Abraxas Capital Reduces BTC Position, Total Unrealized Loss Exceeds $50 Million but Continues to Hold Short Position

On September 25th, the Ohio State Board of Deposit gave unanimous approval to select a vendor for processing cryptocurrency payments (including Bitcoin) for the payment of state government fees and services. This is the latest action in the state's integration of cryptocurrency into the public finance system. “Each year, my office processes tens of thousands of transactions. I commend the board for taking bold actions to place us at the forefront of the emerging digital economy,” Ohio Secretary of State Frank LaRose wrote on Twitter on Wednesday. This approval marks the end result of months of efforts since April of this year. At that time, LaRose and State Treasurer Robert Sprague advocated for the board to authorize the acceptance of cryptocurrency payments. The proposal was unanimously passed in May but required final vendor approval, a crucial step that was completed on Wednesday. In a statement, LaRose said, “We are among the top five states in the nation for doing business beca

On September 25th, according to mlm monitoring, during the past week, the renowned trader TechnoRevenant has begun to reduce his position on the EVM. This includes exchanging 625,000 KHYPE tokens (valued at $26.6 million) for HYPE. His sell-off operation at one point led to the KHYPE price unpegging by as much as 10%. It is estimated that his holdings on these EVM protocols are approximately 1.4 to 1.5 million HYPE tokens (around $60 to $65 million). In the past 7 hours, he has sold 377,000 HYPE tokens (approximately $16.2 million).

September 25th. Andrew Kang, the founder of the crypto venture capital firm Mechanism Capital, made reference to his prior criticism of Tom Lee in a post, stating that "Ethereum is Luna 2.0." Andrew Kang directly characterized Tom Lee's theory about ETH as "idiotic" and presented five major counterpoints, which caused a commotion in the industry. These counterpoints are as follows: The widespread adoption of stablecoins and RWAs will not lead to the expected returns; The analogy of Ethereum as "digital oil" is not precise; Institutional buying and staking ETH? It is pure fantasy; Is ETH equivalent to the total value of all financial infrastructure companies? It is completely absurd; The technical analysis of ETH clearly shows that it is still within a multi-year consolidation range, and the recent price surge was quickly rejected after hitting the upper boundary.

September 25th. Simon Gerovich, who is the CEO of Metaplanet, a Bitcoin Treasury company in Japan, disclosed in a post that Capital Group has become the largest shareholder of Metaplanet. Currently, it holds 11.45% of the company, with a market value close to 500 million US dollars. Capital Group is a mutual fund giant with a 94-year history and is known for its conservative investment style. Its holdings in Bitcoin-related stocks have increased from 1 billion US dollars to over 6 billion US dollars. According to The Wall Street Journal, Mark Casey, a portfolio manager at Capital Group with 25 years of experience, led the company's entry into Bitcoin. Casey stated that his investment style was greatly influenced by Benjamin Graham and Warren Buffett, but he has now become a proponent of Bitcoin.

On September 25th, perhaps due to the "Bithumb to List POPCAT" news, POPCAT experienced a brief surge of over 8% and then pulled back. Currently, its market capitalization stands at $212 million.

On September 25th, Bithumb will make POPCAT available on the Korean Won market.