On September 25, there are three things in the crypto market worth paying attention to:
1️⃣ Bitget suffers a security incident of about $350 million
Bitget disclosed that on September 24, some hot wallets experienced unauthorized transfers. Initial funds affected totaled approximately $351.6 million. CZ later posted that Binance, the BNB Chain ecosystem, and the community would do their best to help. Richard Teng said that Binance’s security team has been working with Bitget to share threat intelligence, track the stolen funds, and assist in recovering assets.
2️⃣ Institutional funds continue to flow into Solana ETFs
Bitwise CEO Hunter Horsley said that its Solana staking ETF (BSOL) saw net inflows of more than $110 million this week. BSOL directly holds SOL and performs staking, and institutional capital allocation to Solana is still ongoing.
3️⃣ The Federal Reserve advances stablecoin regulation through the GENIUS Act
On September 24, the Federal Reserve proposed two stablecoin regulatory rules: one covering reserves, capital, risk management, and custody requirements; the other clarifying the process for regulated banks to apply to issue payment-type stablecoins. The related proposal has entered a 60-day public comment period.
It’s worth noting that the GENIUS Act is moving from the “legislation” stage into the “implementing regulatory details” stage. Previously, the CLARITY Act failed to pass the procedural threshold in the Senate.
The crypto market is entering an increasingly clear phase:
On one side, security incidents are testing the industry’s bottom line; on the other, ETFs and the regulatory framework are accelerating toward the mainstream.
Information sources: Bitget, Binance, the Federal Reserve, Bitwise, Reuters, and others.
1️⃣ Bitget suffers a security incident of about $350 million
Bitget disclosed that on September 24, some hot wallets experienced unauthorized transfers. Initial funds affected totaled approximately $351.6 million. CZ later posted that Binance, the BNB Chain ecosystem, and the community would do their best to help. Richard Teng said that Binance’s security team has been working with Bitget to share threat intelligence, track the stolen funds, and assist in recovering assets.
2️⃣ Institutional funds continue to flow into Solana ETFs
Bitwise CEO Hunter Horsley said that its Solana staking ETF (BSOL) saw net inflows of more than $110 million this week. BSOL directly holds SOL and performs staking, and institutional capital allocation to Solana is still ongoing.
3️⃣ The Federal Reserve advances stablecoin regulation through the GENIUS Act
On September 24, the Federal Reserve proposed two stablecoin regulatory rules: one covering reserves, capital, risk management, and custody requirements; the other clarifying the process for regulated banks to apply to issue payment-type stablecoins. The related proposal has entered a 60-day public comment period.
It’s worth noting that the GENIUS Act is moving from the “legislation” stage into the “implementing regulatory details” stage. Previously, the CLARITY Act failed to pass the procedural threshold in the Senate.
The crypto market is entering an increasingly clear phase:
On one side, security incidents are testing the industry’s bottom line; on the other, ETFs and the regulatory framework are accelerating toward the mainstream.
Information sources: Bitget, Binance, the Federal Reserve, Bitwise, Reuters, and others.