DeFi reached a record $237 billion in TVL in Q3 2025, largely driven by stablecoins and ongoing protocol development. At the same time, daily active wallets plunged about 22% to roughly 18.7 million, with AI and Social dapps hit hardest. Ethereum still commands about half the TVL while Solana and some other chains saw big losses, NFTs surged and hackers stole around $434 million.
Who does this affect?
Retail users are clearly affected as falling daily activity shows many smaller wallets leaving or using apps less. Protocols, chains and dapps that rely on user activity—like Solana, Social and AI projects—face lower liquidity and revenues, while DEXs and platforms offering perpetuals are competing for the remaining capital. Institutional players, stablecoin issuers and large liquidity providers stand to gain from concentrated capital, but everyone suffers if security breaches keep happening.
Why does this matter?
For markets, rising TVL with falling users means capital is concentrating, which can lift fees and token prices but also makes markets more fragile to big withdrawals. The push of stablecoins, bigger NFT volumes and centralized-like features on DEXs could draw institutional money and change where trading volume sits. Still, large hacks and a retail pullback increase systemic risk, could spark volatility or regulatory pressure, and ultimately affect prices, yields and liquidity across the DeFi ecosystem.
What happened? Bybit became the first crypto exchange to secure a full SCA Virtual Asset Platform Operator License.
Bybit received the UAE Securities and Commodities Authority’s Virtual Asset Platform Operator License, giving it full regulatory approval to operate on the UAE mainland. The license allows Bybit to offer regulated trading, custody, brokerage and fiat conversion services across the country and complements its provisional VARA coverage in Dubai. The approval arrived as Bybit pushes global expansion despite a major $1.4 billion hack earlier this year.
Who does this affect? Retail and institutional crypto users in the UAE, other exchanges, and regional crypto businesses will all feel the impact.
Retail and institutional clients in the UAE get access to regulated services from Bybit on the mainland, which can increase trust and onshore activity. Other exchanges and crypto firms now face pressure to obtain local licenses and manage overlapping SCA and VARA rules if they want to compete here. Regulators, investors, and venture funds active in the region will also be affected as firms reorder operations to follow the clearest regulatory pathways.
Why does this matter? It shifts market dynamics by boosting UAE’s appeal as a regulated crypto hub and changing where capital and liquidity flow.
Having a major exchange like Bybit licensed by the SCA strengthens the UAE’s position as a go-to jurisdiction, likely drawing more trading volume, institutional capital, and product launches to the region. That extra regulatory clarity should improve market confidence and liquidity in UAE venues, making it easier for firms and investors to operate onshore. At the same time, overlapping frameworks and increased competition mean we could see consolidation, migration to licensed platforms, and short-term repricing as markets adjust to new risk and opportunity.
What happened? Senator Cynthia Lummis is drafting a bill to exempt small Bitcoin payments from capital gains tax.
Her proposal, inspired by Jack Dorsey’s call to make Bitcoin usable for everyday payments, would create a de minimis exemption for transactions under $300 with an annual cap of $5,000. It’s designed to stop tiny purchases—like coffee or groceries—from triggering taxable events and complex reporting. Lummis says the change would remove a major tax hurdle that keeps Bitcoin from functioning as a practical medium of exchange.
Who does this affect? Everyday consumers, small businesses, and the crypto industry could be directly impacted.
Consumers who make small Bitcoin payments would face less paperwork and fewer tax headaches, making on-chain spending more feasible. Small merchants and payment processors accepting Bitcoin could see lower compliance costs and simpler accounting. At the same time, users and projects tied to other payment-focused coins may feel left out because the proposal centers on Bitcoin specifically.
Why does this matter? It could make Bitcoin more practical as a currency and change market dynamics for adoption and regulation.
If enacted, the exemption could boost on-chain transaction volume and merchant adoption, shifting Bitcoin’s narrative from speculative asset to usable money. Increased real-world use and clearer tax treatment could raise demand and attract more infrastructure and investment, potentially supporting price appreciation. But the targeted nature of the change could favor Bitcoin over other tokens and spark regulatory debates that add short-term market volatility.
BONK has dropped with the rest of the crypto market but analysts still expect a rebound as Solana gains momentum and memecoin interest returns. On-chain data shows long-term accumulation (650+ days) and sizable exchange outflows, which many see as a bullish sign. Technical indicators suggest a potential breakout if key resistance levels flip to support, with some calling for a possible big move.
Who does this affect?
This matters to memecoin traders and investors in the Solana ecosystem who are positioning for the next cycle and watching BONK closely. It also impacts holders, whales, exchanges, and market makers because large exchange outflows and presale/staking activity can change liquidity and volatility. Plus, traders focused on Ethereum memecoins like Maxi Doge may shift capital between chains chasing returns.
Why does this matter?
A BONK breakout could spark a Solana-focused memecoin season, diverting volume and attention from Dogecoin and Shiba Inu and boosting SOL-linked tokens. That rotation would likely increase trading volume, liquidity shifts, and short-term volatility, creating big upside for early holders but higher risk for late entrants. Overall, renewed memecoin hype and staking/presale flows could amplify market cycles and drive notable price action across multiple chains.
Swiss-regulated AMINA Bank AG announced it is the first regulated bank to offer institutional staking for POL, the native token of the Polygon ecosystem. The Zug-based bank, supervised by FINMA, is adding staking to its existing custody and trading services and is offering rewards that can reach up to 15% (standard 4–5% plus a Polygon Foundation boost). The service is delivered through a partnership with the Polygon Foundation and aims to give qualified institutional clients a compliant way to participate in network validation.
Who does this affect?
Qualified institutional participants—family offices, asset managers, pension funds, and corporate treasuries—are the primary beneficiaries, gaining a regulated on-ramp to stake POL. POL holders and the Polygon network could see more tokens locked into staking as institutions seek yield and governance participation. Other crypto banks, custodians and service providers may face pressure to launch similar regulated staking offerings to stay competitive.
Why does this matter?
Institutional staking through a FINMA-regulated bank can increase demand for POL, reduce liquid supply, and signal greater regulatory-compliant adoption, which may support longer-term price stability. Because Polygon already hosts large stablecoin activity, tokenized real-world assets and enterprise integrations, more institutional participation could drive greater on-chain capital flows, liquidity, and real-world utility for POL. That said, the market impact depends on how much capital flows in and risks like lockups and slashing, so gains aren’t guaranteed but the move strengthens Polygon’s institutional narrative.
A focused altcoin rotation pushed privacy coins higher, led by a sharp Zcash breakout while Monero climbed steadily and DoubleZero rallied after a policy milestone. Zcash saw big volume and a strong price jump, Monero reclaimed its 200-day moving average, and 2Z gained attention after an SEC no-action letter. Together these moves show traders are rotating into privacy and policy-sensitive names during this altcoin season.
Who does this affect?
Traders and rotation desks hunting high-conviction altcoin setups are the biggest beneficiaries because they can trade the momentum and liquidity in ZEC, XMR, and 2Z. Crypto investors seeking privacy exposure or policy-driven opportunities now have more liquid options but may face higher short-term trading costs due to increased activity. Exchanges, market makers, and funds also feel the impact through heavier order books and the need to rebalance positions.
Why does this matter?
If volumes stay elevated and ZEC holds its breakout, the privacy group could lead further altcoin gains and pull capital away from majors, extending the altcoin season. That dynamic tends to increase volatility across spot and perpetual markets, create arbitrage flows, and force rebalancing for funds and trading desks. The DoubleZero policy event also highlights how regulatory signals can directly move prices, meaning markets may start pricing policy risk into similar projects going forward.
What happened? Chainalysis says more than $75 billion in crypto on public blockchains is linked to criminal activity.
The firm estimates about $15 billion sits in wallets directly tied to illicit actors and roughly $60 billion in downstream addresses that received tainted inflows. That total has grown significantly since 2020, with stolen funds a major component and bitcoin still representing the largest share by value. The analysis looks at static balances to show what could realistically be seized today.
Who does this affect? Criminals, exchanges, regulators, and everyday investors all feel the impact.
Criminals face shrinking and more fragmented cash-out routes as deposit reuse falls and laundering tactics get more layered. Centralized exchanges remain a key off-ramp but are receiving fewer direct illicit deposits, while law enforcement and compliance teams are pushed to move faster and coordinate cross-border. Retail and institutional investors could see volatility as enforcement actions and forced liquidations hit markets.
Why does this matter? Speedy seizures and tighter rules could reshape liquidity and price dynamics across crypto markets.
If authorities convert visibility into rapid seizures, that could pull significant supply out of circulation or trigger sell-offs when assets are liquidated, especially in stablecoins and ether where drain times are quick. Greater enforcement and higher compliance costs may reduce exchange liquidity and raise trading frictions, at least short term. Over the medium term, clearer rules and successful recoveries could boost investor confidence, but expect bumps in volatility as the market adjusts.
Recently, we witnessed a brutal wave of crypto liquidations that kicked off over the weekend – a time notorious for thin liquidity. $1.8 billion was wiped out of the crypto market in just 24 hours, making it the biggest liquidation event of the year so far.
But, something that stood out was how crypto prices tanked, while stocks moved higher. No obvious catalyst, no breaking news. This points to something all too familiar in these markets: manipulation.
That’s why today, we’re telling you about everything you need to know about crypto market manipulation, why it happens, who’s doing it, and how you can avoid falling into the traps set by so-called “smart money”.
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📺Essential Videos📺
Liquidations Explained 👉 https://youtu.be/sRAnPTXC0jk
Crypto Is Rigged 👉 https://www.youtube.com/watch?v=quUO16vCxe4
When Altcoins Could Explode 👉 https://youtu.be/jYqopTuU9Ws
Altcoin ETFs Update 👉 https://youtu.be/fjVILDwyqqw
~~~~~
⛓️ 🔗 Useful Links 🔗 ⛓️
► $1.8 Billion Liquidated: https://cointelegraph.com/news/1-8-billion-leveraged-positions-liquidated-final-flush-more-to-come
► Real Vision: https://www.youtube.com/watch?v=Ty51ZnECcM8&list=PLSm3lKwpfZ_By9fz6p9bUBO8T9sPJijKF&index=2
► Worst Is Over: https://cointelegraph.com/news/did-bitcoin-price-bottom-108k-these-3-data-points-suggest-the-worst-is-over
~~~~~
– TIMESTAMPS –
0:00 Intro
0:50 Recent Wave of Long Liquidations
3:38 Past Cases of Market Manipulation
7:22 Why Market Manipulation Happens
11:45 Who Is Manipulating the Crypto Market?
15:33 How To Spot Market Manipulation
~~~~~
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
The broader crypto market traded sideways today while the article highlights bullish setups for a few altcoins and a new presale gaining traction. XRP and Ethereum show oversold technicals but solid fundamentals, with XRP eyed for ETF-driven inflows and ETH benefiting from growing institutional interest. Pi Coin remains in a long downtrend without major exchange listings, and PEPENODE’s presale has raised $1.7M, promising speculative upside if it lists.
Who does this affect?
Retail traders and speculators tracking momentum trades and presales are the most immediately affected by these developments. Institutional investors and ETF managers stand to move large amounts of capital into XRP and ETH as ETF options expand, changing liquidity and price behavior. Holders of smaller projects like Pi and presale buyers of tokens such as PEPENODE face higher volatility and the risk/reward of listings or continued sell pressure.
Why does this matter?
ETF launches and rising institutional interest in XRP and ETH could channel substantial new money into crypto, lifting prices and broadening market participation. If oversold large-cap alts rebound, that could spark wider bullish sentiment and pull other altcoins higher. At the same time, successful presales and exchange listings for small caps can concentrate speculative capital, increasing market volatility and creating opportunities for big short-term moves.
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𝗡𝗢𝗧𝗘: Some of these links are affiliate links, which means I may earn a small commission at no extra cost to you. Our team also works closely with the exchange to bring the community exciting campaigns and incentives.
𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥: The information contained herein is for informational purposes only and not to be construed as financial, legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
