CoinPhoton

According to Grayscale, US household portfolios are more concentrated in stocks than ever, with corporate equities now accounting for roughly 46% of household financial assets.
Valuations are also stretched. Long-term S&P 500 earnings growth expectations have historically clustered around 10% to 15%, but have recently risen above 25%, suggesting that a large amount of optimism is already priced into the market. Strong AI investment could support current valuations, but the room for disappointment has narrowed.
Crypto presents a different setup. After a prolonged bear market reset valuations, leverage and investor positioning, the asset class may now be entering a new recovery cycle from a much lower base.
While US equities may require unusually strong revenue growth or margin expansion to justify current prices, crypto offers exposure to an emerging cycle where fundamentals are improving and valuations remain comparatively depressed.

From Aug. 31 to Sept. 4, U.S. spot crypto ETFs recorded broad net inflows across major assets.
Bitcoin spot ETFs led with $987 million in net inflows, extending their positive streak to three consecutive weeks. Ethereum spot ETFs also posted a third straight week of inflows, attracting $218 million.
Solana spot ETFs recorded $6.18 million in net inflows, marking an impressive 10 consecutive weeks of positive flows.
Meanwhile, $XRP
spot ETFs attracted $18.96 million, while $HYPE
spot ETFs recorded $12.27 million in net inflows over the same period. $BTC

Binance founder Changpeng Zhao (CZ) said Bitcoin could eventually overtake gold in total market value, arguing that the current gap is only about tenfold and could close within a future market cycle if governments increasingly adopt BTC as a reserve asset.
Speaking at Bitcoin Asia, CZ said gold’s biggest advantage is not the metal itself but the mature custody, valuation and reserve infrastructure that governments have built around it over decades. He expects similar infrastructure around Bitcoin to develop gradually.
Bitcoin’s market cap is currently around $1.6 trillion. Matching the World Gold Council’s roughly $14 trillion estimate for investable gold would imply a Bitcoin price of about $697,000.
If Bitcoin were instead valued against the entire above-ground gold stock, estimated at roughly $31 trillion, the implied BTC price would rise to around $1.54 million.
CZ said the main assumption behind such a scenario is continued sovereign adoption of Bitcoin, while noting that a competing digital asset overtaking BTC remains a risk, though he currently sees that as unlikely.

FinCEN said it identified about $12.7 billion in crypto transactions linked to suspected overseas scam centers, based on an analysis of more than 33,000 reports filed between September 2023 and December 2025.
The scams included pig-butchering schemes, romance scams and fake crypto investment schemes, where victims were lured with promises of unusually high returns.
FinCEN said many of the operations were run by transnational criminal organizations based in scam compounds across Southeast Asia.
Authorities in the region have been moving to tighten enforcement. Myanmar approved legislation in July that can impose life imprisonment in cases involving violence, torture or forced participation in scam operations, while Cambodian lawmakers have also proposed tougher penalties for scam-center operators.

Orionx, a Chilean crypto exchange backed by Tether, is shutting down after uncovering a more than $7 million shortfall tied to asset custody.
The exchange said a forensic audit found that custodial assets had been transferred to wallets outside its control. Withdrawals have been temporarily suspended as Orionx begins a permanent wind-down and focuses on recovering customer funds.
The discrepancy was discovered after Orionx found that balances recorded in its systems exceeded the actual assets held in custody for Bitcoin, Ether, XRP and Polygon.
According to local reports, the company’s criminal complaint alleges that some of the transfers occurred between 2018 and 2021. Orionx has filed a complaint against former executives and co-founders Roberto Zibert and Joaquín Díaz, both of whom have denied wrongdoing.
The shutdown comes just 15 months after Tether led Orionx’s Series A funding round in June 2025, as part of its expansion push in Latin America.

A dozen long-dormant Bitcoin addresses from the Satoshi era moved a combined 600 BTC, worth about $48 million, after more than 16 years of inactivity.
The coins came from 12 mining rewards earned in March 2010, when each Bitcoin block still paid a 50 BTC subsidy. Their movement sparked speculation about a possible connection to Bitcoin creator Satoshi Nakamoto.
However, Whale Alert said its research found no link between any of the 12 blocks and Satoshi. The analytics firm said all of the coins originated from blocks mined by other early miners.
The transfers are notable because they date back to a period when Satoshi was still actively involved in Bitcoin, but Whale Alert stressed that “Satoshi-era” coins do not necessarily mean Satoshi-owned coins.
One of the 12 rewards was moved several blocks before the others, a pattern Whale Alert said could indicate a test transaction before the remaining transfers were made. $BTC

Bloomberg Intelligence analyst James Seyffart identified 30 firms with disclosed holdings in U.S. Hyperliquid ETFs, with combined positions worth about $74.9 million as of June 30.
Brazil-based Wealth High Governance Asset Management led the list with nearly $24 million in 21Shares’ THYP fund. OLP Capital Management followed with $10.5 million, while UBS held $7.5 million, Bank of Montreal $6.7 million, and Jane Street $4.4 million.
The top five holders controlled about $53 million, or 70.8% of the total disclosed exposure. Other names included Brevan Howard, Discovery Capital, Balyasny and Boothbay.
The three U.S. Hyperliquid ETFs — 21Shares’ THYP, Bitwise’s BHYP and Grayscale’s HYPG — had attracted $356.6 million in net inflows since launch through Sept. 4 and held about $480.9 million in net assets.
The 13F data only reflects positions as of June 30 and does not capture later trades, while some bank holdings may represent client assets rather than proprietary positions. $HYPE

Router Protocol, a cross-chain infrastructure project backed by Coinbase Ventures, will shut down all operations by Sept. 30 after failing to find a sustainable business model.
The team said it spent the past year pursuing commercialization, technology licensing and potential acquisition deals, but none produced enough revenue to sustain operations. Router cited capital shifting from crypto toward AI, falling bridge fees and declining demand for cross-chain infrastructure as key pressures.
As part of the shutdown, Router will permanently burn 303.3 million ROUTE tokens, representing roughly 30% of the token’s nearly 1 billion maximum supply. The project will also coordinate with centralized exchanges to delist ROUTE, with timelines varying by platform.
Router raised $4.1 million in 2021 from investors including Coinbase Ventures and Polygon and launched its own Layer 1, Router Chain, in 2024. The standalone blockchain began winding down in 2025 due to infrastructure costs, validator inflation and security risks.
Router’s closure adds to mounting pressure on crypto infrastructure businesses, following shutdowns or wind-downs by projects including Syndicate Labs and Botanix in 2026.

Aptos is closing in on a major milestone, with the network having processed about 4.91 billion transactions since launch, according to Chainspect data.
At its current pace of roughly 6.5 million transactions per day, Aptos could surpass the 5 billion transaction mark in the near future.
The milestone would underscore the network’s growing onchain activity and transaction throughput as Aptos continues expanding its ecosystem. $APT

Arthur Hayes appears to be turning bullish on Uniswap.
According to OnchainLens data, Hayes spent about $1.73 million to purchase roughly 244,400 $UNI
, adding a sizable Uniswap position to his portfolio.
The purchase comes as Uniswap is seeing a major boost from activity on Robinhood Chain, where trading volumes have surged and Uniswap has captured the vast majority of DEX activity.
The timing also follows a sharp increase in UNI burns driven by Robinhood Chain usage, strengthening the narrative that higher trading activity could translate into greater value accrual for the UNI ecosystem.

STONK, the token linked to Solana launchpad StonkFun, surged more than 270% in 24 hours on Sunday after the platform announced an integration with Raydium’s LaunchLab.
STONK traded near $0.16, with a market cap of about $140 million and roughly $135 million in daily volume. The token earlier hit a new all-time high of $0.212 before pulling back.
StonkFun allows users to launch tokens paired with assets including tokenized stocks, ETFs, cryptocurrencies, currencies and commodities. Its own STONK token is paired with SPYx, a tokenized product designed to track the S&P 500 through the SPDR S&P 500 ETF.
The LaunchLab integration is intended to lower deployment costs, reduce sniper risk and improve liquidity after token launches. The move also coincided with broader gains across the Solana ecosystem, with Raydium’s RAY up about 46% and Jupiter’s JUP up around 21% over 24 hours.
StonkFun also operates a fee-funded buyback-and-burn program, with 78 tokens reportedly purchased and burned so far.

Liquid Network said purported white-hat hackers withdrew about 4,000 BTC, worth roughly $320 million, from its federation wallet, forcing the Bitcoin sidechain to pause operations.
The withdrawal represented around 95% of Liquid’s reported bitcoin reserves, which stood at approximately 4,200 $BTC
before the incident.
Liquid said the funds were withdrawn through the SideSwap Peg-out Authorization Key (PAK), but maintained that the key itself had not been compromised. An onchain message linked to the transaction stated: “we are whitehats. contact us on chain.”
Blockstream, Liquid’s technology provider, is attempting to contact those responsible through an onchain signed message. The network has also notified exchanges, many of which have suspended LBTC deposits and withdrawals.
Liquid temporarily disabled bridge nodes, effectively pausing the sidechain until the issue is resolved. Other assets issued on Liquid, including USDT, DePix and real-world assets, were said to be unaffected.

Robinhood Chain has overtaken Solana in 24-hour DEX trading volume, according to the latest data shown.
Robinhood Chain recorded about $1.89 billion in DEX volume over the past 24 hours, narrowly surpassing Solana at $1.882 billion.
Ethereum ranked third with roughly $1.60 billion, followed by BNB Chain at about $1.46 billion.
The flip highlights the rapid rise in onchain trading activity on Robinhood Chain, which has recently emerged as one of the most active networks by decentralized exchange volume.

Pineapple Financial has moved more than $1 billion worth of residential mortgage records onto Injective, as the company expands its effort to bring its historical loan portfolio onchain.
The migration currently covers 2,079 mortgage records, up from 1,259 when the project launched in December 2025. Pineapple ultimately plans to move more than 29,000 funded mortgages worth over $10 billion onto Injective.
Each mortgage is represented by an onchain record linked to the original loan file, containing more than 500 data points for verification, auditing and risk analysis. The associated PAPL0 token tracks the records but does not represent ownership of the underlying mortgages.
PAPL0 currently has a market capitalization of about $1.1 billion, up 48.2% over the past nine months. Pineapple also maintains a separate $100 million INJ treasury, with part of its holdings staked on the Injective network.

According to CoinGecko data shown in the image, crypto markets saw several tokens post sharp gains over the past 24 hours, led by BULLA (BULLA), which surged 215.5% to about $0.08459, with more than $16 million in trading volume.
Other major gainers included Cofinex (CNX), up 162.2%, PAIR up 98.1%, ubik (UBIK) up 91.7%, and STONK up 90.9%. Memory cow Moo (MOO) gained 73.2%, while pipedog (PIPEDOG) rose 60.9%.
Among tokens with heavier trading activity, Akedo (AKE) climbed 42.2% with roughly $126.7 million in volume, while Niu Lai gained 41.3% on more than $41 million in volume.
Notably, Arbitrum (ARB) was the largest-cap token among the top gainers shown, jumping 38.6% in 24 hours to around $0.1797, with trading volume exceeding $506 million. $ARB

The value of UNI burned on September 4 exceeded $1 million in a single day for the first time, reaching about $1.15 million as trading activity on Robinhood Chain surged.
According to Wu Blockchain Data Center, a total of 184,000 UNI was burned that day, the second-highest daily amount on record. Robinhood Chain alone accounted for about 150,000 UNI, representing more than 81% of the total burned.
On the same day, daily DEX trading volume on Robinhood Chain surpassed $3 billion for the first time, with Uniswap accounting for as much as 98% of the total. The surge in trading activity on Robinhood Chain was the main driver behind the sharp increase in UNI burns.
$UNI
has gained more than 70% over the past month.

Bloomberg ETF analyst James Seyffart’s 13F data shows that, as of June 30, 30 known institutions held about $74.9 million in exposure to three Hyperliquid ETFs, equivalent to roughly 1.15 million HYPE.
Wealth High Governance Asset Management ranked first with $23.95 million in exposure, followed by OLP Capital Management with $10.50 million, UBS with $7.53 million, Bank of Montreal with $6.69 million, and Jane Street with $4.38 million.
The top five holders accounted for about $53.0 million, or 70.84% of the total disclosed institutional exposure.

US-listed spot Bitcoin ETFs recorded their strongest three-week inflow streak of 2026, attracting a combined $3.8 billion as Bitcoin traded near $80,000.
The funds drew $986.9 million in the latest week, including $174.6 million on Friday. BlackRock’s IBIT accounted for $117.4 million of Friday’s inflows, while Fidelity’s FBTC added $57.2 million.
Total assets held by US spot Bitcoin ETFs stood at $101.3 billion, with cumulative net inflows reaching $55.6 billion. Despite the recent rebound, year-to-date net flows remain about $1 billion negative.
Bitcoin ETF demand also strengthened relative to other crypto funds. Weekly inflows into spot Ether ETFs fell 74% to $218.4 million, while XRP ETF inflows dropped 83% to $19 million. $BTC

Polish lawmakers have again failed to overturn President Karol Nawrocki’s veto of legislation aimed at tightening oversight of the country’s crypto market.
The Sejm voted 241-198 on Friday to override the veto, with three abstentions, falling 25 votes short of the required three-fifths majority of 266.
The bill would have established Poland’s framework for implementing the EU’s MiCA rules and placed crypto supervision under the Polish Financial Supervision Authority (KNF). Poland therefore remains without a designated national crypto supervisor despite MiCA already applying across the EU.
Nawrocki, who has vetoed crypto legislation three times, says he supports regulation but argues the proposed rules are too restrictive and costly, including broad powers to block websites.
The dispute has intensified amid an expanding investigation into collapsed exchange Zondacrypto. Prosecutors are examining suspected fraud and money laundering, with estimated losses of at least 350 million zlotys ($95 million). Zondacrypto operator BB Trade Estonia was declared bankrupt by an Estonian court in August.

OpenAI says Astra can autonomously discover zero-day flaws and build working exploits
OpenAI says its upcoming Astra model has crossed a major cybersecurity threshold, becoming the first model the company has classified as having “Critical” cyber capabilities under its Preparedness Framework.
To reach that level, a model must be able to discover previously unknown software vulnerabilities, develop working exploits against hardened real-world systems without step-by-step human guidance, or carry out attacks from only high-level objectives.
In testing, Astra:
Scored 100% on a benchmark for developing exploits from known vulnerabilities
Discovered two previously unknown flaws while building an exploit chain
Escaped a hardened browser sandbox and executed commands on the host system
Combined multiple operating-system vulnerabilities to obtain root access
OpenAI said Astra also performed better than GPT-5.6 Sol on a test designed to detect prohibited shortcuts on extremely difficult or impossible hacking tasks. Astra avoided those shortcuts while still legitimately solving some of the challenges.
Because of the risks, OpenAI has delayed parts of Astra’s development while adding safeguards and plans to initially restrict its most advanced cybersecurity capabilities to selected testers.
The development is especially significant for crypto, where exploitable software vulnerabilities can quickly translate into direct financial losses. More capable AI systems could compress vulnerability discovery and exploit development from days or weeks into machine-speed operations.