Cryptocurrency market capitalization plummeted by approximately $300 billion this week, driven by a wave of leveraged bet collapses. This volatility severely impacted the sector's leading tokens and dragged market sentiment to its weakest level since early summer. Billions of dollars in bullish bets were forced to liquidate in the cryptocurrency perpetual futures market, further accelerating the decline. According to data compiled by Coinglass, cumulative liquidations of long positions (bullish bets) across exchanges have exceeded $3 billion. Some traders warn that the true extent of current market leverage remains unclear, as most trading platforms do not disclose complete liquidation data. On Friday, a report showed that key inflation indicators slowed last month, providing some buffer for the Federal Reserve to respond to a cooling labor market. This improved overall risk sentiment, leading to a slight recovery in Bitcoin and Ethereum prices. Paul Howard, senior director at market maker Wincent, called the pullback a "healthy correction." He noted that despite Bitcoin's price falling below its 100-day moving average and the total digital asset market capitalization falling below $4 trillion, there are no signs of panic yet. However, he also warned that short-term pressures may still cause prices to continue to fall - especially compared to the beginning of this year, when digital asset prices are more closely linked to macro market sentiment.

Apple has developed an iPhone app similar to ChatGPT to help test and prepare for next year's much-anticipated major Siri upgrade, according to people familiar with the matter. Apple's artificial intelligence division is using the app to quickly evaluate new features for the Siri voice assistant, including its ability to search personal data like songs and emails and perform in-app actions like editing photos, according to people familiar with the matter. The software, code-named "Veritas," meaning "truth" in Latin, is for internal use only, at least for now. Apple has no plans to release the app to consumers. Essentially, it presents new Siri technology still under development in a form that employees can test more efficiently. After multiple delays, the new Siri is expected to debut as early as March of next year. If the software performs as promised, it could help Apple stage a comeback in the artificial intelligence field. If it underperforms, the company could fall further behind smartphone rivals like Alphabet's Google and Samsung Electronics.

OKX market data shows that BTC has broken through 110,000 USDT and is currently trading at 110,013.8 USDT, a 24-hour increase of 0.78%. (This newsletter was generated by AI)

OKX market data shows that ETH has broken through 4,000 USDT and is currently trading at 4,000.81 USDT, a 24-hour increase of 2.56%. (This newsletter was generated with AI assistance)

Federal Reserve Board Governor Bowman said the Fed should seek to achieve the smallest possible balance sheet size and comprehensively reform its monetary policy implementation mechanism. Bowman said: "In the long run, I tend to maintain the smallest possible balance sheet, so that the reserve balance is close to the scarce level rather than the abundant level." Bowman believes that returning to the Fed's mechanism of actively managing the balance sheet will better reflect market pressures and operational problems. Bowman said: "Allowing moderate fluctuations in the money market can enhance our understanding of the market clearing point." She also said that she supports the Fed's balance sheet holding only Treasury bonds, with a slightly shorter maturity, rather than completely consistent with the maturity structure of the overall market. She said this would give the Fed greater flexibility. Bowman added that the Fed should consider actively selling its mortgage-backed securities (MBS). (Jinshi)

Federal Reserve Board Governor Bowman: The Federal Reserve FOMC should now take decisive and aggressive action to address the weakening vitality of the labor market and emerging signs of fragility. (Jinshi)

Federal Reserve Board Governor Bowman: Strongly supports the Fed holding only Treasury bonds. (Jinshi)

DoubleZero announced that its mainnet will launch on October 2nd. DoubleZero is reportedly committed to building a global private fiber-optic network to improve blockchain data transmission efficiency and reduce latency. Previously, in March 2025, the DoubleZero Foundation received $28 million in investment, led by Dragonfly and Multicoin Capital, at a valuation of $400 million.

OKX market data shows that SOL has broken through 200 USDT and is currently trading at 200.02 USDT, a 24-hour increase of 0.61%. (This newsletter is generated by AI)

According to the U.S. Department of Labor's operational contingency plan released earlier this year, the September employment report, originally scheduled for release next Friday, will face delays if a federal government shutdown occurs. The exact scope of the shutdown's impact is currently unclear because most government agencies, including the Bureau of Labor Statistics, which compiles the monthly employment report, have not yet publicly updated their contingency plans—these agencies will operate under these contingency plans if Congress fails to pass a spending bill by next Tuesday. A plan updated by the Department of Labor in March of last year stated that in the event of a shutdown, all data collection and scheduled data releases would be suspended. If the government shutdown continues and the Bureau of Labor Statistics data is delayed, the Federal Reserve will miss several key employment and inflation economic data before its next policy meeting on October 28-29, which will undoubtedly increase the risks of policy making. (Jinshi)

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