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ETH/BTC exchange rate fell to 0.03465, the lowest since April 2021

ETH/BTC exchange rate has fallen to 0.03465, a new low since April 2021. The market is volatile, please be prepared for risk control.

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  • Vitalik: Significant Progress in Mobile Offline Local Knowledge Applications, but Problem-Solving Ability Still Weaker than Notebook-Level Models

    On September 26, Ethereum co-founder Vitalik Buterin posted on X that he is testing a mobile offline local knowledge application recently developed by the community (with a related bounty link attached). He noted that these applications are significantly better than the product he attempted to build himself two months ago, but they still perform slower and less effectively than models that can run on a notebook when handling complex problems. Vitalik pointed out that the weakest aspect of these applications is professional travel-related queries, citing the test case 'Tell me the best vegetarian restaurant in my current city,' but none of the tested applications performed well. He expressed hope for continued improvements in such products and wishes to reach a level where users can comfortably query any facts of interest without needing an internet connection.

  • This Week, U.S. Bitcoin Spot ETFs See Net Inflows of Approximately $2.386 Billion, Led by IBIT

    On September 26, according to data from Farside Investors, U.S. Bitcoin spot ETFs experienced a total net inflow of $2.3858 billion this week. In terms of individual products, BlackRock's IBIT led with a net inflow of $1.1576 billion, followed by Fidelity's FBTC with $701.6 million, ARK 21Shares' ARKB with $294.7 million, Morgan Stanley's MSBT with $203.3 million, and Bitwise's BITB with $13.9 million. BTCW recorded a net outflow of $3.2 million, while BTCO and BRRR remained flat at zero.

  • Ethena: USDe-Related Token Incentives to Reach Zero, Down Approximately 85% Since 2024

    On September 26, Ethena announced that since the first airdrop in 2024, token incentives related to the growth of USDe have decreased by approximately 85% from 2024 to this year. The official statement indicated that by the end of this month, token incentives and additional issuance related to USDe will reach zero, and there will be no further incentive arrangements thereafter. Ethena also expressed gratitude to all users who have participated and supported the development of the product to date.

  • Analyst: Bitcoin Enters Bull Market Phase as MVRV Ratio Surpasses 1.0 Baseline

    On September 26, crypto analyst Axel Adler Jr. stated that Bitcoin has transitioned from an early bull market to a bull market phase. The adjusted MVRV 30-day/365-day moving average ratio he tracks broke above the 1.0 baseline on September 20 (with the short-term average surpassing the annual average), at which point BTC was priced at $80,691. Previously, this ratio had crossed above the 365-day moving average on August 20, marking the entry into the early bull market when BTC was priced at $71,255; this phase lasted for 31 days, during which Bitcoin rose by 13%. The current ratio stands at 1.018, with BTC priced at $84,156. As long as it remains above 1.0, the structure will maintain a bullish outlook. This marks the sixth such transition since 2012, and in four of the previous five instances, the bull market ended with prices above the entry price, with the only exception being August 2015, when the bull market lasted only 16 days.

  • CFTC Sues Cash FX Over $950 Million Crypto-Related Forex Scam, Investors Lose at Least $406 Million

    On September 26, Cointelegraph reported that the U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Cash FX Group and three individuals, involving $950 million and elements of cryptocurrency. The defendants include Cash FX and its CEO Huascar Jose Lopez Castillo (Brazil), The Conversion Pros and its CEO Ronald Pope (Oregon), as well as Justin Halladay (Florida). The CFTC stated that the complaint was submitted to the U.S. District Court for the Middle District of Florida on Friday. The agency accuses the defendants of operating a multi-level marketing Ponzi scheme, raising over $950 million under the guise of trading retail forex contracts in a commodity pool, falsely claiming that funds were managed by expert traders, proprietary algorithms, and artificial intelligence, with promises of returns as high as 15% per week. The CFTC pointed out that Cash FX engaged in very little actual forex trading, misappropriating most participants' funds to pay fictitious trading profits with new investments, while funneling millions of dollars to the defendants and providing false accounting statements. Participants have suffered losses of at least $406 million.

  • China and the U.S. Reach Consensus on Eight Key Outcomes

    On September 26, according to CCTV, Chinese President Xi Jinping made a state visit to the United States from September 23 to 25. During this period, the two heads of state engaged in in-depth discussions on building a constructive strategic stable relationship between China and the U.S. and addressing major international and regional issues, reaching a consensus on eight key outcomes, including: 1. Both sides agreed to establish a 'constructive strategic stable relationship based on respect, fairness, and equality.' 2. Both sides agreed to support each other in successfully hosting the informal meeting of APEC leaders and the G20 leaders' summit, with both heads of state intending to attend each other's hosted meetings. 3. The two heads of state agreed that Iran should fulfill its commitment not to develop nuclear weapons, and that no country or organization should impose tolls on international waterways. 4. The two heads of state recalled that China and the U.S. were allies in World War II, fighting side by side to achieve victory. 5. The two heads of state recognized the positive role of the China-U.S. economic and trade consultation mechanism and the outcomes of consultations by both economic and trade teams, including the establishment and promotion of mechanisms such as the Trade Council, reaching a '30 billion USD' reciprocal tariff reduction arrangement, and postponing the results of the Kuala Lumpur economic and trade consultations, and instructed for their implementation. 6. The cooperation between the drug enforcement agencies of China and the U.S. has yielded visible results. Recently, both sides closely collaborated to jointly crack multiple cases involving new psychoactive substances and precursor chemicals, resulting in the arrest of dozens of related criminal suspects in both countries. 7. Both sides agreed to establish a China-U.S. dialogue on artificial intelligence to discuss the associated risks and benefits. The next dialogue will be held in November this year, and both sides agreed to establish a communication channel for AI-related incidents. 8. The U.S. welcomed the loan of a pair of giant pandas from China to the Atlanta Zoo. In addition, the military of both countries agreed to sign a memorandum of understanding to strengthen crisis communication and prevention as soon as possible and to continue cooperating in the search for the remains of U.S. military personnel missing in China.

  • New SEC Guidelines: Staked ETH Receipt Tokens Do Not Constitute Securities, Provided They Are Purely 'Receipts'

    On September 26, according to BeInCrypto, the U.S. SEC's Division of Corporation Finance released new guidelines clarifying that tokens received from staking Ethereum do not constitute securities, provided their function is purely as 'receipts'. The document states that when tokens are backed by 'digital commodities', staked receipt tokens are considered 'digital tools'; the SEC and CFTC listed 16 types of digital commodities in a clarification document on March 17, including Ethereum (ETH). The guidelines set conditions: tokens must not alter the rights associated with the staked ETH or provide additional rewards, and service providers must not lend, stake, or reuse the deposited tokens; this contrasts with Kraken's $30 million fine in 2023 for promoting yield and shutting down its staking services in the U.S. The document also covers buybacks: announcing a buyback when the network is operational does not constitute a commitment that would turn the tokens into securities; however, it may still constitute one if the network is not yet complete.

  • US Lawmakers Propose Bill to Ban Chinese Optical Transceivers in National Security Systems

    On September 26, a bipartisan group in the U.S. Senate proposed a bill on September 25 aimed at prohibiting the federal government from installing Chinese-made components used for data transmission in artificial intelligence data centers within sensitive systems. The bill was jointly initiated by Republican Senators John Cornyn and Mike McCaul, along with Democratic Senators Jon Tester and Alex Padilla, and primarily targets optical transceiver modules produced by Chinese companies such as New H3C Technologies. Currently, Chinese optical transceiver manufacturers dominate this core component market in AI data centers.

  • SEC and CFTC Update Crypto FAQs: Token Buybacks and Network Upgrades Not Necessarily Securities, CFTC Allows On-Chain Record Keeping

    On September 26, the U.S. Securities and Exchange Commission's Division of Corporation Finance released an updated FAQ on September 25, clarifying that token buybacks, network upgrades, and marketing statements do not automatically make crypto assets securities. SEC staff noted that announcing a buyback plan for an operational crypto network does not, by itself, make the associated tokens investment contracts; however, if the network is not operational and the issuer promotes the buyback as a source of returns for holders, it may be a different case. The FAQ also clarified that services provided once a crypto system is operational, aimed at securing, maintaining, improving, or enhancing the system or its functions, or promoting network effects, do not constitute managerial efforts under the Howey test. Marketing existing uses of the network typically does not create profit expectations, and statements about future functionalities do not either, provided there is no promotion of profit potential. This update reiterates that conclusions will still heavily depend on specific cases and are based on the SEC's interpretative release regarding the applicability of securities laws to crypto assets issued in March this year. On the same day, the Commodity Futures Trading Commission updated its crypto FAQ, allowing futures firms and clearinghouses to invest customer funds in tokenized versions of previously permitted assets, provided they meet investment and custody requirements. CFTC staff also indicated that regulated companies may use blockchain for record keeping but must still be able to provide records if the blockchain or its block explorer is non-operational. These updates come as the CLARITY Act failed to advance in the Senate, with regulators continuing to push forward with the crypto regulatory framework based on existing laws.

  • BTC Surpasses $84,000

    Market data shows that BTC has surpassed $84,000, currently priced at $84,004, with a 24-hour decline of 0.25%. The market is experiencing significant volatility, so please ensure proper risk management.

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