From the public stage of a global summit to in-depth exchanges with ecosystem participants and face-to-face conversations with industry peers, HTX’s presence at TOKEN2049 reflected diverse efforts in industry networking, ecosystem development, and partnership building. Beyond providing opportunities for international industry engagement, these events reflected HTX’s ongoing efforts to strengthen industry connections and foster ecosystem collaboration. 

1. Taking the Global Crypto Stage: Strong Visitor Interest at the HTX Ventures Booth

As a major annual event for the global crypto industry, TOKEN2049 brings together project teams, investment firms, developers, crypto exchanges, and industry builders from around the world. It serves as an important platform for tracking industry trends, forging business connections, and exploring opportunities for global collaboration.

From October 7-8, HTX Ventures, HTX’s global investment arm, exhibited at TOKEN2049 at the Sands Expo and Convention Center in Singapore, with its booth located at Level 5, PB5-47 and PB5-48.

Throughout the event, the exhibition floor remained busy, drawing a steady stream of industry participants. The HTX Ventures booth welcomed numerous visitors, offering an engaging, interactive brand experience through brand displays, on-site community activities , and branded merchandise. These activities encouraged visitors to stop by and connect with the team, bringing the HTX brand into face-to-face interactions with members of the global crypto community.

Meanwhile, Justin Sun, Advisor to HTX, attended related events and delivered a speech before visiting the HTX Ventures booth to engage with the team and other industry participants, further strengthening HTX’s connections with the global crypto industry.

For the crypto industry, the value of an international summit lies not only in raising brand awareness but also in building meaningful connections with industry participants. By combining booth displays, on-site activities, and industry engagement, HTX Ventures brought the brand closer to the global crypto community, creating more opportunities for connections across the investment ecosystem, project discussions, and potential partnerships.

From steady visitor traffic at its booth to a diverse range of on-site activities, HTX Ventures maintained a strong presence at TOKEN2049, providing HTX with another valuable opportunity to strengthen its connections across the global crypto industry.

1. From Industry Trends to Ecosystem Development: HTX DAO Advances Community Co-Building

While the TOKEN2049 booth served as HTX’s brand showcase to the global crypto industry, the series of events hosted by HTX DAO took these conversations further, exploring broader topics such as industry trends, community building, and ecosystem development.

On the evening of October 6, HTX DAO hosted the “Future Night” event in Singapore. Molly, an HTX DAO ambassador, shared the latest developments in ecosystem mechanisms, community building, and the on-chain ecosystem. Justin Sun, a core supporter of HTX DAO, delivered a video address sharing his perspectives on trends in the crypto industry and the future development of the digital economy.

Sun noted that the crypto industry is deepening its ties with traditional finance, driving the continued digital transformation of global financial infrastructure. AI is changing how wealth is created, while crypto and digital finance are reshaping how wealth is held and transferred.

He further noted that stablecoins could play a greater role in global payments and settlements, while the use of traditional assets such as bonds, funds and gold on-chain will continue to evolve. As AI agents become increasingly involved in economic activity, demand for digital identities, account infrastructure, and the ability to transact autonomously is also likely to grow.

In his view, the long-term value of technology lies in its ability to deliver tangible productivity gains. The free flow of value in the digital world will be a key trend to watch over the next decade.

On ecosystem development, Molly said HTX DAO is exploring potential token utility and ecosystem applications, alongside other initiatives aimed at supporting the development of its ecosystem. For community building, HTX DAO plans to establish regional community hubs in the fourth quarter, enabling members to organize events, exchange ideas, and contribute to the development of the community’s culture. Nearly 200 active volunteers are already contributing to these efforts on their own initiative.

To strengthen its on-chain ecosystem, HTX DAO is engaging university developers from around the world through initiatives such as hackathons. Several projects are currently being explored or developed, including potential applications within the $HTX ecosystem. 

Molly emphasized that ecosystem development requires a long-term commitment. HTX DAO will continue to strengthen its infrastructure, foster an active community, and drive the adoption of ecosystem applications. As an ecosystem participant, HTX continues to gather user feedback and explore improvements to its platform and user experience, with a view to better understanding and responding to evolving user needs. 

From discussions on industry trends to practical initiatives in community development and the on-chain ecosystem, the Future Night event highlighted HTX DAO’s sustained commitment to long-term ecosystem development health  and provided a platform for global community members and industry contributors to connect and collaborate.

III. From Online Communities to In-Person Gatherings: The HTX DAO Reunion Strengthens Ecosystem Connections

Ecosystem growth depends not only on mechanisms and technology, but also on trust among community members and sustained collaboration among participants united by shared goals.

From October 6 to 8, HTX DAO hosted the HTX DAO Reunion, bringing together industry representatives, ecosystem partners, and community members aboard a yacht for face-to-face discussions in an informal setting. 

Unlike traditional conferences built around structured agendas and formal presentations, the event created a more informal setting for participants to exchange views on industry trends, community development, and potential collaborations, fostering a deeper mutual understanding.

For a DAO ecosystem to develop sustainably, community means more than online discussions and on-chain governance. It also depends on meaningful personal connections, ongoing exchanges, and active participation. By creating more diverse opportunities for in-person engagement, HTX DAO is strengthening its ties with community members and partners, opening up new possibilities for community-driven development, ecosystem collaboration, and future partnerships.

From themed discussions to open exchanges, and from online participation to in-person engagement, HTX DAO is exploring diverse approaches to community building and continually strengthening connections among ecosystem participants.

1. VIP Industry Gathering: Strengthening Face-to-Face Engagement with Ecosystem and Industry Partners

Alongside public engagement with the global industry, HTX also made strengthening relationships with industry peers and partners a priority during Singapore Week.

During the week, HTX hosted a private industry dinner attended by invited industry representatives, ecosystem contributors, and partners. 

Compared with large industry summits, private gatherings provide a more personal setting for direct conversations. These face-to-face interactions allow HTX to listen more closely to partners and exchange views on industry developments, market developments and potential future collaborations.

As the crypto industry evolves, fostering industry relationships requires an understanding of ecosystem developments, effective communication, and the cultivation of long-term partnerships. Face-to-face engagement helps build mutual understanding, laying the groundwork for expanded collaboration across the sector.

From industry discussions at the global summit to in-depth conversations in private settings, HTX is continuously strengthening its relationships with industry partners through engagement at multiple levels.

1. Driving Long-Term Growth Through Global Engagement: HTX Expands Ecosystem Collaboration

Throughout TOKEN2049 Singapore Week, HTX engaged across multiple fronts, including global industry dialogue, ecosystem development, brand visibility, and industry networking.

HTX Ventures leveraged the international summit to expand its industry network and boost brand engagement through booth activities and in-person interactions. HTX DAO explored industry trends, community building, and the on-chain ecosystem, strengthening connections with community members and developers. Meanwhile, a series of in-person events and private industry gatherings provided further opportunities for HTX to engage with industry peers, ecosystem contributors, and partners. 

While each initiative served a different purpose, they all contributed to the same overarching goal of building broader, deeper, and more enduring industry relationships as the global crypto industry continues to evolve.

For participants in the crypto industry, brand influence stems not only from market visibility but also from sustained engagement in industry development, responsiveness to user needs, and efforts to foster collaboration among communities, projects, and partners.

Looking ahead, HTX intends to continue its engagement with industry participants, ecosystem contributors, and partners, while exploring opportunities for ecosystem collaboration and platform improvements, subject to applicable regulatory requirements. By strengthening connections among global communities, developers, projects, and industry partners, HTX aims to explore new opportunities for the development of digital finance and blockchain ecosystems.

From the global industry stage to the front lines of ecosystem development, HTX will continue to bring industry participants together through open collaboration and drive ecosystem growth through long-term commitment.

Media inquiries, please contact glo-media@htx-inc.com.

On October 7, Sun joined Michael Ippolito, Co-Founder of Blockworks, on the main stage at DAS Asia 2026 for a fireside titled “In Conversation with Justin Sun.” Organized by Blockworks, DAS Asia is an institution-focused digital asset conference examining the intersection of traditional finance and the digital asset economy. The conversation covered the evolution of stablecoins, institutional adoption, agentic AI payments and TRON’s role in the global digital asset economy.

Sun highlighted the growing role of tokenized assets and stablecoins as practical financial infrastructure, particularly for cross-border payments and access to digital dollars and U.S.-based assets. He also discussed the emerging role of AI agents in the economy, predicting that within the near future, AI agents will increasingly make payments, purchase digital services and manage financial activity on behalf of users.

On October 8, Sun joined Kevin Follonier, Founder of When Shift Happens, for “Fireside Chat with Justin Sun” on the TOKEN2049 main stage. The discussion explored the future of blockchain, stablecoins, AI agents and the broader evolution of global finance. Sun also discussed the need to prepare blockchain networks for quantum computing, noting that TRON has already made meaningful progress toward post-quantum readiness, with end-to-end post-quantum signature support deployed on the Nile testnet.

Furthermore, pointing to the mathematics behind the cryptography that secures blockchain networks, Sun turned to the Justin Sun Prize, which he describes as the “Nobel Prize of the AI Era.” Structured as a zero-trust, decentralized academic bounty mechanism built around a “problem list,” the prize recognizes breakthroughs in fundamental disciplines verified through machine formal verification. It seeks to accelerate fundamental research through collaboration between humans and AI.

“AI agents using crypto will become the industry’s biggest use case within the next five years,” said Sun. “As AI agents begin to transact, pay and operate autonomously, blockchain will become the financial infrastructure behind them. TRON’s focus is to provide the fast, efficient and accessible settlement layer that can support this next generation of global finance.”

TRON DAO also hosted a dedicated booth at the conference, giving attendees the opportunity to connect with the broader TRON community and learn about the ecosystem’s work across stablecoin payments, decentralized applications and AI-driven financial infrastructure. Beyond the conference floor, TRON DAO also hosted a Creators and Media Networking Happy Hour, welcoming industry leaders for an evening of light bites and conversation.

Across both events, the discussions underscored TRON’s focus on building blockchain infrastructure for a rapidly evolving financial system being shaped by stablecoins, tokenized assets, AI agents and increasingly resilient digital-asset networks.

About TRON DAO

TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.

Founded in September 2017, the TRON blockchain has experienced significant growth since its MainNet launch in May 2018. Today, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin, which currently exceeds $94 billion. As of October 2026, the TRON blockchain has recorded over 407 million in total user accounts, more than 15 billion in total transactions, and over $28 billion in total value locked (TVL), based on TRONSCAN. Recognized as the global settlement layer for stablecoin transactions and everyday purchases with proven success, TRON is “Moving Trillions, Empowering Billions.”

TRONNetwork | TRONDAO | X | YouTube | Telegram | Discord | Reddit | GitHub | Medium | Forum

Media Contact

Yeweon Park

press@tron.network 

An important theme was the shift toward more connected, always-on markets. Vugar said blockchain infrastructure is challenging traditional market structures built around fixed trading hours, while users increasingly expect access to different asset classes through a more seamless experience.

“Over the next five years, we’ll see a convergence toward a singular platform where asset classes and investments can move quickly and smoothly,” said Vugar. “Retail will be the main driver.”

Arjun highlighted the infrastructure challenge behind this shift, noting that 24/7 trading is ultimately about bringing assets and collateral into a more connected financial environment.

“24/7 trading really means: how do you bring all that collateral into one place?” said Arjun.

Both speakers also highlighted collaboration as an important part of scaling the next generation of global trading platforms.

Arjun noted that serving a much larger global user base will require platforms to work with partners that bring different strengths in their respective markets, explicitly pointing to MEXC as one such example.

“The only way to do that is to partner with folks, including MEXC, to be able to help succeed in their core markets,” said Arjun.

Vugar similarly emphasized that exchanges can increasingly build on one another’s strengths rather than approach every opportunity purely through competition. MEXC brings a retail-first approach, deep liquidity and broad experience in perpetual markets across crypto and TradFi assets, while Payward brings global financial infrastructure, professional trading capabilities and strong market experience in the United States.

The discussion built on the two companies’ earlier indication that they are exploring broader collaboration, with both executives pointing to infrastructure, market access and distribution as areas where greater connectivity between platforms could create value.

Trust and access were also highlighted as essential foundations for this evolution. Vugar described trust and access as two of the most important elements in building future financial platforms, while Arjun emphasized the importance of transparency as the industry becomes more connected.

The panel pointed to a future in which crypto and TradFi become increasingly connected, with collaboration between platforms helping bring together market access, infrastructure and user reach to serve a broader global audience.

About MEXC

Founded in 2018, MEXC is a leading global multi-asset trading platform built as your 0-fee gateway to infinite opportunities. Serving users across 170+ markets, MEXC provides simple and efficient access to crypto, stocks, tokenized assets, derivatives, and a growing range of TradFi-linked opportunities through one account and one gateway.

With 0 trading fees, deep liquidity, broad asset coverage, and a high-performance trading experience, MEXC is designed for retail users who want to discover earlier, act faster, and trade with fewer barriers. As crypto and traditional finance continue to converge, MEXC is committed to making global opportunities more accessible, helping users trade freely and MEXCmize every opportunity.

MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

For media inquiries, please contact MEXC PR team: media@mexc.com

Source

Risk Disclaimer:

This content does not constitute investment advice. Given the volatility of financial markets, including digital assets, tokenized assets, and traditional financial products, investors should carefully assess market conditions, underlying asset fundamentals, and potential financial risks before making any investment or trading decisions.

Crypto custody usually assumes the cryptography protecting today’s private keys will remain the cryptography protecting tomorrow’s assets.

Project Eleven is building for the possibility that it will not.

The security company announced Thursday that Quantus has joined as a development partner for Strongpoint, its institutional custody platform designed around the transition to post-quantum cryptography.

The companies plan to integrate the Quantus Network into Strongpoint, with support targeted for the first quarter of 2027.

The interesting part is not the network integration itself.

It is the problem Strongpoint is trying to solve.

If quantum-resistant blockchain systems emerge, they are unlikely to switch to a single new cryptographic standard at the same moment.

Different networks may adopt different signature schemes, move on different timelines and require different procedures for migrating keys and authorizing transactions.

That is awkward for institutions.

A bank or custodian cannot realistically rebuild its entire security and governance stack every time an underlying blockchain changes the way signatures work.

Strongpoint is designed to separate those two layers.

Institutional controls such as authentication, transaction approval policies, key management, governance and audit trails sit in a common control system.

Beneath that layer, the cryptographic implementation can change depending on the network.

Project Eleven calls that approach crypto-agility.

Quantus will help shape how that architecture works with a network designed around post-quantum security.

The partnership follows Project Eleven’s launch of Strongpoint with the Zcash Foundation as an initial development partner.

That means the platform is already being tested against networks with very different requirements rather than being built around one chain.

Quantum computing remains a long-term risk rather than a present-day break of Bitcoin or other major blockchain cryptography.

There is no known machine capable of simply extracting current private keys at scale.

The concern is what happens if sufficiently powerful quantum systems arrive while trillions of dollars of digital assets are still protected by cryptographic assumptions that can no longer be trusted.

For retail holders, a network upgrade might eventually involve moving funds to a new address type.

For an institution, the migration is far more complicated.

Policies, hardware, compliance procedures, signers, approvals and audit systems may all depend on the existing key architecture.

That is why custody providers are beginning to treat quantum readiness as an operational problem before it becomes an emergency.

Quantus gives Strongpoint another environment in which to build those workflows.

The integration is not live yet, and there is no immediate quantum threat forcing institutions to migrate tomorrow.

But that is also the reason the work is happening now.

Rebuilding custody infrastructure after the cryptography becomes urgent would be the worst possible time to start.

Tokenization is moving from simple Treasury products into more complex investment strategies.

OSL Group announced Thursday that it has been engaged by digital asset technology company 2WA to bring PrimePlus SPC – USDGO Plus SP on-chain and provide the custody and distribution infrastructure around the fund.

The product is a market-neutral digital asset strategy built around USDGO.

According to the companies, it is the first market-neutral fund structured around the stablecoin.

OSL is responsible for tokenizing the fund units and also acts as the licensed platform through which eligible professional investors in Hong Kong can access the product.

The underlying USDGO held by the fund is also custodied with OSL.

That combination is important because tokenization on its own does not automatically make a fund easier for regulated investors to use.

The legal fund structure, custody, investor eligibility, subscriptions and redemptions still have to work around the token.

OSL is effectively providing that bridge.

Eligible investors can subscribe to and redeem from the strategy through OSL’s Hong Kong application, while the fund units themselves are represented on-chain.

The investment strategy is designed to remain market neutral rather than simply tracking crypto prices.

That places it in a different category from the spot Bitcoin and Ethereum products that have dominated institutional digital asset adoption.

Market-neutral funds typically attempt to generate returns from spreads, funding rates, basis trades and other relative-value opportunities while limiting directional exposure to the underlying asset.

In theory, that makes the product more attractive to investors who want crypto-market yield without making a straightforward bet on whether Bitcoin or Ethereum rises.

The on-chain structure then adds another layer.

Tokenized fund units can make ownership and settlement easier to integrate with digital asset infrastructure, particularly for investors already using stablecoins.

Hong Kong has become one of the more active testing grounds for that model.

The city’s regulatory framework has allowed licensed trading, custody and tokenization businesses to develop around professional and, in some cases, retail investors.

OSL is one of the firms trying to turn that framework into actual financial products.

There is still an important distinction between putting a fund on-chain and decentralizing it.

USDGO Plus SP remains a professionally managed investment product with eligibility restrictions and regulated service providers.

The blockchain changes how parts of the product are represented and serviced. It does not remove the fund structure.

That may actually be the point.

Institutional tokenization is increasingly less interested in replacing the legal financial system and more interested in making existing products operate through digital rails.

OSL’s latest fund is another example of that shift.

PowerCompute’s latest mining update is a useful reminder that a corporate Bitcoin treasury can serve more than one purpose.

The Nasdaq-listed miner produced 8.1 BTC in September, a 37% increase from the 5.9 BTC it mined in the same month last year and slightly above August production.

At the same time, its Bitcoin holdings fell sharply.

PowerCompute ended September with 63.7 BTC, down from 323.02 BTC at the end of August.

The reason was debt.

The company used 267.4 BTC to help settle principal and accrued interest on a Bitcoin-backed credit facility with Arch, eliminating approximately $22.45 million of obligations and releasing the collateral attached to the loan.

That reduced secured debt from roughly $23.7 million to $1.25 million.

The remaining borrowing is not secured by Bitcoin.

For public miners, that trade-off is significant.

Bitcoin holdings are often presented as a measure of financial strength, particularly when a company’s market value is compared with the BTC sitting on its balance sheet.

But debt changes the picture.

A large treasury that is pledged against borrowings is not as flexible as unencumbered Bitcoin, and leverage can become particularly painful when BTC prices or mining economics turn against the company.

PowerCompute chose to shrink the treasury substantially in exchange for removing most of that leverage.

Management has framed the decision as using Bitcoin to retire debt rather than carrying the financing cost.

The operational side of the update was more positive.

September production of 8.1 BTC was also up from 7.9 BTC in August.

The company operates 26 megawatts of interconnected power infrastructure across facilities in Oklahoma and Mississippi, while also exploring a broader shift toward high-performance computing and AI-related infrastructure.

PowerCompute also generated about $89,000 from selling electricity back to the grid during periods when seasonal heat made curtailment more attractive than mining.

That illustrates another part of modern mining economics.

A miner with access to flexible power is not always maximizing revenue by running machines continuously. At certain times, the electricity itself can be worth more than the Bitcoin the same power would produce.

PowerCompute said energy sales totaled roughly $312,000 across the three months ended September.

The company’s strategy therefore now sits across several moving pieces: Bitcoin production, power-market economics, debt reduction and potential data-center expansion.

None of them is as eye-catching as simply announcing another BTC purchase.

But the September figures show why balance-sheet quality matters.

PowerCompute owns far less Bitcoin than it did a month earlier.

It also owns that Bitcoin with dramatically less secured debt hanging over it.

The most closely watched corporate Bitcoin balance sheet has a date for its next full update.

Strategy said Thursday that it will report third-quarter 2026 financial results after US markets close on October 29, followed by a live video webinar at 5 p.m. Eastern Time.

Ordinarily, an earnings date is routine corporate housekeeping.

Strategy is no longer an ordinary corporate earnings story.

The company has built its identity around holding and financing Bitcoin at a scale no other listed operating company has matched. Its quarterly results now function as a window into how the corporate Bitcoin treasury model behaves through different market conditions.

Investors will be watching several things.

The obvious one is the size and value of Strategy‘s BTC position at the end of the quarter.

But the more important questions increasingly sit around the financing machinery used to build that position.

Strategy has used common equity, convertible debt and several classes of preferred securities to raise capital for Bitcoin purchases. That means its results are as much about capital structure as they are about the price of BTC.

The company has also promoted metrics intended to show whether its Bitcoin holdings are growing faster than the dilution required to finance them.

Those measures have become a central part of management’s argument that Strategy is not simply a passive holding vehicle.

October’s results will therefore give investors a chance to assess how the model performed during a quarter in which Bitcoin prices, funding conditions and institutional flows all moved considerably.

The call also matters beyond Strategy shareholders.

A growing number of public companies have copied parts of the Bitcoin treasury approach, often with much smaller balance sheets and less access to capital.

Strategy remains the benchmark against which those businesses are compared.

When its premium to underlying Bitcoin holdings expands, the company can often raise capital more efficiently. When that premium contracts, the economics become more challenging.

That feedback loop is one reason the quarterly balance sheet matters so much.

Michael Saylor‘s company has spent years arguing that Bitcoin can be used as the primary treasury reserve asset of a public corporation.

The market has largely moved past debating whether Strategy itself is committed to that idea.

The question is how the financial structure performs over time.

October 29 will provide the next detailed answer.

Strategy said a replay of the webinar will be available through its investor relations site shortly after the event.

For Bitcoin investors, it will be one of the few corporate earnings calls where the underlying cryptocurrency is likely to matter as much as the operating business.

One of the world’s biggest traditional custody banks is extending its digital asset business deeper into Europe.

BNY announced Thursday that its Digital Asset Custody platform is now being expanded to selected institutional clients in the European Union under the Markets in Crypto-Assets framework.

The move follows the addition of The Bank of New York Mellon SA/NV, BNY’s European banking entity, to the MiCA register earlier this year.

That registration allows the bank to provide custody, administration and transfer services for crypto assets on behalf of eligible clients in the EU.

The significance is less about another bank adding a crypto feature and more about which bank is doing it.

BNY sits at the center of global asset servicing. The company reported $62.6 trillion in assets under custody or administration as of the end of June, alongside $2.2 trillion in assets under management.

When an institution of that scale adds regulated crypto custody to an existing servicing network, digital assets move closer to being handled through the same operational infrastructure as conventional securities.

BNY first launched its digital asset custody platform in 2022.

The European expansion places that system inside a much clearer regulatory framework.

MiCA has given banks and crypto companies a common set of rules for operating across participating EU markets, replacing a patchwork in which licensing and permitted services differed significantly between countries.

For large asset managers and financial institutions, that consistency matters.

A fund looking to hold Bitcoin, Ether or tokenized assets does not only need a wallet. It needs audit trails, segregation of client assets, operational controls, reporting, governance and a regulated entity responsible for the custody relationship.

Those are areas where traditional global custodians already have decades of experience.

BNY says institutional demand is moving beyond simply holding crypto.

Banks and broker-dealers are expanding digital asset and stablecoin services, while asset managers and corporate treasurers are increasingly exploring tokenized securities, digital payments and blockchain-based settlement.

Custody is the foundation beneath all of those products.

Without a regulated institution capable of safeguarding the underlying assets, many larger firms cannot participate regardless of how attractive the technology looks.

BNY’s move also increases competitive pressure on crypto-native custodians.

Specialist firms built much of the early institutional market because conventional banks were slow to support digital assets. MiCA now makes it easier for established financial institutions to enter with regulatory clarity and enormous existing client bases.

That does not mean the specialists disappear.

It does mean the dividing line between traditional custody and crypto custody is becoming less useful.

For BNY’s European clients, digital assets are increasingly being offered as another asset class inside an infrastructure relationship they already understand.

That may be a less dramatic story than a new token launch.

For institutional adoption, it is probably more important.

A day after Bitcoin ETF inflows appeared to recover, institutional money moved sharply in the other direction.

US spot Bitcoin exchange-traded funds recorded $484.9 million in combined net outflows on October 7, according to updated data from Farside Investors.

The redemptions were broad rather than concentrated in one legacy product.

BlackRock‘s IBIT, normally the strongest source of positive flow in the group, lost $207.7 million.

Fidelity’s FBTC recorded another $105.1 million of net outflows, while ARK’s ARKB lost $101.7 million.

Bitwise’s BITB posted $27.6 million of outflows, Grayscale‘s GBTC lost $39.3 million and VanEck’s HODL shed $3.5 million.

The scale of the reversal stands out because the group had recorded $118.8 million of net inflows just one session earlier.

BlackRock itself had taken in $122 million on October 6 before becoming the biggest source of redemptions the following day.

That is a useful reminder of how quickly ETF flows can change.

Large creations and redemptions do not necessarily represent a permanent institutional view on Bitcoin. Funds are used for tactical trades, portfolio rebalancing, arbitrage and longer-term exposure, all of which can produce significant daily swings.

Still, nearly half a billion dollars leaving the products in one session is difficult to ignore.

The composition matters.

GBTC was once routinely responsible for most of the sector’s negative flow as investors exited the higher-fee legacy trust after its conversion to an ETF.

October 7 looked different.

The largest withdrawals came from products run by BlackRock, Fidelity and ARK, indicating that the selling pressure reached funds that have historically attracted substantial new capital.

Bitcoin was trading in a more difficult macro environment at the same time, with risk assets under pressure and investors watching interest rates, energy prices and geopolitical developments.

ETF flows cannot prove why a market moved, but they offer a direct view into how one of Bitcoin’s largest regulated investment channels is behaving.

That channel has become increasingly important since spot products opened the market to investors who do not want to hold BTC directly.

One bad session does not break that structural story.

But October 7 was not a marginal pullback either.

For the first time in several sessions, the strongest message from the ETF market was not accumulation.

It was risk coming off.

Polygon has spent much of 2026 trying to turn its Open Money Stack into infrastructure for moving real money rather than just crypto between wallets.

Its latest integration goes straight to one of the largest pools of stablecoin liquidity in the world.

Polygon Labs announced Thursday that Open Money Stack now supports TRON, allowing businesses to accept, hold, route and pay out USDT on the network while connecting those flows to fiat banking rails and other blockchains.

The attraction is obvious.

Polygon says TRON carries more than $94 billion in circulating USDT, representing more than half of the stablecoin’s supply across supported chains.

That liquidity is already heavily used in remittances, exchange transfers and dollar-based payments in markets where access to traditional banking can be expensive or slow.

Open Money Stack is designed to sit around that activity.

A business can give a customer a persistent TRON deposit address, accept USDT, hold the balance through an appropriate wallet model, route assets to other chains when required and eventually pay money out to a bank account, card, cash pickup location or another wallet.

The important part is that the customer does not necessarily have to see any of the cross-chain plumbing.

Polygon Trails can route assets between TRON and EVM networks so, for example, one side of a transaction can begin with USDT on TRON and the other can settle in a different supported stablecoin elsewhere.

That is very different from asking the user to find a bridge and move the funds themselves.

The integration also says something about Polygon’s strategy.

Rather than insisting that payment activity must happen on Polygon’s own chain, Open Money Stack is increasingly being presented as an orchestration layer that can work around whichever network customers already use.

TRON is a particularly strong test of that approach because many users are not choosing it for ideological reasons. They use it because USDT liquidity and payment habits already exist there.

For a remittance business, forcing those customers to migrate to another blockchain would add friction for little benefit.

Polygon’s answer is to let TRON remain the balance layer while its own software handles the surrounding services.

That could make the Open Money Stack business more valuable even when the end user never knows Polygon is involved.

Stablecoin competition is therefore moving beyond which network has the most supply.

The next battle is over the infrastructure connecting those balances to bank accounts, businesses and other chains.

TRON already has the dollars.

Polygon now wants to provide more of the machinery around them.