Weekly Update: 24th of October
What happened between the 17th and the 24th of October?
- The crypto market searches for direction, awaiting new drivers such as inflation data, the Fed’s rate decision, or the reopening of the government. Read more
- Companies strengthen crypto treasury strategies, with BitMine buying large amounts of ETH and new entrants targeting XRP and HYPE tokens via public structures. Read more
- M&A activity and valuations rise sharply in the crypto sector, with FalconX acquiring 21Shares, Coinbase acquiring Echo, and Polymarket eyeing a new funding round. Read more
- U.S. regulation advances positively with growing Democratic support, as discussions between crypto leaders and policymakers reinforce structural reform efforts. Read more
Crypto market searches for direction after recent correction
The crypto market is struggling to find stability this week following a correction earlier this month. This has resulted in impulsive movements triggered by news cycles, alongside a gradual decline in altcoin prices. Markets are awaiting a clear catalyst. Upcoming U.S. CPI data on Friday, October 24, or the Federal Reserve's interest rate decision next week could provide that momentum.
Additionally, the reopening of the U.S. government may serve as a strong driver, particularly with the upcoming Market Structure Bill and pending approvals for crypto ETFs.
Corporate crypto treasury strategies continue growing
Despite concerns that the market is reaching saturation, companies are continuing to build out their crypto treasury strategies. BitMine Immersion Technologies recently acquired over 200,000 ETH and now holds approximately 3.24 million tokens, representing more than $13.4 billion in crypto and cash assets. New players are entering the space via SPACs or public vehicles, targeting assets like XRP or Hyperliquid.
The wave of new filings and growth among existing firms reflects a clear rise in investor demand for crypto-related vehicles. However, challenges remain in terms of operations, liquidity risks, and reserve transparency. While these strategies offer new exposure to the crypto market, questions persist around their profitability during market downturns.
M&A and capital raises accelerate across crypto markets
Market consolidation in the crypto space is gaining momentum. FalconX announced the acquisition of 21Shares to further expand its offering of crypto ETPs. Simultaneously, Coinbase Global is acquiring Echo to strengthen its infrastructure and product range. Other companies, such as Polymarket, are currently seeking funding at valuations between $12 billion and $15 billion, compared to around $1 billion earlier this year.
This trend of acquisitions and capital raises signals growing institutional interest and confidence in the future of the crypto industry.
Regulation improves structurally as crypto gains wider support
Clear regulatory developments continue to move in favor of the crypto sector. This week, key meetings were held in Washington where industry leaders engaged with both Democrats and Republicans to discuss the proposed Digital Asset Market Structure Bill. While differences remain in timing and details, crypto is gaining structural recognition within the policymaking process.
At the same time, progress is being delayed by the partial shutdown of the U.S. government, creating uncertainty in the timeline. For investors, this represents declining regulatory risk, broader institutional access, and an increasing focus on compliance and oversight. The legislation is currently expected to pass before the end of the year.
In other digital assets news
- Solana Spot ETF approved in Hong Kong, while U.S. ETFs await government reopening.
- YouTube’s largest influencer, Mr. Beast, with nearly 450 million followers, has filed multiple trademarks for crypto-related services, potentially introducing crypto to a vast new audience.
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