Crypto Morning Report: U.S. Bureau of Labor Statistics releases government shutdown contingency plan, Andre Cronje's new project Flying Tulip secures $200 million in funding
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Crypto Morning Report: U.S. Bureau of Labor Statistics releases government shutdown contingency plan, Andre Cronje's new project Flying Tulip secures $200 million in funding
Citigroup introduces blockchain technology into cross-border payment services.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Spot gold surpasses $3,820/oz, hits new record high
Spot gold continues to rise, breaking above $3,820 per ounce and setting a new all-time high, with gains exceeding $60 during the day. New York futures gold touched $3,850 per ounce, up 1.08% intraday.
Bureau of Labor Statistics releases government shutdown emergency plan, will halt all operations during shutdown
According to Jinshi Data, the U.S. Bureau of Labor Statistics has released an emergency plan for government shutdowns, under which it will suspend all operations and cease releasing economic data.
U.S. SEC requests multiple cryptocurrency ETFs to withdraw application filings
According to crypto journalist Eleanor Terrett, the SEC has asked issuers of LTC, XRP, SOL, ADA, and DOGE cryptocurrency ETFs to withdraw their 19b-4 filing applications. This move follows the SEC’s approval of universal listing standards, making individual filings unnecessary. Related withdrawal applications are expected to begin this week.
Citibank introduces blockchain technology into cross-border payment services
As disclosed by Solid Intel, Citibank announced it will integrate its blockchain platform Citi Token Services with the U.S. dollar clearing system to provide institutional clients in the U.S. and UK with round-the-clock (24/7) instant cross-border payment services.
Aster CEO responds to concerns over concentrated token holdings: primarily airdrops and user deposits, not controlled by team
In an interview with Mable, founder of social protocol Trends, Aster CEO Leonard addressed concerns about concentrated token holdings.
Regarding on-chain data showing a few addresses holding 96% of ASTER tokens, Leonard stated that the team does not control all tokens within these wallets. According to the tokenomics design, approximately 80% of tokens are locked on-chain and publicly auditable.
Addresses holding airdropped tokens account for about 40% of the total supply, while other major addresses include the Aster spot deposit address where users store tokens on the platform. Currently, only around 10% of tokens are in circulation, including user portions converted from APX at about 10% and initial airdrops at about 8%.
He emphasized that although contract addresses may appear to control all tokens, the majority actually belong to users, and the release schedule has been publicly documented and can be verified on-chain.
Andre Cronje's new project Flying Tulip raises $200 million, backed by DWF Labs, FalconX and others
According to The Block, Flying Tulip, a new project founded by Sonic co-founder Andre Cronje, has completed a $200 million private seed round, achieving a $1 billion FDV. The round was led by Brevan Howard Digital, CoinFund, DWF Labs, FalconX, Hypersphere, Lemniscap, Nascent, Republic Digital, Selini, Sigil Fund, Susquehanna Crypto, Tioga Capital, and Virtuals Protocol. The funding采用了 a Simple Agreement for Future Tokens (SAFT) structure. The project plans to raise up to $800 million more through a public sale conducted on its own platform.
Flying Tulip aims to offer investors "on-chain redemption rights"—perpetual put options allowing them to burn FT tokens anytime to redeem their original principal. Positioned as a full-stack on-chain exchange, it integrates spot trading, derivatives, lending, money markets, a native stablecoin (ftUSD), and on-chain insurance. The project will first launch on the Sonic network before expanding to Ethereum, Avalanche, BNB Chain, and Solana.
ApeX Protocol announces APEX token buyback program with $12 million initial fund and 50% of future protocol revenue
ApeX Protocol yesterday announced the launch of its APEX token buyback program, committing an initial one-time amount of $12 million from past revenues.
Starting this week, ApeX Protocol will also allocate 50% of its daily revenue to repurchase APEX tokens from the open market, a percentage that will gradually increase to a maximum of 90%. ApeX Protocol stated this initiative reinforces long-term commitment to its ecosystem, ensuring the community directly benefits from value created.
Sonic Labs appoints Mitchell Demeter as Chief Executive Officer
According to Sonic Labs’ official blog, Sonic Labs has appointed Mitchell Demeter as its new CEO.
Demeter is a seasoned entrepreneur in the digital asset space who launched the world’s first Bitcoin ATM in Vancouver and co-founded Cointrader, one of Canada’s earliest cryptocurrency exchanges. Former CEO Michael Kong will remain on the board and take on the role of Chief Information Officer.
Swarm Network (TRUTH) to list on Binance Alpha and Binance Futures on October 1
According to an official announcement, Binance Alpha will list and open trading for Swarm Network (TRUTH) on October 1, 2025, at 20:00 (UTC+8). Additionally, Binance Futures will list the TRUTHUSDT perpetual contract on the same day at 20:30 (UTC+8), with leverage up to 50x.
Binance is the first platform to announce support for Swarm Network (TRUTH) futures trading and display the TRUTH token on Binance Alpha. As a listing benefit, all eligible Binance users will receive an exclusive token airdrop. Eligible users must claim the airdrop via the Binance Alpha event page using Binance Alpha points between October 1, 2025, 20:00 (UTC+8) and October 2, 2025, 20:00 (UTC+8).
Binance to delist HIFI and BAKE USDⓈ-M perpetual contracts on October 3, 2025
According to an official announcement, Binance Futures will delist the USDⓈ-M HIFIUSDT and BAKEUSDT perpetual contracts on October 3, 2025.
Ethereum treasury company Bit Digital proposes issuing $100 million convertible bonds to accumulate ETH
According to RT Watson, Ethereum treasury company Bit Digital announced on Monday its proposal to issue $100 million in convertible bonds to purchase additional ETH.
The company stated that net proceeds from the offering will primarily be used to buy Ethereum, and may also be allocated to general corporate purposes, including potential investments, acquisitions, and other business opportunities related to digital assets. Bit Digital (ticker BTBT) has filed a preliminary prospectus with the U.S. Securities and Exchange Commission, with Barclays, Cantor, and B. Riley Securities serving as underwriters.
Market Updates
Recommended Reading
This article explores the current state and future trends of the cryptocurrency industry. Dan Morehead, founder of Pantera Capital, shares his investment philosophy, long-term outlook on crypto markets, and investment strategies for major cryptocurrencies such as Bitcoin, Ethereum, and Solana. It also analyzes the impact of macroeconomic factors, growing demand for crypto assets in public markets, and technological innovations and investment opportunities in the blockchain space.
Interview with Anoma Co-Founder: No innovation after Ethereum, but intents will change everything
This article introduces Anoma, a decentralized operating system centered on intents, covering its design philosophy, ecosystem development progress, and future roadmap. Anoma aims to address the lack of innovation in today’s blockchain industry by providing open and flexible infrastructure for users and developers. The article also discusses Anoma’s token model, ecosystem partners, and its potential in fields such as AI and RWA.
New projects from DeFi veterans: Curve founder launches BTC pool, AC builds an all-in-one exchange
This article covers Curve founder’s new project Yield Basis, a Bitcoin AMM liquidity platform designed to eliminate impermanent loss and solve on-chain liquidity challenges. Flying Tulip, AC’s new venture, combines AMM and CLOB architectures to support spot, lending, perpetuals, and options trading, aiming to deliver a centralized-exchange-like user experience. Yield Basis and Flying Tulip each tackle on-chain liquidity issues and offer comprehensive DeFi trading platforms, showcasing the innovative potential in the DeFi space.
Token burning vs. redistribution: which is a healthier pump strategy?
This article examines the pros and cons of token burning and redistribution mechanisms in cryptocurrency systems, along with their respective use cases. It argues that redistribution generally enhances economic security more than burning, though it comes with greater complexity and potential risks. In certain scenarios, such as deflationary token economies, burning may be more appropriate. The article also analyzes challenges in designing redistribution models and offers improvement suggestions.
Bloomberg: The "Princeton Mafia" is fueling the crypto treasury trend
This article explores the influence of the "Princeton Mafia" in the crypto treasury space, focusing on three Princeton alumni—Mike Novogratz, Dan Morehead, and Joe Lubin—who have leveraged close networks to drive the rise of the Digital Asset Treasury (DAT) model. It analyzes the risks and opportunities of DATs, noting they’ve attracted record capital but face volatility challenges. The collaboration and competition among Princeton alumni are key drivers in the evolution of the crypto industry.
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