Overnight, the market showed confident bullish momentum: Bitcoin updated local highs, altcoins followed suit, and institutional investors continued to increase their positions through ETFs. At the same time, Cosmos Labs faced a critical vulnerability, Standard Chartered became the first bank-distributor of a Hong Kong stablecoin, and the Base network launched tokenized shares of tech giants.
Market Dynamics: Bullish Breakout
At the time of analysis, at 09:00 Moscow time, Bitcoin was trading near the $80,692 mark. Over the day, the asset showed a gain of 4.65%, with high volatility: the trading range was from $76,750 to $81,000. This is a classic short squeeze scenario — the market moved sharply upward, forcing short sellers to close losing positions.
Ethereum also showed positive momentum, rising 2.47% to $2,508. The intraday range was more modest — from $2,430 to $2,530. Among the top-25 altcoins, Monero (+8.52%), Solana (+8.10%), and Cardano (+3.32%) stood out.
In the top-100, the best result was demonstrated by Stacks (STX), which surged 18.17%. It was followed by Aerodrome Finance (+16.19%) and Virtuals Protocol (+15.92%). The laggards were Aave (-8.52%), Ethena (-6.58%), and Lighter (-6.19%).
Institutional demand remains a key driver. Spot crypto ETFs recorded inflows across all major assets: Bitcoin funds attracted $337.56 million, Ethereum — $115.57 million, Solana — $33.49 million, XRP — $13.82 million. Even Dogecoin received $146,020. This is a clear signal that large players are not just holding positions but actively increasing their exposure.
Against this backdrop, liquidations reached $646.93 million over 24 hours. The main impact fell on short positions — $457.28 million versus $189.65 million on longs. The largest single liquidation order was executed on Bitget for the BTCUSDT pair, amounting to $103.54 million.
Cosmos Labs: Emergency Network Halt
Cosmos Labs reported an ongoing security incident in the Cosmos EVM module that affected users. Security and development teams strongly recommended validators of related networks to halt operations until the issue is resolved. Details of the vulnerability, the list of affected networks, and the scale of losses have not yet been disclosed — the company promises to publish a report after the investigation is complete.
Standard Chartered: First Bank-Distributor of a Stablecoin
Standard Chartered became the first bank to begin distributing one of Hong Kong's two regulated stablecoins — HKDAP from issuer Anchorpoint Financial. The token is offered to qualified institutional clients and partners. In the fourth quarter, the bank plans to launch subscription and settlement services for tokenized money market funds, and is also testing HKDAP for intra-group settlements and cross-border payments. This is an important step toward the institutionalization of stablecoins in Asia.
Base: Tokenized Shares of Apple and NVIDIA
The Base network launched tokenized shares from Coinbase under the B20 standard. The tokens are backed by real securities on a 1:1 basis, 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 handled through regulated broker and custodian Alpaca, opening opportunities for on-chain trading, lending, and other financial operations.
My comment: Tokenization of real assets on Base and Standard Chartered's expansion into stablecoins are not just trends but fundamental shifts bringing the crypto market closer to traditional finance. The Cosmos EVM incident reminds us that security remains the ecosystem's weak link — and this factor will amplify volatility in the short term.