This National Day coincides with a node in the new crypto cycle, as 364 days have passed since Bitcoin's previous cycle high. Based on past cycle patterns, Bitcoin has officially emerged from the bear market bottom and entered a bull market uptrend. However, market conditions and sentiment have not supported this trajectory.

Bitcoin's upward push fails, on-chain memes cool off, while the S&P 500 and Nasdaq both hit record highs

According to HTX market data, during the holiday period, Bitcoin repeatedly attempted to break above 87,000 without success, pulled back rapidly twice during trading, and has now found support again above 83,000 USD. At the same time, previously hot altcoins such as NEAR and ZEC have also temporarily corrected. NEAR is relatively stronger, rebounding quickly after a hacking incident, and has generally remained range-bound over the past week with a weekly gain of 0.1%, now trading at 5.32 USD. ZEC is relatively weaker, down 7.3% over the past week, now trading at 1,325 USD.

The market capitalization of on-chain projects has fallen sharply. Within the Robinhood ecosystem, PONS's market cap has dropped to 263 million USD (market cap after removing burned tokens), while AI has fallen to 100 million USD, down nearly 80% from its high.

Although U.S. stocks edged lower yesterday, they maintained good momentum overall during the National Day period, with the S&P 500 and Nasdaq both hitting record highs; the chip index rose for a fourth consecutive day. Among them, tech stocks and AI chip stocks were the main gainers. Representative individual stocks such as AAOI rose 14% for the week, while MRVL rose 6.18% for the week.

Beyond market conditions, BlockBeats summarizes important industry information from the National Day holiday as follows:

OKX completes a new round of financing and plans to launch a new tokenized U.S. stock trading platform

On October 6, cryptocurrency trading platform OKX completed a new round of financing at a valuation of 25 billion USD, with participation from existing partners and hedge fund Qube Research & Technologies. OKX stated that Circle Internet Group, Ripple, and SC Ventures, the investment arm of Standard Chartered, all participated in this round. OKX declined to disclose the specific financing amount but said this round is an extension of the financing in March this year. At that time, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, invested approximately 200 million USD in OKX at the same 25 billion USD valuation.

One day earlier, OKX submitted documents to the U.S. Securities and Exchange Commission (SEC) to launch a tokenized U.S. stock trading platform, becoming one of the first major crypto trading platforms to use new U.S. regulations to carry out related business. The operating entity OKXICE LLC (jointly established by OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange) plans to initially offer tokenized stocks of 63 NYSE-listed companies, and the relevant issuers may opt out within 30 days before trading begins.

NEAR Intents Attacked, Stolen Funds Recovered Within 48 Hours

On October 1, NEAR Intents issued a security bulletin confirming an attack. Preliminary investigation showed the vulnerability originated from defects in the Omni deposit and withdrawal infrastructure and contract interactions. Within 48 hours, the head of NEAR Intents announced that the $3.8 million involved in the earlier attack had been fully returned, and the team stopped the related investigation.

CZ Accepts Interview with The New York Times

During the National Day holiday, The New York Times published an interview with CZ. In the interview, CZ said his actual personal net worth is about $10 billion to $30 billion, far below Forbes' estimate of $100 billion.

In addition, CZ also revealed that during the U.S.-Iran war, he was on Saadiyat Island in Abu Dhabi and personally experienced an Iranian missile attack. However, after the windows shook, he did not worry excessively and continued working calmly.

Competing for Midterm Elections, Trump Promises Red Envelopes to American Citizens

On October 3, in order to secure victory in the midterm elections, U.S. President Trump once again promised that if Republicans win the House of Representatives and the Senate in the midterm elections, he will distribute $5,000 in "dividends" to every American adult citizen. Based on approximately 240 million American adult citizens, the plan is expected to cost about $1.2 trillion, making it one of the largest economic stimulus plans in the United States since the COVID-19 pandemic.

CFTC Issues New Rules to Fill Crypto Regulatory Gap

The U.S. Commodity Futures Trading Commission (CFTC) proposed two new rules on October 5, intending to establish a U.S. cryptocurrency regulatory framework based on its authority over leveraged and margin trading, in order to fill the regulatory uncertainty left by Congress' failure to complete crypto legislation. Under the proposed rules, crypto activities involving leverage, margin, or financing would come under CFTC supervision. This means that if traders use borrowed funds to amplify positions, they will be subject to the agency's oversight.

CFTC Chairman Mike Selig said in prepared remarks for Fordham Law School's annual Blockchain Regulatory Symposium: "These rules will codify a path that allows crypto asset trading platforms to operate under the CFTC's unified national supervision, based on the same statutory authority that the previous administration used to regulate through enforcement."