Weekly Recap | Cryptocurrency Market Faces Epic Crash Leading to 1.6 Million Liquidations; Monad Airdrop Claim Portal to Open on October 14th

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BlockBeats will summarize the key industry news of the week (10.6-10.12) in this article and recommend in-depth articles to help readers better understand the market and stay informed about industry ...

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informed about industry trends.Weekly News RecapAfter Bitcoin Hits New All-Time High, the Crypto Market Experiences an Epic Plunge, Resulting in the Liquidation of 1.6 Million People and $20 BillionOn October 8, Bitcoin reached a new all-time high of $126,000, up 2% from the previous peak of $124,514 in August. However, due to profit-taking by traders and macro pressures, the price retreated to $121,698 on October 10, a 3.5% drop from the ATH but still a 12% increase for the week.Just 3 days later, on the morning of October 11, the entire crypto market experienced an epic crash, with over $19.1 billion liquidated and more than 1.6 million people being liquidated, setting new records in the 10-year history of cryptocurrency futures trading. A look back at the candlestick chart shows that Bitcoin actually started its decline on the night of October 10 around 11:00 p.m. at $117,000. Around 5:00 a.m., the epic \"1011\" crash officially began. In a 30-minute period, Bitcoin plunged uncontrollably at an average rate of nearly 1% per minute. The most extreme moment occurred at 5:19 a.m. when Bitcoin plummeted over 4% in one minute, dropping nearly $5,000 to a low of $102,000. Meanwhile, the altcoin market suffered even more, with large-cap altcoins like SUI, WLD, and DOGE experiencing sharp declines, and small-cap tokens even momentarily hitting \"rock bottom.\" The crash led to a chorus of anguish in the futures market, with many crypto influencers and veteran traders also succumbing to the situation.The reasons behind this crash, according to some traders, include speculation that Trump's announcement of imposing a 100% tariff on China starting November 1 may have been the catalyst. Subsequently, it is suspected that a large market maker actively withdrew liquidity, major exchanges began accepting illegal currency stablecoins as high LTV collateral, and the risk began to spread between exchanges. Similar to stablecoins, the unpegging of stablecoins also accelerated the decline and liquidation.Related Readings: \"Bitcoin Hits New High, How Was the Market in October? | Trader's Observation,\" \"1.6 Million People Liquidated, $20 Billion in '1011' Epic Liquidation, Trade War Restart Bloody Global Capital Markets,\" \"Is This the Real Reason for the $20 Billion Liquidation in the Crypto World?,\" \"Behind the Scenes of the 10.11 Crash: Whales Set Up $1.1 Billion Short Three Days in Advance, Raking in $200 Million in a Single Day,\" \"Altcoins Plunge Over 80%, But Who Made Billions Licking Their Wounds in the Epic Crash?\"JPMorgan: Cryptocurrency Market to Be Influenced by Uptober, Rate Cuts, and More in the Coming MonthsOn October 8, according to The Block, JPMorgan analysts pointed out that the cryptocurrency market will be influenced by several key factors in the coming months, including the seasonal \"Uptober\" trend, Fed rate cuts, Bitcoin ETF options trading, and Ethereum's \"Pectra\" upgrade.The report mentioned that historical data shows that over 70% of Bitcoin's gains in \"Uptober\" months have been positive, which may have a positive impact on market behavior. Additionally, despite the recent Fed rate cuts, JPMorgan analysts noted that the broader cryptocurrency market has yet to see the expected positive effects.Another potential catalyst is the recently approved physically-backed Bitcoin ETF options trading. Analysts expect this to deepen liquidity and attract new market participants.Democratic Proposal to End Government Shutdown Fails in the SenateOn the 6th, White House National Economic Council Director Hassett stated that Trump's threat of massive layoffs during the government shutdown depends on whether the Democrats will yield in the government funding deadlock. Hassett said, \"If the president determines that negotiations are not progressing, he will start layoffs.\"On the 9th, according to Cointelegraph, U.S. Representative Bryan Steil from Wisconsin, one of the original co-sponsors of the CLARITY Act, a House cryptocurrency market structure bill, stated that despite the government shutdown, Republicans still plan to pass the bill by 2026.On the 10th, the Democratic proposal to end the U.S. government shutdown failed to garner enough votes in the Senate, and the vote is still ongoing.Meanwhile, the U.S. Senate rejected the Democratic government funding bill; the next step will be a vote on the Republican temporary funding bill.On the 10th, Republican and Democratic congressional leaders continued to blame each other for the U.S. government \"shutdown,\" with neither side conceding on their respective stances and talking points, as the deadlock entered its ninth day. Republicans need five Democratic senators to join them to support their stopgap measure to end the \"shutdown.\"U.S. Bureau of Labor Statistics Expected to Release CPI Report During ShutdownOn October 10, according to The New York Times, a U.S. government official stated that despite the federal government shutdown, the U.S. Bureau of Labor Statistics is still preparing to release the CPI data for September, but the specific release time is unclear, though it is almost certain not to be on the originally scheduled date of October 15. The agency has ceased all operations during the funding lapse, thus failing to release the nonfarm payroll report last week as planned.On October 10, the U.S. Bureau of Labor Statistics will release the September 2025 Consumer Price Index on October 24 at 8:30 a.m. ET (8:30 p.m. Beijing time).U.S. SEC Plans to Formally Implement \"Innovation Hub\" Policy by End of YearOn October 8, according to CoinDesk, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins stated that the SEC still plans to formally establish an \"innovation hub\" that would allow companies to engage in digital asset and other innovative technology-related businesses in the U.S. This initiative could be rolled out as early as the end of this quarter.U.S. Cryptocurrency Market Structure Negotiations Deadlocked Due to Democratic DeFi Proposal LeakOn October 10, as reported by Crypto in America, negotiations in the U.S. Senate between Republicans and Democrats on cryptocurrency market structure legislation have stalled due to a new Democratic proposal to regulate DeFi being leaked to Republicans. This proposal has sparked strong opposition within the industry. Republicans are frustrated with their Democratic colleagues' differing views on DeFi and have provided little substantive feedback on the draft under discussion.Aster: S2 Phase Rewards to Feature \"Full Transaction Fee Refund\" OptionOn October 6, according to an official announcement, Aster stated that they have added more flexibility to the way users can receive rewards for the Genesis Phase 2 (S2):Option 1: Receive ASTER airdrop as usual.Option 2: Receive a full refund of S2 transaction fees. This will be treated as feeless transaction activity.When the claiming page opens on October 10, users can choose between Option 1 or 2, with claiming ending 48 hours after October 12. If no selection is made, Option 1 will be the default.The airdropped ASTER tokens will begin distribution on October 14, and fee refunds will be processed in batches after the claiming period ends.Related Read: \"Aster Ignites New BSC Cycle as Liquidity Returns On-Chain\"Monad Airdrop Claim Portal to Open on October 14, Exchange to Launch MON Perpetual Futures TradingOn October 9, Monad announced that the airdrop portal will open on October 14 (Tuesday).On October 10, according to official sources, Binance launched Monad (MON) U perpetual futures trading at 15:15 on October 10 Beijing time, supporting up to 5x leverage.Furthermore, on October 10, according to official sources, OKX launched MON (Monad) and MET (Meteora) perpetual futures contracts at 4:00 PM on October 10.Related read: \"Monad's Ambition: From Parallel Execution to Large-Scale Application\"MetaMask Announces Reward Program Launch at the End of October and Confirms Token IssuanceOn October 9, according to an official announcement, the crypto wallet MetaMask today announced the launch of perpetual contract trading functionality, which is now live. Simultaneously, the MetaMask reward program will commence at the end of October. MetaMask introduces a point system and tiered rewards to incentivize on-chain transaction activity. Users can earn points with each token swap and perpetual contract trade and can also earn points by referring others. In the future, users will be able to earn points through MetaMask card spending and holding mUSD, expanding rewards across the entire ecosystem.Related read: \"MetaMask Coin Release Outlook: Massive Airdrops, $100 Billion Valuation, and Potential Concerns\"Polymarket Founder Becomes the Youngest Self-Made Billionaire Tracked by Bloomberg IndexOn October 9, as reported by Bloomberg, the 27-year-old founder of the prediction market platform Polymarket, Shayne Coplan, became a self-made billionaire with a pre-funding valuation of $8 billion after receiving up to $2 billion in investment from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. He is now the youngest self-made billionaire tracked by the Bloomberg Billionaires Index.Polymarket Founder Hints at Possible POLY Token IssuanceOn October 9, according to The Block, Polymarket founder Shayne Coplan hinted that this popular prediction platform may launch a native token, and the POLY token may potentially rise to the top of the cryptocurrency market cap rankings.This is not the first time the Polymarket team has hinted at the possibility of rewarding users through a token airdrop or issuance. In the days following Donald Trump's victory in the presidential election in November 2024, the official Polymarket X account briefly posted: \"We predict future drops.\"Previously, on October 8, Polymarket was valued at $9 billion and received a $2 billion investment from the Intercontinental Exchange.Related Reading: \"Why did NYSE invest $2 billion in Polymarket?\"YZi Labs Announces Establishment of $1 Billion Builder Fund to Increase Support for BNB Ecosystem Project FoundersOn October 8, YZi Labs announced the establishment of a $1 billion Builder Fund aimed at increasing support for BNB ecosystem project founders. This is especially focused on founders of projects on the BNB Chain, attracting more long-term entrepreneurs to focus on BNB-based innovation. This includes areas such as trading, RWA (Real World Assets), Artificial Intelligence (AI), DeSci (Decentralized Science), DeFi, payments, and wallets, leveraging the high-performance, low-cost infrastructure of the BNB Chain, as well as enhanced tools, funding, integration capabilities, and an ecosystem of over 460 million users.Morgan Stanley Lifts Ban on Wealth Management Clients Holding Crypto FundsOn October 10, according to CNBC, Morgan Stanley informed its financial advisors on Friday that the company is expanding avenues for crypto investments to all clients and allowing such investments in any type of account, including retirement accounts. Starting on October 15, advisors will be able to promote cryptocurrency funds to any client. Previously, this option was only available to clients with a higher risk tolerance, assets of at least $1.5 million, who wished to hold crypto assets in taxable brokerage accounts.SoftBank-Backed Japan's Largest Payment Leader PayPay Acquires 40% Stake in Binance JapanOn October 9, Binance Japan signed a capital and business alliance agreement with PayPay. PayPay will acquire 40% of Binance Japan's shares.The announcement stated that through this cooperation, the two companies will leverage their respective strengths, jointly develop innovative services, and promote technology collaboration connecting cashless payments and digital assets.Binance Alpha Launches Multiple Chinese Narrative Meme Coins on the PlatformThis week, the Binance ecosystem suddenly saw a new Meme outbreak, with CZ and He Yi's social media interaction directly igniting community sentiment, sparking a wave of Chinese Meme creation. The Meme coin \"Binance Life\" was the first to launch on Binance Alpha, reaching a market cap of over a billion in 3 days, and also becoming the first Chinese meme coin to be listed on a mainstream exchange. Subsequently, on-chain projects collectively joined the trend, further boosting market enthusiasm. This led to the emergence of \"Binance Car\" and \"Binance Community,\" among 200+ imitations, forming a \"Binance + xx\" naming pattern. On October 9, the Binance futures system API added support for Chinese trading pair names.He Yi's lengthy article \"Come! Let's Cultivate Immortality Together!\" sparked secondary creation, with the token \"Cultivation\" achieving a trading volume of over $1.2 billion in 4 hours, with over 37,000 holding addresses. However, this move also drew opposition from the market, with OKX CEO Star publicly criticizing \"platform-induced shilling touching the compliance bottom line,\" and U.S. lawmakers proposing a review of the process for listing Meme coins on centralized exchanges.On the 7th, Binance Alpha listed Meme coins \"Binance Life\" and \"palu\"On the 9th, Binance Alpha listed \"Customer Service Xiao He\"On the 8th, Binance launched 4 U perpetual contractsOn the 9th, Binance launched U-based GIGGLE perpetual contractsRelated Reading: \"National Day Holiday Airdrop of 'Binance Life': Market Cap Breaks $1.5 Billion in Three Days, Can the Chinese Meme Enrichment Myth Be Repeated?\"Binance Launches Exclusive Meme Rush PlatformOn October 9, Binance Wallet partnered with Four.Meme to launch an exclusive Meme Rush platform, exploring high-potential Meme tokens through a dedicated channel. This new feature is designed for Binance Wallet (non-private key address) users, making it easy to discover and participate in Meme token projects, providing users with a more equitable, transparent token mechanism, and a leaderboard to track token performance in real-time.Binance Lists Aster Spot TradingOn the 6th day, Binance listed Aster (ASTER) and applied the Seed tag.Major Fundraising This Week:On the 6th day, decentralized mapping project Bee Maps (powered by Hivemapper) announced the completion of a $32 million USD new funding round, led by Pantera Capital, LDA Capital, Borderless Capital, and Ajna Capital.On the 7th day, according to The Wall Street Journal, sources revealed that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is close to reaching an agreement to invest $2 billion in Polymarket. This investment is expected to value Polymarket between $8 billion and $10 billion USD.On the 7th day, as reported by dlnews, Crunch Lab, a core contributor to CrunchDAO, completed a $5 million USD strategic funding round. Galaxy Ventures and Road Capital co-led this round, with follow-on investments in June by VanEck and Multicoin. The project's total fundraising has now reached $10 million USD.On the 8th day, according to official sources, the DePIN project Grass announced the completion of a $10 million USD funding round, with participation from Polychain, Tribe Capital, and others. The raised funds will be used to support business growth and expand infrastructure.On the 8th day, New York Stock Exchange-listed company DDC Enterprise Limited (NYSE: DDC) completed a $124 million USD equity financing round, led by PAG Pegasus Fund, OKG Financial Services Limited (a subsidiary of OKG Technology Holdings Limited), and Mulana Investment Management. DDC Founder, Chairman, and CEO Jia Ying Zhu personally invested $3 million USD.On the 9th day, Solana edge data intelligence network 375ai completed a $5 million USD funding round, with lead investments from Delphi Ventures, Strobe Capital, and HackVC, and participation from 6MV, ARCA, EV3, Peaq, Heartcore, and others.On the 9th, the tokenized stock infrastructure Block Street completed a $11.5 million strategic financing round, led by Hack VC, with participation from Generative Venture, DWF Labs, StudioB, Bridge34, Jane Street, Point72, and HRT operating team.On the 9th, CipherOwl, a crypto compliance startup founded by former Coinbase and Cruise employees, completed a $15 million seed funding round, led by General Catalyst and Flourish Ventures, with participation from Coinbase Ventures, Enlight Capital, and other investment institutions.Top Articles of the Week\"He Yi: If We Don't Keep Up with the Pace in This Industry, the Community Will Teach Us a Lesson in Being Human\"Binance co-founder He Yi, in an early morning long article, candidly shared her reflections and changes during the industry's ups and downs. She walked from \"rejecting contracts, questioning MEME\" to \"understanding the market, embracing the community,\" using her own experience to explain the underlying logic behind Binance's frequent actions. She also directly addressed controversies surrounding contracts, MEME, fairness, and more. She emphasized that on this unprecedented path, only by continuously running, accepting criticism, and iterating rapidly can we truly walk alongside users.\"Is This the True Reason Behind the $20 Billion Liquidation in the Crypto Circle?\"The calm of October 11th was completely disrupted in just a few hours: an unnamed whale opened an $11 billion short position, causing Bitcoin to plummet uncontrollably in half an hour in the early morning, evaporating over 12% of its market value overnight. Over 1.6 million people and nearly $20 billion vanished in the epic \"1011\" liquidation. Meanwhile, news of Trump reigniting the trade war arrived late, causing global markets to tremble simultaneously, with altcoins shedding blood, and the S&P, Nasdaq, and Hang Seng Index futures all plummeting.\"Which Major Projects Are Still Planning to Launch Their Tokens This Year?\"With the post-holiday market heating up, more and more projects are entering the coin issuance countdown, and a new liquidity window is taking shape. Projects such as Meteora, Monad, Abstract, Pharos, OpenSea, MetaMask, Rainbow, Football.Fun, Limitless, Lighter, and Grvt have successively announced their TGE or airdrop plans, covering multiple tracks such as public chains, liquidity protocols, wallets, and prediction markets. Understanding the coin issuance rhythm of these projects can help investors better grasp the pace of fund allocation and market rotation.\"CZ's Midnight AMA: What's the Wealth Code?\"In a rare appearance during an AMA on Trust Wallet, CZ appeared alongside several BNB core project teams to discuss topics such as the MEME market, Aster development, prediction markets, RWA and AI, and changes in U.S. regulation. He shared his outlook on the industry's future, responded to the unexpected popularity of \"Binance Life,\" and emphasized the unpredictable power of the community. This late-night conversation revealed his genuine thoughts on ecosystem growth and technological trends.\"Why is the NYSE Investing $2 Billion in Polymarket?\"The Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is preparing to invest $2 billion in the decentralized prediction market platform Polymarket. This funding not only sets a record for crypto private fundraising but also reveals traditional finance's strategic focus on the \"prediction market.\" ICE is attempting to integrate Polymarket's event odds with its own clearing, settlement, and trading systems, integrating belief data with capital flow into the global financial infrastructure, opening up new space for future price discovery.\"If Base Had an Airdrop, How Would You Benefit?\"Base has been continuously expanding its technological and ecosystem footprint over the past six months, from Flashblocks upgrades to cross-chain bridges, and now to the launch of the Base App. It has gradually formed a complete system that combines speed, liquidity, and a social layer. As the team begins to explore native token issuance, the market has also taken early action, with users laying out potential airdrop opportunities around NFT creation, token issuance, and content production. For those looking to participate in $BASE distribution, now is a key moment to get involved in the ecosystem and build up an interaction record.\"Why Are Retail Investors Always 'Harvested'? Understanding How Market Makers Operate\"Retail investors often say, \"I buy and the price drops, I sell and the price rises.\" This phenomenon is not a coincidence but a direct result of the market maker's operating mechanism. Market makers continuously place orders, earn the spread, adjust the order book, profit repeatedly from price fluctuations, and use time lag and information asymmetry to gain the upper hand. When market volatility intensifies or liquidity is insufficient, their mode of operation significantly affects prices, causing following retail investors to frequently fall into passive positions.\"Token2049 'Short Essay' Collection: Innovation Fatigue, Capital-Driven; The Upward Path of Ordinary People Being Compressed\"After Token2049 Singapore, various KOLs, VCs, and founders have successively released \"short essays\" from different perspectives, documenting their true feelings during this industry event: some talk about FOMO and personal journeys, some observe attention shifting from grand narratives to trading and applications, while others bluntly state that innovation is stagnant, capital is dominant, and social models are changing. Beneath the apparent enthusiasm of the conference, there may be a collective consensus that the project's rise-and-fall cycle is compressed, and the upward path of ordinary people is being squeezed.\"Conversation with Cathie Wood: Ark's Three Investment Directions, Bitcoin, Ethereum, Solana Are the Ultimate Choices\"In this interview, Cathie Wood elaborated on Ark's three investment directions—Bitcoin, Ethereum, and Solana—and explained why she has always believed that Bitcoin will long-term dominate. She also discussed the role of stablecoins in the crypto ecosystem, her latest views on Ethereum, and the economic and geopolitical factors behind the rise in the price of gold. She also mentioned her attention to Hyperliquid, believing that its development stage is similar to Solana's early days.\"Arthur Hayes and Tom Lee Discuss the Future of DATs, Stablecoins, and Prediction Markets\"Arthur Hayes and Tom Lee had a discussion at Token2049 focusing on DAT, Stablecoin Chains, Perpetual DEX, and Prediction Markets. Both suggested that DAT could act as an \"On-chain Wall Street CEO,\" Stablecoin Chains must first introduce real cash flow, Perpetual DEX would test moats in unlocking and fee competition, and Prediction Markets both generate information and influence behavior. This discussion brought together an institutional perspective and product constraints at the same table.\nWelcome to join the official BlockBeats community:\nTelegram Subscription Group: https://t.me/theblockbeats\nTelegram Discussion Group: https://t.me/BlockBeats_App\nOfficial Twitter Account: https://twitter.com/BlockBeatsAsia","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.11","shortVersion":"4.35.11","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2574102462","isCrawlerRequest":true}