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ChainCatcher reported that the whale Garrett Jin, who previously made headlines by selling over $4.23 billions worth of BTC and reallocating to ETH, stated that a deeper issue in the crypto industry lies in trading platforms offering high leverage on assets lacking intrinsic value to meet user demand and boost profits. Such high leverage was previously only found in the forex market, where underlying assets have value support, lower volatility, and liquidity provided by banks. If trading platforms continue to offer extremely high leverage, they should at least establish mechanisms similar to stable funds, as seen in the US stock market, to provide liquidity support during crises. Only in this way can trust be rebuilt, capital attracted back, and healthy market development promoted. The sharp drop on October 11 once again proved that under extreme volatility, the market is in urgent need of liquidity support. Trading platforms that take the lead in establishing stable funds will not only attract capital inflows but also drive the entire industry forward.

On October 13, according to Fortune magazine, Kalshi and Polymarket are engaged in a competition for dominance in the prediction market. Kalshi is eager to add crypto features, but catching up with its competitor is not easy—Polymarket has been settling trades on the Polygon Layer 2 network since its inception, and its founder Shayne Coplan (now 27 years old) even participated in the Ethereum ICO while still in high school.