Hyperliquid announces the launch of a permissionless spot quote asset on its mainnet. Stable asset deployers can enable "quote asset" status based on on-chain requirements. Any quote asset can be used as a quote asset in the first HIP-1 spot trading pair. New trading pairs between existing base and quote assets can be deployed through a permissionless Dutch auction, independent of the HIP-1 token auction. Native Markets has deployed USDH as the first permissionless quote asset, with trading on HYPE/USDH now live. More permissionless trading pairs will be deployed as soon as possible.
▌Jump Crypto proposes to remove the upper limit of Solana block computing
Jump Crypto's Firedancer team suggested removing the upper limit of Solana block computing units (CU) after the Alpenglow upgrade, so that the block capacity can scale with the performance of the verification node. High-performance nodes can process more transactions and earn more revenue, while low-performance nodes use the skip-vote mechanism to automatically skip overly large blocks. Alpenglow will also reduce the final confirmation time of blocks from 12.8 seconds to 150 milliseconds, and improve network resilience and data optimization. Wattenhofer, head of research at Solana development company Anza, supports this idea, but warns that it may bring risks to centralization and network stability.
Market
As of press time, according to Coingecko data:
BTC price is $112,115, up or down 24 hours by 2.3%;
ETH price is $4,134.07, up or down 24 hours by 2.9%;
BNB price is $991.64, up or down 24 hours by 2.3%;
+3.3%;
DOGE price is $0.2366, with a 24-hour increase or decrease of +2.5%;
XRP price is $2.86, with a 24-hour increase or decrease of +1.9%;
TRX price is $0.3358, with a 24-hour increase or decrease of -0.3%;
Cryptocurrency
▌$131 million in margin calls were recorded across the network in the past four hours, primarily on short positions
Data shows that $131 million in margin calls were recorded across the network in the past four hours, of which $8.1034 million in long positions were liquidated and $123 million in short positions were liquidated, primarily on short positions.
▌The U.S. spot Ethereum ETF saw its largest weekly outflow since listing
According to SoSoValue data, the U.S. spot Ethereum ETF saw nearly $800 million in outflows last week, marking its worst weekly performance since its listing in July last year. The spot Bitcoin ETF also experienced large-scale outflows last week, with net redemptions exceeding $900 million. Citigroup: The stablecoin market is expected to reach $4 trillion by 2030. Citigroup released its "Stablecoins 2030" report, raising its 2030 stablecoin issuance forecast to a baseline of $1.9 trillion, with an optimistic scenario potentially reaching $4 trillion. The report also states that if the circulation speed is 50 times higher (similar to the speed of fiat currency payments), stablecoins are expected to support approximately $100 trillion in annual transactions by 2030, and as much as $200 trillion in the best-case scenario. According to DefiLlama data, the current total market capitalization of stablecoins is approximately $296.8 billion, of which USDT accounts for 58.75%.
▌Analysis: Ethereum's Q3 closing high may indicate a possible rise in Q4
Cointelegraph stated on social media that the last time Ethereum (ETH) closed higher in the third quarter (+60.58%), the price almost doubled in the fourth quarter, which may indicate a possible rise.
▌Michael Saylor Releases Bitcoin Tracker Information Again
Michael Saylor, founder and executive chairman of Strategy (formerly MicroStrategy), has released Bitcoin Tracker information again on the X platform. Based on previous experience, he usually discloses Strategy's Bitcoin holdings data the day after releasing Bitcoin Tracker information. A dormant address containing 400 BTC was activated after 11.9 years. According to Whale Alert, a dormant address containing 400 BTC (worth approximately $44,322,294) was just activated after 11.9 years (worth approximately $236,880 in 2013). Tether CEO: USDT's technology and strategy have become an industry template. Tether CEO Paolo Ardoino posted on the X platform that imitation is the best form of flattery, and that USDT's technology and strategy are being used as a template for other US dollar stablecoins. According to Coinglass data, whales on the Hyperliquid platform currently hold $9.417 billion in positions, with a long-short ratio of 0.87. Long positions account for $4.374 billion, or 46.45%, and short positions account for $5.043 billion, or 53.55%. The profit and loss on long positions is $226 million, while the profit and loss on short positions is $36.8671 million. Cathie Wood: Hyperliquid reminds me of the early days of Solana, which has already proven its value. According to Cointelegraph, ARK Invest CEO Cathie Wood said on the Master Investor podcast that Hyperliquid reminds her of the early days of Solana. "It's exciting," Wood said. "It reminds me of the early days of Solana, which has already proven its value." Despite the growing number of tokens in the market, Wood believes the future of cryptocurrency belongs to a few dominant networks. She emphasized, "We don't think there will be many cryptocurrencies, and Bitcoin dominates the pure cryptocurrency space." Apple CEO Tim Cook admitted to personally holding cryptocurrencies, saying, "It's a reasonable investment." When asked in an interview whether he holds cryptocurrencies like Bitcoin or Ethereum, Apple CEO Tim Cook responded in the affirmative. Cook also stated that crypto assets can be part of a diversified investment portfolio, a sound investment strategy. He stated that he has long been interested in this area and has devoted time to researching it. He said, "I find it very interesting." Falcon Finance will open FF token redemption on September 29th. Falcon Finance officially announced that $FF tokens will be available for redemption starting at 12:00 UTC on September 29, 2025, and ending at 12:00 UTC on December 28th. Users can choose to stake their tokens to receive $sFF. A staking ratio of 80% will earn a 25% bonus on Miles rewards.
Important Economic Developments
▌Trump Posts Cartoon Threatening to "Fire" Powell on Social Media
On the 27th local time, US President Trump posted a cartoon depicting himself firing Federal Reserve Chairman Powell. The image is reportedly believed to be AI-generated (or digitally rendered). In the image, Trump points his finger at Powell, declaring "You're fired!" as Powell stands holding a cardboard box containing personal belongings. The Federal Reserve emblem is seen behind them. The White House has yet to respond.
▌The probability of a 25 basis point interest rate cut by the Federal Reserve in October is 89.3%.
According to CME's "Fed Watch," the probability of the Federal Reserve keeping interest rates unchanged in October is 10.7%, and the probability of a 25 basis point rate cut is 89.3%. The probability of the Federal Reserve keeping interest rates unchanged in December is 2.9%, the probability of a cumulative 25 basis point rate cut is 32.2%, and the probability of a cumulative 50 basis point rate cut is 64.9%. What is a multi-signature cold wallet? A cold wallet is a cryptocurrency storage method that is kept offline and disconnected from the internet. This setup makes it more difficult for hackers to access funds remotely. By keeping private keys offline, cold wallets reduce the risk of cyberattacks such as phishing or malware. Multi-signature technology requires multiple private keys to approve transactions, while single-signature wallets only require a single key. Think of it like a joint bank account, where any withdrawal requires the approval of two or more signatories. This additional layer of security means that even if a single key is compromised, an attacker cannot unilaterally transfer funds. Multi-signature cold wallets require multiple private keys from trusted parties to approve and authorize transactions, enhancing security by preventing a single point of failure. Despite their security advantages, multi-signature wallets are not immune to attack. Hackers often exploit weaknesses in implementation, human behavior, or third-party services. To make multi-signature cold wallets more secure, use higher signing thresholds, implement multiple layers of authentication, and store keys in secure, geographically dispersed locations. Multi-signature cold wallets remain one of the best options for those looking to protect their cryptocurrency assets from theft and fraud. However, their complexity and potential vulnerabilities should not be overlooked, especially in the event of a supply chain attack.
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