Market Digest

CW48 S&P downgraded Tether’s USDT to its weakest rating due to exposure to riskier assets and limited reserve transparency. Hyperliquid’s first $300M HYPE unlock is set for Nov 29. Meanwhile, Binance and Perpdex introduced equity trading, enabling tokenized access to major U.S. stocks.

CW47 Bitwise’s André Dragosch identified Bitcoin’s potential bottom between $73K and $84K, based on cost basis levels of major holders. Aave launched a retail yield app offering up to 6.5% returns with balance protection. Meanwhile, a $1B Ethereum DAT project has been suspended amid market weakness.

CW46 Uniswap proposed burning UNI tokens through protocol fees and treasury reduction to align governance incentives. dYdX approved a 75% revenue share for buybacks. Coinbase reopened token sales, starting with Monad. Meanwhile, Bitcoin DAT firms now trade below their BTC holdings.

CW45 Balancer was hacked for $120M, triggering Notional’s shutdown and cascading losses across Stream Finance, Elixir, and USDX as several stablecoins depegged below $0.10. Meanwhile, Binance-listed MMT saw a sharp pump and dump, and Hyperliquid’s top whale traders suffered full liquidations.

CW 44 New SEC guidance allowed Solana, HBAR, and Litecoin spot ETFs to list without the traditional 19b-4 process, with Bitwise and Grayscale launching Solana ETFs. Western Union will issue a Solana-based stablecoin in 2026. Meanwhile, dYdX plans a U.S. market entry focused on spot trading.

CW 43 U.S. President Donald Trump pardoned Binance founder CZ, calling his prosecution political and marking a potential shift in crypto regulation. BNB began trading on Coinbase and Robinhood. Meanwhile, Hong Kong approved Asia’s first Solana spot ETF, set to debut on October 27.