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## Executive Summary An unidentified VIRTUAL investor transferred 7.958 million VIRTUAL tokens, valued at $13.45 million, to **Teneo**, a firm known for liquidating crypto assets, potentially influencing market dynamics for the digital asset. ## The Event in Detail On-chain analysis by Yu Jin indicates that an institutional address (0x0d3...5fa2) transferred 7,958,000 **VIRTUAL** tokens, equivalent to **$13.45 million**, to **Teneo** approximately eight hours prior to reporting. This address had initially acquired 26,420,000 **VIRTUAL** through investments in December 2023. Following this recent transaction, the address has now liquidated its entire **VIRTUAL** holdings, which were offloaded at an average price of **$1.54**, amounting to a total of **$40.83 million**. While some platforms, including **Arkham** and **Nansen**, had previously associated this address with **DeFiance Capital**, the CEO of **DeFiance Capital** has publicly refuted this labeling. ## Teneo's Role in Crypto Asset Liquidation **Teneo** serves as the joint liquidator for **Three Arrows Capital (3AC)**, a bankrupt crypto hedge fund that owed creditors **$3.3 billion**. Appointed after **3AC** filed for bankruptcy in the British Virgin Islands, **Teneo**'s mandate includes managing the sale and liquidation of **3AC**'s remaining assets, which encompass various tokens and equity stakes in crypto start-ups. Their operational strategy prioritizes securing assets, pursuing recoveries from founders like Zhu Su and Kyle Davies, and fulfilling obligations to creditors. ## Financial Mechanics and Precedent In its capacity as a liquidator, **Teneo** has demonstrated a systematic approach to asset disposition, aiming to avoid abrupt market destabilization. This strategy is exemplified by its handling of **WLD** tokens. **Teneo** has executed substantial **WLD** sales, including a recent transfer of 2.25 million **WLD** tokens valued at approximately **$2.88 million** to exchanges such as **Binance**, **OKX**, and **Bybit**. Despite these sales, **Teneo** continues to hold a significant reserve of **WLD**, estimated at 52.47 million tokens with a current valuation of around **$92 million**. This measured approach suggests a cautious management of large asset sales to minimize adverse price impact. ## Market Implications and VIRTUAL Tokenomics The transfer of a substantial quantity of **VIRTUAL** tokens to **Teneo** introduces the potential for increased selling pressure on the asset. Given **Teneo**'s established strategy of converting crypto assets into funds for distribution to creditors, it is probable that these **VIRTUAL** tokens will be gradually sold on the open market. This could lead to price fluctuations for **VIRTUAL**. Separately, the **VIRTUAL** tokenomics include a proposal for performance-based ecosystem funding for **Virgen Labs**. This proposal involves allocating 2% of the **VIRTUAL** token supply (20 million tokens) to **Virgen Labs** if the token reaches price milestones of **$10**, **$20**, and **$40**, totaling 6% (60 million tokens) if all goals are met. This mechanism introduces potential supply changes at higher price points, distinct from **Teneo**'s current liquidation activities. ## Broader Context This event underscores the growing influence of institutional liquidators in the cryptocurrency market. As more crypto entities encounter financial distress, firms like **Teneo** play a critical role in managing and divesting large asset holdings. Their methodologies, which prioritize avoiding market crashes through strategic, measured sales, are crucial for maintaining a degree of stability in the volatile digital asset ecosystem. Such activities reflect an evolving institutional infrastructure around distressed crypto assets, impacting overall market liquidity and investor sentiment in the Web3 space.

## The Event in Detail The cryptocurrency market exhibited varied performance, with significant price movements among its top 100 digital assets. The **TRUMP** token recorded a 12.58% increase over a 24-hour period, contributing to a 16% gain over the past seven days. This surge is observed concurrently with the pardon of **Changpeng Zhao (CZ)**, former CEO of Binance, who had been convicted for anti-money laundering law violations and received a multi-month sentence and a $4.3 billion penalty. Trading volumes for the **TRUMP** token increased by 170% in 24 hours, with volumes reaching 150% of the asset's circulating market capitalization, indicating substantial trading activity around the $8 resistance level. Conversely, **ASTER** experienced an 8.44% decrease in value within 24 hours. **Pi Network (PI)** demonstrated an upward trend, rising by 10.93% to a price of $0.2778 as of October 29, 2025. Other notable gainers included **Aerodrome Finance** (11.31%) and **Official Trump**, while **WEMIX Token** (-13.17%) and **Merlin Chain** (-7.33%) were among the top losers. ## Market Implications The broader cryptocurrency sector generally experienced a retracement, with the Layer 2 sector leading declines by over 4%. The CeFi sector decreased by 0.35%, and the PayFi sector fell by 0.86%. This market behavior suggests heightened volatility and sector-specific trends. While certain tokens like **ULTIMA** showed resilience with a 5.36% increase in the PayFi sector, others like **ASTER** faced significant downward pressure. The Layer1 sector declined by 1.33%, yet **Hedera (HBAR)** notably increased by 6.05%. This increase in **HBAR** is potentially influenced by market expectations surrounding its spot ETF listing on Nasdaq, anticipated for Tuesday. Such anticipatory movements highlight the impact of regulatory and traditional finance integration prospects on individual token performance. ## Broader Context The rally of the **TRUMP** token following the CZ pardon illustrates the influence of high-profile events, even those indirectly related, on specific segments of the crypto market, particularly meme coins. The substantial increase in trading volume suggests a speculative response to news cycles. The varied performance across different cryptocurrency sectors—Layer 2, CeFi, PayFi, and Layer1—underscores the divergent forces at play within the digital asset ecosystem. While some tokens benefit from specific catalysts like potential ETF listings, others are subject to broader market retracements and shifts in investor sentiment. This dynamic environment necessitates granular analysis beyond overall market capitalization movements.

## Executive Summary Virtuals Protocol ecosystem tokens, including VIRTUAL, GAME, VADER, and LUNA, have experienced significant price appreciation, with VIRTUAL rising 17.19% in the past 24 hours amid broader market gains. This surge reflects increased investor interest in the decentralized AI platform. ## The Event in Detail Over the past 24 hours, **Virtuals Protocol** ecosystem tokens recorded notable price increases. **VIRTUAL**, the native utility and governance token of the protocol, ascended by 17.19%, reaching a trading price of 0.9 USDT. Its circulating supply stands at 655.79 million tokens, with a 24-hour trading volume recorded at $198.75 million USD. The total supply of VIRTUAL is capped at 1 billion tokens. Other associated tokens also exhibited strong performance. **GAME** increased by 35.92%. **VADER** saw a 19.56% rise, trading at $0.01029 with a 24-hour volume of $395,753. VADER's market capitalization is approximately $10.31 million, supported by a circulating supply of 1 billion tokens. **LUNA**, another Virtuals Protocol ecosystem token, registered a 12.93% gain. Separately, **Terra (LUNA)** trades at $0.099707 per LUNA/USD with a market cap of $70.79 million USD and a 24-hour trading volume of $12.89 million USD. ## Market Implications The price surges within the Virtuals Protocol ecosystem are significantly tied to its underlying business strategy, particularly its focus on **decentralized AI platforms** and **AI agents**. The protocol is strategically positioned to capitalize on the increasing integration of AI technology into daily life, anticipating a rising demand for decentralized AI solutions. Notably, some of the top AI agents within the Virtuals Protocol network, such as **Prefrontal Cortex Convo Agent** and an agent named **Luna**, are already valued at over $100 million. This demonstrates the tangible value proposition of the platform's AI ecosystem. For **LUNA**, while part of the Virtuals Protocol ecosystem, broader market analysis for **LUNA Classic (LUNC)** suggests several factors that could drive future appreciation. These include a supply reduction through burning mechanisms, expansion within the Decentralized Finance (DeFi) ecosystem, sustained support from its active community, increasing institutional investor interest, and a potential general rebound in the cryptocurrency market. These factors provide a strategic context for similar tokens in the market. ## Broader Context The overall cryptocurrency market has shown a positive trend, reinforcing the gains observed in Virtuals Protocol tokens. The total cryptocurrency market capitalization increased from $3.70 trillion to $3.72 trillion in the past 24 hours, marking a 0.53% change. Concurrently, the total crypto trading volume also rose by 0.53%. **Bitcoin** is trading at $111,227, having achieved a 2.09% gain in the last 24 hours, and commands a market capitalization of $2.22 trillion. **Ethereum**, the second-largest cryptocurrency by market cap, is priced at $3,976.41, with a market capitalization of $479.95 billion, following a 3.30% increase in the same period. This buoyant market sentiment provides a favorable environment for targeted ecosystem rallies such as that observed with Virtuals Protocol assets.

## Executive Summary Valour, a subsidiary of **Nasdaq**-listed **DeFi Technologies**, has launched 13 new crypto Exchange Traded Products (ETPs) on the regulated **Spotlight Stock Market** in Sweden. This initiative includes the introduction of Europe's first **IOTA ETP**, designed to facilitate regulated investment in digital assets through traditional brokerage platforms. The newly launched ETPs encompass a diverse range of assets, including **IOTA**, **PEPE**, **Flare**, **Optimism**, **Immutable**, **Quant**, **The Graph**, **Floki**, **Theta**, **Hyperliquid**, **Virtuals**, **Story**, and **Four**. This expansion increases **Valour's** total ETP portfolio to 99, consolidating its position as a prominent provider of digital asset ETPs across multiple European countries. ## The Event in Detail On September 24, 2025, **DeFi Technologies Inc.** (Nasdaq: DEFT), through its subsidiaries **Valour Inc.** and **Valour Digital Securities Limited**, announced the launch of 13 new SEK-denominated ETPs on **Sweden's Spotlight Stock Market**. The newly introduced ETPs provide exposure to various digital assets, specifically: **Valour PEPE (PEPE) SEK ETP** (ISIN CH1108681615), **Valour Flare (FLR) SEK ETP** (ISIN CH1108681656), **Valour Virtuals (VIRTUAL) SEK ETP** (ISIN CH1108681664), **Valour Optimism (OP) SEK ETP** (ISIN CH1108681672), **Valour Story (IP) SEK ETP** (ISIN CH1108681680), **Valour Immutable (IMX) SEK ETP** (ISIN CH1108681698), **Valour Quant (QNT) SEK ETP** (ISIN CH1108681706), **Valour The Graph (GRT) SEK ETP** (ISIN CH1108681714), **Valour Floki (FLOKI) SEK ETP** (ISIN CH1108681722), **Valour Theta (THETA) SEK ETP** (ISIN CH1108681730), **Valour Four (FORM) SEK ETP** (ISIN CH1108681748), **Valour IOTA (IOTA) SEK ETP** (ISIN CH1108681755), and **Valour Hyperliquid (HYPE) SEK ETP** (ISIN CH1108681532). This strategic addition expands **Valour's** total number of listed ETPs to 99, which are traded across major European exchanges including **Spotlight Stock Market (Sweden)**, **Börse Frankfurt (Germany)**, **SIX Swiss Exchange (Switzerland)**, **London Stock Exchange (England)**, and **Euronext (Paris and Amsterdam)**. ## Financial Mechanics Each of the newly launched **SEK-denominated** ETPs is structured to provide regulated, exchange-traded exposure to its underlying digital asset. Investors can access these products through standard brokerage platforms, thereby integrating digital asset investment within traditional financial frameworks. A **1.9% management fee** is applied to each ETP. This mechanism allows traditional financial market participants to gain exposure to the price movements of cryptocurrencies without directly holding the underlying digital assets, simplifying investment processes and addressing custodial concerns for institutional investors. ## Business Strategy & Market Positioning This expansion reinforces **Valour's** strategic objective to maintain its position as a leading global provider of digital asset ETPs, boasting the largest selection worldwide. The new listings are specifically targeted at **Nordic investors**, aiming to provide enhanced access to a diversified portfolio of digital assets. The product offering spans key sectors of the digital asset ecosystem, including Layer 1 and Layer 2 networks, modular data availability solutions, tokenization infrastructure, gaming and creator ecosystems, and high-engagement community tokens. This broad approach aligns with a market trend where investor preferences are evolving beyond established cryptocurrencies. Johanna Belitz, Head of Nordics at **Valour**, stated, "The Nordic market values breadth, clarity, and compliance. This launch delivers all three and marks an important milestone for our investors. We're proud to further bolster Valour's position as the issuer with the largest selection of digital asset ETPs globally." Nadine Kenzelmann, Managing Director at **Valour**, added, "This expansion showcases Valour's scale and execution. We will continue to broaden access while maintaining institutional standards in risk management, operations, and market quality." This proactive diversification positions **Valour** to capture emerging interest in a wider array of digital assets. ## Broader Market Implications The launch of these 13 new ETPs by **Valour** signifies a continued advancement in the institutional integration of digital assets into traditional financial markets across Europe. This move is anticipated to enhance liquidity for the underlying tokens, potentially fostering price stability and increased trading volumes due to broader investor accessibility. By offering regulated products on established exchanges, **Valour** lowers the barrier to entry for both institutional and retail investors seeking compliant exposure to the digital asset space. This development reflects a maturing digital asset ecosystem and a response to growing demand for regulated investment vehicles. The diversification across various asset categories, from fundamental Layer 1 protocols like **IOTA** to community tokens like **PEPE**, indicates a wider acceptance and understanding of the varied functionalities and market segments within the digital asset landscape.
Virtuals Protocol (VIRTUAL) current price is $1.48, down 9.1% today.
Virtuals Protocol (VIRTUAL) daily trading volume is $44.4M
Virtuals Protocol (VIRTUAL) current market cap is $978.6M
Virtuals Protocol (VIRTUAL) current circulating supply is 656.0M
Virtuals Protocol (VIRTUAL) fully diluted market cap (FDV) is $1.4B
Virtuals Protocol (VIRTUAL) is founded by Jansen Teng