Analysis: Bitcoin has officially transitioned from the early bull market phase to the full bull market stage, with a bullish market structure.

Ethena (ENA), a synthetic USD protocol, announced in an official statement that token incentives linked to the growth of its USDe stablecoin have fallen by roughly 85% since its first airdrop in 2024. All token incentives and inflation related to USDe will be fully discontinued by the end of this month, with no further distributions to follow. The project thanked all users who participated in growing the product to its current scale. Per HTX market data, ENA is leading today’s altcoin rally, hitting $0.28. On September 25, Ethena revealed a partnership with Binance to expand USDe’s basis trading strategy from crypto perpetual contracts to stock perpetuals. The strategy involves spot purchases of bStocks—tokenized stock certificates issued by Binance’s affiliates—to hedge short positions in USDT-denominated stock perpetuals on the same platform. For further analysis, see "Behind ENA’s Surge: What’s the Impact of Ethena’s Expansion to US Stock Perpetuals?"

According to OnchainLens monitoring, a whale address withdrew 28,000 HYPE tokens from HTX less than an hour ago, valued at roughly $2.57 million, before transferring them to a multi-signature wallet.

Backpack CEO Armani Ferrante outlines the next steps for tokenized stocks: the goal is not to reach 10 or 100 assets, but to move the entire stock market onto the Solana blockchain, using a unified API to allow assets that meet the definition of "real shares" to transfer between brokerage accounts and DeFi. The immediate next target is to expand from roughly 200 assets to 10,000.

HIP-3 market deployer Entropy spent 500 HYPE (about $45,000) to acquire the Pearl (PRL) code, and is likely to launch its perpetual contracts soon. Pearl (PRL) is an independent public chain launched in April 2026, positioning itself as the "AI version of Bitcoin". Miners use GPUs to perform large model matrix operations, generating verifiable AI computations while producing blocks, with a total supply of approximately 2.1 billion tokens.

The U.S. Commodity Futures Trading Commission (CFTC) announced it has filed a lawsuit against Cash FX Group and three individuals, accusing them of running a $950 million-plus investment scam involving cryptocurrency. The defendants include Cash FX and its CEO Huascar Jose Lopez Castillo (Brazil), The Conversion Pros and its CEO Ronald Pope (Oregon), and Justin Halladay (Florida). The complaint was filed Friday with the U.S. District Court for the Middle District of Florida. The CFTC alleges the defendants operated a multi-level marketing Ponzi scheme, raising and accepting over $950 million in funds under the pretense of trading retail foreign exchange contracts in commodity pools. The CFTC states the defendants falsely claimed funds were managed by professional traders, proprietary algorithms, and artificial intelligence, promising returns of up to 15% weekly. In reality, Cash FX conducted minimal foreign exchange trading, misappropriated most participants' funds, used new investors' contributions to pay out fictional trading profits, and transferred millions of dollars to each defendant. The defendants also provided participants with false accounting statements, resulting in at least $406 million in investor losses.

According to TradingBeats monitoring, address 0x13da…08be liquidated approximately 282,700 SOL long positions this morning. The closing value of the trades stood at around $34.03 million, generating a profit of roughly $4.4082 million, and the address currently holds no SOL contracts. The long position was built in batches between August 30 and 31 at an average entry price of about $104.79. It held the position for nearly a month before closing all positions today at an average price of approximately $120.39, representing a roughly 14.9% rise in SOL from its average entry price. Prior to this, the address suffered two consecutive losing SOL trades at the end of August: first, a short position that lost around $638,500, followed by a long position that lost about $1.03 million. It later switched back to long positions, holding this batch until today to lock in profits.