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A recent surge in trading volume on Robinhood Chain, an Arbitrum-based Ethereum layer-two network, appears to have come mostly from existing crypto traders rather than new user inflows, according to Lorenzo Valente, head of digital asset research at crypto investment firm ARK Invest. Valente said he reviewed on-chain data and analyzed contract-level data directly, concluding that the vast majority of Robinhood Chain volume appears to have been driven by existing Degen traders, meaning crypto-native traders. Robinhood Wallet swap transactions are routed through 0x’s Settler contract, which Valente said is currently the only transaction type that can be clearly identified on-chain as Robinhood user activity. Even so, those transactions account for under 1% of total transactions, he said. Even under a generous assumption that some unidentified transactions also came from Robinhood users, the share would be only around 5%, according to Valente. The rest appears to reflect trading flows from existing traders using terminals such as GMGN, Axiom and OKX, with those traders behaving much as they do on other chains. In the end, Valente said, existing market veterans simply moved to a new chain rather than bringing in new users.

The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 48.96% long, 51.04% short - Binance: 48.23% long, 51.77% short - Bybit: 47.78% long, 52.22% short - Gate: 49.19% long, 50.81% short

Bitcoin’s so-called four-year cycle has continued to produce progressively smaller rallies from trough to peak and milder declines from peak to trough, according to a Bitcoin.com analysis. The outlet said claims that this cycle is different from past ones have surfaced repeatedly, but the broader long-term market pattern remains intact. In each cycle, expectations emerged that the arrival of new buyer groups would halt price declines, yet sharp corrections still followed. It added that peak-to-trough declines have steadily narrowed, to around 85% in 2014, 84% in 2017, 77% in 2020-2021, and 53% in 2024-2025. Gains from cycle lows have also decreased in sequence from 580x to 130x, 22x, and 8x. Bitcoin.com said the market has matured and attracted institutional investors, alongside the launch of spot ETFs, but those factors may both reduce downside volatility and cap upside potential. According to CoinMarketCap, BTC was trading at $79,680, down 1.34%.

The dollar value of Uniswap’s daily UNI burn reached $1.15 million for the first time on Sept. 4, topping $1 million for the first time, Wu Blockchain reported. Uniswap burned a total of 184,000 UNI that day, marking the second-largest daily burn on record by token amount. Of that total, about 150,000 UNI was attributed to burns tied to Uniswap trading on Robinhood Chain. The recent surge in Uniswap’s UNI burn appears to reflect increased trading activity on Robinhood Chain. On the same day, Robinhood Chain’s daily DEX trading volume exceeded $3 billion for the first time, with Uniswap accounting for as much as 98% of the total. Robinhood Chain is an Ethereum layer-two network launched by U.S. stock and cryptocurrency trading platform Robinhood (Nasdaq: HOOD) based on Arbitrum technology.

Nasdaq-listed TRON (DAT) said on its official X account on Sept. 5 that it bought an additional 151,042 TRX at an average purchase price of $0.331, worth about $50,000. The purchase brought the company’s total TRX holdings to 713 million TRX. According to CoinMarketCap, TRX was trading at $0.332, up 1.02%, at the time of writing.

Robinhood Chain, an Arbitrum-based Ethereum layer-two blockchain developed by U.S. stock and crypto trading app Robinhood (NASDAQ: HOOD), posted a record $6.12 million in daily fee revenue on Sept. 4, Tom Wan said. Wan added, "I thought Robinhood Chain’s design would make it difficult for daily fee revenue to rise above $4.6 million, but it surpassed $6 million in just one day." Based on the past seven days, Robinhood Chain’s annualized fee revenue has reached $1.1 billion, Wan said.

Nasdaq-listed Bitcoin miner Bitdeer said via its official X account that, as of Sept. 4 local time, it mined 282 BTC this week and sold the entire amount. The company has maintained a zero-Bitcoin treasury strategy since February, selling all BTC it has mined. Bitdeer reduced its BTC holdings to zero as of Feb. 20 and has continued converting all newly mined Bitcoin into cash since then.

Active accounts on Ripple’s layer-one blockchain XRP Ledger, or XRPL, fell sharply from a year earlier, while order-book trading volume and the value of tokenized assets increased, CoinDesk reported. The number of accounts participating in XRPL order-book trading fell about 40% year over year, while daily active accounts and new accounts declined 24% and 25%, respectively. In contrast, XRPL order-book trading volume in the second quarter of this year rose 79% from a year earlier. The average value of tokenized assets on XRPL in the second quarter reached $3.72 billion, more than doubling from the previous quarter and surging more than 30-fold from a year earlier. Growth in dollar-pegged stablecoin RLUSD was identified as a key factor behind the expansion in tokenized asset value.

Southeast Asia’s blockchain industry has attracted $680 million in equity investment so far this year, more than double the $319 million raised in all of 2025, CoinDesk reported. According to market intelligence platform Tracxn, the number of blockchain funding rounds in Southeast Asia fell to 25 this year from 46 last year, while capital was concentrated in crypto financial services and later-stage companies. Crypto.com’s $400 million Series D round alone accounted for about 60% of total funding. By country, 82.5% of the $6.2 billion in cumulative investment raised by Southeast Asian blockchain firms was concentrated in Singapore.

Poland’s lower house failed to override the president’s veto of a cryptocurrency regulation bill, local state news agency PAP reported. Polish President Karol Nawrocki had previously vetoed the bill passed by parliament, saying it would impose excessive regulation on the industry. The Sejm attempted a revote on Sept. 4 to overturn the veto but failed to secure the three-fifths majority required from seated lawmakers, according to PAP. It was the third time a Polish president has vetoed a cryptocurrency regulation bill, and the legislation includes a provision designating the Polish Financial Supervision Authority (KNF) as the regulator.

Local financial and crypto firms have submitted comment letters on U.S. SEC reviews of new ETFs, exposing a split between calls for faster reviews and arguments for a more cautious approach, CoinPost reported. Grayscale, the U.S. asset manager behind a Bitcoin ETF, urged the SEC to introduce a process allowing applicants to submit draft filings privately before making formal ETF applications public. Grayscale argued the procedure could help prevent rivals from copying applications and launching similar products. The firm also proposed requiring the SEC to respond within 45 days of receiving an application. 21Shares, a Swiss ETP manager, submitted a similar view to the SEC. By contrast, Jane Street, a major U.S. market maker, argued for caution against rushing ETF listings, warning that approvals without sufficient review could create problems with product design or liquidity. Charles Schwab, a major U.S. brokerage, also opposed making the entire application process nonpublic.

U.S. spot Ether ETFs recorded about $26.46 million in net inflows on Sept. 4, extending inflows from yesterday while the amount declined sharply, according to SoSoValue. - BlackRock ETHA: +$57.79 million - Fidelity FETH: -$48.30 million - BlackRock Staking ETHB: +$16.44 million - Morgan Stanley MSSE: +$528,000

Connecticut authorities issued a consumer alert on overseas DeFi trading platforms after disclosing a case in which a local resident lost $200,000 to a scam involving an impostor posing as an acquaintance. Connecticut Attorney General William Tong strongly criticized seven unregulated offshore platforms in the U.S., including GMX, dYdX and Hyperliquid, calling them "not innovation, but exploitation." Tong said the platforms offer leverage of up to 250x and trading in synthetic assets rather than actual stocks, leaving users at risk of a full liquidation of principal even on small price moves. Tong added that the decentralized nature of the trading venues makes fund recovery virtually impossible. The attorney general's office also said secondary scams are spreading, with fraudsters demanding upfront fees under the pretense of helping victims recover lost funds. It urged residents to verify whether a service is properly registered and to report suspected fraud promptly.

U.S. spot Bitcoin ETFs recorded net inflows of $174.6 million on Sept. 4, marking a third straight trading day of net inflows, according to Farside Investors. - BlackRock IBIT: +$117.4 million - Fidelity FBTC: +$57.2 million

An FBI affidavit cited by Fortune crypto editor Jeff Roberts indicates Hamas instructed members internally to avoid using Binance and instead use Trust Wallet, RedotPay, OKX, Cust, and Bybit. Roberts also cited a Chainalysis report as saying Hamas used one-time "Burner" wallet accounts to receive donations, but was ultimately exposed after reusing the same wallets to fund gas fees.

Cross-chain protocol Router Protocol said it will fully shut down its service on Sept. 30 after more than four years of operations. The project cited weakening Web3 liquidity, a shift in capital toward AI, lower fees for cross-chain infrastructure, and high operating costs as reasons for the shutdown. It also plans to permanently burn 303,333,198 ROUTE held by the foundation and work with centralized exchanges to pursue the delisting of ROUTE trading pairs. Users need to withdraw assets based on each exchange’s schedule.

Solana co-founder Anatoly Yakovenko said that even the 10% revenue-sharing payment Robinhood makes to Arbitrum would be enough to cover four times the transaction costs incurred on Solana, after reports said average transaction fees on Robinhood Chain had risen to about $0.40. Yakovenko added that by using Solana, Robinhood could absorb those costs and deliver a fully gas-free experience for users.

A whale address has deposited its entire 20.86 million CRV holdings, worth $7.33 million, to OKX after holding the tokens for about two years, according to on-chain analyst EmberCN. The whale bought the CRV at $0.32 each when the token plunged in June 2024 amid the liquidation of Curve founder Michael Egorov’s loan position. The address did not sell even when CRV later rose to $1.2, and is now sitting on an unrealized profit of about $530,000 at the current price of $0.35.

U.S.-listed mortgage company Pineapple Financial has moved more than $1 billion in mortgage records to the Injective (INJ) blockchain, Cointelegraph reported. A total of 2,079 mortgage records have been transferred on-chain so far, and the company plans to move more than 29,000 additional mortgage records worth over $10 billion to Injective. Pineapple Financial said in December last year it had begun migrating loan data to the Injective blockchain.

An anonymous wallet lost a combined $907,000 in two FOMO trades over one day, according to Lookonchain. The address bought MEME for $920,000 and later sold it for $350,000, taking a $560,000 loss, or 61.45%. It then bought $360,000 worth of SLINK but sold it for $12,000, booking an additional $340,000 loss, or 96.62%.

Vlad Tenev, CEO of Robinhood, said on X that tokenization is a technology that can make high-quality financial assets in U.S. capital markets accessible to anyone around the world. Tenev said traditional financial infrastructure was built around fixed trading hours, closed networks and multiple intermediaries, making it ill-suited to 24-hour trading, programmable assets, composability and self-custody. He added that while the tokenization industry remains at an early stage compared with global financial markets, its advantages are becoming increasingly clear. Tenev also stressed that although it may take time for traditional finance to embrace the shift, the change is worth pursuing.

An anonymous whale address bought an additional 343,000 HYPE worth about $29.09 million, according to Lookonchain. The whale has now accumulated a total of 3.24 million HYPE worth about $252 million and has staked the entire holding.

The total stablecoin market capitalization reached about $309.27 billion, up roughly 50% from $206.0 billion at the end of 2024, Crypto Briefing reported. The figure was about $13 billion below the all-time high of $322.0 billion recorded in May. USDT accounted for about 60% of the market with a capitalization of roughly $183.0 billion, while USDC stood at $74.0 billion-$75.0 billion for a 24%-25% share. Combined, the two stablecoins made up about 85% of the market.

An unidentified whale transferred 7.2 million TRUMP to Binance over the past one to two days, worth about $16.7 million at the time of the transfers, according to Onchain Lens. Exchange deposits are typically interpreted as a sign of potential selling.

Buying piled into SLINK after Elon Musk replied to a post about the token from the hacked X account of Shivon Zilis, a Neuralink executive and former OpenAI board member, but the price later tumbled sharply, Onchain Lens reported. SLINK’s market capitalization briefly surged to around $80 million before falling to about $2 million, down more than 97% from its peak. Onchain Lens added tracked losses for four traders were about $807,000.