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- StarkWare CEO Eli Ben-Sasson, Ark Labs launches Arkade, Ripple-linked Evernorth, Coinbase acquires Echo,
StarkWare CEO Eli Ben-Sasson, Ark Labs launches Arkade, Ripple-linked Evernorth, Coinbase acquires Echo,
Dogecoin and Floki, BitMine’s Tom Lee, Sandeep Nailwal and Andre Cronje critical of Ethereum Foundation, Ethena Labs, Bank of Japan Deputy Governor Ryozo Himino on stablecoin...
AlphaTLDR
October 23, 2025
📰Proof of News
GM, GA, or GN LFG.
Crypto’s been busy, headlines are hitting hard. Don't worry we got you. The market has been brewing, here's what's currently happening:
 | StarkWare CEO Eli Ben-Sasson said corporate-controlled blockchains are doomed unless they embrace crypto’s core ethos of decentralization. He argued that while such “corpo chains” may aid short-term adoption, users will ultimately abandon them due to lack of self-custody and control. Ben-Sasson predicted corporates will drop these projects once the technical burden outweighs their value. |
 | Ark Labs launched Arkade, a Bitcoin-native Layer 2 built on the Ark Protocol, enabling instant and programmable offchain transactions through virtual UTXOs without altering Bitcoin’s consensus. The public beta introduces Arkade Assets, bringing stablecoins and other tokens to Bitcoin’s offchain layer with planned USDT support. |
 | South Korean lawmakers are urging Binance to compensate $106M lost by GoFi users following its acquisition of local exchange Gopax. Authorities argue Binance inherited responsibility for unresolved GoFi debts, intensifying scrutiny on its South Korean operations. Binance has yet to issue an official response as pressure mounts from both regulators and lawmakers. |
 | Ripple-linked Evernorth plans to go public via a $1B SPAC merger with Armada Acquisition Corp. II, aiming to build one of the world’s largest XRP treasuries. Backed by SBI Holdings, Ripple, Pantera, Kraken, and GSR, the move positions Evernorth as one of the first public companies anchoring its balance sheet in XRP, signaling rising institutional demand for digital-asset treasury models. |
 | Coinbase is acquiring onchain investment platform Echo for $375M, using a mix of cash and stock. Echo will remain standalone for now, with its Sonar token sale product integrated into Coinbase. This marks Coinbase’s eighth acquisition in 2025, following deals like Deribit and LiquiFi. |
 | Dogecoin and Floki surged after Elon Musk shared an AI-generated video of his Shiba Inu “Floki” as the CEO of X, reigniting the memecoin frenzy. DOGE is consolidating above $0.18 and could rally if it breaks $0.21, while FLOKI jumped 30%, backed by 700% trading volume growth and ongoing token burns. |
 | BitMine’s Tom Lee sees Ethereum’s current “price dislocation” as a buying opportunity, citing attractive risk vs. reward. The firm recently purchased $250M worth of ETH and remains bullish, projecting Ethereum could reach $10,000 by year-end. |
 | Polygon’s Sandeep Nailwal and Sonic Labs’ Andre Cronje criticize the Ethereum Foundation for neglecting Layer 2 developers, citing lack of support despite major contributions. Nailwal suggests Polygon could be more valuable as a standalone chain, while Cronje notes he burned 700+ ETH without backing. Ethereum co-founder Vitalik Buterin praised their work and highlighted potential future collaboration to strengthen Ethereum integration and security. |
 | Ethena Labs, issuer of the third-largest stablecoin USDe, is expanding its 20–25 member team by ~50%, hiring around 10 engineers and product specialists. The hires will support the launch of two new products in the next three months, which co-founder Guy Young says could match USDe in scale. Roles include backend, DeFi, trading, security engineers, and a business development associate. |
 | Bank of Japan Deputy Governor Ryozo Himino highlighted the growing importance of stablecoins in the global financial system, predicting they could eventually partially replace bank deposits due to faster settlements, lower fees, and 24/7 transfers. He urged regulators worldwide to adapt to these “new realities” and modernize international banking standards. |
🪙Bearish or Bullish
Market Overview
The U.S. government remains shut down, with some analysts suggesting it could become the longest closure in U.S. history. On the other side, there’s renewed speculation that with the No Kings protests concluded, Democrats may return to negotiations. If Republicans and Democrats can reach a deal, the Senate could secure the 60-vote threshold needed to reopen government operations as early as this week.
Until then, most economic data produced by agencies like the Bureau of Labor Statistics (BLS) and Census Bureau will remain on pause. That includes CPI, initial jobless claims, and continuing claims. However, independent or semi-autonomous institutions like the Federal Reserve can still release updates. This week, market participants may have to rely on limited releases, such as existing home sales and consumer sentiment data, unless the government reopens mid-week.
BTC/USD
Last week, Bitcoin showed continued weakness, ultimately failing to hold the key $112,000 level highlighted here. This loss led to prices dropping much lower, deviating below both the LD level ($108,000) from last week’s BB levels and the blue band on the 4H FibMA.
Fortunately, BTC managed to reclaim the blue band and close the week above the LD range. This bounce helped reestablish short term support and opens the door for recovery, but price remains below the $112,000 threshold, which will be a critical level to reclaim this week.
As I’ve said before, two conditions would seriously threaten the bull market structure:
Breaking and closing below the green band on the 4H FibMA
Closing weekly/monthly candles below $100,000
Neither of these have occurred. So long as price holds above the blue band, I believe the structural bull market remains intact with everything "business as usual" buying as price interacts with the blue band.
BTC BB Levels (Bull/Bear)
HD: $115,311
H4: $110,763
BB: $108,683
L4: $106,615
LD: $102,077
ETH/USD
Ethereum weathered last week’s volatility better than expected. While it did follow BTC in selling off, ETH held a higher low, showing relative strength not putting in a new local low.
The key now is follow through: Can ETH take out last week’s high at $4,295 and confirm the start of a new short term uptrend?
For now:
$4,090 (2024 range high) Price must get above and hold as support
If weakness persists, $3,858 is the next logical level of short term support
Closing above the weekly FibMA yellow band (~$4,369) remains a crucial objective for trend continuation
We continue to monitor these levels closely as ETH attempts to reestablish bullish structure.
ETH/BTC
ETH/BTC continues to range between 0.036 and 0.04324 as discussed in recent updates. This week opens with ETH/BTC hanging out near the lower bound of that range, following a period of short term downward pressure.
I recommend watching for:
A break of the local short term downtrend
A test of the macro descending trendline, which would signal the start of ETH regaining market leadership
As always, keep an eye on the local low at 0.0326, and the worst case drawdown scenario at 0.03, in the event ETH/BTC weakens further.
Broader Altcoin Market
The altcoin market remains firmly in the "overtime window" we've discussed for several weeks now. I continue to believe this is a gifted opportunity, an extended period for thoughtful accumulation, especially for those who felt they missed the initial move.
While no one can say for certain which way markets go from here, our thesis remains intact: the cycle is not over. Multiple metrics support the idea that there is still significant upside potential, particularly in the alt sector.
That said, the risk curve is shifting. We’re no longer early cycle. I’d caution against taking on unnecessary risk, be selective with your alt positions, manage your sizing, and prepare for increased volatility.
Above all, continue to monitor ETH/BTC’s macro trendline. I continue to believe that once ETH breaks above that trendline, this “overtime” window closes suddenly, and aggressively. By then, it will be too late to rotate into strong alt positions with favorable risk/reward.
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