Crypto Morning Brief: Bitcoin hits new all-time high, OKX to burn 65.25 million OKB
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Crypto Morning Brief: Bitcoin hits new all-time high, OKX to burn 65.25 million OKB
CMB International launches the first recognized fund tokenization product on Solana.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
BTC breaks above $124,000, hits new all-time high
HTX market data shows BTC has broken above $124,000, currently trading at $123,989, up 3.5% in 24 hours, setting a new record high.
CNBC: Trump considering 11 candidates for Fed Chair including David Zervos and Rick Rieder
According to CNBC, two government officials revealed that the Trump administration is evaluating 11 candidates to succeed Federal Reserve Chair Jerome Powell when his term ends in May, including three individuals not previously publicly nominated. New names include Jefferies Chief Market Strategist David Zervos, former Fed Governor Larry Lindsey, and BlackRock’s Global Head of Fixed Income Rick Rieder.
Market News: CANARY TRUMP COIN ETF registered in Delaware
Market sources report that the CANARY TRUMP COIN ETF has been registered in Delaware, USA.
Insider: MetaMask may announce mUSD stablecoin plans this week
Insiders say cryptocurrency wallet MetaMask is expected to unveil details of its own dollar-pegged stablecoin, mUSD, as early as this week. The project was previously exposed by a governance proposal that was briefly published and then quickly removed, with plans to launch by the end of this month. mUSD will be issued with assistance from Bridge, a stablecoin payment services provider (acquired earlier this year by fintech firm Stripe), and the stablecoin issuance protocol M^0, with custody and fund management services provided by alternative asset manager Blackstone. (CoinDesk)
OKX to conduct one-time burn of approximately 65.25 million previously repurchased and reserved OKB tokens
According to OKX market data, OKB surged past $70 following news of the planned burn, now trading at $71.50, up over 55% in 24 hours.
Per an official announcement, OKX will conduct a one-time burn of 65,256,712.097 OKB tokens consisting of historically repurchased and reserved supply. Going forward, all OKB transferred into the black hole address will be automatically destroyed via smart contract. After this operation, manual OKB burns will cease, and the total OKB supply will be fixed at 21 million.
Ethereum Fusaka mainnet launch tentatively set for November 5
According to Etherworld, during the 162nd Ethereum consensus layer core developer meeting, the mainnet launch date for Ethereum Fusaka was tentatively set for November 5.
Eden Network announces shutdown and launches token exit program
ETH infrastructure provider Eden Network has announced it is ceasing operations. The project will distribute 2,000 ETH from its reserve funds to EDEN token holders through a token exit program. The program will run until September 30, 2025, with an exchange rate of 1 EDEN = 0.00001506 ETH.
Originally founded as Archer DAO in 2020, Eden Network primarily offered Maximum Extractable Value (MEV) revenue services to ETH miners. After the ETH merge, it transitioned into operating MEV-Boost relays but failed to sustain operations due to increasing market competition and rising operational costs.
All related services, including Eden RPC and Eden Bundles, have been terminated. Users are advised to migrate to alternative services such as Flashbots. The exit program is only available to non-U.S. residents, and all unissued tokens have been burned.
Ark Invest funds collectively buy 2.53 million BLSH shares worth ~$172 million
According to Ark Invest Daily data, multiple Ark Invest funds under Cathie Wood purchased a combined 2,532,693 shares of Bullish (BLSH) on August 13. Based on a closing price of $68, the position is valued at approximately $172.2 million. ARKK bought 1,714,522 shares, ARKW bought 545,416 shares, and ARKF bought 272,755 shares.
Metaplanet Q2 2025 earnings: Revenue up 41% QoQ, net assets surge 299% QoQ
As disclosed on Metaplanet's official X account, the company released its fiscal Q2 2025 earnings report.
The report shows Metaplanet achieved second-quarter revenue of 12.39 billion JPY (~$84 million), up 41% quarter-on-quarter; gross profit reached 816 million JPY (~$5.5 million), up 38% QoQ. Net profit stood at 11.1 billion JPY (~$75.1 million), compared to a loss of 5 billion JPY in the previous quarter.
Total assets reached 238.2 billion JPY (~$1.61 billion), up 333% QoQ; net assets amounted to 201 billion JPY (~$1.36 billion), up 299% QoQ.
CMB International launches first cross-border mutual recognition fund tokenized product on Solana
Solana announced that CMB International, in collaboration with digital fintech firms DigiFT and OnChain, successfully tokenized its Hong Kong-Singapore Mutual Recognition Fund (MRF) on the Solana blockchain. The token is named CMBMINT.
ALT5 Sigma completes $1.5 billion private placement; WLFI co-founder Zach Witkoff named Chairman
According to Businesswire, Nasdaq-listed ALT5 Sigma Corporation announced the completion of a $1.5 billion private financing round. The offering was priced at market rates per Nasdaq rules, with World Liberty Financial leading the investment. The round also included participation from global institutional investors and crypto venture capital firms. Kraken serves as asset manager, and AGP/Alliance Global Partners acts as exclusive placement agent.
Zach Witkoff, co-founder and CEO of World Liberty Financial, has been appointed Chairman of the Board. Eric Trump joins as a board director, Zak Folkman, another WLFI co-founder and COO, becomes a board observer, and Matt Morgan is named Chief Investment Officer.
Prior news reported that U.S.-listed fintech firm ALT5 Sigma announced a $1.5 billion funding round to launch the WLFI treasury strategy.
Market Movements
Recommended Reading
This article documents Ethereum founder Vitalik Buterin’s reflections on the past decade of Ethereum’s development and his vision for the future. He discusses key topics including technological breakthroughs, community culture, privacy protection, and Ethereum’s evolving role as a “world ledger,” while exploring challenges and potential solutions facing the Ethereum ecosystem.
After a 10x Surge, Circle’s First Earnings Reveal Strengths and Concerns
This article analyzes Circle’s first post-IPO financial report, revealing both growth potential and challenges as a stablecoin issuer, while outlining its strategic shift toward becoming a global digital financial infrastructure provider. Despite continued growth in USDC circulation and market share, the company faces significant risks from a narrow revenue structure overly reliant on reserve interest income. Circle aims to diversify revenue streams and strengthen its market position by launching its own blockchain Arc and forming partnerships with various enterprises. The article also examines how these strategies differentiate Circle from competitors amid concerns about fraud and low token activity, analyzing strategic advantages, community responses, and future competitive trends.
a16z Deep Dive: Blockchain Transformation Paths for Banks, Asset Managers, and Fintech Companies
This article explores how blockchain technology is driving transformation in traditional financial institutions, creating new market opportunities, user bases, and revenue streams for banks, asset managers, and fintech companies. It details blockchain applications in areas such as tokenized deposits, settlement infrastructure, and collateral liquidity, and explains how innovation can be achieved using both public and private blockchains. Additionally, asset managers and fintech firms are leveraging blockchain to optimize product distribution, liquidity, and payment solutions, enhancing competitiveness and enabling new business models.
Pantera: BitMine’s ETH Alchemy
This article discusses how BitMine has embarked on a path of Ethereum wealth creation through its DAT strategy, demonstrating how digital asset treasuries can generate value by increasing per-share token holdings and net asset value premiums. Continued expansion of the Ethereum ecosystem and on-chain migration trends further drive demand and value appreciation for ETH.
New Battlefield for Stablecoins: Stripe and Circle’s Layer 1 Showdown
This article examines how Stripe and Circle are launching their own Layer 1 blockchains—“Tempo” and “Arc,” respectively—to optimize payment functionality, though their underlying philosophies differ significantly. Native stablecoin payment chains are emerging as a distinct sector focused on low-friction transactions and stability, posing competitive pressure on Circle.
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