While the market consolidated after a volatile session, several landmark events occurred in the industry. The Cosmos ecosystem faced a critical vulnerability, a traditional banking giant is betting on a Hong Kong stablecoin, and the Base network is opening a new era for equity assets in DeFi.
Market Dynamics: Bullish Momentum Returns
Bitcoin (BTC) was trading near $80,692 at 09:00 Moscow time, showing a confident increase of 4.65% over the day. Volatility remained high: over 24 hours, the price fluctuated in the range of $76,750 – $81,000, indicating an active battle between bulls and bears for control over key levels.
Ether (ETH) rose by 2.47% to $2,508, recovering from lows of $2,430. Altcoins in the top 25 also showed positive momentum. The leaders in growth were Monero (XMR) with a gain of 8.52%, Solana (SOL) — 8.10%, and Cardano (ADA) — 3.32%. In the top 100, the best result was demonstrated by Stacks (STX), which rose by 18.17%. At the same time, Aave (AAVE) lost 8.52%, becoming the day's biggest laggard.
ETF Inflows and Liquidations: Institutions Are Buying
Analysis of flows into spot crypto ETFs shows a clear appetite from institutional investors. Bitcoin funds attracted $337.56 million, Ethereum — $115.57 million, Solana — $33.49 million. This confirms that traditional financial players continue to increase their exposure to digital assets, ignoring short-term uncertainty.
Against the backdrop of market growth, positions of 95,896 traders were liquidated over the day, totaling $646.93 million. The main impact fell on shorts — $457.28 million versus $189.65 million for longs. The largest liquidation order was recorded on Bitget for the BTCUSDT pair at $103.54 million.
Cosmos EVM: Security Incident
Cosmos Labs reported an ongoing security issue in the Cosmos EVM module that affected users. Security and development teams recommended that validators of related networks halt operations until the vulnerability is fixed. The nature of the issue, the list of affected networks, and the scale of losses have not yet been disclosed. A full report will be published after the investigation is completed.
Standard Chartered and HKDAP: A New Era for Stablecoins
Standard Chartered became the first bank to begin distributing one of Hong Kong's two regulated stablecoins — HKDAP from issuer Anchorpoint Financial. The bank offered the token to qualified institutional clients and partners. In the fourth quarter, subscription and settlement services for tokenized money market funds are planned to launch. In parallel, intra-group settlements and cross-border payments are being tested.
Base: Tokenized Apple and NVIDIA Shares
The Base network launched tokenized shares from Coinbase under the B20 standard. The tokens are backed by real securities at a 1:1 ratio and held with regulated custodians. Qualified users will be able to hold Apple and NVIDIA shares in non-custodial wallets and use them in the DeFi ecosystem. Asset management is carried out through regulated broker and custodian Alpaca, opening opportunities for on-chain trading, lending, and other financial operations.
My view: Tokenization of real assets on Base is not just an experiment but a strategic step toward merging traditional capital markets with DeFi. However, the Cosmos EVM incident reminds us: security remains the main challenge for the entire industry, and any vulnerabilities in base modules can have cascading consequences for dozens of networks.