Over the past week, the crypto market saw a modest pullback. Bitcoin (BTC) ended the period down by 1.63%, while Ethereum (ETH) dropped further with a 3.64% decline. The total market capitalization fell by 1.85%, closing at $3.720 trillion, down from $3.790 trillion the previous week.
Volatility and liquidations
Liquidation activity remained relatively muted, although long positions saw a spike in liquidations toward the end of the week. This followed renewed bullish sentiment after a brief price recovery. Meanwhile, funding rates continued to weaken, with some slipping back into negative territory, showing lingering market uncertainty.
Altcoin ETFs and corporate moves
Several altcoin ETFs launched: Canary Capital Group introduced HBR and LTCC, and Bitwise launched its BSOL ETF.
Japanese firm Metaplanet announced a plan to repurchase 13% of its shares using a $500 million credit facility.
Mt Gox postponed its repayments to creditors once again, this time until October 2026. It still holds 34,600 BTC.
Traditional markets comparison
While the crypto sector experienced a pullback, U.S. stock indices posted moderate gains. The S&P 500 rose by 0.74% and the Nasdaq climbed 1.69%, driven by strong earnings from major tech players.
Top-performing altcoins
Despite the overall decline, several tokens stood out:
Virtuals Protocol (VIRTUAL)
Humanity Protocol (H)
Zcash (ZEC)
Trump (TRUMP)
Aerodrome (AERO)
Key Events of the Week
Mastercard is in late-stage talks to acquire ZeroHash, with the deal reportedly valued at $2 billion.
Japan sees the launch of its first Yen-pegged stablecoin, JPYC, issued by a company of the same name.
IQ AI and Frax Finance launched KRWQ, a South Korean Won-pegged stablecoin deployed on Base.
Project News
MegaETH wraps up a record-breaking token sale
MegaETH successfully concluded its token sale, raising $1.39 billion. The offering was 27.8 times oversubscribed, with a maximum allocation of $49.95 million and a valuation cap of $999 million. This level of demand signals strong interest in new opportunities despite the current bearish sentiment.
ConsenSys eyes public listing
ConsenSys, the parent company of MetaMask, is reportedly planning to go public with backing from major financial institutions like JP Morgan and Goldman Sachs. If completed, this IPO could mark a milestone moment in the mainstream adoption of Web3 technologies.
Chart of the Week: Zcash (ZEC)
Zcash stood out this week with a positive performance amid a generally declining market. Its focus on privacy makes it increasingly relevant as data protection becomes a key topic once again. Its momentum this week may hint at a renewed interest in privacy-centric assets.
Monad has activated its eligibility checker for users who registered earlier in October. The project has generated significant anticipation, and eligible users are encouraged to verify their status and claim their allocation as soon as possible.
Memecoin of the Week: Pump.fun and PADRE integration
Pump.fun announced the acquisition of the Padre trading platform. As part of the deal, PADRE token holders will receive PUMP tokens proportionally. This merger rewards existing users while strategically expanding the Pump.fun ecosystem within the memecoin sector.
Educational Section: What is a non-USD stablecoin?
A non-USD stablecoin is a digital asset pegged to a fiat currency other than the U.S. dollar, such as the Japanese Yen (JPY), South Korean Won (KRW), or Euro (EUR). These coins provide fast, low-cost transactions on the blockchain while reducing reliance on the dollar. They also help bridge local fiat systems with decentralized finance, encouraging adoption in regions where the dollar is not the primary currency. The recent launches of JPYC and KRWQ illustrate the growing momentum behind this trend.
Conclusion
This week saw price retracements across major tokens, weakening funding rates, and a cautious sentiment in the market. Still, developments like Mastercard’s acquisition plans and the surge of non-USD stablecoins show how the crypto space continues to evolve and expand globally. Meanwhile, MegaETH’s oversubscribed sale and ConsenSys’s IPO plans indicate sustained institutional interest and capital deployment.
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