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![[Bitpush Weekend Review] Trump nominates SEC crypto task force chief legal advisor Michael Selig as CFTC Chairman; Trump says at a private gathering that cryptocurrency could help solve the $35 trillion US debt problem; Bloomberg: Since the introduction of regulatory bills in the US, the proportion of stablecoins used for payments has surged by 70%](https://img.bgstatic.com/multiLang/image/social/6f7dc601c3d5c684dffeb2a0f54b0e661761530402644.png)
Quick Take Summary is AI generated, newsroom reviewed. Wallets tied to FalconX and Wintermute recently bought 21k SOL (~$3.9 M) and 71.5k SOL (~$12.5 M) in one transaction. SOL currently trades near ~$190, matching transaction USD conversions of ~$3.9 M for 21k SOL (≈ $185 each). 71.5k SOL equals roughly 0.015% of Solana’s ~470 million circulating supply. Hong Kong’s SFC approved the first spot SOL ETF under ChinaAMC for listing on October 27, 2025.References X Post Reference
In fact, it will take us several years to obtain a validity proof for Ethereum consensus.
The Federal Reserve held its first Payments Innovation Summit, discussing the application of stablecoins, tokenized assets, and DeFi in the payments sector. The conference proposed establishing Federal Reserve accounts with limited access to reduce risks and explored how to make traditional systems compatible with blockchain. Cryptographic technologies are now becoming a central topic in payment discussions, and institutional investors may prioritize assets like bitcoin and ethereum. Summary generated by Mars AI. The accuracy and completeness of this AI-generated summary are still being iteratively improved.
The role of cryptocurrency in Argentina has fundamentally changed.
- 02:07The world's first yen stablecoin officially launched in Japan today.Jinse Finance reported that Japanese startup JPYC has announced the launch of a stablecoin that is fully redeemable for Japanese yen, backed by domestic savings and Japanese government bonds. Ryozo Himino, Deputy Governor of the Bank of Japan, stated last week that stablecoins could become key participants in the global payment system, partially replacing the role of bank deposits. JPYC will initially not charge transaction fees to expand its user base and will earn revenue from the interest on Japanese government bonds it holds. Tomoyuki Shimoda, a scholar at Rikkyo University and former central bank executive, believes that it will take at least 2-3 years for yen stablecoins to become widely adopted in Japan.
- 01:52CME: Asia-Pacific institutional investors with high hedging demand have begun shifting to cryptocurrency investmentsAccording to Jinse Finance, Tim McCourt, Senior Managing Director of CME Group, stated in an interview with Hong Kong media Ming Pao that the open interest of CME Group's virtual currency instruments has approached $40 billion, with strong investment market demand from the Asia-Pacific region. He noted that a reduction in US interest rates would trigger non-US funds to seek hedging opportunities. For example, in the GMT+8 time zone, many institutional investors have already begun shifting their investments toward virtual currencies.
- 01:26A smart money address plans to switch to shorting ETH around $4914.9According to Jinse Finance, on-chain analyst Ai Aunt (@ai_9684xtpa) has monitored that a smart money address, which previously went long on ETH with 25x leverage after the flash crash on October 11, has now set a take-profit plan. This address expects to open short positions at $4,914.9, which is near ETH's all-time high. The address has placed a total of 29,713.8152 ETH sell orders in the $4,190 to $5,555.5 range. The specific strategy is as follows: currently holding 15,689.44 ETH long positions; gradually taking profits as ETH rises to the $4,190 to $4,914.9 range; once ETH breaks above $4,914.9, short positions will be opened. If the price rises to $5,555.5, up to 14,024.37 ETH short positions will be opened, valued at approximately $77.91 million.