Cryptoccino — Sunday 01 November 2026

US spot Ethereum ETFs have now logged 23 consecutive days of net outflows, a record streak. The run eclipses any prior outflow sequence since the products launched, signalling that institutional appetite for wrapped ETH exposure remains well off its peak. On-chain staking activity is rising in parallel, suggesting capital is moving to native staking rather than exiting Ethereum entirely. cryptobriefing

A Nasdaq-listed firm is weighing the sale of $450 million in Bitcoin, citing the Binance hack and quantum computing risk. The company said the combination of the exchange breach and longer-term quantum decryption fears has prompted a review of its treasury Bitcoin position. If executed at scale, it would be one of the larger corporate BTC liquidations on record and adds near-term sell-side pressure to an already jittery tape. coindesk

USDC supply slips to $70 billion after Circle redeems roughly $11.7 billion. The net redemption is notable in size but Circle framed it as normal treasury flow rather than a stress event. A separate $250 million USDC mint on Solana the same week suggests demand is shifting chain, not evaporating. cryptobriefing cryptobriefing

Michael Saylor says the next Bitcoin bull cycle has already started. Strategy’s executive chairman pointed to deepening TradFi integration as the structural driver, arguing the current drawdown is noise within a larger up-trend. Given the Binance fallout and a Fear and Greed reading of 34, the contrarian read is at least coherent even if the timing is aggressive. cryptobriefing

Uber is piloting tokenised treasury management with HSBC and Franklin Templeton. The test puts idle corporate cash into on-chain instruments, with the two institutions providing the underlying asset infrastructure. It is one of the more credible real-world tokenisation deployments yet, given the scale of Uber’s treasury and the counterparty quality involved. coindesk

AI token usage up 122% to 160% even as token prices fell 67%, per a16z data. The divergence between spending volume and price suggests genuine protocol usage growth rather than speculative holding. Rising GPU costs remain the structural pressure on operator margins across the sector. cryptobriefing

Ethereum dominates stablecoin settlement with 54% share as tokenised equities jump 170%. The tokenised stock figure is the headline number from a broader on-chain asset report, reflecting accelerating institutional experimentation across traditional asset classes. Ethereum’s stablecoin share has held stable despite multi-chain competition, which matters for fee revenue projections. cryptobriefing

Traders are using crypto-native contracts to take leveraged positions on Anthropic’s anticipated IPO. The products, which reference Anthropic’s implied private valuation, are live ahead of any formal listing, continuing the pattern of crypto markets front-running TradFi events. Anthropic is reportedly targeting a $1.5 to $2 trillion public valuation despite an $81 billion net loss last year. coindesk cryptobriefing

North Korean hackers move $38 million through Relay Protocol in under seven hours. The funds are part of the broader Binance haul and Relay Protocol’s cross-chain routing was used to fragment and obscure the trail. See the lead for the full FBI attribution and Binance recovery context. cryptobriefing

Name.com compromise let attackers hijack 12 DeFi front ends and steal roughly $138,000. All affected domains shared the same registrar, pointing to a credential or infrastructure breach at Name.com rather than individual protocol failures. The registrar has since restored the domains but the window of exposure underscores how much of DeFi’s security perimeter still runs on legacy internet infrastructure. theblock cryptobriefing

Chainalysis confirms its own customer data was accessed via what it calls ‘offensive agentic techniques’. Names and email addresses belonging to Chainalysis clients were exposed, a reputationally awkward breach for the firm that tracks everyone else’s hacks. The same team is actively following the Binance funds as they move through Tron infrastructure. theblock

THORChain halted operations after an Ethereum chain reorg triggered a double-refund bug. The pause was precautionary rather than a direct exploit but the incident illustrates how cross-chain bridges remain exposed to consensus-layer anomalies on connected chains. The timing, coinciding with the Binance laundering activity using cross-chain routes, adds operational pressure on the protocol. cryptobriefing

The Binance hack has accelerated crypto regulation arguments in Washington ahead of the election. Both sides of the aisle are using the breach as evidence for their pre-existing positions: tighter exchange oversight versus the argument that over-regulation pushed activity offshore in the first place. With midterms close, the debate is more performative than legislative for now, but agency posture could shift quickly. cryptobriefing

CFTC Chair Selig plans to take the state-versus-federal prediction markets fight to the Supreme Court. Several states have challenged the CFTC’s authority to permit event contracts that states classify as gambling, and Selig is framing a Supreme Court referral as the only path to a definitive ruling. The outcome would set the jurisdictional boundary for a product category that has grown substantially in the past two years. cryptobriefing

What else is grinding?

• Big Bitcoin miners pivoting to AI compute contracts are opening capacity for individual miners to capture a larger share of block rewards, per a CoinDesk analysis. coindesk
• Institutional staking inflows are holding up despite ETH yields continuing to compress, suggesting yield expectations have been durably reset lower. coindesk
• OpenAI trimmed its latest fundraising target to $20 billion and the round came in short at a $1.25 trillion valuation, while S&P issued a credit warning on Meta over AI capex. cryptobriefing cryptobriefing
• London police are documenting a rise in street-level crypto theft where victims are coerced into transferring funds via unlocked phones, with one case logging $14,000 in losses. coindesk
• Bitcoin’s whitepaper turned 18 today, an anniversary that landed in the middle of the largest exchange hack ever recorded. coindesk

Last sip. Binance says 90% recovered, but the other 10% is already on Tron and moving fast.