While most investors were resting, the crypto market staged a powerful bullish rally. Bitcoin came close to the key $80,000 mark, altcoins broadly moved into the green, and institutional money continues to flow into ETFs. However, the night brought not only positives: Cosmos Labs urgently called on validators to shut down networks, and Standard Chartered made a historic move for Hong Kong stablecoins.

My morning review notes: the market has transitioned from the accumulation phase to an active growth phase. This is confirmed by both capital flows and liquidation dynamics.

Market leaders: bullish momentum gains strength

At the time of analysis, Bitcoin (BTC) was trading near $80,692, showing a 4.65% increase over the day. Volatility persists, but the $76,750 – $81,000 range indicates that bulls are in control. Ethereum (ETH) also climbed to $2,508, gaining 2.47%.

In the top 25 by market cap, there was a sea of green. The growth leaders were Monero (XMR) with an 8.52% gain, Solana (SOL) — 8.10%, and Cardano (ADA) — 3.32%. Among the top 100, Stacks (STX) stood out, surging 18.17%. Aerodrome Finance (AERO) and Virtuals Protocol (VIRTUAL) showed impressive results, rising 16.19% and 15.92%, respectively.

At the same time, Aave (AAVE) became the biggest laggard, losing 8.52%. It was followed by Ethena (ENA) with a 6.58% drop and Lighter (LIT) with a 6.19% decline.

Institutional inflows and liquidations

Flows into spot ETFs confirm the shift in sentiment. Bitcoin funds attracted $337.56 million over the day, Ethereum products — $115.57 million, and Solana ETFs — $33.49 million. This is a clear signal that large capital is returning to risk assets.

Liquidation data only reinforces the picture: over 24 hours, positions of 95,896 traders were liquidated for a total of $646.93 million. The main blow hit short sellers — $457.28 million versus $189.65 million on long positions. The market rally wiped out those betting on declines. The largest liquidation order was recorded on Bitget for the BTCUSDT pair — $103.54 million.

Overnight events: Cosmos incident and banking breakthrough

Cosmos Labs reported an ongoing security incident in the Cosmos EVM module. Security and development teams strongly recommended that validators of related networks halt their operations until the issue is resolved. The nature of the vulnerability has not yet been disclosed, nor has the list of affected networks. This is a serious signal for everyone using Cosmos infrastructure.

Meanwhile, Standard Chartered became the first bank to begin distributing the regulated Hong Kong stablecoin HKDAP from issuer Anchorpoint Financial. The token will be offered to qualified institutional clients. In the fourth quarter, the bank plans to launch subscription and settlement services for tokenized money market funds, and is also testing HKDAP for cross-border payments and treasury management.

Another important piece of news: the Base network launched tokenized shares of Apple and NVIDIA under the B20 standard. The tokens are backed by real securities on a 1:1 basis and held with regulated custodians. Asset management goes through broker Alpaca, opening access to on-chain trading, lending, and other DeFi operations.

My conclusion: The market has shifted into risk-on mode, and ETF inflows confirm this. However, the Cosmos EVM incident is a reminder that infrastructure risks have not gone away. For short-term traders, the growth is an opportunity, but for long-term investors, it is a reason to reconsider portfolio diversification.