1. Popular CEX currencies

Top 10 CEX trading volume and 24-hour price changes:

• BTC: +0.06%
• ETH: -0.12%
• XPL: +35.54%
• BNB: +0.87%
• DOGE: -0.66%
• SOL: -0.58%
• ALPINE: +35.2%
• XRP: 0.89%
• MIRA: -15.84%
• AVNT: -10.5%

24-hour price increase list (data source: OKX):

• XPL: +9.15%
• CFG: +8.71%
• EIGEN: +6.03%
• OM: +5.61%
• SWFTC: +5.18%
• ICE: +4.59%
• AIDOGE: +2.9%
• PSTAKE: +2.9%
• ETHFI: +2.63%
• KAITO: +2.6%

24-hour cryptocurrency stock price increase list (data source: MyStonks ):

• Mercurity Fintech Holding Inc. (MFH.M): +24.53%
• Mercurity Fintech Holding Inc. (MIGI.M): +17.64%
• Hyperion Defi, Inc (HYPD.M): +112.88%
• 180 Life Sciences Corp. (ETHZ.M): +10.73%
• Tesla 2x Long ETF (TSLL.M): +7.82%
• Treasure Global Inc. (TGL.M): +7.41%
• Hims & Hers Health, Inc. (HIMS.M): +6.25%
• Riot Platforms, Inc. (RIOT.M): +5.73%
• GameStop (GME.M): +5.07%
• Tidal Trust II Defiance Daily Target 2 x Long MSTR ETF (MSTX.M): 4.94%

2. Top 5 popular memes on the chain (data source: GMGN ):

• WURK
• Real
• NYX
• ai69x
• ETF500

Headlines

August core PCE data supports gradual easing, and the Fed's rate cut pace will remain unchanged

CNBC commented that U.S. core PCE inflation remained largely stable in August, likely supporting the Federal Reserve's previously planned pace of interest rate cuts. The U.S. Commerce Department reported Friday that the PCE price index rose 0.3% month-over-month in August, bringing the overall annualized rate to 2.7%. The more closely watched core PCE price index, excluding food and energy, rose 0.2% month-over-month, bringing the annualized rate to 2.9%. Although the Fed's inflation target is 2%, these figures are unlikely to change policymakers' course, having indicated last week that they expected two more 25 basis point rate cuts before the end of the year.

VanEck to meet with SEC Crypto Task Force to discuss ETF tokenization and staking risks

According to Nate Geraci, President of The ETF Store, VanEck, a top-10 ETF issuer, held a meeting today with the U.S. Securities and Exchange Commission (SEC) Crypto Task Force. The agenda included:

1. Discuss the applicability of the newly proposed universal listing standards for commodity and crypto ETFs to liquid staking tokens;
2. Study the liquidity risk policies and procedures for pledge products;
3. Explore the tokenization of private and registered funds, especially the impact of ETF tokenization and the role of issuers;
4. Reviewing VanEck’s global tokenization exploration;
5. Involving decentralized finance and crypto asset regulation, including compliance issues of security tokens and ICOs;
6. Consider potential amendments to the Investment Advisers Act’s custody rules, such as the use of multi-party computing (MPC) software for secure custody of digital assets.

Industry News

Kraken may introduce new strategic investors with a valuation of $20 billion and plans to raise $200-300 million

Cryptocurrency exchange Kraken is in talks for a pre-IPO funding round that could value it at $20 billion.

Bloomberg quoted anonymous sources as saying: "The financing plan has not been finalized and is still subject to market conditions. It will be funded by a strategic investor of $200 million to $300 million."

SoftBank and ARK in talks to participate in Tether's major funding round

SoftBank and ARK are in talks to participate in Tether's major funding round, according to Bloomberg. Tether, the world's largest stablecoin issuer, is seeking to raise up to $20 billion at a $500 billion valuation, a deal that could make Tether one of the world's most valuable private companies, putting it on par with OpenAI and SpaceX.

Tether is looking to raise $15 billion to $20 billion in a private placement, representing about 3% of the company, and negotiations are in the early stages.

Project News

Hyperdrive suffers contract vulnerability attack, potentially costing $700,000

According to crypto influencer @CryptoNyaRu, Hyperdrive, a DeFi protocol within the Hyperliquid ecosystem, was attacked. The attack occurred because a user set the Router as the Operator during a lending process. However, the Router can call any whitelisted contract, and the Market contract is also on the whitelist. This allowed a third-party address to manipulate the user's positions through the Router. The relevant contract addresses are Router (0x8D9e...) and Market (0xa522...). Exploitable transactions have already occurred, posing a risk to user asset security.

Gavin Wood proposed that Polkadot's native stablecoin PUSD has entered the proposal discussion stage

Gavin Wood's proposed Polkadot native stablecoin PUSD has entered the proposal discussion stage. It is reported that his basic idea is that block producer rewards do not need to be issued in DOT, which is highly volatile, but can be issued in stablecoins. Therefore, the Polkadot protocol itself (most likely on the Asset Hub) will issue a new stablecoin named PUSD. This stablecoin will only be collateralized by DOT. The mechanism is similar to the HOLLAR stablecoin. Users can borrow PUSD by pledging DOT.

Aster's fee revenue surpassed Circle's in the past 7 days, with cumulative fee revenue exceeding $100 million.

Defillama data shows that Aster's fee revenue reached US$56.3 million in the past seven days, which is about 2.6 times that of Hyperliquid's fee revenue ($21.75 million). It has now surpassed Circle ($54 million) and is currently ranked second in protocol revenue, second only to Tether ($153.95 million).

Additionally, Aster's cumulative fee revenue has now surpassed $100 million, currently standing at $110.5 million.

Lido's proposal on LDO repurchase currently has a 100% support rate, and the deadline is September 30th

The Snapshot page shows that Lido has launched a modular system proposal NEST for using stETH to repurchase LDO from the treasury. Voting is currently underway, with 100% support and a deadline of September 30. The first practical version of the proposal is expected to go live in December 2025, paving the way for future repurchase mechanisms.

WLFI will begin its buyback program this week

World Liberty Financial (WLFI) announced in a post on X that it will begin implementing a buyback program this week using liquidity fee revenue. All buybacks and burns will be publicly and transparently announced after implementation. Previously, WLFI had approved a proposal to use all fees generated by the protocol's own liquidity to repurchase WLFI tokens in the market and permanently burn them.

Investment and Financing

Bitcoin treasury company POP Culture plans to raise $6 million through a rights issue

POP Culture, a Nasdaq-listed Bitcoin treasury company, announced that it plans to sell 5,000,000 Class A common shares at a price of $1.20 per share, with an estimated fundraising amount of $6 million. The rights issue is expected to be completed around September 29, 2025, subject to customary closing conditions. The company has previously purchased 300 Bitcoins and plans to expand the size of its Bitcoin treasury to 1,000.

Theta Capital plans to raise $200 million for a new blockchain fund of funds

According to Bloomberg, crypto investment firm Theta Capital Management plans to raise $200 million for a new blockchain fund of funds. The newly established fund, called Theta Blockchain Ventures V, will invest in 10 to 15 venture capital firms focused on digital assets, with a target net internal rate of return of 25%.

Regulatory trends

Hong Kong Monetary Authority Assistant Director: Hong Kong Government's third batch of tokenized bonds may be connected to CBDC subscription

Hui Wai-chi, Assistant Director (External Affairs) of the Hong Kong Monetary Authority, disclosed data that the Hong Kong Special Administrative Region Government has issued RMB, Hong Kong dollar, euro and US dollar bonds with a total value of approximately HK$386 billion since 2019 through the "Government Sustainable Bond Program" and the "Infrastructure Bond Program". Among them, two batches of tokenized green bonds were successfully issued in February 2023 and February 2024, with a scale of US$100 million and US$750 million respectively. The third batch of tokenized bonds issued by the Hong Kong Monetary Authority with the assistance of the Hong Kong government will not only tokenize the asset side, but also consider the implementation of tokenization on the capital side. Given that the tokenization of Hong Kong's capital side developed early and the most mature one is the central bank digital currency (CBDC), this batch of tokenized bonds will not only tokenize the asset side, but also consider the implementation of tokenization on the capital side. Given that the tokenization of Hong Kong's capital side developed early and the most mature one is the central bank digital currency (CBDC), the capital side of this batch of tokenized bonds may be connected to CBDC subscription.

Character Voice

Analyst: Options and derivatives may push Bitcoin's market value to $10 trillion

Market analyst James Van Straten points out that derivatives such as options contracts will drive Bitcoin's market capitalization to at least $10 trillion. He believes that derivatives will not only attract more institutional investors but also effectively mitigate the inherent volatility of the digital currency market. Van Straten cites the record-breaking open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) as an example of a significant shift in market structure.

He analyzed that this phenomenon is partly due to the widespread use of systematic volatility selling strategies (such as covered call options), reflecting the increasing liquidity and maturation of the Bitcoin derivatives market. He also pointed out that reduced volatility has a two-way impact: while it can alleviate the sharp declines common in the crypto market, it will also reduce the high-yield surges that investors are accustomed to.

OKX executive: The government's establishment of a strategic Bitcoin reserve may have a negative impact on Bitcoin and the US dollar

Haider Rafique, global managing partner of government and investor relations at crypto exchange OKX, stated that a government's establishment of a strategic Bitcoin reserve could negatively impact both Bitcoin and the US dollar. He believes that large government holdings of Bitcoin could manipulate prices through market sell-offs, undermining Bitcoin's core attributes of decentralization and neutrality. He cited the example of the German government's sale of 50,000 Bitcoins in 2024, which caused the price to remain below $60,000. He pointed out that government policies are volatile, and a new administration could overturn previous decisions, creating the risk of liquidation.

Rafique further pointed out that while Bitcoin supporters see national reserves as a key step toward establishing it as a global reserve currency, such a move could trigger widespread macroeconomic shocks. The most immediate impact would be to shake confidence in the US dollar, exposing the weakness of relying solely on economic strength to maintain a currency's value. Investors might sell dollars and shift to traditional safe-haven assets like gold or the Swiss franc, while simultaneously selling off riskier assets, triggering a chain reaction in financial markets and leading to significant market declines. He believes that national Bitcoin reserves not only affect the crypto market but also have the potential to trigger systemic risks in the transformation of the global financial system.

Galaxy Digital CEO: Fed's dovish policy will push Bitcoin price to $200,000

According to market news, Galaxy Digital CEO Novogratz said that the Federal Reserve's dovish policy will push the price of Bitcoin to $200,000 and help gold prices reach new highs.

Peter Schiff: Bitcoin's growth rate this year lags behind precious metals such as gold and silver, and it may have been in a long-term invisible bear market

Economist and cryptocurrency critic Peter Schiff published data on the X platform showing that BTC and ETH have lagged behind major precious metals in year-to-date gains: platinum is up 74%, silver is up 59%, palladium is up 44%, gold is up 43%, Ethereum is up 20%, and Bitcoin is up 16%. Peter Schiff also pointed out that Bitcoin has been in a long-term "hidden bear market," as its price, measured in gold, is currently 22% below its August 2025 high and 20% below its November 2021 high.