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Today’s News Headlines:
Consensys announces Sovereign Network interoperability, Besu 26.11.0
North Korea rejects Binance-hack attribution as “fabrication”
CZ says Binance covered full loss from own balance sheet
Binance sees $14.1B net outflows over the week
Mercado Bitcoin hacked, ~$40M+ across 10+ chains
Trade.xyz warns users not to click docs links after unauthorized activity
50 US companies block tokenized shares on OKX
Strategy buys 811 BTC, repurchases $208.2M STRC
Key Takeaways:
The Binance hack drove the spike in activity.
Ethereum DEX volume jumped 128% to $17.3B, but $10B came on Oct 29–30, and every other chain combined rose just 0.3%. Attackers moved freezable stablecoins into ETH and arbitrageurs fed on the price gap, so the fees went mostly to block builders, not apps.
Dollars are leaving crypto.
Stablecoin supply fell for a fourth week, from $4.5B to $297.8B, and ETFs bled again, which means less buying power and fits ETH/BTC’s sixth weekly decline.
radFi and CeFi are moving DeFi tokens.
HYPE jumped 15% on a Wall Street-backed announcement and GROVE moved on Sky’s earnings, which highlighted its Galaxy deal, while the other movers rode the hack, an old story, or nothing at all. Which token was which is below.
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Macro Brief
Yields eased even though the Fed sounded hawkish, and crypto still sold off with equities. BTC and ETH both slipped, and Bitcoin briefly dropped on the $6.3B Binance hack before recovering once withdrawals resumed, though Binance still saw heavy net outflows. Bitcoin held steady against the Nasdaq, which suggests it tracked equities rather than outperforming them.
Stablecoin supply and exchange flows
Stablecoin supply declined by $4.5B, or 1.5%, to $297.8B, marking the fourth consecutive weekly contraction.
USDT accounted for most of the decline, falling $3B to $179.3B. USDC supply fell by $68M, while USDS, USDD, USDG, and PYUSD also declined. BUIDL supply fell by $158M.
Exchange reserves fell, with Bitcoin reserves down about 50,000 BTC and Ethereum reserves down 415,000 ETH. View the decline in ETH reserves alongside the Binance exploit and related customer withdrawals, rather than interpreting it entirely as accumulation.
ETF flows remained weak. Spot Ethereum ETFs recorded $431M in net outflows for a fifth consecutive week, while spot Bitcoin ETFs saw $202M in outflows. Friday alone accounted for $643M in Bitcoin ETF outflows.
Week Ahead Catalysts:
Tue Nov 3, US midterm elections. First results come Wednesday, and close races can take days.
Tue Nov 3, Binance proof-of-reserves. The full report is due by Nov 3 (UTC) after slipping from Monday, with withdrawals restarting in phases.
Fri Nov 6, US jobs report (Oct). Payrolls and unemployment, ahead of the next FOMC on Dec 8–9.
Upcoming Token Unlocks:
HYPE, Fri Nov 6 (notable). About an estimate of $924M, 9.9M tokens, 4.1% of circulating and 1.0% of total supply.
ENA, Mon Nov 2 and Thu Nov 5 (minor). $7.7M and $17.7M, 40.6M and 93.8M tokens, about 0.3% and 0.6% of total supply.
AVAX, Sun Nov 8, 00:00 UTC (minor). $14.7M, 1.67M tokens, 0.30% of circulating and 0.23% of total supply.
Onchain Risk Regime
Funding rates edged up to 6.88% from 6.82% the previous week and remained above the 30-day average of 5.45%.
Stablecoin borrowing costs also increased. Borrow APY rose to 5.75% from 4.71%, while supply APY climbed to 4.56% from 3.63%. Borrow rates briefly hit 8.3% on October 30 after the Binance exploit, then moved back toward pre-hack levels.
The spread between funding and stablecoin borrowing costs narrowed to around 1.1 percentage points, down from 2.1 points. That reduced the relative appeal of leveraged carry strategies.
ETH/BTC fell to 0.02903, marking its sixth consecutive weekly decline and leaving the pair 2.8% below its 20-week moving average.
Overall, leverage remained relatively expensive and market breadth was weak. The data does not yet point to a broad return of risk appetite.
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Structural Shifts on Chains
DEX volume across 19 tracked chains rose 21% to $55.5B, but almost all of the increase came from Ethereum. Ethereum volume climbed 128% to $17.3B, including roughly $10B in activity on October 29–30. Excluding Ethereum, aggregate volume across the other chains was nearly flat, up just 0.3%.
The Ethereum spike closely tracked the Binance exploit. Stolen stablecoins were converted into ETH because they were frozen, pushing on-chain prices above other venues and creating arbitrage opportunities. The resulting swaps drove higher DEX volume, fees, and gas usage.
Tron volume increased 354% to $1.5B as roughly $242M in exploit-related funds moved through bridges and cross-chain services, including THORChain, Relay, Chainflip, and Symbiosis. This activity reflects fund movement after the exploit, not increased organic demand.
Hyperliquid volume rose 46% to $2.6B, supported by stronger trading activity and the announcement of an ICE integration plan. Solana DEX volume declined 17%, while Robinhood Chain volume fell 14%.
Project & Protocol Discovery
Token movers - Observations, not a trade idea
HYPE: ICE deal drives the rally
On Oct 29, Trade.xyz announced that Intercontinental Exchange, the owner of the NYSE, is investing in a regulated US venue for 24/7 perps on stocks, indices, commodities, and crypto, built on Hyperliquid. The product needs CFTC approval.
Stan Druckenmiller then confirmed on X that he is an investor in trade(xyz) and plans to use the product himself, which put a well-known macro investor behind the story. HYPE held up while the rest of crypto fell roughly 7% after the hack.
GROVE: Sky earnings report
Sky’s Q3 2026 report on Oct 29 named the $500M Galaxy warehouse facility financed through Grove as a defining development of the quarter. Grove contributed $26.68M, about 27% of Sky’s $99.29M gross revenue, and Sky’s net revenue reached $37.19M, up 11% from last quarter
UNI: Hack activity drives volume, while the fee switch adds support
Saw elevated activity as the attacker converted stablecoins into ETH through Uniswap and UniswapX. Uniswap recorded $5.97B in DEX volume and $9.6M in fees on October 29, accounting for 37.7% of that day’s fees. The attacker reportedly sold 7.02M UNI, worth around $39.6M. UNI fell from $7.24 to $6.46 before recovering above $7.08. Reports also pointed to fee-switch and burn developments, though those details require further confirmation.
LIT: CFTC filing plans remain the main narrative
Moved higher following renewed attention on Lighter’s US regulatory plans. Its founder said during an October 21 investor call that the project planned to file with the CFTC in November. That is a planned filing, not an approval.
TVL Gainers ($50M+ filter) — Ranked by absolute $ inflow.
Most of last week’s TVL gains were HYPE’s price. Of the $431M added across seven protocols, about $269M is token price and only about $85M is new money. The real inflows went to yield products, and the one live event ahead is Kinetiq’s new layer 2.