gm 27/09

Summary
gm, Tether reportedly seeking up to $20 billion in funding at a $500 billion valuation, attracting interest from SoftBank and Ark Invest, while Circle explores adding reversible transactions to USDC. Centrifuge launched the first licensed S&P 500 index fund on Coinbase's Base network, enabling 24/7 trading of traditional assets on blockchain, and Cloudflare announced its "NET Dollar" stablecoin designed for AI-powered microtransactions. Meanwhile, Kraken secured a $500 million funding round at a $15 billion valuation ahead of a potential IPO, and the broader market experienced significant volatility with over $1 billion in liquidations as Bitcoin traded around $109,000 with traders cautiously awaiting upcoming inflation data.

News Headlines
📱 Share App Raises $5M for Social Trading Across Multiple Blockchains

• Share, a new social trading app founded by former Genie creator Scott Gray, has raised $5 million from investors including Coinbase Ventures to build a platform that indexes crypto transactions across Solana, Base, and Ethereum.
• The app provides users with real-time feeds of on-chain activity and trading capabilities, treating crypto transactions as a new form of media to enhance trading strategies through data aggregation.

💸 PayPal and Spark Target $1B Liquidity Boost for PYUSD

• PayPal has partnered with DeFi platform Spark to enhance liquidity for its PYUSD stablecoin, with deposits already exceeding $100 million and plans to expand to $1 billion in the coming weeks.
• Spark's Liquidity Layer utilizes over $8 billion in stablecoin reserves to create sustainable markets with consistent borrowing costs rather than relying on temporary incentive programs.

📈 CleanSpark Secures Second BTC-Backed Credit Line Without Share Dilution

• CleanSpark has secured a second $100 million credit line backed by its Bitcoin treasury of nearly 13,000 BTC, bringing its total borrowing capacity to $400 million without diluting shares.
• This non-dilutive financing approach represents a growing trend where Bitcoin serves as collateral in traditional finance, allowing mining companies to access capital without selling their holdings or triggering capital gains taxes.

💼 Onchain Asset Management Booms with AUM Up 118% to $35 Billion

• Onchain asset management has seen explosive growth, with assets under management rising 118% in 2025 to reach $35 billion, driven primarily by automated yield vaults, discretionary strategies, and structured products.
• Three protocols—Morpho, Pendle, and Maple—control 31% of total AUM, with Keyrock forecasting onchain AUM to reach between $64-85 billion by 2026, fueled largely by institutional inflows.

🔍 Nansen Launches Claude-Based AI Assistant for Crypto Market Analysis

• Nansen has introduced a Claude-based AI assistant trained on 500 million labeled blockchain addresses, allowing users to query about market trends and wallet behavior across more than two dozen blockchains.
• The AI offers advantages over general models like ChatGPT for crypto-specific tasks, though critics note the absence of a technical white paper and potential vulnerabilities of relying on AI for financial decisions.

Market Metrics

Fundraising & VC
No fundraising data today.

Regulatory
🏦 UK Finance Pilots Tokenized Sterling with Six Major Banks

• Six major UK banks including Barclays, HSBC, and Santander have joined a pilot project for tokenized sterling deposits (GBTD) to enhance payment control and reduce fraud.
• The initiative, running until mid-2026, will explore three use cases: online marketplace payments, remortgaging, and wholesale bond settlement.

🌏 China Launches Digital Yuan Operations Center in Shanghai

• China has established a digital yuan operations hub in Shanghai to enhance cross-border payments, blockchain services, and international use of its CBDC.
• The center represents one of eight measures outlined by PBOC Governor Pan Gongsheng to advance the yuan's standing in an increasingly multipolar monetary system.

💼 BlackRock Files for Bitcoin Premium Income ETF

• BlackRock has registered a Delaware trust company for its proposed Bitcoin Premium Income ETF, which will generate yield alongside its existing $87 billion spot Bitcoin ETF.
• The ETF will employ a covered call strategy on Bitcoin futures to collect premiums, though this may limit upside potential compared to direct Bitcoin investments.

🚨 KuCoin Hit With $14M Anti-Money Laundering Penalty in Canada

• Canada's FINTRAC has imposed a $14 million penalty on KuCoin for failing to register as a foreign money services business and neglecting to report large virtual currency transactions.
• KuCoin is appealing the decision in Canadian Federal Court, arguing the penalty is excessive while the exchange continues to face regulatory challenges globally.

🔮 PrizePicks Secures FCM License for Crypto Prediction Markets

• Sports entertainment operator PrizePicks has obtained a Futures Commission Merchant license from the NFA, becoming the first in its industry to gain regulatory approval for prediction markets.
• The license enables PrizePicks to offer prediction markets alongside fantasy sports betting by partnering with companies holding Designated Contract Markets licenses.

Technical Analysis
Bitcoin - Bitcoin has broken the rising trend channel in the short term and reacted strongly down. For the time being, it is difficult to say anything about the future trend direction. The currency has support at points 107700 and resistance at points 113500. Volume tops and volume bottoms correspond well with tops and bottoms in the price. This weakens the trend break. RSI is below 30 after the falling prices of the past weeks. The currency has strong negative momentum and further decline is indicated. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The currency is overall assessed as technically neutral for the short term.

Ethereum - Ethereum has broken down from an approximate horizontal trend channel in the short term after investors have sold at ever lower prices. A negative signal has been triggered and further decline for the currency is indicated. It also gave a negative signal from the double top formation at the break down through the support at 4298. Further fall to 3878 or lower is signaled. The currency is between support at points 3900 and resistance at points 4300. A definitive break through of one of these levels predicts the new direction. The short term momentum of the currency is strongly negative, with RSI below 30. This indicates increasing pessimism among investors and further decline for Ethereum. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The RSI curve shows a falling trend, which could be an early signal of the start of a falling trend for the price as well. The currency is overall assessed as technically negative for the short term.