Daily Market Wrap | Oct. 29

DBS and Goldman Sachs have successfully executed the first over-the-counter (OTC) interbank crypto options trade. This trade was cash-settled for both Bitcoin and Ether, aiming to hedge institutional exposures amidst a surge in derivatives demand within Asia.

Tether's XAUT, a token backed by over 11.6 tons of gold held in Switzerland, reached a market capitalization of $2.1 billion in October. This growth was fueled by record gold prices and increasing retail demand, particularly in emerging markets.

Open interest for XRP and Solana futures on the CME has reached a record high of $3 billion. This represents 9,900 XRP contracts and 15,600 SOL contracts, indicating strong demand for regulated altcoin derivatives.

Deutsche Digital Assets (DDA) and Safello are preparing to list a staked Bittensor TAO Exchange Traded Product (ETP) on the SIX Swiss Exchange. This ETP, known as STAO, will be physically backed and will have a management fee of 1.49%.

The Fusaka upgrade for the Ethereum network has completed its final Hoodi testnet rehearsal. This upgrade is designed to enable PeerDAS, a feature that will reduce data costs. The mainnet launch for this upgrade is targeted for December 3rd.

PayPal experienced a significant surge of 15% in its share price following the announcement of a partnership with OpenAI. This collaboration will integrate shopping functionalities within ChatGPT. The company also reported a 7% revenue growth in the third quarter, announced its first-ever dividend, and raised its full-year financial guidance.