Crypto Market Update: Trump Pardons Binance Founder, Wall Street Embraces Crypto Collateral

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$110,271, a 0.8 percent decrease in 24 hours. Its lowest valuation of the day was US$109,478, and its highest was US$111,658.

Bitcoin price performance, October 24, 2025

Chart via TradingView

Bitcoin’s medium-sized investors are continuing to buy even after the US$19 billion liquidation event earlier this month, preserving the market’s long-term bullish structure, according to CryptoQuant.

Entities holding between 100 and 1,000 BTC have added roughly 907,000 BTC over the past year, which analysts say represents a strong accumulation trend that historically aligns with upward price momentum.

However, CryptoQuant warned that short-term demand is softening as the cohort’s 30-day balance has fallen below its moving average, suggesting potential near-term caution until a catalyst, such as renewed ETF inflows, emerges.

Meanwhile, Ether (ETH) was priced at US$3,888.22, a 0.7 percent decrease in 24 hours. Its lowest valuation of the day was US$3,824.85, and its highest was US$3,994.25.

Altcoin price update

• Solana (SOL) was priced at US$190.41, down by 0.8 percent over the last 24 hours. Its lowest valuation of the day was US$188.87, and its highest was US$194.57.

• XRP was trading for US$2.48, an increase of 2.5 percent over the last 24 hours. Its lowest valuation of the day was US$2.38, while its highest was US$2.51.

Crypto derivatives and market indicators

Bitcoin derivatives metrics indicate a complex market environment with mixed signals.

Bitcoin liquidations have totaled approximately US$12.4 million in the last four hours, with long positions making up the majority, indicating selling pressure from a long squeeze and short-term bearish momentum. Ether liquidations show a similar pattern, totaling US$18.49 million during the period, the majority of which were also long positions.

Futures open interest for Bitcoin has increased by about 1.7 percent to roughly US$71.35 billion, showing modestly higher positioning after the recent flush. Ether futures open interest was essentially unchanged at around US$45.80 billion.

Fear and Greed Index snapshot

CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.

Chart via CoinMarketCap

CMC’s Crypto Fear & Greed Index has slightly trended upwards into 32 but remains in fear territory, an improvement from this week’s lowest score (25).

Today’s crypto news to know

Trump pardons Binance founder

US President Donald Trump has granted a full pardon to Binance founder Changpeng Zhao, wiping away his 2024 conviction for violating US anti–money laundering laws.

Zhao, better known as “CZ,” served four months in prison and had been barred from running financial ventures under the plea deal.

The move follows months of lobbying by Binance, which paid a record US$4.3 billion fine as part of its own settlement with federal prosecutors. White House Press Secretary Karoline Leavitt called the case “a politically motivated overreach by the Biden administration,” insisting the pardon was meant to correct an injustice.

Critics argue the decision reflects Trump’s growing financial ties to the crypto industry, citing his personal investments and recent push for a “national cryptocurrency reserve.”

Zhao thanked Trump on social media, saying he was “deeply grateful” for the decision and eager to “continue supporting innovation responsibly.”

JPMorgan to let institutions borrow against Bitcoin, Ethereum holdings

JPMorgan Chase & Co. (NYSE:JPM) is preparing to let institutional clients borrow cash using Bitcoin and Ethereum as collateral.

Set to launch by the end of 2025, the initiative will allow clients to pledge crypto directly rather than through ETFs, using a third-party custodian to safeguard tokens. The pilot follows successful internal testing involving BlackRock’s iShares Bitcoin Trust earlier this year.

JPMorgan already accepts crypto-linked ETFs as loan collateral and integrates blockchain tools into its commercial lending network.

Polymarket confirms POLY Token launch after US$2B investment surge

Prediction platform Polymarket has confirmed plans to launch its long-awaited POLY token following a massive US$2 billion investment from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.

Speaking on the Degenz Live podcast, Chief Marketing Officer Matthew Modabber said both the token and airdrop are “officially in motion,” confirming rumors that have swirled for months.

Modabber emphasized that the launch will prioritize real utility and “long-term viability,” aligning with Polymarket’s push to relaunch its US app after receiving fresh regulatory clearance.