Grayscale's Ethereum spot ETF pledged 857,600 ETH, approximately US$3.88 billion; Bit Digital increased its holdings by 31,057 ETH, and its current holdings rose to 150,244 ETH.

After dipping to $108,000 the previous week due to month-end/quarter-end liquidation, BTC prices have rebounded sharply this week, reaching new highs. Technically, the anticipated extended sideways correction appears to be underway.

The rebound is just an appearance. The three variables of capital flow, sentiment and policy disturbance will determine when the next round of direction will return.

高位回调后情绪谨慎修复；BTC/ETH临关键支撑；宽松预期托底风险资产；链上长钱增持；IV低位+Skew偏空，策略宜卖波动防尾部。

The top three crypto concept stocks with the highest increase were BKKT, MIGI, and ABTS.

The US SEC requires issuers of LTC, XRP, SOL, ADA and DOGE ETFs to withdraw their 19 b-4 applications; a Bitmine address may have increased its holdings by 25,369 ETH, worth US$107 million.

政府会停摆吗？“如果必须停摆，那就只能停摆，”特朗普周五表示。“但他们是导致政府停摆的一方。”

The fog of interest rate cuts has deepened, and mainstream currencies have all lost key positions.

For short-term investors, SharpLink's current trend is weak, and the risks outweigh the opportunities; for long-term investors, if they agree with the future prospects of tokenized securities and the Ethereum ecosystem, they may choose to invest at a low level and bet on a "future narrative."

After all, this is still a kind of "left foot stepping on right foot" stimulation. How long it can last will take time to test.

Understanding the New Crypto ETF Order: Who's Making the Cut? Who's Being Left Behind?

美联储主席鲍威尔在9月降息25个基点后强调，美国货币政策依旧处于微妙平衡：一方面，通胀虽回落至接近目标，但仍面临粘性风险；另一方面，就业增长放缓，劳动市场的疲态逐步显现。

The butt determines the head. Let's hear what arguments the military and the air force have.

If this inversion continues to exist in the future, DAT will become a "book game": they have the halo of digital assets on the surface, but in the eyes of the market, they will still be difficult to escape the shadow of "shell companies".

BTC现货价格走势如预期在进行横盘调整。目前我们的基本假设是币价会再试探11.2万美元低点（可能短暂下探11.1–11万美元）之后，若能在此价位获得支撑和反弹，市场可能会重新试图突破历史高点。

美联储降息落地，BTC与ETH高位回调，流动性紧缩与机构再平衡成主要因素。