Tom Lee: Bitcoin Could Easily Reach $200,000 by End of Year After September Rate Cut

The Season 2 event for Genius, the trading terminal invested by YZi Labs, has concluded. The event planned to distribute 200 million GP tokens, with an actual distribution of 173 million GP, equivalent to 6.055% of the total GENIUS supply available for claiming; the remaining 0.945% will be automatically burned. Users who choose to request a refund will receive all fees paid to Genius during this season, while forfeiting the GP earned in Season 2, and the corresponding GENIUS will be permanently burned. The refund window will open at 00:00 Beijing Time on October 7 and close at 00:00 Beijing Time on October 12. Users who do not request a refund will have options in the second 5-day window starting October 12: either unlock immediately with an 85% deduction of their allocated share, or lock their tokens for 24 months to receive the full 100% airdrop.

Chicago Mercantile Exchange Group (CME Group Inc.) has decided to shelve its plan to launch 24/7 crude oil futures contracts following industry pushback. Market participants had raised concerns that weekend illiquidity could distort WTI crude oil pricing, while continuous trading would also add pressure on weekend staffing, commercial hedging, and after-hours margin calls. CEO Terry Duffy stated in a Friday release that after extensive consultations, core market stakeholders broadly expressed concerns that rushing to introduce 24/7 energy trading without sufficient due diligence could trigger unforeseen consequences and additional market risks. (Bloomberg)

Prominent trader Killa posted that he expects Bitcoin to reach a yearly high of $97,000, with the majority of the year likely seeing the cryptocurrency trade sideways below that level. Killa noted Bitcoin’s short-term key level is $80,000–$83,000, a threshold more significant than many realize: if it breaks, the next likely zone would be $74,000–$77,000, which could mark the final capitulation bottom before Bitcoin’s push toward $97,000. However, if bullish momentum persists, pullbacks could be far shallower, potentially only dipping to the $80,000 low before the next upward rally. As a BTC-focused quantitative trader, Killa correctly predicted the peak of the current bull run in May 2025 and has over 200,000 followers on X. In mid-April, he shorted Bitcoin at $74,688, then shifted to a long position during the broad market sell-off on June 5.

The largest $CXMT short, 0xf292, has fully closed the position, taking a total loss of $10.79M!

Beating AI Express News reports that Andrej Karpathy, currently part of Anthropic’s pre-training team, has once again discussed how large models should output results to humans. He argues that as AI takes on more specific tasks, humans will spend more time understanding AI outputs, verifying the processes behind them, and making judgments. Making it faster for people to grasp what AI has accomplished will grow increasingly critical. Karpathy’s suggestions have evolved from text to video: For text, teams can draw on the ASD-STE100 standard to use shorter, less ambiguous language; for complex content, they can create diagrams directly, and further develop animated, interactive web pages. He is most bullish on customized explanatory videos, such as having AI generate a 3Blue1Brown-style animated video with voiceover on the spot for a specific problem. This aligns with Karpathy’s earlier views on AI interaction. Back in May this year, he already recommended using HTML to host complex large model outputs, summarizing the evolution of AI outputs as: plain text → Markdown → HTML, and eventually moving toward interactive videos and simulated environments. Compared to long blocks of text, images, animations, and interactive interfaces can turn complex information into far more accessible forms. As code and model capabilities grow cheaper, software that was not worth developing specifically in the past can now be built on demand. A single web page, an interactive tool, or even a short video can be tailored to serve one person, explain one problem, and be discarded after use.

Sources familiar with the matter revealed that Bank of New York Mellon (BNY) is in talks with Payward, the parent company of Kraken. The potential collaboration would cover digital assets, custody, trading, payments, wealth management, and other financial market infrastructure, with related services planned to be delivered to banks, exchanges, and asset management firms via Payward Services. (CoinDesk)