Crypto markets saw a whirlwind of drama, from Binance compensating users hit by a token depeg to Ethereum’s rebound after a major sell-off, and new U.S. laws threatening to make mining gear even pricier.
Binance to Compensate Users Affected by USDE, BNSOL, and WBETH Depeg
Binance is stepping up after recent market chaos left users reeling. The exchange announced it will compensate all Futures, Margin, and Loan users impacted by the sudden depeg of USDE, BNSOL, and WBETH. The review found that affected traders saw losses between 21:36 and 22:16 UTC on October 10. Binance said reimbursements will hit users’ accounts automatically within 72 hours, calculated based on the difference between liquidation and market prices.
To avoid repeats, Binance is tightening its risk controls and adding new safeguards, including minimum price thresholds and more frequent reviews of token parameters. The platform urged users to trade responsibly, reminding everyone that volatility remains part of the crypto game.
The fallout wasn’t small over $3.6 billion in ETH derivatives were liquidated in just one day, and the long/short ratio dipped below 1. Traders scrambled to cut losses, sending Ethereum lower, though network activity showed long-term holders still adding to their stakes.
BlackRock Dumps $80M in ETH for Bitcoin as Ethereum Fights Back Above $3,800
Ethereum had a weekend to remember. The token slid to $3,500 after reports that BlackRock sold around $80 million worth of ETH, sparking massive liquidations and pushing prices down more than 14%. Bitcoin also slipped, though less dramatically, before markets started to recover.
By late Saturday, Ethereum made an impressive comeback, climbing above $3,800 as staking inflows surged by $114 million. On-chain data showed that while institutions were exiting through ETFs, retail and long-term holders were quietly buying back in.
Farside Investors reported $174 million in Ethereum ETF outflows on Friday, mostly from BlackRock, while its Bitcoin ETF attracted $74 million in new money. The rotation underlined a growing institutional preference for Bitcoin amid trade tensions and new U.S.-China tariffs that rattled global markets.
New AI Rules Could Push Mining Hardware Prices Even Higher
The U.S. government’s new proposal, the Guaranteeing Access and Innovation for National Artificial Intelligence (GAIN) Act of 2026, could spell more trouble for crypto miners. The law would force chipmakers to prioritize domestic buyers before exporting high-performance processors abroad effectively tightening the global supply of GPUs and mining rigs.
The move aims to protect U.S. access to critical computing resources, but it might backfire on the mining sector. Companies already face inflated costs from trade tariffs and supply bottlenecks. Firms like CleanSpark and IREN have reportedly paid millions in penalties tied to hardware origin disputes.
If passed as is, the GAIN Act could make U.S.-based miners less competitive than their overseas rivals who can source cheaper equipment. That would undercut Washington’s broader ambition to make the country a hub for crypto innovation just as global mining competition heats up again.
