Portofino Mint - 28 October 2025

🚀 𝗪𝗲𝗹𝗰𝗼𝗺𝗲 𝘁𝗼 𝘁𝗵𝗲 𝗣𝗼𝗿𝘁𝗼𝗳𝗶𝗻𝗼 𝗠𝗶𝗻𝘁!

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🌍 At a glance:

Crypto markets saw renewed activity this week, led by a Bitcoin breakout above $110,000 that briefly carried prices as high as $119,000 before some late-week cooling. Broader sentiment improved across digital assets, with Ethereum, XRP, and Solana each posting healthy gains and total crypto market capitalization rising to $3.75 trillion.Despite a volatile macro backdrop — including new tariff measures from the U.S. administration — the move suggests investors remain willing to add risk while equities consolidate near record highs.

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🏢 Markets and Macro: 

Global markets digested a series of geopolitical and trade developments this week. The Trump administration’s announcement of tariffs up to 35% on key partners (including Canada, the EU, Japan, South Korea, and Brazil) briefly unsettled risk sentiment, though equities and crypto ultimately shrugged it off.

In the digital asset space, Bitcoin’s break above $110,000 triggered a wave of short liquidations and fresh buying. Trading data indicates that larger investors and institutional flows were behind the move, while retail participation remained relatively muted — a sign of cautious conviction rather than speculative excess.

Bitcoin (BTC)

• Rose from ~$110,000 to nearly $119,000, before stabilising around $117,000.
• Weekly gain: +8.2%, lifting market cap to $2.34 trillion.
• On-chain data from CryptoQuant highlights fewer short-term holders selling into strength compared to earlier rallies — suggesting a steadier investor base.

Ethereum (ETH)

• Gained 17.7%, closing around $2,990.
• The move was underpinned by $300 million of inflows into BlackRock’s spot Ethereum ETF, marking the fund’s strongest single day since launch.
• Broader ETF inflows and rising institutional interest in ETH-based products contributed to higher trading volumes across exchanges.

XRP (XRP)

• Advanced 22.4% to $2.73, following news that BNY Mellon will act as custodian for Ripple’s RLUSD stablecoin.
• RLUSD’s market cap reached $500 million, highlighting ongoing progress in Ripple’s tokenization and payments strategy.

Altcoins followed Bitcoin’s move higher, with several majors extending recent outperformance:

• ETH +17%, XRP +20%, DOGE +20%, ADA +30%, SUI +20%, LINK +17%, XLM +39%, HBAR +32%, HYPE +17% (with HYPE reaching a new record above $46).

While the rotation into altcoins reflects improving liquidity and risk appetite, traders appear selective — focusing on ecosystems with clear catalysts and institutional momentum rather than speculative narratives.

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🏛️ Institutional Highlights:

This week reinforced the growing intersection between traditional finance and blockchain infrastructure:

• Ripple and BNY Mellon Partnership: The collaboration positions RLUSD as a regulated, institutionally managed stablecoin, signaling increased confidence from established financial players.
• BlackRock’s Ethereum ETF: A record $300 million inflow day points to sustained demand for ETH exposure among institutional allocators.
• BNB Chain’s Quarterly Burn: More than $1 billion in BNB permanently removed from circulation as part of its ongoing deflationary schedule.
• GMX Exploit Resolution: The attacker behind the recent GMX exploit returned $40 million in stolen assets, accepting a $5 million white-hat bounty, restoring some confidence in DeFi security practices.

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Key headlines:

• Bitcoin Rally Driven by Larger Wallets: Data shows fewer retail inflows, suggesting a more controlled advance.
• Dormant Whales Active: Several long-inactive Bitcoin addresses moved coins for the first time in years.
• Ripple’s RLUSD Grows to $500M: Partnership with BNY Mellon adds institutional credibility to Ripple’s tokenization efforts.
• BNB Burn Completed: The 32nd quarterly burn removed over $1B in tokens.
• GMX Hacker Returns Funds: A rare case of funds recovery through negotiation, not enforcement.

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📆 Key Themes to Watch Next Week

• BTC Range: $112k remains a pivotal level for trend direction; failure to hold could open a move back toward $108k–$109k.
• ETH ETF Flows: Sustained inflows would further validate institutional demand.
• Altcoin Cooling: Some higher-beta names like ADA and HBAR are entering overbought territory — a pullback would be natural after recent gains.
• Macro Environment: Continued tariff headlines and Fed policy noise could test broader risk sentiment heading into November.

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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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