The crypto market dropped 0.51% today with trading volume collapsing across the board. Spot markets are down 44.9%, derivatives fell 42.4%, and it feels like everyone decided to take a nap at the same time. Meanwhile, recent altcoin winners like ASTER and MYX are both down 6.5% as traders take profits. Plus $34B in derivatives positions got closed out, dropping average leverage from 25x to 18x.
APX Investor Just Made Millions
Someone who bought $226,000 worth of APX tokens back in 2022 is now sitting on over $7 million. The token exploded 120% in just 24 hours, hitting an all-time high of $1.9, pushing its market cap to $827 million. What really caused this massive 120% surge in just one day? Read more.
FTX Creditors Getting Another Payout
Another $1.6 billion is hitting FTX creditors’ accounts on September 30th. Some users are getting 120% of their original balances back from this third distribution wave. This comes from over $15 billion in recovered assets the bankruptcy estate has been sitting on. How exactly will creditors receive their FTX payouts? Read more.
Vitalik’s New Plan Could Save Ethereum
Ethereum’s co-founder thinks low-risk DeFi could become the network’s Google Search – a boring but profitable revenue engine that funds everything else. This could solve Ethereum’s biggest problem, profitable apps don’t align with its values, while value-aligned apps don’t make money. DeFi TVL just crossed $100 billion for the first time since 2022. What changed Vitalik’s mind about DeFi after years of skepticism? Read more.
Yzi Makes Huge Bet on USDe Stablecoin
Yzi Labs doubled down on Ethena Labs as USDe hit $13 billion in supply. That makes it the third-largest crypto dollar, climbing fast behind USDT and USDC. USDe uses a “synthetic dollar” approach, backing the token with Bitcoin, Ethereum, and Solana while hedging with short perpetual futures positions to maintain its $1 peg. What new initiatives is Ethena launching beyond USDe? Read more.
Hayes Predicts Crypto Surge Despite Growing Skepticism
Arthur Hayes is betting on a massive crypto surge once the U.S. Treasury hits its $850 billion account target. Currently at $807 billion, he thinks the liquidity drain will reverse soon. The Fed’s rate cut and 91.9% of traders expecting another 50 basis points in October support his theory. He’s also eyeing regulated bank-issued stablecoins as potential rocket fuel. What price level does Hayes think Bitcoin could hit if his TGA theory fails? Read more.
GameFi News: Alt Season Is A-Knocking, Immutable Pumps 50%
