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It's over. The attack yesterday that scared the entire crypto market is over. Yesterday, I made a video saying, "Just be careful right now. Don't make any unnecessary transactions." The CTO, the chief technology officer of the largest hardware wallet company in the world for crypto was saying, "Don't make transactions unless you have to." Uh, and even then, just be careful on hardware wallets.
So, I'll give you an update on that today. I know a lot of people have questions on that. Yesterday the NASDAQ filed with SEC to allow tokenization and blockchain listing of stocks. Today they are making a multi-deion investment within a cryptocurrency business. We have Ethereum and Bitcoin inflows.
Uh we have Bitmine BMR buying more Ethereum today. They also bought a very small asset that went up significantly. I'll show you that too. It's been something that a lot of people have been talking about and yeah, it's kind of interesting. We'll also be going through what's going to happen in about 24 hours.
You know, I love when we have 24 hours left. We have uh we have some big news coming out tomorrow. So, we'll talk about that. It's inflation news. The next day, we have inflation news as well. If you don't mind though, before we get started, hit subscribe so you can see future videos. Check out the Telegram underneath the video.
Telegram is just like a free Patreon. Basically, I post extra videos and some thoughts in there uh sometimes before I post them on the main channel or they're exclusive videos. I have like eight or nine videos on there that you can't find on the channel. And um if you want to trade crypto, there's a link underneath the video to by defi power up your first deposit.
You can get up to a $2,000 bonus for the next couple weeks when you sign up with B by Defi. We also run regular trading competitions to give away money. We're giving away $30,000 from the competition that just ended yesterday. uh that will be given out over the next probably week or so. Um so yeah, sign up now, get ready, get your positions ready for the next big move for Bitcoin.
As we can see, Bitcoin sitting right around $113,000 just a few minutes ago and then kind of dumped down $1,000 when trying to break out. Keep in mind, we were over $13,000 just recently. Let's pull out so you can see the one day here. We're starting to recover, right? We went all the way down to 107,000.
We regularly see Bitcoin set like a new uh local bottom in September, and that's what's happening right now. The first day of September is when we actually bottomed. And since then, we've just been kind of chopping upward. I've been very bullish uh on Bitcoin. I even set up a long position, a pretty sizable long position uh for my portfolio uh down here.
And now, yeah, we're up about 20 25% on it. Now, let's give an update. The npm attack yesterday, the CTO of Ledger said, if you've got hardware wallet, check every transaction. If you've got hot wallet, they may be able to steal your seed phrase from you just by signing transactions and they can swap it out.
So, you can try to send crypto somewhere and it sends somewhere completely somewhere completely else. Here's an update on the npm attack that apparently could have hit just about everyone in crypto. The attack The attack fortunately failed with almost no victims. It began with a fishing email from a fake npm support domain that stole credentials and gave attackers access to publish malic malicious package updates.
The injected code targeted web crypto activity, hooking into Ethereum, Salana, and other chains to hijack transactions and replacing wallet addresses directly in network responses. The attackers mistakes cause crashes in CI and CD pi pipelines, which led to early detection and limited impact. Still, this is a clear reminder.
If your funds still sit in a software wallet or an exchange, you're one code away from losing everything. Supply chain compromises remain a powerful malware delivery vector and we're still seeing or we're also seeing more targeted attacks emerge. Hardware wallets are built to withstand these threats.
Features like clear signing let you confirm exactly what's happening and transaction checks flag suspicious activity before it's too late. Immediate danger may have paused but the threat hasn't. Stay safe. I feel like you did everything but just put a referral link there. So, obviously, Ledger wants you to buy hardware wallets.
I don't know if this is a bit of a marketing ploy. The fact is only about $500 was stolen. I don't think they lie about this, but also it directly benefits them as a hardware company. Um, I again, I don't think they're doing anything sketchy. Um, and I think funds are much safer. Crypto is much safer on hardware wallets.
If you haven't gotten one, I would. But yeah, overall maybe it was blown out of proportion a little bit because only $500 has been stolen. At least that's what I'm hearing. So be careful. Always be careful in crypto. Better safe than sorry. Even if you couldn't sign a transaction yesterday, you know, it's better to just wait when these things happen and make sure you don't make any rash decisions and lose crypto.
The NASDAQ yesterday filed that with the SEC to allow tokenization and blockchain listing of stocks. This helps improve liquidity. Uh it can allow for quicker transaction times and 24-hour trading, etc. Today, it's announced that the NASDAQ is going to invest or already has invested 50 million in Gemini crypto exchange.
This makes sense. They are a stock exchange. They're investing in a crypto exchange. They want to spread out their bets, make sure that they capture upside of crypto. Seems like traditional players continue to invest in crypto and try to swallow up some of that business, right? Just like Black Rockck and Fidelity are um selling these or the they have these Bitcoin and Ethereum ETFs.
NASDAQ is investing in crypto exchanges. So, kind of interesting to see that happen and continue to happen. Yesterday we saw some outflows from the Ethereum ETFs. Keep in mind that the Black Rockck ETF continues to be one day off. You can see it here. September 2, they had zero outflows while a lot of other exchanges or a lot of other ETFs had outflows.
The next day, they had outflows when everyone else had inflows. The next day, they had an inflow while everyone else had outflows. It's consistently off. So, don't be surprised if today they have some inflows that should have hit yesterday really cuz they're a day behind, but they had 193 million of outflows yesterday which caused the overall flows to be negative about 96 million.
There were just around $100 million of inflows from the other ETFs. From the Bitcoin ETFs, we actually saw inflows yesterday of $364 million, which basically cancels out the two previous days of outflows. That's good to see. They're also not the only ones buying. Bit mine bought about $45 million in ETH today.
Tom Lee wants all of your Ethereum. Honestly, I don't even know how much Ethereum they have anymore. They buy so regularly. It's hard to keep up with it. It's somewhere around $10 billion worth of Ethereum, maybe a little bit less, but they continuously are buying significant amounts. They're also not just buying Ethereum.
BMR purchased 13.7 million shares of Octo for $146 per share or $20 uh $20 million in total as part of Bitmine's moonshot strategy. This directly benefits Bitmine holders as this investment is currently worth$ 1.1 billion to BMR shareholders. I had never even heard of this octo or 8co. What exactly happened?
Well, it shot up 3,000% in one day. This penny stock skyrockets amid AI buzz Sam Alman connection. A penny stock named 8 Holdings jumped 3,000% in a single day on Wall Street after a slew of announcements in the early markets of September 8th, which is yesterday. Shares of 8 Holdings opened at $143 before reaching in no time $45, reflecting a jump of 3,000%.
Sharp surge in the stock came amid the company announcing a $270 million private placement and the appointment of Dan Ies, well-known Wall Street analyst and AI expert as chairman of the board. The company will issue about 171 million shares at $146 each, re raising 250 million along with 20 million strategic investment from Bitmine Immersion Technologies.
The offering is expected to close by September 11. So, it's not even like they can sell. Honestly, I'm not even sure how big this company is because it's not really well reported on right now. So, the NASDAQ or Yahoo Finance says that the market caps are 116 million. It's coming down a little bit today because it went up so much yesterday.
It's just having a natural pullback, but their market cap is 116 million. They're talking about $260 million placement. Uh I'm not even So, I'm not even sure really what they do at this point. I'm I'm not sure um how big they are. Tom Lee says that it's going to help Bit Mine shareholders by $1.1 billion.
So apparently they invested $20 million in total and it's 30x. So I would think that that would be more like 600 million if I'm doing my math right. So I'm not sure where they're getting the 1.1 billion. I trust Tom Lee though. So we'll see what comes out of this. I wouldn't be surprised if this ended up being like a hund00 million of gains.
Like if it calms down a lot um after all this slew of announcements and maybe some early shareholders sell and who knows if Bitmine's even going to be able to sell if they own this much of the company. But so it's interesting and I didn't even know really that BMR could I guess I guess it makes sense maybe that they could buy stocks but I would have assumed that like a lot of companies they can buy maybe crypto but can't buy other companies right I guess it's a I guess it's an investment so they didn't necessarily buy the shares but now they have an ownership in the company similar to like if Google had bought some company they're not necessarily buying shares.
I don't know. It's It's really fascinating though, right? There are typically some restrictions on this. But Tom Lee making another cool billion dollars or $600 million for shareholders. Pretty awesome. Good timing. Uh as we can see here, we do have the next rate decision tomorrow. Uh or not tomorrow, but in a week.
We have CPI tomorrow. So the forecast is 2.9% on CPI which is higher than the last two months where we had 2.7%. Last month it came in slightly below expectations. Came in at 2.7 when the forecast was 2.8. So tomorrow the forecast is 2.9. If we come in at 2.8 I think the market's going to rally pretty hard because there's well there is 100% chance according to analysts that we're going to see a rate cut.
I don't think that changes if inflation stays down. I think that accelerates the chances of a rate cut, shows that the Fed really does have to cut rates because of the employment market, but also we're in a good spot inflationwise because we're we are seeing higher lows, right? Like last year uh around the end of the year, we started to see inflation spike up and then throughout the spring and summer it fell down.
Now it's starting to spike up a little bit. Again, this could be to uh different factors within the CPI, but you can see it even the year before something similar. We are setting higher or lower highs and lower lows as well. So, maybe I'm applying a little bit too much technical analysis to this, but I think this would be obviously really bullish.
And then if we get 2.9 even, I think the market might rally just because the worst case scenario hasn't happened. We still see a rate cut. If we saw 3% the market will probably be a bit worried. We do have PPI on Thursday which is a leading indicator as well. So that gives us an indication for where CPI and PCE will be maybe a couple months from now.
Overall though the market's fine today. We're uh not I guess not falling down on the fear of tomorrow or anything like that. Just kind of sideways right now. Bitcoin's looking good too. Just around 112,000. RSI, keep in mind, is calmed down a lot or has calmed down a lot. We're just at 50 on RSI. We're in neutral territory and we're just $12,000 away from the all-time high.
That's kind of crazy to think about. We're at neutral and we're 10% away from an all-time high. Typically, when we push up to new all-time highs, we're at something like 80 plus, 75 plus. When you look back at May when we had rallied from the April lows, we went all the way up to a 75 RSI and that was when we were at a lower price than we are right now.
Kind of crazy. Let me know your thoughts on all this underneath the video. Again, if you want to trade crypto, check out BYDI or BTCC, Bitex Weeks, Blowin. There links to all those underneath the video. You can also trade crypto using crypto as collateral. You can do that on by defi and blowofin and I think BTCC as well.
But you can start trading like you can trade Bitcoin with Bitcoin as collateral. So if you're right, you actually get paid in Bitcoin. So you can stack more Bitcoin while the value is going up and it reduces the chances that you, you know, have a lot of USDT and the market runs away. And sure, you get returns while you're trading, but maybe you take profits and then just sit on the USDT.
If we continue to run up, then you kind of miss out on that extra upside. So check that out underneath the video. I appreciate. I'll see you all soon.
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