Odaily News: According to CoinGlass data, total liquidations across the network reached $585 million over the past 12 hours, of which long positions accounted for $498 million and short positions accounted for $86.4012 million.

In addition, BTC liquidations totaled $206 million and ETH liquidations totaled $202 million, together accounting for approximately 69.7% of total network liquidations over the past 12 hours.

Odaily reports: Crypto trader Bonk Guy posted on X that, with the CLARITY Act failing to pass and the broader crypto market under pressure, USELESS has continued to show notable relative strength, outperforming BTC, SOL, DOGE, and PEPE across multiple timeframes.

Bonk Guy reiterated that he believes USELESS has the potential to become a gainer similar to DOGE and SHIB, calling it "the meme coin of this cycle."

According to GMGN data, USELESS currently has a market cap of $217 million, with a 24H gain of over 10%.

Odaily: OpenAI is in preliminary discussions with investors for a new round of private funding at a target valuation of approximately $1.2 trillion, as it prepares for a future IPO. According to people familiar with the matter, OpenAI reached a valuation of $852 billion after completing a funding round in March this year. Recently, as the latest AI models drove a rebound in market demand, the company has been discussing further funding plans with large investors. The negotiations remain at an early stage, and the final valuation and funding size may change.

OpenAI CEO Sam Altman previously said the company's IPO may not come before 2027, and that going public amid rising discussions about AI safety risks may not be the best timing. The report said that after the release of new models such as GPT-5.6 and Astra, OpenAI's revenue growth has accelerated, with annualized revenue exceeding $40 billion. The company has previously said it has sufficient funds, but training large models still requires sustained and substantial capital investment. (Financial Times)

Odaily reports: U.S. Senator Cynthia Lummis, one of the main drafters of the CLARITY Act, issued a statement after the bill failed to advance, accusing Senate Democrats of "never truly being serious about protecting consumers and preserving American leadership."

Lummis said that over the past year she had been negotiating with Democratic lawmakers, but after Republicans met their demands, Democrats kept raising new ones and "constantly moving the goalposts." She said Democrats voted that day against restricting political figures' personal crypto investments, and also against protecting consumers from the scams and fraud the bill was intended to target.

Lummis further accused Democrats of "choosing politics over the American people," arguing that the move cedes America's leadership in digital assets to overseas competitors and could push some crypto businesses to relocate abroad. She also leveled a series of criticisms at Democrats, including being "anti-consumer, pro-illegal finance, and anti-business freedom."

Odaily News: According to MSX data, at the US stock market close, crypto-related stocks fell broadly, with Circle dropping over 11%, Coinbase dropping over 10%, Bitmine dropping over 8%, Strategy dropping more than 5%, and Robinhood dropping over 3%.

On the news front, the US Senate held a procedural vote on Tuesday on the Digital Asset Market Clarity Act (CLARITY Act), which ultimately failed to advance with 49 votes in favor and 50 against.

According to Bitcoin News monitoring, JAN3 has stated that its newly launched swap infrastructure Indra has suffered a denial-of-service attack, and the team has temporarily disabled forward swaps while investigating. Swaps already in progress may experience delays. Indra, developed by JAN3, is designed to replace Boltz in Aqua, enabling users to move Bitcoin between Lightning and Liquid, though Liquid peg operations remain restricted.

Odaily Report: Brian Armstrong posted on X platform that the CLARITY Act failed to advance in the Senate today, which is disappointing. Bipartisan dialogue may continue, and the bill could be reintroduced in the future, but we can no longer wait for Congress. The SEC and CFTC can establish clear rules under existing authority, and he expects both agencies to begin seriously advancing this work, so regardless, cryptocurrency regulatory clarity will come.

Brian Armstrong stated that the GENIUS Act has become the current law in the stablecoin space, with more lenient provisions on rewards. He said that relevant teams made some unacceptable concessions in the CLARITY Act, so the bill's failure to advance may be the best outcome. Cryptocurrency cannot be eliminated, and as regulators gradually clarify the rules, relevant parties will continue to push for updates to the financial system.

Odaily News: U.S. Democratic Senator Elizabeth Warren stated that she still hopes to push a crypto regulatory bill into law, but does not support the current version of the Clarity Act.

Warren said the Clarity Act is Washington's first opportunity to achieve "meaningful crypto regulation," but any bill must include several core elements: regulating public officials' crypto investments, protecting national security and consumers, and strengthening the fight against illicit finance and terrorist financing.

Her stance could become more critical next year. If Democrats regain control of the Senate after the November election, Warren could become chair of the Senate Banking Committee, one of the key bodies for digital asset regulatory legislation. The article notes that Kalshi prediction markets currently show a 52% probability of Democrats retaking the Senate.

When asked whether she would lead crypto legislation if she headed the Banking Committee, Warren said she would be willing. She said she is willing to sit down with Democrats, Republicans, and the industry to craft a crypto bill that protects national security, protects the economy, and reduces corruption.

Odaily reports: Paradis posted on X stating that over the past two weeks, hedge funds have bought US tech stocks at the fastest pace since mid-2025, with newly added long positions mainly concentrated in US semiconductor and semiconductor equipment companies, which also explains the early September rally in stocks such as INTC, BE, and NBIS. Paradis believes that Leopold's timing aligned closely with overall market fund flows and momentum, while Dario's article was published just as hedge funds began rebuilding semiconductor allocations, making the timing less than ideal. Paradis stated that this is a misjudgment of AI infrastructure and capital expenditure growth, as the market remains in an environment of tight supply and constrained compute capacity.

Odaily reports that Bloomberg ETF analyst Eric Balchunas posted on X that Morgan Stanley has filed a rare ETF application involving multiple Eaton Vance state municipal bond ETFs, which currently exist only as closed-end funds or mutual funds. He believes these ETFs could perform well if management fees reach institutional levels or lower.

Odaily News: According to Onchain Lens monitoring, after the CLARITY Act failed to advance, Wintermute (0xecb...2b00) began cashing in on short profits. Its short exposure dropped from $102.1 million to $55.54 million, while unrealized profit increased from $928,000 to $2.28 million; the ETH short position decreased from 15,330 ETH (approximately $38.47 million) to 7,810 ETH (approximately $18.72 million). Wintermute's cumulative profit reached $179.89 million.

According to BitcoinTreasuries.NET on X, OranjeBTC (OBTC3) has launched DIGY11 on B3, Brazil's largest stock exchange — the world's first Bitcoin-backed digital credit-themed ETF. The ETF targets an annualized yield of approximately 18%, paid monthly.

Odaily News: A Fox Business crypto reporter posted on X that U.S. Senator John Kennedy said he was "not surprised" by the failure of the Clarity Act vote, but does not believe the bill is dead. John Kennedy stated that Democratic colleagues understand the need to establish a crypto market structure that appears to have been intentionally designed, but the related work will have to wait until the lame-duck session.

U.S. Senator Ted Cruz, citing the film The Princess Bride, said there is a big difference between the bill being "dead" and "mostly dead," and expressed hope that it can be brought back to life. Ted Cruz blamed Democrats for the failed vote, saying they are "playing politics" and driving crypto industry activity and jobs overseas.

Odaily reports that Sui posted on X stating that over $1.5 trillion in Bitcoin is sitting idle, because using Bitcoin typically means handing it over to someone else. Hashi will change this by keeping Bitcoin on the Bitcoin network while opening up financial services on Sui; the Hashi mainnet is launching soon.

According to Odaily, a Fox Business crypto reporter posted on X that several Democratic senators, including Gillibrand, Warner, Booker, Warnock, Gallego, and Cortez Masto, all voted against the Clarity Act. These senators had been involved in negotiations over the bill for months, and attention is now on Sen. Alsobrooks' vote.