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CoinCatch Market Daily Report (September 8, 2025)
Beginner
2025-09-08 | 10m
On September 8, the price of BTC fluctuated around $110,000; the price of ETH fluctuated narrowly around $4,300, entering a consolidation state; Regarding hot topics, Kinto, the "modular exchange" and Ethereum Layer 2 network that courted traders and institutional firms as a fully KYC-compliant protocol, will shut down on September 30 in the wake of a July exploit that drained $1.55 million from lending pools; Stablecoin issuers Paxos, Frax Finance, and Agora, along with a new team dubbed Native Markets, are jockeying to win the bid to issue Hyperliquid's upcoming USDH stablecoin; The tokenized gold market past the $2.5 billion mark, as the per-oz price of the precious metal brushes up against all-time highs.
Crypto Market Overview
BTC (+0.39% | Current Price: $111,269.59)
BTC prices have recently been fluctuating around $110,000. Structurally, BTC experienced a surge from July to early August, reaching a high of $124,497 before encountering resistance and falling back to $98,200. It has generally fluctuated between $98,000 and $124,000. Currently, prices are consolidating in the middle of this range, with trading volume gradually decreasing, indicating a wait-and-see market. On September 5th, BTC ETFs experienced a net outflow of $160 million, with BlackRock IBIT seeing $63.2 million in outflows.
ETH (-0.23% | Current Price: $4,291.86)
ETH prices have recently been fluctuating in a narrow range of around $4,300, currently trading below the 30 MA (4,424), reflecting weakening medium-term upward momentum. If ETH can regain its footing above $4,420 (the 30 MA and previous resistance zone), it could resume its upward trend. On September 5th, ETH ETFs saw a net outflow of $446 million, with BlackRock ETHA seeing an outflow of $309 million and Fidelity FETH seeing an inflow of $37.8 million.
Altcoins
Most major altcoins maintained a slight decline. The Fear and Greed Index was at 42 today, indicating that the overall sentiment in the cryptocurrency market is characterized by fear. This suggests that investors are cautious and uneasy about the current market movements. Bitcoin's dominance has reportedly dropped by 6% in the past 30 days, which might typically indicate an increasing appetite for riskier altcoins. However, the current Fear index suggests a more nuanced picture. In conclusion, while some individual altcoins are performing well, the overall market sentiment is one of caution and fear.
Macro Data
On September 5th, the S&P 500 dropped 0.32% to 6,481.50; the Dow Jones Industrial Average fell 0.48% to 45,400.86; and the Nasdaq Composite Index dropped 0.13% to 21,700.39. As of 8:20 AM (UTC) on September 8th, the spot gold price was currently at $3,612.18 per ounce, a 24-hour increase of 0.71%.
Trending Tokens
SAPIEN Sapien (+25.76%, Circulating Market Cap: $74.28 Million)
SAPIEN is trading at $0.2970, up approximately 25.76% in the past 24 hours. Sapien is an open protocol for sourcing verified human knowledge at scale. Its network of millions of contributors spans more than 100 countries, ranging from doctors and engineers to artists and students. Together they produce high-quality AI training data, validated through Sapien’s onchain Proof of Quality system. This ensures enterprises and AI developers can access trusted, human-in-the-loop data while transforming fragmented online work into a sustainable, reputation-based profession. SAPIEN’s Proof-of-Quality system requires staking tokens to submit data tasks. High-quality contributors earn bonuses, while poor work risks slashing. 75% of tokens remain locked post-TGE, with gradual unlocks over 3 months. Staking reduces circulating supply (currently 25% of 1B total), creating artificial scarcity. However, the 7-day RSI of 79.91 warns of overextension. Vesting schedules delay team/advisor unlocks (16.55% of supply) until late 2026, mitigating near-term dilution.
WLD Worldcoin (+23.02%, Circulating Market Cap: $2.51 Billion)
WLD is trading at $1.25, up approximately 23.02% in the past 24 hours. The Worldcoin system revolves around
World ID, a privacy-preserving global identity network. World ID enables users to verify their humanness online ("Proof of Personhood") while maintaining their privacy through
zero-knowledge proofs. WLD broke above the 127.2% Fibonacci extension level ($1.22) after consolidating near the $0.98–$1.14 range. The RSI-7 (69.72) shows room for upside before overbought conditions, while the MACD histogram turned positive (+0.013), confirming bullish momentum.
SPK Spark (+13.73%, Circulating Market Cap: $114.95 Million)
SPK is trading at $0.06902, up approximately 13.73% in the past 24 hours. Spark is an onchain capital allocator, with $3.86B deployed across DeFi, CeFi, and RWA. It unlocks capital efficiency at scale, auto-balancing allocations based on market conditions while maintaining a conservative risk profile. SPK broke above $0.12 resistance on August 4, 2025, with a 30% intraday surge. The MACD histogram flipped positive (+0.0004581), signaling bullish momentum, while RSI (50.58) avoids overbought territory. Traders interpreted the move above the 23.6% Fibonacci level ($0.105) as confirmation of a short-term uptrend. High volume ($189M 24h turnover) supports the breakout’s legitimacy.
Market News
Ethereum Layer 2 Kinto Shuts Down in Wake of $1.6 Million July Exploit
Kinto, the "modular exchange" and Ethereum Layer 2 network that courted traders and institutional firms as a fully KYC-compliant protocol, will shut down on September 30 in the wake of a July exploit that drained $1.55 million from lending pools.
On July 10, Kinto was hit by a sophisticated smart contract exploit that allowed an attacker to mint 110,000 fake Kinto tokens on Kinto’s Arbitrum-based Ethereum Layer 2 and dump them on the market, siphoning 577 ETH worth $1.55 million from a Morpho lending vault and a Uniswap v4 liquidity pool. The price of Kinto's token dropped about 95% following the exploit.
The specific vulnerability was flagged by security researchers and other DeFi platforms were notified, but Kinto slipped through the cracks. The platform was attacked mere hours after the vulnerability was disclosed.
Kinto attempted to rebound by raising $1 million through an effort dubbed "Phoenix," which allowed Kinto to restart trading and DeFi operations by issuing a new $KINTO token reflecting pre-hack holdings and by replenishing some of the drained liquidity pools. However, the new debt from the recovery loans made further financing difficult for the protocol.
Paxos, Frax, and Agora Fight for Hyperliquid's USDH Stablecoin Contract, with More Bids Likely Incoming
Stablecoin issuers Paxos, Frax Finance, and Agora, along with a new team dubbed Native Markets, are jockeying to win the bid to issue Hyperliquid's upcoming USDH stablecoin, announced in a Friday Discord post from the trading firm.
Hyperliquid said it's seeking to launch a "Hyperliquid-first, Hyperliquid-aligned, and compliant USD stablecoin" and had reserved the USDH ticker for that purpose. Hyperliquid invited teams to submit proposals with the winner, chosen by validator vote, to gain approval to purchase the ticker and issue the token.
Hyperliquid is known for its decentralized ethos, shirking venture capital funding and launching its $HYPE token directly on public markets. The perpetuals exchange leads its competitors in terms of trade volume, according to The Block's data. Most pairs on the exchange use the USDC stablecoin, and Hyperliquid holds nearly $5.5 billion in USDC deposits on the platform, around 7.5% of that stablecoin's circulating supply, according to DeFiLlama data.
Tokenized Gold Market Now Worth More Than $2.5 Billion
A feverish run in the price of gold has pushed the tokenized gold market past the $2.5 billion mark, as the per-oz price of the precious metal brushes up against all-time highs.
The price of gold hit a new all-time high this week, rising above $3,500 per ounce. Correspondingly, the market for tokenized gold—digital blockchain-based tokens that are supposed to be underpinned by some amount (often fractional) of real gold, effectively establishing digital ownership of a physical good—has also boomed.
Currently, the tokenized gold market is largely dominated by XAUT, Tether’s tokenized gold offering, and PAXG, by Paxos. XAUT minted $437 million worth of new supply in August, while Paxos’ PAXG drew in $141.5 million in June. Tokenized gold offerings are—in theory—backed by physical gold held by or on behalf of the token issuer.
PAXG’S total market cap is $985 million, ahead of the second-largest XAUT, which sits at $859 million.
It’s a sign of the trend toward tokenization and an illustration of the stark new reality that any discussion of the market for gold—and potentially any other precious metal or asset—must increasingly be made alongside a consideration of its tokenized equivalent.
Reference:
CoinMarketCap. (n.d.). CoinMarketCap.
https://coinmarketcap.com
Farside Investors. (n.d.-a). Bitcoin.
https://farside.co.uk/btc/
Farside Investors. (n.d.-b). Ethereum.
https://farside.co.uk/eth/
Investing.com. (n.d.-a). USA Indices.
https://investing.com/indices/usa-indices
GoldPrice.org. (n.d.).
Spot gold price today. Retrieved September 5, 2025, from
https://goldprice.org/spot-gold.html
The Block. (2025, September 7).
Ethereum Layer 2 Kinto shuts down
in
wake
of
$1.6 million July exploit. Retrieved September 8, 2025, from
https://www.theblock.co/post/369731/ethereum-layer-2-kinto-shuts-down-in-wake-of-1-6-million-july-exploit:cite[6]
CoinGeek. (n.d.).
Tokenized
gold
market
now worth more than $2.5 billion. Retrieved September 8, 2025, from
https://coingeek.com/tokenized-gold-market-now-worth-more-than-2-5-billion/
The Block. (2025, September 7).
Paxos, Frax, and Agora fight for Hyperliquid's USDH stablecoin contract, with more bids likely incoming. Retrieved September 8, 2025, from
https://www.theblock.co/post/369720/paxos-frax-and-agora-fight-for-hyperliquids-stablecoin-contract-with-more-bids-likely-incoming:cite[3]
CoinCatch Team
Disclaimer:
Digital asset prices carry high market risk and price volatility. You should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance. CoinCatch is not responsible for any losses that may occur. This article should not be considered financial advice.
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