Crypto exchange OKX has completed a financing round at a $25 billion valuation, with Standard Chartered Bank and Circle among the investors.

According to BIT (bit.com) market data, US stocks opened, with the Dow Jones Industrial Average down 0.62%, the S&P 500 index down 0.45%, and the Nasdaq down 0.61%. The storage sector fell across the board, with Micron Technology (MU.O) down over 3% and SK Hynix (SKHY.O) down over 2%.

According to market data from BIT (bit.com), all U.S. crypto-related stocks fell at the opening of U.S. stock trading: BitMine (BMNR) dropped 5.04%, SharpLink (SBET) down 4.78%, American Bitcoin (ABTC) down 4.62%, Circle (CRCL) down 4.58%, Strategy (MSTR) down 4.48%, Robinhood (HOOD) down 2.99%, and Coinbase (COIN) down 2.95%.

According to on-chain analyst Ai Yi (handle @ai_9684xtpa), a certain address purchased 1,470.94 ETH at an average price of $2,582 roughly 3 hours ago, spending 3.803 million USDC.

According to Fortune, retail proprietary trading startup Vest Labs announced it has closed a $13 million seed round, led by Portal Ventures, with Citadel Securities, BlackRock, and several KKR executives participating as individual investors. The company did not disclose its post-money valuation. Vest allows eligible traders to use the firm’s capital to trade perpetual contracts in real markets around the clock, with traders retaining up to 80% of profits and the rest going to the company. The firm noted that unlike some retail proprietary trading firms that rely on fees from simulated trading accounts, this model lets Vest benefit from traders’ success rather than betting on their failure. The funding will be used to develop a mobile app, expand its current 22-person team, and add more assets available for round-the-clock trading. Per Vest’s own disclosure, as of late September, roughly 26% of the platform’s around 27,000 traders had received cash payouts, with month-over-month growth exceeding 300% in both monthly active traders and trading volume.

According to on-chain analyst Ai Yi (@ai_9684xtpa), address 0x6f4…52F67 withdrew 3,583.2 ETH from Binance over the past two hours, valued at $9.27 million at an average price of $2,587.32. The address has transferred all the tokens to a new wallet address 0x991…4fa70 via two intermediate transfers.

Polymarket CEO Shayne Coplan told attendees at Singapore’s Token2049 conference that chasing the next 100x token has become a “game of irrational exuberance and hot potatoes”. He noted that traders may buy tokens even if they deem them to have no intrinsic value, solely for their potential to surge 100x, hoping to sell before the price collapses. While some people do accumulate wealth this way, Coplan argued that inflated asset prices will eventually correct. Coplan added that Polymarket’s user growth reflects that some traders are seeking opportunities with more predictable odds rather than chasing the next hot token. He emphasized that prediction markets do not offer exponential upside, though traders with relevant information are still willing to participate. DefiLlama data shows Polymarket recorded roughly $1.21 billion in trading volume over the past seven days, ranking second among prediction markets, while Kalshi saw around $2.3 billion. However, prediction markets also face risks. A prior report from 10x Research pointed out that data-driven professional traders may exploit information asymmetry and price spreads to turn a profit. Additionally, more than a dozen U.S. states have taken legal action against Polymarket, Kalshi, or both over sports event-related contracts.