PA Daily | Zhao Changpeng may return to Binance, BNB market capitalization surpasses UBS; Bitcoin Spot ETF continues to see net inflows for 7 days

Today's News Reminder:

21Shares launches two new crypto ETPs: focusing on AI protocols and Raydium tokens.

Zhao Changpeng updated his X account profile, possibly hinting at a return to Binance.

Yala announces recovery plan: will destroy illegally minted YU tokens on September 23.

The Movement network will transform into a Layer 1 blockchain, supporting native token staking and Move 2.0.

Binance will delist the ALPHAUSDT perpetual contract on September 23.

The market capitalization of BNB has surpassed 133 billion USD, setting a new record and surpassing UBS to rank 166th globally in asset market capitalization.

Insiders: Galaxy Digital plans to launch its own tokenized money market fund.

Upbit will launch the TOSHI token on the KRW and USDT markets.

Macro

21Shares launches two new crypto ETPs: focusing on AI protocols and Raydium tokens.

21Shares announced the launch of two new cryptocurrency exchange-traded products (ETPs), namely the 21Shares Artificial Superintelligence Alliance ETP (AFET) and the 21Shares Raydium ETP (ARAY). It is reported that AFET aims to track a set of decentralized AI protocols, including Fetch.ai, SingularityNET, Ocean Protocol, and CUDOS, while ARAY provides investors with exposure to the Raydium token based on the decentralized exchange on Solana. AFET has reportedly been listed on Euronext Amsterdam and the Paris Stock Exchange, while ARAY is trading on the Swiss Stock Exchange SIX.

The Maltese financial regulator opposes the push for centralized cryptocurrency regulation in the EU.

According to a Reuters report, a spokesperson for Malta's financial regulator said on Tuesday that the agency opposes actions by other countries to empower EU securities regulators to supervise cryptocurrency companies. The Malta Financial Services Authority (MFSA) had its cryptocurrency licensing process scrutinized earlier this year. The agency stated that it supports the European Securities and Markets Authority's work to achieve “regulatory convergence” in cryptocurrency regulation but does not support regulatory centralization. Its spokesperson said in an email comment: “We believe that centralization at this stage will only add a layer of bureaucracy, which could reduce efficiency at a time when the EU is actively working to enhance competitiveness.” On Monday, France, Italy, and Austria called on the Paris-based European Securities and Markets Authority (ESMA) to take over the regulation of large cryptocurrency companies, citing concerns about the differences in how various countries are implementing the new EU cryptocurrency rules.

Zhao Changpeng updates his X account profile, possibly hinting at a return to Binance.

Binance founder Zhao Changpeng updated his X account bio this morning from “ex-@binance” to “@binance”, possibly indicating his imminent return to Binance. Earlier today, Bloomberg reported that Binance is in negotiations with the U.S. Department of Justice to dissolve the independent compliance oversight body sent by the latter.

Insiders: Galaxy Digital plans to launch its own tokenized money market fund.

According to The Block, sources reveal that Galaxy Digital, a digital asset investment firm led by Mike Novogratz, is planning to launch a tokenized money market fund. It is reported that the fund will debut in the coming months and will ultimately be launched on the Ethereum, Solana, and Stellar blockchains. However, the fund may not go live on all three blockchain networks on its launch day. Anchorage Digital will serve as the custodian for this new fund.

Financial Times: The UK and the US plan to engage in closer cooperation on cryptocurrency regulation.

According to the Financial Times in the UK, the US and the UK plan to embark on closer cooperation regarding cryptocurrency regulation. The report states that UK Chancellor of the Exchequer Rachel Reeves and US Treasury Secretary Scott Bessent discussed this cooperation during a meeting on Tuesday. Representatives from institutions such as US Bank, Barclays, Circle, Citigroup, Coinbase, and Ripple also attended the meeting. Cassie Craddock, Managing Director of Ripple for the UK and Europe, stated that this cooperation “is expected to set a benchmark for international collaboration in our industry, and the UK is poised to become a leading center for digital assets and innovation. Strengthening international cooperation between the US and the UK will further unleash the economic potential of blockchain technology in both countries.” Last week, industry groups urged the UK government to include stablecoins and tokenization in the “UK-US Tech Bridge” initiative.

Bitwise submitted stablecoin and tokenized ETF application documents to the SEC.

According to The Block, the asset management company Bitwise submitted a prospectus for the “Bitwise Stablecoin and Tokenized ETF” on Tuesday. According to the document, if the fund receives approval from the U.S. Securities and Exchange Commission (SEC), it will “provide investors with the opportunity to gain exposure to assets that are expected to benefit from the growing adoption of stablecoins and tokenization, as well as the fundamental transformation of trading and settlement of financial assets.” Bloomberg's senior ETF analyst Eric Balchunas stated that the Bitwise Stablecoin and Tokenized ETF might launch around the end of November (around Thanksgiving).

Bloomberg: Binance is in negotiations with the U.S. Department of Justice to dissolve the independent compliance oversight body it has stationed.

According to Bloomberg, sources have revealed that the cryptocurrency exchange Binance is negotiating a potential agreement with the U.S. Department of Justice that would allow Binance to avoid a key oversight requirement in exchange for paying $4.3 billion to settle allegations of “failing to take adequate measures to prevent money laundering.” Federal prosecutors are discussing the requirement for setting up external compliance monitors with Binance. Any changes to this requirement would mark the latest softening trend by the Department of Justice in employing independent oversight measures, following the removal of several monitors appointed by the Biden administration. The Department of Justice has yet to make a final decision on whether to abolish the three-year monitoring system. Before the Department of Justice's approval, Binance may still be subject to stricter compliance reporting requirements.

perspective

Economists: Japan's debt crisis risk may drive up demand for cryptocurrencies

According to economist Robin Brooks, Japan is facing a potential debt crisis, with its debt-to-GDP ratio reaching around 240%, further worsened by rising inflation and government bond yields. However, a U.S. economic recession may provide Japan with a brief respite, lowering global bond yields and easing fiscal pressures. Brooks points out that Japan is currently in a dilemma: maintaining low interest rates could lead to further depreciation of the yen and trigger uncontrollable inflation; allowing yields to rise further to stabilize the yen could jeopardize debt sustainability. This predicament may drive investors toward alternative financial instruments such as cryptocurrencies and stablecoins. Notably,

Zhao Changpeng: I have contacted about 50 potential DAT teams, only supporting a few strong companies.

The BNB Treasury Company B Strategy released a video of a conversation between its founder Leon Lu and Zhao Changpeng on platform X. In the video, Zhao Changpeng stated that BNB is a utility token and a native currency on multiple blockchains; BNB is also one of the few tokens with many use cases on CEX, including trading discounts, yield generation, Launchpad, Launchpool, Alpha, etc. Furthermore, it is also used for payments in some countries. Regarding the BNB Digital Asset Treasury Company (DAT), Zhao Changpeng mentioned that he has engaged with about 50 potential DAT teams but cannot provide support to all BNB DAT companies, only to a few strong companies.

Lee Ka-chao: Hong Kong will enrich gold investment tools and assist issuers in issuing tokenized gold investment products.

According to Jin Shi's report, the Chief Executive of the Hong Kong Special Administrative Region, John Lee, stated that he aims to promote Hong Kong as an international gold trading market; to expand gold storage, with a goal of exceeding 2000 tons in three years to build a regional gold reserve hub. This will enrich gold investment tools and assist issuers in launching gold funds and tokenized gold investment products.

Tether CEO: Tether's profit margin reaches 99%

Tether CEO Paolo Ardoino stated on the X platform that Tether's profit margin is as high as 99%.

Wintermute: The expectation of this interest rate cut has been gradually digested by the market, and BTC is unlikely to fluctuate violently.

According to an analysis by the crypto market maker Wintermute, as the Federal Reserve is likely to announce a 25 basis point rate cut tomorrow, Bitcoin traders are referencing six similar rate cut cases since 2019 to predict market reactions. Historical data shows that unexpected dovish shifts typically trigger significant volatility in Bitcoin during weak markets. However, compared to the past, this rate cut expectation has been gradually absorbed by the market, and the current macro environment is stable. Bitcoin has performed steadily recently, rising only 2.6% in the last 14 days, and there are no signs of market euphoria. Analysts point out that this rate cut may lead to a moderate liquidity-driven increase rather than severe volatility.

Project Updates

Ju.com has launched a buyback and destruction plan, and the first batch of compensation will be completed within 3 working days.

Ju.com has announced the launch of a buyback and destruction plan for its platform token JU. All buyback records are transparent and verifiable, with a 100% destruction rate to achieve deflation goals. In response to the 5M abnormal situation, the platform has activated the JuTrust insurance mechanism, with compensation plans covering computing power and token compensation, with the first batch of compensation to be completed within 3 working days. According to previous news, the JuCoin platform token JU plummeted in the early morning, and the platform responded that it was “affected by the overall market environment and external liquidity.”

Holding at least 200 Binance Alpha points can claim 640 MAIGA token airdrop.

Binance Alpha has announced that it will be the first platform to launch the Maiga.ai (MAIGA) project, with trading set to begin on September 17, 2025, at 19:00 (Beijing time). After trading starts, users holding at least 200 Binance Alpha points can claim an airdrop of 640 MAIGA tokens.

Binance Futures will launch TOSHIUSDT and STBLUSDT U-based perpetual contracts.

According to the official announcement, the Binance Futures platform will launch perpetual contracts at the following times: September 17, 2025, 13:30 (UTC+8): TOSHIUSDT perpetual contract, with a maximum leverage of 75x; September 17, 2025, 13:45 (UTC+8): STBLUSDT perpetual contract, with a maximum leverage of 50x.

Upbit will list EUL tokens and PLUME tokens on the BTC and USDT markets.

According to the official announcement, the South Korean cryptocurrency exchange Upbit will list the EUL token and the PLUME token on the BTC and USDT markets.

Upbit will launch the TOSHI token on the KRW and USDT markets.

According to the official announcement, the South Korean cryptocurrency exchange Upbit will list the TOSHI token on the KRW and USDT markets.

ACI suggests that Aave DAO recommends closing underperforming L2s and promoting reforms to the fork framework and linking performance incentives with KPIs.

The Aave Governance Advocacy Organization (ACI) has released a report on the status of the Aave DAO, stating that currently, more than half of the Aave cross-L2 and L1 replica instances are not economically viable. According to data from the beginning of the year to now, over 86.6% of Aave's revenue comes from the mainnet's proposal to shut down underperforming L2s, with relevant proposals set to be released soon. Additionally, ACI recommends promoting a reform fork framework that prohibits the dilution of value brought by third-party forks such as Spark; and suggests adopting performance incentives linked to KPIs. Due to the narrowing profit margins in lending business, ACI states it will vigorously promote the development of the stablecoin GHO. It is recommended that the DAO maintain AAVE buybacks (between $500,000 and $1 million per week) over the next 18 months, utilize over $100 million in capital reserves for growth and distribution partnerships, and further unleash “firepower” through GHO credit lines (collateralized by BTC/ETH/AAVE). ACI is about to propose its growth investment principle framework to the DAO.

Yala announces recovery plan: will destroy illegally minted YU tokens on September 23.

Yala has released a post-mortem analysis report on the attack incident that occurred on September 14, detailing the timeline of the event, analysis results, and its recovery plans. According to the report, a hacker exploited a temporary deployment key during the authorized bridge deployment to set up an unauthorized cross-chain bridge and extracted 7.64 million USDC (approximately 1,636 ETH); YU temporarily decoupled to $0.20 and later stabilized at $0.94; no protocol vulnerabilities were exploited, and no Bitcoin reserves were harmed. Following the unauthorized overissue of 30 million YU to Solana, the hacker has returned a significant portion of the assets. The current status is as follows: the hacker has returned 22.287 million YU tokens, and the remaining 7.713 million YU have been converted to 1,635.572 ETH. Regarding the recovery plan, all illegally generated YU will be destroyed on September 23, and liquidity will be fully restored: each user can exchange YU for USDC at a 1:1 ratio. Some users were unfairly liquidated and penalized due to the decoupling of YU, and starting from September 23, Yala will initiate a compensation claim process for liquidation penalty reimbursements.

The Movement network will transform into a Layer 1 blockchain, supporting native token staking and Move 2.0.

According to BlockchainReporter, Move Industries announced today that the Movement network will transition from a sidechain architecture to an independent Layer 1 blockchain. The company claims that this move will significantly enhance performance, support native token staking, and provide support for Move 2.0. As a Layer 1 blockchain, Movement will be capable of processing over 10,000 transactions per second, with transaction confirmation times of less than one second, marking a substantial improvement compared to the current network's limit of 500-600 TPS. The design of the Layer 1 blockchain aims to fully leverage the performance potential of the Move Virtual Machine (MoveVM), while removing the centralized ordering risk associated with single points of failure in the sidechain model. Only unlocked MOVE tokens will be eligible for staking, under this rule, locked tokens held by investors or core contributors cannot be used for staking. Move Industries stated that this helps link staking rights to real, active holders. Movement will also become an early adopter of Move 2.0 language features. Move 2.0 introduces foundational developer features such as enumerated types and function values, and Movement's Layer 1 blockchain will be the first to support these new features. A public testnet aimed at developers is about to be launched, and the organization plans to complete the mainnet migration by the end of 2025. Earlier in May, it was reported that Movement Labs restructured and rebranded to Move Industries, implementing a new governance and product roadmap.

The US SEC has delayed its approval decision on the TRUTH SOCIAL spot Bitcoin ETF.

According to market news, the U.S. Securities and Exchange Commission (SEC) has delayed its decision on the approval of the TRUTH SOCIAL spot Bitcoin ETF.

Binance will delist the ALPHAUSDT perpetual contract on September 23.

Binance announced that it will automatically liquidate the ALPHAUSDT U-based perpetual contract on September 23, 2025, at 17:00 (Beijing time). After the liquidation is completed, the trading pair will be delisted.

Important Data

The total net inflow of Bitcoin spot ETFs yesterday was $292 million, continuing a 7-day net inflow.

According to SoSoValue data, yesterday (Eastern Time September 16) the total net inflow for Bitcoin spot ETFs was $292 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was Blackrock ( ETF IBIT, with a single-day net inflow of $209 million, bringing IBIT's historical total net inflow to $60.249 billion. The second highest was Fidelity ( ETF FBTC, with a single-day net inflow of $45.7639 million, and FBTC's historical total net inflow has reached $12.680 billion. The Bitcoin spot ETF with the highest single-day net outflow yesterday was Bitwise ETF BITB, with a single-day net outflow of $10.7797 million, and BITB's historical total net inflow has reached $2.32 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $153.775 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) of 6.61%, and the historical cumulative net inflow has reached $57.383 billion.

The market value of BNB has surpassed 133 billion USD, setting a new record high and surpassing UBS to rank 166th in the global asset market value rankings.

Due to changes in social media profile information by CZ and the negotiations between Binance and the U.S. Department of Justice to cancel key supervision requirements, BNB briefly surpassed $960. According to the latest data from Coingecko, the market capitalization of BNB has exceeded $133 billion, setting a new historical high. Additionally, data from 8 MarketCap shows that the current market capitalization of BNB has surpassed that of UBS Group, ranking 166th in the global asset market capitalization.

The Grayscale Ethereum Mini Trust ETF address transferred 214,400 ETH to 67 new wallets.

According to on-chain analyst Yu Jin's monitoring, 3 hours ago, Grayscale's Ethereum Mini Trust ETF address transferred 214,400 ETH to 67 new wallets, totaling $196.7 million, with each address receiving 3,200 ETH. Yu Jin stated, “This amount of 3,200… seems to be intended for PoS staking. However, it seems that the U.S. has not yet approved the staking of ETF's ETH. Are they preparing for staking based on some insider information?”

Solana's total application revenue in August reached $193.5 million, a year-on-year increase of over 126%.

According to a report by Step Finance, the revenue landscape of Solana in August exhibited both growth and volatility. The total revenue from Solana applications reached $193.5 million, an increase of over 126% compared to August 2024, but there are differences in the distribution of revenue across different categories. The trading tools sector remains the most profitable area on Solana, generating a total of $67 million in August, which is 2.6 times that of August 2024, with Axiom's revenue reaching $49.1 million. Additionally, after a weak performance in July, Pump.fun's revenue rose to $41 million in August. Revenue from infrastructure applications stabilized at $7.4 million, while DEX revenue was $22.5 million, with Meteora surpassing Raydium. Smaller sectors like DePIN and Pokémon trading card games also saw significant growth, with year-on-year revenue increases of approximately 5 times and 2.3 times, respectively. Overall, these figures indicate that Solana's revenue is expanding unevenly but broadly, with frequent changes in leadership among projects and sectors.

A certain whale withdrew PUMP tokens worth 10.61 million USD from Binance in the past 11 hours.

According to Onchain Lens monitoring, a giant whale withdrew 1.3 billion PUMP (worth 10.61 million USD) from Binance in the past 11 hours.

FalconX has withdrawn SOL tokens worth 98.4 million USD from multiple CEXs in the last 8 hours.

According to monitoring by Lookonchain, it appears that another institution is making a large purchase of SOL. In the past 8 hours, FalconX has withdrawn a total of 413,075 SOL (worth $98.4 million) from Binance, OKX, Coinbase, and Bybit.

A newly created wallet received 5,817 BTC from FalconX 8 hours ago, worth $678 million.

According to monitoring by Lookonchain, 8 hours ago, a newly created wallet bc1qup received 5817 BTC (worth $678 million) from FalconX.

Binance has once again seen a delisting trend, with ALPHA rising by 70.2% in a short time.

According to Binance market data, ALPHA has risen by 70.2% in a short time, currently priced at $0.028. Previously, it was reported that Binance will delist the ALPHAUSDT perpetual contract on September 23.

Suspected Maven 11 institution accumulated 4.03 million ENA one hour ago, and it is suspected that the YZi Labs address transferred 5 million ENA to Binance one hour ago.

PANews, September 17 - According to monitoring by Yu Jing, an address possibly belonging to investment firm Maven 11 withdrew 4.03 million ENA from Binance an hour ago, valued at approximately $2.76 million. This address has accumulated a total of 30.08 million ENA over the last two days, worth about $20.63 million. Meanwhile, an address belonging to an ENA investor possibly from YZi Labs transferred out 5 million ENA an hour ago, valued at around $3.4 million. In the past three weeks, they have transferred a total of 54 million ENA into Binance, valued at approximately $37.8 million.

( Financing/Merger

Metaplanet strategically acquired the Bitcoin.jp domain and established two new subsidiaries.

According to a Metaplanet announcement, it has strategically acquired the Bitcoin-related domain “Bitcoin.jp” and established a wholly-owned subsidiary “Bitcoin Japan Co., Ltd.” This company will be responsible for operating Bitcoin-related media, events, and services, including Bitcoin.jp, Bitcoin Magazine Japan, and future Bitcoin Japan conferences. Additionally, Metaplanet has also set up a new subsidiary in the United States, “Metaplanet Income Corp.”, focusing on Bitcoin revenue businesses and related derivatives trading. Metaplanet stated that this domain acquisition and subsidiary establishment will enhance operational transparency and profitability, providing significant support for its Bitcoin ecosystem layout while further strengthening its competitiveness in the global Bitcoin market.

Web3 smartphone manufacturer Nothing completes $200 million Series C funding round with a valuation of $1.3 billion.

According to official news, Web3 smartphone manufacturer Nothing has announced the completion of a $200 million Series C financing at a valuation of $1.3 billion. The company previously launched the blockchain phone Nothing Phone in collaboration with Polygon. This round of financing was led by Tiger Global, with other investors including GV, Highland Europe, EQT, Latitude, I2BF, and existing investors such as Tapestry. The new round of financing brings Nothing's total funding to over $450 million. Founder Carl Pei stated, “This marks the beginning of a new chapter for us: from being the only emerging smartphone company in the past decade to building an AI-native platform that integrates both software and hardware.” The company plans to launch its first AI-native devices next year.

) Institutional Holdings

The listed company GD Culture will acquire 7,500 bitcoins in the acquisition of Pallas Capital assets.

According to Globenewswire, GD Culture Group Limited (NASDAQ: GDC) announced that the company signed a share exchange agreement on September 10, 2025, to acquire 100% of the issued and outstanding common stock of Pallas Capital. Upon completion of the transaction, the company will issue 39,189,344 shares of common stock and acquire all assets of Pallas Capital, including 7,500 bitcoins, free of any encumbrances.

Keyrock acquires Turing Capital for $27.8 million to expand its digital asset management business.

According to The Block, digital asset trading infrastructure provider Keyrock has announced the acquisition of Luxembourg-based alternative investment fund manager Turing Capital for $27.8 million, and the establishment of an asset and wealth management department. Turing Capital CEO Jorge Schnura will lead the new department and join Keyrock's management team. This acquisition aims to strengthen Keyrock's investment services geared towards institutional and high-net-worth clients, covering liquidity provision, long-term investments, and on-chain asset management. Keyrock has also recently expanded its business in the United States and plans to apply for an investment consulting license under the EU's MiCA regulation.

SharpLink announces the repurchase of 1 million shares of SBET, with ETH holdings reaching $3.86 billion.

SharpLink announced that it has completed the repurchase of 1 million shares of SBET stock, with a total repurchase of 1.93845 million shares, as part of a $1.5 billion buyback plan. As of September 14, the company holds 838,152 ETH, with a market value of approximately $3.86 billion. Since its launch on June 2, it has received 3,240 ETH in staking rewards, with ETH concentration increasing by 99%. The company currently has no debt, with total assets of approximately $3.86 billion.