Is there still a chance for large-scale secondary piracy? Yes, there is, and that is the expectations after interest rate cuts, as well as the decrease in the proportion of the major player. The influx of funds will take time.

.......

1. BN updated the August reserve proof, significantly hoarding the major player and E, while continuing to maintain a non-hoarding strategy for SOL. These are all operations funded by the platform itself, generally obtained through platform income, not user assets, indirectly reflecting the platform's attitude, among which the increase in E's quantity is 30,400, a growth of 381,423% compared to June.

2. The Japanese consortium SBI has applied to the Financial Services Agency to launch a major player and XRP spot ETF, with plans to list on the Tokyo Stock Exchange. Additionally, there will be a public mixed trust of the major player and gold. This means that the previous issues affecting the entry of Japanese funds into the B circle due to tax rates will be significantly alleviated, allowing retail investors trading in Japanese stocks to directly buy the major player and XRP ETF, finally bringing large funds from Japan and South Korea into the market.

3. The US SEC released a statement on liquid staking activities, clearly stating that liquid staking is not a security. As a result, the staking sectors of LDO, RPL, and other tokens experienced a brief surge. The beneficiaries include not only the staking sector of E but also SOL and the entire DEFI sector, paving the way for future staking ETFs, which is a long-term positive.

4. Greed and Fear Index: 62, Greed.