🌐 Global Overview
· Total market cap $4.09 trillion (-0.73%), Fear Index 74→70 (greed cooling down)
· Derivatives Liquidation $910 million (long positions account for 68%), BTC funding rate turns negative (-0.012%)
· USDT out-of-market premium drops to zero, exchange inventory surpasses $54 billion
⚡️ Core Assets
1. ETH Pullback: reported at $4,611 (-2.56%), L2 TVL rises against the trend to $51 billion
2. BTC Loses Key Level: reported at $118,400 (-1.42%), miners sold 9,800 BTC ($1.16 billion) in three days
📶 Sector Divergence
· ZK Technology Leads: Starknet (STRK) +18.3% (SEC delays regulatory ruling)
· RWA Resilience: Ondo (ONDO) +5.7% (BlackRock's reserve pool reaches $850 million)
· AI Computing Power Crash: Render (RNDR) -12.4% (Nvidia GPU supply disruption)
🌍 Macro Events
1. Fed's Hawkish Minutes: September rate cut probability plummeted to 76% (previously 96%), US Treasury yield rebounded to 4.15%
2. Digital Tax Upgrade: Daily settlement of Chinese rare earths in Hong Kong exceeds $1.5 billion, digital HKD trading volume up 470% month-on-month
🏦 Regulation and Institutions
· Hong Kong Breakthrough: Alipay Hong Kong's digital HKD wallet users exceed 5 million (150% growth in 3 days)
· US Regulatory Conflict: SEC sues Uniswap Labs, UNI plummets -22.1%
· Capital Movements:
→ MicroStrategy further reduces holdings by 1,500 BTC ($178 million) to pay interest on debts
→ Three Arrows Capital creditors' liquidation completed, remaining assets transferred to a new fund
🔎 On-chain Activity
1. Staking Fluctuations: ETH net redemption of 38,000 in a single day, validator exit queue extended to 3.5 days
2. Ancient Chips Liquidation: 2011 BTC address deposits 500 BTC ($59 million) to Coinbase
3. Stablecoin Reshuffle: HSBC's HKD₮ circulation increases by 400% week-on-week to $620 million
Core Insights:
“As the Fed's hawkish stance heavily impacts rate cut expectations, ancient BTC from 14 years ago is liquidated in bulk—
As liquidity recedes, the on-chain staking redemption queue becomes a market pressure gauge.
