Portofino Mint - 20 October 2025

Bitcoin ripples amid ETF outflows and volatility, while gold stands firm as safe-haven demand surges.

🚀 𝗪𝗲𝗹𝗰𝗼𝗺𝗲 𝘁𝗼 𝘁𝗵𝗲 𝗣𝗼𝗿𝘁𝗼𝗳𝗶𝗻𝗼 𝗠𝗶𝗻𝘁!

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📊 Week in Review:

Crypto markets navigated a turbulent week as geopolitical uncertainty and macro developments continued to weigh on risk assets. U.S. Bitcoin ETFs recorded $1.23B in outflows, the second-largest weekly withdrawal since launch. Ethereum ETFs mirrored the trend, with $311.8M in redemptions, reflecting investor caution after recent leveraged liquidations.

Regulatory activity accelerated worldwide. In the U.K., HMRC contacted 65,000 crypto investors suspected of unpaid taxes ahead of January 2026, when comprehensive data sharing under the Crypto-Asset Reporting Framework (CARF) begins. Meanwhile, Beijing ordered major tech firms to halt stablecoin launches in Hong Kong, underscoring Asia’s tightening oversight.

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🏢 Markets and Macro:

Late-week optimism emerged after President Trump confirmed a meeting with Xi in Seoul on Oct. 31, easing tariff concerns. Equities clawed back losses while volatility stayed elevated (VIX briefly hit 29). Treasury yields softened and the USD weakened for a third straight session.

Gold vs. BTC:
Gold surged past $4,300/oz, lifting its total market value by an estimated $600B within days. Its relentless rally contrasts with Bitcoin’s consolidation around $109K, reinforcing BTC’s dual identity — a short-term risk asset with long-term, non-sovereign value appeal.

Bitcoin & Altcoins:
BTC dipped to $103.5K before rebounding to $109K (-4.1% WoW). Despite volatility, BTC remains within 15% of its all-time high, holding the key $100K zone.
ETH and SOL eased ~3% each amid ~$1B in Friday liquidations, following the $20B wipeout the week prior.
Altcoins largely tracked BTC; SOL, ETH, and HYPE remain in accumulation ranges post-liquidation.

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🏛️ Institutional Highlights:

Institutional capital targets on-chain markets and payments

Kalshi raised $300M (Sequoia & a16z), reaching a $5B valuation.
ICE acquired >20% of Polymarket for $2B, valuing it at $9B.
Tempo closed a $500M Series A at a $5B valuation.

Spot desk flows reflected a cautious tone across majors:

ETH posted one of the highest volume weeks of the year, surpassing BTC in traded volume, though flows skewed toward selling amid de-risking.
Selective altcoin activity included Aster (ASTER), Plasma (XPL), and Avalanche (AVAX), reflecting tactical client positioning.
BTC struggled after record liquidations ($19B), opening at $114,958 and dipping to $103,528 before rebounding.

Institutional activity remained strong:‍

Ripple Labs spearheaded efforts for a $1B XRP digital asset treasury via SPAC, further signaling institutional conviction in crypto infrastructure.‍
Early Ethereum investors are reportedly seeding a $1B ETH-focused trust via Nasdaq-listed entities.

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🪙 Corporate and ecosystem developments

OpenSea announced the launch of its SEA token in Q1 2026, allocating 50% to OG users and directing 50% of revenue toward token buybacks
Kraken acquired the U.S.-based Small Exchange for $100M, giving it designated contract market status via CFTC licensing.
The Trump family’s crypto ventures reportedly generated over $1B in pre-tax profits, underscoring the growing mainstream adoption and corporate interest in digital assets.

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💎 DeFi & Tokenization:

RWA tokenization surpassed $12B, led by Ondo and Centrifuge.
Aave ($23.6B TVL) and Uniswap ($60B monthly volume) anchor blue-chip activity.
Hyperliquid now dominates decentralized derivatives with ~80% market share following recent CEX stress events.

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📆 Key Themes to Watch Next Week

U.S. CPI and Fed commentary ahead of the Oct. 29 FOMC.
Support zones: $100K BTC / $3,700 ETH.
Continued resilience in DeFi and RWA tokenization as structural on-chain rails strengthen post-volatility.

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📅 Missed last week’s update? Catch up on all headlines in the previous Portofino Mint.

𝘛𝘩𝘪𝘴 𝘮𝘦𝘴𝘴𝘢𝘨𝘦 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘐𝘭𝘭𝘶𝘴𝘵𝘳𝘢𝘵𝘪𝘰𝘯 𝘨𝘦𝘯𝘦𝘳𝘢𝘵𝘦𝘥 𝘸𝘪𝘵𝘩 𝘊𝘩𝘢𝘵𝘎𝘗𝘛.

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Published on 21.10.2025

Written by

Dipak Shah

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