Ethereum

Around 4 a.m., Bitcoin was still hovering near $80k. By mid-morning, it had broken below $77k, down more than 5% over 24 hours. What brought the market down was not macro data, but a string of on-chain transfers. At 20:24 UTC on October 29, a transaction was sent from an ETH hot wallet flagged as belonging to Binance, moving out 167,464 ETH plus 63 types of tokens, including 1.615 billion USDT, all sent to a freshly generated address[1]. On-chain statistics later put the total at no less than $5.57 billion across three chains. Chainalysis estimated even higher — at $5.912 billion based on prices at the time of the theft, equivalent to four times the 2025 Bybit hack[2]. ...

One man, one playbook, two exits. On October 2, the Ethereum Layer 2 network Blast posted a short announcement: operating costs exceeded revenue, so it would shut down [1]. Ten days later, the NFT marketplace Blur announced it would take its site offline on November 12 [2]. Both projects came from the same person — Pacman, whose legal name is Tieshun Roquerre. At its peak, Blur’s monthly trading volume reached $1.43 billion. DefiLlama puts the protocol’s cumulative revenue at $2.26. ...

A while back, CZ posted a view online that “IPOs will move on chain,” which sparked a lot of discussion at the time. I saw that view too, but it didn’t strike me as particularly profound. Looking back now, my initial reaction was simply that such a view amounted to this: In the future, a stock’s IPO, besides happening on traditional centralized exchanges, might also place a portion on the blockchain. That is essentially no different from today’s tokenized stock trading — it still maps some off-chain business onto the chain, letting the business run both off-chain and on-chain. ...