Bad Vibes on the Timeline gm Bankless Nation,
Despite a modest bounce for crypto prices Wednesday, industry sentiment still isn't feeling great... Today's Issue ⬇️ - ☀️ Need to Know: Ripple Hits $40B
Investors are buying what they're selling. - 🗣️ Analysis: Why So Bearish?
Crypto markets are feeling the pain. - 🎧 Latest Pod: The Key to Internet Money?
Will x402 unlock micropayments for the web?
Sponsor: Mantle — Mantle is pioneering "Blockchain for Banking,” a revolutionary new category at the intersection of TradFi and Web3. . . . NEED TO KNOW Ripple Hits $40B - 💸 XRP Creator Ripple Raises Funding at $40B Valuation. Ripple’s new $500M war chest cements its place among crypto’s corporate giants.
- 😨 Swan-Sponsored Sequans Becomes First Bitcoin DAT to Dump Crypto. Sequans sold 970 BTC to pay off roughly $94.5M in convertible debt.
- 🟪 Monad Sets Mainnet Launch and Airdrop for November 24. The new parallel execution chain and its native MON token are set to arrive later this month.
📸 Daily Market Snapshot: Crypto prices clawed back about half of their Tuesday losses on Wednesday, but investors on Crypto Twitter seem to be feeling awfully antsy about market outlook. | Prices as of 6pm ET | 24hr | 7d |  | Crypto $3.46T | ↗ 2.9% | ↘ 8.0% |  | BTC $103,886 | ↗ 2.2% | ↘ 5.6% |  | ETH $3,425 | ↗ 4.0% | ↘ 12.2% | . . . ANALYSIS Why Did Crypto Sentiment Get So Bearish? On Monday, October 6, 2025, Bitcoin was achieving yet another all-time high, trading above $126k for the first time ever as holders indulged in omnipresent hopium, available everywhere from the trenches of CT to the newsroom of CNBC. While the fundamentals may not have changed much in the month since, just four days later on October 10, crypto found itself confronted with a crisis… The so-called “10/10” flash crash now ranks as the largest liquidation event in crypto history. During this calamitous drawdown, majors took double-digit nose dives, many altcoins literally went to zero, and crypto exchanges went bankrupt (practically every major perpetuals exchange “auto-deleveraged” shorts because they were unable to pay out). Despite the slew of perceived catalysts for the crypto industry created by the election of President Donald Trump – from the creation of a Strategic Bitcoin Reserve to the installment of ostensibly pro-crypto regulators – crypto prices have objectively struggled as of late. Barring a brief markup in the immediate aftermath of President Trump’s election last November, the ratio between the total crypto market capitalization (TOTAL) against the S&P 500 has been flat for nearly a year. In fact, this ratio is shockingly negative when measured since the inauguration of Donald Trump on January 20. As crypto markets continue to grapple with the unknown fallout of the 10/10 liquidations, it is becoming increasingly probable that bodies will continue to surface. Just this past Monday, Stream Finance – an actively managed $200M trust-me-bro crypto yield fund that used leverage to offer depositors above-market returns – declared itself insolvent after an "external fund manager overseeing Stream funds" lost ~$93M in fund assets. Although specifics remain unknown, it appears likely that Stream is the first publicized delta-neutral casualty of industry-wide auto-deleveraging that swept across crypto markets on October 10. The collapse was not entirely unforeseeable given Stream’s structure, but it certainly caught many lenders off guard, who chose to sacrifice safety for heightened returns in the absence of any specific catalysts for fear. Fears for the next insolvency immediately rippled throughout DeFi, causing lenders to indiscriminately flee from any similar risky yield strategies that could be exposed. While the immediate contagion effects of Stream appear contained at this time, the blowup nonetheless highlights the dangers of DeFi’s now-prevalent looped stablecoin farming strategies, which leverage the deposit tokens of existing risky yield strategies to obtain even higher returns. Stream’s self-disclosed losses also showcase the magnitude of drawdowns that any delta-neutral crypto fund could have been exposed to from ADL, which unilaterally nullified short hedges as spot long exposure became instantly valueless. Though the headlines have moved on, it remains likely that catastrophic losses occurred on October 10. Billions of dollars worth of leverage has been extended on crypto yield funds, whether transparently through DeFi or covertly through CeFi, and it appears doubtful that the market has ample liquidity to clear these positions in a future liquidation cascade. It is not evident who’s holding the bag, but someone is surely swimming without trunks in the crypto casino. If markets stumble again, especially on lawsuits that claim centralized exchanges were insolvent during the 10/10 liquidations, the question isn’t whether damage will occur, but whether the industry as a whole can withstand it. UR, the world's first money app built fully onchain, transforms Mantle Network into a purpose-built vertical platform — The Blockchain for Banking — that enables financial services onchain. Mantle leads the establishment of Blockchain for Banking as the next frontier. . . . LATEST POD x402: The Internet Money Key Micropayments were always meant to be part of the internet, but the technology never existed to make them work. Until now. David sits down with Sam Ragsdale, CEO of Merit Systems, to unpack x402, a new protocol reviving the long-dormant “Payment Required” status code to enable crypto-powered microtransactions across the web.
They explore how x402 could transform how machines, AI agents, and humans pay for internet resources, reshape online business models beyond ads, and unlock a new economy of autonomous agents and programmable commerce. Listen to the full episode 👇 | 
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