Today’s news tips:
Bloomberg: Galaxy, Jump, and Multicoin seek to raise $1 billion to buy SOL
Pudgy Penguins CEO: Revenue expected to reach $50 million this year, plans IPO within two years
OKX Star: Will Launch $100 Million X Layer Ecosystem Fund
Arthur Hayes: Crypto bull market will continue until 2028
Bitwise: Stablecoin holdings of US Treasury bonds rank 17th globally
ETH rose to $4957.98 this morning, setting a new record high
Regulation & Policy
According to Caixin.com, the Hong Kong Monetary Authority recently issued a circular, confirming that it will fully implement new bank capital regulations based on the Basel Committee on Banking Supervision’s crypto asset regulatory standards in Hong Kong from January 1, 2026.
In an exclusive interview with Caixin, Faith, a Hong Kong partner at King & Wood Mallesons and a lecturer at the Faculty of Law at the University of Hong Kong, said that the new regulations set a maximum risk weight of 1250% for crypto asset exposures using permissionless blockchain technology, which means that banks must hold capital for these crypto asset exposures at a ratio of at least 1:1. Such high regulatory capital requirements will make many banks unwilling to hold such crypto assets.
Project News
Bloomberg: Galaxy, Jump, and Multicoin seek to raise $1 billion to buy SOL
According to Bloomberg, Galaxy, Jump, and Multicoin are seeking to raise $1 billion to purchase SOL.
OKX Star: Will Launch $100 Million X Layer Ecosystem Fund
OKX founder and CEO Star wrote on the X platform: “True wisdom understands that crypto is a marathon, not a sprint. X Layer was born for the long term. That’s why we will launch a $100 million X Layer Ecosystem Fund to support global builders in creating the next wave of on-chain applications.”
Metaplanet increased its holdings by 103 BTC, bringing its total holdings to 18,991.
Simon Gerovich, CEO of Metaplanet, a Japanese listed company, tweeted that Metaplanet acquired 103 BTC for approximately 1.736 billion yen (approximately $11.775 million), achieving a 479.5% BTC return since the beginning of 2025. As of August 25, 2025, the company held 18,991 BTC, acquired for approximately 285.833 billion yen (approximately 15.05 million yen per BTC).
Earlier news reported that Metaplanet was included in the FTSE Japan Index and Global Index due to its strong performance in the second quarter .
Pudgy Penguins CEO: Revenue expected to reach $50 million this year, plans IPO within two years
According to Decrypt, Pudgy Penguins CEO Luca Netz stated in an interview that Pudgy Penguins is on track to hit a record $50 million in revenue this year and hopes to see its shares trade on a public exchange 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’ll be very disappointed in myself,” he said.
Binance Alpha and Binance Futures will list Bitlayer (BTR)
According to the official announcement, Binance Alpha will list and open trading for Bitlayer (BTR) at 6:00 PM (GMT+8) on August 27. Additionally, Binance Futures will launch BTRUSDT perpetual contracts at 6:30 PM (GMT+8) on August 27, offering up to 50x leverage. All eligible Binance users will receive an exclusive Binance token airdrop. Eligible users can claim the airdrop using Binance Alpha Points between 6:00 PM (GMT+8) on August 27 and 6:00 PM (GMT+8) on August 28 through the Binance Alpha event page.
Binance Futures will launch pre-market trading of SOMIUSDT USDT perpetual contracts
According to the official announcement, Binance Futures will launch pre-market trading of SOMIUSDT perpetual contracts at 17:30 (GMT+8) on August 25, 2025, with a maximum leverage of 5x.
Binance: Hold 200 Alpha Points to Claim 750 MTP Tokens Airdrop
According to an official Binance announcement, Multiple Network (MTP) Alpha trading will begin at 22:00 (UTC+8) on August 25th. After trading begins, users holding at least 200 Binance Alpha Points will be eligible to claim an airdrop of 750 MTP tokens. This airdrop is available on a first-come, first-served basis. The minimum score will automatically decrease by 15 points every hour until the event ends. Claiming the airdrop will cost 15 Binance Alpha Points. Users must confirm their claim within 24 hours on the Alpha event page; otherwise, they will forfeit the airdrop.
Binance: Holders of 241 Alpha Points Must Participate in the OVERTAKE (TAKE) TGE Event
According to the official announcement, users with Binance Alpha Points greater than or equal to 241 can participate in this TGE event through the Alpha event page. Participating in this TGE event will consume 15 points. It was previously reported that the Binance Wallet Bonding Curve version of TGE will be online OVERTAKE (TAKE). Subscription time: August 25, 2025, 4:00 pm to 6:00 pm (UTC+8) Subscription qualifications: Eligible users must use Binance Alpha Points to participate
Binance Futures to Launch BIOUSDC U-Margined Perpetual Contract
According to the official announcement, Binance Futures will launch the BIOUSDC U-based perpetual contract at 15:15 (ET on August 25), with a maximum leverage of 75x.
Michael Saylor releases Bitcoin Tracker information again, possibly revealing increased holdings
Michael Saylor once again posted Bitcoin Tracker information on the X platform, writing, “Bitcoin is on Sale.” Based on previous experience, he typically discloses Strategy’s Bitcoin accumulation data the day after posting Bitcoin Tracker information.
Viewpoints & Analysis
Regarding the debate over the pros and cons of prediction markets, Ethereum founder Vitalik said, “Most of the current mainstream prediction markets do not offer interest, which makes them very unattractive for hedging because participating in them means sacrificing a 4% annual interest rate on the US dollar. It is expected that once this problem is resolved and trading volume increases further, a large number of hedging use cases will emerge.”
CryptoQuant: Ethereum may continue to outperform Bitcoin in the short to medium term
CryptoQuant analyst CryptoMe said that Ethereum has recently outperformed Bitcoin. The rise in open interest (OI) on the Chicago Mercantile Exchange and the fact that retail investors have not yet joined in suggest that this divergence may continue in the short to medium term.
JPMorgan Chase: The Fed is unlikely to cut interest rates at the September FOMC meeting
According to South Korean media News1, investment bank JPMorgan Chase released a report predicting that despite Federal Reserve Chairman Powell hinting at a rate cut, the Fed will be unlikely to cut interest rates at the September Federal Open Market Committee (FOMC) meeting. The Fed is expected to face significant internal conflict over the rate cut at the September meeting. With the addition of dovish Steven Miran to the committee, the dovish voice is growing, reducing the likelihood of a unanimous decision.
Arthur Hayes: Crypto bull market will continue 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 the cryptocurrency bull run will continue until 2028, driven by changes in US stablecoin policy. The US aims to shift the $10-13 trillion Eurodollar market toward a government-controlled stablecoin ecosystem to achieve fiscal control. DeFi platforms such as Ethena and Hyperliquid are expected to benefit from the influx of stablecoin liquidity.
According to The Block, industry insiders revealed that since the Terra (LUNA) and FTX crashes in 2022, cryptocurrency venture capital funding has shrunk dramatically as limited partners (LPs) have become more cautious, and crypto venture capital is now competing with ETFs and DATs for capital inflows. Data from The Block Pro shows that 329 funds raised over $86 billion in 2022, but this figure plummeted to $11.2 billion in 2023 and $7.95 billion in 2024. By 2025, 28 funds had raised only $3.7 billion. The sharp decline in both funding amounts and the number of funds reflects stricter capital screening by LPs. While family offices, wealthy individuals, and crypto-native funds remain active in crypto venture capital, these institutions have significantly exited since 2022. Small, well-funded funds with less than $50 million may have a chance of survival, as will larger funds like Paradigm and a16z. However, mid-sized crypto funds may become hollowed out and eventually disappear.
Analyst: ETH hits new high, with rising prospects surpassing BTC
According to Coindesk, several analysts expressed bullish momentum for ETH after it broke through $4,900. Crypto Rover stated that exchange reserves are shrinking at a record rate, indicating rising demand and continued upward pressure on prices. Analyst Miles Deutsher noted that BTC’s rally has stalled near its recent highs, while ETH has just broken through its price discovery phase, with strong dip buying activity. Typically, when BTC weakens, traders turn to relatively strong assets (ETH).
According to Zhitong Finance, billionaire investor Peter Thiel is betting that Ethereum will become the preferred platform for Wall Street’s resellers (RWAs). His investment firm, Founders Fund, has invested heavily in Ethereum-related assets and in several companies using Ethereum as a reserve asset, including ETHZilla and Bitmine. Thiel’s investment rationale for Ethereum is that if it can become an alternative channel for clearing and settling US dollars, stocks, and other assets outside the traditional financial system, its native token will benefit significantly from increased network activity. However, Nansen research analyst Nicolai Søndergaard pointed out that the claim that “Wall Street is rebuilding its financial infrastructure on Ethereum” is more like a marketing pitch to attract investors to buy Ethereum-related stocks.
Important data
Bitwise: Stablecoin holdings of US Treasury bonds rank 17th globally
Graphical data released by Bitwise Asset Management shows that as of March 31, the value of U.S. Treasury bonds held by stablecoins was just under $200 billion, ranking 17th.
Hyperliquid: 24-hour spot trading volume hits a new high of $3.4 billion
Hyperliquid tweeted that its spot trading volume hit a new 24-hour high of $3.4 billion. This was primarily driven by the growth in BTC and ETH deposits and spot volume driven by Unit. This made 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 accounted for approximately 90% of all Launchpad revenue on the Solana network last week.
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 the total revenue.
According to SolanaFloor data cited by 0xINFRA, a contributor on the X platform, Raydium has spent a total of $196.3 million to repurchase 71 million RAY, accounting for 26.4% of the circulating supply.
BTC fell to $110,400 in the early morning, with $513 million liquidated in the past 12 hours
OKX market data shows that BTC fell to $110,481.8 in the early morning hours and is currently trading at $113,454.8 per coin, a 0.05% decrease on the day. Coinglass data also shows that over the past 12 hours, the cryptocurrency market has seen $513 million in liquidated contracts, including $381 million in long positions and $133 million in short positions. The total amount of BTC liquidations was $224 million, and the total amount of ETH liquidations was $170 million.
ETH rose to $4957.98 this morning, setting a new record high
OKX market data shows that ETH broke through $4,900 around this morning, reaching a high of $4,957.98, setting a new historical high. It is currently trading at $4,777.79 per coin, down 0.01% on the day.
Token Unlocks data shows that JUP, KMNO, HUMA and other tokens will usher in large-scale unlocking next week, including:
Jupiter (JUP) will unlock approximately 53.47 million tokens at 10:00 PM Beijing time on August 28, accounting for 1.78% of the current circulating supply and valued at approximately US$27.1 million.
Kamino (KMNO) will unlock approximately 229 million tokens at 8:00 PM Beijing time on August 30th, accounting for 6.81% of the current circulating supply and valued at approximately US$13.3 million.
Huma Finance (HUMA) will unlock approximately 378 million tokens at 9:00 PM Beijing time on August 26, accounting for 23.38% of the current circulating supply and valued at approximately US$10 million.
Venom (VENOM) will unlock approximately 59.26 million tokens at 4:00 PM Beijing time on August 25th, representing 2.34% of the current circulating supply and valued at approximately $8.9 million.
Sophon (SOPH) will unlock approximately 267 million tokens at 9:00 PM Beijing time on August 28, accounting for 12.94% of the current circulating supply and valued at approximately US$8.9 million.
AltLayer (ALT) will unlock approximately 240 million tokens at 6:00 PM Beijing time on August 25th, representing 6.01% of the current circulating supply and valued at approximately $8.5 million.
Sahara AI (SAHARA) will unlock approximately 84.27 million tokens at 8:00 PM Beijing time on August 26, representing 3.97% of the current circulating supply and valued at approximately US$7.3 million.
Renzo (REZ) will unlock approximately 448 million tokens at 7:00 PM Beijing time on August 30, accounting for 11.36% of the current circulating supply and worth approximately US$6.2 million.
A whale held ETH for 11 years and transferred 1,962 ETH to OKX, earning $4.7 million.