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Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Tether Denies BTC Sale Rumors: Tether CEO Paolo Ardoino dismissed claims the firm sold Bitcoin for gold, confirming holdings have actually increased.

2. Market Sentiment Turns Fearful: The Crypto Fear & Greed Index dropped to 44, signaling “Fear” as traders retreat to Bitcoin and Ether. BTC fell 5% last month while ETH gained 10%.

3. 💡Feature of the Day - Kinto Shuts After $1.6M Hack: Ethereum L2 project Kinto will close Sept. 30 after an 81% token crash from a $1.6M hack. Failed fundraising and poor market conditions sealed its fate.

   
   All this and more in today’s headlines!

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📰 News Highlights:

Tether Denies BTC Rumors [Source][Source][Source][Source][Source]

Tether CEO Paolo Ardoino has dismissed rumors that the company is selling Bitcoin to buy gold, clarifying that its BTC holdings have actually increased.

Confusion arose from a misinterpretation of Tether’s Q2 attestation report, which showed a decline in reserves but failed to account for a transfer of 20,000 BTC to its new initiative, Twenty One Capital (XXI).

Ardoino confirmed the Bitcoin was “moved, not sold,” reiterating the firm’s strategy of diversifying profits into Bitcoin, gold, and land as protection against economic instability.

Despite social media speculation, Tether continues to hold over 100,000 BTC while also expanding physical reserves like gold, evidenced by its gold-backed token XAUT surpassing $1.3 billion in market cap.

The rumors coincided with El Salvador’s gold purchase, fueling unnecessary FUD.

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Crypto Market Turns Fearful [Source][Source][Source][Source][Source]

Crypto market sentiment has slipped into “Fear,” with the Crypto Fear & Greed Index hitting 44, signaling reduced appetite for speculative altcoins.

Traders are moving toward major cryptocurrencies like Bitcoin and Ether, while debates swirl about whether the market is facing a “final shakeout” or the start of a new altcoin cycle.

Bitcoin remains indecisive, falling 5% in the last month, while Ether gained 10%, keeping investors cautious.

Analysts remain divided: some warn that many altcoins won’t survive the downturn, while others argue they’re deeply undervalued.

For now, fear dominates, with traders prioritizing safety in established assets over risk-taking in smaller coins.

💡 Feature of the Day: 

Kinto Shuts After Hack [Source][Source][Source][Source]

Ethereum layer-2 project Kinto has announced it will shut down on September 30 after its token plunged 81% following a $1.6 million hack.

The team cited failed fundraising efforts and worsening market conditions as reasons it could not continue operations.

The hack exploited a smart contract vulnerability, leaving the project financially crippled despite attempts to restore liquidity.

Founder Ramon Recuero, who previously shut down Babylon Finance in 2022 after another hack, called the decision the “only responsible choice.”

As part of its wind-down, Kinto will return 76% of loan principal to lenders and establish a goodwill fund for hack victims.

😂 Crypto Meme of the Day: 

Meme of the day provided by @Paybis

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com