Crypto Morning Brief: The Senate has enough votes to pass the shutdown end bill. This week, tokens such as APT, LINEA, and AVAX will experience large unlocks.

Author: Deep Tide TechFlow

Yesterday’s Market Developments

Sources: The Senate has gained enough support from Democratic senators to pass a bill to end the government shutdown.

According to Jintou Data, sources indicate that at least 8 Democratic senators in the U.S. Senate support passing a negotiated agreement to end the shutdown, ensuring enough Democratic votes to pass the bill.

U.S. Consumer Confidence Falls to Second-Lowest Level in History, Below 2008 Recession Levels

Latest data from the University of Michigan shows that in November, the U.S. Consumer Sentiment Index dropped 3.3 points to 50.3, the second-lowest in history, significantly below market expectations of 53.0. This marks the fourth consecutive month of decline.

The Current Conditions Index fell 6.3 points to 52.3, hitting a record low; the Consumer Expectations Index declined 1.3 points to 49.0, the third-lowest since July 2022. Notably, consumer confidence is now below all previous recession periods, including the 2008 financial crisis.

Analysts note that although official inflation data has eased, prices for essentials remain high, leading to widespread economic pressure among U.S. consumers. Many believe the U.S. is actually in a recession.

US CFTC May Allow Stablecoins as Acceptable Tokenized Collateral

According to CoinDesk, the U.S. Congress has been attempting to grant the Commodity Futures Trading Commission (CFTC) greater jurisdiction over the spot cryptocurrency market. Sources reveal that the CFTC is developing a tokenized collateral policy expected to be announced early next year. The policy may permit stablecoins to be used as acceptable tokenized collateral in derivatives markets, initially piloted at the US Clearinghouse, with stricter regulations requiring disclosures such as position sizes, large traders, trading volume, and more detailed operational event reports.

Cheng Maobo: Hong Kong Monetary Authority Proposes Over 40 Measures Focusing on Financial Tokenization During Fintech Week

Hong Kong Financial Secretary Paul Chan published an essay titled “Mutual Promotion of Financial Innovation and Technology,” highlighting that the Hong Kong Monetary Authority announced over 40 specific measures during Fintech Week. The “Financial Technology 2030” strategy focuses on financial tokenization, payment infrastructure, artificial intelligence, and other areas. Chan also disclosed that Hong Kong Digital Harbour and Science Park startups raised HKD 6 billion last year, with several companies going public, raising a total of HKD 5.2 billion.

Re7 Labs Releases xUSD Depegging Impact Report: Funds Affected by Stable Labs Approximate $13 Million with No Response Yet

Re7 Labs published a report on the impact of xUSD depegging, indicating that over $13 million was affected by Stable Labs. The report states:

1. Stream-xUSD: Stream CEO has assured that the financial situation remains stable and unaffected by market events. Currently, Stream has partially repaid loans on Plasma and transferred $7 million USDC from Re7 Labs’ vault on Worldchain. To prevent further risk exposure, Re7 Labs has moved all funds from the Earn vault out of the xUSD market, set the market cap to zero, and removed it from Euler Earn’s supply queue.

2. Elixir-deUSD and sdeUSD: Last week, borrowers using deUSD and sdeUSD as collateral, suspected to be linked to Stream, began reducing risk exposure to Stream and Elixir by lowering investment limits and transferring funds out of markets containing xUSD, deUSD, and sdeUSD. All sdeUSD-backed loans on Plume have been fully repaid.

3. Stable Labs-USDx and SUSDx: This week, after speaking with Stable Labs CEO Flex, it appears he may be in trouble. Funds affected are approximately $13,114,000, with no response yet. Liquidity has been requested to enable position closing.

Re7 Labs states it is seeking legal advice and will develop appropriate legal and strategic responses after a comprehensive assessment.

Hourglass: Stable Deposit Activity Phase Two Opens KYC Verification

Hourglass announced on X that phase two of the Stable deposit activity now requires KYC verification. Over 24,000 wallets (total deposits around $1.74 billion) have successfully completed initial wallet screening.

Users must complete KYC by 11:59 PM UTC on Tuesday, November 11.

Users who failed to complete KYC previously can do so during this window. If you deposited USDC but did not receive a KYC link, it indicates your wallet did not pass Chainalysis wallet review. You can withdraw USDC directly from the contract at any time.

KYC links are only accessible via the Hourglass frontend in the user control panel. Do not trust links received from other channels.

If your KYC is rejected, do not immediately resubmit. The re-review process will be announced on Hourglass Discord as soon as possible.

Coinbase Officially Posts Video Hinting at Launchpad Platform

Coinbase posted a video on X with the caption: “It doesn’t have to be this way.” The video repeatedly mentions terms like Launchpool and Launches. Based on comments, it may hint at the launch of Coinbase’s own Launchpad platform on November 10.

FTX Fourth Repayment Round Expected in January 2026, Qualification Confirmation Deadline Possibly in December

FTX creditor representative Sunil tweeted that FTX’s total assets before creditor payments are between $16 billion and $17 billion. Payments of $454 million are scheduled for February 18, 2025; $5 billion on May 30, 2025; and $1.6 billion on September 30, 2025, totaling $7.1 billion repaid so far.

The next repayment is expected in January 2026. The deadline for confirming distribution eligibility may be in December (Sunil indicated the exact date awaits official announcement).

Bitget Appoints Ignacio Aguirre Franco as Chief Marketing Officer (CMO)

Bitget announced the appointment of Ignacio Aguirre Franco as CMO. Ignacio has over 15 years of experience in technology, fintech, and blockchain, having held senior roles at Adobe, SAP, Scorechain, Xapo Bank, and other international companies. He brings extensive global brand management and user growth expertise.

As CMO, Ignacio will focus on Bitget’s vision for the Universal Exchange (UEX), promoting seamless integration of CeFi, DeFi, and TradFi ecosystems, creating a “one-stop shop for global assets.” He will also oversee global branding strategies, enhance user engagement, optimize product narratives, and accelerate the adoption of innovative products like on-chain trading, stock contracts, and GetAgent, aiming to reach 150 million users by 2026.

JPMorgan Invests in Ethereum Reserve Leader Bitmine, Holding $102 Million in Assets

JPMorgan filed a 13F-HR report with the SEC on November 7, showing that as of September 30, the bank held 1,974,144 shares of Bitmine Immersion Technologies, the world’s largest Ethereum reserve company, with a market value of $102 million. Originally a Bitcoin miner, Bitmine transitioned to an Ethereum reserve company in 2025, now holding over 3.24 million ETH, maintaining the largest global reserve.

This week, tokens like APT, LINEA, AVAX will experience large unlocks totaling over $200 million.

According to Tokenomist data, multiple tokens will unlock significant amounts this week:

• APT: 11.11, 11.31 million tokens (~$36.3 million, 0.49% of circulating supply)
• LINEA: 2.88 billion tokens (~$36.2 million, 16.44%)
• AVAX: 1.67 million tokens (~$29.6 million, 0.33%)
• CONX: 2.32 million tokens (~$29.2 million, 2.92%)
• ARB: 92.65 million tokens (~$27.78 million, 1.94%)
• STRK: 127 million tokens (~$18.84 million, 5.34%)
• WCT: 124.89 million tokens (~$15.73 million, 65.21%)
• CHEEL: 20.81 million tokens (~$13.73 million, 2.95%)
• SEI: 55.56 million tokens (~$10.14 million, 1.11%)
• LAYER: 27.02 million tokens (~$6.78 million, 9.51%)
• PEAQ: 84.84 million tokens (~$6.49 million, 5.57%)
• USUAL: 175 million tokens (~$5.94 million, 18.78%)
• BB: 60.85 million tokens (~$5.65 million, 7.52%)
• IO: 13.29 million tokens (~$4.23 million, 5.55%)
• W: 50.41 million tokens (~$3.3 million, 1.03%)
• XCN: 296.38 million tokens (~$2.01 million, 0.81%)
• AGI: 69.03 million tokens (~$1.86 million, 3.89%)
• IOTA: 12.37 million tokens (~$1.76 million, 0.33%)
• PUFFER: 19.17 million tokens (~$1.65 million, 19.78%)

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