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Small investors walked away from US stocks in September, but Citadel Securities — which handles about 35% of their trades — says they are about to return, according to BeInCrypto. "September was the reset. Q4 is the reload," Citadel Securities strategist Scott Rubner wrote to clients on Thursday. The call lands at an awkward moment, however, as US hiring slows sharply, borrowing costs top 5% and most stocks fell last month. Retail share trading dropped to 0.94 times its one-year average in September, the lowest of 2026 and 26% below June's peak, per Bloomberg, though retail activity has risen from September to October in each of the past four years, by about 8% on average. Companies are next: most cannot buy back shares before earnings, and those windows reopen October 15, while model-driven funds have cut their stock bets to the bottom fifth of their range since 2024.
Analysts expect S&P 500 earnings per share to jump 27% this quarter, and Goldman Sachs has dismissed talk of an earnings bubble. "The story in 2026 has not been a low bar. Expectations have moved higher, and companies have continued to clear them by a wide margin," Rubner told clients. History offers some support but is bumpy: since 1930 the S&P 500 has averaged a 5.6% gain in the fourth quarter of midterm-election years, almost double the usual 2.9%, yet in 14 of those 23 years the quarter's low came in October — "a constructive Q4 setup does not necessarily mean a clean start to October," Rubner said.
The economy looks shakier, BeInCrypto noted: US employers added just 29,000 jobs in September against forecasts of 84,000, and unemployment rose to 4.2%. The rally is also thin, with most S&P 500 stocks falling in September even as the index edged higher. And the messenger has a stake — Citadel Securities earns money executing trades, including the retail orders it expects to return. "September took leverage and positioning out. Q4 brings earnings, catalysts, and buyers back in," Rubner concluded, with the first test coming October 15.

US stocks closed higher on Friday after an unexpectedly weak September nonfarm payrolls report strengthened expectations that the Federal Reserve will hold rates steady at its October policy meeting, according to Sina Finance. The Dow Jones Industrial Average rose 250 points, or 0.5%; the S&P 500 gained 0.7%; and the Nasdaq Composite climbed 1.2%. The Nasdaq hit an intraday record high before a rebound in Treasury yields pulled stocks off their session peaks. Despite Friday's rally, the Dow still fell about 1.3% for the week; the S&P 500 was roughly flat, down a slight 0.3%; and the Nasdaq rose 0.6% on the week, posting a third straight daily gain on Friday.
Treasury yields fell early after the jobs data but later rebounded, dragging stocks away from intraday highs. Risk appetite on Wall Street recovered as technology stocks strengthened broadly.
Nvidia hit its highest level since May but failed to hold a record closing high; CrowdStrike, Palo Alto Networks and AMD also touched record highs, with AMD closing up nearly 3%. The September payrolls report showed the US added just 29,000 jobs, with the unemployment rate rising to 4.2%. The Dow Jones survey had expected 84,000 new jobs and an unemployment rate holding at 4.1%.
Phil Blancato, chief market strategist at Osaic, said: "This is the exact kind of number the market wanted from a labor standpoint. Not too hot, not too cold ... not overly great, and not weakening." The data led traders to reassess the Fed's policy path. The CME FedWatch tool showed federal funds futures pricing a 77% probability that the Fed holds rates steady this month.
Saira Malik, chief investment officer at Nuveen, said earnings season is about to begin and the jobs data could provide support for the market, forecasting a "very strong" earnings season. "So, I think this could be the start of the Santa Claus rally that we’ve all been hoping for," she said.
Oil prices retreated, a positive for stocks, after reports that some EU countries are considering releasing strategic fuel reserves under pressure from the Trump administration. US stocks closed slightly higher on Thursday, the first trading day of October, but a global bond selloff had pressured the Dow and S&P 500 toward weekly losses, with the Nasdaq the only major index on track for a weekly gain.

Dormant Bitcoin addresses transferred 5,419.45 BTC in September across 94 transactions. According to ChainCatcher, the amount was lower than the 6,427.59 BTC moved in August but higher than in July.
Wallets created in 2016 transferred 1,556.53 BTC in 13 transactions, while wallets created in 2013 moved about 888.91 BTC in 26 transactions. Another 57 transfers involved Bitcoin that had been dormant for 12 to 16 years, and September 6 saw the largest daily movement at 1,620.39 BTC.

Zcash’s ETF recorded its first week of net outflows since launching in August, with investors withdrawing $93.6 million as ZEC fell toward $1,300. According to BeInCrypto, Grayscale’s ZCSH fund had taken in $98.2 million two weeks earlier, but no daily net inflows have been recorded since September 22, per SoSoValue. ZEC traded near $1,308 in the October 3 chart snapshot, down about 17.5% on the week and roughly 23% from its recent peak near $1,690.

Analyst Ali said Bitcoin recently failed to break above $87,000, with whales taking profits and selling more than 30,000 BTC during the move. According to Odaily, he said $87,000 has also been the upper end of the price channel that has constrained BTC for more than two weeks.
Ali said traders should watch the lower end of the channel near $82,500 in the short term. He added that if BTC falls to that level and whales begin accumulating again, he would view it as a confirmation signal to buy the dip, with the next rebound target at $87,000.

Ripple and the XRP Ledger Foundation have launched a new organization called XRP Asia, headquartered in Singapore and focused on ecosystem development in the Asia-Pacific region. According to ChainCatcher, the group is led by Sabrina Tachdjian, who previously oversaw Hedera Foundation operations in Asia-Pacific and fintech and payments, and earlier managed blockchain investments at LINE.
XRP Asia will provide learning resources for developers and startups, along with systems integrator partnership programs, hackathons, office hours, and product implementation guidance. It will also offer go-to-market support, including partner introductions, connections to incubation and grant programs, founder story promotion, and investor introductions.
The organization will build on the existing XRPL Korea and XRPL Japan communities and help establish new communities in major Asian cities and growth hubs. The official statement said Asia has long been an important region for XRP Ledger, with an active digital asset market, developers, and XRP community.

On Oct 03, 2026, 17:10 PM(UTC). According to Binance Market Data, BNB has crossed the 790 USDT benchmark and is now trading at 790.320007 USDT, with a narrowed 2.09% increase in 24 hours.

BitMine Immersion formed a golden cross on September 28 as its Ethereum buying approaches a potential inflection point. According to NS3.AI, the company’s Ethereum holdings exceeded 6 million tokens last week, equal to about 4.8% of all ETH tokens in circulation.
BitMine could cross the 5% milestone this month if its weekly Ethereum buying trend continues. The company said its Ethereum holdings are valued at over $16 billion, compared with its $15.8 billion market capitalization.
BitMine also estimates annualized staking revenue of about $358 million from more than 5.1 million staked tokens.

Key TakeawaysCanary filed an amended S-1 registration statement for its proposed PEPE ETF with the U.S. Securities and Exchange Commission (SEC) on October 2.The Canary PEPE ETF is proposed to list on the Cboe BZX Exchange.The fund would seek to provide investors with price exposure to the PEPE held by the trust, after accounting for operating expenses and other liabilities.The ETF's net asset value would reference the 60-minute New York price of the CoinDesk PEPE benchmark exchange rate.Canary has filed an amended S-1 registration statement for its proposed PEPE exchange-traded fund (ETF), providing additional details on the fund's planned listing and pricing structure.According to the filing submitted to the U.S. Securities and Exchange Commission on October 2, the Canary PEPE ETF is proposed to list on the Cboe BZX Exchange.The fund's investment objective is to provide exposure to the price of PEPE held by the trust, after deducting operating expenses and other liabilities.Canary PEPE ETF Targets Cboe BZXThe amended filing identifies Cboe BZX as the proposed exchange for the PEPE ETF.If launched, the ETF would offer investors exposure to PEPE through a traditional exchange-traded investment vehicle rather than requiring investors to directly hold the token.The fund's performance would be tied to the value of the PEPE held by the trust, minus applicable expenses and liabilities.PEPE ETF to Use CoinDesk Benchmark for NAVCanary also outlined how the proposed ETF would value its PEPE holdings.According to the filing, the fund's net asset value (NAV) would reference the 60-minute New York price of the CoinDesk PEPE benchmark exchange rate.The benchmark would provide the pricing reference used to determine the value of the trust's PEPE holdings.Amended S-1 Advances PEPE ETF Filing ProcessThe amended S-1 provides additional information on the proposed ETF's structure as Canary moves forward with its PEPE fund application.The filing does not itself mean the ETF has been approved or cleared to begin trading.If the required regulatory steps are completed, the Canary PEPE ETF would provide exchange-traded exposure to PEPE, expanding the range of crypto assets being considered for ETF products beyond Bitcoin and other larger digital assets.

The U.S. Securities and Exchange Commission has approved 3x long exchange-traded products tied to Bitcoin, Ethereum, gold, silver, crude oil and natural gas under the Securities Act of 1933, Bloomberg ETF analyst Eric Balchunas said in a post on X. According to ChainCatcher, the approval covers leveraged ETPs linked to both crypto and traditional commodities.

Coinglass data shows that if Bitcoin breaks above $89,015, cumulative short liquidations across major centralized exchanges could reach $1.47 billion. According to ChainCatcher, if BTC falls below $80,663, cumulative long liquidations across major centralized exchanges could reach $1.19 billion.

Hyperliquid Strategies, a Nasdaq-listed HYPE treasury company, bought another 1.9 million HYPE tokens worth $167.2 million. According to Odaily, the company now holds about 37 million HYPE tokens valued at roughly $3.2618 billion, along with $292.6 million in cash.

On Oct 03, 2026, 16:42 PM(UTC). According to Binance Market Data, BNB has crossed the 780 USDT benchmark and is now trading at 780.309998 USDT, with a narrowed 0.95% increase in 24 hours.

The European Securities and Markets Authority has proposed prohibiting all licensable crypto-asset services involving stablecoins that do not meet applicable EU Markets in Crypto-Assets requirements. According to NS3.AI, the proposal would extend restrictions beyond trading to custody and transfers, including services for existing holders who no longer trade.
ESMA's September 30, 2026 submission is not an enacted amendment and does not include an implementation date, withdrawal exception, or wind-down mechanism. The proposal does not ban personal ownership, freeze tokens, or require conversion, and historical exchange-volume findings do not establish the affected EU custodial balances or any change in global stablecoin demand.

BlackRock has developed three portfolios for Ondo Finance through Intelligent Portfolios, turning professionally constructed investment strategies into individual blockchain tokens. According to NS3.AI, the portfolios are designed around high income, diversified growth and high growth.
Investors can hold a single token that represents an entire portfolio rather than buying and rebalancing the underlying investments separately. The tokenized portfolios could also be used as borrowing collateral or incorporated into other financial products.

Genius said its second season has officially ended, with 173 million GP distributed versus the 200 million GP originally planned. According to PANews, users who choose refunds will receive a full refund of Genius fees, and the corresponding GENIUS tokens will be burned.
The refund window will open at 0:00 on October 7 and close at 0:00 on October 12. Users who apply for refunds will receive 100% of the fees paid to Genius and forfeit the GP earned during the second season. All repurchased $GENIUS will be burned.
Users who do not choose refunds can, starting October 12, select immediate unlock of their allocation in a second five-day window with an 85% deduction, or lock it for 24 months and receive 100% of the airdrop allocation. Genius said the 173 million GP distributed this season represents a potential claimable allocation of up to 6.055% of GENIUS total supply, while the remaining 0.945% will be automatically burned.

Key TakeawaysCryptoQuant CEO Ki Young Ju expects Bitcoin to gain 3–5x during the current bull cycle, rather than repeating the 10x-plus rallies of earlier cycles.He expects the next Bitcoin bear market to be comparatively milder, arguing that institutional ownership and Bitcoin's larger market size are reducing both upside and downside extremes.Bitcoin's MVRV ratio has not fallen below 1 this cycle, meaning holders collectively remained above their average on-chain cost basis even during market lows.Rising realized capitalization, reduced selling from long-term whales and large futures positions established near the bottom are among the signals supporting his outlook.Ki argues that less extreme boom-and-bust cycles could ultimately make Bitcoin more attractive to long-term capital.Bitcoin could deliver a 3–5x gain during the current bull market rather than another 10x-plus parabolic rally, according to CryptoQuant CEO Ki Young Ju, who expects the market's increasing maturity to also result in a less severe bear market afterward.Ki argued that Bitcoin's expanding market capitalization and growing institutional ownership are changing the structure of its traditional boom-and-bust cycles.During earlier cycles, Bitcoin's smaller market and greater dependence on retail speculation allowed incoming capital to generate explosive rallies. The same structure also contributed to drawdowns approaching 80% when sentiment reversed.Ki believes both extremes are now becoming less pronounced.Bitcoin's Larger Market Could Limit Extreme Price SwingsAccording to Ki, Bitcoin investors may increasingly face a trade-off between lower potential upside and reduced downside volatility.Rather than the 10x or greater rallies seen during Bitcoin's earlier years, he expects the current bull cycle to produce a more moderate 3–5x increase.At the same time, he does not expect the subsequent bear market to resemble the approximately 80% crashes associated with previous cycles.Growing institutional participation is central to that argument.Large, longer-term investors can potentially provide a more stable capital base than the speculative "hot money" that dominated earlier Bitcoin cycles.As Bitcoin's market capitalization grows, substantially more capital is also required to produce the same percentage price moves.Bitcoin MVRV Has Not Fallen Below 1 This CycleKi pointed to Bitcoin's Market Value to Realized Value ratio, or MVRV, as evidence that the current cycle is behaving differently.MVRV compares Bitcoin's market capitalization with its realized capitalization, which values coins based on the price at which they last moved on-chain.Historically, an MVRV reading below 1 has indicated that Bitcoin's market value has fallen below the aggregate on-chain cost basis of holders.According to Ki, that has not happened during the current cycle.Even at Bitcoin's recent lows, BTC remained above holders' average on-chain acquisition cost.Individual investors may still have suffered losses depending on when they entered the market, but Bitcoin holders collectively never moved into an unrealized loss position based on this measure.Bitcoin PnL Index Points to Less Extreme Market CyclesKi also highlighted CryptoQuant's PnL Index, which tracks aggregate holder profitability.According to his analysis, the indicator is increasingly showing less extreme cycle tops and bottoms, with market lows forming at progressively higher levels of holder profitability.Its 365-day moving average, which typically responds slowly around major market turning points, is also beginning to show what Ki described as a meaningful inflection.Together with MVRV remaining above 1, he sees the indicators as evidence that Bitcoin's market structure is evolving away from the extreme profitability and capitulation cycles that characterized its earlier years.Realized Cap Signals Fresh Capital Entering BitcoinSeveral other on-chain indicators support Ki's thesis.He said Bitcoin's realized capitalization is increasing, which can indicate fresh capital entering the asset as coins change hands at higher valuations.Ki also said long-standing Bitcoin whales have stopped selling, reducing a potential source of supply pressure.Meanwhile, large traders in Bitcoin futures reportedly established significant long positions near the market bottom.Taken together, Ki believes these signals suggest capital continues to enter Bitcoin while selling pressure from some of its oldest holders has eased.Institutional Adoption May Reshape Bitcoin's Bull and Bear CyclesThe central argument is not that Bitcoin has reached a permanent price ceiling.Instead, Ki believes the relationship between potential returns and risk is changing as Bitcoin matures.A larger market supported by institutional investors may make another 10x surge increasingly difficult, but the same structural changes could make an 80% collapse less likely.That could make Bitcoin more attractive to investors with longer investment horizons who may previously have avoided the asset because of its extreme volatility.Ki argued that this evolution could eventually bring Bitcoin closer to its original vision as an asset capable of functioning as money rather than primarily as a vehicle for speculation.For the current cycle, however, his thesis implies a significant change in expectations: Bitcoin may deliver smaller multiples than during its early bull markets, but potentially with less severe downside when the cycle eventually turns.

The U.S. Securities and Exchange Commission has paused new crypto ETF reviews after the federal fiscal year began on October 1, 2026, without a budget, according to HOGE Wire. According to ChainCatcher, registration statements cannot be declared effective and staff no longer issue comment letters during the funding lapse.
Existing listed products are not affected, and BlackRock's IBIT, Fidelity's FBTC, and Grayscale-related products can still trade and continue subscriptions and redemptions. New crypto ETFs must complete both an exchange-filed 19b-4 and an issuer-filed S-1 or N-1A, and both paths are suspended during the lapse.
On September 17, 2025, the SEC approved generic listing standards for commodity-based trust shares, allowing qualifying products to skip individual 19b-4 filings and cutting review time from as long as about 240 days to about 75 days. Leveraged, inverse, actively managed, lending, and staking products are not covered by that framework.
The article said more than 90 applications were pending at the start of October, with some deadlines due early in the month. Nate Geraci told Decrypt that the ETF Cryptober expected by the industry may be delayed for now, describing the situation as a postponement rather than a rejection.
The article also said that on March 17, 2026, the SEC and the U.S. Commodity Futures Trading Commission jointly said protocol staking does not constitute the offer or sale of securities. BlackRock's Ethereum product ETHB is listed on Nasdaq with a 0.25% fee and allocates 82% of staking rewards to investors.

Binance announced on X that TRON Carnival Season 3 will run from October 4, 2026, 8:00 AM to December 3, 2026, 7:59 AM (UTC+8), with $2 million in equivalent rewards available. During the event period, users who subscribe funds through Binance Wallet DeFi in the TRX, JST, SUN, and USDD activity pools on the JustLend DAO protocol will share the Season 3 annualized yield boost rewards. The announcement said users who are already participating in the current TRON Carnival event will automatically be considered enrolled in Season 3 as long as they continue holding their positions, and they do not need to subscribe again.
The notice said users can begin staking immediately. It also stated that participation is tied to the specified activity pools on JustLend DAO through Binance Wallet DeFi, with rewards distributed during the stated campaign window. No additional details were provided in the announcement beyond the eligible assets, the participation method, and the automatic continuation for existing TRON Carnival users.

Midnight (NIGHT) reached an intraday high of 0.052 USDT and was trading at 0.05 USDT, up 26.66% over the past 24 hours. According to Foresight News, Midnight is an L1 blockchain focused on data protection.

Cardano's recent price surge is under pressure as trader interest fades and large holders continue selling. According to NS3.AI, ADA futures open interest fell 9% over the past week, dropping from $1.99 billion to $1.81 billion.
Large holders have sold roughly 90 million ADA, worth approximately $22.5 million, since September 20. ADA has also fallen 10% since a Tom DeMark Sequential sell signal appeared on the daily chart, and the correction may not be over.
Ali Charts identified $0.24 as key support, warning that a move below that level could send ADA toward $0.21.

Bloomberg ETF analyst Eric Balchunas said on X that Canary has revised its Pepe ETF filing again, which he suggested may be another sign that the crypto winter has ended. According to ChainCatcher, he added that a few months ago the market would not even have considered launching a Pepe ETF, while testing the market now appears safer.

Glassnode said on X that Bitcoin investors who bought at higher prices are selling. According to Odaily, two groups are currently in loss: investors who bought at $97,000 one to two years ago and investors who bought at $89,000 six to 12 months ago.
The analysis said investors who entered during the 2025 rally are selling the most Bitcoin each day, while those who bought during the market decline have not engaged in large-scale selling.

Greek police have dismantled a crypto investment scam ring and arrested 17 people, including nine military personnel. According to Foresight News, the initial investigation found that about 10,000 people took part in the scheme, with an average investment of about 800 euros per person and estimated funds involved of more than 8 million euros.
The group operated by recruiting new participants to secure higher returns, showing clear pyramid scheme characteristics. Police said the ring recently froze withdrawals and claimed investors could receive double their money after 50 days if they doubled their principal. Authorities have seized about 280,000 euros, and the investigation is ongoing.

On October 3, a large holder that built an ETH position a year ago was suspected of cutting losses, with an estimated loss of $2.44 million. According to BlockBeats On-chain Detection, the address 0x102…2e383 deposited 6,595.2 ETH to a CEX, or centralized exchange, three hours earlier.
Of that amount, 6,500 ETH had been withdrawn during June to August 2025 at an average price of $3,040.4. The position at one point showed an unrealized loss of more than $9.56 million, and the holder ultimately exited after the assets shrank by 12.3%.

On Oct 03, 2026, 11:49 AM(UTC). According to Binance Market Data, BNB has crossed the 770 USDT benchmark and is now trading at 770.030029 USDT, with a narrowed narrowed 1.03% decrease in 24 hours.

Kaiko data showed that 71% of tokenized stock trading volume on Uniswap in September took place outside regular U.S. trading hours, with nearly half occurring when exchanges were fully closed. According to Odaily, the data also showed that in 20 of 25 large price gaps, weekend token price moves matched the direction of the Monday opening gap. Robinhood Chain's tokenized stock trading volume has now exceeded that of most other blockchain networks.

U.S.-Russia talks on Ukraine reportedly involve a multibillion-dollar oil deal tied to allies of U.S. President Donald Trump. According to ChainCatcher, the transaction concerns Lukoil's extensive global holdings, including oil fields, refineries, and gas stations.

Dormant Bitcoin addresses transferred 5,419.45 BTC in September across 94 transactions, with the amount valued at about $457 million. According to Odaily, the total was lower than August's 6,427.59 BTC but higher than July's level.
Wallets created in 2016 transferred 1,556.53 BTC in 13 transactions, while wallets created in 2013 moved about 888.91 BTC in 26 transactions. According to Odaily, about 57 other transfers involved Bitcoin that had been dormant for 12 to 16 years, and September 6 saw the largest daily transfer volume at 1,620.39 BTC.

Key TakeawaysU.S. nonfarm payrolls increased by just 29,000 in September, while the unemployment rate rose to 4.2%.July and August payroll figures were revised down by a combined 60,000 jobs, adding to signs of cooling labor market conditions.Expectations for an October Federal Reserve rate hike declined following the weaker employment report.U.S. stocks rallied, with the Dow up 0.49%, S&P 500 up about 0.74% and Nasdaq up 1.19%.Bitcoin briefly attempted to break above $87,000 following the jobs report but was rejected, later falling back to around $84,643.Bitcoin briefly surged toward $87,000 after weaker-than-expected U.S. employment data reduced expectations for another Federal Reserve interest rate hike in October, but the cryptocurrency failed to hold the move and subsequently retreated.Meanwhile, U.S. stocks rallied as investors interpreted the softer labor market data as reducing the likelihood of near-term monetary tightening.The Nasdaq led the gains, while Nvidia reached a new record high amid continued strength in technology stocks.U.S. Economy Adds Just 29,000 Jobs in SeptemberThe U.S. economy added only 29,000 nonfarm payroll jobs in September, substantially below economists' expectations of around 90,000.The unemployment rate also edged higher to 4.2% from 4.1%.Previous employment estimates were revised lower as well. July payroll growth was revised from +21,000 to -10,000, while August was reduced from +162,000 to +133,000.Together, the revisions removed 60,000 jobs from the previous two months' estimates.Wage growth also moderated, with average hourly earnings rising 0.1% month-on-month and 3.0% from a year earlier.The combination of slower hiring, higher unemployment and softer wage growth strengthened expectations that the Federal Reserve could hold rates steady at its October meeting rather than deliver another increase.Fed Rate Hike Expectations Fall After Jobs ReportMarkets quickly adjusted their expectations for Federal Reserve policy following the employment report.The probability of another October rate increase fell substantially, with traders increasingly positioning for the Fed to leave rates unchanged at its next meeting. Reuters reported that October hike expectations had fallen to 22.7%, compared with 64.2% a week earlier.The labor market data does not necessarily remove the possibility of additional tightening later in the year, particularly if inflation remains elevated.However, the September jobs report gives policymakers additional evidence that labor demand is cooling, potentially reducing the urgency for another immediate rate increase.Nasdaq Jumps 1.19% as U.S. Stocks RallyU.S. equities responded positively to the weaker employment figures.The Dow Jones Industrial Average gained 0.49%, while the S&P 500 rose approximately 0.74% and the Nasdaq Composite climbed 1.19%.The technology-heavy Nasdaq led the advance as lower expectations for near-term interest rate increases supported growth and technology shares.Nvidia gained 1.34% and reached a new all-time high, according to the supplied market data, while Tesla climbed 4.65%.Dell advanced 3.8%, Broadcom gained 3.35% and ASML rose 3.25%. Accenture and SanDisk moved in the opposite direction, falling 6.27% and 3.79%, respectively.Bitcoin Tests $87K Before Falling BackBitcoin initially responded positively to the softer employment data, briefly surging toward $87,000 as expectations for an October Fed rate hike declined.The move, however, encountered resistance around the $87,000 level.BTC subsequently gave back its post-jobs-report gains and fell to approximately $84,643, representing a 24-hour decline of around 0.7% based on the supplied market data.The rejection suggests Bitcoin has yet to establish a sustained breakout above the $87,000 area despite the more favorable shift in near-term interest rate expectations.Bitcoin Traders Watch Fed Policy After NFPThe September employment report strengthens evidence that the U.S. labor market is cooling, but inflation remains an important constraint on Federal Reserve policy.For risk assets, that creates a mixed backdrop.Slower employment growth reduces pressure on the Fed to continue raising rates immediately, potentially benefiting equities and crypto. At the same time, uncertainty over inflation and the possibility of further tightening later in the year remain key risks.Bitcoin's failed attempt to hold above $87,000 highlights that distinction.While weaker jobs data provided an initial macro catalyst for BTC, the subsequent pullback suggests traders may need stronger buying demand — alongside further confirmation of a less restrictive Fed outlook — before Bitcoin can establish a sustained move above its latest resistance zone.

On October 3, a Hyperliquid whale address, 0x936c, was reported to hold about 14.85 million PONS short positions, with the position valued at about $6.26 million and using 2x leverage. According to BlockBeats On-chain Detection, the address added about 1.09 million PONS to its short position today.
The position has an unrealized profit of about $2.12 million, with a return on position of about 50.6%. The mark price of the PONS perpetual contract on Hyperliquid was about $0.42, down roughly 21.3% over the past 24 hours.

Solana processed a record 14.2 billion non-voting transactions in the third quarter, up 45% from the second quarter. According to ChainCatcher, the figure marks a new quarterly high for the network.

Zcash said it now has two separate full node implementations that follow the same rules: Zebra and Zakura. According to ChainCatcher, Zebra is a Rust-based full node implementation supported by the Zcash Foundation, while Zakura is another independent full node client.
The project also raised a question about whether a second client meaningfully changes the network's decentralization, or whether hash power remains the only key factor.

San Francisco Fed researchers said Tether and Circle increased their Treasury securities and repurchase-agreement holdings by about $200 billion over five years. According to NS3.AI, the increase was equal to more than 40% of the decline in China’s Treasury holdings over the same period.
The researchers said stablecoin issuers mainly buy short-maturity assets, while China’s reductions have largely involved longer-dated debt. They added that continued growth could lift stablecoin issuers’ Treasury holdings toward $400 billion by 2030, although the estimate carries substantial uncertainty.
The report also said proposed U.S. implementing rules would reinforce demand for highly liquid reserves, including Treasury securities with remaining maturities of 93 days or less.

Key TakeawaysThe total stablecoin market capitalization has fallen by $14 billion since May, according to CryptoQuant analyst Darkfost.Stablecoin supply has begun recovering since September, increasing by approximately $4 billion to around $270 billion.The rebound suggests liquidity conditions are beginning to improve, but the recovery remains modest compared with the earlier contraction.Darkfost said stronger stablecoin liquidity growth may be needed to provide enough capital to support Bitcoin toward new highs.The stablecoin market is showing early signs of recovery after months of contraction, but liquidity entering the crypto market remains relatively weak, according to CryptoQuant analyst Darkfost.Total stablecoin market capitalization has declined by approximately $14 billion since May, reflecting a significant reduction in crypto-native liquidity.The trend has improved since September, with stablecoin market capitalization increasing by roughly $4 billion and recovering to around $270 billion.However, Darkfost cautioned that the rebound remains relatively small and may not yet represent enough new liquidity to support a sustained Bitcoin move toward new highs.Stablecoin Market Cap Falls $14B Since MayStablecoin supply is closely watched as an indicator of liquidity available within the crypto ecosystem.Unlike capital held outside the market, stablecoins can generally be deployed quickly across Bitcoin, Ethereum and other crypto assets.A rising stablecoin market capitalization can therefore indicate that more dollar-denominated liquidity is available within crypto markets, while sustained contraction can signal capital leaving the ecosystem.Since May, the total stablecoin market cap has contracted by $14 billion, according to Darkfost.The decline suggests that liquidity conditions have remained relatively constrained despite periods of strength in Bitcoin and the broader crypto market.Stablecoin Liquidity Begins RecoveringThe picture has started to improve since September.Stablecoin market capitalization has increased by approximately $4 billion, bringing the total back toward $270 billion.That reversal indicates that some liquidity is returning to the market after the earlier contraction.However, the $4 billion recovery represents only part of the $14 billion decline recorded since May, leaving overall stablecoin liquidity below its previous level.Darkfost described the improvement as insufficient to signal a decisive liquidity expansion.Why Stablecoin Supply Matters for BitcoinStablecoin liquidity can play an important role in supporting crypto market rallies because it represents capital that can potentially rotate into Bitcoin and other digital assets.A sustained increase in stablecoin issuance and market capitalization can expand the pool of available purchasing power.Conversely, when stablecoin supply stagnates or contracts, Bitcoin may have less fresh liquidity available to sustain increasingly higher valuations.The current situation therefore presents a mixed signal.The contraction in stablecoin market cap appears to be starting to reverse, but the magnitude of the recovery remains limited.Bitcoin May Need Stronger Liquidity Growth for New HighsDarkfost said more substantial liquidity inflows may be necessary for Bitcoin to push toward new highs.The recent $4 billion increase provides an early indication that conditions are improving, but it has yet to offset the broader $14 billion decline since May.A continued expansion in stablecoin supply could strengthen the liquidity backdrop for Bitcoin, particularly if the additional capital moves onto exchanges and is subsequently deployed into crypto assets.For now, the data suggests that crypto liquidity is recovering, but not yet at the pace associated with a strong influx of fresh capital.Whether the stablecoin market can extend its rebound beyond $270 billion could therefore become an important indicator for Bitcoin's next major move.

Two traders were liquidated for a combined 707.6 million PUMP tokens after the token fell 8 hours ago, with the positions worth $3.61 million. According to Odaily, the liquidations followed the decline in PUMP.

NEAR Intents recorded its highest fee revenue of the year in September. According to Odaily, NEAR set Hyperliquid’s perpetual contracts to privacy mode by default, allowing users to deposit funds from other chains and trade through token swaps on NEAR Intents. On the first day after the privacy feature launched, confidential balances exceeded $70 million.

Elon Musk responded on X to rumors about cooperation between his chip company Terafab and Taiwan Semiconductor Manufacturing Co. He said the two sides have only discussed the matter, but there may be results. According to Odaily, Musk previously announced that the Terafab project would be jointly operated by Tesla and SpaceX, be based in Austin, and aim to reach 1 trillion watts of computing capacity per year, with most of it required for space-related use. The project’s first-phase investment is $16.8 billion.

Pons founder Ozzy said the project’s burn rate has not yet been adjusted and that the Claim process is still not fully decentralized. According to ChainCatcher, he said the team is upgrading on-chain contracts and plans to run a new buyback mechanism on a 7-day cycle, with claims executed every 7 days and all claimed funds used for PONS buybacks and burns over the following 7 days.
He said all buyback and burn operations are now automated, and anyone can trigger the bot and receive a small reward. Ozzy added that the previously set buyback and burn rate of 2e per hour matches the 7-day cycle based on the Splitter contract’s current funds of about $950,000.
He also said claimed funds will be executed automatically on a 7-day schedule and will appear in two separate sections: the Active Buyback Vault and the reserve for the following week’s buyback funds. Separately, crypto analyst yyy said on X that Pons had not replenished funds to the buyback distributor for more than 5 days, with about $440,000 in pending funds in the custody account, and argued that delayed claims have kept recent PONS burn activity low.

Apple Inc. said a small number of AT&T Inc. customers who recently upgraded to the iPhone 18 Pro Max will need replacement devices after a bug caused them to lose cellular service, according to Bloomberg.