News Heat Trend
Project Overview
Neutral is an exchange for environmental assets. It combines tokenized carbon credits, renewable energy credits, and carbon forwards with specialized market infrastructure to deliver efficiency, transparency, and trust in these markets.
Neutral Trade Announces TermMax Private Credit Vault Airdrop Allocation
Neutral Trade has announced that, due to the delayed launch of the TermMax token and the renegotiation of yield terms, the airdrop allocation for the TermMax private credit vault is now being disclosed. The airdrop portion consists of TMX tokens calculated at a $60 million FDV valuation, which will be distributed to depositors based on the September 25, 2025 snapshot ratio after being sold. The distribution plan is 50% released one month after launch, followed by 12.5% per week for 4 consecutive weeks; distribution will begin this week.
BlackRock Ends Nearly Six-Year Underweight Stance on US Treasuries, Downgrades US Equities from Overweight to Neutral
Odaily News: The BlackRock Investment Institute recently adjusted its US asset allocation, upgrading short-term US Treasuries to overweight, raising long-term US Treasuries from underweight to neutral, ending its nearly six-year underweight stance on US Treasuries. At the same time, the institute downgraded US equities from overweight to neutral and lowered its rating on US agency mortgage-backed securities (MBS).BlackRock stated that with US Treasury yields rising to their highest levels in more than two decades, current yields have become attractive, and market expectations for further Federal Reserve rate hikes may be excessively high. Currently, the interest rate swaps market reflects expectations of at least 75 basis points of rate hikes over the next 12 months.Regarding the downgrade of US equities, BlackRock pointed out that capital expenditure and financing needs driven by AI infrastructure buildout are increasing, which could exacerbate short-term volatility in US equities. However, the institute emphasized that this adjustment is aimed at managing near-term risks and does not mean a change in its core long-term bullish view on AI. (Jinshi)
JPMorgan: IGV up 21% over two months, recommends Microsoft, ServiceNow, Snowflake
According to research, J.P. Morgan's report dated October 8, 2026 states that the Software Index ETF (IGV) has gained 21% since late June, infrastructure software is up 78% year-to-date, average revenue for infrastructure software beat estimates by 3.6% last quarter, and application software beat estimates by 1.4%. J.P. Morgan concludes that infrastructure software strength is driven by earnings upgrades, while application software strength comes from valuation re-rating. The bank recommends Microsoft, ServiceNow, Cloudflare, and Snowflake; expects Microsoft Copilot new seat additions to reach or exceed approximately 10 million, matching last quarter; notes ServiceNow's current remaining performance obligations exceeded expectations by roughly 200 basis points; downgrades HubSpot to Neutral with a lowered target price from $268 to $240; and raises Twilio's target price from $260 to $335.
Coinbase Institutional Maintains Neutral Outlook on Crypto Market for Q3 2026
Coinbase Institutional and Glassnode have jointly released a market report, maintaining a neutral outlook on the cryptocurrency market for the third quarter of 2026. In the second quarter, the total market capitalization of the crypto market (excluding stablecoins) declined by approximately 12%, while stablecoin supply reached an all-time high. On-chain data suggests that Bitcoin may be transitioning from a correction phase to an accumulation phase, characterized by compressed valuations, near-multi-year lows in recent active supply, and the proportion of supply in profit breaking below historical statistical lower bounds—historically corresponding to accumulation rather than distribution zones. However, the macro liquidity environment remains tight, with the Federal Reserve maintaining a hawkish stance under Kevin Warsh's leadership, a strong U.S. dollar, coupled with geopolitical risks, selling pressure from digital asset treasuries, and net outflows from spot BTC and ETH ETFs in the first half of the year (though the pace of outflows has begun to slow), thus overall caution is advised.
Goldman Sachs: Data Center Power Scramble Spurs 50GWh Energy Storage Growth, FLNC Secures Exclusive NVIDIA Deal
According to TechFlow Research, Goldman Sachs' July 16 energy storage report pointed out that electricity demand from data centers is surging, traditional grid expansion requires four to eight years, and energy storage has become the fastest solution with a 12 to 18-month deployment cycle. Goldman Sachs estimates that by 2030, behind-the-meter energy storage opportunities in the US will bring about 50GWh of increment, plus 11GWh from 800V DC data centers, total US energy storage deployment will reach 172GWh, significantly upwardly revised from the previous 112GWh. Globally, annual energy storage installations are expected to reach 2100GWh by 2040. Goldman Sachs believes energy storage is transitioning from renewable energy supporting equipment to a necessity for AI infrastructure, which will change the industry valuation logic. In terms of targets, FLNC (Buy) secured exclusive battery partner qualification for Nvidia DSX Vera Rubin, data center pipeline projects reached 12GW, up 30% sequentially; CATL (Buy) has about 30% global energy storage market share, already used in Shanghai SenseTime data center; Tesla (Neutral) 2025 energy storage deployment 46.7GWh, energy business 2028 estimated revenue 29 billion USD; Energy Vault (Neutral) received 6x EV/EBITDA valuation; LGES (Buy) North America ESS capacity expected to reach 50GWh by end of 2026. Canadian Solar, Ford, Samsung SDI, Shoals, Sungrow are also worth watching. Goldman Sachs emphasizes the need to distinguish those with real order support
Phyrex Breaks Down Bitget rToken: Core Value Lies in Asset Composability, Breaking RWA Liquidity Silos
Crypto KOL Phyrex published a systematic analysis of rToken issued by Reality under Bitget, arguing that rToken should not be merely understood as "tokenized stocks." Its core value lies in achieving asset composability upon integration with a unified account, breaking the limitations of RWA liquidity silos. Phyrex provided an in-depth breakdown of three directly implementable trading strategies: amplifying US stock directional exposure, Delta Neutral arbitrage, and staking-borrowing loops. For institutions, the core value of rToken lies in three major mechanisms: direct order connection to the US stock order book to eliminate de-pegging risk, UTA unified account cross-margining to improve asset efficiency, and weekend collateral valuation pegged to Friday's closing price to ensure controllable risk. This ultimately enables managing Crypto, stock tokens, and derivative positions within a single account, reducing costs associated with multi-platform rebalancing and fund transfers.
Fed Chair Warsh's Framework Takes Shape: Abandoning the Neutral Rate, Policy Logic Similar to Greenspan's
Odaily News: Fed Chair Warsh habitually measures his tenure in days, and on the 127th day of his leadership at the Federal Reserve, the contours of an institutional restructuring have already emerged. He quickly adjusted the post-FOMC press conference mechanism, not only significantly compressing the duration of the press conference, but also rearranging the seating order for reporters' questions alphabetically by the English names of news organizations.These seemingly superficial adjustments in form, in reality, reflect Warsh's complete break with his predecessors in monetary policy thinking and communication style. At the September 16 press conference, he directly rejected the traditional neutral rate analytical framework, explicitly stating that the concept is only "academically useful" and has no guiding significance for the Fed's rate hike decisions. (Substack)
National Sheriffs' Association Takes Neutral Stance on CLARITY Act
The National Sheriffs' Association (NSA) announced that it will shift its stance on the Clarity for Digital Assets Act from opposition to neutrality, stating it will allow the legislative process to proceed.
Coinbase Institutional Maintains Neutral Outlook on Crypto Market for Q3 2026
Coinbase Institutional and Glassnode have jointly released a market report, maintaining a neutral outlook on the cryptocurrency market for the third quarter of 2026. In the second quarter, the total market capitalization of the crypto market (excluding stablecoins) declined by approximately 12%, while stablecoin supply reached an all-time high. On-chain data suggests that Bitcoin may be transitioning from a correction phase to an accumulation phase, characterized by compressed valuations, near-multi-year lows in recent active supply, and the proportion of supply in profit breaking below historical statistical lower bounds—historically corresponding to accumulation rather than distribution zones. However, the macro liquidity environment remains tight, with the Federal Reserve maintaining a hawkish stance under Kevin Warsh's leadership, a strong U.S. dollar, coupled with geopolitical risks, selling pressure from digital asset treasuries, and net outflows from spot BTC and ETH ETFs in the first half of the year (though the pace of outflows has begun to slow), thus overall caution is advised.
Mizuho Bank downgrades Circle rating to "Underperform", target price halved to $50
According to CoinDesk, Japanese investment bank Mizuho has downgraded stablecoin issuer Circle (CRCL) from "Neutral" to "Underperform," with the price target significantly lowered from $85 to $50. Circle's stock price subsequently fell 0.6% to $62.63. Mizuho analysts pointed out that the OpenUSD stablecoin launched by the Open Standard consortium on June 30 poses a fundamental threat to Circle's business model. Unlike the USDC model, which retains most reserve yield and then shares it with partners such as Coinbase and Binance, OpenUSD charges only a small operating fee and distributes the vast majority of reserve yield to issuers and distributors, which may force Circle's partners to demand a higher revenue share. The consortium has assembled over 140 partners, including Mastercard, Stripe, Coinbase, and BlackRock.
Strive Vice President: Major Global Capital Allocators Now Have Bitcoin-Related Tools That Match Their Views
Odaily News, Strive Vice President Joe Burnett posted on X platform, stating that BTC's break-even annualization is often difficult to understand, and it's important to grasp why. The market generally holds three types of views on Bitcoin: Bullish Bitcoin investors believe Bitcoin will appreciate significantly; if they can borrow long-term capital at a cost below 20% and anticipate Bitcoin's future compound annual growth rate will exceed that level, they are willing to finance the purchase of more Bitcoin. Neutral Bitcoin investors require a much lower hurdle rate of return for Bitcoin. According to Michael Saylor's post, if Bitcoin grows by only 3.3% annually, they could sustainably pay current dividends through Bitcoin capital gains. This is a different bet from expecting Bitcoin to grow at a compound rate of over 20%. For context, the historical annual growth rate of the US dollar M2 money supply is around 7%. BTC is a scarce monetary asset with a long-term supply growth rate of 0%. Therefore, buyers of digital credit don't need to be extremely bullish on Bitcoin; they primarily need to believe that Bitcoin won't die out and will roughly keep pace with dollar inflation. This audience is much broader. Joe Burnett stated this might already be the current global consensus view on Bitcoin. Bearish Bitcoin investors can also express their views by shorting Bitcoin or shorting Amplified Bitcoin. Currently, capital has three clear ways to express its view: Bullish on Bitcoin can hold Bitcoin and Amplified Bitcoin; Neutral on Bitcoin can hold Digital Credit; Bearish on Bitcoin can short Bitcoin or Amplified Bitcoin. Every major capital allocator now has a Bitcoin-related tool matching their worldview, and this is how over $1 quadrillion in global capital begins to flow into Bitcoin.
CryptoQuant: Bitcoin Bear Market Has Not Yet Ended; Cycle Momentum Indicator Remains Below the Neutral Zone
According to CryptoQuant analyst Gaah’s monitoring, the Bitcoin Cycle Momentum indicator has yet to break above the neutral zone (0), clearly signaling the continuation of the bear market. The indicator has currently declined to the -30 level—a range that has historically served as a key cyclical support zone and formed major cycle bottoms on multiple occasions. Analysts note that for a trend reversal to be confirmed, price must first form a bullish pattern, accompanied by the indicator’s effective breakout above the neutral zone.
CryptoQuant Analyst: Temporary Shift Toward Neutral Global Risk Appetite, Coupled with SpaceX IPO, Eases Market Sentiment
CryptoQuant analyst Axel Adler Jr. stated on X that the current Global Risk On/Off indicator is neutral. Recent signs of de-escalation in the conflict—potentially linked to statements by relevant leaders—and growing market expectations around SpaceX’s IPO are influencing investor sentiment. It is reported that approximately 372 oil tankers remain stranded in the Persian Gulf, carrying roughly 26 million tons of hydrocarbons. This situation may continue to affect global energy supply expectations and serve as a key variable for market risk sentiment. Currently, risk assets remain in a phase shaped by multiple overlapping factors—including geopolitical developments, shifts in liquidity, and capital market events involving major tech companies—while investors await clearer directional signals.
K33: Current market trends differ from past bear market rallies, $60,000 Bitcoin may be the cycle bottom
crypto research firm K33 stated that although Bitcoin has retested its 200-day moving average around $82,000 this month and subsequently fallen by about 6%, the low near $60,000 in February this year may still represent the maximum drawdown of this cycle. K33 Research Head Vetle Lunde pointed out that unlike the bear market rallies in 2014, 2018, and 2022, this market experienced a slow recovery lasting 189 days after breaking below the 200-day moving average. Furthermore, market leverage and risk appetite have not been quickly rebuilt. Therefore, the current trend resembles a moderate correction rather than a precursor to another sharp decline.K33 also noted that institutional fund flows still reflect a defensive sentiment. The latest 13F filings show that institutional investors reduced their holdings by a total of approximately 26,733 BTC in the first quarter, while retail investors increased their holdings by about 19,395 BTC. Neutral strategy institutions like Jane Street and Millennium accounted for most of this reduction. Additionally, Bitcoin ETFs recently recorded the ninth-largest five-day capital outflow since the launch of U.S. spot ETFs. K33 believes this typically occurs when BTC is near the cost basis of ETF holdings, reflecting investors' tendency to cut losses or reduce risk exposure after experiencing significant drawdowns. (The Block)
Neutral Trade Announces TermMax Private Credit Vault Airdrop Allocation
Neutral Trade has announced that, due to the delayed launch of the TermMax token and the renegotiation of yield terms, the airdrop allocation for the TermMax private credit vault is now being disclosed. The airdrop portion consists of TMX tokens calculated at a $60 million FDV valuation, which will be distributed to depositors based on the September 25, 2025 snapshot ratio after being sold. The distribution plan is 50% released one month after launch, followed by 12.5% per week for 4 consecutive weeks; distribution will begin this week.
BlackRock Ends Nearly Six-Year Underweight Stance on US Treasuries, Downgrades US Equities from Overweight to Neutral
Odaily News: The BlackRock Investment Institute recently adjusted its US asset allocation, upgrading short-term US Treasuries to overweight, raising long-term US Treasuries from underweight to neutral, ending its nearly six-year underweight stance on US Treasuries. At the same time, the institute downgraded US equities from overweight to neutral and lowered its rating on US agency mortgage-backed securities (MBS).BlackRock stated that with US Treasury yields rising to their highest levels in more than two decades, current yields have become attractive, and market expectations for further Federal Reserve rate hikes may be excessively high. Currently, the interest rate swaps market reflects expectations of at least 75 basis points of rate hikes over the next 12 months.Regarding the downgrade of US equities, BlackRock pointed out that capital expenditure and financing needs driven by AI infrastructure buildout are increasing, which could exacerbate short-term volatility in US equities. However, the institute emphasized that this adjustment is aimed at managing near-term risks and does not mean a change in its core long-term bullish view on AI. (Jinshi)
Goldman Sachs: Palantir's FDE moat is deeper than expected, verticalization catalyzes growth
According to research, Goldman Sachs' September 28, 2026 research report indicates that Goldman Sachs hosted an investor meeting with Palantir CFO Dave Glazer, maintaining a Neutral rating with a 12-month price target of $204, reflecting 7.6% upside. Approximately 97% of clients utilize AIP Evolve, with contracts typically spanning around three years, and clients often expand engagements roughly 18 months post-deployment. One major potential competitor withdrew from direct competition after evaluating this growth strategy. Goldman Sachs believes that Palantir's frontline deployment engineer (FDE) moat offers greater stickiness than standard FDE deployment. Competitive pressure mainly stems from internal enterprise IT, while model vendors and data platforms provide complementary positioning. The three vertical focus areas are: Financial Services, which will add a former AIG CEO; Semiconductors, partnering with NVIDIA; and Next-Gen Cloud, collaborating with Nebius. The $204 price target is based on a 60x multiple applied to free cash flow estimates for Q5 through Q8.
Fed Chair Warsh's Framework Takes Shape: Abandoning the Neutral Rate, Policy Logic Similar to Greenspan's
Odaily News: Fed Chair Warsh habitually measures his tenure in days, and on the 127th day of his leadership at the Federal Reserve, the contours of an institutional restructuring have already emerged. He quickly adjusted the post-FOMC press conference mechanism, not only significantly compressing the duration of the press conference, but also rearranging the seating order for reporters' questions alphabetically by the English names of news organizations.These seemingly superficial adjustments in form, in reality, reflect Warsh's complete break with his predecessors in monetary policy thinking and communication style. At the September 16 press conference, he directly rejected the traditional neutral rate analytical framework, explicitly stating that the concept is only "academically useful" and has no guiding significance for the Fed's rate hike decisions. (Substack)
Morgan Stanley: Semtech Data Center Revenue Increases 39% Quarter-Over-Quarter; 1.6T Optical Chip Ramp Drives Target Price Upgrade to $195
According to Chaoxiang Research, Morgan Stanley's August 25 research report indicated that Semtech's Q2 data center revenue reached $100 million, up 39% quarter-over-quarter and 91% year-over-year, marking a record high. Growth was primarily driven by the sustained strength of the 800G FiberEdge and faster-than-expected qualification of the 1.6T FiberEdge. The 1.6T FiberEdge and CopperEdge are projected to account for over 50% of data center revenue in Q3. The Q3 data center revenue guidance reflects a 45% quarter-over-quarter increase and a 160% year-over-year increase, reaching $145 million. The LoRa business also recorded record revenue of $58 million in Q2, up 31% quarter-over-quarter and 58% year-over-year, with an additional 15% increase expected in Q3. Morgan Stanley raised its price target from $175 to $195 while maintaining a Neutral rating, based on 34.5x non-GAAP EPS of $5.66. Revenue forecasts for FY2027 and FY2028 have been raised to $1.529 billion and $1.895 billion, respectively, with gross margins upgraded to 56.9% and 62.7%, and EPS increased to $3.69 and $5.65. In Q4, ACC (active copper cable) is slated for mass deployment at major hyperscale customers, creating a synergistic effect alongside 800G and 1.6T solutions. The company has announced the divestiture of its module business, which is expected to drive structural improvements in gross margin and operating margin. As disclosed in this research report
Bitget Unified Account Spot Trading Now Fully Supports Leverage Function
Odaily News - According to the official announcement, all spot trading pairs in Bitget's Unified Account now support leveraged trading, including stock spot rTokens. Users can directly enable leverage and borrow funds to place orders on the spot trading page without needing to transfer funds separately.This feature is applicable to both the Advanced Mode and Delta Neutral Mode of the Unified Account. The availability of leveraged trading depends on whether the currency required for the trade direction supports borrowing. App users can upgrade to version 2.91.1 to experience the relevant features. For more details, please refer to Bitget's official platform.
Related news
Goldman Sachs: Intel Q4 Guidance Weak, Maintains Neutral Rating
Goldman Sachs stated that server demand, advanced packaging, and process advancements had previously supported optimistic pre-earnings expectations, but a weak PC business and cautious forward-looking comments will put pressure on near-term earnings forecasts.
JPMorgan: AI Shopping Agents Roll Out, Payments Still Run on Card Networks
JPMorgan assesses that AI shopping agent workflows more closely mirror traditional e-commerce, with limited short-term impact on payment stocks. Payment networks are benefiting from card transactions, while the moats of trust and lending around online checkout remain intact, and the operating environment for traditional acquirers is improving. Regarding ratings, Affirm, Chime, Marqeta, Remitly, and Toast are upgraded to Overweight; PayPal and Klarna are maintained at Neutral; and Western Union is downgraded to Underweight.
Neutral Trade Announces TermMax Private Credit Vault Airdrop Allocation
Neutral Trade has announced that, due to the delayed launch of the TermMax token and the renegotiation of yield terms, the airdrop allocation for the TermMax private credit vault is now being disclosed. The airdrop portion consists of TMX tokens calculated at a $60 million FDV valuation, which will be distributed to depositors based on the September 25, 2025 snapshot ratio after being sold. The distribution plan is 50% released one month after launch, followed by 12.5% per week for 4 consecutive weeks; distribution will begin this week.
JPMorgan: Intel Is 5% Away From Target Price, Risk/Reward Balance Raised to Neutral
JPMorgan notes that foundry scale and free cash flow constraints through 2027 remain. Evidence for further upside will depend on four verification points: the data center CPU roadmap, AI computing strategy, external foundry customer onboarding, and data center networking enhancements.
BlackRock Ends Nearly Six-Year Underweight Stance on US Treasuries, Downgrades US Equities from Overweight to Neutral
Odaily News: The BlackRock Investment Institute recently adjusted its US asset allocation, upgrading short-term US Treasuries to overweight, raising long-term US Treasuries from underweight to neutral, ending its nearly six-year underweight stance on US Treasuries. At the same time, the institute downgraded US equities from overweight to neutral and lowered its rating on US agency mortgage-backed securities (MBS).BlackRock stated that with US Treasury yields rising to their highest levels in more than two decades, current yields have become attractive, and market expectations for further Federal Reserve rate hikes may be excessively high. Currently, the interest rate swaps market reflects expectations of at least 75 basis points of rate hikes over the next 12 months.Regarding the downgrade of US equities, BlackRock pointed out that capital expenditure and financing needs driven by AI infrastructure buildout are increasing, which could exacerbate short-term volatility in US equities. However, the institute emphasized that this adjustment is aimed at managing near-term risks and does not mean a change in its core long-term bullish view on AI. (Jinshi)
Robinhood and Coinbase price targets raised to $156 and $203 respectively, while BofA cuts eToro to $39
Odaily reports: Bank of America (BofA) adjusted its price targets ahead of the three trading platforms' third-quarter earnings releases: raising Robinhood's price target from $140 to $156 while maintaining a "Buy" rating; raising Coinbase's price target from $174 to $203 while maintaining a "Buy" rating; and lowering eToro's price target from $46 to $39 while maintaining a "Neutral" rating. The market expects Robinhood's third-quarter revenue to be approximately $1.4 billion with earnings per share of $0.64; Coinbase's revenue to be approximately $1.77 billion with a loss per share of $0.20; and eToro's revenue to be approximately $203 million with earnings per share of $0.40.