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🐳 Daily Edition: Treasury Funds Start Selling? MegaETH Launches ICO

🐳 Daily Edition: Treasury Funds Start Selling? MegaETH Launches ICO

The first ICO on Echo since Coinbase acquired the platform for $375M has gone live, and is almost 10x oversubscribed in the first 12 hours

Will McKinnon & Beluga
October 27, 2025

Once again a Sunday rally fell short to Monday price action, as Bitcoin tried to reach $117k last night before falling under $114k today. Interestingly this coincides with a 3% drop in the price of Gold to under $4,000 despite the broader stock market gaining on the day; given we saw BTC start to decouple from Gold’s price action last week, it seems the market hasn’t quite decided whether it should treat Bitcoin as digital Gold or a risk asset. Potentially responsible for some of the drop off in Ethereum today was news that Ethereum DAT ETHZilla had begun selling some of their ETH in order to buy back their own shares. With their stock price trading under NAV it mathematically makes sense to do this, but the optics of it are less than stellar. At the end of the day most of the draw of these DAT’s to potential investors comes down to marketing, which is why Tom Lee has been giving so many crazy price targets ($70k+) for Ethereum. It may sound wild to the average trader, but it gets people to pay attention and subsequently think about investing.

24 Hour Heatmap, Source: CoinMarketCap

Today marked the launch of the first ICO under Coinbase’s ownership on the Echo platform, MegaETH. To nobody’s surprise the sale went oversubscribed in the first 5 minutes, and now sits at almost half a billion in deposits in the first 12 hours. As they were expecting a high level of interest in the sale, the MegaETH team decided to apply a minimum allocation level rather than awarding wallets small amounts in favor of letting everyone participate. There is also an option to apply a 1 year vesting schedule to your allocation (if you’re a US resident, this is not optional), which is rumored to have an effect on your eventual allocation. Even if you don’t end up participating in the sale this is a good token to keep an eye on, especially as we have Monad’s TGE approaching quickly. Monad and MegaETH are the two highest profile launches of the year, yet this year has been filled with lackluster launches so far. Is this time really different?

And just like that, the entire Chinese crypto industry was silenced

BREAKING: Chinese influencers now required to hold university degree to discuss serious topics — or face a ¥100,000 fine.
— Polymarket (@Polymarket)
9:53 PM • Oct 27, 2025