Hey crypto addicts,


Grayscale estimates that the United States accounts for just 15–20% of global crypto activity, challenging the idea that America's political decisions will determine the industry's future. The research comes ahead of next week's U.S. midterm elections, with Grayscale arguing that crypto adoption is now too global and deeply established to depend on a single country's political direction.

The U.S. still plays a major role in blockchain infrastructure, accounting for approximately 36% of Bitcoin's hashrate and 31% of Ethereum's full nodes. However, its share of trading, payments, and wallet activity is considerably smaller, highlighting how much of the crypto economy operates beyond American borders.

Grayscale believes the industry's growth will continue regardless of the election outcome, supported by international adoption, bipartisan interest, and increasing institutional participation. As stablecoins, tokenized assets, and crypto investment products expand worldwide, the market is becoming less dependent on any single political landscape. Here's what you need to know from today's crypto market.☕

What we’ve covered for you today:

Stablecoins are moving closer to mainstream financial adoption as Circle pushes US regulators to reconsider how they are treated under existing financial rules. The USDC issuer has urged the Securities and Exchange Commission (SEC) to classify qualifying payment stablecoins as cash under its proposed crypto fundraising framework.

Circle is also asking the agency to eliminate the current 2% capital haircut applied to broker-dealers' stablecoin holdings. Removing this requirement could free up capital for financial firms and make stablecoins more attractive for institutional use.

Beyond stablecoin classification, Circle is pushing for clearer rules surrounding permissionless blockchain networks and validator operations. Its recommendations reflect a broader effort to establish clearer boundaries between traditional financial regulation and blockchain innovation. Here’s what you need to know from today’s crypto market.☕

Crypto exchange KuCoin is ending all services for users in Russia and Belarus with immediate effect, citing legal and regulatory requirements. The decision covers its entire platform, including trading products, services, and other features, marking another major exchange withdrawal from the two markets. Affected customers will receive individual notifications outlining deadlines and instructions for closing positions and withdrawing their assets.

The move follows similar restrictions introduced by MEXC and Bitget earlier in October, highlighting growing compliance pressure across the crypto industry. However, KuCoin has not disclosed the number of affected accounts or identified a specific regulatory order behind its decision. Instead, the exchange says users must follow the withdrawal timelines provided through their individual account notifications.

These developments come as international sanctions and regulatory scrutiny continue reshaping where crypto exchanges can operate. With multiple platforms now restricting access to Russian and Belarusian users, the latest withdrawals raise broader questions about exchange accessibility, compliance, and the future of crypto trading in restricted markets. Here’s what you need to know from today’s crypto market.☕

Bitcoin ETFs are facing renewed pressure as institutional demand weakens, with US spot funds recording $254.7 million in net outflows over the 30 days through October 26. The withdrawals came despite BlackRock's IBIT attracting nearly $962 million, while Fidelity's FBTC saw approximately $725 million leave its fund. The contrasting flows highlight a growing divide among major issuers as investors reassess their exposure to Bitcoin.

However, the selling pressure has recently shown signs of easing, with three consecutive positive sessions bringing $423.6 million back into the funds through October 28. BlackRock accounted for nearly 94% of those inflows, suggesting renewed buying interest remains concentrated among a few major players. Meanwhile, Glassnode estimates that ETF investors' average Bitcoin cost basis sits around $81,500, making current market levels an important area to watch.

The return of inflows offers some relief, but the broader picture still points to uneven institutional demand. With Bitcoin trading below the estimated ETF cost basis and fund activity remaining relatively weak, sustained inflows could become crucial for restoring market confidence. Here’s what you need to know from today’s crypto market.☕

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The recent Binance security breach could accelerate the shift from centralized exchanges (CEXs) toward decentralized exchanges (DEXs), according to Standard Chartered's global head of digital assets research, Geoffrey Kendrick. He believes the incident could strengthen investor interest in platforms like Uniswap, which has avoided major exploits, as traders become more concerned about keeping assets

Singapore police have revealed that tampered Ledger hardware wallets were reported as early as September 10, nearly a month before the wider security incident became public. At least two cases have resulted in combined losses of approximately $2.7 million, with malicious components reportedly inserted into devices sold through local retailers.

Today's crypto market is seeing major developments across institutional funding, regulatory enforcement, and artificial intelligence. Prediction market platform Kalshi has raised $1 billion in a new funding round, pushing its valuation to $40 billion as it expands beyond sports-related contracts. Meanwhile, crypto exchange HTX has agreed to stop unlawful promotions in the UK following legal action by the Financial

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