South Korea's KOSPI Index opens down 3.14%

Pudgy Penguins founder Luca Netz announced in a post that project Abstract is being gradually wound down, with parent company Igloo Inc. shifting all its focus to developing Pudgy Penguins, Pudgy NFTs, and the PENGU token. Netz stated that Igloo has provided continuous funding for Abstract over the past 18 months, with total losses amounting to tens of millions of U.S. dollars in two years, yet the project failed to achieve product-market fit (PMF). He added that Abstract once processed over 300 million on-chain transactions, launched Portal and AGW, attracted multiple global brands, and built an active on-chain ecosystem. However, persistent issues including an insufficient DeFi ecosystem, limited liquidity, low institutional participation, and high costs constrained its growth. Coupled with declining market demand for related products, the company could no longer divert funds from its Pudgy Penguins business to support Abstract. Even after incurring eight-figure U.S. dollar losses, Igloo opted not to fund Abstract via token issuance or an initial coin offering (ICO), as it lacked sufficient confidence in sustained token demand. Netz also thanked the Abstract community, noting that as the project wraps up, the company will fully push Pudgy Penguins to become a global cultural phenomenon.

According to Lookonchain’s monitoring, Bitmine—Tom Lee’s Ethereum treasury firm—purchased an additional 12,500 ETH via BitGo roughly 5 hours ago, valued at approximately $33.65 million.

According to HTX market data, Bitcoin has fallen below $85,000, with a 24-hour decline of 0.93%.

Beating AI Express: According to Taiwanese media reports, Taiwan-based memory manufacturer Nanya Technology has recently notified customers one after another that it will raise DRAM contract prices again, with the maximum increase possibly reaching 20%. In response to relevant market rumors, Nanya stated that it would not comment on matters related to customer quotations. Industry insiders believe that the new round of price hikes is expected to gradually pass through to the market, boosting Nanya's average selling price (ASP) and profitability. TrendForce forecasts that the overall DRAM market will remain in undersupply in the fourth quarter of 2026, with contract prices for general-purpose DRAM rising by 10% to 15% quarter-on-quarter. Consumer-grade DRAM, due to continuous production cuts by major players and its high reliance on Taiwanese manufacturers for supply, will continue to see upward price momentum. Growing AI computing power demand is continuously boosting demand for server DRAM and HBM, while advanced process production capacity is shifting toward high-performance products, further compressing the supply elasticity of traditional DRAM. Samsung, SK Hynix, and Micron have all recently been expanding or adjusting their DRAM and HBM-related production capacity and packaging layouts. Micron's CEO previously stated that amid sustained demand growth and limited new production capacity, no clear inflection point for DRAM supply-demand balance has been observed yet, and he expects HBM demand growth to remain higher than that of traditional DRAM through 2028.

U.S. Representative Don Davis of North Carolina introduced the "No Betting on Your Own Race Act" this Monday, which would ban federal election candidates, their campaign teams, and their spouses and children from trading or holding "political event contracts" tied to their own elections, to prevent market manipulation, insider trading, and candidates profiting from election outcomes. While the bill does not directly name prediction market platforms like Kalshi and Polymarket, the "political event contracts" it defines explicitly cover such transactions. Violators would face up to $10,000 in civil penalties per offense, or a seizure of three times their potential profits. Earlier, Republican House candidate Laurie Buckhout was banned from Kalshi for three years and fined $2,590 for trading Kalshi event contracts related to her own election, though she faced no civil or criminal charges. As the U.S. Congress is currently in recess until after the November midterm elections, the bill cannot be considered before the 2026 midterms. Currently, Kalshi and Polymarket still offer trading of event contracts related to U.S. elections.

Swiss digital asset institutional prime brokerage CRX Trade has announced the launch of a new platform that provides hedge funds and trading institutions with a single account connecting crypto markets (including Binance, Bybit, Gate, Hyperliquid, Deribit) and traditional financial markets such as CME Group and Nasdaq. The platform is backed by trading technology from CoinRoutes, enabling institutions to trade across markets using a unified collateral pool. CRX Trade notes that clients can use BTC, stablecoins, and tokenized gold as unified collateral, trade across 10 connected markets, and gain 24/7 market access. It also supports algorithmically consolidating trades from different exchanges into a single order, with asset segregation via independent institutional wallets that separate trading and withdrawal permissions. The platform is open to professional and institutional clients. CoinRoutes has cumulatively processed over $700 billion in notional trading volume and supports products including xStocks tokenized equities and Deribit options. CRX Trade is operated by Zug, Switzerland-based RAS Capital GmbH, a member of self-regulatory body VQF; the platform does not provide lending, with financing sourced from independent third-party lenders.