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· THE ROYAL BRIEFING

Liquid restores Bitcoin backing. The exit route still matters.

Liquid reports full Bitcoin backing again, but holders still need to distinguish swaps from direct Federation withdrawals. Crypto.com sets a Hong Kong app closure date, while Ethereum publishes a public-sector resource hub.

Bumpy squeezes through a small SWAPS hatch beside a closed PEG-OUT door and a full Bitcoin reserve. An olive-brown, orange-bellied newt holds the hatch open.
Editorial illustration · 3 November 2026
THE ROYAL DECREE · OPINION
His Dampness has located the exit. His cape is making separate arrangements.
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