💥 The Baby Shark token (PINKFONG) went viral on Story Protocol, hitting $500M market cap within hours thanks to KOL hype and Story’s official push. But soon after, price plunged 99%.

👉 Pinkfong, the Korean company behind Baby Shark, denied any link and warned of legal action, recognizing only BABYSHARK (Solana) and BSU (BNB Chain).

⚖️ Issuer IP.World claimed valid licensing through BBF and BSU, but conflicting statements from Pinkfong co-founders exposed off-chain disputes.

🔍 Bubblemaps flagged insider wallets buying 70M tokens (~7% supply, $35M) at launch.

📉 Fallout also hit Story’s IP token, dropping from $12.9 → $7.2. The case shows how off-chain IP chaos + on-chain manipulation left retail investors burned—ironically reinforcing the need for transparent on-chain IP management.

#BabyShark #StoryProtocol #CryptoNews #cryptocurrency #JuExchange

“Black September” is a meme most of us know well. Each time the calendar flips to September, Bitcoin, Ethereum, and the broader market seem cursed: weak rallies, frequent sell-offs. As the most infamous risk month of the year, September’s poor performance isn’t unique to crypto — traditional markets like equities can’t escape it either. Amusingly, the phrase “Black September” actually originated from the stock market.

This September delivered on that reputation again. Bitcoin broke key support, on-chain stablecoins rushed for the exits, and fear spread. As some joked: “Black September isn’t a legend — it’s a required course every year.”

The September Curse: Seasonal Anxiety in Crypto

1. The market memory of an “unlucky September”

Historical stats in U.S. equities show September has the lowest average monthly return, and the effect is even more pronounced in crypto.

From 2017 to 2022, Bitcoin posted negative returns six Septembers in a row. Although this seasonal effect eased somewhat in 2023 and 2024, the “September curse” remains deeply etched in investors’ minds. Come September, even a small gust of wind can amplify fear.

This time, BTC slipping below $110,000 and ETH breaking under $3,900 is a textbook case of “historical shadow + market expectations” applying dual pressure.

2. Why does September so often underperform?

• Tighter liquidity: Overseas markets enter earnings season, capital tilts toward traditional assets, and risk appetite falls. • Macro policy sensitivity: The Fed, ECB, and others often hold rate meetings in September; markets are hypersensitive to rate expectations. • Market psychology: History nudges investors to take profits or cut exposure early, creating a self-fulfilling loop.

In other words, September is often not a “trend-deciding month,” but a “risk-pre-release month.”

Behind the BTC and ETH Plunge: Liquidations Are Only the Surface

This sell-off once again reveals crypto’s brutality. Many headlines emphasized “longs and shorts liquidated” in derivatives. Data show over 250,000 traders liquidated in 24 hours, with more than $1.1 billion wiped out. On the tape, it looks like a classic leverage cascade.

But pinning the drop solely on liquidations only grasps the surface. What truly drove the abrupt downturn was an imbalance of inflows vs. outflows, cooling narratives, a tighter macro backdrop, and the stacking effect of black swans.

1. Institutional flows cool: ETF net outflows exacerbate the drop

Over the past two years, “institutionalization” was the market’s biggest certainty. Spot ETFs opened the gates for Wall Street capital, directly propelling BTC and ETH to new highs. Many investors even viewed ETFs as a “base-position backstop.”

But in September, the tide turned: • ETH ETFs recorded multiple consecutive days of net outflows, totaling over $500 million. • Bitcoin ETFs also posted net outflows three times this week, totaling around $480 million.

Translation: institutions trimmed risk and left. The “backstop bid” vanished. Remember, ETFs are merely pipes for money in and out — they don’t only flow one way. Plenty of retail traders fantasized that “with ETFs, it won’t drop,” but reality shows that when institutions see risk > return, they pull liquidity too.

In short, ETFs are a double-edged sword. They can bring incremental capital, and they can also amplify downside when the market cools.

2. The DAT narrative cools: valuations re-anchor to NAV

Beyond institutions, “narratives” powered this summer’s rally — especially the Digital Asset Treasury (DAT) model, which gave ETH a sizable premium. • In the hot July–August phase: weighted mNAV for ETH DATs once exceeded 5×, capital poured in, and volumes hit records. • By September: that story’s pull faded quickly; mNAV fell back near 1×, with almost no premium left. • Related projects’ on-chain activity dropped sharply; investor enthusiasm ebbed fast.

This means the market is de-story-fying, re-anchoring capital to true net asset value (NAV). Without narrative support, ETH struggled to maintain lofty valuations — so a break below $3,900 became natural. It’s a reminder that crypto narratives are highly cyclical. From “AI + Crypto” to “RWA” to “DAT,” each story has a shelf life. When the buzz fades and capital turns rational, prices correct.

3. Macro factors: The Fed’s uncertainty

Macro remains an inescapable variable. Recent U.S. data stayed strong — especially jobs and consumption — reinforcing views of a resilient economy. The fallout: • Hopes for an October rate cut were clearly reduced. • The Fed is split internally on whether to cut this year. • The U.S. dollar index strengthened, and global risk appetite fell.

For BTC and ETH, that’s undeniably bearish. In global investors’ eyes, they remain high-volatility risk assets. When rate expectations wobble and the dollar strengthens, capital naturally flows out of crypto and back into more stable assets.

Put simply, macro headwinds formed the essential backdrop for this drop. Without macro “help,” the negatives from ETF outflows and narrative cooling might not have been amplified so quickly.

4. Black swans: On-chain attacks fan the flames

To make matters worse, recent security incidents on-chain helped fuel panic: • UXLINK was attacked, losing $11.3 million, alongside malicious minting. • On BNB Chain, GAIN was exploited for 5 billion tokens, and the price instantly plunged 90%. • The Hyperdrive stablecoin protocol account was attacked; all money markets were paused.

By dollar value, these weren’t massive. But amid fragile sentiment, any black swan can be magnified into a stampede. Especially for retail, seeing “hack, crash, mint” triggers first-order selling. In that sense, exploits acted as fuses that fully released fear.

In sum, calling this BTC and ETH plunge a derivatives liquidation cascade only captures the result, not the cause. The core logic was a turn in flows and sentiment: • Institutions withdrew via ETFs, draining liquidity. • The DAT narrative cooled, and valuations reverted to rational anchors. • Macro tightened, with Fed policy expectations unstable. • Black swans added fuel, amplifying panic.

For investors, it’s another reminder: no single variable explains crypto price action. To understand volatility, you must track capital flows, narrative strength, and the macro — otherwise it’s easy to be fooled by appearances.

Can October Bring a Turnaround? Here’s What the Market Is Saying

1. The bull case

• Seasonality reversal: History shows October is often a “turnaround month” for Bitcoin, with mostly positive returns in recent years. • Policy catalysts: The U.S. Congress and regulators are advancing market-structure legislation for crypto; passage could lift confidence. • Institutional holding trend intact: VanEck data show 290+ companies hold a combined $163+ billion in BTC; institutional demand remains a long-term support. • A new ETH narrative: As treasury assets tilt toward ETH allocation, ETH could become the next institutional favorite.

2. The cautious view

• Technicals not yet stabilized: BTC’s key support is near $109,500; a break could trigger a second leg down. • Unsteady flows: ETF inflows remain choppy; another stretch of net outflows would keep pressure on. • Macro risks linger: The Fed’s policy uncertainty is still the Sword of Damocles overhead.

Conclusion

This BTC and ETH sell-off once again validated the power of the September curse. In the short run, the market may keep chopping in fear; in the long run, crypto’s foundational logic hasn’t changed: • BTC remains the world’s strongest store-of-value asset. • ETH remains the most promising on-chain economic infrastructure. • Black September is a cyclical wobble point, not the end of the trend.

After weathering storms, healthier rallies can follow. October just might be the next rebound’s starting point.

#JuExchange #cryptocurrency #BlackSeptember #Bitcoin #Fed

Late September and early October in Singapore always carry a tropical tension. The Marina Bay shimmers with golden light under the sun, and as night falls, the city’s rhythm gets faster and brighter. This time, Ju.com steps into TOKEN2049 with a brand-new identity and vision.

As a global leader in cryptocurrency trading and a Web3 ecosystem builder, Ju.com announces its prominent appearance at TOKEN2049 Singapore as a Platinum Sponsor. Through interactive experiences at Marina Bay Sands booths PB5-818 & PB5-84, exclusive merchandise, and an immersive After Party, Ju.com will fully showcase its renewed brand philosophy—“Rewrite I’mpossible”—and deliver on its most direct promise to users: “Point.Click.Trade.”

🟠Starting from a “J”

In the world of Ju.com, a small “J” represents transformation. It turns “impossible” into “I’m possible.” Just like Ju.com’s mission: to turn what was once complex and intimidating in crypto into a natural action as simple as a click.Over the past twelve years, we’ve grown from a regional exchange into a global ecosystem. Today, Ju.com has gathered more than 50 million users across 100+ countries and regions, with a daily trading volume surpassing $5 billion. Numbers are just a footnote—we care more that every click brings us closer to true simplicity.

🟠A Luxury Review: Highlights from Dubai to Hong Kong

From April 30 to May 1, 2025, Ju.com made its international debut at TOKEN2049 Dubai. As a Platinum Sponsor, we showcased an 18-meter-tall four-sided pillar, delivered a main stage keynote alongside industry leaders, and presented a 36m² flagship booth—demonstrating our strength in ecosystem integration.Ju.com CEO Sammi Li’s keynote, “From Luxury to Crypto – Creating Standout User Experiences,” stated: “For Web3 to reach mass adoption, the industry must shift from a ‘tech-for-tech’s-sake’ mindset to a ‘user-first’ approach.”She shared how the service principles of luxury brands can be brought into crypto products to create memorable experiences.

On the first evening of the conference, we hosted the “Great Gatsby”-themed JuFusion DJ party, which drew nearly 3,000 registrations and became one of the most eye-catching social events of Dubai Web3 Week. The party featured an AR interactive check-in area, themed art installations, and live performances by internationally renowned guests.At the same time, JuChain mainnet officially launched at the Dubai H Hotel Demo Day on May 1, alongside a hackathon that attracted nearly 100 global development teams competing across six tracks: core tech innovation, ZK-Rollup integration, and breakthrough application scenarios. Winning teams shared a $500,000 prize pool and received priority access to Ju Labs investment opportunities, including CancerDAO’s decentralized research data platform and Didotxyz’s decentralized AI ecosystem.

This series of initiatives not only demonstrated Ju.com’s international progress to the world, but also laid a solid foundation for this rebrand momentum and new journey at TOKEN2049 Singapore.On September 20 in Hong Kong, Ju.com and its strategic partner xBrokers co-hosted the Hong Kong Stock Liquidity Global Digital Summit, gathering over a hundred guests from regulators, listed companies, brokerages, research institutions, and the Web3 ecosystem to discuss HK equity liquidity, RWA compliance, and cross-border settlement efficiency. At the summit, Ju.com unveiled a general solution for “custody, verification, and integration” centered on the exchange ecosystem; xBrokers presented its “1:1 real-stock custody + on-chain verification” base, combining brokerage clearing with on-chain proofs to bridge TradFi and Web3.

Experts from academia, industry, and investment emphasized that the combination of RWA and Web3 is reshaping cross-border market structures. Ju.com and xBrokers also announced the next milestones:

• More broker API integrations
• Expansion of custody and audit nodes
• Optimizing cross-border settlement processes
• Enhancing disclosure frequency and scope

Ju.com stated that all efforts will be carried out under compliance frameworks and principles of transparency, gradually distilling research and development materials for the ecosystem.

🟠Encounter Possibilities at the Booth

Step into booths PB5-818 & PB5-84 on Level 5 of Marina Bay Sands Hotel and you’ll immediately notice Ju.com’s bright orange space. It feels less like a traditional booth and more like a place to play.

Snap a moment and upload to X; pick up a Switch controller to win against a friend or stranger for a lottery ball; take the lottery ball to spin the prize machine and feel your heartbeat quicken in anticipation; finally, head to the prize area and turn your joy into a souvenir.

Limited-edition IP character T-shirts, JU Merlion lucky bags, or even ELLIPAL cold wallets could all be yours. This is our “Point.Click.Trade” philosophy brought to life—real experiences through the simplest interactions.

🟠JuVibe at Night: I’mpossible Night

While the daytime of TOKEN2049 is for networking, the night belongs to Ju.com. On October 2, from 7pm until 2am, we will host the themed After Party “JuVibe I’mpossible Night” at the legendary Zouk Singapore (3C River Valley Road, The Cannery). This event is not only a celebration of our rebrand, but also a fusion of music, technology, and philosophical reflection. Concert-grade sound and lighting, a 360° immersive LED wall, a liftable stage, top international DJs, and dynamic live performances will light up the night. Multiple rounds of prizes and exclusive merchandise will bring surprises to every guest. We’ll also pose one question for the night: In an increasingly complex digital world, what kind of simplicity is truly worth striving for?

As the inaugural celebration of the most significant upgrade in Ju.com’s brand history, “JuVibe I’mpossible Night” will be a feast of music and energy—a catalyst for industry collaboration and innovative inspiration.For more details or to apply for attendance, please visit: https://luma.com/tioldm0i

🟠New Journey Ahead: Steering Toward the Future of Financial Infrastructure

Behind our rebrand momentum, what we want to talk about is the future.Behind this transformation is a longer-term course. Ju.com, together with strategic partner xBrokers, is showcasing new infrastructure for Hong Kong equity RWA liquidity. Through the 30% reserve mechanism and stock liquidity mining, we’re opening new channels for real-world assets and building a more efficient bridge between crypto and traditional finance.

🟠Our Long-Term Direction

• The Ju.com rebrand is a path that extends into the future. We believe technology should fade into the background, leaving only a simple, intuitive user experience. No matter how complex the backend, every platform touchpoint should feel natural and effortless.
• Our vision is to make blockchain technology an invisible infrastructure, enabling seamless access to financial opportunities for users around the globe. Our mission is to make crypto trading as intuitive as operating a computer interface—removing technical barriers so everyone can navigate the crypto world with ease.
• For Ju.com, TOKEN2049 is not just another event, but a clearer announcement: Rebrand Momentum, New Journey Ahead. A new identity, a new course, a new story, all begin here.

#JuExchange #TOKEN2049 #JuVibe #Impossible

JuExchange Academy is the world’s first online academy to offer comprehensive education on crypto-native indicators. It features the most extensive technical indicator tutorials and is the most detailed online learning platform for market technical analysis. Here, you’ll find hundreds of courses on commonly used indicators, along with nearly every known crypto-native indicator tutorial.

Today we’re going to learn about the Average Direction Index (ADX). The Average Directional Index (ADX) is one of the most reliable trend strength indicators in technical analysis. Developed by J. Welles Wilder in the late 1970s, ADX was introduced in his book “New Concepts in Technical Trading Systems”, alongside other classic tools like Relative Strength Index (RSI), Parabolic SAR, and Average True Range (ATR).

Unlike indicators that focus on price direction, the ADX measures the strength of a trend, whether bullish or bearish. In other words, it tells you how powerful a trend is, not its direction. This makes it highly valuable in both traditional markets and crypto trading, where volatility and false breakouts are common.

The History of ADX

ADX was born out of Wilder’s observation that traders often misread trend movements, entering trades prematurely or holding losing positions too long. He wanted an indicator that could quantify trend strength objectively.

• 1978: Wilder introduces ADX along with +DI and -DI, forming the Directional Movement System.
• Original use case: Commodities and futures markets, where trends can be long-lasting but also subject to whipsaws.
• Modern adoption: ADX is widely applied in stocks, forex, commodities, and cryptocurrencies. In crypto markets, ADX is particularly useful for filtering noise in highly volatile assets like Bitcoin, Ethereum, and altcoins.

How ADX is Calculated

ADX calculation involves several steps, using both price highs, lows, and closes:

1. Calculate Directional Movements

• +DM (Positive Directional Movement) = today’s high − yesterday’s high
• −DM (Negative Directional Movement) = yesterday’s low − today’s low
• Only the greater of the two is considered, and negatives are set to zero.

1. Calculate True Range (TR)

• TR = max(high − low, |high − previous close|, |low − previous close|)
• TR captures the total range of price movement, including gaps.

1. Smooth +DM, −DM, and TR

Typically using a 14-period Wilder’s smoothing (similar to EMA but slightly different).

1. Compute Directional Indicators (+DI and −DI)

• +DI = (Smoothed +DM ÷ Smoothed TR) × 100
• −DI = (Smoothed −DM ÷ Smoothed TR) × 100

1. Compute DX and ADX

• DX = |+DI − −DI| ÷ (+DI + −DI) × 100
• ADX = smoothed moving average of DX

1. Key point

ADX is always positive. A rising ADX indicates a strengthening trend, while a falling ADX indicates weakening momentum.

Interpreting ADX

• ADX < 20 → Weak trend or sideways market. Market is choppy; trend-following strategies may fail.
• ADX 20–40 → Moderate trend; trend-following strategies start to work.
• ADX 40–60 → Strong trend; good for swing or trend traders.
• ADX > 60 → Very strong trend; may indicate trend exhaustion soon.

Combining +DI and −DI

• +DI > −DI and ADX rising → Bullish trend strengthening.
• −DI > +DI and ADX rising → Bearish trend strengthening.
• ADX falling → Trend losing strength, regardless of +DI/−DI position.

Using ADX in Crypto Trading

Crypto markets are highly volatile and prone to sudden price spikes or dumps. ADX can help:

1. Filter false signals: Avoid entering positions in low-ADX environments (<20).
2. Trend confirmation: Only take trades when ADX rises above 20–25.
3. Swing entries: Use ADX to ride the trend and time entries/exits.
4. Complementary tools: Combine ADX with moving averages, Bollinger Bands, or Donchian Channels for better precision.

Example Strategy

• Buy signal: +DI > −DI and ADX > 25
• Sell signal: −DI > +DI and ADX > 25
• Exit: ADX starts declining from high levels (>50)

Tip: In crypto, high ADX readings can persist longer due to strong market sentiment; always manage risk with stop-loss orders.

Common Pitfalls

1. ADX does not indicate trend direction – must combine with +DI/−DI or price action.
2. Avoid trading in low ADX conditions – markets may be too choppy.
3. High ADX ≠ guaranteed continuation – extreme trends can reverse.
4. Overreliance on ADX alone – always consider volume, news, and market context.

Advanced Applications

1. Divergence Analysis: Compare ADX with price movement to spot trend weakening.
2. Trend Strength Comparison: Use ADX across multiple timeframes to find consistent trends.
3. Crypto-Specific Use:

• Detect altcoin breakouts during low-ADX consolidation.
• Identify trend exhaustion before large pullbacks in high-volatility coins.

Conclusion

The Average Directional Index (ADX) remains one of the most reliable trend strength indicators in technical analysis. In crypto trading, where volatility is high and trends can be both rewarding and dangerous, ADX helps traders:

• Identify trend strength；
• Filter out market noise；
• Make better-informed trading decisions.

Key takeaway: ADX is not about predicting price direction but about understanding the force behind a trend. Combining it with +DI/−DI, price action, and other technical tools can significantly improve trading performance.

#JuExchange #Blockchain101

⚜️ Starting From BlackRock’s Filing for a Bitcoin Premium Income ETF: A Simple Primer on Premium Income ETFs.

According to market disclosures, the world’s largest asset manager BlackRock has filed in the state of Delaware, USA, for a Bitcoin Premium Income ETF (iShares Bitcoin Premium Income ETF).

Keep in mind, BlackRock is already a giant in the global ETF market — its iShares product family manages over a trillion dollars. Previously, the Bitcoin spot ETF it championed was approved in the United States and was regarded as a “watershed” event for the crypto market in 2024. Now, it is once again attempting to launch a Premium Income ETF, which clearly sends a signal: traditional financial institutions are continuously expanding Bitcoin-related financial derivative products and bringing them into more complex and diversified investment frameworks.

So here’s the question: what is a Premium Income ETF? How is it different from a regular ETF? What does it mean for retail investors and the crypto market? Next, let’s discuss the logic of a Premium Income ETF in the simplest terms.

Let’s first review some ETF basics

1. What is an ETF?

ETF stands for Exchange Traded Fund. In essence, it is a basket of assets that trades on an exchange like a stock. For the average investor: when you buy an ETF, you’re effectively buying a basket of assets rather than a single underlying security.

Its advantages are simple: strong liquidity, low cost, and high transparency. In the crypto market, we are already familiar with Bitcoin spot ETFs: they are backed by custodians that actually hold Bitcoin, and each share of the ETF represents a certain quantity of BTC.

2. Types of ETFs

• Index ETFs: Track an index (e.g., S&P 500 ETFs).
• Sector ETFs: Focus on a specific sector (e.g., tech ETFs, gold ETFs).
• Crypto ETFs: Use digital assets such as Bitcoin and Ethereum as the underlying.

What we are discussing today — Premium Income ETFs — falls under innovative ETFs. They do not merely replicate price movements but aim to generate additional return for investors through a special income mechanism.

What is a Premium Income ETF?

Simply put, a Premium Income ETF is a fund vehicle that captures “premium” differentials to earn additional income. It’s not just “buying a basket of assets”; instead, on top of the ups and downs of the underlying asset, it allows investors to obtain an extra layer of “income enhancement.”

Let’s break it down:

1) The meaning of “premium”

“Premium” is a common phenomenon in financial markets. When an ETF’s market price is higher than the actual net asset value (NAV) of its underlying holdings, a premium arises. Conversely, if the price is below NAV, that’s a discount.

In formula form:

• ETF price > actual asset value = premium
• ETF price < actual asset value = discount

This is not uncommon, especially when trading liquidity is insufficient, investor demand is overly concentrated, or certain market frictions cause supply–demand imbalances. For Bitcoin, for example, when retail investors chase spot ETFs aggressively, it’s quite possible for the ETF price to temporarily exceed the actual value of the Bitcoin it holds.

2) The logic of a Premium Income ETF

A regular ETF is typically “passive tracking,” i.e., it replicates the performance of the underlying asset to give investors indirect exposure. A Premium Income ETF goes a step further: it proactively captures the premium spread, converting the extra pricing differential created by market supply–demand mismatches into actual income.

Common approaches include:

• Selling options: The fund uses existing holdings to sell calls or puts and collect option premiums from the market;
• Arbitrage trading: If a price gap exists between the ETF and the underlying, the fund locks in income through cross-market trades;
• Structured income distribution: The fund converts the premium portion into additional cash flow and distributes it to shareholders.

In this way, investors don’t just follow the asset’s ups and downs; they can enjoy a dual-engine model of “underlying asset return + premium income.”

3) A plain-English example

Suppose you buy a basket of apples with a market value of 100 USD, but due to short supply and strong demand, your “Apple ETF” can sell for 105 USD. The 5 USD difference is the premium.

If the fund manager returns this extra income to investors via distributions or product design, your actual return is higher than simply buying apples. In other words, a Premium Income ETF helps you monetize the market’s non-rational premium into cash flow in your pocket.

4) Why do we need Premium Income ETFs?

Investors typically pursue Premium Income ETFs for three reasons:

• Enhanced returns: In flat markets, a Premium Income ETF can deliver more return than a plain ETF;
• Lower barriers: It’s hard for ordinary investors to operate in options or arbitrage markets, but a fund can bundle these strategies for you;
• Flexible allocation: For small accounts, Premium Income ETFs are a convenient way to access “an extra layer of yield.”

Of course, they are not perfect. Premiums don’t always exist — once the market becomes rational or liquidity is ample, the extra income can diminish or disappear; and the derivatives strategies used by Premium Income ETFs may at times increase volatility and risk.

The uniqueness of a Bitcoin Premium Income ETF

Combining “Premium Income ETF” with Bitcoin creates a very interesting chemical reaction.

1. Why is Bitcoin suitable for a Premium Income ETF?

• Large supply–demand swings: As a scarce asset, Bitcoin is prone to premiums or discounts.
• Developed derivatives markets: With futures, options, and perpetuals available, fund managers can capture premiums via arbitrage.
• Uneven global trading: Pricing differs by country and exchange, providing room for arbitrage.

2. Sources of income

A Bitcoin Premium Income ETF might obtain income by:

• Selling call options → collecting option premium;
• Capturing ETF trading premiums → market-making and arbitrage;
• Exploiting futures–spot spreads → hedging to lock in returns.

3. Risk points

• Premiums aren’t persistent; once the market normalizes, the extra income may vanish.
• Using derivatives for arbitrage can introduce leverage-related risks.
• Complexity for retail: Structurally more complex than a plain spot ETF, with a steeper learning curve.

What does a Premium Income ETF mean for ordinary investors?

1. Benefits

• Higher return potential: You don’t just track Bitcoin — you may also share in premium/arbitrage-driven income.
• Lower operational difficulty: No need to run complex arbitrage yourself — the fund does it for you.
• A new passive-income channel: It can attract those interested in Bitcoin who also want “extra yield.”

2. Risks

• Uncertain income: If premiums are unstable, income will fluctuate.
• Product complexity: Investors may not fully understand its mechanics, creating a gap between expectations and reality.
• Market risk: At its core it’s still Bitcoin exposure — sharp price declines still mean losses.

The market impact of BlackRock’s move

1. For traditional finance

BlackRock’s move indicates:

• Bitcoin-related financial products are becoming increasingly rich and varied;
• ETF innovation is no longer satisfied with “buy spot,” and is expanding into yield-enhancement products;
• Traditional institutions are actively exploring how to package crypto assets into more attractive investment tools.

2. For the crypto market

• Improved liquidity: A Premium Income ETF may attract more capital inflows and increase Bitcoin trading demand.
• Greater price stability: Fund arbitrage behavior could reduce price discrepancies across venues.
• More active derivatives: Options and futures markets may see greater institutional participation.

3. For investor psychology

• Retail will become more familiar with Bitcoin derivatives, moving beyond just “buy coin/sell coin.”
• Long-term investors may seek dual returns — steady cash flow plus capital appreciation.
• But chasing risk can emerge — if expectations for extra yield get too high, bubbles may form.

Conclusion

From the Bitcoin spot ETF to today’s Bitcoin Premium Income ETF, BlackRock is continuously pushing the boundaries of crypto financial products. The essence of a Premium Income ETF is to let investors share not only in Bitcoin’s price movements but also in the extra income generated by arbitrage.

Behind this lies a key trend: crypto assets are being “second-engineered” by traditional finance — becoming more investable and more mainstream. For ordinary investors, understanding these concepts matters more than blindly chasing hot themes. After all, being able to buy coins is one skill; choosing the right financial product is a different level altogether.

#JuExchange#BlackRock#Bitcoin#ETF

The competition among decentralized exchanges (DEXs) has never been this fierce. In September 2025, a seemingly ordinary post lit up market sentiment: former Binance CEO Changpeng Zhao (CZ) shared a price chart that wasn’t Bitcoin or BNB. The chart’s subject was Aster, a newly launched token.

With CZ’s brief “Nice work! Keep it up!,” Aster surged 400% in a short span and instantly became the market’s focal point. Traders realized this wasn’t merely a congratulatory note — it was a direct challenge to the rising DEX Hyperliquid.

Over the past two years, Hyperliquid has leveraged a home-grown Layer 1 chain and deep liquidity to grow from a fringe player into a “CEX killer,” grabbing as much as 70% market share. With Aster’s sudden rise, that balance may be about to shift.

This is more than a platform face-off — it’s a new chapter in the DEX vs. CEX power struggle.

Aster’s Arrival Wasn’t Accidental — it’s a Calculated Move

According to public information, Aster is the result of a merger between two DeFi protocols: Astherus (a multi-asset liquidity hub) and APX Finance (a decentralized perpetuals venue). The combined platform spans BNB Chain, Ethereum, Solana, and Arbitrum, positioning itself as a multi-chain DEX.

Crucially, Aster enjoys long-term support from YZi Labs (formerly Binance Labs). As early as late 2024, Binance Capital invested in Aster’s predecessor and brought it into its incubation pipeline. As Hyperliquid’s share kept climbing, Aster was pushed to the front as a Binance-aligned counterweight to the “new DEX champion.”

CZ’s public backing signals two things:

• Binance won’t sit out the DEX race.
• Hyperliquid won’t reign unchallenged.

Behind it is an intensifying contest between a CEX giant and an ascendant DEX.

Aster’s Technical and Product Highlights

Aster’s rapid rise isn’t just about CZ’s nod — the product and design choices carry real competitive weight.

1. Unified Liquidity with Cross-Chain Support

Traditional DEX pain point: fragmented liquidity and clunky, manual bridging. Aster aggregates cross-chain order book depth, letting users trade seamlessly across multiple networks without manual bridges.

2. Dual-Mode Trading UI

• Simple Mode: one-tap trading with MEV protection, for lightweight users.
• Pro Mode: full order book + advanced charting, for professional traders. This split lowers entry barriers while serving power users.

3. Hidden Orders

Aster’s “hidden orders” resemble dark pools in TradFi, helping mitigate front-running and liquidation games — perennial issues in on-chain trading.

4. Yielding Collateral

Beyond USDT, users can post asBNB (liquid-staking BNB) or USDF (yielding stablecoin) as margin — so collateral earns yield while securing positions, boosting capital efficiency.

5. Product Perimeter Expansion: Stock Perps

Aster lists U.S. equity perpetuals, with some pairs offering leverage up to 1001x — pulling traditional assets into the on-chain arena.

Net-net, Aster is pursuing “liquidity unification + product innovation” rather than cloning Hyperliquid.

Hyperliquid vs. Aster: A Collision of Two Paths

To grasp this contest, compare their core differences — and the industry logic beneath.

1) Architecture: Closed High-Speed vs. Open Multi-Chain

Hyperliquid chose a self-built Layer 1, independent of Ethereum and others — an end-to-end chain “built for trading.” Pros:

• Extreme performance; CEX-like matching speeds on-chain
• Unified execution/settlement/data for a tight UX
• Strong control, fewer external dependencies

Cons:

• A relatively closed ecosystem; slower to attract outside innovation; limited extensibility

Aster embraced multi-chain integration (Ethereum/BNB/Solana/Arbitrum). Pros:

• Natural openness; lower barriers for diverse users
• Cross-chain liquidity scheduling
• High compatibility with existing DeFi tools

Cons:

• Much higher technical complexity: bridge security, book synchronization latency, MEV defenses, etc.

In short: Hyperliquid ≈ Apple-style closed ecosystem; Aster ≈ Android-style open platform.

2) Market Share: Fortifying vs. Catching Up

Hyperliquid remains the dominant decentralized perps venue with ~70% share, >$15B in open interest, and roughly 200k DAUs — clear network effects.

Aster is newer. In just six months it notched $514B in cumulative volume and peaked near $2B TVL (recently easing to $655M). For a cold-start phase, that’s meaningful traction.

So:

• Hyperliquid: in moat-building mode — locking in with stable users and revenue
• Aster: in hyper-growth mode — leaning on capital + narrative; moat still forming

One is defending the city, the other storming the gates.

3) Leverage & Product Perimeter: Divergent Risk Appetites

Hyperliquid caps leverage at 40x — seemingly conservative, but it reduces cascade liquidations in tail events and stabilizes system health. Its brand is the “safe choice for professionals.”

Aster takes the opposite tack: equity perps up to 1001x — a lightning rod in crypto. Fans say it meets extreme-risk demand and pulls in high-octane capital; critics call it “casino logic.”

Practically, this reflects target segments:

• Hyperliquid: institutions and systematic/quant players seeking durability
• Aster: retail, short-term punters, and high-volatility seekers

That user mix affects long-term ecosystem stability.

4) Token Design: Deflation Logic vs. Community-First

Hyperliquid’s HYPE skews “equity-like.” With $1B+ annual fee revenue, the team buys back/burns, creating a dividend-ish + deflation profile — attractive to institutions and value-oriented holders.

Aster’s ASTER leans “community experiment.” Of the 8B supply, 53.5% goes to the community via incentives, governance, and liquidity programs. Less focus on pure deflation; more on broad distribution to amplify network effects.

Trade-offs:

• HYPE: stable, cash-flow backed, but thinner decentralization narrative
• ASTER: high community engagement, but more speculative price volatility

Hence, Hyperliquid tends to attract big, steady money, while Aster stays hot with retail communities.

Bottom line:

• Hyperliquid: Own chain + high performance + steady model → institutional/pro path
• Aster: Multi-chain + high leverage + community flywheel → narrative/user-count blitz

This duel mirrors DeFi’s broader fork in the road: closed & fast vs. open & multi-chain, steady growth vs. high-risk expansion. The eventual winner might hinge less on short-term share and more on who adapts to regulation and evolving demand.

Conclusion: Keep a Cool Head in the “DEX War”

Aster’s emergence has undeniably energized the DEX track. It embodies both a CEX giant’s counterpunch and a new DeFi narrative. Yet for both Hyperliquid and Aster, long-term value will still be determined by real user demand and sustainable business models.

For investors, avoid being swayed by sudden pumps or slick marketing. Return to fundamentals:

• Does the platform sustain meaningful, sticky volume?
• Is the model durable across cycles and stress events?
• Can the token truly capture and compound ecosystem growth?

The DEX war has begun. The outcome is far from decided.

#Aster #Hyperliquid #Dex #Cryptocurrency #JuExchange

💥 UBS, PostFinance, Sygnum and the Swiss Bankers Association have completed a proof-of-concept exploring Deposit Tokens - tokenized bank deposits - on a public blockchain.

🧠 Key points:

🔸Legally recognized bank deposits

🔸Enable direct interbank payments without legacy systems

🔸Could power payments & tokenized asset settlements

📌 Why it matters:

🔸Bridges traditional finance with blockchain/Web3

🔸Faster, cheaper, and more transparent transactions

🔸Paves the way for decentralized interbank payment systems

⚡️ This is just a pilot, but it’s a big leap for global finance.

#JuExchange #JuVietnam #JuInsights #Crypto #CryptoNews #JuTrending

🔥 Cardano Pours $40.5 Million USD to Boost DeFi and Stablecoins! 🎉

The Cardano Foundation has just announced a new liquidity fund worth 50 million ADA (~$40.5 million USD). The goal is to address the liquidity shortage, promote the development of #DeFi and stablecoins in the ecosystem.

This move shows that Cardano is determined to consolidate its position and compete strongly in the crypto space.

Is this the driving force for #ADA to break out? Let's discuss with me! 👇

#JuExchange #Cardano #ADA #Stablecoin #Crypto #BlockchainTalk

🗓 Event time: 13:00, 18/09/2025 - 15:59, 27/09/2025 (UTC)

🔸 Activity 1: 10-day trading fee refund when trading $ZKC/USDT Futures pair!

🔸 Activity 2: Trade $ZKX and share 5,000 USDT prize pool!

👉 Join now: https://www.ju.com.us/vi/landing-page/ZKCActivity

#Ju #JuExchange #JuVietnam #Blockchain #Crypto #Trading #Investment #Web3

🏬 TOKEN2049 by day | JuVibe explodes by night!

Where crypto beats meet city lights. ✨

JuVibe will “burn up” Zouk Singapore — Where the Web3 community turns “I'mPossible” into an unforgettable event this October.

📅 Time: 01 – 02/10/2025 ｜🏁 Singapore

📍Meet us at TOKEN2049

👉 Booth PB5-81 & PB5-84

📍 5th Floor

👉 Register now: https://luma.com/tioldm0i

#JuVibe #JuExchange #JuVietnam #TOKEN2049 #Crypto #Blockchain #Web3 #DeFi #Event #Singapore

💚 6 new tokens listed on Jucoin Spot. 💚 13 new campaigns launched this week. 💚 Platform token $JU up over 3.63% 🚀

👉 Sign up now: https://bit.ly/3BVxlZ2

Stay with Ju.com to not miss any updates!❤️

#JuExchange #JuVietnam #JuInsights #WeeklyReport #Crypto #DeFi #Web3 #Blockchain #CryptoNews #JuTrending

🔓 Tokens to Watch: $CONX, $SEI, $STRK, $ARB, $BANANA, $ZK, $FTN, $VELO, $KAITO, $ZRO, $OP

👉 Trade Now: https://bit.ly/3BVxlZ2

👉 Join the Ju Vietnam Community: https://t.me/Jucom_Vietnam

📢 Stay up to date with Ju.Com to not miss the latest news from the market!

#JuExchange #JuVietnam #JuInsights #TokenUnlock #Crypto #DeFi #Web3 #Blockchain #CryptoNews #JuTrending

📣 Register, Deposit and Trade to Share 10,000 USDT Airdrop with Ju.Com! 🎉

⏰ Time: 17:00 16/09/2025 - 22:59 22/09/2025 (UTC+7)

✅ Event 1: Register and complete tasks to receive Airdrop rewards.

✅ Event 2: Trade for the first time to receive Airdrop 5 USDT (FCFS).

✅ Event 3: Sunshine Prize – Register and receive Hot Token worth 10 USDT.

👉 Register now: https://bit.ly/3BVxlZ2

👉 Join now: https://www.ju.com/vi/landing-page/Trading0916

#JuExchange #JuVietnam #AirdropTuesday #Crypto #Airdrop #Blockchain #DeFi #Trading #Web3 #CryptoCommunity

The bear wants you to know that it's okay to be sad sometimes. Share this video with a friend who needs a reminder today.❤️

🔸 See more: https://www.youtube.com/shorts/ZXEhoPf_wR8

#JuExchange #JuVietnam #BearNews #CryptoMeme #BearMarket #CryptoFunny #Blockchain #DeFi #Trading #Web3 #CryptoCommunity

🔸 Ju.com has been officially rebranded for 5 days 🎉. We look forward to hearing your opinions on this rebranding upgrade.

👉 What do you like about the new features, redesigned interface, community events, platform experience, or even the story of accompanying Ju.com.

📅 Time: 15/09 – 22/09, 16:00 AM (UTC+7)

📌 How to participate:

1. In the official community https://t.me/JucomOffical, post with Hashtag #JuNewLook + share your experience.

👉 For example: "#JuNewLook I've been with Ju.com since the JuCoin IEO — it's been amazing to see the brand grow and change!"

2. Submit your post link and wallet address via the form: https://forms.gle/vLXjkryk1zv6b7H28

3. After the event ends, we will randomly select 5 lucky people to give away exclusive Ju.com-branded gifts!

🪙 Don't miss out — join today!

#JuExchange #JuVietnam #JuNewLook #Crypto #Blockchain #Exchange #Trading #Web3 #DeFi #Community

The Deputy Prime Minister of Vietnam has just met and invited Binance and Bybit to support the development of a legal framework and the development of the digital asset market in Vietnam.

Notably, Binance CEO Richard Teng was invited to be a senior advisor to the Vietnam International Finance Center.

What do you think about this move? Is this a turning point for the Vietnamese crypto market? Let's discuss it with me! 👇

#JuExchange #Vietnam #Binance #Bybit #Crypto #BlockchainTalk

Bitcoin bounced back to $113.9K after dipping near $111K, supported by bullish divergences on RSI — a classic signal of fading bearish momentum. A 4H close above $113.4K–$114K would confirm a structural shift, potentially opening the path toward $115K+.

To me, this feels like a “quiet before the storm” setup. Whales are distributing, but low exchange reserves and muted volatility suggest the market is coiling for a decisive move. Whether it breaks up or down, the next leg could be explosive.

#JuExchange #Bitcoin #Bullish #Cryptocurrency

🔥 Gate.io has just revealed a big strategy, launching the Gate Layer blockchain and modifying the tokenomics of GateToken ($GT)! 🚀

Gate Layer: A Layer 2 blockchain built on OP Stack, aiming to increase transaction speed and reduce costs.

GT Tokenomics: GT will become the only gas token of Gate Layer, while maintaining a token burning mechanism, helping to reinforce value and scarcity.

This move shows that Gate.io is betting big on Web3. What do you think about the future of GT and Gate Layer? Let's discuss with me! 👇

#JuExchange #Gate #GateToken #GT #Layer2 #Web3 #BlockchainTalk

UXLINK admitted its wallet was compromised when attackers stripped admin rights and rerouted tokens across Ethereum and Arbitrum. The Web3 social platform is now working simultaneously with central exchanges to freeze the stolen funds and with law enforcement to initiate formal investigations.

• UXLINK confirmed an $11.3m hack after attackers seized admin rights and rerouted funds across Ethereum and Arbitrum.
• The Web3 social platform is working with exchanges and law enforcement to freeze assets and recover stolen funds.
• The breach comes just months after UXLINK marked its third anniversary, celebrating 55m+ users and global growth.

On Sept. 22, blockchain security firm Cyvers flagged a series of highly suspicious transactions originating from a UXLINK protocol address. Their analysis revealed a sophisticated attack vector, with an Ethereum address executing a “delegateCall” to effectively seize control by removing the admin role and adding a new owner with threshold permissions.

Cyvers said the attack enabled the hacker to drain approximately $11.3 million in assets, including $4.5 million in stablecoins, WBTC, and ETH, before swiftly bridging and swapping portions of the haul across networks in an apparent attempt to launder the funds. Within minutes, another address received $3 million worth of UXLINK tokens, some of which remain unswapped. You might also like: Strive-Semler merger creates $1.2b Bitcoin treasury powerhouse

UXLINK responds as breach overshadows recent milestones

UXLINK acknowledged the exploit less than an hour after Cyvers’ alert, issuing what it called an “urgent security notice” to its users. While the official communication did not specify the exact figure, it confirmed that a “significant amount of cryptocurrency” had been illicitly transferred to both centralized and decentralized exchanges.

“We have already reached out to major CEXs and DEXs to urgently freeze suspicious UXLINK deposits and are coordinating closely with them to prevent further movement of funds. The incident has been reported to the police and relevant authorities to accelerate legal action and recovery efforts,” the team wrote on X.

UXLINK’s move to involve law enforcement underscores the severity of the incident and the project’s intent to pursue all available avenues for restitution. Notably, the timing of the hack carries added weight for the Web3 social platform.

Just three months ago, the Tokyo-headquartered project celebrated its third anniversary in July, an event that highlighted a period of remarkable growth. UXLINK reported its registered user base surging to over 55 million, with a presence in more than 100 countries, and emphasized its commitment to regulatory compliance and product innovation.

The hack now poses a direct challenge to that very narrative of maturation and stability. The breach of a core administrative wallet stands in stark contrast to the image of a robust, compliance-first infrastructure provider that UXLINK has carefully cultivated.

The platform has yet to issue another update as of press time.

#cryptocurrency #Blockchain #UXLINK #JuExchange

“Stablecoin” is a term almost everyone has heard by now. Since 2024, stablecoins have become the “stars” of the digital-asset family. But if you’re a beginner and haven’t dug in, you probably have lots of questions, like:

• What is a stablecoin?
• Is it a special kind of cryptocurrency like BTC or ETH?
• How are stablecoins different from ordinary crypto assets?
• Which coins count as digital currencies?

Today let’s walk through stablecoins from several angles and make their origins, mechanics, and future crystal clear.

What is a stablecoin, and why does it matter?

As the name suggests, a stablecoin is a “price-stable digital currency.” Its price is typically pegged to some real-world asset, for example:

• USD stablecoins: The most common — USDT, USDC, BUSD — generally maintain a 1:1 exchange rate with the U.S. dollar.
• Commodity-backed stablecoins: e.g., PAX Gold, pegged to gold.
• Other reference baskets: Some coins track a basket of assets or an index, similar to the IMF’s SDR (Special Drawing Rights).

Stablecoins were created to:

• Provide a stable unit of account for the crypto market;
• Enable fast trading, payments, and storage inside crypto rails.

Imagine trading on an exchange: without stablecoins, after selling BTC you’d have to withdraw into fiat — slow and cumbersome. With stablecoins, you can rotate positions in seconds and switch back to BTC anytime.

Or think cross-border payments: banks use SWIFT, fees run into tens of dollars, and settlement takes 2–3 days. With a stablecoin, you can send USDT worth $10,000 across the planet in minutes for under $1 in fees.

That’s why many say: without stablecoins, the crypto market wouldn’t function. It sounds like hyperbole — until you think it through:

• Option 1 without stablecoins: volatile crypto like BTC/ETH — up 10% today, down 20% tomorrow — even simple payments carry big risk.
• Option 2: traditional fiat like USD/CNY — but fiat doesn’t natively move on-chain. To use it onchain you need banks and payment rails — expensive, slow, and often inaccessible.

Stablecoins’ mission is simple: bring the stability of real-world value (e.g., dollars) directly onto the blockchain. In other words, they’re the “on-chain stand-in” for dollars (or other assets).

The three main stablecoin models

Over a decade of evolution has yielded three broad categories:

1) Fiat-collateralized stablecoins

The most traditional — and largest — model. USDT, USDC, BUSD are typical. The idea is straightforward: the issuer holds dollars in a bank account and mints an equal amount of stablecoins on-chain. Deposit $1,000,000, and you receive 1,000,000 USDT.

• Pros: Simple and direct; price stability is strong — 1 USDT ≈ $1.
• Cons: Requires trust in the issuer. Tether (USDT) has repeatedly faced scrutiny over reserve transparency.

Think of it as a blockchain deposit receipt for dollars.

2) Crypto-collateralized stablecoins

Representative: DAI. Similar logic, but reserves are on-chain crypto (e.g., ETH, USDC), not bank dollars. You deposit $150 worth of ETH into a smart contract to mint $100 of DAI. Why over-collateralize? Crypto is volatile; the buffer helps DAI hold its peg.

• Pros: No banks; runs fully on-chain; aligns with decentralization.
• Cons: Lower capital efficiency due to over-collateralization.

Think of it as blockchain-native collateralized lending.

3) Algorithmic stablecoins

The most idealistic model: no collateral, just supply–demand algorithms to maintain the peg. If price > $1, expand supply; if price < $1, contract supply.

• Pros: Maximum decentralization; no reserves needed.
• Cons: Easily destabilized — once confidence breaks, a death spiral can occur. UST is the cautionary tale.

Think of it as a “central-bank monetary policy experiment” — with outcomes that have often been disastrous. There’s no algorithmic model with broad, lasting consensus today.

How stablecoins work

To keep prices stable, stablecoins rely on collateral + on-chain issuance + circulation + redemption/burn:

1. Post collateral

• Fiat-backed: Users/issuers place dollars in bank custody; attestations are provided.
• Crypto-backed: Users deposit ETH, BTC, etc. into a smart contract.

2. Mint tokens

Once reserves are secured, an equal amount of stablecoins is minted on-chain.

3. Market circulation

• Users trade, pay, and transfer freely.
• Stablecoins serve as the quote currency across exchanges.

4. Redeem & burn

When users redeem dollars or collateral, stablecoins are burned to prevent over-issuance.

It looks simple, but sustained stability is hard — it hinges on reserve management and market confidence.

Risks and controversies

Stablecoins are essential, but not risk-free:

1. Reserve transparency

USDT has faced long-running questions about reserves. While Tether has published attestations, doubts persist.

2. Centralization risk

Fiat-backed coins depend on banks; regulators can freeze funds. USDC has frozen certain addresses before.

3. Algorithmic fragility

UST’s collapse shattered confidence in algorithmic pegs — tens of billions vaporized.

4. Regulatory uncertainty

The U.S., EU, and Japan are all iterating rules. Stablecoins could be treated as “securities” or “deposits,” with tighter oversight ahead.

What are stablecoins used for?

Stablecoins are far more than “digital dollars.” They power trading and settlement and permeate DeFi, NFTs, cross-border payments, hedging, and more.

1. Trading & settlement

Nearly all pairs quote in USDT/USDC. High liquidity and low volatility let users rotate assets quickly without outsized mark-to-market risk.

2. Cross-border payments

In regions with weak fiat rails or FX controls (parts of Africa/SEA), users lack dollar accounts and access to global settlement. Stablecoins offer fast, low-cost international transfers.

3. DeFi’s foundation

Lending, liquidity mining, and derivatives all rely on stablecoins. Deposit USDC to earn yield or use it as collateral — stablecoins are DeFi’s unit of account.

4. NFT & GameFi payments

Paying with stablecoins avoids price swings. Users top up with USDT/USDC to buy items/NFTs, keeping purchasing power steady.

5. Safe harbor in volatility

During sharp moves, investors rotate into stablecoins as a short-term safe haven.

6. Smart-contract settlement & automation

Stablecoins often settle smart-contract flows. In AMMs, pairing with stables keeps prices more orderly and reduces slippage.

7. Enterprise & institutional settlement

Crypto firms and funds settle large transfers on-chain in minutes — far faster than bank wires.

8. Portfolio hedging & allocation

Stablecoins serve as the defensive leg in multi-asset portfolios, dampening overall volatility.

9. On-chain rewards & incentives

Projects pay contributors/miners with stablecoins to keep reward value predictable.

10. Fiat on-ramps

Stablecoins are the gateway for fiat onto blockchains: swap USD/EUR into stablecoins and participate on-chain without bank friction.

Conclusion

1. Stablecoins may look like “digital dollars,” but their significance goes much further. They’re the bedrock of DeFi, the bridge for cross-border payments, and the interface between traditional finance and crypto.
2. Because of stablecoins, crypto functions as a complete financial system. Whether regulation tightens or technology evolves, stablecoins will remain central.
3. In one line: If Bitcoin is crypto’s gold, stablecoins are crypto’s blood.

#Ju #JuExchange #Education #Stablecoin