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Bankless Founder: "BTC Clone Coin" Trend Returns, Scarcity Narrative Back in Favor
Odaily reports: Bankless founder David Hoffman posted on X that a batch of tokens he refers to as "2017-era Bitcoin clone coins" have recently gained momentum again. Among them, PRL rose 30% this week, with a fully diluted valuation (FDV) of approximately $4.2 billion; QTC rose 300% this month, with a valuation of approximately $1.8 billion based on a total supply of 21 million tokens.David Hoffman believes that what is noteworthy is that such tokens, which adopt a fixed supply cap of 21 million, are now commanding multi-billion-dollar valuations.
JPMorgan: Tech Valuations Fully Contracted, Semiconductors Outperform Software
According to Trend Research, a JPMorgan research report dated September 28, 2026 notes that the technology and AI ecosystem stagnated for three months from June through last week, though valuation downgrades have already become highly pronounced across most sectors. Forward earnings for semiconductors continue to climb by approximately 30%, while software has seen almost no earnings upgrades. Valuations for the Tech Seven Giants have fallen to ten-year lows, trading at nearly one standard deviation below the broader market. Capital expenditures by hyperscalers are projected to grow at a 28% compound annual growth rate through 2030. JPMorgan argues that with cleaner positioning, persistent earnings momentum, and an intact capital expenditure upcycle, it advises re-entering the technology sector and reopening a semiconductor-over-software pair trade. Agentic AI is pushing the CPU-to-GPU ratio from 1:4 to 1:8 toward 1:1, providing tailwinds for CPU-related names.
Goldman Sachs: Q2 Earnings Up 135%, APAC Market Still Has 21% Upside Potential
According to Trend Research, Goldman Sachs' August 21, 2026 research report notes that the MSCI Asia Pacific ex Japan Index (MXAPJ) posted Q2 net profit growth of 135% year-over-year and 52% quarter-over-quarter, with 46% of companies beating expectations and a median surprise of 4.3%. The information technology sector led the gains, with earnings up 390% YoY. The current MXAPJ forward P/E ratio stands at 11x, two standard deviations below its 10-year average, placing it in a deeply discounted range. Goldman Sachs has set a 12-month target price of 1,080 points, implying a 21% upside from the current level of 891 points, with an expected total return including dividends of approximately 24%. Goldman Sachs believes earnings resilience will drive valuation repair, recommending overweight positions in capital goods, healthcare, energy, tech hardware and semiconductors, and insurance, while suggesting underweights in autos, software & services, internet, utilities, and metals & mining. Key trading recommendations include going long on portfolios that outperform earnings revisions (launched in July 2021, with a cumulative return of 334%) and going long on AI infrastructure hardware and semiconductors (launched in June 2023, with a cumulative return of 63%). MSCI will adjust its index benchmarks on August 31, triggering approximately $42 billion in two-way capital flows across Asian markets, which could amplify volatility toward the end of the month. Downside risks to monitor include rising long-end US Treasury yields, escalating geopolitical tensions, and the pace of China’s economic recovery.
Coinbase Ventures Becomes the Most Active Crypto VC in the First Half of the Year, Completing 30 Deals Against the Bearish Trend
despite the continued downturn in the crypto market, Coinbase Ventures led the venture capital rankings in the first half of 2026 by completing 30 investments.Animoca Brands followed closely with 19 investments, Andreessen Horowitz (a16z) completed 18 investments, and stablecoin issuer Tether participated in 15 deals.Over the past 12 months, Coinbase Ventures has completed 75 investments, continuing to lead the industry. Animoca Brands, YZi Labs, GSR, and a16z have completed 40, 39, 31, and 30 investments, respectively.However, the overall crypto fundraising market remains in a bear market cycle. In June, the total amount raised by crypto companies fell to $1.4 billion, a 63% decrease from $3.8 billion in April. The number of funding rounds also decreased from 89 in May to 61. In comparison, fundraising in April this year was only $698 million, hitting a new low in nearly two years.So far in July, the crypto industry has completed 12 financing rounds, totaling approximately $456 million.In terms of investment focus, Coinbase Ventures has primarily invested in payment protocols, DeFi, and infrastructure over the past six months. This includes participation in seven funding rounds for payment projects, four rounds for DeFi, and three rounds for infrastructure and Real World Asset (RWA) tokenization projects.By sector, the areas that attracted the most capital over the past year were DeFi, payments, and AI. DeFi projects completed 216 funding rounds, the payment sector completed 131 rounds, AI and crypto combination projects completed 128 rounds, and infrastructure projects secured 110 rounds.It is worth noting that while top institutions remain active, the overall number of market participants is decreasing. The number of independent investment institutions in June dropped to 242, nearly halved from 452 in October 2025, reflecting a concentration of capital in the bear market environment. (Cointelegraph)
Analysis: Pre-IPO Hype Spills Over into Prediction Markets, Pre-IPO Trading Becomes a New Trend
as anticipation builds for several potential major IPOs, "prediction market trading" centered around high-profile pre-IPO companies is rapidly heating up, with users betting on pre-IPO performance through prediction contracts.Platforms like Polymarket and Kalshi have become primary channels, allowing users to engage in "yes/no" contract trading on key metrics such as valuation ranges and listing timelines. Prices are quoted in cents, settling at $1 if the outcome is correct.Given that ordinary investors cannot directly participate in equity investments in popular private companies like SpaceX and OpenAI before their IPOs, prediction markets are converting related expectations into tradeable, event-driven assets.Analysts believe that as the window for potential "mega IPOs" approaches, prediction markets are leveraging public sentiment and capital attention to turn IPO narratives into short-term volatility opportunities on both on-chain and compliant trading platforms, further expanding their influence in financial speculation and information pricing. (The Information)
Morgan Stanley: AI M&A Wave Shows 'Full Spectrum' Development Trend
Morgan Stanley Global Head of Technology M&A Wally Cheng said that as companies race to fill technological gaps in areas such as chips, electricity, networking, and infrastructure, mergers and acquisitions in the artificial intelligence field are covering all sizes and expanding across multiple industries. Cheng stated: "I believe transaction activity will cover the full spectrum, including both private and public companies." While the semiconductors providing computing power for AI have attracted attention due to their "technological miracle" attributes, the infrastructure surrounding these chips also holds significant value, including areas such as networking, storage, electricity, and real estate. Cheng said that valuations in the AI industry remain "very difficult" because a balance must be struck between "imaginative unicorns with rainbow-like prospects" and actual execution risks. Evercore Senior Managing Director of Technology Investment Banking Tammy Kiely echoed similar views. She said potential acquirers must assess the potential value they themselves can create while weighing the cost of missing out on opportunities. (Jinshi)
BIT: Fed Expected to Hold Rates Steady, U.S. Stocks May Trend Higher Amid Volatility in September
According to an analysis by BIT official Chinese (@BITofficial_CN), US stocks historically tend to enter a consolidation phase in September, particularly ahead of midterm elections. Despite market concerns over a potential Federal Reserve rate hike next week, BIT anticipates that the Fed is more likely to keep interest rates unchanged, helping markets downplay the impact of short-term monetary policy and political uncertainties. The S&P 500 Index currently trades slightly above its 30-day moving average, and the overall uptrend remains intact, with trend-following funds continuing to maintain long exposure. Absent any major risk events, US stocks are still expected to trend higher amid fluctuations. While tensions surrounding Iran and oil price risks continue to unsettle markets, US equities as a whole display strong resilience.
BIT: Positive News Supports Bitcoin's July Seasonal Trend
BIT released a daily report stating that Bitcoin performed steadily in early July, continuing its historically relatively strong seasonal performance. US President Trump's statements, such as "the US is taking over cryptocurrency," boosted market sentiment, and investors' attention also turned to the CLARITY Act, which needs to make progress before the Senate enters summer recess on August 7.
Analysis: Pre-IPO Hype Spills Over into Prediction Markets, Pre-IPO Trading Becomes a New Trend
as anticipation builds for several potential major IPOs, "prediction market trading" centered around high-profile pre-IPO companies is rapidly heating up, with users betting on pre-IPO performance through prediction contracts.Platforms like Polymarket and Kalshi have become primary channels, allowing users to engage in "yes/no" contract trading on key metrics such as valuation ranges and listing timelines. Prices are quoted in cents, settling at $1 if the outcome is correct.Given that ordinary investors cannot directly participate in equity investments in popular private companies like SpaceX and OpenAI before their IPOs, prediction markets are converting related expectations into tradeable, event-driven assets.Analysts believe that as the window for potential "mega IPOs" approaches, prediction markets are leveraging public sentiment and capital attention to turn IPO narratives into short-term volatility opportunities on both on-chain and compliant trading platforms, further expanding their influence in financial speculation and information pricing. (The Information)
CryptoQuant Founder: Bitcoin May Resume Upward Trend After US Midterm Election Uncertainty Fades
CryptoQuant founder Ki Young Ju (@ki_young_ju) stated on X that year-to-date net inflows into Bitcoin spot ETFs have been near zero, yet the year-to-date drawdown for BTC is only around 7%. Given weak ETF demand and resilient prices, it is unlikely that early whales or miners will execute large-scale sell-offs, as holders looking to exit may have already done so. He anticipates that once the uncertainty surrounding the U.S. midterm elections subsides and ETF capital flows resume, bullish market momentum will likely return. He also shared a CryptoQuant chart depicting Bitcoin ETF annual holdings.
Trader Killa: BTC Price Action Has Reproduced 2023 Pattern, Bullish Trend May Continue If Upper Range Boundary Holds
trader Killa has posted that current Bitcoin price action is highly similar to 2023. At that time, after BTC broke out of its consolidation range and posted a higher weekly high, it did not fall back below the previous high, but instead went on to form a higher low. If a similar pattern plays out this time, BTC may hold the upper boundary of its previous range, and the price may not fall back to the previous $74,000 low, but instead bottom out and rebound at a higher level. The current trend remains clearly bullish.
Analysts: Bitcoin Exchange Daily Average Net Outflow Drops to 1,500 BTC, Futures Long and Short Positions Trend Toward Equilibrium
CryptoQuant analyst Axel Adler Jr. stated that Bitcoin has consistently experienced net outflows from exchanges since September 22, with the current 30-day average net outflow at approximately 1,500 BTC per day, a significant drop from the roughly 3,000 BTC observed a week ago. However, this decline is primarily due to the large outflow data from September 22 falling out of the 30-day tracking window, rather than indicating a new large-scale influx of funds back to exchanges.
JPMorgan: Retail Investors Sell Off Tech ETFs, Buy Individual Semiconductor Stocks Against the Trend
JPMorgan notes that retail investors have lost confidence in tech ETFs, but their buying of individual semiconductor stocks runs counter to institutional positioning, with semiconductor crowding at the 96.1th percentile. Over the next seven days of earnings season, 62 S&P 500 companies will report results, accounting for 14% of market capitalization, concentrated in the financial and industrial sectors.
Analysis: Largest Bitcoin Supply Cluster Above $84K Could Determine the Next Trend
Odaily reports: Crypto analyst Darkfost stated on X that when Bitcoin's price reached $83,000, approximately 53% of capital costs were positioned above that price, meaning current buyers' holding costs are higher than those of more than half of market participants. Currently, the $84,000 to $85,000 range represents Bitcoin's largest supply distribution zone, where many investors will react at this critical price level. This area is a key resistance level that Bitcoin needs to break through for its subsequent trend; if the price pulls back, the $79,000 to $77,000 range may become a potential support zone.
Deutsche Bank: Tech Stock Rotation Still Has Room, Positioning Not Yet at Previous Highs
According to Trend Research, Deutsche Bank's September 25, 2026 research report states that tech stocks have risen 14% since late July, while the rest of the S&P 500 has declined 3%. Tech stock positioning stands at the 80th percentile, down from a peak of 99 percentiles in early June. Overall large-cap positioning is at the 79th percentile, systematic strategies at 91 percentiles, and discretionary strategies at 64 percentiles. Equity funds saw $10.2 billion in outflows, marking the first instance in three months, with U.S. equity funds posting $21.2 billion in outflows. Bond funds recorded $17.3 billion in inflows.
JPMorgan: Retail Investors Sell Off Tech ETFs, Buy Individual Semiconductor Stocks Against the Trend
JPMorgan notes that retail investors have lost confidence in tech ETFs, but their buying of individual semiconductor stocks runs counter to institutional positioning, with semiconductor crowding at the 96.1th percentile. Over the next seven days of earnings season, 62 S&P 500 companies will report results, accounting for 14% of market capitalization, concentrated in the financial and industrial sectors.
CoinShares: BTC Price Rebound Unlikely to Reverse, Miners Pivot to AI Trend
According to CoinShares’ Q2 Bitcoin Mining Report, even as Bitcoin prices continue to rebound, publicly listed miners that have already pivoted to AI infrastructure are highly unlikely to return to mining operations. The report indicates that AI infrastructure yields approximately $1.5 million in profit per megawatt, roughly triple that of Bitcoin mining (around $500,000), highlighting a stark economic disparity. Currently, at least 35 EH/s of hash rate (representing about 4.7% of the network’s total 750 EH/s) is slated to exit the publicly listed mining sector, with companies such as Core Scientific, IREN, Cipher Digital, and TeraWulf having sequentially announced either full exits or scaling back of mining operations. Given that some AI hosting agreements extend up to 15 years, this transformation is largely irreversible.
Serenity Strongly Backs AI Stock Guru Leopold: SK Hynix and Other Targets May See a "Reverse Jim Cramer" Trend
On the X platform, stock guru "White-Haired" Serenity posted that Jim Cramer recently advocated shorting SanDisk (SNDK), DRAM, and SK Hynix-related names favored by Leopold, while simultaneously labeling CrowdStrike (CRWD) a "must-buy." Serenity contended that AI capex beneficiaries favored by Leopold possess more compelling fundamentals, with Samsung Electronics and SK Hynix projected to command just a 2.8x to 3x forward P/E multiple for fiscal 2027. Samsung has secured long-term agreements extending to 2031 covering roughly 70% of its production capacity; SK Hynix operates with contractual price floors, while SanDisk is anticipated to achieve a 50% free cash flow margin and an 80% gross margin by 2030.
Goldman Sachs: Updated List of 23 Highest-Conviction Buys, Vertex Added, Interactive Brokers Removed
According to Trend Research, Goldman Sachs' September 1 research report indicated that the U.S. high-conviction list was updated this month; Vertex Pharmaceuticals was added, Interactive Brokers Group was removed, and the list remained at 23 stocks. All U.S. equity gains in August were concentrated in the first two trading days, after which the market entered a summer consolidation phase, with Nvidia's robust earnings failing to break the stalemate. The 10-year Treasury yield rose by 9 basis points from the start of the month, Brent crude was essentially flat, while gold, silver, and bitcoin gained 9%, 22%, and 24%, respectively. Vertex was the standout performer this month. Goldman Sachs believes the company has five billion-dollar-plus commercial opportunities spanning cystic fibrosis, pain management, kidney disease, hematology, and the endocrine field following its proposed acquisition of Crinetics. Market expectations for peak sales of povetacicept in IgAN stand at $3.2 billion, significantly below Goldman Sachs' $5.8 billion estimate. Outperformers included Estée Lauder, which rose 5.3% in August, and DoorDash, up 18.1%. Following a strong second quarter, TPG raised its FRE expectations by approximately 10%. Viking Holdings and Applied Materials came under pressure amid overly elevated expectations. The list is constructed based on bottom-up fundamental analysis, covering six major sectors: consumer, financials, healthcare, industrials, resources, and technology.
HSBC: Starlink Users Surpass 12 Million as Space Race Boosts Earth-Based Industries in Three Ways
According to Trend Research, an HSBC report released on August 18 spanning 12 industries points out that SpaceX's Starlink has crossed the inflection point for scale. As of June 30, it operates 10,200 satellites in orbit and serves 12 million broadband subscribers across 167 markets. Additionally, 7.4 million monthly active devices connect directly to mobile phones via satellite (Direct to Cell), covering 30 countries. Maersk has installed Starlink on more than 330 container ships, while United Airlines plans to upgrade 15 Boeing 737-800 aircraft per month. Starship aims to reduce launch costs to $100–$300 per kilogram, representing a decline of over 95% compared to historical averages. HSBC assesses that the space race is now benefiting terrestrial industries across three dimensions: From a communications standpoint, Starlink and ground-based telecom operators are predominantly complementary, filling coverage gaps in oceanic, desert, and post-disaster environments. Regarding compute infrastructure, orbital data centers currently cost three times as much as ground-based equivalents, acting mainly as strategic reserves; however, if TeraFab’s vertically integrated wafer fabs succeed, they could revolutionize the division of labor in the semiconductor industry. At the energy level, AI data centers have pushed the annual growth rate of U.S. power demand to 4%-5%, making renewable energy and the electrical grid the largest beneficiaries. Among the 12 industries covered, power, semiconductors, and robotics are being directly transformed.
DeFi Overall Deposits Decline 15%, RWA Deposits Rise Against Trend to $7.4 Billion
According to BeInCrypto, a latest report jointly released by CoinShares and Token Terminal shows that over the past year (Q2 2025 to Q2 2026), the deposit volume of tokenized real-world assets (RWA) in the DeFi sector increased from $2.3 billion to $7.4 billion, a year-on-year increase of more than twofold, while total DeFi deposits declined by approximately 15% during the same period. The growth was primarily concentrated in yield-bearing products, including tokenized treasury bonds and multi-strategy funds (such as JTRSY, BUIDL, sUSDS), with Aave, Morpho, and Kamino providing the deepest liquidity. Meanwhile, on-chain RWA spot trading volume increased by approximately 220% year-on-year, while native crypto spot trading volume on decentralized exchanges fell by approximately 70%.
Related news
CryptoQuant Founder: Bitcoin May Resume Upward Trend After US Midterm Election Uncertainty Fades
CryptoQuant founder Ki Young Ju (@ki_young_ju) stated on X that year-to-date net inflows into Bitcoin spot ETFs have been near zero, yet the year-to-date drawdown for BTC is only around 7%. Given weak ETF demand and resilient prices, it is unlikely that early whales or miners will execute large-scale sell-offs, as holders looking to exit may have already done so. He anticipates that once the uncertainty surrounding the U.S. midterm elections subsides and ETF capital flows resume, bullish market momentum will likely return. He also shared a CryptoQuant chart depicting Bitcoin ETF annual holdings.
JPMorgan: October Token spending up 40% month over month, GPU leasing and storage prices diverge
According to Trend Research, JPMorgan's report dated October 26, 2026, indicates that large language model token spending grew 40% month-over-month in October, up from 28% in September; token usage increased 25% month-over-month, with weighted prices rising 12%; A100 rental prices fell 3.5% month-over-month, while H100 and B200 prices rose 6.5% and 4.7%, respectively; DRAM spot prices increased 4.4% month-over-month, and NAND prices declined 2.6%.
A Year in Strong Tokens: Only 3 Categories Outperformed Bitcoin, AI and Privacy Sectors Rose Against the Trend
Odaily reports: DeFi researcher Ignas published a roundup of strong tokens for the year, noting that since the start of the year only three categories of tokens—trading, AI, and privacy—have outperformed Bitcoin, among which:1. Trading-related tokens have been the most outstanding performers: DRV gained 665%, HYPE rose 200%, PUMP rose 121%, and RAY rose 106%. The rally logic for these tokens is that speculative trading generates fee revenue for the protocols, which then support token value through buyback mechanisms.2. Among AI-related tokens, VVV rose 1431%, NEAR rose 203%, and GRASS rose 151%;3. Among privacy-related tokens, ZEC rose 137% and XMR rose 37%.In addition, Ignas also mentioned QNT and MORPHO in the institutional adoption narrative, which rose 173% and 89% respectively. However, aside from the above categories, most tokens have performed poorly this year. Finding tokens with strong revenue-generating capacity is currently a relatively easy trading approach to grasp.
Yilihua: Bullish on This Cycle's Trend, but the Industry Is at a Trough, with ETH Price Less Than Half of What It Was 6 Years Ago
Odaily reports: Liquid Capital founder Yilihua posted: "We held the view for 2 months that Bitcoin would pull back to $86,000, just as we saw the end of the rebound to $84,000 in May. Looking back over the past year or so since we called for bottom-fishing in ETH at $1,450, we have been clearly wrong only once. We must always grow from our mistakes, and patience is the best strategy. In fact, most of the market does not match Buffett's value investing, and the crypto industry in recent years has also shown this. The price of ETH is even less than half of what it was 6 years ago, and the BTC price is the same as it was 3 years ago. Although this cycle's trend looks bullish, the industry is indeed at a trough, and AI has drawn away a large wave of talent and capital."
Trader Killa: BTC Price Action Has Reproduced 2023 Pattern, Bullish Trend May Continue If Upper Range Boundary Holds
trader Killa has posted that current Bitcoin price action is highly similar to 2023. At that time, after BTC broke out of its consolidation range and posted a higher weekly high, it did not fall back below the previous high, but instead went on to form a higher low. If a similar pattern plays out this time, BTC may hold the upper boundary of its previous range, and the price may not fall back to the previous $74,000 low, but instead bottom out and rebound at a higher level. The current trend remains clearly bullish.
Bankless Founder: "BTC Clone Coin" Trend Returns, Scarcity Narrative Back in Favor
Odaily reports: Bankless founder David Hoffman posted on X that a batch of tokens he refers to as "2017-era Bitcoin clone coins" have recently gained momentum again. Among them, PRL rose 30% this week, with a fully diluted valuation (FDV) of approximately $4.2 billion; QTC rose 300% this month, with a valuation of approximately $1.8 billion based on a total supply of 21 million tokens.David Hoffman believes that what is noteworthy is that such tokens, which adopt a fixed supply cap of 21 million, are now commanding multi-billion-dollar valuations.