Aave’s Q3 showed resilient revenue and calmer rates — and Stani is eyeing a Q4 macro tailwind

As markets melted on October 10, and many centralized exchanges stuttered, Aave didn’t flinch.

The protocol automatically liquidated over $200 million in collateral, preserving solvency without disruption, as Aave founder Stani Kulechov told a DAS London audience last week during a panel on DeFi rate markets.

“It was scary because of the size of the protocol today,” Kulechov said. “But things ended up well. DeFi really proved itself.”

That resilience followed from a Q3 marked by steady deposits, healthy lending demand, and normalized rates. But looking ahead, Kulechov sees an even bigger shift coming: global rate cuts could reignite yield flows — and widen the rate…

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Bitcoin Transcends The Left-Right Political Divide — It’s A Tool For Human Rights

One month ago, Harshvardhan (“Hash”), an alumni of the MIT Bitcoin Club and an organizer for the MIT Freedom Tech Expo, told me in an interview about how a friend of his who is a social worker in Nepal and who was on the ground during the recent protests in the country doesn’t like Bitcoin.

“There’s a lot of people with left-leaning ideology who still think bitcoin is a capitalistic tool, and they’re not very comfortable with it yet,” explained Hash.

I’ve been thinking a lot about this point he made since we spoke.

As someone who was formerly more politically Liberal, I still have a lot of friends and acquaintances who seemingly shudder at the mere…

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LATEST: $1.77 Trillion T.Rowe Price Files To Launch First Active Crypto Exchange-Traded Fund

T. Rowe Price, the 87-year-old investment giant managing over $1.8 trillion, has officially stepped into the world of digital assets. The firm filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to launch the T. Rowe Price Active Crypto ETF, marking a major shift for a company traditionally known for its conservative mutual funds.

The new ETF aims to give investors active exposure to cryptocurrencies, offering a managed alternative to direct coin ownership. Industry experts see this as a pivotal move, with Bloomberg’s Eric Balchunas noting that a “land rush” into crypto ETFs is now underway.

T. Rowe Price has hinted at crypto interest before. Earlier this year, technology ETF manager Dominic Rizzo suggested bitcoin’s value resembles a commodity, tied closely to mining costs. If approved, the ETF could position T. Rowe Price among leading traditional firms embracing digital finance’s next frontier.

S-1 form

T. Rowe Price Files With SEC For Active Crypto ETF Fund

T. Rowe Price, one of the largest U.S. asset management firms, has filed with the Securities and Exchange Commission (SEC) to launch a cryptocurrency-focused exchange-traded fund (ETF).

The proposed fund, named the T. Rowe Price Active Crypto ETF, aims to outperform the FTSE US Listed Cryptocurrency Index, which tracks the ten largest U.S.-listed cryptocurrencies by market capitalization that meet SEC listing standards.

Unlike passive funds, the ETF can overweight or underweight assets relative to the Index and may invest in crypto not included in it, though all holdings must meet eligibility criteria, according to the SEC filing.  

The filing comes as a semi-surprise to…

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LATEST: Robinhood Expands Crypto Reach with BNB Listing

Robinhood has officially added support for Binance’s native token, BNB, giving its 27 million funded users access to the world’s fourth-largest cryptocurrency by market capitalization. The move marks another major step in mainstream adoption, coming shortly after Coinbase placed BNB on its listing roadmap, signaling growing U.S. exchange acceptance of Binance’s ecosystem.

BNB has seen a remarkable surge this year, climbing from about $500 in February to an all-time high above $1,350 earlier this month. The rally, dubbed “BNB SZN” by traders, was driven by record trading volumes on PancakeSwap and a wave of BNB-based memecoins attracting over 100,000 onchain participants.

Currently trading near $1,070 with a market cap just under $150 billion, BNB’s addition reinforces Robinhood’s push deeper into digital assets. With over $8.6 billion in crypto trading volume in August, CEO Vlad Tenev emphasized, “Tokenization is like a freight train — it can’t be stopped.”

Senators Probe For Answers On Trump’s Crypto Dealings 

Senate Democrats called on Steve Witkoff, President Donald Trump’s special envoy to the Middle East, to provide more details about his personal crypto holdings, raising questions about potential conflicts of interest.

Led by Sen. Adam Schiff (D—Calif.), eight senators requested that Witkoff explain why his latest ethics disclosure showed ongoing stakes in a Trump-linked cryptocurrency and other crypto-related business entities.

“Your failure to divest your ownership in these assets raises serious questions about your compliance with federal ethics laws and, more importantly, ability to serve the American people over your own financial interests,” the senators wrote in…

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BlackRock to keep focus on BTC, ETH ahead of crypto ETF ‘explosion’

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.

New US crypto ETF launches remain on pause given the ongoing government shutdown. 

This just means there’s more time to make sense of what the upcoming product wave will look like — and how the world’s largest asset manager will (or won’t) participate.

Being on the Digital Asset Summit stage in London last week with BlackRock’s Matt Kunke and 21Shares’ Mandy Chiu gave me a unique chance to explore the different product development approaches of a TradFi incumbent and a crypto-centric firm. 

With the SEC offering generic listing standards around what crypto assets…

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Bitcoin Price Falls To $108,000, Analyst Sees Sub-$100k Dip

Bitcoin price retreated to around $108,300 today after briefly touching $114,000 on Tuesday, while traditional safe-haven assets continued to slide.

Spot gold fell to as low as $4,034 per ounce, extending its sharp losses from earlier in the week, and silver remained down nearly 8%.

The moves follow remarks from Federal Reserve Governor Christopher Waller, who announced plans for a “skinny master account” program that would allow eligible fintech and crypto firms limited access to the Fed’s payment system — a step seen as integrating digital assets more directly into traditional finance.

Those Fed comments were made at the Federal Reserve’s first-ever Payments…

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Modern Treasury acquires Beam stablecoin startup in $40M deal

Modern Treasury will acquire Beam, a startup specializing in stablecoin-based payment infrastructure, in an all-stock transaction valued at $40 million. 

The deal marks Modern Treasury’s first major move into blockchain-enabled finance and reflects growing institutional interest in programmable money and digital dollar rails.

Fortune first reported the news. 

Founded in 2018, Modern Treasury offers payment operations software used by companies such as Stripe and Gusto to automate bank transfers and reconciliation. Beam, launched in 2022, builds systems for real-time transactions using stablecoins — cryptocurrencies pegged to fiat currency—to reduce settlement time and…

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Bitcoin Price Prediction Markets Are Flashing A Signal

Bitcoin Price Prediction Markets have become an emerging tool for gauging sentiment and price expectations in real time. Traders on platforms such as Polymarket and Kalshi wager on Bitcoin’s future price outcomes, producing aggregated odds that reflect where market participants believe BTC is heading. As trading volumes expand and odds shift with volatility, these prediction markets are gaining credibility as a forward-looking sentiment gauge for the Bitcoin economy.

Extracting Bitcoin Price Alpha

In early October, traders on Polymarket were betting that BTC would close 2025 around $144,000, but as volatility picked up and BTC dipped, that forecast has since slipped closer to…

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