Crypto Daily | Bitcoin Falls to $107K; Hong Kong to Allow Crypto Exchanges to Tap Global Capital Pools

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Bitcoin fell under $108,000 on Monday, snapping the “Uptober” narrative and extending the risk reset that gathered pace late last week.

Traders pointed to fading confidence in a faster easing cycle, and to a firmer dollar, as immediate catalysts. The tone stayed cautious after recent remarks from US Federal Reserve officials signaled a slower path to policy relief.

Hong Kong to Allow Crypto Exchanges to Tap Global Capital Pools

Hong Kong plans to ease rules to encourage crypto trading activity in the city, its top market regulator said.

Crypto trading platforms licensed by the Hong Kong Securities and Futures Commission will be allowed to connect local entities with their global order books, Chief Executive Officer Julia Leung said at the city’s flagship Fintech Week Monday. A regulatory circular will come later today, she said.

The change moves from the current ringfenced model that only matches orders within Hong Kong, and will bring crypto trading in line with local rules that apply to traditional assets.

Coinbase Targets $2 Billion BVNK Deal for Fresh Stablecoin Push

Leading US crypto exchange Coinbase Global Inc. is in late-stage talks to acquire stablecoin infrastructure startup BVNK in a roughly $2 billion deal, pending due diligence, according to people familiar with the matter.

Coinbase Ventures, the company’s venture capital arm, is an investor in BVNK. San Francisco-based Coinbase expects to close the deal later this year or early next, according to one of the people, who requested anonymity because the transaction hasn’t been made public. Terms may change and the deal could still fall through.

CZ Denies Plans to Launch Crypto Bank in Kyrgyzstan

Changpeng “CZ” Zhao has denied reports claiming he proposed establishing a private crypto-focused bank in Kyrgyzstan. Responding to speculation around a so-called “Bereket Bank,” CZ clarified on November 3 that he has never planned to start his own bank, saying he supports banks engaging with digital assets but has no interest in operating one.

The clarification follows reports from Coin Bureau suggesting CZ was pushing for a crypto banking venture aimed at digital asset services and foreign investment.

CryptoQuant CEO: Bitcoin’s Four-Year Cycle May Be Breaking as Demand Weakens

CryptoQuant CEO Ki Young Ju says Bitcoin’s recent weakness is being driven by insufficient new demand, particularly from ETFs and MicroStrategy, whose buying has slowed in recent weeks. On-chain data shows whales are not sitting on extreme unrealized gains, suggesting the market is far from euphoric, but also that the usual four-year boom-bust cycle may be fading as Bitcoin matures.

While hashrate remains at record highs and on-chain realized value continues to grow, Ju notes that price performance now depends heavily on whether ETF and institutional inflows re-accelerate, making traditional cycle-based predictions less reliable.

Trump on CZ Days After Pardon: "I don't know who he is"

U.S. President Donald Trump has claimed he does not know Binance founder Changpeng “CZ” Zhao, just days after issuing him a presidential pardon. In a 60 Minutes interview, Trump said he had “heard” Zhao’s prosecution was part of a “Biden witch hunt,” adding that “the war on crypto is over.”

The comments came shortly after Trump’s trip to Asia, where he met Chinese President Xi Jinping and signaled easing tensions. The October pardon lifted restrictions that had prevented Zhao from operating financial businesses.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Friday (Oct. 31) was $191.6 million. The total net asset value of Bitcoin spot ETFs is $147.71 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.77%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net outflow on Oct. 31 was iShares Bitcoin Trust ETF , with a net outflow of $149.33 million. Followed by Cboe Global Markets, Inc (CBOE), with a net outflow of 19.30 million, according to SoSoValue.

Source: SoSoValue