Bitcoin

Ethereum

Solana

<h2 id="market-overview">Market Overview 📉</h2>
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7e26067679654a61860e3b2324146980.png">

*Data as of 6:45 AM UTC on September 4, 2026.
<a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer">Bitcoin (BTC)</a> made a modest push higher this week, climbing 1.22% higher, while <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer">Ethereum (ETH)</a> showed some weakness against other altcoins, rising only 0.24% in the same period. Total crypto market cap also ticked higher, rising 0.74% to $2.71T, from $2.69T the week before.
Weekly <a href="https://coinmarketcap.com/charts/liquidations/" rel="noopener noreferrer">liquidations</a> started off muted, leaning towards the long side as the week kicked off with some weakness. However, sentiment shifted closer to the end of the week, swinging to clear over $400M in short positions going into the week close. Despite the push higher, <a href="https://coinmarketcap.com/charts/funding-rates/" rel="noopener noreferrer">funding rates</a> continue to remain in healthy ranges, with most majors under 10%.
📌 Michael Saylor’s Strategy has acquired 4,603 BTC for $370M, while increasing cash reserves by $29M and buying back $152M in STRC. - <a href="https://x.com/saylor/status/2094395804962152885" rel="noopener noreferrer nofollow">Link</a>
📌 Singapore’s MAS proposes stablecoin rules in alignment with U.S. and EU frameworks, necessitating 100% reserves and a ban on yields on stablecoins. - <a href="https://www.coindesk.com/policy/2026/09/01/singapore-proposes-100-reserves-and-a-ban-on-yields-for-stablecoin-issuers" rel="noopener noreferrer nofollow">Link</a>
📌 Ledger is being sued in a class action lawsuit regarding its 2023 data breach, where approximately 270,000 customers’ data were leaked. - <a href="https://x.com/GivnerAriel/status/2095340670504329326" rel="noopener noreferrer nofollow">Link</a>
Why does it matter?
Crypto continues to squeeze out higher returns against their traditional finance counterparts, despite the looming fear over the escalating Iran conflicts and rising inflation. The S&amp;P 500 is up a mere 0.16% this week, while the Nasdaq underperformed, down 0.22% in the same period.
Notable altcoin outperformers this week included <a href="https://coinmarketcap.com/currencies/pons/" rel="noopener noreferrer">Pons (PONS)</a>, <a href="https://coinmarketcap.com/currencies/theuselesscoin/" rel="noopener noreferrer">Useless Coin (USELESS)</a>, <a href="https://coinmarketcap.com/currencies/helium/" rel="noopener noreferrer">Helium (HNT)</a>, <a href="https://coinmarketcap.com/currencies/solana-mobile-seeker/" rel="noopener noreferrer">Seeker (SKR)</a>, and <a href="https://coinmarketcap.com/currencies/edgex/" rel="noopener noreferrer">edgeX (EDGE)</a>.
View <a href="https://coinmarketcap.com/gainers-losers/" rel="noopener noreferrer">CMC Gainers &amp; Losers board</a>
<h2 id="narrative-of-the-week">Narrative of the Week 📰</h2>
Hyperliquid remains the market darling, breaking to new highs on news of U.S. expansion, permissionless HIP-4 deployments, and future catalysts.
📌 Hyperliquid is in talks with Kraken’s parent company, Payward, to bring perpetuals to the U.S. officially. - <a href="https://x.com/HYPERDailyTK/status/2094639463054053781" rel="noopener noreferrer nofollow">Link</a>
📌 Hyperliquid will enable permissionless HIP-4 deployments in their next network upgrade, allowing outcome markets to be deployed based on validator approved templates. - <a href="https://www.wublockchain.xyz/news/news-20612" rel="noopener noreferrer nofollow">Link</a>
📌 Hyperliquid Strategies expands equity financing facility to $2.5B, with proceeds potentially to be used to purchase HYPE. - <a href="https://www.sec.gov/Archives/edgar/data/2078856/000119312526378589/purr-20260901.htm" rel="noopener noreferrer nofollow">Link</a>
Why does it matter?
Dominant perpetual DEX platform, Hyperliquid, continues their push into the U.S., targeting its regulatory hurdles, alongside an expansion of their product suite.
<h2 id="major-project-updates">Major Project Updates 🗓️</h2>
📌 Binance introduces Stock Options on U.S. stock and ETFs with physical settlement. - <a href="https://x.com/binance/status/2094711868606886199" rel="noopener noreferrer nofollow">Link</a>
📌 Solana’s double disinflation proposal has passed in a close governance vote, reducing projected SOL issuance by 18.9M SOL tokens over the next six years. - <a href="https://x.com/SolanaFloor/status/2093359273975906388" rel="noopener noreferrer nofollow">Link</a>
📌 Ethena introduces Ethena Pay, their neobank feature with card cashbacks at 5%, borderless, free transfers, free onramps, and more, now live on iOS. - <a href="https://x.com/ethena/status/2094757121959280641" rel="noopener noreferrer nofollow">Link</a>
📌 LayerZero introduces OTTER, a MEV-resilient AMM, to prevent MEV attacks and redirect the excess value captured to liquidity providers, traders, or validators. - <a href="https://x.com/LayerZero_Core/status/2095193306137551235" rel="noopener noreferrer nofollow">Link</a>
📌 SVM L1, Fogo, has been exploited, resulting in 400M FOGO tokens being transferred to a bad actor. 237M tokens have since been recovered and removed from the total supply. - <a href="https://x.com/fogo/status/2094947465040732366" rel="noopener noreferrer nofollow">Link</a>
Why does it matter?
Binance continues their push into TradFi product offerings in a trend across the entire crypto space, expanding into options after deploying stock trading earlier this year.
<h2 id="defi-brief">DeFi Brief 🏦</h2>
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f1aedd91a42341c7835d81cad755439f.png">

*Data as of 6:45 AM UTC on September 4, 2026.
Source: <a href="https://coinmarketcap.com/chain-ranking/" rel="noopener noreferrer">https://coinmarketcap.com/chain-ranking/</a>
📌 Variational launches Swaps, a derivative structure tapping TradFi liquidity with a stable carry rate rather than the traditional perpetual funding fee. - <a href="https://x.com/variational_io/status/2094870805578739970" rel="noopener noreferrer nofollow">Link</a>
📌 Cronos-based money market, Tectonic, was exploited for $75M, with the Cronos Network temporarily halted to minimize the damage. The chain has since been resumed. - <a href="https://x.com/TectonicFi/status/2094439214133993487" rel="noopener noreferrer nofollow">Link</a>
📌 Perpetual DEX trading platform built on Hyperliquid, HyENA, announces plans to sunset. - <a href="https://x.com/hyenatrade/status/2093345265247797530" rel="noopener noreferrer nofollow">Link</a>
📌 Solana neobank Avici has been exploited for $500K, due to a vulnerability in the card contract. All users have since been refunded. - <a href="https://x.com/avici/status/2093439613201482068" rel="noopener noreferrer nofollow">Link</a>
Why does it matter?
TradFi products continue to form the key focus in the DeFi space, with Variational’s launch of their unique Swaps product to drive TradFi liquidity on-chain.
<h2 id="fundraises">Fundraises 💰</h2>
📌 Digital asset protection layer, Firelight raises $8M in a seed round led by Gumi Cryptos Capital, with support from Maven 11, Metalayer Ventures, and Tribe Capital. - <a href="https://x.com/Firelightfi/status/2094789296657957135" rel="noopener noreferrer nofollow">Link</a>
📌 WhatsApp-based payment protocol, Felix, raises $200M in funding led by a16z, with participation from QED Investors, Castle Island Ventures, Switch Ventures, Contour Venture Partners, and Endeavor Catalyst. - <a href="https://x.com/Felixpago/status/2094793338238996665" rel="noopener noreferrer nofollow">Link</a>
📌 Gamified social consensus platform, Chomp, raises $3.6M in a funding round led by Jsquare and BlueYard Capital, with support from Big Brain Holdings, No Limit Holdings, and more. - <a href="https://x.com/chompdotfyi/status/2092981969122467951" rel="noopener noreferrer nofollow">Link</a>
📌 Quantum-resilient L1, DAC Chain, raises $1M in a funding round from Unicorn Crypto Ventures. - <a href="https://x.com/dac_chain/status/2093375351787487623" rel="noopener noreferrer nofollow">Link</a>
<h2 id="tweet-of-the-week">Tweet of the Week 📝</h2>
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9beda793ef1f4396923fea41c1837263.png">

Source: @saylor
I already know Saylor is gonna be insufferable when we’re back to ATHs.

CMC Market Pulse: The Bull Run Waits for No One

Table of Contents

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