On September 25, GCEX Group announced the acquisition of crypto broker GlobalBlock, which focuses on high-net-worth clients, for over $60 million. This acquisition will drive GCEX's expansion from over-the-counter trading into the wealth management sector and accelerate client onboarding by leveraging licenses in the UK, Denmark, and Dubai.
[U.S. Treasury Sanctions Two Indian Citizens and a Pharmacy] The U.S. Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on two Indian citizens and an online pharmacy, accusing them of involvement in fentanyl trafficking. The sanctions also involve a cryptocurrency wallet.
[Aster's Perpetual Contract Trading Volume in the Past 24 Hours Exceeds Hyperliquid by 3.5 Times] BlockBeats News, September 25, according to Defillama data, Aster's perpetual contract trading volume in the past 24 hours reached $35.886 billion, exceeding Hyperliquid's $10.094 billion by 3.5 times. In addition, Lighter's perpetual contract trading volume in the past 24 hours reached $10.56 billion, also surpassing Hyperliquid.
[Yu Peiheng: Hong Kong's First Batch of Stablecoin Licenses May Be Limited] According to a report by Jinse Finance, Yu Peiheng, a member of the Guangdong-Hong Kong-Macao Greater Bay Area Legal Advisory Group under Hong Kong's Department of Justice, stated at the 'Phoenix Bay Area Financial Forum 2025' that the Hong Kong Monetary Authority's stablecoin regulatory framework has attracted consultations from over 77 institutions. However, the number of licenses issued in the first batch is expected to be limited, with specific outcomes likely to become clear in October or November. He pointed out that the cross-regional nature of stablecoins requires coordinated global regulatory standards. Currently, the rules in Hong Kong, the United States, and Europe differ, and a unified global regulatory framework is needed to enable secure cross-chain circulation.
[Analysis: Bitcoin Decoupling from Global M2 Stems from U.S. Treasury Liquidity Operations] According to CoinDesk, Raoul Pal, founder of Global Macro Investor, pointed out that since the beginning of 2023, Bitcoin price movements have shown a lagging correlation of approximately 12 weeks with the global M2 money supply, reflecting that it takes about three months for liquidity to flow into the crypto market. However, this pattern broke after July 16: despite the continued expansion of global M2, Bitcoin entered a phase of sideways consolidation. Pal attributed this divergence to liquidity withdrawal by the U.S. Treasury through the TGA account. Since July, the U.S. Treasury has issued approximately $500 billion in Treasury bonds to replenish the TGA, raising its balance to nearly $800 billion, which reduced the funds available in the market and directly impacted liquidity-sensitive assets like Bitcoin. However, Pal believes that the TGA account is now nearing full replenishment, and the liquidity withdrawal effect may dissipate by the end of the month, allowing Bitcoin to potentially resume its upward trend in sync with M2. Notably, tech stocks and gold continue to hit new highs, indicating that overall risk appetite has not been significantly affected. Meanwhile, selling pressure from long-term holders may also be one of the factors contributing to Bitcoin's divergence from M2.
In the past 12 hours, large transactions have shown that BTC's main players have sold a total of $30.69 million, bought only $19.37 million, and had a net outflow of $11.31 million, with a buy to sell ratio of 1: 1.58, showing a clear short selling trend. Especially at 16:11, a large market price sell order of $3.13 million appeared, directly suppressing the price. Based on the current 1-hour cycle K-line, the price is below the EMA24/52 moving average, confirming the downward trend. Although there was a large market buy order of $2.69 million in the latest period, the overall trading volume has shrunk, market activity has decreased, and the short-term rebound may be difficult to sustain. Although KDJ is in an oversold area, the main behavior indicates that bears still dominate. Open membership, track key trends, and seize opportunities for unexpected changes! The data is sourced from the PRO member's [BTC/USDT Binance 1-hour] candlestick, for reference only, and does not constitute any investment advice.