The Supreme Court and Tariffs

Find out our latest reports, listed below:

• Bybit x Block Scholes Quarterly Report: Rise of Perp DEXs — and how to catch the opportunity

• How did options markets react to the crypto selloff?

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• Metaplanet Is Selling Vol, Who Is Next?

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• Bybit x Block Scholes August Volatility Review

Market Snapshot: Overnight Moves:

Daily Updates:

• After Tuesday’s selloff in risky assets, US stock buyers bought the dip allowing the S&P 500 to bounce 0.37% in yesterday’s trading. 
• That move also coincided with a modest recovery in BTC which rose as much as $104K and now trades at $103K. ETH jumped from $3,200 to upwards of $3,400, and all of the top 10 cryptocurrencies by market cap are trading green over the past 24 hours. 
• US treasuries on the other hand slipped, with the 10-year treasury yields rising more than 5bps to 4.16%. The demand for government bond havens and the modest return back to risk sentiment was in part driven by a number of macro data releases, indicating the US economy is still solid, and by comments from President Trump.

• Speaking at breakfast with Republican senators, Trump said that “We must get the government back open soon, and really immediately. We have to get it up”. The federal shutdown has now lasted 36 days — officially becoming the longest closure in American history, surpassing the previous record of 35 days during Trump’s first presidential term. 
• He also said “We have the hottest economy we've ever had, and it's affecting the stock market now a little bit. But the stock market as of Friday, has hit many record highs during the last nine months, many. And, it will again.”  

• According to the ISM Services Index, services activity grew at its fastest pace in eight months, driven by an increase in the growth of new orders.
• The Services Index rose from 50 in September to 52.4 in October, with readings above 50 indicating an expansion in the US services sector. 
• The rebound in the demand for services was accompanied by an increase in the Prices-Paid Index which increased to a three-year high of 70. 
• According to the chair of the ISM Services Business Survey Committee Steve Miller, “Respondents continued to mention the impact of tariffs on prices paid … There was no indication of widespread layoffs or reductions in force, but the federal government shutdown was mentioned several times as impacting business activity and generating concerns for future layoffs.”

• Additionally, ADP data showed an increase in private-sector payrolls by 42,000 in October, exceeding the median expectation of 30,000 and marking a departure from the past two months of payroll declines. 
• Nela Richardson, Chief Economist at ADP, said that “Hiring was modest relative to what we reported earlier this year … Meanwhile, pay growth has been largely flat for more than a year, indicating that shifts in supply and demand are balanced.”

• Following the ADP release, Fed Governor Stephen Miran said the report was “a welcome surprise” that shows “modest potential overall job creation”. 
• However he warned that we “continue to see indications that labour demand may not be as strong as we’d like it to be from a cyclical perspective” which “is an indication that rates could be a little bit lower than where they are now”. 

• Yesterday the US Supreme Court heard arguments about whether President Trump had overstepped his constitutional authority when he invoked an emergency-powers law to announce his Liberation Day tariffs back in April this year.
• During the session, which lasted more than 2.5 hours, three members of the court’s conservative majority questioned Trump’s use of the 1977 International Emergency Economic Powers Act. 
• Chief Justice John Roberts said the tariffs were an “imposition of taxes on Americans and that has always been the core power of Congress.” 
• On the other hand, Justice Brett Kavanaugh argued that the notion of Trump’s tariffs being “unprecedented” is not exactly true, citing the case of Richard Nixon in the 1970s who imposed “a 10% worldwide tax on every import” into the US. 

• SBI Digital Markets (SBIDM), the digital asset division of Japan’s SBI Group, has announced a partnership with oracle provider Chainlink, which will see SBIDM adopt Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for its digital asset platform. 

• On-chain data shows that Bitmine has acquired an additional 20,205 ETH, valued at approximately $69.8M. This purchase builds on its previous update from November 3, 2025, when the firm reported holding 3.4M ETH, equivalent to about 2.8% of the total token supply.

• Ripple, founder of XRP and RLUSD, has raised $500M in a strategic funding round valuing the company at $40B. The round was led by funds managed by affiliates of Fortress Investment Group, Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.
• The investment comes as Ripple’s has had its most successful year to date and follows its recent $1B proposal to purchase shares directly from shareholders at the same valuation.

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