October’s rally reversed fast: BTC fell from ~$125k to below $90k, ETH from ~$4.5k to below $3k. Funding turned negative across majors and high-beta names as open interest evaporated and traders de-risked.

On-chain credit tightened. Aave TVL dropped from ~$30B → ~$22B, while the USDe unwind drove >$1B in collateral migration. Liquidity, counterparty strength, and dynamic margining now outweigh nominal yields.

Smart contract risk returns. Balancer V2’s vault-math exploit showed how even audited protocols remain exposed to increasingly precise attack methods — reinforcing the need for continuous monitoring.

Stablecoin & lending stress deepens. xUSD’s depeg and related disruptions across Euler, Morpho, Silo, and synthetic stablecoins (deUSD, USDX) highlight rising systemic risk as collateral quality and secondary liquidity weaken.

Traditional finance moves in. JPMorgan prepares to accept BTC/ETH as collateral, Coinbase and Citi partner on institutional settlement, and Morgan Stanley advances toward crypto trading access — signaling deeper integration with banking rails.

📖 Read the full perspective:

@galaxyhq Deleveraging this fast always exposes who was swimming naked. The credit crunch on-chain is just getting started.

@galaxyhq Hi @galaxyhq, A new message from @AscendEX_ awaits you in your inbox. Kindly take a look when you get a chance. Many thanks!

$GLXY #DataCenterBusiness #HELIOS Google is now pressuring ERCOT regarding large loads. As expected, after announcing just recently a $40b investment in Texas. I think this is how the game works. Helios should benefit from it too.

Apparently they don't want to give good ol' Vinny any insight 🥲

One of the things that I appreciate about Wall Street is that almost everyone is a pure economic animal. You know what they will do by simply looking at the numbers.

Mr. Jenkins is 82 and has rented my downstairs unit for 15 years. He’s a WWII vet, never late on a payment, and treats the garden like it's his own. Rents in our city have skyrocketed, and property taxes went up, so technically I should be raising his rent to match the market.