Headline
▌Data: Binance BTC Reserves Rise to 693,000, a Two-Year High
On September 12th, Binance's Bitcoin reserves rose to 693,000, a two-year high, an increase of approximately 77,000 from the end of April, accounting for about 30% of the Bitcoin reserves on major exchanges. This rapid increase in reserves comes as Bitcoin faces strong supply pressure around $83,000 to $85,000. The rise in BTC balances on exchanges means more Bitcoin is available for trading or selling at any time, but it doesn't necessarily mean these coins will be immediately dumped. The market is also watching the support level below. If BTC fails to hold $75,000, the risk of selling pressure may increase further; if it can break through $85,000 with significant volume, it means that market demand is capable of absorbing the increased liquidity from exchanges.
▌Precautionary Shutdown of Saudi East-West Oil Pipeline Following Attacks
On September 12, the Saudi Arabian Ministry of Energy issued a statement on the 11th, saying that the Riyadh and Medina sections of the country's East-West oil pipeline were attacked multiple times on the morning of the 10th, and precautionary shutdown measures have been taken. The attacks resulted in some injuries. The statement also said that after the attacks, emergency and technical teams immediately began response and took necessary measures in accordance with relevant safety procedures and emergency plans to ensure pipeline safety and assess its condition. The statement did not specify the method of attack, the identity of the attackers, or the timeline for pipeline resumption of operations.
Policy
▌White House Advisor to Hold Up to $5 Million in Coinbase Shares During Crypto Policy Implementation
On September 12, according to CNBC citing the latest financial disclosure documents, Kevin Hassett, director of the White House National Economic Council (NEC), held Coinbase stock worth between $1 million and $5 million at the end of 2025. Hassett previously served as an advisor to Coinbase from 2021 to January 2025 before joining the White House. Because the disclosure documents only cover shareholdings up to the end of 2025, it cannot be confirmed whether he still holds those shares.
This investment has attracted attention because NEC plays a significant role in the Trump administration's crypto agenda. Three days after returning to the White House, Trump established a Digital Asset Markets Working Group within NEC to develop recommendations on cryptocurrency regulation, banking, stablecoins, and taxation.
▌a16z Policy Head: Some Banks Don't Want the CLARITY Act to Pass
On September 12, Miles Jennings, Head of Policy and General Counsel at a16z crypto, stated in an interview that some banks may not want the Cryptocurrency Market Structure Act (i.e., the CLARITY Act) to pass and become law.
Jennings has not yet seen evidence to support the banks' claim that "stablecoin rewards will lead to deposit outflows." He believes that administrative actions by the SEC alone cannot provide founders with long-term certainty that transcends their term of office, and the "enforcement over legislation" approach adopted during the Gensler era may continue to push crypto startups away from the US.
Yesterday, Republican senators released the text of a new version of the CLARITY Act, just days before its first procedural vote on September 15. The revised bill states that it incorporates 114 proposed changes from Democrats and emphasizes its aim to establish the first comprehensive regulatory framework for the US crypto market. The new bill adds regulatory provisions for "non-decentralized finance (DeFi) trading protocols." Such protocols must be registered with the Commodity Futures Trading Commission (CFTC), with the CFTC and the US Treasury Department developing supporting rules. The bill also further clarifies that DeFi-related provisions primarily apply to spot and cash-based digital commodity trading.
However, the bill's passage remains highly uncertain. The new text does not contain major changes to the ethical provisions, and the Department of Justice remains responsible for enforcing the relevant regulations, while Democrats had previously demanded that state attorneys general be given more enforcement powers. Furthermore, issues such as stablecoin yields, illicit finance, and Trump's conflict of interest in crypto assets remain major obstacles to bipartisan negotiations. The Senate will hold a procedural vote on advancing the CLARITY Act on September 15. Since advancing the process requires 60 votes, and Republicans currently hold only 53 seats, Democratic support is crucial for the bill's continued progress.
Blockchain and AI Applications
▌Anchorage Digital Launches Frgmnt Stablecoin fUSD
On September 12, Anchorage Digital, a US federally chartered crypto bank, partnered with the stablecoin protocol Frgmnt to provide institutional clients with access to fUSD and sfUSD tokens through its custody platform.
Institutional clients can hold, mint, redeem, pledge, and unpledge fUSD without setting up separate custody arrangements.
Frgmnt is a stablecoin protocol built on the Base network, issuing fUSD with USDC as collateral. The collateral assets are deployed in an on-chain lending market. Users can pledge fUSD as sfUSD to earn yields generated by the protocol's underlying strategy. According to DeFiLlama data, the protocol has approximately $100,000 locked in value and is currently in an invitation-only testing phase with a cap. Public access is planned to open on September 15th, with an increased deposit limit. As of September 4th, the annualized yield of sfUSD was approximately 13.32%.
Anchorage Digital Bank is regulated by the U.S. Office of the Comptroller of the Currency. Its parent company, Anchorage Digital, was valued at $4.2 billion after receiving a $100 million investment from Tether in February. Previously, Tether commissioned Anchorage in January to issue the stablecoin USAt for the US market. Anchorage has also partnered with Grupo Salinas, Marinede Finance, and others to expand stablecoin payment and staking services. On September 12th, according to a report by the Wall Street Journal on Friday, OpenAI agent developers participated in a previously undisclosed cyberattack that overwhelmed the RubyGems service, the official manager of the Ruby language. The report stated that OpenAI confirmed its AI agent in testing used RubyGems to access the internet as part of a harmless task to obtain publicly available information during training. This incident occurred in May of this year, two months before another incident involving OpenAI agents and the AI platform HuggingFace. Security researchers dubbed the attack "GemStuffer," in which an agent created a batch of RubyGems accounts every two to three minutes and downloaded hundreds of web page files collected from the internet. The scale of the test was so large that RubyGems was forced to suspend new account registration for four days. (Jinshi)
Cryptocurrency
▌Pump.fun team fee wallet transferred 77,806 SOL, worth approximately $7.88 million
On September 12, according to on-chain analyst Yu Jin's monitoring, the Pump.fun team fee wallet transferred 77,706 SOL to Kraken about four hours ago, worth approximately $7.88 million at the time.
▌Hyperliquid burned $2.65 million worth of HYPE in the past 24 hours, bringing the total burned amount to approximately $3.82 billion.
On September 12th, according to Onchain Lens monitoring, Hyperliquid bought and burned 32,770 HYPE tokens at an average price of $81.01 in the past 24 hours, worth approximately $2.65 million.
To date, a total of 48.57 million HYPE tokens have been burned, worth approximately $3.82 billion at current prices. 4.86% of the maximum HYPE supply has been permanently burned.
▌A whale returns to the market after 8 months of silence: 85.42 million USDC buys 1075 BTC in 4 days
On September 12th, according to on-chain analyst Yu Jin, a whale that previously liquidated 50,600 ETH at the end of last year at an average price of $2921, realizing a profit of approximately $19.02 million, has re-entered the market to buy BTC after about 8 months of silence.
This whale has recently been continuously conducting cross-chain exchanges through THOR Chain, investing a total of 85.42 million USDC to buy 1075.6 BTC in 4 days, with an average cost of approximately $79,412, including approximately $170,000 in exchange fees paid to THOR Chain.
Around September 9th alone, this address bought 179.8 BTC with 14.2 million USDC in 24 hours, with an average transaction price of approximately $78,955.
On September 12th, according to Onchain Lens monitoring, a large whale (or "whale") purchased a total of 36,360 ZEC from multiple exchanges over the past six days, worth approximately $41.56 million.
In the past 15 minutes, this whale withdrew another 6,520 ZEC from Binance and Kraken, worth approximately $7.67 million, and the buying is still ongoing.
▌Wintermute deposits 61,847 ETH into Binance and Coinbase, worth $160.3 million
On September 12, according to Lookonchain monitoring, crypto market maker Wintermute is selling ETH. In the past 3 hours, Wintermute has deposited 61,847 ETH into Binance and Coinbase, worth $160.3 million.
**Important Economic News** ▌Nvidia Reportedly in Talks to Invest Up to $10 Billion in Anthropic's IPO Project On September 12th, Nvidia reportedly began negotiations to invest in Anthropic's large-scale IPO project, with Nvidia reportedly negotiating an initial public offering (IPO) investment of up to $10 billion. Anthropic plans to raise up to $100 billion through its IPO, valuing the company at approximately $2 trillion. (Cailian Press) The US federal government's budget deficit for the first 11 months of the 2026 fiscal year reached $1.96 trillion on September 12, one of the highest levels on record. Data released by the Treasury Department on Friday showed that the deficit for the 11 months ending in August was slightly lower than the $1.97 trillion deficit in the same period of 2025. In August alone, the deficit was $166.8 billion. The last month of the fiscal year (September) typically sees a surplus due to corporate tax payments. The widening deficit is partly due to rising debt interest payments, and rising US Treasury yields are one reason for higher interest costs. Treasury data shows that as of the end of August, the average interest rate on tradable US Treasury bonds rose to 3.48%, more than 2 percentage points higher than five years ago. As low-yield bonds mature, the Treasury will have to refinance at higher costs, and this average interest rate is expected to continue to rise. TD Securities abandons its "hold steady" forecast, now expecting the Fed to raise rates a total of three times starting in September. On September 12, TD Securities strategists said on Friday that they expect the Fed to initiate the first of three rate hikes in this cycle in September, whereas their previous forecast was for the central bank to hold rates steady for the remainder of 2026. Strategists including Oscar Munoz and Gennadiy Goldberg wrote in a research note released Friday: "We expect a total of three rate hikes in this cycle, with the latter two in October and January next year. The Fed may not provide forward guidance, but the dot plot should be hawkish." This adjustment in expectations comes after Friday's release of higher-than-expected US August CPI data. This data prompted traders to increase their expectations for near-term Fed rate hikes. The strategist wrote in the report, "After the August CPI showed a lack of progress in inflation, we expect the Fed to begin its rate hike cycle in September." On September 12, according to CNN, citing two US officials, Saudi Arabia's key East-West oil pipeline system was attacked by projectiles on Thursday. Preliminary analysis indicates that pumping stations next to the pipeline were hit. Satellite images show a large-scale fire at one pumping station and a smaller fire emitting thick smoke at another. It is currently unclear who is responsible for the attack, whether the pipeline itself was damaged, and the time required for repairs. A US official stated that the drone that carried out the attack came from the direction of Iraq. The Saudi East-West oil pipeline has become increasingly important since the outbreak of the Iraq War. Because Iran has effectively closed the Strait of Hormuz, Saudi Arabia has diverted approximately 5 million barrels per day of crude oil originally destined for the Persian Gulf to the Red Sea port of Yanbu via this pipeline. Meanwhile, the Houthi rebels have declared they will strike any Saudi ships attempting to pass through the Bab el-Mandeb Strait, putting this alternative oil export route at risk.
Golden Encyclopedia
▌Can Bitcoin Still Be Called "Digital Gold" During a Geopolitical Crisis?
Every geopolitical crisis sees gold prices rise while Bitcoin prices plummet. After six tests, the claim of "digital gold" has never been substantiated by data. Countries hoard gold but exclude Bitcoin from their reserves. For investors, Bitcoin exhibits asymmetry: it falls with stocks but doesn't rise with them. Three structural asymmetries prevent Bitcoin from achieving safe-haven status: an oversupply of derivatives (market structure), the dominance of leveraged traders (participant composition), and a lack of repeatable behavioral records (behavioral accumulation).
Bitcoin is not a safe-haven asset, but it is a "useful asset in times of crisis," and it can indeed function when borders are closed and banks fail.
Bitcoin is not a safe-haven asset, but it is a "useful asset in times of crisis," and it can indeed play a role when borders are closed and banks fail.
If these three asymmetries narrow, Bitcoin may no longer be a replica of gold, but rather a completely new "next-generation gold." Generational shifts and the widespread adoption of algorithms are key factors that could accelerate this process.
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