Top Stories
Bitcoin Whale Rotates Billions Into Ethereum
An early Bitcoin whale has continued its shift into Ethereum, selling 6,000 BTC worth about $645 million over Sunday and Monday for roughly 146,000 ETH. The wallet, once holding over $5 billion in BTC, has now amassed 886,317 ETH valued near $4 billion. The whale’s move mirrors broader flows into Ethereum-based funds, which saw $4 billion of inflows in August compared to $300 million in Bitcoin outflows. Analysts note such large reallocations, alongside July’s 80,000 BTC sale by another long-dormant whale, can spark wider market reactions as traders follow institutional and whale positioning.
Google Searches Show Measured Memecoin Revival
Search interest for “memecoin” has rebounded to 57 on Google Trends after months of quiet, signaling renewed but more restrained retail curiosity compared to January’s peak of 100 during the TRUMP token mania. The uptick suggests retail attention is returning in a steadier pattern, contrasting with muted activity on Crypto Twitter where influencers haven’t reignited full-scale hype. This could mark a healthier phase for memecoins, supported by stronger infrastructure like established launchpads and trading tools, though the risks of sharp drawdowns remain fresh in memory.
Source: Google (Google Trends)
Trump-Backed WLFI Token Debuts
World Liberty Financial’s Ethereum-based WLFI token, backed by President Trump, debuted for trading on Monday and quickly reached a market cap of $7.6 billion, ranking among the 30 largest cryptocurrencies. Early whitelisted buyers who purchased at $0.015 saw gains of more than 1,700% as WLFI traded around $0.265, though the first day also brought $12.3 million in liquidations across long and short positions. The token’s launch follows $550 million raised in private sales earlier this year and builds on WLFI’s ecosystem, which already includes the USD1 stablecoin. Co-founders Donald Trump Jr. and Eric Trump called the launch a step toward “financial freedom” and “American strength,” but the project has stirred political controversy, with critics citing conflicts of interest from the former president’s deepening involvement in crypto.
Stablecoin Growth Surges Toward Mainstream Finance
Stablecoin supply has hit a record $280 billion, with Ethereum hosting $91 billion of issuance, while transfer volumes now surpass Mastercard’s Jan–Sep totals on a pro-rata basis. At this pace, stablecoins could overtake ACH in 2–3 years, fueled by integrations from financial players like Stripe, which now enables USDC payments in over 70 countries at fees 30% lower than cards. Shopify and Finastra have also adopted stablecoin rails, reducing friction in cross-border payments and pushing stablecoins deeper into traditional finance. This momentum is spilling into DeFi, where stablecoin liquidity represents 42% of transfer volumes, up from 30% two years ago, signaling a growing role as both payment infrastructure and yield-generating capital.
Source: Re7 Capital
Regulation
Nasdaq Cracks Down on Crypto Treasury Listings
Nasdaq is tightening its oversight of companies raising funds to buy crypto, now requiring shareholder votes for certain deals and expanded disclosures. Noncompliant firms could face suspension or delisting, which triggered a sharp selloff in digital asset treasuries (DATs) after the news. Since January, 154 U.S.-listed companies have announced nearly $100 billion in crypto treasury plans, compared to just $34 billion raised by 10 firms before 2025. The stricter rules could slow the surge in DAT activity, particularly as most issuers are Nasdaq-listed, with Strategy and BitMine standing as the two largest players holding bitcoin and ether, respectively.
USD Exchanges Rebound Amid Regulatory Shifts
Trading on USD-supported exchanges like Coinbase, Crypto.com, and Kraken has climbed to $275 billion this month, showing renewed strength despite Americans’ limited access to global platforms. U.S. traders still drive more than 10% of global volumes, underscoring their outsized influence. Meanwhile, the CFTC’s new guidance has stirred speculation that Americans could soon regain access to offshore giants like Binance and Bybit, which together handled $850 billion this month. The possibility of U.S. re-entry rattled markets, sending Hyperliquid’s HYPE token lower on fears that broader Binance access could sap demand for decentralized exchanges.
Source: The Block
Coinbase to Launch Mag7 + Crypto Equity Index Futures
Coinbase will debut a new Mag7 + Crypto Equity Index Futures product on Sept. 22, marking its first diversification beyond single-asset derivatives. The index evenly weights Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, Tesla, Coinbase shares, and BlackRock’s Bitcoin and Ethereum ETFs. The move follows weaker Q2 spot trading activity and revenue for the exchange, with Coinbase also testing new growth avenues such as prediction markets and DEX integrations. By blending leading tech stocks with crypto ETFs, Coinbase is positioning its platform as a bridge between traditional equities and digital assets.
Ray Dalio Warns of Debt Crisis, Sees Crypto as Hedge
Bridgewater founder Ray Dalio warned the U.S. faces a “debt-fueled heart attack” as unsustainable borrowing pressures creditors to dump Treasuries, forcing the Fed to choose between higher rates or money-printing. He linked gold and Bitcoin’s rise to weakening confidence in fiat, calling crypto an “alternative currency” with hard-money qualities due to capped supply. Bitcoin has risen 20% this year to $112,000 while gold is up 38% to $3,530 per ounce. Dalio urged investors to allocate 15% of portfolios to gold and Bitcoin as a hedge, though he favors gold for central bank reserves. He said excessive debt, not deregulation, undermines fiat currencies, echoing historical cycles where debt crises eroded money’s value.
Other Domestic Regulation Updates
- Sonic passes $150 million proposal to expand into US capital markets
- Trump family's crypto wealth balloons by $5 billion on paper following WLFI token debut
- Polymarket Gets Green Light to Operate Prediction Markets in US, CEO Says
Other International Regulation Updates
- Metaplanet's bitcoin holdings reach 20,000 BTC milestone
- Bitcoin held by public companies passes 1 million BTC
- 'I am innocent': Justin Sun calls for World Liberty Financial to unfreeze his WLFI tokens
- South Korea caps crypto lending at 20% interest, bans leveraged loans
- Tether, El Salvador Deepening Ties to Gold, the 'Natural Bitcoin'
Pain & Gain
Pain
- Decentralized exchange Bunni loses an estimated $8.4 million in smart contract exploit
- Can Bitcoin ETF Flows Save BTC From Its September Curse?
Gain
- World Liberty Financial proposes buyback program following WLFI launch
- Ondo rolls out 100 tokenized US stocks and ETFs on Ethereum
- Stripe and Paradigm introduce payments-focused blockchain Tempo
- SharpLink Will Explore Staking Portion of $3.6 Billion Ethereum Treasury on Linea, CEO Says
Important Legal Notices
This reflects the views MJL Capital LLC (“MJL”), but it should in no way be construed to represent financial or investment advice. Nothing in this correspondence is intended to constitute or form part of, and should not be construed as, an issue for sale or subscription of, or solicitation of any offer or invitation to subscribe for, underwrite, or otherwise acquire or dispose of any security, including any interest in any private investment fund managed by MJL. Any such offer may only be made pursuant to a formal confidential private placement memorandum of any such fund, which may be furnished to potential investors upon request and which will contain important information to be considered in connection with any such investment, including risk factors associated with making any investment in any such fund. Further, nothing in this correspondence is, or is intended to be treated as, investment or tax advice. Each recipient should consult their own legal, tax and other professional advisors in connection with investment decisions.
Domenic Salvo is a Managing Partner at MJL Capital, helping lead Portfolio Research and Investor Relations.
