DailyMixed

Bitcoin & Crypto Daily Digest – 2026-09-18

JL Capital Research1 min read

  1. 01Neutrl NUSD haircut live onchain: redemptionRate ~0.51, half of value gone
  2. 02NUSD math broken: ~52m supply vs ~13m liquid assets. Only liquid assets being distributed
  3. 03Neutrl likely blew up on liquidity mismatch: illiquid OTC alts hedged with perps, redemptions hit, counterparty risk ate the hedge
  4. 04Neutrl: no post mortem, only a lawyer statement. ~3m still parked at 0x5Eff...d040
  5. 05Altura and Mainstreet still silent while Neutrl at least processes refunds. Contagion watch on yield stables
  6. 06Avantis LP vault on Base flagged: buffer ratio at 0.92, below 1 means undercollateralized vs trader PnL
  7. 07Avantis accused of hiding unrealized LP losses behind positive APR. Discord complaints ignored for months
  8. 08Violent BTC pump suspected of breaking market making vaults. Tail risk showing up in perp LPs

Key Narratives

Synthetic dollar and yield stable blowupsTradFi M&A into crypto infra (S&P x OpenZeppelin)SEC Innovation ExemptionDelta neutral strategies breaking on counterparty riskMarket making vault drawdowns (HLP)

Coins in Focus

HYPENUSDBTCUSDCNOUNS

Sources

  1. 1Neutrl NUSD redemptionRate contract: 49% haircut onchain · etherscan.io
  2. 2Alps DAO proposal #5: treasury drain to lookalike ENS · alps.wtf
  3. 3SEC issues the Innovation Exemption · x.com
  4. 4S&P Global acquires OpenZeppelin · x.com
  5. 5HLP back in action: MM vault stats · x.com
  6. 6Circle Arc criticism thread · x.com
  7. 7Circle Arc dunk: 'The Duke of Arc' · x.com
  8. 8Context thread shared ahead of Neutrl fallout · x.com
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