Crypto Morning News: Trump and Harris face off in their first debate today; PayPal and Venmo integrate ENS

Author: TechFlow

Yesterday's Market Dynamics

K33 Research Analysts: 30-day average funding rate for perpetual contracts has turned negative, potentially signaling market bottom

According to CoinDesk, K33 Research noted in its latest market report that the 30-day average funding rate for perpetual futures contracts has dropped into negative territory—a scenario that has occurred only six times since 2018. Analysts Vetle Lunde and David Zimmerman stated that historically, a negative monthly funding rate often indicates a market bottom. Data shows that within 90 days following previous instances of this signal, the average return was 79%, with a median return of 55%.

QCP Capital: Macro uncertainty rises ahead of presidential debate; bullish on Bitcoin in Q4

In its latest report, QCP Capital highlighted rising macroeconomic uncertainty dominating the crypto market ahead of the U.S. presidential debate. The 30-day correlation between Bitcoin and the MSCI World Equity Index has reached 0.6, near a two-year high. Options markets show active trading in contracts expiring September 11, with 400 contracts traded at the $57,500 strike price. Markets anticipate potential post-debate Bitcoin price volatility exceeding 3.3%.

QCP Capital emphasized that investors will closely watch Kamala Harris’s policy positions during her first debate, especially in contrast to Trump’s inflationary policies such as corporate tax cuts and higher tariffs. While Bitcoin is often seen as a "Trump trade," positive commentary on crypto from Harris during the campaign could yield unexpected upside. Following a recent turnaround to positive inflows in spot Bitcoin ETFs, QCP Capital reaffirmed its structurally bullish stance for Q4. It recommends securing stable returns at current price levels while maintaining exposure to upward momentum.

Trump and Harris to hold first debate on September 11

The first presidential debate between Trump and Harris will take place at 9:00 AM Beijing time on September 11 at the National Constitution Center in Philadelphia, Pennsylvania. The event will be livestreamed on ABC News Live, Disney+, and Hulu.

PayPal and Venmo integrate ENS to streamline cryptocurrency payments

ENS Labs announced that PayPal and Venmo have integrated Ethereum Name Service (ENS) into their payment platforms. Now, when sending cryptocurrency, PayPal and Venmo users can directly enter the recipient’s ENS name in the search bar, and the platform will automatically identify the associated wallet address. This feature will initially roll out to users in the United States.

ENS Labs said the new functionality will reduce errors in crypto transactions on PayPal and Venmo and simplify how users manage wallet addresses.

OpenAI to launch "thinking" AI model Strawberry within two weeks

According to The Information, citing two individuals who have tested the model, OpenAI plans to release its reasoning-focused AI model Strawberry as part of the ChatGPT service within the next two weeks—earlier than previously reported fall timelines. Although the schedule may still change, new details about the product have emerged.

While Strawberry will be part of ChatGPT, it will be offered as a standalone option. It remains unclear exactly how it will be delivered, but one possibility is listing Strawberry as an available choice in a dropdown menu of AI models for users.

Compared to standard services, Strawberry has distinct strengths and limitations. Its most notable feature is the ability to "think" before responding, rather than replying immediately. Testers reported that this thinking phase typically lasts between 10 and 20 seconds.

Singapore police investigate Worldcoin account trading case; five arrested over suspected Payment Services Act violations

Singapore Deputy Prime Minister and Finance Minister Lawrence Wong revealed in a written parliamentary reply that Singapore police are investigating seven individuals suspected of offering Worldcoin account and token trading services. The case involves possible breaches of the 2019 Payment Services Act, with five people already arrested. Preliminary investigations indicate that three suspects allegedly recruited individuals on behalf of multiple entities to create Worldcoin accounts and exchanged cash for control of these accounts and tokens. Two other suspects were involved in managing the purchase and transfer of related assets. Over 200 mobile phones were seized by police as evidence. Wong stressed that while the Monetary Authority of Singapore does not consider Worldcoin itself to constitute a payment service under the Act, trading its accounts and tokens may qualify as such.

Crypto KOL: 2025 will mark the peak of this cycle—time to sell and exit

Lark Davis, a crypto influencer with 500,000 YouTube subscribers, said in a video released on September 9 that 2025 will likely be the top of the current market cycle, and investors should sell and step away. He provided the following rationale:

1. Global liquidity cycles are expected to peak in 2025 before beginning a downward trend.

2. China’s credit cycle runs approximately every four years, and 2025 may represent the peak of China’s credit expansion.

3. Currently, short-term bond yields exceed long-term yields, but the yield curve is gradually normalizing—a sign that may herald a shift in the economic cycle.

Therefore, he believes 2025 could bring significant market turmoil followed by a bear market.

Scallop platform revenue surpasses $1.5 million; $100,000 SCA buyback to be distributed to users

Sui-based lending protocol Scallop announced that its platform revenue has exceeded $1.5 million. The Scallop team will buy back $100,000 worth of SCA tokens and distribute them to users between September 11 and 15, 2024.

Eligible users must hold at least 800 veSCA. To date, 10 million $SCA have been staked on the platform, with an average lock-up period of 3.7 years.

Multicoin Capital: Built substantial DRIFT positions via private and public market purchases

In a blog post, investment firm Multicoin Capital revealed it has accumulated significant holdings in DRIFT tokens across its managed liquid funds and venture capital funds. DRIFT is the native token of Drift, a Solana-based decentralized derivatives exchange (DEX). Multicoin disclosed that its investment was built through private sales participation over recent years and secondary market acquisitions. Notably, based on the valuation framework and market assumptions detailed in its report, Multicoin values DRIFT at $3.58 per token—more than seven times its current market price.

a16z announces first HACK UK hackathon in London

Venture capital firm Andreessen Horowitz (a16z) will host its inaugural HACK UK hackathon in central London on October 5–6.

The event aims to advance the UK tech ecosystem, focusing on five key themes: blockchain applications, AI augmentation, public infrastructure modernization, digital identity verification, and the future of healthcare.

Participants will have the opportunity to collaborate with top technical talent from across the UK to turn innovative ideas into practical solutions. a16z hopes the event will strengthen the UK’s global leadership in cutting-edge technologies like AI and blockchain.

Second Asia-Pacific Growth Conference GrowthNet to be held in Singapore on September 18

The second Asia-Pacific Growth Conference, GrowthNet, will take place in Singapore on September 18. Co-organized by TechFlow and Wu Blockchain, the event will feature leading media outlets, agencies, and community leaders from China, Japan, South Korea, and Southeast Asia, sharing regional market insights, user trends, and communication strategies.

Additionally, community and growth leads from prominent projects will share firsthand operational tactics and growth experiences.

This year, with growing attention on Asian markets, GrowthNet aims to provide attendees with deeper regional insights, marketing case studies from top-tier projects, and a unique platform to jointly discuss, exchange, and share distinctive perspectives on building Web3 marketing strategies in Asia.

Attendance is limited. Those interested in market and growth topics are welcome to register: https://lu.ma/w08xoem3

Recommended Reading

Brand Revolution from 0 to 1: How to Stand Out in Web3, According to a16z's Brand Expert

How Much Does It Cost to Run Your Own Blockchain?

Layer 2 in Data: Abrupt Growth Halt, Elimination Round Begins

10 Key Events and Airdrop Strategies to Watch This Week

Interview with Circle CEO: From Regulation to Innovation, Digital Dollarization Is Inevitable

Post-KBW Guide: From Exchanges to KOLs, Mastering Key Players in Korea