9.2 AI Daily Report Global Crypto Assets Market Highlights: Ripple ETF, Gold Soars, Regulatory Policies in Focus

1. Headlines

1. Ripple ETF approval is on the horizon, and the price of XRP is expected to break through $3.66.

Analysts believe that the approval of the spot ETF is a key catalyst for driving the XRP price to break through the $3.66 mark. However, if the approval faces delays again, XRP may risk falling towards the support level of $2.5. With the ETF ruling, regulatory legislation, and market sentiment all set to erupt in October, this month is crucial for the price trend of XRP.

According to reports, the lawsuit between Ripple and the U.S. Securities and Exchange Commission has entered its final stages. If the court rules that XRP is not considered a security, it will clear the last obstacle for the approval of a spot ETF. Once approved, institutional funds are expected to flow in significantly, pushing the XRP price to break the historical high of $3.66.

However, if the court's ruling is unfavorable to Ripple, the prospects for the XRP spot ETF will be shrouded in uncertainty. At that time, investor sentiment may significantly decline, exacerbating selling pressure, and XRP may fall below the critical support level of $2.5. Therefore, the ruling result in October will directly determine the future direction of XRP.

2. Bitcoin miner income reaches a new high, but the decline in hash rate raises alarm.

Despite Bitcoin miners' revenue hitting an all-time high in August, the ongoing decline in hash rate has attracted widespread attention within and outside the industry. Analysts warn that if the hash rate continues to decrease, it could negatively impact the security and decentralization of the Bitcoin network.

Data shows that in August, total revenue for Bitcoin miners reached $767 million, an increase of 11.67% compared to July, setting a new historical high. Among this, transaction fee revenue accounted for 15.2%, the highest level since 2018.

However, in stark contrast to the soaring income, Bitcoin's hash rate showed a significant decline in late August. According to data, on August 29, the Bitcoin hash rate was only 120.95 EH/s, a drop of over 10% compared to 135 EH/s in mid-August.

Industry analysts believe that the decline in computing power may stem from multiple factors, including: some miners being forced to shut down due to high electricity costs; some miners choosing to bet on other more profitable blockchains; and some miners temporarily exiting to wait for a more favorable opportunity.

If the hash rate continues to decline, it may increase block time, delay transaction confirmation speed, thereby affecting the overall performance of the Bitcoin network. More seriously, if the hash rate is highly concentrated, it will increase the risk of a 51% attack, threatening the decentralization characteristics of Bitcoin.

3. The Hong Kong Monetary Authority opens the licensing approval for stablecoins, leading a new regulatory landscape in Asia.

The Hong Kong Monetary Authority officially launched the "stablecoin issuer" license application process, a move that will set a new benchmark for stablecoin regulation in Asia and even globally. The applicant lineup is diverse, including not only traditional financial institutions and fintech giants but also the rare presence of state-owned enterprises.

It is reported that the applying institutions include well-known companies such as Standard Chartered Bank, HSBC, Ant Group, and China National Petroleum Corporation. The Monetary Authority has made it clear that no licenses will be issued before 2025 and is currently initiating a strict screening process aimed at ensuring market stability, distinguishing truly capable projects from mere conceptual applications.

Analysts point out that Hong Kong's move not only helps attract high-quality stablecoin projects to issue and operate in the region but also sets a new benchmark for stablecoin regulation in Asia and even globally. On one hand, strict approval standards will filter out non-compliant projects, maintaining market order; on the other hand, compliant stablecoins will gain regulatory recognition, which will help promote their application in areas such as payment and settlement.

In the future, more countries and regions are expected to follow Hong Kong's example in establishing stablecoin regulatory systems. At the same time, stablecoin issuers will accelerate their global expansion to provide users with cross-border and multi-currency payment settlement services.

4. Influencers in the cryptocurrency space charge for promotional exposure, leading to a crisis of trust in the industry.

Well-known blockchain investigator ZachXBT recently exposed a paid promotion list involving over 200 crypto influencers, showing that more than 160 KOLs secretly promoted tokens without disclosing the advertising nature to their fans. The leaked quotation shows that top KOLs charge up to $60,000 for a single tweet.

This revelation has sparked widespread questioning of transparency and integrity issues in the cryptocurrency sector both within and outside the industry. The Federal Trade Commission has required influencers to clearly disclose paid promotional relationships, and failure to comply with these regulations may lead to regulatory issues.

Analysts point out that the phenomenon of paid promotion is not uncommon in the crypto space, but the lack of transparency will exacerbate investors' doubts about the credibility of projects. Some misleading "influencer marketing" can not only mislead investment decisions but may also be viewed as illegal securities issuance or fraudulent activities, violating the law.

At the same time, there are opinions that believe the issue lies not in paid promotion itself, but in whether it is disclosed truthfully. As long as influencers have a sufficient understanding of the authenticity of the promotional content and the project's prospects and disclose it truthfully, paid promotion can also become a channel for communication between the project party and the audience.

Regardless, this revelation will prompt the industry to re-examine the norms of marketing promotion, and the issues of transparency and integrity in the cryptocurrency field will also receive more attention.

5. Is a collapse of the Thai real estate market imminent? Bank executives describe it as "the worst in a century."

The real estate market in Thailand is facing an unprecedented crisis, with housing loan growth expected to show a negative value for the first time in 2025, setting a historical record. Experts point out that this wave of impact is more severe than the COVID-19 pandemic, as it is not a temporary external event, but rather a deep-seated structural contradiction.

According to reports, the impact of the sluggish housing market in Thailand is gradually spreading from low-priced residences to mid- to high-priced properties, which could trigger a "price war," eroding the wealth of middle-class families and threatening the stability of the financial system. DBS Thailand's senior executives have bluntly stated that the local housing market is in the "worst condition in a century."

Analysts believe that the root cause of the crisis in Thailand's housing market lies in the severe imbalance between supply and demand. On one hand, there is an oversupply of newly built homes; on the other hand, consumer purchasing power has significantly decreased due to the impact of the pandemic. At the same time, banks have tightened lending standards across the board to control risks, further stifling demand.

If the Thai real estate market really collapses, it will have a heavy impact on the entire economy. The construction industry will be the first to suffer, and related upstream and downstream industries will also be affected; non-performing loans in banks will increase significantly, and asset quality will deteriorate; the wealth of ordinary people will also suffer a heavy blow.

Some believe that the Thai government and central bank should take decisive action, implementing a combination of fiscal and monetary policies to stabilize expectations in the real estate market and prevent the crisis from further escalating. Otherwise, the Thai economy will fall into a deeper quagmire.

2. Industry News

1. Bitcoin price has temporarily declined, but the long-term outlook remains bullish.

The price of Bitcoin has slightly retreated in the past 24 hours, briefly falling below the $110,000 mark. Analysts point out that this pullback is mainly influenced by a decline in investor sentiment and a decrease in trading volume. Nevertheless, the long-term trend of Bitcoin remains strong, with a cumulative increase of over 80% year-to-date.

Multiple analysts believe that the short-term pullback of Bitcoin is a normal technical adjustment, which helps to clear excessive leveraged positions in the market and provides new entry opportunities for long-term investors. On-chain data shows that institutional investors continue to increase their holdings of Bitcoin, which provides a solid foundation for price increases.

However, some analysts warn that Bitcoin may have formed a "double top" pattern, posing a risk of further decline to $99,000. They suggest that investors closely monitor the Federal Reserve's policy direction and changes in macroeconomic data, as these factors could significantly impact the price of Bitcoin.

Overall, the long-term outlook for Bitcoin remains bullish, but there may be some fluctuations in the short term. Investors need to remain cautious, closely monitor market dynamics, and make investment decisions based on their own risk tolerance.

2. Ethereum trading volume plummets, long positions face liquidation

The trading volume of Ethereum has plummeted to $57 billion in the past 24 hours, down significantly from the previous $122 billion. Analysts point out that this phenomenon reflects a concentration of speculative long positions facing liquidation, leading to a decrease in trading activity.

The price of Ethereum has recently experienced a decline, exacerbating the risk of long positions being forced to close. Data shows that the number of open contracts in the Ethereum options market has decreased, participation has declined, and the volatility spread has narrowed, indicating a sense of complacency in the market.

However, the Delta skew in the options market has surged to historical highs, highlighting a strong demand for downside protection and reflecting the defensive tendencies of options traders. Overall, the structure of the Ethereum market remains fragile, with bearish pressure dominating spot, futures, and on-chain indicators.

Despite the temporary buffer provided by ETF inflows, the shrinking trading volume and declining profitability highlight a lack of market confidence. Analysts believe that unless demand grows strong again, the Ethereum market may further consolidate. Investors need to closely monitor market trends and manage risks effectively.

3. The Solana ecosystem continues to heat up, and the SOL price is expected to welcome a 200% rebound.

The Solana ecosystem continues to heat up, and its native token SOL is expected to welcome a 200% rebound. Analysts point out that Solana's network activity and the increasing institutional interest provide strong support for its price increase.

The latest Alpenglow upgrade of Solana significantly enhances its speed and throughput, while strong trading volumes indicate vibrant market activity and demand. Moreover, institutional investors are increasingly focusing on the Solana ecosystem, with substantial funds flowing into the sector.

Technical analysis shows that the SOL price has broken through the key resistance level of $216 and is currently holding above $200, preparing for further upward movement. Analysts expect that if this upward trend continues, SOL is likely to challenge the $300 mark in the coming weeks.

However, some analysts warn that while Solana's network activity is active, it stands in stark contrast to the 80% decrease in daily active addresses, indicating that the upward trend may be more influenced by trading sentiment rather than fundamental factors. Investors need to maintain a cautiously optimistic attitude towards Solana's long-term development prospects.

Overall, the Solana ecosystem is becoming a new hotspot in the cryptocurrency space, and the price of SOL is expected to rise in a new wave of bullish trends driven by continued capital inflow. However, investors also need to be vigilant about potential risks and manage their risks carefully.

3. Project News

1. IEEE P3220.02 "Decentralized Storage Protocol Based on Blockchain" standard officially completed

The IEEE P3220.02 standard "Decentralized Storage Protocol based on Blockchain" has been officially completed, led by the decentralized data infrastructure CESS Network, which held a working group meeting for pre-review confirmation, and was officially submitted to IEEE SA for review on September 1, 2025. This meeting brought together over 50 experts from 19 institutions worldwide, including voting members from several organizations such as State Grid, Southern Power Grid, Shutu, China Civil Aviation Information Network, Inspur Information, Hong Kong Polytechnic University, Shanghai Jiao Tong University, Hainan University, among others. This marks a key step forward in the international standardization of decentralized storage.

As a initiator and main contributor, CESS actively participates in the design of technical frameworks, compliance requirements, and application scenarios during the standard-setting process, promoting decentralized storage to have stronger verifiability, compliance, and practicality. The completion of this standard not only provides a unified reference for AI, blockchain, and enterprise-level applications, but also lays the foundation for compliant deployment and large-scale applications globally. CESS will continue to uphold openness and innovation, promoting the application and implementation of decentralized data infrastructure worldwide, helping the industry achieve data sovereignty, security, and efficient collaboration.

The completion of this standard will inject new momentum into the development of decentralized storage, which is expected to encourage more enterprises and institutions to adopt this technology, promoting the decentralization, transparency, and security of data storage and management. At the same time, the introduction of the standard will also provide references for regulatory agencies, helping to formulate relevant policies and regulations to create a favorable environment for industry development. Industry insiders believe that the launch of this standard will accelerate the practical application of decentralized storage technology and provide infrastructure support for emerging fields such as blockchain and the metaverse.

2. The Solana ecosystem continues to make strides, with multiple innovative projects showcased at the TOKEN2049 conference.

At the TOKEN2049 conference in Singapore, the Solana ecosystem continued to make strides, showcasing multiple innovative projects and their latest developments. Although the Solana ecosystem once faced setbacks, it has risen again from the lows, and the community has become more resilient.

During the conference, several emerging projects from the Solana ecosystem attracted attention, including @Hubble_Protocol, @cub_finance, @FlashTrade_, @SonicSVM, @solayer_labs, and @Compute_Labs. These projects cover various fields such as DeFi, NFTs, and infrastructure, showcasing the continuous innovative vitality of the Solana ecosystem.

At the same time, the Solana ecosystem has attracted a large influx of newcomers. It is reported that nearly half of the attendees at the technical sub-forum are participating in the Breakpoint conference for the first time, reflecting the continuous growth of the Solana community.

The continuous development of the Solana ecosystem relies on the support and efforts of the community. Thanks to @Solana_zh for providing the community with the opportunity to participate in TOKEN2049, allowing more people to learn about the latest developments in the Solana ecosystem.

The innovative development of the Solana ecosystem will inject new vitality into the entire cryptocurrency industry. With more innovative projects emerging and users joining, Solana is expected to become an important force in the blockchain field, driving the industry forward.

3. The Move ecosystem continues to heat up, drawing attention to Sui, Aptos, and Movement.

During the TOKEN2049 conference, the Move ecosystem continues to heat up, with projects like Sui, Aptos, and Movement attracting widespread attention in the industry.

Sui stood out at the conference, with its token SUI skyrocketing shortly after its launch. The Sui Builder House also became one of the hottest events before the conference. The rise of Sui is mainly attributed to the following factors:

1. The Solana ecosystem is experiencing an overflow of traffic, with developers and investors seeking new Alpha opportunities.
2. The correlation between Move language and Rust allows Solana projects to be transferred relatively easily to the Move ecosystem.
3. Sui's technical strength and documentation quality have been recognized by industry professionals.

Compared to Sui, the development direction of Aptos seems to be yet to be clarified, and the community has certain doubts about the focus of its foundation. However, the Aptos token APTOS also saw a 14% increase during the conference.

As the only project in the Move ecosystem that has not yet issued tokens, Movement has also attracted attention. The industry is looking forward to its launch of a star application case as soon as possible.

Overall, the continuous warming of the Move ecosystem reflects the industry's desire for innovative public chains. Although projects like Sui, Aptos, and Movement are still in relatively early stages, their technical potential and development prospects have been recognized by the industry. In the future, the Move ecosystem may become another important track following Solana.

4. WLFI experienced a volatile surge and drop on its first day, raising doubts about the future of the cryptocurrency supported by the Trump family.

On September 1st, the cryptocurrency World Liberty Financial(WLFI), supported by the Trump family, was launched on several exchanges. The performance on the first day was nothing short of a rollercoaster. WLFI opened at a price of $0.2, surged by 60% to $0.32, and then faced a significant profit-taking, dropping 30% to $0.2095.

WLFI is a cryptocurrency project supported by the Trump family, aimed at creating a decentralized financial ecosystem. The project is initiated by members of the Trump family and their close associates, with plans to issue 2.1 billion tokens, of which approximately 60% will be held by the initiators.

The wild fluctuations on the first day of WLFI have raised doubts about its prospects in the market. On one hand, the support from the Trump family undoubtedly brings attention to the project; on the other hand, issues such as the high concentration of tokens, lack of transparency, and regulatory risks are also concerning.

Analysts point out that WLFI faces three major risks:

1. Extremely high concentration of positions and unlocking arrangements may lead to valuation mismatches and liquidity illusions.
2. The project is highly tied to political figures, which will attract regulatory and legal scrutiny.
3. Short-term popularity does not necessarily equate to sustainable fundamental support.

Therefore, regulators need to require WLFI to more transparently disclose holdings and lock-up information, and strengthen anti-money laundering reviews; investors and institutions should also prioritize compliance and governance as key evaluation standards, focusing on exchange liquidity, contract interaction, and legal risks.

The future prospects of WLFI still face numerous doubts, and whether it can truly become an influential cryptocurrency will require time to test.

5. Encrypted KOL receiving money promoting tokens, a single tweet costs up to 60,000 US dollars.

Famous blockchain detective ZachXBT recently exposed a paid promotion list involving over 200 crypto influencers, showing that more than 160 KOLs secretly promoted tokens without disclosing the advertising nature to their fans.

The leaked price list shows that top KOLs charge up to $60,000 for a single tweet, while mid-tier KOLs quote between $3,000 and $5,000, with some even offering "tweet bundles" as a service. Transactions are mainly conducted through Solana wallets, with complete and traceable on-chain records.

This revelation has raised industry concerns about KOL promotional behaviors. The U.S. Federal Trade Commission requires influencers to clearly disclose paid promotional relationships, and failure to comply may lead to regulatory issues and increase concerns about market integrity.

ZachXBT believes that in many jurisdictions, the promotional nature of undisclosed information can even be illegal. He calls on KOLs, if they truly believe in a project, to disclose paid promotion information rather than mislead their fans.

This incident has once again sparked reflection within the industry regarding KOL marketing. On one hand, KOL marketing is an effective way for crypto projects to gain attention; on the other hand, a lack of transparency and regulation may undermine market integrity. Industry insiders are calling for KOLs and project parties to uphold professional ethics, maintain the authenticity of promotional content, and preserve the development environment of the industry.

6. The registration of the Aptos Chinese ambassador trademark and interference with the community, multiple public chains conducted overnight investigations.

According to crypto KOL @cryptobraveHQ, the former Chinese ambassador of Aptos registered Aptos and its logo as goods and brands in China after being terminated, thereby interfering with community activities supported by Aptos in the Chinese community.

It is reported that this person previously worked at the Hangzhou Sijiqing Clothing Wholesale Market, and later became a Chinese ambassador for Aptos, receiving a monthly salary of 200 USD. After leaving the job, they registered the "Aptos Chinese Community" trademark and social media accounts, using the brand's influence to exert pressure.

Multiple public chains and project teams have conducted overnight checks on global trademark registration status to prevent similar risks. Industry insiders indicate that international trademark squatting has cases across various industries worldwide, but it is relatively rare in the Web3 field. Although the probability of successfully protecting rights through legal means is high, the costs are high, the duration is long, and the results are uncertain.

The incident has once again raised industry concerns about intellectual property protection. Analysts point out that as the Web3 ecosystem continues to expand, similar trademark infringement incidents may become increasingly common. Project teams need to prepare their intellectual property layout in advance and strengthen brand maintenance; regulatory authorities should also improve relevant laws and regulations to create a favorable environment for the industry.

4. Economic Dynamics

1. Gold prices have broken through the $3500 mark, setting a new historical high.

Economic Background: Against the backdrop of persistent inflationary pressures, escalating geopolitical tensions, and rising expectations for interest rate cuts by the Federal Reserve, gold prices continue to rise. Data shows that the U.S. core PCE price index year-on-year for August is 4.7%, higher than expected, indicating that inflationary pressures remain severe. At the same time, the ongoing Russia-Ukraine conflict intensifies geopolitical risks, driving up demand for safe-haven assets.

Important Event: On September 2, the spot gold price broke through the $3500/ounce mark, setting a new historical high. Analysts pointed out that the expectation of a rate cut by the Federal Reserve in September is the main factor driving the rise in gold prices. The market generally expects the Federal Reserve to raise interest rates by 25 basis points in September, but it is anticipated that the rate hike cycle will end within the year.

Market Reaction: The continued rise in gold prices has triggered investor concerns about the inflation outlook. On one hand, high inflation will erode real returns and weaken consumer purchasing power; on the other hand, the Federal Reserve's tightening policy to curb inflation may lead to a slowdown in economic growth. Investors are seeking safe-haven assets like gold to hedge against potential economic downturn risks.

Expert Opinion: Goldman Sachs analyst Jeff Currie stated: "We expect gold prices to rise by 10% over the next 12 months, mainly due to falling real interest rates and a weakening dollar." UBS believes that geopolitical tensions and concerns about economic slowdown will continue to support gold demand.

2. The yield on the UK 30-year government bond soared to a 14-year high.

Economic Background: The UK is facing a triple challenge of high inflation, economic slowdown, and a widening fiscal deficit. Data shows that the UK's inflation rate reached 10.1% in July, a 40-year high. At the same time, the UK economy has experienced negative growth for two consecutive quarters, officially entering a recession.

Important event: On September 2, the yield on UK 30-year government bonds surged to 5.68%, the highest level since May 1998. The yield on German 30-year government bonds also rose to a 14-year high, reflecting investors' concerns about the fiscal situation in the UK and other European countries.

Market Reaction: The surge in UK government bond yields has intensified investors' concerns about the UK's fiscal situation. High yields mean that the government's borrowing costs have risen significantly, which will further increase the fiscal burden. Investors are worried that the UK government may be forced to implement further austerity measures, which could further hinder economic growth.

Expert opinion: Former Bank of England Governor Kim Jin-de believes that the UK government should take decisive action to control spending and increase taxation to ensure fiscal sustainability. He warned that if action is not taken, the UK could fall into a "sovereign debt crisis."

3. European Central Bank officials call for interest rates to remain unchanged.

Economic Background: The Eurozone is facing dual pressures of high inflation and slowing growth. According to data from Eurostat, the Eurozone's inflation rate reached 9.1% in August, far exceeding the European Central Bank's target of 2%. Meanwhile, the Russia-Ukraine conflict and the energy crisis are dragging down the Eurozone economy.

Important event: On September 2, European Central Bank Executive Board Member Isabel Schnabel stated that the ECB should keep interest rates unchanged, as the Eurozone economy remains stable in the face of U.S. tariffs and inflation may still be above expectations.

Market reaction: Schnabel's remarks have raised concerns in the market about the European Central Bank's policy outlook. Investors are worried that if the European Central Bank keeps interest rates unchanged, it will not be able to effectively address the current high inflation pressures, which could lead to inflation spiraling further out of control.

Expert opinion: David Folkerts-Landau, Chief Eurozone Economist at Deutsche Bank, believes that the European Central Bank should continue to raise interest rates to curb further increases in inflation expectations. He stated: "If the European Central Bank stops raising interest rates at this time, it will send the wrong signal that the central bank's determination to combat inflation is not strong."

5. Regulation & Policy

1. The U.S. Senate will review the "2025 Responsible Financial Innovation Act"

The U.S. Senate plans to review the "2025 Responsible Financial Innovation Act" at the end of September. This bill aims to clarify the regulatory role of the U.S. Securities and Exchange Commission (SEC) in the cryptocurrency market, which could be a key step in reshaping the regulatory landscape.

As the main regulatory agency for cryptocurrency in the United States, the SEC has been striving to establish its authoritative position in this emerging field. However, due to the unique nature of crypto assets, its regulatory responsibilities overlap and diverge with those of other agencies. The "Responsible Financial Innovation Act" will provide the SEC with a clearer legal basis for cryptocurrency regulation.

The main content of the bill includes: bringing cryptocurrencies under SEC regulation, granting it the power to formulate relevant rules; requiring cryptocurrency issuers and exchanges to accept registration and review; and strengthening the regulation of cryptocurrency investment products. The bill will also provide the SEC with more enforcement tools to combat fraud and manipulation. The bill is expected to take effect on January 1, 2026.

Market participants generally believe that the passage of the bill will bring greater regulatory certainty to the cryptocurrency industry. On one hand, it will provide stronger protection for investors and enhance market transparency; on the other hand, it may also increase compliance costs and intensify industry reshuffling.

Paul Grewal, the Chief Legal Officer of the cryptocurrency exchange Coinbase, stated that the bill is a step in the right direction, but further clarification of regulatory boundaries is still needed. He urged the SEC to maintain communication with the industry and establish practical rules.

Olaf Carlson-Wee, the founder of the cryptocurrency investment firm Polychain Capital, holds a more optimistic view. He believes that clear regulations will benefit institutional investors entering the crypto market and promote the long-term healthy development of the industry.

Overall, the "Responsible Financial Innovation Act" reflects the efforts of regulators to keep pace with the development of cryptocurrencies. It will bring greater certainty to the industry, but it may also exacerbate existing regulatory disparities and trigger new controversies.