📅 2026-09-25 | 09-24 15:00 → 09-25 15:00 Riyadh time
📊 Daily report
🔹 4 main tracks｜6 main events｜4 key currencies
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🧭 Daily framework
Market condition: macro pressure and repeated security incidents, along with a contraction in risk appetite.
Main driver: U.S. Treasury yields rising to the highest level since 2007 and renewed expectations of an interest-rate hike.
Market variable: Bitget breach worth $350 million and HYPE whales closing their positions, while fears of selling persist.
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🔄 Paths for today
1️⃣ Macro pressure on high-risk assets
The 10-year U.S. Treasury yield rose to 5.18%, the highest level since 2007, while Bitcoin kept trading near $84,000.
Meaning: The link between crypto and traditional markets is increasing, and the rate outlook has become a key driver of the short-term trend.
2️⃣ A trust crisis in the security of trading platforms
Bitget’s hot and cold wallets were hit by an attack that caused losses exceeding $350 million. Withdrawals and transfers were paused, and a large portion of the stolen funds was moved to ETH.
Meaning: Counterparty risk on trading platforms is back in focus, and some liquidity may move toward self-custody and major exchanges.
3️⃣ HYPE momentum ends and whales exit
After HYPE was listed on Binance, the rally didn’t continue—the price reversed. This coincided with Paradigm and other destinations unwinding toward nearly one million HYPE.
Meaning: Potential sell-side pressure will remain under watch, especially after the 7-day lockup period ends.
4️⃣ An opening for the regulatory path of tokenized assets
The CFTC allowed qualified tokenized assets to be used as collateral, alongside the launch of an Ondo and BlackRock product tied to tokenized assets.
Meaning: RWA is gradually shifting from narrative to clearer institutional use cases, with ONDO emerging as one of the most active assets.
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⭐ Key events
1️⃣ Bitget breach worth $350 million
🔴 [Platform security·rising]
Bitget’s hot and cold wallets were compromised. More than $350 million was transferred, with a large portion moved to ETH. The platform halted withdrawals, while the affected wallets still hold about $530 million in assets.
2️⃣ Paradigm unlocks one million HYPE
🟠 [Positions/selling pressure·rising]
Paradigm moved funds from four wallets into about one million HYPE worth roughly $94 million, while another whale reduced a buy position worth more than $16.45 million. The potential selling impact remains tied to the end of the 7-day lockup period.
3️⃣ CFTC allows the use of tokenized assets as collateral
🟢 [Regulation·Confirmation]
CFTC updated its FAQs, clarifying that FCMs and DCOs can use compliant tokenized assets within customer funds, including collateral for uncleared swap contracts.
4️⃣ Big moves for BTC and XRP
🟠 [Positions/liquidation·pulse]
2,699 BTC worth about $228 million and 91.42 million XRP worth around $140 million were moved between unknown wallets. The direction of the transfers remains unclear.
5️⃣ Exploiting Neutron governance and stealing $4.4 million
🔴 [Governance/contracts·Confirmation]
The attacker used $20,000 worth of USDC to buy NTRN and control voting, then stacked 31.6 million NTRN to pass the proposal. They shut down the Cosmos Hub network for about 25 hours before restoring the assets.
6️⃣ A vulnerability in FET causes $2.25 million in losses
🟠 [Governance/contracts·rising]
A vulnerability during the ASI alliance integration caused losses estimated at about $2.25 million, and FET fell by 7.72% to $0.1948.
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🪙 Core coins
HYPE
Binance listing and whale selling put potential sell-side pressure at the forefront.
ONDO
Launch of a product linked to BlackRock, alongside the new regulatory track for tokenized assets.
ZEC
The privacy coins sector expanded by a market cap of $24.5 billion, with ZEC rising by about 14x the relative performance of BTC.
VAR
TGE delayed to Q4 with significant pricing variance outside the market.
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💬 Sentiment and divisions
The main point of agreement: rising U.S. interest rates are pressuring risk appetite, with a short-term tendency toward caution.
The biggest source of concern: Bitget withdrawal stoppage after the hack, and the platform’s ability to process compensation.
Biggest point of disagreement: Does the HYPE listing mark the end of momentum, or just short-term profit-taking?
Sentiment: ⚠️ Caution • 😰 Worry • 📉 Downward bias
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🌐 External factors
• Macro: 10-year U.S. Treasury yield at 5.18%, with renewed expectations of rate hikes.
• Economy: Strength in U.S. PMI data, a drop in key U.S. indicators, and rising oil prices.
• Regulation: The Federal Reserve asks for opinions on a proposal for fully backed stablecoin reserves under the GENIUS Act.
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📌 Under the microscope tomorrow
1️⃣ Bitget compensation plan and the schedule to restore withdrawals.
2️⃣ HYPE unlock impact after the 7-day lockup period ends.
3️⃣ Bond yields continue to rise and their impact on BTC.
4️⃣ ONDO’s ability to sustain momentum and support the RWA sector.
5️⃣ The first institutions to use tokenized assets as collateral after the CFTC pathway.
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📌 Cipher Vault:
The market faces dual pressure: high returns in the macro environment and security risks within crypto, while RWA stands out as an institutional path moving in the opposite direction.
⚠️ This is not financial advice or financial consulting, and it is not a buy or sell.