PA Daily compiled a broad set of developments across crypto, regulation, AI, fundraising, and on-chain trading.
Top headlines
Binance Alpha has listed Cluster Protocol (CP), with the airdrop threshold set at 235 points.
AMC CEO Adam Aron publicly criticized Robinhood’s tokenized stock plan, calling it illegal and unauthorized.
Spot Bitcoin ETFs recorded $731 million in net inflows yesterday, with BlackRock’s IBIT leading at $454 million.
Polymarket has launched perpetual contracts covering crypto assets, equities, and commodities.
Ethena’s fee switch proposal passed unanimously, clearing the way for programmatic ENA buybacks.
Smart-ring maker Oura has filed for a U.S. IPO and plans to list on Nasdaq.
OpenAI released GPT-6 Astra and said it may be close to AGI.
OpenAI, Anthropic, and several other AI companies are dealing with service outages.
Regulation and macro
AMC chief attacks Robinhood tokenized stock plan
AMC Entertainment CEO Adam Aron said in a post on X that Robinhood’s tokenized stock plan involved stock tokens tied to AMC and more than 190 other companies that were not registered under U.S. securities law. He described the move as “despicable, outrageous, and disgusting.”
Aron said AMC had no connection to the plan and would not tolerate it, adding that the company would immediately ask outside securities lawyers to investigate. Robinhood CEO Vlad Tenev later responded, “What is there to worry about?”
GMGN data showed that MEME, a meme project tied to Robinhood Chain tokenized equities, kept rallying, with market capitalization peaking at $54.67 million and later sitting around $41.87 million. The token was up more than 1,000x over 24 hours.
China’s Ministry of Industry and Information Technology issues AI startup support plan
China’s Ministry of Industry and Information Technology released the “Artificial Intelligence SME Entrepreneurship Support Plan (2026-2028).” Over a three-year period, the plan aims to foster a large group of AI startups with strong innovation capacity and growth potential in key areas including industry applications, data services, and intelligent computing power.
The targets include cultivating more than 10,000 technology-oriented and innovative small and medium-sized enterprises, pushing the number of specialized and sophisticated “little giant” firms past 2,000, and producing a group of gazelle companies and unicorns. The plan also calls for the development of 10 high-standard technology business incubators, 10 national public service demonstration platforms for SMEs, and 10 national specialty industrial clusters focused on SMEs.
Guangzhou court says virtual-currency lending contract is invalid
The Higher People’s Court of Guangdong Province released its top 10 commercial and financial cases for 2025, including a virtual-currency lending dispute that it said has reference value.
According to the case, in July 2023 a borrower identified as Chang borrowed 1 unit of virtual currency from another party identified as Jin and signed an IOU. The note required repayment on time and stated that the repayment value would be calculated using the higher price, with overdue penalties charged at an annual rate of 24%. Jin acquired 1.14 units of the virtual currency for RMB 228,200 and delivered it, but Chang did not repay on time.
The Guangzhou Intermediate People’s Court held that the “use the higher price” clause effectively guaranteed the lender gains from price swings and was therefore invalid. Because the contract was invalid and the virtual currency could not be returned, Chang had to compensate for property losses. Since virtual currency lacks a lawful pricing mechanism, the court said the loss should be measured by Jin’s acquisition cost, putting the value of 1 unit at RMB 199,600.
The court added that virtual currency has the attributes of online virtual property, but circulation is prohibited. When a contract involving virtual currency is invalid, the rights holder should be compensated for losses, and the amount may be referenced to the capital cost used to acquire the asset.
IMF says El Salvador will not increase Bitcoin holdings with public funds
The International Monetary Fund said it had reached a staff-level agreement with El Salvador on the combined second and third reviews under the Extended Fund Facility arrangement. If approved by the IMF executive board, El Salvador would receive about $140 million, or SDR 101.96 million.
On Bitcoin-related arrangements, the IMF confirmed several points. The Chivo wallet has largely exited public participation, with most ownership and operational control transferred to a private operator. Any increase in Bitcoin holdings since the first review, according to supporting documents, came from private donations and did not use public resources. El Salvador has also committed that, aside from already documented private donations, there will be no further Bitcoin accumulation.
The two sides also reached an understanding on modernizing legal, regulatory, and supervisory frameworks for digital assets and on strengthening governance and risk management for public-sector crypto holdings.
Project updates
Binance adds monitoring tags and removes tokens from Alpha
Following its latest review, Binance said it will add monitoring tags to AVA, Gains Network (GNS), Scroll (SCR), and Towns Protocol (TOWNS) on Sept. 4, 2026. The exchange said tokens with monitoring tags may carry higher volatility and risk than other listed tokens and could face delisting if they no longer meet listing standards.
Binance Alpha will also remove 14 tokens from its recommendation list at 16:30 Beijing time on Sept. 4, 2026: MTP, BDXN, TALE, BOS, MAIGA, TIMI, SAROS, U, SERAPH, RVV, AIAV, PENGUIN, ODOS, and SN3.
Binance Alpha lists Cluster Protocol
Binance Alpha has listed Cluster Protocol (CP). Users with at least 235 Binance Alpha points can claim an airdrop of 860 CP tokens on a first-come, first-served basis. If the reward pool is not fully distributed, the points threshold will automatically drop by 5 points every five minutes. Claiming the airdrop consumes 15 Binance Alpha points, and users must confirm on the Alpha event page within 24 hours or the claim will be treated as abandoned.
Binance also said on X that airdrop claiming and trading would open at 15:00 UTC+8 today, with the same 235-point threshold. The specific token for the airdrop would be announced through official Binance channels.
Binance to distribute WDC and NVDA dividends via bStocks
Binance said it will distribute dividends for Western Digital (WDC) and NVIDIA (NVDA) through bStocks to users holding balances of WDCB and NVDAB. After applicable withholding taxes, fees, costs, and other charges are deducted, net cash dividends will be reinvested into additional whole or fractional units of the same underlying securities.
Eligible users will receive the distributions in the form of WDCB and NVDAB stock tokens. Users holding WDCB and NVDAB on-chain will receive bStocks dividends through multiplier adjustments. The snapshot time for WDCB is 08:00 Beijing time on Sept. 8, 2026, and for NVDAB it is 08:00 Beijing time on Sept. 10, 2026.
Binance to launch perpetuals tied to BYD and Lenovo Hong Kong shares
Binance Futures will launch a USDT-margined perpetual contract tied to BYD H shares (HKEX: 1211) at 10:00 Beijing time on Sept. 7, 2026, and a Quanto perpetual contract tied to Lenovo Group (HKEX: 0992) at 10:05 the same day. Both will support leverage of up to 20x.
Notional Finance custody contract reportedly exploited
Notional Finance’s custody contract was reportedly attacked, with about $1.7 million in DAI and USDC stolen. The attacker converted the funds into 689.2 ETH and deposited them into Tornado Cash.
Polymarket rolls out perpetual contracts
Polymarket’s perpetual contracts are now live with leverage of up to 20x across crypto, equities, and commodities. Users can go long Bitcoin on the platform, place views on Federal Reserve policy, and short the S&P 500 index, among other trades.
Ethena fee switch clears vote
The Ethena Foundation said its fee switch proposal passed unanimously. The conditions have now been activated, and programmatic ENA buybacks will begin and then scale up as metrics and milestones are met.
PA Daily noted that on Aug. 28 Ethena’s new fee switch framework proposed tiered ENA buybacks linked to USDe supply. Backtesting showed that annualized buybacks during activation would be about $52.7 million, equal to 3.36% of ENA’s market capitalization at the reported price.
OpenAI introduces GPT-6 Astra
OpenAI formally released GPT-6 Astra and described it as “the world’s smartest and most aligned model currently available.” The company said the model reaches the current state of the art in computer operation, web browsing, software engineering, cybersecurity, scientific research, and professional work.
GPT-6 Astra is being made available starting today to some companies participating in the Daybreak cybersecurity program. OpenAI said it will be rolled out to all ChatGPT subscribers “in the coming days” and will also be offered via OpenAI’s own channels and Amazon Web Services APIs.
The company also introduced GPT-6 Astra Pro for ChatGPT Pro and enterprise subscribers only. OpenAI co-founder and president Greg Brockman said the timeline for artificial general intelligence has always been fuzzy, but that “looking back in a few years,” the milestone “may be around this period, around this model.”
Pricing for GPT-6 Astra is set at $10 per million input tokens and $50 per million output tokens, 2.5x the price of the earlier flagship GPT-5.6 Sol.
New Doubao phone to use ChangXin LPDDR5X memory
ChangXin Memory Technologies said the new-generation Doubao phone jointly developed by ByteDance and ZTE, the Nubia NaviX Ultra, will use LPDDR5X memory running at up to 10,667 Mbps. The company said this marks the first mass-production deployment of a domestically made 10,667 Mbps high-speed LPDDR5X memory chip.
Earlier reports said the Nubia “Doubao phone” had completed network access filing and would enter mass production and market launch in September.
Funding and deals
Hugging Face founders join billionaire ranks after Nvidia deal
After Nvidia agreed to acquire AI platform Hugging Face for about $13 billion, the company’s three French co-founders — 38-year-old Clément Delangue, 42-year-old Julien Chaumond, and 41-year-old Thomas Wolf — each reached an estimated net worth of about $1.8 billion and entered the Bloomberg Billionaires Index for the first time.
The transaction is expected to close in the first half of 2027. Under six-year retention agreements, the three founders will remain with the company. Nvidia has pledged that Hugging Face will remain an open platform where users can freely upload and download AI models and datasets.
Hugging Face was founded in 2016, started in Paris, and is now headquartered in Brooklyn.
Diameter Pay raises $10 million in Series A
Stablecoin payments infrastructure startup Diameter Pay has completed a $10 million Series A round. The financing was co-led by CMT Digital and Lightspeed Faction, with participation from SixThirty Ventures, Stellar Development Foundation, Tech Council Ventures, Onigiri Capital, and BitRock Capital.
This is the first financing round since the company was founded. Founder and CEO David Lighton said the business had previously been self-funded. The round began in April and closed in July this year, took the form of an equity transaction, and did not disclose a post-money valuation.
Founded in 2023, Diameter Pay provides payments infrastructure for banks, fintech firms, and digital asset exchanges. It helps clients obtain U.S. dollar virtual accounts through U.S. banking partners and supports domestic and cross-border payments, stablecoin on- and off-ramps, and compliance controls.
Oura files for U.S. IPO
Smart-ring maker Oura has filed for a U.S. IPO and plans to list on Nasdaq under the ticker OURA.
The filing shows revenue of $1.21 billion for the nine months ended June 30, with a net loss attributable to shareholders of $924 million, compared with a loss of $183 million a year earlier. Over the past year, Oura sold about 3.6 million rings. Oura Ring 5 starts at $399, and paid memberships have surpassed 5 million.
Oura confidentially filed for the IPO in May. The report said the listing could raise as much as $3 billion at a valuation above $16 billion. Goldman Sachs, Morgan Stanley, and JPMorgan are among the underwriters.
Views and analysis
CryptoQuant says Bitcoin is nearing a bullish threshold
CryptoQuant analyst Axel Adler Jr. said Bitcoin is approaching the threshold for a bullish market state. Over the past 24 hours, price rose 3.9% while open interest increased by 11,200 BTC, or 3.4%, suggesting the latest advance was driven mainly by a rapid build-up in futures leverage rather than short covering.
He said Bitcoin has already touched the threshold of the bullish model directly but has not yet been formally confirmed. The key signal is whether the daily close can move above the model’s dynamic threshold. If price holds that level after the transition and the accumulated futures leverage is not hit by a violent liquidation, the signal would have stronger staying power. The main risk is that fast deleveraging could reverse the rally.
Bitwise CIO lays out two investment paths
Bitwise Chief Investment Officer Matt Hougan said investors should prepare for two possible outcomes: hold AI-related assets if the U.S. grows its way out of debt, or hold Bitcoin if inflation is used to dilute the debt burden.
Binance Research cited data on X showing current U.S. debt at about $40 trillion. At an annual increase of $2.8 trillion to $3.2 trillion, the total would pass $50 trillion around 2030. If debt keeps compounding and interest expense alone remains above $1 trillion a year, the figure could reach $100 trillion in the 2040s, while the Congressional Budget Office’s milder forecast pushes that timeline into the 2050s.
Binance Research summed it up this way: $50 trillion is the next president’s problem, and $100 trillion is this generation’s problem.
Fidelity says the Bitcoin bear market may not be over
Fidelity Digital Assets said in its Q4 crypto market outlook that Bitcoin and the broader crypto market surged in late August, with BTC, ETH, and other major tokens posting their biggest monthly gains since late 2025.
Fidelity said some investors are watching whether November will mark a bear-market bottom, but that pattern may not repeat. The bottom may already have formed in July, or a new low may still come in November or later. Historically, the end of a bear market has often been accompanied by a low-volatility period followed by upward price expansion.
The firm noted that BTC climbed more than 25% in a single week at the end of August, while ETH and SOL rose 34.1% and 28%. Stablecoin transaction volume has reached 2.3x Visa’s, and the RWA market is growing faster in 2026 than in prior years. Fidelity said investors should keep a long-term perspective.
Jiang Zhuoer says he exited his entire BTC position
BTC.TOP founder Jiang Zhuoer said he sold 100% of his Bitcoin position at around $82,050.
He said he shifted from his earlier stance of “not shorting ETH” to shorting BTC because Ether’s moves were more erratic. He also said Bitcoin offered a better selling opportunity after ETF flows weakened and posted their first outflow, yet BTC still rose to the upper end of a range near $81,500.
Jiang argued that this consolidation lasted only about 13 days, not long enough to break through the key resistance zone between $83,000 and $84,000, and that a short-term wick higher appeared after BTC moved above $82,000. For the next move, he said Bitcoin would first pull back to the $70,000-$72,000 range, which he called the “last boarding opportunity,” then may trade between $76,000 and $82,000. If price rises further toward $83,000-$84,000, he would use $82,300 as a stop-loss reference.
Key data
MEME and PONS trading wins
Address 0xf7b…3fe48 bought MEME at a low of $0.0001112 and turned $1,138 into $964,000 within six hours, for a return of 83,677%. The address still holds 88.5% of the position and ranks No. 2 on the token’s profit leaderboard. Earlier reports said MEME’s market cap briefly topped $130 million before falling back to $110 million.
Wallet 0xc740, created 21 days ago and having traded only eight tokens, made more than $2.1 million on MEME in 12 hours today. It spent $2,972 to buy 16.11 million MEME, sold 750,000 MEME for $85,300 in profit, and still holds 15.36 million MEME worth about $2.03 million, for a return of 713x.
Trader Frank, identified on X as @frankdegods, turned $1,491 into $1.2 million in 11 hours, a return of 810x. He spent $1,491 to buy 11 million MEME, now valued at more than $1.2 million.
On PONS, cumbucket.eth turned $5,650 into $2.4 million. The wallet bought 4.73 million PONS with 3.17 ETH, worth about $5,650, has already sold 3.73 million PONS for about $1.74 million in profit, and still holds 1 million PONS worth about $666,000. Realized and unrealized gains total about $2.4 million.
Spot ETF flows for Bitcoin and Ether
On Sept. 3 U.S. time, spot Bitcoin ETFs posted total net inflows of $731 million. BlackRock’s IBIT led with $454 million and has now reached cumulative historical net inflows of $63.939 billion. ARKB, from Ark Invest and 21Shares, added $138 million. VanEck’s HODL saw net outflows of $19.5829 million. Total net assets for spot Bitcoin ETFs stood at $103.338 billion, with an ETF net asset ratio of 6.32% and cumulative net inflows of $55.443 billion.
Spot Ether ETFs posted total net inflows of $141 million on Sept. 3 U.S. time. BlackRock’s ETHA led with $72.0685 million and cumulative historical net inflows of $12.816 billion. Fidelity’s FETH added $65.112 million, while Grayscale’s ETHE recorded net outflows of $6.074 million. Total net assets for spot Ether ETFs stood at $15.916 billion, with an ETF net asset ratio of 5.21% and cumulative net inflows of $13.167 billion.
AMC rises more than 21% premarket
Binance market data showed AMC Entertainment, listed in the report as ACM, up 21.1% in premarket trading at $3.07.
Bitcoin-gold ratio hits highest level since January
The Bitcoin-to-gold ratio rose to 18.17, the highest since January, meaning one Bitcoin can now buy slightly more than 18 ounces of gold.
Bitcoin and gold both moved higher. Analysts cited concern that governments may use currency debasement to dilute debt. Aside from Switzerland, all major developed economies have debt-to-GDP ratios above 100%, and the U.S. leads on the primary deficit excluding interest costs. U.S. Treasury Secretary Bessent said at the G20 finance ministers’ meeting, “The world is awash in debt, and the only way out is to grow our way out.” SkyBridge Capital founder Anthony Scaramucci commented that “twenty finance ministers accidentally made the best Bitcoin ad of the year.”
Whale and treasury address activity
A whale labeled 0x6436 has continued accumulating HYPE. Three months ago, it bought 1.28 million HYPE at $70, worth $89.13 million. Over the past 10 days, it bought another 1.62 million HYPE at $82.4, worth $133.8 million.
An Ethena-related address, dormant for two years, appears to have fully exited after depositing all 14 million ENA into Bybit. The tokens were worth $6.89 million when received. At a token price of $0.4928, the remaining value is only $2.41 million, down $4.48 million from receipt value and more than $8.735 million below the peak.
As PONS market capitalization moved above $700 million, the two whales tied for the largest holdings both crossed 100x profits. @cryptogle bought 10.6 million PONS with 5,000 USDC when market cap was $470,000 and now holds 10.96 million PONS worth $7.6 million, for unrealized profit of $7.59 million, or roughly 1,500x. @theunipcs bought 10.96 million PONS with 67,000 USDC when market cap was $6.16 million and now also holds tokens worth $7.6 million, for unrealized profit of $7.53 million, or about 112x.
Arkham said trader Bonk Guy (@theunipcs), who suffered a major setback on Oct. 10 last year, has returned to the market and now holds unrealized gains of $14.5 million. His main positions are PONS, MARSCOIN, and USELESS. In response to comments that a new all-time high for USELESS was almost inevitable, Bonk Guy said spot volume in the past 24 hours exceeded $130 million, perpetuals volume topped $1.3 billion, and more than $3 million in short positions had already been liquidated. Based on that trend, he said USELESS could reach a new high sooner than many expect.
Trader Loracle is shorting $11.3 million worth of PONS and is currently down $2 million. PONS rose nearly 50% today, and Uniswap bought part of the token into its balance sheet.