Bonk Guy: Most on-chain popular assets have fallen by half, making this the ideal time for contrarian operations.

According to official announcements, Ondo Finance has launched a new on-chain product category: "Ondo Intelligent Portfolios", presented as a single transferable on-chain token that grants non-US qualified investors access to professionally designed portfolio exposure via one single on-chain token. The three portfolio tokens launched today are all built on portfolio strategies custom-developed by BlackRock for Ondo, targeting three core investment needs: - BLKHIon: Ondo High Income Powered by BlackRock (high-yield strategy) - BLKDIGon: Ondo Diversified Growth Powered by BlackRock (diversified growth strategy) - BLKGRWon: Ondo High Growth Powered by BlackRock (high-growth strategy) Ondo Intelligent Portfolios will also unlock a suite of new capabilities, including an automatically executed rebalancing mechanism at the smart contract level, programmatically composable portfolios that integrate with the broader on-chain economy, and the ability to combine multiple asset classes within a single token. Holding these portfolio tokens provides economic exposure to the portfolio’s underlying asset basket. Each portfolio token is issued by Ondo Global Markets and tokenized by Ondo Finance. Investors only need to mint or redeem the single token to hold a basket of weighted tokenized assets, eliminating the need to individually purchase, weight, or rebalance separate positions. Holdings, weights, and every rebalancing event are visible in real time on-chain, and the tokens can be freely transferred peer-to-peer between wallets, trading platforms, and DeFi protocols. Ondo plans to continuously expand this product line going forward, rolling out additional on-chain portfolio products.

US initial jobless claims for the week ending September 19 came in at 197,000, beating expectations of 201,000, with the prior week’s figure revised from 196,000 to 198,000.

Chairman Tom Lee of Ethereum treasury firm BitMine stated that crypto-themed stocks led third-quarter gains, viewing this as a signal of a bull market’s launch. Unlike past cycles driven by ICOs, NFTs, meme coins, and stablecoins, the current cycle incorporates tokenization, AI, and a more favorable regulatory landscape, with a wider pool of participating capital. After years of consolidation, the market may see a more decisive breakout, with upside potential exceeding that of prior cycles. Lee also expressed optimism that Ethereum will strengthen amid the rollout of tokenization on Wall Street, noting ETH has a chance to challenge its all-time high this year.

SlowMist has issued an alert that MemTensor’s AI long-term memory toolchain has suffered a supply chain attack. Affected are MemoryOS, an open-source library for LLMs and agents (PyPI version 2.0.34), and the official plugin memtensor/memos-cloud-openclaw-plugin that connects to the OpenClaw runtime (npm versions 0.1.21, 0.1.23, and 0.1.25). These versions include cross-platform Go binaries that execute when the package is imported or the OpenClaw gateway is launched. Attackers can steal developer credentials including npm/PyPI tokens, GitHub/GitLab credentials, AWS keys, SSH keys, API tokens, and environment variables, then exfiltrate the data; the npm plugin may also leak user prompts. SlowMist recommends users immediately uninstall or roll back to verified safe versions (npm: 0.1.20, PyPI: 2.0.33), terminate related processes, block associated infrastructure, investigate network activity, and rotate all credentials in affected environments.

Eight days after the U.S. Senate rejected the CLARITY Act, Commodity Futures Trading Commission (CFTC) Chairman Mike Selig said he will use existing statutory authority to independently formulate rules for the crypto market structure, adding that it is time to act. The CFTC has submitted two pre-rules to the White House: "Regulation of Crypto Asset Transactions" and "Regulation of Crypto Asset Markets". Selig noted that the CFTC must re-evaluate all rules to adapt to the 24/7 on-chain market driven by algorithms and decentralized finance. The focus of these moves is on perpetual contracts: the CFTC can establish a designated contract market category to allow trading platforms to offer leveraged crypto trading under its supervision, though it cannot assert jurisdiction over the spot market. This still requires legislation, which is exactly the core of the CLARITY Act. As a result, perpetual contracts have become the most direct breakthrough, with Hyperliquid and Lighter being the clear recent winners.

Li Bei, a renowned Chinese hedge fund manager and founder of Shanghai-based Banxia Investment, warned of AI bubble risks in an exclusive interview with Tencent Finance. She noted that while overseas AI capital expenditure (capex) remains on the rise, its quarter-on-quarter growth rate is likely to peak by mid-next year. Earlier, cloud service providers’ increased investment was built on the assumption of rapid linear growth in AI model revenue. Extrapolating from first-quarter trends, total AI model revenue will reach around 500 billion yuan by the end of this year, exceeding 1 trillion yuan in 2025 and 2026. If this aligns with the current annual capex of over 1 trillion yuan, it would not constitute a bubble. However, in reality, annual recurring revenue (ARR) growth slowed significantly in the second quarter. Li added that the AI sector’s correction since July is not a "Davis double play" (a scenario where both valuation and earnings expectations plummet); only valuations have fallen, and the market still expects substantial profit growth in 2027. But if ARR fails to pick up, investment levels will become unsustainable, and capex will likely peak in 2027. If not in 2027, it will peak in 2028. She judged that the AI sector’s "second wave of decline" will only materialize when capex truly peaks and profit expectations start to decline, likely around mid-next year. When the AI boom fades, the U.S. economy slows, U.S. Treasury yields drop, and the U.S. dollar depreciates, China’s consumer sector may instead emerge as an "oasis in the desert" for global assets.