cryptocurrencies.
Huang Tianyou pointed out that after the American company DAT buys digital assets, its stock price and market value often exhibit a premium phenomenon that is more than double. He reminded investors to recognize the intrinsic value of DAT and warned that the related premium could “disappear within a day.”
Regarding the boundary issue of listed companies investing in Bitcoin, Huang Tianyou stated that it is difficult to define the “red line” before the new regulations are introduced. He emphasized that it is currently “impossible” to be listed in Hong Kong in the form of DAT and urged investors to treat the associated risks cautiously.
zkPass releases tokenomics model: total supply of 1 billion tokens, community accounts for 48.5%
According to the privacy protection agreement zkPass, it has released the token economics plan for the token ZKP, based on the ERC-20 standard, with a total supply of 1 billion tokens.
Token allocation:
The community accounts for 48.5% (12.5% unlocked at TGE, 6% released linearly over the first 3 months, and 30% will be released monthly over the next 5 years after TGE);
Early investors account for 22.5% (18-month linear release after a 12-month lock-up period);
Core contributors account for 14% (24-month lock-up period followed by 24 months of linear release);
DAO treasury accounts for 10% (5-year linear release);
Liquidity accounts for 5% (100% unlocked at TGE).
Ethereum developers have officially set the Fusaka upgrade date for December 3rd.
According to CoinDesk, researchers from the Ethereum Foundation officially confirmed during Thursday's all-core developers meeting that the next major mainnet upgrade, Fusaka, will go live on December 3.
The Fusaka hard fork will implement about a dozen Ethereum Improvement Proposals aimed at enhancing the sustainability, security, and scalability of the base chain and the surrounding Layer 2 ecosystem. This upgrade is backward compatible and was finalized on the Hoodi testnet this Tuesday.
The core feature of this upgrade includes the implementation of Peer Data Availability Sampling (PeerDAS), a technology that simplifies validator access to data. This feature was originally scheduled to be launched in the Pectra upgrade in February this year, but was postponed due to the need for more testing.
Fusaka will also raise the Ethereum block gas limit from 30 million units to 150 million units, which is expected to quickly double the blob capacity.
Strategy net profit in the third quarter reached 2.8 billion USD, with BTC holdings increasing to 640,000 coins.
According to Cryptobriefing, Strategy announced its Q3 2025 financial report, with a net profit of 2.8 billion dollars.
The company increased its BTC holdings from 597,325 coins to 640,031 coins in the third quarter, adding more than 40,000 coins. As of October, Strategy's total BTC holdings have reached 640,808 coins.
During the third quarter, the price of BTC rose from about $107,000 at the beginning of July to about $114,000 at the end of September, contributing to the company's profits. However, the stock price of Strategy fell nearly 14% during the same period, narrowing its market premium relative to BTC holdings. In the latest financial report, the company stated that it did not issue Class A common stock under its ordinary share ATM program this month and reiterated that it will continue to raise funds through ordinary shares in a prudent manner.
Coinbase's net profit in the third quarter reached $432.6 million, and the stock price rose by more than 3% in after-hours trading.
According to a Reuters report, cryptocurrency exchange Coinbase Global released its third-quarter earnings report, with performance exceeding analysts' expectations. Driven by an increase in trading volume due to heightened volatility in digital assets, the company's net profit reached $432.6 million (or $1.50 per share), far surpassing last year's $75.5 million (or $0.28 per share).
Revenue increased from 1.21 billion dollars in the same period last year to 1.87 billion dollars, exceeding analysts' expectations of 1.8 billion dollars. Trading revenue rose from 572.5 million dollars in the same period last year to 1.05 billion dollars. Subscription and service revenue grew by 34.3% to 746.7 million dollars, with stablecoin revenue at 354.7 million dollars, a significant increase compared to 246.9 million dollars in the same period last year.
CEO Armstrong stated that as part of its strategy, Coinbase is integrating prediction markets, tokenized stocks, and other products into its platform. As the market for various digital assets continues to expand and competition intensifies due to favorable regulatory factors, it is crucial for Coinbase to broaden its business scope for future growth. After the earnings report was released, Coinbase's stock price rose more than 3% in after-hours trading.
ZachBXT: Garden Finance is suspected of being attacked by hackers, with losses exceeding 5.5 million dollars.
According to on-chain detective ZachBXT, Garden Finance is suspected to have been attacked by hackers across multiple blockchains, with losses exceeding $5.5 million. The project team has offered a 10% white hat reward to the suspected attackers through on-chain messages, but no public statement has been made regarding the incident. All freezeable assets have been quickly exchanged.
The attacker's address is 0x98BCc6c34A489CEfdD9DfA8d792CFEFb02Ea2D12. Ironically, just a few days ago, security researcher zachxbt pointed out on social media X that Garden Finance had been ignoring requests for victims to have their funds returned, and it is estimated that over 25% of Garden Finance's total activity is related to stolen funds, including the Bybit attack incident and stolen funds from platforms like Swissborg.
YZi Labs announced leading a $11 million seed round financing for the AI education agency platform VideoTutor.
According to YZi Labs, the agency announced that it led a $11 million seed round financing for the artificial intelligence education agency platform VideoTutor, marking YZi Labs' first investment in artificial intelligence software after expanding its investment scope this year. This round of financing also saw participation from ByteDance's affiliated fund Jin Qiu Fund, Baidu Ventures, Amino Capital, BridgeOne Capital, among others.
VideoTutor was founded by 20-year-old serial entrepreneur Kai Zhao. The platform can transform any question into personalized animated teaching videos. Launched in May 2025, it attracted over 20,000 users and generated more than 20,000 videos within the first 10 days. It has currently received over 1,000 API integration requests from educational institutions and learning platforms around the world.
Dongwang: A truck in Huizhou, Guangdong, is suspected of carrying over 100 million in cash, and the owner claims to be engaged in cryptocurrency exchange business.
According to reports from Hong Kong media East Net, on October 27th, a light truck in Huizhou City, Guangdong Province was loaded with a large amount of cash in 100 yuan denominations, estimated to be worth over 100 million yuan.
The circulated footage shows that the cargo in the truck bed is wrapped in plastic film and tied with a rope, with the words “private money” and a phone number printed on the vehicle. When the reporter called the phone number on the vehicle, the man who answered initially insisted that the cash was real money, claiming he was engaged in cryptocurrency exchange and that the vehicle was parked in front of a store. He stated that the police had contacted him and did not consider it illegal. However, after the media revealed the reporter's identity, the man immediately changed his story, saying that the cash was just a prop.
The incident location is at the intersection of Maixing Road and Mingzhu Road in Huicheng District, Huizhou City. Nearby merchants have all stated that they did not notice the vehicle. Local police said they could not disclose specific details but would pay attention to relevant circumstances during patrols.
Legal AI startup Harvey raises $150 million in funding, led by Andreessen Horowitz.
According to Techfunding News, legal tech startup Harvey has completed a $150 million financing round led by Andreessen Horowitz, bringing the company's valuation to $8 billion. This marks Harvey's third major financing round within 2025, bringing its total funding for the year to nearly $750 million. The company was founded in 2022 in San Francisco by Winston Weinberg and Gabriel Pereyra, focusing on developing AI legal tools capable of analyzing contracts, drafting documents, and summarizing cases to help law firms and corporate legal teams improve efficiency.
Market Dynamics
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