While the market consolidated, several significant events occurred: Cosmos Labs raises the alarm over a vulnerability, Standard Chartered bets on a Hong Kong stablecoin, and Base brings tokenized shares of tech giants to market.

Bitcoin and major altcoins: upward momentum

The leading cryptocurrency demonstrated confident upward momentum. At 09:00 Moscow time, BTC was trading near $80,692, having gained 4.65% over the day. Volatility was high: the price fluctuated in a wide range from $76,750 to $81,000, indicating a significant influx of buying liquidity.

Ether (ETH) also showed positive dynamics, rising 2.47% to $2,508. Overall, the market was in the "green zone." Among the top-25 growth leaders, Monero (XMR) stood out with a gain of 8.52%, Solana (SOL) — 8.10%, and Cardano (ADA) — 3.32%.

In the top-100, the best result was shown by the coin Stacks (STX), which surged 18.17%. It was followed by Aerodrome Finance (AERO) and Virtuals Protocol (VIRTUAL) with gains of 16.19% and 15.92%, respectively. At the same time, the day's outsider was the token Aave (AAVE), which lost 8.52%.

ETFs, liquidations, and the institutional footprint

Institutional interest remains a key driver. Spot bitcoin ETFs attracted $337.56 million over the day, and ether funds — $115.57 million. Inflows were also recorded into products on Solana ($33.49 million), XRP ($13.82 million), and Hyperliquid ($5.74 million).

The active market growth triggered a wave of short position liquidations. Over 24 hours, positions of 95,896 traders were forcibly closed for a total of $646.93 million. The main blow fell on short sellers: $457.28 million versus $189.65 million for longs. The largest liquidation order was executed on Bitget for the BTCUSDT pair at $103.54 million.

Cosmos Labs: emergency halt of networks

Cosmos Labs announced an ongoing security incident in the Cosmos EVM module that affected users. Security and development teams strongly recommended that validators of related networks halt their operations until the issue is fully resolved. The nature of the vulnerability, the list of affected networks, and the scale of potential losses have not yet been disclosed. A detailed report will be published after the investigation is completed.

Standard Chartered and HKDAP: a new era of stablecoins

Standard Chartered bank has become the first bank-distributor of the regulated Hong Kong stablecoin HKDAP from issuer Anchorpoint Financial. The token will be offered to qualified institutional clients and bank partners. In the fourth quarter, the launch of subscription and settlement services for tokenized money market funds is planned. In parallel, the bank is testing HKDAP for intra-group settlements and exploring scenarios for cross-border payments and treasury management.

Base and Coinbase: 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 in 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 network's DeFi ecosystem. Asset management is carried out through the regulated broker and custodian Alpaca, opening opportunities for online trading, lending, and other financial operations.

My view: Cosmos Labs' decision to halt the networks is the right, albeit painful, step. Security matters more than uptime. As for tokenized shares on Base, this is another step toward blurring the lines between TradFi and DeFi. However, investors should keep in mind the regulatory risks that may arise when using such instruments.