Morning Report | Cryptocurrency Market Plummets, Over 400,000 People Liquidated; 68 Ethereum Treasury Entities' Total Holdings Exceed 5 Million ETH
Overview of Important Market Events on September 22整理：Zhou，ChainCatcher
Important News:
- Harmak: The Federal Reserve needs to cautiously withdraw restrictive policies to address inflation risks
- 1.5 billion USD bullish bets liquidated, cryptocurrency plummets in the afternoon
- Data: 68 Ethereum treasury entities' total holdings exceed 5 million ETH
- Federal Reserve officials: Must adhere to interest payment restrictions on stablecoins when implementing the GENIUS Act
- Data: ETH total contract holdings decreased by 8.65% in 24h
- Web3 wallet Rainbow plans to launch token RNBW in Q4
What important events have occurred in the past 24 hours?
BNB hits all-time high, market focuses on CZ possibly receiving presidential pardon
According to ChainCatcher, influenced by market expectations that former Binance CEO Zhao Changpeng (CZ) may receive a presidential pardon, the BNB token reached an all-time high of $1,083.
Previously, Zhao Changpeng served four months in prison due to a $4.3 billion settlement with U.S. authorities. Analysts believe that the expectation of a pardon and favorable U.S. regulations have driven BNB's rise. BNB is currently the fifth largest cryptocurrency by market capitalization.
Base chain receives Vitalik's endorsement, emphasizes L2 security and non-custodial attributes
According to ChainCatcher, jesse.base.eth followed up on paulgrewal.eth's views, detailing that the sequencer of Layer 2 blockchains like Base is only responsible for collecting, sorting user transactions, and submitting the results in batches to the Ethereum mainnet for settlement. The sequencer does not have the functionality to match buy and sell orders; this logic is implemented by smart contracts.
The team stated that Base has achieved the first phase of decentralization and is advancing further distributed block construction. Vitalik Buterin noted that Base, as an Ethereum Layer 2, utilizes centralized features to enhance user experience while relying on Ethereum's decentralized underlying security. Base does not hold user funds, making it impossible to steal or prevent withdrawals, and the relevant security mechanisms have been validated by the L2beat platform.
Vitalik added that users can automatically withdraw when L2 shuts down, and the operators cannot unilaterally review or steal assets.
21Shares' spot Dogecoin ETF launched on DTCC, code TDOG
According to ChainCatcher, as reported by Watcher.Guru, 21Shares' spot Dogecoin ETF has been launched on the U.S. Depository Trust & Clearing Corporation (DTCC), with the stock code TDOG.
Nasdaq-listed AgriFORCE rebrands to AVAX One, initiates $550 million Avalanche investment plan
According to ChainCatcher, the former Nasdaq-listed company AgriFORCE announced it will rebrand to AVAX One and initiate a total financing plan of $550 million, aiming to become the first publicly listed company focused on investing in the Avalanche ecosystem.
The company plans to accumulate over $700 million worth of AVAX tokens, with SkyBridge founder Anthony Scaramucci and Coinbase's institutional business head Brett Tejpaul serving as advisors. The financing plan includes $300 million in private equity investment and up to $250 million in equity-linked financing, with participation from over 50 institutions including Galaxy Digital and Kraken. The company's long-term goal is to acquire fintech companies and migrate them to the Avalanche network.
According to ChainCatcher, as reported by Jin10, Cleveland Fed President Harmak stated on Monday that the Federal Reserve needs to be "very cautious" when unwinding restrictive monetary policy as inflation remains above the Fed's 2% target and persists stubbornly. She emphasized that inflation remains a significant concern for her, and she expects the unemployment rate to rise slightly this year but to decline again shortly thereafter.
Data: ETH total contract holdings decreased by 8.65% in 24h
According to ChainCatcher, data from Coinglass shows that ETH total contract holdings decreased by 8.65% in the past 24 hours, with the current total holdings at $57.941 billion. Among them, Binance's holdings are $11.11 billion, OKX's holdings are $3.591 billion, and Bybit's holdings are $4.891 billion.
UXLINK suspected to have been attacked, losses exceed $11.3 million
According to ChainCatcher, security firm Cyvers detected suspicious transactions involving UXLINK amounting to $11.3 million.
An Ethereum address executed a delegateCall, removed administrative privileges, and invoked "addOwnerWithThreshold," then transferred out $4 million in USDT, $500,000 in USDC, 3.7 WBTC, and 25 ETH. All USDC/USDT were exchanged for DAI on the Ethereum network, while USDT on the Arbitrum network was exchanged for ETH and cross-chain transferred to the Ethereum network. Minutes later, another address received 10 million UXLINK (approximately $3 million) and began exchanging, currently holding about $2.2 million unexchanged (transactions are still ongoing).
Milan: The Federal Reserve will continue to pressure for interest rate cuts
According to ChainCatcher, as reported by Jin10, Federal Reserve Governor Milan stated that unless circumstances change, he will continue to pressure for interest rate cuts and is willing to raise objections again.
According to ChainCatcher, LayerZero's official disclosure states that the LayerZero Foundation has executed a repurchase of 50 million ZRO tokens from early investors, accounting for 5% of the total token supply.
Web3 wallet Rainbow plans to launch token RNBW in Q4
According to ChainCatcher, Web3 wallet Rainbow announced on the X platform that it plans to launch token RNBW in the fourth quarter of 2025.
Sky: SKY&MKR token exchange delay penalty mechanism activated, increasing by 1% every 3 months
According to ChainCatcher, Sky (formerly Maker) announced on social media that the penalty for delayed exchange of SKY&MKR tokens has been activated. As of today, all MKR to SKY upgrades will incur a 1% penalty.
According to Sky Atlas, this penalty will increase by 1 percentage point every three months.
According to ChainCatcher, as reported by Jin10, Federal Reserve official Musalem stated that when implementing the GENIUS Act, it is essential to adhere to the restrictions on interest payments for stablecoins. It is important that stablecoins continue to serve as payment tools rather than savings tools.
Data: 68 Ethereum treasury entities' total holdings exceed 5 million ETH
According to ChainCatcher, data from Strategicethreserve shows that the total holdings of 68 Ethereum treasury entities have exceeded 5 million ETH, currently reaching 5.25 million ETH, accounting for 4.34% of Ethereum's circulating supply, valued at $22.09 billion.
Deutsche Bank: Bitcoin is expected to become a central bank reserve asset by 2030
According to ChainCatcher, as reported by CoinDesk, Deutsche Bank reported on Monday that Bitcoin is expected to become a recognized reserve asset like gold within the next decade, although gold's leading position in official reserves may continue.
The report shows that the U.S. dollar still accounts for 57% of global reserves, but there is a trend towards asset diversification, with China's holdings of U.S. Treasuries decreasing by $57 billion in 2024, and major markets tightening regulations on cryptocurrencies. Deutsche Bank believes that Bitcoin and gold, due to their scarcity and low correlation with other assets, will coexist as complementary tools for hedging against inflation and geopolitical risks.
On Monday, gold prices hit a new high of $3,763 per ounce, with a year-to-date increase of over 40%. Analysts at the bank pointed out that Bitcoin's volatility has long hindered its status as a reserve asset, but in August, its 30-day volatility hit a historic low, while the price broke through $123,500, indicating it may be shedding its speculative nature.
The bank believes that both Bitcoin and gold will struggle to replace the dollar's reserve status, and their acceptance process will be similar to that of gold, with regulation, macroeconomic trends, and time paving the way.
Circle mints 500 million USDC on Solana network
According to ChainCatcher, Circle minted 500 million USDC on the Solana network in the past 2 hours.
According to ChainCatcher, global markets have been celebrating under the dual boost of the Federal Reserve's interest rate cuts and the AI craze, with both the S&P 500 and Nasdaq hitting all-time highs, and the MSCI global index climbing again. However, behind this "liquidity + AI" feast, risks are quietly accumulating: credit spreads have narrowed to near 30-year lows, and funds are flooding in driven by FOMO sentiment, making the market appear unbreakable while hiding fragility.
In stark contrast to the stock market's frenzy are the warning signals from Bitcoin. Analysts point out that BTC is currently around $112,000, with extremely low trading volume, short-term moving averages intertwined, and a lack of volume confirmation for rebound signs, indicating severe market momentum deficiency. If $112,000 is breached, it could trigger a chain reaction of selling pressure, and Bitcoin is likely to plummet from high levels into a deep adjustment cycle. In the face of apparent prosperity in the global market and hidden undercurrents, flexibly utilizing advantageous tools may become key for investors to fend off risks and seize opportunities.
1.5 billion USD bullish bets liquidated, cryptocurrency plummets in the afternoon
According to ChainCatcher, as reported by Jin10, on Monday, over $1.5 billion in bullish bets by cryptocurrency traders were forcibly liquidated, triggering a sharp decline, with smaller tokens suffering the most. Data from Coinglass shows that due to nearly $500 million in leveraged long positions being liquidated, Ethereum once dropped 9% to $4,075, while Bitcoin fell nearly 3% to $111,998. In the past 24 hours, over 407,000 traders were forcibly liquidated, and this sell-off briefly dragged the total market capitalization of digital assets below $4 trillion, before a slight rebound occurred.
Matrixport: Ethereum buying pressure weakens, risk control demand increases
According to ChainCatcher, Matrixport released a market view stating, "In the past period, the risk-reward of Ethereum long positions has been more favorable. However, as the market enters a rapid surge phase, technical indicators often fail. Especially when the weekly stochastic indicator reaches extreme highs and reverses, whether investors are cautious often determines whether profits can be locked in. In recent months, Ethereum treasury companies have been the main buyers, and as net assets shrink, their ability to add funds may be limited. In this context, strict risk management becomes more prudent."
Nominal value of $17.47 billion BTC and $5.48 billion ETH options will expire this Friday
According to ChainCatcher, market news indicates that this Friday, Beijing time, options expiration will occur, including: · BTC options with a nominal value of $17.47 billion, put/call ratio of 0.74, maximum pain point at $110,000; · ETH options with a nominal value of $5.48 billion, put/call ratio of 0.76, maximum pain point at $3,700.
Arca Chief Investment Officer: Not bearish on Uniswap, but bearish on UNI
According to ChainCatcher, Arca Chief Investment Officer Jeff Dorman responded to Uniswap founder Hayden Adams' tweet about the protocol's data performance, stating, "We are not bearish on Uniswap, but we are bearish on UNI. In today's market and the ever-changing regulatory environment, it is just a completely meaningless token. Your and your venture capitalists' positions do not matter; either switch to a revenue distribution or buyback model, or just don't do tokens at all."
Analysis: DAT company raises over $20 billion this year, institutions say peak has passed
According to ChainCatcher, as reported by The Block, the Digital Asset Treasury (DAT) company has raised over $20 billion this year. Some institutional investors believe the peak has passed, as premiums have narrowed, mainstream targets have been covered, and funding focus is shifting towards execution, scaling, and mergers and acquisitions, creating an exclusion effect on traditional crypto startup financing.
New projects are expected to launch by early next year, but the financing amounts will be smaller. As for the massive DAT financing of over $500 million to $1 billion, only a few high market cap and sufficiently volatile participants can truly raise these funds.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of September 23, 09:00,
The top five popular ETH tokens in the past 24h are: USDe, BZIL, LINK, sUSDe, COGNI
The top five popular Solana tokens in the past 24h are: MetaMask, ASTER, XPL, ASTER, MetaMask
The top five popular Base tokens in the past 24h are: EURC, ZORA, HOPELESS, R, Charlie
What are some noteworthy articles to read in the past 24 hours?
On September 22, at 14:00 Beijing time, after BTC fell below $114,000, it quickly lost several key levels, dipping to $111,800, and then fluctuating around $112,600. ETH dropped from around $4,500 to $4,077, while SOL fell to a low of $214.5, with mainstream and altcoins generally experiencing significant pullbacks.
According to CoinGecko data, as of September 22, 18:00, the global cryptocurrency market cap was $3.97 trillion, with a change rate of -3.98% in the past 24 hours. This means that the total market cap of cryptocurrencies evaporated by nearly $160 billion.
The latest liquidation figures show that approximately $1.7 billion was liquidated across the network in the past 24 hours, with over 400,000 people forcibly liquidated, including about $1.616 billion in long positions, setting a new single-day high for long liquidations since 2021; the largest single liquidation occurred in OKX's BTC-USDT contract, amounting to approximately $12.74 million.
With the dramatic pullback, is this a technical correction or a structural turning point?
ASTER surges 400% this week, can it truly challenge Hyperliquid's dominance?
On September 18, 2025, Zhao Changpeng posted a price chart that was neither Bitcoin nor BNB.
This chart displayed the native token of the decentralized perpetual exchange ASTER, which had just launched the previous day.
"Well done! A good start. Keep it up!" he said.
Within hours, the ASTER token surged 400% from its issuance price. The market clearly received this signal: the former Binance CEO was not just expressing congratulations but was declaring war on Hyperliquid.
As HYPE token holders watched their Hyperliquid assets soar to nearly $60, Zhao Changpeng's carefully calculated tweet landed like a precision strike. Although he is banned from operating Binance, he is clearly not prohibited from shaking the market; he is fully supporting Hyperliquid's strongest competitor.
Messari: What does the prediction market need to truly explode?
The application of prediction markets has surpassed the electoral field, demonstrating market fit (PMF).
Betting volumes are surging, with investors flocking in, and new methods such as information perpetual contracts and Telegram bots are entering the market.
So, which methods can truly work and maximize trading volume growth?
MetaMask, the most widely used self-custody crypto wallet globally, has finally announced that it will issue a native token. ConsenSys CEO Joe Lubin confirmed in an interview on September 18, 2025, that the MetaMask native token (speculated to be called $MASK) "may arrive sooner than everyone expects."
This news immediately attracted significant market attention. What does MetaMask's token issuance mean as one of the most important traffic entrances in the Ethereum ecosystem? Why choose to issue a token at this time? What potential uses and value support might its token have? How will it affect the competitive landscape of the entire crypto wallet sector? This article will delve into these questions, providing insights based on MetaMask's product landscape, issuance motivations, token economic model, valuation analysis, and ecological synergy.
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