叮当猫X
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叮当猫X
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Crypto Tokenomics 20%返佣邀请码 🔶888888X🔶 钱包30%返佣邀请码🔶NLC38IWB🔶
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Hyperliquid launched BVIV perps. In the past 30 days, Bitcoin’s volatility can move up or down—handled by Kinetiq’s Markets frontend and led by Volmex CEO Cole Kennelly. On the same day BTC surged to 85,000, wiping out $300 million in short positions within an hour. Over 24 hours, shorts were liquidated for $648 million, and open interest still rose 7.59% to $156 billion. Strategy also bought another $75 million worth of BTC last week—its first buy in three weeks. Volatility used to be something only the options desk traded, but now on-chain you can play with 24-hour leverage anytime. Most buyers are betting that the trend will keep exploding; sellers earn theta, but they have to withstand spikes. Perps have no expiry date—once funding rates skew, the market can be forced to liquidate in a particular direction. $BTC $SUI
Hyperliquid launched BVIV perps. In the past 30 days, Bitcoin’s volatility can move up or down—handled by Kinetiq’s Markets frontend and led by Volmex CEO Cole Kennelly. On the same day BTC surged to 85,000, wiping out $300 million in short positions within an hour. Over 24 hours, shorts were liquidated for $648 million, and open interest still rose 7.59% to $156 billion. Strategy also bought another $75 million worth of BTC last week—its first buy in three weeks. Volatility used to be something only the options desk traded, but now on-chain you can play with 24-hour leverage anytime. Most buyers are betting that the trend will keep exploding; sellers earn theta, but they have to withstand spikes. Perps have no expiry date—once funding rates skew, the market can be forced to liquidate in a particular direction. $BTC $SUI
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ZetaChain token holders voted to shut down its own Cosmos L1 and move the entire ZETA ecosystem to Solana. This isn’t the first time, and it won’t be the last—independent chains’ accounting keeps getting harder to manage: validators have to be paid for, cross-chain bridges must be maintained, and liquidity still has to be created by yourself. In the end, people realize it’s better to just move to Solana and become an application there. What’s interesting is that on the same day, the CoinGecko Hotness Ranking showed SUI up 22.3% over 24 hours and NEAR up 22.7%. Both are L1s in the top 30 by market cap, which suggests the market’s interest in “chains” itself is concentrating on the leading ones. I’ve been watching this trend for a while. This time, ZetaChain’s vote is essentially a stamp of approval on the “exit wave.” As for those smaller L1s still trying to hang on, they can probably only watch Solana’s trading volume while figuring out how many more months they can keep burning.$ZETA $SOL
ZetaChain token holders voted to shut down its own Cosmos L1 and move the entire ZETA ecosystem to Solana. This isn’t the first time, and it won’t be the last—independent chains’ accounting keeps getting harder to manage: validators have to be paid for, cross-chain bridges must be maintained, and liquidity still has to be created by yourself. In the end, people realize it’s better to just move to Solana and become an application there. What’s interesting is that on the same day, the CoinGecko Hotness Ranking showed SUI up 22.3% over 24 hours and NEAR up 22.7%. Both are L1s in the top 30 by market cap, which suggests the market’s interest in “chains” itself is concentrating on the leading ones. I’ve been watching this trend for a while. This time, ZetaChain’s vote is essentially a stamp of approval on the “exit wave.” As for those smaller L1s still trying to hang on, they can probably only watch Solana’s trading volume while figuring out how many more months they can keep burning.$ZETA $SOL
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A single Ethereum perpetual contract trade worth $5,500 keeps showing up repeatedly on Kalshi’s order book, with traders calling it out directly on X as volume manipulation. Kalshi’s head of crypto responded, but the on-chain data is there: the same amount shows up again and again, and everyone can see it. The most valuable thing in prediction markets is data credibility. Kalshi’s valuation depends on this—if even the trading volume can be inflated, how will institutions perform due diligence before entering? I’ve been watching this for a while. No matter how beautifully the compliance narrative is presented, if the order book doesn’t match, that’s a deal-breaker.
$ETH
A single Ethereum perpetual contract trade worth $5,500 keeps showing up repeatedly on Kalshi’s order book, with traders calling it out directly on X as volume manipulation. Kalshi’s head of crypto responded, but the on-chain data is there: the same amount shows up again and again, and everyone can see it. The most valuable thing in prediction markets is data credibility. Kalshi’s valuation depends on this—if even the trading volume can be inflated, how will institutions perform due diligence before entering? I’ve been watching this for a while. No matter how beautifully the compliance narrative is presented, if the order book doesn’t match, that’s a deal-breaker.
$ETH
$ETH
送上最好的祝福！
From 叮当猫X
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In the last 24 hours, it surged 26.7%. Spot trading volume reached $380 million, with the current price at 4.413. On CoinGecko’s Hotness ranking, it’s ranked #21 by market cap, but what’s pushing it isn’t NEAR’s own narrative—it’s the flow spillover from Zcash cross-chain conversions. In the same period, ZEC only rose 5.2%, and its market cap is ranked #9, which suggests the money isn’t coming in for the sake of Zcash’s price. Instead, people are genuinely using private transactions, and that flow ends up in NEAR’s cross-chain channel. When I traced this path, I noticed that BTC only rose 1.1% over the same period, with a trading volume of $900 million. Meanwhile, a coin with a market cap of #21 produced $380 million in trading volume—so the ratio is off. So don’t treat this NEAR move as a positive development driven by NEAR itself. It’s more like an outlet where Zcash’s privacy demand is finding a way out. How long that outlet can stay open depends on whether Zcash’s conversion volume can keep up. $NEAR $ZEC
In the last 24 hours, it surged 26.7%. Spot trading volume reached $380 million, with the current price at 4.413. On CoinGecko’s Hotness ranking, it’s ranked #21 by market cap, but what’s pushing it isn’t NEAR’s own narrative—it’s the flow spillover from Zcash cross-chain conversions. In the same period, ZEC only rose 5.2%, and its market cap is ranked #9, which suggests the money isn’t coming in for the sake of Zcash’s price. Instead, people are genuinely using private transactions, and that flow ends up in NEAR’s cross-chain channel. When I traced this path, I noticed that BTC only rose 1.1% over the same period, with a trading volume of $900 million. Meanwhile, a coin with a market cap of #21 produced $380 million in trading volume—so the ratio is off. So don’t treat this NEAR move as a positive development driven by NEAR itself. It’s more like an outlet where Zcash’s privacy demand is finding a way out. How long that outlet can stay open depends on whether Zcash’s conversion volume can keep up. $NEAR $ZEC
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North Korean hacker group WaterPlum infected more than 30,000 devices using a fake recruiting interview, targeting over 100 countries and stealing $10.7 million in crypto assets. They impersonated the HR of crypto, AI, and NFT companies—developers submitted resumes, scheduled interviews, installed an “interview tool,” and then both wallets and devices were compromised.
I’ve been watching this chain for a long time: the job-application chain is the most defenseless entry point for developers, because the other side shows the company name and the job JD, making it hard to stay alert against a “recruiter.” State-level groups turn HR into a theft front end—so cheap they only need a few fake accounts.
30,000 devices, over 100 countries, $10.7 million. On average, each device yields less than $360, but what they get are developers’ private keys, code repositories, and internal system privileges. $BTC
North Korean hacker group WaterPlum infected more than 30,000 devices using a fake recruiting interview, targeting over 100 countries and stealing $10.7 million in crypto assets. They impersonated the HR of crypto, AI, and NFT companies—developers submitted resumes, scheduled interviews, installed an “interview tool,” and then both wallets and devices were compromised.
I’ve been watching this chain for a long time: the job-application chain is the most defenseless entry point for developers, because the other side shows the company name and the job JD, making it hard to stay alert against a “recruiter.” State-level groups turn HR into a theft front end—so cheap they only need a few fake accounts.
30,000 devices, over 100 countries, $10.7 million. On average, each device yields less than $360, but what they get are developers’ private keys, code repositories, and internal system privileges. $BTC
I’ve been watching this chain for a long time: the job-application chain is the most defenseless entry point for developers, because the other side shows the company name and the job JD, making it hard to stay alert against a “recruiter.” State-level groups turn HR into a theft front end—so cheap they only need a few fake accounts.
30,000 devices, over 100 countries, $10.7 million. On average, each device yields less than $360, but what they get are developers’ private keys, code repositories, and internal system privileges. $BTC
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Gemini Drops to $753 Million—Who’s Accounting for Its LicenseGemini’s stock price has fallen 80% from its IPO to today.
Its market cap is down to $753 million. That number was given in a CoinDesk report from September 20.
It’s fallen like this, and acquisition rumors are popping up again.
But what I want to talk about isn’t the stock price. I want to talk about what, exactly, someone would be buying if they really did take it over.
Gemini has three things: licenses, custodial infrastructure, and customer relationships.
Let’s start with the licenses. In the U.S., to conduct crypto trading, the money transmission licenses are obtained one by one, state by state. Gemini has a New York State trust license, which means it can provide custodial services in New York. New York trust licenses aren’t handed out casually in the crypto space. BitLicense and trust licenses are two different things—the latter is closer to the credentials for custody within the banking system.
Gemini Drops to $753 Million—Who’s Accounting for Its License
Gemini’s stock price has fallen 80% from its IPO to today.
Its market cap is down to $753 million. That number was given in a CoinDesk report from September 20.
It’s fallen like this, and acquisition rumors are popping up again.
But what I want to talk about isn’t the stock price. I want to talk about what, exactly, someone would be buying if they really did take it over.
Gemini has three things: licenses, custodial infrastructure, and customer relationships.
Let’s start with the licenses. In the U.S., to conduct crypto trading, the money transmission licenses are obtained one by one, state by state. Gemini has a New York State trust license, which means it can provide custodial services in New York. New York trust licenses aren’t handed out casually in the crypto space. BitLicense and trust licenses are two different things—the latter is closer to the credentials for custody within the banking system.
Its market cap is down to $753 million. That number was given in a CoinDesk report from September 20.
It’s fallen like this, and acquisition rumors are popping up again.
But what I want to talk about isn’t the stock price. I want to talk about what, exactly, someone would be buying if they really did take it over.
Gemini has three things: licenses, custodial infrastructure, and customer relationships.
Let’s start with the licenses. In the U.S., to conduct crypto trading, the money transmission licenses are obtained one by one, state by state. Gemini has a New York State trust license, which means it can provide custodial services in New York. New York trust licenses aren’t handed out casually in the crypto space. BitLicense and trust licenses are two different things—the latter is closer to the credentials for custody within the banking system.
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With the Clarity Act dead, the SEC and CFTC write the rules themselvesThe Clarity Act failed to move forward in the Senate, and the SEC and CFTC immediately took over crypto oversight.
On September 18, the CFTC submitted a pre-rule on crypto asset trading and markets to the White House for review. On the same day, the SEC approved the “Innovation Exemption,” opening the door for tokenized stock trading. From the bill’s collapse to action by the two agencies—less than 48 hours passed in between. Coinbase and Strategy-linked crypto stocks rebounded on Friday, essentially showing the market’s vote of confidence with money.
First, look at this CFTC line.
It follows a pre-rulemaking procedure, meaning that without waiting for Congress, it uses its own authority to build a derivatives framework. Submitting to the White House for review is the first step in the rulemaking process; after that come a public comment period and then a final vote. The issue is that the CFTC’s jurisdiction over spot markets has long been disputed. It can regulate futures, options, and swaps. So this rule will most likely only cover crypto derivatives, while spot trading remains in limbo.
With the Clarity Act dead, the SEC and CFTC write the rules themselves
The Clarity Act failed to move forward in the Senate, and the SEC and CFTC immediately took over crypto oversight.
On September 18, the CFTC submitted a pre-rule on crypto asset trading and markets to the White House for review. On the same day, the SEC approved the “Innovation Exemption,” opening the door for tokenized stock trading. From the bill’s collapse to action by the two agencies—less than 48 hours passed in between. Coinbase and Strategy-linked crypto stocks rebounded on Friday, essentially showing the market’s vote of confidence with money.
First, look at this CFTC line.
It follows a pre-rulemaking procedure, meaning that without waiting for Congress, it uses its own authority to build a derivatives framework. Submitting to the White House for review is the first step in the rulemaking process; after that come a public comment period and then a final vote. The issue is that the CFTC’s jurisdiction over spot markets has long been disputed. It can regulate futures, options, and swaps. So this rule will most likely only cover crypto derivatives, while spot trading remains in limbo.
On September 18, the CFTC submitted a pre-rule on crypto asset trading and markets to the White House for review. On the same day, the SEC approved the “Innovation Exemption,” opening the door for tokenized stock trading. From the bill’s collapse to action by the two agencies—less than 48 hours passed in between. Coinbase and Strategy-linked crypto stocks rebounded on Friday, essentially showing the market’s vote of confidence with money.
First, look at this CFTC line.
It follows a pre-rulemaking procedure, meaning that without waiting for Congress, it uses its own authority to build a derivatives framework. Submitting to the White House for review is the first step in the rulemaking process; after that come a public comment period and then a final vote. The issue is that the CFTC’s jurisdiction over spot markets has long been disputed. It can regulate futures, options, and swaps. So this rule will most likely only cover crypto derivatives, while spot trading remains in limbo.
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Batch V1.1 The core of this upgrade can be summed up in one sentence: the transfer of related assets and the payment transfers either both succeed or both fail. Ripple says this feature has already passed a complete security review, and asset management institutions are building business projects around it. What do institutions fear most when making payments? It’s not slowness—it's having half the money deducted, the counterparty not receiving it, and the blockchain ending up with a half-dead state. Atomic settlement cuts this awkwardness off at the root—this is the key step for XRP to get money out of institutions. I’ve been watching this direction for a while. This time, Ripple didn’t recycle its old slogan about cross-border payments; instead, it went straight for settlement certainty. The approach is smarter than before. $XRP
Batch V1.1 The core of this upgrade can be summed up in one sentence: the transfer of related assets and the payment transfers either both succeed or both fail. Ripple says this feature has already passed a complete security review, and asset management institutions are building business projects around it. What do institutions fear most when making payments? It’s not slowness—it's having half the money deducted, the counterparty not receiving it, and the blockchain ending up with a half-dead state. Atomic settlement cuts this awkwardness off at the root—this is the key step for XRP to get money out of institutions. I’ve been watching this direction for a while. This time, Ripple didn’t recycle its old slogan about cross-border payments; instead, it went straight for settlement certainty. The approach is smarter than before. $XRP
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JPMorgan and Citibank move tokenized deposits worth tens of billions of dollars on-chain every day—but only transfer them between their own branches, where ordinary users can’t access them. A UK challenger bank is preparing to do something neither of these two has done: open the “gate” to the retail end.
I’ve been watching this space for a while. Using tokenized deposits for internal institutional settlement saves clearing time and reduces counterparty risk. This logic also applies to retail investors, yet it has never been opened up. Technology isn’t the barrier—the real hurdle is that once this set of tools becomes available to ordinary people, deposits will no longer sit only on banks’ balance sheets.
So the real question isn’t which company will build it first, but after the first one does, will JPMorgan and Citibank follow through—or keep tokenized deposits locked inside the institutional closed loop?
$BTC $ENA
JPMorgan and Citibank move tokenized deposits worth tens of billions of dollars on-chain every day—but only transfer them between their own branches, where ordinary users can’t access them. A UK challenger bank is preparing to do something neither of these two has done: open the “gate” to the retail end.
I’ve been watching this space for a while. Using tokenized deposits for internal institutional settlement saves clearing time and reduces counterparty risk. This logic also applies to retail investors, yet it has never been opened up. Technology isn’t the barrier—the real hurdle is that once this set of tools becomes available to ordinary people, deposits will no longer sit only on banks’ balance sheets.
So the real question isn’t which company will build it first, but after the first one does, will JPMorgan and Citibank follow through—or keep tokenized deposits locked inside the institutional closed loop?
$BTC $ENA
I’ve been watching this space for a while. Using tokenized deposits for internal institutional settlement saves clearing time and reduces counterparty risk. This logic also applies to retail investors, yet it has never been opened up. Technology isn’t the barrier—the real hurdle is that once this set of tools becomes available to ordinary people, deposits will no longer sit only on banks’ balance sheets.
So the real question isn’t which company will build it first, but after the first one does, will JPMorgan and Citibank follow through—or keep tokenized deposits locked inside the institutional closed loop?
$BTC $ENA
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Solana is 17% faster at producing blocks, but capacity hasn’t changedSolana’s block time has dropped again by 17%.
This report from Decrypt dated September 19 has a very straightforward headline—your heartbeat speeds up, but the extra speed gives you “freshness,” not capacity.
These two words are very different, and many people don’t distinguish them.
Freshness refers to how quickly state updates reach you—the prices, balances, and on-chain state you see are closer to what’s happening now. Capacity refers to how many transactions, and how much computation, can fit into each time window. The former is the experience; the latter is the ceiling.
Solana has been following the same path for the past few years: squeezing block time from 800 milliseconds down to 400 milliseconds, and then pushing it further down. After each reduction, the official line is always “it’s faster.”
Solana is 17% faster at producing blocks, but capacity hasn’t changed
Solana’s block time has dropped again by 17%.
This report from Decrypt dated September 19 has a very straightforward headline—your heartbeat speeds up, but the extra speed gives you “freshness,” not capacity.
These two words are very different, and many people don’t distinguish them.
Freshness refers to how quickly state updates reach you—the prices, balances, and on-chain state you see are closer to what’s happening now. Capacity refers to how many transactions, and how much computation, can fit into each time window. The former is the experience; the latter is the ceiling.
Solana has been following the same path for the past few years: squeezing block time from 800 milliseconds down to 400 milliseconds, and then pushing it further down. After each reduction, the official line is always “it’s faster.”
This report from Decrypt dated September 19 has a very straightforward headline—your heartbeat speeds up, but the extra speed gives you “freshness,” not capacity.
These two words are very different, and many people don’t distinguish them.
Freshness refers to how quickly state updates reach you—the prices, balances, and on-chain state you see are closer to what’s happening now. Capacity refers to how many transactions, and how much computation, can fit into each time window. The former is the experience; the latter is the ceiling.
Solana has been following the same path for the past few years: squeezing block time from 800 milliseconds down to 400 milliseconds, and then pushing it further down. After each reduction, the official line is always “it’s faster.”
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Banks get the licenses, exchanges get blocked: a new landscape in the MiCA rosterOn the MiCA registration list maintained by the European Securities and Markets Authority (ESMA), banking-related institutions account for 23%, approaching one quarter. At the end of June, the figure was still only about half; it doubled within three months.
MiCA is the EU’s regulatory framework for crypto-asset markets. If anyone wants to do crypto business in compliance with the EU’s 27 countries, they basically need to be on this list. When I was looking at the numbers, my first reaction was: wasn’t this list previously the domain of exchanges and custodians?
It’s not like that anymore.
Compared with another matter, it’s even more interesting. On September 18 (reported by The Wall Street Journal), ECB President Christine Lagarde personally intervened and stopped Binance’s MiCA license. Under the MiCA framework, the ECB does not have formal approval power over licenses, but after pressure from senior leadership, Greece withheld an application that its regulators had previously deemed “complete.”
Banks get the licenses, exchanges get blocked: a new landscape in the MiCA roster
On the MiCA registration list maintained by the European Securities and Markets Authority (ESMA), banking-related institutions account for 23%, approaching one quarter. At the end of June, the figure was still only about half; it doubled within three months.
MiCA is the EU’s regulatory framework for crypto-asset markets. If anyone wants to do crypto business in compliance with the EU’s 27 countries, they basically need to be on this list. When I was looking at the numbers, my first reaction was: wasn’t this list previously the domain of exchanges and custodians?
It’s not like that anymore.
Compared with another matter, it’s even more interesting. On September 18 (reported by The Wall Street Journal), ECB President Christine Lagarde personally intervened and stopped Binance’s MiCA license. Under the MiCA framework, the ECB does not have formal approval power over licenses, but after pressure from senior leadership, Greece withheld an application that its regulators had previously deemed “complete.”
MiCA is the EU’s regulatory framework for crypto-asset markets. If anyone wants to do crypto business in compliance with the EU’s 27 countries, they basically need to be on this list. When I was looking at the numbers, my first reaction was: wasn’t this list previously the domain of exchanges and custodians?
It’s not like that anymore.
Compared with another matter, it’s even more interesting. On September 18 (reported by The Wall Street Journal), ECB President Christine Lagarde personally intervened and stopped Binance’s MiCA license. Under the MiCA framework, the ECB does not have formal approval power over licenses, but after pressure from senior leadership, Greece withheld an application that its regulators had previously deemed “complete.”
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A Collective Push to Get Single-Stock Perpetual Contracts Approved in the U.S.Kalshi filed on September 19.
The product is a single-stock perpetual contract (perpetual futures—no expiration date, with a leveraged contract anchored to spot via funding rates). The underlying is simply a single stock.
The day before, on September 18, Coinbase also filed. It wants to let U.S. retail investors trade Apple, Tesla, and Nvidia on a 24/5 basis. Note that it’s 24/5, not 24/7. U.S. stock markets are closed on weekends—no matter how wild it gets on-chain, you still have to wait until Monday.
Going even further back, Bitnomial is doing something similar. The three of them are working together—different paths, same goal: bring the offshore perpetual-style play into the U.S. regulatory framework.
A Collective Push to Get Single-Stock Perpetual Contracts Approved in the U.S.
Kalshi filed on September 19.
The product is a single-stock perpetual contract (perpetual futures—no expiration date, with a leveraged contract anchored to spot via funding rates). The underlying is simply a single stock.
The day before, on September 18, Coinbase also filed. It wants to let U.S. retail investors trade Apple, Tesla, and Nvidia on a 24/5 basis. Note that it’s 24/5, not 24/7. U.S. stock markets are closed on weekends—no matter how wild it gets on-chain, you still have to wait until Monday.
Going even further back, Bitnomial is doing something similar. The three of them are working together—different paths, same goal: bring the offshore perpetual-style play into the U.S. regulatory framework.
The product is a single-stock perpetual contract (perpetual futures—no expiration date, with a leveraged contract anchored to spot via funding rates). The underlying is simply a single stock.
The day before, on September 18, Coinbase also filed. It wants to let U.S. retail investors trade Apple, Tesla, and Nvidia on a 24/5 basis. Note that it’s 24/5, not 24/7. U.S. stock markets are closed on weekends—no matter how wild it gets on-chain, you still have to wait until Monday.
Going even further back, Bitnomial is doing something similar. The three of them are working together—different paths, same goal: bring the offshore perpetual-style play into the U.S. regulatory framework.
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Lagarde personally blocked Binance’s MiCA licenseIn a September 18 report, the WSJ said that ECB President Christine Lagarde stepped in directly to block a Binance MiCA licensing application that had already been reviewed by Greek regulators.
MiCA is the EU’s regulatory framework for crypto-asset markets. Licensing authority lies with national regulators; ESMA coordinates, and the European Central Bank has no formal power to approve or grant licenses. But the report makes it very clear that after Lagarde’s high-level intervention, the application—previously deemed complete by regulators—was put on hold in Greece.
I finished reading it, and then it was stopped.
The interesting thing about this is that it bypassed all public procedures. If the Greek regulator decides on its own to reject Binance, at least there is a written reason, and the applicant can appeal. Now it’s an application that has already passed at the technical level—simply because someone without licensing authority gave a nod, it gets stuck there and doesn’t move.
Lagarde personally blocked Binance’s MiCA license
In a September 18 report, the WSJ said that ECB President Christine Lagarde stepped in directly to block a Binance MiCA licensing application that had already been reviewed by Greek regulators.
MiCA is the EU’s regulatory framework for crypto-asset markets. Licensing authority lies with national regulators; ESMA coordinates, and the European Central Bank has no formal power to approve or grant licenses. But the report makes it very clear that after Lagarde’s high-level intervention, the application—previously deemed complete by regulators—was put on hold in Greece.
I finished reading it, and then it was stopped.
The interesting thing about this is that it bypassed all public procedures. If the Greek regulator decides on its own to reject Binance, at least there is a written reason, and the applicant can appeal. Now it’s an application that has already passed at the technical level—simply because someone without licensing authority gave a nod, it gets stuck there and doesn’t move.
MiCA is the EU’s regulatory framework for crypto-asset markets. Licensing authority lies with national regulators; ESMA coordinates, and the European Central Bank has no formal power to approve or grant licenses. But the report makes it very clear that after Lagarde’s high-level intervention, the application—previously deemed complete by regulators—was put on hold in Greece.
I finished reading it, and then it was stopped.
The interesting thing about this is that it bypassed all public procedures. If the Greek regulator decides on its own to reject Binance, at least there is a written reason, and the applicant can appeal. Now it’s an application that has already passed at the technical level—simply because someone without licensing authority gave a nod, it gets stuck there and doesn’t move.
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89% of the liquidations came from short positions—so what kind of bull market is that? The reports from Glassnode and Bybit pretty much dissected the August rally: Bitcoin rose 24.6% over five trading days, while active leverage during the same period was trending downward. In other words, the price was pushed up by shorts closing their own positions—not by new money coming in to buy.
I’ve been watching this structure for a while. In a truly healthy rebound, leverage should rise along with the price, because someone is willing to borrow money to go long. This time it went the other way: the faster it surged, the more leverage contracted, which suggests longs were also using the opportunity to get out. On September 18, BTC again surged 5.88% in a single day, touching 81K; on CoinGecko, the 24-hour figure was still -0.3%, and trading volume of $800 million was at the top of the list.
Once the shorts are squeezed out, there’s no more fuel. Where will the next wave of buyers come from? I haven’t figured that out yet. $BTC
89% of the liquidations came from short positions—so what kind of bull market is that? The reports from Glassnode and Bybit pretty much dissected the August rally: Bitcoin rose 24.6% over five trading days, while active leverage during the same period was trending downward. In other words, the price was pushed up by shorts closing their own positions—not by new money coming in to buy.
I’ve been watching this structure for a while. In a truly healthy rebound, leverage should rise along with the price, because someone is willing to borrow money to go long. This time it went the other way: the faster it surged, the more leverage contracted, which suggests longs were also using the opportunity to get out. On September 18, BTC again surged 5.88% in a single day, touching 81K; on CoinGecko, the 24-hour figure was still -0.3%, and trading volume of $800 million was at the top of the list.
Once the shorts are squeezed out, there’s no more fuel. Where will the next wave of buyers come from? I haven’t figured that out yet. $BTC
I’ve been watching this structure for a while. In a truly healthy rebound, leverage should rise along with the price, because someone is willing to borrow money to go long. This time it went the other way: the faster it surged, the more leverage contracted, which suggests longs were also using the opportunity to get out. On September 18, BTC again surged 5.88% in a single day, touching 81K; on CoinGecko, the 24-hour figure was still -0.3%, and trading volume of $800 million was at the top of the list.
Once the shorts are squeezed out, there’s no more fuel. Where will the next wave of buyers come from? I haven’t figured that out yet. $BTC
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A privacy coin ETF pulled in $233 million in a month—what did Grayscale do next? A stock split: 1-for-3.
This move is too familiar to me. Retail sees the lower unit price and thinks it’s cheaper, while institutions want to get ZEC into more accounts’ allocation shopping lists. At the same time, Zcash’s NU7 upgrade is set for November—block times are tightened to 25 seconds, and starting in 2031 at least 60% of transaction fees will go toward topping up miner rewards. The privacy narrative is being turned into a standardized financial product; price moves up and down are just side effects.
ZEC is currently ranked 9th by market cap, and it’s down 7.2% over the past 24 hours. I’m not looking at how much it will rise this week. I’m looking at how many new accounts actually keep holding ZEC as an allocation. $ZEC
A privacy coin ETF pulled in $233 million in a month—what did Grayscale do next? A stock split: 1-for-3.
This move is too familiar to me. Retail sees the lower unit price and thinks it’s cheaper, while institutions want to get ZEC into more accounts’ allocation shopping lists. At the same time, Zcash’s NU7 upgrade is set for November—block times are tightened to 25 seconds, and starting in 2031 at least 60% of transaction fees will go toward topping up miner rewards. The privacy narrative is being turned into a standardized financial product; price moves up and down are just side effects.
ZEC is currently ranked 9th by market cap, and it’s down 7.2% over the past 24 hours. I’m not looking at how much it will rise this week. I’m looking at how many new accounts actually keep holding ZEC as an allocation. $ZEC
This move is too familiar to me. Retail sees the lower unit price and thinks it’s cheaper, while institutions want to get ZEC into more accounts’ allocation shopping lists. At the same time, Zcash’s NU7 upgrade is set for November—block times are tightened to 25 seconds, and starting in 2031 at least 60% of transaction fees will go toward topping up miner rewards. The privacy narrative is being turned into a standardized financial product; price moves up and down are just side effects.
ZEC is currently ranked 9th by market cap, and it’s down 7.2% over the past 24 hours. I’m not looking at how much it will rise this week. I’m looking at how many new accounts actually keep holding ZEC as an allocation. $ZEC
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Haruko Hacked: 15 Funds ImplicatedCompared with the big headlines from the previous bull market—exchanges being hacked and cross-chain bridges being drained—this time it’s much quieter. Crypto tech provider Haruko was hit with a targeted cyberattack. Fifteen clients were affected. The news was reported on September 18 by CoinDesk, and the source said that some money may have been lost by smaller hedge funds with weaker security controls.
Quiet.
Haruko isn’t an exchange, and it isn’t a custodian. What it provides to funds is the infrastructure layer for trading and position management—you can think of it as middleware that funds use to monitor positions, reconcile accounts, and connect all the exchanges and custodians. Funds may think their assets are sitting in Fireblocks or on an exchange, but things like instruction flows, API keys, and reconciliation data have to pass through a provider like Haruko.
Haruko Hacked: 15 Funds Implicated
Compared with the big headlines from the previous bull market—exchanges being hacked and cross-chain bridges being drained—this time it’s much quieter. Crypto tech provider Haruko was hit with a targeted cyberattack. Fifteen clients were affected. The news was reported on September 18 by CoinDesk, and the source said that some money may have been lost by smaller hedge funds with weaker security controls.
Quiet.
Haruko isn’t an exchange, and it isn’t a custodian. What it provides to funds is the infrastructure layer for trading and position management—you can think of it as middleware that funds use to monitor positions, reconcile accounts, and connect all the exchanges and custodians. Funds may think their assets are sitting in Fireblocks or on an exchange, but things like instruction flows, API keys, and reconciliation data have to pass through a provider like Haruko.
Quiet.
Haruko isn’t an exchange, and it isn’t a custodian. What it provides to funds is the infrastructure layer for trading and position management—you can think of it as middleware that funds use to monitor positions, reconcile accounts, and connect all the exchanges and custodians. Funds may think their assets are sitting in Fireblocks or on an exchange, but things like instruction flows, API keys, and reconciliation data have to pass through a provider like Haruko.
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Coinbase moves Apple and Tesla into perpetual contractsStock tickers for Apple, Tesla, and Nvidia—going forward, they may appear together in the same perpetual contract list alongside BTC. Do you find that strange?
On September 18, Coinbase filed an application with the CFTC to offer US stock perpetual contracts, with the underlying assets being Apple, Tesla, and Nvidia. Trading hours are 24/5 with leverage, and it does not involve stock ownership. On the same day, Binance launched 24/7 forex perpetual contracts and also added a weekend pricing mechanism.
Two leading exchanges moved at once—one focused on specific US stocks, the other on forex, acting back-to-back.
Coinbase moves Apple and Tesla into perpetual contracts
Stock tickers for Apple, Tesla, and Nvidia—going forward, they may appear together in the same perpetual contract list alongside BTC. Do you find that strange?
On September 18, Coinbase filed an application with the CFTC to offer US stock perpetual contracts, with the underlying assets being Apple, Tesla, and Nvidia. Trading hours are 24/5 with leverage, and it does not involve stock ownership. On the same day, Binance launched 24/7 forex perpetual contracts and also added a weekend pricing mechanism.
Two leading exchanges moved at once—one focused on specific US stocks, the other on forex, acting back-to-back.
On September 18, Coinbase filed an application with the CFTC to offer US stock perpetual contracts, with the underlying assets being Apple, Tesla, and Nvidia. Trading hours are 24/5 with leverage, and it does not involve stock ownership. On the same day, Binance launched 24/7 forex perpetual contracts and also added a weekend pricing mechanism.
Two leading exchanges moved at once—one focused on specific US stocks, the other on forex, acting back-to-back.
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Robinhood Chain 的 7-day average trading fees fell 82%, and when you look at certain specific metrics, it dropped even 97%. Yet on-chain, there’s still about $1.5 billion moving every day, and the number of transactions has only slipped 6%. Putting these figures together is pretty awkward: people didn’t leave, and the money didn’t shrink, but the fees being collected are disappearing fast.
I’ve been watching this number for a while. On L2, models that basically “self-fund” via fees can be considered as essentially a death sentence. During that 17% jump for Starknet and Arbitrum, people were focused on the narrative—nobody was doing the math on this bill. Once incentives stop, you still have to pay the costs: sequencers, proving, data availability, and so on. Meanwhile, the revenue side is already flat on the ground.
To put it bluntly, the revenue statements for these chains look even worse than my fat-loss plan from the start of this month.$ETH $ARB
Robinhood Chain 的 7-day average trading fees fell 82%, and when you look at certain specific metrics, it dropped even 97%. Yet on-chain, there’s still about $1.5 billion moving every day, and the number of transactions has only slipped 6%. Putting these figures together is pretty awkward: people didn’t leave, and the money didn’t shrink, but the fees being collected are disappearing fast.
I’ve been watching this number for a while. On L2, models that basically “self-fund” via fees can be considered as essentially a death sentence. During that 17% jump for Starknet and Arbitrum, people were focused on the narrative—nobody was doing the math on this bill. Once incentives stop, you still have to pay the costs: sequencers, proving, data availability, and so on. Meanwhile, the revenue side is already flat on the ground.
To put it bluntly, the revenue statements for these chains look even worse than my fat-loss plan from the start of this month.$ETH $ARB
I’ve been watching this number for a while. On L2, models that basically “self-fund” via fees can be considered as essentially a death sentence. During that 17% jump for Starknet and Arbitrum, people were focused on the narrative—nobody was doing the math on this bill. Once incentives stop, you still have to pay the costs: sequencers, proving, data availability, and so on. Meanwhile, the revenue side is already flat on the ground.
To put it bluntly, the revenue statements for these chains look even worse than my fat-loss plan from the start of this month.$ETH $ARB
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Zcash wants to cut block creation time from 75 seconds to 25 seconds. The NU7 upgrade is scheduled for November, and privacy payment speed will be roughly three times faster. I’ve been watching this number for a while—75 seconds per block is indeed slow for a privacy coin. On CoinGecko, ZEC is currently ranked 9th by market cap, and it’s up 4.8% over the past 24 hours.
But what really made me pause is another point: starting in 2031, at least 60% of transaction fees must be allocated to miners, as a way to top up mining rewards. Privacy-coin on-chain transaction volume has always been lower than that of transparent chains—how much security budget can the fee pool realistically support? That calculation needs to be done upfront. With faster block times, each block can carry fewer fees; what will keep miners’ long-term income stable? The team clearly wants to lock in expectations using that ratio first.
Before the November upgrade goes live, I’ll keep monitoring the NU7 testnet’s block-production data, and exactly how that 60% is written into the protocol layer. $ZEC
Zcash wants to cut block creation time from 75 seconds to 25 seconds. The NU7 upgrade is scheduled for November, and privacy payment speed will be roughly three times faster. I’ve been watching this number for a while—75 seconds per block is indeed slow for a privacy coin. On CoinGecko, ZEC is currently ranked 9th by market cap, and it’s up 4.8% over the past 24 hours.
But what really made me pause is another point: starting in 2031, at least 60% of transaction fees must be allocated to miners, as a way to top up mining rewards. Privacy-coin on-chain transaction volume has always been lower than that of transparent chains—how much security budget can the fee pool realistically support? That calculation needs to be done upfront. With faster block times, each block can carry fewer fees; what will keep miners’ long-term income stable? The team clearly wants to lock in expectations using that ratio first.
Before the November upgrade goes live, I’ll keep monitoring the NU7 testnet’s block-production data, and exactly how that 60% is written into the protocol layer. $ZEC
But what really made me pause is another point: starting in 2031, at least 60% of transaction fees must be allocated to miners, as a way to top up mining rewards. Privacy-coin on-chain transaction volume has always been lower than that of transparent chains—how much security budget can the fee pool realistically support? That calculation needs to be done upfront. With faster block times, each block can carry fewer fees; what will keep miners’ long-term income stable? The team clearly wants to lock in expectations using that ratio first.
Before the November upgrade goes live, I’ll keep monitoring the NU7 testnet’s block-production data, and exactly how that 60% is written into the protocol layer. $ZEC
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HYPE goes past $90—Hyperliquid starts creating its own lending/borrowing demandHYPE touched a historic high of $90.92. The direct reason is that Hyperliquid started manual lending—users can use HYPE and Bitcoin as collateral to borrow stablecoins.
This mechanism is worth breaking down. In the past, demand on on-chain derivatives platforms came from trading itself: opening positions, closing positions, and capturing funding rates. This time, Hyperliquid links collateral to stablecoins, effectively adding a new demand pathway for HYPE. If users want to add leverage to go long, they don’t need to sell their tokens for USDC— they can simply borrow by posting collateral. The borrowed stablecoins will likely flow back into the contracts, creating a looping cycle.
HYPE goes past $90—Hyperliquid starts creating its own lending/borrowing demand
HYPE touched a historic high of $90.92. The direct reason is that Hyperliquid started manual lending—users can use HYPE and Bitcoin as collateral to borrow stablecoins.
This mechanism is worth breaking down. In the past, demand on on-chain derivatives platforms came from trading itself: opening positions, closing positions, and capturing funding rates. This time, Hyperliquid links collateral to stablecoins, effectively adding a new demand pathway for HYPE. If users want to add leverage to go long, they don’t need to sell their tokens for USDC— they can simply borrow by posting collateral. The borrowed stablecoins will likely flow back into the contracts, creating a looping cycle.
This mechanism is worth breaking down. In the past, demand on on-chain derivatives platforms came from trading itself: opening positions, closing positions, and capturing funding rates. This time, Hyperliquid links collateral to stablecoins, effectively adding a new demand pathway for HYPE. If users want to add leverage to go long, they don’t need to sell their tokens for USDC— they can simply borrow by posting collateral. The borrowed stablecoins will likely flow back into the contracts, creating a looping cycle.
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CircleLaunchesInstitutionalBTCBackedBorrowing
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🚨Bitcoin just became more useful for institutions without needing to be sold.
Circle ($CRCL ) has launched Digital Asset-Backed Borrowing for eligible Circle Mint customers, allowing institutions to deposit BTC, mint cirBTC, use it as collateral in supported lending markets, and borrow USDC directly back into their Circle Mint balance.
The key point:
Institutions can unlock dollar liquidity without selling their Bitcoin exposure.
At launch, the product supports Arc and Ethereum, with Morpho as the first approved third-party lending protocol. Circle says additional protocols, including Aave, are expected to follow.
That creates a powerful capital-efficiency loop:
Hold BTC → use BTC as collateral → borrow USDC → deploy liquidity → keep BTC exposure.
And cirBTC itself is backed 1:1 by native BTC, with reserves designed to be independently verifiable onchain.
This is bigger than just another lending product.
It pushes Bitcoin closer to becoming institutional-grade collateral inside onchain credit markets.
$BTC used to sit idle. Now institutions can make it work without selling it. 👀
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