The Cardano Foundation opposed a separate European Union regulatory approach targeting decentralised finance and staking. In a submission to the European Commission, it argued that existing financial laws should be applied based on the function and risks of activities, rather than the underlying technology. It said regulators should distinguish direct participation in decentralised networks from intermediary financial services that hold or control users’ assets, and warned that overlapping rules and differing national interpretations could increase uncertainty for crypto firms.

Bitcoin short-term whales\' unrealised gains fell 53 percent over the past month, data showed. On-chain analyst Axel Adler Jr said the mark-to-market profit of short-term large holders declined to $4.6 billion on Oct. 20 from $9.8 billion on Sept. 22. Exchange inflows also rose, with whales moving 10,605 BTC to exchanges on Oct. 20, the largest since Oct. 8. Adler called the combination a “moderately negative” signal.