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Whale Opens $17.6M XRP Short as SEC Nears Crucial Spot Crypto ETF Decisions
NFT Gaming

Whale Opens $17.6M XRP Short as SEC Nears Crucial Spot Crypto ETF Decisions

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According to data provided by Lookonchain, a prominent trader recently reopened an XRP short position with 20X leverage.

The notional value of the reopened position stands at $17.6 million. 

The trader’s current liquidation price is $2.91. Meanwhile, the Ripple-linked token is currently trading at $2.86, meaning that even a minor move could potentially result in liquidation. 

The gutsy bet comes after the trader already took a $3.4 million loss with his Bitcoin (BTC) and XRP shorts. 

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CoinGlass data shows that roughly $3.76 million worth of XRP has been liquidated over the past 24 hours, with short positions accounting for roughly 75% of the wipeout. 

Big week for ETFs

The timing of the bet appears to be rather confusing, given that the U.S. Securities and Exchange Commission (SEC) could approve spot ETFs in the near future. 

As noted by analyst Nate Geraci, the next few weeks could be “enormous” since SEC deadlines are currently approaching on numerous filings. 

The agency is set to make final decisions on XRP ETFs during October. The deadline for Franklin Templeton’s proposal is set for Nov. 14. 

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The likely approval of the XRP ETF is likely to supercharge another rally. However, there is also a possibility that such decisions have already been priced in. 

XRP is currently down 22% from the all-time high of $3.66 that was achieved on July 18.



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Rockstar co-founder Dan Houser opens up on Bully 2: "You just can't do all the projects you want"
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Rockstar co-founder Dan Houser opens up on Bully 2: “You just can’t do all the projects you want”

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Rockstar co-founder Dan Houser has opened up on why we never received a follow-up to 2006’s Bully.

Talking to IGN at LA Comic Con, House was asked why he never returned to Jimmy’s life despite Bully’s popularity and critical acclaim, and his response was both candid and probably a little frustrating for those who’d been patiently waiting for Bully 2, as he simply attributed it to “bandwidth issues”.

Grand Theft Auto VI Trailer 2 – GTA 6.Watch on YouTube

“I think it was just bandwidth issues,” Houser admitted (thanks, InsiderGaming). “You know, if you’ve got a small lead creative team, and a small senior leadership crew, you just can’t do all the projects you want.

“And you know, we certainly– how we’re structured at [Houser’s current studio] Absurd [Ventures], we’re doing two projects with a fairly small team, and it’s really trying to think through that. How can we do that and keep them both moving?”

Rockstar Founder Dan Houser confirms why BULLY 2 never happened.

He blames it on “bandwidth issues”.

Houser further adds “If you’ve got a small lead creative team and a small leadership crew you just can’t do all the projects you want.” pic.twitter.com/OMOBi7cOe5

— Michael (@LegacyKillaHD) September 27, 2025

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Since its unveiling in June 2023, Absurd Ventures has announced two “universes” – American Caper and A Better Paradise – intended to form the basis of multiple transmedia projects, beginning with a graphic novel and podcast, respectively. Meanwhile, a job advertisement spotted in May 2024 confirmed Absurd’s first video game project is also in the works, and after a difficult year for Immortals of Aveum developer Ascendant Studios, a “core team” of around 20 employees decamped to Absurd this time last year, establishing a new studio now known as Absurd Marin.

As for Rockstar’s primary project at the moment? GTA 6 is currently expected to launch for PlayStation 5 and Xbox Series X/S on 26th May 2026, following its not exactly unexpected delay earlier this year. And there’s little doubt it’s going to be big; as recently Take-Two confirmed, GTA 5 has now sold an astonishing 210m copies since its release 12 years ago, so it’s probably not unreasonable to presume its massively anticipated sequel will manage to match that and then some.





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NFT Gaming

FalconX Opens Door to Trading Ethereum’s Native Yield

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In brief

  • FalconX executed the first forward rate agreements benchmarked to the Treehouse Ethereum Staking Rate.
  • The products allow institutions to manage exposure to volatile staking yields, though they aren’t available to U.S. clients.
  • The launch follows record demand for Ethereum staking, with validator queues hitting two-year highs.

San Mateo, California-headquartered FalconX said Thursday it has executed the first forward rate agreements tied to Ethereum staking yields, introducing a new class of rate-based derivatives to the digital asset market.

The contracts reference the Treehouse Ethereum Staking Rate, or TESR, a benchmark published daily by infrastructure provider Treehouse. 

The measure is part of Treehouse’s “Decentralized Offered Rates” framework, intended to create crypto-native equivalents of widely used benchmarks such as Libor or the Secured Overnight Financing Rate.

Its launch comes as demand for staking has surged, with Ethereum’s validator entry queue recently hitting its highest level in two years amid billions of dollars in inflows to ETFs and corporate treasuries.



Ethereum staking yields have also fluctuated this year amid shifts in validator participation and network activity, prompting institutional investors to seek ways to manage rate exposure. 

By offering a structured product around those yields, FalconX and Treehouse said they aim to expand the fixed-income layer of digital assets.

FalconX, a digital-asset prime broker backed by Accel, Tiger Global, and GIC, said the TESR forwards allow institutions to hedge or speculate on returns from Ethereum staking, which has become the network’s native yield since its transition to proof-of-stake. 

Institutional participants in the initial trades include Edge Capital, Monarq, and Mirana. Other firms such as BitPanda, RockawayX, and Algoquant have expressed interest in the new market, according to FalconX.

The company told Decrypt the instruments are not currently available to U.S. clients.

“Staking rate derivatives like TESR FRAs are long overdue,” Nicholas Gallet, chief executive of Gallet Capital and a former rates trader at Nomura, said in a statement. 

“For the first time, long-term crypto holders can hedge against staking yield volatility and express forward-looking views in a format that mirrors traditional finance,” he added.

FalconX described the new market as “live and continuously accessible,” distinguishing it from one-off pilot transactions that have characterized earlier attempts at staking yield hedging. 

Standardized documentation and workflows, the company said, will enable recurring participation and deeper liquidity over time.

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Warmachine opens pre-orders for Old Umbrey Kaptain Kazimir Morozov
Esports

Warmachine opens pre-orders for Old Umbrey Kaptain Kazimir Morozov

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A new unit is joining the Warmachine roster, Kaptain Kazimir Morozov joins Old Umbrey on October 16th:

The forests of Umbrey stir, and with them rises a new warlock. Today, Steamforged Games is opening pre-orders for Kapitan Kazimir Morozov, a warlock who carries both a patriot’s heart and the fury of the Devourer Wurm.

Once a soldier and farmer, Morozov has given himself to the primal power that runs through the land. On the battlefield, he can transform into a hulking, bear-like beast, wielding twin mauls that crash through steel and bone. To face him is to face the raw ferocity of Old Umbrey itself.

For Khador Old Umbrey players, Morozov brings a savage new way to lead your army. His feat, Awaken the Beast, unleashes his full transformation and calls shapeshifters to his side. In that moment, the line between man and monster vanishes, and his forces surge forward as a tide of claws, mauls, and primal fury that few enemies can withstand.


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NFT Gaming

UAE Signs Crypto Tax Reporting Agreement, Opens Industry Consultation

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In brief

  • The UAE Ministry of Finance signed the Multilateral Competent Authority Agreement under CARF on Sunday, following its November 2024 announcement.
  • Implementation begins in 2027, with the first international tax information exchanges expected in 2028.
  • An eight-week public consultation launched on September 15 invites all crypto stakeholders to weigh in on potential impacts and compliance requirements.

The United Arab Emirates has committed to automatic crypto tax reporting with global authorities, launching an industry consultation to hammer out implementation details before the 2027 rollout.

The nation signed the Multilateral Competent Authority Agreement on the Automatic Exchange of Information under the Crypto-Asset Reporting Framework, developed by the Organization for Economic Cooperation and Development in 2023, which establishes mechanisms for automatic exchange of tax-related information on crypto-asset activities between countries. 

Crypto firms will need to comply with the new reporting rules by 2027, with the UAE beginning to share data with international tax authorities the following year.



“The framework establishes a mechanism for the automatic exchange of tax-related information on crypto-asset activities, ensuring that the UAE provides certainty and clarity to the crypto-asset sector while upholding the principles of global tax transparency,” the Ministry said on Sunday.

The move comes as the Emirates continues building its reputation as a global hub for digital assets, following its 2024 decision to exempt crypto transactions from value-added tax and Dubai’s establishment of clear regulatory guidelines for Web3 firms.

To ensure the framework meets market needs, the Ministry has launched an eight-week public consultation running through November 8. 

The Ministry is soliciting feedback from crypto firms and service providers to share their views and recommendations on potential impacts and areas requiring further clarification.

The consultation “aims to develop clear and effective regulatory rules informed by the insights of experts and stakeholders, and aligned with market needs,” the statement read.

Industry experts see the development as largely positive, with Nitesh Mishra, co-founder and CTO at hedging platform ChaiDEX, telling Decrypt the agreement “brings greater legal clarity and certainty to crypto activities in the UAE, making the environment safer for compliant investors.”

“It aligns the UAE with global tax transparency standards, boosting trust with regulators and international partners,” he added.

Allowing “public input on the rules” means “the final regulations are likely to reflect market and investor needs,” Mishra said, and will help “attract institutional investors as the rules help establish a fair, well-regulated marketplace.”

Benjamin Young, business setup expert at Aston VIP, told Decrypt that the UAE signing the agreement “reinforces the country’s commitment to global regulatory alignment and transparency in digital assets, while also helping strengthen investor confidence.”

“It will require local and international firms operating in the UAE to ensure compliance with new reporting obligations,” he added, which may “increase operational demands but should contribute to a healthier long-term ecosystem.”

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Bybit opens B2B unit to capture institutional crypto flow
Crypto Trends

Bybit opens B2B unit to capture institutional crypto flow

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Moving beyond the retail exchange model, Bybit has built dedicated infrastructure for institutional and enterprise clients. Its new B2B unit focuses on the complex plumbing, including custody, triparty settlement, and RWA integration that major funds demand.

Summary

  • Bybit launched a Business-to-Business Unit (BBU) for institutional and enterprise clients.
  • The new division will offer off-exchange custody, triparty settlement, and tokenized asset programs.
  • Yoyee Wang has been appointed to lead the BBU, which consolidates Bybit’s institutional services.

According to a press release dated September 5, the Dubai-based exchange has formally established a Business-to-Business Unit (BBU), consolidating its existing institutional-facing teams into a single division.

Bybit said the new unit will be spearheaded by Yoyee Wang, a former Royal Bank of Canada portfolio manager who most recently led the exchange’s global treasury. Notably, the BBU’s mandate is to develop a suite of services specifically for professional players, including integrated off-exchange custody, triparty settlement models, and programs for using tokenized real-world assets as trading collateral.

Building the infrastructure for institutional crypto adoption

The launch of the BBU is a direct response to two of the most significant pain points for institutions entering the digital asset space: counterparty risk and capital inefficiency. Bybit highlighted that a baseline requirement for professional players is the separation of custody and execution.

The exchange aims to address this by constructing frameworks for off-exchange custody and triparty settlement. This model allows institutions to hold assets with trusted, often regulated, custodians while still receiving trading credit on the exchange, effectively neutralizing the existential risk of exchange failure that has long plagued the sector.

At the same time, the unit’s RWA collateral program will permit clients to pledge tokenized real-world assets as collateral for margin and trading positions. The feature solves a critical inefficiency for institutional portfolios, allowing them to avoid the opportunity cost of parking unencumbered capital and instead put traditionally yield-bearing assets to work within crypto markets.

“Institutions are looking for trusted partners who understand both the rigor of traditional finance and the innovation of crypto,” Yoyee Wang, Head of BBU at Bybit, said “At Bybit, we are building a complete business loop that integrates custody, liquidity, and yield — giving our clients not just market access, but a strategic edge in this new era.”

Additionally, Bybit’s BBU will offer Digital Treasury Asset solutions, targeting a growing niche of non-crypto native corporations. These DTA services are designed to support traditional companies looking to allocate a portion of their corporate treasury into digital assets.

The offering focuses on providing the necessary security, compliance, and yield optimization strategies that corporate boards and risk officers require, effectively acting as a guided on-ramp for traditional finance into the digital asset ecosystem.



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Jump Space opens the Early Access Airlock on September 19th
Esports

Jump Space opens the Early Access Airlock on September 19th

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gamescom gave us our first deep look at Jump Space (formerly Jump Ship), and during the Future Games Show we saw our first deep dive on gameplay, as well as an awesome announcement – it’ll be heading our way to Early Access on September 19th for Steam and Xbox Series X|S. If you’re unfamiliar with the game, here’s a quick snippet:

Manage Your Jump Ship

Upgrade and customise your ship as you face off against the challenges of space exploration, and scavenge resources to ensure your survival. Reinforce your defences, adjust your energy output for speed or bolster your ship’s attack capabilities – the choice is yours.

Immerse Yourself in Space

Experience fluid gameplay as you switch from steering your ship out of an asteroid field to jetpacking towards an enemy vessel to sabotage its core. Seamlessly transition between exploration, combat and traversal.

Improvise and Adapt; Together

Go on missions with your friends and take on roles, from piloting to engineering and field exploration. Work together to overcome enemy attacks, extinguish fires on the command deck or adjust your ship’s power grid on the fly. There are no set classes in Jump Space, improvise and decide how you want to engage.

The team also had a message for their would-be space travelers about the upcoming launch:

We are still thrilled that so many of you joined for our Next Fest demo!

Since then, we’ve been hard at work adding as many additional features and further polish to the Early Access launch as possible. You can expect improvements to moment to moment gameplay, persistent progression, new enemies, new weapons, a new player ship, public server browser, text chat – just to name a few.

Between now and September 19th, we will be posting a more detailed roadmap on what made it into our launch build, and what features will come after – both for this year and beyond.

The price will be revealed at the same time as the roadmap, so don’t worry about us forgetting.

You will be pleasantly surprised!

I’m excited for this one, and the Keepsake Crew seems to be combining the best parts of several of my favorite games and genres into one awesome multiplayer experience. The gameplay systems will undoubtedly evolve over Early Access, but what’s here and what I saw in the demo are already a blast of a gameplay loop. Best of all, we won’t have to wait very long to jump back in.

Stay tuned for all of the news for Jump Space and all the other awesome games coming this year and beyond right here at GamingTrend.com!


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CFTC Opens Next Phase of Crypto Sprint, Seeks Public Input on Broader Rules

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In brief

  • Acting chair Caroline Pham said Thursday the sprint expands to custody, leveraged retail trading, and consumer protections, with feedback due October 20.
  • The initiative is part of a four-phase process that began August 1, running alongside the SEC’s Project Crypto.
  • Observers told Decrypt the U.S. is shifting from enforcement to enablement, positioning itself to set global standards in digital asset markets.

The Commodity Futures Trading Commission is proceeding with the third phase of its “crypto sprint,” a series of accelerated rulemaking efforts designed to implement recommendations from the President’s Working Group on Digital Asset Markets.

“The Administration has made it clear that enabling immediate trading of digital assets at the Federal level is a top priority,” acting CFTC chair Caroline Pham wrote in a statement on Thursday.

The CFTC’s latest sprint expands beyond spot crypto trading to address all remaining recommendations from the working group’s report on strengthening American leadership in technologies such as crypto and digital assets.



The CFTC appears to be “trying to lay a regulatory bedrock by seeking to establish a unified, federal-level spot market for crypto assets,” Andrew Rossow, a public affairs attorney and CEO of AR Media Consulting, told Decrypt.

“It begins to address this state-by-state fragmentation and long-time occupancy of this grey zone,” Rossow said, adding that he thinks the moves are made as part of a “federal legitimacy strategy” to create “foundational reform.”

Still, retail investors would “most likely benefit from heightened protections,” once the “federal handcuffs” are lifted to restore trust in a space “long tarnished by poor oversight,” he added.

What’s it all about

The report seeks to provide a unified federal framework for digital asset markets, addressing gaps in market structure, custody, stablecoin regulation, and anti-money laundering standards.

Remaining sprints are expected to tackle unresolved issues around DeFi oversight, banking access, tax clarity, and inter-agency coordination.

Thursday’s announced sprint is the third in a four-part series. The first, on August 1, laid the framework. The second, on August 4, launched the spot trading initiative. 

The latest expands to broader rulemaking, while a forthcoming fourth sprint is expected to translate stakeholder feedback into formal rules and supervisory guidance.

“The U.S. is asserting control over digital dollars and setting the standards others may follow,” Ray Youssef, CEO of crypto messaging and P2P trading app NoOnes, told Decrypt. “Countries that once hesitated may be pushed to adopt similar frameworks or risk falling behind in the race to modernize finance.”

The CFTC has set an October 20 deadline for comments on the broader set of recommendations. The federal agency did not immediately respond to Decrypt’s request for comments.

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Nasdaq opens lower after tech stock rout, Bitcoin dips
Crypto Trends

Nasdaq opens lower after tech stock rout, Bitcoin dips

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Nasdaq opened lower on Wednesday as stocks looked to steady after tech stocks led a rout that had major gauges slipping ahead of Federal Reserve meeting minutes and a key economic event this week.

Summary

  • Nasdaq Composite opened lower on Wednesday, with the tech heavy index shedding 0.5% in early trades.
  • Stocks were showing weakness as investors awaited Federal Reserve’s minutes.
  • Bitcoin traded near $113,000 having fallen sharply along tech stocks.

The Dow Jones Industrial Average opened about 60 points higher and the S&P 500 hovered just below the flat line, down 0.15%. However, the tech-heavy Nasdaq Composite opened more than 0.5% lower.

Nasdaq Composite’s slight dip follows Tuesday’s bruising outing for risk assets, with broader weakness for top tech stocks, including all of the “Magnificent Seven”: Apple, Microsoft, Amazon, Google parent Alphabet, Meta, Nvidia, and Tesla.

The downswing for these companies, as well as Palantir and others, dragged Nasdaq to a -1.46% close and the S&P 500 to a -0.59% close. The impact of this across the broader market saw the sell-off spread to cryptocurrencies and other risk assets as investors scrambled for safe-haven deals.

Bitcoin (BTC), the top digital asset, fell sharply to break to lows of $112,570 – well off its recent peak above $124k. 

Corporate earnings

Overall weakness meant stocks and crypto traded lower in early deals during the U.S. session as Wall Street weighed market sentiment amid corporate earnings. 

Notably, Target shares fell 9% after the retailer’s earnings report showed further declines in sales and as the company revealed a new chief executive officer expected to take over on Feb. 1, 2026. However, Lowe’s shares gained about 3% after its earnings beat expectations.

Fed minutes on deck

Also on investors’ minds is the Federal Reserve’s minutes for its July meeting, which will shed more light on the central bank’s interest rate outlook. The week also has all eyes on Federal Reserve chair Jerome Powell, who is set to speak at the Jackson Hole symposium in Wyoming.

The event brings together economic policymakers, government officials and critical market players. Powell’s speech at the annual policy symposium comes on Friday morning, his last as he heads toward the end of his term in May 2026.

Fed’s decision to hold interest rates steady at the previous meeting has left the market, per the CME Fedwatch tool, pricing in a higher chance of a cut in September.



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