Fear and Greed Index: 47 (Neutral)
Bitcoin Price: $114,448
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Inflow: $886.65 M
ETH Net Inflow: $556.92 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Redemption: 66.04 BTC
ETH Net Subscription: 915.29 ETH
[Zheng Yutong's grandson Zheng Zhigang has gradually stepped down from multiple family business positions since last year and has now announced the establishment of ALMAD Group (Shanghai Cooperation Development Holdings). This comprehensive enterprise group will focus on Web3 financial innovation, exploring investments in digital assets, tokenization of real-world assets (RWA), and researching the application of blockchain technology and immersive digital experiences across various industries. The founding background emphasizes that the group will integrate family capital with emerging technologies to build cross-industry bridges to introduce innovative asset classes and application scenarios.](ALMAD Group, Layout of Digital Assets and RWA Investment
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[](ALMAD Group, Layout of Digital Assets and RWA Investment
<p class=)[Hong Kong-listed company China Resources Power Holdings Company Limited announced a strategic cooperation framework agreement with Ant Blockchain Technology (Shanghai) Co., Ltd., intending to explore fields such as new energy digital assets and new energy artificial intelligence ecosystems. Ant Blockchain will provide technical support in blockchain technology, data asset full-chain solutions, artificial intelligence large models, and ecological integration.
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[](<p class=)[
The Hong Kong police received a report from a 75-year-old local man, stating that he had received a call from someone claiming to be a virtual currency investment expert, persuading the victim to invest in the virtual currency Ethereum with high returns. Following the instructions, the victim deposited virtual currency worth approximately HKD 26.2 million into six accounts 19 times between July 11 and September 9. The Hong Kong police stated that the case has been classified as obtaining property by deception and has been handed over to the Wan Chai District Criminal Investigation Team No. 9 for follow-up, with no arrests made yet.
](HKD 26.2 million
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[Hong Kong-listed company Huajian Medical (](Research and Development Base for Digital Technology Established in Nanjing, Logo Fully Updated
<p class=)01931.HK） announced two major strategic moves: the global first research and development base focused on real-world asset (RWA) digital technology—ETHK Building (i.e., Huajian Medical Building)—has officially been completed in Nanjing, and the company logo has been fully updated. This is not only a brand upgrade but also a key milestone for Huajian Medical's transformation into a "global innovator in digital industry and on-chain financial infrastructure."
[Regulation/Macro](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.
<h3 dir=)
[](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.
<h3 dir=)[According to an announcement from the Jilin Provincial High People's Court, the Longjing City People's Court is handling a case involving concealing and disguising criminal proceeds. In this case, four defendants assisted upstream telecom network fraudsters in purchasing gold and selling it for cash, transferring virtual currency through illegal virtual currency platforms to launder the proceeds; the total transaction amount involved is approximately RMB 789,000, with verified fraud proceeds of about RMB 452,000. The court sentenced the defendants to prison terms ranging from one to two years and imposed fines ranging from RMB 10,000 to 20,000.
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[](<p class=)[Twelve Democratic senators in the U.S. Senate issued a statement on Friday urging their Republican colleagues to allow bipartisan drafting of the cryptocurrency market structure legislation currently advancing in Congress. The statement was signed by a group of Democratic lawmakers involved in cryptocurrency affairs, including Kirsten Gillibrand (New York), Cory Booker (New Jersey), Ruben Gallego (Arizona), Mark Warner (Virginia), among others. Previously, this group had announced a framework of seven pillars for U.S. cryptocurrency market regulation to lay the groundwork for negotiations.
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[](<p class=)[Cheongju City in South Korea will open virtual asset trading accounts, allowing local tax delinquents to directly sell virtual assets. Since 2021, the city has seized virtual assets from 203 taxpayers who owe taxes through measures such as suspending transactions, but the amount collected has been limited due to a lack of means to convert them into cash. Therefore, the city has opened a virtual asset trading account in the name of the local government, planning to transfer and directly sell the seized virtual assets if the delinquent taxpayers do not pay their debts. A total of 161 individuals have had their virtual currencies seized, with local tax debts amounting to approximately 1.5 billion KRW.
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[](<p class=)[European Commission President Ursula von der Leyen announced the 19th round of sanctions against Russia, including restrictions on crypto platforms and cryptocurrency trading. Von der Leyen stated, "We are focusing on the financial loopholes that Russia uses to evade sanctions, implementing trading bans on more Russian banks and third-country banks, and intensifying efforts to combat sanction evasion. The restrictions will for the first time involve crypto platforms and prohibited cryptocurrency trading, adding foreign banks related to Russia's alternative payment systems to the list. Additionally, transactions with institutions in special economic zones will also be restricted."
](19th round of sanctions against Russia includes restrictions on crypto platforms and cryptocurrency trading<p class=)
[](19th round of sanctions against Russia includes restrictions on crypto platforms and cryptocurrency trading<p class=)[The U.S. Treasury Department has officially begun efforts to transform the GENIUS Act into stablecoin regulations. Currently, a brief public comment period for the initial rule-making steps has opened, aimed at gathering information to inform more detailed proposals in the future. The GENIUS Act involves multiple federal agencies, and the Treasury must address issues related to sanctions, illegal finance, taxation, and issuer constraints.
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[Project/Company Updates](<p class=)
[According to Crypto America reporter Eleanor Terrett, in June this year, when asked whether Anchorage Digital, a U.S. crypto bank, applied for a Federal Reserve master account, co-founder and CEO Nathan McCauley declined to comment at that time. However, according to the latest disclosed information from the Federal Reserve database, Anchorage Digital has applied for a Federal Reserve master account.
](Anchorage Digital has applied for a Federal Reserve master account<p class=)
[](Anchorage Digital has applied for a Federal Reserve master account<p class=)[Grayscale has submitted a revised S-1 filing aimed at converting its closed-end Dogecoin trust into an exchange-traded fund, with the code "GDOG," and has chosen Coinbase as the primary broker and custodian for the Dogecoin ETF. If approved, the ETF will trade on the New York Stock Exchange Arca under the ticker GDOG.
](S-1 filing, aiming to convert its closed-end Dogecoin trust into an ETF<p class=)
[](S-1 filing, aiming to convert its closed-end Dogecoin trust into an ETF<p class=)[FTX will facilitate approximately $1.6 billion in the third round of payments to approved creditors of the convenience and non-convenience classes who have completed pre-allocation requirements on September 30, 2025. Eligible creditors are expected to receive funds through their chosen distribution service providers within 1 to 3 business days starting from September 30, 2025.
](Third round of creditor payments will start on September 30, totaling $1.6 billion<p class=)
[](Third round of creditor payments will start on September 30, totaling $1.6 billion<p class=)[ARK Invest participated in a $300 million financing round for Solana treasury company Solmate and subsequently purchased approximately $162 million worth of the company's stock (BREA) on the open market.
](Invest purchased approximately $162 million worth of Solana treasury company Solmate's stock on the open market<p class=)
[](Invest purchased approximately $162 million worth of Solana treasury company Solmate's stock on the open market<p class=)[World Liberty Financial proposed using all fees generated from the WLFI protocol's own liquidity (POL) for open market repurchases of WLFI and implementing permanent destruction, with 99.84% of voters expressing support. If this proposal passes, WLFI will use this as the basis for a continuous repurchase and destruction strategy.
](Proposal for repurchase and destruction using 100% liquidity fees<p class=)
[](Proposal for repurchase and destruction using 100% liquidity fees<p class=)[Cryptocurrency custody company BitGo has officially submitted an S-1 filing to the U.S. SEC, initiating the IPO process. According to the disclosed documents, BitGo's revenue in the first half of 2025 reached $4.19 billion, nearly quadrupling compared to the same period last year. The company plans to list on the NYSE under the ticker BTGO, with Goldman Sachs and Citigroup serving as lead underwriters.
](Submitted S-1 filing to the U.S. SEC, initiating IPO process<p class=)
[In-Depth & Outlook](Submitted S-1 filing to the U.S. SEC, initiating IPO process<p class=)
[](ETF Cloak: The "Wall Street Taming" of Internet Memes
ETF listings self-reinforce through network effects. A month before the DOJE listing, the price of Dogecoin rose 15% due to "institutional fund entry expectations"; the price increase attracted more attention, which in turn generated more memes, enhancing cultural influence, and providing legitimacy for more financial products, with success breeding imitation.
<div class=)[Risk has transformed in form (such as smart contract risk, counterparty risk).
Viewpoint
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Future innovations (such as Liquity V2, Ethena) are attempting to expand outward with more complex financial engineering and risk management at the boundaries of this triangle, but they still cannot escape the constraints of this basic law, merely shifting<span class=)
[](
Future innovations (such as Liquity V2, Ethena) are attempting to expand outward with more complex financial engineering and risk management at the boundaries of this triangle, but they still cannot escape the constraints of this basic law, merely shifting<span class=)[the groundwork for another rate hike in October.
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Market analysis indicates that the controversy surrounding this vaguely defined indicator of potential inflation is heating up, with some committee members advocating for a de-emphasis on this expression and a greater focus on overall inflation and wages, for the earliest<span lang=)
