Welcome to our 242nd issue of State of the Market, where we provide an overview of crypto market activity from October 10-16, 2025.
This week in crypto markets:
- Crypto markets faced a historic leverage unwind following President Trump’s China tariff announcements, with cascading liquidations wiping out roughly $470B in market capitalization over the week
- Ripple acquired GTreasury for $1B, marking its entry into the corporate treasury market.
- Paxos accidentally issued $300 trillion in PayPal’s PYUSD stablecoin on Ethereum before burning the tokens.
- Coinbase invested in Indian crypto exchange CoinDCX at a $2.45B post-money valuation, deepening its expansion across India and the Middle East.
- Market sentiment remains risk-off following the leverage flush, with funding rates subdued as conditions stabilize.
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