Analysis: The bear market has entered its final phase, with Bitcoin's profit supply ratio continuing to hover around 52%.

Ethereum co-founder Vitalik Buterin has released a new article titled "The Cryptographic World Computer", stating that after years of technological evolution, Ethereum will gradually become a system with fundamental architectural differences from traditional blockchains. Vitalik points out that Ethereum already has core capabilities including general-purpose computing, proof-of-stake (PoS), zero-knowledge proofs, and layer-2 (L2) scaling. Going forward, it will further introduce adjustable computing architectures, multi-party block construction, highly optimized PoS, and deep integration of zero-knowledge proofs into its base layer. He predicts that by around 2030, Ethereum’s core mechanisms—transaction validation, consensus, block construction, privacy, and computing—will all undergo changes. These shifts include moving away from re-downloading and executing blocks toward SNARK-based validation and PeerDAS for data availability verification; transitioning from proof-of-work (PoW) to highly optimized PoS; and replacing single-party block construction with multi-participant block building. Vitalik notes that the future Ethereum decentralized network will not only serve security and censorship resistance, but also enhance performance through parallel storage, parallel computing, and privacy protection. The Hegota upgrade is likely Ethereum’s last "traditional" hard fork, after which recursive STARKs, automated formal verification, optimized consensus mechanisms, and anti-quantum technologies will become the main development directions. Ultimately, these advances will drive Ethereum to evolve from a mere ledger to a "cryptographic world computer" that integrates blockchain, cryptographic privacy, verifiable computing, and decentralized off-chain components.

IOSG’s recent statistics show that as of August 11, 2026, Binance has delisted 42 spot tokens and 28 USDT-margined perpetual contracts so far this year. The number of delisted spot tokens exceeds any full year since 2022, with an average delisting announcement batch every 28 days, a significant acceleration from the 52-day interval in 2025. The delisting logic for spot and derivatives segments has diverged: the median lifespan of delisted spot projects rose from 4.1 years in 2022 to 5.1 years in 2026, while that of delisted contracts dropped from 1.3 years to 0.8 years; among this year’s delisted contracts, 23 were launched in 2025. IOSG analysis notes that fully diluted valuation (FDV) and open interest (OI) are better indicators of delisting risk than trading volume. In 2026, the delisting rate for spot tokens with an FDV below $10 million hit 49%, while no tokens with an FDV over $100 million have been delisted; the delisting rate for contracts with OI below $1 million is 31%, and no contracts with OI over $20 million have been delisted. In contrast, trading volume has a weaker correlation with delisting risk, as some contracts with high daily trading volume have still been delisted. Additionally, Binance’s in-house launch channels do not guarantee long-term listing: 63% of this year’s delisted contracts came from Binance Alpha, and 11 of the 42 delisted spot tokens were issued via Launchpool or Launchpad.

According to HTX market data, Bitcoin has rebounded to surpass $85,000, posting a 1.04% gain in the past 24 hours.

Hyperliquid announced in a statement that, based on user feedback, it will lower the funding rate cap from 4% per hour to 0.5% in its upcoming network upgrade. The official noted that this cap was rarely hit in actual operations. Additionally, per developer feedback, Hyperliquid will adjust deployment limits for HIP-4 outcome contracts: the maximum number of active outcome contracts a single deployer can hold simultaneously will be increased from 100 to 200, while the daily deployment cap for outcome contracts will be raised from 500 to 1000.

According to TradingBeats' monitoring, trader Loracle currently holds a 3x leveraged short position of 104,600 HYPE tokens. This short position has generated over $550,000 in funding fees, with an unrealized loss of $2.97 million: entry price is $64.70, liquidation price is $123.63, and the total position value stands at $9.74 million. Loracle’s overall on-chain unrealized loss has narrowed to $9.82 million.

The New York Times reports that as the Iran war continues to drive up prices for gasoline, diesel, and heating oil, U.S. Republicans are facing growing political pressure ahead of the November midterm elections, with some GOP candidates who previously backed the conflict now publicly calling for an end to it. U.S. President Donald Trump has recently signaled he may escalate military actions against Iran, and on September 26, he rejected Iran’s latest ceasefire proposal, leaving no clear path to resolving the conflict for now. The report notes that U.S. gasoline prices have risen roughly $0.40 per gallon this month to around $4.50, while diesel prices have climbed to about $6.50. Rising energy costs have further amplified pressure on food transportation and household living expenses. Meanwhile, U.S. mortgage rates have risen to 7%, further squeezing homebuyers’ affordability. GOP Senate candidates Ashley Hinson and Mike Rogers have recently called for an end to the war in succession, with some Republican House members also backing efforts to restrict Trump’s ability to launch further military operations. However, many other Republican candidates have chosen to support Trump or avoid publicly criticizing the war. Analysts point out that rising energy prices and the ongoing war could become key challenges for the Republicans in the midterm elections.