This week, the US Bitcoin spot ETF saw a net inflow of $22.2 million, while the Ethereum ETF experienced a net outflow of $42.1 million.

Beating AI News: AI model aggregation platform OpenRouter has seen a sharp surge in token consumption. In the week of October 26, the platform processed approximately 194 trillion tokens, with its annualized throughput breaking 1 quadrillion (101?) for the first time. The total volume handled over the past 9 weeks exceeds the platform’s cumulative output from roughly 3 years and 3 months prior. One of the key drivers of this growth is AI Agents. OpenRouter’s official data shows that on February 6 this year, AI Agent token consumption surpassed human interaction for the first time. By the last week of September, the former had reached around 7 times the latter. Each step of an AI Agent’s execution typically requires resubmitting instructions, tool definitions, and prior operation records, with longer tasks involving more repeated context processing. OpenRouter’s growth has also drawn the attention of payment giant Stripe, which announced the acquisition of the platform in August this year, aiming to integrate cross-model routing, token billing, and cost optimization capabilities.

The Hong Kong Monetary Authority (HKMA) announced that the EnsembleTX project has entered a new phase, supporting 24/7 real-value tokenized transaction settlement to help banks and clients conduct global fund transfers, tokenized investment management, and treasury operations outside traditional settlement hours. HKMA Chief Executive Eddie Yue Wai-man stated that tokenized central bank money is being introduced as the "infrastructure layer" for round-the-clock settlement. The HKMA added that authorized dealers have completed secondary market pilot trades of tokenized Exchange Fund Bills, with the next step being to include regulated stablecoins in the relevant trials. Separately, HSBC Group CEO Georges Elhedery disclosed at the Hong Kong FinTech Week that the Hong Kong dollar stablecoin RedCoin has reached 50,000 users in about 10 days since its launch, with a target to expand to millions of users. RedCoin was launched on PayMe on October 23, supporting transfers and merchant payments, and over 3.3 million PayMe customers can open stablecoin wallets to use it. HSBC also plans to integrate RedCoin into its mobile banking platform, enabling subscriptions to tokenized investment products including Hong Kong dollar money market fund shares.

According to Bloomberg, Gerry Fowler, UBS’s chief European equity strategist and head of derivatives, said the market is underestimating the duration of the AI cycle, and AI trading remains robust. He noted that some hyperscale cloud providers now trade at valuation multiples below 20 times, while their revenue still grows 10% to 20% annually, reflecting a fairly pessimistic market outlook, which is why many investors are still willing to re-enter AI-related assets. Fowler believes massive AI spending is nearing the stage where it will start generating returns, with a potential inflection point in 2027: data center deliveries are expected to clear backlogs, driving revenue to gradually catch up with capital expenditures. He added that cash has not disappeared from the market, but has shifted to suppliers such as memory chip makers, which are now starting to return cash to investors. The pricing of memory chip companies also reflects what he views as an overly short AI cycle. As for the next set of beneficiaries, Fowler is more focused on global and European industrial firms that help build new factories. He noted that many infrastructure suppliers, such as cable and power equipment makers, have order books extending into 2027 and even 2028, leaving limited room for further upward revisions to earnings forecasts. ASML benefits from supplying equipment to memory chip makers expanding capacity, such as Samsung Electronics and SK Hynix, rather than directly to data centers; he said ASML and some European industrial firms are seeing upward revisions to their outlooks.

US Senate Democrats accuse Elon Musk-owned social media platform X of granting preferential treatment to prediction market Polymarket. In a joint letter first disclosed by Semafor, Democratic Senators Catherine Cortez Masto (Nevada), Adam Schiff (California), Jacky Rosen (Nevada), and Richard Blumenthal (Connecticut) wrote: "Typically, X allows users to report ads for multiple reasons. However, when users attempt to report Polymarket ads via X's standard interface, no reporting options are available. This issue does not arise for other ad types, including those from Kalshi." The letter, which includes screenshots, alleges this seemingly unfair special treatment raises questions about whether X is trying to provide Polymarket with an improper competitive advantage, thereby benefiting the US President and his family. Donald Trump Jr. has invested in Polymarket and serves as an advisor for the platform.

Dongcha Beating AI News Flash: Meituan has launched the official version of LongCat-2.5, over a month after its preview version rolled out in September this year. The model retains the previous generation's 1.6 trillion total parameters, approximately 48 billion activated parameters, and 1 million token context window, with key enhancements in visual programming and complex agent task capabilities. In official tests, its Terminal Bench v2.1 score jumped from 70.8% of the prior generation to 88.4%, approaching Claude Opus 5's 89.1%. On the more challenging v4.0 benchmark, it also rose from 3.0% to 38.5%, though still trailing Opus 5's 53.9%. The official version is now open for online experience and API access, while model weights remain unopen-sourced. Limited-time pricing stands at 2 yuan per million tokens for uncached input, and 8 yuan for output.

Beating AI News Flash: Moonshot AI’s Kimi launches a game development and creative workflow solution, aiming to transition AI agents from assisting programming to end-to-end game production, covering the entire workflow from gameplay design, 3D modeling, engineering development to publishing and operations. This time, Kimi does not only generate code or art assets—it operates directly within game engines. Built on K3.1 Pro, Kimi Code, and Kimi Work, the AI can use plugins to control professional tools including Unity, Unreal Engine, and Blender, modify existing game projects, even run games independently, review test recordings, and refine fixes based on identified issues. For instance, game designers only need to provide reference images, videos, and gameplay requirements, and Kimi can build a 2.5D action game prototype with mechanics like sword swings, dodges, and blocks using Godot. Officials stated that even users without programming experience can create a playable game prototype in 1–2 days. In another demo in partnership with Unity China, Kimi worked continuously for 20 hours without human intervention, reproduced the original work, and delivered a native project ready for further development. Moonshot AI is also expanding its focus to game publishing and long-term operations: batch producing ad materials, analyzing player feedback, managing community content and localization, and even integrating AI dialogue capabilities into game NPCs via APIs.