SEC Tokenized Stock Exemption Takes Effect, Coinbase Among Potential Early Beneficiaries【MEXC Alpha Trader – Daily Market Brief (September 21, 2026)】

I. Macro & Market Sentiment

• Market Data: BTC $81,015 (-0.06%) | ETH $2,656 (+1.44%) | SOL $111 (+0.94%)
• Market Sentiment: Funding Rate +0.0070% | Fear & Greed Index 70 (Greed)
• Money Supply: U.S. M2 grew 5.41% YoY to $23.22 trillion in July, marking the fastest expansion since mid-2022. Read more
• Debt Issuance: Wall Street expects approximately $1 trillion in short-term U.S. debt issuance. Large-scale short-term debt supply amid rising borrowing costs may tighten liquidity. Read more
• Contrarian Sentiment: U.S. retail investor bearishness rose to 53%, while bullishness fell below 29%. Truist Wealth said pessimism is approaching levels historically associated with market bottoms, potentially signaling an approaching rebound from a contrarian perspective. Read more

II. Trading Signals / Hotspots

[Today's Focus] BTC | Institutional Whale Signals Accumulation, OTC Supply Falls to Historic Low and Reinforces Scarcity

Strategy founder Saylor posted another "orange Tracker," hinting at additional BTC accumulation, with the purchase size typically disclosed the following day. Meanwhile, reserves held by known OTC platform addresses have fallen to 123,000 BTC, down more than 75% from the 2021 peak of 500,000 BTC, tightening off-exchange supply available for sale.

Analysis: Institutional accumulation and declining OTC supply are occurring simultaneously. If demand shifts toward public markets, spot prices could face upward pressure, although the actual purchase volume still needs to be verified.

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[US Stocks Focus] U.S. Equity Leaders | Tokenized Stock Exemption Takes Effect, Coinbase Gains Compliant Trading Channel

The SEC introduced a five-year innovation exemption allowing tokenized U.S. stocks to trade through AMMs on public blockchains. Goldman Sachs and Citizens analysts identified Coinbase, Robinhood, and Circle as potential early beneficiaries. However, Coinbase would need to build AMM infrastructure or route trades to decentralized platforms on Base.

Analysis: The regulatory breakthrough provides a compliant pathway for on-chain U.S. equity trading and could bring new liquidity channels and revenue sources to platforms such as Coinbase. The pace of infrastructure development will determine the speed of monetization.

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[On-Chain] Altseason | Risk Appetite Spreads from BTC to Altcoins, Distinguishing New Capital from Rotation Becomes Critical

As BTC enters consolidation, assets such as ZEC and HYPE have strengthened, while trading activity on Robinhood Chain and Solana has increased. Solana recorded 5.218 billion transactions in August, setting a new high. Delphi Digital noted that it is important to determine whether the rally is being driven by fresh capital inflows or the reallocation of existing funds.

Analysis: Altcoin strength driven by new capital would support greater trend sustainability, while moves driven mainly by existing capital rotation carry a higher risk of rapid reversal. ETF flows and on-chain net inflow data should be monitored to assess the nature of the capital.

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III. Regulation & Major Events

• United States | Treasury Secretary Bessent emphasized that Treasury buybacks are intended to increase liquidity and manage the maturity structure rather than control markets. The Atlanta Fed projects U.S. real GDP growth at an annualized 5.1% in Q3. Read more
• United States | Prediction market platform Kalshi applied to the SEC to launch perpetual futures contracts linked to individual U.S. stocks using a funding-rate mechanism. CFTC approval is still pending. Read more
• Security | SingularityNET suffered an attack in which 260 million AGIX and 53.838 million WMTX were minted without authorization. The attacker holds assets worth approximately $16.77 million. Read more
• Security | The MultiversX network was exploited through a VM-level atomicity vulnerability that caused invalid state changes. The network has suspended operations while a fix is being prepared, and users are advised not to submit transactions or deposits and withdrawals for the time being. Read more

IV. Platform Exclusive Benefits

• Prediction Market Event: Share 1,000,000 USDT in Price Predictions (Futures)
• Loss Subsidy Event (Phase 3) (Futures)
• August Futures Team Competition (Futures)

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Recommended Reading: MEXC On-Chain Daily Report: U.S. Single-Stock Perpetual Futures Race Heats Up as Kalshi and Coinbase Enter the Market

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