News & Research

Polymarket US recorded $234 million in political trading volume over the past 30 days as voting in the U.S. midterm elections ended, The Block reported. By market, the U.S. House election led with $29.5 million, followed by the Texas Senate race at $26.1 million and the U.S. Senate election at $15.6 million. Trading volume rose sharply around Election Day. In particular, volume reached $110 million over the two days from Nov. 3 to Nov. 4, local time.

Strategy could buy more than 190,000 additional BTC by the third quarter of next year, bringing its total holdings to 1.04 million BTC, BitcoinTreasuries reported, citing U.S. investment bank Siebert. As of early November, Strategy held about 849,000 BTC. Siebert also maintained a Buy rating on Strategy and set a $350 price target. According to BitcoinTreasuries, Siebert’s $350 target for MSTR is based on two assumptions: a Bitcoin price of $175,000 by the third quarter of next year and a market net asset value multiple of 1.1x.

A Binance hacker is moving stolen funds through a Chinese money-laundering network, Bloomberg reported.

Blockchain.com has launched a 24/7 API trading service for institutional clients, according to Crypto Briefing. Institutional customers can use a single interface to access automated around-the-clock trading in cryptocurrencies and stablecoins.

Citi Wealth has introduced spot Bitcoin ETFs to clients as a way to invest in Bitcoin through brokerage accounts alongside stocks and bonds, Bitcoin News reported.

Ukraine’s National Bank has formally opposed a bill in parliament to legalize and tax cryptocurrencies, calling for a full rewrite over concerns about monetary sovereignty and financial stability, CoinDesk reported. According to CoinDesk, the National Bank of Ukraine said bill No. 10225-d lacked key safeguards required under the EU’s MiCA framework and IMF recommendations, while also criticizing the legislative process as opaque. The central bank warned foreign-issued tokens could flow into the country without local oversight and effectively function as e-money, which it said could seriously undermine national monetary sovereignty and financial stability. It called for restrictions on the use of overseas tokens and authority to assess them. The bank also took issue with the bill’s proposed market structure and tax benefits. CoinDesk said a previously agreed limit of three exchanges selected through a competitive process was softened to let the National Securities and Stock Market Commission decide the number of operators for five years, raising concerns about market concentration and collusion. Tax terms also became a flashpoint after the original 23% capital gains framework, made up of an 18% income tax and a 5% military levy, was substantially eased to include a temporary 5% preferential rate through 2028 and a tax exemption on coin-to-coin trades.

James Wynn, a well-known trader on Hyperliquid, bet on further downside in Bitcoin even after being forcibly liquidated out of three short positions in a single day, according to BeInCrypto. Wynn lost about $1,940 after three BTC short positions on Hyperliquid were liquidated on Nov. 4. Around 20 minutes after the final liquidation, Wynn opened another short position near $80,430. Wynn argued, "Bitcoin will go much lower." The new position was worth about $19,280, with a liquidation price near $81,375.

A wallet linked to the Ledger hacker transferred another 885 ETH, worth about $2.14 million, to crypto mixing protocol Tornado Cash about two hours ago, according to Lookonchain. Tornado Cash is a service that mixes cryptocurrency transaction records, making fund flows harder to trace.

Calls are growing within the crypto industry to adopt traditional finance risk controls such as trade reviews and settlement delays after the recent Binance hack, Bloomberg reported. Tianzeng, CEO of crypto hedge fund Third Eye, said the industry could consider shortening the traditional T+1 settlement cycle to T+1 hour, adding that a set settlement delay and review procedures could limit hackers’ ability to move funds quickly. Joshua Lim, co-head of markets at FalconX, said more clients are no longer willing to unconditionally accept the risk that trades cannot be reversed as institutional participation increases.

Hong Kong is actively encouraging qualified global virtual-asset trading platforms to seek licenses as it steps up efforts to strengthen its regulatory framework as a Web3 hub, according to Hong Kong Wen Wei Po. Joseph Chan, acting secretary for financial services and the treasury, said international virtual-asset exchanges can apply for a virtual asset service provider, or VASP, license at any time as long as they meet Hong Kong’s legal requirements and Securities and Futures Commission, or SFC, rules. Chan added the SFC and Invest Hong Kong are in regular contact with leading global exchanges to promote Hong Kong’s regulatory infrastructure and market opportunities. Separately, Chan said the SFC plans to formally submit a revision to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, or AMLO, to the Legislative Council by year-end.