A certain whale address went all-in with $40.42 million to purchase HYPE and FARTCOIN.

Blockworks analyst Jake Koch-Gallup published a piece pushing back against claims that Ethereum is losing its liquidity moat, arguing that while ETH’s value-capturing ability and stablecoin market share face questions, its reserve asset status, Layer 2 ecosystem, and institutional adoption still form long-term competitive advantages. Addressing concerns over Ethereum’s low on-chain revenue, Jake noted that ETH’s valuation depends not only on real economic value (REV) but also on reserve asset and collateral premiums, with ETH’s current market cap roughly 1,100 times its REV over the past 12 months. Additionally, the growth of Layer 2 networks like Robinhood Chain and Base will strengthen Ethereum’s ecosystem, rather than signaling a full exodus of capital and applications from the network. Jake also pointed out that Ethereum currently holds around 65% of DeFi’s total value locked (TVL), a roughly 45% share of on-chain real-world asset (RWA) management, spot ETFs and corporate treasuries collectively hold about 13% of ETH’s total supply, and roughly 36% of ETH is staked. While Ethereum’s stablecoin market share has declined from around 51% amid dilution pressure, Jake believes its absolute size will still continue to grow as the overall stablecoin market expands. However, Jake also acknowledged that relying solely on ETH’s reserve asset premium, without sufficient revenue and value-recapture mechanisms, leaves its valuation sustainability open to debate.

A study released by prediction market platform Kalshi reveals that its high-profit traders are not generally from traditional finance, and trading performance may be more closely tied to probabilistic reasoning ability. The research surveyed high-earning accounts across Kalshi’s markets (excluding sports and special categories) as of September 2026: questionnaires were sent to 2,360 accounts, with 325 valid responses received, marking a 13.8% response rate. Findings show 82% of high-profit traders have never worked full-time at an investment bank, hedge fund, private equity firm, or proprietary trading firm; 79% attended public high schools, 65% said they learned about markets and probability primarily through self-study, 91% are not full-time traders, and 42% have at least six months of customer service or retail work experience. On cognitive ability tests, surveyed traders posted an average score of 2.42 on the Berlin Numeracy Test (out of a maximum 4 points), compared to an average of 0.62 for the general U.S. adult population. 93% of traders resisted the gambler’s fallacy, versus 57% of the general public. The study concludes that trading advantages in prediction markets likely derive more from probabilistic reasoning, information research, and the ability to distinguish between predictable and unpredictable events, rather than traditional finance professional backgrounds. Furthermore, Kalshi’s analysis of traders’ residential locations shows only 6.3% live in ZIP codes with a median household income exceeding $150,000, meaning the overall user base’s income distribution is more aligned with U.S. middle-income groups.

According to HTX market data, Treasure (MAGIC) posted a sharp rally over the past 24 hours, surging more than 130% at its peak. Its current market capitalization stands at around $51.291 million, with a fully diluted valuation of roughly $52.8815 million. The global 24-hour spot trading volume reached $407.8 million, about 8 times its market cap, signaling extremely active trading. For perpetual contracts: the 24-hour open interest (OI) is approximately $693.2 million, translating to an OI/market cap ratio of 1351.55%, and a 24-hour perpetual-to-spot trading volume ratio of 32.7x. Its circulating supply is 337.23 million tokens, while total supply is 347.687 million tokens.

XRP Ledger has recently patched a payment system vulnerability dating back to as early as 2015. The flaw allows attackers to bypass the system’s token exchange amount calculation limits via a specially crafted payment transaction, generating and spending massive XRP out of thin air and undermining the mechanism capping XRP’s total supply at 100 billion tokens. Attackers can create hundreds of accounts, post offers to exchange a small number of tokens for a huge amount of XRP, then execute a single payment to settle all these offers at once. Due to a defect in the software’s total transaction value calculation, seller accounts may receive the full XRP amount while buyer accounts barely need to pay the corresponding sum. Researchers Cayden Liao and Veria AI reported the vulnerability on September 22. RippleX later reproduced the attack and confirmed the generated XRP could be used in subsequent transactions. RippleX noted there is currently no evidence the vulnerability has been exploited on any public network. The development team released the xrpld 3.4.1 version on September 25 to fix the flaw.

According to HTX market data, tokens in the GameFi (blockchain gaming) sector are posting broad gains. Specifically: MAGIC has surged over 134% in 24 hours, pushing its market capitalization to $53 million; PIXEL is up more than 28% in the same period, with a market cap of $27 million; XAI rose 17% in 24 hours, reaching a market cap of $22 million; YGG is up over 10% in 24 hours, at $29 million; RONIN gained more than 9% in 24 hours, with its market cap climbing to $55 million; GALA is up 9% in 24 hours, hitting a market cap of $125 million.

Beating AI News Brief: According to a Nomura report, Moonshot (Kimi)’s annualized recurring revenue (ARR) is estimated to hit $1.2 billion in September. Bloomberg previously reported Kimi’s ARR crossed $1 billion in August, with a year-end target of $2 billion. What’s even more surprising is that K2.8 Preview, which launched just on September 11, is estimated to contribute roughly 40%–45% of ARR, outpacing the flagship K3’s 30%–35%. K2.8 Preview is priced lower, targeting primarily programming and daily agent tasks. However, the flagship model still commands a higher gross profit margin. Experts estimate K3’s gross margin is around 35%–40%, while lower-priced models like K2.8 Preview have margins of 20%–25%. API is Kimi’s largest revenue stream, with overseas markets accounting for over half of its revenue.