Good Morning from Cumberland APAC! BTC is currently in the process of making new highs, touching $37,900, which was the high from last week, and this seems to be driven by buy-side TWAPs coming through during the US session. BTC is actually not the main story here, however. SOL has rallied 25% on the week, extending its rally since Oct 1st to +190%, but even that’s not the main story this week. The market has begun to accept and expect volatility in Solana, but it’s been treating it as isolated.

The most interesting move this week is the +27% move on AVAX, which is now up 104% since the start of October. At Singapore Fintech Festival, JP Morgan and Apollo rolled out developments on Onyx, under the MAS’ Project Guardian. This program is...