Crypto Morning News: Ethereum Foundation has sufficient reserves to last 10 years; Bybit to list Catizen

Author: TechFlow

Yesterday's Market Update

U.S. Bitcoin ETFs saw net outflows of 720 BTC yesterday, while Ethereum ETFs recorded net outflows of 15,367 ETH

According to data monitored by Lookonchain, on September 5, U.S.-listed Ethereum and Bitcoin ETFs showed the following trends:

Nine U.S. Ethereum ETFs collectively experienced net outflows of 15,367 ETH (approximately $36.5 million). Grayscale’s ETHE fund alone saw outflows of 15,591 ETH (about $37.03 million). Grayscale currently holds 1,785,364 ETH, valued at approximately $4.24 billion.

Ten U.S. Bitcoin ETFs saw total net outflows of 720 BTC (around $49.28 million), with Grayscale accounting for all of this outflow at 878 BTC (also ~$49.28 million). Grayscale now holds 224,751 BTC, worth approximately $12.62 billion.

Ethereum Foundation AMA: Funding Reserves Sufficient for 10 Years; Blob Revenue Impact Limited

During the 12th Ethereum Foundation (EF) AMA session, core researcher Justin Drake revealed that the foundation spends about $100 million annually. Its primary Ethereum wallets currently hold around $650 million in ETH, and combined with fiat reserves, funding is expected to support operations for approximately 10 years—though actual duration will vary with ETH price fluctuations. Regarding blob pricing, Drake suggested optimizing the mechanism by increasing minimum fees or adjusting update frequency. Researcher Dankrad Feist emphasized that revenue from three blobs per block would not significantly impact Ethereum protocol income, and noted that Ethereum is actively building a data availability (DA) market for rollups.

Ethereum’s Two-Year Anniversary Since Transition to POS, Underperforming Bitcoin by 44%

According to a CryptoQuant analysis report, Ethereum has underperformed Bitcoin by 44% since transitioning to a proof-of-stake network. Analysts suggest that weakening network activity and increasing supply could lead to further declines. Next week marks the two-year anniversary of Ethereum’s shift to proof-of-stake. Despite the approval of spot Ethereum ETFs in the U.S. on July 23, Ethereum continues to trail Bitcoin. The ETH/BTC exchange rate now stands at 0.0425, the lowest level since April 2021.

Telegram Updates FAQ Page, Removes User Chat Privacy Statement

As disclosed by @tier10k, messaging app Telegram quietly updated its Frequently Asked Questions (FAQ) page, removing a key privacy statement. The deleted text read: “All Telegram chats and group chats are private conversations between participants. We do not process any requests related to these chats.” Previously, Telegram founder and CEO Pavel Durov stated, in response to his arrest in France, that the company would “significantly improve” its oversight of criminal activities on the platform.

Bybit to Launch Catizen (CATI) Spot Trading on September 20

Bybit announced it will launch spot trading for Catizen (CATI) on September 20. The game has achieved peak daily active users of up to 4 million globally. At the time of this report, no other exchanges have announced plans to list CATI. Driven by community interest, pre-market trading prices for Catizen have recently risen noticeably. Investors can access pre-market trading on Bybit ahead of the official listing.

Insider: OpenAI Considering Higher Subscription Pricing for New AI Models, Possibly Up to $2,000 Per Month

According to The Information, OpenAI is evaluating a premium subscription model for its next-generation large language models. Insiders report that company leadership has begun preliminary discussions on pricing strategies for upcoming inference-focused model Strawberry and flagship LLM Orion. Internal meetings reportedly floated a maximum monthly subscription price of $2,000, though final pricing may be adjusted. This move could not only redefine OpenAI’s market positioning but also reshape the pricing landscape for AI chat products across competitors like Google and Anthropic. OpenAI has not issued an official statement regarding this matter.

Upbit Lists BIGTIME/KRW Trading Pair

South Korea-based cryptocurrency exchange Upbit announced it will list the BIGTIME/KRW trading pair on its KRW market at 18:00 local time on September 5 (17:00 Beijing time). BIGTIME is a digital asset built on the Ethereum network.

Bithumb Adds JTO and ETHFI KRW Trading Pairs

On September 5, Bithumb added JTO and ETHFI trading pairs against the Korean won, which went live at 17:00 local time on the same day.

Alliance DAO Founder: The Rules of the Crypto Game Have Fundamentally Changed — The Old Model of Building 'Vaporware' Then Seeking Liquidity Exits Is No Longer Viable

Qiao Wang, founder and core contributor of Alliance DAO, shared insights for crypto builders on social media. Wang stated that the rules of the crypto industry have undergone fundamental changes—and these shifts may be long-lasting. He emphasized that the outdated model of first creating "vaporware" (non-functional or incomplete products) and then seeking liquidity exits via centralized exchange listings is no longer effective. Instead, the new path to success lies in building products people genuinely need—something that sounds obvious, yet was previously overlooked. Wang noted that Alliance DAO has adhered to this principle since inception. He advised venture investors to update their investment strategies accordingly.

Synthetix to Launch App-Chain SNAXchain

Synthetix announced an upcoming new governance cycle and the launch of its application chain, SNAXchain, built on Optimism’s Superchain infrastructure. The nomination period for the new governance council begins at 05:54:58 UTC on August 31 (Beijing time), lasting one week. Voting starts on September 6 at 18:50 UTC, with the new cycle officially commencing on September 16 at 22:46 UTC. Nominations must be submitted on SNAXchain, requiring users to bridge a small amount of ETH for gas fees. However, voting will still occur on the chain where users stake their SNX tokens. Synthetix described SNAXchain as a neutral hub for governance and protocol decisions, with potential for future expansion. The project is collaborating with Conduit for chain infrastructure management and Wormhole for cross-chain message passing. Synthetix highlighted its long-term partnership with Optimism, praising OP Stack’s strong developer and user base, and emphasized that future interoperability will enable seamless user movement across chains.

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