Orionx, a Chilean crypto exchange backed by USDt stablecoin issuer Tether, is shutting down after uncovering a multimillion-dollar issue linked to asset custody.
The exchange said it began a permanent closure process after a forensic audit found more than $7 million in custodial assets had moved to wallets it did not manage, according to a company announcement shared on X on Thursday.
“Our sole priority now is to return as much of our clients’ assets as possible,” Orionx said, adding that withdrawals are temporarily suspended.
The closure comes just 15 months after Tether led Orionx’s Series A as part of its push to expand digital asset adoption in Latin America.
Orionx leaves timing of $7 million transfers unclearOrionx’s post did not specify when the more than $7 million in transfers occurred or how the discrepancy was initially uncovered.
As part of its efforts to comply with Chile’s Fintech Law, Orionx conducted a review of its operations in 2025 and brought in financial professionals, according to the major Chilean newspaper La Tercera, citing the company’s criminal complaint.
On Aug. 27, chief operating officer Thomas Mac Millan detected a “significant mismatch” between balances recorded in Orionx’s systems and assets actually held in custody, according to the complaint.
An internal review followed, and Orionx later commissioned an external forensic audit that compared its records with data verifiable onchain. The audit found that balances recorded in Orionx’s systems exceeded the assets held at its custody addresses for Bitcoin (BTC), Ether (ETH), XRP and Polygon (POL).
The criminal complaint reportedly alleges that assets were transferred out of Orionx’s custody between 2018 and 2021, including to accounts on other crypto platforms.
Orionx accuses co-founders, who deny wrongdoingOrionx said it filed a criminal complaint on Wednesday against former executives Roberto Zibert and Joaquín Díaz, both co-founders who allegedly had access to the company’s crypto custody systems.
The complaint alleges that an account associated with Díaz received more than $1.5 million across 14 transfers, while another wallet allegedly received 187 Ether, more than 4.1 million USDt (USDT) and 200,000 USDC from Orionx, La Tercera reported.
Former executive and Orionx co-founder Roberto Zibert. Source: LinkedIn
Zibert and Díaz denied the allegations, saying they never acted against customers’ interests and that the cause of Orionx’s asset shortfall remains unclear.
Tether backed Orionx in 2025Founded in Chile in 2017, Orionx grew from a retail crypto exchange into a platform offering crypto payment and financial services in Chile, Peru, Colombia and Mexico.
Tether invested in Orionx in June 2025, exclusively leading the exchange’s Series A funding round, according to an archived version of Tether’s announcement. The announcement is no longer available on Tether’s website.
Cointelegraph contacted Tether and Orionx for comment but had not received a response by publication.
Magazine: Tether sued over $42M in frozen coins, 6,600 students get crypto loans: Asia Express
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Chilean crypto exchange Orionx, backed by Tether, announced it is initiating permanent closure procedures. A forensic audit previously uncovered that over $7 million in customer custodial assets were transferred to wallets not managed by the platform. Withdrawals are currently suspended, and the company stated its sole priority is to return customer assets as much as possible. The audit revealed that Orionx’s system-recorded balances of BTC, ETH, XRP, and POL exceeded the actual holdings in its custodial addresses. The firm has filed criminal complaints against two co-founders and former executives, Roberto Zibert and Joaquín Díaz, alleging the relevant assets were transferred between 2018 and 2021. The two denied the allegations, claiming they never harmed customer interests, and the cause of the asset shortfall remains unclear. Tether exclusively led Orionx’s Series A funding round in June 2025, approximately 15 months prior to the closure announcement. As of press time, Tether and Orionx had not responded to requests for comment.
Tether, the company behind the world’s largest stablecoin, is quietly becoming one of the most important buyers of US government debt. With over $122 billion in direct Treasury bill holdings and a total exposure exceeding $141 billion when indirect positions are included, the firm has already outpaced several sovereign nations in its appetite for American paper.
From stablecoin issuer to Treasury heavyweight Every USDT token in circulation needs to be backed by reserves, and Tether has chosen to park the vast majority of those reserves, roughly 83%, in US Treasury bills. As USDT’s market cap has ballooned to approximately $185 billion, the company has been forced to hoover up T-bills at a pace that would make most central banks raise an eyebrow.
In 2024, Tether made net Treasury purchases of $33.1 billion. That was enough to rank it seventh among all foreign buyers of US debt. In 2025, the figure came in at $28.2 billion, again landing in seventh place globally.
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Tether has described itself as the fifth-largest purchaser of US Treasuries when hedge fund activity is excluded from the rankings. The company’s CEO has stated expectations that Tether will climb into the top 10 purchasers of T-bills in 2026, driven by continued USDT growth and new product lines.
What’s fueling the growth Tether reports adding approximately 30 million new users per quarter, bringing its total user base to around 530 million. Each new user who acquires USDT effectively triggers demand for more reserve assets, and Tether’s reserve policy channels that demand straight into the Treasury market.
This flywheel generated over $10 billion in profits for Tether in 2025, almost entirely from the yield on its Treasury portfolio.
US Treasury Secretary Scott Bessent has publicly discussed the potential for stablecoin issuers to become a structural source of demand for T-bills, projecting that the sector could eventually absorb between $800 billion and $1 trillion in Treasuries as it scales.
Why Washington isn’t complaining Stablecoin legislation moving through Congress would formalize reserve requirements that effectively mandate Treasury holdings, creating a regulatory framework that locks in this demand. Tether’s 83% allocation to Treasury bills is a far cry from the opaque mix of commercial paper and other instruments that drew scrutiny in earlier years.
The risks that come with scale If USDT ever experienced a rapid redemption event, Tether would need to liquidate tens of billions in T-bills in a compressed timeframe. Treasury bills are among the most liquid instruments on earth, but selling $50 billion or more in a panic scenario could still create ripples in short-term funding markets.
Competitors like Circle, which issues USDC, also hold substantial Treasury reserves but at a smaller scale. As stablecoin legislation takes shape, the reserve requirements embedded in new laws could push the entire sector deeper into Treasuries, potentially validating Bessent’s $800 billion to $1 trillion projection.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Chilean crypto exchange Orionx began permanently closing its operations on Sept. 3 after a forensic audit identified a custody shortfall exceeding $7 million.
Summary
Orionx began permanently closing after an audit found over $7 million missing from custodial wallets. Customer withdrawals remain suspended while Orionx calculates balances and prepares its planned asset restitution process. Chile’s financial regulator rejected Orionx’s authorization application in June and never supervised the platform’s activities. Orionx filed a criminal complaint against two cofounders who have categorically denied the company’s allegations. Tether led Orionx’s Series A financing in June 2025, fifteen months before the closure announcement. The company suspended customer withdrawals and said it could not guarantee that every client would recover 100% of their assets.
The exchange said the audit found transactions that moved assets under its custody to wallets it did not control. Orionx has filed a criminal complaint with Chilean prosecutors and launched a restitution process intended to return as much as possible to customers.
The allegations have not been proven in court. The two former executives named in the complaint have denied wrongdoing and said the cause of the shortfall remains unresolved.
Información importante
Hoy Orionx informó el inicio de un proceso de cierre definitivo de sus operaciones.
Revisa toda la informacion en https://t.co/OamPFTfoDo
Atención: Nunca te pediremos claves, códigos 2FA ni transferencias por teléfono, WhatsApp, email o redes sociales. pic.twitter.com/5eiDyqR0Cg
— Orionx (@orionx) September 3, 2026 Orionx audit found four affected crypto assets Orionx announced the closure through its website and official account. It described the decision as definitive and warned customers about potential impersonation attempts during the closure.
The exchange said it would never request private keys, two-factor authentication codes or transfers by telephone, WhatsApp, email or social media. The warning is relevant because customers waiting to recover funds can become targets for phishing and fraudulent recovery services.
According to information Orionx provided to clients, the shortfall affects Bitcoin, Ether, XRP and Polygon balances. These assets appeared as available in Orionx’s internal records but could not be fully verified at addresses controlled by the company.
A comparison of company records and blockchain data found that the recorded customer balances exceeded the assets held in Orionx’s custody wallets. The audit therefore identified a balance-sheet and custody mismatch rather than a reported compromise of the four blockchain networks.
However, Orionx has not published the affected wallet addresses, complete transaction hashes or a breakdown of the shortfall by asset. Independent blockchain researchers consequently cannot yet verify the company’s full calculation.
The exchange also has not provided an exact number of affected customers. Its disclosure does not establish how much of the $7 million may be recovered from external wallets, exchanges or individuals named in the legal proceedings.
Criminal complaint names two Orionx cofounders Orionx submitted a criminal complaint on Sept. 2 against former general manager Roberto Zibert and former technology manager Joaquín Díaz. Both helped establish the exchange and allegedly had privileged access to its cryptocurrency custody systems.
The complaint accuses them of alleged unfair administration and asks prosecutors to investigate any other offenses supported by the evidence. Local business newspaper Diario Financiero reported that a forensic examination linked the custody mismatch to wallets outside Orionx’s control.
Details reported by La Tercera place the questioned transactions between 2018 and 2021. Other local reporting says the largest group of transfers may have occurred during 2021 and 2022. That timing remains an allegation drawn from the complaint, not a judicial finding.
The filing reportedly claims that an account associated with Díaz received more than $1.5 million through 14 transfers. It also identifies another wallet that allegedly received 187 ETH, more than 4.1 million USDT and 200,000 USDC from Orionx-related addresses.
Those figures require examination by prosecutors and the court. A transfer into an address does not, by itself, establish who controlled the wallet at the time or whether a crime occurred.
Zibert and Díaz have “categorically rejected” the accusations. In a joint response reported by Chilevisión, they said they never acted against customer interests.
Their statement added that the cause of the custody deficit had not been established. Neither former executive has been convicted, and the complaint begins an investigative process rather than proving Orionx’s claims.
Chilean regulator cannot order customer repayments Chile’s Financial Market Commission clarified on Sept. 4 that Orionx was neither registered nor authorized under the country’s Fintech Law. The regulator said it did not supervise Orionx’s activities and does not control its closure.
The official statement also disclosed that the commission rejected Orionx’s registration and authorization application on June 19. Until that rejection, the exchange had operated under a transitional arrangement available to companies awaiting licensing decisions.
After the application was rejected, Orionx could only conclude existing operations. It could not enter into new regulated transactions under the transitional regime and had to explain the wind-down process to customers.
The commission also said Orionx had not demonstrated that it held the guarantees required from authorized financial service providers. This does not prove the alleged custody misconduct, but it affects the legal protections available during the closure.
Although Orionx told customers that it had notified the relevant authority about its closure plan, the commission stressed that it neither approved nor supervises that plan. It also lacks authority to direct Orionx to return customer assets.
The regulator advised customers to contact the company directly and preserve account statements, transaction records and communications. Customers can pursue claims through Chilean courts or provide evidence to prosecutors if they believe a crime occurred.
Tether invested in Orionx 15 months before closure Tether led Orionx’s Series A financing in June 2025 as part of a strategy to expand stablecoin infrastructure across Latin America. Neither company publicly disclosed the investment’s value or Tether’s ownership percentage.
At the time, the companies said the financing would support remittances, payment collection and corporate treasury services in Chile, Peru, Mexico and Colombia. The investment was presented as a way to expand digital financial access across the region.
Crypto.news reported that the deal gave Tether exposure to a Chilean exchange offering services across four Latin American markets. The announcement described how the funding would support Orionx’s regional payments and stablecoin expansion.
Tether’s original announcement is no longer available at its former website address, although an archived copy remains accessible. Its removal does not establish when or why Tether took the page offline.
Tether has not publicly said whether it retained its investment when Orionx announced the closure. It has also not disclosed whether it held board rights, received financial reports or participated in custody oversight.
The stablecoin issuer continued investing in regulated and licensed companies elsewhere. Its later Latin American expansion included a minority investment in Bit2Me, part of a broader pattern of Tether-backed regional financial infrastructure deals.
Customers face an uncertain restitution process Orionx said its first closure phase is underway, but it has not published a repayment calendar. Withdrawals remain suspended to prevent some customers from recovering assets ahead of others while account balances are reviewed.
The exchange said its priority is to return “the greatest possible amount” of customer assets. That wording confirms that full repayment is uncertain. It should not be interpreted as a commitment to make every customer whole.
The next verifiable developments will come from Orionx’s customer notices, Chilean prosecutorial actions and any court decisions affecting the disputed wallets. Publication of transaction hashes would also allow independent researchers to evaluate the alleged asset movements.
Customers will need individual balance confirmations before Orionx can determine their share of available assets. Recovery could also depend on whether prosecutors locate funds at other exchanges or obtain orders freezing wallets linked to the disputed transfers.
TLDR: Orionx is shutting down after a $7M+ customer asset shortfall was confirmed. Withdrawals are frozen while Orionx pursues criminal complaints against ex-executives. Chile’s regulator rejected Orionx’s registration bid just months before the audit. Tether backed Orionx’s 2025 Series A round as its sole investor. Orionx, a Chilean crypto exchange backed by Tether, has begun shutting down for good. A forensic audit uncovered more than $7 million in customer assets moved to wallets outside company control.
The exchange suspended all withdrawals and filed criminal complaints against two former executives. Chile’s financial regulator had already rejected Orionx’s registration bid months earlier.
Orionx Asset Shortfall Triggers Criminal Complaints Orionx filed a complaint with Chile’s Public Prosecutor’s Office once the audit findings surfaced.
The company says the audit confirmed transfers of assets held in custody to wallets it does not manage. That shortfall now exceeds $7 million, according to the announcement. Orionx says the discovery prompted an immediate internal review of its custody practices.
Investigators are examining transfers involving Bitcoin, Ethereum, XRP and Polygon’s POL token. Orionx named co-founders Roberto Zibert and Joaquín Díaz in a criminal complaint filed September 2, 2026.
The company alleges the transfers took place between 2018 and 2021. Those years mark a period of rapid growth for the exchange in Chile’s crypto market.
Both men have denied any wrongdoing tied to the alleged transfers. Orionx has not disclosed additional details about how the funds left its custody.
The exchange has not named a recovery timeline for affected clients. No third party has independently confirmed the location of the missing assets.
The exchange says client funds remain its top priority during the shutdown. Withdrawals stay frozen so no customer gains an advantage over another during the closure.
Orionx describes the freeze as a temporary measure tied to its restitution process. The company says every phase of that process will be reported to clients directly.
Tether-Backed Chilean Crypto Exchange Orionx Shuts Down After $7M+ Asset Shortfall
Chilean crypto exchange Orionx has begun a permanent shutdown after a forensic audit found that more than $7 million in customer assets had been transferred to wallets outside the company’s… pic.twitter.com/DtmTz74XxB
— Wu Blockchain (@WuBlockchain) September 6, 2026
Tether-Backed Exchange Faces Regulatory Setback Tether led Orionx’s Series A funding round in June 2025 as its exclusive investor. That original announcement no longer appears on Tether’s website, though the deal was previously public.
Tether has not issued a fresh statement addressing the shutdown. The stablecoin issuer’s earlier backing had raised Orionx’s profile among regional traders.
Chile’s financial regulator rejected Orionx’s registration application in June 2026. That rejection came months before the forensic audit exposed the asset shortfall.
Orionx continued operating in the crypto market despite the setback. Regulators have not commented publicly on the newly disclosed shortfall.
Orionx has submitted a Closure and Asset Restitution Plan to Chilean authorities.
The company says the plan’s first phase is now being implemented. Orionx has not disclosed a full timeline for completing the restitution process. Clients are still awaiting word on when frozen funds might move again.
Orionx pledged to keep clients informed as the process continues. The company called the situation a source of concern and uncertainty for its users.
Orionx says it will handle the closure with transparency and respect for its customers. The exchange reiterated that returning client assets remains its singular focus.
Key Points Orionx, a Chilean cryptocurrency platform, has ceased operations following a forensic investigation that uncovered over $7 million in client funds transferred to unauthorized external wallets The platform has halted all withdrawal activity, impacting more than 100,000 registered accounts with uncertain recovery prospects Legal action has been initiated against platform co-founders Joaquín Díaz and Roberto Zibert, both of whom have rejected the accusations The unauthorized asset movements reportedly took place between 2018 and 2021, involving Bitcoin, Ethereum, XRP, and Polygon tokens The exchange received Series A investment from Tether in June 2025, merely 15 months prior to its collapse A major Chilean cryptocurrency trading platform, Orionx, has announced its permanent closure following the discovery that over $7 million in client assets were transferred to wallets beyond the platform’s authorized control, according to findings from a comprehensive forensic investigation.
Tether-Backed Chilean Crypto Exchange Orionx Shuts Down After $7M+ Asset Shortfall
Chilean crypto exchange Orionx has begun a permanent shutdown after a forensic audit found that more than $7 million in customer assets had been transferred to wallets outside the company’s… pic.twitter.com/DtmTz74XxB
— Wu Blockchain (@WuBlockchain) September 6, 2026
On September 3, 2026, the exchange publicly disclosed its shutdown decision and simultaneously froze all withdrawal capabilities. More than 100,000 account holders now face uncertainty regarding the recovery of their digital holdings.
Discovery of the Asset Discrepancy Thomas Mac Millan, serving as Orionx’s chief operating officer, identified inconsistencies between reported account holdings in the platform’s database systems and the actual cryptocurrency reserves held in custody wallets on August 27.
Following this discovery, the company initiated an internal investigation before engaging independent forensic specialists to conduct a thorough examination. The external auditors cross-referenced internal transaction records with blockchain data, ultimately validating the substantial deficit.
The unaccounted assets encompass multiple cryptocurrencies including Bitcoin, Ethereum, XRP, and Polygon tokens. The aggregate value of missing funds surpassed $7 million.
According to investigative findings, the questionable asset transfers occurred during a three-year period spanning 2018 through 2021, suggesting the platform potentially operated with inadequate customer reserves for several years without detection.
One day before publicly announcing the shutdown, Orionx submitted criminal complaints targeting two of its founding members, Joaquín Díaz and Roberto Zibert.
The formal complaint asserts that a cryptocurrency wallet connected to Díaz received transfers exceeding $1.5 million distributed across 14 distinct transactions. A separate wallet allegedly obtained 187 Ether tokens, in addition to more than 4.1 million USDT and 200,000 USDC.
Both accused co-founders have publicly disputed these claims. They maintain they never engaged in activities detrimental to customer interests and assert that the actual source of the asset shortfall has not been definitively established.
Tether’s Investment and Regulatory Obstacles In June 2025, Tether spearheaded Orionx’s Series A capital raise. The financial backing aimed to broaden stablecoin infrastructure and accelerate digital dollar adoption throughout Latin American markets.
Since its 2017 establishment, Orionx had maintained operations across Chile, Peru, Colombia, and Mexico.
The platform’s closure coincides with regulatory challenges. Chile’s Financial Market Commission denied Orionx’s operating license request in June 2026, officially confirming the exchange had been conducting business without required regulatory approval under the country’s Fintech Law framework.
The regulatory body has explicitly stated it will not participate in overseeing the closure procedures or any customer reimbursement efforts. Orionx has indicated it will handle the resolution process independently.
The platform has communicated a multi-stage strategy for returning digital assets to users, though it has stopped short of guaranteeing complete restitution for all affected customers.
As of publication, Tether has remained silent regarding the exchange’s collapse. According to Cointelegraph’s reporting, neither Tether representatives nor Orionx officials provided responses to media inquiries requesting official statements.
The total number of accounts in the TRON [TRX] ecosystem has surpassed 402 million. The social media handle of the TRON explorer, TRONSCAN, also showed an average of 4.4 million daily active addresses over the past thirty days.
It was an impressive showing from the chain that is regarded as one of the leading global stablecoin settlement layers. According to Token Terminal data, the network has $92.3 billion in USDT, close to 50% of Tether’s total market cap.
Source: Maartunn on X AMBCrypto reported that the stablecoin market cap growth on TRON had outpaced the growth on every other chain. Moreover, compared QoQ, unique smart contract deployers have also grown since Proposal #104 reduced deployment costs by 60%.
Exploring the TRON token price action Source: TRX/USDT on TradingView The weekly chart of TRON showed the altcoin was in a healthy uptrend. While the crypto market suffered a serious setback after October 2025, when Bitcoin made an all-time high before plunging back below $100k, TRX only faced a 27.49% reset from August 2025 to February 2026.
However, the swing structure has not seen a bullish continuation since then. The $0.37 swing high from August has not been breached yet, with only a wick up to $0.3775 in May to show for the bullish efforts.
A set of Fibonacci retracement levels (orange) was plotted using these levels. The 61.8% retracement level at $0.31 was tested in June and saw a positive reaction.
In the coming weeks, the $0.2917-$0.3100 are the key support level to watch. Meanwhile, a price drop below $0.268 would signal a bearish weekly structure shift.
The RSI has remained above the neutral 50 since March, and the OBV has also been slowly trending higher. The more likely scenario remains a bullish continuation on the higher timeframes, especially after the apparent BTC recovery of the past three weeks.
Should TRX traders be cautious? Source: TRX/USDT on TradingView Since July, TRX has been trending higher, but towards the end of August, this move was fully retraced. The retest of the $0.321 support and the subsequent price bounce indicated a potential bearish momentum shift.
The RSI tested the neutral 50 level from below, while the OBV was below the local highs too. Technically, the bullish structure since July has not been broken, but the bears do have an advantage right now.
In the short-term, the $0.335-$0.337 area is a key resistance to watch. A recovery above this level would indicate a potential TRON bullish continuation.
On the other hand, rejection from this area would signal that TRX bears might take prices back to $0.321 or lower.
Final Summary The on-chain metrics for TRON signaled strong adoption and usage. The higher timeframe price chart also showed relative strength, but there is some short-term selling pressure on TRX.
Kalshi has just reached a milestone. The predictive markets platform recorded 15.4 million visits from the United States in July 2026, compared to barely 1 million a year earlier. That’s an increase of 1,520%, according to Similarweb data consulted by Cointelegraph on Friday. Trading volume is rising at an even faster pace. Approximately 40 billion dollars in notional monthly volume in August, compared to 874 million a year before. But the information that really changes the game is elsewhere. Kalshi has just launched crypto perpetual contracts, including BTC, ETH, BNB and 14 other assets, with up to 6x leverage. A pivot that complicates an already heavy regulatory file.
In brief Kalshi now captures most of the growth in the predictive markets sector, driven by sports contracts. The platform is playing its regulatory survival before the Supreme Court on the exact nature of its contracts. In the midst of a legal battle, Kalshi chooses to open a second front by launching leveraged crypto perpetuals. Kalshi: Vertigo-Inducing Traffic and Volumes The numbers speak for themselves. US traffic represented nearly 80% of Kalshi’s total in July, compared to 72.8% a year earlier. Growth remains massively concentrated on the American market. Sports contracts, meanwhile, account for 83% of July’s trading volume, reported Barron’s on Thursday. In terms of volume, the entire predictive markets industry has grown from 2 to 50.7 billion dollars monthly over the period, with Kalshi capturing nearly 79% of the total alone. So Kalshi hasn’t just grown, it has absorbed the entire market.
The notable fact here is that traffic is also increasing from jurisdictions where Kalshi is not allowed to operate directly:
Canada increased from 50,000 to 450,000 visits; The United Kingdom from 31,000 to 296,000, while the platform’s user agreement still prohibits direct access from these two countries. Kalshi circumvented the issue in June through a partnership with Wealthsimple, which gives access to about 4,000 eligible contracts via a separate app. Clever, but it doesn’t erase the fundamental question. Who accesses what, and under what authorization?
A Court Case that Has Reached the Supreme Court While traffic explodes, the courts are active. New Jersey has brought before the US Supreme Court the question of whether Kalshi’s sports contracts fall under federal supervision (thus the CFTC) or state gambling laws specific to each state. Michigan is pursuing its own efforts to block the platform. The issue is not cosmetic because if sports contracts are reclassified as bets under state jurisdiction, a significant part of Kalshi’s model, 83% of the volume, becomes fragile in its main markets.
Kalshi is playing a double-edged sword here. On the one hand, it claims federal status as an event contract market, regulated by the CFTC for years. On the other hand, the bigger the platform grows, the more it attracts state regulators’ attention, who see in this success proof that Kalshi is effectively disguised sports betting.
The Crypto Shift that Incorporates a Regulator And now Kalshi adds another layer. On September 4, the Kalshi Crypto account announced on X the launch of perpetuals on BNB, complementing an offering that already covers BTC, ETH, LINK and 14 other cryptos, with leverage up to 6x for eligible American traders. An extension confirmed the same day by a post relaying the announcement on the network. The platform is also pushing, according to the same publications, towards tokenized stocks and gold.
To say it frankly, the timing is bold because Kalshi is already fighting before the Supreme Court to prove that it is not a disguised bookmaker. And it chooses this precise moment to launch 6x leverage on cryptos, a territory that clearly falls under the CFTC’s eye for classical derivatives. Instead of simplifying its regulatory file, Kalshi has opened a second front. This time on leveraged crypto derivatives, while the first, sports contracts vs. gambling, is not even resolved yet.
Three Things About Kalshi to Keep in Mind US traffic up +1,520% in one year, 15.4 million visits in July, compared to less than 1 million in August 2025 Kalshi is about 40 billion dollars, driven to 83% by sports contracts, while litigation over their status rises to the Supreme Court New regulatory front opened at the beginning of September: launch of crypto perpetuals (BTC, ETH, BNB, LINK + 14 assets) up to 6x leverage Kalshi is therefore growing faster than its regulatory base can keep up. Between the Supreme Court and the CFTC, two fronts are opening at the same time: sports and crypto. The question is no longer whether a regulator will decide, but which one will tackle it first.
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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Ethereum co-founder Vitalik Buterin published a post outlining his optimistic, non-mainstream take on the long-term evolution of cryptography: For general real-world computing, there is a 33% chance that the total cost of three protocols—SNARK, FHE, and iO—can be capped at 1+ε times the baseline computing cost. This means that as computing scale grows sufficiently large, the extra cryptographic overhead relative to baseline costs can approach zero indefinitely. When measured by combined energy consumption and amortized computing costs, these three protocols have a 60% chance of keeping their cost multiple below 10x. One of these targets is likely to be achieved before the end of this decade, with SNARK being the most probable to hit single-digit computing overhead, he added. He noted that this level has already been reached in scenarios involving dedicated hash functions and some large language model (LLM) inference.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
According to Lookonchain’s monitoring, a news trader using wallet address 0xb319 earned an additional $350,000 by capitalizing on news that Binance would list the "Hakimi" contract. After Binance’s announcement, the trader promptly paid 5.5 BNB (≈$4,200) in gas fees to purchase 9.9 million Hakimi tokens at a cost of 264.7 BNB (≈$202,000). The trader subsequently sold 8.39 million Hakimi tokens for $459,000, and currently holds 1.5 million Hakimi tokens valued at approximately $93,300, resulting in a net profit of $350,000 from this trade. To date, the trader’s cumulative gains from news trading have reached $1.78 million.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
World's biggest crypto exchange Binance officially expanded its derivatives lineup today, launching perpetual contracts for two fundamentally different assets: the utility token PONS (Robinhood Chain) and the meme coin HAJIMI (BNB Smart Chain).
When setting the trading conditions, the exchange applied a differentiated approach to risk management: leverage of up to 20x is available for PONS, while leverage for the highly speculative HAJIMI is strictly capped at 3x.
Binance listing market reaction for HAJIMI and PONS tokens, Source: TradingViewThe listings triggered an immediate influx of liquidity onto the exchange, reflected in a vertical surge in trading volumes on TradingView charts, and opened a window for a major on-chain attack.
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The difference in available leverage stems from the projects' different natures and business models. PONS is the native utility token of Pons, the dominant launchpad on Robinhood Chain, an Arbitrum-based L2 network.
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Its deflationary model is built on automatic PONS buybacks and burns funded by fees. Following the news, the asset hit new highs around $0.93, with a daily trading volume of $20.39 million, while its market capitalization is already approaching $1 billion.
In contrast, HAJIMI is a pure meme coin on BNB Chain, launched through the four.meme platform. The asset is fueled exclusively by hype within the Asian community, while the conservative 3x leverage cap underscores its extreme volatility. HAJIMI is currently holding around $0.072, with a trading volume of $26.66 million.
How one bot hijacked the entire listing while everyone else was reading the push notificationImmediately after Binance published its announcement, a technological drama unfolded in the HAJIMI meme coin market. Automated algorithms captured the entire initial wave of liquidity ahead of retail traders.
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According to on-chain analyst EmberCN, at exactly 13:55:12 UTC — the very second the news broke — a news trader carried out a successful MEV attack (front-running):
Hidden costs: To secure the very top position in the block, the bot sent its transaction through a private RPC channel directly to the BNB48 Club validator node, paying a bribe of 35.3 BNB ($26,800) and another 5.5 BNB ($4,200) in priority gas fees.Trade and profit-taking: After spending $31,000 on fees, the bot was the first to buy 9.89 million HAJIMI for $200,000 at $0.02 per token and, a few minutes later, sold its entire position into the incoming wave of orders at an average price of $0.058, locking in $378,000 in net profit.Trading in both pairs continues amid heightened volatility.
Traders are piling into altcoin futures at a pace that would make a Vegas pit boss nervous. Open interest across perpetual futures markets for ZEC, BNB, ARB, XRP, and SOL has climbed sharply, with ZEC alone hitting a record $2.4 billion in open interest in early September 2026.
The surge coincides with ZEC’s price blasting past the $1,000 mark, a milestone that caught a lot of short sellers flat-footed. Roughly $34 million in short positions were liquidated in a single session as the rally accelerated.
ZEC leads the charge, and it’s not even close Zcash has been the standout performer in this derivatives wave. Data from aggregators including CoinGlass and Coinalyze shows that ZEC’s open interest growth has tracked tightly with its price action, meaning the capital flowing in is largely speculative and leveraged rather than spot-driven.
ZEC briefly surpassed Hyperliquid (HYPE) in market capitalization around September 6, 2026. Speculation around potential ETF approvals has been one catalyst fueling the rally.
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The broader altcoin picture SOL’s open interest reached 72.11 million tokens in mid-2026, with prices trading above $100.
XRP’s futures positioning climbed to 2.35 billion tokens over the same period, correlating with prices hovering in the $1.40 to $1.50 range.
ARB ranked among the top performers for both trading volume and percentage gains in early September 2026.
All of this is happening while Bitcoin trades above $80,000.
What rising OI actually means for risk Open interest climbing is not inherently bullish or bearish. It simply means more contracts are outstanding, which tells you that more traders have skin in the game. The direction of the next big move depends on whether those positions are predominantly long or short, and how much margin those traders have left.
When $34 million in ZEC shorts were wiped in one session, it created a feedback loop: forced buying pushed prices higher, which triggered more liquidations, which pushed prices higher still.
Cumulative volume delta metrics have been sending mixed signals throughout 2026, even as prices climbed. When the futures market is leading and the spot market isn’t fully keeping pace, rallies can be more fragile than they appear on a price chart.
Funding rates have also shown inconsistency. In a clean bull trend, funding rates tend to be persistently positive as longs pay shorts to maintain their positions. Mixed funding alongside rising open interest can indicate that the market hasn’t yet picked a decisive direction, even if prices are moving upward in the short term.
Traders watching ZEC, SOL, XRP, ARB, and BNB should pay as much attention to liquidation levels and funding rates as they do to price targets, because in a market this leveraged, the plumbing matters as much as the narrative.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Tokenized stock trading has surged to billion-dollar volumes, as data from Grayscale Investments reveals that weekly spot trading neared $3 billion in early August. Robinhood Chain, BNB Chain, and Solana dominate this market, facilitating most of the blockchain-based equity activity in recent weeks.
Tokenized Stock Trading Expands Across Three Major ChainsRobinhood Chain has rapidly gained traction since its public mainnet launch on July 1. Built as an Ethereum-compatible Layer 2 using Arbitrum technology, the platform targets financial services and real-world asset tokenization.
Eligible users in over 120 countries can access Stock Tokens through the Robinhood Wallet, although availability depends on jurisdiction. The system offers 24-hour trading and access to decentralized exchanges, and supports deploying assets into lending or collateral protocols.
BNB Chain and Solana also compete for market share. Grayscale identifies these three chains as accounting for most tokenized equity trading volume. Infrastructure provided by decentralized protocols such as Uniswap, PancakeSwap, and Raydium supports this growth.
This increased activity is creating a multi-chain ecosystem rather than one controlled by any single blockchain, allowing users a wider selection of networks for tokenized equity trading.
On-chain Use of Tokenized Stocks Tops $110 MillionWhile turnover continues to rise, the use of tokenized equities within decentralized finance is catching up. Grayscale’s data places the total value locked (TVL) in tokenized stock protocols above $110 million, after spending much of 2025 below $10 million. Solana-based Kamino initially led this jump, with Jupiter also contributing to expanded lending activity. Robinhood Chain and BNB Chain trading venues further accelerated the uptake.
Despite rising activity, only about 5% of the overall tokenized-equity market is currently deployed in onchain financial applications like lending or collateral, with most usage focused on buying and selling.
Token Terminal’s dashboard shows the tokenized stock market cap at approximately $3 billion, while the broader tokenized funds sector stands at $34.3 billion. Major products driving growth in the funds space include sUSDS, BlackRock’s BUIDL, and USYC.
Grayscale’s analysts note that the roughly $3 billion weekly spot trading figure reflects the frequency and value of tokenized equity transactions, while the $3 billion market cap cited by Token Terminal represents the total value of tokenized stocks in circulation.
Legal rights for tokenized equities differ by issuer. Robinhood clarifies that its Stock Tokens act as tokenized debt securities, providing economic exposure but not legal or beneficial ownership of the underlying stocks. Current offerings are unavailable to U.S. clients.
The next stage of growth may depend on expanding utility for tokenized stocks. Most of the present activity is in 24/7 trading, but if these assets become widely accepted as collateral or for other onchain financial uses, the market could see deeper integration with decentralized finance.
While traditional markets rely on complex brokers, a massive shift is happening as Wall Street begins to transition into Web3. Investors now utilize platforms such as 1stepSwap to hold tokenized shares of major U.S. companies, gold, and silver directly within their crypto wallets. By tokenizing real-world assets and instantly sourcing the most competitive market prices, such platforms are removing intermediaries from the investment process entirely.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Key Highlights Q3 2026 revenue reached $12.2 billion, representing a 34% year-over-year increase and surpassing Wall Street forecasts Adjusted earnings per share of $1.11 exceeded analyst expectations by more than 18%, marking the first quarter where non-GAAP EPS crossed the $1.00 threshold The company generated $958 million in free cash flow, establishing a new Q3 record AI Systems segment delivered $1.6 billion in revenue alongside $2.4 billion in fresh orders, pushing backlog to unprecedented levels Management lifted fiscal 2026 revenue growth projections to 34-37% from the previous 29-33% range Shares of Hewlett Packard Enterprise climbed approximately 5% to $54.44 during post-earnings trading on September 5, 2026, before moderating to close near $52.09. The stock has delivered roughly 114% returns since the start of 2026.
Hewlett Packard Enterprise Company, HPE
Third-quarter revenue totaled $12.2 billion, marking a 34% jump from the $9.1 billion reported in the prior-year period and exceeding the Street’s consensus estimate of approximately $11.99 billion. Adjusted earnings per share of $1.11 topped projections of $0.93 by roughly 18%.
The company’s free cash flow surged to $958 million during the quarter, representing the most robust third-quarter performance in HPE’s corporate history. Non-GAAP operating margin expanded to 16.2%, nearly doubling the 8.5% recorded in the comparable quarter of the previous year.
HPE elevated its fiscal 2026 revenue growth forecast to 34-37%, an upward revision from the earlier 29-33% projection. The company also issued fourth-quarter 2026 revenue guidance of $13.9 to $14.8 billion, significantly exceeding analyst expectations of $13.02 billion.
Full-year adjusted earnings per share guidance was increased to a midpoint of $3.80, representing an approximate 12% boost.
AI Infrastructure Generates Unprecedented Order Activity The AI Systems division generated approximately $1.6 billion in quarterly revenue, accompanied by $2.4 billion in new orders and a backlog that reached an all-time company record. Networks tailored for AI applications captured $700 million in Q3 orders, with year-to-date bookings totaling $2.2 billion.
The GreenLake platform expanded its customer base by 18% year-over-year, reaching 52,000 users. Private Cloud AI orders experienced triple-digit percentage growth.
Chief Executive Antonio Neri characterized artificial intelligence as “a multiyear growth driver,” emphasizing that enterprise clients are transitioning from experimental pilots to comprehensive production implementations. A notable achievement during the quarter was the deepening partnership with Oracle, where HPE Juniper networking solutions will underpin one of the industry’s most ambitious AI cloud infrastructure projects.
Ongoing supply chain challenges, especially concerning high-bandwidth memory and DDR5 components, continue to constrain the pace at which orders translate into recognized revenue. Leadership indicated these bottlenecks are anticipated to extend into the following year.
Profitability Outlook and Forward Expectations Notwithstanding the impressive quarterly performance, HPE shares dipped roughly 5% in extended trading immediately following the announcement. Investor attention centered on management commentary suggesting gross margins would likely normalize toward historical averages as AI Systems—which generate lower gross margins compared to conventional hardware—constitute an expanding portion of total revenue.
The 16.2% non-GAAP operating margin achieved in Q3 benefited from a combination of favorable conditions that executives acknowledged may not recur consistently across future quarters.
Looking toward fiscal 2027, HPE presented a revenue growth framework of 13-17%, representing a deceleration from the 34-37% trajectory anticipated for 2026.
The company’s board of directors declared a quarterly cash dividend of $0.1425 per share, scheduled for distribution on October 16, 2026 to shareholders of record as of September 17, 2026.
Throughout the September 5 trading session, HPE fluctuated between $51.49 and $54.64, ultimately settling at $52.09 on the New York Stock Exchange.
6 September 2026 | 10:06 Circle has added Chainlink Proof of Reserve to cirBTC, giving users and blockchain applications an onchain way to monitor the Bitcoin backing Circle’s wrapped token.
Key Takeaways Chainlink publishes cirBTC reserve data onchain. Reported reserves exceed the current token supply. The reserve feed is not an audit. Reserve-linked minting controls were not announced. Direct access remains focused on qualified businesses. What Chainlink changes for cirBTC Native Bitcoin cannot move directly through Ethereum smart contracts. Wrapped tokens address that limitation by keeping BTC on the Bitcoin network while issuing a corresponding token on a programmable blockchain.
Circle’s cirBTC is already live on Ethereum and is designed to maintain at least one BTC in reserve for every token issued. It can be used in compatible applications without requiring its holder to sell the underlying Bitcoin exposure.
The September 4 update changes how that backing can be monitored. Under Circle’s reserve-verification model, the company discloses the Bitcoin addresses holding cirBTC reserves, while Chainlink Proof of Reserve publishes verified reserve information onchain.
Unlike a conventional reserve webpage, an onchain feed can be read by smart contracts and automated risk systems. A lending protocol could compare reported reserves with cirBTC supply before accepting the token as collateral, provided its developers connect the feed to the protocol’s risk controls.
Reported reserves exceed cirBTC supply Circle’s live cirBTC dashboard listed approximately 40.03 cirBTC in circulation against 42.51 BTC held in the disclosed reserve addresses in its September 5 reading.
cirBTC reserve reading
Circle dashboard data dated September 5, 2026, at 8:00 a.m.
TOKEN SUPPLY
40.03 cirBTC
BTC RESERVES
42.51 BTC
CALCULATED SURPLUS
2.49 BTC
CALCULATED COVERAGE
106.21%
The surplus and coverage ratio are calculations based on Circle’s published figures. The coverage figure divides reported BTC reserves by cirBTC supply, treating each cirBTC as a claim backed by one BTC under Circle’s stated model.
Reserves exceeded supply by approximately 2.49 BTC at that reading, although Circle has not described the difference as a permanent reserve buffer. The values will change as tokens are issued or redeemed and as BTC moves between the disclosed addresses.
CirBTC’s current supply is still small. If it becomes widely used across lending markets and exchanges, stale reserve information, thin secondary-market liquidity or disrupted redemptions would carry greater consequences.
What the reserve feed can verify Chainlink helps users determine whether the BTC held in Circle’s disclosed addresses covers the cirBTC visible onchain. That is a narrower function than a financial audit, which would examine a broader range of assets, liabilities, controls and legal obligations.
The reserve reading also depends on Circle identifying all relevant addresses. Holders separately rely on the custodian protecting the BTC, the issuer processing eligible redemptions and the cirBTC smart contract operating correctly.
Circle says the backing assets are held through a group affiliate at Circle National Trust, a federally chartered national trust bank supervised by the Office of the Comptroller of the Currency. According to the company, the BTC is segregated from Circle’s corporate assets and held for the benefit of cirBTC holders.
The custody structure protects the underlying assets, while Chainlink makes the reported reserve data available onchain. A positive reserve reading does not guarantee immediate redemption or remove operational and smart-contract risks.
Circle has not announced an automatic minting safeguard Publishing reserve data allows users and applications to identify a potential mismatch. Preventing unsupported issuance requires an additional control connecting that data to cirBTC’s minting process.
Chainlink Proof of Reserve can support rules that stop new tokens from being created when verified backing falls below a required threshold. Circle’s announcement, however, describes reserve monitoring and onchain publication without saying that the cirBTC contract automatically blocks minting in such circumstances.
Available now
Machine-readable reserve information that can be compared with the amount of cirBTC in circulation.
Not confirmed
A contract-level rule that automatically prevents additional cirBTC issuance when verified reserves are insufficient.
Wyoming’s recent Chainlink integration illustrates the same design choice. As our analysis of Wyoming’s onchain reserve system explained, developers must decide whether the published figure remains a monitoring tool or becomes part of an enforceable minting rule.
For cirBTC, the feed currently improves detection. It cannot replace missing Bitcoin, complete a delayed redemption or correct a reserve shortfall by itself.
Direct redemption remains institution-focused Reserve coverage is only one part of a wrapped asset’s reliability. Holders also need to understand who can exchange the token directly for the underlying Bitcoin.
Circle’s developer documentation says qualified businesses can mint and redeem cirBTC through Circle Mint. The service uses the same API framework that Circle provides for USDC and EURC.
A trader may still be able to obtain cirBTC through an exchange or decentralized liquidity pool without qualifying for a Circle Mint account. That trader would depend on the secondary market or an eligible intermediary when leaving the position rather than redeeming directly with Circle.
The distinction becomes particularly important during periods of market stress. A fully backed token can temporarily trade below the value of its underlying asset when direct redemption is limited to a narrower group and secondary-market liquidity becomes insufficient.
Circle has used a similar institution-focused distribution model elsewhere. As shown by Standard Chartered’s integration of USDC minting and redemption, eligible institutions can access Circle-issued assets through regulated intermediaries without necessarily maintaining a direct relationship with Circle.
Liquidity and DeFi adoption are the next tests Circle plans to add native cirBTC support to Arc when the network’s mainnet launches, subject to approval, with further blockchain integrations expected later. Expansion across several networks would make aggregate supply tracking more important because all issued tokens would ultimately depend on the same underlying Bitcoin reserves.
CirBTC’s progress can be measured through its circulating supply, secondary-market liquidity, redemption access and acceptance as collateral. Protocol documentation will also show whether DeFi applications merely display the Chainlink reserve reading or use it to impose collateral limits.
The remaining technical question is whether Circle or integrated protocols will connect the reserve feed to controls that prevent additional issuance or exposure when verified BTC backing is insufficient.
The article is provided for informational purposes only and does not constitute investment advice.
Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
Binance, the world’s largest cryptocurrency exchange, has rolled out new perpetual contract offerings for two distinctly different tokens: PONS, a utility token from the Robinhood Chain, and HAJIMI, a meme coin operating on the BNB Smart Chain. This marks a significant expansion of Binance’s derivatives lineup, reinforcing its position as a leading platform for diverse crypto assets.
Risk management and leverage distinctionsFor PONS, traders can access leverage of up to 20x, granting seasoned investors the opportunity for amplified exposure. By contrast, Binance set the margin for HAJIMI at a conservative 3x, a move reflecting its status as a highly speculative meme asset. This differentiated approach aligns with Binance’s risk management framework, balancing potential volatility while offering a range of choices for users.
PONS serves as the native token of Pons, a primary launchpad on Robinhood Chain. This network is an Arbitrum-based Layer 2 solution designed to provide fast and cost-effective transactions for decentralized applications.
HAJIMI, created on the BNB Chain via the four.meme platform, has rapidly gained popularity, especially among Asian digital asset enthusiasts. The asset’s value depends primarily on community momentum and viral hype rather than fundamental utility.
Trading data shows that PONS reached new highs near $0.93 shortly after its Binance debut, with a daily trading volume of $20.39 million and an approaching market capitalization of $1 billion. Meanwhile, HAJIMI stabilized around $0.072 with a trading volume of $26.66 million, reflecting heightened speculative interest.
The underlying structure of PONS incorporates a deflationary model, where automatic buybacks and token burns are funded through transaction fees, creating long-term supply reduction pressures.
Mini dictionary: Robinhood Chain is a Layer 2 blockchain built on Arbitrum, offering enhanced scalability and lower transaction costs for decentralized finance projects and token launches.
TokenLeverage capCurrent priceTrading volumeMarket capPONS20x$0.93$20.39 million~$1 billionHAJIMI3x$0.072$26.66 millionN/ABot-driven on-chain drama as listing goes liveAlmost immediately after Binance’s official listing announcement, an on-chain battle erupted in the HAJIMI market. Automated trading algorithms raced to capture initial liquidity before most retail participants could respond to notifications.
On-chain analyst EmberCN observed that, at 13:55:12 UTC—the precise moment the news dropped—a so-called news trader executed a successful MEV (Maximal Extractable Value) strategy in the HAJIMI/BNB pair.
The MEV bot used a private RPC connection to submit its transaction directly to BNB48 Club’s validator node. To secure block priority, the trader paid a 35.3 BNB ($26,800) bribe and an additional 5.5 BNB ($4,200) in priority gas fees.
This upfront cost of nearly $31,000 enabled the bot to purchase 9.89 million HAJIMI for $200,000 at $0.02 each. Minutes later, it closed the position, selling the tokens at an average price of $0.058 and realizing a net profit of $378,000.
After accounting for all transaction costs, the bot’s total profit from the rapid round-trip positioning on HAJIMI reached $378,000.
High volatility persists in both PONS and HAJIMI pairs as market participants continue to react to the new listings and the aftermath of the sophisticated on-chain trade.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
The stablecoin market keeps growing, and USDC is doing a lot of the heavy lifting. Circle’s flagship token added roughly $584M to its market cap over a single seven-day stretch, driving the bulk of a combined $1.0B increase shared across USDC, Ethena’s USDe, and PayPal’s PYUSD.
Where the stablecoin market stands right now Total stablecoin supply has climbed to somewhere between $303B and $310B. USDC accounts for roughly $74B to $77B of that, which works out to about 24% of the total market.
Tether’s USDT still holds the commanding position at approximately $184B, or around 60% market share.
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Where USDC consistently punches above its weight is in adjusted on-chain transaction volume. Despite trailing USDT in total supply, USDC has captured between 60% and 70% of adjusted transaction volume in multiple periods throughout 2026.
USDC also demonstrated significant momentum in August 2026, when it added $1.5B to its supply in a single week. The current $584M weekly gain is more modest but fits a pattern of consistent, repeatable minting demand rather than one-off spikes.
The three tokens doing the work The $1.0B combined weekly increase came from USDC, USDe, and PYUSD, three tokens with very different architectures and risk profiles.
USDC is the straightforward one. Circle holds cash and short-term Treasuries as reserves, publishes regular attestations, and has built a reputation for regulatory compliance.
USDe, issued by Ethena, maintains its dollar peg through a delta-neutral strategy, holding spot ETH while simultaneously shorting ETH futures. USDe currently sits somewhere in the $4B to $6B range.
PYUSD, the PayPal-issued stablecoin built on infrastructure from Paxos, has experienced notable supply contractions in prior months, with drawdowns of between 11% and 35% at various points. Current supply sits in the $2.7B to $3.9B range.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
According to HTX market data, privacy coin ZEC (Zcash) has rallied sharply, hitting a peak of $1195, and is now trading at $1168, with a 24-hour price gain of 14.6%.
According to HTX market data, privacy token Zcash (ZEC) has surged sharply to reach $1,195, overtaking HYPE and Dogecoin (DOGE) to become the 9th-ranked cryptocurrency by market capitalization, with a current market cap of $19.7 billion.
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According to HTX market data, privacy token ZEC (Zcash) has surged sharply to break through $1200, hitting an all-time high. It is now trading at $1193, with a 24-hour gain of 17.8%.
Bitcoin has climbed over the last month, breaking out of a rut that’s held the bitcoin price down this year (even as traders are betting U.S. money printing is about to catapult the bitcoin price higher).
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The bitcoin price has clawed its way back over $80,000 per bitcoin, soaring 20% since mid-August amid growing fears that the U.S. is entering a $40 trillion “death spiral."
Now, as U.S. president Donald Trump reignites his war with the Federal Reserve, privacy-focused bitcoin rival zcash has seen its price more than double in a matter of weeks, taking its gains since its 2024 low to around 7,300%.
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ForbesTrump Issues Serious Fed Warning As Bitcoin Braces For A Huge Price ShockBy Billy Bambrough
The bitcoin price has struggled over the last year, while privacy coin zcash has seen its price rocket by 2,500%.
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"I’m convinced that buying zcash right now is like buying bitcoin back in 2013," crypto memecoin trader and non-fungible token (NFT) developer Nick O’Neill posted to X.
The zcash price has topped $1,000 per zcash this week for the first time since shortly after its 2016 launch, more than doubling over the last month and giving it gains of almost 2,500% since this time last year.
Zcash, a so-called privacy coin that was derived from bitcoin but with added features that make tracing the source and destination of transactions harder, was co-created by notorious whistle-blower Edward Snowden, it was revealed by Forbes in 2022, and other early bitcoin developers and crypto pioneers led by cryptographer Zooko Wilcox.
Unlike bitcoin, which displays transactions on its public ledger, zcash keeps them private using zero-knowledge cryptography.
“Zcash is this unique story about privacy,” Bitwise’s chief investor officer Matt Hougan told Coindesk this week.
“I think that the more bitcoin enters the institutional part of the market, that creates a portion of the market that’s going to want something outside of that institutional realm. Zcash is filling that.”
Last year, technology investor Naval Ravikant, a cofounder of startup platform AngelList and an early backer of the companies including Uber and Twitter, promoted zcash on X, calling, bitcoin “insurance against fiat” and zcash “insurance against bitcoin,” igniting the zcash price surge.
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ForbesTrump Issues Serious Fed Warning As Bitcoin Braces For A Huge Price ShockBy Billy Bambrough
The zcash price has left the bitcoin price in the dust over the last year.
Forbes Digital Assets
Ravikant, who has served on the board of the Zcash Foundation, was an early investor in zcash developer Electric Coin Company, which raised about $3 million through private investment rounds during its seed and venture rounds, along with early bitcoin and crypto adopters Barry Silbert of the Digital Currency Group and bitcoin cash creator Roger Ver, according to a Protos report.
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Last month, bitcoin and crypto asset manager Grayscale, owned by Digital Currency Group, launched a spot zcash exchange-traded fund (ETF) on NYSE Arca, giving traders and investors the ability to get exposure the to the zcash price without having to use crypto exchanges or self-custody the coins themself.
“First time I ever bought crypto, bitcoin was like $3,000, it was trading at $20,000 a few months later, it’s in the cards something similar happens with zcash over the next 12 to 18 months,” crypto trader and memecoin developer Zion Thomas, going by Ansem on X, posted.
If the zcash price were to see that kind of 500% surge, it would catapult the zcash price to around $6,000 and give it a market capitalization of around $100 billion.
“Thesis of hard money plus private store-of-value has never been stronger, and there is a very strong core holder base formed over the past decade that does not have any short term targets for selling this thing,” Ansem added.
Zcash just pulled off one of the most violent comebacks in crypto history. The privacy-focused token, which was languishing around $16 during its 2024 lows, blasted past $1,000 in early September 2026, a gain exceeding 6,300% that pushed its market capitalization to nearly $17B.
For context, that market cap briefly surpassed Dogecoin’s, a coin with roughly ten times the name recognition and a hundred times the meme energy.
The ETF that changed everything The single biggest catalyst was Grayscale’s launch of ZCSH, the first US spot Zcash ETF, on August 25, 2026. The product gave institutional investors a regulated vehicle to gain exposure to ZEC without touching the token directly, and the market response was immediate.
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ZEC hit an all-time high range between $1,025 and $1,046 in the days following the ETF debut. That price level represents the token’s most significant milestone in nearly a decade of existence, eclipsing its previous peaks from the speculative mania of 2017-2018.
Prominent crypto investors have piled on the narrative. Barry Silbert, whose Digital Currency Group is Grayscale’s parent company, has been a longtime Zcash advocate. Naval Ravikant has also been cited among endorsers helping drive momentum around the token.
Why privacy is suddenly popular again Zcash launched in 2016 with a straightforward pitch: Bitcoin-like transactions, but with optional privacy features that shield sender, receiver, and amount details from public view. Approximately 30% of Zcash’s total supply now sits in its shielded pool, with shielded transactions accounting for the majority of network activity.
That’s a meaningful shift. In earlier years, most ZEC transactions were transparent (similar to Bitcoin), which led critics to argue the privacy features were largely decorative. The growing share of shielded usage suggests that actual demand for private transactions is rising, not just speculative demand for the token.
The Bitcoin 2013 comparison Analysts have drawn parallels between Zcash’s current trajectory and Bitcoin’s early rise in 2013, when BTC went from roughly $13 to over $1,100 in a single year.
There’s also the supply dynamic to consider. Zcash has a fixed supply cap of 21 million coins, identical to Bitcoin’s. But unlike Bitcoin, ZEC historically allocated a portion of block rewards to a development fund, a structure that drew criticism from purists who viewed it as a tax on miners. Recent network upgrades have addressed some of these concerns and patched previous vulnerabilities, which has helped clean up the investment thesis.
The $17B market cap, while impressive relative to where ZEC was trading two years ago, still places it well below the top ten cryptocurrencies by valuation.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Zcash has been on an absolute tear, surging roughly 20% on September 4 to touch an intraday high near $1,023 to $1,051. That price level marks the highest ZEC has traded in nearly a decade. The move didn’t happen in a vacuum: it triggered a wave of short liquidations that helped push total crypto liquidations to approximately $212 million.
The short squeeze mechanics Short liquidations on ZEC perpetual futures totaled between $34.5 million and $44 million over recent trading sessions. That’s a disproportionate share of the broader $212 million liquidation total, considering ZEC is far from the largest cryptocurrency by market cap.
Open interest in ZEC futures had climbed above $2 billion, with a heavy concentration of short positions. Much of that bearish positioning traced back to May 2026, when a critical vulnerability was disclosed in Zcash’s Orchard shielded pool. The bug spooked traders into loading up on shorts, creating exactly the kind of lopsided leverage that turns a modest price increase into a cascade.
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ZEC consistently ranked among the top assets for daily liquidations throughout September, a sign that the derivatives market around this coin remains far more leveraged than its spot volume might suggest.
The Grayscale catalyst The most significant factor appears to be Grayscale’s ZCSH spot ETF, which launched on August 25, 2026. Within two weeks of listing, the fund accumulated over $400 million in assets.
The timing lines up cleanly. ZEC began its ascent shortly after ZCSH launched, and the acceleration into early September coincided with the ETF crossing the $400 million AUM mark. Institutional inflows created sustained buying pressure in the spot market, which in turn squeezed the leveraged shorts that had accumulated during the post-vulnerability pessimism.
Privacy coins and the long road back The May 2026 Orchard shielded pool vulnerability revealed a critical bug in the protocol’s newest privacy layer. While the team patched the issue, the disclosure rattled confidence and gave short sellers a thesis to lean on. The fact that ZEC is now trading at nearly decade-high prices just four months later speaks to how quickly crypto narratives can flip.
Daily crypto perpetual liquidations frequently exceeded $200 million throughout September 2026, with ZEC punching well above its weight class as a contributor.
What this means going forward The $2 billion in open interest on ZEC futures creates fragility. Any sharp reversal could trigger liquidation cascades in the opposite direction just as easily.
Traders watching this space should pay close attention to two variables. First, the rate of ETF inflows. A slowdown in ZCSH asset growth could remove the bid that’s been supporting ZEC’s rally. Second, the open interest composition. If shorts continue to rebuild at these elevated price levels, the next squeeze could be even more dramatic.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
6 September 2026 | 16:18 Zcash gained nearly 13% over 24 hours and briefly crossed $1,200, but leverage, U.S. inflation data and the $1,000 support test could challenge the rally.
Key Takeaways Price reached $1,220 before retreating. $1,200 remains the immediate resistance zone. A loss of $1,000 weakens the breakout. U.S. CPI arrives on September 11. Zcash clears $1,000 and reaches $1,220 TradingView’s ZEC/USD daily chart on Coinbase showed Zcash trading near $1,165, up 13.8% for the session, on September 6 at 12:50 UTC. ZEC opened at $1,025 and traded between a low of $1,023 and a high of $1,220, producing an intraday range of approximately 19%.
Zcash daily price chart on Coinbase highlighting a strong bullish breakout and high RSI levels. Price had retreated about 4.3% from the high by the time of capture, showing that it met selling pressure above $1,200. Because the daily candle remained open, neither the rejection near $1,220 nor the breakout above $1,200 had been confirmed at the close.
The latest move follows the approximately 16% advance recorded on September 3. At that point, ZEC was still approaching resistance near $952 and the psychological $1,000 threshold, as examined in an earlier analysis of the Zcash rally. Both levels have since been cleared.
$1,000 is now the main support test The session’s high places immediate resistance between $1,200 and $1,220. An intraday move through that area can reverse before the daily close; finishing the session above it followed by successful retest would show that demand persisted throughout the day.
The displayed three-month chart provides no recent resistance above $1,220, so it does not support a precise next target. The more useful references are the levels beneath the current price.
Zcash levels after the breakout
$1,200-$1,220
Immediate resistance created by the latest intraday high.
$1,025-$1,000
The first support area, covering the daily opening range and former resistance.
$950-$930
The previous breakout stage if ZEC fails to remain above $1,000.
$850-$800
The deeper base formed during the consolidation before the latest advance.
At $1,165, ZEC stood approximately 87% above its 50-day simple moving average of $625. The 100- and 200-day averages were even lower, near $547 and $449.
Those averages describe the longer trend but sit too far below the market to identify near-term support. The recently traded zones between $930 and $1,025 provide more relevant information about where buyers previously entered.
U.S. trading returns after the holiday The rally developed during a weekend before the U.S. Labor Day holiday. The NYSE calendar shows that American stock markets will remain closed on Monday, September 7.
Crypto will continue trading, but U.S. equities and exchange-traded crypto products will not provide their usual cross-market signals until Tuesday. That session will show whether ZEC preserves its relative strength when U.S. cash-market trading resumes.
Bitcoin’s direction also remains relevant. Holding above $1,000 during a broader crypto pullback would strengthen ZEC’s performance relative to the market. A simultaneous decline below $1,000 would show that ZEC had not withstood a market-wide retreat.
Inflation data arrives before the Fed meeting The Bureau of Labor Statistics calendar schedules the August Producer Price Index for September 10 and the Consumer Price Index for September 11. CPI will be the final major consumer-inflation reading before the Federal Reserve meets on September 15-16.
A hotter reading could raise market-implied rate expectations and Treasury yields, conditions that can reduce demand for speculative assets. A recent example followed the stronger-than-expected U.S. jobs report, when Bitcoin fell below $80,000 and Ethereum slipped under $2,500 as markets reassessed the likelihood of tighter Federal Reserve policy.
That reaction shows how a macroeconomic surprise can interrupt a crypto advance, although it does not mean CPI will produce the same result. Softer inflation could ease pressure on yields and rate expectations, while another upside surprise could weigh on the broader market as Zcash attempts to establish support above $1,000.
The Federal Reserve calendar marks the September meeting as one accompanied by updated economic projections. Markets will therefore receive both a policy decision and policymakers’ revised forecasts for growth, inflation, unemployment and interest rates.
Futures positioning has expanded with the price At the time of writing, CoinGlass showed approximately $7.68 billion in 24-hour ZEC futures volume and about $755 million in spot volume. Futures turnover was roughly 10 times larger than spot activity.
Open interest stood near $2.73 billion, compared with the $2.15 billion recorded in the September 4 analysis when ZEC was still approaching $1,000. That represents an increase of roughly 25%, although CoinGlass uses live and rolling data, so the difference should not be interpreted as an exact two-day inflow.
The combination of approximately $2.78 billion in open interest and futures turnover more than ten times spot volume increases the importance of monitoring liquidations. It does not predict the next move, but it shows that leveraged markets remain much more active than the underlying spot market.
The daily close will clarify the breakout A daily close above $1,200 would show that ZEC held beyond the resistance encountered near its intraday high. A fall below $1,000 would instead weaken the breakout and return attention to $950-$930. Until the session ends, the $1,220 high remains provisional.
The article is provided for informational purposes only and does not constitute investment advice.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
According to GMGN market data, the ZEC-themed airdrop meme token ZCAT (Anonymous Cat) on the Solana blockchain briefly surpassed $119 million in market capitalization, hitting a new all-time high, and is currently trading at $110 million. The token has rallied over 353% in the past 24 hours, with a 24-hour trading volume of $10.9 million. ZCAT is a cat-themed meme token built on Solana, inspired by Zcash’s (ZEC) privacy concept, featuring an anonymous cat mascot wearing a brown paper bag over its head. It levies a ~3% transaction and transfer tax to purchase bridged Zcash (ZEC) on Solana, which is then airdropped to holders. BlockBeats reminds users that most meme coins lack real utility, are highly volatile, and investors should exercise caution.
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Uniswap V4 held $59.1 million in tokenized stock deposits as of Sept. 6, making it the largest decentralized finance venue for the category, according to Token Terminal.
Summary
Uniswap V4 held $59.1 million in tokenized stock deposits, leading Token Terminal’s latest market snapshot. Kamino Lend ranked second with $41.7 million, while Uniswap V3 held another $20.9 million overall. The three platforms controlled approximately 63% of the category’s reported $192.6 million DeFi TVL combined. Solana hosted $79.1 million in deposited tokenized stocks, the largest blockchain total reported overall currently. Robinhood-issued stocks contributed $73.1 million, while xStocks supplied $63.9 million across DeFi venues combined overall. Solana-based Kamino Lend ranked second with $41.7 million. Uniswap V3 followed with $20.9 million, Token Terminal’s data showed. Together, the three venues accounted for $121.7 million, or approximately 63.2% of the measured category.
Total tokenized stock DeFi TVL stood at approximately $192.6 million. The figure measures equity-linked tokens deposited into decentralized exchanges, lending markets and related applications. It does not represent the total value of tokenized equities issued across blockchains.
Token Terminal defines total value locked as the value of onchain deposits and, in some cases, the tokenized value of user deposits made offchain. The metric changes when assets enter or leave protocols and when the prices of the underlying shares move.
Tokenized stocks deposited into Uniswap V4 total $59.1M, making it the largest DeFi venue for the category
Kamino Lend follows at $41.7M and Uniswap V3 at $20.9M
Together, the three venues account for 63% of total tokenized stock DeFi TVL pic.twitter.com/PDlwDIS8uZ
— Token Terminal 📊 (@tokenterminal) September 5, 2026 Uniswap V4 leads through tokenized stock liquidity Uniswap V4’s $59.1 million primarily represents tokenized shares supplied to liquidity pools. Users deposit paired assets into these pools so other participants can trade without relying on a conventional order book.
Uniswap V3 held another $20.9 million, bringing the two versions’ combined tokenized stock deposits to $80 million. That equals approximately 41.5% of the $192.6 million measured by Token Terminal.
The comparison between Uniswap and Kamino requires context. Uniswap is a decentralized exchange, meaning its deposited assets primarily support token swaps and market liquidity. Kamino Lend is a lending protocol where tokenized stocks can serve as supplied assets or collateral.
Both activities count toward DeFi TVL, but they perform different functions. Exchange liquidity supports trading. Lending deposits let holders borrow against their positions or receive interest from borrowers. TVL alone does not measure trading volume, borrowing demand or revenue.
The growth forms part of a broader rise in productive uses for tokenized assets. Real-world asset deposits across decentralized applications increased from $2.3 billion to $7.4 billion between the second quarters of 2025 and 2026. During that period, tokenized asset spot volume grew approximately 220% even as wider decentralized exchange activity declined.
Tokenized stock DeFi TVL remains concentrated The three leading venues controlled more than three-fifths of the measured category. All remaining applications collectively held approximately $70.9 million in tokenized stock deposits.
That concentration creates operational dependencies. A technical failure, pricing problem or major liquidity withdrawal at one leading venue could affect a considerable portion of the market. However, the deposits remain distributed across separate smart contracts and blockchains.
Token Terminal’s network breakdown showed that Solana hosted $79.1 million in tokenized stock DeFi deposits, the largest total among tracked blockchains. Kamino accounted for a substantial share, alongside other Solana trading and lending applications.
Robinhood Chain and Ethereum also hosted material deposits. Robinhood launched its mainnet in July as an Ethereum Layer 2 supporting equity-linked tokens and decentralized applications. Eligible users can trade tokenized stocks and deploy them within DeFi, including through lending pools and decentralized exchanges.
Token Terminal’s issuer data showed another form of concentration. Robinhood-issued stocks contributed $73.1 million to DeFi TVL, while xStocks accounted for $63.9 million.
Together, Robinhood and xStocks supplied $137 million, or approximately 71.1% of the category total. Other issuers and tokenization providers accounted for the remaining $55.6 million.
Issuer concentration has also appeared in ownership data. In July, the number of tokenized equity holders across five platforms reached 752,000, following 92% growth over 30 days. Robinhood held a 44% share of those users, while Ondo and xStocks led by issued asset value.
Deposits do not always provide direct share ownership Tokenized stocks use different legal structures. Some are backed by conventional shares held with custodians. Others are structured as debt instruments or contractual claims designed to track an equity’s economic value.
Owning a token therefore does not always provide voting rights, dividends or the legal status of a conventional shareholder. Rights depend on the issuer’s terms, reserve structure, jurisdiction, custody arrangements and redemption process.
Token Terminal describes Robinhood’s tokenized SoFi product as providing one-to-one price exposure to the U.S.-listed company. Its description of Ondo’s tokenized ASML product says the asset is structured as a debt instrument whose payable value changes with the underlying security.
Robinhood’s products have attracted scrutiny over this distinction. AMC Entertainment CEO Adam Aron said his company had no role in Robinhood’s AMC-linked token. The products provide economic exposure without giving holders direct ownership in the represented companies, as AMC sought legal advice over unauthorized stock tokens.
Other providers are developing models intended to confer stronger ownership rights. Base and Coinbase have said they are preparing tokenized equities backed one-to-one by underlying shares. However, key custody and transfer details remain undisclosed, and no launch date has been confirmed.
These differences matter when tokens enter lending pools. Users assume the smart-contract risk of the DeFi venue alongside the custody, legal and counterparty risks attached to the underlying token.
DeFi deposits remain below total equity issuance The $192.6 million held in DeFi represents only part of the broader tokenized stock market. CoinShares and Token Terminal estimated that approximately $2.2 billion in equities had been tokenized during the second quarter.
The difference shows that most issued tokenized equities have not been deposited into decentralized lending or trading applications. Assets may remain in customer wallets, centralized platforms or issuer-controlled systems.
Tokenized stocks were already one of the fastest-growing real-world asset categories by holder count. However, onchain equities remain small beside global stock markets, which are valued in excess of $100 trillion.
FWDI and SPYx ranked among the largest individual assets deposited across the tracked venues, according to Token Terminal’s asset breakdown. Their positions indicate that both individual-company and broad-market products can attract onchain liquidity.
Trading has also become concentrated in particular products. Tokenized QQQ generated much of the category’s decentralized trading activity in July, when tokenized stock volume increased by 288%.
More tokenized equities could enter DeFi The range of assets available to DeFi applications is expected to grow. Payward plans to tokenize the 100 largest London-listed equities through its xStocks framework.
The London Stock Exchange intends to support the products through its planned LSE 24 venue, subject to regulatory approval. The collaboration will also examine issuer-sponsored equity tokens. The London Stock Exchange and Payward partnership could expand xStocks beyond its existing U.S., European and Asian-linked products.
The new London-listed xStocks are expected to appear on Kraken and other supporting platforms before the planned exchange integration. They are not currently available to U.K. investors, and their addition does not guarantee immediate deposits into Uniswap or lending protocols.
Future data will show whether Uniswap V4 retains its lead or whether lending markets capture more tokenized equity deposits. Relevant measures include pool liquidity, borrowing demand, collateral performance, trading volume and issuer concentration.
There was no verified market reaction directly attributable to Token Terminal’s report. UNI and KMNO respond to wider market conditions, while the deposited assets do not represent revenue belonging to either token’s holders.
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Vitalik: SNARKs are expected to bring their computational overhead down to single-digit multiples by the end of this decade.
Ethereum co-founder Vitalik Buterin published a post outlining his optimistic, non-mainstream take on the long-term evolution of cryptography: For general real-world computing, there is a 33% chance that the total cost of three protocols—SNARK, FHE, and iO—can be capped at 1+ε times the baseline computing cost. This means that as computing scale grows sufficiently large, the extra cryptographic overhead relative to baseline costs can approach zero indefinitely. When measured by combined energy consumption and amortized computing costs, these three protocols have a 60% chance of keeping their cost multiple below 10x. One of these targets is likely to be achieved before the end of this decade, with SNARK being the most probable to hit single-digit computing overhead, he added. He noted that this level has already been reached in scenarios involving dedicated hash functions and some large language model (LLM) inference.
6 minutes ago
Solana ecosystem token STONK briefly saw its market capitalization exceed $150 million, surging 449% in 24 hours.
According to GMGN market data, STONK, the token of Solana-based token launch platform StonkFun, briefly broke through $150 million in market capitalization, hitting an all-time high. It is now priced at $140 million, with a 24-hour price surge of 449% and trading volume of $61.3 million over the same period. BlockBeats reminds users that related tokens are highly volatile, so investors should exercise caution.
6 minutes ago
Bitget has launched USDT-margined "Hakimi" perpetual contracts.
According to an official announcement, Bitget has launched USDT-margined "Hakimi" perpetual contracts, with a maximum leverage of 3x. Corresponding contract trading bots will also be rolled out simultaneously. For more details, please refer to Bitget's official platform.
6 minutes ago
Analyst: Bitcoin’s recent buying volume has hit its strongest level since the last bear market, with demand showing clear improvement.
CryptoQuant analyst Darkfost stated in a post that Bitcoin is facing the strongest buying pressure since the last bear market. The 365-day rolling cumulative net spot buying volume, denominated in U.S. dollars, has surpassed $83 billion, and this metric will remain in negative territory until March 2026. This indicator measures the gap between spot buying and selling volumes on major trading platforms, calculated as a 365-day rolling cumulative total. It signals a significant improvement in recent demand, with the market gradually building a positive trend. However, he warned that spot trading volume does not make up the majority of trading platform activity, as futures trading still holds a clear dominant position. Even so, based on the spot metric, market momentum is growing more positive.
6 minutes ago
Willy Woo: Bitcoin is now significantly decoupling from U.S. stocks, a trend similar to the prelude to Bitcoin's 2017 bull market.
Crypto analyst Willy Woo has published a post stating that Bitcoin is significantly decoupling from the U.S. stock market, with the last instance of such a high degree of decoupling occurring in 2015 — the prelude to Bitcoin’s 2017 bull run. In 2014, the stock market remained in a bull market, while BTC experienced a bear market unrelated to stock market trends. From 2015 to 2016, the stock market fluctuated weakly for two consecutive years, yet BTC entered a bull market; then in 2017, when the stock market also turned bullish, BTC surged even more sharply. Willy Woo believes the current market landscape mirrors that period: Bitcoin’s liquidity is continuing to strengthen, while the stock market is starting to show signs of fragility.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Tokenized stocks approached $3 billion in weekly spot volume at the beginning of August. In its analysis published on September 3, Grayscale ranks Robinhood Chain, BNB Chain, and Solana among the main networks of this new segment of the crypto market. Liquidity is growing fast. However, the use of these assets in onchain finance remains limited to about 5% of the market.
In Brief The weekly volume of tokenized stocks peaked near $3 billion. Robinhood Chain, BNB Chain, and Solana account for a large part of the trading. Only about 5% of tokenized stocks are used in onchain finance. The figure comes from Grayscale: the weekly spot volume of tokenized stocks reached nearly $3 billion at the beginning of August. This growth further establishes these products in the crypto landscape, after several months of increasing volumes on major blockchains.
BNB Chain had already exceeded $5.2 billion in cumulative volume on tokenized stocks by the end of June. More than 700 stocks and ETFs were then available on its ecosystem.
Solana is also advancing quickly. In the second quarter, the network recorded $5.77 billion in volume on tokenized assets, which is 114% more than the previous quarter. Stocks alone accounted for $4.8 billion, compared to $1.1 billion in the first quarter.
Robinhood Chain now completes the top three. Launched on mainnet July 1, the network directly benefits from the broker’s activity and its offer of tokenized stocks.
The crypto market thus no longer just tokenizes dollars or bonds. Apple, Nvidia, and other traditional securities now circulate on the same infrastructures as stablecoins and DeFi assets.
Crypto Trading Advances Faster Than Financial Uses The almost $3 billion hides an important gap. Grayscale estimates that only about 5% of the tokenized stock market is currently deployed in onchain financial applications. Their locked value exceeds $110 million.
For now, these products are mainly used for trading. Their use as collateral or in lending protocols remains much smaller. On Solana, Grayscale notes, however, that tokenized stocks placed on platforms like Kamino and Jupiter have multiplied by about ten in a year.
This is an important point to measure the real development of this branch of crypto finance. A high trading volume shows that liquidity exists. It does not yet mean these assets are widely integrated into DeFi.
Another figure gives an idea of current activity. The seven most traded tokenized stocks generated $4.3 billion in DEX volume over 30 days, according to Token Terminal data cited by Grayscale. Three of them are available on Robinhood Chain.
This growth comes a few weeks after a daily record exceeding $565 million on DEXs recorded at the end of June. The periods and scopes differ, but both data tell the same story of accelerating blockchain trading.
Robinhood Pushes Crypto Towards Traditional Markets Robinhood started in 2025 with more than 200 tokenized stocks and ETFs aimed at eligible European clients. These products were initially issued on Arbitrum. Since July, the broker has its own infrastructure. Robinhood Chain is an Ethereum layer 2 designed notably for tokenized assets, continuous transfers, and decentralized finance.
For European users, an essential distinction remains: a tokenized stock does not automatically give the same rights as a stock held directly with a traditional broker. Depending on the structure chosen by the issuer, the token may represent a security, a claim on stocks held by a custodian, or another contractual right.
The US SEC is also working on these issues. Its Investor Advisory Committee stated in March that tokenization could notably allow settling the transfer of a security and its payment in the same transaction, while requesting more clarity on ownership and investor protection.
For the crypto market, volumes are no longer the only indicator to follow. Tokenized stocks have found liquidity. Their next step will be to transform this trading activity into broader financial uses.
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Evans S.
Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
According to GMGN market data, STONK, the token of Solana-based token launch platform StonkFun, briefly hit a market cap of over $138 million, marking an all-time high. It is currently valued at $122 million, with a 311% 24-hour gain and $54.7 million in trading volume over the same period. BlockBeats reminds users that related tokens are highly volatile, so investors should exercise caution.
Relevant content
A Bitcoin address from the Satoshi Nakamoto era, dormant for 16 years, has transferred 600 BTC, worth approximately $48 million.
12 Bitcoin addresses dormant for over 16 years moved a total of 600 BTC on September 5, worth approximately $48 million. The BTC all originated from mining rewards in March 2010, when Satoshi Nakamoto was still active on the Bitcoin network. Whale Alert stated that the 600 BTC came from mining rewards of 12 Bitcoin blocks, and no connection between these addresses and Satoshi Nakamoto has been found. Earlier, Lookonchain had identified 7 of these miner wallets, which moved 350 BTC after remaining dormant for roughly 16.5 years. Whale Alert also noted that one of the block rewards was transferred several blocks ahead of most other transactions, a pattern consistent with conducting a test transaction before executing the remaining transfers.
6 minutes ago
Vitalik: SNARKs are expected to bring their computational overhead down to single-digit multiples by the end of this decade.
Ethereum co-founder Vitalik Buterin published a post outlining his optimistic, non-mainstream take on the long-term evolution of cryptography: For general real-world computing, there is a 33% chance that the total cost of three protocols—SNARK, FHE, and iO—can be capped at 1+ε times the baseline computing cost. This means that as computing scale grows sufficiently large, the extra cryptographic overhead relative to baseline costs can approach zero indefinitely. When measured by combined energy consumption and amortized computing costs, these three protocols have a 60% chance of keeping their cost multiple below 10x. One of these targets is likely to be achieved before the end of this decade, with SNARK being the most probable to hit single-digit computing overhead, he added. He noted that this level has already been reached in scenarios involving dedicated hash functions and some large language model (LLM) inference.
6 minutes ago
Solana ecosystem token STONK briefly saw its market capitalization exceed $150 million, surging 449% in 24 hours.
According to GMGN market data, STONK, the token of Solana-based token launch platform StonkFun, briefly broke through $150 million in market capitalization, hitting an all-time high. It is now priced at $140 million, with a 24-hour price surge of 449% and trading volume of $61.3 million over the same period. BlockBeats reminds users that related tokens are highly volatile, so investors should exercise caution.
6 minutes ago
Bitget has launched USDT-margined "Hakimi" perpetual contracts.
According to an official announcement, Bitget has launched USDT-margined "Hakimi" perpetual contracts, with a maximum leverage of 3x. Corresponding contract trading bots will also be rolled out simultaneously. For more details, please refer to Bitget's official platform.
6 minutes ago
Analyst: Bitcoin’s recent buying volume has hit its strongest level since the last bear market, with demand showing clear improvement.
CryptoQuant analyst Darkfost stated in a post that Bitcoin is facing the strongest buying pressure since the last bear market. The 365-day rolling cumulative net spot buying volume, denominated in U.S. dollars, has surpassed $83 billion, and this metric will remain in negative territory until March 2026. This indicator measures the gap between spot buying and selling volumes on major trading platforms, calculated as a 365-day rolling cumulative total. It signals a significant improvement in recent demand, with the market gradually building a positive trend. However, he warned that spot trading volume does not make up the majority of trading platform activity, as futures trading still holds a clear dominant position. Even so, based on the spot metric, market momentum is growing more positive.
6 minutes ago
Willy Woo: Bitcoin is now significantly decoupling from U.S. stocks, a trend similar to the prelude to Bitcoin's 2017 bull market.
Crypto analyst Willy Woo has published a post stating that Bitcoin is significantly decoupling from the U.S. stock market, with the last instance of such a high degree of decoupling occurring in 2015 — the prelude to Bitcoin’s 2017 bull run. In 2014, the stock market remained in a bull market, while BTC experienced a bear market unrelated to stock market trends. From 2015 to 2016, the stock market fluctuated weakly for two consecutive years, yet BTC entered a bull market; then in 2017, when the stock market also turned bullish, BTC surged even more sharply. Willy Woo believes the current market landscape mirrors that period: Bitcoin’s liquidity is continuing to strengthen, while the stock market is starting to show signs of fragility.
The HYPE token is currently trading close to $85, following a sharp recovery from a recent $50 low. This rebound, which capped a 240% rally from earlier entry prices, has drawn attention from both major individual holders and institutions, with many investors now watching the $105 level as the next major resistance.
Strong Technical MomentumSince its recent surge, HYPE’s performance has been reinforced by robust technical indicators. The token remains above its 20-day exponential moving average at $78.29, with the 50, 100, and 200 EMAs all positioned below the current price. This setup signals continued bullish momentum for the asset.
The MACD indicator also points to sustained buyer control, while returns for early investors remain significant. Market analyst Hov highlighted that an initial position around $26 has yielded gains of 240%, while entries near $55 are up over 50%.
Major Whale Signals Long-Term CommitmentBlockchain analytics platform Lookonchain recently reported a substantial buy by the wallet address 0x6436, which added 343,000 HYPE tokens worth $29 million to its previous holdings.
Blockchain analytics indicated the wallet now holds 3.24 million HYPE tokens, valued at approximately $252 million, having staked the entire balance—a move seen as a sign of strong conviction in HYPE’s long-term outlook.
Staking such a large quantity of tokens reduces their availability on the market and underscores a commitment to the project over a longer horizon, rather than opting for immediate trading profits.
Growing Institutional Exposure in ETFsInstitutional interest in HYPE has increased notably through exchange-traded funds (ETFs). ETF analyst James Seyffart examined recent 13F regulatory filings, finding that 30 institutions collectively held $74.9 million in HYPE ETF exposure as of June 30. Wealth High Governance Asset Management led with a $23.9 million position, followed by OLP Capital Management at $10.5 million. UBS held $7.5 million, Bank of Montreal $6.7 million, and Jane Street $4.4 million.
Combined, these five firms account for more than 70% of all reported institutional exposure to HYPE ETFs, according to the filings published by Seyffart and widely cited by Wu Blockchain on X.
In the U.S. market, three HYPE ETFs are available: 21Shares’ THYP, Bitwise’s BHYP, and Grayscale’s HYPG. Together, they manage $480.86 million in net assets, having generated $356.58 million in total inflows since launch. On Friday, net ETF inflows reached $10.52 million, all directed to Bitwise’s BHYP product.
HYPE has also been added to the Hashdex Nasdaq Crypto Index US ETF, now representing a 3.4% weighting and standing as the fifth-largest constituent after Bitcoin, Ethereum, XRP, and Solana.
Amid this growing institutional traction and the critical $105 resistance, traditional financial institutions and retail traders are closely monitoring market technicals and ETF flows. Such trends reflect a broader industry transition, where Wall Street is adopting Web3 technologies. Investors increasingly use platforms like 1stepSwap, enabling them to hold shares of leading U.S. companies, as well as assets like gold and silver, directly in their crypto wallets. By tokenizing real-world assets and sourcing optimal market prices in seconds, these platforms eliminate the need for intermediaries.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Solana attracted approximately $348 million in net real-world asset flows over the latest 30-day period, placing it ahead of other tracked blockchain distribution networks.
Summary
Solana attracted $348 million in net distributed RWA flows during the latest thirty-day measurement period. Network distributed RWA value reached roughly $4.23 billion as tracked holder addresses climbed to 398,644. Solana hosted tokenized products from BlackRock, Franklin Templeton, VanEck, Circle, Ondo and WisdomTree by September. RWA net flows measure asset value changes and transfers rather than blockchain transaction volume alone. Ethereum and Stellar posted smaller thirty-day increases while Avalanche and XRP Ledger declined over period. The increase lifted the value of distributed RWAs on Solana to about $4.23 billion.The RWA Foundation published the figure on Sept. 5 using data from analytics platform RWA.xyz. “Solana is leading the pack,” the organization said in its official post, adding that the network recorded the largest net increase during the period.
The figures cover distributed real-world assets. These are tokenized financial products that investors can subscribe to, hold or transfer through blockchain wallets and approved custodians. They do not represent the total value of every asset referenced by a tokenization platform.
Solana RWA flows outpaced competing networks Solana’s distributed RWA value increased by 11.13% over 30 days, according to the dataset cited by the RWA Foundation. Ethereum recorded a 0.77% increase, while Stellar rose 5.22%.
The XRP Ledger and Avalanche moved in the opposite direction. Their tracked totals declined by 5.51% and 14.06%, respectively. These changes can reflect subscriptions, redemptions, transfers between networks and movements in the reported value of underlying assets.
Net flows should not be confused with transaction volume. The $348 million figure does not mean investors traded exactly $348 million of tokenized assets on Solana during the month. It represents the net change attributed to assets distributed on the network after inflows and outflows.
The calculation also differs from total value locked in decentralized finance. DeFi TVL generally tracks crypto deposited into lending, trading and staking applications. RWA figures focus on tokens linked to off-chain financial instruments such as government bonds, private credit, investment funds and equities.
RWA.xyz’s distributed asset category also requires a different reading from represented asset value. A token could provide access to a much larger off-chain portfolio while only a portion of its supply circulates on a specific blockchain.
U.S. Treasury products form a large part of Solana’s RWA market Solana’s RWA expansion has been supported by tokenized U.S. Treasury and money market products. These instruments allow eligible investors to hold blockchain-based tokens representing interests in regulated funds, Treasury-backed notes or other cash-management products.
BlackRock’s BUIDL fund expanded to Solana through Securitize in March 2025. BUIDL invests in cash, U.S. Treasury bills and repurchase agreements. A dedicated Solana share class gives eligible investors blockchain-based access to the fund while Securitize manages tokenization and transfer infrastructure.
Securitize confirmed the deployment through its official announcement. Solana later reported that the BUIDL share class held more than $550 million on the network by February 2026.
Franklin Templeton’s BENJI token is also available on Solana. BENJI represents shares in the Franklin OnChain U.S. Government Money Fund, which invests at least 99.5% of its assets in government securities, cash and fully collateralized repurchase agreements.
The asset manager’s official platform confirms that Solana support began in February 2025. Franklin Templeton reported $753.24 million in total net assets for the fund as of June 30, although that figure covers the entire fund across supported networks rather than its Solana allocation alone.
VanEck’s VBILL provides another Treasury-linked product. It launched across Solana, Ethereum, Avalanche and BNB Chain through Securitize in May 2025. The product invests in short-term U.S. government obligations and uses blockchain infrastructure for ownership records and transfers.
Ondo and WisdomTree widened available RWA products Ondo Finance operates the USDY and OUSG products on Solana. USDY is a tokenized note backed by short-term U.S. Treasuries and bank deposits. It is primarily available to eligible investors outside the U.S.
OUSG provides exposure to short-term U.S. government securities through a portfolio that includes tokenized investment funds. Ondo’s official page states that the product supports continuous minting and redemptions, including outside conventional banking hours.
The company also launched hundreds of tokenized U.S. stocks and exchange-traded funds on Solana in January 2026. The products provide economic exposure to underlying securities but are structured for eligible non-U.S. investors rather than as ordinary shares registered directly to token holders.
The launch broadened Solana’s RWA market beyond Treasury products. It also introduced assets whose value can change with public equity prices, meaning an increase in reported RWA value does not always represent new investor capital.
WisdomTree added another institutional distribution channel in January. The asset manager made its tokenized funds available for direct minting on Solana through its WisdomTree Connect platform.
The integration allows eligible institutional clients to purchase, hold and manage tokenized fund positions on the network. It also permits supported assets to move into compatible decentralized applications, subject to the issuer’s compliance requirements.
Solana’s RWA total does not include unrestricted ownership Tokenized RWAs frequently contain investor eligibility and transfer controls. A public blockchain may record balances and transfers, but that does not mean every wallet can buy or redeem each product.
Treasury and money market tokens can require identity verification, jurisdictional screening or minimum investments. Issuers can also restrict transfers to approved addresses and freeze tokens when required by their product terms or applicable law.
This structure separates institutional RWAs from permissionless crypto assets such as SOL. Solana supplies the settlement and distribution network, while regulated issuers, transfer agents, custodians and fund administrators remain responsible for the underlying products.
It also means the $4.23 billion figure is not Solana protocol revenue or capital controlled by the Solana Foundation. The value belongs to investors in products issued by separate financial institutions.
Crypto.news previously reported that the wider tokenized RWA market had reached approximately $38.1 billion by Aug. 9 as projects moved hundreds of millions of dollars in physical assets onchain. Solana’s reported total represents one portion of that market.
The network’s growth also fits a wider shift from primarily speculative activity toward tokenized financial infrastructure. This transition has included institutional products moving onto public blockchains, although adoption remains dependent on regulation, liquidity and investor access.
New issuance will determine whether the inflows continue Solana can extend its RWA growth if issuers place additional fund shares on the network or investors increase subscriptions to existing products. Redemptions or transfers to competing blockchains would reduce the total.
The next RWA.xyz updates will show whether the $348 million increase represented a sustained trend or a concentrated period of issuance. Product-level changes will also help identify which funds contributed most to the rise.
Any direct connection between the RWA inflows and SOL’s market price would be speculative without supporting trading data. Tokenized products may use Solana for settlement while investors pay network fees amounting to only a small portion of the assets’ underlying value.
The more relevant measure is whether tokenized assets remain on Solana, gain additional holders and develop active secondary or collateral markets. Those factors would show whether the latest inflows are translating into continued blockchain use rather than a temporary balance increase.
Bitcoin price traded near $79,972 after gaining 0.43% over 24 hours, keeping the $85,000 test within reach.
The crypto market was up 0.98%, with its capitalization at 2.72 trillion and the demand bolstering risk appetite. Solana led major altcoins, rising 4.07% to $106.57, while Ethereum advanced 2.02% to $2,502.82.
XRP price climbed 1.23% to $1.42, and BNB gained 0.60% to $757.21. The Fear and Greed Index of CoinMarketCap was 75, which is in the realm of greed.
Here’s What Could Influence BTC to Rally Above $85K There are a number of catalysts that may define whether Bitcoin transforms its recovery to an enhancement beyond $85,000. Further strength of the altcoins would indicate that the investors are still comfortable to take risks in the cryptocurrency market.
The Crypto Fear and Greed Index is 75, indicating that there is a high degree of greed and investor confidence in the overall market.
Source: CMC data An anticipated September 15 CLARITY Act cloture vote in the Senate is a catalyst. The advancement would help build trust by taking the clear digital asset management one step closer to the reality.
The bill would separate regulators between the Securities and Exchange Commission and Commodity Futures Trading Commission. Lack of progress of the proposal may undermine momentum and push back hopes of thorough American cryptocurrency regulations.
The monetary policy can bring volatility. The Federal Open Market Committee is holding on September 15 and 16, where economic projections are anticipated.
Kalshi traders placed a 77% probability on Bitcoin price crossing $85,000 before October 2. Reaching that level would require roughly 6.3% growth from the price.
Source: Kalshi data
Bitcoin ETF Inflows Reinforce Institutional Demand On September 4, United States spot Bitcoin ETFs registered net inflows of 175 million, the third straight positive session. The IBIT in BlackRock and Fidelity had attracted respectively, 117 million and 57.22 million.
Spot Ethereum ETFs gained 26.46 million, which indicated that the institutional demand was not limited to Bitcoin. The ETHA and ETF of BlackRock raised the sums of 57.79 million and 16.44 million, respectively.
Spot Bitcoin ETFs Take In $175M; Ethereum ETFs Record $26.46M Inflow
According to SoSoValue, U.S. spot Bitcoin ETFs recorded $175 million in net inflows on September 4 (ET), marking their third consecutive day of inflows. BlackRock’s IBIT led with $117 million, followed by… pic.twitter.com/dNOGJAVUw5
— Wu Blockchain (@WuBlockchain) September 5, 2026
Those gains counterbalanced the Fidelity FETH, which recorded 48.30 million net withdrawals. The continued inflows of Bitcoin ETFs may take up available supply and allow another challenge around $82,000.
Bitcoin Price Prediction: Key Levels To Watch Bitcoin price remains above the $79,500 support after sellers rejected its advance near $82,000. The level that used to limit gains was key in the short-term bullish formation.
The four-hour RSI of Bitcoin is 55.20, which means that the momentum is neutral and moderate buying activity.
The MACD line is at 327.50, which is below the 393.86 signal line, and the histogram indicates minus 66.35. This bearish formation indicates that there is a deterioration in the short-term momentum, but both MACD lines are above zero.
Source: TradingView Further gains above $79,500 would save another effort of $82,000 as per the future Bitcoin outlook. An upsurge of more than $82,000 would then open the gates to momentum of up to $85,000.
Solana maintained its position near $103 after reclaiming a previously significant resistance area at $98, signaling continued short-term recovery. While the broader market correction has not yet concluded, technical patterns for Solana suggest that $110 will be the next major resistance in focus. A sustained breakout could move attention to higher levels near $146 to $152.
SOL stabilizes above $98 during corrective phaseSolana’s short-term outlook currently appears positive as its price holds above $98. Analysts view the recent rebound as forming inside a corrective Elliott Wave structure, indicating that the move is not yet part of a new impulsive trend.
More Crypto Online, an account specializing in technical analysis, described Solana’s action as consistent with a fourth wave correction following a rejection close to $110. The platform noted that price developments have been characterized by overlapping moves, a structure typical for corrections rather than clear upward trends.
Fibonacci retracement levels place immediate support at $102.50, $101.51, $100.53, and $99.14, creating a tightly packed support zone. This range gives traders clearer reference points for evaluating whether the rebound can continue further.
More Crypto Online identified Solana’s corrective phase as ongoing, estimating that, “SOL could still move above the September 3 high as part of a B-wave rebound before a C-wave decline, which would complete the larger correction.”
Below the main support area, a second support band exists between $90.46 and $94.83. If Solana manages to hold this lower region, the possibility of a resumed rally in a potential fifth wave remains, but a clear drop beneath $90.46 would weaken the bullish outlook further.
Mini dictionary: Elliott Wave pattern – A technical analysis method used to predict price movements by identifying recurring wave structures in the market, including impulsive and corrective phases.
Key resistance and potential for further recoverySolana’s recent recovery above the upper $90 range is important, as this area influenced trading behavior earlier in the year. By moving back above $98, buyers appear to be turning this previous resistance into new support, suggesting market confidence is strengthening at these levels.
TraderSZ, a crypto trader and analyst, reported adding to long positions in Solana and pointed to the $90 level as a significant support that, if violated, would invalidate his bullish outlook.
TraderSZ expressed confidence in the setup, stating that as long as SOL remains above $98.39, which he identified as the previous quarter’s high, the trend structure remains supportive of further gains.
The primary challenge in the near term lies at $110, the recent swing high. Surpassing this resistance with consistent buying could pave the way for moves toward a higher supply zone between $146 and $152. However, these targets are considered more ambitious and will require confirmation through continued bullish momentum.
Any decisive break below $90 could threaten the ongoing rebound and put the continuation scenario under significant pressure. At present, the price region between $98 and $100 remains pivotal for the immediate direction of SOL.
Price LevelTypeComment$110ResistanceCritical test for new bullish momentum$98-$100SupportPivotal area for near-term rebound$94.83-$90.46Deeper supportLoss of this range weakens bullish case$146-$152Ambitious resistanceMajor supply zone, not immediate targetDisclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
According to GMGN market data, STONK, the token of Solana-based token launch platform StonkFun, briefly broke through $150 million in market capitalization, hitting an all-time high. It is now priced at $140 million, with a 24-hour price surge of 449% and trading volume of $61.3 million over the same period. BlockBeats reminds users that related tokens are highly volatile, so investors should exercise caution.
Relevant content
A Bitcoin address from the Satoshi Nakamoto era, dormant for 16 years, has transferred 600 BTC, worth approximately $48 million.
12 Bitcoin addresses dormant for over 16 years moved a total of 600 BTC on September 5, worth approximately $48 million. The BTC all originated from mining rewards in March 2010, when Satoshi Nakamoto was still active on the Bitcoin network. Whale Alert stated that the 600 BTC came from mining rewards of 12 Bitcoin blocks, and no connection between these addresses and Satoshi Nakamoto has been found. Earlier, Lookonchain had identified 7 of these miner wallets, which moved 350 BTC after remaining dormant for roughly 16.5 years. Whale Alert also noted that one of the block rewards was transferred several blocks ahead of most other transactions, a pattern consistent with conducting a test transaction before executing the remaining transfers.
6 minutes ago
Vitalik: SNARKs are expected to bring their computational overhead down to single-digit multiples by the end of this decade.
Ethereum co-founder Vitalik Buterin published a post outlining his optimistic, non-mainstream take on the long-term evolution of cryptography: For general real-world computing, there is a 33% chance that the total cost of three protocols—SNARK, FHE, and iO—can be capped at 1+ε times the baseline computing cost. This means that as computing scale grows sufficiently large, the extra cryptographic overhead relative to baseline costs can approach zero indefinitely. When measured by combined energy consumption and amortized computing costs, these three protocols have a 60% chance of keeping their cost multiple below 10x. One of these targets is likely to be achieved before the end of this decade, with SNARK being the most probable to hit single-digit computing overhead, he added. He noted that this level has already been reached in scenarios involving dedicated hash functions and some large language model (LLM) inference.
6 minutes ago
Bitget has launched USDT-margined "Hakimi" perpetual contracts.
According to an official announcement, Bitget has launched USDT-margined "Hakimi" perpetual contracts, with a maximum leverage of 3x. Corresponding contract trading bots will also be rolled out simultaneously. For more details, please refer to Bitget's official platform.
6 minutes ago
Analyst: Bitcoin’s recent buying volume has hit its strongest level since the last bear market, with demand showing clear improvement.
CryptoQuant analyst Darkfost stated in a post that Bitcoin is facing the strongest buying pressure since the last bear market. The 365-day rolling cumulative net spot buying volume, denominated in U.S. dollars, has surpassed $83 billion, and this metric will remain in negative territory until March 2026. This indicator measures the gap between spot buying and selling volumes on major trading platforms, calculated as a 365-day rolling cumulative total. It signals a significant improvement in recent demand, with the market gradually building a positive trend. However, he warned that spot trading volume does not make up the majority of trading platform activity, as futures trading still holds a clear dominant position. Even so, based on the spot metric, market momentum is growing more positive.
6 minutes ago
Willy Woo: Bitcoin is now significantly decoupling from U.S. stocks, a trend similar to the prelude to Bitcoin's 2017 bull market.
Crypto analyst Willy Woo has published a post stating that Bitcoin is significantly decoupling from the U.S. stock market, with the last instance of such a high degree of decoupling occurring in 2015 — the prelude to Bitcoin’s 2017 bull run. In 2014, the stock market remained in a bull market, while BTC experienced a bear market unrelated to stock market trends. From 2015 to 2016, the stock market fluctuated weakly for two consecutive years, yet BTC entered a bull market; then in 2017, when the stock market also turned bullish, BTC surged even more sharply. Willy Woo believes the current market landscape mirrors that period: Bitcoin’s liquidity is continuing to strengthen, while the stock market is starting to show signs of fragility.
6 minutes ago
New meme coin BEN on BSC surges past $9 million market cap in just two hours after launch.
According to GMGN market data, the new meme coin BEN on the BSC chain hit a market cap of $9 million within two hours of its launch, and is now trading at $8.2 million with a trading volume of $20.8 million. The meme coin is paired with the tokenized US stock QQQ (Invesco QQQ Trust, which tracks the Nasdaq 100 Index) on BSC. BlockBeats reminds users that prices of related tokens are highly volatile, so they should exercise caution when investing.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In an effort to maintain its recent price recovery, Shiba Inu is witnessing a discernible rise in exchange inflows. According to on-chain data, net exchange flows rose by about 75 billion SHIB during the previous day, which could lead to more selling pressure. There are currently 193.32 billion SHIB in total exchange inflows and 131.59 billion SHIB in outflows.
Shiba Inu netflows stay highNetflows are left at roughly 61.73 billion SHIB due to the difference. However, the net amount going toward exchanges has increased by about 75 billion tokens when compared to the previous reading. More important than the metric's displayed percentage change is the direction.
SHIB/USDT Chart by TradingViewMore tokens become accessible on centralized trading platforms when inflows surpass withdrawals. Since exchange transfers can happen for a variety of reasons, this does not ensure that holders will sell their SHIB; however, consistent positive netflows typically boost the immediately liquid supply.
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Exchange reserves offer more context. Currently, exchanges hold about 87.36 trillion SHIB, which has increased by 0.07 percent in the last day. Exchange reserves are currently valued at about $477 million, up 0.44 percent. The shift occurs at a time when SHIB's price is vulnerable.
Shiba Inu is setAfter making a significant comeback from its August low near $0.0000044, the token is currently trading around $0.00000543. The daily chart's ascending trend line is still intact, and SHIB has set up a series of higher lows. But resistance is approaching swiftly. Since the 200-day moving average is located at $0.00000568, the $0.0000056–$0.0000057 area is a significant technical barrier.
After its August spike toward $0.0000062, SHIB already experienced considerable selling in this region. For the time being, momentum is not overheated but rather constructive. There is room for another attempt at resistance without going into overbought territory because the daily RSI is at about 58.
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That setup is complicated by the additional exchange supply. In the event that net inflows keep increasing while SHIB tests the 200-day moving average, sellers would have significantly more liquidity right away.
On the other hand, maintaining above the rising support around $0.0000051–$0.0000052 in spite of those inflows would suggest that the extra exchange-side supply is being absorbed by current demand.
TLDR: Shiba Inu price gains 0.89% to $0.00000545, but a 75 billion-token increase in net exchange flows raises near-term supply pressure. Exchange inflows total 193.32 billion SHIB against 131.59 billion in outflows, leaving positive netflows near 61.73 billion tokens. SHIB faces immediate resistance at $0.00000548, followed by the $0.0000056 to $0.0000057 zone and the 200-day moving average. Open interest climbs almost 19%, while $0.00000541 serves as nearby support before lower levels at $0.00000533 and $0.0000051 to $0.0000052. Shiba Inu price currently trades near $0.00000545 after gaining 0.89% over 24 hours. The advance slightly outpaces a broadly positive cryptocurrency market. Still, a sharp rise in tokens moving toward exchanges now tests the recovery. Market data shows net exchange flows increased by about 75 billion SHIB during the latest day.
The shift places more immediately tradable supply near sellers while SHIB approaches a major technical barrier. Rising derivatives activity adds another layer of volatility. Open interest reportedly climbed almost 19%, reflecting stronger leveraged positioning. Buyers must now absorb added supply and defend nearby support to extend the current rebound.
Shiba Inu (SHIB) Price Shiba Inu Price Meets Rising Exchange-Side Pressure According to Cryptorank data, the total exchange inflows reached 193.32 billion SHIB, while outflows stood at 131.59 billion SHIB. That difference left netflows near 61.73 billion tokens. Compared with the previous reading, the net amount moving toward exchanges increased by approximately 75 billion SHIB.
SHIB exchange inflows do not prove that holders intend to sell. Owners may transfer tokens for trading, collateral, custody changes, or portfolio restructuring. Nevertheless, persistent positive netflows increase the supply readily available on centralized platforms. That can strengthen near-term selling capacity during a resistance test.
Exchange reserves provide context. Trading platforms hold about 87.36 trillion SHIB, up 0.07% during the latest day. Their dollar value rose 0.44% to roughly $477 million. The faster increase in value also reflects the token’s daily price gain.
A sustained rise in reserves would keep the Shiba Inu price exposed to deeper liquidity on trading venues. A reversal in netflows, by contrast, would reduce the immediate pool of tokens available for transactions. That makes flow direction important during the current resistance test.
The Shiba Inu price has recovered sharply from its August low near $0.0000044. At the current level, the token trades about 24% above that floor. A rising daily trend line also stays intact, supported by a sequence of higher lows.
Immediate resistance sits near $0.00000548. Above that point, traders face the broader $0.0000056 to $0.0000057 supply zone. The 200-day moving average stands near $0.00000568, adding weight to that barrier. SHIB encountered heavy selling there after its August rally reached approximately $0.0000062.
Technical Levels Shape the Near-Term SHIB Price Outlook Momentum offers buyers room for another test. The daily relative strength index sits near 59, below commonly watched overbought territory. This reading shows positive momentum without the extreme conditions that often accompany an exhausted advance.
The SHIB price outlook first depends on $0.00000541. Holding that nearby support could keep $0.00000548 within reach. A decisive move above resistance would return attention to the 200-day moving average. Failure to hold $0.00000541 could expose the next short-term level near $0.00000533.
Source: TradingView Deeper support sits along the rising trend area between $0.0000051 and $0.0000052. Defending that zone while SHIB exchange inflows stay elevated would show that market demand is absorbing added platform supply. A breakdown would weaken the higher-low structure established since August.
Derivatives positioning could magnify either move. Open interest reportedly expanded almost 19%, signaling more leveraged exposure across SHIB contracts. Leverage can accelerate gains when resistance breaks. It can also intensify declines when falling prices trigger liquidations and forced position closures.
Broader conditions currently provide a modest tailwind. Total cryptocurrency market value gained about 0.96%, while Dogecoin advanced 4.85%. That meme-coin strength helps explain why the Shiba Inu price posted a gain despite rising exchange balances.
Traders are monitoring the United States CPI report scheduled for September 11. An inflation surprise could shift expectations for monetary policy and alter risk demand. Until then, the Shiba Inu price outlook centers on exchange supply, leveraged positioning, $0.00000541 support, and resistance near $0.00000548.
Willy Woo: Bitcoin is now significantly decoupling from U.S. stocks, a trend similar to the prelude to Bitcoin's 2017 bull market.
Crypto analyst Willy Woo has published a post stating that Bitcoin is significantly decoupling from the U.S. stock market, with the last instance of such a high degree of decoupling occurring in 2015 — the prelude to Bitcoin’s 2017 bull run. In 2014, the stock market remained in a bull market, while BTC experienced a bear market unrelated to stock market trends. From 2015 to 2016, the stock market fluctuated weakly for two consecutive years, yet BTC entered a bull market; then in 2017, when the stock market also turned bullish, BTC surged even more sharply. Willy Woo believes the current market landscape mirrors that period: Bitcoin’s liquidity is continuing to strengthen, while the stock market is starting to show signs of fragility.
7 minutes ago
New meme coin BEN on BSC surges past $9 million market cap in just two hours after launch.
According to GMGN market data, the new meme coin BEN on the BSC chain hit a market cap of $9 million within two hours of its launch, and is now trading at $8.2 million with a trading volume of $20.8 million. The meme coin is paired with the tokenized US stock QQQ (Invesco QQQ Trust, which tracks the Nasdaq 100 Index) on BSC. BlockBeats reminds users that prices of related tokens are highly volatile, so they should exercise caution when investing.
7 minutes ago
Pons and Fomo both generated more revenue than Hyperliquid over the past 24 hours.
Per DefiLlama data, Pons and Fomo generated approximately $1.85 million and $1.77 million in revenue over the past 24 hours, respectively, both surpassing Hyperliquid’s roughly $866,500. Currently, Pons ranks 5th and Fomo 6th on the crypto protocol revenue leaderboard, while Hyperliquid holds the 9th position.
7 minutes ago
The "HYPE Listing Insider Whale" has unrealized long position profits exceeding $68 million, with $5.42 million in funding fees already paid.
According to TradingBeats monitoring, as HYPE breaks above $88, the largest HYPE long address on Hyperliquid—0x082e...ca88—currently holds approximately 1.38 million HYPE long positions, with a position value of around $122 million, an average entry price of $38.68, and an unrealized profit of roughly $68.62 million, using 5x full leverage. The address opened a HYPE long position worth about $40 million with 5x leverage roughly 5 hours before Robinhood announced the listing of HYPE spot on October 23, 2025. Due to the extremely precise timing of its heavy entry, the community suspected it had access to non-public information, earning it the nickname "HYPE Listing Insider Whale". Between December 5 and 6 of the same year, the address added approximately 93,500 HYPE to its position in the $31-$32 range, eventually growing its holdings to around 1.38 million HYPE, and has held the contract positions ever since. The address has so far paid $5.42 million in funding fees for its long positions.
7 minutes ago
HYPE surges past $88, hitting a new all-time high.
According to HTX market data, HYPE has rallied past $88, hitting a new all-time high. It is currently trading at $88.5, with a 24-hour gain of 4.21%.
7 minutes ago
Maji's total long position stands at $146 million, with a current unrealized profit of $2.56 million.
According to TradingBeats monitoring, the address linked to "Big Brother Ma Ji" currently holds approximately $146 million in BTC and ETH long positions, with a combined unrealized profit of around $2.56 million. The account has a net asset value of roughly $9.139 million and an overall leverage ratio of about 15.95x. Its ETH holdings consist of 25x fully leveraged long positions totaling 39,325 coins, valued at approximately $98.39 million, with an average entry price of $2,444.83, current unrealized profit of around $2.25 million, and a liquidation price of $2,331.21. Its BTC holdings are 40x fully leveraged long positions totaling 593 coins, valued at roughly $47.39 million, with an average entry price of $79,384.2, current unrealized profit of about $310,000, and a liquidation price of $68,731.5.
Offchain Labs co-founder Steven Goldfeder and Solana co-founder Anatoly Yakovenko exchanged competing views on Sept. 6 over why Robinhood built its blockchain using Arbitrum technology instead of operating applications directly on Solana.
Summary
Offchain Labs co-founder Steven Goldfeder said Robinhood retains roughly 90% of net chain revenue generated. Solana co-founder Anatoly Yakovenko argued Robinhood could instead monetize users through application-level fees directly itself. Robinhood Chain routes 10% of net protocol revenue to the broader Arbitrum ecosystem under agreements. Eight percentage points go to Arbitrum DAO, while two support its developer guild funding program. Robinhood Chain recorded $6.04 million daily fees, retaining approximately $5.44 million after costs and sharing. Goldfeder argued that Robinhood can retain roughly 90% of its chain revenue under the Arbitrum Expansion Program. A Solana-based application would pay network fees without receiving the underlying chain’s revenue, he said.
“Robinhood chose Arbitrum so they could be a landlord and not a tenant,” Goldfeder wrote. His comment responded to Yakovenko’s position that Robinhood could subsidize Solana transaction fees while charging users through its own application.
The debate followed a sharp rise in Robinhood Chain activity. The network recently collected $6.04 million in daily transaction fees and retained about $5.44 million after expenses and its Arbitrum revenue-sharing obligation.
I have a ton of respect for @toly but this is a ridiculous take. On Arbitrum, Robinhood keeps 90% of gas fees. On Solana they would retain 0 and any gas fees they subsidized would come out of pocket.
Robinhood chose Arbitrum so they could be a landlord and not a tenant. https://t.co/vWjBtn9PYh
— Steven Goldfeder (@sgoldfed) September 5, 2026 Robinhood keeps 90% of net revenue, not gross fees Goldfeder’s 90% figure reflects the Arbitrum Expansion Program’s share of net protocol revenue. It should not be interpreted as Robinhood automatically retaining 90% of every gross fee paid by users.
Under the program, Robinhood Chain sends 10% of its net protocol revenue to the Arbitrum ecosystem. Eight percentage points go to the Arbitrum DAO treasury, while two percentage points fund the Arbitrum Developer Guild.
Net revenue is calculated after relevant network expenses, including the cost of posting transaction data to Ethereum. Robinhood’s actual retained amount therefore depends on gross transaction fees, Ethereum data costs, infrastructure expenses and the Arbitrum payment.
The arrangement has already produced measurable results. Robinhood Chain collected a record $6.04 million in transaction fees during its latest 24-hour reporting period and retained approximately $5.44 million. The figures show the network keeping about 90% after associated costs and allocations.
The network also generated $20.33 million in revenue over seven days. Maintaining that rate for a full year would produce approximately $1.06 billion, but such annualization is only a projection based on a brief period of unusually high activity.
The latest Robinhood Chain fee record followed rapid growth in memecoin trading, token launches and decentralized exchange volume. GMGN, Pons and Uniswap accounted for much of the application activity.
Yakovenko says applications can collect fees on Solana Yakovenko’s argument focuses on the application layer. Robinhood could deploy its services on Solana, subsidize transaction costs and charge customers through its interface, avoiding the expense of operating a separate Layer 2 network.
This approach could work for transactions initiated through Robinhood’s application. Brokerages can charge commissions, spreads, subscription fees or service fees without controlling the blockchain underneath their products.
Goldfeder countered that this model would not capture value from activity occurring outside Robinhood’s interface. Third-party wallets, trading bots, decentralized exchanges and token launchpads can interact directly with blockchain contracts.
Robinhood would pay to subsidize transactions initiated by its customers on Solana but would receive none of the network fees produced by independent users. Solana validators and stakers would receive those fees instead.
On Robinhood Chain, the company operates the network’s sequencing infrastructure. This allows it to collect transaction fees from activity across the chain, including transactions that bypass Robinhood’s front end.
Recent data supports Goldfeder’s point about outside activity. Memecoin launchpad Pons and trading platform GMGN have become large contributors to Robinhood Chain’s traffic. Many transactions generated by those applications do not originate through Robinhood’s brokerage interface.
The economic distinction is therefore broader than the cost of individual transactions. Yakovenko’s model lets Robinhood monetize its customers at the application level. Goldfeder’s model lets Robinhood capture revenue generated across an entire network.
Robinhood Chain still pays Ethereum and Arbitrum Robinhood does not retain all the value generated by its blockchain. Robinhood Chain is an Ethereum Layer 2 built using Arbitrum Orbit, rather than an independent Layer 1.
The network uses ETH as its native gas token and posts transaction data to Ethereum using blobs, according to Robinhood’s documentation. Each transaction includes an execution component and a data-availability component.
The L2 execution fee covers computation performed on Robinhood Chain. The L1 data fee pays for publishing transaction information to Ethereum. Both components are bundled into the amount presented to users.
Robinhood also pays the Arbitrum ecosystem’s 10% share of net protocol revenue. Consequently, the “landlord” description refers to Robinhood’s control over its own chain and sequencer, not complete independence from outside infrastructure.
As an earlier examination of the revenue-sharing arrangement reported, Robinhood received a branded network, EVM compatibility, existing Ethereum tools and technical support in exchange for part of its net revenue.
Building a new Layer 1 could theoretically allow Robinhood to retain more revenue. It would also require the company to develop and maintain its own execution, consensus, bridging and security infrastructure.
Using Solana would remove the need to operate those components. However, Robinhood would become an application on infrastructure it did not control and would not collect the network’s transaction fees.
Gas subsidies complicate the revenue comparison Robinhood launched its chain with a 90-day gas subsidy for transactions conducted through Robinhood Wallet. The subsidy is scheduled to expire on Sept. 29.
The promotion means eligible wallet users do not directly pay gas during the subsidy period. Robinhood covers those costs. However, the subsidy does not necessarily cover every transaction conducted by independent applications and wallets across the network.
That distinction is central to the founders’ debate. Goldfeder argued that much of Robinhood Chain’s activity now occurs beyond the Robinhood front end. The company can collect fees from those transactions because it operates the underlying chain.
Robinhood Chain’s activity increased rapidly during the subsidy. Its daily decentralized exchange volume recently reached approximately $1.71 billion, while total value locked in native protocols stood near $1.17 billion.
The network has also exceeded Solana in daily chain revenue during some reporting periods. However, direct comparisons require caution because the networks have different cost structures, subsidies, fee markets and validator arrangements.
The Robinhood Chain and Solana comparison identified the subsidy’s expiration as a major test. User activity could fall when customers begin paying gas, or Robinhood could extend or restructure the program.
The fee debate will become clearer after Sept. 29 The first major test arrives when the gas subsidy expires. Post-subsidy data will show how many Robinhood Wallet users continue transacting when they must pay their own network costs.
It will also show whether independent activity from Pons, GMGN, Uniswap and other applications remains strong. These applications have contributed heavily to the network’s recent fee growth.
A detailed onchain investigation by Bitquery found that Robinhood Chain’s gas price increased roughly 25-fold within 11 days. The report attributed much of the additional demand to a limited group of heavily active wallets.
The concentration creates uncertainty over whether current fee revenue is sustainable. A decline in activity from several large addresses could reduce transaction fees even if total user numbers continue rising.
Robinhood has not publicly announced whether it will extend the subsidy beyond Sept. 29. It also has not disclosed how network revenue will appear in its financial reporting.
There was no verified movement in HOOD, SOL, ETH or ARB directly attributable to the founders’ exchange. Linking broader market fluctuations to their comments without additional evidence would be speculative.
The commercial question will remain whether owning a Layer 2 produces more value than deploying an application on an existing Layer 1. Robinhood Chain’s first unsubsidized operating period will provide the clearest evidence.
Maji's total long position stands at $146 million, with a current unrealized profit of $2.56 million.
According to TradingBeats monitoring, the address linked to "Big Brother Ma Ji" currently holds approximately $146 million in BTC and ETH long positions, with a combined unrealized profit of around $2.56 million. The account has a net asset value of roughly $9.139 million and an overall leverage ratio of about 15.95x. Its ETH holdings consist of 25x fully leveraged long positions totaling 39,325 coins, valued at approximately $98.39 million, with an average entry price of $2,444.83, current unrealized profit of around $2.25 million, and a liquidation price of $2,331.21. Its BTC holdings are 40x fully leveraged long positions totaling 593 coins, valued at roughly $47.39 million, with an average entry price of $79,384.2, current unrealized profit of about $310,000, and a liquidation price of $68,731.5.
4 minutes ago
Analyst: Ethereum’s consolidation pattern is bullish; a decisive break above $2,530 could push its price to $2,700.
Crypto analyst Ali Charts said in a post that Ethereum has been consolidating in the $2,370 to $2,530 range since August 26, building momentum for the next market move. He noted that a close outside this range on the hourly candlestick is required to confirm the breakout direction, though the current market structure leans bullish. If ETH breaks above $2,530 convincingly, it could trigger a rally toward $2,700.
4 minutes ago
China's National Anti-Fraud AI APP Goes Live
Beating AI News Brief: Under the guidance of the Criminal Investigation Bureau of China’s Ministry of Public Security, the "National Anti-Fraud AI" App developed by the Shanghai Municipal Public Security Bureau has officially launched. Users input suspicious situations they encounter, and the app will assess fraud risks, identify fraud patterns, then provide prevention advice and relevant cases. Authorities noted that the app leverages large language models, multimodal models, and agent technologies, but did not disclose the specific underlying base model. It is essentially an upgraded version of the "803 Anti-Fraud Agent". The Shanghai Anti-Fraud Center rolled out the "803 Anti-Fraud" service at the end of 2025, making it available nationwide, with core functions including intelligent Q&A, anti-fraud information, and an anti-fraud dictionary.
4 minutes ago
The US stock market will be closed for the entire day on Monday, while trading in gold, silver and oil will end early.
Affected by the US Labor Day holiday, stock markets in the United States and Canada will be closed for one day on Monday, September 7. Trading of precious metals and US crude oil futures contracts under the Chicago Mercantile Exchange (CME) will end early at 02:30 Beijing Time on September 8, while trading of its stock index futures contracts will conclude early at 01:00 Beijing Time. Trading of Brent crude oil futures contracts under Intercontinental Exchange (ICE) will end early at 01:30 Beijing Time on September 8.
4 minutes ago
Solana ecosystem token STONK’s market cap briefly surged past $138 million, posting a 311% gain in 24 hours.
According to GMGN market data, STONK, the token of Solana-based token launch platform StonkFun, briefly hit a market cap of over $138 million, marking an all-time high. It is currently valued at $122 million, with a 311% 24-hour gain and $54.7 million in trading volume over the same period. BlockBeats reminds users that related tokens are highly volatile, so investors should exercise caution.
4 minutes ago
Arbitrum co-founder clarifies that the remaining locked ARB held by investors and the team accounts for 7.7% of the total supply, with all of it to be unlocked in March next year.
Arbitrum co-founder Steven Goldfeder published a post noting that the market has a misunderstanding regarding ARB's supply, often counting tokens held by the DAO as part of locked supply. He explained that the unlock of tokens for ARB investors and team members is nearly complete, with all such tokens set to be fully unlocked by March next year. The portion of tokens yet to be unlocked currently accounts for approximately 7.7% of the total ARB supply. The Arbitrum DAO treasury currently holds 2.84 billion ARB, though these tokens are not traditional locked tokens—they are controlled by circulating token holders, and their transfer requires approval via a vote of other token holders.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
With ARB rising from about $0.08 in late August to almost $0.20 in September, Arbitrum has begun one of its biggest rallies of 2025. The move from the recent base is now well over 120%, and the most recent daily candle alone added nearly 10%.
Inderect revenue sourceRobinhood Chain, which functions as a specialized Arbitrum chain, seems to be the primary catalyst. Recently, Robinhood Chain surpassed $2 million in revenue from 24-hour transactions, and 10% of net protocol revenue is returned to the Arbitrum ecosystem. If the activity continued at that rate, Arbitrum's share would annualize to about $73 million.
ARB/USDT Chart by TradingViewAs a result, ARB's core narrative is now far clearer than it was in the preceding months. In late August, Robinhood Chain's gross revenue reportedly surged from approximately $54,700 on August 22 to over $1.08 million on August 30, and Arbitrum's matching stake increased to $108,000 from about $5,400. Metrics for the broader ecosystem have also improved.
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According to the Arbitrum Foundation, its networks handled 478 million transactions in the first half of 2025, and the average monthly volume of stablecoin transfers surpassed $70 billion. During that time, ArbitrumDAO earned $6.19 million, and in July, Robinhood Chain's first month on the mainnet, Expansion Program license fees accounted for 35% of DAO revenue.
Arbitrum is relevant againThe action has been intensified by speculation. Futures open interest increased dramatically during the first breakout as traders created new long positions. ARB open interest was said to have increased by about 30% since August 31, earlier this week, increasing the leverage in a spot market that is already expanding. However, ARB now appears to be technically stretched.
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The price is close to $0.195 on the provided daily chart after momentarily rising to about $0.206, and the RSI has increased to about 85. That is definitely overbought. As a result, the rally has clear fundamental support, especially from Robinhood Chain, but its rapidity adds significant correction risk.
With the 200-day average close to $0.119, ARB has significantly surpassed its major moving averages. The breakout structure could be maintained by holding the $0.17–$0.18 zone, but losing it might allow for a deeper retracement following the 120% increase.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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BNB Chain, the leading smart contract blockchain platform developed by Binance, has revised its transaction fee policy after years of concentrating on minimizing costs for users and developers.
Pivot in Fee Policy and Sustainable GrowthNina Rong, Growth Director at BNB Chain, stated in a recent presentation that reducing gas fees is no longer the network’s primary objective. Rong emphasized the importance of sustainable business models within blockchain projects, noting that generating consistent revenue through gas fees and revenue-sharing programs is now a priority for the platform’s development and infrastructure upkeep.
Previously, BNB Chain drove efforts to drastically lower transaction costs, managing to decrease fees by up to 0.05 Gwei. This strategy led to a more than 90% reduction in transaction expenses from earlier levels, attracting a surge of users and developers to the platform.
However, Rong highlighted the need for the industry to adopt a different direction, suggesting reliance solely on grants and continual fee reductions may not provide adequate resources for long-term blockchain growth.
Rong described blockchain sustainability as hinging on “a viable business model that supports ongoing infrastructure by generating revenue through transaction fees and strategic revenue sharing.”
Robinhood Chain’s Revenue Sharing Model Sparks DebateRong’s comments come as discussions intensify around transaction fees on the recently launched Robinhood Chain. This blockchain, operated by Robinhood Markets, has faced criticism for transaction fees reaching $0.40 per transfer, prompting debate over the appropriate balance between affordability and sustainability in the sector.
Robinhood Chain has responded by highlighting its income-sharing arrangement with the Arbitrum ecosystem, a prominent Ethereum layer-2 scaling solution. Within this framework, Robinhood Chain splits 10% of its revenue: 8% is allocated to the Arbitrum DAO treasury, while 2% supports ongoing development.
Mini dictionary: Arbitrum DAO, a decentralized autonomous organization supporting the Arbitrum network, decides on funding and governance for ecosystem projects.
BlockchainTransaction FeeRevenue SharingBeneficiariesBNB ChainAs low as 0.05 GweiTransitioning to revenue sharingNetwork development & infrastructureRobinhood ChainUp to $0.4010%: 8% Arbitrum DAO, 2% DevelopmentArbitrum DAO & DevelopersThrough this program, Robinhood Chain links the financial success of its blockchain to the wider Arbitrum ecosystem, creating shared incentives for both governance participants and developers.
Industry Prospects and the Future of Gas FeesIndustry experts see BNB Chain’s strategic shift as a practical response to having already captured much of the user base attracted by low fees. Additional fee reductions may offer diminishing returns, while a focus on sustainability could deliver longer-term benefits to blockchain networks and their communities.
As the sector evolves, competition may intensify around which platforms can sustain their growth and reward stakeholders, rather than simply offering the lowest fees.
Some analysts predict that if this approach gains traction, users could begin to view gas fees not just as a cost, but as a contributor to ecosystem growth and shared network progress.
The move by BNB Chain signals a potential turning point in how transaction fees are perceived across the industry, with revenue sharing emerging as a key consideration for blockchain business models.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Arbitrum (ARB) surged from approximately $0.08 in late August to nearly $0.20 in September, marking one of its largest rallies in 2025. This move represents an increase of more than 120% from its recent low. The latest daily trading session alone saw an almost 10% jump in ARB price.
Robinhood Chain delivers revenue surgeRobinhood Chain, a dedicated Arbitrum-based network created by the trading platform Robinhood, appeared to drive the latest momentum. Over a 24-hour period, Robinhood Chain generated more than $2 million in transaction revenue, and 10% of its net protocol revenue is redirected to the Arbitrum ecosystem. If activity remains consistent, Arbitrum’s share could translate into an estimated annualized income of $73 million.
In late August, Robinhood Chain’s gross revenue sharply increased from about $54,700 on August 22 to more than $1.08 million by August 30. During the same period, Arbitrum’s matching stake grew from roughly $5,400 to $108,000. Key metrics across the Arbitrum ecosystem also showed notable improvement.
Mini dictionary: Robinhood Chain, a blockchain developed as part of Robinhood’s expansion into decentralized finance (DeFi), leverages Arbitrum’s technology to offer users faster and cheaper transactions compared to Ethereum mainnet.
Arbitrum ecosystem demonstrates rapid growthThe Arbitrum Foundation reported that its networks handled 478 million transactions during the first half of 2025. Stablecoin transfers on Arbitrum networks exceeded a monthly average of $70 billion. In the same period, ArbitrumDAO, the project’s decentralized autonomous organization, earned $6.19 million. In July, which marked Robinhood Chain’s first full month on mainnet, license fees from the Expansion Program made up 35% of the DAO’s revenue.
MetricValueTransactions (H1 2025)478 millionMonthly stablecoin transfer volume$70 billionArbitrumDAO earnings (H1 2025)$6.19 millionExpansion Program share (July)35% of DAO revenueMarket sentiment and technical outlookIntense speculative activity has added further energy to the rally. Open interest in ARB futures contracts rose sharply during the initial breakout phase as traders increased their exposure through new long positions. Since August 31, open interest climbed by an estimated 30%, magnifying leverage in an already expanding spot market.
Currently, ARB trades near $0.195 on the daily chart after reaching an intraday peak close to $0.206. The Relative Strength Index (RSI) stands near 85, well above typical overbought thresholds. This overextension in technical indicators suggests the risk of a short-term correction despite strong fundamentals stemming from Robinhood Chain’s performance.
Presently, the rally is fundamentally supported by growth in Robinhood Chain, but the pace of ARB’s rise increases the possibility of a market correction as technical factors indicate overbought conditions.
The 200-day moving average sits near $0.119, highlighting ARB’s significant overperformance relative to its long-term trend. Maintained support at the $0.17–$0.18 range could sustain the breakout structure. However, a breakdown below this zone may trigger a deeper retracement after the notable 120% climb.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Arbitrum co-founder Steven Goldfeder published a post noting that the market has a misunderstanding regarding ARB's supply, often counting tokens held by the DAO as part of locked supply. He explained that the unlock of tokens for ARB investors and team members is nearly complete, with all such tokens set to be fully unlocked by March next year. The portion of tokens yet to be unlocked currently accounts for approximately 7.7% of the total ARB supply. The Arbitrum DAO treasury currently holds 2.84 billion ARB, though these tokens are not traditional locked tokens—they are controlled by circulating token holders, and their transfer requires approval via a vote of other token holders.
