1. Popular CEX Cryptocurrencies

Top 10 CEX Trading Volume and 24-Hour Price Change:

• 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 Ranking (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 Stock Price Increase Ranking (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 2x Long MSTR ETF (MSTX.M): +4.94%

1. On-Chain Popular Meme Top 5 (Data Source: GMGN):

• WURK
• Real
• NYX
• ai69x
• ETF500

Headlines

August Core PCE Data Supports Gradual Easing, Fed's Rate Cut Pace Remains Unchanged

CNBC comments that the U.S. August core PCE inflation remained stable, which may allow the Federal Reserve to continue its previously set pace of rate cuts. The U.S. Department of Commerce reported on Friday that the August PCE price index rose 0.3% month-on-month, with an annualized overall inflation rate of 2.7%. Excluding food and energy, the more closely watched core PCE price index rose 0.2% month-on-month, with an annualized rate of 2.9%. Although the Fed's inflation target is 2%, this data is unlikely to change policymakers' stance—they indicated last week that they expect to implement two more 25 basis point rate cuts by the end of the year.

VanEck to Meet with SEC Crypto Special Working Group, Topics Include ETF Tokenization and Staking Risks

According to Nate Geraci, president of The ETF Store, global top ten ETF issuer VanEck held a meeting today with the U.S. Securities and Exchange Commission (SEC) crypto special working group. The agenda includes:

1. Discussing the applicability of newly proposed general listing standards for commodity and crypto ETFs to liquid staking tokens;
2. Studying liquidity risk policies and procedures for staking products;
3. Exploring the impact of tokenization on private and registered funds, especially the role of issuers in ETF tokenization;
4. Reviewing VanEck's global exploration of tokenization;
5. Involving decentralized finance and crypto asset regulation, including compliance issues for security tokens and ICOs;
6. Reviewing potential revisions to the Investment Advisers Act custody rules, such as using multi-party computation (MPC) software for secure custody of digital assets.

Industry News

Kraken May Bring in New Strategic Investors at $20 Billion Valuation, Plans to Raise $200-300 Million

Cryptocurrency exchange Kraken is negotiating pre-IPO financing, which could bring its valuation to $20 billion.

Bloomberg cites anonymous sources stating, "The financing plan is not yet finalized and still depends on market conditions, with a strategic investor expected to contribute $200 million to $300 million."

SoftBank and ARK in Talks to Participate in Tether's Major Financing Round

According to Bloomberg, SoftBank and ARK are in talks to participate in Tether's major financing round. The issuer of the world's largest stablecoin, Tether, is seeking to raise up to $20 billion at a $500 billion valuation, which could elevate Tether to one of the most valuable private companies globally, alongside OpenAI and SpaceX.

Tether aims to raise $15 billion to $20 billion through a private placement, representing about 3% of the company’s shares, with negotiations still in the early stages.

Project News

Hyperdrive Faces Contract Vulnerability Attack, Potential Loss of $700,000

According to crypto KOL @CryptoNyaRu, the Hyperliquid ecosystem DeFi protocol Hyperdrive has been attacked due to users setting the Router as Operator during the lending process, allowing the Router to execute Calls on any contract within the whitelist, with the Market contract being on the whitelist, leading to third-party addresses being able to manipulate user positions through the Router. The relevant contract addresses are Router (0x8D9e…) and Market (0xa522…). There have been transactions exploiting this, involving user asset security.

Gavin Wood Proposes Polkadot Native Stablecoin PUSD Has Entered Proposal Discussion Stage

Gavin Wood's proposed Polkadot native stablecoin PUSD has entered the proposal discussion stage. His basic idea is that block producers' rewards do not need to be issued in the highly volatile DOT but can be distributed in stablecoins. Therefore, the Polkadot protocol itself (most likely on the Asset Hub) will issue a new stablecoin named PUSD, which will only be collateralized by DOT, with a mechanism similar to the HOLLAR stablecoin, allowing users to borrow PUSD by collateralizing DOT.

Aster's Fee Revenue Surpasses Circle in the Past 7 Days, Cumulative Fee Revenue Exceeds $100 Million

Defillama data shows that Aster's fee revenue reached $56.3 million in the past seven days, approximately 2.6 times that of Hyperliquid ($21.75 million). It has now surpassed Circle ($54 million) to rank second in protocol revenue, only behind Tether ($153.95 million).

Additionally, Aster's cumulative fee revenue has now exceeded $100 million, currently reaching $110.5 million.

Lido's Proposal for LDO Buyback Currently Has 100% Support, Deadline is September 30

The Snapshot page shows that Lido has initiated a modular system proposal NEST for using stETH to buy back LDO from the treasury, which is currently in voting, with a support rate of 100%, and the deadline is September 30. The first practical version of this proposal is expected to go live in December 2025, paving the way for future buyback mechanisms.

WLFI to Implement Buyback Plan This Week

World Liberty Financial (WLFI) announced on X that it will begin implementing a buyback plan using liquidity fee income this week, with all buybacks and destructions to be publicly disclosed after implementation. Previously, WLFI had passed a proposal to use all fees generated from the protocol's own liquidity for market buybacks of WLFI tokens and permanent destruction.

Investment and Financing

Bitcoin Treasury Company POP Culture Plans to Raise $6 Million Through Stock Offering

Nasdaq-listed Bitcoin treasury company POP Culture announced plans to sell 5,000,000 shares of Class A common stock at a price of $1.20 per share, expecting to raise $6 million. The stock offering is expected to be completed around September 29, 2025, but must meet customary closing conditions. The company previously purchased 300 bitcoins and plans to expand its bitcoin treasury to 1,000 bitcoins.

Theta Capital Plans to Raise $200 Million for New Blockchain Fund

According to Bloomberg, crypto investment firm Theta Capital Management plans to raise $200 million for a new blockchain parent fund. The newly established fund, named 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

HKMA Assistant Chief Executive: The Third Batch of Tokenized Bonds from the Hong Kong Government May Connect to CBDC Subscription

The Assistant Chief Executive (External Affairs) of the Hong Kong Monetary Authority (HKMA), Xu Huaizhi, disclosed data indicating that since 2019, the Hong Kong SAR government has issued bonds worth approximately HKD 386 billion in RMB, HKD, EUR, and USD through the "Government Sustainable Bond Program" and the "Infrastructure Bond Program." Among these, two batches of tokenized green bonds were successfully issued in February 2023 and February 2024, amounting to $100 million and $750 million, respectively. The third batch of tokenized bonds, assisted by the HKMA, will not only involve asset-side tokenization but also consider implementing funding-side tokenization. Given that the development of funding-side tokenization in Hong Kong is early and most mature in central bank digital currency (CBDC), this batch of tokenized bonds may connect to CBDC subscriptions on the funding side.

Voices from Key Figures

Analyst: Options and Derivatives May Drive Bitcoin Market Cap to $10 Trillion

Market analyst James Van Straten pointed out that derivatives such as options contracts will drive Bitcoin's market cap to at least $10 trillion. He believes that derivatives can not only attract more institutional investors but also effectively buffer the inherent high volatility risks of the digital currency market. Van Straten cited the record high open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) as an example, illustrating that the market structure is undergoing significant changes.

His analysis indicates that this phenomenon is partly due to the widespread application of systematic volatility selling strategies (such as covered call strategies), reflecting enhanced liquidity and increasingly mature structures in the Bitcoin derivatives market. He also noted that reduced volatility has a dual impact: while it can alleviate the common severe downturns in the crypto market, it may also correspondingly reduce the high-yield surges that investors are accustomed to.

OKX Executive: Government Establishing Bitcoin Strategic Reserves May Have Negative Effects on Bitcoin and USD

Haider Rafique, Global Managing Partner of Government and Investor Relations at crypto exchange OKX, stated that the government's establishment of Bitcoin strategic reserves may negatively impact both Bitcoin and the USD. He believes that significant 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 led to prices remaining below $60,000, pointing out that government policies are prone to change, and new administrations may negate previous decisions, bringing about liquidation risks.

Rafique further noted that while Bitcoin supporters view national reserves as a key step toward its becoming a global reserve currency, this move could trigger widespread macroeconomic shocks. The most direct impact would be shaking confidence in the USD, exposing the weakness of relying solely on economic strength to maintain currency value. Investors may sell off USD in favor of traditional safe-haven assets like gold or Swiss francs, while also selling risk assets, leading to a chain liquidation in financial markets and causing significant market declines. He believes that national Bitcoin reserves not only affect the crypto market but could also trigger systemic risks during the transformation of the global financial system.

Galaxy Digital CEO: Fed's Dovish Policy Will Drive Bitcoin Price to $200,000

According to market news, Galaxy Digital CEO Novogratz stated that the Fed's dovish policy will drive Bitcoin's price to $200,000 and help gold prices reach new highs.

Peter Schiff: Bitcoin's Year-to-Date Gains Lag Behind Gold, Silver, and Other Precious Metals, May Have Been in a Long-Term Invisible Bear Market

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

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