Crypto Morning Brief: Solana Company Selected for Hong Kong's Seventh Batch of Key Enterprises; Musk Says X Will Add a New Like-and-Tip Feature

Author: TechFlow

Yesterday's Market Dynamics

Solana Company Selected for Hong Kong's Seventh Batch of Key Enterprises, Plans to Deploy Local Validation Nodes

The Office at Large on Introducing Key Industries of the Hong Kong SAR Government held a signing ceremony for the seventh batch of key enterprises on October 22. A total of 18 companies will establish or expand their operations in Hong Kong, including Solana Company (NASDAQ: HSDT), a digital asset treasury and infrastructure company listed on U.S. stock markets.

In an official announcement, Solana Company confirmed that it has established its Asia-Pacific headquarters in Hong Kong and plans to deploy Solana validation nodes locally through the Pacific Backbone project to provide blockchain infrastructure and consulting services to financial institutions in the Asia-Pacific region.

Musk Says X to Add Long-Press Like Tip Feature, Supports Sending $1 via X Money

Musk posted that X will add a "long-press like" feature, allowing users to send $1 to other users via X Money.

Keystone Website Unauthorizedly Accessed, Customer Delivery Information and Order Details Leaked

Hardware wallet manufacturer Keystone announced in a statement that its website was unauthorizedly accessed on October 20. After reviewing Shopify API activity on October 23, the company confirmed that a third party had obtained customer names, contact information, delivery addresses, and order details, including purchased items and prices.

Keystone stated that the incident did not involve bank cards, bank account information, seed phrases, private keys, or wallet passwords. The company has blocked unauthorized access, patched relevant vulnerabilities, launched an investigation, and is currently notifying affected customers via email.

Keystone cautioned users to be vigilant against phishing scams impersonating official staff, particularly suspicious messages contacting users under the pretense of refunds, reshipping devices, or resolving order and address issues.

Samsung Electronics and SK Hynix to Release Q3 Earnings Next Week, AI Storage Demand in Focus

South Korean chip manufacturers Samsung Electronics and SK Hynix are set to release their third-quarter earnings next week, with robust demand for AI storage chips expected to drive substantial profits for both companies.

Specifically, SK Hynix plans to publish its earnings report next Wednesday, while Samsung Electronics will announce its results next Thursday.

Four Major Central Banks' Rate Decisions and U.S. GDP, PCE Data to Be Released Next Week

According to Jinshi Data, global markets will face a dense window of events next week, with four major central banks announcing interest rate decisions, followed by the release of U.S. Q3 GDP and September PCE data.

Major U.S. tech giants will also face significant earnings tests. Jinshi Data noted that every trading day next week could leave global investors "gasping for breath," with attention turning to whether gold can stage a turnaround.

Tether Freezes 9 Addresses Linked to CoinDCX Security Incident, Involving 2.2128 Million USDT

According to monitoring by Salus, Tether has blacklisted 9 addresses associated with the CoinDCX security incident and frozen 2,212,850.3 USDT.

The investigation began after investigator Darcy discovered an abnormal transfer of approximately 15.99 million USDT. CoinDCX co-founder Sumit Gupta initially stated that no security breach occurred on the platform. Subsequently, Salus raised questions based on fund transfers related to "Proof of Reserves" addresses and the distribution pattern of TRX.

These concerns prompted various parties to respond and provide verifiable on-chain evidence to Tether, ultimately leading to the freezing action.

Huang Licheng's (Maji Brother) Ethereum Long Position Fully Liquidated This Morning, Re-enters Market with Only 115 ETH Position

According to on-chain data monitoring, due to a sharp drop in the crypto market late yesterday, Huang Licheng (aka Maji Brother)'s 25x leveraged Ethereum long position was fully liquidated this morning, resulting in a net loss of over $180,000. However, he subsequently re-entered the market to open new longs and added slightly to his position. His current holding is only 115 ETH, worth approximately $269,000, with a current liquidation price of $2,316.

Solana Co-Founder Proposes Staking-Weighted Oracle Concept, Exploring Collateralized Pricing Mechanism for Tokenized Assets

Solana co-founder Anatoly Yakovenko (Toly) proposed a concept on the X platform, planning to build a native oracle using Solana validators. Price assessment weights would be allocated based on the SOL staked by each validator, enabling price evaluation for tokenized assets and supporting the use of related assets as collateral.

Under this proposal, profits generated by the mechanism could increase revenue for the Solana network through taxation. If implemented in the future, this scheme could serve as a native alternative to Solana's existing oracle networks.

However, the idea remains in the conceptual stage and is not a formal governance proposal, with no clear implementation timeline or governance voting schedule. The proposed mechanism also involves supply changes from potential SOL inflation, as well as risks of conflicts of interest and price manipulation arising from validators participating in collateral pricing.

Trader Killa: BTC Has Pulled Back Approximately 9%, Recommends Continuing Dollar-Cost Averaging Over the Coming Weeks

Trader Killa posted that the market is currently anticipating Bitcoin revisiting its previous extreme downside lows, but that "liquidation wick" occurred during a period where multiple negative catalysts converged. Unless further adverse news emerges, one should not assume Bitcoin will inevitably drop to those prior levels again, nor should past trends simply repeat themselves.

Killa further pointed out that Q4 buyers appear to still be waiting for lower entry prices, advising investors to continue buying BTC via dollar-cost averaging (DCA) over the coming weeks.

Killa noted that Bitcoin has already pulled back about 9%, which in his view represents a healthy correction within a bull market.

Today's Market Overview

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Bithumb Sues Korean Regulators: 45,000 Small Transfers Lead to Six-Month Suspension, Scope of Travel Rule Enforcement Becomes Focal Point of Dispute

https://www.techflowpost.com/article/34833

South Korean crypto exchange Bithumb has sued the Korea Financial Intelligence Unit (FIU) over a six-month partial suspension penalty. The dispute centers on 45,772 transfers made over three years to 18 unreported overseas crypto entities. Bithumb argues that the involved transfers were all under 1 million KRW, falling below the statutory threshold for applying the Travel Rule, and regulators should not exploit regulatory gaps in rule enforcement as grounds for punishment. The case also highlights contentious boundaries between exchanges' anti-money laundering obligations, on-chain address identification capabilities, and administrative penalties.

How Did BTC Actually Perform After Historical Midterm Elections?

https://www.techflowpost.com/article/34832

This article reviews BTC's performance following the past four U.S. midterm elections, demonstrating that the notion of "mandatory declines during midterm years" does not hold. Data shows that BTC rose 31.6% in the 30 days following the 2010 election, while it fell 45.5% in the month after the 2018 election. However, looking at a one-year timeframe, BTC posted positive returns following all four elections, with gains ranging from 23% in 2014 to 1580% in 2010. The article suggests that policy uncertainty surrounding midterms may exacerbate short-term volatility and trigger the washout of highly leveraged investors and redistribution of positions, but BTC's long-term performance still hinges on macro liquidity, market cycles, and other factors. Historical data does not guarantee future trends, and these four samples alone are insufficient to prove consistent post-election rallies.

Who Is Absorbing These Bloodied Positions? On-Chain Data Reveals Whale Accumulation Surge Following BTC's Break Below $81,000

https://www.techflowpost.com/article/34831

This article points out that despite BTC retreating from around $87,000 to near $81,000 since October, and spot ETFs experiencing daily net outflows exceeding $600 million at times, on-chain data reveals that large holders are accelerating accumulation during the market pullback. Santiment data shows that wallets holding 10–10,000 BTC have increased their holdings by approximately 85,000 to 89,000 coins since mid-to-late September. CryptoQuant statistics indicate whale holdings have rebounded to 3.03 million BTC, with monthly accumulation reaching the fastest pace since February of this year. Additionally, 40 new wallets withdrew 9,458 BTC valued at approximately $770 million from market maker Wintermute. However, on-chain accumulation does not guarantee an immediate price rebound; ETF outflows, leveraged liquidations, and macroeconomic uncertainties could still exert downward pressure in the short term.

Circle Shareholders Sue Trump and WLFI: Alleges $2.5 Billion Deal with UAE Ties Violates U.S. Constitution Emoluments Clause

https://www.techflowpost.com/article/34836

This article focuses on the controversy involving Circle shareholders suing Donald Trump and his family's crypto project, World Liberty Financial (WLFI). Plaintiff Joel Greenberg alleges that WLFI was involved in two deals tied to the UAE totaling $2.5 billion: one selling a 49% equity stake for $500 million, and another involving a $2 billion investment from a UAE sovereign-backed fund. The lawsuit claims these transactions may violate the U.S. Constitution's foreign emoluments clause, granting Trump family-linked stablecoin projects an unfair market advantage and harming competitive interests for USDC issuer Circle. The plaintiffs seek to claw back relevant personal gains and disclose proceeds from foreign funds. However, the case still faces legal hurdles such as standing, and the allegations have not yet been adjudicated by a court. This litigation places overseas capital in crypto projects, political conflicts of interest, and stablecoin market competition onto the same regulatory front line.