Gate Daily (September 8): El Salvador celebrates the 4th anniversary of Bitcoin; Paxos launches buyback of HYPE stablecoin

Bitcoin (BTC) has maintained a sideways movement after a rebound over the weekend, currently reported at around 110,940 USD on September 8. The Trump family spent only a few weeks accumulating about 1.3 billion USD from two cryptocurrency companies established for less than a year. El Salvador celebrated the 4th anniversary of its Bitcoin, and Paxos submitted a proposal to launch USDH, primarily for repurchasing the native Token HYPE of Hyperliquid and distributing it to users.

Today's Outlook

1. China's August trade balance (billion USD), previous value was 98.24

2. China's August trade balance (in billion yuan), previous value was 705.10

3. China's foreign exchange reserves at the end of August (in billion USD) were 3292.24, compared to the previous value.

4. Germany's seasonally adjusted trade balance for July (billion euros) was 15.5 previously.

5. The French government held a confidence vote on the budget issue.

Macroeconomic Events & Coin Circle Hotspots

1. President Donald Trump's family accumulated approximately $1.3 billion in just a few weeks from two cryptocurrency companies that were established for less than a year. The earnings from the cryptocurrency company World Liberty Financial and the independent mining company American Bitcoin Corp. indicate that these nascent projects have already translated into tangible wealth for the first family. According to the Bloomberg Billionaires Index, these earnings are comparable to the value of the golf courses and resort properties long held by the Trump family, which have been a symbol of the Trump family's wealth. The Trump family's wealth currently stands at $7.7 billion.

2. The El Salvador Bitcoin Office is the key institution for Bitcoin in the country. The institution celebrated its Bitcoin anniversary on September 7, marking the fourth anniversary of this Central American nation adopting Bitcoin as legal tender in September 2021 and passing other regulations supporting BTC. The Bitcoin Office emphasized that El Salvador is the first country in the world to establish a Bitcoin strategic reserve, currently holding over 6,313 BTC, valued at over 702 million USD, and has launched various public education programs on BTC and artificial intelligence.

3. The stablecoin infrastructure company Paxos has submitted a proposal to launch USDH, a super-liquid priority stablecoin that will fully comply with the Guidance and Establishment of the United States Stablecoin National Innovation Act (GENIUS Act) and the regulatory standards of the Crypto Assets Market (MiCA). According to an announcement released on September 6, 95% of the interest earned from the USDH reserves will be used to repurchase Hyperliquid's native token HYPE and redistribute it to users, validators, and partner agreements. Paxos stated: "We propose the launch of USDH, a Hyperliquid priority, fully compliant stablecoin aimed at driving adoption, coordinating incentives, and solidifying the next growth era of the ecosystem."

Market Trend

1. Latest news on Bitcoin: $BTC maintained sideways after a rebound over the weekend, currently reported at around 110,940 USD, with 8.88 million USD liquidated in the past 24 hours, primarily from short positions;

2. The US stock market fell on September 5, while US Treasury bonds surged. The latest employment data from the US indicates a deteriorating economic outlook but also removes the last barrier to the Federal Reserve's (Fed) interest rate cut this month, unless there are extreme changes in the inflation data released this week. The S&P 500 index dropped by 0.3%, the tech-heavy Nasdaq Composite index fell by less than 0.1%, and the Dow Jones Industrial Average declined by 220 points, a decrease of 0.5%. The Philadelphia Semiconductor Index rose by 1.7%, with Broadcom soaring by 9.4%.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 110,995.10 USDT, if it drops to around 110,125 USD, the cumulative long position liquidation amount will exceed 184 million USD; if it rises to around 112,326 USD, the cumulative short position liquidation amount will exceed 467 million USD. The short position liquidation amount is significantly higher than that of the long position, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: CoinGlass)

4. In the past 24 hours, BTC spot inflow was 829 million USD, outflow was 832 million USD, resulting in a net outflow of 0.3 million USD.

(Source: CoinGlass)

5. In the past 24 hours, contracts such as $ETH, $WLFI, $DOT, and $SUI have seen net outflows leading the way, indicating trading opportunities.

News Dynamics

1. Circle announces that USDC and CCTP V2 will soon be launched on Hyperliquid.

2. Frax, Agora, and others are also bidding for the issuance rights of Hyperliquid's USDH stablecoin.

3. Tether CEO announced the company's main Bitcoin holding address: the vast majority of BTC is held directly.

4. Glassnode: The non-liquid supply of Bitcoin has reached an all-time high, surpassing 14.3 million coins by the end of August.

5. White House National Economic Council Director Hassett: The Federal Reserve's monetary policy is not influenced by Trump.

6. Polls show that Trump's support rate is 43%, with only 39% of respondents approving of his handling of inflation.

7. FutureCrest Acquisition, led by Tom Lee, submitted an IPO application to raise $250 million.

8. U.S. Treasury Secretary Becerra: Trump's criticism of the Federal Reserve's slow actions is correct.

9. Data: Tokens CHEEL, APT, S will see a large unlock this week, with CHEEL unlocking a value of approximately 56 million USD.

10. Tether CEO: Has not sold any Bitcoin, but has allocated part of the reserves to XXI.

11. A certain whale withdrew 10,366,000 DOGE from the CEX, worth 2.25 million USD.

12. Michael Saylor has been selected for the Bloomberg Billionaires Index 500, with a net worth surge of 1 billion USD so far this year.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "The operations on September 7th became much simpler, and there weren't many major events. The narrow fluctuations are the best thing, and the resignation of Japanese Prime Minister Shigeru Ishiba has somewhat helped the current U.S. risk market, alleviating the impact of yen interest rate hikes on the lending market. Although it doesn't fundamentally change the main contradictions in the U.S., it can ease investors' sentiment a bit; otherwise, they would have to worry under the condition that the Federal Reserve doesn't cut interest rates. Many data points are already indicating a possible decline in the U.S. economy, especially the trends related to U.S. real estate have even drawn Trump's attention. Real estate is one of the industries most closely related to interest rates, and buying and building houses are not easy under high interest rates. Moreover, the labor market also shows concerns about the economy. In recent days, Trump and his supporters have either been criticizing Powell or saying that interest rates are too high, so the focus of market speculation remains on the game between Trump and the Federal Reserve regarding interest rates."

Looking back at the data for Bitcoin, liquidity over the weekend remains low and the price movements of BTC are not significant, indicating that investors can still tolerate the current situation and there are no signs of panic. Next week will be the last set of inflation data before the September interest rate meeting, as well as the revision of employment data for 2025, which may have an impact on sentiment, but ultimately it will depend on interest rate adjustments. The first real confrontation between Trump and Powell will be at the interest rate meeting on September 18. Additionally, from the support perspective, I made some adjustments; the latest support zone is set between 104,500 USD and 110,500 USD, which is currently the area with the most accumulation, exceeding 2 million BTC.