Today: ETFs reverse as U.S. prepares new Russia sanctions

Macro moves

Policy and politics

U.S. to expand Russia sanctions

Fed loses key data feed

Congress stalemate

High-profile crypto lawsuit widens

Government and crypto developments

• Japan is preparing an economic stimulus plan exceeding ¥13.9T, targeting inflation relief, growth investment, and national security.
• Hong Kong's SFC approved Asia's first Solana (SOL) spot ETF, issued by ChinaAMC (Hong Kong), making it the region's third crypto ETF after Bitcoin and Ethereum.

Institutional watch

• A major investor with a 1M SOL allocation sold 1.817M HYPE tokens over three days for $65.43M USDC at $36 each, using the proceeds to buy 350,000 SOL at $186.50.
• The wallet still holds 743,000 HYPE ($26.12M ) and is expected to continue rotating into SOL.

• Kalshi is reportedly courting new VC offers at a $10B valuation, just weeks after closing a $300M round at $5B.
• Polymarket is eyeing a $12 to $15B raise, an increase more than 10 times its valuation four months ago.

Industry highlights

• Jupiter DEX launched the Jupiter Prediction Market beta, with liquidity support from Kalshi.
• Solana Foundation Chairman spoke at Tsinghua University, expanding academic outreach for the ecosystem.
• ASTER's price fell, dropping below $1 for the first time since launch.

How to start trading Solana

Alpha radar

• Stable Foundation launches
  A new Stable Foundation was formed to oversee ecosystem development and governance. Analysts recommend watching its first moves closely.
• MegaETH public sale set for October 27
  MegaETH, an Ethereum scaling project by MegaLabs, will open its token sale on the Sonar platform under Echo.
  • Starting FDV: $1M
  • Valuation cap: $999M
  • Auction type: English auction, max bid $186,282
  • Sale size: 5% of supply (1B MEGA tokens)
  • At least 5,000 participants will receive base allocations of $2,650 each.