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The decentralized derivatives exchange Aster, which is backed by YZi Labs, was recently delisted by data aggregator DefiLlama due to concerns over the integrity of its reported trading volumes. This action came after Aster’s trading volume unexpectedly surged, even overtaking rival Hyperliquid, one of the industry's significant performers. DefiLlama's founder, 0xngmi, pointed out that Aster's reported figures suspiciously mirrored those of Binance's perpetuals market. The delisting has sparked a wider conversation about the influence of data providers in the DeFi space, with Aster supporters criticizing DefiLlama for alleged centralization, while critics question the authenticity of Aster’s rapid growth, which included a $41.78 billion 24-hour volume on CoinMarketCap, compared to over $9 billion for Hyperliquid. Industry experts note that wash trading and volume inflation are estimated to affect a quarter of exchanges, with methods including high-frequency bots and incentivizing artificial activity for airdrop qualification.
The debate highlights the difficulty in accurately measuring activity in decentralized markets, particularly when platforms are competing fiercely for dominance in the perpetual trading volume sector, which accounts for approximately 80% of the crypto market. Aster, which has allocated 53% of its tokens to airdrops, saw its top five wallets generate $85 billion in trading volume over 30 days, suggesting that users may be gaming the system to farm airdrop points. While trading volume is a common metric, open interest is often considered a more reliable indicator of genuine market participation, as it reflects locked collateral and sustained positions; in this metric, Hyperliquid led with $14.68 billion in open interest, compared to Aster’s $4.86 billion, according to CoinMarketCap data. DefiLlama defended its decision by stating it has delisted other perpetual DEXs like Lighter for similar wash trading concerns, underscoring the ongoing challenge for analytics firms to detect fraudulent activity in the absence of traditional finance's strict capital markets and securities rules. Source
S&P Dow Jones Indices, a division of S&P Global, is launching the S&P Digital Markets 50 Index, a new financial product designed to track the performance of both digital assets and publicly traded companies focused on the crypto space. The new index will monitor 35 companies involved in the digital asset industry, such as infrastructure providers, financial services firms, and blockchain applications, alongside 15 selected cryptocurrencies. These cryptocurrencies will be drawn from the S&P Cryptocurrency Broad Digital Market Index, a benchmark that already tracks over 300 digital coins and tokens; however, the company explicitly stated that meme coins would not be included in the new index. The debut of the index, which comes as crypto markets and related equities have been surging, aims to provide market participants with a transparent, rules-based tool to evaluate and gain exposure to the rapidly evolving sector.
In a collaboration, Dinari, a provider of tokenized U.S. public securities, will issue a token called dShares that tracks the S&P Digital Markets 50 Index, allowing investors to access both traditional U.S. equities and digital assets within a single product. S&P Global's Chief Product & Operations Officer noted that the new index suite reflects the shift of cryptocurrencies and the digital asset industry from the margins to a more established role in global markets. The announcement comes amid a broad market rally, including Bitcoin recently hitting a new all-time high of $126,080. The partnership with Dinari also demonstrates how blockchain infrastructure can be leveraged to modernize trusted financial benchmarks, offering a novel way for investors to interact with the combined performance of both crypto assets and the companies that form their ecosystem. Source
The legal settlement between Ripple Labs and the US Securities and Exchange Commission in August 2025 marked a pivotal moment for XRP, transforming its standing from a high-risk asset to one favoured by Wall Street and institutional investors. Introduced in 2012 as a fast, cost-effective asset for cross-border transactions, XRP’s growth was severely curtailed by the SEC's 2020 lawsuit alleging unregistered securities offerings, which discouraged major financial institutions from using its network. The $125 million settlement ended the nearly five-year battle, reaffirming that XRP is not a security in secondary-market transactions, thereby restoring institutional trust and opening the door for new financial products like proposed XRP exchange-traded funds (ETFs) and expanded exchange listings. This newly clarified legal status gives XRP a distinct advantage over many other cryptocurrencies that still face regulatory uncertainty.
The removal of the regulatory hurdle propelled XRP past Ether in several key metrics in 2025, signalling a shift in institutional adoption toward utility-focused assets. Unlike Ether’s ecosystem, which is centred on decentralized finance and smart contracts, the XRP Ledger focuses on payment efficiency with minimal fees and three to five-second settlement times. Institutional interest was evident even before the August settlement, with strong price gains, higher trading volumes, and inclusion in regulated portfolios, as highlighted by custodian data showing XRP made up 3.9% of BitGo's holdings by mid-2025. Furthermore, the introduction of CME Group XRP futures in May 2025 saw significant trading volume and open interest climbed past $1 billion by August, demonstrating rising demand for regulated exposure. Despite this growth, challenges remain, including potential regulatory hurdles outside the US, competition from rival technologies, and a dependence on institutional investment rather than a large developer community. Source
BNB, the Binance-backed token, has been experiencing a significant surge, setting a new all-time high of $1,330 and overtaking Tether to become the third-largest cryptocurrency by market cap, following a 27% rise in value over the last week. Amid this historic rally, the Nasdaq-listed firm CEA Industries Inc. (trading as BNC) announced that its treasury now holds 480,000 BNB tokens. This total investment, acquired at an average cost of $860 per token for a cost of approximately $412.8 million, is now valued at $611 million thanks to the coin’s recent performance. Shares of CEA Industries rose 8% following the revelation, underscoring the positive market reaction to the company’s digital asset strategy.
CEA Industries has positioned itself as the largest BNB treasury company, with the stated ambition of owning 1% of the total BNB token supply by the end of 2025, mirroring the strategies of other firms with significant Bitcoin and Ethereum holdings. The company's CEO, David Namdar, commented that the token’s record highs validate that global markets are recognizing the inherent value, credibility, and utility of the asset and its surrounding ecosystem. Experts suggest the recent rally has been fuelled by growing institutional interest and increased on-chain activity, particularly driven by the rising use of the BNB-based perpetual futures exchange Aster. Source
The crypto landscape in 2025 is threatened by increasingly sophisticated scams that exploit human behaviour and advanced technology to steal funds and sensitive data. One major threat comes from advanced phishing attacks, which now include malicious wallet drainers that automatically transfer funds after a victim approves a seemingly benign transaction on a fraudulent site. Quishing, which involves malicious QR codes leading to phishing pages, and spear phishing, which uses highly personalized, urgent messages to pressure specific individuals, are also common tactics. Another pervasive threat is the "rug pull," particularly in the hyped DeFi and NFT sectors, where developers suddenly liquidate all assets and disappear with investor funds; this scam alone is estimated to have caused nearly $6 billion in losses in early 2025, a massive increase from the previous year.
Beyond fraudulent projects, impersonation scams and AI-powered deepfakes are undermining trust across the ecosystem. Impersonation, often seen on social media platforms, involves fraudsters posing as developers or verified influencers to run fake giveaways or trick users into sharing wallet access, contributing to the estimated $9.9 billion global loss from crypto scams in 2024. Furthermore, AI-powered deepfakes create highly realistic video and voice clones of executives and celebrities, which are used to promote fraudulent investment programs, exploiting a sense of urgency and fear of missing out. Finally, fake crypto support scams are on the rise, with criminals posing as customer service agents from major exchanges or wallet providers on social media to trick victims into sharing private keys, seed phrases, or 2FA details under the guise of offering assistance or a fake refund. Source
The crypto market is no longer primarily driven by retail traders but by long-term institutional capital, according to executives from Bitwise Asset Management and Aspen Digital. Hong Kim, CTO of Bitwise, likened the launch of spot Bitcoin exchange-traded funds (ETFs) to "the IPO moment for Bitcoin," noting that public companies and professional investors are now driving the majority of investment flows. This shift is evidenced by the consistent, multi-billion-dollar quarterly inflows into US spot Bitcoin ETFs, which now collectively hold over $169 billion in value, representing around 6.8% of the asset's total market cap. This steady pace of accumulation is seen as a more durable and stable form of demand compared to the speculative trading that characterized earlier market cycles.
Elliot Andrews, CEO of Aspen Digital, confirmed this trend, stating that high-net-worth clients and family offices are now treating crypto as a long-term, risk-adjusted allocation within a diversified portfolio, marking an end to the "chasing 100x returns" era. Both executives highlighted the maturation of the institutional infrastructure, citing that custody issues have been largely resolved by providers like Coinbase and Fidelity, and that structural and political developments have eased wealthy clients' concerns. This influx of stable capital from wealth managers and investment advisers has reduced volatility and helped push Bitcoin's price to new all-time highs, with investors increasingly viewing the asset as a hedge against the debasement of the US dollar. Source
Bitcoin reached a new all-time high of $126,200 after global crypto exchange-traded products (ETPs) recorded a historic weekly net inflow of $5.67 billion. This surge reflects a renewed investor conviction in the "debasement trade" narrative, driven by growing fiscal and geopolitical risks and weakening confidence in fiat currencies like the US dollar. Spot Bitcoin exchange-traded funds (ETFs) led these inflows, attracting $3.49 billion, followed by Ethereum with $1.49 billion, and ex-Ethereum altcoins with $685 million. The report noted that while the US Dollar Index has fallen 10% year-to-date and gold has surged 50%, many investors now view Bitcoin as a superior digital hedge offering greater potential for asymmetric upside in the race against currency debasement.
The current rally appears to be disproportionately institutional, with executives and analysts citing a structural demand for store-of-value assets fueled by the US fiscal landscape, swelling federal deficits, and the expectation of sustained monetary easing. On-chain data supports this institutional dominance, showing over 49,000 BTC withdrawn from exchanges by whale entities. However, not all signals are purely bullish; on-chain activity from small transactions, typically driven by retail traders, has been steadily declining since spring 2024, even as the price has climbed. This divergence suggests the advance is institution-led, hinting at a degree of retail fatigue beneath the surface of Bitcoin’s overall bullish momentum. Source
Markethive has established a robust and sustainable economic framework by diversifying its revenue streams to shield itself from the inherent volatility of the cryptocurrency market. This financial stability is fundamentally anchored by its subscription services, which offer users tiered access to a comprehensive suite of tools ranging from basic functionalities to advanced features like SEO Pro and Entrepreneur One. The recurring nature of this subscription income provides a predictable stream of capital for long-term planning and continuous platform development. In addition to subscriptions, the platform leverages its core offerings of marketing and broadcasting services as major revenue drivers, including features like Social Network Broadcasting, Smart Mail Autoresponders, and Supergroups, which are constantly in demand by the entrepreneurial community for effective promotion and brand establishment.
Beyond recurring subscriptions and core services, Markethive’s revenue is further bolstered by premium feature upgrades and a direct link between its native token, Hivecoin, and real economic activity on the platform. Hivecoin is the primary medium of exchange, incentivizing its use for service purchases through discounts, which creates a steady flow of value. A truly unique and transformative aspect of this revenue model is the commitment to its Entrepreneur One members: 25% of Markethive's net revenue is distributed monthly through the Incentivized Loan Procurement (ILP). This significant allocation of revenue directly positions Entrepreneur One members as genuine stakeholders, reinforcing Markethive's dedication to empowering its community for long-term, shared success and prosperity while ensuring the platform's stability and growth, regardless of external market fluctuations. Source
The U.S. Securities and Exchange Commission (SEC) is moving to codify a formal “innovation exemption” framework that would allow cryptocurrency and fintech startups to operate and experiment under regulatory supervision, a move expected to be finalized by the end of the year. This proposal, announced by SEC Chair Paul Atkins, is the agency's most direct effort to replace the previous administration's approach of "regulation by enforcement"—which crypto advocates claim led to a "repression" of the industry and pushed development overseas—with a defined, clear-cut framework. Industry leaders view this as a pivotal step toward bridging the gap between financial innovation and regulation, providing a path for on-chain projects to test new models in areas like DeFi and tokenization without the fear of immediate enforcement action or costly legal battles.
The proposed framework aims to bring compliant innovation back to the U.S. market by giving regulators a direct, "front-row seat" to observe how new financial technologies actually function. The SEC Chair previously directed staff to explore this “conditional exemptive relief framework” back in June, and the agency is now moving ahead with formalizing the plan. The new structure is seen as critical for long-term competitiveness, as it would significantly lower the barrier to responsible experimentation for compliant-minded firms that were previously forced to build outside the U.S. due to regulatory uncertainty. However, the effectiveness of the exemption ultimately depends on whether the resulting rules are practical and genuinely fit the functionality of crypto systems, rather than being mere regulatory theater. Source
The Bank of England (BoE) is reportedly considering softening its initial proposal to cap corporate stablecoin holdings after facing significant pushback from the industry, as the United Kingdom attempts to remain competitive in the $314 billion global stablecoin market. The central bank had originally proposed strict limits—£20,000 (about $27,000) for individuals and £10 million for companies—citing concerns that widely used tokens like USDt and USDC could pose systemic risks and undermine the government's ability to control the money supply. However, sources suggest the BoE may now introduce exemptions for crypto-native firms, which require larger stablecoin reserves for trading and liquidity management, acknowledging that the initial caps were deemed impractical by the industry.
This evolving stance highlights the UK’s difficult task of balancing financial stability with the need to foster innovation in the rapidly growing digital asset sector, particularly as it faces international competition from the US, which recently moved toward clearer regulation with the signing of the GENIUS Act. Governor Andrew Bailey, who previously warned that private stablecoins could threaten financial stability, has recently adopted a more conciliatory tone, recognizing that stablecoins could coexist within the broader financial system. The UK's cautious approach contrasts with the surging global market, which is predominantly dollar-pegged, while pound-pegged stablecoins remain a negligible fraction of the total circulation. Source
The broader altcoin market is struggling to keep pace with the significant gains seen by Bitcoin and Ethereum, a divergence that experts attribute to a maturing market where capital is concentrating in high-liquidity, high-certainty assets. This shift is structurally driven by major institutional flows, such as those pouring into Bitcoin ETFs and corporate treasuries, which are overwhelming the impact of retail trading. The result is a structurally divided market where only major tokens like BNB, XRP, and Solana are posting double-digit year-to-date gains, while most others are seeing lackluster performance, with the percentage of coins trading above their 200-day moving average significantly declining from its yearly peak.
Experts note that many altcoins are being left behind because they lack clear use cases and have failed to connect with new market narratives, leading to a loss of patience with purely narrative-driven tokens, especially those with high valuations and low circulating supplies. This shift in capital flow reflects increasing institutional participation and discipline in evaluating projects based on merit, minimizing the impact of retail-driven rallies based purely on "vibes." While a future altcoin rally is anticipated when Bitcoin and Ethereum enter a consolidation phase, it is expected to be "highly selective," exclusively favoring tokens that are anchored to real-world utility and demonstrable value creation, rather than mere storytelling. Source
Solana generated $2.85 billion in annual revenue between October 2024 and September 2025, driven primarily by activity across its ecosystem, particularly trading platforms, which accounted for 39% or $1.12 billion of the total. The network's revenue is generated from transaction fees, flowing from various sectors, including decentralized finance (DeFi), memecoins, AI applications, decentralized exchanges (DEXs), and trading tools. The 21Shares report highlights that Solana's current growth significantly outpaces Ethereum's at a comparable stage in its lifecycle; Solana currently generates 20–30 times more monthly revenue and attracts approximately three times the number of daily active addresses that Ethereum did five years after its launch, largely due to its efficiency and low fees.
The network’s success is reinforced by growing institutional adoption and the rise of Solana treasury companies, which collectively hold nearly $4 billion worth of SOL on public company balance sheets. Forward Industries and Sharps Technology lead the 18 tracked entities that hold a combined 17.8 million SOL tokens. This institutional interest is expected to further intensify with the anticipated approval of several spot Solana ETF applications from major financial firms like Fidelity, VanEck, and Grayscale, which are currently awaiting a decision from the U.S. Securities and Exchange Commission. Despite a potential delay due to the U.S. government shutdown, market sentiment, as reflected on Polymarket, suggests a near-certainty of an approved Solana ETF by the end of the year. Source
Kazakhstan's financial authorities have significantly ramped up enforcement against illicit financial operations, resulting in the closure of 130 unlicensed crypto platforms and the confiscation of $16.7 million in digital assets. This nationwide campaign targeted platforms suspected of processing illicit funds, reinforcing the country's law that restricts crypto trading to platforms licensed by the Astana Financial Services Authority and integrated with the traditional banking system. Authorities also exposed 81 underground networks specializing in converting crypto to cash, which collectively processed more than $43 million, highlighting persistent vulnerabilities within the cash-based financial system, such as the use of bank cards registered under false identities.
In response to these vulnerabilities, and a $24.1 billion volume of cash extracted from ATMs over the measurement period, Kazakh authorities are introducing stringent control mechanisms. These include mandatory identity verification for payment card loads exceeding $913 and requiring financial institutions to preserve ATM surveillance footage for six months. Moving forward, the government is preparing to mandate biometric authentication—including facial recognition and fingerprint scanning—for all cash-based transactions. Experts view this as "one of the boldest experiments in tying physical identity to financial transparency," which, while intended to deter impersonation and enhance compliance, risks morphing into excessive financial surveillance without strong data-protection laws and independent oversight. Source
Strategy’s corporate treasury, consisting primarily of 640,031 Bitcoin (BTC), has surged in value to nearly $80 billion, placing it in competition with the massive cash reserves held by global tech giants. Following Bitcoin’s recent record high of $126,080, Strategy's stash, acquired at an average price of $73,981, is valued close to the cash and cash equivalents held by companies like Amazon, Google, and Microsoft, which each maintain reserves between $95 billion and $97 billion. Strategy has already surpassed the treasury values of companies such as Nvidia, Apple, and Meta. This growing digital treasury comes as Microsoft and Meta shareholders recently rejected proposals to allocate a portion of their cash positions to Bitcoin, despite the asset’s significant gains that would have protected profits from currency debasement.
The asset's rapid appreciation has fueled the narrative that Bitcoin is the ultimate "debasement trade," with analysts from JPMorgan and BlackRock CEO Larry Fink suggesting it serves as a critical hedge against US dollar inflation and the nation’s spiraling debt, which is nearing $38 trillion. While concerns over Bitcoin's volatility influenced the rejection of proposals by shareholders at Microsoft—who missed out on double-digit gains—the trend of corporate adoption is accelerating. Over 200 public companies now hold Bitcoin, up from fewer than 100 at the start of the year, with nearly all of them currently profitable on their investments, validating Strategy’s consistent purchasing strategy. Source
The official Chinese X account for the decentralized exchange PancakeSwap was recently compromised by hackers who used it to promote a fraudulent meme coin named "Mr. Pancake." This incident highlights a persistent vulnerability for major crypto projects, especially those related to Binance, as the BNB meme coin market has become a lucrative target for scammers. Despite the security breach, PancakeSwap's native token, CAKE, remained largely unaffected, trading at $4.30 after an intraday high and being up 6.4% over the 24-hour period. PancakeSwap's official global account promptly updated the public, confirming they were working with the X team to resolve the issue and cautioning users against clicking any links from the compromised account.
Security experts largely attribute the frequent success of these social media account hacks to human vulnerability, noting that many account controllers have weak security awareness and are susceptible to phishing attacks. This human factor remains the critical weakness, and the tactics employed are becoming increasingly sophisticated, including a reported 60% increase in incidents using AI-related phishing or deepfake technology, which is now widely accessible even to novice scammers. To prevent future incidents, experts recommend a multi-layered security approach, emphasizing the importance of strong, unique passwords and two-factor authentication without a linked phone number, while stressing that the onus is on companies to strictly enforce these basic security protocols. Source
The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), the largest federation of US trade unions, has expressed "serious concerns" regarding the Senate's draft crypto framework bill, the Responsible Financial Innovation Act (RFIA). In a letter to the Senate Banking Committee, the union argued that the bill, which is currently a discussion draft, would expose workers' retirement funds and the overall US financial system to significant risk because it lacks sufficient oversight and "meaningful safeguards." The AFL-CIO director claimed that rather than protecting workers from volatility, the legislation would increase their exposure by effectively "greenlighting" the inclusion of this risky asset class in retirement plans like 401(k)s and pensions.
The union also warned that the RFIA would create broader systemic risks, claiming it would subject the taxpayer-backed Deposit Insurance Fund to greater risk by allowing banks to custody crypto. Furthermore, the AFL-CIO asserted that the bill essentially "codifies the tokenization of securities and assets," creating a pathway for private companies to establish a "shadow public stock" market outside of Securities and Exchange Commission oversight. The labor union drew a comparison between these potential outcomes and the high-risk activities that triggered the 2008 financial crisis, cautioning that allowing banks to engage in crypto-based hedge fund trading under this new regime could be even riskier than those activities. Source
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
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