The Blockchain In Daily

A ledger that never sleeps, a signal that never stops—on-chain keeps us honest.

Prices (USD, inline):
BTC $112,614.00 🟢↑ | ETH $4,331.41 🔴↓ | SOL $216.98 🟢↑ | BNB $878.38 🔴↓ | XRP $3.00 🟢↑ | ADA $0.8807 🟢↑ | AVAX $25.90 🟢↑ | DOGE $0.2453 🟢↑ | DOT $4.13 🟢↑

Quick Index ⚡️

🧾 Nasdaq to take a $50M stake in Gemini as the exchange readies its U.S. IPO this week.
🌏 Vietnam approves a five-year pilot for crypto trading under strict local-provider rules.
🏛️ White House crypto adviser Patrick Witt puts market-structure bill & BTC reserve at the top of the agenda.
🛡️ Massive npm supply-chain attack targets ETH/SOL wallets—damage effectively near zero.
🏦 BNP Paribas & HSBC join the Canton network for bank-grade tokenized rails.
📊 BTC volatility compresses while whales distribute; money-market cash tops $7T.

Markets

Bitcoin is churning in a tight band as implied volatility sinks toward multi-year lows, a setup similar to summer 2023 that preceded an October burst. Options gauges like BVIV have eased into the high-30s while spot ranges cluster around $110K–$120K—classic coil behavior that can unwind violently. (As noted by CoinDesk’s markets team.)

Under the surface, on-chain trackers flagged the largest monthly whale distribution of the year—100K+ BTC leaving major wallets (~$12.7B). While that’s a short-term headwind, analysts still point to rising “illiquid supply” and corporate treasuries cushioning downside, with stabilization eyed in the $105K–$118K zone. (According to CoinDesk.)

Macro liquidity remains a wild card: U.S. money-market fund assets swelled to $7.26T through Sept. 3. If impending Fed cuts knock yields down, part of that cash could rotate into risk—crypto included—fueling the next leg. (Per CoinDesk’s read of ICI data.)

And in flows, digital-asset ETPs saw $352M in weekly outflows, driven by heavy ETH redemptions (~$912M), while SOL marked a 21st straight week of inflows—another data point for “quality alts” resilience. (CoinShares weekly report.)

Regulation

The White House’s new crypto point man Patrick Witt says it’s “pedal to the metal” on the Senate’s market-structure bill, rapid implementation of the new stablecoin law, and establishing a federal Bitcoin reserve. That legislative alignment—if it lands—could unlock clearer rules for exchanges and tokens, reducing policy overhang into Q4. (Interview coverage by CoinDesk.)

A U.S. Republican lawmaker asked for federal reviews of two Bitcoin-mining hardware makers on national-security grounds, spotlighting supply-chain dependencies just as hash-rate climbs. Any tightened oversight could affect miner capex cycles and North American deployment timelines. (Bloomberg reporting.)

In Asia, Vietnam approved a five-year pilot for crypto trading with strict guardrails: only Vietnamese firms can operate platforms, issuance and settlement must be in dong, and offerings are limited to foreign investors. It’s a cautious but material step from “gray zone” to sandbox—and a potential model for emerging markets. (As reported by Bloomberg and the government statement cited therein.)

Adoption

Gemini lined up Nasdaq as a strategic investor, with a planned $50M private-placement buy tied to its New York IPO—expected to trade under GEMI. Beyond capital, the partnership would pipe Gemini custody/staking to Nasdaq clients and give Gemini institutions access to Calypso collateral tools—deeper hooks into TradFi pipes ahead of listing. (Exclusive from Reuters; Bloomberg and The Block echoed key details.)

On institutional rails, BNP Paribas and HSBC joined the Canton Network, a permissioned, privacy-preserving blockchain aimed at synchronizing tokenized assets across participants. With banks seeking compliant settlement layers, Canton’s growing roster suggests 2025’s tokenization push is consolidating around a handful of enterprise-grade stacks. (CoinDesk.)

Tech & Innovation

Fidelity quietly rolled out an Ethereum-based tokenized money-market fund with $200M+ outstanding, with Ondo cited as a main holder using it as a reserve asset. The tokenized Treasuries segment has more than tripled in a year, and this adds a heavyweight to the on-chain cash instruments toolkit for trading desks and treasurers. (Coverage by CoinDesk; industry trackers corroborate the scale.)

A widespread npm supply-chain intrusion briefly republished compromised packages aiming at ETH/SOL wallet credentials. Mitigations were swift and losses were effectively negligible—measured in cents, not dollars—but it’s a fresh reminder to pin dependencies, rotate keys, and enable hardware-backed 2FA in dev ops. (CoinDesk and The Block reporting.)

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One crisp read a day keeps the FUD away. Thanks for starting your morning with The Blockchain In Daily—see you tomorrow for the next pulse across markets, policy, adoption and tech.