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Project Overview
Drop is a cross-chain liquid staking protocol on a mission to strengthen the economic viability of Interchain economies by transforming stagnant, frozen resources into flowing streams of opportunity.
Singapore Crypto Fraud Losses Drop 43% Year-on-Year as Coinbase Partners with Anti-Fraud Center to Intercept Over SGD 18.9 Million
According to an official Coinbase blog post, the Singapore Police Force Anti-Scam Center (ASC) released a first-half 2026 fraud and cybercrime briefing showing that cryptocurrency fraud losses in Singapore fell 43% year-over-year, dropping from S$114.9 million to S$65.5 million. The ASC credited this progress partly to enforcement actions by industry partners, which included blocking 47,500 mobile phone lines, 37,500 WhatsApp accounts, and 52,200 malicious websites, alongside investigations into more than 2,900 money mules and scammers, resulting in charges against approximately 470 individuals. Through four joint operations with the ASC, Coinbase’s Global Intelligence Team identified over 720 potential victims and assisted in intercepting more than S$18.9 million in potential losses.
Futures Highlights: Coke Prices Drop, Iron Ore Inventories Rise, Agricultural Data Updated
This issue's futures highlights cover a slight rise in shipping indices, the implementation of coke price cuts, and rising iron ore inventories. It also covers downward revisions to China's soybean production, detailed regulations on sugar import quotas, and Malaysia's edible oil subsidy policy.
Analyst: Bitcoin Chip Concentration Approaches Pre-FTX Collapse Levels, May See Final Bear Market Drop
Analyst Murphy stated that Bitcoin's current chip concentration is similar to that before the 2022 FTX collapse, and a highly concentrated chip structure could amplify price volatility. Jiang Zhuoer believes that if the CLARITY Act fails to pass before Congress adjourns, Bitcoin may witness the final drop of the bear market.
Analysts: Bitcoin at Key Technical Indicator Level, Could Drop Further 30%
Miller Tabak strategist Matt Maley and 22V Research technical strategist John Roque believe Bitcoin is at a key technical indicator level.Matt Maley stated that if Bitcoin declines further from its current level of around $60,000, it could amplify negative investor sentiment. Although Wall Street firms continue to invest in digital assets, retail investors, who have historically been the main force driving cryptocurrency rallies, have shifted their focus to high-growth AI and tech stocks. Recent significant outflows from Bitcoin ETFs indicate waning investor enthusiasm. Cryptocurrencies are also showing signs of decoupling from the stock market.John Roque noted that Bitcoin is retesting its first downside target of $60,000. If it breaks below this level, it implies a potential drop to $400,000. Matt Maley added that Congress might pass a crypto structure bill with clearer rules, which would reduce uncertainty and encourage institutional participation in the long run. Furthermore, Bitcoin ETFs experienced their largest monthly outflow since 2024 recently. (CNBC)
South Korea’s FIU May Drop Mandatory STR Reporting Requirement for Large Virtual Asset Transfers; Travel Rule Expansion Plan Continues
South Korea’s Financial Intelligence Unit (FIU) plans to discontinue its push for mandatory Suspicious Transaction Reports (STRs) for large cross-border virtual asset transfers and peer-to-peer wallet transfers, while continuing to expand the scope of Travel Rule oversight to further strengthen digital asset transaction tracing.
Analyst: History May Repeat Itself, Bitcoin Price Could Drop to $33,000
According to Cointelegraph, cryptocurrency analysts are divided on whether Bitcoin will reenact its historical “Sell in May” pattern in 2026. In the two midterm election years—2018 and 2022—Bitcoin experienced sharp declines in May, falling approximately 30% and 70%, respectively. Analyst Merlijn Enkelaar warned that this historical pattern could repeat, with Bitcoin potentially dropping to $33,000. Joao Wedson, CEO of Alphractal, also noted that if Bitcoin remains persistently below $78,000, the likelihood of a new capitulation phase increases. However, Jeff Ko, Chief Analyst at CoinEx, argued that past crashes stemmed from specific shocks—including the Mt. Gox incident, China’s ICO regulations, the Federal Reserve’s monetary tightening, and the collapses of Terra and FTX—not from calendar-based seasonality. He added that the launch of spot ETFs, corporate treasury allocations, and progress on the CLARITY Act have significantly broadened the institutional buyer base, making a 70–80% deep correction unlikely this cycle. Analyst Michaël van de Poppe highlighted $76,000 as the current critical support level; failure to hold it would likely trigger further downside pressure.
XRP Faces Whale Selling Pressure? Analyst Says a Break Below $1.26 Could Lead to a Drop to $0.98
Odaily reports: Crypto analyst Ali has stated that $1.26 may currently be the lower boundary of the price channel XRP has formed since August. If this support level is broken, the price could first decline to $1.11, and further downside could reach $0.98, roughly 22% below $1.26.Ali believes that if whales continue selling, XRP could fall to $0.98. Data shows that over the past few weeks, the number of wallets holding between 10 million and 100 million XRP has dropped from 351 to 339; meanwhile, the amount of XRP held on exchanges has risen from 11.003 billion to approximately 11.05 billion, an increase of about 50 million, and has remained at a high level over the past week, potentially indicating increased selling pressure.
Sustained Crude Oil Drop Forces a Whale Who Went Long 60 Times to Exit in Regret, Net Loss of $2.43 Million from Multiple Historical Liquidations
According to Hyperinsight monitoring, the whale starting with 0xc278 has completed a total of 61 rounds of BRENTOIL trades since trading Brent Crude Oil on March 19, among which 59 rounds were long positions and only 2 rounds were short positions, with the long position ratio reaching 96.7%. All 61 rounds of trades resulted in a total net loss of approximately $2.431 million, with million-dollar-level heavy positions accounting for 99.4% of the losses.
Analyst: Bitcoin Chip Concentration Approaches Pre-FTX Collapse Levels, May See Final Bear Market Drop
Analyst Murphy stated that Bitcoin's current chip concentration is similar to that before the 2022 FTX collapse, and a highly concentrated chip structure could amplify price volatility. Jiang Zhuoer believes that if the CLARITY Act fails to pass before Congress adjourns, Bitcoin may witness the final drop of the bear market.
Bitcoin Selling Pressure Easing? Realized Losses Drop 56% from Peak, but Demand Recovery Remains Weak
According to Odaily, CryptoQuant analyst Axel Adler stated that the current bear market phase for Bitcoin has seen the highest level of realized losses among holders. The 30-day moving average (30DMA) of realized losses peaked at $1.37 billion in February 2026, 19% higher than the $1.15 billion peak during the 2022 cycle. Data shows that since the February peak, Bitcoin realized losses have dropped by 56.5% to approximately $597 million. Meanwhile, the scale of realized profits has only slowly recovered to $257 million. Axel Adler pointed out that loss-driven selling pressure has significantly weakened, but the market has not yet seen sustained demand recovery, with the decline in losses still outpacing the recovery in profits.From a historical cycle comparison, realized losses reached $1.37 billion on February 20, 2026, a new all-time high for this metric. The highest realized loss in the 2022 cycle was $1.15 billion, recorded on June 30, 2022. In terms of realized profits, as of July 23, Bitcoin's realized profit 30DMA stood at $257 million, down 92.7% from the peak of $3.51 billion recorded on December 10, 2024. It is also down 77.7% from the level on October 6, 2025, when Bitcoin hit its all-time high of $124,710. This metric bottomed out at $191 million on June 14, 2026, and has since recovered by 34.7%.Axel Adler stated that profit-driven selling pressure has dropped significantly, and the volume of coins being sold for profit is currently at a low level for this cycle. However, this does not mean that sellers have been completely exhausted, nor does it imply that market demand has recovered. If realized profits consistently rise above the $400 million to $500 million range, it would better confirm a sustained market improvement.Additionally, the Bitcoin realized profit/loss ratio has recovered from a low of 0.26 in June to 0.43, but remains below the 1.0 level. The analyst noted that while the absolute scale of realized losses in the current cycle exceeds that of 2022, the relative market pressure is still lower than in 2022. Since Bitcoin's all-time high, realized losses have exceeded realized profits on 190 out of the past 291 days. Axel Adler cautioned that if the profit/loss ratio breaks below 0.26 again, accompanied by a price drop below the cycle low of $58,535 established on June 30, it could signal further escalation of market pressure.
Analyst: Bitcoin Reserves in Miner-Associated OTC Addresses Drop Nearly 72% from 2021 Highs
CryptoQuant analyst Axel Adler Jr. stated that data shows since November 2021, the Bitcoin balance held by miner-associated over-the-counter (OTC) addresses has decreased from 500,000 to 139,700, a cumulative decline of nearly 72%. This trend has continued for over four years, indicating that the Bitcoin reserves of this group are continuously shrinking.
Analyst: Memory Chip Sector Underlying Logic Re-evaluated, Leading Stocks Drop Over 20% in Past Few Weeks
According to CCTV Finance, the US stock memory chip sector encountered a collective correction after hitting a high in late June, with industry leaders such as SanDisk, Micron Technology, Seagate Technology, and Western Digital seeing stock price declines of over 20% in the past few weeks. The triggering factor was Meta selling computing power, which sparked market concerns about a surplus in computing power, while the core variable lies in whether the technical gaps between various AI large models will continue to narrow. Industry insiders point out that the memory chip industry has historically exhibited significant cyclicality—during booms, manufacturers collectively expand production leading to plummeting prices and industry-wide losses, followed by collective contraction in capital expenditure. Meanwhile, the industry's business model is undergoing profound changes, with cloud vendors and AI data centers increasingly signing 3-to-5-year long-term supply agreements with original manufacturers, including price ranges and minimum purchase volumes, to ensure the stability of key supply chains.
Analysis: After the Binance Hack, Bitcoin Fell Only About 2%, Far Below the 26% Drop After FTX
21Shares has released an analysis report on the Binance hack, stating that on October 29, Binance suffered an attack of approximately $6.3 billion, of which about $3 billion in stolen assets have now been frozen, and Binance has committed to bearing all losses. Within 24 hours after the incident, Bitcoin fell slightly more than 2%, significantly lower than the roughly 26% decline Bitcoin experienced after the FTX incident in November 2022. 221Shares emphasized that this incident was a security breach affecting Binance as a single company, and that the Bitcoin network itself was not attacked. Binance stated that it will cover all losses through the SAFU fund and corporate funds. Calculated at a Bitcoin price of approximately $78,509, the 15,000 BTC held by the SAFU fund is worth about $1.18 billion, which can cover about 36% of the losses on unfrozen assets, with the remaining portion to be borne by corporate funds. The report also mentioned that Chainalysis has high confidence that the attack is linked to North Korea, but Binance and government agencies have not yet officially confirmed the attribution.In addition, 21Shares stated that the assets of its physically backed ETPs and ETFs are held in cold storage by third-party custodians such as BitGo, Coinbase Custody, Anchorage Digital, and Zodia Custody, and are not kept in exchange accounts. Therefore, they were not affected by this incident, and all of the company's products are trading normally.
Binance Stolen Wallet Classified as Proof of Reserve Wallet, ETH Reserve Ratio May Drop to 94%
According to CoinDesk's analysis, the hacked Binance Hot Wallet 14 was listed in Binance's October 1 Proof of Reserves; following the theft of approximately 204,500 ETH, its ETH backing ratio may drop from 100% to around 94%, with the next reserve snapshot scheduled for November 1.
TAC Responds to Sharp Price Drop: No Attack, No Internal Sell-Off, Decline Triggered by Chain Reaction of Contract Liquidations
According to official sources, TAC issued a statement regarding the significant price drop in the past 24 hours, stating that the protocol was not attacked, on-chain assets are secure, and the system is operating normally; the team and early investors did not participate in the sell-off, relevant tokens remain in the lock-up and vesting period, and there is no possibility of unlocking at this stage.
Kelp Incident Causes ZRO to Drop; A Whale Loses $2.88 Million as Part of Long Position Liquidated
According to on-chain analyst Onchain Lens (@OnchainLens), Kelp DAO lost approximately $294 million in the cross-chain bridge exploit. As a result, $ZRO dropped from $2 to $1.40. A whale holding a long $ZRO position on HyperLiquid was partially liquidated, incurring a loss of $2.88 million. The whale still holds the position, with an unrealized loss exceeding $750,000 and a total loss of approximately $28.98 million.
Analysis: After the Binance Hack, Bitcoin Fell Only About 2%, Far Below the 26% Drop After FTX
21Shares has released an analysis report on the Binance hack, stating that on October 29, Binance suffered an attack of approximately $6.3 billion, of which about $3 billion in stolen assets have now been frozen, and Binance has committed to bearing all losses. Within 24 hours after the incident, Bitcoin fell slightly more than 2%, significantly lower than the roughly 26% decline Bitcoin experienced after the FTX incident in November 2022. 221Shares emphasized that this incident was a security breach affecting Binance as a single company, and that the Bitcoin network itself was not attacked. Binance stated that it will cover all losses through the SAFU fund and corporate funds. Calculated at a Bitcoin price of approximately $78,509, the 15,000 BTC held by the SAFU fund is worth about $1.18 billion, which can cover about 36% of the losses on unfrozen assets, with the remaining portion to be borne by corporate funds. The report also mentioned that Chainalysis has high confidence that the attack is linked to North Korea, but Binance and government agencies have not yet officially confirmed the attribution.In addition, 21Shares stated that the assets of its physically backed ETPs and ETFs are held in cold storage by third-party custodians such as BitGo, Coinbase Custody, Anchorage Digital, and Zodia Custody, and are not kept in exchange accounts. Therefore, they were not affected by this incident, and all of the company's products are trading normally.
Maximum Annual Issuance Rate Proposed to Drop to 1.6%: NEAR Governance Proposal HSP-029 Enters Voting Phase
Odaily Report: NEAR ecosystem governance proposal HSP-029 has entered the voting phase, proposing to gradually reduce the maximum annual issuance rate of the NEAR token from 2.5% to 1.6%. The proposal, put forward by SVRN CEO Sal Ternullo, plans to decrease linearly by approximately 3.75 basis points per epoch over 24 months, while maintaining the 90/10 split between stakers and the treasury. If passed, a 90-day grace period will be implemented before the reduction officially begins.Proposal estimates show that the plan is expected to reduce NEAR issuance by approximately 11.8 million tokens over two years, and by a cumulative total of approximately 66.1 million tokens over six years, equivalent to a 4.36% reduction in supply compared to the current state. The staking annualized yield will gradually decrease from the current 5.268% to 3.372%. The proposal must go through a dual process to take effect: after passing the House of Stake vote, validators must independently adopt it through the standard protocol upgrade process. Currently, the NEAR network has 406 active validators with a staking rate of 42.71%.
Singapore Crypto Fraud Losses Drop 43% Year-on-Year as Coinbase Partners with Anti-Fraud Center to Intercept Over SGD 18.9 Million
According to an official Coinbase blog post, the Singapore Police Force Anti-Scam Center (ASC) released a first-half 2026 fraud and cybercrime briefing showing that cryptocurrency fraud losses in Singapore fell 43% year-over-year, dropping from S$114.9 million to S$65.5 million. The ASC credited this progress partly to enforcement actions by industry partners, which included blocking 47,500 mobile phone lines, 37,500 WhatsApp accounts, and 52,200 malicious websites, alongside investigations into more than 2,900 money mules and scammers, resulting in charges against approximately 470 individuals. Through four joint operations with the ASC, Coinbase’s Global Intelligence Team identified over 720 potential victims and assisted in intercepting more than S$18.9 million in potential losses.
Futures Highlights: Coke Prices Drop, Iron Ore Inventories Rise, Agricultural Data Updated
This issue's futures highlights cover a slight rise in shipping indices, the implementation of coke price cuts, and rising iron ore inventories. It also covers downward revisions to China's soybean production, detailed regulations on sugar import quotas, and Malaysia's edible oil subsidy policy.
Bonk Guy Responds to SI Drop: A Healthy Pullback, $100 Million Market Cap May Be the Next Target
Bonk Guy posted on X platform stating that Super Inu (SI) surpassed 60,000 holders within one week of launch, with over 30,000 new holders added in a single day. On-chain trading volume exceeded $110 million over the past two days, with cumulative on-chain trading volume of approximately $163 million over the past 7 days. Bonk Guy also noted that no other Meme coin has achieved similar data in this cycle or over the past year.Regarding the SI price decline, Bonk Guy added that SI's market cap had previously risen from $3 million to $70 million and is currently undergoing a very healthy pullback. He believes that a $100 million market cap could become the next target of focus and is optimistic about its future performance.According to GMGN data, SI's market cap is currently at $34.46 million, down over 22% in 24 hours.Odaily reminds users that Meme coin prices are highly volatile, and investors should participate with caution.
Sequans Communications Announces Exit from Bitcoin Treasury Strategy, Holdings Drop to 314 BTC at End of Q2
According to the official announcement from Sequans Communications (NYSE: SQNS), the company released its preliminary financial report for Q2 2026 on August 4 and announced a gradual exit from its Bitcoin treasury strategy. The company continued to orderly reduce its Bitcoin holdings in Q2, holding 314 BTC at the end of the period, with a market value of approximately $18.4 million, a significant reduction from 1,514 BTC at the end of Q1; net gains from Bitcoin sales in Q2 amounted to $5.3 million. Meanwhile, with the full redemption of convertible bonds completed in May, the company officially entered a debt-free status, with cash at the end of the period reaching $20.97 million, nearly double the $10.6 million at the end of Q1.
Related news
Analysis: After the Binance Hack, Bitcoin Fell Only About 2%, Far Below the 26% Drop After FTX
21Shares has released an analysis report on the Binance hack, stating that on October 29, Binance suffered an attack of approximately $6.3 billion, of which about $3 billion in stolen assets have now been frozen, and Binance has committed to bearing all losses. Within 24 hours after the incident, Bitcoin fell slightly more than 2%, significantly lower than the roughly 26% decline Bitcoin experienced after the FTX incident in November 2022. 221Shares emphasized that this incident was a security breach affecting Binance as a single company, and that the Bitcoin network itself was not attacked. Binance stated that it will cover all losses through the SAFU fund and corporate funds. Calculated at a Bitcoin price of approximately $78,509, the 15,000 BTC held by the SAFU fund is worth about $1.18 billion, which can cover about 36% of the losses on unfrozen assets, with the remaining portion to be borne by corporate funds. The report also mentioned that Chainalysis has high confidence that the attack is linked to North Korea, but Binance and government agencies have not yet officially confirmed the attribution.In addition, 21Shares stated that the assets of its physically backed ETPs and ETFs are held in cold storage by third-party custodians such as BitGo, Coinbase Custody, Anchorage Digital, and Zodia Custody, and are not kept in exchange accounts. Therefore, they were not affected by this incident, and all of the company's products are trading normally.
1kX Report: Blockchain Revenue Expected to Drop 28% Year-on-Year in 2026, Real Economy Revenue Surpasses Infrastructure for the First Time
The report is based on on-chain data from 2,621 protocols and financial reports from 104 listed companies, annualizing data from January to September 2026. DeFi and financial business accounted for approximately $65 billion, representing 66%. In the third quarter, revenue from the real economy reached about $5.3 billion, surpassing blockchain infrastructure revenue of approximately $5.1 billion for the first time. Prediction market fees exceeded $1.5 billion, roughly 19 times that of the same period last year, with the majority concentrated in Kalshi and Polymarket.
Binance Stolen Wallet Classified as Proof of Reserve Wallet, ETH Reserve Ratio May Drop to 94%
According to CoinDesk's analysis, the hacked Binance Hot Wallet 14 was listed in Binance's October 1 Proof of Reserves; following the theft of approximately 204,500 ETH, its ETH backing ratio may drop from 100% to around 94%, with the next reserve snapshot scheduled for November 1.
XRP Faces Whale Selling Pressure? Analyst Says a Break Below $1.26 Could Lead to a Drop to $0.98
Odaily reports: Crypto analyst Ali has stated that $1.26 may currently be the lower boundary of the price channel XRP has formed since August. If this support level is broken, the price could first decline to $1.11, and further downside could reach $0.98, roughly 22% below $1.26.Ali believes that if whales continue selling, XRP could fall to $0.98. Data shows that over the past few weeks, the number of wallets holding between 10 million and 100 million XRP has dropped from 351 to 339; meanwhile, the amount of XRP held on exchanges has risen from 11.003 billion to approximately 11.05 billion, an increase of about 50 million, and has remained at a high level over the past week, potentially indicating increased selling pressure.
Kelsier Ventures Associated With Over 1,000 Addresses Sees Assets Drop From Nearly $300 Million to Under $2 Million
According to Arkham's monitoring, it has identified over 1,000 on-chain addresses associated with Kelsier Ventures and Hayden Davis. In February 2025, these addresses held nearly $300 million in assets combined, mostly in LIBRA, along with approximately $100 million in USDC and SOL withdrawn from related liquidity pools. Arkham stated that the total asset value of these addresses has now dropped to less than $2 million.
a16z's Flagship Blockchain Fund to Drop "Crypto" from Its Name, First Founding Member Also Departing
Odaily report: According to The Information, a16z will remove "Crypto" from the name of its flagship blockchain fund and shift its focus to other investment areas; the fund's first founding member will also depart.