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South Korea’s Ministry of Economy and Finance said no decision has been made on whether or how to tax derivatives such as perpetual futures traded on offshore virtual asset exchanges. The ministry’s statement came after Maeil Business Newspaper reported the government was moving to classify U.S. stock-linked perpetual futures traded on offshore virtual asset exchanges as overseas stock derivatives and impose an 11% capital gains tax. The ministry said the report was not true and urged caution in coverage.

Major exchanges’ Ethereum holdings fell by about 297,000 ETH, or 5.4%, after the Binance hack, according to on-chain analytics firm Santiment. The share of ETH held on exchanges relative to total supply dropped to 3.20% on Nov. 2 from 3.56% on Oct. 28. On Oct. 29, the day of the hack, about 200,630 ETH flowed out of a Binance hot wallet, but ETH holdings at major exchange addresses rose by about 39,000. After Binance resumed withdrawals on Nov. 1-2, holdings at major exchange addresses then fell by about 313,000 ETH.

Stablecoin market capitalization has fallen about 6% from $280 billion in April to $263 billion now, marking its lowest level in more than a year amid weak market demand and a lack of new liquidity inflows, on-chain analyst Darkfost said. Darkfost said Binance, where about 70% of exchange-held stablecoin supply is concentrated, also showed a decline. During a recent hacking incident, about $3 billion worth of stablecoins flowed out, and Binance’s stablecoin market cap fell from $51 billion to $34 billion on a 90-day moving average basis. Weakening market demand and sluggish new liquidity inflows were the main drivers, Darkfost said, adding geopolitical and economic uncertainty, along with a string of hacking incidents in the crypto industry, weighed on investor sentiment. A liquidity recovery is urgently needed to prevent the recent positive market trend from reversing, according to the analyst.

AguilaTrades, a well-known whale trader on Hyperliquid who has recorded losses of more than $38 million through a series of liquidations, opened a 40x leveraged BTC short position worth 93.67 BTC, or $7.19 million, according to Lookonchain. The liquidation price is $77,435.21.

Bitcoin hybrid layer-two network BOB said it has extended the deadline for ending support for wBTC.OFT on its network to Dec. 15. The period during which users can bridge the token to Ethereum has also been extended.

Weekly revenue across the DeFi ecosystem has climbed more than 3.75-fold over the past four years, rising from about $80 million to more than $300 million, Unfolded reported. Excluding stablecoin issuers, weekly revenue also surged more than 12-fold, from under $10 million to over $120 million.

WasabiCard said it has signed a strategic partnership with Japan’s SOUSHIN Ltd to combine global payments technology with the company’s local distribution network in Japan. The two companies plan to support retailers’ digital transformation and explore ways to introduce stablecoin payments at offline stores.

Bithumb announced it will temporarily suspend ALGO deposits and withdrawals at 11:00 a.m. UTC on Nov. 5.

Gabriel Shapiro, legal counsel at Delphi Digital, said privacy coins and privacy protocols are harder for rivals to replicate and bring to market than other crypto projects, as few developers are willing to risk criminal liability during development. In a post on X, Shapiro added that Tornado Cash developer Roman Storm is still on trial, and said the cypherpunk ethos and the practical value of decentralization would rise, along with the risks, as the Democratic Party’s political influence grows and the FBI pressures THORChain (RUNE). He said the legal risks are paradoxically worth considering as an investment factor because they act as a barrier to competitor entry.

Upbit announced it will temporarily suspend deposits and withdrawals for Base-based digital assets starting at 2:00 p.m. UTC on Nov. 5.

According to CoinGlass data, if BTC breaks above $78,054, about $684 million in short positions on major centralized exchanges could be liquidated. If BTC falls below $75,035, about $1.06 billion in long positions could be liquidated.

Arthur Hayes, co-founder of BitMEX and CEO of AI agent project Flop Labs, said Flop Labs has opened its devnet. Developers can receive test FLOP tokens to explore the network and use verified inference functions within AI agents. The project also released developer tools including a block explorer, a test token faucet, an API, MCP and an SDK.

Decentralized exchange Aster said it plans to begin the shutdown process for ApolloX’s legacy APX contract at 10:00 a.m. UTC on Nov. 3 as part of the previously announced closure of ApolloX’s web and API services. Aster said the process is expected to be completed within 48 hours, during which protocol-owned funds will be transferred to Aster through a bridge. The exchange advised users with remaining balances or open positions to close those positions and withdraw funds before the shutdown process is completed.

Bithumb announced it will temporarily suspend deposits and withdrawals of VERONA at 12:00 a.m. UTC on Nov. 4 to support a network upgrade.

Naver has obtained a U.S. patent for technology that links and centrally manages user data scattered across different online services using blockchain, Digital Asset reported. According to U.S. patent information site Justia, as of today, Naver’s “Method and System for Processing Personal Database on Block Chain” was registered as a U.S. patent on Sept. 8. The core of the technology is to connect the same user, even when that user uses different IDs across services, through a single identification key and enable its use in ad analytics and data transactions.

President Donald Trump has again endorsed pro-crypto Republican Rep. Harriet Hageman as U.S. voters head to the Nov. 3 midterm elections, Bitcoin.com News reported. Hageman is facing Democratic candidate James Byrd for the Wyoming Senate seat being vacated by Cynthia Lummis, who is not seeking re-election. Lummis, whose term ends in January 2027, has been a strong supporter of the crypto industry in Congress. Hageman also backed the CLARITY Act, the GENIUS Act and a bill to ban the issuance of a central bank digital currency, or CBDC, in the House in July last year. On Nov. 2, Trump said Hageman had his full support and would never disappoint voters.

Binance said on its official X account about 15 minutes ago that it has resumed withdrawals for the following cryptocurrencies on the Ethereum (ETH) and Solana (SOL) networks. - ETH network: ENA, USDE, PENDLE, WLD, QNT, SHIB, ZRO, FET, NIL, ONDO, ALT, SKY, LINK, ETHFI, REZ, JASMY, PUNDIX, BTC, BAT, STRK, POL, ANIME, LSK, RE, BREV, RLC, AMP, PLUME, BLUR, WBETH, ZBT, ENSO, AVA, TUSD - SOL network: USD1, PUMP, FDUSD, BMT, RENDER, RAY, TRUMP, MET, PENGU, JUP, PYTH, BONK, KMNO, BNSOL, ORCA, WIF, W, HUMA, JTO, IO, 2Z, BOME Binance added that RLUSD, USD1, TUSD, FDUSD and XUSD on the ETH network had resumed around 4:00 a.m. UTC.

Hong Kong is exploring a plan to tokenize standard 400-ounce gold bars, or about 12.4 kilograms, as part of a strategy to position itself as a global gold trading hub, Cointelegraph reported, citing the South China Morning Post. The tokens would be issued based on physical gold bars, while details on the launch timeline and issuance structure were not disclosed.

Retail BTC inflows to Binance have fallen to their lowest level in years, according to crypto analyst Darkfost. Darkfost said small BTC deposits of under 1 BTC flowing into Binance averaged 281 BTC over the past 30 days, about one-tenth of the peak monthly average of 2,700 BTC recorded during the 2019-2021 bull market. In early 2023, inflows rose to 1,900 BTC in the aftermath of the FTX collapse, while temporary spikes of 900 BTC to 1,200 BTC were observed at the March and December 2024 peaks. Darkfost said the decline in small BTC deposits by retail investors appeared to have been influenced by the launch of spot ETFs and tighter regulation. He added a drop in retail fund inflows is not necessarily a positive signal, as the overall pool of retail capital capable of moving the market may itself have shrunk.

Cryptocurrency-related legislation in the U.S. could be delayed and regulatory pressure could increase if Democrats win control of both chambers in the U.S. midterm elections, Cryptopotato reported. In an interview with Decrypt, crypto analyst Tyler D said a Democratic victory could slow the pace of bringing the crypto industry into the regulatory fold over the next two years, while potentially creating a more favorable environment for privacy coins. Tyler D added the crypto industry has already grown too large for its expansion to be easily halted by political change alone. By contrast, crypto market analyst VirtualBacon said crypto legislation has bipartisan support in the U.S. Congress, so the election outcome is likely to have a greater effect on short-term investor sentiment than on the long-term direction of regulation.

Groupe Amaury, the organizer of the Ballon d'Or, is preparing a lawsuit over suspected insider-information betting on decentralized prediction market Polymarket, Bitcoin.com reported, citing French outlet Upside. According to the report, 12 Polymarket accounts opened ahead of the Oct. 26 awards ceremony bet a combined $264,000 and correctly predicted the exact rankings of the top five Ballon d'Or candidates, generating about $200,000 in profit. Some of the accounts placed bets immediately after being created, and around $374,000 was withdrawn within three hours after the results were announced. The organizer is investigating whether the awards results may have leaked in advance, although it has not been confirmed whether actual insider information was used.

A hacker behind the attack on Brazilian cryptocurrency exchange Mercado Bitcoin transferred $8 million worth of ETH to a new wallet, according to blockchain analytics firm Arkham. The hacker still holds about $46 million in crypto, while Arkham said the ETH could be deposited into Tornado Cash, although no such deposit had been confirmed. Mercado Bitcoin previously said the attack targeted a hot wallet and that it planned to absorb the roughly $40 million loss itself.

South Korea’s Korea Deposit Insurance Corp. is seeking to extend deposit protection to defined benefit retirement pensions and temporarily large deposits exceeding 100 million won, such as home sale proceeds, Money Today reported. The agency is also reviewing a protection system based on the actual owner of funds rather than the account holder’s name, along with measures to protect digital assets. The Korea Deposit Insurance Corp. held the launch ceremony and first meeting of the Financial Consumer Protection Committee on Nov. 3, where it reviewed a roadmap for promoting financial contract holder protection that includes those measures, according to the report.

Spot CVD is an order book analysis chart for the BTC/USDT spot trading pair. The upper panel shows a volume heatmap, while the lower panel shows cumulative volume delta, or CVD. - The volume heatmap tracks trading volume at each price level. The background color becomes brighter when the price stays in a specific range for an extended period or makes a large move. Brighter zones may act as support or resistance levels. - The CVD indicator in the lower panel reflects buy and sell orders by capital size. As buy orders increase, the line in the corresponding color moves higher. The yellow line is based on orders between $100 and $1,000, while the brown line is based on large orders between $1 million and $10 million.

The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 48.84% long, 51.16% short - Binance: 49.07% long, 50.93% short - OKX: 49.6% long, 50.4% short - Bybit: 47.91% long, 52.09% short