Key Takeaways
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Macro Environment: Concerns over government fiscal conditions intensified, triggering a global sovereign bond selloff. Long-term bond yields in the UK, Germany, and France surged, while soaring bond rates directly pressured U.S. equities, leading to broad market declines.
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Crypto Market: Supported by regular purchases from Bitcoin reserve companies, BTC diverged from U.S. equities and rebounded modestly, closing up 1.82%. ETH underperformed, with the ETH/BTC ratio falling below 0.039. The overall altcoin market cap edged up 0.06%, with a minor synchronized rebound across altcoins.
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Outlook for Today: Ondo Finance to launch its on-chain U.S. equities trading platform.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 6,415.53 | -0.69% |
| NASDAQ | 21,279.63 | -0.82% |
| BTC | 111,228.10 | +1.82% |
| ETH | 4,325.78 | +0.27% |
Crypto Fear & Greed Index: 55 (up from 49 in the past 24 hours), level: Greed
Project Highlights
Trending Tokens: PUMP, ONDO, SOL
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SKY: Continued buybacks in August, repurchasing 73M SKY. Following significant cost reductions via Sky Core streamlining, annualized profit reached $338M.
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PUMP: Pump.fun released Dynamic Fee V1, introducing a tiered fee model where creator fees decrease as token market cap grows.
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ONDO: Ondo Finance to launch an on-chain U.S. equities trading platform.
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CFX: Conflux Foundation exploring treasury collaborations with listed companies, with a minimum lock-up period of four years.
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DOGE: Cleancore Solutions plans to raise $175M to support its DOGE treasury strategy.
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XRP: The ETF Store president stated the probability of XRP ETF approval in 2025 is “close to 100%.”
Macro Economy
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Spot gold broke through $3,530/oz, setting a new all-time high.
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U.S. August S&P Global Manufacturing PMI final: 53, below previous and forecast.
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U.S. August ISM Manufacturing PMI: 48.7, below expectations.
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Donald Trump: “We need a very strong rate cut.”
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Donald Trump: Reports about my health are “fake news.”
Industry Highlights
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South Korea to launch a global crypto transaction data-sharing initiative next year, requiring domestic platforms to report non-resident trades and foreign platforms to report Korean investors’ transactions.
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The U.S. SEC and CFTC issued a joint statement clarifying that registered U.S. exchanges are not prohibited from offering certain spot crypto trading.
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Strategy purchased 4,048 BTC last week for $449.3M, at an average price of ~$110,981 per BTC.
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Hyperliquid generated over $100M in revenue in August, a new monthly record.
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Metaplanet shareholders approved a $3.8B capital increase to fund BTC acquisitions.
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Ether Machine raised $654M worth of ETH through private financing.
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Bitmine bought 153,075 ETH last week, valued at $668M.
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SharpLink added 39,008 ETH, bringing total holdings to 837,230 ETH.
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Public company Propanc Biopharma announced plans to acquire $100M worth of ETH.
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Kraken partnered with Backed to bring xStocks to Ethereum.
This Week’s Outlook
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Sep 3: Ondo Finance launches its on-chain U.S. equities trading platform.
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Sep 4: U.S. Federal Reserve Beige Book; U.S. August ADP employment data; Taipei Blockchain Week 2025.
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Sep 5: U.S. August Non-Farm Payrolls release; IMX unlock (1.27% of supply, ~$12.8M value).
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