Bitcoin remains at around US$80,900 after a 6% daily gain
On September 18, Bitcoin was trading at around US$80,900, and the rise of major cryptocurrencies allowed it to retain most of its latest gains. The total market value of the crypto market reached approximately US$2.76 trillion, and the "Fear and Greed Index" rose to 73, entering the "greedy" range.
Exchange data adds another dimension to the rally. According to CryptoQuant, Binance's bitcoin deposits and stablecoin activity both increased sharply, while the Coinbase premium index remained negative. This divergence suggests greater liquidity offshore, but U.S. spot trading does not give the same confirmation signal.
Solana and HYPE lead a rebound in the crypto market
Among the assets tracked, Solana and Hyperliquid's HYPE performed the strongest, with both gains exceeding 11% in 24 hours. CoinMarketCap data showed that Ethereum, XRP and Dogecoin rose by more than 7%, and BNB rose by about 5%. Zcash bucked the trend and fell 0.71% after its recent surge. The altcoin seasonal index remained at 45, below the level typically associated with widespread altcoin rotation.
Binance stablecoin activity surged 190%
According to CryptoQuant's exchange indicators, Binance recorded a net inflow of +4,617.90 BTC on September 15, the largest single-day reading within the reporting window. Among all exchanges, the average daily net inflow of Bitcoin for the week ending September 16 was +877 BTC.
stablecoin data is even more eye-catching. During the same week, Binance stablecoin inflows averaged 48,230 per day, 190% higher than the quarterly benchmark. The seven-day moving average accelerated sharply in September, while spending most of July and August at significantly lower levels.
The latest reading left three market signals worthy of attention:
- Bitcoin supply: Positive net inflows increase the amount of bitcoins available on exchanges.
- Stabiloin Liquidity: 币安记录了可部署到加密资产的资本急剧上升。
- 美国需求:Coinbase溢价指数仍为负值,显示相对于离岸场所,Coinbase的定价较弱。
第三个信号使原本更强劲的流动性格局变得复杂。伴随负值Coinbase溢价的6%比特币反弹表明,美国现货参与度的增强速度不及离岸活动。这也改变了如何解读9月15日的币安流入。+4,617.90 BTC代表了额外的潜在供应,但它出现在稳定币活动远高于近期基准的时期。这两个流量之间的平衡比单独任何一个读数都更重要。
由于基础数据集中没有9月3日和4日的价格、资金费率或流量记录,因此与前一周的比较使用了五个交易日而非七个。由于底层分母太小,无法进行可靠比较,因此排除了币安3-6个月和12-18个月年龄段的流入数据。
比特币算力向900 EH/s回升

CryptoQuant的真实算力数据显示,比特币挖矿活动在从此前峰值大幅下滑后,正恢复至900 EH/s左右。比特币真实算力在从2025年底超过1,000 EH/s的峰值回落之后,目前徘徊在900 EH/s附近。
这种反弹表明,随着比特币稳定在80,000美元左右,部分挖矿产能正在回归。比起绝对读数更重要的是方向的逆转:平滑后的算力指标此前一直在从1,000 EH/s以上的水平下降,但在最新数据中转为上升。
这为价格复苏提供了一定的网络活动支持,尽管算力反弹仍处于早期阶段。如果继续向其之前的范围靠拢,将提供更有力的证据,证明近期的挖矿产能收缩已告一段落。
CFTC在CLARITY法案受挫后推进监管
CFTC于周四提交了一份新提案,但其细节尚未公开。目前尚不清楚哪些加密资产或交易平台将在其范围内适用,将适用什么要求,以及该机构打算多大程度上行使权力。
此举紧随参议院9月15日未能推进《CLARITY法案》之后,该法案旨在为数字资产市场建立更广泛的法定框架,并扩大CFTC对数字商品的管辖权。
这一区别很重要。CFTC可以继续在其现有权力范围内制定规则,但机构的规则制定不能独立授予像《CLARITY法案》这样的立法所设想的更广泛的管辖权。
Coinbase溢价成为下一个测试点
在其他市场数据整体较强的背景下,负值的Coinbase溢价指数显得尤为突出。比特币维持在80,900美元左右,主要山寨币参与反弹,币安稳定币活动运行在季度基准之上190%,真实算力开始恢复。然而,Coinbase继续以低于离岸场所的价格对比特币定价。
溢价回归正值区域将表明美国现货需求正在赶上币安上已可见的流动性。在此之前,最新的反弹在离岸流量方面明显强于美国现货定价。
对于交易者来说,这种分歧现在比比特币是打印80,900美元还是短暂突破81,000美元更具信息量。

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