Market news: DeepSeek is refunding all its API users for their consumption over the past three days.

Reuters columnist Ron Bousso wrote that the Iran war has lasted longer than markets expected, prompting crude traders to reassess the outlook for the global energy market, with high oil prices projected to persist through 2028. Brent crude’s December 2027 futures contract has risen more than 13% since early September to $86 per barrel, hitting a record high since the contract’s launch; its December 2026 counterpart has gained around 12% over the same period. The rise in long-dated oil prices contrasts with the International Energy Agency’s (IEA) forecast that global oil supply will expand in 2027, leading to a noticeable market surplus, reflecting traders’ doubts about whether supply will recover as scheduled. While recent oil flows through the Strait of Hormuz are near pre-war levels, risks including Iran’s attacks on ships, Houthi escalation of strikes on Saudi Arabia, and damaged refining capacity continue to weigh on supply prospects. Tensions in the diesel market are particularly acute. Europe’s benchmark diesel futures hit a record high of $1,480 per ton in mid-September, and its December 2027 contract broke above $1,000 per ton this week for the first time, far exceeding the $644 per ton level before the war began. Bousso pointed out that even after hostilities end, repairing damaged refining facilities, rebuilding inventories, and restoring logistics systems will take time. Additional costs such as transportation, insurance, and military escort are also likely to persist, extending energy cost pressures over a longer period.

Per Lookonchain monitoring, trader Jelitics—who once stated he would buy all SI tokens anyone holds—sold roughly 21.38 million SI tokens today, cashing out about $279,000 and reducing his position by approximately half. Data shows Jelitics had previously invested a total of around $1.4 million to purchase SI, and now faces a total loss of roughly $562,000.

According to DefiLlama data, Papertrade has generated a cumulative revenue of $42.24 million in its first six days since launch, currently ranking second in global protocol daily revenue rankings—surpassing Circle and trailing only Tether. Separately, Papertrade’s official website shows the protocol has distributed a total of $41.58 million to PAPER stakers, meaning 98.46% of its revenue is allocated to token holders who stake their tokens. It should be noted that the above protocol revenue is calculated from three sources: a 2% fee on realized profit and loss (PnL) of closed trades on the platform, a 2% fee on collateral from liquidation losses, and liquidity provider (LP) balances transferred to PAPER stakers after exceeding the $5 million LP cap. Thus, the so-called "protocol revenue" largely stems from LP balance growth driven by platform traders’ losses. Per official documentation, PAPER stakers’ dividends come from two streams: a 2% protocol "tax" revenue (split equally with developers), and all LP balances exceeding the $5 million cap, which are fully allocated to stakers. As a result, the protocol forms a closed loop where "losers receive platform equity (PAPER), winners take the losers’ funds, and the protocol taxes winners to subsidize the losers."

Jelitics once said, "You can sell me all your $SI tokens." But today, he sold half of his position at a loss, dumping 21.38M $SI ($279K). He invested a total of $1.4M in $SI and is now down $562K.

For a long time, telecom stocks have been viewed by investors as relatively safe investment options, characterized by predictable growth, limited downside risks, and generous dividends. However, competition from SpaceX and rising U.S. Treasury yields are threatening this investment thesis. SpaceX (SPCX.O) announced last week that it has acquired a block of wireless spectrum, enabling it to directly provide mobile communication services via Starlink satellites. This could turn the Elon Musk-led aerospace tech company into a major mobile operator. Following the announcement, shares of Verizon Communications, AT&T, and T-Mobile U.S. all posted double-digit percentage declines on Friday. John Conca, a telecom analyst at Third Bridge Group, said: "Competitive risks are emerging in an unprecedented way. The market believes this may just be the beginning."

U.S. Office of the Comptroller of the Currency (OCC)’s latest report notes that some large banks have relaxed restrictions on digital asset-related operations, though it remains unclear whether these adjustments have actually improved the ability of relevant firms to access financial services. The OCC warns that even with such relaxed restrictions, operational constraints may still effectively exclude certain digital asset companies from the financial services system.