UK Officially Lifts Crypto ETN Retail Ban, MetaMask Confirms Token Launch

Headlines

▌UK Officially Lifts Retail Ban on Crypto ETNs

The UK Financial Conduct Authority (FCA) has officially lifted its retail ban on cryptocurrency exchange-traded notes (ETNs). This means UK retail investors can now participate in ETN investments in Bitcoin and other digital assets, just like institutional investors.

▌MetaMask Confirms Token Issuance, Will Launch Rewards Program, and Integrate with Polymarket

MetaMask has launched perpetual contract trading and will launch a points rewards program at the end of October, confirming the token issuance. Users can earn points through token swaps, perpetual contract trading, and other operations within the wallet. By the end of the year, MetaMask will have exclusive integration with Polymarket's prediction markets within the wallet, marking its evolution from a wallet to a global self-custodial financial platform.

Market

As of press time, according to Coingecko data:

BTC price is $123,518, up or down 24 hours by +1.6%;

ETH price is $4,536.65, up or down 24 hours by +1.5%;

BNB price is $1,302.77, up or down 24 hours by -0.6%;

+3.0%; the price of HYPE is $46.20, with a 24-hour increase or decrease of +2.2%.

Policy

▌The UK will appoint a "Digital Market Leader" to promote the tokenization of financial markets

According to Bloomberg, the UK government will establish the position of "Digital Market Leader" to lead and coordinate the private sector's work on the tokenization of wholesale financial markets. Lucy Rigby, Secretary of State for Economic Affairs at the Treasury, said the position will promote the use of blockchain technology to enable the tokenized issuance, trading, and settlement of traditional assets such as stocks and bonds. Coinbase launches crypto staking service in New York State Coinbase has launched crypto staking services in New York State, after years of being unable to provide them to local users due to regulatory restrictions. New York State users can now stake mainstream crypto assets such as Ethereum, Solana, Cosmos, Cardano, Avalanche, Polygon, and Polkadot on Coinbase. Previously, Adrienne Harris, former New York State crypto regulator, reached a $100 million settlement with Coinbase in 2023. Coinbase said the development allows New York State residents to have the same income opportunities as residents of other states.

▌The Ethereum Foundation increases investment in privacy technology and launches a new "Privacy Research Cluster"

According to the Ethereum Foundation's announcement on October 8, the Foundation will expand its privacy research and development efforts and establish a "Privacy Research Cluster" composed of 47 top researchers, engineers and cryptographers to integrate the existing PSE team and related projects. The new cluster covers key technologies such as private payment, anonymous voting, zkID, and the privacy wallet Kohaku. At the same time, an Institutional Privacy Task Force (IPTF) will be established to promote the implementation of privacy applications in enterprises and institutions. The Foundation emphasized that privacy is a core feature of the Ethereum ecosystem and will run through the protocol, application and institutional levels to protect user freedom and digital trust. Coinbase's Ethereum layer-two network, Base, is recruiting a "Token & Governance Research Specialist," indicating that it is formally planning its token issuance and decentralization roadmap. This position is responsible for formulating potential token goals for the Base ecosystem and advancing decentralized governance in stages, including designing a governance system, writing the "Base Charter," and establishing an on-chain voting mechanism and community engagement process. Previously, Base head Jesse Pollak and Coinbase CEO Brian Armstrong both stated that the team "is exploring the issuance of native tokens," marking a shift in Coinbase's initial stance of "no token plan." Coinbase DEX is now available to US users (excluding New York). According to Coinbase's official X account, its decentralized exchange (DEX) feature is now available to US users (excluding New York). Users can trade new assets immediately after they are listed through the Coinbase app. Coinbase stated that it will support more assets, networks, and countries in the future.

▌YZi Labs announces the establishment of a $1 billion Builder Fund

YZi Labs announced the establishment of a $1 billion Builder Fund to deepen its commitment to the founders of the BNB ecosystem (especially the BNB chain), inviting more long-term founders to focus on BNB-based innovation areas - trading, risk-weighted assets (RWA), artificial intelligence (AI), DeSci, DeFi, payments and wallets - and make full use of the BNB chain's high-performance, low-cost infrastructure, as well as enhanced tools, funds, integrations and an ecosystem of more than 460 million users.

Cryptocurrency

▌Bitwise: Record Inflows into Bitcoin ETFs to Come in Q4

Bitwise's Chief Investment Officer stated in a post on October 7th that various favorable factors have converged, and record inflows into Bitcoin ETFs will be strong enough to push BTC prices to new all-time highs. There are three reasons for this: 1. The crypto industry has won over major wealth management platforms. Wealth management platforms with huge assets, such as Morgan Stanley and Wells Fargo, allow advisors to make crypto allocations on behalf of clients; 2. "Depreciation trades" are a hot trade on Wall Street this year, and governments are indeed devaluing their currencies; 3. Optimism about Bitcoin's returns in Q4 suggests that higher prices will stimulate greater demand for Bitcoin ETFs.

▌The number of addresses holding more than 100 BTC has hit a record high

According to Bitcoin Magazine on social media, “The number of addresses holding more than 100 BTC has hit a record high, and whales are hoarding.”

▌Ethereum withdrawals have accelerated, with a net outflow of 87,100 ETH from CEX in the past 24 hours

According to Coinglass data, the cumulative net outflow of CEX in the past 24 hours was 87,100 Ethereum. The top three CEXs with the largest outflows are as follows: Coinbase Pro, with an outflow of 105,200 ETH; OKX, with an outflow of 4,383.10 ETH; and KuCoin, with an outflow of 2,446.62 ETH. Additionally, Bitfinex saw an inflow of 11,500 ETH, ranking first on the inflow list. The supply of mUSD (mUSD) has exceeded $100 million, an increase of approximately 550% over the past month. The supply of MetaMask's stablecoin, mUSD, has exceeded $100 million, an increase of approximately 550% over the past month. The founder of Polymarket mentioned POLY in a post, possibly considering the launch of a POLY token. Polymarket founder and CEO Shayne Coplan posted: "BTC, ETH, BNB, SOL, POLY," suggesting the company is considering launching its official POLY token.

▌DTCC Lists Canary Trump Coin ETF

According to market news, DTCC (Depository Trust & Clearing Corporation) has listed the Canary Trump Coin ETF.

▌CZ: Tried to avoid tweets involving memes, but it was difficult to do so. The connection with memes is purely coincidental

According to CZ (founder of Binance), he said in a tweet that he had tried to avoid meme-related content in his tweets, but found that too many memes made his writing unnatural. He will now tweet as usual, and any overlap with memes is merely coincidental, not an endorsement of memes. Poll: Cryptocurrency Investors Are Becoming a Significant Voting Group in the 2026 US Midterm Elections. A new poll shows that cryptocurrency investors are becoming a significant voting group in the 2026 US midterm elections. The online survey of 800 investors found that 64% consider candidates' stances on cryptocurrency "very important." These young and diverse voters, while registered Democratic, plan to support Republicans in the congressional elections. Coinbase to Launch Spot Trading of LINEA, NOICE, and SYND on October 9th. Coinbase will launch spot trading of Linea (LINEA), Noice (NOICE), and Syndicate (SYND) on October 9th. Trading in the LINEA-USD, NOICE-USD, and SYND-USD pairs will open at or after 9:00 AM local time (Pacific Time), subject to liquidity conditions and in supported regions.

Important Economic Developments

▌IMF Managing Director: Fed May Have Room to Cut Rates Further

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said the Federal Reserve may cut interest rates further this year, but must carefully balance the slowing economic growth outlook with signs of stagnant inflation. Georgieva noted that the US economy has shown resilience, growing by 3.8% in the second quarter, exceeding most expectations. While hiring has been less robust than in the past, consumer demand remains strong. "The overall picture is not very clear. In this environment, given that the disinflation process has stalled and the economy may be weakening slightly, the Fed must strike a careful balance." Georgieva said the IMF is closely monitoring the latest data, adding that the US inflation outlook would be "more worrying" if inflation in the services sector is combined with the broader transmission of tariff costs. Fed Minutes Cautiously Hint at Further Rate Cuts This Year Fed officials are increasingly divided over the future path of interest rates, but most believe further cuts are necessary this year. The minutes of the Fed's September meeting, released on Wednesday, showed that the committee was grappling with conflicting economic signals and struggling to reach a consensus on whether stubborn inflation or a weak labor market was the most pressing issue. The minutes showed that Fed officials agreed that a rate cut was necessary given recent weak employment data, but they differed on the future path. However, the minutes indicated that "most people believed that further easing of policy would likely be appropriate for the remainder of the year." However, some policymakers "noted that, based on several indicators, financial conditions suggested that monetary policy was not particularly restrictive, and they viewed a cautious approach as warranted." According to their September forecasts, 10 Fed officials indicated they expected two more rate cuts this year, while nine predicted one or fewer. The minutes noted that recent policy rate expectations have declined due to weaker-than-expected employment data and a significant increase in downside risks to employment. Almost all respondents surveyed for market expectations expected a 25 basis point cut in the target range for interest rates at this meeting, with about half anticipating another cut at the October meeting. The vast majority of respondents expected at least two 25 basis point rate cuts by the end of the year, with about half predicting three cuts for the full year. Respondents' expectations for 2027 and beyond remained unchanged, suggesting that their recent revisions to their forecasts reflect a judgment that the federal funds rate will return to its longer-run level more quickly than previously anticipated. Market-based policy rate expectations are broadly consistent with the survey results, suggesting approximately three 25 basis point rate cuts by year-end. The probability of a 25 basis point Fed rate cut in October is 94.1%. According to CME's "Fed Watch," the probability of the Fed keeping interest rates unchanged in October is 5.9%, and the probability of a 25 basis point rate cut is 94.6%. The probability of the Fed keeping interest rates unchanged in December is 0.9%, the probability of a cumulative 25 basis point rate cut is 19.0%, and the probability of a cumulative 50 basis point rate cut is 80.1%. Golden Encyclopedia: What is a multi-signature cold wallet? A cold wallet is a method of cryptocurrency storage that is kept offline and disconnected from the internet. This setup makes it more difficult for hackers to access funds remotely. By keeping private keys offline, cold wallets reduce the risk of cyberattacks such as phishing or malware. Multi-signature technology requires multiple private keys to approve transactions, while single-signature wallets only require a single key. Think of it like a joint bank account: any withdrawal requires approval from two or more signers. This additional layer of security means that even if a single key is compromised, an attacker cannot unilaterally transfer funds. Multi-signature cold wallets require multiple private keys from trusted parties to approve and authorize transactions, enhancing security by preventing a single point of failure. Despite their security advantages, multi-signature wallets are not immune to attacks. Hackers often exploit weaknesses in implementation, human behavior, or third-party services. To make multi-signature cold wallets more secure, use a higher signing threshold, implement multiple layers of authentication, and store keys in secure, geographically dispersed locations. Multi-signature cold wallets remain one of the best options for those looking to protect their cryptocurrency assets from theft and fraud. However, their complexity and potential vulnerabilities should not be ignored, especially in the context of supply chain attacks.