Today's news tips:
Binance altcoin futures trading volume accounts for a record high of 82.3%
The US Senate is considering a bill to exclude video game assets from digital goods regulation.
Bloomberg analysts: The probability of SOL ETF approval has risen to 100%
Türkiye plans to allow regulators to freeze bank and cryptocurrency accounts
CMCC Global to launch $25 million Sonic Ecosystem Fund, Resonance Fund
Macro
The US SEC's official website indicates that, in accordance with the common listing standard, the 19b-4 applications for the Solana, XRP, Cardano, Litecoin, Polkadot, Hedera, and Ethereum collateralized ETFs have been withdrawn. This follows news yesterday that the SEC had requested the issuers of the LTC, XRP, SOL, ADA, and DOGE ETFs to withdraw their 19b-4 filings. Bloomberg ETF analyst Eric Balchunas stated, "The common listing standard renders the 19b-4 form meaningless. Now, only the S-1 form remains."
The US Senate is considering a bill to exclude video game assets from digital goods regulation.
Robbie Ferguson, president of Immutable, wrote on the X platform: "The US Senate is considering a bill that would exclude video game assets from digital goods regulation, creating a clear path for AAA game studios to issue game tokens. Beyond that, we expect a surge in cryptocurrency reward programs, stablecoins for in-game payments, and ultimately, game tokens."
According to the BBC, Chinese citizen Qian Zhimin played a key role in the world's largest single cryptocurrency seizure, involving over £5.5 billion (approximately $7.4 billion). She pleaded guilty at London's Southwark Crown Court on Monday to illegally obtaining and possessing cryptocurrency. The Metropolitan Police stated that Qian Zhimin defrauded over 128,000 victims in China between 2014 and 2017, storing the proceeds in Bitcoin. The guilty plea was the culmination of a seven-year investigation into a global money laundering network. The head of the investigation stated that Qian Zhimin had evaded justice for five years, and the case involved multiple jurisdictions and was complex. Qian Zhimin fled to the UK using forged documents and attempted to launder the proceeds by buying a property. She was assisted by another Chinese citizen, Jian Wen, who was sentenced last year to six years and eight months for the crimes. The UK's Crown Prosecution Service stated that the case highlights the enormous scale of the criminal proceeds. The conviction was the culmination of a multi-year investigation, during which prosecutors worked to prevent the fraudsters from accessing the proceeds. Many victims have already received partial redemption through compensation programs in China. Qian Zhimin is currently in custody awaiting trial, and a sentencing date has not yet been set.
CME Group CEO Terry Duffy called for a level playing field, opposing the granting of innovation exemptions to new market entrants like Polymarket CEO Shayne Coplan and Kalshi co-founder Tarek Mansour. He stated that if the rules were different, established players wouldn't be able to compete. The Chicago Board Options Exchange (@CBOE) echoed this sentiment: "I appreciate the innovation, but if there's an opportunity to be more successful, we should all pursue it. We'll all be great competitors, we'll all be great innovators. But we shouldn't be locked into the old model."
Wisconsin introduces AB471, a "Bitcoin Rights" bill
According to Bitcoin Laws, on September 29, Wisconsin proposed the "Bitcoin Rights" bill AB471, which intends to exempt individuals and businesses from the money transmission business license requirements for the following behaviors: accepting payments, using self-hosted wallets, running nodes, developing software, and participating in staking.
Türkiye plans to allow regulators to freeze bank and cryptocurrency accounts
Turkey is preparing to give its financial crime regulator, the Financial Crimes Investigation Agency (Masak), greater powers to freeze and restrict access to bank and cryptocurrency accounts as part of its fight against money laundering and financial crime, according to Bloomberg. The proposed measures, which align with anti-money laundering standards set by the Financial Action Task Force (FATF), are expected to be implemented through a bill submitted to parliament, according to people familiar with the matter. If approved, the new regulations would give Masak the power to close accounts suspected of illegal use, impose transaction limits, suspend mobile banking accounts, and blacklist cryptocurrency addresses linked to crime.
DoubleZero announced on the X platform that the U.S. Securities and Exchange Commission (SEC) has issued a no-action letter to DoubleZero regarding 2Z. This letter indicates that 2Z does not need to be registered as a class of "equity security," and that the programmatic flow of 2Z on the DoubleZero network does not constitute securities trading. The no-action letter indicates that the SEC's Division of Corporation Finance has reviewed the programmatic distribution of the 2Z token and concluded that, based on the facts presented, the Division will not recommend enforcement action to the Commission. For the DoubleZero project and its stakeholders, this letter means that the SEC will not recommend enforcement action regarding the flow of 2Z tokens within the DoubleZero network.
According to The Block, on Monday, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC) Caroline Pham declared the "turf war" between the two agencies "over" at a roundtable jointly hosted by the CFTC and the SEC. This follows years of clashing over cryptocurrency market regulation, with former CFTC Chair Rostin Behnam arguing that most digital assets are commodities, while former SEC Chair Gary Gensler characterized most cryptocurrencies as securities. Pham noted that because both agencies oversee related areas of the financial markets, the division of responsibilities was not always clear, leading to unnecessary friction and confusion for market participants. Despite rumors of a potential merger between the SEC and CFTC, SEC Chairman Paul Atkins denied the claims, emphasizing that coordination and unification are key, with the decision to merge being a matter for Congress and the President. Talk of restructuring the government would distract from significant opportunities. The roundtable, which runs until Monday, will feature executives from Kalshi, Kraken, Polymarket, Robinhood Markets, Bank of America, and JPMorgan Chase.
Viewpoint
Kraken CEO refutes CME Group CEO: To achieve fairness, please work hard like we did back then
In response to CME Group CEO's opposition to granting Polymarket and Kalshi innovation exemptions and calling for fair competition, Kraken CEO Arjun Sethi retorted: "For a long time, regulatory barriers have been monopolistic, making it difficult to innovate in the first place. For us, the difficult journey we have gone through to get to where we are today has been equally painful. To achieve a level playing field, I think to some extent you should be pushing in the same direction as we were four, eight, or ten years ago."
Caixin.com published details of the trial involving a 60,000 Bitcoin money laundering case, noting that the guilty plea by the principal offender, Qian Zhimin, represents the beginning of a cross-border recovery effort, posing a more challenging test for Sino-UK judicial cooperation and a daunting task for achieving substantive justice. Qian's guilty plea only concerned two Crown Prosecution Service charges: acquiring criminal property (cryptocurrency) and possessing and transferring criminal property (cryptocurrency). Qian's defense attorney, Roger Sahota, shifted from his not guilty plea, stating, "Her guilty plea today hopes to provide some comfort to investors who have been awaiting compensation since 2017, and to assure them that the significant rise in cryptocurrency values means there is sufficient funding to cover their losses." However, the underlying message of this statement is somewhat intriguing.
According to an exclusive interview with Caixin.com, Paul Hui of the Hong Kong Treasury Department stated that applications for compliant stablecoin licenses are proceeding according to the original framework, with the first batch of licenses expected to be issued in early 2026 as planned. Hong Kong's regulatory focus is very clear: achieving a balance between innovation, integration into the real economy, and risk management. The first to be implemented will be the Hong Kong dollar stablecoin. Regarding the issuance of RMB stablecoins in Hong Kong, Paul Hui stated that, from Hong Kong's perspective, the legal framework allows for the use of different fiat currencies as underlying benchmarks for stablecoins. However, currencies carry sovereign will and strategic considerations. A peg to the RMB must take into account the country's exchange rate and monetary policy, requiring a comprehensive assessment of the risks and tradeoffs involved. Furthermore, the Hong Kong Inland Revenue Department has clarified that the purchase, sale, or transfer of tokenized ETF shares or units on licensed digital asset trading platforms or other platforms in Hong Kong is exempt from stamp duty.
Bloomberg analysts: The probability of SOL ETF approval has risen to 100%
According to SolanaFloor, Bloomberg ETF analyst Eric Balchunas raised the odds of the SOL ETF's approval from 95% to 100%. He said: "Honestly, the probability of approval is now 100%... The common listing standard makes the 19b-4 form meaningless. Now only the S-1 is left, and the SOL ETF could be approved at any time."
Project News
Hold at least 180 Binance Alpha Points to claim a 300 zkVerify token VFY airdrop
Binance announced that Alpha will be the first platform to list the zkVerify (VFY) token. Trading on Alpha will begin at 7:30 PM (UTC) on September 30, 2025. During the promotional period, users holding at least 180 Binance Alpha Points will be eligible to receive an airdrop of 300 VFY tokens on a first-come, first-served basis.
UXLINK releases details of migration and compensation plan
According to an official announcement from UXLINK, in response to the recent security incident, the project has launched a migration and compensation plan: Users who purchased and held UXLINK (as of 10:55 AM Beijing Time on September 22, 2025) will receive a 1:1 compensation. Users who purchased UXLINK between 10:55 AM and 1:40 PM on September 22, 2025, will receive compensation based on the difference between the purchase price and the subsequent time-weighted average price (TWAP). Compensation will be funded by frozen and returned stolen assets. The migration plan for CEX users is underway, with the on-chain migration portal opening on October 1st.
Societe Generale's Crypto Unit Deploys Euro and USD Stablecoins on Uniswap, Morpho
SG-FORGE, the digital asset subsidiary of Societe Generale, announced the official deployment of its Euro and US Dollar stablecoins, EURCV and USDCV, on the Ethereum-based DeFi protocols Morpho and Uniswap. This initiative enables users to borrow and lend using cryptocurrencies (such as BTC and ETH) and tokenized funds as collateral on the Morpho platform, while also enabling spot trading of the stablecoins through Uniswap. Furthermore, asset management firm MEV Capital will oversee the associated vaults, set collateralization rules, and handle defaults. Market liquidity will be supported by market maker Flowdesk to ensure smooth trading. Currently, EURCV has a market capitalization of approximately $66 million, while USDCV has a market capitalization of $32.2 million, both relatively small compared to market leaders such as Circle's EURC ($260 million) and Tether's USDT ($174.8 billion).
Binance Alpha will be the first platform to list OpenEden (EDEN). Trading on Alpha will begin at 5:00 PM (UTC) on September 30, 2025. Eligible Binance users can use their Binance Alpha Points to claim an airdrop of 50 EDEN tokens within 24 hours of the launch of trading. The airdrop will be distributed in two phases: the first 18 hours for users with at least 170 Alpha Points; the second six hours for users with at least 150 Alpha Points. Participation is on a first-come, first-served basis.
Binance Alpha to List Openverse Network (BTG)
Binance Alpha will officially list Openverse Network (BTG) on October 2nd. Eligible users can claim the airdrop using Binance Alpha Points on the Alpha event page after trading begins. More details will be announced soon.
DoubleZero (2Z) will be listed on Binance Alpha and Binance Futures
According to the official announcement, Binance Alpha will list and open DoubleZero (2Z) trading at 20:00 (GMT+8) on October 2, 2025. Additionally, Binance Futures will launch 2ZUSDT perpetual contracts at 20:30 (GMT+8) on October 2, 2025, with a maximum leverage of 50x. All eligible Binance users will receive an exclusive Binance token airdrop. Eligible users can claim the airdrop using Binance Alpha Points between 20:00 (GMT+8) on October 2, 2025, and 20:00 (GMT+8) on October 3, 2025, through the Binance Alpha event page. Users can access the Binance Alpha event page through the search function in the Binance app. Click here for more information on how to claim the Alpha airdrop using Binance Alpha Points.
Phala Network plans to stop parachain and migrate to Ethereum L2
Phala Network, a decentralized off-chain computing infrastructure, stated in a statement that since Phala's Polkadot parachain slot will expire on November 20, 2025, it has submitted a proposal to stop the parachain and migrate completely to Ethereum L2 to align with Intel's roadmap (TDX+GPU confidential computing) and the broader EVM ecosystem.
Important data
According to MLM monitoring, 13 hours ago, the wallet address that deposited $50 million into the Plasma pre-sale sent all 54 million XPL tokens (about $63 million) to Binance.
Alameda Research received $57.18 million worth of Bitcoin 8 hours ago
According to Onchain Lens monitoring, Alameda Research received 500 bitcoins 8 hours ago, with a total value of approximately US$57.18 million.
According to SoSoValue data, Ethereum spot ETFs saw a total net inflow of $547 million yesterday (September 29th, US Eastern Time). The Fidelity ETF (FETH) saw the largest single-day net inflow, with $202 million. FETH's total net inflow has now reached $2.714 billion. The second largest single-day net inflow was the Blackrock ETF (ETHA), with $154 million. ETHA's total net inflow has now reached $13.312 billion. As of press time, the total net asset value of Ethereum spot ETFs stood at $27.544 billion, with a net asset value ratio (market capitalization relative to the total Ethereum market capitalization) of 5.4%, and cumulative net inflows reaching $13.672 billion.
According to SoSoValue data, Bitcoin spot ETFs saw a total net inflow of $522 million yesterday (September 29th, US Eastern Time). The Bitcoin spot ETF with the largest single-day net inflow yesterday was the Fidelity ETF FBTC, with a net inflow of $299 million, bringing FBTC's total net inflow to $12.22 billion. The next largest single-day net inflow was the Ark Invest and 21Shares ETF ARKB, with a net inflow of $62.1817 million, bringing ARKB's total net inflow to $2.166 billion. The Bitcoin spot ETF with the largest single-day net outflow yesterday was the Blackrock ETF IBIT, with a net outflow of $46.6416 million, bringing IBIT's total net inflow to $60.772 billion. As of press time, the total net asset value of the Bitcoin spot ETF was US$150.408 billion, the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) reached 6.61%, and the historical cumulative net inflow has reached US$57.337 billion.
According to Onchain Lens monitoring, two newly created wallets received a total of 30,354 ETH from FalconX and OKX, worth $127.95 million.
According to on-chain analyst Ember, a new address withdrew 25,369 ETH (US$107 million) from FalconX two hours ago. Judging from the way ETH is hoarded, this address should belong to Bitmine.
Binance altcoin futures trading volume accounts for a record high of 82.3%
According to data from CryptoQuant analyst maartunn, Binance's altcoin futures trading volume has reached a record high of 82.3%. Traders are significantly favoring altcoins over Bitcoin futures, potentially reflecting the perceived advantage or potential gains in the altcoin market. For example, Aster (ASTR) surged 250% last week. Notably, even during the 2021 bull market, altcoins' share of trading volume never reached this level. During the "altcoin season" in May 2021, the peak was only 76%. The current significant interest in altcoins such as XPL, ASTR, SOL, and PUMP further demonstrates the continued growth of market interest in altcoins.
Huang Licheng holds the largest long position in ETH and XPL on the Hyperliquid platform
According to Ember's monitoring, Huang Licheng, the "Big Brother Maji," currently holds the largest long positions in ETH and XPL on the Hyperliquid platform. The specific positions are as follows: ETH long position: long 30,780 ETH, with a total value of approximately $128 million, with an opening price of $4,278 and a liquidation price of $3,815; XPL long position: long 26.55 million XPL, with a total value of approximately $29.9 million, with an opening price of $1.4 and a liquidation price of $0.67.
Financing/Acquisition
According to The Block, Flying Tulip, a new crypto project founded by DeFi veteran Andre Cronje, has secured $200 million in private seed funding. The project aims to build an on-chain exchange spanning the "full spectrum of DeFi"—a system that will encompass spot trading, derivatives, lending, stablecoins, and insurance. This $200 million round, raised in the form of a Simple Agreement for Future Tokens (SAFT), values Flying Tulip's tokens at a fully diluted value (FDV) of $1 billion. The funding round, which launched on August 14th and closed within a month, did not include a single lead investor. Participants included Brevan Howard Digital, CoinFund, DWF Labs, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol. Flying Tulip now plans to raise up to $800 million more through a public sale of its FT tokens at the same $1 billion valuation. Cronje stated that the sale will be conducted on Flying Tulip's own platform, rather than leveraging an existing ICO platform. The fundraising will feature an "on-chain redemption right," allowing investors to destroy FT tokens at any time to redeem their initial principal portion of the assets invested. Redemptions will be managed by an audited smart contract, with safeguards such as queues and rate limits in place to ensure solvency. If reserves are temporarily insufficient, requests will be placed in a transparent queue and processed once funds are replenished. FT tokens will not be transferable until the public sale is complete. Team members will have no initial allocations, and their compensation will be based on planned open market buybacks funded by protocol proceeds, directly tying their upside to performance.
According to Decrypt, Talus Network has raised over $10 million in funding and received a new round of strategic support from the Sui Foundation and Walrus, with participation from investors such as Polychain Capital. Talus Network, the infrastructure layer for decentralized AI agents, officially launched its flagship application, idol.fun, on the public testnet this month. Talus also released its white paper, which outlines the token economics of the Talus Network token, US. The full Idol.fun platform is expected to launch in the first quarter of 2026. The Talus team has also developed Nexus, an innovative framework for decentralized AI agents, allowing agent workflows to be hosted and defined entirely on-chain.
Institutional holdings
CMCC Global to launch $25 million Sonic Ecosystem Fund, Resonance Fund
Sonic Labs announced in its official blog that blockchain venture capital firm CMCC Global plans to launch the $25 million Sonic Ecosystem Fund, Resonance Fund. The fund is dedicated to investing in breakthrough protocols and founders shaping the Sonic ecosystem. The fund focuses primarily on high-growth opportunities in DeFi and consumer-facing applications. Its core mission is to promote fee monetization as a sustainable revenue model for smart contract developers and accelerate its adoption. In addition, the fund hopes to expand the liquidity of the Sonic ecosystem through strategic capital allocation. Its investment strategy aims to capture value throughout the entire asset life cycle, making both early investments in emerging DeFi leading projects and strategic investments in highly liquid assets in the Sonic ecosystem.
According to Businesswire, biotechnology company Applied DNA Sciences, Inc. (NASDAQ: APDN) announced that it has received a private equity investment public transaction (PIPE) subscription commitment of up to US$58 million led by institutional investors to launch a digital asset financial strategy based on BNB. The company has received a total of US$27 million in funding subscription commitments through PIPE, including cash, stablecoins and OBNB trust units. In the future, by exercising warrants, the company is expected to receive up to US$31 million in additional investment funds, bringing the total raised to a maximum of US$58 million. The PIPE transaction is expected to
Ethereum Treasury Firm Bit Digital Plans to Raise $100 Million Through Convertible Bond Offering
According to The Block, Ethereum treasury company Bit Digital announced on Monday that it has proposed issuing $100 million in convertible bonds to purchase additional Ethereum. Net proceeds from the bond offering will be used primarily to purchase Ethereum, but the company may also use them for general corporate purposes, including potential investments, acquisitions, and other business opportunities related to digital assets. Bit Digital has filed a preliminary prospectus with the U.S. Securities and Exchange Commission. Barclays, Cantor, and B. Riley Securities are the lead underwriters for the bond offering. Bit Digital has not purchased significant amounts of Ethereum since July. The company has been accumulating and staking ETH since 2022.
Kazakhstan Launches National Crypto Reserve Fund, First Invests in BNB
According to GOV.KZ, Kazakhstan has launched the "Alem Crypto Fund," established by the Ministry of Artificial Intelligence and Digital Development, managed by Qazaqstan Venture Group, and registered with the AIFC. The fund aims to allocate digital assets and strategic reserves over the long term, potentially contributing to national savings in the future. Its strategic partner is Binance Kazakhstan, with its initial investment in BNB to be used for transaction processing, fee payments, and governance. Officials indicate that BNB has a market capitalization of over $138 billion. The fund aims to serve large investors and become the foundation of the digital national reserve.
According to Onchain Lens, citing on-chain data, the Royal Government of Bhutan (Druk Holdings) transferred 2,011.23 BTC to a new wallet, which is equivalent to approximately US$230 million at the current price. This trend indicates that it may be preparing to list on the exchange.
According to GlobeNewswire, Predictive Oncology (NASDAQ: POAI) announced two private placements (PIPEs): a cash PIPE to issue approximately 66.67 million shares at a price of US$0.7751 per share, raising approximately US$51.7 million; and a Crypto PIPE to issue prepaid warrants with a nominal value of approximately US$292.7 million using locked and unlocked Aethir (ATH) tokens. The two transactions are expected to be completed simultaneously on October 2. The company will build a digital asset library with ATH and continue to purchase ATH in the secondary market; for each ATH purchased, the DCI Foundation will grant an additional 20% tokens. Shareholders have approved a 1:15 reverse stock split to take effect on September 30 (this letter
Fitell announces the addition of PUMP to its treasury, expanding its Solana asset strategy
Fitell Corporation (NASDAQ: FTEL) plans to incorporate the Solana ecosystem's PUMP token into its treasury, citing its alignment with Solana's already implemented digital asset treasury strategy. Fitell noted that PUMP is backed by Pump.fun's token issuance and the repurchase and destruction of on-chain transaction fees, with a fixed supply and continuous destruction to generate deflationary pressure. The company is also evaluating the use of Solana for loyalty and user engagement initiatives within its business and is considering the inclusion of USDC and Worldcoin to support these initiatives.
Strategy increased its holdings of 196 BTC last week for approximately $22.1 million
Strategy purchased 196 new BTC last week for approximately $22.1 million, at an average price of approximately $113,048 per BTC. The announcement stated that as of September 28, the company held a total of 640,031 BTC, with a cumulative investment of approximately $47.35 billion and an average holding cost of approximately $73,983 per BTC.
BitMine announces holdings of 2.65 million ETH and total assets of $11.6 billion
According to PR Newswire, BitMine Immersion Technologies (BMNR) announced that it holds 2,650,900 ETH, 192 BTC, $436 million in cash, and other crypto assets and "moonshots," totaling approximately $11.6 billion. The company claims it holds the world's largest ETH vault and the second-largest crypto vault, trailing only Strategy Inc. (MSTR), which holds 639,835 BTC (approximately $71 billion). BMNR's average daily trading volume over the past five days is approximately $2.6 billion, ranking it 26th in US stock market trading volume. The company aims to increase its ETH holdings to 5%.
