The supply of stablecoins on Plasma has exceeded $7 billion in just two days since launch.
Plasma announced on the X platform that “in two days, the stablecoin supply on Plasma has exceeded $7 billion.”
Zhao Changpeng retweeted and confirmed on the X platform that the perpetual contract DEX Aster has several former Binance employees and that YZi Labs holds a minority stake in Aster.
Trump posts cartoon on social media, threatening to "fire" Powell
According to Jinshi, on the 27th local time, US President Trump released a cartoon depicting himself firing Federal Reserve Chairman Powell. The image is reportedly believed to be AI-generated (or digitally rendered). In the image, Trump points his finger at Powell, declaring, "You're fired!" while Powell stands holding a cardboard box containing personal belongings. The Federal Reserve emblem is seen behind them. The White House has yet to respond.
Jesse Pollak, head of the Base protocol, posted on the X platform that every application on the Base chain needs to use the EIP5792 standard, and emphasized the need to eliminate multi-step authorization mechanisms as soon as possible.
Hyperdrive announced on the X platform that it is aware of recent protocol issues, which have been confirmed to affect only the Primary USDT0 and Treasury USDT markets. An investigation is ongoing, and the team is collaborating with security and forensics experts. A full post-incident report will be released upon completion. To prevent malicious activity, all markets (including the interest mechanism) and withdrawals have been suspended, and a patch is currently being developed. The team is exploring various options to mitigate the impact on users, with the primary priority being to assess the incident and develop a remediation plan. The next substantive update will be released within 24 hours via the official Twitter and Discord channels. Please be wary of scams and only trust official communications. The team will not proactively send private messages or request private keys. Do not interact with the protocol or send funds to its smart contracts.
According to The Block, on Friday, asset managers Fidelity, Franklin Templeton, CoinShares, Bitwise, Grayscale, Canary Capital, and VanEck updated their respective S-1 registration statements for their proposed Solana ETFs to clarify details regarding their staking activities. This flurry of filings follows a similar wave in late August, when several of the same issuers amended their filings to allow for both cash and in-kind redemptions. Bloomberg ETF analyst James Seyffart said at the time that the filings could indicate "active communication between these issuers and the SEC." In a post on the X platform, Seyffart stated that the latest round of amendments showed "signs of action from both the issuers and the SEC. A Solana ETF is likely to be listed in the coming days/weeks." NovaDius Wealth President Nate Geraci also welcomed the latest round of amendments, calling them "a good sign for staking in spot Ethereum ETFs. We expect these (Solana ETFs) to be approved within the next two weeks."
According to Strategic SOL Reserve data, the 18 entities that have established the Solana Treasury currently hold a total of 20.921 million SOL tokens, valued at $42.1 billion, representing 3.64% of the total SOL supply. Of this, approximately 12.468 million SOL tokens are staked, with an average staking yield of 7.7%, representing 2.168% of the total supply. The entities with the largest holdings are as follows: 1. Forward Industries (FORD) ranks first, currently holding 6.822 million SOL, worth approximately US$1.69 billion; 2. Sol Strategies (CFRF) ranks second, currently holding 3.55 million SOL, worth approximately US$853.7 million; 3. Sharps Technology (STSS) ranks third, currently holding 2.14 million SOL, worth approximately US$400 million; 4. DeFi Development (DFDV) ranks fourth, currently holding 2.096 million SOL, worth approximately US$421.9 million; 5. Upexi (UPXI) ranks fifth, currently holding 2 million SOL, worth approximately US$377.6 million.
Hyperdrive issued a statement on the X platform to clarify that there is no vulnerability in thBILL itself, but two wallet positions in Hyperdrive Treasury Market that use Theo's thBILL as collateral appear to have been attacked. The investigation is still ongoing.
Bloomberg Analyst: BlackRock Bitcoin Premium Income ETF is an extension of spot products and IBIT
Eric Balchunas, senior ETF analyst at Bloomberg, wrote on the X platform that the iShares Bitcoin Premium ETF, BlackRock's application for a Bitcoin premium yield ETF, is a spot product under the 1933 Act. It employs a covered call strategy for Bitcoin, aiming to generate returns on Bitcoin investments. It is also an extension of another Bitcoin exchange-traded fund, IBIT. (Note: All mainstream ETF products in the US market must comply with both the 1933 Act and the 1934 Act.)
According to Globenewswire, Nasdaq-listed Scilex Holding announced that its previously disclosed first Bitcoin investment transaction worth US$150 million in Datavault AI has been completed. According to the terms of the investment, the company expects to receive a total of 278,914,094 shares of Datavault common stock at an effective purchase price of US$0.5378 per share.
Hyperdrive: All money markets have been suspended
Hyperdrive posted on the X platform that the positions of two accounts on the thBILL market have been compromised. For safety reasons, Hyperdrive has suspended all currency markets for further investigation. This issue does not affect HYPED.
According to monitoring by on-chain analyst Ai Yi, the mysterious whale closed its XPL short position worth $2.4 million half an hour ago and made a profit of $102,000. It then added some XPL to its position. Currently, the account has bought a total of 24.29 million XPL (about $36.22 million), with a floating profit of $3.26 million. The Perp account still has $7.23 million in available funds.
According to the monitoring of Ai Yi, an on-chain analyst, "Big Brother Maji" XPL's five-fold leveraged long position increased by US$17.32 million. It currently holds 12 million coins with an opening price of US$1.52. The floating loss of one coin has exceeded one million, reaching US$1.023 million.
OKX adjusts KAITOUSDT contract funding settlement frequency
According to the official announcement, OKX plans to adjust the funding settlement frequency of the KAITOUSDT perpetual contract on September 28, 2025. Before the adjustment, the funding settlement frequency was every 4 hours, and after the adjustment, the funding settlement frequency will be every 2 hours.
Bitcoin Treasury Company POP Culture Plans to Raise $6 Million in a Rights Issue
According to PRNewswire, Nasdaq-listed Bitcoin treasury company POP Culture 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 Bitcoins.
BNY Mellon and BNP Paribas have begun testing Ethereum L2 on-chain messaging with SWIFT.
According to FinanceFeeds, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) previously disclosed that it is using the Ethereum L2 network Linea to test on-chain messaging functions. According to the latest news, BNP Paribas and Bank of New York Mellon (BNY) have begun participating in the test. The project currently involves "more than a dozen financial institutions." An unnamed source said that the entire test work is expected to take several months to complete, but it will bring important technological transformation to the international interbank payment industry.
A newly created wallet withdrew 584.72 BTC from Binance, worth $63.9 million
According to Onchain Lens monitoring, a newly created wallet withdrew 584.72 BTC from Binance, worth US$63.9 million.
Anchorage Digital's associated address transferred 2 million ENA to Binance, worth $1.16 million
According to Arkham monitoring data, about three hours ago, an address associated with Anchorage Digital transferred 2 million ENA to Binance, worth $1.16 million. In the past three days, the address has transferred a total of 10 million ENA to Binance, worth $5.9 million. Currently, the address still holds approximately 15.313 million ENA (US$8.87 million).
James Wynn once again opens a 3x leveraged ASTER long position
According to Onchain Lens, after being liquidated, James Wynn returned and opened another long position on ASTER with 3x leverage.
Market sentiment was rattled this week by jitters over central bank communications and seasonal factors, with cryptocurrencies the worst performers, seeing their strong yearly performance take a hit. Although they still remain at a fairly high level, their price action is more like a minor correction than a simple pullback: Ethereum fell below the $4,000 mark as of writing, while Bitcoin is just shy of $110,000. The market will also observe whether further corrections in cryptocurrencies will trigger further reactions to the current stubborn market enthusiasm. The following are the key points that the market will focus on in the new week: At 20:00 on Monday, 2026 FOMC voting member and Cleveland Fed President Hammack will participate in a policy group discussion; At 01:30 on Tuesday, FOMC permanent voting member and New York Fed President Williams and 2025 FOMC voting member and St. Louis Fed President Moussallem will deliver speeches; At 06:00 on Tuesday, 2027 FOMC voting member and Atlanta Fed President Bostic will have a dialogue with Delta Air Lines CEO on issues such as the Atlanta economy; At 18:00 on Tuesday, Federal Reserve Vice Chairman Jefferson will deliver a speech; At 21:45 on Tuesday, the US September Chicago PMI; At 22:00 on Tuesday, the U.S. JOLTs job vacancies in August and the U.S. Conference Board Consumer Confidence Index in September; At 01:00 on Wednesday, Goolsbee, the 2025 FOMC voting member and President of the Chicago Fed, delivered a speech; At 07:10 on Wednesday, Logan, the 2026 FOMC voting member and President of the Dallas Fed, delivered a speech; At 08:30 on Wednesday, Jefferson, the Federal Reserve Vice Chairman, delivered a speech; At 20:30 on Thursday, the number of initial jobless claims in the U.S. for the week ending September 27 and the U.S. factory orders monthly rate in August; At 22:30 on Thursday, Logan, the 2026 FOMC voting member and President of the Dallas Fed, delivered a speech; At 18:05 on Friday, Williams, the permanent voting member of the FOMC and President of the New York Fed, delivered a speech at the farewell symposium of Knott, President of the Dutch Central Bank; At 20:30 on Friday, the U.S. non-farm payrolls, unemployment rate, and average hourly wage annual and monthly rates in September.
According to Arkham monitoring data, during the recent market decline, BitMine, the "Ethereum microstrategy platform," received approximately 232,520 ETH, valued at over $900 million, through various over-the-counter (OTC) and trading platforms (such as Coinbase and FalconX). On-chain analyst AB Kuai.Dong noted that, based on previously disclosed information, BitMine only purchased approximately 260,000 ETH throughout the previous week. The recent market decline has accelerated the company's ETH purchases, suggesting that Tom Lee is effectively buying at the bottom.
According to data from StrategyEthreserve, as ETH prices decline, the mNAV indicators of three Ethereum treasury companies—SharpLink, The Ether Machine, and ETHZilla—have all fallen below 1, reaching 0.99, 0.07, and 0.88, respectively. Their current ETH holdings are 838,730, 495,360, and 102,240, respectively. mNAV, the ratio of market capitalization to net asset value, is a key metric for measuring treasury company valuations. If mNAV is greater than 1, the company can issue additional shares at a premium and use the proceeds to purchase ETH, thereby increasing its per-share ETH holdings and increasing its book value. If mNAV converges to 1 or below, the price of ETH itself will decline, and the secondary market will weaken, shifting the flywheel mechanism from "enhancement" to "dilution," creating a negative feedback loop.
Greeks.live: Most traders focus on the two key price levels of $104,000 and $112,000 for Bitcoin
Greeks.live macro researcher Adam published a Chinese community briefing, noting that there is a significant disagreement among the community regarding Bitcoin's short-term outlook, with bearish sentiment predominant. Most traders are focused on Bitcoin's key price levels of $104,000 and $112,000, while also closely monitoring Ethereum's support level of $3,700 and resistance level of $4,300. Ethereum's relative strength has drawn attention: Yesterday, ETH and SOL rebounded significantly more than Bitcoin, despite a net outflow of over 60,000 coins from ETFs, Ethereum still saw a 4% surge, indicating signs of whales buying the dip.
According to Cailianshe, the Zhejiang Securities Regulatory Bureau issued fines due to multiple compliance loopholes in the management of its overseas subsidiaries. Caitong Securities and Qian Bin, the company's assistant general manager and then-chairman of Caitong Securities (Hong Kong), were each subject to administrative supervisory measures, including warning letters. The relevant circumstances were also recorded in the securities and futures market integrity file. Caitong (Hong Kong) reportedly obtained virtual asset ETF agency trading qualifications in June of this year, becoming one of the first Chinese institutions to offer brokerage services for Bitcoin and Ethereum-related ETFs. Caitong (Hong Kong) will complete approximately HK$21.2 billion in offshore debt financing in 2024. The fine, disclosed by the Zhejiang Securities Regulatory Bureau, indicates that Caitong Securities failed to establish an effective risk isolation and control system for its overseas subsidiaries, increasing its risk exposure in cross-border operations.
Binance Alpha will list Bitlight Labs (LIGHT) with an airdrop threshold of 190 credits.
Binance Alpha is the first platform to list Bitlight Labs (LIGHT). Trading on Alpha will begin at 7:00 PM (UTC+8) on September 27, 2025. After trading begins, users holding at least 190 Binance Alpha Points will be eligible to claim an airdrop of 150 LIGHT tokens. This airdrop is available on a first-come, first-served basis. The minimum score will automatically decrease by 15 points every hour while the promotion is ongoing. Please note that claiming the airdrop will cost 15 Binance Alpha Points. Users must confirm their claim within 24 hours on the Alpha promotion page; otherwise, they will forfeit the airdrop.
Adam, a macro researcher at Greeks.live, published an English community update on the X platform, noting that the community displayed mixed sentiment, with traders positioning themselves on both sides, including selling call options at the $110,000 strike price and buying put options at the $109,000 strike price. He expressed skepticism about the current market optimism, noting that "CT's Q4 forecasts are overly optimistic," and describing the price action as "foolish price behavior." Traders observed significant volatility compression heading into the weekend, making it "difficult to see" significant moves. Several traders actively managed their short options positions, including ETH call options and BTC put options, aiming to take profits before holding them overnight.
Economist and cryptocurrency critic Peter Schiff published data on the X platform showing that BTC and ETH's year-to-date gains have lagged behind those of major precious metals: 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.
