Grayscaleův ETF na Zcash, ZCSH, držel k 4. září aktiva v hodnotě 463,2 milionu USD. ZEC se zároveň obchodoval poblíž 1 185 USD a za posledních 24 hodin vzrostl o 11 %.
Zcash (ZEC) trades near $1,185, up 11% over the past 24 hours. Grayscale’s Zcash ETF (ZCSH) held $463.2 million in assets as of Sept. 4.
The fund converted from Grayscale’s Zcash Trust when it began trading on NYSE Arca on Aug. 25. ZEC now ranks among the ten largest cryptocurrencies by market capitalization.
ZCSH Assets Track ZEC’s RallyZCSH shares closed at $83.77 on Sept. 4, up 7.62% for the day. Shares slipped to $82.20 in after-hours trading that evening.
The fund’s net asset value per share stood at $83.48. That falls within a 52-week range of $3.54 to $84.23.
Daily volume reached 804,728 shares, per Grayscale’s own disclosures. The ETF’s year-to-date return reached 166.44%, per Yahoo Finance.
The fund held 444,608 ZEC tokens as of Sept. 4. Shares outstanding stood at 5.55 million, Grayscale reported.
Zcash has rallied strongly in the past month, more than doubling in value. Image Source: CoinGeckoGrayscale converted its Zcash Trust into the ZCSH exchange-traded fund on Aug. 25. The trust had operated since 2017.
Grayscale cited roughly $260 million in assets at conversion. ZCSH became the first US-listed spot ETF for a privacy-focused token.
For everyday investors, ZCSH means ZEC exposure without a crypto wallet or exchange account. That access is one reason inflows have grown so quickly since launch.
A New Demand for AI Safe CoinsSteve Vanourny, Grayscale’s head of index, linked the launch to rising demand for financial privacy.
“As AI reshapes how financial activity can be monitored, we believe demand for genuine financial privacy will only grow.”
Steve Vanourny, Grayscale’s head of index, Grayscale
ZEC’s rally began before the ETF launch, when it hit an eight-year high in August.
The rally has pushed Zcash’s market cap above $20 billion, per BeInCrypto data.
The token remains far below its 2016 all-time high of $3,191.93. That leaves room for further gains if inflows continue.
Whether ETF inflows keep pace with ZEC’s volatility remains an open question for investors.
Zcash za 7 dní vzrostl o více než 45 % díky přílivu do spot ETF Grayscale a likvidacím shortů. Cena se po průrazu nad 1 000 USD dostala až k zhruba 1 250 USD.
Zcash (ZEC) has experienced a significant rally, climbing nearly 12% in the past 24 hours to approximately $1,190 as of September 7. The privacy-focused cryptocurrency saw its seven-day gains exceed 45% after briefly reaching an intraday high near $1,250.
ETF inflows drive ZEC momentumThe primary catalyst for Zcash’s upward movement has been the launch of Grayscale’s ZCSH spot ETF. This investment fund, now trading on NYSE Arca since August 25, provides regulated access for US investors seeking direct exposure to ZEC.
By September 4, the ETF had reported net inflows totaling $34.4 million, including $12.6 million on September 2 alone. Since its debut, ZCSH’s net assets have grown to around $463 million, indicating sustained investor interest in the product.
As demand for the ETF increased, ZEC’s price moved decisively through key resistance levels. The token accelerated past the $1,000 mark during the session on September 4, gaining roughly 20% on the day. Continued buying pressure pushed ZEC beyond $1,100 and $1,200 in the following sessions.
Grayscale positioned ZCSH as a way for investors to gain exposure to the theme of financial privacy within a US-listed investment product, connecting mainstream markets with privacy-focused digital assets.
At the same time, interest in Zcash’s privacy technology has grown, supporting the bullish momentum tied to ETF flows.
Leveraged traders have also played a role in the rapid price action. The initial break above $1,000 triggered liquidations of $34 million to $36 million in short positions as traders attempted to bet against the rally. Further short exposure has continued to build even as ZEC prices climbed.
Key liquidation levels and liquidity zonesAccording to data from Coinglass, several liquidity concentrations remain above ZEC’s current price. Notable clusters are present between $1,215 and $1,220, $1,245 and $1,255, as well as $1,265 to $1,280. If the token breaks through these ranges, additional short liquidations could trigger more upward movement as bearish traders close positions.
Below the current trading level, liquidity is reported around $1,165 to $1,170, with larger concentrations found near $1,130 to $1,140 and $1,105 to $1,120. These areas may act as potential support levels should the price retrace.
Mini dictionary: Coinglass, a leading analytics platform that provides real-time data on crypto derivatives, including liquidations, open interest, and funding rates across various exchanges.
On-chain developments and governance updatesZcash’s ongoing NU7 governance process is offering a separate development catalyst. Zcash Labs has set September 14 as the end date for the coinholder vote, during which eligible ZEC holders can participate in deciding on the scope and readiness of the NU7 protocol upgrade.
Eligibility is determined by whether funds were spendable and shielded in the Ironwood pool at the August 24 snapshot date.
Mini dictionary: The Ironwood pool is a Zcash shielded pool that enhances user privacy by allowing fully private transactions between shielded addresses, using advanced cryptography.
ZEC technical analysis and price outlookZEC’s daily chart shows an extended upward move since the start of September, when the price stood around $800. The 20-day exponential moving average has increased to $877.85, while the 50-day EMA sits at $710.60. Longer-term EMAs are lower, at $604.60 for 100 days and $506.00 for 200 days, with the current price maintaining strength above all of them.
Bullish momentum remains supported by these technical indicators. The Chaikin Money Flow indicator is at 0.32, indicating that buying pressure continues to outpace selling pressure even as ZEC cleared the $1,000 milestone.
Bullish daily closes above the $1,249 resistance could set the stage for a move toward $1,300. Should buyers remain in control, the next potential target area could be around $1,400.
On the four-hour chart, ZEC is trading near $1,191 after tapping the upper Bollinger Band at $1,255.16. The middle band has sharply risen to $1,074.21, suggesting that the $1,255 level is a key threshold for continuing the breakout.
The Money Flow Index on the four-hour timeframe is at 62.11, which remains below the overbought level of 80 despite the aggressive upward movement.
Failure to reclaim $1,250 could redirect attention to $1,170, an area highlighted by liquidation heatmaps. A further downside move would put the Bollinger Band midpoint at $1,074 as an important support level, and a drop below this could leave a larger gap closer to $900. As long as the price holds above this midpoint, the bullish short-term structure that began after the breakout above $1,000 is expected to remain intact.
EMA timeframeLevel20-day EMA$877.8550-day EMA$710.60100-day EMA$604.60200-day EMA$506.00
Harmony has proposed retiring its seven-year-old layer-1 blockchain and moving ONE to Ethereum, with validators able to begin shutting down nodes from Sept. 10 as the project prepares a new AI video business.
Summary
Harmony has proposed retiring its layer 1 and issuing ONE as an ERC 20 token on Ethereum after taking a final network snapshot. Users have been asked to exit smart contracts before Sept. 10, while eligible validators can begin shutting down nodes and receive compensation from a $1.372 million pool. The proposal comes weeks after an exploit created forged ONE tokens and prompted Harmony to plan a rollback removing more than 109,000 transactions. Harmony plans to give validators the option to remain as governors or participate in its new AI video initiative after the blockchain is retired. Harmony said Sunday that it wants to take a final snapshot of the network, issue ONE as an ERC-20 token on Ethereum and move exchange listings to the new token. The proposal remains non-binding, and the project has not given a date for the final block.
The plan would end Harmony’s run as an independent blockchain after launching its mainnet in 2019. The project cited security threats from state actors and AI agents when announcing the proposed shutdown.
Harmony has not said whether the plan will be put through its existing validator-led governance process. Under the network’s published governance rules, elected validators can submit proposals and unelected validators can vote, with voting power determined by stake. A proposal requires participation representing 51% of total stake weight and 66.7% support after a seven-day introduction period and 14-day voting period.
Harmony proposes moving ONE balances to Ethereum At the final Harmony block, the project plans to record ONE held in wallets, staking delegations, validator rewards, smart contracts and centralized exchanges before distributing replacement tokens on Ethereum.
Users would not have to file claims for the new tokens. Harmony said ERC-20 ONE would be sent to the same addresses recorded in the final snapshot, while delegated stakes and unclaimed validator rewards would be distributed to individual governor vaults.
The token’s total supply and emission rate would remain unchanged under the proposal. Harmony plans to make the Ethereum token contract, snapshot calculations and airdrop scripts public so they can be audited.
Not every asset or application can make the move. Multisig safes, liquidity pools and onchain applications cannot be transferred through the proposed migration, according to the project, which has asked users to exit smart contracts before Sept. 10.
Exchange-held ONE is included in the planned snapshot, with Harmony proposing to coordinate the migration of centralized exchange listings to the Ethereum version of the token.
Validators face a separate transition process. Node operators can begin shutting down from Sept. 10, while Harmony has set aside $1.372 million for validators and delegators who stop their nodes on time, sign an agreement, retain their stakes and continue as governors.
The compensation would be distributed over four quarters. Harmony said it would cover the difference in emission rewards between a validator’s last block and the network’s final block for eligible operators.
Validators could move into Harmony’s AI video project Harmony has proposed moving its work toward an AI video “remix economy” once the blockchain is retired, offering existing validators the option of remaining as governors or becoming operators or affiliates in the new project.
Under the model described by the team, a small group of video creators would publish prompts and other assets that fans could fork or remix. AI agents would then be used to turn the resulting branches into more video clips.
Operators would handle video generation, distribution and content moderation, with staking and service uptime tied to rewards. Harmony plans to subsidize GPU hardware during the first year and said operators could generate up to $1 million in combined revenue during that period, subject to the proposed staking and uptime requirements.
The project has floated a $10 monthly subscription for the service, with promoters receiving a continuing 30% commission from subscriptions they refer. Harmony said advertising could generate tens of millions of dollars if the platform reached 1 million users.
Future ONE emissions would be directed toward the new initiative, although the team said the arrangements would remain subject to feedback from governors.
Harmony shutdown proposal follows August ONE exploit The proposed shutdown follows an August security incident that forced Harmony to consider reversing days of blockchain activity after unauthorized ONE entered circulation.
On Aug. 12, crypto.news previously reported that Harmony was investigating an unauthorized mint after an outside researcher claimed nearly 4 billion ONE had been created and approximately 2.8 billion had reached centralized exchanges. Harmony had not confirmed either figure at that stage and said it was working with exchanges while examining recovery options.
A later reconstruction by the project identified more than 3 trillion ONE created across six transactions. Harmony traced the incident to a flaw in cross-shard receipt verification that allowed valid receipts to be processed more than once, creating ONE without a corresponding debit elsewhere.
By Aug. 17, the project had settled on a much more disruptive response. Harmony proposed rolling back its two shards to checkpoints recorded at 11:25:37 p.m. UTC on Aug. 11, before the forged mint activity.
For shard 0, validators were instructed to retain block 92,730,034 and restart from 92,730,035. Shard 1 would return to block 94,978,278 and resume from the following block, even though the forged mint did not originate on that shard.
The recovery would remove 141,628 consecutive shard 0 blocks containing 109,126 regular transactions and 315 staking transactions. Harmony’s analysis classified 104,545 of the regular transactions, or 95.8%, as automated activity, including nearly 100,000 transactions linked to decentralized exchange automation.
One wallet connected to the forged mint attempted 534 transfers of 5 billion ONE each within 106 seconds. Of those, 477 succeeded, moving 2.385 trillion ONE, according to Harmony’s investigation.
Investigators traced the tokens into standalone wallets, exchange accounts, decentralized exchange routers and pools, liquidity provider positions, bridge contracts, wrapped ONE and staking wallets. Harmony said it was working with exchanges, bridges and law enforcement as it tried to identify where the forged assets had moved.
Token migration was among the recovery options examined during that process, but Harmony said at the time that moving ONE would cause substantially more disruption than the rollback. Less than a month later, migration to Ethereum has become part of the project’s proposed plan to retire the network entirely.
Harmony has faced repeated token and bridge security incidents The August exploit was not Harmony’s first incident involving unauthorized ONE creation. In December 2023, the project disclosed that a staking logic flaw had resulted in 146.28 million ONE being minted across 74 delegator addresses before an emergency hard fork was deployed.
Harmony’s most prominent security breach came in June 2022, when attackers stole close to $100 million from its Horizon cross-chain bridge after compromising keys used to control the bridge.
The project worked with exchanges, blockchain analytics companies and law enforcement following the attack and raised its hacker bounty to $10 million in an attempt to recover the assets.
Harmony initially considered creating billions of ONE to reimburse users affected by the Horizon attack. A proposal published the following month included an option to mint 4.97 billion ONE for compensation, drawing opposition from community members concerned about dilution.
By September 2022, Harmony had changed course and said its revised recovery plan would not mint additional ONE or alter the token’s economics through a hard fork. The project instead proposed using treasury funds for recovery and ecosystem development.
Solana se obchoduje kolem 106,50 USD a za posledních 24 hodin přidala 3,1 %. Na mainnet míří upgrade Transaction V1, který zvětší maximální velikost transakce z 1 232 na 4 096 bajtů.
Solana, a major smart contract blockchain known for high throughput, is trading at approximately $106.50 after gaining 3.1% in the past 24 hours. This price recovery moves Solana close to the recent resistance area around $110, following a bounce from lows recorded in August near $75 to $80.
Transaction V1 prepares for mainnet launchSolana is set to introduce its Transaction V1 upgrade on September 9. This upgrade increases the maximum transaction size from 1,232 to 4,096 bytes, allowing developers to process more complex cryptographic operations such as zero-knowledge proofs and larger multisignature transactions within a single transaction.
Transaction V1 will allow 3.3 times more transaction space and can accommodate sophisticated functionalities like ZK proofs, BLS signatures, lengthy multisig processes, and confidential transfers, according to official Solana Foundation guidance.
The Solana Foundation, the organization supporting Solana’s ecosystem, explained that legacy and version 0 transaction formats will remain valid. Developers may select the V1 format only when their applications require larger transactions.
Address lookup tables are omitted from the new V1 format since up to 64 accounts can now be included directly within a transaction. The earlier formats retain their current approach for compatibility.
Testnet activation for Transaction V1 began on September 1 to help developers test and ensure system compatibility. Infrastructure providers are also updating their tools to handle the new transaction type efficiently.
Solana’s RPC clients, indexers, and pipeline applications must recognize and correctly process V1 transactions to prevent errors. Service providers like QuickNode have indicated that projects may require updated SDKs.
Mini dictionary: Zero-knowledge proofs (ZK proofs), a type of cryptographic protocol, enable verification of a statement’s validity without revealing the underlying data. This enhances privacy and scalability in blockchain applications.
Liquidity clusters and technical levelsCurrent technical data highlights two major liquidity concentrations above Solana’s market price. The nearest liquidity band is observed between $115 and $120, just above the recent $110 resistance. Should the price continue rising, reaching this cluster could trigger further volatility or possible reversals.
Liquidity ZonePrice RangeSignificanceNearest Cluster$115 – $120First major overhead liquidity, near recent resistanceLarger Pool$145 – $150Major upside cluster, prior resistance levelKey Support$90.46 – $94.83Main support zone for current structureA more significant liquidity cluster remains further overhead between $145 and $150. This region previously acted as a resistance, suggesting that any move into this area would likely encounter selling or increased volatility.
The liquidation heatmap shows where leveraged positions have built up, with major clusters currently located between $115 to $120 and in the $145 to $150 range. While such clusters do not guarantee price movement, they do outline potential zones for large market reactions.
Wave analysis and support levelsMarket analyst More Crypto Online described Solana as currently trading within a corrective wave 4 structure. Recent price movements exhibit overlapping three-wave patterns after rejecting from the $110 zone.
According to the analyst, the ongoing bounce could carry Solana above its September 3 high, acting as a B-wave, before another C-wave drop completes the correction. The crucial support area remains between $90.46 and $94.83. Sustaining this level is considered essential for a potential fifth wave upward once the correction finishes. A drop below $90.46 might lead to a deeper decline, invalidating the bullish configuration.
Ondo Finance is pulling back USDY issuance from two of its supported networks. Ondo will discontinue minting USDY on Aptos and Noble effective September 8, 2026. The update does not affect USDY on other supported networks.
Why Osmosis and Mantra Holders Are Also AffectedThe change extends beyond Aptos and Noble directly. Because USDY on Osmosis and Mantra is bridged from Noble via IBC (Inter-Blockchain Communication), holders on those networks are caught up in the transition as well. Ondo has confirmed that USDY will remain fully backed throughout the process, and that all affected holders will have a clear path to either migrate or exit.
What Holders Need to DoThe options available depend on the size of a holder's position. Holders with at least 1,000 USDY can bridge to another supported network or redeem directly with Ondo at net asset value (NAV). That migration and redemption window stays open until September 8, 2027, giving larger holders a full year to act.
Holders with less than 1,000 USDY have a shorter runway. They can use third-party market liquidity to exit during a transition period that closes on December 7, 2026. Osmosis and Mantra holders have an additional route available: they can bridge their USDY back to Noble first, then follow whichever redemption or exit path applies to their position size.
The key point is that this is a change to where USDY can be issued, not a wind-down of the token itself or its backing. Holders on Ethereum, Solana, Mantle, Sui, and other supported networks are unaffected.
Sources:
Ondo Finance: USDY Product Page
Ondo Finance: USDY Documentation
Eco: Ondo USDY Tokenized Treasuries Explained
Raydium LaunchLab nově podporuje jakýkoli tokenový pár na Solaně a první integrací je StonkFun od LaunchOnSF. Tvůrci si mohou zvolit quote token, což má přinést větší flexibilitu a nižší poplatky.
Raydium has expanded LaunchLab to support trading between any token pair, with LaunchOnSF’s StonkFun becoming the first integration to use the new system on Solana.
Summary
Raydium LaunchLab now allows newly launched tokens to be paired with any supported quote token on the platform. StonkFun has become the first integration to use the new model after changes to Raydium programs, aggregators and trading terminals. StonkFun said deployment costs have fallen to 0.03 SOL from 0.29 SOL, while liquidity fees can be directed back into liquidity. The upgrade expands LaunchLab more than a year after Raydium introduced the platform following Pump.fun’s move to its own PumpSwap exchange. According to Raydium’s Sept. 7 announcement on X, LaunchLab can now pair a newly launched token with any quote token supported through Raydium, removing the fixed pairing structure used by many token launch platforms. Raydium said the upgrade brings more flexible token pairing, deeper liquidity and lower fees for memecoin trading.
LaunchLab now supports any token pair on Raydium.
The upgrade brings flexible pairing directly to Solana, with deeper liquidity, lower fees, and stronger meme-native trading.@LaunchOnSF is the first integration partner to bring the model live on LaunchLab. pic.twitter.com/c3NFuYCRWI
— Raydium (@Raydium) September 6, 2026 LaunchOnSF confirmed that its StonkFun platform is the first integration partner to bring the feature live. Its team spent the previous week preparing the integration, which required changes across Raydium’s programs, trading terminals and aggregators before custom quote tokens could be supported.
Raydium LaunchLab now supports custom token pairs Under the new system, creators can select the quote token used for a LaunchLab deployment, allowing communities to build markets around assets other than the standard quote tokens commonly used for new Solana launches.
Raydium described the feature as the ability to launch “any token, paired with any quote token.” LaunchOnSF said Raydium updated its programs to accommodate custom quote and reward tokens, while aggregators and trading terminals needed to support routing for the resulting pairs.
The integration covers permissionless deployments, bonding curves and constant product market maker pools. LaunchOnSF said deployment costs through StonkFun have been reduced to 0.03 SOL from 0.29 SOL, while liquidity provider fees can be directed back into liquidity.
Developers do not have to use the StonkFun API to deploy tokens and can construct transactions themselves. LaunchOnSF said the system was built to reduce problems it had encountered with snipers and launches concentrated in a single wallet.
Ahead of the integration, StonkFun reported more than $392 million in total trading volume, including roughly $219 million routed through Raydium. The platform had generated $1.21 million in revenue and distributed more than $5.35 million in rewards to ecosystem holders.
More than $705,000 had been spent on buybacks and burns of its ecosystem token, while another $68,000 went toward buying and burning tokens from its 10 largest ecosystem projects, according to figures published by LaunchOnSF.
LaunchLab followed Pump.fun’s move away from Raydium Raydium first disclosed LaunchLab in March 2025 after Pump.fun began working on its own automated market maker. The platform offered creators different pricing curves and allowed third party interfaces to build on the underlying infrastructure and set their own transaction fees.
Crypto.news previously reported on Raydium’s LaunchLab plans in March 2025. An anonymous Raydium developer said at the time that the product had been under development for several months but had initially been kept on the sidelines while Pump.fun continued using Raydium for liquidity.
LaunchLab officially went live in April 2025, allowing users to create, customize and trade tokens through Raydium. Projects crossing the original 85 SOL threshold were automatically moved into Raydium’s automated market maker.
Raydium introduced customizable bonding curves, no migration cost and a 1% trading fee under the initial model. The protocol said 25% of trading fees collected through LaunchLab would be used to buy back RAY.
More than 10 projects had passed the 85 SOL threshold shortly after LaunchLab opened, while RAY rose roughly 13% following the launch before giving back part of the move.
LaunchLab arrived after Pump.fun changed a relationship that had directed a steady flow of newly created memecoins toward Raydium.
Tokens launched through Pump.fun had historically moved into Raydium liquidity pools after completing their bonding curves. Pump.fun began testing its own automated market maker in February 2025, opening a path for graduated tokens to remain inside its own trading infrastructure.
PumpSwap ended Pump.fun’s reliance on Raydium Pump.fun formally moved away from the previous setup when it launched the PumpSwap DEX in March 2025.
Built around a constant product automated market maker similar to Raydium v4 and Uniswap v2, PumpSwap allowed tokens completing Pump.fun bonding curves to migrate directly to its own liquidity pools. Users could create pools, provide liquidity and trade tokens without sending graduated launches to Raydium.
PumpSwap introduced instant migrations and removed the six SOL migration fee previously associated with the process. The platform initially charged 0.25% on trades, allocating 0.20% to liquidity providers and 0.05% to the protocol.
Trading activity climbed quickly. PumpSwap captured 21% of Solana DEX trading about a week after launch, with cumulative volume exceeding $1.2 billion. Raydium remained ahead with a 57.4% share at the time.
By March 30, PumpSwap had recorded $2.43 billion in volume, alongside $5.4 million in protocol fees, around 700,000 active wallets and 30.59 million swaps. Raydium accounted for 74% of Solana DEX volume on that date, compared with PumpSwap’s 8%.
Raydium had entered the contest from a strong position in memecoin trading. A CEX.io report showed its memecoin volume share rising from 77% to 83% during the first quarter of 2025.
Pump.fun was responsible for more than half of daily SPL token creation at the time, with tokens previously flowing into Raydium after meeting Pump.fun’s graduation requirements. That pipeline changed once PumpSwap began taking the migrations directly.
Raydium remains a major Solana trading venue Despite heavier competition among Solana exchanges and launchpads, Raydium has remained one of the network’s largest execution venues.
Across 2025, the protocol processed $352.8 billion in execution layer DEX volume. Meteora followed with $113.7 billion, while Orca and SolFi recorded $103.9 billion and $97.9 billion, respectively.
More recent activity has remained spread across several Solana venues. On Aug. 21, 2026, Solana generated approximately $2.8 billion in daily decentralized exchange spot volume. PumpSwap processed roughly $485 million, followed by BisonFi at $466 million, Orca at $307 million, Raydium at $260 million and Manifest at $218 million.
The five platforms together accounted for approximately $1.74 billion of the network’s daily total.
LaunchLab’s latest update changes the type of markets that can be created through Raydium’s launch infrastructure. Instead of requiring creators to launch against a predetermined quote asset, StonkFun deployments can select another supported token and carry that pairing through the bonding curve and subsequent liquidity setup.
Raydium ecosystem contributor Infra said the structure lets a community pair a meme token with another asset its users already follow and use the same asset for rewards. LaunchOnSF became the first partner to put that model into production through StonkFun following the Sept. 7 rollout.
Z Liquid Network bylo vyvedeno asi 4 000 BTC v hodnotě 319 milionů USD a na blockchainu zanechán vzkaz „we are whitehats. contact us on chain“. Blockstream incident vyšetřuje.
Someone pulled $319 million in Bitcoin (BTC) out of Blockstream’s Liquid network on Sunday. It cost 21 cents in fees. Then they left a note on the blockchain saying they were the good guys.
While the internet calls it a heist, the chain says something stranger. Liquid’s remaining coins are still fully covered, down to the fourth decimal place.
We are aware of a security incident on @Liquid_BTC. Purported white-hat hackers have withdrawn ~4,000 BTC (~$320 million) from the Liquid Federation wallet. The @Blockstream team is working on contacting them on-chain with a signed message.
What we know so far is that the funds…
— Liquid Network 🌊 (@Liquid_BTC) September 6, 2026
Follow us on X to get the latest news as it happens
$320M Crypto Reserve Moves, But the Wallet Left a Strange MessageThe first move cleared at 14:06 UTC, releasing 3,996 coins to an address nobody had ever used before. That was 95% of everything the network held.
Four hours later the money moved again. The sender paid 269 satoshis, about 21 cents, and attached a message anyone can read.
Actors left a message “we are whitehats. contact us on chain”. Source: memepoolThen they sent 0.00001 back to Liquid’s own address. The other 3,998.49 coins have not moved since.
“It looks like ~4,000 BTC just moved from the Liquid Network bridge all at once with an OP Return saying, “we are whitehats. contact us on chain”,” one user noted.
The Part Everyone MissedLiquid runs on one rule: To take coins out, you destroy the matching tokens inside the network first. So when the reserve shrank, the tokens it backs shrank with it. Both landed in nearly the same spot.
Hacker message: "we are whitehats. contact us on chain"
c103de95817b43f2df635ec6f35ff126ca26a7c6d20570c4b01866b2b3e69a19
— ∴FreeSamourai∴ (@ErgoBTC) September 6, 2026
The peg holds, with 0.22 coins to spare. Nobody still holding L-BTC is short a satoshi. That kills the insolvency story. However, it leaves a worse one. Add what left to what remains, and the network held about 4,193 coins on Saturday. Nearly all of them were burned to make this move work.
Blockstream is clear about who can do that. Only a federation member can burn the tokens. Fifteen companies hold the keys, and 11 must sign before coins leave.
Its documentation calls the destination list a safeguard.
Whitelisted addresses are used as a failsafe to ensure that the federation always remains in full control of the BTC held by the Liquid Network,” the team said in its documentation.
The coins went to a brand new address. Blockstream has not explained that, or said anything at all.
Traders have seen this before, particularly with Ronin bridge attackers who gave back $10 million and took a bounty in 2024.
The money sits still, in daylight. Whoever holds it asked to be contacted. Nobody has answered.
BlackRock už zpracoval přes 5 miliard USD v přímých směnách bitcoinu za podíly v iShares Bitcoin Trust (IBIT). V červenci snížil minimum pro in-kind konverze z 25 milionů USD na 1 milion USD.
BlackRock has found a way to solve one of crypto’s most persistent identity crises: what do you do when you’re sitting on a mountain of Bitcoin but want the comfort of a brokerage account? You swap it, directly, for shares of the iShares Bitcoin Trust (IBIT), no sale required.
The firm’s in-kind conversion program has quietly processed over $5 billion in direct Bitcoin-to-IBIT swaps as of August 2026. That figure was sitting at roughly $3 billion back in October 2025, meaning the pipeline has grown by more than 60% in less than a year.
The $1 million door just opened wider The acceleration traces back to a single decision made in July 2026. BlackRock slashed the minimum transaction size for in-kind conversions from $25 million down to $1 million.
At the old threshold, the program was essentially a velvet-rope affair for the ultra-wealthy and institutional holders. A $25 million floor meant you needed to be holding roughly 250 Bitcoin (give or take, depending on price) just to walk through the door. The new $1 million minimum opens the program to a much broader class of high-net-worth individuals, family offices, and smaller funds.
Advertisement
The mechanics work through authorized participants, the intermediaries that create and redeem ETF shares. A Bitcoin holder delivers their coins to the authorized participant, who in turn delivers them to the trust and issues IBIT shares back to the holder. No sale hits the market. No immediate capital gains tax event gets triggered.
Why whales are biting Self-custody at scale is genuinely difficult. Hardware wallets, multisig setups, seed phrase management, inheritance planning: all of these become exponentially more stressful when the number after the dollar sign has seven or eight digits. A single operational error can mean permanent, irreversible loss.
By converting into IBIT shares, holders get their Bitcoin exposure wrapped inside the familiar infrastructure of Wall Street. Custodial risk shifts to Coinbase (IBIT’s custodian) and the broader ETF ecosystem. The shares sit in a standard brokerage account, show up on consolidated wealth statements, and can be margined, lent, or used as collateral just like any other security.
Robbie Mitchnick, BlackRock’s head of digital assets, has pointed to the growth potential of this market segment as the accessibility barriers continue falling.
IBIT’s gravitational pull IBIT remains the largest US spot Bitcoin ETF by both assets under management and flows, and the in-kind conversion program is widening that lead.
Every Bitcoin that flows into the trust through a direct swap adds to IBIT’s asset base without requiring a cash purchase on the open market. Cash creations, where an authorized participant buys Bitcoin on the market and delivers it to the trust, can move prices. In-kind creations simply transfer existing coins from one owner to the trust, which is price-neutral in the immediate term but still grows the fund’s footprint.
Other ETF issuers are exploring similar in-kind conversion options, but BlackRock’s distribution network gives it a structural advantage. The firm manages over $10 trillion in total assets across its platform, which means it already has relationships with the advisors, family offices, and institutions most likely to facilitate these conversions.
Tax strategy meets asset management When a Bitcoin holder sells their coins on an exchange, they realize a capital gain (or loss) at the moment of sale. The in-kind swap structure sidesteps this by treating the transaction as a like-kind exchange rather than a sale, deferring the tax liability into the future.
This isn’t a permanent tax avoidance strategy. The holder’s cost basis in the original Bitcoin carries over to the IBIT shares, so the tax bill comes due eventually, presumably when the shares are sold. But the ability to defer that event indefinitely, or until a more tax-efficient moment arises, is enormously valuable for wealth planning purposes.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
MMF potvrdil, že poslední nákup Bitcoinu v Salvadoru byl financován ze soukromých darů, nikoli z veřejných peněz. Další akumulace nad rámec doložených darů se nečeká.
The IMF stated that the recent Bitcoin accumulation came from private donations, not public funds
El Salvador has significantly reduced public participation in its Chivo e-wallet as part of changes to the government’s involvement in Bitcoin, according to the International Monetary Fund.
The IMF said efforts are also underway to improve transparency around the country’s BTC holdings across its different wallets.
No Public Funds Bought Bitcoin Majority ownership and operational control of Chivo have been transferred to a private operator, while the government has kept a minority stake and responsibility for holding customer assets. On Bitcoin accumulation, El Salvador provided documentation showing that the BTC acquired since the first review of its IMF program came from private donations, and no public funds were used for the purchases.
The IMF staff and the Salvadoran authorities have reached a staff-level agreement that also includes measures to strengthen the governance and risk management of crypto assets held by the public sector, along with plans to update the country’s digital-asset legal, regulatory and supervisory framework.
The IMF said no additional Bitcoin accumulation beyond the documented donations is expected. The developments come as El Salvador continues implementing reforms under its Extended Fund Facility arrangement with the international financial organization.
Zooming out, the IMF Mission Chief for El Salvador, Mr. Torres, stated that the country’s economy grew more than expected in 2025, and real GDP growth is expected to reach 4.5% this year. The outlook is being supported by investment and consumer spending, as well as remittances, tourism, and capital inflows. The IMF also pointed to improved security and higher investor confidence as factors supporting the economy. It said the government’s economic policies have helped strengthen fiscal and external buffers.
El Salvador Bitcoin’s Stash El Salvador became the first country to make Bitcoin legal tender, but its use and accumulation have faced continued opposition from the International Monetary Fund. As part of negotiations for its $1.4 billion IMF program, the country agreed to limit public-sector involvement in BTC, make private-sector acceptance voluntary, and scale back parts of its crypto framework.
You may also like: Bitcoin’s 4-Year Cycle Could Be Changing: Willy Woo Reveals What Could Replace It Crypto Holders Turn to Loans as Markets Cool in 2026: CQ Bitcoin Holders Just Cashed Out 110,000 BTC in Profits: Is a Bigger Price Drop Coming? The National Bitcoin Office’s reserve tracker currently lists around 7,764 BTC. At the current price of $81,150, the holdings are worth roughly $630 million.
Ripple uzavřel víceletou dohodu s University of Florida, která umístí logo XRP na hřiště, digitální kanály i značení na Ben Hill Griffin Stadium. Součástí je také podpora finančního a technologického vzdělávání studentů-sportovců.
In brief Ripple struck a multi-year deal with the University of Florida to feature the XRP logo on the field at Ben Hill Griffin Stadium, plus digital properties and signage, alongside a commitment to fund financial and technology education for student-athletes. It's Ripple's latest college-sports play, following a deal earlier this year to put the XRP logo on Kansas Jayhawks basketball jerseys. The branding push comes as XRP trades around $1.41—up 34.9% over 30 days but down 49.8% on the year. Ripple is taking its crypto-in-college-sports playbook to the Swamp, striking a multi-year marketing deal with the University of Florida that will splash the XRP logo across the field at Ben Hill Griffin Stadium starting this football season.
Florida Athletics announced the deal Friday, saying the XRP branding will appear on the field as well as on digital properties and event signage in Gainesville.
Myriad: Where does XRP price go next? Click to make your prediction.Beyond the marketing, Ripple committed to supporting financial and technology education for Florida student-athletes and the broader campus community, spanning both traditional finance and digital assets. Terms weren't disclosed.
"Florida has a long history of embracing innovation and technology to enhance the experience of our fans and advance our programs," University of Florida Director of Athletics Scott Stricklin said in a statement. "Ripple has established itself as an innovative leader in financial technology, and we're excited to welcome XRP to Gator Nation."
The Gators deal marks Ripple's latest push into college athletics. The company previously struck a multi-year agreement earlier this year to place the XRP logo on the University of Kansas Jayhawks' basketball jerseys, an unusual foray for a crypto brand into the marketing real estate of major college programs.
The branding blitz comes as XRP's price has held steady without much fireworks. The token traded around $1.41 on Friday, up 0.6% over 24 hours, according to CoinGecko, leaving it up about 34.9% over the past 30 days but still down roughly 49.8% over the past year.
Spot XRP ETF demand, a recent tailwind, has cooled: flows were essentially flat on Sept. 4, and as Decrypt reported, the funds recently ended an inflow streak. Decrypt's XRP ETF tracker now reads XRP sentiment as "neutral," though cumulative net inflows still stand at about $1.6 billion.
The sponsorships arrive as Ripple leans into mainstream visibility, having spent years building out its payments, custody, and treasury business and recently rolling out its RLUSD stablecoin.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Spotové XRP ETF zakončily osmý týden v řadě v zeleném, tentokrát s téměř 19 miliony USD čistých přílivů. Celkový součet čistých přílivů dosáhl nového maxima 1,68 miliardy USD, ale v týdnu se objevily i odlivy a v pátek nulový příliv.
The ETFs saw the first red trading day in a month but there's more to the worrying story.
For the eighth consecutive week, the spot XRP ETFs ended in the green, attracting almost $19 million. Although this sounds impressive, the actual number was significantly lower than last week’s figure.
Moreover, Friday ended as a no-inflow day for the first time in about three weeks, reigniting an old dilemma about actual demand.
XRP ETFs Still in the Green The last full week of August was the best for the XRP ETFs in 2026. They gained over $110 million, making it the most impressive one since early December 2025. The first slowdown during the previous business week was felt on August 31, when investors poured in a more modest $5.64 million.
The double-digit net inflows returned on September 1 with $14.38 million, but the trend changed on Wednesday when withdrawals were dominant with $7.20 million taken out. This was the first red day for the Ripple ETFs since August 5.
$6.14 million entered the funds on Thursday, but Friday was a no-show day with SoSoValue data showing flows of $0.00. The good news is that the cumulative total net inflows hit another all-time high of $1.68 billion.
The worrying part of the weekly performance is actually twofold. First, it was Wednesday’s net outflows, which broke a near-one-month streak. Second, it was Friday’s no-reportable flows, which raised concerns that had been forgotten in the past few weeks.
Before the market-wide revival experienced after August 19, the spot XRP ETFs had seven such days out of 11 trading days in August. Nevertheless, the broader weekly performance was still bullish with almost $19 million in net inflows. The streak of consecutive green weeks is up to eight.
You may also like: XRP Trading Activity Hits Highest Level Since February as Price Jumps 8% Over $140M in Shorts Wrecked in an Hour as BTC, ETH, XRP Suddenly Explode Important Ripple News and XRP Price Update: September 3 Spot XRP ETF Inflows. Source: SoSoValue XRP Defends $1.40 Despite the massive inflows of over $110 million during the previous business week, the underlying asset had failed to capitalize and had fallen below the key support at $1.40 last weekend. It dipped further to $1.33 during the new week, but finally found support and surged to $1.45 on Friday.
It was stopped there and pushed south to $1.41 as of press time, which means that it remains above the key support at $1.40. Analysts remain highly bullish on its recent performance, claiming that its bull phase has finally begun. Moreover, Ali Martinez and EGRAG CRYPTO outlined some mind-blowing price targets for the culmination of the bull market, of up to $60.
We break them down in more detail in this article, and review the actual obstacles XRP would have to face on its way to these levels.
Útok na mobilní peněženky XRP Healthcare zasáhl tisíce uživatelů a útočníci během tří hodin odčerpali asi 267 000 XRP a miliony souvisejících tokenů. Bývalí vývojáři Ripple tvrdí, že šlo o dlouho přehlížená varování.
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.
The escalating conflict on X between the affected team and former Ripple developers shows that the recent large-scale wallet drain did not come as a surprise to experts.
On Sept. 3, 2026, an incident involving the mobile wallets of XRP Healthcare, formerly known as XRPayNet, occurred within the XRPL ecosystem. In just three hours, the attackers drained the balances of thousands of users, stealing approximately 267,000 XRP and millions of related tokens, which were quickly transferred to the Ethereum network.
You Might Also Like
HOT Stories
Forensic analysis uncovered a critical bug: users' private seed phrases were sent to a server when staking features were activated.
Against this backdrop, developer BiasGoose stated that the incident was "not news to me," as he had previously rejected grant applications from the team.
While developers search for the stolen coins, former Ripple devs look back at the project's past sinsAs it turned out, former Ripple employees had blacklisted the project long ago. According to BiasGoose, the Uganda-linked medical initiative had shown signs of fraud from the outset. Its creators had been caught "blatantly lying about partnerships in their application" to secure funding and generate artificial hype.
The developer stressed that the product did not need its own token at all: "whatever it was didn't need a token."
Security experts Hazard Cookie, formerly of Ripple, and Matt Hamilton confirmed that auditors had been documenting the project's architectural risks for years. The community also remembers the team as scammers who were "kicked to the curb as known scammers" during previous market cycles between 2022 and 2024.
Yup was all red flags when I spoke to them before as XRPayNet.
— Matt Hamilton (@HammerToe) September 6, 2026 In response to the criticism, the project team released an official statement confirming the hack. Platform representatives said developers were already conducting an urgent investigation, fully tracing the transactions on the blockchain and coordinating with relevant authorities to freeze and recover the assets.
XRP Healthcare's public response to criticism regarding their wallet security incident. Source: XRP Healthcare via X.comAt the same time, they accused the former Ripple developers of unethical behavior, saying that they had put their own names and money at stake while their opponents merely mocked the risks taken by others. According to the affected team, publicly celebrating the misfortune of colleagues is "genuinely pathetic," and they had expected "far more character" from industry veterans.
You Might Also Like
At press time, the discussion on X had stalled after a harsh response from BiasGoose, who shot back that, unlike the creators of the hacked application, he "never took risks with other people's money, my guy."
While the project team attempts to trace the stolen funds and former Ripple employees point to years-old audits, the crypto community is left to assess the arguments from both sides: was this a tragic developer error or the predictable outcome of a project whose red flags had been ignored for years?
Goldman Sachs byl ve 2. čtvrtletí největším z deklarovaných držitelů XRP ETF s expozicí 87,45 milionu USD. Jane Street a Millennium Management zůstaly výrazně pozadu.
Among declared institutional holders of XRP ETFs in the second quarter of the year, Goldman Sachs held first place. The banking institution thus showed an exposure of 87.45 million dollars as of June 30, far ahead of Jane Street and Millennium Management. In total, the identified banks held 183.5 million dollars in shares. These figures attest to the integration of XRP products on Wall Street, without necessarily showing that these companies directly anticipate a rise in the crypto.
In Brief Goldman Sachs dominates institutional positions with 87.45 million dollars of declared XRP ETFs. Jane Street and Millennium Management complete the podium, far behind the American bank. 13F declarations do not prove a bullish bet by institutions on XRP. XRP ETFs continue their growth, with nearly 1.48 billion dollars in net assets. Institutional positions remain a minority, representing about 12.4% of XRP ETF net assets. Goldman Concentrates Nearly Half of Known Positions While flows into XRP ETFs reach a historic record, the statistics come from 13F forms. These declarations allow the census of various positions held by U.S. managers that oversee at least 100 million dollars of eligible assets.
Goldman Sachs controlled an exposure corresponding to nearly 80.05 million XRP. The banking institution allegedly added the equivalent of 83.15 million tokens during the quarter, according to provided data.
The ranking of the top five banks reveals the lead taken by Goldman Sachs :
Goldman Sachs held 87.45 million dollars of XRP ETF shares ; Jane Street was second with 16.64 million dollars ; Millennium Management followed with 16.20 million dollars ; Intesa Sanpaolo declared an exposure of 14.42 million dollars ; Marex UK Holdings completed the group with 8.12 million dollars. Thus, Goldman Sachs held about 48% of the 183.47 million dollars declared. The top three companies concentrated nearly 120.3 million dollars, or about two-thirds of the total under census.
Consequently, investment advisors dominated various categories with 120.89 million dollars. They had outpaced hedge fund managers, who held 25.08 million. Brokerage firms and banks reported 17.85 and 14.83 million dollars respectively.
James Seyffart, analyst at Bloomberg Intelligence, specified:
Who are the main holders of spot XRP ETFs? Here is data from 13F declarations of the second quarter. Goldman, Jane Street, and Millennium are at the top.
Declarations Do Not Prove a Bullish Bet on XRP The form filed by Goldman Sachs with the SEC encompasses positions held as of June 30. Published on August 14, this data shows the real situation of the banking institution’s holdings.
Banks report on ETF shares, not XRP tokens held directly in their wallets. Managers do not obtain individual ownership of tokens held by the fund either.
It is worth noting that these positions serve various purposes. A bank may acquire shares for its clients, facilitate transfers, or engage in arbitrage. A company like Jane Street may also act as a market maker.
13F forms do not cover all hedges. A bank may hold XRP ETF shares while decreasing its risk through futures, options, or other instruments.
Goldman Sachs’ 87.45 million dollars cannot therefore be presented as a recent XRP acquisition. They do not demonstrate that the bank still holds this exposure either. Upcoming declarations, expected in November, will indicate the progression of these positions.
Institutional Capital Remains a Minority in ETFs XRP ETFs held nearly 1.48 billion dollars in net assets as of September 4. Indeed, their cumulative net inflows reached approximately 1.68 billion dollars, according to SoSoValue data.
The 183.47 million dollars visible in institutional declarations represent about 12.4% of net assets. Most holders therefore do not appear in the ranking. Thus, individual investors and institutions not subject to the 13F form complete the bulk of the market.
Flows also increased after the dates covered by the declarations. From August 18, the ETFs recorded eleven consecutive positive sessions. This series captured nearly 170 million dollars.
On September 3, the products again collected 6.14 million dollars. Franklin Templeton led the session with 3.19 million dollars, ahead of Bitwise and its 2.95 million dollars. Afterward, there were no flows on September 4.
The presence of Goldman Sachs, Jane Street, and Millennium certifies that XRP ETFs are now used by major financial players. It represents a signal of adoption of regulated products, but not yet proof of a sustainable bullish conviction on XRP.
Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Join the program
A
A
Lien copié
Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
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.
Bitmine přikoupila 53 501 ETH a její zveřejněné držby vzrostly na 5,9 milionu ETH. Ke 30. 8. měla stakováno 5 067 309 ETH s ročním výnosem 2,67 %, což ji přibližuje cíli držet 5 % nabídky ETH.
TLDR: Bitmine added 53,501 ETH through Aug. 30, lifting its disclosed Ethereum treasury to 5.9 million tokens. More than 5.06 million ETH are staked at a 2.67% annualized yield, creating a powerful rewards engine. A modeled year of staking could generate about 135,000 ETH, nearly matching Bitmine’s remaining gap. An additional 51,000 ETH purchase would cut the shortfall to about 83,000 tokens under Bitmine’s benchmark. Bitmine is still expanding its Ethereum treasury even as staking rewards move the company closer to its stated goal of owning 5% of the ETH supply. The Nasdaq-listed treasury company bought 53,501 ETH in the week through Aug. 30, raising its officially disclosed holdings to 5.9 million tokens.
Of that total, Bitmine had already staked 5,067,309 ETH at an annualized seven-day yield of 2.67%. Meanwhile, on-chain data indicates that the company may have resumed buying almost immediately after the reported period ended. The staking base itself now produces a material stream of new ETH under the disclosed yield, changing the arithmetic behind the target.
Bitmine Adds 53,501 ETH as Staking Base Expands On Sept. 1, blockchain analytics platform Lookonchain said wallets linked to Bitmine appeared to acquire another 51,000 ETH from FalconX and BitGo. The transaction carried an estimated value of about $126 million.
Bitmine had not formally confirmed that acquisition in its latest corporate disclosure. Therefore, the transfer remains separate from the company’s official 5.9 million ETH balance. If the attribution proves correct, and the transfer represents an incremental purchase, Bitmine would hold roughly 5.95 million ETH.
That would move it considerably closer to the 5% ownership target. Using Bitmine’s own benchmark of 120.7 million ETH in circulation, a 5% position would require about 6.035 million tokens. Against its disclosed holdings, the company remains about 134,000 ETH short of that threshold.
Bitmine’s large staking position could reduce that shortfall without requiring an equal amount of direct buying. The company had 5,067,309 ETH staked as of Aug. 30. If that balance and the disclosed 2.67% yield remained constant, the stake would generate roughly 135,000 ETH over a modeled year.
That amount nearly matches the gap between Bitmine’s official holdings and its stated ownership target. Under flat-supply and fixed-yield assumptions, the company would need to retain nearly 99% of one year’s modeled rewards.
If the additional 51,000 ETH acquisition is confirmed, the remaining gap would fall to about 83,000 tokens. Under the same assumptions, roughly 61% of the modeled annual staking rewards would cover that difference.
Tom Lee Links Regulation With Crypto Adoption Outlook Bitmine chairman and Fundstrat managing partner Tom Lee has also tied the next phase of crypto adoption to U.S. regulation. During Monday’s Global Money Talk, Lee said the CLARITY Act could “open up the floodgates” for institutional adoption.
He said the current U.S. framework remains fragmented across states and argued that one federal agency should oversee the market. Lee pointed to Japan and Russia as countries that have moved toward broader national frameworks.
He also cited Ethereum’s sharp outperformance against memory stocks as evidence that investors have started positioning for another phase of crypto adoption. Russia, meanwhile, approved its first comprehensive digital asset legislation, allowing exchanges, depositories, and other providers to operate from Sept. 1.
It also caps annual retail purchases at about $3,800 through a licensed intermediary and gives digital-asset holders judicial protection. At the time of writing, Ethereum trades at $2,490.35, up 0.57% over 24 hours, according to CoinMarketCap.
Its market capitalization stands at $303.88 billion, while daily volume has risen 39.68% to $10.32 billion. The volume-to-market-cap ratio stands at 3.39%. CoinMarketCap’s chart shows ETH rose above $2,520 before retreating toward $2,490, while prices briefly fell near $2,478.
Ethereum’s circulating and total supply currently stand at 122.02 million ETH, with no fixed maximum supply.
ZKsync developer Matter Labs has outlined a security-hardening program for chains running its EraVM execution environment, which will be retired within six months, according to a September 4 announcement on the project blog. The company said funds held in ordinary externally owned accounts require no action, while assets in smart contracts will need steps and dates that will be published in the coming weeks.
Five Security Measures The post lists five changes. ZKsync recommends that public EraVM chains raise their execution delay from three hours to 24 hours, giving teams more time to detect and respond to an exploit before finalization, with an onchain proposal expected in the coming days. It is also working with every active EraVM chain to run an independent second node that confirms each executed batch, so an attacker would need to compromise two separately hosted infrastructures at once.
Matter Labs will publish covered Era protocol code three months after an upgrade ships, instead of immediately, to avoid handing attackers an advantage on frozen code, while independent auditors keep continuous access. On 24 August the Token Assembly approved GAP-5, which renames Emergency Upgrades to Instant Upgrades and requires a notice on the ZK Nation forums after each one. The company is also developing EraBender, an Airbender-based prover that would run alongside Boojum, so a flaw would have to exist in two independently built proving systems.
Why EraVM Is Retiring The company said artificial intelligence has changed the threat landscape, and that the public, permissionless nature of blockchains makes them attractive targets for autonomous exploit discovery. ZKsync introduced EraVM in 2023 as the first production zkEVM, but its successor, the Atlas upgrade, runs EVM natively and is where new protocol development will take place.
EraVM chains will keep settling value through the transition, but new protocol capabilities will ship on Atlas. The retirement does not apply to chains already running Atlas, and permissioned chains such as GRVT will communicate steps to their users directly.
What Comes Next ZKsync framed the work as ongoing rather than one-time, adding new monitoring layers, internal security reviews, and tooling to assert safety properties. The company said technical details may be temporarily withheld where disclosure creates a material security risk. The move builds on the project’s earlier protocol upgrade as it consolidates development around Atlas.
AUTHOR
Blockchain analyst specializing in the regulatory impact of government policies on the crypto industry. Known for his thorough research and clear, engaging writing, Emmanuel provides insightful analysis on the latest trends, market shifts, and emerging crypto innovations. His work aims to educate and inform both novice and experienced readers, offering expert perspectives on the fast-evolving world of digital assets. With a passion for staying ahead of the curve, Ogwu is a trusted voice in the cryptocurrency and blockchain space.
Chainlink oznámil, že stablecoin FRNT od Wyomingu přijal Proof of Reserve pro on-chain zveřejňování rezerv. Jde o první stablecoin amerického veřejného subjektu s transparentností rezerv v reálném čase.
Chainlink (LINK) is gaining renewed bullish momentum as buyers defend the recent price breakout and key resistance levels come into view. The altcoin, a decentralized oracle network enabling smart contracts to securely connect with real-world data, continues to attract attention due to improved market activity, positive technical signals, and strengthening adoption within its ecosystem.
LINK Rally Gathers PaceAt press time, LINK was trading at $12.32 with a 24-hour trading volume of $360 million and a market capitalization of $9.2 billion. The token has risen 4.78% in the last 24 hours, reflecting growing investor confidence and heightened interest among both spot and derivatives traders.
Investor Jordan, a prominent crypto analyst, indicated that LINK is now approaching a critical resistance zone. Traders are observing whether bullish momentum can push the token and close above the $12 resistance. Consolidation is expected in the short term, but a successful breakthrough above $12 could unlock stronger gains, with $15 as the next target and $20 as a more optimistic milestone.
Clearing the $12 level with sustained buying pressure could open the path for LINK to rally toward $15, with $20 seen as an ambitious objective in a robust upward trend.
If LINK overcomes resistance and maintains momentum, analysts expect broader market confidence to increase, potentially making the fourth quarter eventful for Chainlink with high volatility and stronger participation.
Volume and Technical Indicators Point to StrengthMarket data shows notable growth in trading activity. LINK’s 24-hour trading volume jumped 25.02% to $503.90 million, while open interest advanced 8.26% to $696.89 million, suggesting deeper involvement from derivatives traders and a more active market environment.
Technical analysis based on TradingView data reveals that LINK has broken out of its prolonged consolidation range between $7.20 and $8.50. The Bollinger Bands have widened, with the price rising to $12.29 and maintaining levels above the 20-day moving average of $11.39. LINK is currently pressing against upper resistance at $12.59, while the predominant trend remains positive.
MetricPreviousCurrentPrice$11.76$12.3224h Volume$403 million$503.90 millionOpen Interest$644 million$696.89 millionThe Moving Average Convergence Divergence (MACD) indicator signals a brief pause in momentum as the histogram remains slightly negative at -0.01822, but both MACD lines are positioned well above zero, indicating an ongoing upward trend with potential for additional gains.
Analysts link LINK’s upward trajectory to broader improvements in the crypto market, as Bitcoin has also started to rise, providing further support to altcoins.
Chainlink announced that FRNT, the stablecoin issued by Wyoming, has integrated Chainlink Proof of Reserve to publish on-chain data about the assets backing the token. FRNT is now the first stablecoin from a US publicly owned entity to offer real-time reserve transparency through the Chainlink platform. This new system provides added visibility and accountability, establishing a use case for blockchain-based public accounting in government-issued digital currency.
Chainlink stated that this integration not only meets but exceeds requirements set by the GENIUS Act, a regulatory framework for digital assets, and could influence other regulated stablecoin providers to adopt similar solutions.
Mini dictionary: Chainlink Proof of Reserve, an on-chain audit mechanism, allows blockchain-based assets like stablecoins to publicly and verifiably share data about underlying reserves, ensuring transparency and increasing trust among users and regulators.
LINK price is now facing a crucial resistance level. A breakout above $12, with supportive volume and buying interest, could trigger a move toward $15 or $20. However, failure to overcome resistance may see the token enter another consolidation phase.
FRNT’s adoption of Chainlink Proof of Reserve marks the first time an American publicly owned entity has provided real-time reserve disclosure on chain, offering a new model for transparency in the stablecoin sector.
Zcash (ZEC) za 24 hodin vzrostl asi o 19 % na zhruba 1 220 USD a dostal se na 9. místo mezi kryptoměnami. Při růstu bylo zlikvidováno asi 54,3 milionu USD v pákových pozicích, z toho většina shortů.
Zcash (ZEC) has inflicted heavy losses on bearish traders following another leg higher.
Roughly $54.3 million worth of leveraged ZEC positions were liquidated over the past 24 hours, according to derivatives data provided by CoinGlass.
Shorts accounted for an overwhelming $48.91 million of the total, compared with just $5.39 million in long liquidations.
HOT Stories
This means roughly 90% of all ZEC liquidations came from traders betting on the price falling.
ZEC recently traded around $1,220, up roughly 19% over 24 hours, with its market capitalization climbing above $20 billion.
Zcash is now the ninth-biggest cryptocurrency in the world, CoinGecko data shows.
ZEC has gained more than 130% over the past month and more than 2,700% over the past year.
Shorts getting crushed across the board Binance accounted for the largest portion of the liquidation wave. Approximately $20.69 million in ZEC positions were wiped out. Around $17.5 million of those were shorts.
Hyperliquid followed with $14.09 million in liquidations, almost all of which came from short positions.
The ETF tailwind Zcash is having strong momentum due to the ETF tailwind.
Grayscale launched its Zcash ETF, trading under the ZCSH ticker on NYSE Arca, on Aug. 25 after converting its existing Zcash Trust.
The product became the first U.S.-listed ETF offering direct exposure to ZEC.
By Sept. 4, the fund had already attracted at least $34.4 million in net inflows.
Its assets subsequently climbed above $400 million as ZEC's price continued to appreciate.
The ETF gives investors access to Zcash through traditional brokerage accounts without requiring them to directly hold the cryptocurrency. This boosts demand for an asset with a relatively constrained circulating supply.
Jižní Korea představila plán pro tokenizované cenné papíry na blockchainu, který má od 4. února 2027 postupně zahrnout emise, obchodování i vypořádání. Avalanche zároveň tvrdí, že bude tuto infrastrukturu pohánět.
South Korea is preparing what appears to be one of the most progressive official programs yet to put conventional capital-market products onto blockchain rails. On September 4, 2026, the Financial Services Commission presented a staged policy roadmap for tokenized securities after a public-private council meeting at the Korea Securities Depository.
The plan is not a one-day switch of the whole market.
It is a legal and operational build-out that begins when amended electronic-registration rules take effect on February 4, 2027, and then widens if early results hold.
The regulator’s notice is explicit about scope. Tokenized instruments will be treated as digitized securities, not as a separate crypto class sitting outside capital-markets law.
Brokerages and the depository are expected to build the issuance and account infrastructure together.
The first wave is deliberately narrow: privately pooled money-market funds and privately placed corporate bonds limited to institutions; unlisted shares tokenized through a trust, so the underlying electronic security remains in the existing registry while investors hold tokenized beneficial interests; and publicly offered fractional-investment products.
Listed exchange stocks are not in that first basket.
Officials instead signaled pilot work with the Korea Exchange, drawing on experiments already discussed at venues such as the NYSE and Nasdaq.
Phase two would open the same machinery to publicly offered securities more broadly.
Phase three is the most far-reaching: an on-chain payment layer that could settle tokenized stocks, bonds, and funds with stablecoins. That last step is not automatic.
The commission said later phases will depend on first-phase performance, how quickly market firms adopt the technology, and whether pending stablecoin legislation moves.
In other words, Seoul wants a single digital market that can cover issuance, trading, clearing, settlement, and the exercise of investor rights, but it is sequencing risk rather than declaring an overnight migration.
Avalanche entered the story the same day.
The network’s official account said the Financial Services Commission and Korea Securities Depository were laying the groundwork to bring stocks, bonds, and funds on-chain, “powered by Avalanche.”
That framing has circulated widely because Avalanche already has Korean institutional footprints in adjacent work: a won-backed stablecoin proof of concept, payments experiments with NHN KCP, and tokenized trade-receivables activity involving POSCO International on an Avalanche-based layer.
Those projects help explain why the network positioned itself as infrastructure for a national tokenization push.
They do not, however, appear in the commission’s own press text, which names no public chain.
The careful reading is therefore dual: Korea has a government roadmap for tokenized capital markets, and Avalanche is publicly claiming a central technical role based on its local partnerships, not on an exclusive designation printed in the FSC notice.
That distinction matters for market participants.
If the depository screens distributed ledger connections firm by firm, more than one network could theoretically plug into the same legal wrapper.
Avalanche’s wager is that custom Layer-1s, institutional validators, and existing Korean pilots give it an early operating advantage when February 2027 arrives.
The state’s wager is different: use distributed ledgers to modernize post-trade plumbing without abandoning investor-protection rules already written for securities.
Implementation now shifts to the unglamorous work. Subordinate rules are slated for late September 2026.
Securities firms must connect new ledgers to the depository.
Retail limits, pooling standards for fractional products, and OTC trading guidelines still have to be finalized. The prize, if the three phases hold, is a regulated market in which traditional Korean instruments can be issued and, eventually, settled on-chain.
Solana zpřístupnila ARB přes Sunrise a rozdmýchala debatu o poplatcích a kvalitě exekuce mezi Solanou a Arbitrem. SOL mezitím obchoduje za 106,02 USD, za posledních 24 hodin +2,5 % a objem obchodů vzrostl o 63,8 % na 3,49 miliardy USD.
Solana has announced that the ARB token is now available to trade on its network through Sunrise, expanding the options for ARB holders and traders. The move has drawn renewed attention to how trading fees and execution quality are compared across blockchains, especially amid ongoing disagreement between key industry figures.
Sunrise ARB listing sparks debate over fees and executionThe ARB token, which is native to the Arbitrum blockchain, can now be accessed and traded directly on Solana’s network via the third-party application Sunrise. Solana is promoting this listing by highlighting what it describes as tighter spreads and significantly lower fees for ARB trades compared to Arbitrum. These claims have intensified competition and discussion about transaction costs between rival blockchains.
Steven Goldfeder, CEO of Offchain Labs, which is the technology company behind Arbitrum, has responded to these comparisons by cautioning against drawing conclusions solely from outward fee structures. Goldfeder stressed that calculating true transaction costs should include protections against harmful trading behaviors such as frontrunning and various forms of maximal extractable value (MEV).
Goldfeder emphasized that comparing on-chain trading costs is not straightforward, as factors like protection against hidden execution costs and malicious trading practices can have a significant impact on users, beyond just network and liquidity provider fees.
Anatoly Yakovenko, cofounder of Solana, countered Goldfeder’s position by asserting that Arbitrum generally faces “worse spreads and higher fees” compared to Solana routes. Yakovenko cited figures suggesting a roughly tenfold difference in costs, though he clarified that these numbers represent his own assessment and not a guarantee for every ARB transaction on either network.
Trading costs on decentralized exchanges often include not just the base network fee, but also liquidity provider charges and price slippage. Solana documentation notes both base transaction fees and optional priority fees, which together contribute to the total spent by ARB traders. The absence of a standardized fee schedule makes it important for users to compare actual order execution results across platforms.
Founded in 2020, Solana is a high-speed, proof-of-stake blockchain claiming to offer fast settlement and low fees. Sunrise is an application that facilitates cross-chain asset listings and enables users to interact with tokens from multiple ecosystems within one interface.
Mini dictionary: Maximal extractable value (MEV) refers to the extra profit that can be made by miners or validators when they reorder or include certain transactions within a block, often at the expense of regular users by capturing arbitrage or frontrunning opportunities.
SOL price, volume jump as technical levels take focusThe news of ARB’s arrival via Sunrise comes as SOL, Solana’s native token, trades at $106.02, reflecting a 2.5% increase over a 24-hour period. SOL’s trading volume rose 63.8% in the same timeframe to $3.49 billion, though there is no direct evidence that the ARB listing was the catalyst for these changes in price and volume.
Recent technical analysis places immediate support level for SOL near $105, while overhead resistance has been identified at $107.37. Upside from $106.02 to the resistance would represent just over 1%. However, if the price falls below $104.94, the short-term recovery outlook could weaken.
Solana continues to see heightened activity, but interpreting a surge in trading volume requires caution, as increased turnover may signal greater trading but does not confirm new liquidity entering the $SOL market.
The $3.49 billion figure references SOL token trading activity, not necessarily total turnover for the Solana blockchain or the ARB token specifically. Higher trading volume reflects more frequent buying and selling but does not always indicate net capital inflows.
With immediate support and resistance levels tightly grouped, traders are watching closely for a potential breakout or further decline. Market participants are also waiting to see if ARB trading on Solana will attract sustained interest or impact long-term liquidity for either asset.
LevelValueCurrent SOL price$106.02Support$105.00Resistance$107.37Trading Volume (24h)$3.49 billionKey price risk level$104.94Overall, industry figures remain divided on the best way to measure trading costs, with Solana and Arbitrum advocates each defending their network’s approach. The debate has highlighted the complexity of comparing user experience and cost efficiency across blockchains as multi-chain asset access expands.
Cover image via U.Today 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.
There is no dedicated spot ETF for Shiba Inu in the United States yet, but while it waits for this milestone, it expands its footprint through a European exchange-traded product, regulated access in Japan, and newly available futures exposure in Canada.
Mazrael, a longstanding Shiba Inu community member, noted this fact in response to a question about the current status of a Shiba Inu ETF.
Good question. Where SHIB actually stands:
🇺🇸 US T. Rowe Price's TKNZ (NYSE Arca) was SEC-approved June 2026. Actively managed basket, 5–15 assets. SHIB is one of 18 named eligible assets in the July prospectus.
🇪🇺 Europe Valour SHIB ETP is live and tradeable: ticker 1VBS, ISIN…
HOT Stories
— Mazrael.shib (@Mazrael_shib) September 5, 2026 Mazrael said that while SHIB doesn't have an ETF yet, it is "well on track." He cited various developments as evidence that Shiba Inu is on the right road despite the lack of a dedicated ETF.
Shiba Inu well on trackMazrael highlighted that Shiba Inu was among eligible assets named in the prospectus of T. Rowe Price's TKNZ, which the SEC approved in June 2026. According to T. Rowe Price's S-1 filing, the ETF could hold several cryptocurrencies but will not hold all of these assets at once. Under normal circumstances, the ETF plans to maintain between five and fifteen crypto assets at a time, using an active management strategy rather than tracking a single token or passively following a benchmark.
The T. Rowe Price ETF launched with eight coins excluding SHIB: Bitcoin, Ethereum, BNB Chain, Solana, XRP, Chainlink, Dogecoin, and Cardano.
You Might Also Like
In a separate development, Laser Digital Japan, the Japanese entity of Nomura's digital assets subsidiary, Laser Digital, announced in August that it had completed its registration and was authorized to operate as a crypto asset exchange service provider under Japan's Payment Services Act. The development could boost Shiba Inu's status in Japan, as it is among the six crypto assets listed by the exchange.
In Europe, Valour SHIB ETP has launched and is tradable. In another development, Coinbase introduced regulated crypto futures trading to eligible Canadian clients through its CFTC-registered futures arm. The offering includes 23 crypto futures contracts; among them is Shiba Inu (SHIB).
Mazrael sums up these developments, saying, "One live ETP in Europe, one approved US ETF that can hold it, regulated spot access in Japan. Doge got its dedicated spot ETFs first. SHIB's route in was the commodity classification. Oh, and futures that just opened in Canada. No ETF yet. But well on track."
RAY za 24 hodin vyskočil asi o 61 % nad 1,30 USD, když na Raydium prudce vzrostla aktivita po integraci StonkFun. Objem obchodů dosáhl zhruba 31,8 milionu USD.
Raydium’s native token RAY jumped roughly 61% in 24 hours, vaulting from the $0.80-$0.91 range to above $1.30 as a surge of trading activity flooded the Solana-based decentralized exchange. The catalyst: growing usage tied to the StonkFun launchpad, which integrated with Raydium’s infrastructure and brought a fresh wave of liquidity and speculation to the platform.
Trading volume on Raydium hit approximately $31.8 million during the spike, a figure that reflects just how much attention the launchpad-driven frenzy attracted.
What’s driving the rally The immediate trigger traces back to StonkFun, a Solana-based launchpad that integrated features through Raydium’s LaunchLab. LaunchLab essentially allows new token projects to bootstrap liquidity directly on Raydium’s automated market maker, meaning every new listing funnels trading activity, and fees, through the protocol.
Advertisement
StonkFun’s own platform token, STONK, reportedly saw multi-hundred-percent gains during the same window, suggesting that speculative momentum around newly launched tokens was feeding directly into Raydium’s ecosystem. Traders chasing the next breakout listing were effectively forced to route through Raydium, boosting both volume and the perceived utility of RAY itself.
The buyback machine behind RAY Beyond the short-term trading frenzy, Raydium has been running a structural tailwind that doesn’t get enough attention. The protocol allocates 12% of its trading fees to fund buybacks of RAY tokens on the open market.
As of late August 2026, those buybacks had removed over 30% of RAY’s circulating supply. When you combine aggressive supply reduction with a sudden demand spike, the price math gets very friendly very fast.
For context, the 12% fee allocation is significant compared to most DeFi protocols, which typically direct the majority of fee revenue to liquidity providers. Raydium’s decision to carve out a dedicated buyback fund signals a deliberate bet that long-term token value appreciation will attract more participants than simply offering the highest yield.
Solana’s DEX landscape heats up The integration with launchpads like StonkFun also highlights Raydium’s positioning as infrastructure rather than just another swap interface. By offering LaunchLab as a toolkit for new projects, Raydium is essentially embedding itself deeper into the Solana token lifecycle. Projects launch on its rails, trade on its pools, and generate fees that flow back into its token.
The STONK token’s explosive gains during this period also carry a cautionary note. Multi-hundred-percent moves in newly launched tokens are exciting on the way up and devastating on the way down. Much of the trading volume driving RAY’s rally could be speculative and short-lived. If StonkFun’s momentum fades, so could the elevated fee revenue and trading activity propping up RAY’s price.
Investors watching this space should pay attention to whether the volume increase is sustained or just a sugar rush. The buyback mechanism provides some structural price support, but 61% single-day moves rarely hold without continued demand. The key metric to track is whether daily trading volume on Raydium stays elevated in the weeks following StonkFun’s integration, or whether it reverts to pre-surge levels.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Uživatelé WOO X hlásí zpožděné výběry, které zůstávají několik dní ve stavu čeká na zpracování nebo zpracovává se. ZachXBT na problém upozornil a burza uvedla, že jej vyšetřuje.
WOO X, the crypto trading platform acquired by FusionX Digital late last year, is facing mounting user complaints over withdrawals that have been stuck in limbo for days. On-chain investigator ZachXBT amplified the concerns on September 6, drawing attention to a pattern of transactions frozen in “pending” or “processing” status for more than three days, with some reportedly canceled outright.
The timing is, to put it mildly, not great. FusionX Digital is linked to Sheldon Xia, the founder of BitMart, an exchange that announced on July 26 it would cease operations and restructure. BitMart users were left unable to access their funds. Now a platform under the same ownership umbrella is exhibiting eerily similar symptoms.
What users are experiencing ZachXBT’s alert highlighted an increasing volume of complaints from verified WOO X users, painting a picture of an exchange where getting money out has become unreliable.
Advertisement
WOO X eventually responded later on September 6, acknowledging the situation publicly. The platform said it was investigating individual cases and evaluating its systems. It attributed some delays to manual review processes and ongoing blockchain processing.
The exchange encouraged affected users to reach out to official support channels with transaction details. It also warned users not to share account credentials.
No timeline was provided for resolution. No specifics were offered about the security of user funds.
The FusionX Digital and BitMart connection WOO X changed hands in the fourth quarter of 2025 when FusionX Digital completed its acquisition. FusionX Digital’s ties to Sheldon Xia connect WOO X to a lineage that now includes a failed exchange.
BitMart suffered a roughly $200M hack back in December 2021. The July 2026 announcement that BitMart would cease operations and restructure left users who had funds on the platform locked out.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid za posledních 24 hodin odkoupil a spálil 9 730 HYPE za zhruba 829 500 USD. Celkem bylo už spáleno 48,42 milionu HYPE, tedy asi 4,84 % maximální nabídky.
Hyperliquid repurchased and burned approximately 9,730 HYPE tokens during the 24 hours ending Sept. 6, according to blockchain data published by Onchain Lens.
Summary
Hyperliquid bought and burned 9,730 HYPE worth approximately $829,500 during the latest 24-hour reporting period. The purchases averaged $85.27 per HYPE, according to Onchain Lens’s public blockchain tracking data snapshot. Cumulative burns reached approximately 48.42 million HYPE, equal to 4.84% of maximum token supply overall. HYPE traded near $86 after the report, remaining below its latest record high price level. Hyperliquid’s Assistance Fund converts most eligible trading fees into automated open-market HYPE purchases and burns. The transactions were worth about $829,500 at an average purchase price of $85.27 per token. The latest activity increased the amount of HYPE classified as burned to approximately 48.42 million tokens.
That total represents about 4.84% of HYPE’s original maximum supply of 1 billion tokens. At a price of roughly $85.50, the cumulative balance would be valued near $4.14 billion.
The $4.14 billion figure is a mark-to-market calculation. It does not represent the amount Hyperliquid spent acquiring the tokens. The Assistance Fund purchased HYPE at different prices over time, and Onchain Lens did not publish a cumulative acquisition cost in its latest update.
HYPERLIQUID BURNS $830K HYPE IN 24 HOURS
Hyperliquid bought and burned 9.73K $HYPE (~$829.5K) over the past 24 hours at an $85.27 average price.
Lifetime:
· 48.42M $HYPE burned
· ~$4.14B at current value
· 4.84% of max supply permanently removed pic.twitter.com/SsqxWR2wRt
— Onchain Lens (@OnchainLens) September 6, 2026 Hyperliquid burns HYPE through its Assistance Fund Hyperliquid uses an automated mechanism called the Assistance Fund to direct most eligible protocol fee revenue toward open-market HYPE purchases. The tokens are then removed from circulating and total supply under the network’s burn framework.
The protocol’s current documentation states that HYPE held by the Assistance Fund is burned permanently. Hyperliquid’s validators formally recognized the fund’s accumulated HYPE as burned following a governance process in December 2025.
Before that decision, the Assistance Fund accumulated tokens at a system address that lacked a conventional private key. Although market observers often treated those tokens as removed from circulation, the governance decision formally committed validators against approving an upgrade that could restore access.
The mechanism links token purchases directly to activity on Hyperliquid. Greater trading volume and fee generation provide more resources for HYPE purchases. Lower activity reduces the amount available. The program therefore has no fixed daily repurchase level.
An earlier examination of Hyperliquid’s fee-funded buyback mechanism found that roughly 97% to 99% of applicable protocol fees were directed to the Assistance Fund, depending on the market and fee category.
Priority fees follow a different process and are burned directly. The Assistance Fund should also not be confused with HLP, the protocol’s separate market-making vault.
The 48.42 million HYPE figure needs context Multiplying 48.42 million HYPE by the reported $85.27 average produces approximately $4.13 billion. However, $85.27 was the average price for the latest 9,730-token purchase, not the historical average cost of all burned tokens.
The reported $4.14 billion total instead reflects what the cumulative tokens would be worth at current market prices. It can rise or fall without additional burns because HYPE’s market value changes continuously.
The supply calculation is more direct. Dividing 48.42 million by the original 1 billion maximum supply produces 4.842%, matching the approximately 4.84% reported by Onchain Lens.
Current data providers may display a maximum or total supply below 1 billion because previously burned tokens have already been deducted. CoinGecko, for example, listed HYPE’s fully diluted supply near 955 million tokens on Sept. 6 rather than the original maximum.
Those differences do not mean additional tokens disappeared without explanation. They reflect whether a data provider uses the original authorized maximum or a burn-adjusted supply figure. Writers comparing burn percentages should specify which denominator they use.
The burn also does not transfer cash directly to HYPE holders. HYPE is not company stock, and token ownership does not provide a legal claim on Hyperliquid Labs’ revenue. The mechanism reduces token supply and creates open-market demand, but it does not guarantee a higher price.
HYPE traded near its record after the burn HYPE traded around $86 on Sept. 6, according to market data from CoinGecko. It gained approximately 2.6% over 24 hours and remained less than 2% below its reported record of $88.06.
CoinGecko recorded about $865 million in 24-hour trading volume and placed HYPE’s circulating market capitalization near $19.2 billion. Other platforms showed prices between approximately $85 and $87 during the same period, reflecting normal differences between venues and collection times.
The price increase occurred alongside the latest burn, but the timing alone does not prove that the 9,730-token purchase caused the movement. HYPE also responds to derivatives activity, broader market conditions, token unlocks, demand for network staking and expectations surrounding protocol revenue.
At an average price of $85.27, the latest $829,500 purchase represented a small fraction of HYPE’s daily trading volume. Its immediate price effect therefore cannot be isolated from other orders without more detailed market data.
The broader buyback program is more material because it operates repeatedly. Research published in May found that the Assistance Fund had been buying approximately $1 million in HYPE per day on average, although the amount varied with protocol revenue and token prices.
Crypto projects collectively spent a record amount on repurchases during 2026, with Hyperliquid and Pump.fun accounting for most tracked buybacks. The programs differ in funding sources, implementation and treatment of repurchased tokens.
Additional revenue could fund future HYPE burns Hyperliquid added another potential source of Assistance Fund revenue through its aligned quote asset framework in August. AQAv2 directs most cost-adjusted reserve yield from eligible stablecoins toward the protocol.
For USDC, approximately 90% of cost-adjusted reserve income is expected to reach the Assistance Fund. Coinbase acts as the treasury deployer, while Circle provides the stablecoin’s issuance and cross-chain infrastructure.
The USDC reserve-yield arrangement began operating in August, but the first payment is scheduled for Oct. 3 because of an initial grace period and the framework’s settlement schedule.
The payment amount remains unknown. It will depend on the USDC supply deployed on Hyperliquid, prevailing reserve yields, operating costs and other terms. Any estimate before the first transfer would be forward-looking.
Until then, trading fees remain the main observable driver of Assistance Fund purchases. Daily burn totals will continue to change with platform activity and HYPE’s market price. A higher token price allows the same dollar amount to purchase fewer HYPE tokens, while a lower price increases the number removed for an equal expenditure.
Future burn reports should therefore be assessed through three separate measures: the number of HYPE removed, the money spent during the period and the token’s prevailing price. Combining them into a single dollar figure can obscure how the mechanism is performing.
BHYP společnosti Bitwise po čtyřdenní pauze znovu nakoupil HYPE za 10,5 milionu USD, čímž celkové nákupy od spuštění zvýšil na 166,3 milionu USD. HYPE se drží kolem 85,45 USD.
TLDR: HYPE price holds near $85.45 after BHYP added $10.5 million in tokens, ending a four-day pause in purchases by Bitwise clients. Bitwise has accumulated $166.3 million in HYPE since BHYP launched, making the fund the largest HYPE ETF by reported size. Hyperliquid bought and burned 9,730 HYPE worth about $829,500 in one day, extending lifetime burns to 48.42 million tokens. The ETF purchase adds regulated spot demand, while fee-funded burns permanently shrink supply and leave $88.06 as nearby resistance. HYPE price traded near $85.45 as Bitwise clients resumed purchases through the BHYP fund. The product added $10.5 million in HYPE on Friday after recording no purchases for four consecutive days. Arkham data identifies the transaction as BHYP’s largest daily addition since a $23.2 million purchase on August 27.
Total acquisitions have now reached $166.3 million since launch, placing BHYP above rival HYPE products by size. Meanwhile, Hyperliquid bought and burned 9,730 HYPE worth about $829,500 within 24 hours. The two flows pair renewed regulated demand with a steady reduction in the token’s available supply during market strength.
Hyperliquid (HYPE) Price HYPE Price Finds Support From Bitwise ETF Accumulation BHYP’s renewed activity ends a brief pause that followed several weeks of institutional accumulation. Friday’s $10.5 million purchase represents about 123,000 HYPE at prices near $85.27. The estimate shows the scale of demand entering through one regulated product.
Bitwise launched the spot Hyperliquid ETF in May, offering investors indirect exposure to the Hyperliquid token. The fund also stakes a large portion of its holdings through Bitwise’s internal infrastructure. Staking can add token rewards, although the structure carries operational, liquidity and slashing risks.
Arkham’s figures place cumulative purchases at $166.3 million since launch. That total makes BHYP the largest HYPE ETF by reported size. It also signals that the four-day buying gap did not mark a clear end to client demand.
BITWISE IS BUYING HYPE AGAIN
Bitwise’s BHYP clients didn’t buy any HYPE for 4 days straight. On Friday they bought $10.5M, the biggest day for BHYP since buying $23.2M on August 27.
Bitwise has now bought $166.3M since launch, making it the LARGEST HYPE ETF. pic.twitter.com/l8J01rwinf
— Arkham (@arkham) September 5, 2026
The purchase came while HYPE price held near the upper end of its recent range. Market data placed HYPE price near $85.45, up about 1.5% over 24 hours. HYPE also traded roughly 3% below its $88.06 record, reached on September 3.
Friday’s session ranged from about $83.73 to $86.15. Buyers therefore absorbed weakness below $84 before lifting the token back above $85. Immediate resistance sits near $86.15, followed by the record zone between $87.66 and $88.06.
A sustained move above that area would establish fresh price discovery. Conversely, weakness below $83.70 could expose the September 2 area near $80.25. The ETF purchase offers measurable spot demand, but HYPE price direction still depends on broader trading flows.
Hyperliquid Burns $830,000 While Token Supply Contracts Onchain Lens data shows Hyperliquid acquired and burned 9,730 HYPE during the latest 24-hour period. The tokens carried an average purchase price of $85.27 and a combined value near $829,500. Network documentation states that the assistance fund permanently removes all HYPE from both circulating and total supply.
Lifetime burns have reached 48.42 million HYPE, based on the tracker. At the current HYPE price, those tokens would carry a market value near $4.14 billion. The removed amount equals about 4.84% of the original one-billion-token maximum supply.
HYPERLIQUID BURNS $830K HYPE IN 24 HOURS
Hyperliquid bought and burned 9.73K $HYPE (~$829.5K) over the past 24 hours at an $85.27 average price.
Lifetime:
· 48.42M $HYPE burned
· ~$4.14B at current value
· 4.84% of max supply permanently removed pic.twitter.com/SsqxWR2wRt
— Onchain Lens (@OnchainLens) September 6, 2026
This mechanism links activity on Hyperliquid with recurring market purchases. Trading fees support assistance-fund buying, while each burn reduces the number of issued tokens. Higher platform activity can therefore increase the pace of purchases without creating a fixed schedule.
The latest daily burn is small beside the token’s circulating supply. Still, repeated removals can matter over longer market periods, particularly when ETF demand absorbs additional coins. Friday’s BHYP purchase was almost 13 times larger than the reported 24-hour burn in dollar terms.
The current setup shows two verifiable flows operating together. BHYP provides regulated accumulation, while Hyperliquid’s fee mechanism removes token supply permanently.
The latest burn alone does not automatically raise market valuation because demand, liquidity and broader risk appetite also shape trading. BHYP shares also differ from direct token ownership and carry product-specific fees and risks.
HYPE price now sits between nearby support and its recent record. A break above $88.06 would confirm that buyers have cleared the latest supply area. Holding above $83.70 would preserve the short-term rebound structure established after Friday’s intraday decline.
UBS, Bank of Montreal a Jane Street patří mezi první institucionální držitele Hyperliquid ETF. Celkem 30 institucí nahlásilo pozice za 74,9 milionu USD.
Banks, asset managers, and trading firms have revealed notable positions in US-listed Hyperliquid exchange-traded funds (ETFs), marking a growing institutional interest in these investment vehicles. UBS, Bank of Montreal, and Jane Street have been identified among the earliest institutional participants in these Hyperliquid ETFs.
Major institutional investors revealedA total of thirty institutions collectively reported holdings of $74.9 million across three Hyperliquid ETFs, according to James Seyffart, an ETF analyst at Bloomberg Intelligence. Wealth High Governance Asset Management emerged as the largest institutional holder, controlling 632,614 shares of 21Shares’ THYP fund valued at $23.95 million. OLP Capital Management followed as the second-largest stakeholder, with its ETF position totaling $10.5 million.
UBS disclosed $7.5 million in Hyperliquid ETF holdings, ranking as the third-largest institutional participant. Bank of Montreal reported $6.7 million, while Jane Street held $4.4 million in the funds. Combined, these five largest holders account for roughly $53 million, representing about 71% of all reported positions. Other notable institutional participants include Discovery Capital, Brevan Howard, Balyasny Asset Management, and Boothbay Fund Management.
InstitutionHoldings in Hyperliquid ETFs (USD)Wealth High Governance Asset Management$23.95 millionOLP Capital Management$10.5 millionUBS$7.5 millionBank of Montreal$6.7 millionJane Street$4.4 millionGrowth in HYPE exposure through ETFsThese developments signal increasing exposure to the HYPE token through regulated investment vehicles rather than direct interaction with Hyperliquid. ETF offerings provide investors with the ability to gain access via established brokerage accounts. Hyperliquid, the platform behind these products, operates its own blockchain and focuses primarily on perpetual futures markets.
US-based investors still face restrictions accessing Hyperliquid’s direct products. However, Payward, the operator of Kraken, reportedly is collaborating with the Commodity Futures Trading Commission (CFTC) to introduce regulated Hyperliquid-linked perpetuals in the US market.
Mini dictionary: Hyperliquid is a decentralized derivatives trading platform specializing in perpetual futures contracts. It operates its own blockchain to power these financial products, and its native token, HYPE, is used within its ecosystem.
Implications for market and regulationThe most recent disclosures stem from 13F filings, a quarterly requirement for institutional investment managers. However, analysts caution that this data provides only a partial view, as certain holdings may be omitted depending on reporting rules. Additionally, banks often maintain securities on behalf of clients and trading firms may use ETF positions for hedging.
Current 13F filings show 30 institutions invested $74.9 million in Hyperliquid ETFs, with the five largest accounting for about $53 million of those reported positions.
Attention is now turning to upcoming regulatory steps affecting Hyperliquid ETF flows and further portfolio disclosures. Hyperliquid’s scheduled token unlock on September 6, alongside ongoing buybacks of HYPE, are also expected to play a role in shaping market dynamics in the near term.
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.
Hyperliquid čeká 6. října odemykání 9,92 milionu HYPE v hodnotě asi 860 milionů USD, což může zvýšit tlak na cenu. Bitwise i spalování tokenů část nabídky absorbují, ale na tak velký objem nestačí.
Hyperliquid [HYPE] is heading into a major supply event, with core contributors set to receive another large chunk of HYPE tokens.
According to the Tokenomist data, on the 6th of September, contributors released just 0.19%, worth $36.56 million, far below the intended 2.32% scheduled allocation.
This gap matters because Hyperliquid faces another 9.92 million HYPE release on the 6th of October, valued near $860 million, representing nearly 3.9–4.5% of the circulating supply.
Needless to say, this creates a substantial risk of dilution if contributors claim and sell heavily.
Source: Tokenomist Moreover, the price of these new tokens is significantly larger than the average daily spot volume. Essentially, this means heavy distributions could cause a tremendous decrease in market liquidity, ultimately putting downward pressure on the price.
However, the September scheduled supply may not reach markets immediately. Therefore, contributor wallet activity will help determine if the 6th of October token distribution causes true selling pressure or another small token distribution.
Bitwise adds $10.5M in HYPE demand While October introduces a potential supply increase, institutional demand is already building another side of HYPE’s liquidity equation. After four days without purchases, Bitwise’s BHYP clients bought $10.5 million in HYPE on on the 4th of September.
With each purchase averaging approximately $85 per token, this totals approximately 123,500 HYPE. Cumulative purchases by the BHYP investor base total $166.3 million.
As such, however, the $10.5 million spent on HYPE by BHYP investors on Friday equates to less than one percent of the 9.92 million tokens set to be unlocked as part of Hype’s October schedule.
Source: Arkham The difference here illustrates how BHYP cannot handle the headline unlock by itself should heavy contributions from participants occur. However, continued institutional demand will likely create softer incremental selling rather than eliminating it.
Furthermore, BHYP inflows would strengthen that buffer, while stalled purchases would leave market liquidity carrying more of the burden.
HYPE burns add another layer of demand The demand supporting HYPE extends beyond outside buyers. This is because Hyperliquid’s trading activity also creates continuous token purchases.
In the last 24 hours, $859,500 in fees generated $823,800 in HYPE-directed revenue as of writing. In turn, this funded purchases of 9,730 tokens.
Those tokens, worth $829,500, were bought near $85.27 before being permanently burned. This mechanism matters because every burn removes purchased HYPE rather than simply shifting tokens between holders.
Source: OnChain Lens According to OnChain Lens, lifetime removals of HYPE have reached 48.42 million HYPE. This accounts for only 4.84% of the 1 billion max HYPE token limit. Although current burns cannot match major unlocks anytime soon, they do continually lower the available pool of HYPE tokens over time.
Thus, increasing trade volume could provide a faster way for HYPE to continue growing internal demand by institutions.
Final Summary Hyperliquid [HYPE] faces a 9.92 million-token October unlock, with actual contributor claims determining the scale of supply pressure. Bitwise demand and Hyperliquid burns provide absorption but remain too small to offset heavy contributor distribution alone.
Po 16 letech nečinnosti se přesunulo 600 BTC z 12 raných těžebních bloků. Podle Whale Alert nešlo o Satoshiho a mince zamířily do nových peněženek, ne na burzy.
Somewhere out there, a miner (or miners) who earned Bitcoin when it was essentially worthless just moved 600 BTC that had been collecting digital dust since around 2010. At current prices, that stash is worth tens of millions of dollars. Whale Alert, the blockchain tracking service, identified the movement across 12 separate mining block rewards, each containing the original 50 BTC coinbase reward from Bitcoin’s earliest days.
The natural first question: is this Satoshi? The answer, according to Whale Alert’s analysis, is no. None of the 12 blocks show any connection to the patterns associated with Bitcoin’s pseudonymous creator.
Ghost coins come back to life Each of the 12 blocks dates back to roughly 2010, when Bitcoin mining could be done on a regular laptop and the price hovered somewhere between fractions of a penny and a few dollars. The 50 BTC reward per block was standard at the time, before Bitcoin’s first halving in 2012 cut that reward in half.
Advertisement
The blocks appear to belong to anonymous individual miners rather than any known entity. What makes this movement notable is the sheer duration of dormancy. Sixteen years of inactivity followed by a sudden transfer raises eyebrows across the crypto community every single time it happens.
A pattern, not an anomaly This isn’t an isolated incident. On September 6, seven addresses tied to early miners moved a combined 350 BTC, valued at approximately $28 million at the time. That transaction followed the same playbook: coins from Bitcoin’s earliest era suddenly transferring to new, unlabeled addresses.
The key detail in both cases is where the coins went. They didn’t land on exchange deposit addresses. Instead, the transfers routed to fresh wallets with no known exchange affiliation. When dormant Bitcoin moves to an exchange, it typically signals intent to sell. When it moves to a new cold wallet, it looks more like housekeeping.
Throughout 2026, substantial amounts of early-era Bitcoin from wallets dating to the 2011-2014 period have also shown signs of reactivation. The cumulative effect is a steady drip of ancient coins waking up, creating a broader trend that on-chain analysts have been tracking closely.
Why dormant Bitcoin movements spook the market Even when the data suggests no selling intent, these movements carry psychological weight. The fear is straightforward: if early holders who accumulated Bitcoin at negligible cost start selling, the supply shock could pressure prices downward. A single miner from 2010 sitting on a few hundred BTC has a cost basis of essentially zero.
For traders watching on-chain flows, the distinction between exchange-bound transfers and wallet-to-wallet consolidation is critical. The former is a sell signal. The latter is closer to a vote of confidence.
That said, the mere visibility of these transactions can influence short-term sentiment. When Whale Alert flags a multi-million-dollar transfer from a dormant wallet, it gets amplified across social media within minutes. Traders who don’t dig into the destination details may react reflexively, creating brief volatility that has nothing to do with actual selling pressure.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Na XRP Ledger se má za pět dní aktivovat aktualizace fixCleanup3_3_0, pokud si udrží podporu nad 80 % po dobu 14 dní. Zahrnuje 11 oprav pro Single Asset Vaults, Lending Protocol, AMM a další části sítě.
Cover image via U.Today 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.
A major bundled fix amendment is scheduled to activate on the XRP Ledger mainnet in the next five days if validator support remains above the required threshold. According to XRPscan data, fixCleanup3_3_0 is scheduled for September 11 mainnet activation if it holds 80% support for a 14-day window.
XRP Ledger's amendment system uses a consensus process to approve changes that affect transaction processing. Fully functional transaction processing changes are introduced as amendments; validators then vote on these changes. If an amendment receives more than 80% support for two weeks, it passes, and the change applies permanently to all subsequent ledger versions.
The fixCleanup3_3_0 amendment was introduced in the XRPL software version release 3.3.0, launched in August, and is designed to strengthen several features across the network.
HOT Stories
You Might Also Like
fixCleanup3_3_0 quickly gained traction after it opened for voting on August 6, attaining a majority (that is, reaching 80% support) on August 28, following which the two-week activation timer began to tick, with five days now remaining.
XRP Ledger overhaul continuesThe fixCleanup3_3_0 amendment is a collection of fixes for Single Asset Vaults, the Lending Protocol, Automated Market Makers, the permissioned DEX, Checks, and pseudo-accounts, with 11 changes outlined.
You Might Also Like
These include a fix to hybrid offers being removed from the open order book when the account that placed them loses access to the permissioned domain, and Automated Market Maker liquidity being included in quality estimates for permissioned DEX order books. The upgrade will also add further precision and rounding fixes for Single Asset Vaults and the Lending Protocol, which are currently in voting.
fixCleanup3_3_0 follows previous fix upgrades fixCleanup3_1_3 and fixCleanup3_2_0, which were activated on the XRPL mainnet in May and July, respectively. The fixCleanup3_1_3 amendment marked a collection of fixes for NFTs, Permissioned Domains, Vaults, and the Lending Protocol, while fixCleanup3_2_0 included fixes for Single Asset Vaults, the Lending Protocol, the permissioned DEX, Multi-Purpose Tokens, and permissioned domains.
The fixCleanup3_3_0 amendment gained 82.86% support, with 29 Yes votes out of 35, and is currently holding this threshold, with the potential for its activation in days.
Vitalik Buterin představil nový rámec pro validaci transakcí na Ethereu, který odděluje „akce“ od jejich závislostí. Podle něj to může zlepšit efektivitu i škálování sítě.
Vitalik Buterin, co-founder of Ethereum, has introduced a revised conceptual framework for processing transactions on the Ethereum network. He emphasized that separating transaction “actions” from their “dependencies” could unlock significant efficiency gains for future developments.
Transaction Components: Actions and DependenciesButerin stated that ongoing advances in account abstraction, cryptographic proof systems, and novel state models are bringing about a clearer delineation between the tasks a transaction performs, and the conditions that must be met beforehand. He highlighted work around Ethereum Improvement Proposal (EIP) 8141, the use of alternative state models, the introduction of keyed nonces, and experiments with recursive STARK-based mempools as key contributors to this emerging model.
He described “actions” as the tangible effects caused by a transaction, such as transferring tokens or interacting with smart contracts. By contrast, “dependencies” represent the requirements that must be met before those actions can be carried out. This distinction, according to Buterin, would enable developers to pursue optimizations tailored to each component.
Actions define what a transaction changes within Ethereum, while dependencies set out the prerequisites before those changes can take place.
According to Buterin, most Ethereum nodes currently combine validation and execution: they receive transactions, verify them against network rules, and then execute any approved operations. Decoupling these functions, he argued, could lead to performance improvements and more nuanced security guarantees.
Optimizing Dependencies and State ValidationButerin pointed out that many transaction dependencies can be reviewed in parallel, enabling more streamlined pre-checks before transactions reach inclusion in a block. He also noted that certain dependencies, particularly so-called “pure” dependencies, do not require live access to Ethereum’s global state. These, he said, present a prime opportunity for enhancement.
If implemented, mempools—the systems that collect pending transactions—could process and validate these pure dependencies only once, rather than requiring every network validator to repeat the same checks as blocks are created and confirmed.
Large batches of such validated dependencies may eventually be aggregated into a single succinct cryptographic proof, specifically a STARK, which could demonstrate the correctness of all checks in a single step.
Mini dictionary: STARK (Scalable Transparent Argument of Knowledge), a cryptographic proof technology designed for efficient, trustless verification of complex computations without requiring confidential setup or assumptions. STARKs are widely used in scaling solutions and privacy applications within blockchain networks.
Many dependencies can be checked in parallel, streamlining the validation process and reducing duplication across validators.
Buterin views this model as an important architectural shift. He suggested that these changes might form the basis for future updates, as Ethereum’s developers aim to keep evolving the platform for scalability and security.
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.
XRP zůstává nad úrovní 1,42 USD, ale další odklad amerického CLARITY Act prohlubuje regulační nejistotu kolem tokenu. Trh sleduje, zda se udrží support a zda cena prorazí nad 1,50 USD.
XRP price traded near $1.42 on Sunday, gaining 0.71% as cryptocurrency markets steadied after a volatile week.
Bitcoin price hovered at around $79,973, and Ethereum was at $2,499 as the market awaits the FOMC meeting on September 15-16th.
Nevertheless, XRP remained vulnerable to Washington politics with another Senate postponement of the CLARITY Act.
The legislation could define regulatory roles for the Securities and Exchange Commission and Commodity Futures Trading Commission.
CLARITY Act Delay Extends Regulatory Uncertainty Senators postponed action before recess after lawmakers failed to settle several political and policy disagreements.
The Senate returns September 14, leaving lawmakers a narrow window before election campaigning further limits available floor time.
Any procedural cloture vote would require 60 senators, making bipartisan support essential for the bill to advance.
🇺🇸 CLARITY Act Could Be Delayed AGAIN
The U.S. House just canceled its final two September voting weeks, leaving lawmakers with only 4 days to get work done before the midterms.
That puts the CLARITY Act in a much tighter spot.
If the Senate changes the bill, the House may need… pic.twitter.com/Z2jWsKylR4
— Crypto Patel (@CryptoPatel) September 5, 2026
Disputes include ethics restrictions, stablecoin rewards, decentralized finance protections, and the balance between financial regulators.
The postponement does not formally defeat the measure, but it reduces time for negotiations and possible House reconciliation.
XRP held above $1.40 despite the setback, suggesting buyers still defend the token’s immediate support area.
Bitcoin’s ability to remain near $80,000 and Ethereum’s hold around $2,500 could also influence XRP’s next direction.
Traders will watch Senate scheduling updates closely, because further delays may keep regulatory uncertainty attached to XRP.
XRP ETFs Hold $1.48 Billion in Assets Despite Zero Daily Inflows On September 4, XRP spot exchange-traded funds had no daily net inflows, but cumulative inflows stood at $1.68 billion. Total net assets amounted to 1.69% of the overall market capitalization of XRP, totaling $1.48 billion.
Source: Sosovalue data Trading activity totaled $36.21 million as every listed fund closed lower during the session. Franklin’s XRPZ posted the steepest decline at 4.94%, narrowly exceeding Bitwise’s XRP fund’s 4.86% loss. Bitwise continued to dominate the market in general, with a net asset of $507.47 million and reported cumulative inflows of 599.31 million.
Will XRP Price Hold $1.40 Support Before Its Next Rally? The XRP price traded at $1.41 after holding above the important $1.40 support level on the four-hour chart.
The XRP price kept consolidating above $1.40, which indicates that buyers are still active within the immediate support of the market. The RSI was 54.92, with a balanced momentum and a slight bullish inclination.
Source: TradingView The MACD line fell a little below its signal line, which indicated a lower short-term momentum. A four-hour close above $1.50 would prove the resurgence of demand and create an avenue to $1.60. The inability to hold $1.40 may lead to increased selling pressure and the lower support target of $1.30.
Ethereum L2 dnes zpracovávají 94 % všech transakcí v ekosystému, zatímco mainnet zůstává hlavním centrem kapitálu. DeFi a tokeny L2 zároveň vedou růst trhu.
Ethereum’s wider network is gaining momentum as Layer 2 and DeFi tokens outperform other crypto market segments, coinciding with a significant uptick in on-chain activity.
Layer 2 Scaling Networks Dominate ActivityTrader Daan Crypto pointed to a clear rotation in the market, noting on Sunday that Ethereum, along with Layer 2 networks and DeFi tokens, led major crypto sectors over the previous week. His market analysis, which excluded smaller memecoins, suggested this rotation signals more than just a brief altcoin rally.
Recent blockchain data indicates that Ethereum’s Layer 2 scaling solutions have become dominant, now accounting for 94% of all transactions across the amalgamated Ethereum mainnet and Layer 2 environment.
According to growthepie, Ethereum Layer 2 networks currently handle approximately 29.95 million daily transactions, while the Ethereum mainnet processes just 1.97 million. In terms of computational output, L2s now represent 97% of the system’s total throughput, facilitating about 92.4 million gas units per second compared to just 2.52 million on mainnet.
NetworkDaily TransactionsGas Units/secValue SecuredEthereum Mainnet1.97 million2.52 million$162 billion (Stablecoins)Layer 2s (Total)29.95 million92.4 million$14.51B (Base), $12.47B (Arbitrum), $2.8B (Robinhood Chain)Leading Layer 2 platforms include Base, which secures $14.51 billion or 41% of total L2 value, and Arbitrum with $12.47 billion. Robinhood Chain has drawn particular attention after growing its secured value by more than 150% in 30 days, now reaching $2.8 billion.
The expansion of these networks is reflected in token markets. ARB, the native asset of the Arbitrum network, has surged over 120%, driven in part by increased activity associated with the Robinhood Chain.
Mini dictionary: Robinhood Chain is a relatively new Ethereum Layer 2 network designed to enhance scalability and reduce transaction fees within the Robinhood ecosystem, contributing to increased DeFi activity and token performance.
DeFi Activity Shifting, But Capital Base Remains on MainnetOver the last 30 days, Ethereum Layer 2 networks processed an estimated 337 million decentralized finance transactions. This represents approximately 99% of all Ethereum DeFi transactions, reflecting a near-total migration of activity from the mainnet to L2s.
Uniswap, a leading decentralized exchange, contributed more than 57 million Layer 2 transactions within the period, making it the most-utilized application in Ethereum’s L2 ecosystem by transaction count.
Uniswap emerged as the most heavily used Layer 2 DeFi application, generating more than 57 million transactions in the past month.
Despite this, the majority of capital remains on Ethereum’s mainnet. The main network holds around $162 billion in stablecoins, dwarfing the $12 billion present on Layer 2 networks. Meanwhile, institutional data places the mainnet DeFi total value locked (TVL) close to $49 billion.
ETH is currently trading near $2,500, recovering from $2,390 earlier in the week. Ethereum exchange-traded funds have continued to report net inflows, reinforcing ongoing institutional interest amid a broader return of demand for crypto investment products.
Two-Tiered Ecosystem EmergesThe Ethereum ecosystem is now separated into distinct layers: Layer 2 networks are responsible for processing the vast majority of activity, while the mainnet remains the primary hub for capital allocation and settlement.
Layer 2 platforms fuel record transaction volumes, while Ethereum mainnet retains its role as the asset and liquidity center.
This division may explain why current market strength is spreading from ETH itself to DeFi and Layer 2 tokens, rather than being isolated as a simple upward move in Ether’s price alone.
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.
PANews, September 6 – Harmony has released two proposals to fully shut down its mainnet, which has been online since 2019, migrate its native token ONE to Ethereum, and pivot to an AI video "mashup economy" business. The team stated that threats from state-level attackers and AI agents are the reasons behind the plan to shut down the network.
The migration plan proposes to take a snapshot of tokens in user wallets, staking delegations, validator rewards, smart contracts, and centralized exchange accounts at the final block of the network, and airdrop new ONE tokens to the same wallet addresses on Ethereum, with no active claim required by holders. Delegated staking and unclaimed rewards will be airdropped to respective governance treasuries. The total supply of ONE and its issuance rate will remain unchanged, with newly issued tokens intended for the new business, and will seek governance feedback. Multi-signature wallets, liquidity pools, and on-chain applications cannot be migrated; the team urges users to exit all smart contracts by September 10, 2026, and plans to make the token contract, snapshot calculations, and airdrop scripts public for audit.
Validators can stop running nodes starting from 22:00 Beijing time on September 10, 2026. The team plans to compensate validators for the difference in issuance rewards between node shutdown and the final block of the network, and will establish a one-time compensation pool of $1.372 million, paid out over four quarters to validators and their delegators who shut down on time, sign agreements, retain their stake, and serve as governors for the new project.
The new business will open prompts and materials for users to create derivative works, with AI agents expanding video stories, and will recruit operators responsible for video generation, distribution, and content moderation. Harmony plans to subsidize GPU hardware in the first year and drive video generation demand; operators must stake tokens and receive rewards based on service uptime. The team aims to help operators generate up to $1 million in total revenue in the first year, subject to staking and uptime requirements. Promoters can initially earn a 30% ongoing commission from the $10 monthly subscriptions they refer. Both proposals are non-binding, and the plans may still be adjusted.
AI video business proposal: https://x.com/harmonyprotocol/status/2096604013940838667
Cardano za posledních 7 dní vzrostlo o 17 % a velcí držitelé přikoupili 60 milionů ADA. Objem na DEX v síti se za 48 hodin ztrojnásobil z 2,01 milionu USD na 7,28 milionu USD.
Cardano (ADA) traded near $0.224 on Friday, marking a strong week of upward movement following gains across major support levels. The digital asset climbed 17% over the past seven days, supported by growing on-chain activity and a surge in purchases by large wallet holders.
Analysts see breakout potentialTechnical analysts on X have turned positive on ADA’s price potential. One market commentator projected that Cardano could rally as high as $2.92—representing nearly 14 times its current value—if bullish momentum persists. This optimistic outlook follows ADA’s continued testing of key resistance areas throughout the week.
Commentator Sssebi shared their views on social media, stating that ADA’s persistence at resistance levels increases the probability of a breakout. As ADA traded within these zones, Sssebi emphasized the coin’s resilience and ongoing optimism among traders.
$ADA is showing persistence at resistance levels. The longer it remains in this range, the greater the potential for a breakout, according to market observers.
DEX activity and on-chain data signal growthBlockchain analytics provider DeFiLlama reported a dramatic surge in decentralized exchange (DEX) trading on the Cardano network. Within a 48-hour period, trading volumes soared from $2.01 million to $7.28 million, signaling heightened user engagement and investor interest.
Santiment, an analytics firm specializing in blockchain data, indicated that Cardano wallets holding between 1 million and 10 million ADA collectively purchased an additional 60 million tokens starting Sunday. This wave of accumulation from large holders provided consistent upward price pressure during the week.
The total value locked (TVL) in Cardano’s decentralized finance (DeFi) ecosystem increased notably as well, rising from 268.47 million ADA on August 28 to 299.81 million ADA. The blockchain is also set to integrate DeFi platform RealFi on October 1, aiming to further expand its decentralized finance offerings.
Mini dictionary: RealFi, short for “Real Finance,” is a DeFi platform that aims to connect real-world assets and financial activities to blockchain-based decentralized protocols.
Derivative market analytics from CoinGlass showed a long-to-short ratio of 1.10 for ADA, approaching the month’s high. Futures funding rates turned positive at 0.0087% on Friday, reflecting an overall bullish bias among leveraged traders.
MetricValueChange/TimeframePrice (ADA)$0.224+17% past 7 daysDEX Volume$7.28 millionTripled in 48 hoursLarge Holder Accumulation60 million ADASince SundayTVL299.81 million ADAIncrease of 31 million ADA since Aug 28Long/Short Ratio1.10Highest in a monthFunding Rate0.0087%FridayTechnical indicators show bullish setupCardano is trading above both its 50-day and 100-day exponential moving averages (EMA), although it remains slightly below the 200-day EMA. The relative strength index (RSI) stands at 64, suggesting firm bullish momentum without entering overbought territory. The MACD technical indicator recently crossed into mildly positive territory as well.
Key resistance is identified at the 61.8% Fibonacci retracement near $0.231 and $0.236, while the 200-day EMA stands at around $0.245. Immediate support lies at $0.213 with additional stability provided by the 100-day EMA at $0.198.
Despite positive breadth in multiple metrics, total stablecoin market capitalization on Cardano has contracted slightly from $67.95 million to $63.97 million, according to DeFiLlama.
ADA is currently above mid-term moving averages, but technical analysts highlight ongoing resistance near $0.231 as a key marker for future momentum.
Continued accumulation by large holders, combined with rising DEX activity and a favorable derivatives outlook, has contributed to positive sentiment throughout the Cardano ecosystem.
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.
Chilská burza Orionx ukončuje činnost poté, co audit odhalil, že více než 7 milionů USD v úschově bylo přesunuto do peněženek, které nespravovala. Výběry jsou dočasně pozastaveny.
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.
Tether drží přes 122 miliard USD v přímých pokladničních poukázkách a celková expozice přesahuje 141 miliard USD, čímž se řadí mezi největší kupce amerického dluhu. V roce 2025 nakoupila čistě 28,2 miliardy USD státních dluhopisů.
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.
Advertisement
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.
Kalshi spustila krypto perpetual kontrakty na BTC, ETH, BNB, LINK a dalších 14 aktivech s pákou až 6x. Přichází to v době, kdy se platforma dál přetahuje se státními regulátory i Nejvyšším soudem.
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.
Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Join the program
A
A
Lien copié
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.
Binance spustila perpetuální kontrakty pro PONS a HAJIMI. PONS po zprávě vystřelil na nové maximum kolem 0,93 USD, zatímco HAJIMI zůstává kolem 0,072 USD.
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.
HOT Stories
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.
You Might Also Like
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.
You Might Also Like
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.
Circle přidala do cirBTC Chainlink Proof of Reserve, takže rezervy bitcoinu lze nyní sledovat on-chain. Reportované rezervy podle Circle přesahují aktuální nabídku tokenu.
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.
Uniswap V4 držel k 6. září tokenizované akciové vklady v hodnotě 59,1 milionu USD a byl největším DeFi místem pro tuto kategorii. Kamino Lend mělo 41,7 milionu USD.
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.
Spoluzakladatel Offchain Labs Steven Goldfeder uvedl, že Robinhood na svém chainu drží zhruba 90 % čistých příjmů z protokolu. Robinhood Chain za 24 hodin vybral na poplatcích 6,04 milionu USD a ponechal si asi 5,44 milionu USD.
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.
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.
ARB za poslední měsíc vyskočil o více než 120 % díky růstu Robinhood Chain, která za 24 hodin vygenerovala přes 2 miliony USD na transakčních příjmech. RSI je kolem 85, což zvyšuje riziko krátkodobé korekce.
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.
Bitwiseův HYPE ETF BHYP po čtyřdenní pauze obnovil nákupy a podle Arkham přikoupil HYPE za zhruba 10,5 milionu dolarů. Šlo o největší sledovaný nákup od 23,2 milionu dolarů 27. srpna.
Bitwise’s Hyperliquid exchange-traded fund resumed accumulating HYPE on Sept. 4 after four days without a tracked purchase.
Summary
Arkham tracked Bitwise-linked wallets purchasing approximately $10.5 million in HYPE after four inactive trading days. BHYP’s tracked HYPE purchases reached $166.3 million since launch, according to Arkham’s on-chain address attribution. Friday’s allocation was the fund’s largest tracked purchase since buying $23.2 million on August 27. Bitwise launched BHYP on NYSE Arca in May, providing direct exposure to the HYPE token. The trust uses Anchorage Digital Bank for custody and targets staking 70% of its assets. Wallets linked to the fund acquired approximately $10.5 million of the token, according to blockchain intelligence platform Arkham.
The allocation was BHYP’s largest tracked purchase since a $23.2 million transaction on Aug. 27, Arkham reported on Sept. 6. The platform estimates that Bitwise-linked addresses have accumulated about $166.3 million in HYPE since the product launched.
Arkham described BHYP as the “largest HYPE ETF.” That ranking relies on addresses identified by its analysts and the market value of tokens attributed to each product. Bitwise has not issued a matching announcement confirming the $166.3 million figure.
BITWISE IS BUYING HYPE AGAIN
Bitwise’s BHYP clients didn’t buy any HYPE for 4 days straight. On Friday they bought $10.5M, the biggest day for BHYP since buying $23.2M on August 27.
Bitwise has now bought $166.3M since launch, making it the LARGEST HYPE ETF. pic.twitter.com/l8J01rwinf
— Arkham (@arkham) September 5, 2026 Bitwise HYPE ETF resumed buying after four inactive days The $10.5 million transaction ended the longest recent gap in BHYP-linked accumulation reported by Arkham. However, the movement should not automatically be interpreted as one investor purchasing $10.5 million of fund shares.
Exchange-traded crypto products create and redeem shares through authorized participants. The trust may receive cash or tokens as part of that process, depending on its operating structure. Its HYPE acquisitions can therefore reflect net share creations, liquidity management or settlement activity involving several investors.
Blockchain data can identify transfers between labeled addresses. It cannot always reveal the commercial purpose of every transfer. Address ownership may also change, while internal custody movements can resemble purchases unless analysts identify the sending address and transaction route.
Arkham’s figures should consequently be treated as third-party estimates rather than audited fund-flow data. The reported four-day pause refers to activity involving wallets recognized by Arkham. It does not prove that the fund received no investor orders during that period.
Official filings confirm BHYP holds HYPE directly Bitwise announced BHYP in May as a U.S.-listed product designed to hold HYPE rather than derivatives tracking its price. The fund began trading on NYSE Arca on May 15 after commencing operations one day earlier.
Its SEC registration documents state that the trust primarily seeks to reflect the value of its HYPE holdings, minus operating expenses and liabilities. Bitwise markets the vehicle as an ETF, while its regulatory documents describe it as a Delaware statutory trust issuing exchange-traded shares.
The structure gives brokerage customers regulated exposure to HYPE without requiring them to maintain a crypto wallet or interact directly with Hyperliquid. Investors still face the token’s price risk, fund expenses, potential tracking differences and risks associated with crypto custody.
BHYP’s quarterly report names Anchorage Digital Bank as the trust’s HYPE custodian. The filing also confirms that part of the fund’s holdings can be staked to generate rewards.
Bitwise’s fund website lists a target of staking 70% of the trust’s assets. The BHYP product page reported a 2.25% gross staking reward rate and a 1.18% net rate in early September. Those rates can change and do not represent guaranteed returns.
The $166 million ranking depends on wallet attribution Arkham’s description of BHYP as the largest HYPE ETF is broadly consistent with the fund’s strong early demand. Still, the $166.3 million estimate should not be presented as official assets under management unless Bitwise publishes an equivalent figure.
Tracked token value can differ from a fund’s net assets. An ETF’s reported net asset value incorporates liabilities, cash, accrued fees and other accounting items. The dollar value of an identified wallet also moves continuously with HYPE’s market price.
Comparisons between HYPE products require consistent timestamps and valuation methods. Bitwise competes with products from 21Shares and Grayscale, among others. Grayscale prepared a fund carrying the HYPG ticker and a proposed 0.29% fee, according to coverage of the expanding HYPE ETF market.
BHYP attracted substantial demand soon after launching. Bitwise CEO Hunter Horsley reported approximately $19 million in daily inflows during May, when the fund recorded its strongest session at that time. That inflow helped BHYP take an early lead among HYPE products, as crypto.news reported.
HYPE-linked products collectively surpassed $100 million in reported inflows during their first ten trading sessions. The early total showed that regulated funds were becoming a measurable source of token demand, according to related coverage of institutional HYPE purchases.
ETF purchases are separate from Hyperliquid’s buybacks BHYP’s purchases form only one part of HYPE’s demand structure. Hyperliquid also operates a protocol mechanism that uses revenue from trading fees to acquire HYPE through its Assistance Fund.
Those purchases are not ETF inflows. They originate from activity on Hyperliquid’s trading platform and continue according to the protocol’s fee-allocation rules. Combining them with BHYP’s activity would overstate demand from investment products.
Hyperliquid had used more than $1.16 billion in fee revenue for HYPE purchases by late May, according to reporting on its automated buyback mechanism. The mechanism links HYPE demand to platform revenue, while ETF buying depends on investor creations and redemptions.
Bitwise has created another, smaller connection between its business and the token. The manager pledged to use 10% of BHYP’s management fees to purchase and hold HYPE on its corporate balance sheet. Those purchases belong to Bitwise rather than the ETF trust, making them distinct from the assets backing BHYP shares. The management-fee commitment therefore should not be counted as fund holdings.
What the next disclosures can confirm Bitwise’s official holdings, net asset value and shares outstanding offer the clearest way to test Arkham’s estimate. Changes in those figures can show whether the reported wallet accumulation corresponded with new ETF share creation.
Later SEC reports will provide audited or reviewed accounting information, although quarterly filings arrive after the transactions they cover. Daily fund disclosures may provide more current figures, but they can use valuation times that differ from Arkham’s live blockchain calculations.
Investors should also watch for revisions to Arkham’s address labels. A custody transfer, staking movement or newly identified address could change the platform’s estimate without representing fresh investor demand.
No evidence presented by Arkham establishes that the $10.5 million purchase caused a particular movement in HYPE’s price. Token prices respond simultaneously to broader crypto conditions, derivatives positioning, protocol buybacks and trading activity. Any claim assigning a specific price move to BHYP alone would remain speculative.
30 institucí drželo k 30. červnu zhruba 74,9 mil. USD v Hyperliquid ETF. Největším zveřejněným držitelem byla Wealth High Governance Asset Management s asi 23,95 mil. USD v THYP.
Thirty institutional investors collectively held roughly $74.9 million in Hyperliquid ETF products as of June 30, according to the latest round of quarterly 13F filings. The disclosures represent the first window into who exactly has been buying into one of crypto’s more unconventional ETF bets: a fund tracking the native token of a decentralized perpetual exchange.
Bloomberg Intelligence ETF analyst James Seyffart flagged the data, which shows a mix of asset managers, banks, and trading firms staking early positions in the newly launched products.
Who’s buying, and how much The largest disclosed holder is Wealth High Governance Asset Management, a Brazil-based firm that reported approximately $23.95 million in 21Shares’ THYP fund. That translates to 632,614 shares, making it the single dominant position in the entire filing cohort.
Behind Wealth High Governance, the roster gets more recognizable. OLP Capital Management disclosed roughly $10.5M in holdings. UBS followed at $7.5M, Bank of Montreal at $6.7M, and Jane Street at $4.4M.
Those top five holders account for about 70.8% of the total reported exposure, or roughly $53M. The remaining 25 institutions split the other $22M or so among themselves.
The products themselves Three Hyperliquid ETFs have launched in quick succession this year. 21Shares’ THYP began trading on May 12, 2026. Bitwise’s BHYP followed three days later on May 15. Grayscale rounded out the trio with a staking-focused Hyperliquid ETF on June 3.
By June 30, Bitwise’s BHYP fund alone reported $128M in net assets, holding approximately 1.96 million HYPE tokens. That figure captures total fund size, not just what shows up in 13F filings, since many holders either fall below the $100M reporting threshold or hold through structures that aren’t captured in the mandatory quarterly disclosures.
The gap between BHYP’s $128M in total net assets and the $74.9M reported across all three products in 13F filings suggests a significant chunk of demand is coming from retail investors or smaller institutions that don’t file 13Fs.
Context and precedent The Hyperliquid ETF launch followed a now-familiar playbook that Bitcoin and Ethereum ETFs established. Spot Bitcoin ETFs launched in January 2024 and attracted billions in their first weeks. Ethereum spot ETFs followed later that year.
What makes Hyperliquid different is the underlying asset. Bitcoin and Ethereum are broadly recognized, even by people who couldn’t explain a hash function. HYPE, by contrast, is the governance and utility token for a specific decentralized exchange that specializes in perpetual futures trading.
What this means going forward The fact that Jane Street, a quantitative trading firm known for its market-making activity, already appears in the filings hints at healthy secondary market liquidity. Among the three issuers, 21Shares attracted the single largest institutional holder, but Bitwise’s BHYP has the largest total fund size at $128M. Grayscale’s staking ETF offers a differentiated value proposition by passing through staking rewards.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Dlouhodobí držitelé Bitcoinu zvýšili aktivitu: 90denní průměr mincí přesunutých z peněženek neaktivních déle než pět let vzrostl na 1 500 BTC. Cena přitom zůstává pod 80 000 USD.
Long-term Bitcoin holders, often referred to as “OGs,” have sharply increased their transaction activity since May, with data showing the 90-day average of coins moved from wallets dormant for over five years now reaching 1,500 BTC. This trend comes as Bitcoin’s price trades in a tight range near $80,000, showing little momentum to break above this threshold.
Bitcoin OG transaction activity jumpsAccording to new research from CryptoQuant’s analyst Darkfost, veteran Bitcoin holders more than doubled their average spending activity compared to June, when the measure dropped to 962 BTC—its lowest in almost two years. This was also the first time since November 2024 that the figure fell below 1,000 BTC.
The 90-day moving average is used for this metric instead of daily readings, helping to reduce noise from large, individual transactions and giving a clearer view of shifts within the longstanding holder group.
Darkfost noted that “OG Bitcoin holder activity has intensified during this consolidation phase. The 90-day moving average of spent UTXOs from holders who have held BTC for more than five years just climbed to 1,500 BTC.”
Bitcoin traded at $79,901 at the time of reporting, up about 0.33% in the previous 24 hours, but continued to experience sharp swings between $78,723 and $81,370. The price remained pinned below $80,000 despite this increased on-chain activity.
Understanding OG movements and wallet transfersWhile increased wallet usage by veteran holders often raises concerns around potential selling pressure, analysts caution against assuming all such movements are sales. Some transactions may represent shifting assets to more secure storage following security incidents, rather than liquidations.
A spent UTXO means a previously unspent output is used as an input in a new transaction. Bitcoin tracks transfers based on UTXO movements, rather than conventional account balances.
Address labels can indicate whether coins are flowing to exchanges, custodians, or self-custody. Even so, deposits to exchanges don’t guarantee that sales occur, as some activity may simply reflect internal restructuring or improved storage security.
Recent blockchain data shows that, over a 10-day period in August, six ancient wallets moved 553.59 BTC valued at $40.15 million. These wallets had not been active in 12 to 15 years prior to these transactions.
Five of these wallets transferred funds to unknown private wallets, while one sent 40 BTC to Boerse Stuttgart Digital, a company providing digital asset custody and trading services, making the nature of the transfer—sale, custody change, or restructuring—uncertain.
Boerse Stuttgart Digital is a German institution specializing in secure crypto custody and trading infrastructure for institutional and retail investors.
Mini dictionary: Boerse Stuttgart Digital, a digital asset division of Boerse Stuttgart Group, offers regulated custody and trading services for cryptocurrencies, catering mainly to the European market.
Impact of Coldcard security issuesA major driver behind recent dormant wallet transfers was the Coldcard hardware wallet security breach. The device suffered a vulnerability that potentially exposed the seed phrases of affected wallets, putting user holdings at risk.
Following the issue, at least 28 wallets dormant since 2014 moved a total of 1,314.41 BTC on August 20, with over 1,200 BTC traced to 2014-era wallets. Owners responded to security advice by generating new seeds and moving coins, sometimes even after security software updates failed to resolve all problems.
Coldcard is a Bitcoin-focused hardware wallet brand, popular for its advanced security features targeting long-term holders.
Mini dictionary: Coldcard, a hardware wallet for Bitcoin, allows users to store their private keys securely offline, but flaws in firmware can jeopardize stored funds, as recently seen with seed phrase vulnerabilities.
Network activity rises amid price stagnationK33 Research estimates that almost 890,000 BTC changed hands during a seven-day period in early August, marking the highest weekly active supply level so far in 2026. This surge in activity occurred even as Bitcoin traded within one of its narrowest 30-day price ranges since 2023.
PeriodActive SupplyPrice RangeOG Holder Spent OutputEarly August 2026 (7 days)890,000 BTC$78,723–$81,3701,500 BTC (90-day avg)June 24, 2026Not statedNot stated962 BTC (90-day avg)This uptick in supply movement did not coincide with a decisive price rally, reflecting how on-chain signals can sometimes differ from market trends.
Galaxy Research reported that 1,596 BTC had been stolen in three major crypto theft waves as of August 5, involving around 7,300 affected addresses. The group estimated that total losses could rise to 2,055 BTC if a suspected fourth wave is confirmed, representing a value of approximately $130 million at the time. Despite these high-profile raids, nearly 90% of the stolen funds remained dormant on the blockchain.
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.
HYPE se dostal do Nasdaq Crypto Index US ETF od Hashdexu, poprvé v americky obchodovaném crypto ETF. Současně velryba nakoupila 343 000 HYPE a celý balík stakovala.
The Hyperliquid (HYPE) token continues to gain traction, with bullish sentiment strengthening as institutional interest, staking activity, and significant whale accumulation lend support to the price action. At press time, HYPE trades at $85.36 with a 24-hour trading volume of $793.73 million and a market capitalization of $21.47 billion, having risen 1.36% within the last day.
Whale accumulation and staking activityA large investor known for operating the wallet “0x6436” has recently acquired 343,000 HYPE tokens valued at approximately $29.09 million, according to on-chain data shared by the market watcher Lookonchain. This move increases the whale’s position to 3.24 million HYPE tokens, collectively worth around $252 million.
Lookonchain added that this wallet has staked its entire HYPE holdings, indicating a long-term commitment to the project rather than seeking short-term gains. The ongoing accumulation by this major holder has drawn attention among traders, raising confidence in the token’s outlook.
Lookonchain emphasized that the magnitude of accumulation reflects substantial belief in HYPE’s long-term prospects, particularly since the tokens are now held in staking rather than entering the market for sale.
Mini dictionary: Lookonchain is a cryptocurrency analytics platform that tracks large transactions, whale holdings, and on-chain activity to provide insights into market dynamics.
Technical indicators and analyst outlookTechnical analysis on TradingView reveals an ongoing uptrend for HYPE, which climbed to $85.66 after recovering from a low near $50.00. The token is currently supported by a bullish alignment of exponential moving averages, with the 20 EMA at $78.29, the 50 EMA at $70.24, the 100 EMA at $64.14, and the 200 EMA at $56.11. This sequence signals continued positive momentum in the near term.
The MACD technical indicator shows a reading of 6.07, slightly above the signal line at 6.06, with green histogram bars indicating ongoing buyer strength. The price remains above all key moving averages, reinforcing the bullish trend.
Moving AverageLevel20 EMA$78.2950 EMA$70.24100 EMA$64.14200 EMA$56.11Crypto analyst Hov has underlined that the HYPE token’s rally produced notable gains for various entry points. Early buyers at $26 have seen approximately 240% returns, while positions taken near $55 are up over 50%.
ETF inclusion and institutional exposureRecent data from Hyperliquid Daily shows that HYPE has debuted in the Nasdaq Crypto Index US ETF, managed by Hashdex, a crypto asset management firm. This marks HYPE’s first inclusion in a US-listed crypto exchange-traded fund (ETF).
With a 3.4% allocation, HYPE is now the fifth largest holding in the fund, following Bitcoin, Ethereum, XRP, and Solana. The addition comes as the fund adjusts its holdings composition, reflecting a decreased weighting for Bitcoin and the inclusion of new assets as they grow in size and liquidity.
For Hyperliquid, the appearance in such a product could signal rising credibility and broader visibility among institutional and traditional investors. The project, initially focused on decentralized perpetual markets, now expands its presence as more investment vehicles take note.
Future changes in HYPE’s ETF allocation are likely to depend on continued growth and liquidity development in the protocol itself.
Inclusion in the Nasdaq Crypto Index US ETF positions HYPE closer to established cryptocurrencies as institutional interest accelerates.
The next directional move for the HYPE price will depend on buyers’ ability to sustain gains above key resistance points. While signs point to continued bullish momentum, profit-taking and volatility may follow after the recent sharp advance. If buyers maintain support, a breakout could drive prices toward the $105 target noted in technical setups.
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.
Ethereum dostává EIP-8141, nový typ transakce „Frame Transaction“, který rozdělí jednu transakci až na 64 programovatelných framů. Návrh má přinést nativní account abstraction, batching i možnost platit gas jinými tokeny.
Ethereum is getting a new transaction primitive that could reshape how wallets, dApps, and smart contracts interact with the network. EIP-8141 introduces what’s called a “Frame Transaction,” a single transaction that can be broken into up to 64 programmable sub-units called frames, each capable of performing distinct operations within one atomic execution.
The proposal, co-authored by Vitalik Buterin and several core contributors, was first put forward on January 29, 2026. It has since been moved to “Scheduled” status for inclusion in the 2027 Hegotá hard fork.
What frame transactions actually do The new transaction type, designated 0x06, lets each frame operate in one of three modes. DEFAULT handles standard transaction deployment. VERIFY runs read-only validation, useful for checking conditions without changing state. SENDER executes in the context of the transaction’s sender, enabling patterns that previously required deploying dedicated smart contract wallets.
Each frame carries an intrinsic cost of 12,000 gas plus 475 gas per frame. For context, a basic Ethereum transfer today costs 21,000 gas, so the overhead per frame is relatively modest considering the functionality it unlocks.
The proposal also introduces several new opcodes. The APPROVE opcode (0xaa) handles authorization logic, while a suite of TXPARAM, FRAME, and SIG opcodes give developers granular control over how frames reference each other, pass parameters, and verify signatures.
Why this matters: native account abstraction without the workarounds The ecosystem has been building toward account abstraction through proposals like ERC-4337, which created an “alternative mempool” for account-abstracted transactions without changing the protocol itself. EIP-7702 took a different approach, allowing EOAs to temporarily delegate to smart contract code. ERC-4337 adds infrastructure complexity with bundlers and paymasters. EIP-7702 requires persistent delegation setups.
EIP-8141 takes a third path by baking these capabilities directly into the transaction format. A single frame transaction can include a verification step, an approval, and an execution, all without requiring the user to deploy a smart contract wallet or rely on third-party bundler infrastructure.
The proposal explicitly complements rather than replaces EIP-7702 and ERC-4337. Developers who’ve already built on those standards won’t need to rip anything out.
Gas sponsorship and atomic batching With frame transactions, a third party can cover gas costs within the same transaction structure. A dApp could onboard new users who hold zero ETH by sponsoring their first interactions, all without external relayer networks or off-chain signature schemes.
Atomic batching allows bundling approve-and-swap into a single atomic operation: either everything executes or nothing does, eliminating the current risk where a successful approval and a failed swap leaves a contract authorized to spend tokens.
ERC-20 fee payment is another notable inclusion. Users could pay transaction fees in stablecoins or other tokens rather than ETH, with a frame handling the conversion or payment logic inline.
Users can also create temporary, purpose-specific accounts for individual transactions without deploying persistent smart accounts or setting up delegation.
Post-quantum implications and long-term positioning Frame transactions create a natural structure for introducing post-quantum signature schemes. Because each frame can carry its own signature verification logic, the network could support quantum-resistant algorithms alongside existing ECDSA signatures without requiring a hard switch.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
For half a decade, blockchain networks have been locked in a race to the bottom on gas fees. BNB Chain just stepped off the track.
Nina Rong, BNB Chain’s Growth Director, said on September 6 that the network’s priority is no longer reducing transaction costs. Instead, she argued the industry needs to build sustainable business models that incorporate gas fees, revenue sharing, and commercial agreements, essentially the boring-but-necessary financial plumbing that keeps infrastructure projects alive long-term.
Advertisement
The fee wars are over, apparently BNB Chain has been one of the more aggressive fee cutters in the space. The network slashed gas costs to as low as 0.05 Gwei and achieved reductions exceeding 90% over historical trends.
But Rong’s message was clear: the next five years should look nothing like the last five. The emphasis needs to shift away from grants and fee reductions toward structures that actually generate revenue.
Her comments landed in the middle of a heated debate about Robinhood Chain’s transaction costs. The newly launched chain has drawn criticism for fees that can peak around $0.40 per transaction. But Robinhood Chain has a counterargument: it shares approximately 10% of its net revenue with the Arbitrum ecosystem, directing 8% to the DAO treasury and 2% toward development initiatives.
What this means for the competitive landscape Robinhood Chain’s revenue-sharing model with Arbitrum offers one template. By allocating a fixed percentage of net revenue back to the broader ecosystem, it creates alignment between the chain’s commercial success and the health of the network it builds on. The 8% DAO treasury allocation and 2% development fund split give stakeholders a direct financial interest in the chain’s transaction volume rather than just its token price.
For BNB Chain specifically, the pivot makes strategic sense. The network has already captured significant market share through years of aggressive fee cuts. Continuing to slash prices offers diminishing returns.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Zcash prudce vzrostl a za posledních 24 hodin vyvolal likvidace za 13,24 milionu USD, z toho 11,26 milionu USD na shortech. Cena se dostala až na 1 051 USD a poprvé od roku 2018 překročila 1 000 USD.
Cover image via U.Today 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.
Privacy token Zcash (ZEC) faces a 562% liquidation imbalance after a sharp rally forced traders betting against the token out of leveraged positions.
Zcash traded as high as $1,051 on September 4, 2026, building on a sharp surge from a low of $805 on September 3, 2026. Days ago, Zcash witnessed choppy price action as its rally could not break $888, which could be the reason behind traders' bearish stance. Instead, Zcash ripped higher, surpassing the $1,000 mark for the first time since 2018.
Zcash's latest price surge caught traders betting against Zcash's increase off guard. About $13.24 million of leveraged ZEC positions were liquidated over the past 24 hours, with $11.26 million coming from shorts and $1.98 million from longs, according to CoinGlass data. The percentage imbalance between longs and shorts yields 562%.
HOT Stories
You Might Also Like
The ZEC rally dates back to October 2025, coming out of a range that had been in place since June 2022. In April 2025, Zcash traded as low as $7.7 before a stunning comeback in October of that same year.
Zcash locks in 2,395% yearly gainsRecovering from June's low, Zcash's rally accelerated in August 2026, gaining 105% in the last 30 days and 2,395% over the past year, according to CoinGecko data.
You Might Also Like
Contributing to the price growth are both technical and institutional developments. Grayscale's spot Zcash ETF began trading on NYSE Arca in late August under the ticker ZCSH. Separately, Digital Currency Group, which controls Grayscale, was in non-binding talks with a subsidiary to purchase 200,000 ZEC.
The developers of Zakura, a Zcash node launched in July, released cryptographic tools earlier this month that reduced the time it takes a wallet to build a private transaction from over three seconds to less than 200 milliseconds on mobile, with the aim to make the chain fast enough for everyday payments.
Zcash's price increase has pushed its market capitalization to about $17.25 billion, ranking it as the 10th-largest crypto asset by market cap.
In a new milestone, the Zcash ETF has crossed $400,000,000 in AUM, marking a new all-time high for the first and only Zcash fund.
Circle spustila Circle Wrapped Bitcoin (cirBTC), token krytý v poměru 1:1 BTC a podložený Chainlink Proof of Reserve. Je live na Ethereum a native podpora má později dorazit i na Arc po spuštění mainnetu.
Circle has launched Circle Wrapped Bitcoin (cirBTC), a 1:1 BTC-backed token that brings native Bitcoin onto programmable networks with segregated custody and verifiable onchain reserve data. Announced on 4 September 2026, cirBTC is live on Ethereum today, with native support planned for Circle’s Arc layer-1 blockchain once its mainnet launches.
How cirBTC’s Backing Is Structured Every cirBTC token is backed one-to-one by native Bitcoin and redeemable one-to-one for it, a wrapped token rather than a staked or derivative product. The underlying BTC is held through a Circle affiliate and custodied by Circle National Trust, a federally chartered national trust bank supervised by the Office of the Comptroller of the Currency. Reserves sit in accounts segregated from Circle’s corporate assets and held for the exclusive benefit of cirBTC holders, keeping the collateral legally and operationally separate from the issuer’s balance sheet. The token is issued by Circle International Bermuda Limited, a Class F Digital Asset Business licensed by the Bermuda Monetary Authority.
Chainlink Proof of Reserve for Verifiable Backing Circle pairs segregated custody with observable backing by connecting three data points: native BTC held in disclosed reserve addresses, the onchain reserve value published through Chainlink Proof of Reserve, and the circulating cirBTC supply across supported chains. When cirBTC is redeemed, the corresponding tokens are removed from circulation and native BTC is released, so tokens in circulation should not exceed the BTC held in reserve. Circle is careful to note that proof of reserve does not replace custody, redemption, or smart-contract diligence, but it lets lending protocols, market makers, and asset managers inspect the collateral without relying solely on an issuer’s statement.
Ethereum Now, Arc and More Later cirBTC enters an already competitive wrapped-Bitcoin market, where custody and reserve transparency have become the key differentiators for institutions deciding how to put BTC to work in decentralized finance. The launch also extends Circle’s reach beyond its USDC stablecoin franchise, following moves such as bringing USDC to Hyperliquid. Native cirBTC support on Arc is expected at mainnet launch, subject to applicable regulatory approvals, with additional blockchain integrations planned over time. For holders, the pitch is straightforward: a way to use Bitcoin in onchain markets, as it did when WBTC exchange outflows recently hit a six-week high, while keeping the reserve side of that exposure observable.
AUTHOR
A freelance writer with a passion for crypto, delivering insightful and accurate content on blockchain and fintech. With a knack for translating complex concepts into accessible content, Eric produces well-researched articles, blog posts, and thought leadership pieces that cover the latest trends and developments in the digital finance space. His writing is aimed at educating and engaging both newcomers and industry experts, offering fresh insights into the world of cryptocurrencies, decentralized finance (DeFi), and blockchain innovations. Eric’s dedication to quality and accuracy makes him a trusted voice in the fintech and crypto communities
