AllScale 2026-09-26 Encrypted x Macro Daily Report
1. Bitget Attack Exposes Signature System Risks
Bitget confirmed that abnormal transfers occurred in part of its hot wallets and warm wallets. Initial estimates put the affected amount at approximately $351.6 million; cold wallets were not impacted. Withdrawals were temporarily paused, and the platform stated that the protection fund can cover losses. Management said the attacker did not steal private keys, but instead breached the wallet backend, forged transfer requests, and invoked internal signing procedures. The incident highlights that an exchange’s security boundary is not limited to private key custody—it also includes instruction generation, permission tiering, and interception of abnormal transactions. In the short term, user liquidity and the platform’s credit face pressure; in the medium term, the industry will increase requirements for multi-layer approvals for large transfers, set limits for hot wallets, and require real-time on-chain monitoring.
2. Bitcoin Spot ETFs Reclaim Annual Net Inflows
U.S. spot Bitcoin ETFs saw net inflows of about $191 million on September 24, marking the sixth consecutive trading day of capital inflows. Over six days, total inflows exceeded $2.8 billion and helped swing year-to-date flows from net outflows to net inflows. Daily incremental growth slowed compared with this week’s peak, but funds still primarily flowed into large products such as IBIT, indicating that institutional allocation demand has not yet been interrupted. ETFs provide a more stable buyer channel for the spot market; if subsequent net inflows and trading volumes continue to move in tandem, institutional demand’s pricing support may become more solid. If net inflows quickly turn negative, highly leveraged assets are likely to come under pressure first.
3. CFTC Adds Compliance Rules for Tokenized Assets
The U.S. CFTC updated its Q&A for crypto and blockchain-related business and clarified that futures brokers and clearing organizations may invest customers’ funds into tokenized versions of assets that are permitted under existing rules, and may also use blockchain to meet regulatory record-keeping requirements. The premise is that the underlying assets are compliant; after tokenization, they must have equivalent legal and economic rights and continue to meet requirements for liquidity, concentration, maturity/term, custody, and record retrieval. This does not mean direct investment in payment-type stablecoins is allowed. Tokenized U.S. Treasuries, fund shares, and on-chain ledgers gain clearer institutional access pathways, but competition will likely center on legal identification/entitlements, custody/control, data availability, and disaster-recovery capabilities.
The information above is compiled from public sources only and does not constitute any investment advice.
1. Bitget Attack Exposes Signature System Risks
Bitget confirmed that abnormal transfers occurred in part of its hot wallets and warm wallets. Initial estimates put the affected amount at approximately $351.6 million; cold wallets were not impacted. Withdrawals were temporarily paused, and the platform stated that the protection fund can cover losses. Management said the attacker did not steal private keys, but instead breached the wallet backend, forged transfer requests, and invoked internal signing procedures. The incident highlights that an exchange’s security boundary is not limited to private key custody—it also includes instruction generation, permission tiering, and interception of abnormal transactions. In the short term, user liquidity and the platform’s credit face pressure; in the medium term, the industry will increase requirements for multi-layer approvals for large transfers, set limits for hot wallets, and require real-time on-chain monitoring.
2. Bitcoin Spot ETFs Reclaim Annual Net Inflows
U.S. spot Bitcoin ETFs saw net inflows of about $191 million on September 24, marking the sixth consecutive trading day of capital inflows. Over six days, total inflows exceeded $2.8 billion and helped swing year-to-date flows from net outflows to net inflows. Daily incremental growth slowed compared with this week’s peak, but funds still primarily flowed into large products such as IBIT, indicating that institutional allocation demand has not yet been interrupted. ETFs provide a more stable buyer channel for the spot market; if subsequent net inflows and trading volumes continue to move in tandem, institutional demand’s pricing support may become more solid. If net inflows quickly turn negative, highly leveraged assets are likely to come under pressure first.
3. CFTC Adds Compliance Rules for Tokenized Assets
The U.S. CFTC updated its Q&A for crypto and blockchain-related business and clarified that futures brokers and clearing organizations may invest customers’ funds into tokenized versions of assets that are permitted under existing rules, and may also use blockchain to meet regulatory record-keeping requirements. The premise is that the underlying assets are compliant; after tokenization, they must have equivalent legal and economic rights and continue to meet requirements for liquidity, concentration, maturity/term, custody, and record retrieval. This does not mean direct investment in payment-type stablecoins is allowed. Tokenized U.S. Treasuries, fund shares, and on-chain ledgers gain clearer institutional access pathways, but competition will likely center on legal identification/entitlements, custody/control, data availability, and disaster-recovery capabilities.
The information above is compiled from public sources only and does not constitute any investment advice.