GM. This is the Never Die Newsletter, where I share whatever crypto news and content I feel like, every week, short and sweet, right to your beautiful little inbox.
This week we have:
🎙️Hot Off the Mic: The Real Reason Crypto Is Crashing
📰News: Tether Eyes $500B Valuation with $20B Fundraise
🌟Narrative of the week: Aster Steals the Spotlight
NEWS📰
💰 Tether Eyes $500B Valuation with $20B Fundraise
Tether Holdings is exploring a $15B-$20B private raise, aiming for a $500B valuation, rivalling top global firms. With $5.7B in 2025 profits and USDt’s $172.8B market cap dominating 56% of stablecoins.
📉 Ethereum Exchange Balances Hit 9 Year Low
Ethereum’s exchange balances dropped to 14.8M ETH, a 50% decline since 2020, driven by institutional buying and DeFi staking. Corporate treasuries, like BitMine, and spot ETFs hold 10% of ETH supply, worth $49.7B.
🪙 MetaMask’s Token Confirmed
ConsenSys's CEO Joseph Lubin revealed the $MASK token for MetaMask could arrive sooner than expected, aimed at decentralizing the wallet's platform. MetaMask, ConsenSys's self-custodial wallet, recently integrated mUSD stablecoin and now there’s been a wave of speculation on if an airdrop its gonna happen and when.
💸 SharpLink to Tokenize Stock
SharpLink Gaming the 2nd largest Ether treasury will tokenize its Nasdaq listed SBET stock. The move aims to enable trading on DeFi protocols and AMMs as it joins Forward Industries in tokenizing public equities for enhanced market access.
🔄 Circle Explores Reversible Stablecoin Transactions
Circle’s president revealed plans to explore reversible USDC transactions to combat fraud and hacks, balancing settlement finality with recovery mechanisms. This move challenges crypto’s immutability principle but aims to boost mainstream trust and integrate stablecoins into traditional finance.
💵 Hyperliquid’s Stablecoin Goes Live
Hyperliquid launched its USDH stablecoin, backed by cash and US Treasuries, on HyperEVM with a USDC trading pair. Native Markets won the ticker rights in a contested vote, despite claims of bias from Dragonfly’s Haseeb Qureshi.
The Real Reason Crypto Is Crashing
In this week’s video, I break down the recent $1.5B liquidation event and the liquidity vacuum I’ve been warning about since July and why it’s actually setting up the next big leg of the 2025 bull run.
Narrative of the Week: Aster Steals The Spotlight
Aster’s decentralized perps exchange dominated the week, as its airdrop and CZ’s nod fuelled one of the year’s hottest runs. Here’s what happened:
What It Is: Aster is a perps and spot DEX with 100x leverage with different modes and multi asset support
Airdrop Action: It’s stage 2 Genesis airdrop distributed $700M (320M $ASTER) to traders, with claims open until Oct 5 and users receiving up to $15K
Volume Flip: The DEX hit $24.7B–$29.5B in 24h volume (Sep 25), topping Hyperliquid’s $10B and helping push a record $67B across DEX perps
CZ Factor: Binance’s CZ fuelled speculation the more with a series of various tweets and bio changes helping give legitimacy to the DEX
This week shows there are still lots of opportunities in this space if you know where to look. As for Aster’s staying power, that depends on how the team leverages this current hype and volume moving forward.
SOME TWEETS
This WW3 scare will be completely forgotten in a few weeks.
Tomorrow's PCE print will be completely forgotten in a few weeks.
The TGA rebuild that's been crushing the markets will be done in 5 days.
Then October seasonality kicks in, 2 more rate cuts this year, market
— #Jesse Eckel (#@Jesseeckel)
7:10 PM • Sep 25, 2025
There are basically two ways to look at the market right now, and hence two options:
1) You believe the market is exhausted and there won’t be a grand finale in the coming months like in past cycles.
→ sell everything
2) You believe the bull market isn’t over, and this is
— #Simon Dedic (#@sjdedic)
7:31 PM • Sep 25, 2025
In case you’re wondering why $XPL is everywhere right now…
It’s the native token of the Plasma blockchain (the stablecoin chain)
their biggest selling point is gasless USDT transfers, literally zero fees to send or receive stables
Couple things that sent it viral:
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— #Blockchain Bob (#@blockchainbob)
12:07 AM • Sep 26, 2025
MEME OF THE WEEK
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