1. There is not much to say about the macroeconomics today. Maybe everyone is worried that Japan #加息 will bring down the US stock market and cryptocurrencies. According to the chart data, the Bank of Japan has no urgency to raise interest rates, so the possibility of tightening the yen and risky assets is temporarily small (raising interest rates). The USD/JPY exchange rate is mainly driven by the future US yield (Figure 1)

2. Continuing with the first point, according to people familiar with the matter, the central bank is likely to keep borrowing costs unchanged at 0.25% when it ends its two-day meeting on September 20. Given the recent turmoil, including the#Nikkei225index's biggest drop in history on August 5 (just a few days after the central bank raised interest rates), the central bank needs to pay close attention to financial markets. In addition, most economists surveyed expect the Bank of Japan to wait until December or January before raising interest rates again.

3. Trump and Harris's predicted proportion tracking #特朗普 is 48% and#Harrisis 51% (Figure 2)

4. From the perspective of on-chain data indicators #BTC☀️ selling pressure has decreased, and long-term holders#LTHhave less activity, but the buying pressure of US investment in#Coinbaseis relatively weak. Interestingly, Korean retail investors have strong purchasing power, indicating that everyone is still optimistic about $BTC in the short term

5. According to on-chain data, the stablecoins issued on $TON have been on an upward trend, reaching $1 billion in#USDT(Figure 3)

6. Let’s talk about $PYUSD. The latest circulation is 360 million US dollars, which is lower than the supply of 370 million US dollars in July, and the number of active addresses on the chain is less than 1,000 people/times.

7. With the price drop in recent weeks, the number of active addresses on the chain has generally shown a downward trend, but the transaction volume fluctuates with the price fluctuations, indicating that there are some unbalanced activities on the chain. However, the strange phenomenon is that despite the decrease in the price of Ethereum $ETH, the on-chain contract calls and staking are on the rise, indicating that there is a certain amount of developer activity, and at the same time, the large staking holders are also optimistic about the future development of#Ethereum(Figure 4)

8. According to the on-chain data, stablecoins are generally on an upward trend. $USDT alone accounts for 70% of stablecoins, reaching 118 billion US dollars and ranking first, followed by $USDC, which accounts for 21% and is 35.6 billion US dollars (data as of September 17)