Optimism reallocates OP tokens to the ecosystem fund A controversial Optimism governance vote passed, reallocating approximately 546.9 million OP tokens (about 12.7% of the total supply) from the planned user airdrop to a strategic ecosystem fund managed by the foundation. The proposal only passed after a representative with significant voting power voted 17 minutes before the deadline. This highlights the governance centralization risk within the DAO and reduces the short-term token distribution to retail users. More supply is being directed towards institutional partnerships.

Daily Crypto Scan: Notable Updates - US spot Bitcoin ETF sees outflows for the second consecutive day, totaling $282.7 million, BTC drops toward $77,000 to $78,000 - Nasdaq Ventures agrees to invest $100 million in Kraken parent company Payward at a $21 billion valuation, plans to launch Nasdaq Equity Tokens with Kraken - SGX receives CFTC approval to open BTC and ETH perpetual futures to US institutions - Updated CLARITY Act text will require some DeFi protocols to report to the CFTC before the September 15 cloture vote - US Treasury yields rise close to 5% ahead of CPI data and the Federal Reserve decision on September 16 - Raydium (RAY) rises 27.4% after reportedly buying back $640,000 worth of tokens in a single day and listing 20 additional Backpack Securities tokenized stocks on Solana - ether.fi (ETHFI) up 8.8% following the latest institutional integration news reported by CoinMarketCap

Over the past 7 days, ETH has shown a pattern of initial consolidation, followed by a sharp rise, and then a pullback. In the first 4 days, the price narrowly ranged between 2436 and 2481. On the 5th day, there was a high-volume long bullish candle, reaching a high of 2647.68 and closing at 2559.75, marking a short-term breakout. However, the following two days saw consecutive bearish closes, with the price falling back to 2515.58 at close, indicating significant selling pressure around 2647 and that bulls failed to hold above 2550. The current key resistance zone is between 2550 and 2580, while the key support zone lies between 2508 and 2436. In the short term, it is advisable to either wait and watch or take light short positions, as the two consecutive bearish candles after the sharp rise indicate weakening momentum, and the price has fallen back near the upper boundary of the pre-breakout consolidation range. If the price rebounds to the resistance zone and faces pressure, short positions can be attempted; if it breaks below 2508 with volume, a faster decline may follow.

Bitcoin ETF experiences outflows for the second consecutive day, BTC drops toward $77,000 The US spot Bitcoin ETF recorded a net outflow of $282.7 million on September 10, following an outflow of $120.2 million on September 9. BTC traded around $77,000–78,000, down about 2% in 24 hours, led by declines in meme coins and small-cap tokens, dragging the broader cryptocurrency market down. Why it matters: The reversal in fund flows may indicate weakening institutional demand ahead of the Federal Reserve's decision next week, which could weigh on short-term sentiment for major coins.

Today's cryptocurrency market shows divergent trends but generally leans toward risk appetite: BTC remains relatively stable, while some high-beta altcoins and sector leaders experience greater intraday volatility. The main changes to focus on currently are rotation and divergence: meme tokens, AI, and some Layer-1 tokens perform stronger during certain periods, whereas some DeFi assets and older large-cap altcoin sectors lag behind. The core theme today is selective risk appetite rather than a broad market breakout: capital appears to be rotating between sectors rather than uniformly lifting the entire market. The sustainability of altcoin leadership is the first key observation. If sector leaders continue to rise while BTC remains stable, it typically supports continued capital rotation into higher-beta assets. The shift between BTC's stability and sudden volatility is the second observation. If BTC begins to show stronger directional moves, it could either reinforce the current altcoin rotation or disrupt it. Intraday reversals in popular sectors are especially important today. When the leading range is narrow, sharp pullbacks in the strongest narrative direction can quickly change the overall tone of the broader market.

Is this Ethereum rally a short squeeze or a genuine reversal trend? The last bear market for Bitcoin and the US stock market in 2022-2023 was the year with the most aggressive rate hikes in US history, with interest rates rising from 0% to a peak of 5.25% in just 14 months. It was also the year with the sharpest spike in CPI data. As is well known, due to the massive liquidity injection during the pandemic, the highest CPI in the last cycle reached 9.1, which also fueled the super bull market of 2021. In the 2022-2023 most aggressive rate hike cycle in history, Bitcoin fell by -77% and the Nasdaq fell by -37%. The rate hike data, intervals, and magnitude were very dense, which is also reflected in the Bitcoin and US stock market trends shown in Chart 2. The bear market duration, the smoothness, and the magnitude of the decline were quite significant. But as of September 11, 2026, the latest US CPI is 3.4% (with the newest CPI data released tonight), and the latest interest rate is 3.5%. Compared to the last rate hike cycle, this data is very moderate. The interest rate market has already priced in expectations of 2 or 3 rate hikes in the coming year. As long as we do not actually enter a rate hike cycle—such as one lasting a full year or with an additional 5-point increase—the macro environment is just noise. Nobody really believes the US will keep raising rates to 10 points, right? If that happened, the US would really be in big trouble!

The sharp surge in ETH (Ethereum) was primarily triggered by the US CPI data release, which caused the market to quickly shift from a "bearish interpretation" to a rebound, followed by concentrated short-covering that created a short squeeze in the short term.
At the same time, ETH was supported by ETF net inflows, institutional buying, and improved regulatory expectations, resulting in a significantly stronger gain than BTC. However, this appears to be a combination of "macro reversal + short covering + ETH's own buying demand," rather than a single positive factor. On September 9, the US spot ETH ETF saw net inflows of approximately $34.75 million, with BlackRock's staking version ETHB contributing about $22.94 million. Other reports indicated that Bitcoin bought about $69 million worth of ETH that day, marking its largest purchase since June.
These purchases alone may not fully explain the rapid surge within a few hours, but they improved market expectations for ETH's medium-term demand, especially against the backdrop of recent outflows from BTC ETFs, making ETH's capital performance relatively stronger. The core driver of ETH's sudden rally was the rapid reversal after the CPI release combined with a short squeeze, while ETF and institutional buying provided additional fuel. If ETH fails to hold its gains after the surge and ETF funds turn to outflows again, it would suggest that this rally was mainly a leverage squeeze rather than a sustained spot trend.

The 10-year US Treasury yield is about to break 5%, which is actually quite an interesting level. What kind of market reaction will follow? From historical experience, around 5% is often a good window for allocation. I remember around the 2008 financial crisis and also during 2006-2007, when the 10-year yield was at this level, the subsequent returns were still decent. Of course, the macro environment back then was not exactly the same as now, but when bond yields reach 5%, the real interest rate is already quite attractive. The current issue is inflation stickiness and the Fed's stance. If it really breaks 5%, it could mean the market is pricing in a longer period of high interest rates or increased concerns about the fiscal deficit. But from an allocation perspective, a 5% risk-free yield, viewed historically, is not low. Timing is always a problem, of course. It might first surge to 5.2% or even higher, but as a starting point for medium- to long-term allocation, this level is worth paying attention to. After all, we old-timers know the bond market pendulum always swings back. The expectation for a rate hike in September has already risen above 75%, so we need to manage positions in advance given the potential for significant market sentiment shifts!!

RAYUSDT is currently quoted at $1.5897, up +16.52% from the 24-hour opening price; the cumulative increase over the past 7 days is +90.91%, indicating a very strong short-term trend. The daily RSI(6) is 88.98, in the overbought zone; the trend is bullish, but high volatility and pullback risks are also rising. Whether this momentum can continue depends on whether volume expands again and if the price can hold at a high level rather than quickly falling back to the recent breakout zone. As of 2026-09-11, RAYUSDT is quoted at $1.5897, with a 24-hour opening price of $1.3643, an increase of about +16.52%; the intraday high is $1.7900 and the low is $1.2532. The gains are +9.94% in 1 day, +90.91% in 7 days, and +150.78% in 30 days, representing a high volatility phase following a rapid surge. The "single positive factor": more precisely, it is the result of concentrated capital chasing after the simultaneous appearance of buyback data, platform trading activity, and new narratives. The 24-hour trading volume is about 31.26 million USDT, with a price amplitude from low to high of about 42.8%, indicating high participation but also amplifying the risks of bulls and bears battling and high-level pullbacks. Going forward, two key points to watch are: whether protocol trading volume and fees continue to grow, and whether buybacks can maintain verifiable sustainability. If these two cool down, the current "positive narrative" support may also weaken.

​📉 Bitcoin faces supply pressure from long-term holders around $83,000-$85,000 ​Glassnode reports that Bitcoin is facing supply pressure from long-term holders in the $83,000 to $85,000 range. Despite this, investors are reportedly continuing to accumulate BTC at these price levels, indicating complex market sentiment and potential resistance. ​The market remains cautious: earlier today, BTC fluctuated around $76,800, with major altcoins generally under pressure and an increase in leveraged long liquidations. ​Regulation remains a focus, with key procedural milestones expected on September 15 for US digital asset market structure legislation. Topics such as stablecoin yields, ethical clauses, and developer protections may still impact progress. ​Stablecoin and traditional finance connections continue to expand: multiple institutions are advancing stablecoin settlement, custody, and payment services aimed at banks and payment systems, with institutional adoption remaining a long-term market focus.