SOUTHBOUND NET BUYING VIA STOCK CONNECT REACHED HKD3 BLN

Market & Flows • Bitcoin consolidation signals potential bottom as selling pressure wanes (K33). • Bhutan transfers another 519.7 BTC (~$37M); selling activity increases. • Dormant 500 BTC linked to Irish drug dealer reactivates, likely moved by police. • South Korea records $60B crypto outflows in H2 2025. Regulation & Policy • U.S. indicts two Chinese firms and six nationals over fentanyl-linked crypto money laundering. • Coinbase opposes Clarity Act draft over restrictions on stablecoin yield. • U.S. House holds tokenization hearing; lawmakers say tokenization is inevitable. • U.K. proposal would force political parties to unwind crypto donations. • Australia central bank says stablecoins and deposit tokens can coexist. Stablecoins & Payments • Circle begins restoring frozen USDC wallets; more expected. • Mastercard seen benefiting from stablecoins in cross-border payments (Mizuho). • Bitget Wallet launches stablecoin payments infra with Ripple, Mastercard, Tether. • Payy raises $6M seed for privacy-focused stablecoin payments. Institutional & Investment • Morgan Stanley spot BTC ETF listing on NYSE seen as imminent. • Bitwise sees Circle valuation reaching $75B by 2030. • Startale raises $63M Series A backed by SBI and Sony. • Cipher Digital secures AI lease and plans $200M credit facility. Corporate & Industry • Visa becomes Canton Super Validator, expanding blockchain role. • Coinbase pushes trading data onchain via Chainlink DataLink. • Kraken launches crypto structured options via STS Digital. • Bitcoin Depot reshuffles leadership, expects 30% revenue drop in 2026. DeFi & Infrastructure • Aave V4 targets idle liquidity with reinvestment module to boost yields. • Tokenized funds to trade 24/7 and integrate with DeFi via Ondo liquidity. • Ripple joins Singapore central bank project for RLUSD trade settlement. Corporate Strategy & Assets • Bitmine launches MAVAN ETH staking platform, plans to shift ETH strategy. • Bernstein: Circle selloff overdone; Clarity Act impacts distributors, not issuers. Exchange & Market Integrity • Binance tightens scrutiny on market makers and early-stage trading behavior.

EXXON AIMING TO DOUBLE RECOVERY RATES IN US SHALE