Daily Crypto Roundup - 1 Sep

 

The ETF Store President Nate Geraci posted on X that global spot Bitcoin ETFs currently hold 7% of the Bitcoin supply—approximately 1.5 million BTC.  

 

 

A spokesperson for the Hong Kong Monetary Authority (HKMA) stated that, as of August 31, 77 entities have expressed interest in applying for stablecoin licenses. These include banks, tech firms, securities/asset management/investment companies, e-commerce platforms, payment providers, startups/Web3 enterprises, and more.

 

The HKMA will not disclose the names of entities that have expressed interest or formally applied. The spokesperson emphasized that expressing interest or submitting a stablecoin license application, as well as communications with relevant institutions, are merely part of the application process and do not constitute approval of any entity or an endorsement of their prospects for obtaining a license. Final approval will depend on whether applications meet licensing conditions.  

 

 

According to *Cryptoslate*, ESMA Executive Director Natasha Cazenave stated that tokenized stocks, as a new digital asset tied to listed company share prices, may create a false sense of ownership among investors, undermining market confidence. Cazenave cautioned that many tokenized stock products promoted in the EU do not grant actual shareholder rights, such as voting or dividend entitlements. She noted that the lack of transparency in their presentation could lead retail investors to mistakenly believe they hold company stock, which is not the case.

 

Cazenave emphasized that while tokenization offers benefits like fractional trading and 24/7 market access, the absence of ownership rights poses “specific risks of investor misunderstanding.” Supporters argue that tokenization can drive financial modernization by reducing costs and broadening access to assets (e.g., stocks, bonds, real estate). Cazenave acknowledged this potential but pointed out that most current projects are limited in scale and liquidity, far from delivering the efficiency gains claimed by advocates.  

 

 

September has historically been one of Bitcoin’s weakest months. Over the past 12 years, Bitcoin has averaged a 6% drop in September, with a median decline of about 5%. Additionally, MicroStrategy’s Bitcoin premium is declining, reflecting market skepticism toward crypto-driven corporate financial strategies. Nick Ruck of =LVRG Research noted that this trend could amplify September’s seasonal weakness, while also indicating the crypto market’s maturing as investors reassess long-term value drivers.

 

Although expected Fed rate cuts may ease seasonal pressure, ETF outflows or stock sell-offs could further depress Bitcoin prices to near the $100,000 support level. Data since 2013 shows Bitcoin has closed lower in September 8 times, including a 13% drop in 2019 and a 19% decline in 2014, with even bull market cycles struggling to sustain gains. This seasonal pattern makes September a fixed trading cycle for traders.  

 

 

RAK Properties, one of the largest listed real estate companies in Ras Al Khaimah, UAE, will begin accepting cryptocurrencies for international property transactions. Per a Monday announcement, RAK Properties will accept Bitcoin, Ethereum, USDT, and others, with transactions processed by regional payment platform Hubpay, which converts digital assets into local fiat currency for RAK’s accounts.

 

TradingView data shows RAK Properties, listed on the Abu Dhabi Securities Exchange since 2005, has a market cap of 4.7 billion AED (approximately $1.3 billion).  

 

 

FSC Chairman nominee Lee Eok-won stated before his confirmation hearing that cryptocurrencies’ high volatility prevents them from serving as a store of value or payment method, lacking intrinsic value. He expressed caution toward pension and retirement fund investments in crypto and noted local crypto ETFs remain controversial. Industry figures criticized his stance as regressive, though he supports Korea’s push for a domestic stablecoin market.