Today's news highlights:
Bloomberg: Galaxy, Jump, and Multicoin are seeking to raise $1 billion to purchase SOL.
The Hong Kong Monetary Authority will implement Basel's new capital regulations for crypto assets on January 1, 2026.
Pudgy Penguins CEO: This year's revenue is expected to reach $50 million, with plans for an IPO within two years.
OKX Star: A $100 million X Layer ecosystem fund will be launched.
Vitalik: If prediction markets offer interest, it will drive an increase in trading volume and lead to a surge in hedging use cases.
Arthur Hayes: The crypto bull market will last until 2028.
Bitwise: The scale of stablecoins holding U.S. Treasury bonds ranks 17th in the world.
ETH reached a peak of $4,957.98 this morning, setting a new historical high.
Regulation & Policy
The Hong Kong Monetary Authority will implement Basel's new capital regulations for crypto assets on January 1, 2026.
According to Caixin, the Hong Kong Monetary Authority recently issued a circular confirming that starting January 1, 2026, it will fully implement new bank capital regulations based on the Basel Committee's standards for crypto assets.
Fei Si, a Hong Kong partner at King & Wood Mallesons and a lecturer at the University of Hong Kong Law School, stated in an interview with Caixin that the new regulations set the risk weight for crypto assets using permissionless blockchain technology at a maximum of 1250%, meaning banks must hold capital equal to at least a 1:1 ratio against these crypto asset exposures. Such high regulatory capital requirements will make many banks reluctant to hold such crypto assets.
Project Dynamics
Bloomberg: Galaxy, Jump, and Multicoin are seeking to raise $1 billion to purchase SOL.
According to Bloomberg, Galaxy, Jump, and Multicoin are seeking to raise $1 billion to purchase SOL.
OKX Star: A $100 million X Layer ecosystem fund will be launched.
OKX founder and CEO Star stated on the X platform: 'True sages understand that crypto is a marathon, not a sprint. X Layer was born for the long term, which is why we will launch a $100 million X Layer ecosystem fund to support builders globally in creating the next wave of on-chain applications.'
Metaplanet increased its holdings by 103 BTC, bringing its total to 18,991 BTC.
Simon Gerovich, CEO of the publicly listed company Metaplanet in Japan, tweeted that Metaplanet acquired 103 BTC for approximately 1.736 billion yen (about $11.775 million), achieving a 479.5% BTC return since the beginning of 2025. As of August 25, 2025, the holding amount is 18,991 BTC, acquired at approximately 28.5833 billion yen (about 15.05 million yen/1 BTC).
Previously reported that Metaplanet was included in the FTSE Japan Index and global indices due to strong performance in Q2.
Pudgy Penguins CEO: This year's revenue is expected to reach $50 million, with plans for an IPO within two years.
According to Decrypt, Pudgy Penguins CEO Luca Netz stated in an interview that Pudgy Penguins' revenue this year is expected to set a record of $50 million, and he hopes to see Pudgy Penguins' stock traded publicly by 2027. He added that the specific timeline for the IPO depends on Pudgy's revenue growth. 'If we don't go public within the next two years, I would be very disappointed in myself.'
Binance Alpha and Binance Contracts will launch Bitlayer (BTR).
According to an official announcement, Binance Alpha will launch and open trading for Bitlayer (BTR) at 6 PM (UTC+8) on August 27. Additionally, Binance's contract platform will launch BTRUSDT perpetual contracts at 6:30 PM (UTC+8) on August 27, with a maximum leverage of up to 50 times. All eligible Binance users will receive exclusive token airdrops from Binance. Eligible users need to claim the airdrop using Binance Alpha points from 6 PM (UTC+8) on August 27 to 6 PM (UTC+8) on August 28.
Binance's contracts will launch SOMIUSDT USDT perpetual contract pre-trading.
According to an official announcement, Binance's contract platform will launch SOMIUSDT perpetual contract pre-trading on August 25, 2025, at 5:30 PM (UTC+8), with a maximum leverage of up to 5 times.
Binance: Hold 200 Alpha points to claim 750 MTP token airdrop.
According to an official announcement from Binance, Multiple Network (MTP) Alpha trading will start at 10 PM (UTC+8) on August 25. After trading begins, users holding at least 200 Binance Alpha points can claim 750 MTP tokens as an airdrop. First come, first served. If the event is not over, the score threshold will automatically decrease by 15 points each hour. Claiming the airdrop will consume 15 Binance Alpha points. Users must confirm the claim within 24 hours on the Alpha activity page, otherwise, it will be considered a waiver of the airdrop.
Binance: Hold at least 241 Alpha points to participate in the OVERTAKE (TAKE) TGE event.
According to an official announcement, users with at least 241 Alpha points can participate in this TGE event through the Alpha activity page. Participating in this TGE event will consume 15 points. Previously, it was reported that Binance Wallet's Bonding Curve version TGE will launch OVERTAKE (TAKE). Subscription time: from 4 PM to 6 PM on August 25, 2025 (UTC+8). Eligibility: Eligible users must use Binance Alpha points to participate.
Binance will launch BIOUSDC U-based perpetual contracts.
According to an official announcement, Binance's contract platform will launch BIOUSDC U-based perpetual contracts at 3:15 PM (UTC+8) on August 25, with a maximum leverage of up to 75 times.
Michael Saylor has again released Bitcoin Tracker information, which may disclose accumulation data.
Michael Saylor has released Bitcoin Tracker information again on the X platform, stating: 'Bitcoin is on Sale.' Based on previous situations, he usually discloses Bitcoin accumulation data the day after releasing Bitcoin Tracker information.
Opinions & Analysis
Vitalik: If prediction markets offer interest, it will drive an increase in trading volume and lead to a surge in hedging use cases.
Regarding the debate over the merits of prediction markets, Ethereum founder Vitalik stated, 'Currently, most mainstream prediction markets do not offer interest, which makes them very unattractive for hedging because participation means sacrificing a 4% annual interest rate in USD. It is expected that once this issue is resolved and trading volume increases further, there will be a large number of hedging use cases.'
CryptoQuant: Ethereum is expected to continue outperforming Bitcoin in the short to medium term.
CryptoQuant analyst CryptoMe indicated that Ethereum has recently outperformed Bitcoin. The rise in open interest (OI) on the Chicago Mercantile Exchange and the fact that retail investors have yet to join suggests that this disparity may continue in the short to medium term.
JPMorgan: The Fed is unlikely to cut rates at the September FOMC meeting.
According to South Korean media News1, investment bank JPMorgan released a report predicting that despite Federal Reserve Chairman Powell hinting at interest rate cuts, it will be difficult for the Fed to cut rates at the September Federal Open Market Committee (FOMC) meeting. There will be serious internal conflicts regarding rate cuts at the Fed's September meeting. As dovish Steven Miran joins the committee, the dovish voice is gradually increasing, reducing the likelihood of a unanimous decision.
Arthur Hayes: The crypto bull market will last until 2028.
According to BeinCrypto, former BitMEX CEO Arthur Hayes stated at the opening ceremony of the WebX conference in Tokyo on August 25 that driven by changes in U.S. stablecoin policy, the crypto bull market will last until 2028. The U.S. aims to shift the $10 to $13 trillion Eurodollar market to a government-controlled stablecoin ecosystem for fiscal control. DeFi platforms like Ethena and Hyperliquid are expected to benefit from the influx of liquidity from stablecoins.
Analysis: LPs are acting cautiously due to the collapse of LUNA and FTX, and medium-sized crypto funds may become 'hollowed out' in the future.
According to The Block, industry insiders revealed that since the collapse of Terra (LUNA) and FTX in 2022, the scale of financing for cryptocurrency venture capital has drastically shrunk, as LPs have become more cautious, and crypto venture capital is now competing for funding inflows against ETFs and DATs. The Block Pro data shows that in 2022, 329 funds raised over $86 billion, but this number plummeted to $11.2 billion in 2023 and dropped to $7.95 billion in 2024. As of 2025, only 28 funds have raised $3.7 billion. Both the amount of financing and the number of funds have shown a sharp declining trend, reflecting LPs' stricter capital selection. Although family offices, wealthy individuals, and native crypto funds remain actively supportive of crypto venture capital, these institutions have significantly withdrawn since 2022, and smaller funds with robust capabilities that are below $50 million may have a chance to survive, while larger funds like Paradigm and a16z will also survive, but medium-sized crypto funds may become 'hollowed out' and gradually disappear.
Analysts: ETH reaches new highs, with upward prospects surpassing BTC.
According to Coindesk, several analysts stated that ETH's breakthrough above $4,900 indicates a bullish momentum. Crypto Rover noted that exchange reserves are shrinking at a record pace, indicating rising demand and continuous upward price pressure. Analyst Miles Deutsher pointed out that BTC's upward momentum has stalled near recent highs, while ETH has just broken through the price discovery phase, with strong buying activity on dips, and typically, when BTC weakens, traders turn to relatively strong assets (ETH).
Wall Street may bet on Ethereum becoming the preferred blockchain for RWA, but investment risks still exist.
According to Zhitong Finance, billionaire investor Peter Thiel is betting that Ethereum will become the preferred platform for Wall Street's RWA, as his investment company Founders Fund has heavily invested in Ethereum-related assets and invested in multiple companies that use Ethereum as a reserve asset, including ETHZilla and Bitmine. Peter Thiel's investment logic in Ethereum is based on the idea that if Ethereum can become an alternative channel for processing the settlement and clearing of dollars, stocks, and other assets outside the traditional financial system, its native token will benefit significantly from increased network activity. However, Nansen's research analyst Nicolai Søndergaard pointed out that the claim that 'Wall Street is rebuilding its financial infrastructure on Ethereum' is more of a marketing rhetoric to attract people to buy Ethereum concept stocks.
Important Data
Ethereum spot ETF saw a net outflow of $238 million last week, ending a 14-week streak of net inflows.
Bitcoin spot ETF saw a net outflow of $1.17 billion last week, with BlackRock's ETF IBIT leading with a net outflow of $615 million.
Bitwise: The scale of stablecoins holding U.S. Treasury bonds ranks 17th in the world.
Data released by Bitwise Asset Management shows that as of March 31, the value of U.S. Treasury bonds held by stablecoins was slightly below $200 billion, ranking 17th globally.
Hyperliquid: 24-hour spot trading volume reached a new high of $3.4 billion.
Hyperliquid tweeted that its spot trading volume hit a 24-hour high of $3.4 billion, mainly due to the increase in BTC and ETH deposits and spot volume driven by Unit. This makes Hyperliquid the second-largest BTC spot trading platform among centralized and decentralized exchanges, with a 24-hour trading volume of $1.5 billion for BTC alone.
Pump.fun's revenue last week accounted for about 90% of all Launchpad income on the Solana network.
According to SolanaFloor monitoring, pump.fun's revenue last week exceeded that of all other memecoin launch platforms on the Solana network, accounting for nearly 90% of total revenue.
Raydium has spent $196.3 million to repurchase 71 million RAY, accounting for 26.4% of the circulation.
According to data from contributor 0xINFRA cited on the X platform, Raydium has repurchased a total of $196.3 million worth of 71 million RAY, accounting for 26.4% of the circulating supply.
BTC briefly fell to $110,400 in the early hours, with a liquidation of $513 million in the past 12 hours.
OKX's market data shows that BTC briefly fell to $110,481.8 in the early hours, currently reported at $113,454.8 per coin, down 0.05% during the day. Additionally, Coinglass data shows that $513 million in liquidations occurred across the cryptocurrency market in the past 12 hours, of which long positions accounted for $381 million and short positions $133 million. The total liquidation amount for BTC was $224 million, and for ETH it was $170 million.
ETH reached a peak of $4,957.98 this morning, setting a new historical high.
OKX's market data shows that ETH broke through $4,900 around early morning today, peaking at $4,957.98, setting a new historical high, currently reported at $4,777.79 per coin, down 0.01% during the day.
Data: Tokens such as JUP, KMNO, and HUMA will see significant unlocking next week, with JUP unlocking worth about $27.1 million.
Token Unlocks data shows that tokens such as JUP, KMNO, and HUMA will see significant unlocking next week, including:
Jupiter (JUP) will unlock approximately 53.47 million tokens at 10 PM Beijing time on August 28, accounting for 1.78% of the current circulation, worth about $27.1 million.
Kamino (KMNO) will unlock approximately 229 million tokens at 8 PM Beijing time on August 30, accounting for 6.81% of the current circulation, worth about $13.3 million.
Huma Finance (HUMA) will unlock approximately 378 million tokens at 9 PM Beijing time on August 26, accounting for 23.38% of the current circulation, worth about $10 million.
Venom (VENOM) will unlock approximately 59.26 million tokens at 4 PM Beijing time on August 25, accounting for 2.34% of the current circulation, worth about $8.9 million.
Sophon (SOPH) will unlock approximately 267 million tokens at 9 PM Beijing time on August 28, accounting for 12.94% of the current circulation, worth about $8.9 million.
AltLayer (ALT) will unlock approximately 240 million tokens at 6 PM Beijing time on August 25, accounting for 6.01% of the current circulation, worth about $8.5 million.
Sahara AI (SAHARA) will unlock approximately 84.27 million tokens at 8 PM Beijing time on August 26, accounting for 3.97% of the current circulation, worth about $7.3 million.
Renzo (REZ) will unlock approximately 448 million tokens at 7 PM Beijing time on August 30, accounting for 11.36% of the current circulation, worth about $6.2 million.
"The dormant BTC ancient whale that has been inactive for seven years" liquidated two ETH long positions for a profit of $39.36 million in three days.
A giant whale/institution liquidated over 10,000 ETH in the past 13 hours, totaling a profit of $51.7 million.
A whale transferred 1,962 ETH to OKX after holding it for 11 years, making a profit of $4.7 million.
