针对昨晚出售价值约 515 万美元 HYPE 的操作，Arthur Hayes 以玩笑回应称“要为 Rari 849 Testarossa 支付订金”。此前消息：Arthur Hayes 抛售 9.66 万枚 HYPE，套现 510 万美元

或受 CZ 发推感谢影响，据 GMGN 数据，GIGGLE 市值短时上涨突破 3000 万美元，日内涨超 1100 倍，现报 2200 万美元。

赵长鹏在X平台发文表示，Giggle Academy开放捐赠12小时内收到超100万美元，其中约90%来自一枚市值约500万美元的Meme币所产生的90万美元手续费。他称这改变了自己对Meme币的看法，并强调Meme币展现了实际用途。赵长鹏同时表示，Giggle Academy不会将捐款用于员工开支，相关费用将由其个人承担，且项目未创建代币，未来也无计划发行代币。

据加密分析师 余烬@EmberCN 监测，已通过 ETH 波段累计盈利 7605 万美元的大户在前天以 4484 美元价格买入 16,569 枚 ETH（价值 7429 万美元）后，今日再次加仓。两小时前，该大户向 Wintermute 转入 4365.4 万枚 USDC，并于 5 分钟前提取 1 万枚 ETH，买入均价 4365 美元。

根据 SoSoValue 数据，上周交易日（美东时间 9 月 15 日至 9 月 19 日）比特币现货 ETF 上周单周净流入 8.87 亿美元。上周单周净流入最多的比特币现货 ETF 为贝莱德（Blackrock）比特币 ETF IBIT，周度净流入 8.67 亿美元，目前 IBIT 历史总净流入达 606.4 亿美元；其次为灰度 (Grayscale) 比特币迷你信托 ETF BTC，周度净流入 3959 万美元，目前 BTC 历史总净流入达 18.5 亿美元。上周单周净流出最多的比特币现货 ETF 为灰度（Grayscale）ETF GBTC，周度净流出 8614 万美元，目前 GBTC 历史总净流出达 240.8 亿美元。截至发稿前，比特币现货 ETF 总资产净值为 1523.1 亿美元，ETF 净资产比率（市值较比特币总市值占比）达 6.63%，历史累计净流入已达 577.2 亿美元。

根据 SoSoValue 数据，上周交易日（美东时间 9 月 15 日至 9 月 19 日）以太坊现货 ETF 上周单周净流入 5.57 亿美元。上周单周净流入最多的以太坊现货 ETF 为贝莱德（Blackrock）ETF ETHA，周度净流入 5.13 亿美元，目前 ETHA 历史总净流入达 134.0 亿美元。其次为灰度（Grayscale）以太坊迷你信托 ETF ETH，周度净流入 1799 万美元，目前 ETH 历史总净流入达 14.4 亿美元。上周单周净流出最多的以太坊现货 ETF 为 VanEck ETF ETHV，周度净流出 816 万美元，目前 ETHV 历史总净流入达 1.89 亿美元。截至发稿前，以太坊现货 ETF 总资产净值为 296.4 亿美元，ETF 净资产比率（市值较以太坊总市值占比）达 5.51%，历史累计净流入已达 139.2 亿美元。

According to Foresight News, the upcoming cycle in the cryptocurrency market is anticipated to be characterized by structural integration with global capital markets, rather than speculative liquidity shocks. This evolution will be influenced by liquidity rotation timing and scale, the Federal Reserve's interest rate trajectory, and institutional adoption patterns. Unlike the rapid altcoin season of 2021, the forthcoming period is expected to be slower, more selective, and focused on institutional involvement. If the Federal Reserve releases liquidity through rate cuts and bond issuance, coupled with increased institutional adoption, 2026 could become a significant risk asset cycle since 1999-2000. Cryptocurrencies are likely to benefit, but their growth will be more regulated rather than explosive. In 1999, the Federal Reserve raised interest rates by 175 basis points, yet the stock market surged to its peak in 2000. Current market expectations are the opposite, predicting a 150 basis point rate cut by the end of 2026. If realized, this would create a liquidity-enhancing environment. From a risk appetite perspective, the market conditions in 2026 might resemble those of 1999-2000, but with opposite interest rate trends. Comparing the current market with the previous major cycle reveals significant differences: - Capital discipline is stricter due to high interest rates and persistent inflation, prompting cautious risk asset selection. - There is no pandemic-level liquidity surge, requiring industry growth to rely on adoption rate increases and capital allocation. - The market size has expanded tenfold, providing deeper liquidity but reducing the likelihood of 50-100 times excess returns. - Institutional adoption is well-established, leading to more gradual market rotation and integration rather than explosive asset shifts. Bitcoin's performance is delayed in relation to the liquidity environment because new liquidity is trapped in short-term treasuries and money markets. Cryptocurrencies, as assets at the end of the risk curve, benefit only after liquidity flows downstream. Catalysts for strong cryptocurrency performance include: - Bank credit expansion (ISM Manufacturing Index > 50); - Post-rate cut capital outflows from money market funds; - Treasury issuance of long-term bonds, lowering long-term rates; - A weaker dollar, easing global financing pressures. Historically, when these conditions are met, cryptocurrencies tend to rise later in the cycle, following stocks and gold. Despite a bullish liquidity framework, several risks remain: - Rising long-term yields due to geopolitical tensions; - A strengthening dollar tightening global liquidity; - Weak bank credit or tightening credit conditions; - Liquidity remaining in money market funds, not flowing into risk assets. The next cycle's core feature will be the structural integration of cryptocurrencies with global capital markets, driven by institutional capital inflows, cautious risk-taking, and policy-driven liquidity shifts. This may mark a transition from a 'boom-bust' pattern to one of systemic relevance by 2026.

Metaplanet 宣布以约 6.33 亿美元购入 5419 枚 BTC，买入均价约 11.67 万美元。今年以来，该公司比特币投资收益率已达 395.1%。截至 9 月 22 日，Metaplanet 累计持有 25555 枚 BTC，总成本约 27.1 亿美元，平均持仓价格约 10.61 万美元。

据 THE DATA NERD 监测，45 分钟前，一鲸鱼向币安存入 1.68 万枚 ETH，价值约 7288 万美元。该地址在三周前以均价约 4429 美元建仓，目前若按现价出售，将实现约 146 万美元亏损。

Aria 宣布推出机构级链上 IP 投资平台 Aria PRIME，并携手 Contents Technologies 启动首期项目，将 1 亿美元规模的韩国音乐版权曲库注册并代币化至 Story 区块链。Aria PRIME 聚焦于将高价值 IP 打造成新型金融资产，通过基金架构、法律合规与风险控制，为版权方提供透明、可流动、可组合的管理方式，同时为机构投资者开辟文化资产投资新通道。Aria 未来将逐步拓展至音乐之外的电影、艺术等标志性 IP 领域，打造全球最大的机构级 IP 代币化平台。据悉，Story 将于 9 月 23 日于韩国举办 Origin Summit，IP 今日短时突破 15 USDT，24 小时涨幅超 24%。

China has launched AxCNH, the first offshore yuan stablecoin, to simplify cross-border payments along the Belt and Road Initiative. South Korea followed with KRW1, a won-backed stablecoin, aiming to digitise its currency and improve international trade settlements.

从去中心化支付工具到另类投资品，比特币的核心定位已转变，稳定币接替了比特币没完成的支付使命。

The highly anticipated debut of the first U.S. exchange-traded fund (ETF) tracking Dogecoin (DOGE) failed to deliver the immediate price surge traders had hoped for. Instead, Dogecoin slipped, underscoring the limits of hype-driven catalysts when new adoption is weak.

当世界上最大的交易所支持 Hyperliquid 竞争对手时，持续不断的 DEX 战争就变得激烈起来。

美联储的“印钞机”重启，熔升游戏继续。若你相信“这次不同”，你将是少数派。行动起来，别被FOMO甩在身后。

金色财经推出加密货币和区块链行业早报《金色早8点》2824期，为您提供最新、最快的数字货币和区块链行业新闻。

低风险DeFi已经在支撑以太坊经济，它之于以太坊就像搜索之于谷歌。

太多人Fomo Perp Dex了，上头清醒之后，来点和市场繁荣盛景有些“违和”的感言，以下仅代表个人理解。

金色周刊是金色财经推出的一档每周区块链行业总结栏目，内容涵盖一周重点新闻、矿业信息、项目动态、技术进展等行业动态。

这一代Perp DEX已经与“GMX, DYDX”那一代Perp DEX有了本质区别。因其主体还是Perp DEX，所以标题还是用Perp DEX来讨论。 以“Perp DEX”起家，迅速崛起，为众人所知。