Gate Daily (September 9): Large-scale capital outflow from ETF products; NPM attack on core JavaScript libraries

Bitcoin (BTC) is experiencing a pullback, currently reported at around $111,640 on September 9. As of the week of September 6, investment activity in crypto funds has sharply slowed, with investors withdrawing $912 million from Ethereum (ETH) linked products. Hackers have breached a widely used JavaScript software library, which is being referred to as the largest supply chain attack in history. Nasdaq is seeking regulatory approval from U.S. securities regulators to list tokenized stocks.

Today's Outlook

1. The U.S. Bureau of Labor Statistics released the non-farm annual benchmark revision data.

Macroeconomic Events & Coin Circle Hotspots

1. CoinShares' latest report shows that as of the week ending September 6, investment activities in crypto funds have sharply declined. Despite U.S. economic indicators pointing to conditions that typically encourage risk-taking, total outflows still reached $352 million. Investors withdrew $912 million from ETH-linked products, continuing a daily withdrawal pattern across multiple issuers for seven consecutive days. CoinShares' head of research, James Butterfill, stated that weak employment data and the increasing expectations for a Fed rate cut in September should provide a push. Conversely, weekly trading volume fell by 27%, indicating a weakening willingness among investors to inject new funds into digital assets. Despite the market slump, long-term market sentiment remains optimistic.

2. Hackers infiltrated a widely used JavaScript software library, marking the largest supply chain attack in history. Reports indicate that the injected malware is designed to steal cryptocurrency by swapping wallet addresses and intercepting transactions. According to multiple reports on September 8, hackers breached the account of a well-known developer's node package manager (NPM) and secretly added malware to popular JavaScript libraries used by millions of applications. The malicious code would swap or hijack cryptocurrency wallet addresses, potentially putting many projects at risk.

3. Nasdaq is the second largest securities exchange in the world by market capitalization and is currently seeking regulatory approval from U.S. securities regulators to list tokenized stocks. On September 8, Nasdaq submitted an application to the U.S. Securities and Exchange Commission (SEC) requesting a rule change to allow the company to list tokenized stocks. The exchange operators specifically requested amendments to certain rules, including the definition of securities, so that tokenized stocks could be traded under the same execution and documentation rules as traditional securities, provided they are considered equivalent. According to Bloomberg, Nasdaq's request to the SEC involves not just changes to technical rules but also the fundamentals of stock issuance and settlement. One of the changes Nasdaq is seeking is for tokenized assets to have clear labeling to ensure that all participants (including those responsible for clearing and settlement, such as custodial trust companies) can correctly handle these transactions.

Market Trends

1. Latest news on Bitcoin: $BTC is experiencing a pullback, currently reported around 111,640 USD, with liquidations of 35.03 million USD in the past 24 hours, mainly from short positions;

2. The Nasdaq index of the US stock market set a new closing record high on September 8, helped by a surge in Broadcom. The S&P 500 index climbed as investors bet that the Federal Reserve will soon lower borrowing costs to support economic growth. The Dow Jones Industrial Average rose 0.25%, closing at 45,514.95 points; the S&P 500 index increased by 0.21%, closing at 6,495.15 points; and the Nasdaq index rose 0.45%, closing at 21,798.70 points, setting a new record high.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 111,957.70 USDT, if it drops to around 111,446 USD, the cumulative liquidation amount of long positions exceeds 209 million USD; if it rises to around 113,657 USD, the cumulative liquidation amount of short positions exceeds 765 million USD. The liquidation amount for shorts is significantly higher than for longs, so it is recommended to reasonably control leverage ratios to avoid triggering large-scale liquidations during market fluctuations.

(Source: CoinGlass)

4. In the past 24 hours, BTC spot inflow was 1.64 billion USD, outflow was 1.78 billion USD, resulting in a net outflow of 140 million USD.

(Source: CoinGlass)

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

News Update

1. The U.S. Congress requests the Treasury to formulate a custodial plan for Bitcoin strategic reserves.

2. Sky also plans to launch the USDH stablecoin on Hyperliquid.

3. CleanCore invested $68 million to purchase over 285 million DOGE, and the stock price surged 40% after hours.

4. Security Organization: NPM Supply Chain Attacked, Developer qix Affected

5. ZachXBT: Aqua suspected Rug Pull, involving an amount of approximately 4.65 million USD SOL

6. Canaan Technologies produced 98 Bitcoins in August, increasing its total reserves to 1,547 coins.

7. SwissBorg was attacked by the SOL wallet, resulting in approximately $41 million being transferred.

8. MegaETH and Ethena jointly launched the native stablecoin USDm to subsidize sorter fees.

9. The U.S. SEC has confirmed receipt of the application documents for the CANARY SPOT STAKED SEI ETF.

10. A certain whale transferred 47,507 ETH to 2 new wallets after being dormant for 4 years, worth 207 million dollars.

11. Digital asset infrastructure provider Tetra Digital Group has completed approximately $10 million in financing.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "The operations on September 8th were fine, not very difficult. After Shinzo Abe's resignation over the weekend, there was an expectation that the market environment would ease a bit. In the past three weeks, the discussion has gradually shifted from whether there will be a rate cut in September to whether the U.S. economy will enter a recession. Today, even JPMorgan published an article saying that after a rate cut in September, the market might exhaust its positive sentiment and turn bearish. Of course, I personally do not see it that way, because after the rate cut in September, there is something even more important—the dot plot. We have mentioned countless times that the main contention in the market now is neither an economic issue, nor tariffs, nor even inflation, but the game between Trump and the Federal Reserve regarding interest rates. What Trump wants is a rate cut, and to achieve that, he can ignore all data, while the Federal Reserve maintains a conservative attitude, hoping for a decrease in inflation and economic stability."

"Although the Federal Reserve holds the power to raise and lower interest rates, the Fed is not a monolith. There is now concern that after September, the Fed may continue to tighten, possibly lowering rates once in 2025. Such infrequent adjustments worry the market about triggering an economic recession. If Trump can gain majority support and significantly lower rates in a short time, this aligns with the information provided by the dot plot. If the September dot plot indicates a potential 75 basis point cut in 2025 and a 200 basis point cut in 2026, I believe the market will respond positively through an increase. However, if it remains like June, with a total cut of 50 basis points in 2025 and another 50 basis points in 2026, the market will indeed become more pessimistic."

Looking back at Bitcoin's data, although the turnover rate began to rise after the weekend, it is still much lower compared to the same period last week, further indicating that investors are starting to tire of the current price. Trading volume has seen a noticeable decline, and everyone seems to be waiting for the results in September. Personally, I am not too optimistic about tomorrow's labor data. It is already indisputable that labor is low, and even Trump can't ignore that. The key points might be the PPI and CPI data, but even if inflation data rises somewhat, in the face of economic downturn risks, the market will still believe that the Federal Reserve should lower interest rates. I suddenly want to laugh; what if the Federal Reserve firmly decides not to lower interest rates in September? Just thinking about it makes me want to laugh, and I estimate that Trump will be infuriated.