as mining companies preparing to release their third quarter financial reports to the public, the latest data from September shows a significant reshuffling of the Bitcoin mining leaderboard over the past year. The rankings, once dominated by a few clear leaders, now show a new wave of medium-sized mining companies rapidly approaching the top after a year of active expansion.

 US President Donald Trump officially pardoned Binance founder Changpeng Zhao on Thursday. This decision caused a huge uproar at a sensitive moment when the federal government was shut down, with Democrats pointing directly to this move as "rewarding criminal behavior with pardons," allegedly exchanging public power for huge funds flowing into Trump's personal cryptocurrency business.

Matrixport released a market view stating that "the recent price trend of Bitcoin shows that the market is transitioning from a bull market phase to a consolidation phase. Although the macro environment remains supportive, including the continued easing policy of the Federal Reserve and a relatively stable overall liquidity environment, multiple technical and structural indicators show short-term fatigue. Bitcoin has fallen below its 21-week moving average for two consecutive weeks, and this moving average has always been seen as a reliable dividing line between bull and bear phases. At the same time, on-chain liquidity growth has slowed, and realized market value indicators also show a weakening inflow of funds. The flash crash on October 11 highlighted these vulnerabilities - billions of dollars in forced liquidations triggered a chain reaction in the market. The size of open Bitcoin contracts has decreased, long-term holders have started to take profits, and volatility remains low. The interaction of a stronger dollar, declining bond yields, and weak labor market data suggests that global growth momentum may slow down, which could lead to range-bound volatility for risk assets, including Bitcoin, until market confidence is restored.

according to the official announcement, Binance Alpha is the first platform to go live on the Orochi Network (ON), and Alpha trading will start on October 24, 2025 at 16:00 (UTC+8).

on-chain data shows that BlackRock's tokenized fund BUIDL deposited about $500 million in a single transaction on the Polygon network.

7:00-12:00 Keywords: US CPI, gold, CZ pardon

```

 Sandeep Nailwal, co-founder of Polygon, stated on X platform that the BUIDL Fund from BlackRock invested $500 million in Polygon at once.

 according to Ember monitoring, the suspected Bitfinex address mortgaged 300,000 ETH on Aave (about $1.17 billion) to borrow 500 million USDT and transfer it out, and the funds may be used to participate in the Stable pre-deposit activity.

on the morning of October 24th, Bitcoin browser data showed that block 920472 of Bitcoin was successfully mined by a miner named Tether/Est3lar, receiving a reward of approximately 3.13 BTC. The output label on Coinbase shows "ckpool / mined by Tether/Est3lar". Earlier on October 20th, Tether/Est3lar had mined block 919923. The same payment address had previously mined on F2Pool, with a hashrate of around several hundred PH/s. According to public information, ckpool is a standalone mining software that allows miners to mine individually without running a node, enabling them to operate independently and have the chance to directly win all block rewards.