Crypto Morning Brief: Hyperliquid activates HIP-3 upgrade, Huaxing Capital plans to raise $600 million to invest in BNB

Author: TechFlow

Yesterday's Market Dynamics

This morning, spot gold briefly surpassed $4,130 per ounce, hitting a new all-time high

According to Jinshi News, spot gold surpassed $4,130 per ounce this morning for the first time, setting a new record. It has since pulled back to $4,124.

CME launches options trading for SOL and XRP

Solid Intel reports that CME has launched options trading for Solana (SOL) and XRP.

Hyperliquid to activate HIP-3 upgrade, enabling permissionless perpetual contract market creation

The Block reports that decentralized perpetual exchange Hyperliquid is expected to activate its HIP-3 protocol upgrade today, which will allow permissionless creation of perpetual contract markets.

A Hyperliquid administrator announced on the project’s Discord channel that the October 13 network upgrade will include the activation of HIP-3. The administrator stated: "HIP-3 will be enabled in this network upgrade. Users won't see immediate changes. Deployers who meet on-chain requirements will be able to deploy perpetual contracts for trading once ready."

Garrett Jin responds to 'high-profile ETH swap' claims: No connection to Trump family, no insider information, fund belongs to clients

BTC whale Garrett Jin, previously known for a high-profile ETH swap, responded on his personal X account to market rumors with the following message: "Hi CZ, thanks for sharing my personal info. To clarify, I have no connection to the Trump family or Donald Trump Jr.—this was not insider trading. This fund does not belong to me—it belongs to my clients. We run nodes for them and provide internal research and insights. I'd like to briefly share three points: one, I'll explain our bearish stance at the time; two, my view on the 1011 event; and three, my thoughts on how the industry can do better."

Earlier reports suggested that the whale who allegedly sold over $4.23 billion worth of BTC to swap into ETH might be linked to former exchange executive Garrett Jin.

Kalshi partners with Pyth Network to become a prediction market data publisher

Prediction market platform Kalshi has partnered with Pyth Network to become its latest data publisher, distributing Kalshi’s prediction market data across 100+ blockchains via Pyth. Currently available real-time Kalshi markets on Pyth include New York City mayoral election, F1 driver championship, MLB World Series, and number of rate cuts in 2025.

This collaboration marks the first time regulated event data is being delivered on-chain at scale. Developers, institutions, and protocols can now build innovative applications based on real-time probabilities of future outcomes—such as DeFi protocols directly linking products to political, sports, or economic results, or institutions integrating auditable, regulated event data into risk models, portfolio strategies, and research frameworks.

The Kalshi-Pyth partnership sets a new benchmark for bringing prediction market data on-chain, further ensuring that forecast data provided through Pyth remains innovative, trustworthy, auditable, and suitable for enterprise adoption.

Through this collaboration, Pyth’s market data scope expands beyond asset prices into events covering politics, economics, sports, crypto, and culture, advancing Pyth’s core vision of becoming a “universal pricing layer” and opening a new dimension in financial infrastructure together with Kalshi.

HyperSwap: Airdrop claim checker live, but claiming not yet open

According to an official announcement, HyperSwap, the DEX project within the Hyperliquid ecosystem, has launched an airdrop query tool, though claiming is not yet available. Earlier, HyperSwap posted a tweet saying "October 20," possibly hinting at a TGE date of October 20.

Aster: Transferring 4% of ASTER tokens to treasury contract in preparation for phase two airdrop

Aster has disclosed that it is conducting on-chain fund transfers in preparation for the upcoming second phase of ASTER token airdrop claims. The team will move 4% of total ASTER tokens from the airdrop reserve to the Aster treasury contract.

STBL to launch buyback program by end of October

STBL founder and CEO Avtar Sehra announced the company plans to initiate a buyback program by the end of October 2025, with buybacks paid in USST tokens. Holders can stake their USST in the upcoming Multi-Factor Staking (MFS) module to boost yields. At the same time, STBL will also announce USST liquidity channels, allowing users to either withdraw or continue staking.

IoTeX plans token buyback and community rewards program

According to IoTeX’s official Twitter, Binance clarified that the IOTX token price displayed as "0.0000" on October 10 was due to a user interface and system issue, not actual market activity. Price charts are being corrected—a first step toward full resolution.

IoTeX stated it stands with community members affected by recent market volatility and revealed its next steps: enhancing liquidity through coordination with centralized exchanges and market-making partners; launching foundation-led initiatives including token buybacks; and introducing a community rewards program using token incentives to reward supporters, restore value, and grow alongside the network.

Hyperliquid co-founder Jeff alleges Binance underreports user liquidation data

Hyperliquid co-founder Jeff posted on social media: "Fully on-chain liquidations on Hyperliquid cannot be compared to CEXs that underreport liquidations. Hyperliquid is a blockchain—every order, trade, and liquidation occurs on-chain. Anyone can permissionlessly verify execution, including all liquidations and their fair enforcement across all users. Additionally, anyone can verify the entire system’s solvency in real time. Transparency and neutrality are why fully on-chain DeFi is the ideal infrastructure for global finance.

Some centralized exchanges openly admit they significantly underreport user liquidations. For example, on Binance, even when thousands of liquidation orders occur in the same second, only one is reported. Since liquidations are bursty, underreporting can easily reach 100x in some cases. Sources below. I hope the industry will recognize transparency and neutrality as essential features of a new financial system, encouraging others to follow suit."

Huaxing Capital plans to raise $600 million for BNB investment, YZI Labs to participate

Bloomberg reports that China Renaissance Bank (Huaxing Capital) is in talks with investors to raise about $600 million, aiming to establish a special investment vehicle for BNB. YZI Labs is expected to join the initiative.

Citibank plans to launch crypto asset custody service by 2026

CNBC reports Citibank plans to launch a crypto asset custody service by 2026. Biswarup Chatterjee, Head of Global Partnerships and Innovation for Citibank’s Services business, said the bank has been developing its cryptocurrency custody solution for 2–3 years and has made progress.

Chatterjee said: "We aim to bring a credible custody solution to market within the coming quarters, serving asset managers and other clients." The custody service will involve Citibank holding native cryptocurrencies.

Market Movements

Suggested Reading

How Are DAT Companies’ Stocks Holding Up After the Crypto Crash?

This article discusses how the cryptocurrency market was severely shaken after Trump announced a 100% tariff on Chinese goods, causing Bitcoin and other crypto assets to plummet. This also heavily impacted DAT companies whose core business revolves around crypto assets. Their market capitalizations are highly correlated with the value of their crypto holdings, leading to massive sell-offs during market panic—especially smaller-cap firms saw sharper declines. The article analyzes the vulnerability of DAT companies under extreme market conditions and the limitations of their business models.

$ZEC Surged 37% Amid Black Swan Crash: Deep Dive into Privacy Coins and Investment Opportunities

This article primarily analyzes the development history, recent market performance, and future investment opportunities in the crypto privacy sector. It highlights the historical phases of privacy coins, drivers behind the current market rebound, and the performance and investment potential of major privacy coins such as $ZEC, $XMR, and $Dash. It also cautions investors about regulatory pressures facing privacy coins and key considerations when selecting investment targets.

Interview with Strategy Founder: BTC Will Be $2 Million in 20 Years, DAT Firms Will Reshape Trillion-Dollar Credit Markets

This is an in-depth interview with Michael Saylor, discussing the future vision of Bitcoin and its potential impact on global credit markets and economic systems. The article details Bitcoin’s role as digital gold, how Bitcoin-reserve companies could drive the development of digital credit markets, and Bitcoin’s central role in the global economy.

Understanding Hyperliquid’s HIP-3 Upgrade Today

This article introduces Hyperliquid’s HIP-3 upgrade and explains how it enables anyone to deploy perpetual contract markets, detailing the operational process and potential implications.

American Wealthy Face a Dilemma: Rising Wealth, Shrinking Cash

This article discusses the surge in the number of millionaire households in the U.S., yet much of their wealth consists of illiquid assets that are hard to convert quickly. High inflation and rising interest rates make it difficult for million-dollar net worth to sustain a luxurious lifestyle. Younger millionaires face higher living costs, making the traditional affluent lifestyle increasingly out of reach.