金麦飞JMF

Ethereum surges 70.9% in Q3—this time it’s not just following Bitcoin.

By the end of Q3, Ethereum delivered a very strong performance: it rose by roughly 70.9% in the quarter, climbing from around $1,570 at the start of July to around $2,680 by quarter-end, marking its strongest quarterly performance since Q1 2021.

During the same period, Bitcoin rose by about 44%, and Ethereum clearly outperformed.

Market flows have been cooperating as well. In Q3, U.S. spot Ethereum ETFs turned back to clearly net inflows, accumulating about $3.1 billion; in the late September period, inflows exceeded $100 million on multiple days.

In this rally, ETF inflows returning, institutional demand heating up, and Ethereum’s own usage in stablecoins, DeFi, and on-chain finance all worked together at the same time.

Citigroup also raised its target price for ETH over the next 12 months this week, and its rationale specifically cited the ETF funds returning and increased activity in the crypto market.

However, the difficulty level in Q4 has also increased. U.S. 10-year Treasury yields have already climbed to around 5%, making capital costs noticeably higher.

Ethereum is up about 70% over three months. Whether it can keep strengthening next depends on whether ETF inflows can be sustained, and whether there is new buying interest above $2,700.
#以太坊三季度涨70.9%

Bitcoin funding rates have risen to 10%, and longs are starting to add leverage again.

Bitcoin has rebounded back to the area around $86,000–$87,000, and the derivatives market is heating up once more.

According to CoinGlass, from September 30 to October 2, open interest in BTC futures and perpetual contracts rose from 626,000 BTC to about 653,000 BTC. In two days, it increased by 27,000 BTC, which was about $2.3 billion at the time. Total open interest is roughly $56.2 billion.

Over the same period, BTC climbed from about $83,500 to $86,500. Both price and open interest moved higher together, indicating this rally isn’t just liquidation of shorts—there are indeed new positions being opened in the market.

More notably, funding rates have turned. The annualized funding rate for BTC perpetual contracts rose from around 3% to 10%. When funding rates are positive, longs pay shorts; the higher the rate, the more people are willing to pay the cost to chase the market.

That said, there’s an important detail here: at the end of September, open interest had just fallen to a level near the 12-month low, so this looks more like leverage returning rather than the kind of extreme, history-level overcrowding.

Also, a 10% funding rate isn’t cheap. During a rise, it can accelerate price action. But if the price suddenly turns back, high-leverage longs are also more likely to be hit by successive liquidations.

Tonight’s U.S. September nonfarm payroll report came in at only 29,000, far below expectations of 90,000. After that, the yield on the 10-year U.S. Treasury fell, adding another spark for BTC.

So it’s fine that the market looks strong right now, but around $87,000, what really matters is whether spot buying can absorb the increasingly high leverage being built in the contract market.
#比特币资金费率升至10%未平仓合约回升

Tokenized stocks on BNB Chain have already reached the $1 billion level!

On the tokenized stocks track, BNB Chain has been moving very fast recently.

According to the latest Token Terminal data, the size of tokenized stocks and ETFs on BNB Chain has reached about $1.1 billion for the first time, breaking the $1 billion mark.

The overall market is about $3.7 billion, and BNB Chain accounts for nearly 30%, ranking first for now.

Ethereum is about $828 million, and Solana is about $738 million.

This change hasn’t happened overnight. Earlier this year—in January—the entire tokenized stocks and ETF market was still only about $719 million, when BNB Chain’s share was just 13%.

Now the industry has expanded more than fivefold, and BNB Chain’s share has more than doubled.

User data is even more telling. In Binance Research’s statistics through September 28, BNB Chain has around 1.8 million tokenized stock holding addresses, accounting for 45% of the entire market. bStocks and Ondo Global Markets are currently the main products on this chain.

Trading isn’t only about moving stocks on-chain, either. In Q3, the on-chain transfer volume for tokenized stocks exceeded $100 billion, while in Q1 it was still about $6 billion. The share of assets entering DeFi also grew from 1.8% to 6.3%.

So when looking at BNB Chain’s RWA today, the focus is no longer just on how many assets have been issued. Scale, users, and on-chain usage are all starting to take off.
#BNB链代币化股票规模破10亿美元占市场30%

XRP’s first three consecutive months of gains in the third quarter, with August turning into the main breakout phase.

XRP just finished an uncommon quarter.

CryptoRank data shows that XRP rose about 2.1% in July, about 30% in August, and another 7.95% in September.

All three months closed in the green. This is the first time in XRP’s recorded history that it has managed to post three straight monthly gains in the third quarter. The total gain for Q3 exceeded 43%.

In this round of market action, August contributed the most. XRP surged quickly from around $1 to above $1.5. In September, despite large volatility, it still managed to hold onto its gains by month-end. Currently, the price is around $1.53, with a market cap of about $96 billion.

Funding channels have also become more diverse than in the past. This year, in the U.S. market, XRP-related ETF products have gradually launched: the Grayscale XRP Trust ETF became effective in April; the REX-Osprey XRP ETF disclosed its prospectus at the end of June; and the Bitwise XRP ETF received notice of effectiveness on September 28.

On-chain holdings have also shifted. Data related to Glassnode shows that the XRP balance on exchanges fell from about 12.9 billion coins in April to around 11 billion in recent times. With fewer coins staying on exchanges, the reduced potential for spot selling pressure is generally a signal worth watching—though such data may also be influenced by changes in custody addresses.

For Q4, first look at October. In historical statistics, October has actually been a relatively weak month for XRP, with an average past return of about -4.71%.

After three straight months of gains, the next question is whether the price can hold around the $1.50 level.
#XRP三季度首现连续三月收涨

Bitcoin Breaks Above $85,000: Let’s Talk About the Factors Supporting the Rebound.

As of early morning in the U.S. East on October 2, BTC briefly reached around $86,600, up about 3.1% over the past 24 hours.

After falling below $83,000 in late September, the market later regained the level above $85,000. Sentiment clearly eased.

1) The first support actually comes from inflation.
U.S. August PCE rose 0.3% month-over-month, below the 0.4% expected; core PCE came in at 3.0% year-over-year. The data isn’t weak, but it’s milder than what the market feared, cooling expectations for additional rate hikes in October.

2) On the other side, ETF money is still flowing in.
U.S. spot Bitcoin ETFs saw net inflows of $2.65 billion in September, one of the best months in the past year. On October 1, they recorded another net inflow of $102.7 million, suggesting that institutional capital returning to the market after the quarter-end hasn’t stopped immediately.

3) But you can’t look at only the positives right now.
U.S. 10-year Treasury yields recently surged to around 5.34%, and the U.S. dollar index also climbed to a 17-month high. High interest rates and a strong dollar are generally not an environment BTC likes.

So if BTC can reclaim $85,000, it at least indicates that spot buying and ETF inflows are providing support.

4) Next, the key thing to watch is the U.S. September nonfarm payrolls.
The market expects about 90,000 new jobs, with the unemployment rate staying at 4.1%. If employment doesn’t re-heat, pressure for rate hikes in October can continue to move lower.

Conversely, if the data is too strong—if Treasury yields rise again—BTC near $87,000 will still face pressure.

The next hurdle will be around the September high, near $87.4k.
#比特币升至8.5万美元附近

Explain in One Page: zkAPI Goes Live on the Ethereum Mainnet.

On October 1, the Ethereum Foundation announced zkAPI, which is already running on the Ethereum Mainnet. It is being jointly developed by the Open Anonymity Project and the Ethereum Foundation. Its core goal is to let users call paid APIs without tying their payment identity to their usage records.

When using it, users first deposit assets such as ETH and USDC into an on-chain vault. Then, for each purchase, zero-knowledge proofs are used to confirm the balance and authorization. The service provider only knows, “This money can be used for payment,” but does not know who is paying or which deposit corresponds to which call.

It initially targets AI APIs. Traditional API keys often link accounts, payment methods, and long-term usage records together. zkAPI aims to separate this chain. In the future, it can also be used for RPC, image generation, VPN, and machine-to-machine paid services.

Of course, privacy isn’t completely anonymous. The API provider can still see the request content and network information. An IP address, writing habits, and repeated context may all reveal identity.

So, zkAPI addresses privacy in payment relationships—not hiding the entire interaction completely.
#以太坊基金会主网推出zkAPI

Unbelievable! September was the worst month of the year for crypto security!

According to PeckShield, there were 55 major attack incidents in September, with losses of about $766.5 million—around 462% higher than August.

Meanwhile, CertiK recorded 97 incidents with losses of about $768.4 million. The total figures from the two organizations are basically consistent.

Most of the money was lost in two major cases:
1) On September 24, Bitget was attacked, and it was ultimately confirmed that the affected assets were about $387.5 million.

- The official statement said the attackers exploited a vulnerability in a third-party security product to obtain internal credentials. The private keys and cold wallets were not compromised, and the losses were covered by the user protection fund.

2) Another case involved Liquid Network. A vulnerability allowed the attacker to generate approximately 4,000 uncollateralized L-BTC out of thin air, which was then exchanged for nearly 4,000 real BTC.

- After the fact, about 3,400 BTC were returned, but around 602 BTC are still not recovered.

Together, these two incidents account for more than 90% of September’s losses. Hackers really have no limits.
#黑客攻击

This line won’t loosen, so it’s hard for risk assets to become truly and fully easy.

In the latest market action, the U.S. 10-year Treasury yield once surged to 5.342%, the highest since 2002, before slipping back to around 5.27%.

The third-quarter gain was also the most aggressive one this century.

The trouble this time is that the PCE is already milder than expected, and the odds of further rate hikes in October are declining. But long-term bond yields still can’t be brought down.

Markets are worried about more than just the Federal Reserve.

Inflation pressure from high oil prices, the U.S. continuing to issue debt, fiscal deficits, and the massive financing demands driven by AI and data centers are all pushing up the cost of long-term capital.

A 10-year U.S. Treasury at 5.3% is not a small number for the market.

It directly raises mortgage rates, corporate financing costs, and valuation discount rates. Treasuries themselves can already offer risk-free yields above 5%. For stocks and crypto assets to keep attracting capital, they need to deliver higher expected returns.

So what you should watch most right now isn’t only whether the Fed will hike again—it’s when long-end yields will truly peak. If this line doesn’t loosen, risk assets will be hard to feel completely at ease.
#美国10年期美债收益率逼近5.3%

The latest weekly initial jobless claims in the U.S. fell to 197,000, below the market expectation of 201,000. Continuing claims also dropped to 1.701 million. There’s no clear uptick in layoffs, and the job market still shows resilience.

The August PCE released the day before was also fairly moderate: it rose 3.4% year over year, below the market expectation of 3.7%, and core PCE was around 3.0% year over year. Inflation is still elevated, but at least it isn’t continuing to surge upward.

Put together, these data make a relatively comfortable package for both the stock market and the crypto market: inflation cools down, and employment hasn’t clearly deteriorated.

The market also quickly adjusted its rate expectations. The probability of a rate hike in October has fallen from about 71% a week ago to around 40%, and Goldman Sachs has also pushed its next rate-hike expectation from October to December.

That said, the interest-rate environment still isn’t truly accommodative. The yield on the U.S. 10-year Treasury remains elevated. If the upcoming nonfarm payrolls continue to be strong, discussions about the Fed delivering another hike by year-end will likely return.
#美国初请失业金人数降至19.7万

#比特币突破85000
A single sun-rod line, and a million troops and ten thousand horses come to meet.

Bitcoin has just regained above $85,000.

The main reason is that the latest U.S. PCE inflation data came in below market expectations, easing concerns in the market that the Federal Reserve will continue raising interest rates.

After the data was released, risk assets were quickly boosted, and BTC also surged rapidly.

Right now, BTC remains extremely sensitive to interest-rate expectations. Next, the market will continue to watch U.S. inflation and employment data, as well as the latest remarks from Federal Reserve officials.
$BTC

$0G major good news!!!
0G team + early investors together hold 44% of the tokens. The first unlock, originally scheduled for October 22, 2026, has been postponed to October 22, 2027, after which it will be released linearly month by month over 24 months.

This means that within the next year, this 44% will not enter circulation.

The community also mentioned that there may be a first buyback and burn on October 6.

In terms of the ecosystem: the mainnet has been live for one year. It has processed tens of billions of private AI tokens, tens of millions of transactions, with 350+ projects and 400+ integrations in development.

Previously, $0G was mainly about gas + staking + payment storage/computation fees. Now there’s an added layer: a staking-to-compute-power loop. If usage of the Private Computer and the App ramps up, it will create real consumption.

Need I say more—0G is really planning something big. The team has been quiet for a year, and 0G is about to take off.
#0G要起飞了

$0G Is dawn coming? 0G has finally reached 0.3—there are still 5x to breakeven. Let’s take off!!!

There was a blogger who, back in 2013, posted on Twitter suggesting that everyone should buy at least one BTC. The risk was losing $300, and the potential was earning $10,000.

Earlier today, he posted something again about $QNT . Back then, when the price was $120, he recommended buying even just one. The risk was losing $120, and the potential was earning $10,000.

After the post went out, its popularity exploded immediately, and QNT surged rapidly to a peak of 194.

US SOL spot ETF saw net inflows of $188 million this week, reaching a recent high.

Bitwise’s BSOL contributed the most, with over $55 million added in just one Friday.

Institutional capital continues to move in; cumulative net inflows have already exceeded $1.6 billion, and total assets under management are close to $2.0 billion.

The SOL price has also strengthened this week, hovering above $120.

With the ETF, retail investors don’t have to manage private keys themselves to buy Solana; demand is clearly stronger than in the past few months.

As funds flow in, they correspondingly buy spot SOL, providing support for the price.
$SOL #SOL现货ETF周净流入1.88亿美元

On Thursday last week, Bitget’s hot wallet was hacked, and nearly $388 million was transferred out in total, including about 103 million XRP.

In recent days, the hackers moved XRP worth $83 million out of three wallets—two of the wallets were nearly emptied. Only $75 million remains in the accounts.

XRP is the native coin of the Ledger, and Ripple cannot directly freeze it; it can only rely on exchanges to block incoming addresses. Circle and Tether froze more than 300,000 stablecoins.

Bitget once halted withdrawals, but it resumed withdrawals in batches starting on the 28th.
$XRP #Bitget黑客转移8300万美元被盗XRP

Bybit lost 1.5 billion last year

This was the largest single crypto theft in history at the time

The “solid evidence” was basically led by North Korea’s Lazarus Group

Early this morning, Bitget was also siphoned off another 350 million

When exchanges at this scale get hacked

Is General Jin starting to make moves again?
$BTC #Bitget遭黑客攻击损失3.52亿美元

#比特币现货etf四日流入23.1亿美元

What situation is everyone in right now???

Missed the trade—hoping it keeps falling
Fully invested—hoping it launches directly

According to sosovalue data, the U.S. spot Bitcoin ETF saw net inflows for around four consecutive trading days starting about September 22, with a cumulative total of approximately $2.31 billion.

Of this, the inflow on September 22 alone was about $715 million, and there are quite clear signs of institutional capital returning.

BTC surged to as high as $87,000 this Monday, setting a multi-month high, but then pulled back. It is currently trading around $84,000 and has still seen a certain decline over the past 24 hours.

This highlights a very real issue: sustained ETF inflows can provide support to the market, but it does not mean BTC can only rise and never fall.

What matters more right now is whether capital can continue to flow in, and whether it can hold steady above $80,000.

As long as institutional demand does not show any clear weakening, there is still room for further negotiation in this BTC rally.
$BTC

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