Cardano Founder Slams Peter Schiff Over Bitcoin Predictions
Cardano founder Charles Hoskinson fired back at longtime Bitcoin critic Peter Schiff after his latest negative comments. Schiff pointed out that Bitcoin has dropped over 10% from its all-time high of $126,220 while gold and tech stocks rallied, suggesting a bubble ready to pop.
Hoskinson responded by highlighting Schiff's track record of incorrect predictions, noting that he was wrong when Bitcoin reached $100, $1,000, $10,000, and $100,000. He stated Schiff will be wrong again when Bitcoin hits $1 million.
The dispute comes as Bitcoin consolidates, while the Nasdaq 100 hit new all-time highs following strong earnings from Apple, Google, and NVIDIA. Binance founder CZ also recently challenged Schiff's criticism, comparing Bitcoin's value system to gold's, noting both rely on belief rather than pure utility.
SpaceX Moves 281 Bitcoin in Third Major Transfer
SpaceX transferred 281 Bitcoin worth roughly $31 million to a new wallet on Thursday, marking the third large Bitcoin movement in ten days. Blockchain investigator Lookonchain reported that the funds were transferred to a new address, distinct from previous destinations.
The company transferred a total of 1,207 Bitcoins, with 281 going to the new wallet, some to Coinbase Prime, and the rest being returned to SpaceX's original wallet. Analysts believe these movements are custody related rather than sales. In total, SpaceX has moved approximately $450 million worth of Bitcoin this month through three transfers totalling $133.7 million, $268 million, and $31 million.
The transfers occurred as Bitcoin fell below $110,000 following Federal Reserve Chairman Jerome Powell's comments on interest rate cuts. Elon Musk recently praised Bitcoin's energy basis, marking a shift from his earlier environmental criticisms. SpaceX had previously reduced its Bitcoin holdings by 70% in 2022.
Shiba Inu Gets First US Spot ETF Filing
Investment manager T. Rowe Price, overseeing $1.77 trillion in assets, filed a Form S 1 with the SEC to launch its Active Crypto ETF, which will include Shiba Inu among eligible assets. The fund will track 5 to 15 cryptocurrencies and aims to outperform the FTSE Crypto US Listed Index through active management.
Other eligible assets include Bitcoin, Ethereum, XRP, Dogecoin, Solana, Cardano, Avalanche, Litecoin, Chainlink, and Polkadot. If Shiba Inu is included in the initial portfolio, institutional investors will gain indirect exposure to the token through a Wall Street investment vehicle for the first time.
The filing describes Shiba Inu's ecosystem, mentioning BONE, LEASH, and TREAT tokens, as well as the Shibarium and ShibaSwap projects. While Shiba Inu already has a regulated product in Europe through Valour, this marks the first time a US-SEC-registered ETF has recognised it as eligible. The development significantly enhances credibility for the meme token.
Tether's Profits Soar, Exceeding 10 Billion Dollars Annually
Tether reported net profits surpassing $10 billion for the first three quarters of 2025, solidifying its position as the largest stablecoin issuer. The company's exposure to US Treasuries reached $135 billion, ranking it around 17th among global sovereign holders.
Tether issued $17 billion in new USDT during the third quarter, increasing circulating supply above $174 billion. The company also holds nearly $13 billion in precious metals and $10 billion in Bitcoin. CEO Paolo Ardoino stated that the firm is approaching $15 billion in profit for the full year, calling it a very rare achievement among global companies.
Total reserves amount to $181.22 billion, compared to $174.45 billion in liabilities. The excess reserve buffer exceeded $6.8 billion. About 98% of creditors have received payouts. Tether also launched a share buyback initiative and applied for an Investment Fund License in El Salvador to expand regulated activities while continuing operations.
DeFi Officially Unlocks Japan's Yen
Swiss developer Secured Finance launched a suite of products built around JPYC, Japan's first licensed yen-backed stablecoin, opening up Japan's interest rate market to decentralised finance. The initiative introduces JPYC-denominated fixed-rate lending markets to form an on-chain yen yield curve.
This development builds on the recent launch of JPYC, effectively unlocking the yen's financial ecosystem for DeFi applications. The yen plays a critical role in global finance due to Japan's persistently low interest rates, making it a preferred funding currency for investors engaging in the yen carry trade.
In other developments, China's central bank governor, Pan Gongsheng, reaffirmed that all existing crypto prohibitions remain in effect, describing stablecoins as underdeveloped and high-risk. Singapore's DBS Bank and Goldman Sachs executed an over-the-counter cryptocurrency options trade involving Bitcoin and Ether, marking the first of its kind between two major banks.
Bybit Pauses New User Registrations in Japan
Bybit, the world's second-largest crypto exchange by trading volume, announced that it will pause new user registrations in Japan starting October 31 to align with new regulations from the Financial Services Agency. The company described the move as part of its proactive approach to comply with Japan's emerging regulatory framework for digital assets.
Existing Japanese customers will not be affected, with all current services remaining operational. Bybit said it will share further updates as discussions with regulators progress. Japan's FSA is considering regulatory reforms that would allow banks to acquire and hold cryptocurrencies like Bitcoin and operate licensed crypto exchanges.
The proposal will be reviewed at an upcoming Financial Services Council meeting. However, some industry leaders believe that Japan's slow and risk-averse approval culture continues to push startups and liquidity offshore, even if proposed tax reforms are implemented. The regulatory environment has driven several crypto companies to exit Japan.
Polygon Partners with Cypher Capital for Middle East Expansion
Polygon Labs announced a partnership with Dubai-based Cypher Capital to expand institutional access to POL, Polygon's native asset, across the Middle East. This marks the first in a series of efforts to bring professional investors into direct engagement with Polygon's infrastructure.
POL will be positioned as an institutional grade asset offering real yield, with roundtables, liquidity improvements, and structured opportunities aimed at funds, corporates, and large allocators. Cypher Capital will assist Polygon in navigating the region's regulatory and capital market environments.
The program is expected to highlight POL as a core portfolio asset for professional investors seeking exposure to blockchain infrastructure, global payments, and real world asset transactions.
The announcement comes as Polygon advances its GigaGas roadmap, which has delivered sub five second finality and throughput of up to 1,000 transactions per second. Future milestones aim to establish Polygon as a high performance settlement layer. The partnership illustrates a broader push by blockchain projects to build institutional pipelines in growth markets.
Sam Bankman-Fried Claims FTX Was Never Insolvent
Sam Bankman-Fried released a 15-page document claiming FTX was never insolvent and that customer funds could have been repaid in full after the November 2022 liquidity crisis. He argued that FTX faced only a liquidity crisis, not insolvency, and accused bankruptcy lawyers and CEO John Ray of seizing control and forcing unnecessary bankruptcy proceedings.
Bankman-Fried stated FTX had $25 billion in assets and $16 billion in equity against $8 billion in customer withdrawal demands. He estimated FTX's holdings would be worth $136 billion today if left intact, including stakes in Anthropic, Robinhood, Solana, and Bitcoin. About 98% of creditors have received 120% repayment, with final payouts expected to reach up to 143%.
However, critics note customers are being repaid at November 2022 dollar values, not current crypto prices. Blockchain investigator ZachXBT accused Bankman-Fried of weaponising the fact that crypto prices recovered from their 2022 lows. Bankman-Fried is serving 25 years for fraud and is currently appealing his conviction.
