2025

Analyst Darkfost pointed out that the MVRV ratio (Market Value to Realized Value ratio) of short-term holders (STH) of Bitcoin has risen to its highest level since November 2025. This increase was driven by the price breaking through the short-term holder cost benchmark of approximately $73,100, significantly enhancing market momentum between August and September.The current MVRV ratio is 1.15, indicating that short-term holders are, on average, in a 15% profit state, and their holding market value has exceeded the realized value. This level is worth close attention, as it may prompt short-term holders to take action, especially to realize profits.

Former SEC Acting Chairman Mark Uyeda stated that the agency will withdraw the cryptocurrency case in early 2025 to maintain its credibility in court before a significant policy shift.

According to CCTV Finance, the global trade volume of AI-related products will reach 4.18 trillion USD by 2025, a year-on-year increase of 21.9%. With the rapid evolution of artificial intelligence and Agent capabilities, a batch of "portable" AI hardware is accelerating its entry into the consumer market.At the exhibition hall of the Yunqi Conference in Hangzhou, Zhejiang, many AI hardware products, from AI glasses to user-assembled AI DIY devices, no longer solely rely on smartphones. Instead, they synchronize voice, image, and other information around the user in real-time to the Agent, which autonomously breaks down tasks and completes execution. Global investment in AI infrastructure continues to increase, and Chinese technology companies are also making the latest arrangements around AI hardware, large models, and underlying computing power.

According to Bloomberg on September 22, China's gold imports are at a record level this year, driven by falling international gold prices and a strengthening yuan. Customs data shows that the procurement volume has exceeded 1,000 tons as of August, surpassing the total for the entire year of 2025, with relevant customs data traceable back to 2017.Goldman Futures analyst Wu Zijie stated that strong investment demand has kept domestic gold prices at a slight premium relative to international benchmarks, thereby attracting imports.

The yield spread between the 2-year and 10-year U.S. Treasury bonds has narrowed to its smallest level since March 2025.

The 30-year fixed mortgage rate in the United States reached 7.22% on September 15, the highest since January 2025. Rising U.S. Treasury yields have led to increased lending costs for banks, and the market is betting that the Federal Reserve is likely to raise interest rates.According to data from the National Association of Realtors, existing home sales in August fell by 2% month-over-month, annualized at 3.98 million units, the lowest since June of last year. High mortgage rates have exacerbated the sluggishness in the real estate market, leading to increased hesitation among homebuyers and squeezing builders' profits.

The Governor of the People's Bank of China, Pan Gongsheng, pointed out that China's financing structure is undergoing profound changes. By 2025, the incremental social financing scale will reach 35.6 trillion yuan, with corporate bonds, government bonds, and stock financing accounting for about 47%, surpassing loans for the first time. By the end of June 2026, the proportion of indirect financing balance in the social financing scale will drop to about 2/3, while the proportion of loan balance will decrease to about 60%, and the proportion of direct financing balance will rise to about 1/3.In the past decade, the proportion of new loans for real estate and infrastructure construction in total loans has decreased from over 60% to around 10%, while the proportion of new loans in the financial "five major articles" sector has risen to over 70%. The loan growth rate for technology-based small and medium-sized enterprises remains around 20%, and the annual growth rate of inclusive micro and small loans is about 20%. There are over 5,500 listed companies in the A-share market, with a total market value exceeding 110 trillion yuan; the total scale of the bond market has surpassed 200 trillion yuan, and the cumulative issuance of sci-tech bonds is about 3 trillion yuan.

According to Blockworks data, Solana dApp recorded nearly 8 million dollars in daily revenue on September 11, reaching the highest level since October 2025.

The cryptocurrency risk data analysis company Bitrace released the "2026 Annual Cryptocurrency Crime Report," which shows that in 2025, the illegal funds received by blockchain addresses marked as high risk across the network reached $50.21 billion. Organized crime networks in Southeast Asia were severely impacted, as the United States and the United Kingdom jointly sanctioned the Cambodian Prince Group, seizing or freezing billions of dollars in cryptocurrency assets, and Huibang Group was forced to temporarily halt its Huibang Payment operations.The report states that in 2025, high-risk addresses for online gambling received $14.53 billion, down from $21.78 billion in 2024; it is predicted that platform funds transferred or bet will reach $6.64 billion. High-risk addresses for money laundering received a total of $6.98 billion, with USDT-related money laundering amounting to $5.7 billion on Ethereum and $60.2 billion on Tron. High-risk addresses for black and gray market transactions received $186.9 billion, almost all occurring on the Tron network, with Huibang Payment receiving $52.4 billion in USDT that year.In 2025, the number of addresses frozen reached 4,059, exceeding the total of 3,199 from the past four years, with 3,406 on Tron. Tether froze over $1.1 billion in USDT, and Circle froze over $23 million in USDC. From 2021 to 2025, the United States, Japan, the United Kingdom, Israel, and France collectively imposed sanctions on at least 1,683 blockchain addresses.

The yield on the U.S. 2-year Treasury note rose by 2 basis points to 4.42%, the highest level since January 2025.

Dwarkesh Patel and Jerry Han published research on September 8, 2026, breaking down the contributions of data and model improvements in pre-training progress from 2019 to 2025. The study was conducted on a smaller scale, focusing on pre-training, corresponding to the publicly released model recipes and publicly available data corpora for each year, and was trained at a computational scale of up to 1e19 FLOPs.The results show that under the 1e19 FLOPs computational budget, the computational efficiency gain from data improvements is 12.0 times, while model improvements yield 3.7 times, with the data-side gain being approximately 3.24 times that of the model side. The gains from data and model improvements are largely independent and interact very little, with the additive effect of both explaining 88% of the variance in OLMES scores under a linear model.On the model side, the evolution from GPT-2 to OLMo-2 encompasses optimizers, positional encoding, normalization, activation functions, and initialization, among others. On the data side, the corpus evolved from approximately 9 billion tokens of OpenWebText in 2019 to larger and more finely filtered corpora like UltraFineWeb by 2025.

According to Bloomberg, U.S. President Trump's envoy and real estate developer Steve Witkoff stated in the latest financial disclosure that his holding company is expected to generate approximately $107 million in revenue in 2025, which includes his interests in the cryptocurrency project World Liberty Financial LLC and assets such as resorts, hotels, and residential properties.The documents did not disclose the specific valuations and revenues of World Liberty Financial and other underlying assets. Previous disclosures indicated that the holding company's revenue for 2024 was $34 million. Critics argue that Witkoff's holdings in entities such as World Liberty Financial present a potential conflict of interest with his government position.

Blockchain analysis company Chainalysis estimates that France's potential taxable cryptocurrency activity will reach $9.4 billion by 2025, including $5.2 billion from payments, $2.5 billion from capital gains, and $1.7 billion from mining and staking income. French taxpayers reported only €368 million in net income for the 2024 fiscal year, involving about 24,000 people, an increase from approximately 7,700 people and €150.8 million in the previous year.Chainalysis stated that the non-compliance rate for cryptocurrency taxes in some countries may exceed 90%. The EU's eighth directive on administrative cooperation, DAC8, came into effect on January 1, 2026, requiring cryptocurrency service providers to collect user identity and transaction data. Tax authorities in member states will start exchanging relevant records cross-border from September 30, 2027; CARF currently covers about 14% of the world's potential taxable on-chain activities.

Bitcoin News posted on platform X stating that the International Monetary Fund mentioned that El Salvador has accumulated Bitcoin since June 2025 without using public funds, and this accumulation reflects private donations.El Salvador disclosed in November 2025 that it purchased 1,090 Bitcoins, valued at approximately 100 million dollars, increasing its Bitcoin holdings to 7,474 coins. The International Monetary Fund also stated that El Salvador is improving the transparency of Bitcoin holdings across various wallets and strengthening the governance and risk management of public sector crypto asset holdings.

The yield on the U.S. 2-year Treasury note rose to 4.416%, the highest level since January 2025.

According to the IDC report "China BaaS Market Share, 2025," the scale of China's blockchain BaaS market will reach 2.07 billion yuan in 2025, with a year-on-year growth of 7.4%. Ant Financial ranks first with a market share of 32.4%, a year-on-year growth of 20.6%, followed by Tencent Cloud and Inspur in second and third place.IDC pointed out that trusted data spaces and AI large models have become new driving forces for market growth, and BaaS will accelerate its intelligent upgrade towards smart contracts, on-chain data analysis, and intelligent operations. Ant Financial has long invested in blockchain technology research and development, continuously laying out core blockchain technologies such as cross-chain interconnection, large-scale networks, and privacy protection, holding the world's number one blockchain patents for several consecutive years. Technically, Ant Chain can support a scale of 2 billion accounts and a throughput of 100,000 TPS.

The yield on the 10-year U.S. Treasury rose to 4.75%, the highest level since January 2025.

Altrata's latest report shows that the number of billionaires worldwide will rise to a historic high of 3,795 by 2025, an increase of 8.2%, the strongest in five years. The rapid growth of super-rich wealth is driven by rising stock markets, monetary stimulus policies, and a surge in artificial intelligence investments. The total wealth of billionaires is expected to grow by 12.8% in 2025, reaching a record of $151 trillion, equivalent to nearly a quarter of the total market capitalization of the S&P 500 index. This marks the third consecutive year of accelerated growth in billionaire wealth, with an average wealth of $4 billion and a median net worth close to $2 billion.By region, the number of billionaires in North America increased by 11.6%, reaching 1,337, accounting for 35% of the global total; Europe saw nearly an 8% increase for the second consecutive year, reaching 1,081, accounting for 28%; Asia grew by 6.5%, reaching 881. The report indicates that since 2023, the surge in artificial intelligence investments has been one of the most important driving forces behind the creation of wealth among global billionaires, with its impact becoming more pronounced in 2025 and the first half of 2026. Investor enthusiasm for generative AI, large language models, cloud computing, and AI software has attracted significant capital, driving the revaluation of technology companies, with founders and major shareholders of leading global tech companies being the biggest beneficiaries.

According to a notice from the U.S. Commodity Futures Trading Commission (CFTC), scammers are frequently impersonating government agencies, banks, investment firms, utility companies, or tech support personnel to lure victims into transferring funds via cryptocurrency ATMs, gift cards, unfamiliar applications, or courier services. They exploit the irreversible nature of transactions and the difficulty in tracing address ownership to carry out their scams.Data from the Internet Crime Complaint Center (IC3) of the FBI shows that in 2025, reported losses from scams involving cryptocurrency ATMs exceeded $388 million, a 58% increase from the previous year, with actual losses potentially higher due to underreporting.The CFTC states that legitimate government departments, financial institutions, and businesses will not ask users to transfer assets via cryptocurrency ATMs, gift cards, or courier services. If someone urges action by claiming "your account or identity is at urgent risk," or requests confidentiality, remote control of devices, or transfers to specified wallet addresses or QR codes, it should be considered a high-risk signal. Regulatory agencies recommend that users stop trading, independently verify information through official channels, and promptly report suspicious scams to the CFTC or FBI IC3.

CryptoQuant analyst Darkfost stated that this week, Bitcoin ETF net inflows reached 14,700 BTC, marking the second-largest weekly inflow since October 2025. Since August, the cumulative net inflow is approximately 21,958 BTC, indicating signs of a resurgence in demand are beginning to emerge.