First Digital, offering cryptocurrency ETF trading, plans to list via SPAC.

Headline

▌Vanguard Group to Offer Cryptocurrency ETF Trading Starting Tuesday

Vanguard Group will begin allowing clients to trade cryptocurrency ETFs and mutual funds on its brokerage platform starting Tuesday. Vanguard stated that it will support most regulated cryptocurrency ETFs and mutual funds, similar to its support for gold and other niche asset classes. The company also stated that it currently has no plans to launch its own cryptocurrency products.

▌Stablecoin Company First Digital Plans SPAC Listing

According to Bloomberg, stablecoin company First Digital Group plans to go public through a merger with a special purpose acquisition company (SPAC). According to sources familiar with the matter, First Digital Group will announce the signing of a letter of intent outlining its merger plans with CSLM Digital Asset Acquisition Corp III, a New York-listed SPAC.

Blockchain Applications

▌Kalshi Partners with Solana to Move Its Prediction Market On-Chain

Kalshi has partnered with Solana to move its prediction market on-chain and enable permissionless monetization of its “global liquidity pool.” This move intensifies competition between Kalshi and Polymarket (the native platform on the Polygon blockchain), both of which are experiencing rapid growth. Simultaneously, Kalshi launched a developer grant program totaling over $2 million to encourage emerging applications to integrate this on-chain functionality. This move targets the $3 trillion crypto asset market and aims to attract high-frequency trading crypto users.

▌Strategy Spends $11.7 Million to Acquire 130 Bitcoins Last Week

According to market news, Strategy (formerly MicroStrategy) purchased 130 Bitcoins for a total of $11.7 million.

▌Report: Bitcoin Mining Enters "Worst Profit Cycle in History," Mining Companies Under Pressure

TheMinerMag reports that the Bitcoin mining industry is experiencing its most severe profit contraction in 15 years, with hash rates falling to a structural low of approximately $35/PH/s. The payback period for next-generation mining rigs has extended to over 1000 days, while the next halving is only about 850 days away. As profitability deteriorates, mining companies are beginning to deleverage, with CleanSpark having fully repaid its Bitcoin collateralized credit line.

▌BitMine has increased its holdings by 1.075 million ETH in the past two months, while the price of ETH has fallen by more than 30% during the same period.

According to data released by BitMine, its holdings were 2,650,900 ETH when the data was released on September 29, and 3,726,499 ETH when the data was released today. That is, BitMine has increased its holdings by 1,075,599 ETH in two months. However, during this period, the price of ETH fell from $4,142 (October opening price) to $2,811 (price as of press time), a drop of 32%.

▌Grayscale Chainlink ETF to List on NYSE Arca on Tuesday

According to a document released Monday, NYSE Arca, a subsidiary of the New York Stock Exchange Group, has approved the listing application for the Grayscale Chainlink Trust ETF, which will begin trading on Tuesday. Several cryptocurrency ETFs have been launched in the US in recent weeks, including ETFs tracking Litecoin, HBAR, XRP, and SOL.

▌Japan's Metaplanet Plans to Raise $136 Million to Increase Bitcoin Holdings

According to market news, Japanese Bitcoin treasury company Metaplanet plans to raise $136 million to increase its Bitcoin holdings.

▌Bitdeer Technology Increases Holdings by 56.4 Bitcoins, Total Holdings Reach 2141.1 Bitcoins

According to market news: Bitdeer Technology (Bitdeer Technologies, stock code: $BTDR), a Nasdaq-listed Bitcoin mining company, increased its holdings by 56.4 Bitcoins, bringing its total Bitcoin holdings to 2141.1.

▌Coinbase to List Plasma (XPL)

Coinbase Markets stated that Coinbase will add support for spot trading of Plasma (XPL). The XPL-USD trading pair will be available if liquidity conditions are met and the supported trading regions meet the requirements.

▌Bank of Japan Governor Kazuo Ueda Signals Clearly: Rate Hike Possible in December

Bank of Japan Governor Kazuo Ueda has given its clearest hint to date, indicating that its policy board may raise the benchmark interest rate this month. He emphasized that any rate hike would only be an adjustment to the degree of easing policy, and the authorities will make an appropriate decision on whether to proceed with policy changes. Speaking to local business leaders in Nagoya, central Japan, on Monday, Ueda said the central bank will "weigh the pros and cons of raising the policy rate by examining domestic and international economic, inflation, and financial market conditions and make a timely decision." According to overnight index swap data, traders expect a 64% probability of a rate hike by the end of its next policy meeting on December 19. The probability of action by January next year has risen to 90%.

Golden Encyclopedia

▌How Euro Stablecoins Address EU Concerns about the Dollar

Officials from central banks across the EU have pointed out that dollar-backed stablecoins could pose a threat to their monetary policy-making capabilities. The stablecoin market has experienced explosive growth over the past year, largely thanks to the legal certainty provided by the US. The total market capitalization of stablecoins has hit record highs every month, but European Central Bank policymakers are concerned that increased adoption of these dollar assets during crises could trigger a series of problems. Issuers of euro- and pound-sterling-backed stablecoins also acknowledge these risks, but they believe that proposed solutions such as a digital euro cannot quickly provide viable alternatives, and question whether central bank digital currencies are the right choice. Instead, issuers believe that the key to solving the problem of Eurodollarization lies in building a thriving European stablecoin ecosystem.

Monetary policymakers are already pushing forward with digital currency projects in the Eurozone.

According to the European Central Bank, the project aims to reduce the Eurozone's reliance on non-European providers, help consolidate the fragmented payments sector, and support innovation and competition. Significant uncertainties remain: it is unclear whether the digital euro will operate on blockchain or other proprietary systems; the proposed holding limits will offset many of the inherent advantages of private stablecoins, such as scalability and decentralized access. Whether it's a private stablecoin or a digital euro closely overseen by the ECB, the sovereignty of European monetary policy depends on the development of digital currencies.