● Federal Reserve Governor Waller: I have made it clear that we should cut rates at the next meeting
According to Deep Tide TechFlow, on September 3, Federal Reserve Governor Waller stated: 'I have made it clear that I believe we should cut rates at the next meeting. The yield on the 10-year U.S. Treasury has stabilized. We may see multiple rate cuts, whether at each meeting or every other meeting, depending on the data.'
● Federal Reserve will hold a meeting in October to discuss stablecoins and tokenization
According to Cointelegraph, the Federal Reserve plans to hold a meeting on October 21 to discuss innovations in payment systems, including stablecoins and the tokenization of financial products. Federal Reserve Governor Christopher Waller stated that innovation is the norm in the payment sector and looks forward to exploring the opportunities and challenges presented by new technologies. As the meeting was announced, U.S. President Trump attempted to fire Federal Reserve Governor Lisa Cook, accusing her of involvement in mortgage fraud. Cook refused to resign and filed a lawsuit.
600 economists warned that weakening the independence of the Federal Reserve would increase uncertainty in monetary policy. Trump has repeatedly expressed a desire to remove Federal Reserve Chairman Powell before the end of his term in 2026. Previous Supreme Court opinions have expanded presidential power over independent agencies but noted that the Federal Reserve is a 'uniquely structured quasi-private entity,' and any changes in leadership must have 'just cause.'
● QCP: Federal Reserve independence draws attention, gold and Bitcoin become safe-haven assets
According to Deep Tide TechFlow, QCP released a briefing on September 3 indicating that market focus has shifted from interest rate cuts to the issue of Federal Reserve independence. Analysis shows that the market is pricing a higher term premium at the long end, lowering the threshold for dollar downturn cycles. In this context, even if accommodative policies are implemented, the yield curve tends to steepen, and the dollar weakens. Gold and Bitcoin are supported as investors seek to hedge against inflation and governance risks. After the Jackson Hole meeting, a rate cut in September is still seen as possible. Although inflation is difficult to quickly fall back to the 2% target, the market expects two rate cuts this year, but new tariffs may raise inflation expectations, which is worth noting.
According to reports by Wu Shuo, the Chainalysis (2025 Global Cryptocurrency Adoption Index) shows that India, the United States, and Pakistan rank in the top three. Vietnam and Brazil rank fourth and fifth. The report notes that on-chain cryptocurrency transaction volume in the Asia-Pacific region has grown by 69% year-on-year over the past year, becoming the fastest-growing region, with India, Vietnam, and Pakistan playing significant roles. Latin America ranks second with a growth rate of 63%.
● Glassnode: August saw a divergence in behavior among large ETH holders
According to Foresight News, Glassnode data shows that in August, the largest Ethereum holders exhibited divergent actions. Mega whales (holding over 10,000 ETH) drove the market up through net inflows, peaking at 2.2 million ETH in net inflows over 30 days, but their accumulation has now paused. Meanwhile, large whales (holding 1,000-10,000 ETH) have resumed buying after several weeks of selling.
Binance Research released the September 2025 Market Insights Report. The report states that the total market capitalization of cryptocurrencies slightly decreased by 1.7% in August, mainly affected by higher-than-expected Producer Price Index (PPI) reports. Bitcoin's market share fell to about 57.3%, while Ethereum's share rose to over 14.2%, reflecting a shift of funds into altcoins amid market expectations of potential rate cuts by the Federal Reserve. Additionally, institutional investors continue to accumulate Ethereum, currently holding about 4.44 million ETH (approximately 3.67% of the supply). Historically, the market in September may also weaken due to profit-taking by investors.
At the same time, although rate cuts are generally seen as beneficial for Bitcoin, historical data shows a weak and volatile correlation between the two. The current relationship is more complex, influenced by both institutional and market factors. As the market often prices in rate cut expectations in advance, Bitcoin's price has partially reflected this, making it inaccurate to simply link rate cuts directly to price increases. The key lies in the difference between the Federal Reserve's actual actions and market expectations, as well as the prevailing economic environment.
Lagrange is building an unlimited proof layer for Web3: a decentralized zero-knowledge (ZK) infrastructure capable of providing verifiable proofs for cross-chain data, DeFi, and AI reasoning. The project aims to scale cryptographic verification and become the core foundation for verifiable AI through the ZK Prover Network, ZK Coprocessor, and DeepProve zkML system.
In this interview with Binance News, the Lagrange team shared how proof demand drives their token economy, what real-world application scenarios mean for users, and how they plan to transition zero-knowledge (ZK) technology from the exploratory phase to the necessary infrastructure for Web3.
