Important News from Last Night and This Morning (September 2 - September 3)

Former UK Prime Minister Truss: Bond crash may force government into emergency spending cuts

Former UK Prime Minister Liz Truss said the surge in global government bond yields stems from "high debt and currency debasement" across countries, and the UK is one of the major economies with the most prominent risks. She said the Bank of England "printed money and diluted the currency" through quantitative easing, causing UK borrowing costs to rank among the fastest-rising among major developed economies, with the 10-year government bond yield rising to about 5.2% and the 30-year approaching 6%. Truss said that unless supply-side reforms accelerate economic growth and control spending, the UK may be forced to implement "mandatory emergency spending cuts." Meanwhile, the US 10-year Treasury yield has risen back above 4.8%, and gold and Bitcoin have pulled back from highs after earlier sharp gains.

JPMorgan Global Investment Strategy Head: US Treasury yields approaching 5% could trigger a 5% to 8% pullback in global equities

Grace Peters, Global Investment Strategy Head at JPMorgan Chase Private Bank, said that if the 10-year US Treasury yield rises to around 5%, it could trigger a 5% to 8% pullback in global equities, but it would be more like a "healthy correction" than a structural peak. The 10-year US Treasury yield has already risen to about 4.8%, and the 30-year yield hit a 19-year high, with the market betting that policymakers may be forced to raise rates again. Peters noted that US and European second-quarter corporate earnings grew about 30% and 15% respectively, which is hard to sustain, but earnings expansion covers sectors such as financials, industrials, and utilities, which is healthier than being driven solely by tech stocks. She maintained her core view that a "capex supercycle will drive an earnings supercycle" and is bullish on US and emerging market equities.

Tron's on-chain USDT supply increased by $4 billion over the past month to $94.27 billion, surpassing the Ethereum chain

Data shows that over the past month, USDT supply on Tron increased by $4 billion to $94.27 billion, with the total now surpassing USDT supply on Ethereum.

Bhutan government address just transferred out 400 Bitcoin, approximately $30.62 million

On-chain data shows that the Kingdom of Bhutan government address transferred out 400 BTC 15 minutes ago, worth approximately $30.62 million at current prices.

US Treasury Secretary Bessent: (On Iran and sanctions issues) Digital asset-related parties may become sanctions targets

US Treasury Secretary Bessent said the US is communicating with any parties supporting Iran and warned that airlines, shipping companies, and digital asset-related parties may become targets of a new round of sanctions. He said the US will systematically "remove bad actors" regarding Iran and advised all parties to stay away from related transactions and cooperation on Iran and Russia issues, stressing that support should not be provided to those regimes.

"Mini non-farm payrolls" came in below expectations

US August ADP employment increased by 38,000, the smallest gain since January and below market expectations of 48,000.

Nvidia CEO Jensen Huang: Calls on G20 members to allow expansion of AI infrastructure

Nvidia CEO Jensen Huang and US Commerce Secretary Lutnick attended a G20 technology event held in North Carolina. Nvidia CEO Jensen Huang called on Group of Twenty (G20) members to accelerate the adoption of artificial intelligence to drive economic growth and urged the world's major economies to expand data centers and other infrastructure to support this emerging technology. Huang said: "Every country needs to build infrastructure so that it can support its own economy." He compared the technology to water, electricity, and other utilities. "This is the great equalizer," he said. In his remarks, Huang said the "worst outcome" for a country would be to "fall behind." He warned that this could happen if the public and policymakers let concerns about AI dominate discussions about the technology.

A whale long approximately 45,000 ETH sold 1,500 ETH to add margin and reduce liquidation risk

A whale on Hyperliquid who is long approximately 45,000 ETH has sold 1,500 ETH due to liquidation risk, cashing out about $3.75 million and realizing a profit of $618,000, with the USDC proceeds added to the platform as margin. Currently, the floating loss on the approximately $107 million long position has widened to about $4.8 million, and the latest liquidation price is $2,173.36, leaving only about $207 of room from the current price.

US Mint to begin selling 2026 Trump portrait $1 coins

The US Mint will begin selling rolls and bagged products of the Trump portrait $1 coin commemorating the 250th anniversary of the founding of the United States at 12:00 pm Eastern Time on September 2 (12:00 am Beijing time on September 3). A roll of 25 coins is priced at $61, and a bag of 100 coins is priced at $154.50. Additionally, 250,000 coins minted on July 4 with a special "July 4th" mark will be randomly mixed into the products. The coin is made of copper alloy, with a face value still of $1, and can be used as legal tender.

Bubblemaps: CHUMP token suspected of being highly controlled by a single entity, about 80% of tokens concentrated in clustered addresses

About 80% of the Solana ecosystem Trump parody meme coin CHUMP is concentrated in clustered addresses, and the project is promoted by multiple crypto Twitter KOLs. On-chain data shows that before the token surged, more than 75 new wallets were injected with similar amounts of SOL within a short period and then bought about 80% of CHUMP. These wallets had no prior on-chain activity, and funds were transferred through multiple layers of new addresses, Uniswap transactions, and Relay. Bubblemaps said it is still unclear who actually controls the token, but the funding sources and transaction patterns are highly similar, suggesting control by a single entity, and advises investors to participate with caution.

Physical AI company Lyte completes $165 million Series C round led by Maverick Silicon

PANews, September 2 - According to Bloomberg, physical AI company Lyte announced the completion of a $165 million Series C funding round led by Maverick Silicon, with participation from Fidelity Management & Research, Atreides Management, Key1 Capital, and Ora Global, at a post-money valuation of $1.6 billion. Founded in 2021 by former Apple and PrimeSense engineers, Lyte focuses on providing robots with a complete perception technology stack from custom chips and multimodal sensors to spatial software. To date, the company's cumulative funding has reached $272 million. This round of funding will be used to expand production scale of its perception chips and its LyteVision platform, and to advance AI perception capabilities and commercial deployment of robotics.

Coinbase launches regulated crypto and commodity derivatives contracts in Canada

Coinbase, through its CFTC-regulated futures commission merchant Coinbase Financial Markets, has launched 23 crypto asset perpetual and dated contracts (covering Bitcoin, ETH, SOL, etc.), 5 commodity futures (including gold, silver, and crude oil), and the COIN50 index futures for eligible investors in Canada. The new products support nano contracts and up to 10x leverage, helping institutional and sophisticated investors conduct hedging and directional trading with lower capital requirements. Coinbase is also offering a limited-time promotional fee rate of "0.02% per transaction plus $0.11 per contract."

Kimi parent company Moonshot AI launches Hong Kong IPO, plans to raise funds at a $50 billion valuation

Kimi's parent company Moonshot AI has confidentially submitted an A1 application to the Hong Kong Stock Exchange, officially initiating the Hong Kong IPO process. At the same time, the company is advancing a new funding round at a pre-money valuation of approximately $50 billion, which is expected to be the final round before the IPO. Citing public and market information, the report said Kimi has accelerated its model iteration this year, successively releasing K2.5, K2.6, and K3, with updates at a pace of roughly one version every three months. On the revenue side, Kimi's ARR surpassed $100 million in early March this year and grew to around $300 million by mid-June; after the release of K3, enterprise-side ARR increased severalfold. Along with rising call volume and computing power demand, Moonshot AI has raised its valuation from about $4.3 billion at the end of 2025 to the current approximately $50 billion through multiple funding rounds.

Spot gold rises 1% intraday, spot silver's intraday gain expands to 2%

Data shows spot gold rose 1% intraday and is now at $4,372.30 per ounce. Spot silver's intraday gain expanded to 2% and is now at $65.35 per ounce.

Market news: Prediction market platform Kalshi prepares to apply for U.S. crude oil perpetual contracts

Market news: Prediction market platform Kalshi is preparing to apply for U.S. crude oil perpetual contracts.

Nvidia and Meta rise more than 2%, SPCX falls more than 2%

According to Binance market data, Nvidia's stock price rose 2.29% intraday to $222.41, and Meta rose 3.5% intraday to $598.79. In addition, SPACE X (SPCX) fell 2.04% intraday to $139.32.

Robinhood Meme coin FAMI's market cap briefly exceeds $30 million, up over 400% intraday

PANews, September 2 - According to GMGN data, the Robinhood Chain ecosystem Meme coin FAMI briefly exceeded $30 million in market cap, touching a high of $30.99 million, and is now at about $29.1 million, up over 452.5% intraday. Nasdaq-listed company Farmmi (FAMI) saw its stock price surge today, and market attention may be related to trader Rune's latest disclosed plan for "Nasdaq low-market-cap stock tokenization + Meme coin." Rune said he has spent about $1.8 million to acquire a 37.4% stake in a Nasdaq-listed company and plans to tokenize the related equity on Robinhood Chain, while also launching a Meme coin paired with the tokenized stock. He subsequently stated that the relevant content was generated by Claude based on his requirements. It is currently impossible to confirm whether Farmmi is directly related to the plan described by Rune, and the related narrative has not been officially confirmed. Meme coin prices are highly volatile, so please be aware of trading risks.

Farmmi (FAMI) hits intraday high of $0.5, with gains once exceeding 300%

According to Binance market data, Nasdaq-listed company Farmmi (FAMI) surged on heavy volume, with the latest stock price at $0.469, up more than 294%; it hit an intraday high of $0.5, with gains once exceeding 300%.

Bloomberg ETF analyst: Bitcoin's correlation with U.S. stocks over the past six months is lower than that of gold and U.S. Treasuries

Bloomberg ETF analyst Eric Balchunas posted that over the past six months, Bitcoin's correlation with U.S. stocks has been lower than that of gold, small-cap stocks, emerging market assets, and U.S. Treasuries. He said Bitcoin's historical correlation with U.S. stocks has remained roughly around 0.4, while the linkage between gold and U.S. Treasuries with U.S. stocks has risen significantly in the recent period. Balchunas said that although this time window is short, it is enough to refute the claim that "Bitcoin is just another QQQ."

Trump proposes renaming the Strait of Hormuz to "Trump Strait"

Trump posted on the social platform Truth Social that after the United States "controls the Strait of Hormuz," consideration should be given to renaming it "TRUMP STRAIT," saying that this would make the region "hotter than ever before," just like America.

Google launches Gemini 3.8 Flash reasoning model, available to Pro and Ultra users starting today

Google Gemini announced that its latest Gemini 3.8 Flash model is available to Pro and Ultra users starting today. The company said the model will provide more reliable and comprehensive answers in tasks such as everyday topic action recommendations, text analysis, and complex coding, enhancing practicality and execution efficiency in high-frequency usage scenarios.

Meme coin speculation spreads to Nasdaq, agricultural products supplier Farmmi's stock price surges 350%

Nasdaq-listed Chinese agricultural products supplier Farmmi saw its stock price surge as much as 350% on Wednesday, briefly touching $0.50 from $0.12 before pulling back to about $0.18, with trading volume exceeding 720 million shares (nearly 90 times the average daily volume). The surge was related to trading activity in the Meme coin JINQIAN on Robinhood Chain, which is paired with Farmmi's stock token FAMI, drawing speculators' attention and prompting them to buy Farmmi's actual shares. The Meme coin's peak implied valuation was about $60 million, 10 times the listed company's actual market cap. However, the FAMI token is not an official stock token issued by Robinhood, has no issuance or redemption mechanism, and buying the token is not equivalent to buying Farmmi stock.

CZ: Some "hot money" is flowing back from AI to crypto

Binance founder Changpeng Zhao posted on X that some "hot money" is flowing back from AI to crypto. He emphasized that the monetary economy will not disappear, and both humans and AI still need funds.

Fed Beige Book: Economy growing moderately, data center and AI investment serve as important support

The Fed's Beige Book shows that U.S. economic activity has grown moderately since early July. Of the 12 Fed districts, 10 recorded slight to moderate growth, and 2 saw no change. Consumer spending increased slightly, but consumers became more price-sensitive, while high-end consumption remained strong; auto sales were sluggish due to weak confidence, high oil prices, and rising financing costs. Manufacturing activity picked up in most regions, with some areas reporting strong demand for defense and data center-related orders. Job market growth slowed, with only a slight overall increase; labor demand was relatively good in manufacturing, construction, and other sectors, but declined in retail and hospitality. On prices, most regions reported moderate price increases, and cost pressures from energy, transportation, raw materials, and tariffs persisted. Businesses generally expect a positive economic outlook, but remain attentive to uncertainty from energy prices, policy, and international conflicts. The report's mentions of artificial intelligence and data centers also reflect the prominent role these two types of investment play in current economic activity. The full text mentions artificial intelligence 19 times and data centers 25 times.

Meta releases Muse Spark 1.3 model, advancing personal AI agent development

Meta released the Muse Spark 1.3 model update on Wednesday, saying that this version delivers significantly improved performance in coding and intelligent agent tasks. Meta AI head Alexandr Wang said the new model is "competitive with frontier models" and will pave the way for future personal AI agent products, helping users achieve AI assistants that can work on their behalf around the clock. Muse Spark 1.3 is priced the same as the previous version, and Wang called this pricing strategy "aggressive." Meta also said its "contributor tier" option has been well received by developers. The program substantially reduces coding product costs by allowing Meta to use developers' work to improve its models, and a "meaningful double-digit percentage" of developers have already chosen this option. Wang said that as model capabilities improve, safety issues have become an important topic within Meta, and the company is increasing investment in safety and alignment. Muse Spark 1.3 will go live on Muse Code and the Meta API the same day, and the highest-reasoning version will be released after additional safety testing is completed.

Broadcom Q3 FY2026 revenue was $29.591 billion, up 86% year-over-year

Broadcom's Q3 FY2026 revenue was $29.591 billion, up 86% year-over-year, compared with $15.952 billion in the same period last year and market expectations of $29.362 billion; adjusted EPS was $3.32, up 96% year-over-year, versus analyst expectations of $3.23. Q4 revenue guidance was $34.8 billion, compared with market estimates of $35.05 billion. On the earnings call, Broadcom's CEO said the company raised its FY2026 AI business revenue guidance from $56 billion to $58 billion, up 186% year-over-year; by 2027 the company has secured supply to double AI revenue to about $115 billion; and it expects AI semiconductor revenue to double again in FY2028 to $230 billion. Broadcom's CEO said that this quarter the company began volume production and delivery of the next-generation TPU 8I version product to Google; the new Google TPU performance is on par with or better than Nvidia's Vera Rubin. After the earnings release, Broadcom fell more than 6% in after-hours trading at one point, then turned positive during the earnings call.

Kraken parent Payward postpones IPO to as early as Q2 2027

People familiar with the matter revealed that Payward, the parent company of U.S. crypto exchange Kraken, has postponed its IPO plans to as early as the second quarter of 2027. Payward completed an $800 million financing at a $20 billion valuation in November 2025 and then confidentially submitted its S-1 registration statement, but subsequently shelved the IPO plan due to unfavorable market conditions. Amid the IPO delay, Payward has continued to expand its business through acquisitions - it completed the acquisition of derivatives platform Bitnomial in May and stablecoin payment platform Reap in July, and subsequently agreed to acquire Magic Labs' wallet infrastructure business, planning to transform Kraken from a crypto exchange into a broader financial services platform. The company's adjusted revenue in the second quarter was $508 million, up 17% year-over-year, with funded accounts increasing to 6.6 million and platform assets reaching $40 billion.

U.S. CFTC plans to introduce rules to address potential conflicts of interest between prediction market exchanges and affiliated trading firms

The U.S. Commodity Futures Trading Commission (CFTC) is reviewing relevant rules to address possible conflicts of interest between prediction market exchanges and their affiliated trading firms.

Analyst: Bitcoin's correlation with U.S. stocks over the past six months is lower than gold, small-cap stocks, and U.S. Treasuries

Bloomberg ETF analyst Eric Balchunas posted on X that over the past six months, Bitcoin's correlation with U.S. stocks has been lower than that of gold, small-cap stocks, emerging markets, and even U.S. Treasuries. Balchunas pointed out that Bitcoin's correlation with U.S. stocks has remained around 0.4, while the correlation of gold and Treasuries with U.S. stocks has risen significantly. Although a six-month sample period is relatively short, this data refutes the claim that "Bitcoin is just a high-beta substitute for the Nasdaq 100 Index (QQQ)."

Whale that unstaked 2.886 million HYPE at the end of July has completed liquidation, with a profit of $132 million

The whale or institution that unstaked 2.886 million HYPE at the end of July has completed liquidation, transferring the final 969,000 HYPE ($79.18 million) to Coinbase Prime and FalconX 20 minutes ago. It accumulated and staked at about $19.8 early last year, and liquidated at about $64.9 over the past month, making a profit of $132 million (+228%).

Glassnode: Bitcoin remains in range-bound trading, with resistance at $83,000 to $86,000

Glassnode's latest weekly report noted that after the August short squeeze, Bitcoin briefly rebounded above $80,000, then encountered resistance in the long-term supply zone of $83,000 to $86,000 and pulled back to $76,000. Compared with the same price level in May, the current percentage of supply in profit has risen from 65% to 68%, because summer accumulation reset the short-term holder cost basis to about $71,000, and the same price level activated more profitable coins, expanding potential selling pressure. Spot Bitcoin ETFs saw average daily inflows of $290 million during the rebound, but daily trading volume was only about $3 billion, far below previous expansion-period levels, and policy-driven inflows lacked sustained momentum. On the macro front, the U.S. 10-year Treasury yield briefly declined and then rebounded to 4.8%, a new cycle high. Glassnode believes that before the $83,000-$86,000 supply zone is absorbed, the $62,000-$65,000 support range is the main downside reference level.

Robinhood Chain single-day fees reached $3.75 million, exceeding the combined total of Solana, Ethereum, and Base

According to Castle Labs data, Robinhood Chain's 24-hour on-chain fee revenue reached $3.75 million, exceeding the combined total of Solana, Ethereum, and Base.

Report: Beware of fake GTA 6 leaked version websites; connecting wallets may lead to multi-chain asset theft

According to a Malwarebytes report, scammers are exploiting the popularity of "GTA 6" to build phishing websites that claim to sell leaked versions of the game for $50 or 1 SOL, luring visitors to connect wallets and sign malicious transactions. The website contains about 2.4MB of malicious scripts that can identify wallet assets on seven chains: Ethereum, Polygon, BNB Chain, Avalanche, Arbitrum, Base, and Fantom, and immediately transfer assets or obtain permissions for subsequent transfers of tokens and NFTs based on the permissions signed by victims. The script checks visitor IPs before triggering, avoiding 10 countries including Armenia and Russia. Malwarebytes advises users to be wary of any website claiming to sell leaked versions of GTA 6, carefully review authorization content before signing transactions, and refuse operations that transfer entire balances or request token access permissions.

Michael Saylor: Strategy's "Total Reserve Capital" exceeds all S&P 500 financial companies except Berkshire

Strategy Executive Chairman Michael Saylor posted on X that Strategy's current Total Reserve Capital has exceeded all financial services companies in the S&P 500 except Berkshire Hathaway. As of August 30, the company held 845,050 BTC, with a total cost of $63.73 billion and about $6.71 billion in dollar assets.

Two whales purchased $35.1 million and $7.66 million worth of HYPE respectively today

Whales continue to buy HYPE, with mysterious whale 0x6436 buying another 430,224 HYPE ($35.1 million) today. Newly created wallet 0xC5ca withdrew 94,149 HYPE ($7.66 million) from FalconX 2 hours ago.

ARK Invest: Ethereum built the most successful "franchise network" but forgot to "collect rent"

ARK Invest Director of Digital Asset Research Lorenzo Valente published a long article comparing Ethereum, Solana, and Hyperliquid to three different fast-food business models: McDonald's, Chipotle, and In-N-Out. Ethereum corresponds to McDonald's "franchise + landlord" model - achieving zero-capital expansion through the Rollup roadmap, but failing to charge L2s reasonable settlement rent. After EIP-4844, blob fees fell to marginal cost, and L1 barely captured value from L2 activity. Solana corresponds to Chipotle's fully company-operated model - all transactions execute on L1, fees (base fees, priority fees, Jito tips) all remain within the system, security costs are paid through inflation, vertically integrated but bearing single-point-of-failure risk. Hyperliquid corresponds to In-N-Out's private family-owned model - no external capital, a single perfect product, fees almost entirely flowing to the assistance fund for HYPE buybacks, and HIP-3 allowing developers to deploy markets while retaining control and about a 50% fee share. Valente believes the three are not different versions of the same business, but completely different business models. The market will pay for clearly executed models, and the most fatal thing is "ambiguity."

Arthur Hayes: A falling EUR/JPY will signal accelerated Fed money printing, potentially bullish for Bitcoin

Arthur Hayes published an article titled "Atención," pointing out that U.S. Treasury Secretary Bessent is using a series of maneuvers to push EUR/JPY from its current level of 185 down to below 140, thereby triggering a massive injection of dollar liquidity that would benefit Bitcoin and the crypto market. Hayes noted that France is the weakest economy in Europe, with government spending at around 60% of GDP and heavy reliance on foreign capital (mainly German and Japanese) for financing. Its Target2 balance has shifted from net creditor to the largest debtor, and French bank stocks have already begun to fall. If French banks (which account for about 20% of the U.S. repo market) reduce repo lending due to capital outflows, repo rates will spike, forcing the Fed to expand its reverse repo (RMP) purchase scale. Maelstrom Fund's positioning strategy is a structural long on Bitcoin, with short-term bets on Ethereum at a $10,000 target, Ethena at $0.50, and Ether.fi at $2.

Zhipu AI opens official flagship store on Tmall, large model plans can now be purchased directly online

Chinese AI large model vendor Zhipu has officially entered Tmall, opening the "Zhipu Flagship Store." Users can search for "Zhipu Flagship Store" in the Taobao app to enter the store and place orders. The store has currently listed the Zhipu GLM Coding Plan subscription package, based on the GLM-5.3 model and compatible with more than 20 mainstream agents including ZCode, Claude Code, and Codex. Products on sale from Zhipu include personal Lite, Pro, and Max editions and team edition standard seats, with monthly, quarterly, and annual subscription options. The personal Lite edition is 118 yuan (including 10,000 credits/week), the Pro edition is 538 yuan (including 60,000 credits/week), the Max edition is 1,078 yuan (including 140,000 credits/week), and the team edition standard seat is 598 yuan (including 66,000 credits/seat).

Binance Alpha lists Pons (PONS) and FLORK (FLORK)

Binance Alpha listed Pons (PONS) and FLORK (FLORK) on September 2, 2026, with Pons available only on Binance Alpha 1.0. Users can now trade the above tokens on Binance Alpha using market orders and limit orders.

Grayscale: U.S. stock market concentration hits record high, increasing opportunities for crypto assets as a diversification allocation

Grayscale Head of Research Zach Pandl said U.S. residents' equity allocation has reached a record high, hitting 46.71% at the end of 2025. Combined with elevated stock valuations and unusually high market concentration, opportunities for crypto assets as a diversification allocation are increasing. Pandl noted that Bitcoin's 90-day correlation with the Nasdaq 100 has fallen from above 60% to around 33%, while its correlation with gold has risen from near zero to over 50%. After a prolonged downturn in the crypto market, valuations, leverage, and bullish positioning have all declined, forming a market structure "diametrically opposed" to the stock market. BlackRock previously also noted that a 1% to 2% Bitcoin allocation may be appropriate for some long-term portfolios, but warned that an overly large allocation could increase total risk due to volatility. Grayscale believes diversification benefits depend on differences in asset performance, but Bitcoin's price volatility has historically been greater than stock indices and it is not a consistently safe haven.