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Kalshi and Polymarket record $1.4 billion trading month as institutional backing surges
Kalshi and Polymarket record $1.4 billion trading month as institutional backing surges

Quick Take The two platforms combined for a record-setting $1.44 billion in volume during September, reflecting surging mainstream interest. The following is excerpted from The Block’s Data and Insights newsletter.

The Block·2025/10/12 16:00
Crypto market structure bill may need to wait until after the midterm election, says TD Cowen
Crypto market structure bill may need to wait until after the midterm election, says TD Cowen

Quick Take Republicans and Democrats are negotiating how the cryptocurrency industry should be regulated — and it’s not going well. “We are not suggesting there is no path forward for action in the next 12 months,” said TD Cowen’s Washington Research Group, led by Jaret Seiberg, on Monday. “Our point is that there are more reasons for senators to delay action than to move quickly.”

The Block·2025/10/12 16:00
Crypto crime research group SEAL Org unveils new way to report potential phishing sites
Crypto crime research group SEAL Org unveils new way to report potential phishing sites

Quick Take The crypto crime investigation unit unveiled a new way to report potential phishing sites that use increasingly sophisticated ways for hackers to conceal their tracks. SEAL’s Verifiable Phishing Reporter uses a cryptographic scheme designed by the team called “TLS attestations” that proves whitehat researchers see what victims see.

The Block·2025/10/12 16:00
Bittensor treasury firm TAO Synergies secures $11 million in private financing
Bittensor treasury firm TAO Synergies secures $11 million in private financing

Quick Take TAO Synergies entered a share purchase agreement with existing investors and a new investor, DCG. The company’s shares rose 38.5% on Monday, while the announcement was made after the markets closed.

The Block·2025/10/12 16:00
Flash
19:11
Data: Approximately 14,600 ETH flowed into a certain exchange's Prime, valued at about $433 million.
ChainCatcher reported, according to Arkham data, around 03:01, the exchange Prime received two large ETH transfers, totaling 14,599.999996421 ETH (with a total value of approximately $433 million), from two anonymous addresses (starting with 0x4eBB... and 0x13b7... respectively).
18:59
Bernstein: Nvidia's current valuation has high return potential
On December 20, it was reported that Bernstein stated Nvidia (NVDA.O) is currently attractively valued relative to the Philadelphia Stock Exchange Semiconductor Index, with the overall valuation multiple indicating promising future returns. Analyst Stacy Rasgon wrote that compared to the chip stock index, Nvidia is “currently trading at about a 13% valuation discount, which is at the first percentile in history. In fact, in the past decade, there have only been 13 trading days when Nvidia’s valuation relative to SOX was lower than it is now.” Nvidia’s recent valuation is about 25 times its forward EPS, “for the company, a 25x forward P/E means its stock price is at the 11th percentile of its valuation distribution over the past ten years,” a level that “is already quite cheap in absolute terms.” Moreover, “in the past ten years, investors who bought Nvidia when its valuation was below 25x have all received substantial returns—the average one-year holding return exceeded 150%, and there has never been a negative return during this period.” Bernstein gives Nvidia an “Outperform” rating with a target price of $275.
18:13
Former FTX Executives Reach Settlement with SEC, Caroline Ellison Banned from Industry for Ten Years
Sam Bankman-Fried's three former FTX executives, Caroline Ellison, Gary Wang, and Nishad Singh, have agreed to accept sentencing. The U.S. Securities and Exchange Commission (SEC) announced that it has resolved cases against these three key figures in the FTX collapse, including Alameda Reserve CEO Caroline Ellison. If the agreement is approved by the court, these former FTX executives will face professional restrictions, with Caroline Ellison being banned from holding corporate positions for ten years.
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