Today's news tips:
1. Macroeconomic outlook for next week: interest rate cuts are no longer a problem, and CPI data may stimulate a 50 basis point drop
2. Trump exempts gold from global tariffs
3. Nansen CEO: Using AI to check WLFI transaction timestamps revealed that Justin Sun did not dump the stock
4. Michael Saylor joins the Bloomberg Billionaires 500 Index, with his net worth surging by $1 billion so far this year
5. Paxos: Submitted a proposal to support the USDH stablecoin and allocate proceeds to HYPE token repurchase
6. Ark Invest increased its holdings of 388,045 shares of Ethereum treasury company BMNR yesterday
7. Binance: Users holding 238 Alpha Points can claim the airdrop at 6 PM today
8. This week’s NFT transaction volume fell 22.65% month-on-month to $104.5 million, one of the largest weekly declines in recent months.
Macro
Trump exempts gold from global tariffs
According to Jinshi, US President Trump took action on Friday to exempt graphite, tungsten, uranium, gold bars and other metals from his country's tariffs, while also imposing tariffs on silicone products. The changes will take effect on Monday, according to an executive order issued on Friday. Trump's directive may also accelerate the implementation of customized trade agreements between the United States and other countries, making it easier for Washington to eliminate tariffs on aircraft parts, generic drugs, and some specific products that cannot be grown, mined or naturally produced domestically (such as special spices, coffee and some rare metals). The president's order stated that these changes were made based on the advice of US officials. According to the measure, "these modifications are necessary and appropriate to respond to the national emergency declared by Trump in April when he first implemented national-level tariffs."
This week has been volatile in financial markets. Expectations of a Federal Reserve rate cut have intensified, fueled by disappointing US non-farm payroll data. US stocks and cryptocurrencies remain volatile, but next week could prove crucial. Looking ahead, investors will be closely watching CPI data, which could influence the Fed's rate cut path, the European Central Bank's interest rate decision, and the release of key candidates for the next Fed chair. Here are some key market observations for the coming week:
At 23:00 on Monday, the New York Fed’s one-year inflation forecast for August;
At 22:00 on Tuesday, the preliminary value of the benchmark change in non-farm employment in the United States in 2025 will be released;
At 09:30 on Wednesday, China’s August CPI annual rate will be released;
At 20:30 on Wednesday, the U.S. PPI data for August will be released;
At 20:15 on Thursday, the European Central Bank announced its interest rate decision;
At 20:30 on Thursday, the US August CPI data and the number of initial jobless claims in the US for the week ending September 6 will be released;
At 20:45 on Thursday, European Central Bank President Lagarde held a monetary policy press conference;
At 22:00 on Friday, the preliminary value of the US one-year inflation rate forecast for September and the preliminary value of the University of Michigan Consumer Confidence Index for September will be released.
A quarter-point rate cut by the Federal Reserve at its September meeting is all but certain. Less uncertain is the pace of subsequent cuts, with some market pundits betting on a surprise 50-basis-point cut on September 17.
The Wuxi Intermediate People's Court's official account revealed a case involving "virtual US dollars." A party entrusted another person to invest 84,350 yuan on a certain platform and exchange it for 13,000 yuan in platform US dollars. However, the platform subsequently crashed, and only 0.1 yuan could be withdrawn. An investigation revealed that the party entrusted another person to exchange virtual US dollars on the platform, an investment decision made independently, with the account number and password for the platform being theirs. In this case, the party failed to comply with relevant registration procedures when investing on the overseas platform. This investment is not protected by Chinese law, and the party bears the corresponding investment risks. The court dismissed the lawsuit.
Japanese Prime Minister Shigeru Ishiba decides to resign
According to Xinhua News Agency, Japanese Prime Minister Shigeru Ishiba has decided to resign from his post, citing a desire to avoid a split within the ruling Liberal Democratic Party. Ishiba will hold a press conference at the Prime Minister's Office at 6:00 PM local time on the 7th (5:00 PM Beijing time) to formally announce his resignation.
Viewpoint
Alex Svanevik, CEO of the on-chain analytics platform Nansen, posted on the X platform that his AI Research Agent initially suggested Sun was dumping WLFI, but a subsequent review of the WLFI transaction timestamps revealed that Sun was not dumping the market. Furthermore, Svanevik pointed out that the relevant transfers occurred after a significant drop in WLFI, and therefore were not the primary cause of the price drop. Furthermore, based on the percentage of total network trading volume that day, they likely did not have a substantial impact on market price trends.
Bruno Skvorc, founder of NFT infrastructure RMRK, posted on the X platform: "We have received a response from the Trump family's crypto project WLFI. The tokens cannot be unlocked. Simply put, they stole my money. Because they are members of the Trump family, I can't do anything. They are the modern American mafia. No one can complain, no one can argue, and no one can sue. That's it..."
Earlier news, Bruno Skvorc said that his address was mistakenly marked as high-risk by the WLFI team and the tokens have been locked.
Vitalik tweeted that the Ethereum team has performed very well this year and has made contributions in various aspects to ensure the long-term scalability, decentralization and resilience of Ethereum. It is expected that all these ideas will be ready to be implemented at the same time as the short-term expansion roadmap achieves its key milestones.
According to a tweet forwarded by Vitalik, Ethereum developers have proposed a minimal zkVM "leanVM" suitable for streamlining Ethereum, and it is optimized for XMSS aggregation and recursion. Compared to Cairo, leanVM minimizes commitment costs with its four-instruction ISA, multi-linear STARK and logup lookup.
Ryan Fang, Head of Growth at WLFI, said in an interview Thursday evening, "We believe that some very large token holders may have manipulated the price, essentially to lock in profits. We do believe that in a world where centralized exchanges hold a large amount of user funds, some exchanges may attract user tokens and send them to other exchanges for sale. Again, we emphasize that we are still exploring and discovering this. But the possibility of the above scenario happening is certain. Now, imagine that a large exchange holds a large amount of user assets and sends a large amount of user assets to other exchanges that may have better liquidity and a single token, while also opening a very large short position. This is possible. In fact, some community members have been notifying us on Thursday. They believe that something like the scenario I just mentioned may have occurred. That would be a huge systemic manipulation. We will investigate this, and it may have caused huge losses in the past few days. But again, there is no hard evidence of this information at this time, but we believe that something did happen in the past few days."
CZ: AI companions are a huge and rapidly growing field. Let’s combine them with cryptocurrencies.
CZ wrote, “AI companions are a large and rapidly growing field, and users are willing to pay for them. Let’s bring them to the cryptocurrency space, or vice versa.”
Project News
Michael Saylor joins Bloomberg Billionaires 500 index, his net worth surging $1 billion year-to-date
Michael Saylor, co-founder and executive chairman of Strategy, has seen his net worth surge by $1 billion since the beginning of the year, earning him his first appearance on the Bloomberg Billionaires 500 index. Saylor, ranked 491st on the Bloomberg Billionaires Index, has an estimated net worth of $7.37 billion, a 15.80% increase since January 1st. During the same period, Strategy (MSTR) shares have risen nearly 12%, according to Google Finance. The index tracks the net worth of the world's 500 wealthiest people. Of Saylor's wealth, approximately $650 million is held in cash, with the remaining $6.72 billion held in Strategy shares.
Linea: Liquidity Incentive Program Rewards to Increase to 160 Million LINEA Next Week
Linea announced on Twitter that the Linea Ignition liquidity incentive program will distribute 160 million LINEA tokens next week (originally 150 million). 80% of this will be allocated to lending pool LPs, with a total reward of 128 million LINEA tokens for USDC, USDT, and ETH in the Aave and Euler lending pools. 20% will be allocated to Ethereum trading, with trading pairs including USDC/ETH, WBTC/ETH, USDT/ETH, and ETH/REX, for a total reward of 32 million LINEA tokens.
Binance: Users holding 238 Alpha Points can claim the airdrop at 6 PM today
Binance announced that the Binance Alpha airdrop will be available for redemption at 6:00 PM (UTC+8) today. The airdrop will be distributed in two phases:
- Phase 1 (first 18 hours): Users with at least 238 Alpha Points can claim.
- Phase 2 (Last 6 Hours): Users holding at least 220 Alpha Points can participate in the Phase 2 airdrop on a first-come, first-served basis. The threshold will automatically decrease by 15 points every hour until the event ends.
The specific airdrop currencies will be announced later.
Stablecoin infrastructure company Paxos has submitted a proposal to issue the USDH stablecoin for HyperLiquid. According to the announcement, 95% of the interest earned on the USDH reserve will be used to repurchase Hyperliquid's native HYPE token and redistribute it to users, validators, and partner protocols. Paxos Labs, a newly formed Paxos subsidiary, will lead this initiative. Paxos Labs has acquired Molecular Labs, the infrastructure company behind LHYPE and WHLP. LHYPE and WHLP have been supporting the Hyperliquid ecosystem since the launch of HyperEVM.
Important data
Bitcoin mining difficulty increased by 4.89% to 136.04 T, setting a new high
According to CloverPool data, the difficulty of Bitcoin mining ushered in a mining difficulty adjustment at block height 913,248, with the mining difficulty increased by 4.89% to 136.04 T, setting a new high.
According to Onchain Lens, a whale deposited 21,178 ETH (worth $90.74 million) to BitFinex after six years of inactivity and sent 37,760 ETH (worth $161.82 million) to two new wallets. The wallet initially received 58,938 ETH worth $12.02 million from BitFinex, earning a massive profit of $240.57 million.
CryptoSlam data shows that NFT market transaction volume fell 22.65% to $104.5 million over the past week, one of the largest weekly declines in recent months. The number of NFT buyers increased by 14.89% to 622,535, and the number of NFT sellers increased by 16.25% to 447,821. However, the number of NFT transactions decreased by 3.07% to 1,699,318.
Ethereum network transaction volume was $37.7 million, down 29.88% from the previous week. Polygon network transaction volume was $15.7 million, down 17.43%. Mythos Chain network transaction volume was $10.1 million, down 1.73%. BNB Chain network transaction volume was $9.5 million, down 23.59%. Bitcoin network transaction volume was $7.8 million, down 32.40%. Solana network transaction volume was $5.1 million, down 6.81%.
This week's high-value sales include:
- CryptoPunks #5898 sold for 100 ETH ($445,786)
- CryptoPunks #843 sold for 90.1 ETH ($403,268)
- CryptoPunks #9721 sold for 81 ETH ($361,995 USD)
- CryptoPunks #490 sold for 80 ETH ($345,757 USD)
- Known Origin #88512 sold for 70 ETH ($307,384 USD)
Financing/Acquisition
CleanCore Solutions, a NYSE American-listed company, announced that it has completed a $175 million private investment in equity (PIPE) financing round, with participation from MOZAYYX, Pantera, GSR, FalconX, Borderless, and Mythos. Following the transaction, the Dogecoin Foundation and House of Doge officially established the official DOGE treasury (supported by 21Shares). House of Doge CEO Marco Margiotta joined CleanCore Solutions as Chief Investment Officer. The funds raised will be used to purchase DOGE tokens.
Institutional holdings
Ark Invest increased its holdings of 388,045 shares of Ethereum treasury company BMNR yesterday
Tom Lee, chairman of the board of directors of Ethereum treasury company BitMine (BMNR), retweeted data on the X platform, showing that Cathie Wood's Ark Invest had increased its holdings of 388,045 shares of BMNR through its exchange-traded fund on September 5.
According to data disclosed by Ark Invest Tracker, three ETFs under Ark Invest have held BMNR shares worth US$267 million, namely: ARKK holdings worth US$178.6 million, ARKF holdings worth US$31 million, and ARKW holdings worth US$57.7 million.
