JPYC launches stablecoin in the Japanese yen currency: Kalshi’s trading volume exceeded $4 billion o

On October 27th, Bitcoin (BTC) and Ethereum (ETH) continued their upward trend. The supply of non-liquid BTC decreased by approximately 62,000 units, indicating increased confidence among long-term holders. At the same time, JPYC introduced a stablecoin in Japanese yen and a new redemption platform called JPYC EX, facilitating the integration of fiat currency into the blockchain. Kalshi’s trading volume exceeded $4 billion over the past 30 days, reflecting active activity in the derivatives market. Overall, multiple positive factors have contributed to a steady recovery in market sentiment, and investors’ confidence is gradually returning.

Comprehensive overview of the crypto market

● BTC (3.01% | Current price: 114,969 USDT): BTC has maintained a steady upward trend recently. The price is above the 30-day moving average. Short-term moving averages (5MA and 10MA) form a golden cross, indicating strong bullish momentum in the short term. The current price is around $114,900, slightly below the daily high of $115,536. There is a slight short-term correction, but it is still within a healthy range. On October 24th, BTC ETFs received net inflows of $90.6 million per day. Among these, BlackRock’s IBIT received $32.7 million, while Fidelity’s FBTC received $57.9 million.

● ETH (6.36% | Current price: 4,188 USDT): ETH continues its strong upward trend. The price remains above the short-term moving averages (5MA, 10MA, 30MA). Short-term moving averages show a clear golden cross, indicating strong bullish momentum. The current price is around $4,188, slightly below the daily high of $4,217. There is a short-term correction, but it is still within a healthy range. On October 24th, ETH ETFs experienced net outflows of $93.6 million per day. Among these, BlackRock’s ETHA saw an outflow of $10.1 million.

● ICO coins: Most major ICO coins have seen increases in value. Market sentiment is currently “neutral”. The fear-greed index today stood at 51, which is within the normal range. This indicates that investors remain cautious about risk tolerance. The panic in the market has somewhat subsided.

● Macroeconomic trends: On October 24th, the S&P 500 index rose by 0.79%, reaching 6,791.69 points; the Dow Jones index increased by 1.01%, reaching 47,207.12 points; the NASDAQ index gained 1.15%, reaching 23,204.87 points. As of 11:00 AM on October 27th (UTC+8), the price of physical gold per ounce was $4,071, with a decrease of 1.00% over the past 24 hours.

Popular tokens for investment

● PAYAI: PAYAI increased by 107.6%, with a circulating market value of $39,472.5 million.

According to Gate market data, the current price of PAYAI tokens is $0.051, representing an increase of approximately 107.6% in just 24 hours. PayAI Network is an open-source, decentralized AI agent marketplace dedicated to creating an AI agent economy where agents can hire and collaborate with each other 24/7.

PAYAI tokens have seen strong gains recently, mainly due to the popularity of the x402 sector. With the concept of intelligent agents and on-chain automation becoming increasingly popular, funds are flowing back into the x402 sector, leading to a general rebound in related tokens. On October 16th, PayAI Network released a x402 development toolkit based on the Solana network. This toolkit provides developers with the necessary tools to create and deploy on-chain intelligent agents. The market believes in the project’s potential for application and scalability, which has contributed to the continuous growth of PAYAI’s market value.

● DIA: DIA increased by 75.26%, with a circulating market value of $84,921.21.

According to Gate market data, the current price of DIA tokens is $0.73. Over the past 24 hours, the price has increased by approximately 75.26%. DIA (Decentralised Information Asset) is a open-source financial information platform that utilizes cryptocurrency economic incentives to acquire and verify data. Market participants can provide, share, and use financial and digital asset data. DIA is managed by holders of the DIA token and the decentralized communities they represent. The DIA governance token can be used for data collection, verification, voting on decisions, and motivating the development of the DIA platform.

DIA’s recent strong increase is due to rising demand for decentralized data预言机以及其战略性的生态扩展。随着DeFi和RWA应用对高精度链上数据的依赖加深，DIA不断升级其技术架构，以提高实时数据的准确性和可验证性。之前推出的去信任化预言机套件DIA xReal已经整合到其可验证计算基础设施Lumina中，显著提升了数据处理能力和场景适应性。同时，DIA新增的价格信息流VIRTUAL为DeFi集成带来了新的数据源和用例。

● SYND Syndicate (+20.26%, market cap: $139 million)

According to Gate market data, the current price of SYND tokens is $0.23. Over the past 24 hours, the price has increased by 20.26%. Syndicate is a blockchain infrastructure project focused on intelligent sorting and aggregation technologies. Its innovation lies in transforming aggregation and sorting mechanisms into smart contracts, thereby enabling programmability at the network level and reducing operational costs.

The value of SYND tokens has risen significantly recently, primarily due to both the general increase in the altcoin market and positive news related to this project. The overall improvement in market risk appetite has led to a flow of funds back into the market. Additionally, the news that SYND is set to be launched on a new trading platform has further stimulated buying sentiment in the market. Furthermore, the team announced that they will introduce the AVS sequence network—a programmable decentralized sequence layer that uses native tokens for security, and is compatible with both OP Stack and Arbitrum Nitro. This would provide essential infrastructure for the Ethereum expansion ecosystem. Expectations regarding SYND’s technical value and long-term potential have also played a key role in driving up its value.

Alpha Analysis

● The non-liquidity supply of Bitcoin has decreased, with approximately 62,000 BTC flowing out of long-term holders’ wallets

According to latest data from Glassnode, since mid-October, approximately 62,000 Bitcoins (worth about $7 billion) have been withdrawn from long-term dormant wallets. This marks the first significant decrease in non-liquidity supply since the second half of 2025. Although the price of BTC briefly exceeded $115,000 and overall market sentiment improved, long-term holders’ selling behavior continues to weaken the upward momentum. Data shows that medium-sized wallets holding amounts ranging from $10,000 to $1 million have experienced significant outflows, indicating that some intermediate investors are taking profits or reducing their risk exposure.

At the same time, the number of momentum-buying investors has significantly decreased. The new funds entering the market have not yet established a capable buyer base, which could potentially create pressure on the BTC price in the short term. Currently, approximately 82.3% of Bitcoin supply is in a profitable state. Although this is higher than the lowest level seen this year (76%), the trend indicates an increase in profit-taking by market participants, which may lead to greater price fluctuations.

● JPYC has launched a yen-based stablecoin and a redemption platform called JPYC EX. JPYC announced the official launch of the JPYC EX platform, along with the introduction of a stablecoin tied to the yen at a 1:1 ratio. This stablecoin is backed by domestic savings deposits and government bonds. Users can use the JPYC EX platform to schedule issuance or redemption of tokens: After registering on the platform and depositing yen, users can receive equal amounts of JPYC by binding their wallet addresses. Conversely, JPYC tokens can be exchanged for real yen. In the initial phase, transaction fees will be waived to promote wider adoption, while users can also earn income from interest on government bonds held in the system.

The launch of JPYC EX marks a significant step towards the practical implementation of yen-based stablecoins. Unlike the global stablecoin ecosystem dominated by the US dollar, JPYC uses a dual-backing model involving “government bonds + fiat savings” to establish a compliant and robust mechanism for issuing stablecoins. In the short term, this will help promote the use of the yen in blockchain payments, Web3 finance, and cross-border settlements. In the long term, JPYC’s model could serve as a policy and technical reference for countries in Asia to develop their own stablecoins, accelerating the integration of digital currencies within the region.

● Kalshi 30 日交易额突破 40 亿美元，年化交易量创历史新高

在过去的 30 天内，金融预测平台 Kalshi 的链上交易量迅速攀升至 40 亿美元，推动其年化交易量达到约 500 亿美元的新高，显示出预测市场在主流金融参与下的活跃度和规模持续扩大。

Kalshi 的交易量激增不仅体现了链上预测市场的成长潜力，也标志着用户对金融衍生品与预测工具的需求正在稳步上升。在与 Robinhood 等传统金融平台合作加持下，Kalshi 正逐渐从小众实验性产品演化为可观的主流市场基础设施，进一步强化了预测市场在链上金融生态中的话语权。未来，随着更多主流资产和机构参与，链上预测市场有望成为连接社交、交易与金融创新的重要纽带。