Bitget UEX Daily Report | Bitcoin rises to $81,700; Brent crude holds at $103; chip and cryptocurrency concept stocks lead the gains (September 21, 2026)

# 1. Hot News

Federal Reserve Dynamics

Kashkari states that inflation pressure comes from more than just energy, and further rate hike expectations remain.

• The Federal Reserve raised interest rates by 25 basis points on September 16, adjusting the target range for the federal funds rate to 3.75% - 4.00%.
• Minneapolis Fed President Kashkari stated that inflation in the U.S. remains elevated across multiple sectors, and even excluding food and energy, core inflation pressures have not fully eased.
• Most Federal Reserve officials expect at least one more rate hike this year. The yield on the U.S. 10-year Treasury bond briefly surpassed 5% last Friday, currently around 4.98%.

Market Impact: After the Federal Reserve shifted back to a restrictive stance, risk assets need to simultaneously digest high energy costs, high financing rates, and changes in profit expectations. If inflation continues to spread, the valuation recovery space for tech stocks and crypto assets may be limited.

International Commodities

Attack on Riyadh raises risk premiums, Brent crude oil rises then falls back to around $103.

• The Houthi forces in Yemen launched missile and drone attacks on the Saudi capital, Riyadh, escalating tensions in the Middle East.
• Brent crude oil for November futures briefly rose to $104.82 per barrel, currently around $103.50; after the contract switch, WTI futures are around $95.22.
• Oil remains supported by risks to Middle Eastern energy facilities, transportation routes, and supply disruptions, but the early gains have narrowed.

Market Impact: Brent staying above $100 benefits energy companies' profits but increases cost pressures for industries such as transportation, manufacturing, and data centers. The drop in oil prices indicates that the market has not yet priced in further significant supply disruptions, but geopolitical situations may still amplify short-term volatility.

China's Macroeconomic Policy

China's LPR remains unchanged for the 16th consecutive month.

• The one-year loan market quoted interest rate for September remains at 3.00%, and the LPR for five years and above remains at 3.50%.
• The interest rate results align with market consensus expectations.
• The Federal Reserve's interest rate hikes, the widening U.S.-China interest rate spread, and pressure on banks' net interest margins limit the space for a comprehensive rate cut in the short term.

Market Impact: Maintaining policy stability helps reduce pressure on the exchange rate and the banking system, but demand for credit in real estate and the private sector still needs observation. The market will continue to focus on subsequent fiscal support and structural monetary tools.

# 2. Market Review

Commodity and Forex Performance

• Spot Gold: Approximately $4,367.50 per ounce.
• Spot Silver: Approximately $66.21 per ounce.
• WTI Crude Oil Futures: Approximately $95.22 per barrel, November 2026 contract.
• Brent Crude Oil Futures: Approximately $103.50 per barrel, November 2026 contract.
• U.S. Dollar Index (DXY): Approximately 99.97.

Driving Analysis: Gold fluctuates around $4,370, with safe-haven demand and high-interest rate pressure balancing each other. Brent crude oil remains above $100, but fell back after the attack on Riyadh. The dollar index returns to around 100, with the U.S. 10-year Treasury yield slightly below 5%, as the market continues to trade around energy prices and the Federal Reserve's rate hike path.

Cryptocurrency Performance

• BTC: Approximately 81,711 USDT, up about 0.50% in 24 hours.
• ETH: Approximately 2,680 USDT, up about 2.00% in 24 hours.
• Total Cryptocurrency Market Cap: Approximately $2.86 trillion, up about 0.20% in 24 hours.
• 24-Hour Trading Volume: BTC approximately $24.66 billion, ETH approximately $9.92 billion.

Volume and Price Observation: BTC holds above $81,000, with ETH performing stronger, rising approximately 5.8% and 6.8% over the past 7 days, respectively. Current volume and price performance indicate that trading activity remains active, but there has not been a volume breakthrough sufficient to independently prove sustained net accumulation by major funds.

As of the deadline, no new large-scale corporate purchases of BTC or ETH were found in verified public disclosures over the weekend. Recently confirmed information still includes: Strive purchased 469 BTC from September 8 to 11, and BitMine purchased 27,180 ETH the previous week, both disclosed around September 14, not new positions today. BitMine currently holds approximately 5.956 million ETH, with an increase of about 141,200 over the past 30 days, but this cumulative change cannot be equated to today's purchases.

U.S. Stock Index Performance

• Dow Jones Industrial Average: 51,682.64 points, down 0.18%.
• S&P 500 Index: 7,650.50 points, up 0.17%.
• NASDAQ Composite Index: 26,522.55 points, up 0.40%.

For the week, the NASDAQ rose about 0.7%, the S&P 500 fell about 0.1%, and the Dow fell about 1.7%. Although the S&P 500 and NASDAQ closed higher on Friday, the number of declining stocks on the New York Stock Exchange and NASDAQ still outnumbered advancing stocks, with index gains primarily driven by a few large tech and semiconductor stocks.

Performance of Seven Major Tech Stocks

• NVDA: $222.27, up 1.22%.
• AAPL: $336.13, down 0.36%.
• MSFT: $493.78, down 0.86%.
• GOOGL: $349.54, up 0.51%.
• AMZN: $253.71, up 1.00%.
• META: $665.75, down 2.50%.
• TSLA: $364.27, down 0.52%.

Performance Summary: Among the seven major tech stocks, three rose and four fell, with NVIDIA leading the gains, followed by Amazon and Alphabet; Meta had the largest decline. Chip stocks strengthened, supporting the NASDAQ, but there is still significant divergence within large tech stocks, as high interest rates and returns on AI capital expenditures continue to impact valuations.

Sector Movement Observation

Crypto Concept Stocks: Bitcoin rebound drives high beta stocks higher.

• Representative Stocks: Strategy up 16.41%, Coinbase up 11.66%, Robinhood up 9.12%.
• Driving Factors: Bitcoin rose about 5.9% last Friday, driving a rebound in digital asset reserve companies and trading platforms. The volatility of related stocks is significantly higher than that of BTC spot, and attention still needs to be paid to the sustainability of coin prices, financing costs, and potential equity dilution.

Semiconductors and Storage: AI and storage demand support relative strength.

• Representative Stocks: Micron up 3.89%, Broadcom up 2.99%, AMD up 2.63%.
• Driving Factors: The semiconductor sector has become an important force driving the NASDAQ higher, with the market continuing to trade on AI computing power, HBM, and data center demand. However, the sector is not uniformly rising, and individual stock performance still depends on valuations, product cycles, and order fulfillment.

# 3. In-Depth Analysis of U.S. Stocks

1. Strategy (MSTR) ------ Bitcoin rebound amplifies stock price elasticity

Event Overview: Strategy rose 16.41% on September 18, closing at $153.92. During the same period, Bitcoin rebounded significantly, driving overall strength in digital asset reserve stocks.

Market Interpretation: Strategy has a high beta attribute relative to Bitcoin prices, but its stock price is also influenced by net asset value premiums, financing structures, potential equity dilution, and debt costs. Therefore, the company's stock price is not a simple reflection of BTC spot prices.

Investment Insight: Focus on whether BTC can hold above $80,000, subsequent disclosures of the company's coin purchases, potential new issuances or convertible bond financing, and changes in the premium relative to Bitcoin's net asset value.

2. Micron (MU) ------ Storage chips lead the rise, execution remains key

Event Overview: Micron rose 3.89%, closing at $1,015.80, outperforming major stock indices.

Market Interpretation: Storage prices, HBM demand, and AI server capital expenditures continue to support market expectations. The short-term rise in stock prices reflects industry prosperity expectations, but sustainability still depends on contract prices, capacity utilization, and high-end product yield rates.

Investment Insight: Key observations include HBM contracts, DRAM price trends, shipment guidance, and changes in gross margins. If long-term interest rates rise above 5% again, high-valuation semiconductor stocks may still face valuation volatility.

3. Xenon Pharmaceuticals (XENE) ------ Clinical trial suspension triggers risk reassessment

Event Overview: Xenon Pharmaceuticals fell 30.71%, closing at $39.75. The company suspended enrollment in depression-related clinical trials after reports of side effects.

Market Interpretation: The valuation of biotech companies is highly dependent on the success probability of their core pipelines. Clinical suspensions increase uncertainty regarding R&D timelines, regulatory requirements, and commercialization progress.

Investment Insight: Future focus should be on safety review results, the scope of the suspension, communication with regulatory agencies, conditions for trial resumption, and cash reserves. Until the situation clarifies, stock prices may remain highly volatile.

# 4. Market and Project Dynamics

1. The U.S. Securities and Exchange Commission has launched a five-year exemption arrangement for tokenized stock trading. Eligible tokenized stocks must grant investors the same dividends and voting rights as traditional stocks; synthetic tokens that only track stock prices and do not represent real ownership are not included in the exemption.
2. U.S. Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng held talks in New York on trade, AI security, and critical minerals. Rare earth supply, tariffs, and AI regulations are key market concerns.
3. Warren Buffett officially stepped down as Chairman of Berkshire Hathaway and took on the role of Honorary Chairman, with his son Howard Buffett serving as Non-Executive Chairman; Greg Abel continues as CEO.
4. BitMine currently holds approximately 5.956 million ETH, accounting for about 4.9% of the Ethereum supply. This data reflects the scale of corporate-level ETH reserves but does not indicate a similarly scaled new purchase over the weekend.

# 5. Today's Market Calendar

All times are in Beijing time (UTC+8), and market attention is based on the editor's judgment for this issue.
Time
Country/Region
Event
Market Attention

|-------|----|--------------------------------|-----| | 09:00 | China | September one-year and five-year LPR: remains at 3.00% and 3.50% respectively | ⭐⭐⭐ | | 20:30 | U.S. | August Chicago Fed National Activity Index | ⭐⭐⭐ | | 21:30 | U.S. | U.S. stock market regular trading session opens | ⭐⭐⭐ |

Key Event Outlook

• Federal Reserve Policy Expectations: Pay attention to more officials' speeches and market pricing changes regarding the timing of the next interest rate hike.
• U.S. Economic Data: This week will also release data on manufacturing and services PMI, new home sales, and durable goods orders.
• Corporate Earnings Reports: This week focuses on the performance and consumer demand guidance from companies like AutoZone, General Mills, and Costco.
• U.S.-China Relations: The market will pay attention to the expected high-level contacts between the U.S. and China this week, as well as whether there has been progress on trade, critical minerals, and AI safety issues.
• Energy Market: The developments following the attack in Riyadh may still affect oil prices, inflation expectations, and the performance of risk assets.

Institutional Views

Art Hogan, Chief Market Strategist at B. Riley Wealth, believes that a 5% yield on the 10-year U.S. Treasury and $100 oil are significant psychological thresholds for the current market, and staying above these levels will pose a clear headwind. Chuck Carlson from Horizon Investment Services points out that investors are becoming cautious after a week of extreme volatility, and oil prices remain an important variable in determining market direction.

Disclaimer: This article is for market information reference only and does not constitute any investment advice. Cryptocurrency, commodity, and foreign exchange prices may change in real-time with the market; please refer to actual trading quotes at the time of transaction.