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21Shares Launches Synthetic ETP for Anthropic, Offering Pre-IPO Valuation Exposure to AI Unicorn
Odaily News: 21Shares has launched a synthetic exchange-traded product (ETP) based on Anthropic's valuation on the Vienna Stock Exchange, with ticker symbol CLAU, providing investors with unleveraged exposure to Anthropic's pre-IPO valuation.The ETP does not represent direct ownership of Anthropic shares, whether before the company's listing or after the IPO is completed. Its return exposure comes from a Total Return Swap that tracks a reference rate constructed by Kaiko, which is based on Anthropic perpetual futures prices on Binance.21Shares stated that the product is designed to allow investors to participate in the valuation changes of private AI companies through traditional financial market instruments, providing a new investment channel for high-growth technology companies that have not yet gone public.
Ripple Prime Enters Leveraged ETF Financing Market
According to CoinDesk, Ripple Prime, the prime brokerage division under Ripple, has begun providing financing services for leveraged equity ETFs, charging financing fees to funds through total return swaps. This market was previously dominated by large banks and securities firms. In October 2025, Ripple acquired multi-asset brokerage Hidden Road for $1.25 billion, entering the clearing, financing, and cross-asset trading businesses. In August 2026, Ripple launched its Delta One business, offering total return swap products linked to U.S. equities, market indices, and digital assets, while maintaining over $1 billion in regulatory net capital and completing a $275 million senior notes issuance.
Gate Research: US, Japanese, Korean, and Hong Kong Stocks Have Divergent Return Drivers, Gate Stocks Connect Four Core Markets
Odaily News: Gate Research has released its latest report on Gate TradFi connecting global markets, noting that the four markets—US, Japan, South Korea, and Hong Kong—have different sources of returns: US stocks rely on corporate earnings and technology investment, Japanese stocks benefit from governance reform and improved capital efficiency, Korean stocks are primarily driven by the semiconductor cycle, and Hong Kong stocks depend on Chinese corporate earnings, capital flows, and changes in risk premiums.Since 2016, US and Korean stocks have delivered similar annualized returns, but Korean stocks have notably higher volatility and drawdowns; Japanese stocks offer some diversification value, while Hong Kong stocks have undergone a longer valuation recovery cycle. Backtesting shows that cross-market diversification can reduce reliance on any single market, and trend rotation can help improve drawdowns, but neither can eliminate systemic risk, and higher turnover may increase trading costs.Gate TradFi incorporates US, Japanese, Korean, and Hong Kong stocks into a unified stock account, covering over 10,000 US stocks and ETFs, more than 1,500 Hong Kong stocks, over 1,000 Korean stocks, and approximately 300 Japanese stocks, totaling coverage of more than 12,800 stock and ETF assets globally. The platform further connects index, forex, and metals market data, enabling investors to conduct cross-regional market comparisons, asset screening, and portfolio management within the same trading environment, expanding multi-asset observation and trading scenarios.
Strategy Spends $950 Million on Buybacks, STRC on Track to Return to $100 Par Value
Odaily News — Strategy is using large-scale buybacks to push the price of its perpetual preferred stock STRC back toward its $100 par value, in a bid to restore its Bitcoin financing capacity. Between July 20 and September 13, Strategy repurchased a total of 9.96 million STRC shares for approximately $950 million, accounting for about 18% of the trading volume during the same period. Of that, roughly $765 million can be traced to sales of MSTR common stock, while another approximately $161 million came from Bitcoin reductions.STRC had previously fallen to around $70, and has recently rebounded to as high as about $99. Analysts believe that only when STRC's price approaches or climbs above its $100 par value can Strategy effectively reissue the security and use the proceeds to purchase Bitcoin. However, after Strategy pulls back and reduces its buybacks, whether STRC can continue to hold near par value remains uncertain. (Bloomberg)
"1011 Insider Whale" Representative: SK Hynix Rebound May Be Short Covering, AI Storage Cycle Enters Return Verification Stage
"1011 Insider Whale" representative Garrett Jin released a weekly analysis stating that while he previously suggested gradually positioning in memory chips and buying on dips, the market did not experience the expected pullback. He has sold half of his previous rebound positions during the surge, not because the investment logic has changed, but due to concerns regarding the capital structure driving the rise, stating, "This looks more like a short squeeze than a final confirmation of fundamentals by the market." Rapid capital covering short positions can create short-term gains for memory chip stocks like SK Hynix, but cannot sustain the trend alone. Risks associated with Korean leveraged ETFs have not been fully released, but the decline in asset size is mainly due to NAV shrinkage rather than investor exit. Currently, cumulative net subscriptions for related financial products remain at historic highs and have not turned negative. Garrett Jin emphasized that the decline in Korean leveraged ETF size does not indicate market bearishness on memory demand. SK Hynix's 2026 capacity is already sold out, and Micron's orders are covered until 2028, with demand remaining strong through the second half of 2027. However, the memory industry is essentially still cyclical. Stock prices have already surged by hundreds of percentage points in advance, and cyclical stocks are typically difficult to sustain long-term growth driven solely by valuation expansion. The current market is entering a new phase of the AI capital expenditure cycle, shifting from "rewarding investment" to "evaluating investment returns." Regarding Bitcoin, Garrett Jin stated it continues to meet the bottoming conditions established since the July lows, and he currently maintains the position view established near $60,000.
JPMorgan Adds Bitcoin to Long-Term Return Forecasts for the First Time, with Return Potential That Could Surpass Gold and Bonds
Odaily reports: JPMorgan Asset Management has for the first time incorporated Bitcoin into its long-term capital market assumptions, projecting an annualized return of approximately 10% for Bitcoin over the next decade, with the potential to outperform stocks, bonds, and gold. However, the forecast also assumes an annualized volatility of 55% for Bitcoin, more than three times that of U.S. large-cap stocks.JPMorgan believes that gradually improving regulatory frameworks and continued enhancements in market liquidity and price discovery mechanisms could further drive Bitcoin's acceptance in traditional financial markets. Looking ahead to the next decade, technological innovation in areas such as artificial intelligence, robotics, healthcare, and space, along with approximately $15 trillion in global capital expenditure growth, are also expected to drive economic growth and asset returns.Analysts noted that the correlation between Bitcoin and other assets is unstable, making it currently unsuitable as a diversification asset in balanced portfolios. As a result, the firm has not yet included it in its main portfolio models. If Bitcoin's volatility continues to decline and its correlation with other assets stabilizes in the future, its value for portfolio allocation could increase. (Bloomberg)
Can Bitcoin Return to $100,000 by Year-End? Market Views Diverge
market analysts are divided on whether Bitcoin can return to $100,000 before the end of 2026.Ryan Rasmussen, Head of Research at crypto asset management firm Bitwise, believes that factors such as institutional demand through ETFs and corporate Bitcoin purchases, concerns over inflation and government debt, and an improving regulatory environment are expected to push Bitcoin to higher levels by year-end, potentially even breaking through $100,000.Adam Morgan McCarthy, Head of Research at London-based crypto trading and market data firm LO:TECH, expects Bitcoin to trade mainly in the $85,000 to $95,000 range through year-end. He noted that inflation pressures and the possibility of further rate hikes by the Federal Reserve will continue to weigh on Bitcoin's performance. U.S. consumer prices rose 0.6% month-over-month in September, with core CPI up 0.3% month-over-month, complicating the outlook for monetary policy.Luca Invernizzi, Senior Derivatives Trader at Nomura's crypto unit Laser Digital, said Bitcoin will remain primarily driven by macroeconomic factors and U.S. long-term Treasury yields in the near term. However, market leverage has been largely flushed out, and if Bitcoin effectively breaks above $90,000, it could trigger a new round of short-covering. James Butterfill, Head of Research at CoinShares, also believes that the contradiction between inflation and a weakening job market will influence the Fed's subsequent policy decisions and Bitcoin's trajectory. (CoinDesk)
Ripple Prime Enters Leveraged ETF Financing Market
According to CoinDesk, Ripple Prime, the prime brokerage division under Ripple, has begun providing financing services for leveraged equity ETFs, charging financing fees to funds through total return swaps. This market was previously dominated by large banks and securities firms. In October 2025, Ripple acquired multi-asset brokerage Hidden Road for $1.25 billion, entering the clearing, financing, and cross-asset trading businesses. In August 2026, Ripple launched its Delta One business, offering total return swap products linked to U.S. equities, market indices, and digital assets, while maintaining over $1 billion in regulatory net capital and completing a $275 million senior notes issuance.
NEAR Intents Claims It Has Confirmed the Hacker's Identity, Demands Return of $3.8 Million in Stolen Funds Within 48 Hours
According to Cointelegraph, Alex Shevchenko, General Manager of NEAR Intents, stated that the team has identified the hackers behind the previous security incident and given them a 48-hour deadline to return the stolen funds through a "responsible disclosure." NEAR Intents previously suspended its services due to a vulnerability in the interaction between the Omni deposit and withdrawal infrastructure and its smart contracts. Initial investigations revealed that approximately $3.8 million in user funds were stolen in the incident, and the team has committed to fully compensating affected users. On-chain detective ZachXBT stated that the stolen funds were subsequently transferred to KuCoin and cross-chain converted into Bitcoin.
NEAR Intents Hit by $3.8 Million Exploit, Gives Hacker 48 Hours to Return Funds
Odaily News: NEAR Intents has stated that it has identified the attacker responsible for the loss of user funds and has demanded the return of $3.8 million within 48 hours through a "responsible disclosure" mechanism, after which the window will be closed.NEAR Intents suspended services on Thursday after discovering a vulnerability in the interaction between the Omni deposit and withdrawal infrastructure and its smart contracts. A preliminary investigation showed that the attack resulted in the theft of $3.8 million in user funds, and the platform has committed to fully compensating affected users.On-chain investigator ZachXBT disclosed that the related funds were transferred to the KuCoin exchange and subsequently bridged to Bitcoin. (Cointelegraph)
Recovering £851,400: UK FCA Plans to Return Funds to Crypto Scam Victims
Odaily News: The UK Financial Conduct Authority has obtained a court order requiring two individuals involved in a fraudulent crypto investment scheme to jointly repay £851,400, with plans to return the funds to victims. At least 65 investors suffered combined losses of £1.54 million, and the recovered amount accounts for approximately half of the total losses.
JPMorgan Adds Bitcoin to Long-Term Return Forecasts for the First Time, with Return Potential That Could Surpass Gold and Bonds
Odaily reports: JPMorgan Asset Management has for the first time incorporated Bitcoin into its long-term capital market assumptions, projecting an annualized return of approximately 10% for Bitcoin over the next decade, with the potential to outperform stocks, bonds, and gold. However, the forecast also assumes an annualized volatility of 55% for Bitcoin, more than three times that of U.S. large-cap stocks.JPMorgan believes that gradually improving regulatory frameworks and continued enhancements in market liquidity and price discovery mechanisms could further drive Bitcoin's acceptance in traditional financial markets. Looking ahead to the next decade, technological innovation in areas such as artificial intelligence, robotics, healthcare, and space, along with approximately $15 trillion in global capital expenditure growth, are also expected to drive economic growth and asset returns.Analysts noted that the correlation between Bitcoin and other assets is unstable, making it currently unsuitable as a diversification asset in balanced portfolios. As a result, the firm has not yet included it in its main portfolio models. If Bitcoin's volatility continues to decline and its correlation with other assets stabilizes in the future, its value for portfolio allocation could increase. (Bloomberg)
Can Bitcoin Return to $100,000 by Year-End? Market Views Diverge
market analysts are divided on whether Bitcoin can return to $100,000 before the end of 2026.Ryan Rasmussen, Head of Research at crypto asset management firm Bitwise, believes that factors such as institutional demand through ETFs and corporate Bitcoin purchases, concerns over inflation and government debt, and an improving regulatory environment are expected to push Bitcoin to higher levels by year-end, potentially even breaking through $100,000.Adam Morgan McCarthy, Head of Research at London-based crypto trading and market data firm LO:TECH, expects Bitcoin to trade mainly in the $85,000 to $95,000 range through year-end. He noted that inflation pressures and the possibility of further rate hikes by the Federal Reserve will continue to weigh on Bitcoin's performance. U.S. consumer prices rose 0.6% month-over-month in September, with core CPI up 0.3% month-over-month, complicating the outlook for monetary policy.Luca Invernizzi, Senior Derivatives Trader at Nomura's crypto unit Laser Digital, said Bitcoin will remain primarily driven by macroeconomic factors and U.S. long-term Treasury yields in the near term. However, market leverage has been largely flushed out, and if Bitcoin effectively breaks above $90,000, it could trigger a new round of short-covering. James Butterfill, Head of Research at CoinShares, also believes that the contradiction between inflation and a weakening job market will influence the Fed's subsequent policy decisions and Bitcoin's trajectory. (CoinDesk)
Analyst: Bitcoin Long-Term Holder SOPR Rises to 1.25, Return to Profitability May Signal Positive Momentum
Odaily News — Crypto analyst Darkfost stated that Bitcoin's Long-Term Holder (LTH) SOPR (Spent Output Profit Ratio) has climbed back above its annual average of 1.10 and continues to hold above that level.Data shows that long-term holders have realized an average return of approximately 10% over the past year. Currently, the weekly average LTH SOPR stands at 1.25, and the monthly average at 1.16, both above the annual average, indicating that long-term holders are returning to a profitable state.Darkfost noted that a similar situation also appeared at the end of the previous bear market, when the return of profits for long-term holders became one of the signals of improving market conditions. He believes that the emergence of moderate profits in the market is generally a positive factor, helping to raise investors' expectations for future market conditions.
Analysis: Bitcoin Awaits CPI Catalyst to Return to $84,500; Short-Term Focus on $81,300 Support
Bitfinex Alpha's latest report indicates whether Bitcoin can reclaim the $84,500 level this week will depend on whether US CPI data alters market expectations regarding interest rates and yields, and whether spot market buying follows through. This pullback is similar to previous adjustments during the earlier recovery phase, with no significant sell-off from holders whose cost basis lies within the original trading range. However, spot buying remains the current market's weakest link. The average cost basis for Bitcoin ETF investors is approximately $84,340, and since the current price is below this level, some investors may choose to sell when the rebound approaches their cost basis. Analysis suggests that if this week's core CPI month-on-month increase is 0.2% or lower, it could dampen rate hike expectations and push yields down, creating upside room for BTC; if core CPI reaches 0.3% or higher, it may continue to suppress risk assets. BTC may consolidate in the $81,300–$84,500 range in the short term. If the price breaks through and holds firmly above $84,500 alongside strong ETF fund flows, the market could retest the early-year opening level of $87,722; if it breaks below $81,300 accompanied by persistent capital outflows, it may further decline toward the true market mean level of approximately $77,400.
Made $7.19 Million in Profit, a 250x Return: A Whale Deposits 2,903 ETH into Coinbase After 9 Years of Dormancy
Odaily News: According to Lookonchain monitoring, 3 wallets suspected to belong to the same whale deposited 2,903 ETH worth $7.22 million into Coinbase after being dormant for over 9 years. These wallets received the ETH at $9.9 nine years ago, and currently have a profit of $7.19 million, representing a 250x return.
Profit of $67,600: A Trader Achieves 1,190% Return Trading SUPER IGUANA on Robinhood Chain
Odaily News: According to Onchain Lens monitoring, a trader bought 3.8 million SI on Robinhood Chain at an average market cap of $1.48 million for $5,670, then sold 2.3 million SI for $42,200, and still holds 1.6 million SI, worth approximately $31,000. The trader's cumulative profit reached $67,600, with a return rate of 1,190%, of which $27,700 is unrealized profit.
NEAR Intents Claims It Has Confirmed the Hacker's Identity, Demands Return of $3.8 Million in Stolen Funds Within 48 Hours
According to Cointelegraph, Alex Shevchenko, General Manager of NEAR Intents, stated that the team has identified the hackers behind the previous security incident and given them a 48-hour deadline to return the stolen funds through a "responsible disclosure." NEAR Intents previously suspended its services due to a vulnerability in the interaction between the Omni deposit and withdrawal infrastructure and its smart contracts. Initial investigations revealed that approximately $3.8 million in user funds were stolen in the incident, and the team has committed to fully compensating affected users. On-chain detective ZachXBT stated that the stolen funds were subsequently transferred to KuCoin and cross-chain converted into Bitcoin.
NEAR Intents Hit by $3.8 Million Exploit, Gives Hacker 48 Hours to Return Funds
Odaily News: NEAR Intents has stated that it has identified the attacker responsible for the loss of user funds and has demanded the return of $3.8 million within 48 hours through a "responsible disclosure" mechanism, after which the window will be closed.NEAR Intents suspended services on Thursday after discovering a vulnerability in the interaction between the Omni deposit and withdrawal infrastructure and its smart contracts. A preliminary investigation showed that the attack resulted in the theft of $3.8 million in user funds, and the platform has committed to fully compensating affected users.On-chain investigator ZachXBT disclosed that the related funds were transferred to the KuCoin exchange and subsequently bridged to Bitcoin. (Cointelegraph)
Over 50 BTC Rescued from COLDCARD Entropy Vulnerability Wallets, Funds Transferred to Crypto Recovery Trust Pending Return
Odaily News: According to Bitcoin News monitoring, DART stated that it and independent white-hat researchers have recovered over 50 BTC from wallets affected by the COLDCARD entropy vulnerability, completing the transfer before malicious attackers could steal the funds. DART is a digital asset recovery organization that works with white-hat researchers to protect vulnerable funds and coordinate their lawful return to owners. The white-hat researchers did not request a bounty and will return the Bitcoin to its owners.The rescued BTC has been transferred to the Crypto Recovery Trust. This trust is a dedicated statutory trust established under Wyoming state law to hold recovered digital assets and return them after confirming and verifying the legitimate owners. The trust will document the recovery process, separate the BTC from DART and researchers' funds, conduct blockchain analysis, ownership verification, and sanctions screening, and provide a lawful return process for verified owners. If ownership is disputed, or if the relevant funds involve sanctions or criminal proceedings, the BTC will be handled in accordance with applicable legal procedures. DART stated that other vulnerable assets and recovery leads are still under review.
Coldcard Hacker Wallet Becomes "Blockchain Message Wall," Holding Over $36 Million in Stolen BTC
According to CoinDesk, since the Coldcard hardware wallet vulnerability incident erupted on July 30, the wallet address associated with the hackers (bc1qq85v2c926eg6pgxhwp6q7lf6cnsz80qs3fcu9r) has received multiple Bitcoin transfers accompanied by text messages. The wallet currently holds approximately $36 million in stolen assets, and confirmed losses from this incident have exceeded $100 million. The aforementioned information was written on-chain via Bitcoin's OP_RETURN function and permanently stored on the blockchain. The content covers victims' pleas for compensation (such as "You stole, please return some," "Return 80% of my 5 BTC"), solicitations for money laundering services ("I launder BTC, taking a 10% commission," with Telegram contact information included), and even fundraising requests completely unrelated to the incident, varying in nature.
Crypto Whale Sues Coinbase for Refusing to Return $55 Million in Stolen Funds
According to Decrypt, an anonymous cryptocurrency whale filed a lawsuit against Coinbase this week in the U.S. District Court for the Northern District of California, accusing the exchange of refusing to return over $55 million worth of DAI stablecoins stolen in a phishing attack in 2024. The plaintiff claims to have engaged multiple on-chain investigation firms to trace the funds, ultimately identifying that the stolen assets flowed into a Coinbase account. Coinbase confirmed in December 2024 that it had frozen the relevant assets but refused to return them, citing the need for a court order. As of today—more than a year and a half after the incident—the victim has still not recovered the assets and has therefore turned to litigation. The attack was carried out by hackers using the “Inferno Drainer” tool to spoof the DeFi Saver login page; after the victim inadvertently interacted with the fake page, their wallet was fully compromised by the attackers.
$190 Billion USDT Expected to Return to Bitcoin Network This Month
Odaily Report: USDT is expected to return to the Bitcoin network this month through infrastructure developed by Utexo, a project backed by Tether. Utexo plans to support private USDT transfers, direct swaps between native Bitcoin and USDT, and loans collateralized by native Bitcoin. (CoinDesk)
Gate Research: US, Japanese, Korean, and Hong Kong Stocks Have Divergent Return Drivers, Gate Stocks Connect Four Core Markets
Odaily News: Gate Research has released its latest report on Gate TradFi connecting global markets, noting that the four markets—US, Japan, South Korea, and Hong Kong—have different sources of returns: US stocks rely on corporate earnings and technology investment, Japanese stocks benefit from governance reform and improved capital efficiency, Korean stocks are primarily driven by the semiconductor cycle, and Hong Kong stocks depend on Chinese corporate earnings, capital flows, and changes in risk premiums.Since 2016, US and Korean stocks have delivered similar annualized returns, but Korean stocks have notably higher volatility and drawdowns; Japanese stocks offer some diversification value, while Hong Kong stocks have undergone a longer valuation recovery cycle. Backtesting shows that cross-market diversification can reduce reliance on any single market, and trend rotation can help improve drawdowns, but neither can eliminate systemic risk, and higher turnover may increase trading costs.Gate TradFi incorporates US, Japanese, Korean, and Hong Kong stocks into a unified stock account, covering over 10,000 US stocks and ETFs, more than 1,500 Hong Kong stocks, over 1,000 Korean stocks, and approximately 300 Japanese stocks, totaling coverage of more than 12,800 stock and ETF assets globally. The platform further connects index, forex, and metals market data, enabling investors to conduct cross-regional market comparisons, asset screening, and portfolio management within the same trading environment, expanding multi-asset observation and trading scenarios.
DoubleZero Co-founder Responds to FUD: Firmly Supports Solana, Will Return 45% of Shred Service Revenue
Odaily News: DoubleZero co-founder Austin Federa posted on X platform stating that DoubleZero operates the raw Shred service, can provide related services at lower costs, and returns 45% of the revenue to validators. However, recently in some private chats, certain "well-known industry figures" have been spreading baseless FUD. Nevertheless, DoubleZero will remain firmly committed to supporting Solana. DoubleZero currently provides free high-speed connectivity for over 60% of Solana staking, with approximately 75% of Solana validators using DoubleZero, and more services for Solana will be launched in the future.
Return rate of 118,483%: An address invested $487.6 in LONG and other tokens before Arc mainnet launch
Odaily reports: According to on-chain analyst Ai Yi's monitoring, an address bridged CRCL from the Robinhood network to the Arc network via Long on September 8, and subsequently invested $487.6 across three tokens: LONG, BITCOIN, and USDC. The cost basis for LONG was $0.0000136. Currently, the address has an unrealized profit of $578,000, representing a return rate of 118,483%.
Analysis: Bitcoin Releases Late-Bear Market Signals, Liquidity Return May Trigger Next Round of Volatility
Odaily News Bitfinex's latest report indicates that Bitcoin (BTC) has been fluctuating within a narrow range recently, with volatility, trading activity, and market liquidity all compressed to levels similar to those seen at the end of a bear market.Currently, Bitcoin's price remains above the "Median Realised Price" of around $63,200, while the key level for short-term holders (STH) to achieve overall profitability stands at $67,176. Meanwhile, market demand is weakening: U.S. spot Bitcoin ETFs recorded net outflows of approximately $385 million last week, corporate Bitcoin reserve-related activity has turned negative, spot trading volume has fallen to multi-year lows, and Bitcoin transfer speed has dropped to its lowest level in seven years.Bitfinex stated that in the current extremely thin liquidity environment, even slight changes in capital flows could trigger significant Bitcoin price fluctuations. At the same time, weak retail activity, declining real income, and deteriorating consumer confidence indicate that U.S. household demand is under pressure. Bitfinex noted that the current market shows a clear divergence: accommodative financial conditions are driving traditional risk assets higher, but the crypto market has not yet received corresponding capital inflows.Bitfinex believes that the core market question has shifted from "whether monetary policy will improve" to "whether improved liquidity can translate into capital inflows for crypto assets." If Bitcoin spot ETFs resume sustained net inflows in the future, coupled with stablecoin supply expansion, this would signal a restart of the crypto market's liquidity transmission mechanism and could become a key catalyst for BTC breaking out of its prolonged low-volatility state.Before capital returns, although the macro environment is gradually improving, the crypto market's upside still lacks capital support. However, given that market participation has dropped to extremely low levels and BTC continues to hold key realized price support levels, once liquidity re-enters the market, it could trigger violent fluctuations. The current structure leans toward an upward breakout once demand recovers.
"1011 Insider Whale" Representative: SK Hynix Rebound May Be Short Covering, AI Storage Cycle Enters Return Verification Stage
"1011 Insider Whale" representative Garrett Jin released a weekly analysis stating that while he previously suggested gradually positioning in memory chips and buying on dips, the market did not experience the expected pullback. He has sold half of his previous rebound positions during the surge, not because the investment logic has changed, but due to concerns regarding the capital structure driving the rise, stating, "This looks more like a short squeeze than a final confirmation of fundamentals by the market." Rapid capital covering short positions can create short-term gains for memory chip stocks like SK Hynix, but cannot sustain the trend alone. Risks associated with Korean leveraged ETFs have not been fully released, but the decline in asset size is mainly due to NAV shrinkage rather than investor exit. Currently, cumulative net subscriptions for related financial products remain at historic highs and have not turned negative. Garrett Jin emphasized that the decline in Korean leveraged ETF size does not indicate market bearishness on memory demand. SK Hynix's 2026 capacity is already sold out, and Micron's orders are covered until 2028, with demand remaining strong through the second half of 2027. However, the memory industry is essentially still cyclical. Stock prices have already surged by hundreds of percentage points in advance, and cyclical stocks are typically difficult to sustain long-term growth driven solely by valuation expansion. The current market is entering a new phase of the AI capital expenditure cycle, shifting from "rewarding investment" to "evaluating investment returns." Regarding Bitcoin, Garrett Jin stated it continues to meet the bottoming conditions established since the July lows, and he currently maintains the position view established near $60,000.
Related news
Is the Bitcoin Bullish Superstition Indicator Reappearing? McDonald's McRib Announces Return
McDonald's McRib (the iconic barbecue pork sandwich) is reportedly set to make an official return, available for a limited time in select U.S. cities. Crypto community users have noted that since 2020, every time McDonald's McRib has returned, Bitcoin has subsequently experienced significant rallies. Some crypto community members have even urged investors to "not bet against the McRib." The first batch of cities where McRib will be available reportedly includes: Los Angeles, Chicago, Miami, Atlanta, Philadelphia, and Dallas.
Grayscale Publishes Two Cryptocurrency Asset Return Metric Rankings; HYPE, LIT, and CAKE All Rank at the Top of Both Lists
Grayscale published a crypto asset valuation analysis listing the top 10 tokens by "Token Holder Yield" and "Adjusted Earnings Yield", respectively. The top 10 by Token Holder Yield are HYPE, LIT, CAKE, AERO, UNI, RAY, PENDLE, AAVE, JUP, CRV; the top 10 by Adjusted Earnings Yield are CAKE, LIT, HYPE, RAY, AAVE, JUP, SKY, UNI, AERO, PENDLE.
Malaysia High Court Rules Government to Return Approximately 176 BTC, Nine Fraud Victims Receive Partial Restitution
According to reports from Malaysia's Sin Chew Daily, the Malaysian High Court ruled that the government must return approximately 176.18 BTC to nine victims of the Bitkingdom cryptocurrency investment fraud case. The judge noted that the victims had proven the relevant bitcoins were obtained through fraud, and their subsequent transfer through multiple digital wallets and mixing does not affect their legal ownership.
JPMorgan Adds Bitcoin to Long-Term Return Forecasts for the First Time, with Return Potential That Could Surpass Gold and Bonds
Odaily reports: JPMorgan Asset Management has for the first time incorporated Bitcoin into its long-term capital market assumptions, projecting an annualized return of approximately 10% for Bitcoin over the next decade, with the potential to outperform stocks, bonds, and gold. However, the forecast also assumes an annualized volatility of 55% for Bitcoin, more than three times that of U.S. large-cap stocks.JPMorgan believes that gradually improving regulatory frameworks and continued enhancements in market liquidity and price discovery mechanisms could further drive Bitcoin's acceptance in traditional financial markets. Looking ahead to the next decade, technological innovation in areas such as artificial intelligence, robotics, healthcare, and space, along with approximately $15 trillion in global capital expenditure growth, are also expected to drive economic growth and asset returns.Analysts noted that the correlation between Bitcoin and other assets is unstable, making it currently unsuitable as a diversification asset in balanced portfolios. As a result, the firm has not yet included it in its main portfolio models. If Bitcoin's volatility continues to decline and its correlation with other assets stabilizes in the future, its value for portfolio allocation could increase. (Bloomberg)
Can Bitcoin Return to $100,000 by Year-End? Market Views Diverge
market analysts are divided on whether Bitcoin can return to $100,000 before the end of 2026.Ryan Rasmussen, Head of Research at crypto asset management firm Bitwise, believes that factors such as institutional demand through ETFs and corporate Bitcoin purchases, concerns over inflation and government debt, and an improving regulatory environment are expected to push Bitcoin to higher levels by year-end, potentially even breaking through $100,000.Adam Morgan McCarthy, Head of Research at London-based crypto trading and market data firm LO:TECH, expects Bitcoin to trade mainly in the $85,000 to $95,000 range through year-end. He noted that inflation pressures and the possibility of further rate hikes by the Federal Reserve will continue to weigh on Bitcoin's performance. U.S. consumer prices rose 0.6% month-over-month in September, with core CPI up 0.3% month-over-month, complicating the outlook for monetary policy.Luca Invernizzi, Senior Derivatives Trader at Nomura's crypto unit Laser Digital, said Bitcoin will remain primarily driven by macroeconomic factors and U.S. long-term Treasury yields in the near term. However, market leverage has been largely flushed out, and if Bitcoin effectively breaks above $90,000, it could trigger a new round of short-covering. James Butterfill, Head of Research at CoinShares, also believes that the contradiction between inflation and a weakening job market will influence the Fed's subsequent policy decisions and Bitcoin's trajectory. (CoinDesk)
First Month Trading Volume Surpasses $14 Billion, Spark's Q3 Net Protocol Return Exceeds $4 Million
Odaily News: DeFi lending protocol Spark has disclosed that its net protocol return for Q3 2026 exceeded $4 million. In the first half of the year, DeFi lending spreads narrowed significantly, and the profitability of lent funds turned negative in Q2. After driving the growth of Spark Savings USDT in Q3, the related returns came back above the cost of capital. During the same period, Spark partnered with Uniswap and Sky to launch a stablecoin swap layer, initiating with $150 million in USDS liquidity, providing stablecoin swaps for banks, fintechs, and payment companies, with first-month trading volume exceeding $14 billion.