In the wake of Interpol's recent multinational crackdown, seizing $97 million in cryptocurrencies, the importance of global cooperation and shared intelligence in tackling cybercrime has been underscored. This coordinated operation, spanning 40 jurisdictions, is a stark reminder of the increasingly international nature of crypto-related crime. For legal and financial professionals in the Web3 space, this highlights the need for robust compliance measures and a thorough understanding of jurisdictional patterns in order to navigate this complex landscape.
Institutional trends are also making headlines, with Nasdaq-listed firm SharpLink announcing plans to tokenize its SEC-registered common stock on the Ethereum blockchain. This move aligns with the SEC's Project Crypto initiative, aiming to lessen regulatory burdens for the crypto industry. As the second-largest publicly traded Ethereum holder, SharpLink's actions could signal a growing trend towards modernizing digital asset regulation and integrating blockchain technology into traditional financial structures.
Meanwhile, BitcoinOS's launch of Grail Pro, a protocol aimed at converting dormant Bitcoin reserves into productive capital, is a noteworthy development. This protocol could potentially unlock approximately $693 billion in Bitcoin held by custodians hesitant to deploy it due to counterparty risk concerns. This move towards decentralized finance using Bitcoin is indicative of a broader trend towards leveraging dormant assets as active capital, especially in uncertain political and economic climates.
Finally, the recent drop in Bitcoin's volatility to below 50% on 60-day measures, the longest low-volatility period in its history, is significant. This trend, despite changes in liquidity conditions and market participation, suggests that the gap between Bitcoin and traditional assets is narrowing. However, the potential for volatility influenced by regulatory outcomes, institutional allocation, and liquidity conditions remains, emphasizing the need for strategic risk management in the crypto space.
The following article summaries have been sourced from Decrypt, CryptoSlate, NewsBTC, and Crypto Briefing. Each summary includes a direct link to the original source.
Interpol has seized $439 million in criminal proceeds across 40 jurisdictions in a coordinated operation named HAECHI VI. This includes $97 million in cryptocurrencies and physical assets. The operation, which ran from April to August, focused on seven types of cybercrime, including investment fraud, money laundering, phishing, romance scams, and e-commerce fraud. As part of the operation, law enforcement agencies blocked over 68,000 bank accounts and froze nearly 400 cryptocurrency wallets, recovering $16 million from the digital asset wallets they seized.
The operation targeted a large-scale fraud in Portugal, where 45 suspects were arrested on suspicion of misappropriating social security payments for vulnerable families, stealing a total of $270,000 from 531 victims. Countries participating in HAECHI VI, which was financially supported by South Korea, include Australia, Brazil, Canada, China, Germany, India, Ireland, Japan, South Africa, the UK, and the US. Interpol's Theos Badege stated that the operation is evidence that recovery of stolen funds is possible and encouraged more member countries to join in the fight against cyber-enabled crime.
Interpol's latest operations come as the organization increases its policing of cybercrime, which often involves cryptocurrencies. For instance, in August, African and British authorities retrieved $97.4 million and arrested over 1,200 cybercriminals who had targeted nearly 88,000 victims and stolen $485 million across 19 countries. Experts agree that there has been an increase in coordinated efforts to combat crypto-related crime, particularly as such crime becomes more international. They stress the importance of global cooperation and shared intelligence in tackling these crimes, given the sophistication of criminal networks in moving funds across borders.
SharpLink Gaming, a Nasdaq-listed firm with one of the largest public Ethereum treasuries, announced plans to tokenize its SEC-registered common stock (SBET) directly on the Ethereum blockchain. The firm will partner with financial technology firm Superstate to facilitate this process using the Opening Bell platform. This will allow SBET shareholders to hold shares natively on Ethereum while maintaining regulatory compliance. The tokenized shares will be legally equivalent to traditional book-entry equity and can be held in self-custodied wallets and integrated with digital financial products.
This move by SharpLink aligns with the SEC's Project Crypto initiative, which was unveiled in July to lower regulatory burdens for the crypto industry. SharpLink and Superstate also plan to explore how tokenized equities could trade on automated market makers and other DeFi protocols while remaining compliant with securities regulations. SharpLink holds over 838,000 ETH worth approximately $3.3 billion, making it the second-largest publicly traded Ethereum holder. This announcement follows SharpLink's recent stock buybacks and a broader push by the SEC to modernize digital asset regulation.
BitcoinOS (BOS) has launched Grail Pro, a new protocol aimed at converting dormant Bitcoin reserves into productive capital while maintaining custody standards. The protocol creates programmable tokens, enabling custodians to deploy Bitcoin for yield while retaining control. The protocol is targeted at around six million Bitcoin, valued at approximately $693 billion, held by custodians who are hesitant to put it to work due to counterparty risk concerns. In a pilot, partners locked Bitcoin to mint 100 zkBTC, a Bitcoin-backed token verified with zero-knowledge proofs and transferable 1:1 with native Bitcoin. This process demonstrates how these assets could be used in lending, trading, or yield strategies without losing custody.
Grail Pro uses a cosigner system that requires institutional approval for every minting or release request. Each request is verified using zero-knowledge proofs and must be confirmed by at least 16 independent operators. BOS asserts that this structure reduces the risk of fraud and ensures institutions remain in custody at all times. The system also supports programmable financial products, custom vaults, and real-time monitoring. BOS is pitching Grail Pro as part of "BTCFi," or Bitcoin-based decentralized finance, as a method of transforming dormant assets into active capital. This move towards decentralized finance using Bitcoin is seen as a way to ensure resilience in uncertain political and economic environments.
Bitcoin's volatility has been below 50% on 60-day measures since early 2023, marking the longest low-volatility period in the cryptocurrency's history, according to data from Kaiko. This trend has persisted despite changes in liquidity conditions and market participation. The price of Bitcoin has appreciated during this period, with a significant increase in 2023 as volatility fell by approximately 20%. This pattern continued through 2024 and into the first quarter of 2025, as the market cap grew. This combination of higher market value and lower measured volatility has led to closer comparisons with large, liquid risk assets, though Bitcoin's price swings remain relatively high.
The gap between Bitcoin and traditional assets is narrowing. Last year, iShares reported Bitcoin's annualized volatility at around 54%, compared to approximately 15.1% for gold and 10.5% for global equities. Despite this, spot markets still move more than stocks and bullion on a like-for-like basis. Short-term measures support this trend, with BitBo's volatility dashboard showing 30- and 60-day readings at or near cycle lows. This change is attributed to deeper derivatives liquidity, more systematic trading, and the growth of volatility-selling strategies.
Despite the low volatility, Bitcoin has not been immune to risk. The September 2025 risk-off episode wiped about $162 billion from the total crypto market value in a matter of days. However, Bitcoin's percentage decline was smaller than that of many large altcoins, a pattern that has been repeated in recent corrections. Looking forward, volatility is expected to be influenced by factors such as regulatory outcomes, institutional allocation, and liquidity conditions. If these remain steady, annualized volatility could remain under 50%, bringing Bitcoin's profile closer to that of mid-cap technology shares. However, if there is a tightening of macro conditions or a return of legal uncertainty, volatility could reset to levels seen in previous cycles.
Naver Financial, the fintech subsidiary of South Korea's largest search engine, is considering a share-swap agreement with Dunamu, the operator of Upbit. Although reports from local outlets suggested that the discussions had progressed to merger talks, Naver's regulatory filing clarified that no binding terms have been confirmed yet. The filing, submitted to the Financial Supervisory Service, revealed that Naver and Dunamu are exploring various forms of cooperation, including a potential share exchange, a won-pegged stablecoin project, and unlisted stock trading services. Naver's CFO, Hee Cheol Kim, emphasized that specific details will be announced within a month or once a formal agreement is reached.
A report from Tiger Research suggests that any agreement between Naver and Dunamu could significantly reshape South Korea's crypto economy. The potential acquisition is seen as more than just corporate restructuring; it could represent a fundamental shift in how digital assets are integrated into mainstream finance and technology. If Naver incorporates Upbit's blockchain infrastructure, the partnership could expedite the adoption of digital payments nationwide. Naver Pay, which already serves over 30 million users and handles tens of trillions of won in annual shopping transactions, could introduce a won-backed stablecoin into its system, reducing card processing costs, streamlining settlements, and attracting millions of crypto investors directly into Naver's payment ecosystem. For Dunamu, the deal would offer both scale and utility, opening new revenue streams from stablecoin usage and transaction fees while simplifying user onboarding.
Ethereum has experienced a significant drop in value, reaching its lowest level in nearly two months. Data from CryptoSlate shows that the cryptocurrency briefly fell to $3,993 on September 25, marking a 4% daily drop and capping off a turbulent week in which it lost nearly 13% of its value. The decline deepens Ethereum's month-long slide, with the digital asset losing about 10% in September and now standing 18.44% below its recent record high of $4,946. Analysts had previously warned that Ethereum looked increasingly fragile despite its recent rally, and this prediction seems to be playing out.
The recent selloff has led to significant losses for traders. CoinGlass data indicates that Ethereum traders lost more than $183 million due to price volatility in the last 24 hours. A notable case is a trader who saw his 9,152 ETH long position, worth $36.4 million, wiped out after prices dipped below $4,000. Despite these losses, some traders are using the opportunity to buy, with Lookonchain reporting that 11 wallets accumulated 295,861 ETH, valued at $1.19 billion, from major exchanges and OTC desks.
While short-term volatility is causing some traders to incur losses, Ethereum continues to see significant institutional accumulation. Data from the Strategic ETH Reserve shows that corporate treasuries expanded their ETH positions from just $2 billion in July to over $21 billion in September. This trend indicates continued confidence in Ethereum's long-term trajectory among whales and institutions, even as the short-term volatility continues.
The future of decentralized trading platform Hyperliquid appears uncertain, with experts predicting a "painful" downfall. This comes as new decentralized exchange (DEX) Aster, built on the BNB Chain, gains market attention following a significant price surge and heavy on-chain activity. Observers have noted that the rise of Aster has led to capital shifting away from established competitors, including Hyperliquid.
Aster has reportedly surpassed rivals in terms of volume and revenue, with its 24-hour perpetual trading volume reaching tens of billions, more than double that of Hyperliquid. The DEX is also said to be generating approximately $10 million in daily revenue, around four times that of Hyperliquid. High-profile crypto trader James Wynn has publicly supported Aster and predicted a slow decline for Hyperliquid. Wynn praised Aster's hidden-order and MEV-mitigation features, arguing that they make it a safer platform for large players.
On-chain analytics indicate significant wallet activity around ASTER, with two large buyers reportedly purchasing about 118 million ASTER, valued at roughly $270 million. This represents about 7% of the circulating supply. Meanwhile, Hyperliquid has been proactive in its response, introducing measures such as a USDH stablecoin to bolster liquidity and product range. Despite these efforts, market data indicates that Hyperliquid's HYPE token has fallen from recent peaks, with declines reported near 25% as money rotates into ASTER.
Bitcoin is at a critical juncture in its four-year cycle, and could either be on the brink of a significant "blowoff" advance or have already reached its peak, according to cycle analyst Bob Loukas. In a video published on September 24, 2025, Loukas suggested that the cryptocurrency is in the late stages of its rising phase, characterized by a consistent uptrend and periods of outperformance. He noted that the current multi-month range appears to be a solid foundation built amid sustained distribution from long-term holders and persistent institutional demand. Loukas believes that the conditions for a late surge are in place, given that the market is around month 34 from the prior four-year-cycle low and seasonality is turning favorable.
Loukas also considered the possibility of a bearish interpretation, given the recent August high at month 33, which closely echoes prior cycles. From a structural standpoint, the move from the bear-market low to the month-33 high represents a healthy 700% rise, which could potentially be a complete cycle in itself. However, he argued that it would be unwise to sidestep risk at this juncture, given the potential for a significant move upwards. If the blowoff does occur, Loukas expects it to follow the pattern of late-cycle weekly advances that compound rapidly over eight to fifteen weeks. He did not commit to a specific target, but suggested that a doubling from recent lows could see Bitcoin reach $210,000 by December.
Loukas also discussed risk management, highlighting the 10-month moving average as a late-cycle guardrail. He warned that closing a month under the $100,000 level would be a major warning sign. He also suggested that Bitcoin should not approach the previous "big weekly cycle decline" at $75,000, as this would indicate a bear market is already underway. On the upside, he is looking for confirmation via fresh all-time highs, with a move back above the $120,000 level serving as a potential floor. Loukas also explored the possibility of a more extended cycle that peaks in early 2026 with a shorter bear phase, which might result in a "controlled rise" towards the $140,000-$160,000 area. He concluded by emphasizing the importance of letting the price action unfold and capitalizing on what he believes will be the last move of this four-year cycle.
Tom Lee of Fundstrat Global Advisors made a bold prediction at Korea Blockchain Week 2025, stating that Bitcoin could potentially reach a high of $250,000 by the end of the year, while Ethereum could rise to $12,000. Lee's predictions for Bitcoin range from $200,000 to $250,000, while for Ethereum, he anticipates a range of $10,000 to $12,000, with a potential rise to $12,000 to $15,000 under favorable conditions. His predictions are based on macroeconomic tailwinds and an increasing institutional interest in cryptocurrencies.
Lee's forecast is tied to several factors, including a potential shift in US monetary policy from a hawkish stance to a less aggressive one, which he believes would be beneficial for risk assets. He also noted that the fourth quarter has traditionally been a high-performing period for Bitcoin. As for Ethereum, Lee sees it embarking on a "super cycle" of 10 to 15 years due to its role in tokenized systems and the potential interest from institutions and developers. He also argued that Ethereum's long-term appeal extends beyond short-term price volatility, with the network's neutrality and extensive developer base positioning it well for future use in AI, finance, and tokenized real-world assets.
However, Lee's predictions are not without their skeptics. Critics argue that Ethereum has not seen the fee growth that would match Lee's scale, and some institutional activity is shifting to alternative chains and layer-2 solutions. They warn that competition, scaling challenges, and shifts in developer activity could limit Ethereum's upside in the near term. Furthermore, Lee's predictions are contingent on market conditions remaining favorable. A sudden return to tighter US policy, an unexpected economic shock, or harsh regulatory moves could derail a rapid rise to $200,000 or higher. For prices to reach Lee's top targets by year-end, demand would need to be broad and sustained across spot markets, exchanges, and institutional channels.
The line between traditional currency trading and digital assets is rapidly blurring, with exchanges now quoting crypto-enabled pairs such as BTC/USD, ETH/JPY, and SOL/GBP, alongside major fiat crosses. These pairs offer new opportunities for arbitrage, volatility plays, and hedging that are not available in traditional forex alone. However, trading these pairs is not the same as trading traditional forex pairs, due to the nonstop crypto session and the unique factors driving digital-asset prices. For instance, crypto prices are sensitive to blockchain-related developments, while fiat currencies are influenced by macro data and central-bank policy. This difference can lead to quick breakdowns in correlation, presenting opportunities for disciplined traders.
The article outlines five strategies for trading these hybrid pairs. The first is weekend gap arbitrage, which capitalizes on the decisive moves often seen in crypto between late Friday and early Sunday. The second strategy is macro-event overlay, which treats crypto as a high-beta cousin to gold and uses high-impact economic releases to structure trades. The third strategy involves stablecoin funding plays, where traders capture the spread between overpriced stablecoins and regulated FX brokers. The fourth strategy uses cross-asset momentum pairs, which thrive on velocity, while the fifth strategy involves options-driven gamma scalping, which capitalizes on predictable gamma squeezes near expiry.
To effectively trade these pairs, traders need a few essential tools, including economic-calendar alerts, a crypto order-flow dashboard, and a latency-friendly multi-asset terminal. The key to mastering these pairs is not predicting major price movements, but exploiting structural edges, weekend gaps, funding distortions, and momentum tails that repeat often enough to justify the grind. With a disciplined approach, the hybrid arena of crypto-FX can be a profitable frontier for traders.
Elon Musk's AI company, xAI, has entered into a partnership with the US government to broaden the use of its Grok AI chatbot for federal purposes. The General Services Administration (GSA) is aiding in the adoption of Grok with the aim of improving government operational efficiency through the use of AI tools. The agreement was reached as xAI launched Grok 4 Fast on September 19, a multimodal reasoning model now available for free on X, mobile apps, and developer platforms.
Grok 4 Fast, which features a 2-million context window and ranks first in Search Arena evaluations, has set a new record on the Pareto Intelligence frontier for cost-efficient performance, as reported by Artificial Analysis. The model can be accessed through API integrations at a cost of $0.2 per 1 million input tokens and $0.5 per 1 million output tokens. In a bid to offer free access to developers for a limited time, xAI has collaborated with OpenRouter and Vercel AI Gateway. Additionally, the company has added voice capabilities to Grok, enabling it to read responses aloud in a natural voice through X.
Cloud computing provider CoreWeave has inked a deal with OpenAI, valued at up to $6.5 billion. This partnership is aimed at facilitating the rapid expansion of OpenAI's AI operations and meeting its extensive GPU and data center requirements. The deal is a significant addition to CoreWeave's growing collaborations with major AI firms, as the demand for specialized computing infrastructure continues to surge.
CoreWeave, recently valued at $75 billion, also holds a $6.3 billion capacity guarantee deal with Nvidia that extends until 2032. On the other hand, OpenAI has ambitious infrastructure expansion plans, with intentions to spend approximately $100 billion on GPU rentals as part of a broader $450 billion investment over the next five years. The AI research company has set objectives to generate a gigawatt of new AI capacity every week. This new arrangement with CoreWeave will significantly support OpenAI's massive GPU and data center needs as it scales its operations.
