Grayscale released an analysis report warning that token supply growth in cryptocurrency applications could dilute holder rewards and proposing a yield-oriented valuation framework. This framework calculates yield by comparing protocol returns to market capitalization and deducting circulating supply inflation. Among the top 100 tokens by market capitalization in the FTSE Grayscale Financials Crypto Sector, HYPE holders achieved an 8.0% yield, CRV was -5.5%, and CAKE had the highest adjusted yield of 14.4% (data as of October 20). Grayscale distinguishes between buybacks and burns and values Bitcoin separately as a digital commodity.

The Office of the Comptroller of the Currency (OCC) has released the GENIUS Act final stablecoin rules, effective January 18, 2027. The rules remove the automatic 7-calendar-day redemption extension clause, setting the maximum redemption period at 2 business days. Issuers must notify the OCC if redemption requests exceed 10% of the circulating supply within a single 24-hour period, and issuers may not use onboarding defects to delay redemptions. The revised PS-01 report will track outstanding tokens and redemption durations, with initial reporting dates of January 25, 2027, and March 31, 2027.

[Key clue: A large order of $11.99 million appeared in Binance's ETH/USDT pair.] Key area sees silent chip stacking, the market tension remains as the main force holds back—will there be a breakthrough?

Arthur Hayes reduced his holdings of various tokens by $26.08 million, including 8,000 ETH ($19 million), 14 million ENA ($2.76 million), 323,000 UNI ($2.24 million), 1.89 million ETHFI ($1.23 million), 547,000 AERO ($400,000), 120,000 PENDLE ($240,000), and 3 million ZAMA ($210,000). (Ember)

At 2:39 AM EST on October 23, Swell suspended deposits and withdrawals of swETH and rswETH to correct net asset value. On-chain data showed that at 4:48 PM, the contract reported swETH at approximately 1.203 ETH and rswETH at approximately 1.138 ETH, higher than the exchange rates of 1.133 and 1.082 as identified by Spreek; on the DEX, swETH was approximately 1.089 WETH and rswETH was approximately 1.029 WETH. Spreek stated that the administrator key was suspected of being compromised at 9:28 PM on October 21, and the attacker deployed a malicious contract that could extract approximately 2513 ETH. Phylax Systems founder Odysseus stated that it was an abuse of the BOT key. Railway disclosed that it did not authorize any third party or read customers' encrypted environment variables. Swell stated that the funds are safe.