Joyce加密研究
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Joyce加密研究
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Block User
专注加密市场一手消息、宏观政策与跨资产影响。
拆解 BTC、ETH、黄金、原油和科技股的资金逻辑，分享公开信息与个人判断。
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Did Wall Street really go crazy for ZEC after ZCSH broke through 500 million USD in two weeks?Zcash has once again come up with a very attention-grabbing figure:
5 billion USD.
Grayscale's Zcash ETF—ZCSH—after it listed on NYSE Arca on August 25, only two weeks later its assets under management surpassed 500 million USD.
Meanwhile, Grayscale's latest announcement says the fund currently already holds more than 550,000 ZEC. Based on Zcash's official circulating supply of about 16.92 million ZEC, this is equivalent to a product holding roughly 3.2%—3.3% of the circulating ZEC.
This number is staggering.
But there's one thing that must be clarified first:
5 billion USD AUM, which is not the same as the past two weeks when Wall Street took 500 million USD in cash to the market to buy ZEC.
Did Wall Street really go crazy for ZEC after ZCSH broke through 500 million USD in two weeks?
Zcash has once again come up with a very attention-grabbing figure:
5 billion USD.
Grayscale's Zcash ETF—ZCSH—after it listed on NYSE Arca on August 25, only two weeks later its assets under management surpassed 500 million USD.
Meanwhile, Grayscale's latest announcement says the fund currently already holds more than 550,000 ZEC. Based on Zcash's official circulating supply of about 16.92 million ZEC, this is equivalent to a product holding roughly 3.2%—3.3% of the circulating ZEC.
This number is staggering.
But there's one thing that must be clarified first:
5 billion USD AUM, which is not the same as the past two weeks when Wall Street took 500 million USD in cash to the market to buy ZEC.
5 billion USD.
Grayscale's Zcash ETF—ZCSH—after it listed on NYSE Arca on August 25, only two weeks later its assets under management surpassed 500 million USD.
Meanwhile, Grayscale's latest announcement says the fund currently already holds more than 550,000 ZEC. Based on Zcash's official circulating supply of about 16.92 million ZEC, this is equivalent to a product holding roughly 3.2%—3.3% of the circulating ZEC.
This number is staggering.
But there's one thing that must be clarified first:
5 billion USD AUM, which is not the same as the past two weeks when Wall Street took 500 million USD in cash to the market to buy ZEC.
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European Central Bank’s second rate hike to 2.5%—as $100 oil prices are pressuring the world to tighten again?The European Central Bank has hiked rates again.
On September 10, the ECB raised the deposit rate from:
2.25% → 2.50%
Raise by 25 basis points.
This is the second rate hike this year.
But the most worth watching this time isn’t the figure “2.5%.”
Rather than what—why has the European Central Bank started adding again?
In August, euro area inflation has already risen to:
3.3%.
Far higher than the ECB’s 2% target.
But once you break the numbers down, you’ll find a very clear contradiction:
Energy prices are up year over year:
14.3%.
After excluding energy, inflation is only:
2.2%.
In other words:
This round of European inflation is rearing its head again, and a large part is being pushed up by oil and natural gas, forcibly.
European Central Bank’s second rate hike to 2.5%—as $100 oil prices are pressuring the world to tighten again?
The European Central Bank has hiked rates again.
On September 10, the ECB raised the deposit rate from:
2.25% → 2.50%
Raise by 25 basis points.
This is the second rate hike this year.
But the most worth watching this time isn’t the figure “2.5%.”
Rather than what—why has the European Central Bank started adding again?
In August, euro area inflation has already risen to:
3.3%.
Far higher than the ECB’s 2% target.
But once you break the numbers down, you’ll find a very clear contradiction:
Energy prices are up year over year:
14.3%.
After excluding energy, inflation is only:
2.2%.
In other words:
This round of European inflation is rearing its head again, and a large part is being pushed up by oil and natural gas, forcibly.
On September 10, the ECB raised the deposit rate from:
2.25% → 2.50%
Raise by 25 basis points.
This is the second rate hike this year.
But the most worth watching this time isn’t the figure “2.5%.”
Rather than what—why has the European Central Bank started adding again?
In August, euro area inflation has already risen to:
3.3%.
Far higher than the ECB’s 2% target.
But once you break the numbers down, you’ll find a very clear contradiction:
Energy prices are up year over year:
14.3%.
After excluding energy, inflation is only:
2.2%.
In other words:
This round of European inflation is rearing its head again, and a large part is being pushed up by oil and natural gas, forcibly.
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10-year U.S. Treasury hits 4.92%; what BTC should truly be afraid of isn’t those 25 basis pointsU.S. 10-year Treasury yields are once again approaching a dangerous level:
4.92%.
The intraday high reached 4.927%; then although it pulled back slightly to around 4.916%, it still rose by about 8 basis points that day.
That is to say:
Bond prices are still falling; the market demands that the U.S. government pay higher interest before it is willing to keep lending to it.
Why did it suddenly push toward 5% again?
Several conditions have appeared almost at the same time recently:
U.S. August PPI year-over-year was 5.4%, slightly above expectations;
Oil prices surged back above $100, and Brent even broke through $105;
The European Central Bank raised rates again to 2.5%;
10-year U.S. Treasury hits 4.92%; what BTC should truly be afraid of isn’t those 25 basis points
U.S. 10-year Treasury yields are once again approaching a dangerous level:
4.92%.
The intraday high reached 4.927%; then although it pulled back slightly to around 4.916%, it still rose by about 8 basis points that day.
That is to say:
Bond prices are still falling; the market demands that the U.S. government pay higher interest before it is willing to keep lending to it.
Why did it suddenly push toward 5% again?
Several conditions have appeared almost at the same time recently:
U.S. August PPI year-over-year was 5.4%, slightly above expectations;
Oil prices surged back above $100, and Brent even broke through $105;
The European Central Bank raised rates again to 2.5%;
4.92%.
The intraday high reached 4.927%; then although it pulled back slightly to around 4.916%, it still rose by about 8 basis points that day.
That is to say:
Bond prices are still falling; the market demands that the U.S. government pay higher interest before it is willing to keep lending to it.
Why did it suddenly push toward 5% again?
Several conditions have appeared almost at the same time recently:
U.S. August PPI year-over-year was 5.4%, slightly above expectations;
Oil prices surged back above $100, and Brent even broke through $105;
The European Central Bank raised rates again to 2.5%;
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SEC further lowered an ETF threshold: can up to 15% be put into “non-standard” Crypto going forward?The SEC recently approved a new rule that looks pretty dry, but is important for Crypto ETFs.
When listing commodity-trust products on Nasdaq Texas, it can allow:
No more than 15% of assets, coming from digital commodities or securities that temporarily do not meet the original general listing standards.
In addition, two more things were done:
Formally included “digital commodities” in the definition;
Allows commodity trusts to do active management.
Here’s how ordinary people can understand it.
In the past, if you had a commodity ETF, the assets in the portfolio basically had to strictly satisfy the predetermined conditions.
Now the rules are:
At least 85% is still the “qualified assets” from the old rules; the remaining up to 15% can be used to make room for some digital commodities that temporarily don’t fully meet the standards.
SEC further lowered an ETF threshold: can up to 15% be put into “non-standard” Crypto going forward?
The SEC recently approved a new rule that looks pretty dry, but is important for Crypto ETFs.
When listing commodity-trust products on Nasdaq Texas, it can allow:
No more than 15% of assets, coming from digital commodities or securities that temporarily do not meet the original general listing standards.
In addition, two more things were done:
Formally included “digital commodities” in the definition;
Allows commodity trusts to do active management.
Here’s how ordinary people can understand it.
In the past, if you had a commodity ETF, the assets in the portfolio basically had to strictly satisfy the predetermined conditions.
Now the rules are:
At least 85% is still the “qualified assets” from the old rules; the remaining up to 15% can be used to make room for some digital commodities that temporarily don’t fully meet the standards.
When listing commodity-trust products on Nasdaq Texas, it can allow:
No more than 15% of assets, coming from digital commodities or securities that temporarily do not meet the original general listing standards.
In addition, two more things were done:
Formally included “digital commodities” in the definition;
Allows commodity trusts to do active management.
Here’s how ordinary people can understand it.
In the past, if you had a commodity ETF, the assets in the portfolio basically had to strictly satisfy the predetermined conditions.
Now the rules are:
At least 85% is still the “qualified assets” from the old rules; the remaining up to 15% can be used to make room for some digital commodities that temporarily don’t fully meet the standards.
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Apple’s first foldable screen is here—why didn’t the stock price rise much?Apple has finally folded.
Apple’s first foldable iPhone is officially released:
iPhone Duo
Price:
US$1,999.
When folded, it looks like a passport; when opened, it’s a 7.6-inch big screen, powered by the A20 Pro, with a custom C2 modem, and it also supports multi-window split-screen multitasking.
But there’s an interesting detail.
After Apple announced such a major product change, the stock price fell more than 2% at one point on the day, but ultimately closed down by about 0.3%.
Why?
Because what the capital markets are looking at isn’t:
“Apple finally has a foldable screen.”
Instead, it’s:
“With this 1,999-dollar phone, how many units can it actually sell?”
Foldable screens aren’t exactly new.
Apple’s first foldable screen is here—why didn’t the stock price rise much?
Apple has finally folded.
Apple’s first foldable iPhone is officially released:
iPhone Duo
Price:
US$1,999.
When folded, it looks like a passport; when opened, it’s a 7.6-inch big screen, powered by the A20 Pro, with a custom C2 modem, and it also supports multi-window split-screen multitasking.
But there’s an interesting detail.
After Apple announced such a major product change, the stock price fell more than 2% at one point on the day, but ultimately closed down by about 0.3%.
Why?
Because what the capital markets are looking at isn’t:
“Apple finally has a foldable screen.”
Instead, it’s:
“With this 1,999-dollar phone, how many units can it actually sell?”
Foldable screens aren’t exactly new.
Apple’s first foldable iPhone is officially released:
iPhone Duo
Price:
US$1,999.
When folded, it looks like a passport; when opened, it’s a 7.6-inch big screen, powered by the A20 Pro, with a custom C2 modem, and it also supports multi-window split-screen multitasking.
But there’s an interesting detail.
After Apple announced such a major product change, the stock price fell more than 2% at one point on the day, but ultimately closed down by about 0.3%.
Why?
Because what the capital markets are looking at isn’t:
“Apple finally has a foldable screen.”
Instead, it’s:
“With this 1,999-dollar phone, how many units can it actually sell?”
Foldable screens aren’t exactly new.
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Core PPI Comes in Below Expectations—Why Does the Market Fear a Fed Hike Even More?
The U.S. August PPI is out.
At first glance, it looks like a positive number:
Core PPI month over month came in at +0.2%, below the market’s +0.3% forecast.
Many Crypto players might think at once:
Inflation is cooling, so Fed pressure eases.
But the market isn’t trading it that way.
Because overall PPI month over month is still +0.4%, in line with expectations; year over year it reached +5.4%, slightly above the market’s forecast, and it has accelerated noticeably versus July.
What’s really troublesome is this:
Energy prices are back.
In August, energy PPI rose 4.2% in a single month, with diesel prices jumping 24.1%.
This lines up perfectly with the recent market backdrop:
The U.S.-Iran conflict continues,
Shipping through the Strait of Hormuz is disrupted,
Saudi energy facilities are attacked,
And Brent has climbed back above $100.
So the message from this PPI is mixed:
Core goods and services aren’t spiraling out of control, but energy is pushing overall inflation back up.
For ordinary holders, it can be understood like this:
What the Fed least wants to see is:
Employment is still strong, and oil prices are rising.
Last week’s nonfarm payrolls at 162,000 already showed the U.S. economy isn’t showing a clear downturn—at least for now.
And now PPI year over year has risen again to 5.4%.
So it’s hard for the market to get comfortable trading the narrative:
“Economic conditions are getting bad, so the Fed will turn dovish immediately.”
After the data was released, bets on a rate hike in September actually increased to nearly 70%, and the yield on the 10-year U.S. Treasury briefly pushed toward 4.92%.
That’s not comfortable for Crypto in the short term.
Because what Crypto really lacks right now isn’t a nice-looking PPI number, but:
When interest rates can truly come down.
However, today’s PPI hasn’t fully locked in the outcome.
The reason is simple:
The Fed cares more about CPI and PCE, and tomorrow’s more important U.S. CPI is still to come.
So there are two possible scenarios.
Scenario A: CPI comes in clearly below expectations
Then today’s core PPI cooling would regain the market’s attention.
The rise in energy could be interpreted as a temporary geopolitical shock, the probability of the Fed pausing hikes would rise again, and BTC and high-beta altcoins would get some breathing room.
Scenario B: CPI stays on the hot side
Then the logic becomes completely straightforward:
Strong nonfarm + high PPI + $100-a-barrel oil.
That combination would strengthen the case for Fed rate hikes significantly.
In that case, Crypto wouldn’t just be facing a data-driven negative—its entire macro environment would tighten again.
#美国8月ppi涨幅低于预期
Core PPI Comes in Below Expectations—Why Does the Market Fear a Fed Hike Even More?
The U.S. August PPI is out.
At first glance, it looks like a positive number:
Core PPI month over month came in at +0.2%, below the market’s +0.3% forecast.
Many Crypto players might think at once:
Inflation is cooling, so Fed pressure eases.
But the market isn’t trading it that way.
Because overall PPI month over month is still +0.4%, in line with expectations; year over year it reached +5.4%, slightly above the market’s forecast, and it has accelerated noticeably versus July.
What’s really troublesome is this:
Energy prices are back.
In August, energy PPI rose 4.2% in a single month, with diesel prices jumping 24.1%.
This lines up perfectly with the recent market backdrop:
The U.S.-Iran conflict continues,
Shipping through the Strait of Hormuz is disrupted,
Saudi energy facilities are attacked,
And Brent has climbed back above $100.
So the message from this PPI is mixed:
Core goods and services aren’t spiraling out of control, but energy is pushing overall inflation back up.
For ordinary holders, it can be understood like this:
What the Fed least wants to see is:
Employment is still strong, and oil prices are rising.
Last week’s nonfarm payrolls at 162,000 already showed the U.S. economy isn’t showing a clear downturn—at least for now.
And now PPI year over year has risen again to 5.4%.
So it’s hard for the market to get comfortable trading the narrative:
“Economic conditions are getting bad, so the Fed will turn dovish immediately.”
After the data was released, bets on a rate hike in September actually increased to nearly 70%, and the yield on the 10-year U.S. Treasury briefly pushed toward 4.92%.
That’s not comfortable for Crypto in the short term.
Because what Crypto really lacks right now isn’t a nice-looking PPI number, but:
When interest rates can truly come down.
However, today’s PPI hasn’t fully locked in the outcome.
The reason is simple:
The Fed cares more about CPI and PCE, and tomorrow’s more important U.S. CPI is still to come.
So there are two possible scenarios.
Scenario A: CPI comes in clearly below expectations
Then today’s core PPI cooling would regain the market’s attention.
The rise in energy could be interpreted as a temporary geopolitical shock, the probability of the Fed pausing hikes would rise again, and BTC and high-beta altcoins would get some breathing room.
Scenario B: CPI stays on the hot side
Then the logic becomes completely straightforward:
Strong nonfarm + high PPI + $100-a-barrel oil.
That combination would strengthen the case for Fed rate hikes significantly.
In that case, Crypto wouldn’t just be facing a data-driven negative—its entire macro environment would tighten again.
#美国8月ppi涨幅低于预期
The U.S. August PPI is out.
At first glance, it looks like a positive number:
Core PPI month over month came in at +0.2%, below the market’s +0.3% forecast.
Many Crypto players might think at once:
Inflation is cooling, so Fed pressure eases.
But the market isn’t trading it that way.
Because overall PPI month over month is still +0.4%, in line with expectations; year over year it reached +5.4%, slightly above the market’s forecast, and it has accelerated noticeably versus July.
What’s really troublesome is this:
Energy prices are back.
In August, energy PPI rose 4.2% in a single month, with diesel prices jumping 24.1%.
This lines up perfectly with the recent market backdrop:
The U.S.-Iran conflict continues,
Shipping through the Strait of Hormuz is disrupted,
Saudi energy facilities are attacked,
And Brent has climbed back above $100.
So the message from this PPI is mixed:
Core goods and services aren’t spiraling out of control, but energy is pushing overall inflation back up.
For ordinary holders, it can be understood like this:
What the Fed least wants to see is:
Employment is still strong, and oil prices are rising.
Last week’s nonfarm payrolls at 162,000 already showed the U.S. economy isn’t showing a clear downturn—at least for now.
And now PPI year over year has risen again to 5.4%.
So it’s hard for the market to get comfortable trading the narrative:
“Economic conditions are getting bad, so the Fed will turn dovish immediately.”
After the data was released, bets on a rate hike in September actually increased to nearly 70%, and the yield on the 10-year U.S. Treasury briefly pushed toward 4.92%.
That’s not comfortable for Crypto in the short term.
Because what Crypto really lacks right now isn’t a nice-looking PPI number, but:
When interest rates can truly come down.
However, today’s PPI hasn’t fully locked in the outcome.
The reason is simple:
The Fed cares more about CPI and PCE, and tomorrow’s more important U.S. CPI is still to come.
So there are two possible scenarios.
Scenario A: CPI comes in clearly below expectations
Then today’s core PPI cooling would regain the market’s attention.
The rise in energy could be interpreted as a temporary geopolitical shock, the probability of the Fed pausing hikes would rise again, and BTC and high-beta altcoins would get some breathing room.
Scenario B: CPI stays on the hot side
Then the logic becomes completely straightforward:
Strong nonfarm + high PPI + $100-a-barrel oil.
That combination would strengthen the case for Fed rate hikes significantly.
In that case, Crypto wouldn’t just be facing a data-driven negative—its entire macro environment would tighten again.
#美国8月ppi涨幅低于预期
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Ripple starts chasing senators for votes—why is CLARITY so important for XRP?With just a few days left until the next critical checkpoint for the CLARITY Act, Ripple has started to personally urge votes.
Ripple Chief Legal Officer Stuart Alderoty’s latest remarks:
He has asked the offices of senators who oppose CLARITY—or who haven’t decided yet—to meet with ordinary Americans who truly hold Crypto before the vote.
The reason is simple:
The U.S. has about 67 million Crypto holders.
This vote won’t affect just a handful of exchange CEOs—it will impact a large number of real voters.
Why is Ripple in such a hurry?
Because on September 15, the Senate will hold a key procedural vote on the CLARITY Act. It needs: 60 votes.
Ripple starts chasing senators for votes—why is CLARITY so important for XRP?
With just a few days left until the next critical checkpoint for the CLARITY Act, Ripple has started to personally urge votes.
Ripple Chief Legal Officer Stuart Alderoty’s latest remarks:
He has asked the offices of senators who oppose CLARITY—or who haven’t decided yet—to meet with ordinary Americans who truly hold Crypto before the vote.
The reason is simple:
The U.S. has about 67 million Crypto holders.
This vote won’t affect just a handful of exchange CEOs—it will impact a large number of real voters.
Why is Ripple in such a hurry?
Because on September 15, the Senate will hold a key procedural vote on the CLARITY Act. It needs: 60 votes.
Ripple Chief Legal Officer Stuart Alderoty’s latest remarks:
He has asked the offices of senators who oppose CLARITY—or who haven’t decided yet—to meet with ordinary Americans who truly hold Crypto before the vote.
The reason is simple:
The U.S. has about 67 million Crypto holders.
This vote won’t affect just a handful of exchange CEOs—it will impact a large number of real voters.
Why is Ripple in such a hurry?
Because on September 15, the Senate will hold a key procedural vote on the CLARITY Act. It needs: 60 votes.
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Brent Crude Returns to $100—Is Bitcoin’s Real Trouble Only Just Beginning?Crude oil has finally regained one of the market’s most sensitive numbers: $100.
Intraday, Brent crude hit a high of $100.19 per barrel today—its first return above $100 since July 24.
Since the start of August, Brent has risen by about 25%.
The reason is no longer just “the tense situation in the Middle East.”
Over the past few days, risks have kept stacking up:
The U.S. military strikes Iranian oil tankers,
Iran retaliates against U.S. military targets,
Houthi forces attack Saudi energy facilities,
Shipping traffic through the Strait of Hormuz continues to decline.
Latest data shows that on Tuesday, only 6 cargo vessels passed through the Strait of Hormuz.
Brent Crude Returns to $100—Is Bitcoin’s Real Trouble Only Just Beginning?
Crude oil has finally regained one of the market’s most sensitive numbers: $100.
Intraday, Brent crude hit a high of $100.19 per barrel today—its first return above $100 since July 24.
Since the start of August, Brent has risen by about 25%.
The reason is no longer just “the tense situation in the Middle East.”
Over the past few days, risks have kept stacking up:
The U.S. military strikes Iranian oil tankers,
Iran retaliates against U.S. military targets,
Houthi forces attack Saudi energy facilities,
Shipping traffic through the Strait of Hormuz continues to decline.
Latest data shows that on Tuesday, only 6 cargo vessels passed through the Strait of Hormuz.
Intraday, Brent crude hit a high of $100.19 per barrel today—its first return above $100 since July 24.
Since the start of August, Brent has risen by about 25%.
The reason is no longer just “the tense situation in the Middle East.”
Over the past few days, risks have kept stacking up:
The U.S. military strikes Iranian oil tankers,
Iran retaliates against U.S. military targets,
Houthi forces attack Saudi energy facilities,
Shipping traffic through the Strait of Hormuz continues to decline.
Latest data shows that on Tuesday, only 6 cargo vessels passed through the Strait of Hormuz.
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Zcash ETF surpasses $500 million, but the truly new external money could be only just over $70 million?Zcash ETF surpasses $500 million, but how much of the truly new money is there?
The Zcash ETF has another big number that’s easy to misread:
$500 million.
Grayscale’s Zcash ETF—ZCSH. It has been listed for only two weeks, and assets under management already exceed $500 million.
Meanwhile, the fund currently holds:
More than 550,000 ZEC.
Based on circulating supply of about 16.9 million ZEC, one ETF already controls roughly 3.2% of the circulating ZEC.
At this point, it’s easy to interpret it as:
“Institutions bought $500 million worth of ZEC in two weeks.”
It’s not calculated like that in practice.
Grayscale’s latest own disclosure, once the money is broken down, makes things more interesting.
Zcash ETF surpasses $500 million, but the truly new external money could be only just over $70 million?
Zcash ETF surpasses $500 million, but how much of the truly new money is there?
The Zcash ETF has another big number that’s easy to misread:
$500 million.
Grayscale’s Zcash ETF—ZCSH. It has been listed for only two weeks, and assets under management already exceed $500 million.
Meanwhile, the fund currently holds:
More than 550,000 ZEC.
Based on circulating supply of about 16.9 million ZEC, one ETF already controls roughly 3.2% of the circulating ZEC.
At this point, it’s easy to interpret it as:
“Institutions bought $500 million worth of ZEC in two weeks.”
It’s not calculated like that in practice.
Grayscale’s latest own disclosure, once the money is broken down, makes things more interesting.
The Zcash ETF has another big number that’s easy to misread:
$500 million.
Grayscale’s Zcash ETF—ZCSH. It has been listed for only two weeks, and assets under management already exceed $500 million.
Meanwhile, the fund currently holds:
More than 550,000 ZEC.
Based on circulating supply of about 16.9 million ZEC, one ETF already controls roughly 3.2% of the circulating ZEC.
At this point, it’s easy to interpret it as:
“Institutions bought $500 million worth of ZEC in two weeks.”
It’s not calculated like that in practice.
Grayscale’s latest own disclosure, once the money is broken down, makes things more interesting.
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Just 3% away from the “10/10 crash”: Hyperliquid leverage is back up to $14.3 billion—what’s different this time?HYPE recently hit a new all-time high again.
But the other number is actually more worth watching than the price:
$14.3 billion.
This is Hyperliquid’s current total open interest (OI), i.e., the total number of outstanding contracts.
How high was that number?
Before the extreme deleveraging event on October 10 last year, Hyperliquid’s OI peak was about $14.7 billion.
Now it’s $14.3 billion.
It’s only about 3% away from the previous all-time high.
That’s quite interesting.
What happened during last year's “10/10”?
OI dropped from about $14.7 billion to around $6.5 billion within a single day.
It shrank by more than half.
Just 3% away from the “10/10 crash”: Hyperliquid leverage is back up to $14.3 billion—what’s different this time?
HYPE recently hit a new all-time high again.
But the other number is actually more worth watching than the price:
$14.3 billion.
This is Hyperliquid’s current total open interest (OI), i.e., the total number of outstanding contracts.
How high was that number?
Before the extreme deleveraging event on October 10 last year, Hyperliquid’s OI peak was about $14.7 billion.
Now it’s $14.3 billion.
It’s only about 3% away from the previous all-time high.
That’s quite interesting.
What happened during last year's “10/10”?
OI dropped from about $14.7 billion to around $6.5 billion within a single day.
It shrank by more than half.
But the other number is actually more worth watching than the price:
$14.3 billion.
This is Hyperliquid’s current total open interest (OI), i.e., the total number of outstanding contracts.
How high was that number?
Before the extreme deleveraging event on October 10 last year, Hyperliquid’s OI peak was about $14.7 billion.
Now it’s $14.3 billion.
It’s only about 3% away from the previous all-time high.
That’s quite interesting.
What happened during last year's “10/10”?
OI dropped from about $14.7 billion to around $6.5 billion within a single day.
It shrank by more than half.
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AERO jumps nearly 20% during the trading session—what exactly is the market fighting for?BTC is still trading around the $780,000 mark, while AERO surged nearly 20% today at one point, topping out at $0.676.
The key to this fund flow isn’t just that “the Base ecosystem is getting hot again.”
The bigger story is:
U.S. stocks are moving onto Base, and Aerodrome is becoming a major liquidity entry point for their trading.
On August 24, the tokenized stock issued by Coinbase officially launched on Base.
After Apple, Nvidia, Meta, Alphabet, and other stocks were 1:1 custodied, they were turned into on-chain Tokens that can be traded 24/7, while Base’s official move directly lists Aerodrome as a trading venue with deep liquidity.
AERO jumps nearly 20% during the trading session—what exactly is the market fighting for?
BTC is still trading around the $780,000 mark, while AERO surged nearly 20% today at one point, topping out at $0.676.
The key to this fund flow isn’t just that “the Base ecosystem is getting hot again.”
The bigger story is:
U.S. stocks are moving onto Base, and Aerodrome is becoming a major liquidity entry point for their trading.
On August 24, the tokenized stock issued by Coinbase officially launched on Base.
After Apple, Nvidia, Meta, Alphabet, and other stocks were 1:1 custodied, they were turned into on-chain Tokens that can be traded 24/7, while Base’s official move directly lists Aerodrome as a trading venue with deep liquidity.
The key to this fund flow isn’t just that “the Base ecosystem is getting hot again.”
The bigger story is:
U.S. stocks are moving onto Base, and Aerodrome is becoming a major liquidity entry point for their trading.
On August 24, the tokenized stock issued by Coinbase officially launched on Base.
After Apple, Nvidia, Meta, Alphabet, and other stocks were 1:1 custodied, they were turned into on-chain Tokens that can be traded 24/7, while Base’s official move directly lists Aerodrome as a trading venue with deep liquidity.
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Canada’s retaliatory measures of up to 50% take effect—why did this time hurt the U.S.-Canada relationship for real?The U.S.-Canada tariff war has already moved from “mutual threats” to the real stage of collecting duties.
Starting September 8, Canada will formally impose retaliatory tariffs on about CAD 27.6 billion worth of U.S. goods:
15%, 25%, 50%.
Some steel–aluminum products were directly raised from 25% to 50%.
But the more noteworthy thing this time isn’t the 50% figure.
Instead, Canada began turning tariffs into a political weapon.
Reuters reports that some products are intended to target politically sensitive U.S. states such as Michigan and Ohio, with less than two months left until the midterm elections in mid-November.
Ordinary people can understand it like this:
Previously it was:
“If you add tariffs to the goods I sell, I will also add tariffs to the goods you sell.”
Canada’s retaliatory measures of up to 50% take effect—why did this time hurt the U.S.-Canada relationship for real?
The U.S.-Canada tariff war has already moved from “mutual threats” to the real stage of collecting duties.
Starting September 8, Canada will formally impose retaliatory tariffs on about CAD 27.6 billion worth of U.S. goods:
15%, 25%, 50%.
Some steel–aluminum products were directly raised from 25% to 50%.
But the more noteworthy thing this time isn’t the 50% figure.
Instead, Canada began turning tariffs into a political weapon.
Reuters reports that some products are intended to target politically sensitive U.S. states such as Michigan and Ohio, with less than two months left until the midterm elections in mid-November.
Ordinary people can understand it like this:
Previously it was:
“If you add tariffs to the goods I sell, I will also add tariffs to the goods you sell.”
Starting September 8, Canada will formally impose retaliatory tariffs on about CAD 27.6 billion worth of U.S. goods:
15%, 25%, 50%.
Some steel–aluminum products were directly raised from 25% to 50%.
But the more noteworthy thing this time isn’t the 50% figure.
Instead, Canada began turning tariffs into a political weapon.
Reuters reports that some products are intended to target politically sensitive U.S. states such as Michigan and Ohio, with less than two months left until the midterm elections in mid-November.
Ordinary people can understand it like this:
Previously it was:
“If you add tariffs to the goods I sell, I will also add tariffs to the goods you sell.”
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ETFs keep buying $3.8 billion—why is there still a $1 billion deficit this year?
The U.S. spot Bitcoin ETFs have started aggressively buying again.
Net inflows in August: about $3.52 billion.
Since September began, another roughly $770 million has come in.
Over the last three consecutive weeks, total ETF inflows have nearly reached: $3.8 billion.
It looks like institutional capital has fully returned.
But there’s one abnormal number:
As of 2026 to date, the overall capital flow for U.S. BTC ETFs is still negative, and about $1 billion is left before the year returns to net inflows.
Why?
Because the holes dug in the first half of this year were too deep—especially in June.
In a single month, net ETF outflows were as high as: $4.51 billion.
It almost fully reversed the funds accumulated in March and April.
So what we’re seeing now is essentially a “filling-the-gap” rally.
August +$3.52 billion,
September +$0.77 billion again—
funds are indeed coming back, but not all of the money that escaped earlier in the first half has been recovered.
What does this mean for BTC?
In the short term, the most important thing is not the number itself—“the year finally turns positive.”
Instead, it’s this: after strong nonfarm payrolls, oil prices nearing $100, and U.S. Treasury yields staying elevated, will ETFs keep buying?
Because when this latest round of institutional inflows kicked in, the market was trading a pause in Fed rate hikes, a weaker dollar, and improved liquidity.
Now the macro environment has changed.
August U.S. nonfarm payrolls came in at 162,000, far above expectations.
Meanwhile, conflicts in the Middle East pushed oil prices toward $100, and the market has again raised the probability of September rate hikes.
BTC has also moved: from around $82,000 a few days ago back to roughly $78.5k.
So two completely different scenarios may unfold next.
Scenario A: ETFs close the final $1 billion gap
If in the next few trading days net inflows continue to stay at the level of several hundred million to a couple billion dollars, even with BTC facing high oil prices, high yields, and rate-hike expectations, institutions will still keep buying—
then the nature of this flow changes.
It would indicate that ETF money isn’t simply chasing macro-positive headlines.
Around $78.5k, there may be real institutional support forming.
Scenario B: Funds switch back to outflows
If CPI turns on the hot side, the Fed stays hawkish, and ETFs start flowing out again,
then the recent $3.8 billion return is more likely to look like a phase-based asset allocation.
For BTC to retest levels above $82,000 would become noticeably harder.
#比特币etf年内仍缺10亿美元
ETFs keep buying $3.8 billion—why is there still a $1 billion deficit this year?
The U.S. spot Bitcoin ETFs have started aggressively buying again.
Net inflows in August: about $3.52 billion.
Since September began, another roughly $770 million has come in.
Over the last three consecutive weeks, total ETF inflows have nearly reached: $3.8 billion.
It looks like institutional capital has fully returned.
But there’s one abnormal number:
As of 2026 to date, the overall capital flow for U.S. BTC ETFs is still negative, and about $1 billion is left before the year returns to net inflows.
Why?
Because the holes dug in the first half of this year were too deep—especially in June.
In a single month, net ETF outflows were as high as: $4.51 billion.
It almost fully reversed the funds accumulated in March and April.
So what we’re seeing now is essentially a “filling-the-gap” rally.
August +$3.52 billion,
September +$0.77 billion again—
funds are indeed coming back, but not all of the money that escaped earlier in the first half has been recovered.
What does this mean for BTC?
In the short term, the most important thing is not the number itself—“the year finally turns positive.”
Instead, it’s this: after strong nonfarm payrolls, oil prices nearing $100, and U.S. Treasury yields staying elevated, will ETFs keep buying?
Because when this latest round of institutional inflows kicked in, the market was trading a pause in Fed rate hikes, a weaker dollar, and improved liquidity.
Now the macro environment has changed.
August U.S. nonfarm payrolls came in at 162,000, far above expectations.
Meanwhile, conflicts in the Middle East pushed oil prices toward $100, and the market has again raised the probability of September rate hikes.
BTC has also moved: from around $82,000 a few days ago back to roughly $78.5k.
So two completely different scenarios may unfold next.
Scenario A: ETFs close the final $1 billion gap
If in the next few trading days net inflows continue to stay at the level of several hundred million to a couple billion dollars, even with BTC facing high oil prices, high yields, and rate-hike expectations, institutions will still keep buying—
then the nature of this flow changes.
It would indicate that ETF money isn’t simply chasing macro-positive headlines.
Around $78.5k, there may be real institutional support forming.
Scenario B: Funds switch back to outflows
If CPI turns on the hot side, the Fed stays hawkish, and ETFs start flowing out again,
then the recent $3.8 billion return is more likely to look like a phase-based asset allocation.
For BTC to retest levels above $82,000 would become noticeably harder.
#比特币etf年内仍缺10亿美元
The U.S. spot Bitcoin ETFs have started aggressively buying again.
Net inflows in August: about $3.52 billion.
Since September began, another roughly $770 million has come in.
Over the last three consecutive weeks, total ETF inflows have nearly reached: $3.8 billion.
It looks like institutional capital has fully returned.
But there’s one abnormal number:
As of 2026 to date, the overall capital flow for U.S. BTC ETFs is still negative, and about $1 billion is left before the year returns to net inflows.
Why?
Because the holes dug in the first half of this year were too deep—especially in June.
In a single month, net ETF outflows were as high as: $4.51 billion.
It almost fully reversed the funds accumulated in March and April.
So what we’re seeing now is essentially a “filling-the-gap” rally.
August +$3.52 billion,
September +$0.77 billion again—
funds are indeed coming back, but not all of the money that escaped earlier in the first half has been recovered.
What does this mean for BTC?
In the short term, the most important thing is not the number itself—“the year finally turns positive.”
Instead, it’s this: after strong nonfarm payrolls, oil prices nearing $100, and U.S. Treasury yields staying elevated, will ETFs keep buying?
Because when this latest round of institutional inflows kicked in, the market was trading a pause in Fed rate hikes, a weaker dollar, and improved liquidity.
Now the macro environment has changed.
August U.S. nonfarm payrolls came in at 162,000, far above expectations.
Meanwhile, conflicts in the Middle East pushed oil prices toward $100, and the market has again raised the probability of September rate hikes.
BTC has also moved: from around $82,000 a few days ago back to roughly $78.5k.
So two completely different scenarios may unfold next.
Scenario A: ETFs close the final $1 billion gap
If in the next few trading days net inflows continue to stay at the level of several hundred million to a couple billion dollars, even with BTC facing high oil prices, high yields, and rate-hike expectations, institutions will still keep buying—
then the nature of this flow changes.
It would indicate that ETF money isn’t simply chasing macro-positive headlines.
Around $78.5k, there may be real institutional support forming.
Scenario B: Funds switch back to outflows
If CPI turns on the hot side, the Fed stays hawkish, and ETFs start flowing out again,
then the recent $3.8 billion return is more likely to look like a phase-based asset allocation.
For BTC to retest levels above $82,000 would become noticeably harder.
#比特币etf年内仍缺10亿美元
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Can a $100-a-barrel oil price still hold up after Saudi energy facilities were bombed and shut down?The Middle East conflict has crossed another line.
A few days ago, what the market worried about was whether oil tankers could still pass safely through the Strait of Hormuz.
Today the question becomes: can Saudi Arabia’s own energy facilities still operate safely?
On September 8, the Houthis launched large-scale missile and drone attacks on multiple cities in southern Saudi Arabia.
Saudi Arabia’s Ministry of Energy has confirmed that several energy facilities caught fire, and some operations were temporarily suspended.
The attack spread to Abha, Khamis Mushait, Jazan and Najran, injuring at least 73 people.
What needs the most attention here is Jazan.
Here are Saudi Arabia’s important oil refining facilities, with the refining capacity at a maximum of about 400,000 barrels per day.
Can a $100-a-barrel oil price still hold up after Saudi energy facilities were bombed and shut down?
The Middle East conflict has crossed another line.
A few days ago, what the market worried about was whether oil tankers could still pass safely through the Strait of Hormuz.
Today the question becomes: can Saudi Arabia’s own energy facilities still operate safely?
On September 8, the Houthis launched large-scale missile and drone attacks on multiple cities in southern Saudi Arabia.
Saudi Arabia’s Ministry of Energy has confirmed that several energy facilities caught fire, and some operations were temporarily suspended.
The attack spread to Abha, Khamis Mushait, Jazan and Najran, injuring at least 73 people.
What needs the most attention here is Jazan.
Here are Saudi Arabia’s important oil refining facilities, with the refining capacity at a maximum of about 400,000 barrels per day.
A few days ago, what the market worried about was whether oil tankers could still pass safely through the Strait of Hormuz.
Today the question becomes: can Saudi Arabia’s own energy facilities still operate safely?
On September 8, the Houthis launched large-scale missile and drone attacks on multiple cities in southern Saudi Arabia.
Saudi Arabia’s Ministry of Energy has confirmed that several energy facilities caught fire, and some operations were temporarily suspended.
The attack spread to Abha, Khamis Mushait, Jazan and Najran, injuring at least 73 people.
What needs the most attention here is Jazan.
Here are Saudi Arabia’s important oil refining facilities, with the refining capacity at a maximum of about 400,000 barrels per day.
2
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The most crucial bull-bear clash for BTC is here: ETFs bought nearly $1 billion in a week, but the Fed may hike rates two more timesNow BTC is hovering around $80,000, and the market is witnessing a very interesting clash.
On one side, Wall Street is buying with real money.
Last week, U.S. spot BTC ETFs saw net inflows of about $987 million, marking the third consecutive week of inflows.
Among them, BlackRock’s IBIT alone attracted about $692 million, accounting for nearly 70%.
Throughout August, BTC ETFs saw net inflows of about $3.52 billion, one of the strongest monthly performances in nearly a year.
But on the other side, the Federal Reserve has suddenly turned more hawkish.
In August, the U.S. added 162,000 nonfarm jobs, far above market expectations, while the unemployment rate remained at 4.1%.
The most crucial bull-bear clash for BTC is here: ETFs bought nearly $1 billion in a week, but the Fed may hike rates two more times
Now BTC is hovering around $80,000, and the market is witnessing a very interesting clash.
On one side, Wall Street is buying with real money.
Last week, U.S. spot BTC ETFs saw net inflows of about $987 million, marking the third consecutive week of inflows.
Among them, BlackRock’s IBIT alone attracted about $692 million, accounting for nearly 70%.
Throughout August, BTC ETFs saw net inflows of about $3.52 billion, one of the strongest monthly performances in nearly a year.
But on the other side, the Federal Reserve has suddenly turned more hawkish.
In August, the U.S. added 162,000 nonfarm jobs, far above market expectations, while the unemployment rate remained at 4.1%.
On one side, Wall Street is buying with real money.
Last week, U.S. spot BTC ETFs saw net inflows of about $987 million, marking the third consecutive week of inflows.
Among them, BlackRock’s IBIT alone attracted about $692 million, accounting for nearly 70%.
Throughout August, BTC ETFs saw net inflows of about $3.52 billion, one of the strongest monthly performances in nearly a year.
But on the other side, the Federal Reserve has suddenly turned more hawkish.
In August, the U.S. added 162,000 nonfarm jobs, far above market expectations, while the unemployment rate remained at 4.1%.
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Canada’s highest 50% tariffs take effect—why does BTC also need to watch this trade war?The U.S.-Canada tariff war officially escalates today.
Starting September 8, Canada will officially impose retaliatory tariffs on about C$27.6 billion (around US$20 billion) worth of U.S. goods.
The tax rate is divided into three tiers: 15%, 25%, and 50%.
Involves hundreds of categories of goods such as steel, aluminum, dairy products, household appliances, agricultural equipment, pulp, plastics, and electronics.
For some steel and aluminum products, tariffs even increase directly from 25% to 50%.
Here’s how ordinary people can understand it: previously, the United States added tariffs to Canadian goods,
Now Canada directly says, “If you charge me how much, I’ll try to charge back in kind as much as possible.”
And this time it’s no longer just a threat. Tariffs start collecting real money today.
Canada’s highest 50% tariffs take effect—why does BTC also need to watch this trade war?
The U.S.-Canada tariff war officially escalates today.
Starting September 8, Canada will officially impose retaliatory tariffs on about C$27.6 billion (around US$20 billion) worth of U.S. goods.
The tax rate is divided into three tiers: 15%, 25%, and 50%.
Involves hundreds of categories of goods such as steel, aluminum, dairy products, household appliances, agricultural equipment, pulp, plastics, and electronics.
For some steel and aluminum products, tariffs even increase directly from 25% to 50%.
Here’s how ordinary people can understand it: previously, the United States added tariffs to Canadian goods,
Now Canada directly says, “If you charge me how much, I’ll try to charge back in kind as much as possible.”
And this time it’s no longer just a threat. Tariffs start collecting real money today.
Starting September 8, Canada will officially impose retaliatory tariffs on about C$27.6 billion (around US$20 billion) worth of U.S. goods.
The tax rate is divided into three tiers: 15%, 25%, and 50%.
Involves hundreds of categories of goods such as steel, aluminum, dairy products, household appliances, agricultural equipment, pulp, plastics, and electronics.
For some steel and aluminum products, tariffs even increase directly from 25% to 50%.
Here’s how ordinary people can understand it: previously, the United States added tariffs to Canadian goods,
Now Canada directly says, “If you charge me how much, I’ll try to charge back in kind as much as possible.”
And this time it’s no longer just a threat. Tariffs start collecting real money today.
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Iran calls it an “economic war”—what BTC may truly fear could be $100-a-barrel oil pricesThe US-Iran conflict has escalated again.
Just a few days ago it was: the US attacks Iranian oil tankers, and Iran retaliates against shipping targets.
Today, Iran said it more plainly: “economic war.”
Iran announced it is preparing to establish a new maritime restricted zone in the Persian Gulf, and once again warned that if the United States continues to attack Iranian assets, energy facilities across the entire Gulf region could become retaliation targets.
Why is this more dangerous than attacking yet another oil tanker?
Because the place where Iran can truly hurt the global market is never simply sinking a few ships.
Rather, by making the Strait of Hormuz increasingly difficult to navigate.
Iran calls it an “economic war”—what BTC may truly fear could be $100-a-barrel oil prices
The US-Iran conflict has escalated again.
Just a few days ago it was: the US attacks Iranian oil tankers, and Iran retaliates against shipping targets.
Today, Iran said it more plainly: “economic war.”
Iran announced it is preparing to establish a new maritime restricted zone in the Persian Gulf, and once again warned that if the United States continues to attack Iranian assets, energy facilities across the entire Gulf region could become retaliation targets.
Why is this more dangerous than attacking yet another oil tanker?
Because the place where Iran can truly hurt the global market is never simply sinking a few ships.
Rather, by making the Strait of Hormuz increasingly difficult to navigate.
Just a few days ago it was: the US attacks Iranian oil tankers, and Iran retaliates against shipping targets.
Today, Iran said it more plainly: “economic war.”
Iran announced it is preparing to establish a new maritime restricted zone in the Persian Gulf, and once again warned that if the United States continues to attack Iranian assets, energy facilities across the entire Gulf region could become retaliation targets.
Why is this more dangerous than attacking yet another oil tanker?
Because the place where Iran can truly hurt the global market is never simply sinking a few ships.
Rather, by making the Strait of Hormuz increasingly difficult to navigate.
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ZEC up 45% week-over-week—who is buying in this rally?ZEC has made new highs again.
In the past 7 days, it has risen about 42%–45%, and intraday highs surged to around $1,250, setting a new near-decade high since 2016.
A month ago, ZEC was still around $500. Now it’s already more than doubled.
If you still only understand this round of market action as: “privacy coins are being pumped again,” you’ve already underestimated it a bit.
Let’s look at the most straightforward number first.
Grayscale’s Zcash ETF—ZCSH—was only officially listed on August 25.
As of September 4, the total assets under management have reached: $463 million.
The fund directly holds about 444,600 ZEC coins. At the same time, another pool of capital is also buying.
ZEC up 45% week-over-week—who is buying in this rally?
ZEC has made new highs again.
In the past 7 days, it has risen about 42%–45%, and intraday highs surged to around $1,250, setting a new near-decade high since 2016.
A month ago, ZEC was still around $500. Now it’s already more than doubled.
If you still only understand this round of market action as: “privacy coins are being pumped again,” you’ve already underestimated it a bit.
Let’s look at the most straightforward number first.
Grayscale’s Zcash ETF—ZCSH—was only officially listed on August 25.
As of September 4, the total assets under management have reached: $463 million.
The fund directly holds about 444,600 ZEC coins. At the same time, another pool of capital is also buying.
In the past 7 days, it has risen about 42%–45%, and intraday highs surged to around $1,250, setting a new near-decade high since 2016.
A month ago, ZEC was still around $500. Now it’s already more than doubled.
If you still only understand this round of market action as: “privacy coins are being pumped again,” you’ve already underestimated it a bit.
Let’s look at the most straightforward number first.
Grayscale’s Zcash ETF—ZCSH—was only officially listed on August 25.
As of September 4, the total assets under management have reached: $463 million.
The fund directly holds about 444,600 ZEC coins. At the same time, another pool of capital is also buying.
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Not just another regulatory news item: the September 15 vote may decide whether US Crypto rules have to wait another four yearsUS Crypto regulation—soon, a crucial milestone for this year is about to arrive.
On September 15, the Senate will hold a critical procedural vote on the CLARITY Act.
First, let’s make it clear: September 15 is not the final passage of the CLARITY Act.
What it determines is whether this bill can overcome procedural hurdles and move into the next stage of consideration.
But the issue here is that this step requires 60 votes.
If it can’t even clear this step, then formal discussions, amendments, and the final vote that follow basically won’t have much to talk about.
So although this looks like a vote on “procedural matters,” it may, in fact, directly determine whether the US Crypto market structure bill has any chance of becoming law this year.
Not just another regulatory news item: the September 15 vote may decide whether US Crypto rules have to wait another four years
US Crypto regulation—soon, a crucial milestone for this year is about to arrive.
On September 15, the Senate will hold a critical procedural vote on the CLARITY Act.
First, let’s make it clear: September 15 is not the final passage of the CLARITY Act.
What it determines is whether this bill can overcome procedural hurdles and move into the next stage of consideration.
But the issue here is that this step requires 60 votes.
If it can’t even clear this step, then formal discussions, amendments, and the final vote that follow basically won’t have much to talk about.
So although this looks like a vote on “procedural matters,” it may, in fact, directly determine whether the US Crypto market structure bill has any chance of becoming law this year.
On September 15, the Senate will hold a critical procedural vote on the CLARITY Act.
First, let’s make it clear: September 15 is not the final passage of the CLARITY Act.
What it determines is whether this bill can overcome procedural hurdles and move into the next stage of consideration.
But the issue here is that this step requires 60 votes.
If it can’t even clear this step, then formal discussions, amendments, and the final vote that follow basically won’t have much to talk about.
So although this looks like a vote on “procedural matters,” it may, in fact, directly determine whether the US Crypto market structure bill has any chance of becoming law this year.
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Verified
21 major banks team up to issue a stablecoin: this time, the ones really being targeted may be USDT and USDCIn the stablecoin market, things may really be about to change.
Over the past few years, the most profitable and most influential players in the stablecoin space have basically all been Crypto companies.
Tether makes USDT.
Circle makes USDC.
Banks handle the traditional dollar system, while Crypto companies are responsible for moving dollars onto the blockchain.
But now, banks can’t sit still anymore.
Including 21 major financial institutions—such as Bank of America, Citigroup, Goldman Sachs, Wells Fargo, Deutsche Bank, UBS, Mitsubishi UFJ, Fidelity, and others—are preparing to jointly form a new company.
The goal is very clear: launch their own dollar stablecoin in the first half of 2027.
21 major banks team up to issue a stablecoin: this time, the ones really being targeted may be USDT and USDC
In the stablecoin market, things may really be about to change.
Over the past few years, the most profitable and most influential players in the stablecoin space have basically all been Crypto companies.
Tether makes USDT.
Circle makes USDC.
Banks handle the traditional dollar system, while Crypto companies are responsible for moving dollars onto the blockchain.
But now, banks can’t sit still anymore.
Including 21 major financial institutions—such as Bank of America, Citigroup, Goldman Sachs, Wells Fargo, Deutsche Bank, UBS, Mitsubishi UFJ, Fidelity, and others—are preparing to jointly form a new company.
The goal is very clear: launch their own dollar stablecoin in the first half of 2027.
Over the past few years, the most profitable and most influential players in the stablecoin space have basically all been Crypto companies.
Tether makes USDT.
Circle makes USDC.
Banks handle the traditional dollar system, while Crypto companies are responsible for moving dollars onto the blockchain.
But now, banks can’t sit still anymore.
Including 21 major financial institutions—such as Bank of America, Citigroup, Goldman Sachs, Wells Fargo, Deutsche Bank, UBS, Mitsubishi UFJ, Fidelity, and others—are preparing to jointly form a new company.
The goal is very clear: launch their own dollar stablecoin in the first half of 2027.
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