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Market News | Core CPI Rises 0.3% in August, Beating Forecasts and Removing the Last Argument Against a HikeThe Consumer Price Index for All Urban Consumers rose 0.4% in August on a seasonally adjusted basis and 3.4% over the last 12 months, not seasonally adjusted.The index for all items less food and energy rose 0.3% in August, up 2.4% over the year.Headline matched forecasts on both the monthly and annual readings. Core did not. Economists had projected 0.2% monthly, and the 0.3% print is the single figure in the release that moved against expectations.The Monthly Core Rate Annualizes to 3.7%The annual core figure of 2.4% looks close to target. The monthly number says something different.Core rising 0.3% in a single month annualizes to roughly 3.7%. That means recent momentum is running well above the 12-month rate, and the annual figure is being held down by softer readings earlier in the period that will roll out of the calculation.This is the same shape Chair Kevin Warsh described at Jackson Hole using PCE. He cited the 12-month change at 3.7% against a six-month rate of 4.1%, arguing the more recent trend was hotter than the annual average and that the summer's better prints did not indicate underlying improvement.Core CPI has now produced the same pattern in miniature. A 2.4% annual rate with 3.7% monthly momentum is not a picture of inflation converging to target.The Market Had Already Decided Which Measure It Was TradingThursday established how this print would be received before it arrived.Core PPI came in at 0.2% against 0.3% expected — market strategist James Thorne noted the actual figure was 0.162%, the second-lowest core reading in a year. The bond market ignored it entirely, with the 10-year rising 11.4 basis points to 4.92% and the two-year reaching 4.50%, nearly 100 basis points above the fed funds target.That was a market dismissing soft core data while selling off on an energy-driven headline. A hot core print removes even the argument that was being ignored.Headline CPI at 3.4% against core at 2.4% shows the energy gap directly. Brent crude climbed as high as $109 after Saudi Arabia told OPEC its crude production fell to 6.238 million barrels per day, the lowest since 1990. Diesel sits roughly 90% above pre-war levels at record highs.Hike Odds Ran From 61% to 76% Before the ReleasePricing was already elevated and split across venues.CME FedWatch showed 76% on Thursday. QCP estimated roughly two-thirds. Polymarket sat at 61%. That 15-point spread indicated genuine disagreement rather than settled pricing, which means the print had room to move the number materially.Only a very soft reading appeared capable of derailing a hike. The core figure delivered the opposite.Rates have sat at 3.50%-3.75% since December 2025, and a September move would be the first increase since July 2023.Warsh Faces the Decision He Argued Against MakingThe Wall Street Journal's Nick Timiraos identified the structural problem before the release."Warsh's Jackson Hole speech convinced investors a rate hike was more likely but didn't tell them what would trigger one," he wrote. Markets filled that gap themselves. "This leaves Friday's inflation report viewed as the thing that will authorize or block a rate hike — the kind of decision-making Warsh has spent years arguing against."Warsh rejected forward guidance on the grounds that quasi-commitments inhibit the Fed's freedom to decide correctly. The absence of guidance has instead handed a single data release the power to determine policy.Former senior Fed economist Vincent Reinhart described the dynamic as "the market testing you. This is the 'double-dog' daring you. This is straight schoolyard."Fed officials are in communications blackout, so no one will interpret the print. The FOMC decides September 16 at 2:00 p.m. ET with updated projections and a Warsh press conference.The Setup for Crypto Into the WeekendBitcoin traded around $77,000 before the release, roughly 6% below the $82,284 high reached last week.QCP framed the problem specifically: "This is the worst mix for Bitcoin: a competing 5% risk-free rate without the nominal-growth impulse that usually accompanies yield moves."The demand data going in was already deteriorating. CryptoQuant's spot demand metric reversed to −145,000 BTC after nearly turning positive at −5,000 in late August, the Coinbase premium index fell to −0.036, and crypto ETFs saw $308 million of net outflows Thursday — the worst single day in two months.Derivatives positioning is close to balanced, with a long/short ratio of 1.114 and subdued funding at 0.0036%. That limits forced flow in either direction but provides no bid to absorb supply.Once US markets close, spot Bitcoin ETF trading pauses until Monday. The Clarity Act cloture vote falls September 15, the day before the Fed decides.

Market News | Core CPI Rises 0.3% in August, Beating Forecasts and Removing the Last Argument Against a Hike

The Consumer Price Index for All Urban Consumers rose 0.4% in August on a seasonally adjusted basis and 3.4% over the last 12 months, not seasonally adjusted.The index for all items less food and energy rose 0.3% in August, up 2.4% over the year.Headline matched forecasts on both the monthly and annual readings. Core did not. Economists had projected 0.2% monthly, and the 0.3% print is the single figure in the release that moved against expectations.The Monthly Core Rate Annualizes to 3.7%The annual core figure of 2.4% looks close to target. The monthly number says something different.Core rising 0.3% in a single month annualizes to roughly 3.7%. That means recent momentum is running well above the 12-month rate, and the annual figure is being held down by softer readings earlier in the period that will roll out of the calculation.This is the same shape Chair Kevin Warsh described at Jackson Hole using PCE. He cited the 12-month change at 3.7% against a six-month rate of 4.1%, arguing the more recent trend was hotter than the annual average and that the summer's better prints did not indicate underlying improvement.Core CPI has now produced the same pattern in miniature. A 2.4% annual rate with 3.7% monthly momentum is not a picture of inflation converging to target.The Market Had Already Decided Which Measure It Was TradingThursday established how this print would be received before it arrived.Core PPI came in at 0.2% against 0.3% expected — market strategist James Thorne noted the actual figure was 0.162%, the second-lowest core reading in a year. The bond market ignored it entirely, with the 10-year rising 11.4 basis points to 4.92% and the two-year reaching 4.50%, nearly 100 basis points above the fed funds target.That was a market dismissing soft core data while selling off on an energy-driven headline. A hot core print removes even the argument that was being ignored.Headline CPI at 3.4% against core at 2.4% shows the energy gap directly. Brent crude climbed as high as $109 after Saudi Arabia told OPEC its crude production fell to 6.238 million barrels per day, the lowest since 1990. Diesel sits roughly 90% above pre-war levels at record highs.Hike Odds Ran From 61% to 76% Before the ReleasePricing was already elevated and split across venues.CME FedWatch showed 76% on Thursday. QCP estimated roughly two-thirds. Polymarket sat at 61%. That 15-point spread indicated genuine disagreement rather than settled pricing, which means the print had room to move the number materially.Only a very soft reading appeared capable of derailing a hike. The core figure delivered the opposite.Rates have sat at 3.50%-3.75% since December 2025, and a September move would be the first increase since July 2023.Warsh Faces the Decision He Argued Against MakingThe Wall Street Journal's Nick Timiraos identified the structural problem before the release."Warsh's Jackson Hole speech convinced investors a rate hike was more likely but didn't tell them what would trigger one," he wrote. Markets filled that gap themselves. "This leaves Friday's inflation report viewed as the thing that will authorize or block a rate hike — the kind of decision-making Warsh has spent years arguing against."Warsh rejected forward guidance on the grounds that quasi-commitments inhibit the Fed's freedom to decide correctly. The absence of guidance has instead handed a single data release the power to determine policy.Former senior Fed economist Vincent Reinhart described the dynamic as "the market testing you. This is the 'double-dog' daring you. This is straight schoolyard."Fed officials are in communications blackout, so no one will interpret the print. The FOMC decides September 16 at 2:00 p.m. ET with updated projections and a Warsh press conference.The Setup for Crypto Into the WeekendBitcoin traded around $77,000 before the release, roughly 6% below the $82,284 high reached last week.QCP framed the problem specifically: "This is the worst mix for Bitcoin: a competing 5% risk-free rate without the nominal-growth impulse that usually accompanies yield moves."The demand data going in was already deteriorating. CryptoQuant's spot demand metric reversed to −145,000 BTC after nearly turning positive at −5,000 in late August, the Coinbase premium index fell to −0.036, and crypto ETFs saw $308 million of net outflows Thursday — the worst single day in two months.Derivatives positioning is close to balanced, with a long/short ratio of 1.114 and subdued funding at 0.0036%. That limits forced flow in either direction but provides no bid to absorb supply.Once US markets close, spot Bitcoin ETF trading pauses until Monday. The Clarity Act cloture vote falls September 15, the day before the Fed decides.
Article
OpenAI Launches Public Beta of Agents APIOpenAI launched the public beta of its Agents API on September 10, allowing developers to build and run cloud-based agents through the API, according to Jiemian News. The API uses an agent runtime framework and infrastructure powered by Codex, and lets developers specify tasks, models, tools and execution environments. Developers can choose OpenAI-hosted sandboxes, their own infrastructure or sandbox environments provided by partners. The public beta is open to all developers at no extra charge, with users paying only for the models, tokens and tools they use.

OpenAI Launches Public Beta of Agents API

OpenAI launched the public beta of its Agents API on September 10, allowing developers to build and run cloud-based agents through the API, according to Jiemian News. The API uses an agent runtime framework and infrastructure powered by Codex, and lets developers specify tasks, models, tools and execution environments. Developers can choose OpenAI-hosted sandboxes, their own infrastructure or sandbox environments provided by partners. The public beta is open to all developers at no extra charge, with users paying only for the models, tokens and tools they use.
Article
Bitcoin News | Bitcoin's Golden Cross Has Signaled a Pullback in Every Instance Since 2021Bitcoin formed a golden cross earlier this week, the technical signal that occurs when the 50-day moving average rises above the 200-day and is conventionally treated as a precursor to a bullish rally. Historically, it has not worked that way. Bitcoin has tended to generate much of its return in the lead-up to the crossover, then pull back shortly after the signal appears. The latest occurrence fits the pattern. Bitcoin climbed from $62,000 to $82,000 ahead of the cross, which formed at the start of the week, and has since fallen from around $80,000 to $77,000. Four Prior Instances, Four Pullbacks The record across recent cycles is consistent. In 2021, Bitcoin climbed from $35,000 in July to around $52,000 in September — a gain of roughly 49%. The golden cross formed, and price subsequently dropped to around $40,000. At the start of 2023, Bitcoin rallied from $16,000 to $23,000, creating a golden cross in February. It then retreated to around $20,000 in March. October 2024 repeated it. Bitcoin advanced from $54,000 to $70,000 ahead of the crossover before slipping to around $67,000 heading into November. Most recently, Bitcoin bottomed near $76,000 in April 2025 and rallied to approximately $110,000 in May. After the golden cross formed, it pulled back to around $100,000 in June. In each case the pre-cross advance ran between roughly 30% and 49%. In each case the post-cross move was lower. The Lag Is Built Into the Arithmetic This is a mechanical property of the indicator rather than a coincidence. Moving averages are computed from past closing prices. A 50-day average only rises above a 200-day average after enough strong closes have accumulated to drag it there — which means the price move producing the signal has already happened by the time the signal appears. Treating a golden cross as an entry trigger therefore inverts the causation. What it confirms is that a trend has established itself, which has value for conviction and position sizing, but the confirmation arrives late by construction. The same logic applies in reverse to the pullbacks. A market that has run 30% to 49% into a crossover is extended, and extended markets consolidate. The indicator is not causing the pullback — it is arriving at the point where one becomes likely. Two Analyses of the Same Signal Reached Opposite Conclusions FxPro analysts took a different view of this week's crossover. They acknowledged that similar signals in October 2024 and May 2025 produced nothing, but argued the current instance differs in context — following a prolonged bull market rather than appearing inside a correction. "The current situation bears a closer resemblance to what we saw in 2019," they wrote, pointing to a 90% rally in under two months after that signal. That leaves the historical record at four documented pullbacks against one cited exception. The disagreement is not about what happened in 2021, 2023, 2024 or 2025 — both readings agree those signals failed. It is about whether 2026 resembles those years or 2019. Bitcoin falling from $80,000 to $77,000 since the cross confirmed is, so far, consistent with the four rather than the one. The Macro Backdrop Is Doing the Work The current pullback has causes unrelated to the indicator. WTI topped $100 and Brent cleared $105 after Saudi Arabia told OPEC its crude production fell to 6.238 million barrels per day, the lowest since 1990. The 10-year Treasury yield reached 4.92% and the two-year 4.50% — nearly 100 basis points above the fed funds target. September hike odds rose to 76%. Core PPI came in softer than expected at 0.2% against 0.3% forecast and did nothing to slow the bond selloff. Whether the cross resembles 2019 or the four failures depends on whether that backdrop turns, not on the moving averages themselves. The Levels That Matter Now Bitcoin trades at $77,003 after reaching $82,000 before the crossover. Glassnode data shows nearly 8% of Bitcoin's supply was acquired between $80,000 and $82,000 — the largest concentration at any comparable range — with the US spot ETF cohort's average cost basis in the same band and the 50-week moving average at $81,081. The Bitfinex analyst team had described the setup as a squeeze running into a defined population of sellers, with spot demand absorbing overhead supply between $77,100 and $80,000. Bitcoin now sits at the lower edge of that zone. CPI arrives Friday, the Clarity Act cloture vote September 15 and the Fed decision September 16.

Bitcoin News | Bitcoin's Golden Cross Has Signaled a Pullback in Every Instance Since 2021

Bitcoin formed a golden cross earlier this week, the technical signal that occurs when the 50-day moving average rises above the 200-day and is conventionally treated as a precursor to a bullish rally.
Historically, it has not worked that way. Bitcoin has tended to generate much of its return in the lead-up to the crossover, then pull back shortly after the signal appears.
The latest occurrence fits the pattern. Bitcoin climbed from $62,000 to $82,000 ahead of the cross, which formed at the start of the week, and has since fallen from around $80,000 to $77,000.
Four Prior Instances, Four Pullbacks
The record across recent cycles is consistent.
In 2021, Bitcoin climbed from $35,000 in July to around $52,000 in September — a gain of roughly 49%. The golden cross formed, and price subsequently dropped to around $40,000.
At the start of 2023, Bitcoin rallied from $16,000 to $23,000, creating a golden cross in February. It then retreated to around $20,000 in March.
October 2024 repeated it. Bitcoin advanced from $54,000 to $70,000 ahead of the crossover before slipping to around $67,000 heading into November.
Most recently, Bitcoin bottomed near $76,000 in April 2025 and rallied to approximately $110,000 in May. After the golden cross formed, it pulled back to around $100,000 in June.
In each case the pre-cross advance ran between roughly 30% and 49%. In each case the post-cross move was lower.
The Lag Is Built Into the Arithmetic
This is a mechanical property of the indicator rather than a coincidence.
Moving averages are computed from past closing prices. A 50-day average only rises above a 200-day average after enough strong closes have accumulated to drag it there — which means the price move producing the signal has already happened by the time the signal appears.
Treating a golden cross as an entry trigger therefore inverts the causation. What it confirms is that a trend has established itself, which has value for conviction and position sizing, but the confirmation arrives late by construction.
The same logic applies in reverse to the pullbacks. A market that has run 30% to 49% into a crossover is extended, and extended markets consolidate. The indicator is not causing the pullback — it is arriving at the point where one becomes likely.
Two Analyses of the Same Signal Reached Opposite Conclusions
FxPro analysts took a different view of this week's crossover.
They acknowledged that similar signals in October 2024 and May 2025 produced nothing, but argued the current instance differs in context — following a prolonged bull market rather than appearing inside a correction. "The current situation bears a closer resemblance to what we saw in 2019," they wrote, pointing to a 90% rally in under two months after that signal.
That leaves the historical record at four documented pullbacks against one cited exception. The disagreement is not about what happened in 2021, 2023, 2024 or 2025 — both readings agree those signals failed. It is about whether 2026 resembles those years or 2019.
Bitcoin falling from $80,000 to $77,000 since the cross confirmed is, so far, consistent with the four rather than the one.
The Macro Backdrop Is Doing the Work
The current pullback has causes unrelated to the indicator.
WTI topped $100 and Brent cleared $105 after Saudi Arabia told OPEC its crude production fell to 6.238 million barrels per day, the lowest since 1990. The 10-year Treasury yield reached 4.92% and the two-year 4.50% — nearly 100 basis points above the fed funds target.
September hike odds rose to 76%. Core PPI came in softer than expected at 0.2% against 0.3% forecast and did nothing to slow the bond selloff.
Whether the cross resembles 2019 or the four failures depends on whether that backdrop turns, not on the moving averages themselves.
The Levels That Matter Now
Bitcoin trades at $77,003 after reaching $82,000 before the crossover.
Glassnode data shows nearly 8% of Bitcoin's supply was acquired between $80,000 and $82,000 — the largest concentration at any comparable range — with the US spot ETF cohort's average cost basis in the same band and the 50-week moving average at $81,081.
The Bitfinex analyst team had described the setup as a squeeze running into a defined population of sellers, with spot demand absorbing overhead supply between $77,100 and $80,000. Bitcoin now sits at the lower edge of that zone.
CPI arrives Friday, the Clarity Act cloture vote September 15 and the Fed decision September 16.
Article
Market News | QCP Calls a 5% Risk-Free Rate Without Growth the Worst Mix for BitcoinBitcoin has dropped over the past 24 hours to trade near $77,000, and what happens next may hinge on whether today's US inflation report can halt the selloff in government bonds. The 10-year Treasury yield sits around 4.94% and the Dollar Index near 99.15. August CPI lands at 8:30 a.m. ET and could determine how much pressure those markets exert on crypto heading into next week's Federal Reserve decision. The Distinction QCP Is Drawing The concern is that borrowing costs reflect inflation risks rather than stronger growth. "This is the worst mix for Bitcoin: a competing 5% risk-free rate without the nominal-growth impulse that usually accompanies yield moves," trading firm QCP said in its latest note. That framing is the sharpest statement of the problem available this week. Rising yields normally arrive alongside an expanding economy, and the growth that produces them also lifts risk assets. Both effects run at once, and the net result depends on which dominates. What is happening now removes one side of that equation. Yields are climbing on an energy shock and fiscal deterioration, not on output. Bitcoin gets the competing risk-free rate without the offsetting growth impulse. Brent crude's climb as high as $109 a barrel adds to the difficulty of bringing inflation down — a level reached after Saudi Arabia told OPEC its crude production fell to 6.238 million barrels per day, the lowest since 1990. The Odds Vary Widely by Venue Economists estimate core consumer prices, which exclude food and energy, rose 0.2% from July. QCP put the probability of a Fed increase next week at roughly two-thirds, nearly in line with prediction markets at 61% on Polymarket. CME FedWatch showed 76% on Thursday. That spread between 61% and 76% is itself informative. A 15-point gap across venues on a binary event three business days out indicates genuine disagreement rather than settled pricing — and it means a print in either direction has room to move the number substantially. The two-year Treasury yield reached 4.50% on Thursday, nearly 100 basis points above the fed funds target range of 3.50%-3.75%, suggesting the bond market is positioned for more than a single move regardless of what the prediction markets show for September alone. The Asymmetry Around the Print A softer inflation reading could reduce rate-rise expectations and give Bitcoin room to recover. An upside surprise would risk another leg higher in yields ahead of the Fed meeting. Thursday offered a preview of how that asymmetry is currently skewed. Core PPI came in at 0.2% against 0.3% expected — market strategist James Thorne noted the actual figure was 0.162%, the second-lowest core reading in a year — and the bond market ignored it entirely, with the 10-year rising 11.4 basis points anyway. Headline PPI told the other story at 0.4% month-over-month against 0.1% in July, with the year-over-year figure at 5.4%. A market that dismisses a soft core print while selling off on an energy-driven headline has effectively decided which measure it is trading. That raises the bar for what counts as soft enough today. Weekend Liquidity Amplifies Whatever Follows The timing compounds the risk in both directions. Once US markets close, spot Bitcoin ETF trading pauses until Monday, as does most institutional activity. That leaves crypto markets to absorb fresh geopolitical headlines or any other shock with materially thinner liquidity than a weekday session provides. The geopolitical calendar makes that more than theoretical. US Central Command destroyed five Iranian oil tankers earlier in the week, Tehran struck American bases in Jordan, and Iran has said it is prepared for a more intense war while signalling a restricted zone outside the Strait of Hormuz. Any escalation over the weekend meets a market with no ETF bid and reduced desk coverage. The Levels Into the Print Bitcoin at $77,077 sits at the floor of the zone Bitfinex identified as where a squeeze ran into a defined population of sellers, with spot demand absorbing overhead supply between $77,100 and $80,000. Above it, Glassnode data shows nearly 8% of Bitcoin's supply was acquired between $80,000 and $82,000 — the largest concentration at any comparable range — with the US spot ETF cohort's average cost basis in the same band and the 50-week moving average at $81,081. Bitcoin's golden cross confirmed Tuesday after a run from $62,000 to $82,000, and price has fallen since. Four prior crossovers since 2021 produced the same sequence. The Clarity Act cloture vote falls September 15 and the Fed decides September 16. Today's print is the last data input before both.

Market News | QCP Calls a 5% Risk-Free Rate Without Growth the Worst Mix for Bitcoin

Bitcoin has dropped over the past 24 hours to trade near $77,000, and what happens next may hinge on whether today's US inflation report can halt the selloff in government bonds.
The 10-year Treasury yield sits around 4.94% and the Dollar Index near 99.15. August CPI lands at 8:30 a.m. ET and could determine how much pressure those markets exert on crypto heading into next week's Federal Reserve decision.
The Distinction QCP Is Drawing
The concern is that borrowing costs reflect inflation risks rather than stronger growth.
"This is the worst mix for Bitcoin: a competing 5% risk-free rate without the nominal-growth impulse that usually accompanies yield moves," trading firm QCP said in its latest note.
That framing is the sharpest statement of the problem available this week. Rising yields normally arrive alongside an expanding economy, and the growth that produces them also lifts risk assets. Both effects run at once, and the net result depends on which dominates.
What is happening now removes one side of that equation. Yields are climbing on an energy shock and fiscal deterioration, not on output. Bitcoin gets the competing risk-free rate without the offsetting growth impulse.
Brent crude's climb as high as $109 a barrel adds to the difficulty of bringing inflation down — a level reached after Saudi Arabia told OPEC its crude production fell to 6.238 million barrels per day, the lowest since 1990.
The Odds Vary Widely by Venue
Economists estimate core consumer prices, which exclude food and energy, rose 0.2% from July.
QCP put the probability of a Fed increase next week at roughly two-thirds, nearly in line with prediction markets at 61% on Polymarket. CME FedWatch showed 76% on Thursday.
That spread between 61% and 76% is itself informative. A 15-point gap across venues on a binary event three business days out indicates genuine disagreement rather than settled pricing — and it means a print in either direction has room to move the number substantially.
The two-year Treasury yield reached 4.50% on Thursday, nearly 100 basis points above the fed funds target range of 3.50%-3.75%, suggesting the bond market is positioned for more than a single move regardless of what the prediction markets show for September alone.
The Asymmetry Around the Print
A softer inflation reading could reduce rate-rise expectations and give Bitcoin room to recover. An upside surprise would risk another leg higher in yields ahead of the Fed meeting.
Thursday offered a preview of how that asymmetry is currently skewed. Core PPI came in at 0.2% against 0.3% expected — market strategist James Thorne noted the actual figure was 0.162%, the second-lowest core reading in a year — and the bond market ignored it entirely, with the 10-year rising 11.4 basis points anyway.
Headline PPI told the other story at 0.4% month-over-month against 0.1% in July, with the year-over-year figure at 5.4%.
A market that dismisses a soft core print while selling off on an energy-driven headline has effectively decided which measure it is trading. That raises the bar for what counts as soft enough today.
Weekend Liquidity Amplifies Whatever Follows
The timing compounds the risk in both directions.
Once US markets close, spot Bitcoin ETF trading pauses until Monday, as does most institutional activity. That leaves crypto markets to absorb fresh geopolitical headlines or any other shock with materially thinner liquidity than a weekday session provides.
The geopolitical calendar makes that more than theoretical. US Central Command destroyed five Iranian oil tankers earlier in the week, Tehran struck American bases in Jordan, and Iran has said it is prepared for a more intense war while signalling a restricted zone outside the Strait of Hormuz.
Any escalation over the weekend meets a market with no ETF bid and reduced desk coverage.
The Levels Into the Print
Bitcoin at $77,077 sits at the floor of the zone Bitfinex identified as where a squeeze ran into a defined population of sellers, with spot demand absorbing overhead supply between $77,100 and $80,000.
Above it, Glassnode data shows nearly 8% of Bitcoin's supply was acquired between $80,000 and $82,000 — the largest concentration at any comparable range — with the US spot ETF cohort's average cost basis in the same band and the 50-week moving average at $81,081.
Bitcoin's golden cross confirmed Tuesday after a run from $62,000 to $82,000, and price has fallen since. Four prior crossovers since 2021 produced the same sequence.
The Clarity Act cloture vote falls September 15 and the Fed decides September 16. Today's print is the last data input before both.
Article
ZEC Long Positions Face Liquidation as Recent Buyers Come Under PressureZEC saw a short-term pullback on September 11, putting pressure on long positions opened by recent momentum buyers. According to BlockBeats On-chain Detection, a whale address beginning with 0xd745 had its 2,859.7 ZEC long position fully liquidated in about three seconds early today, with liquidation proceeds of about $3.25 million and a loss of about $190,900. In addition to that address, wallets beginning with 0x1183 and 0xc46 were also liquidated, with each single liquidation exceeding $1.5 million. All three positions were built at elevated levels during ZEC's rise over the past two days. Before the liquidation, the 0xd745 address continued to add to its long position. From 20:47 last night to 00:08 today, it added 1,622.8 ZEC, worth about $1.9 million, increasing its holdings from 1,236.87 ZEC to 2,859.76 ZEC and lifting its average entry price to about $1,203.23. The final increase came near $1,155, but about 10 minutes later, as prices fell, the entire ZEC long position was forcibly closed by the system at an average liquidation price of about $1,136.47. The address later shifted to BTC and reopened a BTC long position worth about $5.99 million this morning. As of press time, the position showed an unrealized loss of about $14,900, with an estimated liquidation price of $76,096.

ZEC Long Positions Face Liquidation as Recent Buyers Come Under Pressure

ZEC saw a short-term pullback on September 11, putting pressure on long positions opened by recent momentum buyers. According to BlockBeats On-chain Detection, a whale address beginning with 0xd745 had its 2,859.7 ZEC long position fully liquidated in about three seconds early today, with liquidation proceeds of about $3.25 million and a loss of about $190,900.
In addition to that address, wallets beginning with 0x1183 and 0xc46 were also liquidated, with each single liquidation exceeding $1.5 million. All three positions were built at elevated levels during ZEC's rise over the past two days.
Before the liquidation, the 0xd745 address continued to add to its long position. From 20:47 last night to 00:08 today, it added 1,622.8 ZEC, worth about $1.9 million, increasing its holdings from 1,236.87 ZEC to 2,859.76 ZEC and lifting its average entry price to about $1,203.23.
The final increase came near $1,155, but about 10 minutes later, as prices fell, the entire ZEC long position was forcibly closed by the system at an average liquidation price of about $1,136.47. The address later shifted to BTC and reopened a BTC long position worth about $5.99 million this morning. As of press time, the position showed an unrealized loss of about $14,900, with an estimated liquidation price of $76,096.
Article
Altcoin News | Bitcoin's Share of Crypto Open Interest Climbs to 42.1% as Altcoin Leverage UnwindsBitcoin traded around $77,000, up 0.7% since midnight UTC but still down roughly 0.9% over 24 hours. The token sits 6% below the $82,284 high it reached last week. Ether rose 1.6% Friday and is also higher over 24 hours, one of the few large-caps to recover its overnight losses. Solana added just under 1% since midnight. In the CoinDesk 100, 68 constituents are higher on the day — a reversal after Thursday's 86-14 split the other way. The index has added 0.5% though it remains 1.6% lower over 24 hours, with 80 constituents still down on that longer timeframe. The Altcoin Open Interest Crossover Is Already Reversing The derivatives picture contains the session's most consequential shift. Aggregate open interest across crypto futures fell to $59.5 billion from $62.4 billion on Wednesday, on $94.2 billion of 24-hour volume, per Coinalyze. Liquidations reached $256.3 million over the past day, up from $142.3 million midweek. Bitcoin open interest is broadly unchanged at $25 billion, up 0.12% over 24 hours — and now accounts for 42.1% of the market total. That figure stood at roughly 37% on September 6, when altcoin perpetual open interest passed Bitcoin's for the first time since December 2024. Bitcoin's share has climbed five points in under a week without its own positioning changing at all. The entire move came from altcoin leverage coming off. Bitcoin did not gain share by attracting capital. Everything else lost it. Coinalyze's aggregated series shows Bitcoin open interest peaking near $26.8 billion on September 4 and grinding lower since, so positioning has been coming off for a week rather than in a single flush. Zcash Saw the Sharpest Unwind Zcash open interest dropped 20.1% to $1.4 billion as the price fell 9% to $1,112.10, with $17.2 million liquidated. Funding turned negative at −0.0016%, the only major token with a negative rate. That combination is a clean reversal of what was building through early September. Zcash open interest had reached a record $2.4 billion as the token gained 134% in 30 days and cleared $1,000 for the first time since 2016, hitting a record $1,260 on Tuesday. Open interest had risen steadily alongside price since August 1 — a textbook long buildup. Long buildups unwind. A token carrying $2.4 billion of open interest against a small fraction of Top 100 market capitalization has a considerably worse liquidation profile than one carrying $25 billion against two-thirds of it, and that is what played out. Zcash has since added 3.4% since midnight to $1,116.06, though it remains 8.8% lower over 24 hours — the steepest 24-hour drop among tokens with a market cap above $10 billion. Hyperliquid and XRP both saw open interest fall around 5% over 24 hours, to $2.5 billion and $1.2 billion respectively. Positioning Sits Close to Balanced Bitcoin accounted for $60.3 million of liquidations and ether $46.5 million — together more than 40% of the total, which is roughly proportional to their share of open interest rather than evidence of concentrated stress. Funding remains positive but subdued. Bitcoin's aggregated rate sits at 0.0036% with the predicted rate at 0.0026%. The aggregated long/short accounts ratio stands at 1.114, with longs at 52.67% against shorts at 47.29% — close to balanced. A market this evenly positioned into a binary event is unusual, and it means the CPI print faces relatively little forced flow in either direction. The violent moves in recent months have come when positioning was skewed. It currently is not. Traditional Markets Are Firmer Across the Board S&P 500 futures gained 0.48% and Nasdaq futures 0.56%. Gold rose 0.74% and silver 0.92%, while the Dollar Index was unchanged. The memecoin index was crypto's biggest gainer, adding 0.73% since midnight. As with Thursday, the speculative end is moving furthest — in the opposite direction this time. CoinMarketCap's Altcoin Season indicator sits at 38/100, in neutral territory after spiking to 51/100 on Tuesday. That retreat is consistent with the open interest data: the altcoin rotation that produced Tuesday's reading has partially unwound. Theta and Raydium Lead the Index Theta Network leads the CoinDesk 100, up 11% since midnight to $0.19 and 6.9% higher over 24 hours. Solana-based DEX token Raydium gained 10% on the day to $1.60 and 18% over 24 hours — a third consecutive session at the top of the index after rises of 5.8% and 8.5% earlier in the week. Perpetuals exchange token Lighter rose 5.8% to $4.54, recovering part of a 15% fall over the previous 24 hours. Morpho climbed 3.6% to $2.34 and is 2.3% higher over 24 hours, one of the few mid-caps positive on both timeframes. CPI at 8:30 a.m. ET Is the Last Release Before the FOMC August consumer price data arrives Friday morning, the final major release before the Fed sets rates September 15-16. Core is forecast at 0.2% month-over-month with headline at 0.4%, largely on the energy shock that has carried Brent as high as $109 after Saudi crude production fell to its lowest since 1990. QCP framed the setup for Bitcoin specifically: "This is the worst mix for Bitcoin: a competing 5% risk-free rate without the nominal-growth impulse that usually accompanies yield moves." Hike odds range from 61% on Polymarket to 76% on CME FedWatch, a spread indicating genuine disagreement rather than settled pricing. Once US markets close, spot Bitcoin ETF trading pauses until Monday, leaving the weekend to absorb any escalation with materially thinner liquidity.

Altcoin News | Bitcoin's Share of Crypto Open Interest Climbs to 42.1% as Altcoin Leverage Unwinds

Bitcoin traded around $77,000, up 0.7% since midnight UTC but still down roughly 0.9% over 24 hours. The token sits 6% below the $82,284 high it reached last week.
Ether rose 1.6% Friday and is also higher over 24 hours, one of the few large-caps to recover its overnight losses. Solana added just under 1% since midnight.
In the CoinDesk 100, 68 constituents are higher on the day — a reversal after Thursday's 86-14 split the other way. The index has added 0.5% though it remains 1.6% lower over 24 hours, with 80 constituents still down on that longer timeframe.
The Altcoin Open Interest Crossover Is Already Reversing
The derivatives picture contains the session's most consequential shift.
Aggregate open interest across crypto futures fell to $59.5 billion from $62.4 billion on Wednesday, on $94.2 billion of 24-hour volume, per Coinalyze. Liquidations reached $256.3 million over the past day, up from $142.3 million midweek.
Bitcoin open interest is broadly unchanged at $25 billion, up 0.12% over 24 hours — and now accounts for 42.1% of the market total.
That figure stood at roughly 37% on September 6, when altcoin perpetual open interest passed Bitcoin's for the first time since December 2024. Bitcoin's share has climbed five points in under a week without its own positioning changing at all.
The entire move came from altcoin leverage coming off. Bitcoin did not gain share by attracting capital. Everything else lost it.
Coinalyze's aggregated series shows Bitcoin open interest peaking near $26.8 billion on September 4 and grinding lower since, so positioning has been coming off for a week rather than in a single flush.
Zcash Saw the Sharpest Unwind
Zcash open interest dropped 20.1% to $1.4 billion as the price fell 9% to $1,112.10, with $17.2 million liquidated.
Funding turned negative at −0.0016%, the only major token with a negative rate.
That combination is a clean reversal of what was building through early September. Zcash open interest had reached a record $2.4 billion as the token gained 134% in 30 days and cleared $1,000 for the first time since 2016, hitting a record $1,260 on Tuesday. Open interest had risen steadily alongside price since August 1 — a textbook long buildup.
Long buildups unwind. A token carrying $2.4 billion of open interest against a small fraction of Top 100 market capitalization has a considerably worse liquidation profile than one carrying $25 billion against two-thirds of it, and that is what played out.
Zcash has since added 3.4% since midnight to $1,116.06, though it remains 8.8% lower over 24 hours — the steepest 24-hour drop among tokens with a market cap above $10 billion.
Hyperliquid and XRP both saw open interest fall around 5% over 24 hours, to $2.5 billion and $1.2 billion respectively.
Positioning Sits Close to Balanced
Bitcoin accounted for $60.3 million of liquidations and ether $46.5 million — together more than 40% of the total, which is roughly proportional to their share of open interest rather than evidence of concentrated stress.
Funding remains positive but subdued. Bitcoin's aggregated rate sits at 0.0036% with the predicted rate at 0.0026%.
The aggregated long/short accounts ratio stands at 1.114, with longs at 52.67% against shorts at 47.29% — close to balanced.
A market this evenly positioned into a binary event is unusual, and it means the CPI print faces relatively little forced flow in either direction. The violent moves in recent months have come when positioning was skewed. It currently is not.
Traditional Markets Are Firmer Across the Board
S&P 500 futures gained 0.48% and Nasdaq futures 0.56%. Gold rose 0.74% and silver 0.92%, while the Dollar Index was unchanged.
The memecoin index was crypto's biggest gainer, adding 0.73% since midnight. As with Thursday, the speculative end is moving furthest — in the opposite direction this time.
CoinMarketCap's Altcoin Season indicator sits at 38/100, in neutral territory after spiking to 51/100 on Tuesday. That retreat is consistent with the open interest data: the altcoin rotation that produced Tuesday's reading has partially unwound.
Theta and Raydium Lead the Index
Theta Network leads the CoinDesk 100, up 11% since midnight to $0.19 and 6.9% higher over 24 hours.
Solana-based DEX token Raydium gained 10% on the day to $1.60 and 18% over 24 hours — a third consecutive session at the top of the index after rises of 5.8% and 8.5% earlier in the week.
Perpetuals exchange token Lighter rose 5.8% to $4.54, recovering part of a 15% fall over the previous 24 hours. Morpho climbed 3.6% to $2.34 and is 2.3% higher over 24 hours, one of the few mid-caps positive on both timeframes.
CPI at 8:30 a.m. ET Is the Last Release Before the FOMC
August consumer price data arrives Friday morning, the final major release before the Fed sets rates September 15-16.
Core is forecast at 0.2% month-over-month with headline at 0.4%, largely on the energy shock that has carried Brent as high as $109 after Saudi crude production fell to its lowest since 1990.
QCP framed the setup for Bitcoin specifically: "This is the worst mix for Bitcoin: a competing 5% risk-free rate without the nominal-growth impulse that usually accompanies yield moves."
Hike odds range from 61% on Polymarket to 76% on CME FedWatch, a spread indicating genuine disagreement rather than settled pricing.
Once US markets close, spot Bitcoin ETF trading pauses until Monday, leaving the weekend to absorb any escalation with materially thinner liquidity.
Bitcoin(BTC) Drops Below 77,000 USDT with a 1.47% Decrease in 24 HoursOn Sep 11, 2026, 09:37 AM(UTC). According to Binance Market Data, Bitcoin has dropped below 77,000 USDT and is now trading at 76,921.148438 USDT, with a narrowed 1.47% decrease in 24 hours.

Bitcoin(BTC) Drops Below 77,000 USDT with a 1.47% Decrease in 24 Hours

On Sep 11, 2026, 09:37 AM(UTC). According to Binance Market Data, Bitcoin has dropped below 77,000 USDT and is now trading at 76,921.148438 USDT, with a narrowed 1.47% decrease in 24 hours.
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PREMARKET MOVES | Oracle Jumps 6% on Cloud Beat; RH, Copart Gain; Adobe, Kroger SlideAccording to CNBC, several stocks posted notable premarket moves.Oracle leapt more than 6% after topping fiscal first-quarter expectations, reporting adjusted earnings of $1.92 per share on revenue of $19.35 billion, versus analyst estimates of $1.74 per share and $19.14 billion; cloud infrastructure revenue more than doubled to $7.4 billion, beating the $7.09 billion estimate.RH jumped 6% after posting second-quarter revenue of $922 million, above the $915 million consensus, with full-year revenue guidance calling for growth of 5.5% to 7%.Copart climbed 3% after fourth-quarter revenue of $1.15 billion topped the $1.14 billion consensus, and the company said it would acquire digital automotive marketplace ACV in a roughly $1.9 billion deal.GameStop climbed more than 3% after CEO Ryan Cohen disclosed he purchased 1 million shares at an average price of $20.375, bringing his stake to 39.347 million shares valued at around $802.28 million as of Thursday's close.Adobe slid 4% after issuing current-quarter guidance roughly in line with estimates, projecting adjusted earnings of $6.30 to $6.35 per share and revenue of $6.80 billion to $6.85 billion.Kroger fell 3% after mixed second-quarter results, posting adjusted earnings of $1.09 per share, above the $1.06 estimate, while revenue of $34.62 billion came in slightly below the $34.64 billion consensus.National Beverage fell more than 5% after reporting fiscal first-quarter earnings of 50 cents per share on revenue of $331 million, saying it felt pressure from tariffs, weakening consumer sentiment and elevated packaging and ingredient costs.

PREMARKET MOVES | Oracle Jumps 6% on Cloud Beat; RH, Copart Gain; Adobe, Kroger Slide

According to CNBC, several stocks posted notable premarket moves.Oracle leapt more than 6% after topping fiscal first-quarter expectations, reporting adjusted earnings of $1.92 per share on revenue of $19.35 billion, versus analyst estimates of $1.74 per share and $19.14 billion; cloud infrastructure revenue more than doubled to $7.4 billion, beating the $7.09 billion estimate.RH jumped 6% after posting second-quarter revenue of $922 million, above the $915 million consensus, with full-year revenue guidance calling for growth of 5.5% to 7%.Copart climbed 3% after fourth-quarter revenue of $1.15 billion topped the $1.14 billion consensus, and the company said it would acquire digital automotive marketplace ACV in a roughly $1.9 billion deal.GameStop climbed more than 3% after CEO Ryan Cohen disclosed he purchased 1 million shares at an average price of $20.375, bringing his stake to 39.347 million shares valued at around $802.28 million as of Thursday's close.Adobe slid 4% after issuing current-quarter guidance roughly in line with estimates, projecting adjusted earnings of $6.30 to $6.35 per share and revenue of $6.80 billion to $6.85 billion.Kroger fell 3% after mixed second-quarter results, posting adjusted earnings of $1.09 per share, above the $1.06 estimate, while revenue of $34.62 billion came in slightly below the $34.64 billion consensus.National Beverage fell more than 5% after reporting fiscal first-quarter earnings of 50 cents per share on revenue of $331 million, saying it felt pressure from tariffs, weakening consumer sentiment and elevated packaging and ingredient costs.
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Bitcoin News | CryptoQuant Spot Demand Reverses to −145,000 BTC After Nearly Turning Positive in AugustBitcoin's demand is deteriorating and prices may struggle to hold current levels, according to CryptoQuant analyst Darkfost. Spot demand sits at negative 145,000 BTC with the negative trend remaining stable. Futures demand remains positive at 74,500 BTC but has clearly weakened. The Signal That Almost Triggered Has Fully Reversed The number matters more in sequence than in isolation. CryptoQuant's spot demand metric read −206,000 BTC on July 23, at the depths of the summer drawdown. It improved steadily through August, reaching −5,000 BTC on August 21 — close enough to positive that the crossover looked imminent. That crossover carries historical weight. When spot demand turns positive while MVRV sits below its 365-day moving average, the setup has produced a 78% win rate with an 18% median gain over the following 60 days. The metric never completed the cross. It has instead reversed to −145,000 BTC, giving back roughly 70% of the improvement that took a month to build. A signal that fails to trigger is not the same as a signal that triggers and fails. The first means the condition never arrived; the bullish case built on an imminent crossover in late August was premised on something that did not happen. Institutional Confidence Shows in the Coinbase Premium The Coinbase premium index fell to −0.036 with a clear negative trend, indicating institutional investors lack confidence in taking Bitcoin risk under current macro conditions. The premium measures the spread between Coinbase's Bitcoin price and other exchanges, functioning as a rough proxy for US institutional demand relative to global flow. A negative reading means US buyers are paying less than the rest of the market rather than bidding it up. That indicator carries recent precedent. It ran negative for 77 consecutive days through early August — the longest such streak of the cycle — before the rally that carried Bitcoin from $62,000 to $82,000. Its return to negative territory alongside the spot demand reversal describes the same institutional cohort stepping back. ETF Outflows Reached $308 Million, the Worst Day in Two Months The flow data corroborates it directly. Bitcoin ETFs shed $282 million, Ethereum $29.9 million and Solana $500,000. XRP funds took in $5 million — the only positive category, continuing a pattern where XRP has been the sole inflow on several recent sessions. Total net outflows across crypto ETFs reached $308 million, the worst single day in two months. The reversal from earlier this month is stark. Spot Bitcoin ETFs took $731 million on September 3, the largest single day since January, pushing net assets above $100 billion for the first time. The complex has given back much of that since, with assets falling back under the threshold. Bitcoin ETFs remain roughly $1 billion negative year-to-date despite $3.52 billion of August inflows. Spot Weakness and Balanced Derivatives Are Not Contradictory The demand data sits alongside derivatives readings that appear more benign, and the two measure different things. Aggregate crypto futures open interest fell to $59.5 billion from $62.4 billion midweek, with Bitcoin's aggregated long/short accounts ratio at 1.114 — longs at 52.67% against shorts at 47.29%, close to balanced. Funding remains positive but subdued at 0.0036%. Balanced positioning means little forced flow in either direction from leverage. It says nothing about whether new capital is arriving. Darkfost's point concerns the second question. A market with neutral leverage and deteriorating spot demand does not face liquidation cascades, but it also lacks the bid required to absorb supply. That is the configuration that produces grinding declines rather than violent ones. Macro and Geopolitics Are Driving the Tape Darkfost identified macroeconomic and geopolitical news as the market's main drivers, flagging rapidly rising bond yields as the variable to monitor. The 10-year Treasury yield reached 4.94% and the two-year 4.50%, nearly 100 basis points above the fed funds target range. Brent crude climbed as high as $109 after Saudi Arabia told OPEC its crude production fell to 6.238 million barrels per day, the lowest since 1990. QCP framed the specific problem: "This is the worst mix for Bitcoin: a competing 5% risk-free rate without the nominal-growth impulse that usually accompanies yield moves." Bitcoin traded around $77,000, roughly 6% below the $82,284 high reached last week. The Conditions That Would Reverse It Demand improving quickly is Darkfost's stated condition for avoiding a correction phase. Two things would deliver that. A soft CPI print reducing rate-hike expectations would relieve the yield pressure driving institutional caution — August consumer prices arrive at 8:30 a.m. ET with core forecast at 0.2% and headline at 0.4%. Sustained ETF inflows would show up in the spot demand metric with a lag. That requires the flows to return first, and they have moved the other way for several sessions. Neither resolves before the Clarity Act cloture vote on September 15 or the Fed decision on September 16.

Bitcoin News | CryptoQuant Spot Demand Reverses to −145,000 BTC After Nearly Turning Positive in August

Bitcoin's demand is deteriorating and prices may struggle to hold current levels, according to CryptoQuant analyst Darkfost.
Spot demand sits at negative 145,000 BTC with the negative trend remaining stable. Futures demand remains positive at 74,500 BTC but has clearly weakened.
The Signal That Almost Triggered Has Fully Reversed
The number matters more in sequence than in isolation.
CryptoQuant's spot demand metric read −206,000 BTC on July 23, at the depths of the summer drawdown. It improved steadily through August, reaching −5,000 BTC on August 21 — close enough to positive that the crossover looked imminent.
That crossover carries historical weight. When spot demand turns positive while MVRV sits below its 365-day moving average, the setup has produced a 78% win rate with an 18% median gain over the following 60 days.
The metric never completed the cross. It has instead reversed to −145,000 BTC, giving back roughly 70% of the improvement that took a month to build.
A signal that fails to trigger is not the same as a signal that triggers and fails. The first means the condition never arrived; the bullish case built on an imminent crossover in late August was premised on something that did not happen.
Institutional Confidence Shows in the Coinbase Premium
The Coinbase premium index fell to −0.036 with a clear negative trend, indicating institutional investors lack confidence in taking Bitcoin risk under current macro conditions.
The premium measures the spread between Coinbase's Bitcoin price and other exchanges, functioning as a rough proxy for US institutional demand relative to global flow. A negative reading means US buyers are paying less than the rest of the market rather than bidding it up.
That indicator carries recent precedent. It ran negative for 77 consecutive days through early August — the longest such streak of the cycle — before the rally that carried Bitcoin from $62,000 to $82,000. Its return to negative territory alongside the spot demand reversal describes the same institutional cohort stepping back.
ETF Outflows Reached $308 Million, the Worst Day in Two Months
The flow data corroborates it directly.
Bitcoin ETFs shed $282 million, Ethereum $29.9 million and Solana $500,000. XRP funds took in $5 million — the only positive category, continuing a pattern where XRP has been the sole inflow on several recent sessions.
Total net outflows across crypto ETFs reached $308 million, the worst single day in two months.
The reversal from earlier this month is stark. Spot Bitcoin ETFs took $731 million on September 3, the largest single day since January, pushing net assets above $100 billion for the first time. The complex has given back much of that since, with assets falling back under the threshold.
Bitcoin ETFs remain roughly $1 billion negative year-to-date despite $3.52 billion of August inflows.
Spot Weakness and Balanced Derivatives Are Not Contradictory
The demand data sits alongside derivatives readings that appear more benign, and the two measure different things.
Aggregate crypto futures open interest fell to $59.5 billion from $62.4 billion midweek, with Bitcoin's aggregated long/short accounts ratio at 1.114 — longs at 52.67% against shorts at 47.29%, close to balanced. Funding remains positive but subdued at 0.0036%.
Balanced positioning means little forced flow in either direction from leverage. It says nothing about whether new capital is arriving.
Darkfost's point concerns the second question. A market with neutral leverage and deteriorating spot demand does not face liquidation cascades, but it also lacks the bid required to absorb supply. That is the configuration that produces grinding declines rather than violent ones.
Macro and Geopolitics Are Driving the Tape
Darkfost identified macroeconomic and geopolitical news as the market's main drivers, flagging rapidly rising bond yields as the variable to monitor.
The 10-year Treasury yield reached 4.94% and the two-year 4.50%, nearly 100 basis points above the fed funds target range. Brent crude climbed as high as $109 after Saudi Arabia told OPEC its crude production fell to 6.238 million barrels per day, the lowest since 1990.
QCP framed the specific problem: "This is the worst mix for Bitcoin: a competing 5% risk-free rate without the nominal-growth impulse that usually accompanies yield moves."
Bitcoin traded around $77,000, roughly 6% below the $82,284 high reached last week.
The Conditions That Would Reverse It
Demand improving quickly is Darkfost's stated condition for avoiding a correction phase.
Two things would deliver that. A soft CPI print reducing rate-hike expectations would relieve the yield pressure driving institutional caution — August consumer prices arrive at 8:30 a.m. ET with core forecast at 0.2% and headline at 0.4%.
Sustained ETF inflows would show up in the spot demand metric with a lag. That requires the flows to return first, and they have moved the other way for several sessions.
Neither resolves before the Clarity Act cloture vote on September 15 or the Fed decision on September 16.
The Standard Reserve to Launch on September 14 on Robinhood ChainThe on-chain reserve project The Standard Reserve said on X that it will launch on September 14. According to ChainCatcher, the project was initiated by developer 0xBeans, who published its white paper on August 23 and described it as a revised version of Olympus DAO on Robinhood Chain. The project is currently in the audit and whitelist allocation stage, and no token or NFT is yet available for trading. Its issuance mechanism will track only the net ETH flow in the official Uniswap v4 ETH/$STANDARD pool. When net flow is positive, issuance will expand and protocol fees will be used to accumulate reserve assets; when net flow is negative, issuance will be reduced and STANDARD will be bought back and burned. STANDARD has a hard cap of 1 billion tokens. At genesis, 100 million tokens were injected into a Uniswap v4 full-range LP permanently held by the protocol, while the remaining 900 million are reserved for long-term issuance.

The Standard Reserve to Launch on September 14 on Robinhood Chain

The on-chain reserve project The Standard Reserve said on X that it will launch on September 14. According to ChainCatcher, the project was initiated by developer 0xBeans, who published its white paper on August 23 and described it as a revised version of Olympus DAO on Robinhood Chain.
The project is currently in the audit and whitelist allocation stage, and no token or NFT is yet available for trading. Its issuance mechanism will track only the net ETH flow in the official Uniswap v4 ETH/$STANDARD pool. When net flow is positive, issuance will expand and protocol fees will be used to accumulate reserve assets; when net flow is negative, issuance will be reduced and STANDARD will be bought back and burned.
STANDARD has a hard cap of 1 billion tokens. At genesis, 100 million tokens were injected into a Uniswap v4 full-range LP permanently held by the protocol, while the remaining 900 million are reserved for long-term issuance.
Article
Gold Rises 0.87% to $4,354.28 an Ounce; Silver Gains 1.13%Spot gold rose 0.87% to $4,354.28 an ounce and spot silver gained 1.13% to $64.27 an ounce, according to Jiemian News.

Gold Rises 0.87% to $4,354.28 an Ounce; Silver Gains 1.13%

Spot gold rose 0.87% to $4,354.28 an ounce and spot silver gained 1.13% to $64.27 an ounce, according to Jiemian News.
BTC Faces $1.825 Billion Short Liquidations Above $80,660, Coinglass Data ShowsCoinglass data shows that if BTC breaks above $80,660, cumulative short liquidations across major centralized exchanges would reach $1.825 billion. According to ChainCatcher, if BTC falls below $73,471, cumulative long liquidations across major centralized exchanges would reach $1.365 billion.

BTC Faces $1.825 Billion Short Liquidations Above $80,660, Coinglass Data Shows

Coinglass data shows that if BTC breaks above $80,660, cumulative short liquidations across major centralized exchanges would reach $1.825 billion. According to ChainCatcher, if BTC falls below $73,471, cumulative long liquidations across major centralized exchanges would reach $1.365 billion.
CLARITY Act Revision Would Set Rules for Non-Decentralized Finance Protocol ControllersA revised CLARITY Act would direct U.S. regulators to determine whether controllers of non-decentralized finance trading protocols must comply with securities, commodities, and anti-money laundering requirements. According to NS3.AI, the bill would require the SEC and CFTC to develop activity-based rules for affected controllers. A procedural Senate vote is scheduled for Sept. 15 and needs 60 votes to advance. The ethics section remains largely unchanged from the previous version.

CLARITY Act Revision Would Set Rules for Non-Decentralized Finance Protocol Controllers

A revised CLARITY Act would direct U.S. regulators to determine whether controllers of non-decentralized finance trading protocols must comply with securities, commodities, and anti-money laundering requirements. According to NS3.AI, the bill would require the SEC and CFTC to develop activity-based rules for affected controllers.
A procedural Senate vote is scheduled for Sept. 15 and needs 60 votes to advance. The ethics section remains largely unchanged from the previous version.
Arbitrum Q3 Revenue Rises 140% From Q2 as Treasury Income Tops $4.3 MillionArbitrum investment strategy head Brendan Ma said weekly revenue for Arbitrum rose to third globally, while treasury income exceeded $4.3 million over the past 30 days, with more than half of that coming from the previous week. According to ChainCatcher, revenue so far in Q3 is about 140% higher than in Q2, driven by Arbitrum One fees, Robinhood Chain AEP licensing fees, and treasury income. Arbitrum also said it leads in RWA deployments with more than 4,500, has $1 billion in AUM, and saw 30-day transfer volume rise 124% to $395 billion. Tokenized stocks doubled to more than $200 million, cumulative transactions on Arbitrum One surpassed 2.8 billion, Chain GDP reached $1.8 billion and rose 22% year over year, and perpetual futures open interest peaked at $1.8 billion. In the ecosystem, Carbon's cumulative trading volume exceeded $100 million, T3tris TVL reached $13.4 million, and USD.AI TVL reached $500 million. Venmo, Stripe, Shopify, and Cash App have also supported related USDC or PYUSD functions on Arbitrum.

Arbitrum Q3 Revenue Rises 140% From Q2 as Treasury Income Tops $4.3 Million

Arbitrum investment strategy head Brendan Ma said weekly revenue for Arbitrum rose to third globally, while treasury income exceeded $4.3 million over the past 30 days, with more than half of that coming from the previous week. According to ChainCatcher, revenue so far in Q3 is about 140% higher than in Q2, driven by Arbitrum One fees, Robinhood Chain AEP licensing fees, and treasury income.
Arbitrum also said it leads in RWA deployments with more than 4,500, has $1 billion in AUM, and saw 30-day transfer volume rise 124% to $395 billion. Tokenized stocks doubled to more than $200 million, cumulative transactions on Arbitrum One surpassed 2.8 billion, Chain GDP reached $1.8 billion and rose 22% year over year, and perpetual futures open interest peaked at $1.8 billion.
In the ecosystem, Carbon's cumulative trading volume exceeded $100 million, T3tris TVL reached $13.4 million, and USD.AI TVL reached $500 million. Venmo, Stripe, Shopify, and Cash App have also supported related USDC or PYUSD functions on Arbitrum.
Benjamin Cowen Sees Reputation Risk Behind Weak Crypto Search InterestBenjamin Cowen, the analyst behind Into The Cryptoverse, said weak social interest in crypto may reflect a structural reputation problem rather than a normal cyclical lull. According to BeInCrypto, he pointed to persistently low Google Trends and Wikipedia search activity as a bearish signal for Bitcoin, while noting prior bear-market lows often coincided with a rebound in search and app-store activity. Cowen also said the decline may stem from lasting damage to crypto’s public image, citing “memecoin griffs and scams,” and compared the pattern with gold’s muted social interest in the early 2010s.

Benjamin Cowen Sees Reputation Risk Behind Weak Crypto Search Interest

Benjamin Cowen, the analyst behind Into The Cryptoverse, said weak social interest in crypto may reflect a structural reputation problem rather than a normal cyclical lull. According to BeInCrypto, he pointed to persistently low Google Trends and Wikipedia search activity as a bearish signal for Bitcoin, while noting prior bear-market lows often coincided with a rebound in search and app-store activity.
Cowen also said the decline may stem from lasting damage to crypto’s public image, citing “memecoin griffs and scams,” and compared the pattern with gold’s muted social interest in the early 2010s.
Ethereum(ETH) Surpasses 2,500 USDT with a 2.73% Increase in 24 HoursOn Sep 11, 2026, 12:40 PM(UTC). According to Binance Market Data, Ethereum has crossed the 2,500 USDT benchmark and is now trading at 2,502.419922 USDT, with a narrowed 2.73% increase in 24 hours.

Ethereum(ETH) Surpasses 2,500 USDT with a 2.73% Increase in 24 Hours

On Sep 11, 2026, 12:40 PM(UTC). According to Binance Market Data, Ethereum has crossed the 2,500 USDT benchmark and is now trading at 2,502.419922 USDT, with a narrowed 2.73% increase in 24 hours.
Hyperliquid Protocol Revenue Rises Over 30 Days as HYPE Burns IncreaseHyperliquid generated about $59.84 million in protocol revenue over the past 30 days, up 83.3% from the previous 30-day period, according to TradingBeats monitoring on September 11. According to BlockBeats On-chain Detection, revenue over the most recent seven days fell to about $11.57 million, down 12.7% from the prior week, indicating that monthly revenue expanded significantly while recent activity cooled. From August 12 to September 11, cumulative HYPE burned by the Assistance Fund rose to 47.123 million tokens. Over the past 30 days, the fund added about 775,400 more tokens to its burn total. Under the protocol’s mechanism, the Assistance Fund automatically converts trading fees allocated to it into HYPE, and the HYPE held in the fund is permanently removed from circulation and total supply.

Hyperliquid Protocol Revenue Rises Over 30 Days as HYPE Burns Increase

Hyperliquid generated about $59.84 million in protocol revenue over the past 30 days, up 83.3% from the previous 30-day period, according to TradingBeats monitoring on September 11. According to BlockBeats On-chain Detection, revenue over the most recent seven days fell to about $11.57 million, down 12.7% from the prior week, indicating that monthly revenue expanded significantly while recent activity cooled.
From August 12 to September 11, cumulative HYPE burned by the Assistance Fund rose to 47.123 million tokens. Over the past 30 days, the fund added about 775,400 more tokens to its burn total. Under the protocol’s mechanism, the Assistance Fund automatically converts trading fees allocated to it into HYPE, and the HYPE held in the fund is permanently removed from circulation and total supply.
Tencent-Backed Enflame Set to Start Trading After $911 Million IPOShanghai Enflame Technology Co., backed by Tencent Holdings Ltd., is set to begin trading in Shanghai on Friday after raising about 6.12 billion yuan ($911 million), according to Bloomberg. It is the last of the so-called “four little dragons” of leading Chinese artificial intelligence chipmakers to enter the public market.

Tencent-Backed Enflame Set to Start Trading After $911 Million IPO

Shanghai Enflame Technology Co., backed by Tencent Holdings Ltd., is set to begin trading in Shanghai on Friday after raising about 6.12 billion yuan ($911 million), according to Bloomberg.
It is the last of the so-called “four little dragons” of leading Chinese artificial intelligence chipmakers to enter the public market.
Binance to Suspend Vechain (VET) Deposits and Withdrawals for Network Upgrade and Hard ForkAccording to the announcement from Binance, deposits and withdrawals of token(s) on the Vechain (VET) network will be suspended starting at approximately 2026-09-16 10:15 (UTC) to support a network upgrade and hard fork. The upgrade is scheduled to take place at block height 25,902,540, or approximately at 2026-09-16 11:15 (UTC). Binance said trading of token(s) on the Vechain (VET) network will not be impacted during the process, and it will handle all technical requirements involved for all users. The exchange said deposits and withdrawals for token(s) on the Vechain (VET) network will reopen once the upgraded network is deemed stable. No further announcement will be posted. Binance added that the suspension is intended to support the upgrade and hard fork while maintaining service continuity for trading activity on the network.

Binance to Suspend Vechain (VET) Deposits and Withdrawals for Network Upgrade and Hard Fork

According to the announcement from Binance, deposits and withdrawals of token(s) on the Vechain (VET) network will be suspended starting at approximately 2026-09-16 10:15 (UTC) to support a network upgrade and hard fork. The upgrade is scheduled to take place at block height 25,902,540, or approximately at 2026-09-16 11:15 (UTC). Binance said trading of token(s) on the Vechain (VET) network will not be impacted during the process, and it will handle all technical requirements involved for all users.
The exchange said deposits and withdrawals for token(s) on the Vechain (VET) network will reopen once the upgraded network is deemed stable. No further announcement will be posted. Binance added that the suspension is intended to support the upgrade and hard fork while maintaining service continuity for trading activity on the network.
BNB Drops Below 710 USDT with a 1.18% Decrease in 24 HoursOn Sep 11, 2026, 12:30 PM(UTC). According to Binance Market Data, BNB has dropped below 710 USDT and is now trading at 708.570007 USDT, with a narrowed 1.18% decrease in 24 hours.

BNB Drops Below 710 USDT with a 1.18% Decrease in 24 Hours

On Sep 11, 2026, 12:30 PM(UTC). According to Binance Market Data, BNB has dropped below 710 USDT and is now trading at 708.570007 USDT, with a narrowed 1.18% decrease in 24 hours.
Liquid Network Resumes Block Production After $320 Million Bitcoin WithdrawalLiquid Network resumed block production after a $320 million Bitcoin withdrawal linked to an exploit. According to NS3.AI, transactions and peg operations remain suspended while recovery efforts continue. Liquid said it deployed emergency updates to its network software and nodes as part of the response.

Liquid Network Resumes Block Production After $320 Million Bitcoin Withdrawal

Liquid Network resumed block production after a $320 million Bitcoin withdrawal linked to an exploit. According to NS3.AI, transactions and peg operations remain suspended while recovery efforts continue.
Liquid said it deployed emergency updates to its network software and nodes as part of the response.
Cardone Capital Buys 20 Bitcoin for $76,500 EachCardone Capital bought 20 Bitcoin at $76,500 per coin and added them to its mixed real estate and Bitcoin portfolio. According to Odaily, the purchase was reported by Cointelegraph.

Cardone Capital Buys 20 Bitcoin for $76,500 Each

Cardone Capital bought 20 Bitcoin at $76,500 per coin and added them to its mixed real estate and Bitcoin portfolio. According to Odaily, the purchase was reported by Cointelegraph.
PRECIOUS METALS | COMEX Silver Inventories Fall Sharply as Eligible Stocks Are WithdrawnAccording to Jin10, COMEX silver total inventories fell sharply, with the main pressure coming from withdrawals of eligible inventories.

PRECIOUS METALS | COMEX Silver Inventories Fall Sharply as Eligible Stocks Are Withdrawn

According to Jin10, COMEX silver total inventories fell sharply, with the main pressure coming from withdrawals of eligible inventories.
Bitcoin(BTC) Surpasses 78,000 USDT with a 1.37% Increase in 24 HoursOn Sep 11, 2026, 12:48 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 78,000 USDT benchmark and is now trading at 78,000 USDT, with a narrowed 1.37% increase in 24 hours.

Bitcoin(BTC) Surpasses 78,000 USDT with a 1.37% Increase in 24 Hours

On Sep 11, 2026, 12:48 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 78,000 USDT benchmark and is now trading at 78,000 USDT, with a narrowed 1.37% increase in 24 hours.
Oil Prices Still Up More Than 10% for the Week as Strait Ship Traffic Remains in Single DigitsAccording to Jin10, oil prices were still up more than 10% for the week, while a temporary safe passage agreement suddenly entered high-level talks and actual ship traffic through the strait remained in single digits.

Oil Prices Still Up More Than 10% for the Week as Strait Ship Traffic Remains in Single Digits

According to Jin10, oil prices were still up more than 10% for the week, while a temporary safe passage agreement suddenly entered high-level talks and actual ship traffic through the strait remained in single digits.
STOCKS | Bessent Fails to Cool U.S. Treasury Market as Yields Near 5%U.S. Treasury yields climbed to near a three-year high this week, with the 10-year yield briefly touching 4.98% in Asian trading on Friday before easing to 4.94% in London. According to Sina Finance, U.S. Treasury Secretary Scott Bessent tried to steady the $32 trillion U.S. Treasury market, but investors said his first move was too cautious to curb the surge in yields. The Treasury Department launched a $6 billion buyback program, but borrowing costs kept rising. According to Sina Finance, Morgan Stanley Wealth Management chief economic strategist and Treasury Borrowing Advisory Committee member Ellen Zentner said some U.S. measures have taken on emerging-market-style risks. The report said the rise in borrowing costs was triggered by a sharp jump in oil prices after conflict between the United States and Iran in the Strait of Hormuz escalated on Thursday, while Iran-backed Houthi forces launched attacks that threatened regional energy supplies. Brent crude had earlier approached $110 per barrel before falling below $105. According to Sina Finance, Treasury officials said the first buyback operation was capped at $6 billion, above the at least $4 billion promised when the plan was announced in mid-August, but some banks and investors had expected a larger move. The Treasury said it accepted $5.2 billion in sell offers on Thursday. The article also said Bessent has taken a more aggressive approach in recent weeks, including support for the yen and pressure on the euro at the end of July, and warning investors not to short the yen.

STOCKS | Bessent Fails to Cool U.S. Treasury Market as Yields Near 5%

U.S. Treasury yields climbed to near a three-year high this week, with the 10-year yield briefly touching 4.98% in Asian trading on Friday before easing to 4.94% in London. According to Sina Finance, U.S. Treasury Secretary Scott Bessent tried to steady the $32 trillion U.S. Treasury market, but investors said his first move was too cautious to curb the surge in yields.
The Treasury Department launched a $6 billion buyback program, but borrowing costs kept rising. According to Sina Finance, Morgan Stanley Wealth Management chief economic strategist and Treasury Borrowing Advisory Committee member Ellen Zentner said some U.S. measures have taken on emerging-market-style risks.
The report said the rise in borrowing costs was triggered by a sharp jump in oil prices after conflict between the United States and Iran in the Strait of Hormuz escalated on Thursday, while Iran-backed Houthi forces launched attacks that threatened regional energy supplies. Brent crude had earlier approached $110 per barrel before falling below $105.
According to Sina Finance, Treasury officials said the first buyback operation was capped at $6 billion, above the at least $4 billion promised when the plan was announced in mid-August, but some banks and investors had expected a larger move. The Treasury said it accepted $5.2 billion in sell offers on Thursday.
The article also said Bessent has taken a more aggressive approach in recent weeks, including support for the yen and pressure on the euro at the end of July, and warning investors not to short the yen.
Article
U.S. August PPI Annual Rate Rises to 5.4%, Above ForecastAccording to Jin10, U.S. August producer price index annual rate rose to 5.4%, above the expected 5.3%, while the previous reading was revised from 4.70% to 4.8%.

U.S. August PPI Annual Rate Rises to 5.4%, Above Forecast

According to Jin10, U.S. August producer price index annual rate rose to 5.4%, above the expected 5.3%, while the previous reading was revised from 4.70% to 4.8%.
Oil Prices Still Up More Than 10% for the Week as Strait Ship Traffic Remains in Single DigitsAccording to Jin10, oil prices were still up more than 10% for the week, while a temporary safe-passage agreement suddenly entered high-level talks and actual ship traffic through the strait remained in single digits.

Oil Prices Still Up More Than 10% for the Week as Strait Ship Traffic Remains in Single Digits

According to Jin10, oil prices were still up more than 10% for the week, while a temporary safe-passage agreement suddenly entered high-level talks and actual ship traffic through the strait remained in single digits.
Article
ASIA MARKET CLOSE | Nikkei Slides 1.9% and Seoul Falls 1.8% as Oil Surge, Fed Hike Bets Hit Asia; Hong Kong Edges DownAccording to Yonhap, HKET and RTHK, Asian equities broadly retreated on Friday as a jump in oil prices and rising bets on a U.S. Federal Reserve rate hike overshadowed chip optimism ahead of key U.S. inflation data. Tokyo's Nikkei 225 dropped 1,259.61 points, or 1.93%, to close at 64,011.34, a one-month low, after falling as much as 3% intraday to 63,208. The index lost 1.55% over the week, its second straight weekly decline. Chip-related names weighed, with Advantest down 6.49% and Tokyo Electron off 2.56%. Seoul's KOSPI closed 124.01 points, or 1.76%, lower at 6,909.91 after opening down 3.29%. Market bellwether Samsung Electronics fell 3.53% to 259,500 won and SK hynix declined 2.21% to 1.81 million won, while SK Innovation shed 5.42%. Shipbuilder HD Hyundai Heavy Industries bucked the trend, jumping 5.62%. The KOSPI still gained 3.3% on the week. Hong Kong's Hang Seng Index eased 148.84 points, or 0.60%, to 24,805.63, with turnover at HK$228.43 billion; the Hang Seng Tech Index slipped 0.2% to 4,320. Tencent rose 0.66% to HK$428.40 and Alibaba added 0.56% to HK$107.50, while Zijin Mining fell more than 6% and MiniMax dropped over 7%. Sun Hung Kai Properties fell about 8% after results. Taiwan's TAIEX closed down 755.64 points, or 1.61%, at 46,184.85, briefly sinking below 46,000 intraday, with the weekly loss near 0.8%. TSMC ended 1.63% lower at NT$2,410 and MediaTek fell 2.86%; foreign investors and other institutions sold a net NT$112.4 billion. In mainland China, the Shanghai Composite fell 1.18% to 3,888.11 and the Shenzhen Component lost 1.08%, while the CSI 300 declined 0.84% to 4,510.16; combined turnover reached 1.97 trillion yuan with more than 4,800 stocks lower. AI-chip maker Enflame surged on its Shanghai debut, at one point up about 190%.

ASIA MARKET CLOSE | Nikkei Slides 1.9% and Seoul Falls 1.8% as Oil Surge, Fed Hike Bets Hit Asia; Hong Kong Edges Down

According to Yonhap, HKET and RTHK, Asian equities broadly retreated on Friday as a jump in oil prices and rising bets on a U.S. Federal Reserve rate hike overshadowed chip optimism ahead of key U.S. inflation data.
Tokyo's Nikkei 225 dropped 1,259.61 points, or 1.93%, to close at 64,011.34, a one-month low, after falling as much as 3% intraday to 63,208. The index lost 1.55% over the week, its second straight weekly decline. Chip-related names weighed, with Advantest down 6.49% and Tokyo Electron off 2.56%.
Seoul's KOSPI closed 124.01 points, or 1.76%, lower at 6,909.91 after opening down 3.29%. Market bellwether Samsung Electronics fell 3.53% to 259,500 won and SK hynix declined 2.21% to 1.81 million won, while SK Innovation shed 5.42%. Shipbuilder HD Hyundai Heavy Industries bucked the trend, jumping 5.62%. The KOSPI still gained 3.3% on the week.
Hong Kong's Hang Seng Index eased 148.84 points, or 0.60%, to 24,805.63, with turnover at HK$228.43 billion; the Hang Seng Tech Index slipped 0.2% to 4,320. Tencent rose 0.66% to HK$428.40 and Alibaba added 0.56% to HK$107.50, while Zijin Mining fell more than 6% and MiniMax dropped over 7%. Sun Hung Kai Properties fell about 8% after results.
Taiwan's TAIEX closed down 755.64 points, or 1.61%, at 46,184.85, briefly sinking below 46,000 intraday, with the weekly loss near 0.8%. TSMC ended 1.63% lower at NT$2,410 and MediaTek fell 2.86%; foreign investors and other institutions sold a net NT$112.4 billion.
In mainland China, the Shanghai Composite fell 1.18% to 3,888.11 and the Shenzhen Component lost 1.08%, while the CSI 300 declined 0.84% to 4,510.16; combined turnover reached 1.97 trillion yuan with more than 4,800 stocks lower. AI-chip maker Enflame surged on its Shanghai debut, at one point up about 190%.
SEBI Says Three Issuers Raised $107.2 Million Through Tokenized Corporate BondsSEBI said three issuers raised $107.2 million through tokenized corporate bonds under its Demat 2.0 pilot. According to NS3.AI, the pilot links tokenized bonds to the RBI's wholesale CBDC for atomic settlement. The first phase of the program covers institutional issuance. Secondary trading and retail access are planned for later phases under SEBI's Regulatory Sandbox.

SEBI Says Three Issuers Raised $107.2 Million Through Tokenized Corporate Bonds

SEBI said three issuers raised $107.2 million through tokenized corporate bonds under its Demat 2.0 pilot. According to NS3.AI, the pilot links tokenized bonds to the RBI's wholesale CBDC for atomic settlement.
The first phase of the program covers institutional issuance. Secondary trading and retail access are planned for later phases under SEBI's Regulatory Sandbox.
BNB Surpasses 720 USDT with a 0.88% Increase in 24 HoursOn Sep 11, 2026, 12:38 PM(UTC). According to Binance Market Data, BNB has crossed the 720 USDT benchmark and is now trading at 720.840027 USDT, with a narrowed 0.88% increase in 24 hours.

BNB Surpasses 720 USDT with a 0.88% Increase in 24 Hours

On Sep 11, 2026, 12:38 PM(UTC). According to Binance Market Data, BNB has crossed the 720 USDT benchmark and is now trading at 720.840027 USDT, with a narrowed 0.88% increase in 24 hours.
Apple iPhone 17 Prices Fall at Beijing Stores After Official Price HikeApple’s iPhone 17 lineup is being discounted by 500 yuan to 800 yuan at offline channels in Beijing even after the company raised official prices, according to Jiemian News. Staff at an Apple store in Beijing’s Huamao Shopping Center said the iPhone 17e costs 4,799 yuan after China’s consumer subsidy, 500 yuan below the 5,299 yuan price on Apple’s website, while a Haidian district store said the iPhone 17 is selling for 6,299 yuan after a 500 yuan discount. The same Haidian store said the iPhone 17 Pro 256GB model is priced at 8,199 yuan after an 800 yuan discount that started at midnight on September 9, and that only two stores in Beijing currently have stock after the model was removed from Apple’s website. Jiemian News also found the iPhone 17 256GB model listed at 5,469 yuan on JD.com’s Apple self-operated flagship store, down from 5,999 yuan previously and 1,330 yuan below Apple’s official price. Apple’s Beijing store staff said authorized platforms such as JD.com do not sell power adapters, which can only be bought from Apple’s official channels. Apple’s September 10 launch introduced the iPhone 18 Pro, iPhone 18 Pro Max and the company’s first foldable phone, the iPhone Duo, while the Apple website removed the iPhone 17 Pro and raised prices across the iPhone 17 series. Counterpoint Research said the iPhone 17 series generated more than $170 billion in global wholesale revenue in its first sales year, up 11% from the iPhone 16 series, with China contributing nearly 24% of that revenue and posting 35% growth versus the previous generation.

Apple iPhone 17 Prices Fall at Beijing Stores After Official Price Hike

Apple’s iPhone 17 lineup is being discounted by 500 yuan to 800 yuan at offline channels in Beijing even after the company raised official prices, according to Jiemian News. Staff at an Apple store in Beijing’s Huamao Shopping Center said the iPhone 17e costs 4,799 yuan after China’s consumer subsidy, 500 yuan below the 5,299 yuan price on Apple’s website, while a Haidian district store said the iPhone 17 is selling for 6,299 yuan after a 500 yuan discount. The same Haidian store said the iPhone 17 Pro 256GB model is priced at 8,199 yuan after an 800 yuan discount that started at midnight on September 9, and that only two stores in Beijing currently have stock after the model was removed from Apple’s website.
Jiemian News also found the iPhone 17 256GB model listed at 5,469 yuan on JD.com’s Apple self-operated flagship store, down from 5,999 yuan previously and 1,330 yuan below Apple’s official price. Apple’s Beijing store staff said authorized platforms such as JD.com do not sell power adapters, which can only be bought from Apple’s official channels.
Apple’s September 10 launch introduced the iPhone 18 Pro, iPhone 18 Pro Max and the company’s first foldable phone, the iPhone Duo, while the Apple website removed the iPhone 17 Pro and raised prices across the iPhone 17 series. Counterpoint Research said the iPhone 17 series generated more than $170 billion in global wholesale revenue in its first sales year, up 11% from the iPhone 16 series, with China contributing nearly 24% of that revenue and posting 35% growth versus the previous generation.
Kalshi Bitcoin Perpetual Futures Face Tax Uncertainty After CFTC ApprovalBitcoin News said on X that traders face uncertainty over how to report gains to the U.S. Internal Revenue Service after the CFTC approved Kalshi's Bitcoin perpetual contracts as futures products. According to ChainCatcher, if the product is treated as a regulated futures contract under Section 1256 of the U.S. tax code, gains are generally taxed as 60% long-term capital gains and 40% short-term capital gains regardless of holding period. CME said Kalshi's perpetual contracts are actually swaps, which are explicitly excluded from Section 1256. The CFTC's classification supports the view that the contracts are futures, but it does not bind the IRS, leaving the tax treatment unresolved until the IRS, U.S. Congress, or a court directly addresses Bitcoin perpetual contracts.

Kalshi Bitcoin Perpetual Futures Face Tax Uncertainty After CFTC Approval

Bitcoin News said on X that traders face uncertainty over how to report gains to the U.S. Internal Revenue Service after the CFTC approved Kalshi's Bitcoin perpetual contracts as futures products. According to ChainCatcher, if the product is treated as a regulated futures contract under Section 1256 of the U.S. tax code, gains are generally taxed as 60% long-term capital gains and 40% short-term capital gains regardless of holding period.
CME said Kalshi's perpetual contracts are actually swaps, which are explicitly excluded from Section 1256. The CFTC's classification supports the view that the contracts are futures, but it does not bind the IRS, leaving the tax treatment unresolved until the IRS, U.S. Congress, or a court directly addresses Bitcoin perpetual contracts.
BitMine Stakes 5.07 Million ETH, Equal to 11.8% of Ethereum Active StakeBitMine has staked 5.07 million ETH, representing 11.8% of Ethereum's active stake. According to NS3.AI, the company has not disclosed which operators control the validators behind the position. BitMine said part of its ETH was staked through MAVAN and that it plans to use MAVAN and staking partners at scale.

BitMine Stakes 5.07 Million ETH, Equal to 11.8% of Ethereum Active Stake

BitMine has staked 5.07 million ETH, representing 11.8% of Ethereum's active stake. According to NS3.AI, the company has not disclosed which operators control the validators behind the position. BitMine said part of its ETH was staked through MAVAN and that it plans to use MAVAN and staking partners at scale.
STOCKS | AI Selloff Deepens as U.S. Treasury Yields ClimbAI stocks came under renewed selling pressure, with Samsung Electronics falling more than 4%, SK Hynix dropping more than 3.5%, and the Philadelphia Semiconductor Index down 2.66% overnight. According to Sina Finance, Schroders fund manager Dorian Carrell said hyperscalers' off-balance-sheet financing has reached $1.5 trillion, while Goldman Sachs warned that debt issuance by hyperscale cloud companies and chipmakers could rise 40% year on year to about $340 billion in 2027. Carrell said the market is shifting from an era of low inflation, low rates, and effective 60/40 stock-bond allocation to a new environment of high deficits, high inflation, and high supply. He also said some companies' cash flow has turned from positive to negative and leverage is rising, citing Alphabet's issuance of 6% coupon convertible bonds to protect its credit rating. Goldman Sachs fixed-income credit trader and investment-grade credit specialist Jeffrey Papai warned that after about $300 billion of AI-related bond issuance this year, fourth-quarter supply will slow sharply, giving AI credit spreads a brief respite. He said the easing would be short-lived, and that 2027 issuance by hyperscale cloud companies and chipmakers could be about 40% higher than 2026. JPMorgan's Michael Cembalest estimated that the five hyperscale cloud companies plus Nvidia have issued about $320 billion of debt so far in 2026, including special purpose vehicles for data-center leases. He said the long-duration portion is equivalent to about $303 billion in 10-year terms, or 68% of the U.S. Treasury's new long-duration borrowing over the same period. U.S. Treasury yields have also risen as AI debt has grown, and the 30-year yield has reached a 19-year high. The 10-year yield is nearing 5%, its second time at that level since the 2008-2009 financial crisis, while Freddie Mac said the average 30-year fixed mortgage rate rose to 6.76% from 6.71% a week earlier.

STOCKS | AI Selloff Deepens as U.S. Treasury Yields Climb

AI stocks came under renewed selling pressure, with Samsung Electronics falling more than 4%, SK Hynix dropping more than 3.5%, and the Philadelphia Semiconductor Index down 2.66% overnight. According to Sina Finance, Schroders fund manager Dorian Carrell said hyperscalers' off-balance-sheet financing has reached $1.5 trillion, while Goldman Sachs warned that debt issuance by hyperscale cloud companies and chipmakers could rise 40% year on year to about $340 billion in 2027.
Carrell said the market is shifting from an era of low inflation, low rates, and effective 60/40 stock-bond allocation to a new environment of high deficits, high inflation, and high supply. He also said some companies' cash flow has turned from positive to negative and leverage is rising, citing Alphabet's issuance of 6% coupon convertible bonds to protect its credit rating.
Goldman Sachs fixed-income credit trader and investment-grade credit specialist Jeffrey Papai warned that after about $300 billion of AI-related bond issuance this year, fourth-quarter supply will slow sharply, giving AI credit spreads a brief respite. He said the easing would be short-lived, and that 2027 issuance by hyperscale cloud companies and chipmakers could be about 40% higher than 2026.
JPMorgan's Michael Cembalest estimated that the five hyperscale cloud companies plus Nvidia have issued about $320 billion of debt so far in 2026, including special purpose vehicles for data-center leases. He said the long-duration portion is equivalent to about $303 billion in 10-year terms, or 68% of the U.S. Treasury's new long-duration borrowing over the same period.
U.S. Treasury yields have also risen as AI debt has grown, and the 30-year yield has reached a 19-year high. The 10-year yield is nearing 5%, its second time at that level since the 2008-2009 financial crisis, while Freddie Mac said the average 30-year fixed mortgage rate rose to 6.76% from 6.71% a week earlier.
Article
Market News | Saudi Output Hits 1990 Low as WTI Tops $100 and the Two-Year Prices a Full Hiking CycleSaudi Arabia told OPEC its crude production fell by another 1.9 million barrels per day last month to 6.238 million — the lowest figure since 1990, per Bloomberg. WTI crude rose 4.25% to $100.11 a barrel, its first close above $100 since May. Brent climbed beyond $105, also a first since May. Bitcoin fell 3.4% over 24 hours to $76,750. Nasdaq 100 futures dropped 1.3%, gold slipped 0.5% and silver fell more than 4%. The Two-Year at 4.50% Is Pricing a Cycle, Not a Hike The most consequential number of the session sits in the short end. The US two-year yield jumped another seven basis points to 4.50%, a level not seen in more than two years. That places it nearly 100 basis points above the fed funds target range of 3.50%-3.75%. A two-year trading a full percentage point above the policy rate is not a market pricing one 25 basis point move. It is a market pricing a sequence. Expectations for a hike at next week's meeting rose to 76%, well above last week's peak. The 10-year reached 4.92%, up 11.4 basis points, and the 30-year rose 7.6 basis points to 5.362%. The selloff is global, with yields across the West and Japan at or near multi-year highs. Core PPI Came in Softer and the Bond Market Ignored It The inflation data cut against the move, which makes the selloff more telling. Core PPI rose just 0.2% in August against 0.3% expected and 0.3% in July. Market strategist James Thorne noted the actual figure was 0.162%, rounded up by the BLS — the second-lowest core PPI reading in a year. Headline PPI rose 0.4%, in line with forecasts but up sharply from 0.1% in July. Year-over-year, PPI hit 5.4% against 5.3% expected and 4.8% prior, with core PPI at 4.6% against 4.3% in July. The pattern is the same one CPI is forecast to show Friday: headline accelerating on energy while core holds. A softer core print doing nothing to slow the bond selloff suggests traders have stopped treating core as the operative measure. 21Shares senior crypto research strategist Matt Mena said the hotter headline was not much of a surprise given recent oil moves, and flagged Friday's CPI as the bigger test — a number that could determine whether investors remain willing to take risk into quarter-end. The Treasury Accepted Less Than It Offered to Buy The buyback result deserves attention. Treasury received $10.5 billion in tenders against its announced intent to repurchase up to $6 billion, and accepted $5.2 billion. That is a program twice oversubscribed, in which the buyer declined roughly $800 million of its own stated ceiling. Since the program's 2024 reintroduction it had bought the full amount in 50 of 52 operations targeting long-term nominal debt. Yields sat near session highs afterward. Druckenmiller Says Yields Are Too Low, Not Too High Stan Druckenmiller told a private audience that Fed members describing policy as restrictive are "just ridiculous," according to the Financial Times. "If anything, [bond yields seem] a little low," he said. "I believe in common sense, and all you have to do is look at [surging] asset prices around the world." The relationships make the comment unusually pointed. Druckenmiller is a longtime colleague and mentor to both Treasury Secretary Scott Bessent and Fed Chair Kevin Warsh. He has already criticised Bessent publicly for attempting to suppress long-term rates, and Bessent responded by suggesting Druckenmiller was talking his book and likely losing money on a trade. Rates have moved higher since Bessent's effort to cap yields began, with the 10-year now at 4.92% against roughly 4.75% in mid-August. Timiraos: Markets Are Pricing a Hike Warsh Never Promised The Wall Street Journal's Nick Timiraos identified the structural problem underneath the repricing. "Warsh's Jackson Hole speech convinced investors a rate hike was more likely but didn't tell them what would trigger one," he wrote, as fixed-income traders rushed to hedge against not just a hike next week but a full cycle. "This leaves Friday's inflation report viewed as the thing that will authorize or block a rate hike — the kind of decision-making Warsh has spent years arguing against." That is the irony of the position. Warsh rejected forward guidance because he believed it constrained the Fed's freedom to act. The absence of guidance has instead handed a single data release the power to determine policy. Former senior Fed economist Vincent Reinhart put it more colourfully: "This is the market testing you. This is the 'double-dog' daring you. This is straight schoolyard." The ECB Hiked and Lifted Its 2027-2028 Inflation Outlook The European Central Bank raised rates 25 basis points as fully expected, lifting the Main Refinancing Operations Rate to 2.65% from 2.40% and the Deposit Facility Rate to 2.5% from 2.25%. It also raised its inflation outlook for 2027 and 2028 while leaving 2026 unchanged. "The outlook remains highly uncertain, with risks to the upside for inflation and to the downside for economic growth," the bank said. The euro slipped to $1.1615. Deutsche Bank chief European economist Mark Wall said another ECB hike in December now looks "more likely than not," though higher gas prices complicate the picture by adding to near-term inflation while pressuring growth later. "The question is how much and when," he said of the hit to output. Crypto Equities Held Up Better Than Semiconductors The relative performance within the selloff is worth noting. Strategy fell 1.5%, Bullish 0.2% and Coinbase 0.6% — modest declines against Bitcoin's 3.4% drop and a broad risk-off session. Memory and semiconductor names took heavier damage. The Roundhill Memory ETF fell more than 4% and the VanEck Semiconductor ETF nearly 2%. That inversion is unusual. Crypto equities typically carry higher beta than semiconductors in a risk-off move. Rate-sensitive long-duration assets bore the brunt instead, which is consistent with a selloff driven by yields rather than growth fears. "You Can't Financial Engineer Your Way Out of a Shortage" A chart circulating Thursday plotted a global bond index against a commodity basket, showing two distinct legs down. The first came as governments printed currency during the Covid response. The second, still running, began when the US attacked Iran in February. "COVID stimulus broke the bond bubble, the Iran War sealed its fate," read the annotation. Marty Bent's summary: "The world needs more stuff, not more financialization. You can manipulate the price of money. You can't financial engineer your way out of a shortage of energy and raw materials." That framing connects the Saudi production figure to the yield move directly. A supply shortage in physical commodities is not a monetary problem, and monetary tools do not resolve it. New Clarity Act Draft Runs Past 600 Pages A new draft of the Digital Asset Market Clarity Act is circulating among lawmakers ahead of Tuesday's procedural vote. The text obtained by CoinDesk runs over 600 pages and includes changes to provisions addressing certain activities of decentralized finance and traditional finance firms. It remains unclear whether the bill has the support to clear cloture on September 15. It needs 60 votes, and Democrats have continued to raise alarms about the lack of a bipartisan ethics agreement. Polymarket Names Warren Jenson CFO Polymarket appointed Warren Jenson as chief financial officer, reporting to founder and CEO Shayne Coplan. Jenson has previously held the CFO role at Amazon, Electronic Arts, Delta Air Lines and NBC, most recently serving in senior roles at Nielsen and LiveRamp. He sits on the boards of Ripple, DigitalOcean and Dropbox. He joins as Polymarket scales its CFTC-regulated US exchange and expands globally, overseeing finance, capital strategy and long-term planning. Friday's CPI is the last data point before the September 15 cloture vote and the September 16 Fed decision.

Market News | Saudi Output Hits 1990 Low as WTI Tops $100 and the Two-Year Prices a Full Hiking Cycle

Saudi Arabia told OPEC its crude production fell by another 1.9 million barrels per day last month to 6.238 million — the lowest figure since 1990, per Bloomberg.
WTI crude rose 4.25% to $100.11 a barrel, its first close above $100 since May. Brent climbed beyond $105, also a first since May.
Bitcoin fell 3.4% over 24 hours to $76,750. Nasdaq 100 futures dropped 1.3%, gold slipped 0.5% and silver fell more than 4%.
The Two-Year at 4.50% Is Pricing a Cycle, Not a Hike
The most consequential number of the session sits in the short end.
The US two-year yield jumped another seven basis points to 4.50%, a level not seen in more than two years. That places it nearly 100 basis points above the fed funds target range of 3.50%-3.75%.
A two-year trading a full percentage point above the policy rate is not a market pricing one 25 basis point move. It is a market pricing a sequence.
Expectations for a hike at next week's meeting rose to 76%, well above last week's peak. The 10-year reached 4.92%, up 11.4 basis points, and the 30-year rose 7.6 basis points to 5.362%. The selloff is global, with yields across the West and Japan at or near multi-year highs.
Core PPI Came in Softer and the Bond Market Ignored It
The inflation data cut against the move, which makes the selloff more telling.
Core PPI rose just 0.2% in August against 0.3% expected and 0.3% in July. Market strategist James Thorne noted the actual figure was 0.162%, rounded up by the BLS — the second-lowest core PPI reading in a year.
Headline PPI rose 0.4%, in line with forecasts but up sharply from 0.1% in July. Year-over-year, PPI hit 5.4% against 5.3% expected and 4.8% prior, with core PPI at 4.6% against 4.3% in July.
The pattern is the same one CPI is forecast to show Friday: headline accelerating on energy while core holds. A softer core print doing nothing to slow the bond selloff suggests traders have stopped treating core as the operative measure.
21Shares senior crypto research strategist Matt Mena said the hotter headline was not much of a surprise given recent oil moves, and flagged Friday's CPI as the bigger test — a number that could determine whether investors remain willing to take risk into quarter-end.
The Treasury Accepted Less Than It Offered to Buy
The buyback result deserves attention.
Treasury received $10.5 billion in tenders against its announced intent to repurchase up to $6 billion, and accepted $5.2 billion.
That is a program twice oversubscribed, in which the buyer declined roughly $800 million of its own stated ceiling. Since the program's 2024 reintroduction it had bought the full amount in 50 of 52 operations targeting long-term nominal debt.
Yields sat near session highs afterward.
Druckenmiller Says Yields Are Too Low, Not Too High
Stan Druckenmiller told a private audience that Fed members describing policy as restrictive are "just ridiculous," according to the Financial Times.
"If anything, [bond yields seem] a little low," he said. "I believe in common sense, and all you have to do is look at [surging] asset prices around the world."
The relationships make the comment unusually pointed. Druckenmiller is a longtime colleague and mentor to both Treasury Secretary Scott Bessent and Fed Chair Kevin Warsh. He has already criticised Bessent publicly for attempting to suppress long-term rates, and Bessent responded by suggesting Druckenmiller was talking his book and likely losing money on a trade.
Rates have moved higher since Bessent's effort to cap yields began, with the 10-year now at 4.92% against roughly 4.75% in mid-August.
Timiraos: Markets Are Pricing a Hike Warsh Never Promised
The Wall Street Journal's Nick Timiraos identified the structural problem underneath the repricing.
"Warsh's Jackson Hole speech convinced investors a rate hike was more likely but didn't tell them what would trigger one," he wrote, as fixed-income traders rushed to hedge against not just a hike next week but a full cycle.
"This leaves Friday's inflation report viewed as the thing that will authorize or block a rate hike — the kind of decision-making Warsh has spent years arguing against."
That is the irony of the position. Warsh rejected forward guidance because he believed it constrained the Fed's freedom to act. The absence of guidance has instead handed a single data release the power to determine policy.
Former senior Fed economist Vincent Reinhart put it more colourfully: "This is the market testing you. This is the 'double-dog' daring you. This is straight schoolyard."
The ECB Hiked and Lifted Its 2027-2028 Inflation Outlook
The European Central Bank raised rates 25 basis points as fully expected, lifting the Main Refinancing Operations Rate to 2.65% from 2.40% and the Deposit Facility Rate to 2.5% from 2.25%.
It also raised its inflation outlook for 2027 and 2028 while leaving 2026 unchanged.
"The outlook remains highly uncertain, with risks to the upside for inflation and to the downside for economic growth," the bank said. The euro slipped to $1.1615.
Deutsche Bank chief European economist Mark Wall said another ECB hike in December now looks "more likely than not," though higher gas prices complicate the picture by adding to near-term inflation while pressuring growth later. "The question is how much and when," he said of the hit to output.
Crypto Equities Held Up Better Than Semiconductors
The relative performance within the selloff is worth noting.
Strategy fell 1.5%, Bullish 0.2% and Coinbase 0.6% — modest declines against Bitcoin's 3.4% drop and a broad risk-off session.
Memory and semiconductor names took heavier damage. The Roundhill Memory ETF fell more than 4% and the VanEck Semiconductor ETF nearly 2%.
That inversion is unusual. Crypto equities typically carry higher beta than semiconductors in a risk-off move. Rate-sensitive long-duration assets bore the brunt instead, which is consistent with a selloff driven by yields rather than growth fears.
"You Can't Financial Engineer Your Way Out of a Shortage"
A chart circulating Thursday plotted a global bond index against a commodity basket, showing two distinct legs down.
The first came as governments printed currency during the Covid response. The second, still running, began when the US attacked Iran in February.
"COVID stimulus broke the bond bubble, the Iran War sealed its fate," read the annotation.
Marty Bent's summary: "The world needs more stuff, not more financialization. You can manipulate the price of money. You can't financial engineer your way out of a shortage of energy and raw materials."
That framing connects the Saudi production figure to the yield move directly. A supply shortage in physical commodities is not a monetary problem, and monetary tools do not resolve it.
New Clarity Act Draft Runs Past 600 Pages
A new draft of the Digital Asset Market Clarity Act is circulating among lawmakers ahead of Tuesday's procedural vote.
The text obtained by CoinDesk runs over 600 pages and includes changes to provisions addressing certain activities of decentralized finance and traditional finance firms.
It remains unclear whether the bill has the support to clear cloture on September 15. It needs 60 votes, and Democrats have continued to raise alarms about the lack of a bipartisan ethics agreement.
Polymarket Names Warren Jenson CFO
Polymarket appointed Warren Jenson as chief financial officer, reporting to founder and CEO Shayne Coplan.
Jenson has previously held the CFO role at Amazon, Electronic Arts, Delta Air Lines and NBC, most recently serving in senior roles at Nielsen and LiveRamp. He sits on the boards of Ripple, DigitalOcean and Dropbox.
He joins as Polymarket scales its CFTC-regulated US exchange and expands globally, overseeing finance, capital strategy and long-term planning.
Friday's CPI is the last data point before the September 15 cloture vote and the September 16 Fed decision.
Russia and India Develop Digital Currency Settlement Mechanism for Bilateral TradeRussia's central bank and the Reserve Bank of India are working together to establish a mechanism for settling bilateral trade with digital currencies to improve cross-border payment efficiency. According to ChainCatcher, Russia has already launched the digital ruble, while India's digital currency is also being used in government projects. The two sides are expected to discuss digital currency trade settlement with BRICS countries at a summit in New Delhi.

Russia and India Develop Digital Currency Settlement Mechanism for Bilateral Trade

Russia's central bank and the Reserve Bank of India are working together to establish a mechanism for settling bilateral trade with digital currencies to improve cross-border payment efficiency. According to ChainCatcher, Russia has already launched the digital ruble, while India's digital currency is also being used in government projects.
The two sides are expected to discuss digital currency trade settlement with BRICS countries at a summit in New Delhi.
Article
Bitcoin News | Bitcoin Golden Cross Confirms as Dogecoin Leads Majors Lower and Oil Drives Yields HigherBitcoin's 50-day average price crossed above its 200-day average on Tuesday — the golden cross that had been forming since late August. The token has fallen since, trading near $76,750 after Thursday's US session, down 3.4% over 24 hours as oil and bond yields surged. Dogecoin led the majors lower, down more than 5%, followed by BNB at about 4% and XRP at 3%. Solana, Hyperliquid's HYPE and ether each shed between 1% and 3%, leaving ether just under $2,475 and Solana near $102. Tron was the only gainer, up less than 1% to about 34 cents. FxPro Says This Crossover Resembles 2019, Not 2024 or 2025 The analytical distinction matters more than the signal itself. FxPro analysts noted that similar crossovers in October 2024 and May 2025 produced nothing. What separates this one, in their view, is context: it follows a prolonged bull market rather than appearing inside a correction. "The current situation bears a closer resemblance to what we saw in 2019," they wrote, pointing to a 90% rally in under two months after that signal. The caveat that applies to every golden cross applies here too. Moving averages are computed from past closes, which makes any crossing a lagging signal by construction — the 50-day only rises above the 200-day after enough strong closes accumulate to drag it there. Confirmation arrives after the move, not before it. That is visible in the current price action. The cross confirmed Tuesday, and Bitcoin has fallen roughly 2% since. Oil Is Feeding Straight Into Rate Expectations Brent climbed as high as nearly $102 in Asian trade after Iran said it was prepared for a more intense war, then pushed beyond $105 during the US session. WTI topped $100 for the first time since May. The trigger was supply rather than rhetoric. Saudi Arabia told OPEC its crude production fell 1.9 million barrels per day last month to 6.238 million — the lowest since 1990. The 10-year Treasury yield reached 4.92%, up 11.4 basis points, after holding near 4.85% earlier in the session. The two-year hit 4.50%, nearly 100 basis points above the fed funds target range of 3.50%-3.75%. The US government's plan to buy up to $6 billion of longer-dated debt disappointed investors who wanted a bigger number. The operation drew $10.5 billion in tenders and Treasury accepted $5.2 billion — below its own ceiling despite being twice oversubscribed. September hike odds have risen to 76%. Equities Fell Globally Asian stocks followed Wall Street lower, with the MSCI Asia Pacific Index down nearly 1% and benchmarks in Japan, South Korea, Taiwan and Australia all declining. The S&P 500 closed down about 1% Wednesday with the Nasdaq 100 slipping less. US and European futures edged higher before Thursday's session turned lower again, with Nasdaq 100 futures down 1.3%. Memory and semiconductor names took the heaviest damage in the later session — the Roundhill Memory ETF fell more than 4% and the VanEck Semiconductor ETF nearly 2%. Crypto equities held up comparatively well, with Strategy down 1.5%, Coinbase 0.6% and Bullish 0.2%. The Dollar Has Stopped Getting an Oil Bid The currency picture contains the session's subtler signal. The dollar index stayed in the 98 handle with intraday gains failing to stick. The greenback is no longer picking up the bid that high oil handed it earlier in the conflict. That is a meaningful shift. Through the earlier phases of this conflict, oil spikes drove dollar strength through the safe-haven channel. Higher crude now pushes yields up without lifting the currency, which suggests markets are treating the energy shock as a US inflation problem rather than a global risk event. Attention in currencies sat on the yen, back in the 150 zone per dollar after Treasury Secretary Scott Bessent's warning — a continued reversal from the 160-plus level it breached in early September. The Canadian dollar pushed the greenback below 1.38 as retaliatory tariffs took effect and the US banned some Canadian imports. Friday's CPI Decides Whether the Hike Gets Priced CPI is the next input, and a hot print would put a Fed hike back into the price of everything that fell. Headline inflation is forecast at 0.4% month-over-month, largely on the energy shock, with core holding at 0.2%. Core PPI came in softer than expected Thursday at 0.2% against 0.3% forecast — and did nothing to slow the bond selloff. Fed officials are already in communications blackout ahead of the September 16 decision, with a Clarity Act cloture vote falling the day before. For the golden cross to resemble 2019 rather than 2024, Bitcoin needs the macro backdrop to stop working against it. Friday is the first opportunity for that.

Bitcoin News | Bitcoin Golden Cross Confirms as Dogecoin Leads Majors Lower and Oil Drives Yields Higher

Bitcoin's 50-day average price crossed above its 200-day average on Tuesday — the golden cross that had been forming since late August.
The token has fallen since, trading near $76,750 after Thursday's US session, down 3.4% over 24 hours as oil and bond yields surged.
Dogecoin led the majors lower, down more than 5%, followed by BNB at about 4% and XRP at 3%. Solana, Hyperliquid's HYPE and ether each shed between 1% and 3%, leaving ether just under $2,475 and Solana near $102. Tron was the only gainer, up less than 1% to about 34 cents.
FxPro Says This Crossover Resembles 2019, Not 2024 or 2025
The analytical distinction matters more than the signal itself.
FxPro analysts noted that similar crossovers in October 2024 and May 2025 produced nothing. What separates this one, in their view, is context: it follows a prolonged bull market rather than appearing inside a correction.
"The current situation bears a closer resemblance to what we saw in 2019," they wrote, pointing to a 90% rally in under two months after that signal.
The caveat that applies to every golden cross applies here too. Moving averages are computed from past closes, which makes any crossing a lagging signal by construction — the 50-day only rises above the 200-day after enough strong closes accumulate to drag it there. Confirmation arrives after the move, not before it.
That is visible in the current price action. The cross confirmed Tuesday, and Bitcoin has fallen roughly 2% since.
Oil Is Feeding Straight Into Rate Expectations
Brent climbed as high as nearly $102 in Asian trade after Iran said it was prepared for a more intense war, then pushed beyond $105 during the US session. WTI topped $100 for the first time since May.
The trigger was supply rather than rhetoric. Saudi Arabia told OPEC its crude production fell 1.9 million barrels per day last month to 6.238 million — the lowest since 1990.
The 10-year Treasury yield reached 4.92%, up 11.4 basis points, after holding near 4.85% earlier in the session. The two-year hit 4.50%, nearly 100 basis points above the fed funds target range of 3.50%-3.75%.
The US government's plan to buy up to $6 billion of longer-dated debt disappointed investors who wanted a bigger number. The operation drew $10.5 billion in tenders and Treasury accepted $5.2 billion — below its own ceiling despite being twice oversubscribed.
September hike odds have risen to 76%.
Equities Fell Globally
Asian stocks followed Wall Street lower, with the MSCI Asia Pacific Index down nearly 1% and benchmarks in Japan, South Korea, Taiwan and Australia all declining.
The S&P 500 closed down about 1% Wednesday with the Nasdaq 100 slipping less. US and European futures edged higher before Thursday's session turned lower again, with Nasdaq 100 futures down 1.3%.
Memory and semiconductor names took the heaviest damage in the later session — the Roundhill Memory ETF fell more than 4% and the VanEck Semiconductor ETF nearly 2%.
Crypto equities held up comparatively well, with Strategy down 1.5%, Coinbase 0.6% and Bullish 0.2%.
The Dollar Has Stopped Getting an Oil Bid
The currency picture contains the session's subtler signal.
The dollar index stayed in the 98 handle with intraday gains failing to stick. The greenback is no longer picking up the bid that high oil handed it earlier in the conflict.
That is a meaningful shift. Through the earlier phases of this conflict, oil spikes drove dollar strength through the safe-haven channel. Higher crude now pushes yields up without lifting the currency, which suggests markets are treating the energy shock as a US inflation problem rather than a global risk event.
Attention in currencies sat on the yen, back in the 150 zone per dollar after Treasury Secretary Scott Bessent's warning — a continued reversal from the 160-plus level it breached in early September.
The Canadian dollar pushed the greenback below 1.38 as retaliatory tariffs took effect and the US banned some Canadian imports.
Friday's CPI Decides Whether the Hike Gets Priced
CPI is the next input, and a hot print would put a Fed hike back into the price of everything that fell.
Headline inflation is forecast at 0.4% month-over-month, largely on the energy shock, with core holding at 0.2%. Core PPI came in softer than expected Thursday at 0.2% against 0.3% forecast — and did nothing to slow the bond selloff.
Fed officials are already in communications blackout ahead of the September 16 decision, with a Clarity Act cloture vote falling the day before.
For the golden cross to resemble 2019 rather than 2024, Bitcoin needs the macro backdrop to stop working against it. Friday is the first opportunity for that.
India Urged to Broaden RBI Digital Rupee Use, Sitharaman SaysIndia’s central bank should explore wider use of its wholesale and retail central bank digital currencies, Finance Minister Nirmala Sitharaman said Friday, according to Bloomberg.

India Urged to Broaden RBI Digital Rupee Use, Sitharaman Says

India’s central bank should explore wider use of its wholesale and retail central bank digital currencies, Finance Minister Nirmala Sitharaman said Friday, according to Bloomberg.
Bitcoin(BTC) Drops Below 77,000 USDT with a 1.29% Decrease in 24 HoursOn Sep 10, 2026, 22:33 PM(UTC). According to Binance Market Data, Bitcoin has dropped below 77,000 USDT and is now trading at 76,980.25 USDT, with a narrowed 1.29% decrease in 24 hours.

Bitcoin(BTC) Drops Below 77,000 USDT with a 1.29% Decrease in 24 Hours

On Sep 10, 2026, 22:33 PM(UTC). According to Binance Market Data, Bitcoin has dropped below 77,000 USDT and is now trading at 76,980.25 USDT, with a narrowed 1.29% decrease in 24 hours.
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