Gate Research Institute: MYX rise exceeds 230% ｜ Grayscale applies for the first Chainlink ETF

Crypto Market Overview

• BTC (0.41% | Current Price 111,184 USDT): After experiencing a period of fluctuating upward movement, BTC price briefly touched a high of 112,800 USD, then retreated, currently falling back to around 111,000 USD. The high and low fluctuation trend indicates that selling pressure from above remains heavy. If it cannot quickly recover above 111,600 USD in the short term, the market may continue to face downward pressure, with attention needed on whether the support at 110,700 USD can hold. On September 8, the net inflow of BTC ETF reached 25.5 million USD in a single day, with BlackRock's IBIT and Fidelity's FBTC inflows totaling 156 million USD, showing that institutional funds are continuously increasing their Bitcoin positions, enhancing their allocation weight for this asset.
• ETH (0.01% | Current Price 4,283 USDT): After a period of consolidation, the price of ETH surged to around 4,374 USD in a short time, reaching a daily high. However, it faced resistance and retreated, currently falling back to around 4,275 USD. Selling pressure is evident above, and if it cannot regain the 4,320 USD level in the short term, the market may continue to weaken. Attention should be paid to whether the support at 4,260 USD can hold. On September 8, the net outflow of ETH ETF reached 96.7 million USD in a single day, with BlackRock's ETHA seeing an outflow of 192 million USD, and Fidelity's FETH seeing an inflow of 752 billion USD.
• Altcoins: Most mainstream altcoins are experiencing slight increases, with market sentiment primarily being "neutral" or "buying". The Fear and Greed Index reports today at 48, still within the normal range, showing a slight decline from yesterday.
• Macro: On September 8, the S&P 500 index rose 0.21% to 6,495.15 points; the Dow Jones index rose 0.25% to 45,514.95 points; the Nasdaq index rose 0.45% to 21,798.70 points. As of September 9, 10:50 AM (UTC+8), the spot gold price per ounce is temporarily reported at 3,654 dollars, with a 24H increase of 0.45%.

Hot Tokens on Juejin

MYX MYX Finance (+238.71%, circulating market value 1.59 billion USD)

According to Gate market data, the current price of MYX token is 12.82 USD, with an increase of about 238.71% in the last 24 hours. The launch of this protocol aims to reduce the capital costs of providing liquidity, eliminate network-related barriers for traders, and simplify the trading process, making advanced derivatives as easily accessible as spot swaps.

Yesterday, MYX experienced a surge in market activity, primarily due to the release of multiple positive news. Firstly, the project team announced the upcoming launch of the V2 upgrade, which adds zero slippage trading and cross-chain support, significantly enhancing liquidity and market attention, attracting a large influx of funds. Secondly, the rapid upward movement in the market triggered a short squeeze, with a large number of short positions being forcibly liquidated in a short period, further driving the concentration of buying activity and accelerating the price rise. In addition, trading volume and perpetual contract open interest surged significantly in a short time, indicating high speculative sentiment in the market, but it also raised some questions about market manipulation, particularly against the backdrop of a large number of token unlocks approaching.

OPEN Openledger (+155.51%, Market Cap 30.693 million USD)

According to Gate's market data, the current price of the OPEN token is $1.42, up 155.51% in the last 24 hours. OpenLedger is an artificial intelligence blockchain designed to unlock liquidity and monetize data, models, applications, and agents. It supports the training, deployment, and on-chain tracking of professional AI models and data, addressing key challenges in transparency, attribution, and verifiability in the field of artificial intelligence.

The reason for this round of increase is that the project party announced a large-scale airdrop activity for early users, which ignited market enthusiasm in a short period of time, driving a substantial influx of funds. At the same time, OPEN has added support scenarios on multiple platforms, covering various application modules such as wealth management, trading, leverage, and derivatives, significantly enhancing the token's liquidity and practical use value. This not only expands investors' imagination for its future ecological development but also provides a positive expectation for the token's medium to long-term growth. Under the effect of this dual favorable situation, market buying pressure surged, driving prices up rapidly.

WLD WorldCoin (+50.66%, circulating market cap 3.50 billion USD)

According to Gate's market data, the current price of the WLD token is $1.73, having risen approximately 50.66% in the last 24 hours. Worldcoin (WLD) is a crypto project led by OpenAI co-founder Sam Altman, with the core idea of establishing a unique digital identity (World ID) for users worldwide through "iris recognition + encryption," and distributing the WLD token as an incentive. It aims to help everyone enter the global economy.

The core reason for the recent rise of WLD is the launch of the first Worldcoin financial reserve strategy by Eightco Holdings, which successfully completed a private placement financing of $250 million. This move not only received support from well-known institutions such as Discovery Capital and Pantera, but also introduced a $20 million investment from BitMine, marking WLD's gradual entry into the realm of institutional-level asset allocation. The funds will be used to purchase WLD, supplemented by Ethereum and cash as reserves, thereby establishing a new paradigm in digital asset financial management. Following the announcement, WLD's trading volume surged nearly 400% within 24 hours, and its price skyrocketed over 50%, attracting significant attention.

Alpha Interpretation

Grayscale plans to apply for the first Chainlink ETF

On September 8, 2025, Grayscale submitted an application to the Securities and Exchange Commission (SEC) to convert its existing Chainlink Trust into a spot exchange-traded fund (ETF), with the proposed trading code GLNK. If approved, the fund will be traded on the New York Stock Exchange Arca, becoming the first crypto ETF linked to Chainlink. According to the documents, the GLNK ETF will handle the creation and redemption of shares in cash, and may introduce staking features, where LINK tokens are held in custody by third-party service providers to earn staking rewards. In the future, these rewards may be retained, distributed to shareholders, or used to pay expenses, providing potential additional returns for investors.

Currently, Grayscale Chainlink Trust manages assets of approximately 29 million USD, custodied by Coinbase Custody Trust Company. This application is one of Grayscale's strategies to promote the transformation of various single encryption trusts into ETFs, with other pending products including Solana, Dogecoin, and XRP. Stimulated by the news, LINK tokens rose by about 3% within 24 hours, while other mainstream altcoins such as XRP, SOL, and DOGE also generally increased. If the GLNK ETF is approved, it will provide a compliant channel for traditional investors to participate in the Chainlink ecosystem and may become the first innovative product in US crypto ETFs that includes staking rewards.

CleanCore significantly increases its holdings of Dogecoin, establishing the largest corporate treasury.

The US-listed company CleanCore Solutions (ZONE) announced that it has acquired 285.4 million Dogecoins, worth approximately $68 million, and has partnered with House of Doge, a subsidiary of the Dogecoin Foundation, to officially establish a dedicated treasury. The company revealed that it will continue to increase its holdings over the next month, with a target holding size of 1 billion, thereby becoming one of the largest holders of Dogecoin treasuries in the world.

This news quickly ignited market sentiment. CleanCore's stock price closed at $3.51 on Monday and surged 40% in after-hours trading, raising its market capitalization to about $500 million. At the same time, Dogecoin (DOGE) also gained strength, with its price rising about 7% to $0.24, and its total market capitalization exceeding $36 billion, firmly holding the seventh position in the crypto market ranking.

The President of Kazakhstan, Tokayev, proposed the establishment of a national digital asset fund.

On September 8, 2025, Kazakhstan's President Kassym-Jomart Tokayev announced in his annual address to the nation that he would promote a series of economic and financial reforms to accelerate the construction of the national digital asset ecosystem and attract high-tech investments. He proposed a plan to establish a technology investment project with a scale of up to 1 billion dollars, aimed at promoting technological innovation and industrial upgrading.

Digital transformation is also a key focus of the speech. Tokayev proposed the establishment of a National Digital Asset Fund under the framework of the national banking investment company, aimed at accumulating strategic digital asset reserves such as encryption currencies. At the same time, he emphasized the need to strengthen cybersecurity during the development process to address the rising threats of cyber fraud and financial crime.
References:

• Gate, https://www.gate.com/trade/BTC_USDT](https://www.gate.com/trade/BTC_USDT](https://www.gate.io/trade/BTC_USDT))
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices](https://investing.com/indices/usa-indices](https://investing.com/indices/usa-indices))
• Investing, https://investing.com/currencies/xau-usd](https://investing.com/currencies/xau-usd](https://investing.com/currencies/xau-usd))
• CoinGecko, https://www.coingecko.com/categories](https://www.coingecko.com/categories](https://www.coingecko.com/categories))
• Coindesk, https://www.coindesk.com/markets/2025/09/08/chainlink-jumps-as-grayscale-files-for-first-ever-u-s-chainlink-etf
• Odaily, https://www.odaily.news/zh-CN/newsflash/447170
• Panews, https://www.panewslab.com/zh/articles/7f17fcfe-713c-4521-ad5d-8ef89ce033e0

Disclaimer Investing in the crypto market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate is not responsible for any losses or damages arising from such investment decisions.