The Daily: Bitcoin is back above $110,000, Solana co-founder Anatoly Yakovenko is designing a perps DEX, and more

The following article is adapted from The Block’s newsletter, The Daily , which comes out on weekday afternoons.

Happy Monday! Bitcoin is trading back above $110,500 alongside gains across major cryptocurrencies, with analysts saying the next key resistance will be tested at $111,000.

In today's newsletter, Japan mulls allowing local banks to buy and sell crypto, Ethereum investors "buy the dip" amid $513 million in weekly global crypto ETP outflows, Ripple vets back $1 billion Evernorth SPAC to build the largest public XRP treasury, and more.

Meanwhile, Solana co-founder Anatoly Yakovenko is designing a perps DEX.

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Bitcoin returns above $110,500 on rate cut hopes; US-China risk still major: analysts

• Bitcoin rose above $110,000 early Monday, rebounding alongside all major cryptocurrencies as traders began to factor in a potential interest rate cut at the end of October and an early end to quantitative tightening.
• CME Group's FedWatch tool currently indicates a 98.9% chance that the U.S. will lower rates by 25 basis points at the next meeting.
• "The recent rebound in Bitcoin, now trading above $110,000, has been driven by a combination of institutional inflows and improving macroeconomic conditions," said Rachael Lucas, crypto analyst at BTC Markets.
• Lucas also noted that bitcoin is testing resistance between $111,700 and $115,500, where a decisive break above $111,000 could result in a short squeeze, potentially accelerating upward momentum.
• The crypto market rebound comes weeks after a massive pullback sparked by U.S. President Donald Trump's China tariffs announcement and mounting concerns regarding U.S. regional banks' involvement with bad loans.

Japan mulls allowing local banks to buy and sell crypto

• Japan’s Financial Services Agency could potentially allow banks to buy and sell crypto and register as crypto exchanges , enabling retail traders greater access to digital asset markets, according to local media site Yomiuri Shimbun.
• The watchdog is set to discuss the reform at an upcoming meeting of the Financial Services Council, an advisory body to the Prime Minister.
• Current FSA supervisory guidelines ban domestic banks from holding digital assets in part due to price volatility.
• At the same time, the FSA is mulling reforms that would explicitly prohibit trading crypto assets based on non-public information, with violators facing financial penalties proportional to their illicit gains.

'Ethereum investors buy the dip' amid $513 million in weekly global crypto ETP outflows: CoinShares

• CoinShares Head of Research James Butterfill said Ethereum investors "bought the dip" amid a recent market downturn that saw BTC and ETH fall around 5.8% and 6.3%, respectively, in the past week.
• Global Ethereum-based funds saw about $205 million worth of inflows last week, with the largest flows moving into a 2x leveraged ETP totaling $457 million — highlighting conviction among investors, Butterfill said.
• Those worldwide inflows were despite a pullback seen by U.S. funds managed by BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares, which witnessed total net outflows of $513 million last week, according to CoinShares' data.
• Ethereum ETFs in the country alone registered some $311.8 million in weekly outflows while funds in Germany, Switzerland, and Canada attracted $59.3 million, $48 million, and $42.3 million worth of net inflows, respectively.

Ripple vets and crypto heavyweights back $1 billion Evernorth SPAC to build the largest public XRP treasury

• Notable crypto players including SBI, Ripple, Pantera Capital, Kraken, and GSR, among others, are looking to raise over $1 billion to fund the largest XRP treasury to date.
• The newly formed Evernorth Holdings Inc. will merge with a special-purpose acquisition company (SPAC), Armada Acquisition Corp II, in a transaction expected to close in the first quarter of 2026.
• Evernorth will list on the Nasdaq and trade under the ticker XRPN, providing investors an alternative way to gain exposure to the fifth-largest cryptocurrency.
• "As we capitalize on existing TradFi yield generation strategies and deploy into DeFi yield opportunities, we also contribute to the growth and maturity of that ecosystem. This approach is designed to generate returns for shareholders while supporting XRP's utility and adoption," Evernorth CEO Asheesh Birla, a former Ripple executive, said.

Solana co-founder Anatoly Yakovenko is designing a perps DEX: GitHub

• Solana co-creator Anatoly Yakovenko appears to be building an onchain perps DEX, called Percolator , according to detailed documentation posted on GitHub.
• Percolator will introduce “sharded matching engines” called Slabs that split the DEX’s order book into multiple small, independent engines that run in parallel, and an onchain routing program to enable users to manage their positions and margin.
• The project is “implementation-ready,” though it is unclear when it will officially launch, with several aspects of the decentralized exchange still under development.

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