Gate Daily (October 21): Ripple-related company SPAC lists with a reserve of 1 billion XRP; Musk's new market stimulates DOGE pump.

Bitcoin (BTC) continues the rebound trend from earlier in the week, temporarily reporting around $110.23 on October 21. Evernorth, associated with Ripple, will go public through a $1 billion SPAC to establish a large XRP reserve. Elon Musk's platform X has launched the Handles Marketplace, integrating the buzz around DOGE.

Macro Events & Coin Circle Hotspots

1. According to a report from Reuters, the Ripple-supported crypto startup Evernorth announced on October 20 that it will go public on Nasdaq through a merger with the blank check company Armada Acquisition Corp II (ticker: AACI.O), aiming to raise over $1 billion. The transaction is expected to be completed in the first quarter of 2026, creating the largest publicly traded Ripple asset management company. The previously SoftBank-related Japanese company SBI will invest $200 million in this financing in exchange for equity. Also participating in this transaction are Ripple co-founder Chris Larsen and Pantera Capital.

2. The U.S. government shutdown is about to enter its fourth week, with the Senate scheduled to vote on Monday evening to end the funding deadlock. Another meeting will be held on October 22, where lawmakers and cryptocurrency executives will discuss the long-stalled cryptocurrency market structure bill. The Senate will conduct its 11th vote at 5:30 PM ET in hopes of ending the government shutdown. If the vote is approved and signed by the president, the federal government will reopen, but if the vote fails again, the deadlock will continue. Despite the impasse, Congress remains active in other areas. According to a report by journalist Eleanor Terret on X, the Senate Democrats are expected to hold a roundtable with leaders from the cryptocurrency industry, such as Circle and Ripple, on Wednesday to discuss the proposed U.S. market structure bill.

3. Elon Musk's social media platform X is launching a new Handles Marketplace, allowing users to bid on inactive usernames, which could reshape the value of digital identity and online branding. The marketplace is currently in a testing phase, and users can join the waiting list for the upcoming account deactivation event, apply for accounts through premium subscriptions, and browse eligible inactive accounts. The company describes it as a “solution for redistributing accounts that are no longer in use,” available only to paying users. DOGE investors are highly concerned about this and are looking forward to DOGE being integrated into the new market.

News Updates

1. Sky Protocol repurchased 11.25 million SKY tokens for 680,000 USD, with a total repurchase exceeding 79 million USD.

2. A suspected Bitmine new wallet has withdrawn over 63,000 ETH from CEX, worth approximately $253 million.

3. Solana Company opened up PIPE investors' stock sales in advance, causing the stock price to plummet by 60%.

4. Solana co-founder responds to “new Perp Dex”: it's just an AI-generated prototype code.

5. Ethena is currently expanding its team for the first time, with 10 new job openings targeting new business lines and product launches.

6. Solana announced its Chinese name as “索拉拉” on the X platform.

7. Aria announces an airdrop plan, with 10% of tokens to be distributed to the community.

8. The prediction market Limitless has completed a $10 million seed round of financing, led by 1confirmation.

9. Evernorth, supported by Ripple, plans to go public in the United States and raise over $1 billion to accumulate XRP tokens.

10. Market News: Solana founder begins building a PERP DEX called Percolator.

Market Trend

1. Latest news on Bitcoin: [Bitcoin] (/buy-bitcoin-btc) continues the rebound trend from the beginning of the week, currently reported at around 110.23 USD, with a liquidation of 111 million USD in the past 24 hours, mainly from short positions;

2. Major U.S. stock market indices rose on October 20, as tensions in U.S.-China trade eased. Apple's stock price surged, propelling the market closer to historical highs again. The Dow Jones Industrial Average rose by 515.97 points, an increase of 1.1%, closing at 46706.58 points; the S&P 500 index rose by 71.12 points, an increase of 1.1%, closing at 6735.13 points; the Nasdaq Composite index rose by 310.57 points, an increase of 1.4%, closing at 22990.54 points. The Philadelphia Semiconductor Index also rose by 1.6%, setting a new historical high.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 110,361.00 USDT, Bitcoin, if it drops to around 109,596 USD, the total liquidation amount of long positions exceeds 532 million USD; if it rises to around 112,323 USD, the total liquidation amount of short positions exceeds 793 million USD. The liquidation amount for shorts is significantly higher than that for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was 2.5 billion USD, outflow was 2.55 billion USD, resulting in a net outflow of 0.05 billion USD.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $BTC, $MLN, $ZEC, $AUCTION, and $H have seen net outflows, indicating trading opportunities.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): “Recently, I have really enjoyed reading and I prefer detailed content even more, such as the 1 Day Performance of the major global assets over the last 24 hours. It reflects the changes in market sentiment and capital flow for different asset classes on the same day. From the chart, we can see that the strongest performer is natural gas (+13.07%), which is a typical supply and weather-driven asset, indicating that the short-term energy market is highly volatile and may be influenced by cold waves, inventory expectations, or geopolitical events.”

“The second is BTC (+4.09%), followed closely by gold (+3.88%), Nikkei 225 (+2.98%), and silver (+2.89%). The stock indices performed generally well, with the Nasdaq 100, S&P 500, and Dow Jones all rising about 1%. This suggests that the reason for the U.S. stock market should be declining, and the overall risk should be rebounding against VIX, which implies a drop of over 10%. The decline in VIX indicates that market panic sentiment has significantly decreased, and funds are returning to risk assets. The pattern of Bitcoin and gold rising together indicates that the market is not in panic but is betting on liquidity recovery, interest rates peaking, or geopolitical risks easing. In simple terms, the market expects the downside risk to be nearly over. Of course, the market will be influenced by various factors, such as if Trump has a meltdown in the early morning, or if China takes a hard stance during the day; there might still be some fluctuations. However, it’s worth mentioning that today the Nasdaq was only 12 points away from breaking its historical high, and I really don’t see any signs of a collapse in the U.S. stock market. If the U.S. stock market doesn’t collapse, then what is the reason for Bitcoin to bear?”

Looking at the data for Bitcoin, it's normal for the trading volume to increase after the weekend. The increase in trading volume still remains within a normal range, indicating that even BTC investors are not in a state of panic. The long positions opened at $106,000 are still being held, and there are currently no plans to close them. However, I have withdrawn all my margin, which signifies the probability of money. The data from URPD also looks normal, with no visible panic among losing investors. The distribution of chips remains harmonious, mainly because the current game dynamics have not changed. One factor is the trade relations between China and the U.S., where the market believes that the probability of TACO is very high. Another factor is the Federal Reserve's monetary policy, where the market also believes that the probability of a rate cut in October is quite significant. If these predictions remain unchanged and no new negative factors arise, it should help stabilize the situation.

Today’s Outlook

1. Canada September Core Consumer Price Index - Common Index (Year-on-Year), Previous Value was 2.5%

2. Canada September Consumer Price Index (year-on-year), previous value was 1.9%.

3. U.S. September Producer Price Index (Year-on-Year), previous value was 2.6%

4. U.S. August Trade Balance (Billion USD), previous value was -78.3

5. Change in seasonally adjusted non-farm employment in the United States for September (thousands), previous value was 22.

6, The unemployment rate in the United States for September was 4.3%.

7, US September New Housing Starts (Annualized Monthly Rate), Previous Value -8.5%

8. U.S. September Retail Sales (MoM), previous value was 0.6%

9. The 20th Fourth Plenary Session of the Chinese Communist Party will be held from October 20 to 23.

10. The Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting will be held until October 22.

11. Japan holds prime minister nomination election

12. The Federal Reserve held a payment innovation conference to discuss stablecoins, artificial intelligence, and tokenization, with Federal Reserve Governor Waller delivering the opening remarks.