Ndax Weekly TL;DR Oct 12

Ndax Launches Auto Earn to Simplify Crypto Staking

• Ndax launched Auto Earn, a feature that automatically enrolls eligible crypto holdings into its rewards program after users opt in, with rewards distributed weekly. At launch, Auto Earn supports 17 assets, including ETH, SOL, ADA, SUI, HBAR and DOT, with advertised APYs of up to 7.5% depending on the asset. Ndax is also waiving its standard 20% Auto Earn commission through October 31. (Fintech.ca)
• Why it matters: Auto Earn simplifies the process of earning rewards on eligible crypto by automatically enrolling supported assets after users opt in. It also offers more flexibility, with no fixed lock-up period under normal program operation, giving users another way to earn rewards while maintaining access to their eligible holdings.

Washington tries to fill the crypto rulebook gap

• The Commodity Futures Trading Commission launched a rulemaking process for a potential federal framework for crypto platforms offering leveraged or margined transactions to retail customers. The approach could create a new category of CFTC-regulated “crypto asset markets” that could opt into federal supervision rather than relying on state money-transmitter licenses. The agency is currently seeking public feedback, meaning the framework is not yet final. (Reuters)
• Why it matters: The move shows U.S. regulators continuing to move crypto policy forward even after Congress failed to pass the CLARITY Act. A federal framework could replace some of the state-by-state complexity facing firms that offer leveraged crypto products and establish clearer consumer-protection standards.

Tokenized stocks move from concept to live product

• Securitize launched tokenized versions of 12 major U.S. equities this week, including Apple, Microsoft, Nvidia, Tesla, and Amazon. The products operate on Solana and are backed one-for-one by underlying shares. Investors receive applicable economic benefits of ownership, including dividends and, where the underlying shares carry them, voting rights. Eligible investors can currently trade during extended market hours using USDC, while Securitize aims to move toward 24/7 trading. (Reuters)
• Why it matters: Tokenized equities have been considered a future use case for blockchain. However, Securitize’s launch now puts recognizable public-company shares into a live regulated onchain product. The tokens are backed by actual shares, with holders receiving all applicable investor rights, including dividends and voting privileges.

Ethereum tests its next major scaling overhaul

• Ethereum’s Glamsterdam upgrade successfully activated on the Sepolia testnet this week, moving one of the network’s largest planned protocol changes closer to mainnet. Glamsterdam introduces changes including enshrined proposer-builder separation and block-level access lists, which are designed to make block production and validation more efficient and create room for greater Layer 1 capacity. (CoinDesk)
• Why it matters: Ethereum is trying to increase the amount of activity its base layer can handle without making running and validating the network impractical. Glamsterdam changes some of the underlying mechanics of how blocks are built and verified so validators can better process work and potentially more in parallel. A successful rollout could provide Ethereum with more Layer 1 capacity while maintaining decentralization.
   

Canadian spotlight: Bitcoin Treasury focuses on Bitcoin per share

• Toronto-based Bitcoin Treasury Corporation said this week that it purchased and retired 11,800 shares during September at an average price of C$3.86. The company’s total Bitcoin holdings declined to 737.33 BTC, but its Bitcoin-per-share metric increased 1.21% year-to-date to 0.00006421 BTC. (The Globe and Mail)
• Why it matters: The update highlights how Bitcoin treasury companies have several tools at their disposal to increase shareholder value. Instead of focusing only on how much Bitcoin the company owns, Bitcoin Treasury is increasing the amount of BTC represented by each share. This means shareholders can potentially gain greater Bitcoin exposure on a per-share basis even when the overall BTC holdings decline.
   

BTC Weekly Range: $117K-$120K
ETH Weekly Range: $3.5K-$3.6K

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Oct 14 - September Consumer Price Index.
Oct 15 - Producer Price Index and September retail sales.
Oct 15 - Canadian August manufacturing and wholesale trade data.
 

Bitcoin entered last week near C$123,000, traded toward the C$115,000 level on Thursday and then recovered part of its weekly losses.

The selling pressure was mostly attributed to factors outside of crypto. Brent crude climbed above $100 per barrel during the week, while the U.S. 10-year Treasury yield reached around 5.36%, marking its highest level since 2002. Higher yields and a stronger U.S. dollar make lower-risk assets more attractive and can reduce investor appetite for Bitcoin and other risk-sensitive investments.

Minutes from the Federal Reserve’s September meeting released last week made it clear that further rate increases remain possible. Policymakers unanimously supported September’s quarter-point increase, while the minutes showed that many participants believed additional tightening could ultimately be appropriate.

Still, markets are currently pricing a relatively low probability of another hike at the October meeting, with December viewed as the more likely timing for another increase.

Canada delivered a very different economic signal on Friday. Data showed the economy lost 68,300 jobs in September after losing 41,700 in August. The unemployment rate increased to 6.5% while labour-force participation fell to 64.8%, its lowest level in 29 years outside the pandemic era.

Attention now turns to Wednesday’s U.S. inflation report. With the Fed signalling that more tightening may ultimately be needed, a hotter CPI reading could quickly change the market’s expectations for a rate hike in October. Softer inflation would strengthen the case for policymakers to pause and wait for more data, and this could provide some relief for Bitcoin and the broader crypto market.

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