1. The Trump administration will put US GDP data on-chain, triggering a surge in oracle and RWA tokenization.
The U.S. government has directly put the domestic production gross product ( GDP ) data on the blockchain, a move seen as a significant breakthrough for blockchain technology at the national level. As soon as the news broke, the oracle network Pyth, which focuses on financial data, saw its stock price soar by 100%, while industry giant Chainlink experienced a short-term increase of nearly 5%, causing the entire market to erupt.
This is the first time that data, finance, and blockchain have achieved deep integration at the national level, and the door to financial innovation has been completely opened. The Trump administration's move not only endorses blockchain technology but also expands the broad prospects for the tokenization of real-world assets (RWA). Oracles, as a bridge for on-chain and off-chain data interaction, will play a key role in the RWA tokenization process.
Industry insiders point out that putting GDP data on the blockchain means that economic data, which used to rely on reports and news, can now be accessed instantly on-chain, increasing transparency and auditability. In the future, more government data is expected to be put on-chain, paving the way for the tokenization of RWA. At the same time, the introduction of stablecoin regulatory legislation will also promote the tokenization process of traditional financial assets.
Analysts believe that the Trump administration's measures will accelerate the wave of RWA tokenization. Once government bonds, stocks, and other traditional assets are tokenized, it will inject a continuous stream of new funds into the crypto market, propelling the industry's development into a new stage.
2. YouTube exposed for using AI to modify creators' videos. Official: This won't be the last time.
Recently, YouTubers discovered that their uploaded short videos were automatically "stolen and modified" by the platform into different quality and effects versions, sparking widespread attention. After much controversy, YouTube finally admitted that it is conducting an experiment on "AI automatic film correction," and this will not be the last time.
The creator was the first to discover that the video was tampered with by YouTube, questioning the platform's abuse of AI technology and infringement of the creator's intellectual property rights. YouTube defended itself by stating that the AI correction feature is intended to improve video quality, but it was silently launched without any public announcement, which is indeed inappropriate.
Analysts point out that YouTube's move has sparked a new round of power struggles between creators and the platform. Creators are concerned that AI technology will be abused, depriving them of control over their works; while the platform sees AI as a tool to enhance user experience, and the game between the two will persist for a long time.
In addition, the rapid development of AI technology has also brought new challenges to regulation. Under the existing legal framework, there is a gray area regarding the copyright ownership of AI-generated content, which urgently requires new laws and regulations for standardization. Once AI is overused, it may also lead to new social issues such as intellectual property disputes and algorithmic bias.
3. The Ethereum Foundation will sell 10,000 ETH to support research and development efforts.
The Ethereum Foundation announced that it will sell 10,000 ETH through cryptocurrency exchanges in the coming weeks of September to support research and development, as well as donations and grants. This amount of ETH, valued at approximately $42.7 million, has been transferred to the exchange, drawing market attention.
The foundation last sold ETH 2 months ago, at that time selling 10,000 ETH to SharpLink at a price of $2572 through OTC. The timing and price of this ETH sale are still unknown, but analysts believe that the foundation's choice to gradually sell rather than making a one-time sale is to avoid causing too much impact on the market.
As the second largest type of cryptocurrency, Ethereum's development has attracted significant attention. This move by the foundation aims to provide financial support for ecological construction, which is beneficial for promoting technological innovation and application expansion of Ethereum. However, some analysts have pointed out that large-scale institutional sell-offs may drive down the price of ETH, posing certain impacts on investors.
Overall, the actions of the Ethereum Foundation reflect the urgent need for funding in ecological construction. Only with continuous investment can Ethereum ensure its invincibility in the fierce competition among public chains. The future direction of Ethereum's development will also determine the trajectory of the entire cryptocurrency industry.
4. Trump will appeal the tariff case to the Supreme Court, and the US stock market is eager for tariffs.
U.S. President Trump stated that his administration will request the Supreme Court to expedite its ruling on the global tariff case, in hopes of overturning the federal court's decision deeming several of his tariffs illegal. He emphasized that maintaining the current trade policy is crucial, warning that if the appellate court's ruling takes effect, "it will have a devastating impact on the country."
Trump stated that the government would appeal to the Supreme Court as soon as Wednesday local time. This news has excited Wall Street investors, causing U.S. stock futures to rise. Analysts point out that the uncertainty surrounding tariff policies has always been one of the main risks constraining the market, and if it can be settled, it will boost investor confidence.
In fact, since taking office, Trump has pursued a protectionist trade policy, frequently imposing high tariffs on both allies and adversary countries, leading to ongoing international trade disputes. A federal court previously ruled that Trump abused his executive power, and several tariff measures were found to be illegal and unconstitutional.
If the Supreme Court ultimately supports the federal court's ruling, it will force the Trump administration to adjust its trade policy, potentially having far-reaching effects on the U.S. economy and the global supply chain. However, analysts believe that the Supreme Court is likely to lean towards upholding the president's executive power on tariff issues, so Trump still has a chance of winning.
5. Alpha will launch on Gate, users can claim airdrops.
Alpha will launch on September 4 on Gate(GATA). Eligible users can claim the airdrop using Alpha points on the Alpha Events page after the trading starts.
Gate is a decentralized Web infrastructure aimed at reshaping the internet architecture through blockchain technology. It provides a programmable distributed network that supports the construction of various decentralized applications and is viewed as the cornerstone of the next generation of the internet.
Alpha is an innovative testing ground in the ecosystem, dedicated to exploring and incubating cutting-edge projects. The launch of Gata not only provides users with the opportunity to participate in emerging projects but also reflects the importance placed on the infrastructure development of We.
Analysts point out that Gate, as a underlying network protocol, its development prospects depend on whether it can attract enough developers to join the ecosystem. Currently, the We ecosystem is still in its infancy, with various projects competing against each other, and it remains to be seen who will ultimately emerge as the winner.
However, as a member of the ecosystem, Gate may have certain advantages in terms of funding, technology, and user resources. If it can stand out in the competition, it will gain greater influence in the We track.
2. Industry News
1. Bitcoin short-term stabilizes, the tug-of-war between bulls and bears intensifies
The price of Bitcoin has been fluctuating around $111,000, with short-term support in the range of $109,000-$109,300, and resistance concentrated near $113,500-$114,000. The market liquidity distribution shows an intensification of the tug-of-war between bulls and bears, with both sides temporarily evenly matched.
Analysts point out that Bitcoin's recent adjustment is around 12%, still within a healthy bull market range. Long-term holders' selling patterns remain consistent, with activity fluctuating alongside price movements. Key indicators show a clear excess in corrections, suggesting that the current adjustment aligns with a bull market pattern. However, some traders express concerns about a potential cycle peak.
Overall, Bitcoin is likely to fluctuate within the range of $109,000 to $114,000 in the short term. If it can effectively hold the $109,000 level, it will lay the foundation for the next phase of upward movement. However, if it falls below this range, it may further test the previous low. Investors need to closely monitor the subsequent trends and cautiously manage risks.
2. The activity on the Ethereum chain is rising, with institutional funds continuing to flow in.
The demand for staking by new validators activated on the Ethereum PoS network has surged significantly, reaching its highest level since September 2023. The current entry queue has reached 832,000 ETH, worth approximately $3.577 billion, with a waiting time of 14 days and 11 hours. At the same time, approximately $3.7 billion worth of ETH is exiting the PoS network, with a withdrawal delay of 14 days and 23 hours.
The rise in on-chain activity reflects the continuous inflow of institutional funds into the Ethereum ecosystem. SharpLink's CEO stated that Ethereum is where capital wants to go, as it possesses productivity, profitability, and programmability, which will undoubtedly attract more capital attention. Analysts believe that the entire Ethereum ecosystem, including L1 and L2, is worth optimistic expectations.
Meanwhile, the Ethereum Foundation announced that it will sell 10,000 ETH to support research and development efforts. Although this may put some pressure on the price in the short term, in the long run, sustained investment in research and development is beneficial for enhancing the competitiveness and value of Ethereum.
Overall, the increase in the activity of the Ethereum ecosystem, the continuous influx of institutional funds, and the foundation's investment in research and development will provide strong support for the price of ETH. Investors can continue to pay attention to future market performance.
3. The Solana network has undergone a comprehensive upgrade, and SOL is temporarily hindered at over $215.
The Solana network has officially undergone its largest upgrade in history, Alpenglow, with 98% of validators supporting the new protocol. The transaction finality will be reduced from 12.8 seconds to 150 milliseconds. The price of SOL has responded by rising 6.5% to break through $209. However, there are still concerns about the sharp decline in on-chain transaction volume and the ongoing battle at key technical resistance levels.
Analysts have differing opinions on the price trend of SOL. Bulls believe that the Alpenglow upgrade significantly enhances Solana's performance, which is expected to drive more applications and funds into the ecosystem, providing fundamental support for price increases. Bears, on the other hand, are concerned that even if the upgrade goes smoothly, Solana still faces challenges such as high decentralization and composability, which may limit the short-term gains of SOL.
From a technical perspective, SOL is facing strong resistance around the $200 mark, and it remains to be seen whether it can break through the $215 level in this round of market activity. Investors need to closely monitor the actual performance of the Solana ecosystem after the Alpenglow upgrade and cautiously assess potential opportunities and risks.
The U.S. Securities and Exchange Commission ( SEC ) and the Commodity Futures Trading Commission ( CFTC ) issued a joint statement supporting the development of a standardized crypto ETF framework. The Polymarket platform shows that the probability of XRP ETF approval has risen to 87% in 2025. Analysts believe the actual probability is close to 100%, and if approved, it could trigger an influx of institutional funds ranging from $5 billion to $8 billion.
After the news was announced, Bitcoin rose 1.76% to $111,189, with $25.99 million flowing into spot ETFs in a single day, boosting market sentiment. Favorable policies from regulatory agencies are expected to further standardize the cryptocurrency market and attract more institutional funds.
However, some analysts have expressed concerns about the strength and effectiveness of regulation. Excessive regulation may stifle innovation, while insufficient regulation makes it difficult to maintain market order. Investors need to pay attention to the specific details and implementation of regulatory policies and carefully assess their impact on the market.
Overall, regulators' attitudes are shifting towards support and guidance, bringing new development opportunities to the cryptocurrency market. However, it is also necessary to be vigilant about potential new risks, and maintaining rationality and prudence is key.
3. Economic Trends
1. U.S. August non-farm payroll data exceeded expectations, inflation pressures persist.
The U.S. non-farm payroll data for August has been released, with new jobs added totaling 316,000, far exceeding the expected 300,000. The data indicates that the U.S. job market continues to maintain a strong growth momentum, with the unemployment rate slightly rising to 3.7%.
Economic Background: The U.S. economy performed strongly in the first half of this year, with an annualized GDP growth rate of 2.7%. However, the inflation rate continues to rise, with the core inflation rate reaching 5.9% in July, far exceeding the Federal Reserve's target of 2%. High inflation has intensified the pressure on the Federal Reserve to raise interest rates.
Important event: The non-farm payroll data for August released by the U.S. Department of Labor exceeded expectations, reflecting that the job market remains strong. This may increase the likelihood of the Federal Reserve continuing to raise interest rates significantly in September to curb the rising trend of inflation.
Market reaction: After the release of non-farm payroll data, the three major U.S. stock indexes fell across the board, with investors worried that the Federal Reserve will further tighten monetary policy. The U.S. dollar index rose sharply in the short term, reflecting market expectations that interest rates will rise further.
Expert Opinion: Goldman Sachs analysts stated that strong employment data highlights the resilience of the U.S. economy, but it also exacerbates inflationary pressures. They expect the Federal Reserve to raise interest rates significantly by 75 basis points again in September, and may raise rates to above 4% within the year. UBS economists, on the other hand, believe that an overheating labor market could lead to persistently high inflation, and the Federal Reserve may have to raise interest rates to even higher levels.
2. The European natural gas crisis intensifies, Germany activates "defense status"
The natural gas supply crisis in Europe continues to intensify, and the German government has announced the activation of "defense status" to cope with energy shortages. Russia has further reduced its gas supply to Europe, leading to a severe test of energy security for EU member states.
Economic Background: Affected by the Russia-Ukraine conflict, European natural gas prices have surged this year, and rising energy costs are eroding the competitiveness of the European economy. Inflation rates in several EU countries have exceeded 10%, and the economic growth outlook is bleak.
Important Event: The German government has announced the activation of "Defense Status" in response to the energy crisis. This is the second level of Germany's three-tiered alert mechanism for addressing energy shortages. The Russian gas supply company has announced that it will further reduce the amount of gas supplied to Europe via the Nord Stream pipeline.
Market reaction: European natural gas prices have surged again, with UK gas futures soaring over 35%. The euro to US dollar exchange rate has fallen to a twenty-year low. Investors are concerned that the European economy will fall into recession.
Expert Opinion: Analysts from the German Economic Research Institute state that Germany's activation of "defense status" means the government will prioritize providing gas for households, which may limit industrial gas supply. This will further impact Germany's industrial production and exports. Goldman Sachs analysts expect that the gas shortage in Europe will lead the Eurozone economy into recession in the second half of next year.
3. China's manufacturing PMI for August fell to 49.4, increasing the pressure of economic slowdown.
The official manufacturing Purchasing Managers' Index (PMI) for China in August is 49.4, below expectations and last month's level, indicating that the manufacturing sector's prosperity has fallen below the boom-bust line, reflecting increased pressure from economic slowdown.
Economic Background: The Chinese economy has faced significant pressure this year, with GDP growth in the first half of the year being only 0.4% year-on-year. Factors such as repeated outbreaks of the pandemic and a sluggish real estate market have contributed to a weak economic recovery.
Important Event: The official manufacturing PMI for August released by the National Bureau of Statistics of China was 49.4, below the expected 49.6 and last month's 49.0, indicating a contraction in manufacturing activity. Both the new orders index and the new export orders index were below the neutral line of 50.
Market Reaction: The manufacturing PMI data fell short of expectations, intensifying concerns about the outlook for the Chinese economy. The RMB exchange rate against the US dollar slightly declined. The three major stock indexes of A-shares closed lower.
Expert opinion: Macroeconomic analysts from Zhongjin Company stated that the manufacturing PMI has fallen below the boom-bust line, reflecting the ongoing pressure on the economy. They expect that economic growth in the fourth quarter will still face significant pressure, and the annual economic growth rate may be below the target of 5.5%. Macroeconomic analysts from Guotai Junan believe that the government may further increase infrastructure investment to offset the drag from weak manufacturing.
4. Regulation & Policy
( 1. The US SEC and CFTC jointly support registered exchanges to conduct cryptocurrency spot trading.
On September 3, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint statement, clearly supporting their registered trading platforms to conduct trading of certain cryptocurrency spot assets, marking the start of the two regulatory agencies' efforts to advance the acceptance path for the cryptocurrency market under existing regulations before Congress completes market structure legislation.
The statement pointed out that SEC-registered National Securities Exchanges (NSE), CFTC-registered Designated Contract Markets (DCM), and Foreign Trading Platforms (FBOT) are not prohibited from providing cryptocurrency spot trading services, and relevant platforms can proactively contact the two agencies to discuss the details of the advancement. Regulatory agencies will "swiftly" review requests and respond to questions from designated contract markets, foreign trading commissions, and national securities exchanges seeking to trade certain spot cryptocurrency assets.
SEC Chairman Paul Atkins stated: "Market participants should have the freedom to choose where to trade spot crypto assets." CFTC Acting Chairman Caroline Pham remarked: "During the previous administration, our agency sent mixed signals regarding regulation and compliance issues in the digital asset market, but the message was clear: innovation was not welcome. That chapter is over."
This move marks an important step for the "crypto project" and "crypto sprint" plans of the two major institutions, aiming to coordinate regulation while expanding the choices and flexibility of trading venues for U.S. market participants. This is seen as paving the way for mainstream cryptocurrencies like Bitcoin and Ethereum to enter traditional markets such as NASDAQ and the New York Stock Exchange, which could trigger a new wave of institutional adoption.
Market participants generally welcome this policy shift. The Polymarket platform shows that the probability of XRP ETF approval in 2025 has risen to 87%. Analyst Nate Geraci believes the actual probability is close to 100%, and if approved, it could trigger an influx of institutional funds between $5 billion and $8 billion.
However, there are also industry insiders expressing concerns about the scope of authority of regulatory agencies. Caitlin Long stated that the powers of the SEC and CFTC come from the statutory authority granted by Congress, and the two agencies should not arbitrarily expand their regulatory scope before legislation is completed. She urged Congress to expedite the legislative process for cryptocurrency regulation.
) 2. The President of the European Central Bank calls for addressing the regulatory gaps in EU stablecoin oversight.
European Central Bank President Christine Lagarde stated on September 3 at a regulatory meeting that EU lawmakers should require foreign stablecoin issuers to take "safeguards" and implement "robust equivalent regulatory frameworks" to prevent reserve run risks.
Lagarde pointed out that European legislation should ensure that such plans cannot operate within the EU unless supported by strong equivalent systems in other jurisdictions, as well as safeguards related to the transfer of assets between EU and non-EU entities. She added: "This also highlights why international cooperation is essential."
Given that stablecoins are an existing form of native digital currency, their secure application is expected to unlock faster and lower-cost settlement methods for cross-border transactions, while also supporting tokenized securities trading. The Bank of England plans to launch a consultation on the revised stablecoin regulatory framework later this year. Previously, industry insiders warned that the Bank of England's initial regulatory stance was too strict, and the bank is currently easing related measures.
Pēteris Zilgalvis, a digital finance policy advisor at the European Commission, stated that the EU is studying the cross-border use of stablecoins to ensure they do not pose risks to financial stability. He believes that stablecoin regulation should balance innovation and risk management, providing an appropriate regulatory environment for emerging technologies.
At the same time, the European Union is advancing the development of the digital euro. European Central Bank President Lagarde emphasized that the digital euro will run parallel to cash and commercial bank deposits and will not replace existing payment systems.
3. The intention to apply for a stablecoin license in Hong Kong far exceeds expectations.
According to Mack Ying-chong, the head of the Greater Bay Area Development Research at the Unity Hong Kong Foundation, in an interview with RTHK, the clear regulatory and policy direction for stablecoins in Hong Kong has attracted numerous institutions, and the intention to apply for licenses currently far exceeds expectations.
Mai Yingcong stated that large technology companies are likely to use stablecoins in payment scenarios, while traditional financial institutions may apply them for cross-border settlements. If the first batch of licensed stablecoin institutions operates well, it will encourage the Hong Kong Monetary Authority to issue more licenses in the future.
The Hong Kong Monetary Authority issued guidelines in November 2022, explicitly bringing stablecoins under regulatory oversight. The guidelines stipulate that issuers must hold sufficient high-quality liquid assets as reserves and comply with audit and disclosure requirements. In addition, stablecoins can only be pegged to the Hong Kong dollar or other major currencies.
Deng Wei-hung, chairman of the Hong Kong FinTech Association, believes that the regulatory framework for stablecoins injects new momentum into the development of financial technology in Hong Kong. He stated that stablecoins can enhance the efficiency of cross-border payments and bring new business opportunities to Hong Kong's financial industry.
However, there are also industry insiders who express concerns about regulatory details. Chen Weimin, founder and CEO of Hong Kong fintech company Stratton Technologies, stated that overly strict regulatory requirements could hinder innovation. He urged regulators to create a favorable environment for industry development while protecting investors.
Overall, the regulatory framework for stablecoins in Hong Kong aims to maintain financial stability and investor protection, while also leaving room for fintech innovation. The industry hopes that the regulatory details can balance risk and innovation, promoting Hong Kong as a center for blockchain and digital assets.
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9.3 AI Daily Report: Global Crypto Assets Regulation Tightens, Industry Faces New Opportunities and Challenges
1. Headlines
1. The Trump administration will put US GDP data on-chain, triggering a surge in oracle and RWA tokenization.
The U.S. government has directly put the domestic production gross product ( GDP ) data on the blockchain, a move seen as a significant breakthrough for blockchain technology at the national level. As soon as the news broke, the oracle network Pyth, which focuses on financial data, saw its stock price soar by 100%, while industry giant Chainlink experienced a short-term increase of nearly 5%, causing the entire market to erupt.
This is the first time that data, finance, and blockchain have achieved deep integration at the national level, and the door to financial innovation has been completely opened. The Trump administration's move not only endorses blockchain technology but also expands the broad prospects for the tokenization of real-world assets (RWA). Oracles, as a bridge for on-chain and off-chain data interaction, will play a key role in the RWA tokenization process.
Industry insiders point out that putting GDP data on the blockchain means that economic data, which used to rely on reports and news, can now be accessed instantly on-chain, increasing transparency and auditability. In the future, more government data is expected to be put on-chain, paving the way for the tokenization of RWA. At the same time, the introduction of stablecoin regulatory legislation will also promote the tokenization process of traditional financial assets.
Analysts believe that the Trump administration's measures will accelerate the wave of RWA tokenization. Once government bonds, stocks, and other traditional assets are tokenized, it will inject a continuous stream of new funds into the crypto market, propelling the industry's development into a new stage.
2. YouTube exposed for using AI to modify creators' videos. Official: This won't be the last time.
Recently, YouTubers discovered that their uploaded short videos were automatically "stolen and modified" by the platform into different quality and effects versions, sparking widespread attention. After much controversy, YouTube finally admitted that it is conducting an experiment on "AI automatic film correction," and this will not be the last time.
The creator was the first to discover that the video was tampered with by YouTube, questioning the platform's abuse of AI technology and infringement of the creator's intellectual property rights. YouTube defended itself by stating that the AI correction feature is intended to improve video quality, but it was silently launched without any public announcement, which is indeed inappropriate.
Analysts point out that YouTube's move has sparked a new round of power struggles between creators and the platform. Creators are concerned that AI technology will be abused, depriving them of control over their works; while the platform sees AI as a tool to enhance user experience, and the game between the two will persist for a long time.
In addition, the rapid development of AI technology has also brought new challenges to regulation. Under the existing legal framework, there is a gray area regarding the copyright ownership of AI-generated content, which urgently requires new laws and regulations for standardization. Once AI is overused, it may also lead to new social issues such as intellectual property disputes and algorithmic bias.
3. The Ethereum Foundation will sell 10,000 ETH to support research and development efforts.
The Ethereum Foundation announced that it will sell 10,000 ETH through cryptocurrency exchanges in the coming weeks of September to support research and development, as well as donations and grants. This amount of ETH, valued at approximately $42.7 million, has been transferred to the exchange, drawing market attention.
The foundation last sold ETH 2 months ago, at that time selling 10,000 ETH to SharpLink at a price of $2572 through OTC. The timing and price of this ETH sale are still unknown, but analysts believe that the foundation's choice to gradually sell rather than making a one-time sale is to avoid causing too much impact on the market.
As the second largest type of cryptocurrency, Ethereum's development has attracted significant attention. This move by the foundation aims to provide financial support for ecological construction, which is beneficial for promoting technological innovation and application expansion of Ethereum. However, some analysts have pointed out that large-scale institutional sell-offs may drive down the price of ETH, posing certain impacts on investors.
Overall, the actions of the Ethereum Foundation reflect the urgent need for funding in ecological construction. Only with continuous investment can Ethereum ensure its invincibility in the fierce competition among public chains. The future direction of Ethereum's development will also determine the trajectory of the entire cryptocurrency industry.
4. Trump will appeal the tariff case to the Supreme Court, and the US stock market is eager for tariffs.
U.S. President Trump stated that his administration will request the Supreme Court to expedite its ruling on the global tariff case, in hopes of overturning the federal court's decision deeming several of his tariffs illegal. He emphasized that maintaining the current trade policy is crucial, warning that if the appellate court's ruling takes effect, "it will have a devastating impact on the country."
Trump stated that the government would appeal to the Supreme Court as soon as Wednesday local time. This news has excited Wall Street investors, causing U.S. stock futures to rise. Analysts point out that the uncertainty surrounding tariff policies has always been one of the main risks constraining the market, and if it can be settled, it will boost investor confidence.
In fact, since taking office, Trump has pursued a protectionist trade policy, frequently imposing high tariffs on both allies and adversary countries, leading to ongoing international trade disputes. A federal court previously ruled that Trump abused his executive power, and several tariff measures were found to be illegal and unconstitutional.
If the Supreme Court ultimately supports the federal court's ruling, it will force the Trump administration to adjust its trade policy, potentially having far-reaching effects on the U.S. economy and the global supply chain. However, analysts believe that the Supreme Court is likely to lean towards upholding the president's executive power on tariff issues, so Trump still has a chance of winning.
5. Alpha will launch on Gate, users can claim airdrops.
Alpha will launch on September 4 on Gate(GATA). Eligible users can claim the airdrop using Alpha points on the Alpha Events page after the trading starts.
Gate is a decentralized Web infrastructure aimed at reshaping the internet architecture through blockchain technology. It provides a programmable distributed network that supports the construction of various decentralized applications and is viewed as the cornerstone of the next generation of the internet.
Alpha is an innovative testing ground in the ecosystem, dedicated to exploring and incubating cutting-edge projects. The launch of Gata not only provides users with the opportunity to participate in emerging projects but also reflects the importance placed on the infrastructure development of We.
Analysts point out that Gate, as a underlying network protocol, its development prospects depend on whether it can attract enough developers to join the ecosystem. Currently, the We ecosystem is still in its infancy, with various projects competing against each other, and it remains to be seen who will ultimately emerge as the winner.
However, as a member of the ecosystem, Gate may have certain advantages in terms of funding, technology, and user resources. If it can stand out in the competition, it will gain greater influence in the We track.
2. Industry News
1. Bitcoin short-term stabilizes, the tug-of-war between bulls and bears intensifies
The price of Bitcoin has been fluctuating around $111,000, with short-term support in the range of $109,000-$109,300, and resistance concentrated near $113,500-$114,000. The market liquidity distribution shows an intensification of the tug-of-war between bulls and bears, with both sides temporarily evenly matched.
Analysts point out that Bitcoin's recent adjustment is around 12%, still within a healthy bull market range. Long-term holders' selling patterns remain consistent, with activity fluctuating alongside price movements. Key indicators show a clear excess in corrections, suggesting that the current adjustment aligns with a bull market pattern. However, some traders express concerns about a potential cycle peak.
Overall, Bitcoin is likely to fluctuate within the range of $109,000 to $114,000 in the short term. If it can effectively hold the $109,000 level, it will lay the foundation for the next phase of upward movement. However, if it falls below this range, it may further test the previous low. Investors need to closely monitor the subsequent trends and cautiously manage risks.
2. The activity on the Ethereum chain is rising, with institutional funds continuing to flow in.
The demand for staking by new validators activated on the Ethereum PoS network has surged significantly, reaching its highest level since September 2023. The current entry queue has reached 832,000 ETH, worth approximately $3.577 billion, with a waiting time of 14 days and 11 hours. At the same time, approximately $3.7 billion worth of ETH is exiting the PoS network, with a withdrawal delay of 14 days and 23 hours.
The rise in on-chain activity reflects the continuous inflow of institutional funds into the Ethereum ecosystem. SharpLink's CEO stated that Ethereum is where capital wants to go, as it possesses productivity, profitability, and programmability, which will undoubtedly attract more capital attention. Analysts believe that the entire Ethereum ecosystem, including L1 and L2, is worth optimistic expectations.
Meanwhile, the Ethereum Foundation announced that it will sell 10,000 ETH to support research and development efforts. Although this may put some pressure on the price in the short term, in the long run, sustained investment in research and development is beneficial for enhancing the competitiveness and value of Ethereum.
Overall, the increase in the activity of the Ethereum ecosystem, the continuous influx of institutional funds, and the foundation's investment in research and development will provide strong support for the price of ETH. Investors can continue to pay attention to future market performance.
3. The Solana network has undergone a comprehensive upgrade, and SOL is temporarily hindered at over $215.
The Solana network has officially undergone its largest upgrade in history, Alpenglow, with 98% of validators supporting the new protocol. The transaction finality will be reduced from 12.8 seconds to 150 milliseconds. The price of SOL has responded by rising 6.5% to break through $209. However, there are still concerns about the sharp decline in on-chain transaction volume and the ongoing battle at key technical resistance levels.
Analysts have differing opinions on the price trend of SOL. Bulls believe that the Alpenglow upgrade significantly enhances Solana's performance, which is expected to drive more applications and funds into the ecosystem, providing fundamental support for price increases. Bears, on the other hand, are concerned that even if the upgrade goes smoothly, Solana still faces challenges such as high decentralization and composability, which may limit the short-term gains of SOL.
From a technical perspective, SOL is facing strong resistance around the $200 mark, and it remains to be seen whether it can break through the $215 level in this round of market activity. Investors need to closely monitor the actual performance of the Solana ecosystem after the Alpenglow upgrade and cautiously assess potential opportunities and risks.
4. Regulatory agencies promote spot cryptocurrency trading, XRP ETF approval is imminent.
The U.S. Securities and Exchange Commission ( SEC ) and the Commodity Futures Trading Commission ( CFTC ) issued a joint statement supporting the development of a standardized crypto ETF framework. The Polymarket platform shows that the probability of XRP ETF approval has risen to 87% in 2025. Analysts believe the actual probability is close to 100%, and if approved, it could trigger an influx of institutional funds ranging from $5 billion to $8 billion.
After the news was announced, Bitcoin rose 1.76% to $111,189, with $25.99 million flowing into spot ETFs in a single day, boosting market sentiment. Favorable policies from regulatory agencies are expected to further standardize the cryptocurrency market and attract more institutional funds.
However, some analysts have expressed concerns about the strength and effectiveness of regulation. Excessive regulation may stifle innovation, while insufficient regulation makes it difficult to maintain market order. Investors need to pay attention to the specific details and implementation of regulatory policies and carefully assess their impact on the market.
Overall, regulators' attitudes are shifting towards support and guidance, bringing new development opportunities to the cryptocurrency market. However, it is also necessary to be vigilant about potential new risks, and maintaining rationality and prudence is key.
3. Economic Trends
1. U.S. August non-farm payroll data exceeded expectations, inflation pressures persist.
The U.S. non-farm payroll data for August has been released, with new jobs added totaling 316,000, far exceeding the expected 300,000. The data indicates that the U.S. job market continues to maintain a strong growth momentum, with the unemployment rate slightly rising to 3.7%.
Economic Background: The U.S. economy performed strongly in the first half of this year, with an annualized GDP growth rate of 2.7%. However, the inflation rate continues to rise, with the core inflation rate reaching 5.9% in July, far exceeding the Federal Reserve's target of 2%. High inflation has intensified the pressure on the Federal Reserve to raise interest rates.
Important event: The non-farm payroll data for August released by the U.S. Department of Labor exceeded expectations, reflecting that the job market remains strong. This may increase the likelihood of the Federal Reserve continuing to raise interest rates significantly in September to curb the rising trend of inflation.
Market reaction: After the release of non-farm payroll data, the three major U.S. stock indexes fell across the board, with investors worried that the Federal Reserve will further tighten monetary policy. The U.S. dollar index rose sharply in the short term, reflecting market expectations that interest rates will rise further.
Expert Opinion: Goldman Sachs analysts stated that strong employment data highlights the resilience of the U.S. economy, but it also exacerbates inflationary pressures. They expect the Federal Reserve to raise interest rates significantly by 75 basis points again in September, and may raise rates to above 4% within the year. UBS economists, on the other hand, believe that an overheating labor market could lead to persistently high inflation, and the Federal Reserve may have to raise interest rates to even higher levels.
2. The European natural gas crisis intensifies, Germany activates "defense status"
The natural gas supply crisis in Europe continues to intensify, and the German government has announced the activation of "defense status" to cope with energy shortages. Russia has further reduced its gas supply to Europe, leading to a severe test of energy security for EU member states.
Economic Background: Affected by the Russia-Ukraine conflict, European natural gas prices have surged this year, and rising energy costs are eroding the competitiveness of the European economy. Inflation rates in several EU countries have exceeded 10%, and the economic growth outlook is bleak.
Important Event: The German government has announced the activation of "Defense Status" in response to the energy crisis. This is the second level of Germany's three-tiered alert mechanism for addressing energy shortages. The Russian gas supply company has announced that it will further reduce the amount of gas supplied to Europe via the Nord Stream pipeline.
Market reaction: European natural gas prices have surged again, with UK gas futures soaring over 35%. The euro to US dollar exchange rate has fallen to a twenty-year low. Investors are concerned that the European economy will fall into recession.
Expert Opinion: Analysts from the German Economic Research Institute state that Germany's activation of "defense status" means the government will prioritize providing gas for households, which may limit industrial gas supply. This will further impact Germany's industrial production and exports. Goldman Sachs analysts expect that the gas shortage in Europe will lead the Eurozone economy into recession in the second half of next year.
3. China's manufacturing PMI for August fell to 49.4, increasing the pressure of economic slowdown.
The official manufacturing Purchasing Managers' Index (PMI) for China in August is 49.4, below expectations and last month's level, indicating that the manufacturing sector's prosperity has fallen below the boom-bust line, reflecting increased pressure from economic slowdown.
Economic Background: The Chinese economy has faced significant pressure this year, with GDP growth in the first half of the year being only 0.4% year-on-year. Factors such as repeated outbreaks of the pandemic and a sluggish real estate market have contributed to a weak economic recovery.
Important Event: The official manufacturing PMI for August released by the National Bureau of Statistics of China was 49.4, below the expected 49.6 and last month's 49.0, indicating a contraction in manufacturing activity. Both the new orders index and the new export orders index were below the neutral line of 50.
Market Reaction: The manufacturing PMI data fell short of expectations, intensifying concerns about the outlook for the Chinese economy. The RMB exchange rate against the US dollar slightly declined. The three major stock indexes of A-shares closed lower.
Expert opinion: Macroeconomic analysts from Zhongjin Company stated that the manufacturing PMI has fallen below the boom-bust line, reflecting the ongoing pressure on the economy. They expect that economic growth in the fourth quarter will still face significant pressure, and the annual economic growth rate may be below the target of 5.5%. Macroeconomic analysts from Guotai Junan believe that the government may further increase infrastructure investment to offset the drag from weak manufacturing.
4. Regulation & Policy
( 1. The US SEC and CFTC jointly support registered exchanges to conduct cryptocurrency spot trading.
On September 3, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint statement, clearly supporting their registered trading platforms to conduct trading of certain cryptocurrency spot assets, marking the start of the two regulatory agencies' efforts to advance the acceptance path for the cryptocurrency market under existing regulations before Congress completes market structure legislation.
The statement pointed out that SEC-registered National Securities Exchanges (NSE), CFTC-registered Designated Contract Markets (DCM), and Foreign Trading Platforms (FBOT) are not prohibited from providing cryptocurrency spot trading services, and relevant platforms can proactively contact the two agencies to discuss the details of the advancement. Regulatory agencies will "swiftly" review requests and respond to questions from designated contract markets, foreign trading commissions, and national securities exchanges seeking to trade certain spot cryptocurrency assets.
SEC Chairman Paul Atkins stated: "Market participants should have the freedom to choose where to trade spot crypto assets." CFTC Acting Chairman Caroline Pham remarked: "During the previous administration, our agency sent mixed signals regarding regulation and compliance issues in the digital asset market, but the message was clear: innovation was not welcome. That chapter is over."
This move marks an important step for the "crypto project" and "crypto sprint" plans of the two major institutions, aiming to coordinate regulation while expanding the choices and flexibility of trading venues for U.S. market participants. This is seen as paving the way for mainstream cryptocurrencies like Bitcoin and Ethereum to enter traditional markets such as NASDAQ and the New York Stock Exchange, which could trigger a new wave of institutional adoption.
Market participants generally welcome this policy shift. The Polymarket platform shows that the probability of XRP ETF approval in 2025 has risen to 87%. Analyst Nate Geraci believes the actual probability is close to 100%, and if approved, it could trigger an influx of institutional funds between $5 billion and $8 billion.
However, there are also industry insiders expressing concerns about the scope of authority of regulatory agencies. Caitlin Long stated that the powers of the SEC and CFTC come from the statutory authority granted by Congress, and the two agencies should not arbitrarily expand their regulatory scope before legislation is completed. She urged Congress to expedite the legislative process for cryptocurrency regulation.
) 2. The President of the European Central Bank calls for addressing the regulatory gaps in EU stablecoin oversight.
European Central Bank President Christine Lagarde stated on September 3 at a regulatory meeting that EU lawmakers should require foreign stablecoin issuers to take "safeguards" and implement "robust equivalent regulatory frameworks" to prevent reserve run risks.
Lagarde pointed out that European legislation should ensure that such plans cannot operate within the EU unless supported by strong equivalent systems in other jurisdictions, as well as safeguards related to the transfer of assets between EU and non-EU entities. She added: "This also highlights why international cooperation is essential."
Given that stablecoins are an existing form of native digital currency, their secure application is expected to unlock faster and lower-cost settlement methods for cross-border transactions, while also supporting tokenized securities trading. The Bank of England plans to launch a consultation on the revised stablecoin regulatory framework later this year. Previously, industry insiders warned that the Bank of England's initial regulatory stance was too strict, and the bank is currently easing related measures.
Pēteris Zilgalvis, a digital finance policy advisor at the European Commission, stated that the EU is studying the cross-border use of stablecoins to ensure they do not pose risks to financial stability. He believes that stablecoin regulation should balance innovation and risk management, providing an appropriate regulatory environment for emerging technologies.
At the same time, the European Union is advancing the development of the digital euro. European Central Bank President Lagarde emphasized that the digital euro will run parallel to cash and commercial bank deposits and will not replace existing payment systems.
3. The intention to apply for a stablecoin license in Hong Kong far exceeds expectations.
According to Mack Ying-chong, the head of the Greater Bay Area Development Research at the Unity Hong Kong Foundation, in an interview with RTHK, the clear regulatory and policy direction for stablecoins in Hong Kong has attracted numerous institutions, and the intention to apply for licenses currently far exceeds expectations.
Mai Yingcong stated that large technology companies are likely to use stablecoins in payment scenarios, while traditional financial institutions may apply them for cross-border settlements. If the first batch of licensed stablecoin institutions operates well, it will encourage the Hong Kong Monetary Authority to issue more licenses in the future.
The Hong Kong Monetary Authority issued guidelines in November 2022, explicitly bringing stablecoins under regulatory oversight. The guidelines stipulate that issuers must hold sufficient high-quality liquid assets as reserves and comply with audit and disclosure requirements. In addition, stablecoins can only be pegged to the Hong Kong dollar or other major currencies.
Deng Wei-hung, chairman of the Hong Kong FinTech Association, believes that the regulatory framework for stablecoins injects new momentum into the development of financial technology in Hong Kong. He stated that stablecoins can enhance the efficiency of cross-border payments and bring new business opportunities to Hong Kong's financial industry.
However, there are also industry insiders who express concerns about regulatory details. Chen Weimin, founder and CEO of Hong Kong fintech company Stratton Technologies, stated that overly strict regulatory requirements could hinder innovation. He urged regulators to create a favorable environment for industry development while protecting investors.
Overall, the regulatory framework for stablecoins in Hong Kong aims to maintain financial stability and investor protection, while also leaving room for fintech innovation. The industry hopes that the regulatory details can balance risk and innovation, promoting Hong Kong as a center for blockchain and digital assets.