Over 788,000 ETH is currently queued to exit the Ethereum PoS network, setting a new record.

According to Bloomberg, crypto hardware manufacturer Ledger SAS is reviewing its consumer device sales policies and procedures. The move follows reports that some of its hardware wallets were implanted with spyware, leading to an estimated $90 million worth of cryptocurrency being stolen. Ledger’s Chief Technology Officer Charles Guillemet said Tuesday the company is also evaluating the devices’ tamper-proof protection measures. He reminded users who suspect their devices have been tampered with to first refer to Ledger’s published security guidelines before disassembling their hardware wallets on their own, and to send any suspicious devices to Ledger for further inspection.

According to Bloomberg, market maker Jump Trading has hired the founding team of a computing power trading startup. As the artificial intelligence boom drives growth in related markets, market makers are gradually entering this emerging asset class. In a post on X, Ito Markets stated that Jump Trading has brought in Affaan Mustafa and Alejandro Soumah Fernandez, founders of Ito Markets Inc., via an "acqui-hire" arrangement. Ito Markets is a proprietary trading startup focused on trading computing power usage rights. The two have joined Jump Trading and will lead the newly established computing power trading division. The financial terms of the deal have not been disclosed.

Bank of Korea Governor Rhee Chang-yong stated that further appreciation of the South Korean won would be beneficial, noting that the currency’s sharp rise since the BOK shifted to a tightening monetary policy has boosted household purchasing power. During a conversation with Krishna, director of the IMF’s Asia and Pacific Department, on the sidelines of the annual meetings of the International Monetary Fund and World Bank in Bangkok on Tuesday, Rhee said: “We will maintain a restrictive monetary policy stance until we are confident that inflation will return to the target level in a timely manner.” Rhee added that a stronger won has tilted economic growth momentum more toward the domestic sector, helping to ease development gaps in what he termed the “K-shaped economy”. He further noted that inflation, exchange rate, and financial stability factors are currently aligning with the same policy direction, making the policy trade-offs facing the Bank of Korea easier than usual.

According to market data from BIT (bit.com), U.S. pre-market crypto-related stocks showed mixed performance, with CRCL down 0.42%, MSTR up 1.23%, HOOD down 0.18%, BMNR up 0.17%, COIN up 0.86%, ABTC up 0.22%, BNC down 0.77%, and GEMI up 2.19%.

Goldman Sachs’ third-quarter investment banking revenue came in at $3.23 billion, above the consensus estimate of $2.86 billion. Net interest income for the third quarter was $3.77 billion, exceeding the forecast of $3.61 billion. Third-quarter equity sales and trading revenue reached $6.44 billion, versus an expected $5.09 billion.

Wintermute said in a post that the Federal Reserve’s meeting minutes show most officials expect another interest rate hike this year, with markets pricing in roughly a 20% probability of a hike at the end of October, while the U.S. 10-year Treasury yield rose to 5.24%. Against this backdrop, the S&P 500 rose 1.2% last week to hit a new all-time high, while the crypto market underperformed. The stock market’s gain was supported by expectations of corporate earnings growth, whereas the crypto market lacks such earnings support and relies more on new capital inflows; as capital flows reversed, crypto assets’ six-week streak of counter-trend gains became unsustainable. Bitcoin retreated from the $86,000–$87,000 range last week, hitting a low of around $80,400 on Thursday before rebounding above $83,000 and reclaiming the $82,500 range high. U.S. spot Bitcoin ETFs saw a net outflow of roughly $679 million last week, marking their largest weekly outflow since late June, while Ethereum ETFs had a net outflow of about $542 million. The crypto market has lost capital inflow support, while U.S. equities remain underpinned by earnings growth. Thus, in the short term, the market will only remain bullish if long-term Treasury yields stabilize and spot ETFs see net inflows again. Until these two conditions are met, Bitcoin remains an asset more sensitive to U.S. stock market volatility with elevated downside risk, and chasing low-quality altcoins is not recommended. If the U.S. 30-year Treasury yield breaks above the 5.64% level hit on September 30, or Bitcoin continues to face resistance near $82,500, Wintermute will turn cautious. This week, focus will be on the U.S. September CPI data, due Wednesday, to assess whether energy inflation is spreading to core inflation, as well as earnings results from financial institutions and AI-related companies.