Gold hit a new record high, once rising to $3,689.27 per ounce | Binance Morning Post (September 16)

● Gold hit a new record high, once rising to US$3689.27/ounce According to Shenzhen Tide TechFlow, on September 16, the spot gold price once rose to US$3689.27/ounce, a record high, with an intraday increase of nearly 0.2%. ● Institutions: Gold prices remained stable at high levels, and the market remained on the wait-and-see before the Federal Reserve's interest rate resolution According to the Tide TechFlow, on September 15, gold prices fell slightly in early Asian trading due to profit settlement and the dollar strengthening, but remained near historical highs amid the general expectations that the Federal Reserve will cut interest rates this week. Gold futures fell about 0.4% to $3,672 per ounce, while the U.S. dollar index remained flat at around 97.55. "The market is almost fully priced at the Fed's first rate cut since December 2024, while Powell's speech will be closely watched to seek out the Fed's outlook on inflationary pressures, recent labor market weakness and potential tariffs impact on monetary policy," Peak Trading Research analysts said. Continued geopolitical uncertainty, strong demand for central bank gold purchases and continued capital inflows of gold ETFs further support gold prices. ● Data: Last week, the net inflow of digital asset investment products was US$3.3 billion, and the asset management scale approached a historical high. According to PANews, CoinShares' latest weekly report, the net inflow of digital asset investment products was US$3.3 billion last week, and the asset management scale rose to US$239 billion, close to the all-time high in August. The United States contributed $3.2 billion, Germany contributed $160 million, and Switzerland sent $92 million. Bitcoin inflows of US$2.4 billion, a new high since July; Ethereum ended its net outflow for eight consecutive days, with inflows of US$646 million per week. Solana inflows of US$145 million per day, with a cumulative weekly amounting to US$198 million. Aave and Avalanche leaked $1.08 million and $660,000 respectively. ● REX-Osprey XRP ETF will be launched this week. According to BlockBeats, on September 15, the REX-Osprey XRP ETF (XRPR) was confirmed to be launched this week, becoming the first ETF to provide investors with XRP performance exposure. This product is launched by REX-Osprey. Dogecoin ETF DOJE is scheduled to be launched this Thursday, along with the 40 Act spot XRP ETF XRPR, Bloomberg senior ETF analyst Eric Balchunas said. The launch dates for Trump and Bonk ETFs have not been announced yet. ● QCP: BTC ETF has inflows for five consecutive days, and the altcoin market value hit a 90-day high. According to Shenzhen Chao TechFlow, on September 15, QCP released a market research report saying that the cryptocurrency market returned to normal after last week's CPI data fluctuations. Although tariffs have caused some inflationary pressure, there are no major accidents, providing a green light for risky assets. Institutional capital inflows have increased, and BTC spot ETFs have inflowed large amounts for five consecutive days. ETH ushered in the largest single-day inflow on Friday after the SEC postponed its decision to pledge ETH ETF. XRP and SOL rose despite delays in ETF decisions. As BTC consolidates within the range, the altcoin market performed well, CMC's Altcoin seasonal index reached 72, and the total altcoin market value reached US$1.73 trillion. Markets expect Paul Atkins as SEC chairman to push for cryptocurrency approval. ● JPMorgan Chase strategists warn that the Fed may increase market risk According to BlockBeats, Kelly, chief global strategist at JPMorgan Asset Management, said that if the Fed cut this week is seen as the result of political pressure, it will increase the risk of stocks, bonds and the dollar. Kelly pointed out that although Wall Street investors are optimistic that the Fed may resume rate cuts, they should remain cautious after the near-term rebound and seek diversified investment. He believes that there is a bubble in the market and the current loose policy may weaken demand and be detrimental to the stock market, bond market and the US dollar. ● Standard Chartered Bank analyst: It believes that ETH treasury companies are most likely to achieve long-term success According to BlockBeats, Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, pointed out that although the market is concerned about the decline in Bitcoin, Ethereum and Solana treasury due to the decline in mNAV (market value to net asset ratio), listed companies that buy ETH are most likely to succeed. Geoff Kendrick said in his research report that an mNAV below 1 means that the digital asset fund bank (DAT) may not be able to continue to increase its holdings in the underlying assets. Currently, DAT holds 4.0% of BTC, 3.1% of ETH and 0.8% of SOL on the entire network, and its success or failure has a significant impact on the price of the currency. He expects investors to differentiate based on DAT's cash raising capabilities, fund pool size and currency holding capacity. Based on the nature of ETH and SOL that can generate revenue through staking, Kendrick believes that the mNAV of his DAT will be higher than that of Bitcoin DAT. He is particularly optimistic about the development of Ethereum DAT because it has established its advantages before the new regulations that Nasdaq may require companies to obtain shareholder approval in advance to establish a cryptocurrency. “ETH DAT is the most sustainable and is expected to continue to maintain its acquisition pace,” he stressed. “BitMine, Sharplink and The Ether Machine are all crucial, and the staking proceeds alone should contribute 0.6 points to the mNAV of ETH DAT.”