Trader Benson commented on the market volatility of October 11th, stating that while Binance does bear some responsibility, the core issue is not with USDe. He pointed out that, chronologically, when the market reached its lowest point at 5:20, USDe only experienced a slight decoupling. The real drop to 0.65 occurred at 5:54, about 30 minutes after the market began its rebound, indicating that USDe's extreme decoupling was more of a secondary consequence of the volatility than the direct cause of the crash. Benson further analyzed that the real anomaly lay in the large-scale price discrepancies between Binance and other exchanges between 5:18 and 5:20. On that day, more than half of the cryptocurrencies experienced their lowest prices across the entire market on Binance, with some deviations reaching 50% or even 100%. Furthermore, USDT trading pairs for the same cryptocurrencies were significantly lower than USD trading pairs, something unprecedented in previous black swan events. They believe that, in retrospect, the problem is more likely to be at the system level of Binance, rather than simply caused by market makers withdrawing liquidity. They also call for the industry to have a more thorough and open discussion of the incident, taking advantage of Binance's recap.

India's National Stock Exchange (NSE) is preparing to launch its initial public offering (IPO) within the next seven to eight months, according to CNBC-TV18. According to Jin10, the exchange has received approval from market regulators and is currently drafting its red herring prospectus. Ashish Kumar Chauhan, the CEO of NSE, stated that the document preparation is expected to take around four months, followed by an additional two to three months to obtain regulatory approval and officially launch the IPO. The Securities and Exchange Board of India (SEBI) approved the plan this week, nearly a decade after the exchange first submitted its IPO application in 2016. The plan was previously delayed due to concerns raised by regulators over corporate governance issues and alleged unfair market access. To address related lawsuits, NSE has submitted two settlement applications totaling 12.97 billion rupees (approximately $141 million).

Haseeb Qureshi, Managing Partner of Dragonfly, commented on recent claims that the October 11th market crash was triggered by Binance and Ethena, stating that this narrative is untenable in terms of timeline, market propagation path, and evidence. He pointed out that Bitcoin's price bottomed out approximately 30 minutes before the USDe anomaly on Binance, clearly reversing the causal relationship. Furthermore, the USDe price deviation occurred only on Binance and did not spread to other exchanges, failing to explain the large-scale liquidation across the entire market, and is fundamentally different from events like Terra that caused global balance sheet shocks. Haseeb believes a more reasonable explanation is the confluence of multiple factors: Trump's tariff remarks disrupted the market on Friday night, the Binance API anomaly prevented market makers from cross-platform hedging, liquidation and ADL mechanisms amplified volatility, and the crypto market lacks traditional financial circuit breakers and self-stabilizing mechanisms, ultimately causing the market to evolve along an unfavorable path. He emphasized that there was no single, simple, and conspiratorial "culprit" behind 10/11. Although the market suffered a severe blow, it was not permanently damaged in the long run and only needs time to restore liquidity and confidence.

A Delaware judge ruled that a shareholder lawsuit alleging insider trading by Coinbase directors including Marc Andreessen and Brian Armstrong can proceed despite a 10-month internal investigation clearing the defendants, citing conflicts involving a special committee member that reviewed $2. 9 billion in stock sales during the company's 2021 direct listing. source: https://cryptonews.com/news/coinbase-insider-trading-lawsuit-advances-despite-2-9b-stock-sale-defense/

The US Treasury has sanctioned two UK-registered crypto exchanges tied to Iran’s financial system, marking the first time Washington has targeted digital asset platforms. source: https://cointelegraph.com/news/us-treasury-sanctions-iran-linked-crypto-exchanges-first-time?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

WisdomTree reported $2. 24 billion in crypto assets under management (AUM) as of December 31, 2025, according to its Q4 earnings release on January 30, 2026. While crypto AUM declined from nearly $3. 2 billion at the start of the quarter due to market-driven valuation changes, the figure still represents a clear increase from the $1 source: https://www.ethnews.com/wisdomtree-crypto-aum-holds-2-24b-as-tokenization-accelerates/

DraftKings has announced that it will enable crypto-to-cash deposits in four states. source: https://www.cryptopolitan.com/draftkings-crypto-to-cash-deposits-states/

Ethereum's price fluctuations are poised to impact liquidation levels significantly. According to ChainCatcher, data from Coinglass indicates that if Ethereum surpasses $2,777, the cumulative liquidation intensity of short positions on major centralized exchanges will reach $1.224 billion. Conversely, if Ethereum falls below $2,516, the cumulative liquidation intensity of long positions will amount to $497 million.

The Hang Seng Gold ETF has been listed on the Hong Kong Stock Exchange, becoming Hong Kong's first physical gold ETF that allows individual investors to redeem directly from banks. At the 19th Asian Financial Forum (AFF) in Hong Kong, Christopher Hui, Secretary for Financial Services and the Treasury, stated that in addition to offering the option to redeem physical gold at banks, the Hang Seng Gold ETF is also planned for distribution through licensed digital asset trading platforms. According to Lee Pui-shan, Director and CEO of Hang Seng Investment Management, the tokenized unlisted class of the Hang Seng Gold ETF is currently in its final testing phase and is expected to launch in the first quarter of 2026. The tokenized class will also be open to retail investors, with a lower entry fee expected. Currently, only US dollar-denominated shares are available, but this class will not offer a physical gold redemption option. (Caixin)

According to Arkham monitoring, whale "pfm.eth" has deposited 5 million USDC into Hyperliquid to go long on silver. He has opened a 1x leveraged long position with 17,305 xyz:SILVER (worth approximately $1.49 million), and there are also approximately $1.66 million in limit buy orders waiting to be filled.

Several portfolio managers contacted on Friday said they believed Warsh was unlikely to cater to Trump's whims or significantly alter the Fed's stance.

"If your startup isn't a YC-backed B2B SaaS + GPT shell company, and you haven't hired ABG as your chief marketing officer, then you're basically doomed."

Vitalik is one of the guardians of TheDAO Security Fund.

The question for the next decade is simple: will the crypto world learn to build tollbooths, or will traditional finance learn to exploit the crypto world's path? We bet on both.

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering key news, market and contract data, mining information, project updates, technological advancements, and other industry dynamics.

President Trump's announcement of nominating Kevin M. Warsh as the next Federal Reserve chairman was filled with praise for the 55-year-old former Fed governor with deep ties to Wall Street.

Law, policy, regulation: The first case of generative "AI illusion" concludes: How to define the boundaries of compliance under tolerance? Jinse Finance: Rational skepticism is a compulsory course in the AI ​​era.

Jinse Finance launches its daily cryptocurrency and blockchain news bulletin, "Jinse at 8 AM," issue 2953, providing you with the latest and fastest news on the digital currency and blockchain industry.

Investing is a journey of self-cultivation. Last night's flash crash from the all-time high served as a wake-up call for all short-sighted investors.

Jinse Finance launches the "Jinse Web3.0 Daily," providing you with the latest and fastest news on MEME, DeFi, DAO, NFT, and the metaverse industry.