Crypto stands tall as gold shines

October 15, 2025

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Crypto passed the stress test as gold stole the spotlight

Key points:

  • Bitwise CIO Matt Hougan said crypto “got a passing grade” after the October 10 crash, noting DeFi platforms like Uniswap and Aave ran smoothly while $20B in leverage was wiped.

  • Gold hit a record $4,200 as traders rotated toward safety, but Hougan argued crypto’s rebound near $115K proved its maturity and resilience amid macro pressure.

News - The crypto market’s sharp sell-off following President Trump’s tariff threat on Chinese imports erased about $20 billion in leveraged positions, sending Bitcoin down nearly 15% and Solana sliding 40%. By Monday, BTC had rebounded to roughly $115,000.

Bitwise CIO Matt Hougan called the episode a brief stress test, saying decentralized platforms performed flawlessly even as centralized venues like Binance processed nearly $400 million in trader refunds.

Hougan’s postmortem emphasized that no core technology or institutional players failed. “The damage was contained to individual investors,” he said, adding that the recovery reflected the robustness of crypto’s infrastructure.

Analysts echoed that view, with CryptoQuant data showing 93% of the open interest reduction stemmed from orderly deleveraging rather than panic selling.

Gold’s contrasting run - While crypto stabilized, gold futures surged past $4,200 per ounce in their first-ever close above that mark. Analysts said the move reflected a temporary “flight to safety” ahead of the Fed’s Beige Book and speculation around quantitative tightening ending.

The liquidity lens - Some experts believe both assets are part of the same “debasement trade” as global liquidity shifts.

With Powell hinting that quantitative tightening may soon end, traders see any future easing as a potential spark for Bitcoin. Hougan expects thinner liquidity in the short term but says the bull market should resume once attention returns to fundamentals.

$3.8B fund goes onchain while Binance races to restore trust

Key points:

  • CMB International Asset Management brought its USD Money Market Fund onchain via BNB Chain, issuing CMBMINT and CMBIMINT for accredited investors with DigiFT and OnChain.

  • BNB holds near recent highs as the ecosystem rolls out a $45M airdrop and a $400M reimbursement program, even as short-term metrics hint at profit-taking risk.

News - CMB International Asset Management has tokenized its USD Money Market Fund on BNB Chain, extending its real-world asset push after an August rollout on Solana. 

The Hong Kong umbrella fund, launched in early 2024, invests primarily in USD deposits and state-backed money market instruments across the US, Singapore, the EU, mainland China, Hong Kong, Macau, and Taiwan. 

Tokens CMBMINT and CMBIMINT allow accredited investors to subscribe in fiat or stablecoins and redeem through DigiFT, with OnChain enabling access across DeFi uses. 

HKEX data shows assets rising from about $2.9B in April to roughly $3.6B by August, while recent materials cite more than $3.8B in AUM. Reports have suggested local pressure on RWA offerings in Hong Kong, leaving the fit of this tokenization within the regulatory landscape unclear.

BNB price and liquidity - BNB trades around the $1,180 to $1,200 area after setting a new all-time high. 

Spot remains supported by ecosystem moves that include a $45M airdrop with PancakeSwap and Trust Wallet and Binance’s “Together Initiative,” which allocates $400M to users affected by the recent liquidations. A prior $283M compensation plan was also announced, and stablecoin reserves on the platform rose to about $44.6B. 

Near term, on-chain gauges show mixed risk: SOPR readings hover near 1.0 and short-term holder NUPL climbed above 0.25, which has preceded profit-taking in past cycles. Key levels to watch include support near $1,136 and resistance toward $1,308, with $1,375 cited as the prior peak.

Regulatory and trust watch - The tokenization push arrives alongside renewed scrutiny of centralized exchanges. Moreover, a long-dormant BNB charity fund for Maltese cancer patients has swelled in value but remains unspent amid legal and procedural disputes. 

Separately, listing-terms allegations have sparked debate about transparency across CEX models. Binance has denied the claims and says user reimbursement programs are intended to protect traders after the market’s recent wipeout.

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Coinbase bets on India again with new CoinDCX investment

Key points:

  • Coinbase has invested an undisclosed amount in India’s largest crypto exchange, CoinDCX, pushing its valuation to $2.45B after the platform recovered from a $44M hack.

  • The move reinforces Coinbase’s expansion across India and the Middle East, as the U.S. exchange aims to tap into a region with over 100 million crypto users.

News - Coinbase has deepened its presence in India with a new investment in CoinDCX, its second major backing after 2022. The deal, made through Coinbase Ventures, values the Mumbai-based exchange at $2.45 billion, up from $2.15 billion in its last funding round.

The investment marks Coinbase’s return following its registration with India’s Financial Intelligence Unit in March 2024 and comes amid rapid crypto adoption despite strict taxation.

CoinDCX, which serves over 20 million users across India and the UAE, recently absorbed a $44 million hack from its treasury, ensuring no customer funds were affected.

CEO Sumit Gupta called the new partnership “strategic alignment built on compliance and transparency,” emphasizing that Coinbase’s involvement strengthens CoinDCX’s cross-border ambitions.

According to Coinbase, India and the Middle East are “set to play a big role in the future of crypto,” given their tech-savvy demographics and fast-growing user base. CoinDCX’s July metrics showed $165 billion in annualized trading volume, $141 million in annualized revenue, and $1.2 billion in assets under custody.

Regional impact - Industry observers say the partnership could form a “regional corridor” linking India’s vast retail market with Gulf capital.

Experts view the move as a “partner-to-penetrate” model, allowing Coinbase to expand without directly navigating India’s complex licensing system. For CoinDCX, the challenge will be maintaining its growth and trust momentum in a market still balancing innovation with regulation.

Why it matters - Coinbase’s renewed India focus follows years of regulatory pushback that forced global exchanges to scale down operations. Its return through CoinDCX signals growing comfort with India’s compliance-first exchanges and suggests foreign capital may flow again into the region’s maturing crypto infrastructure.

For both firms, the partnership could serve as a test case for balancing regulation, recovery, and regional expansion.

SBF blames Biden for prosecution as pardon chatter grows ahead of Nov. 3 appeal

Key points:

  • Sam Bankman-Fried resurfaced on social media via a friend-run account, claiming “Biden’s anti-crypto SEC/DOJ” targeted him and timed his 2022 arrest to block testimony.

  • Conservative activist Laura Loomer alleges a well-funded effort to lobby for a Trump pardon, but there is no official sign of clemency and prediction markets put the odds near 3%.

News - Sam Bankman-Fried has reappeared online through posts relayed by a friend, arguing his conviction and 25-year sentence stem from political targeting under the Biden administration.

In a recent GETTR post, he said he privately donated to Republicans and claimed his arrest came weeks before a planned crypto bill vote and on the eve of his scheduled Congressional testimony. The activity precedes a November 3 hearing on his appeal.

The renewed visibility overlaps with claims of a coordinated pardon push. Laura Loomer has warned of a “massive and well-funded” lobbying effort to secure a presidential pardon for the FTX founder.

Coverage notes that SBF’s parents previously explored clemency options, and that his media appearances have distanced him from Democrats while signaling sympathy for some Republican critiques.

Pardon chatter vs reality - Despite the noise, there is no official indication of a pardon process. Reviews of U.S. lobbying disclosures show no registered campaign tied to clemency for SBF, and the Justice Department’s clemency logs do not list him.

Polymarket traders currently price the odds of a 2025 release at about 3%. Reporting characterizes the current evidence for a large, organized lobby as thin, with more speculation than confirmation.

FTX repayment debate resurges - As the appeal nears, SBF and some creditors amplify claims that FTX could have repaid users in kind rather than dollarizing claims at November 2022 prices.

Critics counter that asset shortfalls and mismanagement made the bankruptcy approach necessary. SBF maintains he is not posting directly from prison and says messages are dictated to a friend who controls the accounts.

Did you know?

  • In Q1 2025, venture capital investment into crypto startups hit $4.9 billion, marking the highest quarterly inflow in over two years.

  • More than 560 million people globally use blockchain in 2025, which is ~3.9% of the world’s population.

  • As of mid-2025, Ethereum still commands ~63 % of total DeFi protocol TVL (~$78.1 billion) despite increasing cross-chain competition.

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Top 3 coins of the day

Zcash (ZEC)

Key points:

  • ZEC was last seen trading at $268, climbing 8.22% in the latest session as buyers extended the coin’s October rally.

  • The Madrid Ribbon remained fully green, while the AO printed rising green bars, signaling strong bullish momentum amid sustained trading volumes.

What you should know:

Zcash continued its impressive run this week as investors positioned ahead of its November halving, which will reduce block rewards by half and tighten supply. The surge also reflected renewed demand for privacy assets, with shielded transactions gaining adoption and volume levels holding steady despite recent profit-taking. Technically, ZEC stayed well above the upper band of the Madrid Ribbon, underscoring persistent bullish control after its parabolic climb. While the Awesome Oscillator’s upward momentum supports further gains, traders should watch for consolidation near $250, which serves as short-term support before any push toward the $300–$320 zone.

Key points:

  • XMR traded at $324 after gaining 3.85% over the last 24 hours, sustaining its uptrend from the October rebound.

  • The Supertrend remained in a buy zone, while the DMI showed a strengthening trend, with the ADX hovering near 30, signaling improving bullish momentum.

What you should know:

Monero’s price advanced as investor interest in privacy assets rose following the rollout of its Fluorine Fermi upgrade, which enhanced network security and node resilience. This renewed confidence helped XMR recover from recent corrections, supported by steady inflows across trading volumes. On the chart, the Supertrend maintained a bullish signal above the $281 support, while the DMI structure reflected a clear buyer advantage. The rising ADX confirmed a strengthening trend, with traders eyeing the $330–$345 zone as the next resistance band to watch. Sustained closes above these levels could validate further upside momentum.

XDC Network (XDC)

Key points:

  • XDC traded at $0.062, marking a 2.28% daily increase after a week-long downtrend.

  • The 9-day SMA stayed above the candles, signaling lingering bearish pressure, while the RSI hovered around 29, hinting at a mild recovery from oversold conditions.

What you should know:

XDC saw modest gains after sliding into oversold territory earlier this week. The RSI’s rebound suggested renewed buying interest, though the price still trailed below the 9-day SMA, reflecting a cautious market tone. Volume activity showed early signs of accumulation following several sessions of selling. Beyond technicals, sentiment improved after USDC’s native integration on XDC Network, which enhanced cross-chain liquidity for institutional trade finance use cases. This upgrade, coupled with steady wallet growth via LayerZero, fueled optimism for broader ecosystem utility. For now, traders are watching if XDC can reclaim the $0.066–$0.070 zone, a critical range that could validate the start of a short-term trend reversal.

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