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According to the latest stock spot exchange ranking released by RootData, influenced by the U.S. stock market trends, the trading volume of the top five exchanges' 24h public order books has collectively increased, with Bitget's 24h public order book trading volume rising by approximately 2594.19%, ranking first among the top five in terms of growth, and its overall ranking has risen to second.

Arthur Hayes published a new long article titled "Safety First," with the core argument that the claims of "safety first" by Anthropic, OpenAI, and SpaceX, which lead to a slowdown in AGI development, are not out of concern for human welfare but rather due to economic realities. The market does not want AI; it wants AI at "Chinese prices," meaning it needs intelligence that is 100 times cheaper than what is currently available. Hayes points out that "safety first" essentially destroys the demand for computing power. If the spending on training new models decreases and laboratories shift towards efficiency optimization, customers will spend less on computing power. The three major AI laboratories do not generate any profits, and their demand for computing power supports over $10 trillion in investment-grade debt and hundreds of billions in low-quality debt, which rely on profitable tech companies like Nvidia, Broadcom, Google, and Microsoft for off-balance-sheet endorsements. The real backstop is the holders of insurance policies in the United States.Hayes cites an analysis by Nick Nameth that reveals a "self-insurance scam": private equity giants (such as Apollo, KKR, Brookfield, etc.) acquire insurance companies, stuffing AI data center debt and SaaS private credit impacted by AI into insurance assets, and then provide false endorsements with minimal capital through affiliated self-insurance reinsurance companies. Nameth estimates that the total amount of these false reinsurance assets reaches $1.54 trillion. Once the AI data center debt is downgraded by rating agencies due to insufficient demand for computing power, insurance companies will be forced to add capital, while the affiliated reinsurance companies will be unable to pay, leading to insolvency for the insurance companies. In most states in the U.S., the insurance protection limit is only $250,000 to $300,000, and existing insurance companies only pay into the protection fund afterward, which encourages all parties involved to maximize risk-taking. When AIG was bailed out in 2008, TARP funds ultimately flowed to Goldman Sachs and led to record bonuses, while the general public only received foreclosure notices; Hayes believes this scenario will repeat itself.For cryptocurrency investors, the conclusion is a win-win situation. If the U.S. government chooses to become the "last buyer of computing power," it will print money in the name of national security to fund unproductive economic goods, driving up financial speculation and Bitcoin prices; if the government chooses to bail out insolvent insurance companies, it will also need to print money to cover bad AI debts, increasing the money supply and pushing up Bitcoin. Hayes specifically points out that the Federal Reserve voted unanimously last week to raise interest rates by 25 basis points, and RMP bond purchases have stopped since August 14, but commercial banks have taken over to create over $100 billion in currency, and the interest rate hike allows banks to earn an additional $7.5 billion in excess reserve interest each year. This money will be used to expand loans and market speculation, and the net effect remains stimulative. The fluctuations in the cryptocurrency market, which saw a slight increase at the end of August, are about to end, the supply of dollars will continue to grow, and Bitcoin and some selected altcoins will rise. Hayes also described this situation as "incredibly wonderful," stating that the government will not allow the free market to stop building AI data centers, there will be an oversupply of spot computing power, the usage of AI agents will increase, and the surge in money printing will drive investors to chase cryptocurrency assets.

According to Alternative data, the Crypto Fear and Greed Index has risen to 78, reaching its highest value in nearly a month, up from 70 yesterday, with an average of 66 last month. Market sentiment has returned to the extreme greed zone.Note: The Fear Index threshold is 0-100, including indicators: Volatility (25%) + Market Trading Volume (25%) + Social Media Heat (15%) + Market Surveys (15%) + Bitcoin's Proportion in the Overall Market (10%) + Google Trends Analysis (10%).

According to data from DefiLlama, Gate had a net inflow of $353 million in the past month, ranking fourth among global centralized exchanges.

Driven by the favorable impact of the new AI model Jev, the AI concept token ORBIO in the Robinhood chain ecosystem has increased sixfold in the past week, with a current market value of 83.19 million USD.TradingBeats monitors that a certain smart money invested 1,400 USD at the initial launch of the token when it was valued at 70,000 USD, and then locked in a profit of 16,800 USD when the market value reached 6 million USD. A portion of their holdings has been retained until now, and their cumulative unrealized profit has reached 1.45 million USD, yielding over a thousand times profit.

According to TechPowerUp, Chinese DRAM manufacturer Changxin Storage (CXMT) expects to reach a monthly production capacity of approximately 350,000 DRAM wafers by the end of 2026, while Micron estimates around 375,000 wafers during the same period. The cleanroom construction cycle for Changxin Storage is about 12 months, shorter than the industry norm of 21 to 24 months.Due to U.S. sanctions preventing access to EUV, Changxin Storage is using older DUV lithography and multi-patterning technology. The company has begun shipping 16 Gb DDR5 chips at a speed of 8000 MT/s, with a chip area of 67 mm² and a density of 0.239 Gb/mm², where the G4 unit is 20% smaller than the G3. The 24 Gb modules are being mass-produced at approximately 6000 MT/s, and LPDDR5X-10667 modules (12 Gb and 16 Gb) have also entered mass production. The Chinese government is encouraging Changxin Storage to transfer DRAM IP to domestic manufacturers such as JHICC, Swaysure, and Yangtze Memory Technologies (XMC).

According to Nikkei Asia, Chinese startup Unitree Robotics saw its stock price drop more than 50% from its opening price one month after listing on the Shanghai Stock Exchange. The market capitalization corresponding to the company's opening price reached 66 billion dollars.The report states that as the IPO frenzy subsides, investors are assessing the future of humanoid robots, with retail investors paying closer attention to the potential of humanoid robots. Unitree Robotics is a Chinese robotics startup, with products covering quadrupedal robots and humanoid robots.

Social Capital founder Chamath Palihapitiya released an in-depth research report stating that open-source weight models are about four months away from matching the best closed-source frontier models in public evaluations, with increasing fluctuations in the gap. If open-source models allow companies more control over data, infrastructure, and customization while approaching frontier performance, the value corresponding to companies still paying for frontier laboratories becomes a business issue. Openness exists on a spectrum, from fully open-source models that can be downloaded and freely modified to open-source weight models with various restrictions, while closed-source models keep weights proprietary.Palantir CEO Alex Karp warned that companies might hand over differentiated proprietary knowledge and processes to frontier model providers. Microsoft CEO Satya Nadella stated that companies are effectively paying for intelligence twice: once in money and again in the more valuable proprietary knowledge that must be disclosed to make the intelligence useful. Despite concerns, companies are still willing to pay for frontier performance, even if the best open-source weight models are only months behind, with frontier laboratory revenues continuing to accelerate.Leading companies use both types of models, leveraging open-source models for control and customization while utilizing closed-source frontier models for maximum capability, with some cases reporting up to 12 times engineering efficiency and over 20 times cost savings. Some vendors adopt a dual-track approach, with Google offering both Gemini and Gemma, and Meta providing both Muse Spark and Llama. The 99-page report also discusses the costs of maintaining a lead for frontier laboratories, five factors of model competition, model operating locations, and investments in open-source weights by NVIDIA and Samsung.

According to Cointelegraph, MicroStrategy was the best-performing component stock in the Nasdaq 100 index over the past month, with its stock price soaring by 48%.

According to data from DefiLlama, Gate's contract positions in the past 24 hours exceeded 12.473 billion USD, ranking among the top three centralized exchanges.

According to CriptoNoticias, a court in Costa Rica sentenced two men to 12 years in prison each for money laundering. The case involves the kidnapping and murder of American businessman William Shawn Crichton Kopko in 2018, for which his family paid a ransom of approximately 148 bitcoins, valued at around 1 million dollars.The court found that the two defendants received part of the ransom and deposited it into wallets under their control to conceal the source of the related assets.

According to Blockworks data, the Solana network reached a record high of 5.218 billion on-chain transactions in August.

According to Catcher Predict monitoring, the "New York Yankees vs. Arizona Diamondbacks" event on the Polymarket market has seen significant fluctuations in the "O/U 7.5" sub-market's "Over" option win rate, dropping sharply from 46% an hour ago to the current 22.5% (a fluctuation of 23.5%). Please note the impact of related breaking news.

Geoff Kendrick, the Global Head of Digital Assets Research at Standard Chartered, stated that ARB is expected to reach $10 by the end of 2030. This prediction is based on a reference price of $0.14, which is approximately 48 times the current price of $0.21; its annual targets also include $0.5 in 2026, $1.5 in 2027, $3.5 in 2028, and $6.5 in 2029.Arbitrum's monthly revenue is expected to reach $5 million, more than five times the growth before the launch of Robinhood Chain. Robinhood Chain launched its public blockchain mainnet on July 1, based on the Arbitrum platform, targeting tokenized assets and decentralized finance applications; according to the Expansion Program, 10% of the protocol's net revenue is returned to the Arbitrum ecosystem, with 8% going to the ArbitrumDAO treasury and 2% supporting the Arbitrum Developer Guild.ARB is the ERC-20 governance token used for voting on ArbitrumDAO proposals, and currently does not represent ownership of on-chain assets, nor does it have a mechanism for directly capturing Arbitrum revenue. Standard Chartered pointed out that the slowdown in the tokenization process, competitive blockchains, and the lack of a direct value capture mechanism for ARB are the main risks facing this prediction.

The Solana ecosystem project Paid announced on platform X that it has launched the token issuance feature on Pons.The official statement says that 80% of the transaction fees will be sent to X users via X Money, and 20% will be converted into SOL to repurchase PAID tokens. Issuers can add their X Handle in the project text description to send transaction fees through X Money.

According to Onchain Lens monitoring, the long position opening price for ZEC at this address is $517.68, and the current price is $1534.70; this address also holds a short position of 3550 ETH, currently incurring a loss of $2.6 million.

According to on-chain analyst Yu Jin's monitoring, B2 rose 120% from $0.41 to $0.9 this afternoon. It is suspected that B2's active market maker transferred 13 million B2 to Binance Alpha through multiple wallets, worth $10.44 million.This batch of B2 was withdrawn from Bitget and Gate about a month ago, when the price was $0.47, currently making a profit of $4.27 million. One of the receiving wallets is associated with the address that previously operated SIREN; Yu Jin believes that this active market maker may be the same party that previously operated SIREN, AKE, XPIN, and BTR projects.

According to CoinDesk, while Wall Street giants like JPMorgan and Citi have processed huge amounts of money through blockchain, tokenized payment services are still primarily aimed at institutional clients and licensed networks. JPMorgan's Kinexys blockchain platform has processed over $3 trillion, and Citi Token Services handles billions of dollars in cross-border payments daily, neither of which is open to regular savings users.The UK challenger bank Monument Bank is attempting to fill this gap. The bank has a balance sheet size of approximately $2.4 billion and plans to tokenize up to £250 million (about $335 million) of retail customer deposits on the privacy public chain Midnight. These deposits will still earn interest, be fully backed by the bank, can be exchanged 1:1 for pounds, and are protected by the Financial Services Compensation Scheme. The project utilizes zero-knowledge proofs to protect customer data and meet regulatory requirements, allowing users to engage without needing to understand or directly use cryptocurrencies.Mintoo Bhandari, founder of Monument Bank, stated that most tokenization projects are currently internal bank projects and have not yet truly allowed retail users to participate directly in tokenization. In the long term, the bank plans to offer fractional private equity, tokenized structured products, and Lombard loans to customers through regular banking applications under compliance, and is considering licensing related infrastructure to other banks through its subsidiary Monument Technology.

The founder of Liebit Mining Pool, Jiang Zhuoer, stated in a post that after months of trading, profit in coin-based terms has reached 34%, while profit in U-based terms has reached 92%, nearly doubling. The key to profitability lies in position, trading, and currency. Market sentiment must be involved in trading to truly feel it. We are currently in a bull market cycle, and the personal default position is to hold a full position in ETH spot. Besides several recent short positions, more importantly, it is to hold a full position in spot for the long term; shorting is merely to protect the spot after it rises, reducing the downside pullback.