{"id":22789,"date":"2025-09-27T20:53:36","date_gmt":"2025-09-27T12:53:36","guid":{"rendered":"https:\/\/monsterblockhk.com\/?p=22789"},"modified":"2025-09-27T20:53:37","modified_gmt":"2025-09-27T12:53:37","slug":"weekly-report-0929","status":"publish","type":"post","link":"https:\/\/monsterblockhk.com\/en\/weekly-report-0929\/","title":{"rendered":"Bitcoin Falls Below 110,000! Is Cottage Season Coming? - 0929 Weekly Report"},"content":{"rendered":"
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Welcome back to Monsterblockhk's Currency Newsletter. Market sentiment has taken a sharp turn for the worse this week, with ETFs flowing out, cottage currencies under pressure, and fear rising fast. As we mentioned last week, locking in a portion of your profits at the right time can help you remain flexible in times of heightened uncertainty, and if you made those adjustments then, you should be able to handle a pullback with relative ease now. Markets oscillate between excitement and fear, and those who can calmly execute their plans are often the winners in the end.\n

The market has reached the end of September, and a new round of momentum is gradually brewing in both capital and sentiment. If October turns out to be a strong uptrend as expected, it could be the starting point of the last full-scale rally. This issue of the Weekly Bulletin will take you through the data on the chain and the market structure, reminding you that even if sentiment falls and fear rises, this is a good opportunity to increase capital in batches, so that we can gradually pull down the cost amidst the volatility, and lay a more solid base of chips for the next stage of the market.\n<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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ETF Funding Turns Negative, Warning of Sentiment Reversal\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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According to SoSoValue, as of September 26th, the Bitcoin Spot ETF recorded a one-day net outflow of USD -418 million, the largest one-day retreat in the last two weeks, bringing the total asset size down to USD 143.56 billion, while the Bitcoin price closed at USD 109,172, and the price of Bitcoin closed at USD 109,172, with a net inflow of up to USD 280 million for several consecutive days between September 15th and 19th. Looking back at the past two weeks, capital flows have been very volatile: between September 15 and 19, net inflows of up to US$280 million were recorded for several consecutive days, which stabilized the price in the short term, but then there were several large outflows from September 22 onwards, with one-day outflows of US$0.3 billion and US$0.4 billion respectively, which continued to dampen market confidence. The overall structure showed the typical sign of \"covering positions first and then taking profits\", indicating a shift from optimism to caution in the capital market.\n

The sharp outflow from ETFs and the drop in Bitcoin price to below $110,000 echo each other, highlighting that market sentiment is shifting from greed to fear. This not only reflects investors' profit-taking attitude towards short-term gains, but also reveals their skepticism about the sustainability of the rally in the cottage currency. Although the apparent withdrawal of capital is aggravating the panic, from a medium- to long-term perspective, this healthy pullback is leaving more room for the market in the next quarter. Instead of missing the opportunity on the eve of October due to fear, it is better to use the cash from the previous highs to spread out the positions. When capital regains its rhythm and sentiment builds up again, it is a sign that the market is approaching a frenzy and it is time to think carefully about exits. <\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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The biggest liquidation wave of the year reappeared, ETH and the cottage currencies have become the capital cemetery.<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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According to the latest data, a total of 120,419 traders were liquidated in the past 24 hours, with a total size of $252 million, the largest liquidation wave this year. Among them, the long liquidation of about 123 million U.S. dollars, short liquidation of up to 129 million U.S. dollars, showing that both the long and short sides were hit hard. In terms of asset distribution, ETH's liquidation amounted to US$68.13 million, followed by XPL's US$35.17 million and BTC's US$25.91 million, and SOL's US$17.36 million, with the rest of the assets totaling about US$18.36 million. The largest single liquidation occurred in the BTCUSDT contract of $3.87 million, highlighting the concentration of leveraged positions in mainstream contracts.\n

The scale of the liquidation set a new record for the year, reflecting the high vulnerability of leveraged trading in the face of severe market volatility. While ETH led the way as the hardest hit sector, the cottage sector was not immune, suggesting that market confidence in the so-called cottage season is wavering. The liquidation data also confirms the rapid reversal of market sentiment - from excessive greed to fear. Against this backdrop, blindly chasing highs or lack of stop-loss discipline could easily fall victim to the next wave of liquidation. The only way to survive the coming frenzy is to be disciplined, set strict stop-losses and capitalize on pullbacks.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Fear and Greed Indices Plunging, A Moment of Calm Before the Ripple\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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\"Greed is my fear, fear is my greed\". According to CMC data, as of the end of September, the crypto fear and greed index was at 34, in the \"fear\" zone, up slightly from yesterday's 32, but significantly lower than last week's 48 and last month's 47. As seen in the chart, the index has fallen since the neutral zone in mid-September, echoing the decline in the price of Bitcoin from its highs of nearly $120,000 to $110,000, with no significant increase in trading volume. This indicates that market capitalization has not This suggests that market capitalization has become more conservative, and sentiment has accelerated after successive downturns.\n

The deterioration in sentiment reflects investors' skepticism about the short-term upward momentum and doubts about the cottage season. The drop in the fear index to 34 is not extreme panic, but it does mean that the market is further bearish and capital is generally on the sidelines. On the other hand, this is an opportunity to bring costs back down. If you have already pocketed your profits from the past few weeks, a rational approach to DCA's can give you an edge before the market picks up, rather than blind FOMO in the next big wave of the market. Instead of chasing late greed, systematically adding to your positions as fear spreads will be the most sustainable strategy in the latter part of a volatile bull market.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Arbitrum capital sharply diverges, accelerating upstream mobility reshuffle in the chain<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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According to Artemis data, as of the end of September, Arbitrum recorded more than US$2 billion of inflows and outflows in the past month, and finally maintained a positive net inflow, emphasizing its position as the core of Layer 2. In addition to Arbitrum, WorldChain and BNB Chain also recorded significant net inflows, ranking second and third respectively, indicating that part of the capital is flowing back to chains with high liquidity and application bases. In contrast, although Ethereum and Hyperliquid had large inflows, they also had outflows of close to the same scale, and eventually ended up with negative net inflows; while Base, Polygon PoS and Solana continued to record net outflows, showing a clear trend of capital withdrawal from high beta blockchains.\n

This structure suggests that the market is in a sensitive period of capital \"rebalancing\": strong chains are taking inflows, but the overall momentum is not spreading across the board. The chains of capital outflows tend to be previously high volatility, speculative targets, echoing the current profit-taking pressure amidst rising market fears. This is not an atmosphere of cottage industry frenzy, but closer to a pattern of \"selective risk aversion\". For investors, this is not the right time to blindly chase beta, but to rationally take advantage of the price retracement brought by market fear to lower the cost of holding positions in batches, so as to reserve flexibility for the future market. In other words, if profits are already locked in, now is the right time to plan your position through DCA instead of chasing highs in the upcoming long volatility.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Cross-Chain Funding Accelerates, Core Hubs Stabilize, Emerging Chains Under Pressure\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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According to deBridge data, Ethereum remains the core of cross-chain flows as of the end of September, showing a large bi-directional migration, mainly exporting to the BNB Chain, Arbitrum, and Base, while receiving large inflows from Solana and Base. solana has again become an important exporter this month, with a concentration of flows to Ethereum and Arbitrum, indicating some cross-chain reallocation after the recent rally. Solana was again an important exporter this month, with a concentration of funds flowing to Ethereum and Arbitrum, suggesting that some funds are being reallocated across chains after the recent uptick, while Arbitrum remained active, steadily absorbing inflows from Ethereum and Solana, while exporting to Base and other emerging chains, demonstrating Layer 2's role as a hub for on-chain capital migration. BNB Chain's acceptance volume is also high, further reinforcing its role as a bridge for capital transfer.\n

This pattern reflects a clear \"washout\": the main chain maintained a steady flow of inputs and outputs to ensure basic market liquidity, while the emerging chain saw rapid capital rotation and outflows, suggesting that some investors chose to lock in their gains after the short-term rebound. Against the backdrop of rising fears, the redistribution of capital across chains is more of a structural reset than a full-blown expansion. This means that the signal for Altseason is not clear in the near term, and the market is entering a period of wait-and-see and adjustment. For investors, it is not advisable to blindly chase high beta hotspots at this stage. It is more appropriate to utilize price pressure to batch DCA, lowering the cost of holding positions and leaving the initiative in a clearer uptrend wave in the future.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Locked Positions Oscillate at High Levels, Potential Window to Add Positions Amidst Market Fear\n\n<\/span><\/p>\n\n\n\n\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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According to DefiLlama, as of the end of September, DeFi's Total Locked Position (TVL) was reported at $150.656B, slightly lower than the $158B at the beginning of the month, with the overall oscillations remaining above $150B. The market capitalization of the stable currency reached $297.258B, indicating that the underlying liquidity supply is still healthy. The 24-hour trading volume of DEX and Perps during the same period was $20.88B and $86.235B respectively, indicating that despite the slowdown in trading, the market as a whole did not experience large-scale withdrawals. From the chart, TVL hit a relative high in the middle of the month and then entered a sideways digestion phase, continuing a healthy range-bound oscillator pattern.\n

This structure suggests that the market has entered a \"washout at higher levels in an atmosphere of fear\". Although lockups have dipped slightly, they are still in core territory, reflecting the fact that capital is not being withdrawn across the board, but rather some investors are choosing to lock in profits at higher levels. This coincides with the current weakening sentiment and skepticism towards Altseason. In the short term, the sideways movement in TVL implies a technical consolidation rather than a structural weakening. For investors, instead of chasing highs in a possible uptrend in the future, it is better to add to their positions in batches to rationalize the cost of holding positions in a fearful mood. If you have already pocketed your profits, your strategy at this point in time should be based on a planned DCA deployment to ensure that you retain your chips and the initiative in the next quarter's rotation. <\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Bull market signals approaching but not overheated: fear returns, cottage season doubts\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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According to the latest Bull Market Peak Indicators data on September 27, none of the 30 top indicators have triggered, and the system maintains 100% \"Hold\". Among them, Altcoin Season Index is 71, just 4 points away from the critical value of 75, with a progress as high as 94.67%, indicating that the fever of the cottage currency is approaching the critical zone; Bitcoin Ahr999 Index is only 0.93, still more than 3 points away from the high point, with a progress of only 23.25%, so the market has not yet become overheated. Other core indicators such as Pi Cycle Top (55.5%), Puell Multiple (49.1%), and RSI (53.2%) all remain at neutral to high levels, suggesting that the uptrend is continuing but still manageable. Overall, market sentiment has not triggered a bubble warning, but is at a healthy and cautious stage of prosperity.\n

Such a distribution means that although there is no obvious risk of a crash in the short term, the cottage currency indicator is approaching its threshold but has not really broken through, which is in line with the scenario of \"cottage season is not yet in full swing\". With the return of fear and wait-and-see sentiment, the distribution of capital has become more conservative, confirming that the bull market is still in the middle of its journey rather than at the end of its frenzy. For investors, this is not the time for blind FOMO. Instead, they should add to their positions on the low side to bring down the average price of their positions to a reasonable range, and reinvest the profits from the previous period to build up a safety cushion for the next wave of the market. After all, the real high signal has not yet been lit, and rational allocation is better than emotional chasing to determine who can continue to maintain the initiative in the fluctuation. <\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Unlocking Pressure Looms: Cottage Markets in the Shadows\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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According to the data, a number of mainstream projects will welcome the unlocking of large tokens this month, which is a potential pressure on market sentiment: SUI will release $141 million worth of tokens in 3 days, accounting for more than 1.3% of the market value in circulation; APT is expected to unlock $46.26 million in 14 days, accounting for 2.15%; and JUP and OP will also release more than $20 million levels in the near future. JUP and OP will also release more than US$20 million level in the near future. In comparison, IMX has unlocked 97.5%, so the short-term impact is limited. It is worth noting that the unlocking ratio of LINEA and STRK is only 22.8% and 22.5% respectively, which means that there is a huge amount of room for future unlocking, and the pressure on supply is hard to be ignored in the future. The current unlocking rhythm is generally centered on price increases, indicating that the team and early investors are inclined to \"cash out at the high point\".\n

This situation highlights the fact that the market is entering a phase of \"reignited fear\": while the market appears to be booming, hidden selling pressure is building up, casting doubt on the continuation of the cottage season. Unlocking is not an immediate trigger for a decline, but it tends to resonate with the mid-to-late stages of a bull market, accelerating the depletion of rotational capital. In particular, projects with buyback and destruction mechanisms, such as Ethena, deserve additional attention as they may be able to maintain narrative and confidence during the unlocking wave. For investors, this is not the time for FOMO, but rather for lowering the average price by placing lower positions and adding more positions in batches to build a defensive buffer by taking profits in the early stages. After all, when fear returns rather than frenzy, calm calculation rather than emotional chasing is the core of maintaining the initiative in the next phase of the market. <\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Cottage Currency Season Overshadowed by Rapidly Spreading Fear\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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According to Crypto Bubbles data, the market has been under general pressure over the past week, with the vast majority of tokens posting double-digit losses, with PUMP being the biggest short-seller with a weekly loss of -28.4%, PI -24.4%, HYPE -21.7%, IP -22.1%, SPX -19%, and CRO -18.5%. HYPE -21.7%, IP -22.1%, SPX -19%, CRO -18.5%, and the overall downtrend spreads to different market capitalization levels. Mainstream currencies were not spared either, with Ether down -10.1%, Bitcoin -2.1%, and Solana -15%, as the market's capitalization rotation apparently stalled. The only bright spot was ASTER, which rose against the trend with a stunning +124%, while ZEC +14.5% and MNT +7.4% provided localized support, but could not reverse the overall downturn.\n

This pattern reflects that the market sentiment from the previous exuberance quickly turned to fear, cottage season clouds of suspicion, capital chasing risk willingness to drop. For investors, instead of blindly chasing highs in the panic atmosphere, it is better to seize the opportunity of the current pullback to enter the market through batch deployment and DCA strategy, and utilize the funds from the previous profit lock-ups to increase their stakes on the lower side of the market. It is important to note that crypto market sentiment changes rapidly, from panic to exuberance in just two days, and the real advantage does not lie in FOMO, but in the calm execution of discipline. The market may not be ready for a full-fledged cottage season yet, but the winners of the next wave of the bull market will be those who are able to patiently lay out their positions in times of fear.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Aster soars 11x: Early backers take advantage of incentive bonuses\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Aster has risen more than 11-fold in just a few days, with trading volume exceeding $1.4 billion in 24 hours, and has quickly risen to become a high-powered player in the decentralized derivatives space. The token generation event not only completed the conversion from APX to ASTER, but also substantially rewarded long-term holders and established the economic advantage of early supporters. What's more, CoinSec founder Zhao Changpeng publicly endorsed the event and revealed that Aster Wallet had become one of the largest positions in BSC-USDT, directly attracting a large amount of trading capital. From the price trend, every time there was a slight pullback, it was quickly absorbed.\n

This phenomenon reveals a core rule of crypto: those who are in the loop early and have access to information and resources are the ones who will reap the dividends of the explosion, and Aster's success is not an accidental event, but rather the result of a sustained pursuit by capital of projects with a clear narrative, solid team, and promising ecosystems. Snorter, for example, has attracted more than $3 million in pre-sales for its AI-automated trading robot and community activity, demonstrating the market's high recognition of early-stage innovation. As the bull market narrative matures, the returns on HODLs and early bets will be magnified again, continuing the structural pattern of \"first movers get the meat, last movers take the cake\". This case also provides important insights for investors: not only can you get a high multiple of return by deepening your knowledge and participating in early stage projects, but it is also the core way to understand the flow of capital and the evolution of hotspots in the market.
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BNB Breaks Historic Mark as Regulatory Shadow Fades\n\n\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Coin has agreed to a US$4.3 billion fine and three years of external oversight with the U.S. Department of Justice (DOJ) for failing to implement an anti-money laundering regime in 2023. However, according to Bloomberg, the company is now negotiating with the DOJ to terminate the monitoring clause. Upon the news, BNB surged to $1,079, a new all-time high. This case shows that crypto asset prices are highly sensitive to regulatory news, and market capital often looks for arbitrage opportunities in the cracks of the system, which in turn drives short-term market outbreaks.<\/span><\/span><\/p>\n

However, if we stop at the price reaction, we will miss the deeper logic of the crypto market, and BNB's rebound is not an isolated case. From Ether's value support after the merger, to Arbitrum and Optimism's ecological barriers through the token economy, to Bitcoin's market capitalization leadership in the face of regulatory and macro pressures, all of these cases highlight a common pattern: not only can HODL (Hodl) weather cyclical fluctuations in policy and liquidity, but it also allows assets to recover quickly after external shocks. BNB's case is but a microcosm of the resilience of crypto investing, which is built on the evidence of \"one to many\" projects, and is a long-term underpinning force that investors should watch carefully.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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WLFI Financial Card Coming Soon: Payment Landscape Extends to Retail Applications\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Speaking at Seoul Blockchain Week, World Liberty Financial co-founder Zak Folkman said the project will soon launch its own debit card in tandem with the development of a retail app, positioning it as a \"Venmo meets Robinhood. The move will allow users to tie USD1 stablecoins directly to Apple Pay and seamlessly switch between traditional payment scenarios and the chained marketplace. Notably, the project emphasizes that it will not be launching its own public chain, but rather adopting a cross-chain-neutral, open distribution channel strategy, demonstrating that its core value is in building utility and sustainability, not technology silos. With the Trump family's capital and political network behind it, WLFI's product landscape has the potential to further penetrate real-world financial infrastructure.\n

However, market sentiment has failed to keep pace with the product blueprint, as WLFI's token price has fallen 37% since its official launch on September 1, with more than 10% lost in the past day alone, and is currently quoted at around $0.21 USD. Although Folkman emphasized that the project is a \"marathon development\" and hoped that the product kits and USD1 will drive the value back up in the future, the short-term pressure on the capital side cannot be ignored. For investors, the focus at this stage is not on chasing a price recovery, but rather on seeing whether payment tools and retail applications can really drive demand up the chain. WLFI's political and capital background could be a breakthrough if physical applications continue to advance, but until then, the risks of overdoing FOMO need to be carefully assessed.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Base Coin Countdown: Airdrops Are Coming, Wallet Users Must Be Wary\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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The reason behind Base, incubated by Coinbase, which once claimed to be \"non-coin-issuing\" but has now shifted to \"actively exploring\" isn't purely the need for decentralization. The reason behind this is not simply the need for decentralization. According to the data, in the past three quarters, Base has had a net outflow of $4.6 billion, most of which went back to the main Ether network. Although Base has millions of daily users and a strong average TPS of 148.77, its capital depth is still inferior to that of Arbitrum and Optimism, which shows that there is a gap between its \"crowd\" and \"gold tide\". In the absence of token incentives, Base is being reduced to a low-cost transit station, making it difficult to build a lasting economic moat.\n

Therefore, coining is a necessity for survival. Through native tokens, Base can not only create short-term explosive power with airdrops, but also transform speculative \"tourists\" into long-term \"residents\". For users, airdrops will be a redistribution of wealth that is hard to ignore, especially for wallet address holders who need to plan ahead. In terms of the ecosystem of the chain, native protocols Aerodrome and Friend.tech will be the main beneficiaries, while for Coinbase, it will transform an insignificant source of revenue into a strategic asset valued at tens of billions of dollars. This airdrop is not just a community benefit, it's a key step in Base's fight against capital flight and locking down the ecosystem for the long term.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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UXLINK Multi-Signature Wallet Lost, \"Blackmail\" Ridiculous Drama Staged\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Web3 social platform UXLINK suffered a serious security breach on September 23rd. Hackers used the delegateCall function to remove legitimate administrators, then successfully bypassed the multi-signature mechanism by using addOwnerWithThreshold to steal more than $11.3 million in assets, including $4 million USDT, $500,000 USDC, 3.7 WBTC, 25 ETH, and about $3 million UXLINK tokens. These assets included $4 million USDT, $500,000 USDC, 3.7 WBTC, 25 ETH, and approximately $3 million UXLINK tokens. As a result, the UXLINK token plummeted by more than 70% within an hour, evaporating its market value by more than $70 million, while the trading volume surged by 1700% within a short period of time, highlighting the market panic and selling pressure effect.\n

Although the attackers were subsequently \"blackmailed\" by phishing syndicates for misauthorization and the stolen 542 million tokens were stolen again, this did not change the fact that investors' trust in UXLINK has collapsed. This incident reveals that even the multi-signature mechanism, which is regarded as an enhanced protection, can still be used as a breakthrough if the design of the contract authority is not strict. For users, a \"one-click confirmation\" in the blockchain environment can lead to a total loss, and the final barrier to asset protection is not technology, but continuous audit, careful authorization and awareness of risk control. This case reminds the market that the systemic trust impact of a security incident is far more damaging than the price fluctuation of a single cryptocurrency.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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XPL Valuation Soars as Participants Resonate Community Trust\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Plasma's Beta website is officially online, and its native token, XPL, has been released along with it, with its valuation expanding rapidly in a short period of time. According to CoinGecko's data, XPL once reached a high of $1.54, and its current price is about $0.91, which corresponds to a fully diluted market capitalization of $8.6 billion, a 17.3-fold jump from the $500 million valuation at the time of the ICO fundraising. It is worth noting that users who participated in this year's ICO deposit program, regardless of the amount of money deposited, received XPL airdrop bonuses valued at US$8,390, totaling about US$25.5 million, which allowed some users who invested a mere US$10 to turn it into a US$10,000 gain, fully demonstrating Web3's spirit of rewarding early movers and shakers.\n

Plasma's move not only underscores the importance Plasma places on its small backers, but also serves as a prime example of community cohesion in the crypto market. While the market is in a state of fear and the start of the cottage season is still in doubt, Plasma's approach demonstrates that in volatile markets, it is the design of incentives that are transparent and share the dividends that can truly reinforce trust and attract long-term support. For investors, this mechanism reminds us that instead of chasing short-term FOMO, it is better to lock in projects with long-term value and fair distribution mechanism, and make batch deployments and DCA entries at low levels. This is because market sentiment can flip in just a few days, and the projects that can persist in the cold snap are often the core of the next bull market.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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Circle Deeply Binds Hyperliquid as Narrative Gets a New Wave of Catalysts\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Circle has announced the launch of native USDC and cross-chain protocol CCTP V2 on Hyperliquid's HyperEVM, as well as the simultaneous investment in the platform's token, HYPE, which means that Circle is not only exporting its technology to bring the world's most liquid USD stablecoin, but also becoming a direct stakeholder in Hyperliquid. In the future, it will also support HyperCore deposits and interoperability, which will enable USDC to be more efficiently integrated within the ecosystem, providing developers and users with an infrastructure for cross-chain capital flows.\n

This dual strategy of \"technology access + capital participation\" demonstrates that Circle is not simply cooperating with Hyperliquid, but rather intends to build an in-depth partnership. As USDC has strong liquidity for global payments and transactions, combined with Circle's direct investment, it will dramatically increase the market's enthusiasm for HYPE. For investors, this is a classic 'iceberg effect': technology integration on the surface, and a powerful catalyst of capital and narrative at the deep end. In the short term, this is likely to drive Hyperliquid's ecosystem to attract more capital and drive HYPE's price up further.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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AVAX strong breakout: back to highs after long\/short liquidation\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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AVAX hit $35.76 early Tuesday morning, successfully retesting last week's high and bouncing back from Monday's low of nearly 20%. According to CoinGlass, about $2.8 million in short orders were liquidated in 24 hours, compared with $9.2 million in long orders the previous day, indicating that capital inflows are gradually shifting to cash after the market experienced a large-scale exchange of hands. Meanwhile, AVAX's market share rose to 0.38% from 0.26% at the beginning of September, highlighting the rotation of capital from mainstream assets to mid-sized tokens with higher potential.\n

Avalanche's weekly DEX volume climbed to a three-year high of $4.2 billion, reflecting real demand and growth in the online ecosystem, according to data from the chain. In addition, Skybridge Capital founder Scaramucci announced that he will set up a digital asset treasury on Avalanche and promote an RWA monetization fund, confirming that the chain is being favored by institutional capital. AVAX is still trading at a discount of more than 65% to its historical highs. The combination of multiple catalysts, including capital rotation, institutional participation and network activity, suggests that its strategic position in the new bull market may be significantly enhanced, and is worth continuing to pay attention to.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Steam Red Lights Again as Cancer Reality Hosts Get Ransacked\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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While playing a Steam game recommended by a viewer during a live broadcast, cancer activist RastalandTV suffered a Trojan horse invasion, which resulted in the theft of up to US$32,000 (NT$960,000) of cryptocurrency from his wallet in an instant. The game, BlockBlasters, initially passed the Steam audit on July 30th in its normal state, but during an update in August, it was implanted with a malware program belonging to the StealC family of malware, which was able to steal browser credentials and wallet keys. Although famous KOL Alex Becker eventually fully funded the case and spared the real-life owner from a heavy blow, the incident quickly spread, highlighting the vulnerability of Steam's auditing mechanism and prompting widespread questions about the platform's security from the community.<\/span><\/span><\/p>\n

This incident reveals that hacker attacks are no longer limited to traditional phishing or fraud, but gaming platforms have also become a breakthrough. For crypto investors, this is yet another reminder that \"hackers are everywhere\" and that wallet security should take precedence over everything else. From a market perspective, security incidents often overlap with sentiment fluctuations, making it more difficult for investors to identify the source of risk. Fear is already spreading in the market, and many people are skeptical of \"cottage season\", so it is important not to chase the market blindly. The sensible action is to stay calm when the price drops, and enter the market with DCA strategy in batches, because market sentiment can go downhill in just two days, and the only way to stay alert and disciplined is to stand firm in the face of both hackers and volatility.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Ethernet's Underlying Innovation, Apps Still Can't Shake the Core\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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In April, Vitalik Buterin proposed the idea of rebuilding Ethernet's execution layer with RISC-V in an attempt to optimize the underlying instruction set and replace the current EVM in order to solve the long-standing performance bottleneck. According to the data, about 59.63% of the ZK-EVM prover's computation cycles are spent on transaction execution, and if it can run directly on the RISC-V architecture, the efficiency can be increased by more than 100 times. RISC-V is modular and flexible, and it has been adopted by projects such as Polkadot, etc. Vitalik estimates that it will take at least 18 months to prepare for the project, and it is currently in the stage of discussion and testing.\n

However, despite its enormous technical potential, Ethernet remains irreplaceable in the short term. Since its launch in 2015, its massive DeFi, NFT, L2 solutions and thousands of DApps have been deeply bound to the EVM architecture, creating an ecological lock-in effect. Any substrate conversion not only needs to overcome compatibility and migration costs, but also faces a huge application layer dependency. In other words, EVM's position as an implementation standard will remain secure for the next four years, and market participants should focus on Ethernet's continued consolidation of its role as a \"global layer of trust\" rather than short-term substitution risk. This development serves as a reminder to investors that while cutting-edge innovations deserve attention, the pace of investment should not be overly driven by the \"substitution narrative\".\n<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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UK-US Alliance Challenges EU: Transatlantic Regulatory Framework Takes Shape<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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The U.S. and the U.K. announced on September 22 the formation of the Transatlantic Working Group on Future Markets, which will submit its first report in 180 days, focusing on stable currency reserves, transparency, anti-money laundering standards, and digital securities sandboxes. This is not only a response to the regulatory dominance of the EU's MiCA, but also demonstrates the intention of both countries to reshape the global digital asset rules through policy integration. The response from the industry has been positive, with major organizations such as Coinbase and Circle emphasizing the benefits of this move in terms of unlocking liquidity and increasing trust in the market.\n

The institutional collaboration between the UK and the US suggests that digital asset regulation has moved from the 'wait-and-see' stage to the 'build-up' stage. Unlike the EU's unilateral push, the combination of London and New York's financial centrality behind the transatlantic framework makes it more attractive. For the market, this means that crypto regulation is not a sign of tightening, but rather that governments see it as a long-term capital conduit and want to participate directly in the dividends. As the global regulatory landscape shifts, a UK\/US 'regulatory corridor' could not only undermine the EU's lead, but also pave the way for tokenized securities, stablecoins and ETFs to enter the mainstream.\n<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Macro News\n\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Liquidity Reshapes Markets: Crypto Assets Become the New Focus of Capital Aggregation\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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The Fed cut interest rates again in September by 25 basis points, lowering the range of the federal funds rate to 4% to 4.25% and suggesting that there is still room for two more rate cuts before the end of the year. This significantly changed the cost of capital structure, weakening the attractiveness of traditional assets such as bonds and the U.S. dollar, forcing capital to seek higher risk-return investment targets. According to the theory of supply and demand, as yields on traditional investments decline, demand will naturally shift to crypto assets with more flexible returns. This is borne out by the data in the chart: Bitcoin's price is oscillating at $116,000, but the net realized gain\/loss remains positive, indicating that new liquidity is still picking up the profit-taking pressure. This structural shift in demand makes it more likely that the effect of the October rate cut will reinforce the long side.\n

The key question, however, is to what level that wave of funding can push prices up. Historically, a 100 basis point drop in interest rates tends to have a greater marginal impact on asset prices than the preceding period of decline, reflecting the \"incremental effect\" of liquidity. For the crypto market, in the near term, Bitcoin is expected to break above the technical resistance level of $108,000, which will reshape market sentiment and lead Ether and other risk tokens to follow suit. If the breakout fails, a high consolidation pattern may develop, but crypto assets will continue to absorb marginal funds against the macro backdrop of low interest rate policy and declining confidence in the US dollar. In other words, the rate cut will not only provide price support for the crypto market, but also has the potential to trigger a structural outburst towards the end of the year. <\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Rapid Shifts in Wealth, Promises and Market Turmoil at the Top\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Chinese President Xi Jinping, Russian President Vladimir Putin and North Korean leader Kim Jong-un attended a large-scale military parade in Beijing for the first time, displaying nuclear missiles with global strike capability, including Oracle founder Larry Ellison's net worth surged to US$373 billion in recent months, once surpassing Musk's, thanks to 41%'s shareholding and AI tidal wave, underscoring the speed and scale of the concentration of wealth in a handful of giants. The speed and scale of the concentration of wealth in a handful of giants is evident. It's worth noting that back in 2010 he pledged to give away 95% of his wealth, making it one of the largest philanthropic commitments in history. This phenomenon of \"sudden wealth transfer\" not only reflects the rapid accumulation of capital at the top, but also highlights the importance of large shareholders' ability to utilize their own influence to maintain the stability of the company's market capitalization and long-term trust.\n

From a market perspective, the asset allocation and donation pledges of giants have a demonstrative effect on emerging assets such as cryptocurrencies. When large shareholders choose to give back a portion of their assets to the community, investors' trust in their company's stock price and related ecosystems is more likely to be stabilized, thus alleviating the fear of \"dumping\"; similarly, in the crypto-market, if large coin holders (whales) show long-term commitment and responsible behavior, it will also help to alleviate the volatility of the market, attracting more medium- and long-term capital inflows. It's also a critical step in stabilizing the market and sustaining growth.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Inflation picks up: Second rate cut adds to market uncertainty\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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The US Consumer Price Index (CPI) rose by 2.9% y-o-y and 0.4% m-o-m in August, the largest increase since the beginning of the year, while Core Inflation remained unchanged at 3.1%. Meanwhile, the number of Initial Unemployment Claims (IUCs) unexpectedly climbed to 263,000, the highest in nearly four years, reflecting that the economy is facing the contradictory situation of price pressure and labor market weakness at the same time. According to economic theory, rising inflation means a decline in real purchasing power, which puts cost pressure on households and businesses, while rising unemployment suppresses consumer demand. When the two coexist, the effect of monetary policy is difficult to be fully targeted, and market uncertainty about the path of subsequent interest rate cuts rises.\n

In the crypto market, the Federal Reserve cut interest rates by 25bps in September and the market is highly anticipating another rate cut in October. A drop in interest rates will theoretically depress bond returns, making traditional assets less attractive and shifting liquidity to risky assets, with cryptocurrencies benefiting the most from their high elasticity and speculative attributes. However, if inflation continues to rise and the decline in real interest rates is limited, investors may be skeptical that improved liquidity will actually push prices higher. This uncertainty makes September-October's policy and data a key turning point, which could trigger a stronger end-of-year wave of crypto inflows if inflation is under control and interest rates are gradually lowered. <\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Related Post:<\/span><\/span>
Best Cryptocurrency Trading Platform for Hong Kong Users?2025 Latest Bitcoin Tips for Beginners
<\/u><\/a>2025 Coin Ring Newbie Guide Lazybones\uff5cChained Ecology Entry Guide<\/u><\/a>
2025 Must Read for Newbies! Use these six data indicators to learn how to judge buying opportunities.<\/a><\/u><\/span><\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Chained Data Analysis:\n\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Key Cost Pressure Approaching, High Level Consolidation Inevitable<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Recently, Bitcoin price has remained at the $113.9K level, while the cost benchmarks for the three major short-term groups are the three-month 113.8K, the one-month 112.8K, and the six-month 108.3K. These three cost curves are very close to the current price, and they form critical pressure and support zones in the short term. According to the chart data, if the price can effectively break above 113.8K, the market may regain upside momentum as the three-month high buyers will turn to profit again; on the other hand, if the price falls below 108.3K, the six-month holders will be in the red again, which may lead to a sell-off and a further dip to the next support zone at 93K.<\/span><\/span><\/p>\n

The dense distribution of these triple cost layers highlights that the market entered a high consolidation zone in September and market sentiment is cautious. The current price is slightly above the one-month buying cost, suggesting that short-term capitalization can be maintained, but the rebound is not strong enough to push for a breakout quickly. Combined with the historical seasonal pattern, the adjustment before October may help to absorb profit-taking and strengthen the support structure. If the 112.8K-113.8K range can be stabilized and gradually moved up by the end of the month, it will lay the groundwork for further uptrend in October. On the other hand, a break below 108.3K would mean that the short-term correction is not yet over, and the market needs to be prepared for a deeper test. <\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Buying pressure at high level, October may be an opportunity for recovery.\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Buying in the last three months has been a major source of pressure in the current market. According to the chart, short-term holders (<3 \u500b\u6708\uff09\u5728\u672c\u8f2a\u53cd\u5f48\u4e2d\u9304\u5f97\u9ad8\u9054\u65e5\u5747 1.52 \u5104\u7f8e\u5143\u7684\u5be6\u73fe\u8667\u640d\uff0c\u5176\u898f\u6a21\u8207 2024 \u5e74 4 \u6708\u53ca 2025 1 \u6708\u7684\u58d3\u529b\u671f\u76f8\u4eff\u3002\u6b64\u73fe\u8c61\u53cd\u6620\u8fd1\u671f\u9ad8\u4f4d\u8cb7\u5165\u8005\u5728\u9700\u6c42\u4e0d\u8db3\u7684\u74b0\u5883\u4e0b\u9078\u64c7\u6b62\u640d\u96e2\u5834\uff0c\u8207\u90e8\u5206\u77ed\u7dda\u7372\u5229\u4e86\u7d50\u4ea4\u7e54\uff0c\u52a0\u5927\u4e86\u5e02\u5834\u7684\u56de\u8abf\u5e45\u5ea6\u3002\u50f9\u683c\u591a\u6b21\u5728 114k \u9644\u8fd1\u53d7\u963b\uff0c\u986f\u793a\u9700\u6c42\u5c1a\u4e0d\u8db3\u4ee5\u5b8c\u5168\u5438\u6536\u65b0\u589e\u62cb\u58d3\u3002\n

The current pullback is not a purely technical shock, but the result of weak demand and macro environment. The time lag effect of the Federal Reserve's interest rate policy is creeping into market liquidity, weakening short-term appetite and keeping September under pressure. However, this phase of adjustment will help clean up floating chips and rebuild support. If prices can return and stabilize above 114K before the end of the month, it will restore confidence and attract another round of capital inflows. Combined with the historical seasonal pattern, October is often the starting window for the market, and if there is no sudden macro downside, Bitcoin still has the conditions to start a new round of uptrend in October.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Long gains digested: 108K becomes a critical watershed<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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The recent net realized gains and losses in Bitcoin (% of market capitalization, 90-day average) show a subtle shift in market sentiment. As can be seen from the chart, after two waves of profit realization peaks in May and November 2024, the price moved upwards and market liquidity was sufficient to absorb the selling pressure. However, as the Profit Realization Curve has gradually moved lower since mid-2025, it has shown a marked reduction in the strength of inflows, although it is still above the zero-axis. Prices are currently under pressure at the $108,000 level, which is overlapping with historical breakeven inflection points and constitutes a key resistance in terms of market sentiment.\n

This means that while liquidity can still support prices at higher levels, it is not strong enough to drive a sustained breakout. If the price fails to stabilize above $108,000, bulls' confidence could be further undermined and inflows could weaken, causing the short-term rally to stall. On the other hand, an effective break above this level would rekindle market expectations for a new uptrend. All in all, $108,000 is not only a technical pressure, but also a watershed to measure whether long capital can continue to digest profit-taking.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Rapid cooling after overheated leverage: liquidation wave reveals risk accumulation<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Over the past week, open positions in Bitcoin perpetual contracts rose to nearly 395,000 BTC, a new high for the current cycle, suggesting that leveraged capital was actively involved in the price rally, but the ensuing shock quickly triggered a deleveraging effect. However, the ensuing shock quickly triggered a deleveraging effect, with open positions falling from the highs to 378,000 BTC, a one-week decline of 4.3%. This change echoes the recent massive liquidation events - as of September 11, total liquidations in the 24-hour period totaled $347 million, the largest in nearly a year! The scale of the liquidation was the largest in almost a year. Structurally, short liquidations ($232 million) were much higher than longs ($115 million), suggesting that the market was overly betting on the downside and was forced out of the market when prices surged. The data clearly reveals that some traders neglected stop-loss management, leading to a concentration of risk.\n

Such a leverage purge reflects the market's high sensitivity to macro signals. Since the FOMC meeting, open interest has oscillated between 378,000 and 384,000, intensifying volatility but failing to accumulate new momentum, suggesting that leveraged capital continues to be repeatedly squeezed by policy-driven conditions. This structure reveals the dual characteristics of the current market: on the one hand, the rapid entry and exit of leverage pushes up short-term volatility; on the other hand, macro interest rates and policy expectations dominate the direction of capital flows, magnifying the risk of a reversal of sentiment. For investors, this record liquidation wave is not only a market correction, but also a stern warning against \"no stop-loss\". As the macro variables at the end of the bull market approach, the only way to avoid becoming a victim of the next wave of liquidations is to maintain strict risk control.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Wall of Settlement Pressure Looms: Fragile Market Balance on the Brink<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Looking at the liquidation heat map, the current Bitcoin spot price is around $117,200, with a long liquidation zone below at $112,700 and a short liquidation pressure point above at $121,600. The chart shows that if the price moves down to the 112k area, the potential long liquidation size is close to 4,000 BTC, while in contrast, if the price breaks above the 121k area, more than 4,500 BTC short positions will face a strong close. This structure suggests that the market is in a highly sensitive leveraged equilibrium: a breakout in any direction could be amplified by a liquidation wave and become \"fuel\" for price volatility.\n

This wall of liquidation structure implies that the market is entering a \"leverage amplifier\" phase. If a positive catalyst pushes the price above 121.6k, the forced liquidation of short positions will create a short-term acceleration, pushing the market to challenge the previous highs; conversely, if macro or liquidity pressures lead to a drop below 112.7k, it will trigger a chain of long liquidations, magnifying the downside risk. This bi-directional symmetrical and fragile pattern reminds investors that the market is not simply a continuation of a trend, but rather the dynamics of leverage determines the short-term direction. Strict risk management and reasonable stop-loss settings are the only way to avoid becoming a victim in the liquidation wave.<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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FOMC triggers leveraged volatility, market enters a highly sensitive state.\n<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Options market data showed that implied volatility, which has long been close to realized volatility, rose significantly in the run-up to the FOMC meeting, reflecting market participants' active hedging of uncertainty in the long Gamma sector. The latest one-month standardized spread stabilized at 0.228, which is still within the normal range but already indicates that market makers are demanding a higher premium for their risk-taking. As can be seen from the chart, since 2024, volatility spreads have tended to follow large spikes in volatility with short-term spikes in the price of Bitcoin, suggesting an amplification of leveraged sentiment driven by macro-events.\n

The nature of volatility is that the market has entered a \"risk-amplifier\" phase, where any news or macro-variable can trigger a sharp rise or fall in prices. In such a risk-on environment, where high risk and high return coexist, traders can gain excess returns through leverage and options, but at the same time face the risk of accelerated liquidation. For investors, rationally locking in a portion of their profits and maintaining position flexibility is far more critical than blindly chasing short-term fluctuations. After all, gains that are not yet in the bag are just bookkeeping figures. Only by exercising discipline during volatile cycles can we ensure long-term sustainability and stable growth.\n<\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Conclusion<\/span><\/font><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Although the frenzy of the past two weeks is fading fast and fear is back to dominate the market. It is not advisable to sell blindly at this time, and we should be disciplined in laying out our positions in batches and locking in defensive chips. However, when a bullish wave comes, it is often fleeting, and the only way to catch it without being swept away is to stay sharp and rational.\n\nThis week's capital recovery and price rebound confirms the previous judgment of short-term green inflation. However, there is also the risk of short-term profit-taking and overheated sentiment behind the rally. Whether or not you can stay calm in the midst of the boom and appropriately sell your money to stabilize your currency will determine whether or not you can still hold an advantage in the next round of volatility. Bull markets don't last forever. Pullbacks are the true test of patience and strategy. Keep an eye on capital flows, sentiment changes and macro-economics, because the real key opportunities often come quietly after the noise.\n<\/span><\/p>\n

If you have learned something from this update, or learned more about the market, please follow us on Monsterblockhk. Twitter<\/u> <\/b><\/a>\uff0c\u4e26<\/i>Join our Telegram Groups<\/u><\/b><\/a>We will be able to share and discuss the next wave of opportunities!<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Related Post:<\/span><\/span>
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2025 Must Read for Newbies! Use these six data indicators to learn how to judge buying opportunities.<\/a><\/u><\/b><\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\u52a0\u5165\u6211\u5011\u7684\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Disclaimer<\/b><\/span><\/span><\/p>

The content of this article is for reference only, investors should exercise independent judgment, invest prudently and at their own risk, this article does not provide or attempt to persuade the audience to do trading or investment basis, the content is for sharing purposes only, and should not be regarded as investment advice.<\/span><\/span>It does not represent the views and position of Monsterblockhk.<\/span>All information and opinions are current as of the date of the judgment. In addition, if a judgment is rendered on a<\/span><\/span>In this site<\/span>Any content related to virtual asset trading platforms that have not yet obtained a license to operate virtual asset trading platforms in Hong Kong, including but not limited to text introductions, pictures, offers, events, etc., are only available to users outside the Hong Kong Special Administrative Region.<\/span><\/p>

According to the Hong Kong Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, after June 1, 2023, all centralized virtual asset trading platforms operating in Hong Kong or actively promoting their services to Hong Kong investors will be licensed and regulated by the SFC, and any related unlicensed activities will be a criminal offence. For more information and details of the legislation, users may refer to the SFC website.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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\u6b61\u8fce\u56de\u5230 Monsterblockhk \u7684\u5e63\u5708\u5feb\u8a0a\u3002\u672c\u9031\u5e02\u5834\u60c5\u7dd2\u6025\u8f49\u76f4\u4e0b\uff0cETF \u8cc7\u91d1\u6301\u7e8c\u6d41\u51fa\u3001\u5c71\u5be8\u5e63\u5168\u9762\u627f\u58d3 […]<\/p>\n","protected":false},"author":5,"featured_media":22824,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[42,32],"tags":[],"class_list":["post-22789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alpha-report","category-new-articles","entry","has-media"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t