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

Bitcoin (BTC) has encountered a pullback, with a temporary report of around $111,640 on September 9. As of the week of September 6, investment activities in crypto funds have sharply slowed down, with investors withdrawing $912 million from Ethereum (ETH) linked products. A widely used JavaScript software library was hacked, marking 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 annual benchmark revision data for non-farm employment.

Macro Events & Coin Circle Hotspots

1. CoinShares' latest report shows that as of the week of September 6, investment activity in crypto funds has sharply slowed, with total outflows reaching $352 million despite US economic indicators pointing to conditions that typically encourage risk-taking. Investors withdrew $912 million from ETH-linked products, continuing a daily withdrawal pattern across multiple issuers for seven consecutive days. CoinShares' research director James Butterfill stated that weak employment data and increasing expectations for a Fed rate cut in September should act as a driving force. Conversely, during the same period, weekly trading volume decreased by 27%, indicating a waning willingness among investors to inject new funds into digital assets. Despite the market downturn, long-term market sentiment remains optimistic.

2. Hackers have 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 swaps or hijacks cryptocurrency wallet addresses, potentially putting many projects at risk.

3. Nasdaq is the second-largest stock 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 to amend its rules to allow the company to list tokenized stocks. The exchange operator specifically requested changes 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 U.S. Securities and Exchange Commission involves not just technical rule changes but also the fundamentals of stock issuance and settlement. One of the changes Nasdaq is seeking is that tokenized assets should have clear labels to ensure that all participants (including those responsible for clearing and settlement, such as custodial trust companies) can accurately handle these transactions.

Market Trend

1. Latest news on Bitcoin: $BTC is experiencing a retracement, currently reported at around 111,640 USD, with a liquidation 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, aided by a surge in Broadcom. The S&P 500 index climbed as investors bet that the US Federal Reserve will soon reduce borrowing costs to support economic growth. The Dow Jones Industrial Average rose by 0.25%, closing at 45,514.95 points; the S&P 500 index increased by 0.21%, closing at 6,495.15 points; the NASDAQ index rose by 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 advisable 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, outflow was $1.78 billion, with a net outflow of $140 million.

(Source: CoinGlass)

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

News Updates

1. The U.S. Congress requests the Treasury to formulate a Bitcoin strategic reserve custody plan.

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

3. CleanCore invested $68 million to acquire over 285 million DOGE, and the stock price soared 40% in after-hours trading.

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 Technology produced 98 Bitcoins in August, increasing its total reserves to 1,547 coins.

7. SwissBorg was attacked by SOL wallet, approximately 41 million USD was transferred.

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

9. The US 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 completes approximately $10 million in funding.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "The operations on September 8 were fine, not very difficult. After Shiba Shubo resigned over the weekend, there were expectations that the market environment would ease a bit. Over the past three weeks, the discussion has 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 experience a sell-off due to the exhaustion of positive sentiments. However, I personally do not see it this way, because after the rate cut in September, there is something more important—the dot plot. We've mentioned countless times that the main contention in the market now is neither economic issues, tariffs, nor even inflation, but the game between Trump and the Federal Reserve regarding interest rates. Trump wants the rate cut, and for the sake of it, he can ignore all data, while the Federal Reserve maintains a conservative stance, hoping for lower inflation and economic stability."

"Although the Federal Reserve has the power to raise and lower interest rates, it is not a monolith internally. There is now concern that after September, the Fed may continue to tighten, possibly lowering rates once in 2025. Such a limited number of cuts raises market fears of a recession. If Trump can gain majority support and significantly lower rates in a short period, this is what the dot plot suggests. If the dot plot in September shows a 75 basis point cut in 2025 and a 200 basis point cut in 2026, I believe the market will respond positively with an increase. However, if it remains like June, with a total of 50 basis points cut in 2025 and another 50 basis points in 2026, the market will indeed become more pessimistic."

"Looking back at the data for Bitcoin, although the turnover rate began to rise after the weekend, it is still much lower compared to the same period last week, once again indicating that investors are starting to feel fatigued with the current price. The trading volume has seen a noticeable decline, and everyone seems to be waiting for the results in September. Personally, I'm not very optimistic about tomorrow's labor data; it is undeniable that labor is currently low, and even Trump can't ignore that. The more critical points might be the PPI and CPI data, but even if inflation data is somewhat rising, 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 stubbornly insists on not lowering rates in September? Just thinking about this makes me want to laugh, and I guess Trump will be furious."