Bitget Daily Digest（October 23）｜Hong Kong approves Asia's first Solana spot ETF; Crypto market plunges with BTC dropping to as low as $106,700; Kadena core team announces dissolution

Today's Preview

1、Soon (SOON) will unlock 15.21 million SOON tokens on October 23, 2025, at 16:30, worth approximately $14.22 million, accounting for 1.55% of its total supply.

2、The core event of Shanghai Blockchain International Week, the 11th Global Blockchain Summit, will be held on October 23, 2025.

3、Zora (ZORA) will unlock 166.67 million ZORA tokens on October 23, 2025, at 21:10.

 

Macro & Hot Topics

1、Hong Kong has approved Asia’s first Solana spot ETF, issued by ChinaAMC, which will be officially listed on the Hong Kong Stock Exchange on October 27. This marks the third spot ETF approved by regulators after Bitcoin and Ethereum.

2、a16z crypto released the “2025 State of Crypto Report,” noting an increase in institutional adoption, infrastructure improvement, and regulatory clarity in the crypto industry. Over 13 million meme coins are expected to be issued in 2025.

3、The cryptocurrency market generally declined on October 22, with BTC falling to the $106,707–108,326 range and ETH dropping to $3,800. The Fear & Greed Index stands at 29, indicating extreme fear.

4、The ongoing U.S. government shutdown continues to hinder crypto-related legislation and the SEC’s spot ETF review process.

 

Market Updates

1、BTC and ETH have been consolidating in the past 4 hours, with market sentiment in extreme fear. Around $16.71 million in liquidations occurred across the market, mostly from short positions. 

2、U.S. stocks closed lower on Wednesday — Dow Jones -0.71%, Nasdaq -0.93%, and S&P 500 -0.53%, reflecting cautious investor sentiment.

 

3、Bitget BTC/USDT liquidation map shows BTC currently at 108,252, with dense long-short liquidations, indicating rising volatility risk and potential short-term directional movement. Traders should beware of forced liquidation cascades.

4、In the past 24 hours, BTC spot inflows totaled $219 million, while outflows reached $189 million, resulting in a net inflow of $30 million.

5、Over the past 24 hours, BTC、ETH、USDT、BNB、and XRP led contract trading net outflows, which may indicate trading opportunities.

News Updates

1、The Hong Kong Securities and Futures Commission has approved Asia’s first Solana spot ETF, which will officially debut on the Hong Kong Stock Exchange on October 27.

2、Canada’s anti–money laundering agency FINTRAC has fined Cryptomus a record CAD 177 million (about USD 126 million) for failing to report thousands of suspicious transactions.

3、The U.S. government shutdown continues, delaying progress on crypto-related legislation such as the “Digital Asset Market Structure and Investor Protection Act.”

4、Bloomberg reports that major Asian exchanges such as HKEX and India’s BSE are resisting the inclusion of crypto-hoarding companies as core business listings.

 

Project Developments

1、Solana：The Hong Kong SFC has approved the first Solana spot ETF, managed by ChinaAMC, which will soon be listed.

2、Kadena：The core team announced its dissolution and the termination of all business operations.

3、USDD：Launched a treasury dashboard and initiated the repurchase and burn of JST tokens.

4、Tether：USDT global users have surpassed 500 million, with a total supply near $182 billion.

5、Ethereum：The Fusaka upgrade entered its final testnet phase, introducing a 16.78 million Gas limit.

6、Valour：Listed its 100th ETP — Valour Sky SEK ETP — on the Swedish Stock Exchange.

7、Stellar：Protocol 24 mainnet upgrade voting began on October 22.

8、Aerodrome：Launched the “Aero Launch” mechanism to support token issuance within the Base ecosystem.

9、Modern Treasury：Acquired the stablecoin startup Beam in an all-stock deal worth $40 million.

 

Disclaimer: This report is AI-generated, with human verification for informational accuracy only. It does not constitute investment advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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