Compiled by: Nona
Fear & Greed Index: 45 (Greed)
Bitcoin Price: $113,912
BTC/ETH Spot ETF Fund Flows (8.19)
BTC Net Outflow: $523.31 M
ETH Net Outflow: $422.30 M
Regulatory/Macro
Sichuan Guang'an Anti-Fraud Center issues warning against digital renminbi promotion scams.
The public security authority in Guang'an City, Sichuan Province, recently reported that criminals, under the guise of 'national endorsement, central bank cooperation,' have been promoting 'digital renminbi' to the elderly in crowded places such as sports stadiums and recruiting promoters, collecting personal identity and contact information, suspected of fraud. The police remind that digital renminbi does not have speculative space, and related red envelopes can only be received through legitimate financial and government channels; the public should be vigilant against personal information leakage and economic loss risks.
US Treasury Secretary: Expects stablecoins to become a source of demand for US government bonds and has consulted with Tether, Circle, and others.
US Treasury Secretary Janet Yellen expects stablecoins to become a source of demand for US government bonds. Yellen has consulted with stablecoin issuers such as Tether and Circle, and these discussions also touched on the Treasury's plans to increase short-term note issuances in the coming quarters. The Treasury stated that the issuance plan will continue to consider various opinions, including those from investors, primary dealers, and the Treasury Borrowing Advisory Committee.
Illinois becomes the first Midwestern state to sign a cryptocurrency consumer protection law.
Illinois Governor J.B. Pritzker signed the Digital Asset and Consumer Protection Act (SB1797) and the Digital Asset Self-Service Terminal Act (SB2319), granting state regulators oversight of cryptocurrency exchanges and wallet providers, and requiring the establishment of anti-fraud measures and basic consumer service standards. The new regulations impose registration requirements on crypto ATM operators, set a transaction fee cap of 18%, limit new users' daily transaction limits to $2,500, and require full refunds to defrauded users. Illinois currently has about 1,482 crypto ATMs, a decrease from 2022. Governor Pritzker pointed out that this initiative aims to provide common-sense protection for investors in the context of weak federal regulation.
Eleanor Terrett: Wyoming launches the Frontier stablecoin FRNT, becoming the first state in the US to issue a stablecoin.
Wyoming has launched the Frontier stablecoin FRNT, backed by US dollars and short-term Treasury bonds, becoming the first state in the US to issue a stablecoin. FRNT is currently available on seven blockchains: Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism, and Base. Due to regulatory restrictions, this token has not yet been made available to the public. The Executive Director of the Wyoming Stable Token Committee stated that a detailed discussion on this matter will take place later.
Project/Company Updates
Swiss investment firm Syz Capital plans to raise 2,000 Bitcoins through the BTC Alpha Fund.
Swiss investment firm Syz Capital will relaunch the BTC Alpha Fund on October 1, aiming to raise 2,000 Bitcoins (approximately $200 million). The fund has already secured subscriptions for 1,800 Bitcoins, attracting family offices, high-net-worth individuals, and corporate funds. The fund employs a market-neutral strategy, charges only performance fees, with Coinbase Institutional serving as custodial and main broker, and liquidity being opened quarterly.
KindlyMD spent $678.9 million to acquire 5,744 Bitcoins.
David Bailey's KindlyMD purchased 5,744 bitcoins for $678.9 million.
Bullish IPO secures $1.15 billion in stablecoin subscriptions, marking the first large-scale use of stablecoin settlement in US IPOs.
Global digital asset platform Bullish (NYSE: BLSH) raised approximately $1.15 billion in its initial public offering (IPO) through stablecoin. This marks the first large-scale use of stablecoin settlement in an IPO in the US. The vast majority of stablecoins were minted on the Solana network and were coordinated by Jefferies for minting, exchange, and delivery processes. The stablecoins Bullish received include various dollar and euro-pegged tokens primarily settled in USDC and EURC, with custodial services provided by Coinbase. Bullish CFO David Bonanno stated that stablecoins facilitate fast and secure global fund transfers, showcasing their capabilities in market infrastructure and liquidity.
pump.fun's cumulative revenue exceeds $800 million, mainly from a 1% transaction fee.
The Solana-based Memecoin issuance platform pump.fun has accumulated revenue exceeding $800 million, primarily from a 1% transaction fee. The platform recently regained its lead in the number of graduation tokens, as top Memecoin deployers from LetsBonk.fun migrated to pump.fun. pump.fun's daily revenue consistently exceeds $1 million, while LetsBonk.fun's daily revenue has dropped below $30,000. Additionally, pump.fun raised $600 million within 12 minutes through its initial token offering last month and is actively repurchasing tokens at prices above the market to stabilize prices.
In-depth & Prospective
Wyoming launches the first state-level stablecoin in the US, another success in the cryptocurrency legislative testing ground.
Last night, Wyoming announced the launch of the Frontier (FRNT) stablecoin, backed by US dollars and short-term Treasury bonds, making it the first state in the US to issue a stablecoin. This marks a substantial achievement in the state's exploration of stablecoins that began in 2023. This move further confirms the 'Cowboy State', with a population of less than 600,000, as a leader in cryptocurrency legislation and practice.
Cathie Wood, founder of ARK Invest: Ethereum will become the institutional favorite, ARK establishes a solid position for the first time.
Cathie Wood analyzes the current economic situation, indicating that the Federal Reserve's decision to keep interest rates unchanged reflects a divergence, predicting significant inflation reduction in the next 6-9 months, transitioning the economy from a rolling recession to recovery, with technologies like artificial intelligence and blockchain driving productivity improvements, leading to benign deflation.
Opinions
$300 million RWA fund goes on-chain, can it save Avalanche's TVL?
RWA provides a new narrative for Avalanche, but whether it can turn into new liquidity depends on the ecosystem's ability to build on-chain markets for trading, lending, insurance, and more around these assets.
What does BlackRock quietly accumulating 3% of Bitcoin mean?
BlackRock's internal argument is to accept Bitcoin's volatility in exchange for its potential upside. Through IBIT (iShares Bitcoin Trust), they bet that broader adoption will gradually stabilize this asset, improve price discovery, enhance liquidity, and narrow bid-ask spreads.
