Liu Jun, the President of Industrial and Commercial Bank of China, stated that digital technology has changed the currency trust mechanism while promoting the development of the digital economy. Data, algorithms, and programmability participate in the generation and transmission of credit, and trust has shifted from institutional single point support to institutional and technological joint support. However, technology can only strengthen trust and cannot replace it. (Source: Caixin website)

[UK High Court Approves Appeal by 16,000 Victims in Qian Zhiming Case] The UK High Court has approved an appeal by approximately 16,000 Chinese victims in the Qian Zhiming case regarding the application of Chinese law to the property rights of 60,000 Bitcoins. Lawyers from all parties are discussing issues such as litigation costs and the applicants' rights of recourse. (Source: Caixin)

[Darkfost: Binance Stablecoin Reserves Drop to Nearly One-Year Low] Crypto analyst Darkfost stated that Binance's current ERC-20 stablecoin reserves are approximately $41.6 billion, falling back to levels seen in early October 2025. Since April 2026, Binance's stablecoin reserves have decreased by about $6.3 billion, with a market value change of approximately -4.7% over the past 90 days and an average monthly net outflow of stablecoins around $62 million. During the same period, stablecoin reserves at Bybit, Coinbase Advanced, and OKX have respectively decreased by approximately $2.3 billion, $2.5 billion, and $2.4 billion. Binance currently holds over 70% of the stablecoin reserves across all exchanges. Darkfost believes that the decline in exchange stablecoin liquidity reflects investors' cautiousness in increasing exposure to crypto assets, with some funds shifting to other platforms to seek returns.

[Short-term whale unrealized profit drops 53%, 10,600 BTC transferred to exchanges in a single day] CryptoQuant analyst Axel Adler Jr. stated that the unrealized profit of short-term holders has decreased from $9.8 billion to $4.6 billion, a drop of 53%. On October 20, whales transferred 10,600 BTC to exchanges, marking the highest single-day level since October 8, approximately 2.8 times the 30-day average daily inflow of 3,815 BTC. Axel Adler Jr. pointed out that the increase in exchange inflows indicates a potential rise in selling pressure.

Delphi Digital analyst Jason Pagoulatos released a report stating that the AI infrastructure boom and speculative demand driven by housing, debt, and employment pressures are increasing, and it is recommended to hold onto trading platforms rather than trading targets. The report points out that the combined trading volume of Kalshi and Polymarket reached $53 billion in July this year, 25 times that of the same period last year; Robinhood's Q2 event contract revenue was $156 million, surpassing its stock business of $129 million and cryptocurrency business of $100 million. The report lists Hyperliquid and Lighter as representatives of on chain platforms and highlights the risks of litigation and platform revenue fluctuations with market cycles.