整理：Nona，Techub News
**TinTinLand
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Fear and Greed Index: 50 (Neutral)
Bitcoin Price: $115,880
BTC/ETH Spot ETF Fund Flow (9.11)
BTC Net Inflow: $186.58 M
ETH Net Inflow: $130.52 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (9.10)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 610.45 ETH
[]( DigiFT, Chainlink, and UBS Collaboration Proposal
The digital asset trading platform DigiFT, Chainlink, and UBS's collaboration project proposal has been approved by Hong Kong Cyberport and the Digital Asset Pilot Funding Scheme. The specific workflow is as follows: UBS Tokenize deploys and configures tokenized product contracts, Chainlink builds the DTA framework, and DigiFT connects to regulated distributor smart contracts.
Director of the Financial Research Institute at Hong Kong University of Science and Technology, Tang Bo, and Eva Meng, head of Matrixport's RWA tokenization platform Matrixdock, co-authored the research report "Gold Tokens in the New Financial Paradigm: Reconstructing the Underlying Assets of the Global Value Network." They deeply analyzed how gold tokens can become key asset modules in the new financial system, starting from the efficiency development challenges faced by new finance. The report elaborates on the on-chain value and structural advantages of gold tokens, payment and trading scenarios, liquidity performance, and various real-world application scenarios, as well as the current trust architecture of gold tokens, compliance boundaries, and potential risks and challenges in the RWA tokenization track.
]( Selected Events in Hong Kong for September
We have specially compiled noteworthy events in the crypto field in Hong Kong for September, which will open a window to the future of Web3 for you.
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[]( Selected Events in Hong Kong for September
We have specially compiled noteworthy events in the crypto field in Hong Kong for September, which will open a window to the future of Web3 for you.
Even with the expected interest rate cuts by the Federal Reserve driving up assets like stocks and corporate bonds, the stock prices of cryptocurrency asset treasury companies continue to decline, and token prices are also on a downward trend.
David Duong, head of research at Coinbase, stated that the DAT market has entered the "PvP" stage, with high holdings of Bitcoin and Ethereum. Over 1 million Bitcoin-exclusive DAT has been held (approximately 5% of Bitcoin's circulating supply), while Ethereum-exclusive DAT holds about 4.9 million, valued at approximately $21.3 billion, accounting for over 4% of the circulating supply.
<h3 dir=)[
]( The market has entered the PvP stage, with high holdings of Bitcoin and Ethereum
David Duong, head of research at Coinbase, stated that the DAT market has entered the "PvP" stage, with high holdings of Bitcoin and Ethereum. Over 1 million Bitcoin-exclusive DAT has been held (approximately 5% of Bitcoin's circulating supply), while Ethereum-exclusive DAT holds about 4.9 million, valued at approximately $21.3 billion, accounting for over 4% of the circulating supply.
<h3 dir=)[]( The market has entered the PvP stage, with high holdings of Bitcoin and Ethereum
David Duong, head of research at Coinbase, stated that the DAT market has entered the "PvP" stage, with high holdings of Bitcoin and Ethereum. Over 1 million Bitcoin-exclusive DAT has been held (approximately 5% of Bitcoin's circulating supply), while Ethereum-exclusive DAT holds about 4.9 million, valued at approximately $21.3 billion, accounting for over 4% of the circulating supply.
<h3 dir=)[The Guangzhou Intermediate People's Court ruled that a contract for the sale of virtual currency mining machines operated by Chinese citizens overseas is invalid. In the case, both parties agreed to transport the mining machines to Mongolia for Bitcoin mining, but the court deemed this action involved financial security and ecological environment issues, constituting illegal financial activities that disrupt China's financial order, and thus applied Chinese law to declare the contract invalid. The ruling emphasized that Chinese citizens involved in overseas virtual currency transactions are still subject to Chinese law.]( Invalid Sale Contract<p class=)
[]( Invalid Sale Contract<p class=)[Evgeny Morozov, a member of the Russian Social Chamber, suggested establishing a national-level crypto bank, following the example of Belarus. He stated that this would help bring shadow settlements worth hundreds of billions of rubles into the legal framework, increase federal budget revenue, and combat remote fraud and crime financing. At the same time, the crypto bank could provide compliant channels for Russian miners to sell their mining proceeds. Currently, Belarus has established crypto exchanges and brokers in its high-tech park to achieve the decriminalization of digital currencies and tax revenue growth.
](<p class=)
[](<p class=)[A Texas court in the United States rejected Nathan Fuller's bankruptcy application, who admitted to operating a cryptocurrency Ponzi scheme through Privvy Investments LLC, involving over $1.25 billion. The court found that Fuller concealed assets, forged records, and used investor funds for luxury goods, gambling trips, and purchasing nearly $1 million in property for his ex-wife. The U.S. Department of Justice emphasized that bankruptcy proceedings will not serve as a "safe haven" for crypto fraudsters. Although blockchain technology can trace the flow of funds, legal experts point out that investors are likely to recover only a portion of their funds, especially when assets have been misappropriated or transferred overseas.
]( $1.25 Billion Bankruptcy Application<p class=)
[Cyprus shipping company Robin Energy (NASDAQ: RBNE), listed in the U.S., has completed its board-approved initial $5 million Bitcoin allocation through Anchorage Digital Bank N.A. as part of the company's newly adopted treasury framework. The company stated it will continue to monitor market dynamics and may adjust the Bitcoin allocation ratio based on market conditions and operational efficiency.
]( Robin Energy Completes $5 Million Bitcoin Allocation<p=)
[]( Robin Energy Completes $5 Million Bitcoin Allocation<p class=)[During the 2025 Inclusion Beach Conference, Ant Group CEO Han Xinyi stated that in exploring token economics, the exploration of the value of token economics and risk prevention should be placed on an equal footing. He emphasized, "Compliance is the lifeline of innovation." From the beginning of exploration, Ant Group has clearly defined boundaries: resolutely not issuing "virtual currencies," not participating in any form of speculation; focusing on technological infrastructure, serving the industry rather than disrupting it; striving to create new value rather than competing for the old cake. "Today, our understanding of both value and risk may still be far from sufficient, and we need to continuously explore and research in the long term; stability and sustainability are much more important than simply seeking speed and novelty."
]( CEO Han Xinyi: Resolutely Not Issuing "Virtual Currencies," Not Participating in Any Form of Speculation<p class=)
[]( CEO Han Xinyi: Resolutely Not Issuing "Virtual Currencies," Not Participating in Any Form of Speculation<p class=)[The Avalanche Foundation is planning to raise approximately $1 billion by establishing two crypto treasury companies in the U.S. The foundation has engaged in in-depth discussions with investors about establishing a new crypto treasury company and transforming an existing NASDAQ-listed company into a treasury company. The raised funds will be used to purchase a large amount of AVAX tokens from the Avalanche Foundation at a discounted price. The first project, led by Hivemind Capital, aims to raise up to $500 million from NASDAQ-listed companies, with crypto investor and former White House press secretary Anthony Scaramucci serving as an advisor; the second project is initiated by Dragonfly Capital's SPAC, also targeting $500 million.
]( Foundation Establishes Crypto Treasury Company and Plans to Raise $1 Billion<p class=)
[]( Foundation Establishes Crypto Treasury Company and Plans to Raise $1 Billion<p class=)[JPMorgan analysts pointed out that last week the S&P 500 Index Committee rejected the inclusion of Strategy (formerly MicroStrategy) in the index, despite its technical indicators meeting the criteria. This move is seen as a blow to the "Bitcoin treasury model." The report stated that the committee has discretion in selecting index constituents, showing a cautious attitude towards companies that reconstruct their balance sheets with large Bitcoin holdings. In Hong Kong, the Monetary Authority released a consultation draft on "Classification of Crypto Assets," proposing to categorize crypto assets into two major categories and four subgroups, with Group 1a consisting of tokenized traditional assets, Group 1b consisting of stablecoins with sufficient stabilization mechanisms, and Group 2 covering unbacked assets such as Bitcoin and Ethereum. This aims to implement the Basel Committee's new regulations for 2026, providing a clear framework for bank capital requirements. U.S. regulation is also shifting. SEC Chairman Paul Atkins announced the launch of Project Crypto at the OECD roundtable, which will provide predictable rules for on-chain financing, emphasizing that "most tokens are not securities," and allowing trading, lending, and staking activities under a unified framework.
]( Strategy's Inclusion in the S&P is a Blow to the Bitcoin Treasury Model<p class=)
[]( Strategy's Inclusion in the S&P is a Blow to the Bitcoin Treasury Model<p class=)[According to FTX creditor representative Sunil, Three Arrows Capital has submitted a subpoena notice, requesting the summons of SBF, Ryne Salame, and Caroline Ellison. SBF's statement will be heard on October 14, 2025, Hong Kong time. Zhu Su stated that SBF illegally liquidated their $1.5 billion position, while Ryne Salame traded customer positions using insider information, cashing out $1 billion.
]( $1.5 Billion Position<p class=)
[However, at such a sensitive moment when "preparing to automate and institutionalize governance," governance has been put on hold. The direct manifestation of the event is that some governance leaders (multiple key personnel mentioned in reports) have proposed resignations, and community representatives announced on social media that governance will be paused. Although several existing voting issues remain online, it has become unclear who will push for execution.
]( Behind the DAO Standstill: The Real Dilemma of Decentralized Governance<p class=)
[]( Behind the DAO Standstill: The Real Dilemma of Decentralized Governance<p class=)[In Latin America, due to long-term issues of inflation, currency fluctuations, and limited access to traditional banking services, millions have turned to cryptocurrencies/stablecoins out of necessity rather than speculation.
Perspective
](<p class=)
[](
The author believes that the two-week consolidation pattern in the cryptocurrency market may soon come to an end, with tokens like SOL, DOGE, and XRP potentially taking over from Bitcoin and Ethereum as the main drivers of recent market rallies. As for whether the long-awaited "altcoin season" will truly arrive, it remains uncertain at this time.
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