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Hong Kong’s new SFC rules let local crypto exchanges share global order books, boosting liquidity and competitiveness.
DOGE and Aster diverged sharply, one slipping under pressure, the other surging 30% after CZ’s investment.
Evernorth’s $1 billion XRP purchase and the SEC’s pending Hedera ETF decision mark the acceleration of institutional integration.
The global crypto market saw major developments today as Hong Kong allowed access to global crypto liquidity, Dogecoin fell under whale pressure, Binance founder CZ triggered a 30% increase in Aster, Evernorth invested $1 billion into XRP, and Hyperliquid shorts exceeded $760 million. The US SEC is close to announcing a fundamental decision on a Hedera ETF. These developments collectively represent a pivotal moment for institutional adoption and regulatory reform.
The Hong Kong Securities and Futures Commission (SFC) announced that licensed local exchanges can now connect with global order books, marking the end of the city’s isolated trading system.
This new rule allows cross-border liquidity sharing to enhance price discovery and competitiveness, pending prior approval from the SFC.
SFC Chief Executive Julia Leung said the reform “enables local investors to tap global liquidity efficiently and enjoy better market pricing.”
Additionally, Hong Kong exempted stablecoins and HKMA-licensed tokens from the 12-month trading history requirement for professional investors.
Dogecoin dropped 2.3% to $0.1827, breaking significant support at $0.1830 due to selling from mid-tier whales.
On-chain metrics indicate that large holders sold 440 million DOGE in 72 hours, representing the sharpest transition from accumulation to distribution in 30 days.
The death cross pattern between the 50-day and 200-day EMAs confirms the bearish setup. Analysts are now focusing on $0.177 as the next key level, and a failure to hold this support will likely send DOGE down toward $0.14. Any recovery above $0.1860 will require substantial volume to invalidate the current downtrend.
Also Read: Dogecoin Strives For $1.70 as Chart Projects 800% Surge
Binance founder Changpeng “CZ” Zhao fueled a surge in Aster (ASTER) after revealing he invested $2.5 million in the project. The announcement sent Aster’s price soaring 30%, from $0.91 to $1.26, before stabilizing near $1.22.
CZ said, "I'm not a trader. I buy and hold," further boosting investor confidence. Market cap rose to $2.5 billion with 24-hour trading volume exceeding $2 billion.
However, some whales, including one with $52.8 million in short positions, are betting against the rally.
Evernorth Holdings announced the merger with Armada Acquisition Corp II, trading on Nasdaq under the ticker XRPN, and raising more than $1 billion to acquire 388 million XRP.
The CME Group has now expanded its XRP derivative trading by launching options on XRP futures, while XRP-related ETFs from Bitwise, Grayscale, and 21Shares are all in the process of being reviewed by the SEC.
Analysts say this convergence of ETFs, futures, and corporate accumulation could redefine XRP’s narrative from a retail token to a global settlement asset.
Also Read: XRP Bulls Take Over: Can Ripple Hit $4 Before Year-End?
Hyperliquid experienced a surge in institutional short positions. According to ChainCatcher, HyperInsight, the trading firm Abraxas Capital increased its total short exposure to $760 million in BTC, ETH, and HYPE over the last week, resulting in $50 million in floating profits.
The positions include $267 million in ETH shorts, $280 million in BTC, and $103 million in HYPE shorts. Despite bearish positioning, they only have one losing position, which is an ETH short position averaging $3,531, currently down $12.5 million.
Experts view the data as a reflection of rising institutional hedging amid volatile markets, making Hyperliquid into a formidable player in the on-chain derivative space.
The US SEC has set November 12, 2025, as the deadline for a decision on approval for Grayscale's Hedera (HBAR) spot ETF on Nasdaq.
This is the final extension permitted per US securities law, meaning the SEC must make a decision. Analysts believe an approval probability of 60-80% because of Hedera's enterprise adoption and its ISO 20022-compliant architecture.
Another HBAR ETF, this time from Canary Capital, is facing a decision ahead of its November 8 shareholder meeting, which could set the tone for Grayscale's outcome.
Hedera transferred 250 million HBAR to its staking rewards pool to generate yield and also lock liquidity, a preemptive move ahead of potential ETF inflows.
1. What did Hong Kong’s SFC announce for crypto exchanges?
The SFC will now allow licensed exchanges to share order books globally, enhancing liquidity and market depth.
2. Why did Dogecoin’s price fall today?
DOGE dropped 2.3% as whales offloaded 440 million tokens, confirming a bearish “death-cross” setup.
3. What caused Aster’s 30% price rally?
Binance founder CZ revealed a $2.5 million personal investment, triggering heavy buying and a surge in market value.
4. What’s driving XRP’s institutional interest?
Evernorth’s $1 billion acquisition and CME’s new XRP derivatives highlight growing institutional use for liquidity and settlements.
5. When is the SEC’s final decision on the Hedera ETF expected?
The SEC’s deadline for Grayscale’s spot Hedera ETF is November 12, 2025, with analysts expecting up to an 80% approval chance.
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