Gate Daily (August 29): CFTC opens offshore encryption trading avenues; USDT is about to be issued on Bitcoin; YZY Token causes losses for over 50,000 people.

Bitcoin (BTC) has slightly rebounded from its short-term low, currently reported at around $112,300 on August 29. U.S. regulators are paving the way for Americans to trade on offshore cryptocurrency exchanges, with Tether's $167 billion USDT set to launch natively on Bitcoin. In the trading of Kanye West's YZY token, 51,000 traders lost $74 million, while 11 traders made a net profit of $1 million.

Today's Outlook

1. France's August Consumer Price Index (monthly rate) initial value is 0.2%.

2. France's second quarter GDP final value (quarterly rate), previous value is 0.3%

3. Germany's seasonally adjusted unemployment rate for August (official) was 6.3% previously.

4. Canada’s second quarter GDP (annualized quarterly rate), previous value was 2.2%.

5. Canada June GDP (MoM), previous value was -0.1%

6. U.S. personal income (month-on-month) for July, previous value was 0.3%.

7, US July Personal Consumption Expenditures (MoM), previous value was 0.3%

8. Personal Consumption Expenditures in the United States for July (in billions of USD) was 1,345, previous value.

9, The US personal consumption expenditure price index for July (monthly rate) was previously 0.3%.

10. The final value of the University of Michigan Consumer Confidence Index for the United States in August was 58.6, with a previous value of 58.6.

11. Federal Reserve Governor Waller delivered a speech on monetary policy.

Macro Events & Coin Circle Hotspots

1. The U.S. financial regulatory agency, the Commodity Futures Trading Commission (CFTC), announced on August 28 that offshore cryptocurrency exchanges can now legally serve U.S. customers by registering under the Foreign Board of Trade (FBOT) framework. CFTC Acting Chair Caroline Pham stated in a release that since the 1990s, U.S. customers have had the right to trade on offshore platforms registered with FBOT, which applies to all asset classes. Pham stated, "From now on, the CFTC will welcome all Americans who wish to trade effectively and safely under its supervision and open the U.S. market to the rest of the world. This is just another example of how the CFTC continues to bring victories to President Trump in the cryptocurrency sprint." Allowing offshore exchanges to serve U.S. residents may increase liquidity in the cryptocurrency market and eliminate the isolation of cryptocurrencies trapped in regional silos.

2. Tether confirmed on August 28 that its flagship stablecoin USDT will be issued directly on Bitcoin through the RGB protocol. This marks the first local deployment of a major stablecoin on the Bitcoin network, rather than through sidechains or wrapped assets. Speaking of this move, Tether CEO Paolo Ardoino stated, "Bitcoin deserves a truly native, lightweight, privacy-focused, and scalable stablecoin. The launch of RGB provides a powerful new pathway for USDT on Bitcoin, further strengthening our belief in Bitcoin as the cornerstone of a freer financial future." RGB is an asset issuance protocol designed to operate across Bitcoin and the Lightning Network. It no longer records token data on-chain but anchors proof to Bitcoin transactions while keeping transaction details on user devices. This model can reduce blockchain congestion, enhance privacy, and enable near-instantaneous Lightning payments.

3. Data from Bubblemaps shows that Kanye West's YZY Token caused most investors to incur losses, with over 51,000 traders losing a total of $74 million, while only 11 wallets made profits exceeding $1 million. This Solana-based token was launched on August 21 and skyrocketed 1400% in the first hour, followed by a drop of over 80%. According to Nansen, as of now, the trading price of YZY is $0.55, down more than 80% from its peak, with fewer than 20,000 holders. According to Cointelegraph, former taekwondo athlete Andrew Tate lost $700,000 after shorting the token. Bubblemaps pointed out that there may have been insider trading around the issuance of the Libra Token, naming Hayden Davis, who was previously implicated in the Libra Token scandal, reporting a profit of $12 million. Other early investor groups also gained huge returns.

Market Trend

1. Latest news on Bitcoin: $BTC has slightly rebounded from the short-term low, currently reported at around 112,300 USD, with a liquidation of 32.52 million USD in the past 24 hours, mainly from short positions;

2. Strong economic data propelled US stocks to new highs, with the S&P 500 Index and the Dow Jones Industrial Average both setting new records on August 28. However, traders restrained from taking significant actions, waiting for more clues regarding the Federal Reserve's interest rate cuts based on inflation data. The Dow Jones Industrial Average rose 0.16% to 45,636.90 points, breaking the previous record set on August 22. The S&P 500 Index closed up 0.32% at 6,501.86 points, boosted by gains in technology stocks, marking a new high for the second consecutive day. The Nasdaq Index rose 0.53% to 21,705.16 points.

3. In the Gate BTC/USDT liquidation map, based on the current 112,570.40 USDT, if it drops to around 111,342 USD, the cumulative liquidation amount of long positions exceeds 400 million USD; if it rises to around 114,109 USD, the cumulative liquidation amount of short positions exceeds 805 million USD. The liquidation amount for shorts is significantly higher than that for longs, so it is recommended to reasonably control leverage ratios to avoid triggering large-scale liquidations during market fluctuations.

4. In the past 24 hours, BTC spot inflow was 1.54 billion USD, outflow was 1.75 billion USD, with a net outflow of 210 million USD.

5. In the past 24 hours, contracts such as $ETH, $XRP, $BTC, $HYPE, and $LTC have seen net outflows, indicating trading opportunities.

News Updates

1. Miner IREN's annual mining revenue is expected to exceed 1 billion USD.

2. 21Shares has applied to the U.S. SEC to launch a spot SEI ETF.

3. Bitcoin Priority Agreement Portal to Bitcoin completes $50 million in new financing.

4. DeFi Development increased its holdings by approximately 410,000 SOL, with a total holding of over 1.83 million SOL.

5. The U.S. government announced the latest GDP data for Bitcoin, Ethereum, SOLANA, TRON, STELLAR, AVALANCHE, ARBITRUM, and POLYGON.

6. Tether Treasury has minted 1 billion USDT on Ethereum.

7. The US government begins to release GDP data on the blockchain, initially covering nine blockchains.

8. Pyth Network has been selected by the U.S. Department of Commerce for the verification and distribution of on-chain economic data.

9. The U.S. Department of Commerce and Chainlink are putting government macroeconomic data on the chain.

10. The crypto startup aPriori has completed a new round of funding of 20 million USD, with participation from Pantera Capital and others.

11. The number of initial jobless claims in the U.S. for the week ending August 23 is 229,000, expected to be 230,000.

12. Ethereum spot ETF had a total net inflow of 309 million USD on August 28, continuing a 5-day net inflow.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "Today's assignment isn't difficult to write. Although I've been running around all day, I found that there wasn't much important content when looking back at the data and information. Trump's main focus remains on tariffs, geopolitical conflicts, and the Federal Reserve. On Friday, there will be a temporary motion from Cook, and Trump's motivation still lies in increasing his leverage within the Federal Reserve. As we approach the September interest rate cut meeting, I believe Trump is also quite bored. If he estimates that in September, the market will find it hard for Trump to gain victory in his struggle against the Federal Reserve before Powell's departure, then bets on Trump will at least be postponed until May next year, which is hard for Trump to accept. For the short term, inflation data is still the focus, and labor data has the greatest impact on the Federal Reserve."

"Looking back at the data of Bitcoin, although the turnover rate has started to decline, it is still in a relatively high range. Even though market sentiment has begun to improve, purchasing power has not significantly increased. Investors are still waiting for updated information, and the current information feels difficult to drive changes in BTC prices. However, the strong performance of the US stock market can still boost BTC positively. From the support data, investors' support for $111,000 is still quite good. Even with the retreat from the expectation of a rate cut in September, the support at this level has still held firm. As long as there is no worse information, it should not be easily broken."