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Hines, the Executive Director of the White House Crypto Council, will step down and be succeeded by Patrick Witt, as he transitions to a private sector role while advising on AI policy alongside David Sacks.
VIPBitget VIP Weekly Research InsightsThe cryptocurrency market has recently seen increased volatility, driven by macroeconomic policies, global trade tensions, and expectations the Federal Reserve's monetary policy. Although some indicators came in weak, investor sentiment improved as market expectations for a September rate cut rose sharply. Meanwhile, the slowdown in tariff adjustments has helped ease major trade frictions in the short term, with no signs of systemic risk emerging for the time being. On the crypto side, BTC turnover has fallen as many short-term traders exit the market, leading to more stable price movements. The altcoin sector continues to underperform due to a lack of sustained narratives. Despite the surge in memecoins, high-quality projects remain scarce. Large volumes of capital are cycling in and out quickly, making it difficult to invest effectively. With short-term uncertainty still high, many investors are allocating part of their portfolios to stablecoin-based Earn products. Alongside leading DeFi protocols such as Aave and Compound, platforms like Bitget offer diversified, high-yield stablecoin opportunities, providing investors with more avenues to preserve and grow their assets.
Ethena’s USDe records $5.7B in cross-chain volume, ranking third among synthetic dollars by market cap.Climbing the Synthetic Dollar RankingsImplications for DeFi and the Stablecoin Market
- 01:1410x Research: The crypto market may introduce a "circuit breaker" mechanism to cope with extreme volatilityAccording to ChainCatcher, a 10x Research report states that the recent crypto market crash has exposed deep-rooted issues in exchanges’ liquidation and risk control mechanisms, with some platforms profiting from the event while others lost hundreds of millions of dollars. The report points out that automated liquidation systems, designed to provide liquidity, actually amplified chaos during extreme market conditions, prompting institutions to re-examine their risk management frameworks. A new focal point of industry discussion is emerging—whether crypto exchanges should draw from traditional financial markets and introduce “circuit breakers” to limit extreme volatility. 10x Research notes that if implemented, this move could permanently alter the volatility structure and profit logic of the crypto market. The report also recalls that after Musk announced in 2021 that Tesla would stop accepting bitcoin payments, the market experienced political backlash triggered by leveraged liquidations. The far-reaching impact of the current crash may similarly reshape the structure of the crypto market.
- 01:12Lighter will distribute 250,000 points to compensate traders affected by the market crash.ChainCatcher News, perpetual contract trading platform Lighter has announced the distribution of 250,000 points as compensation to traders affected by the recent market crash. According to the official statement, the compensation will be executed in three categories: First, due to platform performance degradation before the market crash, traders suffered a cumulative loss of approximately 25 million USD. The platform will distribute 150,000 points and refund liquidation fees (paid in USDC); Second, during the market crash, LLP holders experienced an asset decline of about 5%. The platform will provide 25,000 points as compensation and further clarify the LLP liquidity mechanism in the technical documentation; Finally, about five hours after the market recovery, a database failure caused a short downtime of 4.5 hours, resulting in a loss of approximately 7 million USD. An additional 75,000 points will be distributed and the related liquidation fees will be refunded. In addition, Lighter stated that the second season of the points distribution event will take place every Friday starting from October 17, with the first round of airdrop totaling 600,000 points.
- 01:12Bloomberg Senior ETF Analyst: Solana Spot and Staking ETF’s Lower Fees Make It More CompetitiveChainCatcher news, Bloomberg Senior ETF Analyst Eric Balchunas posted on X that the spot Solana ETF fee rate is 30 basis points (bps), and the staking ETF fee rate is 28 basis points, with overall pricing being "reasonable and transparent." He pointed out that this lower fee rate will make the Solana ETF more attractive in competition with other funds and intermediary products. Previous news: VanEck updated its spot Solana ETF S-1 filing, with a management fee rate of 0.30%.