TRON (TRX) — Onchain News & Whale Tracking

Cosmos Hub Recovers 1.227 Million ATOM from Neutron Attack, Funds Temporarily Held in 4/6 Multi-Signature Address

Cosmos Labs released a disclosure stating that on September 22, Neutron suffered a governance attack, resulting in the theft of liquidity from protocols including Astroport. Approximately 1.73 million ATOM were subsequently transferred by the attacker to the Cosmos Hub. The Cosmos Hub itself was not targeted in the attack, and user funds remained unharmed. To block the stolen ATOM from being further moved, Hub validators temporarily paused the network for roughly 24.5 hours, resuming block production on September 23 using the patched Gaia v28.3.0. Cosmos Labs added that during the pause, 1.227 million ATOM stayed in the attacker’s Hub address. Upon network recovery, these funds were transferred in a single operation to a 4/6 multi-sig address made up of Nansen, Keplr, Enigma, Silknodes, Kiln, and Polkachu. Earlier, around 500,000 ATOM had been swapped for ETH via THORChain and cannot be recovered. An additional 169,000 ATOM entered the attacker’s address via a THORChain refund after the network came back online, and were later transferred to Osmosis and sold. The multi-sig address currently holds approximately 1.227 million ATOM, which can only be returned following authorization via a Cosmos Hub governance proposal. The funds will not be staked, lent, or traded. The Neutron team is expected to submit a recovery plan and related governance proposal next week.

Yilihua: Bitcoin faces a normal correction after climbing to $86,000, adopting a "bearish but not shorting" stance, with ETH showing even stronger momentum.

Liquid Capital founder Jack Yi wrote in a post that after Bitcoin (BTC) rose to around $86,000, it is facing a normal correction. In the current bull market, investors should "be bearish but not short" and wait patiently for the next long trading opportunity. He noted that for specific trading opportunities, Ethereum (ETH) is showing stronger performance; trading infrastructure assets such as UNI and HYPE are gaining market acceptance, while ZEC is a "strong-whale asset".

Franklin Templeton: U.S. Stock Market Poised for Strong Fourth Quarter

Franklin Templeton Institute Chief Investment Strategist Jeff Schulze said that regarding the Federal Reserve’s latest interest rate hike, the market’s recent mild performance may help mitigate any potential downturn. In the three months leading up to last week’s rate action, the S&P 500 index barely moved, while the average gain in the three months prior to the first interest rate hike of a cycle historically stood at 4.2%. “I think the market is poised to continue moving higher as it enters the seasonally very strong fourth quarter,” Schulze said. (Jinshi)

Tron Transaction Volume Surpasses $30 Trillion With $30B Daily Volume

Total transaction volume on #Tron has officially surpassed $30 trillion, with over $30 billion in daily volume.

Total transaction volume on #Tron has officially surpassed $30 trillion, with over $30 billion in daily volume.

Total transaction volume on #Tron has officially surpassed $30 trillion, with over $30 billion in daily volume.

Viewpoint: The halving of LLM token prices does not signal a weakening in AI demand; the GPU computing power rental market remains robust with strong demand.

Professional data firm Silicon Data published a report noting that the market has recently frequently cited its LLM Token Index as a basis for bearish bets on AI trading, but the index’s decline does not signal a weakening of AI demand or model-layer profits. Silicon Data explained that its LLM Token Index measures the actual price paid per million tokens by API users in its sample — referred to as the "usage-weighted price" — rather than token volume or total spending. The index fell 52% from $2.07 on May 28 to $1 on September 21, but had risen 67% between January and its May peak, meaning price movements alone cannot serve as a direct indicator of AI industry sentiment. The firm pointed out that the recent index decline mainly reflects more tasks being allocated to cheaper, faster models, while AI labs continue rolling out additional mid-tier models. Since tokens do not fully represent AI capabilities, the index also cannot distinguish between model substitution and more efficient agent routing on its own. By contrast, the GPU computing power rental market still shows strong demand. Silicon Data’s data shows that rental prices for H200 GPUs at non-hyperscale cloud providers rose from an average of $2.87 in June to $3.29 currently, hitting $3.32 on September 19; B200 GPUs now trade at $5.76, up 7% year-over-year and 31% year-to-date; B300 GPUs have risen 44% since their launch at the end of April. Silicon Data believes that with the large-scale adoption of agents, the vast majority of tokens in the future will likely come from cheap, fast models, so token prices can continue to decline while total token volume still grows significantly. The firm added that truly high-value tasks will likely remain concentrated on frontier models, and the widespread adoption of AI means demand for computing power could be "more, not less".

Total transaction volume on the TRON blockchain has surpassed $30 trillion, while USDT circulating supply exceeds $94 billion.

TRON DAO announced that the cumulative transaction settlement volume on the TRON blockchain has surpassed $30 trillion, with over 405 million on-chain accounts, more than 15 billion total transactions, and total value locked (TVL) exceeding $280 billion. Data shows TRON currently has over $94 billion in circulating USDT, the largest amount among all public blockchains. Token Terminal data indicates that TRON’s USDT transfer volume year-to-date is approximately $6 trillion, with an average daily transfer size of around $25 billion, ranking among the top across all networks. In the payments sector, CoinDesk Research reports that crypto payment card transaction volume rose from $2 billion in Q1 2026 to $2.4 billion in Q2 2026, with TRON’s share increasing from 33% to 34% — the highest among all public blockchains tracked. Institutional adoption is also expanding. In September, Canary Capital launched the Canary Staked TRX ETF (TRXS); Bitnomial has rolled out TRX spot and futures products, while Anchorage Digital added support for native TRX staking and TRC-20 asset custody for TRON.

Neutron governance proposal manipulated, attacker steals approximately $4.4 million; Cosmos Hub validators coordinate a chain halt to recover the funds.

Cosmos ecosystem protocol Neutron’s urgent governance proposal was manipulated by attackers. The malicious address spent approximately 20,199 USDC to buy NTRN, then staked 31.6 million NTRN about 12 minutes before the vote ended, leading the proposal to pass with an 82% support rate. The attacker subsequently transferred control of 11 contracts to themselves, migrated them to malicious code, and stole roughly $4.4 million in assets. To recover the funds, Cosmos Hub validators coordinated a near 24-hour and 48-minute chain halt; during the restart process, they transferred approximately 1.23 million ATOM from the attacker’s wallet to a new address, with plans to return the assets to their original holders later. (The Defiant)

Bitcoin undergoes a correction, altcoins see sharp pullbacks, while earlier strong cryptocurrencies take the opportunity to consolidate.

Following Bitcoin’s pullback yesterday, altcoins across the crypto market plunged sharply. According to HTX market data, on the CEX’s decline leaderboard, MUBARAK led with a 32.14% drop, while ONE fell over 24% to take second place. Previously strong tokens such as UNI saw a 11.75% decline today, retreating to above its prior support level, now trading at $9.254. ZEC dropped 6.16% to $1,516.99. LIT, which hit an all-time high yesterday, remained relatively resilient with no notable correction, currently priced at $5.3438, up 4.75% over 24 hours.

South Korea's exports surged 78.3% year-on-year in the first 20 days of September, notching the strongest monthly growth on record.

South Korea’s exports rose 78.3% year-on-year in the first 20 days of September, notching the strongest monthly growth on record. The figure pushed the country’s total export value to $71.4 billion, an all-time high, and marked the fifth consecutive month of growth of at least 50%. Semiconductor exports served as the main driver, surging 259.4% year-on-year to a record $34.1 billion.

Binance Wallet launches a 0 gas fee campaign for TRON network transfers, running until December 22.

Binance Wallet announced in a statement that from September 23 to December 22, 2026, users transferring USDT and other TRC-20 tokens via Binance Wallet to the TRON network will be eligible for a 0 gas fee promotion. The campaign is backed by TRON DAO, and after its conclusion, transfer fees will be reduced to 1 USDT per transaction.

South Korean stocks closed higher, with Samsung Electronics rising 3.25% and SK Hynix gaining 1.2%.

According to Bitget market data, South Korea's KOSPI index closed up 61.02 points, a 0.87% gain, ending at 7078.93 points. Samsung Electronics rose 3.25%, and SK Hynix gained 1.2%.

US-Iran talks send positive signals, Bitcoin consolidates strongly, and the three major U.S. stock indexes show mixed performance.

U.S. and Iranian officials held roughly three hours of talks on Tuesday on the sidelines of the UN General Assembly in New York. U.S. President Donald Trump later described the engagement as "very good" and "very productive," adding that the two sides have scheduled another meeting in the "near future." According to market data from BIT (bit.com), U.S. stocks closed on Tuesday: the Dow Jones Industrial Average fell 0.36%, the S&P 500 edged up slightly, and the Nasdaq rose 0.45%, marking another record closing high. Micron Technology (MU.O) gained 5%, SK Hynix (SKHY.O) rose more than 3%, SanDisk (SNDK.O) climbed 6.8%, and Cisco (CSCO.O) dropped over 4%. According to HTX market data, Bitcoin remains in strong consolidation, trading at $86,195 with a 0.35% 24-hour decline. ZEC has surged past $1,600, currently priced at $1,633, hitting another recent high.

Trump: There is strong momentum for Iran to reach an agreement

US President Donald Trump said there is strong momentum for Iran to reach an agreement.

Astroport: The attack incident on Neutron may have resulted in the theft of Astroport's contract admin privileges.

Cosmos ecosystem liquidity protocol Astroport has tweeted that the attack incident on Neutron may have resulted in the theft of its contract administrator privileges. Neutron has suspended chain operations for investigation, and Astroport is advising users to withdraw liquidity from all its liquidity pools.

South Korea’s KOSPI index rose 2.20% at the opening of trading, with Samsung Electronics up 3% and SK Hynix gaining 2%.

According to Bitget market data, South Korean stocks opened, with the KOSPI index rising 2.20% at the start of trading. Samsung Electronics gained 3% and SK Hynix rose 2%.

The crypto market is rallying strongly, with its total market capitalization back at $3 trillion. Bitcoin has broken through $87,000, while the total market cap of altcoins has surged 13.5% in a week.

According to HTX market data, the crypto market remains in a strong uptrend: Bitcoin surged past $87,000, currently trading at $86,400; Ethereum broke through $2,800, now at $2,774. The total crypto market cap jumped 5.4% in 24 hours, reclaiming the $3 trillion threshold to hit $3.042 trillion. SOL trades at $118, ZEC at $1,472, and HYPE at $93.8. Altcoin momentum continues: the total market cap of altcoins excluding Bitcoin (Total2) rose from $1.03 trillion to $1.17 trillion over the past week, a gain of over 13.5%. Top-performing altcoins today include FORM, PHA, and MUBARAK, up more than 30%; WIF, TAO, PEPE, ARMB, FET, SUI, COOKIE, EGLD, RUNE, XNO, SYN, DOGE, KERNEL, DUSK, OPG, ZAMA, EDEN, INIT, ALABB, MET, and FLOKI, up over 10%. Separately, BIT (bit.com) market data shows all crypto-related stocks closed higher, with Strategy (MSTR) up 9.47%, Coinbase (COIN) up 3.50%, Circle (CRCL) up 2.78%, BitMine Immersion (BMNR) up 8.66%, and SharpLink Gaming (SBET) up 6.74%.

Xiaomi launches the MiMo-V2.6 model, claiming it is currently the strongest open-source model.

Beating AI News Brief: Xiaomi officially launched and open-sourced its new Xiaomi MiMo-V2.6 series in the early hours of today. The team stated that the series includes two native full-modal models: Pro and Flash. Thanks to expanded RL computing power, MiMo-V2.6-Pro scored 46 points on the Artificial Analysis Intelligence Index (AA Comprehensive Intelligence Index), outperforming Kimi K3 and Qwen3.8 Max to become the strongest open-source model currently. However, it still lags behind top closed-source models Claude Fable5.1 and GPT-6 Astra. The team added that the MiMo-V2.6 series retains the API pricing of the V2.5 series, with MiMo-V2.6-Pro setting a new cost-performance benchmark for Chinese domestic models: at the same intelligence level, its price is only 1/20 to 1/60 of overseas models.

Samsung Electronics' shares surged 5%, marking their largest single-day gain in two weeks.

According to Bitget market data, Samsung Electronics’ stock price surged 5%, marking its largest single-day gain in two weeks and leading the Korea Composite Index. Note: Samsung Electronics’ dividend equity registration date is September 30.

South Korea's KOSPI index rose 1.57%, Samsung Electronics gained 3%, and SK Hynix advanced 1.4%.

According to Bitget market data, South Korea's KOSPI index touched 7,000 points, rising 1.57% intraday. Samsung Electronics' stock price climbed 3%, while SK Hynix gained 1.4%.

Analysis: The majority of BTC sold on-chain are currently profitable, and strong buying pressure is a typical hallmark of a bull market.

Glassnode notes that Bitcoin’s entity-adjusted Spent Output Profit Ratio (SOPR) 7-day moving average has reclaimed the 1.00 break-even threshold. This means most on-chain sold tokens are in profit, yet the price has not immediately pulled back—signaling strong enough buying demand to absorb profit-taking selling pressure, a hallmark of a bull market. If the indicator remains above 1, it reflects robust demand; a drop back below 1 would indicate this supporting force is fading. The accompanying chart’s orange line is the adjusted SOPR, gray line tracks BTC price, green areas denote overall profitable sales, and red areas represent overall loss-making sales.

Altcoin treasury companies posted strong stock gains, leading the rally in crypto-related concept stocks.

According to market data from BIT (bit.com), as Bitcoin’s strong rebound pushed it back above the $80,000 threshold, crypto treasury companies saw sharp stock price rallies, with the following gains: BTC-focused crypto treasury firm Strategy (MSTR) rose 12.38% to $148.58; ETH-focused Bitmine (BMNR) gained 7.47% to $25.7; SOL-focused Forward Industries (FWDI) jumped 18.95% to $7.375; BNB-focused CEA Industries (BNC) climbed 15.5% to $6.26; HYPE-focused Hyperliquid Strategies Inc (PURR) advanced 5.42% to $13.535; ZEC-focused Cypherpunk Technologies (CYPH) rose 18.08% to $3.625; ENA-focused StablecoinX (USDE) gained 12.84% to $8.7.

Samsung Electronics is hiring developers in New York responsible for Samsung Wallet’s payment business.

Samsung Electronics America has officially listed "stablecoins" in the payment partnership segment of Samsung Wallet and is recruiting relevant business development staff. According to a job posting released by Samsung Electronics America on September 18, the company is hiring a Senior Manager for Samsung Wallet payment business development in New York. The role will be responsible for Samsung Wallet’s vision, strategy and execution, Samsung noted. Notably, in the payment partnership responsibilities, the company explicitly listed issuers, payments, fintech, as well as "stablecoins" and buy now, pay later (BNPL) services. Specifically, the position will oversee business development and marketing strategies for Samsung Wallet’s payment partnerships, and manage existing collaborations. It will also negotiate and sign agreements with partners on commercial terms, data usage and product requirements, collaborate with product teams and other departments to roll out new features, and coordinate marketing, analytics and legal teams to develop product launch plans. Earlier this year, Samsung Electronics announced plans to support stablecoins in Samsung Wallet at the July Galaxy Unpacked event. The event content published by Samsung Business Insights explicitly stated that Samsung Wallet will support stablecoins in the future. At that time, Samsung also announced it would launch the "Galaxy Card" in the U.S. in partnership with Barclays and Visa.

Japanese and South Korean stock markets closed higher, with SK Hynix rising 6.41% and Samsung Electronics up 3.36%.

According to Bitget market data, South Korea’s KOSPI index closed 180.14 points higher, up 2.68% to finish at 6895.55 points. SK Hynix rose 6.41%, while Samsung Electronics gained 3.36%. Japan’s Nikkei 225 index closed 882.70 points higher, a 1.38% increase, ending at 65018.95 points.

Bonk Guy again calls for buying USELESS: The number of token holders and perpetual contract open interest has hit new highs, potentially setting the token up for a strong rally.

Prominent trader Bonk Guy stated in a post that meme coin USELESS, which has a market capitalization of roughly $270 million, has surpassed all other meme coins on Coinbase in trading volume, with the only exception being DOGE. For comparison, DOGE, SHIB, PEPE, and TRUMP have respective market caps of approximately $13 billion, $3.16 billion, $1.54 billion, and $556 million. USELESS’s trading volume on Coinbase has long been higher than that of meme coins including SHIB, PEPE, and TRUMP. Meanwhile, its number of token holding addresses and open interest in Hyperliquid perpetual contracts have both hit all-time highs; spot and perpetual contract trading volumes remain elevated, market attention on the coin is sustained, and it has been listed on leading crypto exchanges. He believes that USELESS is forming the liquidity and adoption traits required for a major meme coin expansion, and a strong rally to catch up with DOGE’s valuation is not out of the question, though this assessment is his personal view.

Following the interest rate hike's implementation, US stocks staged a strong rebound, with chip stocks leading the rally; crypto treasury stocks rose broadly, while Bitcoin remained stuck at the bottom.

U.S. stocks closed on Thursday: the Dow Jones Industrial Average initially rose 0.6%, the S&P 500 gained 1.1%, and the Nasdaq climbed 1.69%. According to market data from BIT (bit.com), individual stocks saw chip stocks leading the gains: SK Hynix rose 4.6%, Nvidia gained 2.5%, AMD climbed 6%, Intel jumped nearly 7.6%, Arm advanced nearly 9%, and SanDisk increased 6.21%. While Bitcoin remains in a sideways consolidation phase at the bottom, crypto treasury stocks rose broadly yesterday. Among them, HYPE treasury stock PURR gained 12.15%, BNB treasury stock BNC climbed 13.87%, and both BMNR and MSTR rose nearly 5%. U.S. oil fell below the $100 threshold during the session, while Brent crude once dropped more than 4%. Spot gold rallied nearly 3% at one point, and New York copper rose over 2%.

ZEC strongly breaks through the $1,400 mark, posting over 13% gains in 24 hours.

According to HTX market data, ZEC has surged past $1400, hitting $1420, with a more than 13% gain in the past 24 hours.

Cathie Wood strongly supports David Sacks’ view: Reports claiming “AI will destroy humanity” are orchestrated.

Cathie Wood noted that David Sacks, co-chair of the U.S. President’s Council of Advisors on Science and Technology (PCAST), believes recent reports about "AI destroying humanity" may be orchestrated. The comments originated from a long-inactive X account belonging to an Anthropic employee who left the company just six weeks after joining, and the content quickly made its way into mainstream media. Sacks also named the parties involved in the incident and criticized The Wall Street Journal for its role. Recently, Anthropic CEO Dario Amodei published a lengthy essay calling for slowing the advancement of frontier AI capabilities, arguing that AI is increasingly involved in developing the next generation of AI. Paired with multiple recent incidents of AI agent malfunctions, he added, security research is failing to keep pace with capability growth. Sam Altman soon publicly backed the call, stating that OpenAI has also been discussing "pacing the frontier" in recent weeks, and announced the company will introduce similar long-term independent assessors. Sacks, former White House AI and crypto chief and current PCAST co-chair, then fired back: "If you truly believe internal models are dangerous, shut them down yourselves." He argued that requiring government approval for the largest AI firms to collaborate on setting speed limits would amount to a cartel, and also singled out METR, questioning whether it is fit to serve as an independent referee for the entire industry. METR has long conducted external evaluations for companies including Anthropic and OpenAI, and recently hired Joe Benton, an Anthropic security researcher who left the firm. However, METR clarified that it does not accept funding from these frontier AI companies, only model access and free tokens.

On-chain meme coin markets show divergence: Most leading tokens on Robinhood and BSC have pulled back, while popular Solana-based tokens are performing strongly, with cat-themed meme coins leading gains.

According to GMGN data, most top trending meme tokens on the Robinhood and BSC chains have seen a pullback today, while popular meme coins on the Solana chain have performed relatively strongly. Most cat-themed meme tokens are rising, with details as follows: Robinhood chain: ANTHROPIG is down 45% in 24 hours, current market cap at $6.4 million; CATGPT down 39% in 24 hours, $6.5 million; CASHCAT down 7.2% in 24 hours, $167 million; AI down 24% in 24 hours, $249 million; microduck down 7.2% in 24 hours, $7.7 million; BONER down 13.5% in 24 hours, $34 million; pair.fund platform token PAIR down 10.2% in 24 hours, $6 million; UBIK down 27.6% in 24 hours, market cap now at $24 million. BSC chain: BREW down 11% in 24 hours, $15 million; 4Stock down 14.5% in 24 hours, $26.3 million. Solana chain: EMBER up 23% in 24 hours, $33 million; STONK up 10.2% in 24 hours, $239 million; CATE up 30% in 24 hours, $54 million; ZCAT up 31% in 24 hours, $98 million; RAYCAT up 14% in 24 hours, $9 million; LEVERCAT up 28% in 24 hours, $4.1 million; BATON up 110% in 24 hours, $14 million. BlockBeats reminds users that token prices are highly volatile, so investment requires caution.

US pre-market trading sees strong performance from optical communication concept stocks, with MRVL, AAOI, and COHR rising more than 3%.

According to market data from BIT (bit.com), optical communication concept stocks performed strongly in early US stock trading: Pure Photonics ETF FOTO rose 2.82%; Marvell Technology (MRVL) rose 3.75%; Applied Optoelectronics (AAOI) rose 3.67%; Lumentum Holdings (LITE) rose 1.51%; Coherent Corp. (COHR) rose 3.56%; Ciena Corporation (CIEN) rose 3.69%; Fabrinet (FN) rose 2.30%; AXT Inc. (AXTI) rose 3.89%; and Nokia (NOK) rose 2.50%.

After the CPI "dust settles" moment, global markets have rallied strongly: Bitcoin rebounded from a low to hit $78,000, and US stock index futures maintained their upward momentum.

Although U.S. August CPI rose at a faster pace, lifting rate hike expectations, with a roughly 90% probability of a Federal Reserve rate hike priced in for next week, and markets fully anticipating two additional Fed hikes by year-end, global markets still performed strongly after the widely expected move. In the crypto space, per HTX market data, Bitcoin briefly plunged to $76,046 in a short-term flash dip, and has since rebounded to $78,000. Ethereum broke above $2,500. In U.S. equities, per BIT (bit.com) market data, pre-market Dow Jones futures rose 0.8%, Nasdaq futures gained 0.82%, and S&P 500 futures advanced 0.73%. Per Bitget market data, spot gold has rebounded more than $70 from its post-CPI low, breaking above $4,360 per ounce, after earlier touching a low of around $4,290 per ounce.

Bonk Guy endorses EMBER, stating its market cap will surpass $100 million and the project boasts strong fundamentals.

Well-known trader Bonk Guy revealed he purchased EMBER, his first Solana ecosystem token in a long while, today. He spotted the token yesterday when its market capitalization hit $3 million but missed the entry opportunity; after conducting thorough research, he opted to chase the rally, noting that EMBER is one of the token launch platforms with the strongest fundamentals currently, backed by Meteora which boasts robust resources and endorsements. Bonk Guy forecasts EMBER’s market cap will surpass $100 million. On-chain data indicates Bonk Guy’s public wallet address holds EMBER valued at $780,000, with an unrealized profit of 93%. BlockBeats reminds users that token prices are highly volatile, so investment requires caution.

Sources say Qualcomm and Samsung Electronics' wafer foundry negotiations have hit an impasse over price disagreements.

According to reports, negotiations for a new semiconductor contract manufacturing deal between Qualcomm (QCOM) and Samsung Electronics’ foundry business have hit an impasse over price differences. Qualcomm is pushing for a price cut, while Samsung Electronics has refused to accept the request. Industry insiders disclosed that the AP project, which was planned to be manufactured using Samsung Foundry’s 2nm process, may be delayed until next year. As price talks continue, whether mass production can be realized this year has become uncertain.

QCP: Yen Appreciation, Strong Employment and Energy Shocks Intertwine, Posing Tests to the Fed’s Policy Path This Year

QCP released its September 10 macro theme report, noting the yen has recently rallied sharply from near 160 to around 154, driven primarily by the Bank of Japan’s monetary policy normalization, carry trade unwinding, and a weaker U.S. dollar. Japan’s August foreign exchange reserves fell by $87.8 billion, with securities holdings declining by the same amount—likely tied to yen intervention funding arrangements, leaving the market on guard for further intervention risks. On inflation, QCP attributes this spring’s PCE inflation surge mainly to energy prices. From February to May, non-durable goods contributed roughly 0.85 percentage points to core PCE year-over-year growth, while energy alone accounted for about 0.89 percentage points; by July, energy’s contribution had dropped to 0.48 percentage points. Still, core PCE remains at 3.3%, meaning falling energy prices have not fully eased the Federal Reserve’s concerns over broad inflationary pressures. The labor market retains resilience: U.S. August non-farm payrolls added 162,000 jobs, far outpacing market expectations, with a combined downward revision of 55,000 jobs for June and July; the three-month average monthly job gain stands at around 71,000. QCP holds that the labor market has not shown clear signs of stalling, supporting the "soft landing" narrative, though household financing costs stay elevated. Meanwhile, shipping disruptions in the Strait of Hormuz leave the U.S. Strategic Petroleum Reserve (SPR) at just ~286.6 million barrels, near historical lows, meaning inflation risks from energy supply shocks remain persistent. Brent crude has recently rebounded above $100 per barrel. QCP poses a key question: If employment continues to hold resilient and inflation is driven mainly by energy, can the Federal Reserve keep policy rates on hold for the rest of the year? Should core inflation stay stubborn, expectations of policy tightening could heat up again.

DeepSeek Breaks the "Impossible Trinity" of Large Models: Stronger, Faster, and Cheaper

Insight: Beating AI Flash News – DeepSeek V4.1 Flash has nearly overhauled its entire architecture this time, aiming to simultaneously enhance performance, boost speed, and cut costs. Stronger: The model features 552 billion backbone parameters, plus an external Engram conditional memory module with 196 billion parameters. Pre-training utilized 45T multi-modal tokens, while post-training integrated a large volume of real agent tasks, tool environments, and failure cases. DeepSWE v1.1 scores 74.2%, surpassing Claude Opus 5 and GPT-5.6 Sol. Faster: The new CED architecture splits the 40-layer model into two halves. When reading prompts, only 8 billion parameters are activated per token, and just 16 billion during generation. Coupled with CSA2 cross-layer reuse and DSpark speculative decoding, the context window has been expanded from 4K to 1M (256x longer), with decoding computation per token increasing by only roughly a quarter. Cheaper: DeepSeek has further optimized KV cache to the maximum. The main cache is switched to FP4, plus cross-layer reuse, leaving global KV for each token at just 890 bytes, about 1/4 of V4 Flash; cache stored long-term on SSD or memory is further reduced to approximately 1/8. V4.1 Flash does not equate "stronger" simply to "more computation". While model scale continues to grow, only a small portion of parameters are adjusted each time; the context window is extended, yet the cache is compressed even smaller. Performance has improved, with speed and costs remaining uncompromised.

Analysis: Liquidity remains weak during Bitcoin’s current rally, and a strong breakout above the $80,000 threshold will trigger a genuine return of liquidity.

Crypto analyst Darkfost’s data analysis shows that despite Bitcoin’s roughly 45% recent rebound, liquidity remains weak, spot demand is still relatively soft, and the 90-day moving average of cumulative volume delta stays neutral. In futures markets, meanwhile, buyers have clearly gained the upper hand. Separately, stablecoin inflows to centralized exchanges (CEXs) have slowed. For instance, Binance’s stablecoin reserves have fallen nearly $70 billion from their peak; more inflows will be required for the market to reach higher levels. Darkfost also stated that Bitcoin’s technical outlook remains relatively optimistic, and a strong breakout above $80,000 would be a key threshold for liquidity to truly return.

South Korean stocks opened slightly higher, with SK Hynix rising 1% and Samsung Electronics edging down.

According to Bitget market data, South Korea’s KOSPI index opened 0.06% higher at 7055.77 points. SK Hynix rose 1%, while Samsung Electronics edged lower. Japan’s Nikkei 225 index opened 0.59% lower at 64755.71 points.

Canary Capital has launched the first U.S. Tron staking ETF, which begins trading today.

The first U.S. staking ETF linked to TRON (TRX) began trading on September 9, with the ticker symbol TRXS, and is issued by Canary Capital. The ETF not only offers exposure to TRX’s price, but also participates in the staking mechanism of the TRON network. Staking rewards will be included in the fund’s net asset value, providing traditional market investors with a new channel to access TRX and staking yields. Canary Capital noted that as stablecoins continue to gain global popularity, TRON has become an important infrastructure for digital asset payments and settlements. The TRON network is widely used for stablecoin transfers due to its low costs and high efficiency. Over the past year, Canary Capital has launched multiple crypto ETFs covering assets including HBAR, Litecoin, and XRP.

JPMorgan: A stronger yen will ease pressure on Japanese government bonds, while AI and semiconductor sectors may accelerate their recovery.

JPMorgan Securities Japan strategists noted that yen strength is expected to ease upward pressure on Japanese government bond (JGB) yields, thereby spurring an earlier recovery for Tokyo-listed AI and semiconductor sectors. Strategists including Rie Nishihara wrote in a report that the recently underperforming real estate sector could also stand to benefit. Some sectors are facing negative impacts on earnings from yen appreciation, such as transportation, logistics, and automotive industries. JPMorgan’s view on potential gains for Tokyo’s AI and semiconductor sectors stands in contrast to Saxo Bank’s global stock outlook for the same segments. Saxo strategist Charu Chanana previously stated that a yen rebound could trigger liquidation of some crowded and leveraged positions. (Jinshi)

Samsung Electronics inaugurates advanced semiconductor packaging R&D facility in Yokohama, Japan.

Samsung Electronics has inaugurated an advanced semiconductor packaging R&D facility in Yokohama, Japan. The company previously announced plans to invest approximately 40 billion yen over the five-year period starting in 2024 to expand the lab’s research hardware and boost its advanced packaging technology capabilities. The advanced packaging lab will collaborate with local Japanese firms, universities, and research institutions to develop next-generation packaging materials and processes. Samsung aims to grow the facility’s research team to more than 100 personnel by 2027.

Viewpoint: Bitcoin is less sensitive to changes in U.S. Treasury yields than gold, and may hold a stronger advantage as a "hard asset"

An analysis points out that against the backdrop of fiscal concerns pushing up global bond yields, the correlation between Bitcoin and gold’s price trends has continued to climb. Their 90-day return correlation coefficient currently stands at 0.59, the highest level since 2020. However, in terms of sensitivity to changes in the U.S. 10-year Treasury yield, Bitcoin exhibits stronger independence. Data shows that the 90-day correlation coefficient between BTC and the U.S. 10-year Treasury yield is only -0.17, while gold’s correlation coefficient with the same yield is -0.41, meaning rising bond yields have a relatively more pronounced suppressing effect on gold. This reflects that Bitcoin has a lower degree of linkage with the traditional bond market, and may possess stronger decoupling capability amid headwinds in traditional financial markets such as rising yields. Nevertheless, shifts in correlation do not mean Bitcoin can fully evade macro risks.

The crypto market continues its strong rally, with ZEC surging past $1,200 and Bitcoin bouncing back above $80,000.

Despite Friday’s stronger-than-expected non-farm payrolls data sparking market expectations of a Federal Reserve interest rate hike, the crypto market maintained an overall upward trend over the weekend. Among major cryptocurrencies, ZEC led the rally, breaking above $1200 this morning and currently trading at $1230, with a 19.5% 24-hour gain. Per HTX market data, Bitcoin rebounded above $80,000 this morning, now priced at $80,281.19, while Ethereum stands at $2515, with a 1.52% 24-hour increase.

Analyst: Bitcoin’s recent buying volume has hit its strongest level since the last bear market, with demand showing clear improvement.

CryptoQuant analyst Darkfost stated in a post that Bitcoin is facing the strongest buying pressure since the last bear market. The 365-day rolling cumulative net spot buying volume, denominated in U.S. dollars, has surpassed $83 billion, and this metric will remain in negative territory until March 2026. This indicator measures the gap between spot buying and selling volumes on major trading platforms, calculated as a 365-day rolling cumulative total. It signals a significant improvement in recent demand, with the market gradually building a positive trend. However, he warned that spot trading volume does not make up the majority of trading platform activity, as futures trading still holds a clear dominant position. Even so, based on the spot metric, market momentum is growing more positive.

Analysis: August non-farm payrolls appear strong on the surface, but underlying growth is only around 60,000, raising the probability of a Federal Reserve interest rate hike this year.

Analysts said that U.S. non-farm payrolls rose by 162,000 in August, significantly exceeding the market expectation of 56,000, with a total upward revision of 55,000 to the prior two months’ data. Specifically, July’s non-farm payrolls were revised from a decrease of 23,000 to an increase of 21,000. However, after excluding one-off factors such as the rebound in leisure and hospitality employment and government education sector hiring, August’s underlying employment growth was around 60,000, meaning the overall labor market is not as strong as the headline figures suggest. The report noted that the August unemployment rate held steady at 4.1%, the labor force participation rate rebounded to 61.6%, and the broad U-6 unemployment rate fell from 7.9% to 7.7%, indicating that returning labor supply was absorbed by corporate demand, with an improvement in employment quality. Yet year-on-year growth in average hourly earnings slowed further to 3.1% from the prior reading of 3.2%, lower than July’s 3.4% CPI growth, signaling the labor market has not re-heated. Regarding Federal Reserve policy, GF Macro stated that August’s non-farm payroll data refuted both extreme narratives of a “jobs collapse” and a “re-overheating labor market,” but objectively raised the probability of a rate hike this year, as the labor market’s resilience has reduced concerns about further policy tightening. However, whether the Fed will raise rates in September will still depend mainly on the upcoming August inflation data. In markets, following the data release, the implied probability of a September rate hike from the FedWatch tool rose from 50% to 58.6%, with 2-year and 10-year U.S. Treasury yields increasing by 4 basis points and 1 basis point respectively to 4.37% and 4.78%. Major U.S. stock indexes closed slightly lower, but the AI hardware sector bucked the trend, with the Philadelphia Semiconductor ETF (SOXX) rising 3%.

Microsoft’s MAI-Image-2.6-Flash variant offers strong cost-performance: 2.8x faster, with 1,000 images priced under $20.

Beating AI News Brief: Microsoft AI has launched MAI-Image-2.6-Flash, now available in public preview on Microsoft Foundry. The model is an accelerated variant of its flagship MAI-Image-2.6, supporting text-to-image, image editing, multi-image reference, real-time web information access, and automatic aspect ratio selection, with a core focus on cutting generation latency and costs. Speed is its key selling point: MAI-Image-2.6-Flash generates images 2.8 times faster than GPT-Image-2 Medium, with 72% higher GPU utilization efficiency. That said, it does not trade off image quality solely for speed. In Artificial Analysis’s current image editing leaderboard, MAI-Image-2.6-Flash ranks third with an Elo score of 1311, slightly higher than GPT Image 2 high’s 1309; it places eighth in text-to-image with an Elo of 1297. The flagship MAI-Image-2.6 performs better overall, currently ranking first in image editing and second in text-to-image respectively. On Microsoft Foundry, MAI-Image-2.6-Flash is priced at $19 per million tokens for image output, while the flagship MAI-Image-2.6 costs $38 per million tokens. After adjusting for representative images per Artificial Analysis, Flash’s cost is roughly $19.5 per thousand images, compared to GPT Image 2 high’s approximately $211 per thousand images.

Trump: Strong jobs data, yet the stock market is falling, and high interest rates are the culprit.

Trump released a post stating: "We just got outstanding jobs data. The market should rally given our improved credit and economic conditions, but as has been the case over the past 25 years, the stock market is falling anyway. This is because we live in a false reality where if things go well, we must 'kill it' out of 'fear' of inflation. It should be the opposite, and that is how things operated until 25 years ago. If we cling to this theory, we will never achieve the real economic prosperity our country deserves, because every time we perform well, foolish people immediately want to halt this positive upward momentum. Growth does not cause inflation! This morning, as soon as I saw these strong jobs numbers, I knew the market should have skyrocketed, but instead it dropped. Our GDP growth rate should be 15% to 20%, not 2%, 3% or 4%; the U.S. should be far more financially robust than it is now. Debt should be repaid, and all sorts of other benefits should be realized. Remember, every one percentage point increase in interest rates costs the U.S. $650 billion annually. We should adopt the lowest interest rates in the world, because we keep everything running and bring massive economic wealth to countries that might otherwise be struggling!"

Serenity: AI demand remains strong, and AI stocks will continue to rise.

Serenity released a report stating that despite a temporary market pullback, AI demand remains robust. Nvidia’s revenue growth was capped at 70% by supply chain constraints; without those limitations, it would have exceeded 100%. Serenity cited multiple indicators: Broadcom’s AI revenue is projected to surge from roughly $50 billion to $230 billion within two years, OpenAI’s Astra has surpassed AGI benchmarks and achieved self-training, compute resource imbalances reported by Microsoft, Google, and Amazon, and Nvidia’s forecast of $1.3 trillion in spending by 2027. It also highlighted supply chain signals: 70% of Samsung’s production capacity is locked in long-term agreements through 2031, Powertech’s advanced packaging capacity is fully booked through 2030, and Winbond has begun allocating orders for 2029-2030, implying that AI stock fundamentals will drive sustained gains.

Hassett praised the non-farm payrolls report data as "very strong".

U.S. White House National Economic Council Director Hassett praised the non-farm payroll report data as "very strong".

Samsung Electronics rose 2.6%, while SK Hynix gained over 4%.

According to Bitget market data, South Korea’s KOSPI index posted an intraday gain of 2.00%, Samsung Electronics rose 2.6%, and SK Hynix advanced more than 4%.

Ansem heaped praise on Bonk Guy, hailing him as a top trader, noting that no one is stronger than him and that he has repeatedly publicly successfully capitalized on major meme coin rallies.

Renowned trader Ansem heaped praise on fellow trader Bonk Guy (Unipcs) during a live stream, calling him "a truly top-tier trader." "In the previous crypto cycle, he publicly shared his profit and loss data—something almost no one was doing back then. After laying out his trading logic publicly, he nailed these tokens: earning over $10 million from trading BONK, buying WIF (dogwifhat) when its market cap was under $10 million, and the famous Fartcoin. In public settings, I don’t know anyone stronger than him; he’s hit the mark so many times. Bonk Guy has long publicly shared his trading ideas and repeatedly demonstrated the ability to capitalize on major meme coin trends."