In markets
If Donald Trump thought firing the Statistics Commissioner last month would result in improved numbers, he would have been disappointed, as only 22,000 US jobs were added in August, which was well below the 75,000 expected. Unemployment ticked up and wage growth slowed; however, that increased expectations of US interest rate cuts and the Nasdaq hit a fresh all-time high overnight. New US inflation figures come out mid-week. Ethereum flipped Bitcoin for spot market trading volume for the first time in seven years, but still finished the week flat at A$6,510 (US$4,297), while Bitcoin gained 3.9% to trade around A$169,420 (US$111,645). Analyst Ted Pillows believes ETH may be following Bitcoin’s 2020 price action when it pulled back 25% – 30% after it hit a new all-time high. If ETH mirrors that move, Pillows says it could bottom around US$3,500 to US$3,700 (A$5,305 to A$5,607) before a “parabolic rally in Q4”. Solana surged 7.7% as Forward Industry announced a US$1.6 billion (A$2.4B) SOL treasury. Ripple gained 6.9% and Dogecoin shot up 13.9%. Bitcoin mining difficulty also climbed to a new all-time high of 134.7 trillion on Friday. Stock and crypto trading platform Robinhood surged 15% after being added to the S&P 500, but Strategy was snubbed, despite qualifying for inclusion. The Crypto Fear and Greed Index is at 51, or Neutral.
From the OTC desk
Corporate Blockchain Treasuries: A surging trend in altcoin adoption
Nasdaq-listed Forward Industries has secured US$1.65 billion in cash and stablecoin commitments through a private investment in public equity (PIPE) offering, led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This funding will establish the largest Solana (SOL) treasury to date, nearly tripling the holdings of the current leader, Upexi Inc. The subscription levels of this private raise will serve as a key indicator of appetite for innovative treasury strategies and could signal the trajectory for $SOL. Meanwhile, Nasdaq-listed CleanCore Solutions has acquired 285.42 million DOGE tokens, valued at approximately US$68 million, as the inaugural purchase for its official Dogecoin treasury, backed by the Dogecoin Foundation. The firm aims to amass 1 billion DOGE within 30 days.
Nasdaq’s Bold Bid for Blockchain-Integrated Equities
Nasdaq Inc. has filed a proposal with the US Securities and Exchange Commission (SEC) to amend its rules, enabling the trading of tokenised versions of stocks and exchange-traded products alongside traditional securities. This would redefine the notion of a security to encompass blockchain-based tokens, granting investors full shareholder rights—such as voting and liquidation—while maintaining execution priority and regulatory protections. The development could profoundly reshape the financial landscape, fostering efficiency through faster settlements and 24/7 trading, and merits close observation as a pivotal step in bridging traditional finance with distributed ledger technology.
OTC desk activity
- Two-way flow, some profit-taking in BTC observed
- Stablecoin flows are leaning more towards on-ramping
Key economic calendar events (AEST)
- Wednesday, 10 Sep 2025, 12:00 AM: US Non-Farm Payrolls Revision
- Wednesday, 10 Sep 2025, 11:30 AM: CN Inflation Rate YoY (Consensus -0.2%)
- Wednesday, 10 Sep 2025, 10:30 PM: US PPI MoM (Consensus 0.3%)
- Thursday, 11 Sep 2025, 10:15 PM: ECB Interest Rate Decision (Consensus 2.15%)
- Thursday, 11 Sep 2025, 10:30 PM: US Core Inflation Rate YoY (Consensus 3.1%)
- Tuesday, 16 Sep 2025, 12:00 AM: CN Industrial Production YoY (Consensus 75k)
For any further information, please feel free to reach out.
In Headlines
Major crypto security threat
Ledger Chief Technology Officer Charles Guillemet warned overnight of a “large-scale supply chain attack” that compromised the JavaScript/NPM account of a reputable developer. The affected packages have since been downloaded more than a billion times. The malware swaps out crypto addresses in the background, so users of hardware wallets and clear signing should carefully double-check addresses on the device. Still, at the time of writing, the affected packages had been removed from the NPM distribution server, so we’re hopefully past the worst of it.. Less than $200 has reportedly been taken to date, but that could change. It is also worth noting that Independent Reserve is unaffected by this issue.
ETH metric flips negative… which is good, actually
Ethereum’s exchange flux metric turned negative for the first time, indicating a potential surge incoming. The metric tracks the cumulative net flow of ETH across all exchanges and how the flows change over time. A negative metric suggests more ETH is leaving exchanges than being deposited. “Billions of dollars in ETH are flowing out of exchanges!” said Joao Wedson, founder and CEO of data analytics platform Alphractal. Ethereum’s validator entry queue has overtaken the exit queue, with 784,674 ETH waiting two weeks to enter while 621,826 ETH is waiting 10 days to leave. Ethereum also added US$5 billion (A$7.6B) in new stablecoins over the week, bringing the total to a new all-time high of US$165 billion (A$250B), which is double the amount in January 2024. Meanwhile, new L2 MegaETH has announced its own stablecoin USDm, which is backed by yield-generating assets, with the yield redirected to pay for sequencer operations.
SEC and CFTC say TradFi platforms can join the party
The US SEC and CFTC are holding a roundtable at the end of the month to discuss prediction markets, DeFi and 24/7 trading for traditional markets. The two regulators, who were at odds over crypto rules during Gary Gensler’s reign, issued a joint statement clarifying that mainstream exchanges can list and facilitate trading in specific spot crypto assets. Nasdaq has since filed with the SEC to allow trading of tokenised stocks and ETFs. “The NYSE, Nasdaq, CBOE, CME, etc, will soon have spot trading for BTC, ETH, and more,” said Matthew Sigel, VanEck’s head of digital assets research. Meanwhile, Gensler appears to have accidentally deleted every text message he made between October 2022 and September 2023.
Fidelity’s tokenised funds
Fidelity has unveiled a tokenised treasury money market fund on Ethereum aimed at institutional investors. The Fidelity Digital Interest Token accrues yield daily and allows token holders to earn returns similar to traditional Treasury instruments. It’s grown to US$203 million (A$308M) in the space of a few days. Meanwhile, Hong Kong’s Hashkey is launching a US$500M (A$757M) fund that will invest in Digital Asset Treasury companies.
Tokenised shares are becoming closer to real shares
Galaxy Digital is tokenising its Class A common stock directly on Solana in a partnership with Superstate. Unlike most tokenised stocks, which are derivatives or held 1:1 with the actual security, the Galaxy token gives holders the same rights as any other stockholder while enabling on-chain storage and fast transfers. Nasdaq’s tokenised share proposal would also give token holders equal rights to other stockholders.
Stripe’s new L1 proves controversial
The crypto community was not delighted by the announcement of Stripe and Paradigm’s new L1 Tempo. The payments-focused blockchain is targeting 100,000 TPS, fast finality, opt-in privacy, low fees, and gas fees paid via any stablecoin. It controversially claims to be permissionless, decentralised, and neutral. Big name partners include Anthropic, DoorDash, Deutsche Bank, Visa, Standard Chartered, and more. Meanwhile, Ethereum founder Vitalik Buterin highlighted the launch of Codex, a new L2 focused on cheap stablecoin transactions.
Bull market to end in October?
Joao Wedson from Alphractal posted charts this week suggesting that the four-year Bitcoin price cycle will end next month if history repeats. However, he added it would be “reckless” to assume there was just a month left in the bull market. “Still, I can’t help but think — this could be just enough time for BTC to dip toward the US$100K (A$152K) range before rocketing past US$140K (A$212K) within the same period,” Wedson said. However, he added that if a bear market is approaching, Bitcoin could plunge below US$50K (A$76K).
Singapore cybercrime falls one-fifth
Scam and cybercrime cases in Singapore fell 21.5 per cent in the first half of the year, with 22,476 cases, compared with 28,625 in the same period last year. Cryptocurrency-related scams made up around 18% of the total cases, mostly involving Tether, Bitcoin, and Ethereum.
Hong Kong may only issue one stablecoin license
The Hong Kong Monetary Authority (HKMA) received 77 expressions of interest for stablecoin licenses from banks, tech firms, securities and asset managers, ecommerce platforms and payments providers. Industry observers say Standard Chartered and the Bank of China are the frontrunners. However, Ng Kit-chong, a member of the Hong Kong Legislative Council, said the regulations were extremely strict and that perhaps just a single license would be issued by early next year. In Japan, the Japan Post Bank has announced plans to issue the DCJPY digital currency (a tokenised deposit currency backed 1:1 with yen) in the first half of next year.
The Moonshot Dispatch
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