US-listed Circle closed 4.3% lower, and dropped more than 3% in after-hours trading.

According to HTX market data, Backpack’s platform token BP surged past $1.42 this morning to hit a new all-time high, and is currently trading at $1.297, with a 9.2% gain over the past 24 hours. Fundamentally, BP has been boosted by positive news: the SEC’s approval of limited trading for tokenized stocks on on-chain platforms. On July 10 this year, Backpack announced the launch of a 24/7 real U.S. stock trading market for international investors, where eligible users can trade and hold actual U.S. stocks around the clock rather than synthetic derivatives. Backpack stated that the platform offers actual equity ownership, leverages liquidity from traditional trading venues, and supports instant settlement, continuous price discovery, as well as fiat and stablecoin settlements. For more details, see the report: "Why Did BP Surge Suddenly? Backpack Is Gaining a New Valuation Logic".

According to Lookonchain's monitoring, newly created wallet 0xbe51 withdrew 428,640 HYPE tokens from multiple exchanges over the past 8 hours, valued at approximately $39.23 million.

According to HTX market data, major crypto tokens saw slight volatility over the weekend. Bitcoin fell below $84,000 to trade at $83,900, Ethereum at $2,688, and ZEC at $1,542. SOL surged past $120 with a 24-hour gain of 3.4%. BNB is trading at $776. The total crypto market cap rose 0.3% in 24 hours to $2.989 trillion. Altcoin rotation persists, with major DeFi tokens rallying broadly. Top gainers among DeFi tokens: QI at $0.003650 (up 103.57% in 24h), QUICK at $0.01287 (up 32.82%), AERO at $0.8314 (up 18.50%), VELODROME at $0.03558 (up 16.20%), ENA at $0.2656 (up 13.94%), JTO at $0.5670 (up 13.38%), JOE at $0.0414 (up 13.11%), ZRO at $1.611 (up 11.18%); EIGEN, REZ, LDO, KMNO, MET and JUP rose but by less than 10%. Additionally, top gainers among other altcoins include: PHA at $0.0847 (up 66.40% in 24h), ARK at $0.2524 (up 29.44%), MUBARAK at $0.05650 (up 26.29%), SEI at $0.07638 (up 20.80%), SUI at $1.1773 (up 12.57%), WLD at $0.4898 (up 10.89%).

A newly created wallet, 0xbe51, has withdrawn 428,640 $HYPE ($39.23M) from #Bybit, #Kraken, #Wintermute, #Gate, and #OKX over the past 8 hours.

The U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance released an updated Frequently Asked Questions (FAQ) on September 25, clarifying that token repurchases, network upgrades, and marketing statements do not automatically render crypto assets securities. SEC staff noted that announcing a repurchase plan for an already operational crypto network does not in itself make the associated tokens an investment contract; however, if the network is not yet live and the issuer promotes repurchases as a source of returns for holders, that could be a different matter. The FAQ also clarifies that once a crypto system is operational, services provided to safeguard, maintain, improve, or enhance the system or its functions, or to promote network effects, do not constitute managerial efforts under the Howey Test. Marketing a network’s existing uses generally does not create an expectation of profit, nor do statements about future functions—provided such statements do not highlight profit potential. The update reaffirms that conclusions will remain highly case-specific, building on the SEC’s March interpretive release on the application of securities laws to crypto assets. On the same day, the Commodity Futures Trading Commission (CFTC) updated its crypto FAQ, allowing futures firms and clearinghouses to invest customer funds in tokenized versions of previously permitted assets, provided they meet investment and custody requirements. CFTC staff also stated that regulated entities may use blockchain for record-keeping, but must still be able to produce records if the blockchain or its block explorer is unavailable. The two updates come as the CLARITY Act failed to advance in the Senate, with regulators continuing to advance a crypto regulatory framework under existing laws.

Beating AI Express (Dongcha) News: Anthropic has disclosed that Claude Fable 5.1 completed a nine-loop theoretical particle physics calculation within Claude Science, deriving the six-particle scattering amplitude for planar N=4 super Yang-Mills theory. Scattering amplitudes are used to calculate the probability of particle interactions. A higher loop count means more corrections are added, making calculations more challenging. This specific problem had previously only been solved publicly up to eight loops. No manual human intervention was involved this time: two Anthropic physicists first instructed Claude on the task, then let it operate largely autonomously, with progress updates every 4 to 6 hours. Claude ultimately arrived at results via two distinct approaches. The direct approach used Python and SymPy, running on 96 CPUs for a week at a compute cost of roughly $100; factoring in the cost of repeated Claude API calls, each full approach cost between $1,000 and $2,000. The results were independently verified by Lance Dixon, a physicist at SLAC and Stanford who participated in the earlier eight-loop study. Dixon said he had originally believed a nine-loop amplitude would be too difficult to calculate directly. Claude did not develop new physics methods; it primarily executed the methods, constraints, and extensive tedious calculations established by researchers in prior work. Meanwhile, He Song’s team at the Institute of Theoretical Physics, Chinese Academy of Sciences, has also independently advanced to nine loops with GPT-6 assistance, and obtained the main portion of the results.