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Macro

Australian regulators ease regulations on stablecoin intermediaries

According to Decrypt, the Australian Securities and Investments Commission (ASIC) has granted regulatory exemptions to stablecoin intermediaries, allowing them to distribute cryptocurrencies issued by licensed Australian institutions without having to hold a separate financial services license. The exemption, announced Thursday, states that intermediaries distributing stablecoins issued by issuers holding an Australian Financial Services (AFS) license no longer need to apply for separate AFS, market, or clearing facility licenses. The measure, effective upon registration with federal legislation, is a significant step forward in Australia's efforts to address regulatory challenges in the stablecoin market. Blockchain APAC CEO Steve Vallas stated that the move is a temporary transitional step before broader reforms and is in line with financial services law. The exemption does not change the determination of whether a stablecoin is a financial product; it simply "suspends the requirement for secondary licensing for distributors of licensed issuers," allowing distribution through licensed channels while maintaining issuer accountability and requiring intermediaries to provide product disclosure statements to ensure transparency.

Hong Kong Monetary Authority cuts interest rates by 25 basis points

According to Jinshi, the Hong Kong Monetary Authority lowered the benchmark interest rate by 25 basis points to 4.50%, and the Federal Reserve cut interest rates by 25 basis points overnight.

Cryptocurrency platform Bullish's second-quarter profit exceeded Wall Street expectations

According to CoinDesk, digital asset trading platform Bullish reported second-quarter earnings on Wednesday, exceeding analysts' average earnings per share expectations and forecasting an increase in adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) for the next quarter. According to FactSet data, the platform's second-quarter earnings per share (EPS) were $0.93, beating the average analyst estimate by $0.03. Bullish also reported adjusted revenue of $57 million for the second quarter, compared to an expected $60.7 million. Bullish CEO Tom Farley stated that the company saw "strong business momentum" in the third quarter. The company's trading volume surged to $179.6 billion, up from $133 billion in the same period last year. For the next quarter, Bullish expects trading volume to be between $133 billion and $142 billion. Bullish also expects adjusted Ebitda to be between $25 million and $28 million in the third quarter, compared to $8.1 million in the second quarter, the statement said. The report is the company's first quarterly report since its listing on the New York Stock Exchange (NYSE) in August.

US SEC approves universal listing standards to expedite cryptocurrency ETF approvals

According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has approved a set of listing standards for commodity-based trust units, opening the door to digital asset listings without requiring individual approval. The decision, detailed in SEC filings from Nasdaq, NYSE Arca, and Cboe BZX on Wednesday, will streamline the process under Rule 6c-11, significantly reducing the approval process, which previously took several months. SEC Chairman Paul Atkins stated that this move ensures that the U.S. capital market is the best place for cutting-edge innovation in digital assets, streamlining processes, lowering barriers to entry, maximizing investor choice, and promoting innovation. The US SEC stated that to be eligible for listing, a cryptocurrency spot ETF must hold a commodity that is either traded on a market that belongs to a cross-market monitoring organization and has monitoring authority, or is the subject of a futures contract that has been listed on a designated contract market for at least six months and has a monitoring sharing agreement; in addition, if the cryptocurrency has been tracked by an ETF listed on a national securities exchange with an investment account of at least 40%, then the cryptocurrency spot ETF may also be eligible for listing; when an exchange seeks to list and trade cryptocurrency trading products that do not meet the approved general listing standards, it must submit a rule application to the US SEC.

Fed spokesperson: The Fed has started a moderate rate cut cycle, and there are huge differences in future decisions

According to Jinshi.com, Nick Timiraos, a vocal Fed spokesperson, stated that the Federal Reserve approved a 25 basis point interest rate cut on Wednesday, the first in nine months. Officials judged that recent labor market weakness has outweighed the headwinds from recurrent inflation. Just over half of officials projected at least two more rate cuts this year, suggesting the possibility of consecutive actions at the remaining two meetings in October and December. The summary of economic forecasts suggests a shift in policy stance toward broader concerns about cracks in the labor market—an environment complicated by significant policy adjustments that have made economic trends increasingly difficult to predict. Forecasts suggest that future policy decisions may be even more divided: of the 19 officials present, seven projected no further rate cuts this year, while two supported only one. Most officials believed that given the current outlook for solid economic activity (even with a slight slowdown), further significant rate cuts are unnecessary next year. How to balance these tensions has been a debate among Fed officials throughout the year. Powell's decision to guide his colleagues toward a rate cut was based on a judgment that inflation risks may be easier to control and that the Fed should bear more inflation risks to avoid a deeper impact on the labor market.

The Federal Reserve cut interest rates by 25 basis points, and Powell said this was a risk management cut

According to the Securities Times, at 2:00 a.m. Beijing time on September 18th, the Federal Reserve announced a 25 basis point interest rate cut, lowering the federal funds rate from 4.25% to 4.50% to 4.00% to 4.25%, in line with market expectations. The market reaction to the Fed's interest rate announcement was dramatic. The three major US stock indices briefly surged before quickly plunging. The US dollar index plummeted, briefly hitting a new low since 2025, before rebounding sharply, turning a decline into an uptrend. The sharp market volatility was closely tied to the monetary policy press conference held by Fed Chairman Powell. He stated that the 50 basis point rate cut lacked broad support and that a rapid adjustment of interest rates was unnecessary. Today's move could be viewed as a risk-management measure. This suggests the Fed will not enter a sustained cycle of rate cuts. Powell reiterated the Fed's unwavering commitment to maintaining its independence. Currently, market participants are not considering risks to the Fed's independence. The latest published interest rate dot plot shows that the median expectation among Fed officials is for two more rate cuts (each 25 basis points) this year, one more than forecast in June. At the same time, Federal Reserve officials expect that after three interest rate cuts this year, there will be a 25 basis point cut in 2026 and 2027.

Viewpoint

Bitwise CEO: In the next 6 to 12 months, the focus of the crypto field will be on the credit and lending market

Bitwise CEO Hunter Horsley tweeted that over the next six to 12 months, the focus in the cryptocurrency sector will shift to credit and lending. This sector is expected to experience explosive growth in the coming years. He noted that the current cryptocurrency market capitalization is approaching $4 trillion and continues to grow. When people can borrow against cryptocurrency, they will choose to borrow rather than sell. Furthermore, the market capitalization of publicly traded stocks in the United States exceeds $60 trillion. With the tokenization of assets, individuals holding $7,000 worth of stock will be able to borrow against it on-chain for the first time. Horsley believes that cryptocurrency is redefining capital markets, and this is just the beginning.

Changpeng Zhao: Cryptocurrency platforms should train their employees not to download files at will and strictly screen job applicants

Binance founder Changpeng Zhao issued a warning on the X platform: North Korean hackers use diverse and threatening tactics. They may disguise themselves as job seekers, targeting development, security, finance, and other positions in hopes of securing entry-level positions; they may impersonate employers, falsely claiming Zoom outages during interviews and sending virus-laced "update" links, or send "sample code" to control devices through programming exercises; they may impersonate users, sending virus-laced links under the guise of customer support requests; and they may even bribe employees or contractors to obtain data. Previously, a major Indian outsourcing company was hacked, resulting in a user data breach at a US exchange, resulting in losses exceeding $400 million. Zhao reminded all cryptocurrency platforms to train employees not to download files without authorization and to strictly screen job applicants.

Project News

The first project to be launched in Binance Aspecta's BuildKey TGE is River (RIVER).

Binance Wallet will exclusively launch the Aspecta BuildKey token generation (TGE), with River (RIVER) listed as the first token. Users must use Binance Alpha Points to participate in the BuildKey subscription. The subscription period is from 3:00 PM to 5:00 PM on September 19th, and trading hours are from 5:00 PM on September 19th to 5:00 PM on September 22nd. The TGE and BuildKey redemption time is 5:00 PM on September 22nd (UTC+8). Token prices will fluctuate dynamically based on the Bonding Curve. The liquidity pool will remain stable for a period after the TGE, and liquidity may decline. Redemption is always available.

Binance Alpha will list Lombard (BARD) with a first-phase airdrop threshold of 215 points.

According to an official announcement, Binance Alpha will list Lombard (BARD) at 6:00 PM Beijing Time on September 18, 2025, and will launch an airdrop of 7.5 million BARD tokens. Eligible users can claim 100 BARD tokens each using Binance Alpha Points on the event page. The airdrop will be divided into two phases: the first (first 18 hours) requires a minimum of 215 Alpha Points; the second (last 6 hours) requires a minimum of 200 points. Eligible users will receive the airdrop on a first-come, first-served basis.

BNB's market capitalization surpassed BYD, Pfizer, and other companies, rising to 155th in the world.

According to 8marketcap data, BNB's market value exceeds that of companies such as BYD and Pfizer, ranking 155th in global asset market value.

Binance Wallet Launches Astra Nova (RVV) Booster and Presale

Binance has announced two exclusive promotions for the Astra Nova token (RVV) within the Binance Wallet: a Booster event and a pre-TGE (Pre-TGE). The Booster event will award 550,000,000 RVV airdrops, representing 5.5% of the total supply, to users who complete phased tasks. The pre-TGE will allow eligible users to purchase RVV tokens before they go live. The promotions begin on September 18, 2025 (Beijing time). Participation requires Binance Wallet users with at least 61 Binance Alpha Points.

Binance: DeAgentAI (AIA) airdrop claim threshold is 200 Alpha Points

According to an official announcement, Binance Alpha will open trading for DeAgentAI (AIA) at 16:00 (UTC+8) on September 18th. Futures trading will open at 16:30 (UTC+8) on September 18th, 2025. After trading begins, users holding at least 200 Binance Alpha Points will be eligible to claim an airdrop of 240 AIA tokens. This will be 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, their claim will be deemed forfeited.

Scroll updates DAO reform governance process and goals, aiming to complete preparations for the new structure by January 1st of next year

Scroll, an Ethereum Layer 2 network, released an update on the evolution of its DAO, stating that it will not be disbanded, but rather improved to accommodate its rapid growth. These changes do not pose protocol-level risks, and user funds remain secure. The goal of this governance reform is to create a DAO environment based on clear mandates that better aligns with Scroll's vision. Key structural changes proposed for the DAO include: 1. Foundation oversight and operational autonomy, with the DAO reporting to the Foundation; 2. Strategic resource allocation: DAO funds will be determined and allocated annually or biennially to ensure strategic and efficient use of resources; 3. Increased operational independence: The Foundation will withdraw from day-to-day operations of the DAO and instead oversee it through an Executive Committee, ensuring proposals align with Scroll's guidelines and retaining veto power when necessary. Scroll plans to recruit Governance Committee members in the coming days and work with them to design a new charter and governance model. These will be drafted into a proposal for feedback and a vote by the DAO. The goal is to complete preparations for the new structure before the January 1, 2026 voting cycle. During this transitional period, the community team will serve as the DAO's proof-of-concept. Earlier on September 11, it was reported that ScrollDAO governance was "suspended" and the leadership team resigned collectively.

Binance Alpha to List Ark of Panda (AOP) on September 19th

Binance Alpha will officially launch Ark of Panda (AOP) on September 19th. Eligible users can redeem their Binance Alpha Points on the Alpha event page after trading opens. Detailed information will be announced later.

Arbitrageurs profited over $40 million from pricing mismatches on Polymarket in a single year.

According to Decrypt, a new academic paper reports that the prediction market platform Polymarket suffers from systematic pricing bias, allowing arbitrageurs to profit from it by over $40 million in a single year. The paper, titled "Unraveling the Probability Forest: Arbitrage Opportunities in Prediction Markets," analyzed data from April 2024 to April 2025 and found pricing errors in over 7,000 markets. The research identified two primary arbitrage patterns: one in which the sum of "yes/no" share prices within the same market deviates from the theoretical value of $1; and the other in which probability divergences occur in logically related markets (such as "Trump wins" and "Republicans win"). By simultaneously buying and selling related contracts, traders can achieve risk-free returns. While arbitrage activity ultimately leads to market price inequality, research indicates that pricing misalignments can persist for hours. This phenomenon is not limited to Polymarket but also occurs on regulated platforms such as Kalshi.

New Gold Protocol's NGP token was exploited and attacked, resulting in a loss of approximately $2 million.

According to Pidun, New Gold Protocol's NGP token was exploited in an attack, resulting in a loss of approximately $2 million. The NGP token plummeted 88% in an hour, and the attacker deposited the stolen funds (443.8 ETH) into TornadoCash.

Caldera launches strategic reserve dedicated to ERA tokens, with an initial purchase of 3.9 million tokens

The Caldera Foundation has announced the launch of the "Caldera Strategic Reserve": a dedicated ERA reserve designed to support the long-term, robust growth of the Caldera ecosystem. The reserve accumulates funds by converting various sources of liquidity, including but not limited to corporate partnerships, on- and off-chain revenue, liquidity provision fees, and other additional funding sources, into ERA tokens. The Foundation has already begun accumulating ERA tokens during the initial phase and has purchased 3.9 million tokens previously traded on the open market, which are now locked in the reserve. The Foundation states that it has no plans to withdraw ERA tokens, stating that this is a long-term commitment.

Important data

BNB breaks through $1,000, up 4.97% in 24 hours

According to Binance market data, BNB broke through $1,000, up 4.97% in 24 hours, and is currently priced at $999.78.

A whale deposited all 5,000 ETH on Binance, and if sold, it would have made a profit of $5.08 million.

According to Onchain Lens monitoring, a whale deposited all of its 5,000 ETH (worth approximately US$22.84 million) in Binance. If all were sold, the total profit could be US$5.08 million.

A whale withdrew $70.44 million worth of ETH from Binance in the past two hours

According to Lookonchain monitoring, in the past two hours, the whale address 0x96F4 withdrew 15,200 ETH (worth US$70.44 million) from Binance.

Bubblemaps: The top five traders in STBL token trading volume are interconnected and have made profits exceeding $10 million

Blockchain analytics platform Bubblemaps published an article on the X platform claiming that Tether co-founder Reeve Collins had just launched a new token, STBL. However, the top five traders are suspiciously interconnected and have profited over $10 million. Collins launched STBL yesterday, a new stablecoin system built around three tokens: USST (stablecoin), YLD (yield token supporting USST), and STBL (governance token). An analysis of the top five traders by STBL trading volume revealed that these five profit-makers received capital injections at the same time. Tracing the source of their funds revealed a clear connection: the funds all came from the same source (injected via Tornado Cash); bots were used to borrow USDC from the Venus Protocol; and the total profits exceeded $10 million. However, there is no evidence that these traders are connected to the core team. In fact, this group of bots has a history of extracting value from other tokens, not just STBL.

The total BNB contract holdings on the entire network are approaching $2 billion, setting a new record high.

According to the latest data from Coinglass, BNB contract open interest has increased to 1.9898 million BNB, with a market value approaching $2 billion. Currently trading at $1.967 billion, it continues to hit a new all-time high, with an increase of 8.36% over the past 24 hours. Binance BNB contract open interest reached 952,800 BNB, ranking first, with a market value of $942 million, a 24-hour increase of 4.69%. Bybit's BNB contract open interest reached 227,300 BNB, with a market value of $225 million, a 24-hour increase of 2.90%. Market data shows that BNB briefly broke through 995 USDT early this morning, setting a new all-time high. It is currently trading at 991.8 USDT, a 24-hour increase of 3.64%.

BTC supply on centralized exchanges is at a 7-year low

Crypto analyst The DeFi Investor wrote on the X platform: "The supply of BTC on centralized exchanges is at its lowest level in seven years. The scale of funds invested by institutions in purchasing Bitcoin in this cycle is incredible."

A whale spent over 100 million USDC to buy 25,000 ETH after the Fed cut interest rates.

According to Lookonchain monitoring, after the Federal Reserve cut interest rates by 25 basis points, the over-the-counter whale 0xd8d0 spent 112.34 million USDC to purchase 25,000 ETH at a price of US$4,493 per ETH.

The TRUMP token deployment address transferred out 274,000 TRUMPs 9 hours ago, of which 200,000 have entered OKX.

According to on-chain analyst Ember's monitoring, the TRUMP token deployment address transferred out 274,000 TRUMP (US$2.33 million) 9 hours ago, of which 200,000 (US$1.74 million) entered OKX 10 minutes ago.

A whale sold all of its approximately 938,000 LINK holdings in exchange for 21.46 million USDT

According to Onchain Lens, a major whale sold all 938,489 LINK tokens at $22.87 per token, receiving 21.46 million USDT and generating a profit of $231,000. A month earlier, the whale had purchased these LINK tokens using 4,806 ETH (worth $21.23 million) across five different wallets.

FalconX withdrew approximately $28.39 million worth of SOL tokens from Binance 4 hours ago

According to Lookonchain monitoring, institutions continue to purchase SOL. FalconX withdrew another 118,190 SOL (worth $28.39 million) from Binance four hours ago.

A whale/institution used 80.77 million USDC to purchase 18,000 ETH in the early morning, and now has a floating profit of $2 million.

According to on-chain analyst Yu Jin, a "giant whale/institution" who profited $74.92 million from ETH swing trading used 80.77 million USDC to purchase 18,000 ETH at $4,487 early this morning through Wintermute. ETH rebounded to $4,600. This means that within just a few hours, the whale's 18,000 ETH had already generated a $2 million profit. They have profited $74.92 million from ETH swing trading and currently hold 530 million USDC and 25,000 ETH ($114 million).

The top APX holding address, which has held APX for three years, saw a profit of $3.783 million overnight.

According to on-chain analyst @ai_9684xtpa, the top individual APX holder, 0xD2b...99088, saw a single-night profit of $3.783 million after three years of holding. He received 10.18 million tokens from the APX Rewards & Marketing multisig address between September 2022 and June 2024, and currently holds 9.1 million tokens at an average price of $0.0804. Last night's surge in ASTER led to a simultaneous rise in APX (the two have a 1:1 exchange rate), currently trading at approximately $0.50.

Financing/Acquisition

Openverse Completes $8 Million Series B Funding, with Participation from Bright Capital and Others

Openverse, a Layer 0 blockchain infrastructure platform, announced the completion of an $8 million strategic Series B funding round from investors including Bright Capital, KC International, Innovation Engine, Go2Mars Labs, Becker Ventures, Gaea Ventures, and several global family offices. This round brings Openverse's total funding to $19 million. Openverse is developing the next-generation Layer 0 value internet, focusing on bridgeless cross-chain interoperability, a standardized RWA framework, multi-chain native payments, and Bitgold (BTG) value anchoring. As previously reported in May, Openverse Network, a Layer 0 blockchain infrastructure platform, secured $11 million in strategic funding.

Bio Protocol secures $6.9 million in funding led by Maelstrom Fund

Bio Protocol, a decentralized science platform, announced the completion of a $6.9 million funding round led by Maelstrom Fund, with participation from Mechanism Capital, Animoca Brands, and Presto Labs. This funding round coincided with the launch of Bio V2, which introduced on-chain fundraising, a decentralized AI research framework, and BioXP, an incentive system. BioAgents, decentralized scientific AI agents, support researchers and communities in generating hypotheses, funding experiments, and monetizing discoveries. The first BioAgent launched in August in partnership with VitaDAO and Aubrey de Grey's lab and has generated over $250,000 in research funding and over a thousand longevity hypotheses.

Kredete Completes $22 Million Series A Funding, Led by AfricInvest

According to Partech Partners, African fintech company Kredete announced the completion of a $22 million Series A funding round led by AfricInvest through its Cathay AfricInvest Innovation Fund (CAIF) and Financial Inclusion Vehicles (FIVE), with participation from Partech and Polymorphic Capital. This round brings Kredete's total funding to $24.75 million. Kredete is dedicated to helping African immigrants improve their credit histories through stablecoin payments and credit-building services, with plans to expand to Canada, the UK, and Europe. The company will launch new features such as Africa's first stablecoin credit card, rental credit reports, and credit savings plans. It will also build a bank and wallet aggregation API covering 41 countries to facilitate secure and low-cost cross-border payments for businesses. Kredete currently has over 700,000 monthly active users, has remitted $500 million, and has seen its users' US credit scores increase by an average of 58 points.

Institutional holdings

DeFi Dev increased its holdings by 62,700 SOL, and the treasury's holdings rose to 2,095,700 SOL

DeFi Dev Corp. (NASDAQ: DFDV), the Solana treasury, announced the purchase of an additional 62,745 Sol, bringing its total treasury holdings to 2,095,748 Sol, equivalent to approximately $499 million at a market capitalization as of September 16, 2025. All of the newly added Sol has been staked to earn native yield and support the security of the Solana network. As of now, DFDV has 25,670,108 shares outstanding, representing 0.0816 Sol per share, with a SPS value of $19.44.

Forward Industries Announces $4 Billion ATM Equity Offering

According to Business Wire, Forward Industries (NASDAQ: FORD) has filed an automatic registration statement with the US SEC for an at-the-market offering of up to $4 billion in common stock. The company stated that the proceeds will be used for general corporate purposes, including strategic advancement of Solana (SOL), acquisition of income-generating assets, and other capital expenditures. Forward Industries recently completed the largest-ever fundraising for its Solana digital asset vault, acquiring over 6.8 million SOL tokens. The ATM program will be marketed by Cantor Fitzgerald, with no escrow arrangements in place.

Boyaa Interactive has completed its HK$370 million Bitcoin purchase plan, and the company now holds a total of 4,091 BTC

Boyaa Interactive announced that it has completed its plan to purchase Bitcoin using approximately HK$370 million in proceeds from a placement, acquiring approximately 411 Bitcoins at an average price of approximately US$115,400 per coin. This move aims to deepen its Web3 business presence and promote the long-term sustainable development of the gaming ecosystem. As of the date of this announcement, the company held a total of 4,091 Bitcoins, at a total cost of approximately US$279 million, or an average cost of approximately US$68,100 per coin. This follows news that Newfire Technology and Boyaa Interactive have entered into a strategic partnership to expand the Web3 ecosystem. As of late August, Boyaa Interactive held approximately 3,670 BTC.

Thumzup Media, a listed company, announced that it has purchased 7.5 million DOGE tokens, worth approximately $2 million.

According to The Block, Thumzup Media Corporation (ticker symbol TZUP) announced Thursday that it had made its first open market purchase of Dogecoin (DOGE), acquiring approximately 7.5 million tokens at a weighted average price of $0.2665, valued at approximately $2 million. Earlier this month, Thumzup Media announced plans to deploy 3,500 Dogecoin mining machines by the end of the year through its pending acquisition of mining company Dogehash. Furthermore, the company is strengthening its leadership team, appointing Jordan Jefferson, CEO of DogeOS and head of MyDoge, and Alex Hoffman, head of the DogeOS ecosystem, to its cryptocurrency advisory board this week.

DeFi Development increased its holdings of SOL by approximately $14.6 million, bringing its total holdings to nearly $500 million.

According to The Block, DeFi Development Corp. (ticker symbol DFDV) has purchased an additional 62,745 Sol tokens, valued at approximately $14.6 million. This brings the company's total Sol holdings to over 2 million, valued at nearly $500 million. With approximately 25 million shares outstanding, the company's Sol value per share is approximately $19.44. Including warrants issued in a recent funding round, DFDV's total shares will increase to 31.5 million. The company intends to continue staking the recently purchased tokens across multiple validators, including its internally operated Solana validator.

500,000 SOL transferred from Bybit to an unknown wallet, worth about $64.426 million

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