Weekly: $19 billion liquidation, POLY token, digital rupee, and Solana's record year
October 15, 2025
Largest Liquidations in History
A massive cryptocurrency crash triggered a record wave of futures position closures — over $19 billion in a single day. Around 1.6 million traders were liquidated, most of whom held long positions.
The biggest impact hit Hyperliquid — $10.3 billion in liquidations, including a single $203 million position, now the largest in crypto market history. Analysts believe the crash was caused by large player sell-offs and cascading stop-loss triggers.
EU Plans to Transfer Crypto Market Oversight
The European Commission is preparing reforms that would shift crypto sector supervision from national regulators to the European Securities and Markets Authority (ESMA).
ESMA head Verena Ross stated that centralized oversight will help form an integrated, competitive capital market within the EU and increase transparency among crypto platforms, custodians, and clearinghouses.
UK Introduces “Digital Markets Champion”
The UK government announced a new role — Digital Markets Champion — to coordinate the development of asset tokenization and the digitalization of wholesale financial markets.
The goal is to unite the public and private sectors to create a tokenization strategy that positions London as a next-generation financial hub.
Polymarket Hints at POLY Token Launch
Polymarket co-founder Shayne Coplan hinted at the release of the POLY token on X. The statement coincided with a major deal — Intercontinental Exchange (ICE), owner of the NYSE, announced a $2 billion investment in the project.
Polymarket, known for decentralized prediction markets, may become a flagship of the emerging “predictive economy.”
Solana Generated $2.85 Billion in One Year
According to a 21shares report, the Solana network generated over $2.85 billion in revenue over the past 12 months — 220× more than two years ago.
Key drivers include DeFi, memecoins, DePIN projects, AI applications, and trading tools. January 2025 was the peak month — $616 million, largely fueled by Trump Coin (TRUMP).
Solana is increasingly considered Ethereum’s main rival in speed and economic efficiency.
OpenAI Integrates Third-Party Apps into ChatGPT
OpenAI launched an in-app App Store within ChatGPT, enabling users to interact directly with external services — from Booking.com and Spotify to Figma, Coursera, and Canva.
CEO Sam Altman said the goal is to make ChatGPT a “universal assistant for work, learning, and creativity,” paving the way for a new ecosystem of AI-native applications.
India Prepares to Launch Digital Rupee
Minister of Commerce Piyush Goyal confirmed that the Indian government is developing a CBDC — the digital rupee — to be issued by the Reserve Bank of India. The currency aims to provide secure, transparent transactions and may compete with stablecoins across South Asia.
Cryptology Key Co-Founder Dies in Kyiv
The crypto community mourns the loss of one of Ukraine’s most active traders and educators. The Cryptology Key team confirmed his death. Hanich was known for helping newcomers navigate complex market mechanics and promoting fitness and mental health among traders.
Kursoff’s View
This week highlighted the contrasts of the crypto market: record liquidations served as a harsh reminder that even in a “bull run,” the market does not forgive excessive risk. Yet despite volatility, the crypto ecosystem continues to evolve — structurally, ideologically, and strategically.