Grayscale Crypto Asset Valuation Analysis: HYPE and CAKE Top the Rankings for Holder Returns and Adjusted Earnings Yields Respectively

According to market data from BIT (bit.com), the U.S. 10-year Treasury yield has dropped below 5% for the first time since September 23, falling 14.97 basis points on the day. This break below the 5% threshold is mainly driven by safe-haven buying spurred by sell-offs in tech and AI-related stocks, reviving the traditional "stocks-bonds seesaw" effect. Earlier, the yield had surged to multi-year highs due to factors including inflation stickiness and fiscal supply, but has recently pulled back temporarily as risk appetite cooled. While lower long-term rates help ease financing costs and valuation pressures, their absolute level remains elevated, and the decline stems from weakness in risk assets rather than clear signals of growth or policy shifts. For crypto and other risk assets, this points to a short-term neutral-to-cautious outlook.

Trump posted: "Iran is doing everything possible to drive up oil prices ahead of the U.S. midterm elections. They have even fabricated false attacks, mine-laying, and various other incidents, as more oil is transported through the Strait of Hormuz now than before the conflict broke out. This is truly an evil regime. I only hope the American people and the whole world can recognize how evil they are! It is shocking that the entire world and the foolish Democrats seem indifferent to this. Iran must never, and will never, possess nuclear weapons!"

Amid growing AI bubble concerns on Wall Street, Blackstone President Jon Gray offered a contrasting view. He noted that current AI infrastructure development differs fundamentally from the 1990s telecom bubble, when companies typically expanded capacity en masse before waiting for demand to materialize, whereas today firms are building infrastructure to keep pace with already surging real demand. Gray described current AI demand as "parabolic growth" and revealed that Ode, an AI advisory venture co-founded by Blackstone and Anthropic, is currently even unable to meet client demand. This stands in stark contrast to the bearish view of Citadel founder Ken Griffin, who said days ago that "we are almost certainly in an AI bubble." Blackstone is positioning AI as a core investment focus, with its data center investments already totaling around $200 billion, and is deploying capital broadly into power, transmission facilities and other supporting infrastructure. However, Gray also acknowledged that even with real demand, not every investment will deliver ideal returns. Some AI-focused cloud service providers, such as CoreWeave, are currently facing financing difficulties despite solid core business performance. Gray pointed out that data center construction requires massive upfront investment, and investors must weigh whether future cash flows can cover financing costs, as well as the risk of asset depreciation from technological iteration. The current bubble debate essentially boils down to testing whether AI’s explosive demand can ultimately translate into sustainable commercial returns that cover high costs.

Decentralized exchange platform QuickSwap announced that its deployment interface on Soneium will cease operations on December 31, 2026. To facilitate the transition, QuickSwap is urging all liquidity providers and users on the chain to directly withdraw their assets and LP positions via the interface before this date. The protocol noted that even after the interface is shut down, users can still retrieve their assets independently through the official Soneium block explorer.

According to EmberCN monitoring, 3,000 ETH withdrawn from Gemini in 2017 was transferred to Kraken 10 minutes ago after lying dormant for approximately 9.5 years. At the time of withdrawal, ETH traded at $19, valuing the holdings at $56,000; the sum was worth $7.23 million at the time of the recent transfer, marking a roughly 128-fold increase.

According to market data from BIT (bit.com), the US semiconductor sector in the stock market declined across the board. The Philadelphia Semiconductor Index fell 5.67%, hitting its lowest level since July 29. Among its component stocks: AMD dropped 7.21%, Intel down 6.57%, Applied Materials down 6.57%, Arm down 6.75%, Seagate Technology down 7.81%, Western Digital down 6.95%; Micron Technology down 4.29%, NVIDIA down 3.93%, TSMC down 3.97%, Broadcom down 3.79%, ASML down 4.83%. Multiple sub-segments including storage, semiconductor equipment, and chip design came under simultaneous pressure. Additionally, Lam Research fell 9.78%, Lumentum down 9.24%, Coherent down 11.81%, and the 3x Long Semiconductor ETF dropped 17.09%.