Original Title: Tom Lee's ETH Thesis is Retarded
Original author: Andrew Kang, Partner at Mechanism Capital
Compiled by: White55, Mars Finance
The bullish theory on Ethereum by Wall Street renowned analyst Tom Lee is currently facing the fiercest criticism in the industry, as Mechanism Capital partner Andrew Kang counters each of its logical flaws.
"Tom Lee's ETH theory is the most foolish I've seen among well-known analysts recently, completely lacking financial common sense." The criticism from Andrew Kang, a partner at Mechanism Capital, is as sharp as a knife, directly targeting the bullish view on Ethereum proposed by the highly regarded Wall Street analyst Tom Lee.

According to Mars Finance, on September 25th, GriffinAI announced that it has officially requested all CEX to suspend trading, deposit, and withdrawal functions for GAIN (BSC) Token. This measure aims to prevent attackers from conducting trades and to protect community asset security.

According to Mars Finance, monitoring by HyperInsight shows that in the past 6 hours, the address marked as Abraxas Capital (0x5b5d) has continued to reduce its position in BTC short orders by nearly 100; it has increased its ETH short orders by about 280, with unrealized losses exceeding 41 million USD on ETH short orders. Additionally, monitoring indicates that this address is fully shorting, with a total position of about 846 million USD and total unrealized losses once exceeding 50 million USD. Current major positions: BTC approximately 293 million USD; ETH approximately 285 million USD; SOL approximately 111 million USD. At the same time, this address has continued to increase its bets today.

According to Mars Finance, as monitored by Lookonchain, with ETH falling below 4,000 USD, the 9,152 ETH long order (position valued at approximately 36,400,000 USD) at address 0xa523 has been completely liquidated, with a total loss exceeding 45,300,000 USD and an account balance of less than 500,000 USD.

According to Mars Finance, Jin10 reported that International Commercial Settlement (00147.HK) announced on September 24 that its joint venture Keen Golden acquired a total of 105.88972 Bitcoins on the open market, with a total price of 1,200,000 USD (equivalent to 93,600,000 HKD).

According to Mars Finance news and Coinglass data, the Crypto Assets Fear and Greed Index is currently at 45, rising 0 points from yesterday. The average over the past 7 days is 46, and the average over the past 30 days is 49.

According to Mars Finance, BasedOneX announced that its platform Launchpad project Upheavalfi (UPHL) has officially completed the public sale, with a subscription amount of 7.3 billion USD and an oversubscription multiple of 110 times. The official timeline shows: UPHL will be listed for trading on HyperCore at 4:00 (UTC) on September 26; subsequently, users can receive UPHL tokens; the airdrop claim window will open at 6:00 (UTC), and users can choose to claim immediately or lock up their position for higher rewards.

According to Mars Finance, on September 25, the token issuance platform bonk.fun launched project BONK1. The official stated that during the remaining time in September, the team will reinvest part of the community marketing funds to promote the launch of USD1 and begin exploring strategic cooperation plans with other community tokens.

According to Mars Finance, The Block reported that Benchmark Equity Research reiterated its "buy" rating for Japanese Bitcoin vault company Metaplanet, with a target price of 2400 yen, despite its stock price falling 40% in recent months. Metaplanet recently increased its holdings by approximately 5419 Bitcoins for about $633 million, bringing its total holdings to 25555 coins, making it the fifth largest publicly traded company Bitcoin holder in the world. The company has also established a subsidiary in the United States focused on Bitcoin-related financial products.

According to Mars Finance, cryptocurrency analyst and founder of ITC Crypto, Benjamin Cowen, predicted today that Bitcoin's dominance is likely to return to above 60%. He pointed out that in the next month, the price ratio of alts to Bitcoin may weaken. Although ETH may reach new highs in the future, the current market liquidity is flowing back to Bitcoin.

According to Huoxing Finance news, Whale Alert monitored that Tether Treasury has minted 1 billion USDT on the Ethereum chain.

According to Mars Finance news and GoPlus analysis, the GAIN project was exploited by attackers due to a LayerZero Peer configuration error. The attackers initialized additional Peers on the ETH chain and minted TTTTT, bypassing cross-chain verification to issue an abnormal increase of 5 billion GAIN on the BSC chain. This incident is similar to the previous Yala attack, with GAIN's price experiencing a big dump of over 90%. Users are advised to temporarily stop interacting with this project to prevent losses.

According to Mars Finance, Gate exchange announced the launch of Gate Layer, a Layer 2 Blockchain built on OP Stack and compatible with Ethereum. The official upgrade of the GT (Gate Token) token mechanism is synchronized, with GT serving as the only Gas token for Gate Layer and continuing the dual destruction model, with over 180 million GT already destroyed, accounting for about 60% of the initial supply. Gate Layer is positioned as the strategic infrastructure for "All in Web3," supporting various tools including the Perptual Futures center Perp, the no-code incubator Gate Fun, and the cross-chain meme tracking tool Meme.

According to a report from Decrypt on September 25, Mars Finance news states that the market maker GSR has submitted a new ETF application to the U.S. Securities and Exchange Commission (SEC). This ETF will focus on investing in companies holding Crypto Assets in reserve, with an investment ratio of no less than 80%. The initial plan is to hold 10-15 investment targets, mainly targeting companies listed on U.S. exchanges, but it may also include private equity investments (PIPE).

Recently, two whales have cumulatively increased their holdings by 118.25 million ASTER, worth approximately $271 million, accounting for 7.13% of the circulating supply. One wallet group withdrew 68.25 million, while another wallet associated with notable individuals and institutions withdrew 50 million.