Bitget UEX Daily Report | Anthropic Rushes for IPO; Meta Finances Expansion of AI; BTC Hovers Around Cost Line (October 27, 2026)

1. Selected Hot News

1. AI Industry | Anthropic Files for IPO

On October 26, Anthropic publicly submitted its S-1 filing to the U.S. SEC, intending to list on NASDAQ under the ticker "ANT." The number of shares and price range have yet to be determined. The application is not yet effective; filing does not equate to completing the IPO.

Market Impact: The listing process provides more information for the market to assess the revenue, losses, and capital needs of AI application companies. Next, pay attention to updates on the issuance documents and official pricing to determine how application growth supports upstream computing power investment.

2. U.S. Manufacturing | Order Growth Slows, Cost Pressures Remain High

The Dallas Fed's manufacturing production index fell from 29.5 to 15.8 in October, and the new orders index dropped from 30.7 to 9.3; the overall business activity index rose from 9.8 to 13.4. The raw materials price index increased to 55.3, with companies still facing high cost pressures.

Market Impact: The survey shows that manufacturing continues to expand, but order growth has significantly slowed. Future observations will focus on whether companies can maintain delivery and profit margins, along with tonight's durable goods orders to verify national investment demand.

3. Macro Window | Federal Reserve Meeting Begins, Data Heavy Tonight

The Federal Reserve will hold a monetary policy meeting on October 27-28 U.S. time, with no decisions announced today. Tonight, U.S. durable goods orders, consumer confidence, new home sales, and the Richmond Fed manufacturing survey will be released.

Market Impact: The market will simultaneously assess investment demand, consumer willingness, and price pressures. With earnings reports and macro data arriving in succession, changes in growth expectations and interest rate expectations may amplify each other, requiring attention to fluctuations before and after events.

2. Market Review

Commodity and Forex Performance

| Variety | Reference Price | Data Standard | | ------- | --------------- | -------------- | | Gold Futures | $4,026.80/ounce | December contract, October 27, 09:14 | | Silver Futures | $54.115/ounce | December contract, October 27, 09:14 | | WTI Crude Oil Futures | $100.99/barrel | December contract, October 27, 09:14 | | Brent Crude Oil Futures | $109.83/barrel | December contract, October 27, 09:14 | | U.S. Dollar Index DXY | 102.092 | October 27, 09:14 | | U.S. 10-Year Treasury Yield | 4.986% | October 26 close |

Oil prices have retreated from last week's highs, gold has returned above $4,000, but long-term U.S. Treasury yields remain close to 5%. Corporate costs, dollar trends, and financing conditions remain important backgrounds for this week's earnings and valuation judgments.

Cryptocurrency Performance

BTC: 80,069.53 USDT, down 0.16% in 24 hours. ETH: 2,321.09 USDT, down 0.42% in 24 hours. The total market capitalization of the cryptocurrency market is approximately $2.70 trillion, down 1.57% in 24 hours, with the total market capitalization update time at 09:17 Beijing time.

The liquidation distance and cost difference are calculated based on the contemporaneous dollar reference price of BTC $79,968.56 and ETH $2,318.16.

BTC liquidation zone: The upper range of approximately $80,600---$81,300 is a significant potential short liquidation area, about 0.79%---1.66% from the current price; the lower range of approximately $78,700---$79,400 is a potential long liquidation area, about 0.71%---1.59% from the current price. The proximity of the upper and lower near-end distances is close, with the lower side slightly nearer; changes in leverage positions need to be observed when moving to either side.

ETH liquidation zone: The upper range of approximately $2,340---$2,365 is a significant potential short liquidation area, about 0.94%---2.02% from the current price; the lower range of approximately $2,275---$2,295 is a potential long liquidation area, about 1.00%---1.86% from the current price. The proximity of the upper and lower near-end distances is close, with the upper side slightly nearer; during rebounds, pay attention to potential short liquidations, and during pullbacks, observe long deleveraging.

BTC institutional cost: Glassnode reported on October 21 that its estimated average cost for BTC held by treasury companies is approximately $80,200, with holding data as of October 19; the current coin price is about 0.29% below this reference. Strategy disclosed on October 26 that as of October 25, it held 848,517 BTC, with an overall average cost including fees of $75,446, and the current coin price is about 5.99% above this cost; these ratios only reflect the difference between the coin price and BTC cost.

In summary: BTC is still hovering near the $80,200 treasury cost reference, with the lower liquidation zone of $78,700---$79,400 close to that reference position. If it continues to retreat, both reference floating losses and leverage reduction need to be observed. The proximity of the near-end distances for both coins is close, and the map itself does not provide a clear direction, nor does it constitute definite support or resistance.

U.S. Major Index Performance

| Index | Closing Point | Change | | ----- | ------------- | ------ | | Dow Jones Industrial Average | 52,361.58 | +0.28% | | S&P 500 Index | 7,676.77 | +0.70% | | Nasdaq Composite Index | 26,169.38 | +0.82% |

The three major indices rebounded, with the Nasdaq leading the way, and tech stock sentiment has somewhat recovered. Next, it is necessary to verify whether the rebound has sustainable fundamental support through revenue, profit, and cash flow in earnings reports.

Performance of the Seven Tech Giants

| Company | Closing Price (USD) | Change | | ------- | ------------------- | ------ | | Nvidia NVDA | 216.00 | +2.39% | | Apple AAPL | 343.91 | -1.10% | | Microsoft MSFT | 532.60 | +1.54% | | Alphabet GOOGL | 316.80 | -1.06% | | Amazon AMZN | 249.09 | +0.44% | | Meta META | 630.56 | -1.88% | | Tesla TSLA | 391.62 | +5.21% |

Four of the seven giants rose while three fell, with Tesla leading the gains and Meta experiencing the largest decline. During the recovery of the AI sector, the market is still separately assessing chip demand, platform profitability, and the costs of capital raising.

Sector Movement Observations

Chips and Design Tools: Nvidia rose 2.39%, NXP rose 4.64%, Cadence rose 1.79%. Cadence released its earnings report after hours, and its performance cannot explain the entire increase during the previous regular trading session.

Cryptocurrency-related Stocks: Coinbase fell 2.95%, Strategy fell 4.24%, Circle fell 7.07%, forming a divergence from the rebound in tech stocks. The performance of coin prices, trading activity, and treasury companies' capital arrangements still need to be tracked separately.

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

1. Meta | Huge Financing Highlights AI Capital Demand

Event Overview: Meta closed at $630.56, down 1.88%. The company initiated an underwriting issuance of approximately $35 billion, including about $22.5 billion in common stock and $12.5 billion in depositary shares representing mandatory convertible preferred stock; it also plans to establish an ATM program of up to $60 billion, expected to launch no earlier than Q1 2027.

Market Interpretation: Issuance and future plans must be distinguished; the maximum of $95 billion should not be interpreted as already received. The financing expands funding sources and makes the market more focused on potential dilution and AI investment returns.

Investment Insight: Track final pricing, conversion, and settlement conditions, as well as the contribution of new investments to operating cash flow. The key judgment is the long-term earnings per share generated by capital investment, rather than looking solely at the scale of financing.

2. Tesla | Rating Upgrade Drives Expectation Recovery

Event Overview: Tesla closed at $391.62, up 5.21%. Barclays upgraded its rating from "Hold" to "Overweight," raising the target price from $370 to $450.

Market Interpretation: Analysts are more optimistic about the prospects for automotive, energy, and autonomous driving businesses, and they also included potential SpaceX combinations in the discussion. The related combinations remain expectations and should not be viewed as announced transactions.

Investment Insight: Future observations should focus on automotive sales and profit margins, energy storage deliveries, and Robotaxi operational progress. Continuous operational data will test the growth assumptions behind the rating upgrade.

3. Cadence | After-Hours Outlook Raised, Design Demand Continues

Event Overview: Cadence closed at $322.17, up 1.79%; after hours, it reported Q3 revenue of $1.633 billion, a year-on-year increase of approximately 22%, with a non-GAAP EPS of $2.11 and a backlog of $8.2 billion.

Market Interpretation: The company expects full-year revenue of $6.387 billion to $6.417 billion, with a non-GAAP EPS of $8.37 to $8.43, showing confidence in future demand. The backlog still needs to be executed according to contracts to convert into revenue.

Investment Insight: Focus on recurring revenue, design tool adoption, and changes in profit margins. The after-hours performance and the stock price reaction on the next trading day should be observed separately; do not confuse pre-market expectations with earnings report realizations.

4. Market and Project Dynamics

1. Strategy Suspends Weekly Coin Purchases, Repurchases STRC

Strategy disclosed that from October 19 to 25, it did not buy or sell BTC, nor did it sell shares through ATM; during the same period, it used $204.9 million in cash to repurchase 2,068,459 shares of STRC preferred stock. The company will use the funds for capital management, and this repurchase does not belong to BTC spot buying.

2. Bitmine Updates ETH Treasury and Repurchase Situation

Bitmine disclosed on October 26 that as of October 25, 14:00 Eastern Time, it held 6,051,933 ETH and stated that it increased its holdings by 10,452 ETH in the past week. During the same period, the company repurchased approximately 2.04 million shares of common stock; asset increases and stock repurchases are two independent capital arrangements.

3. Glassnode Highlights Spot Demand and Leverage Divergence

Glassnode released its 44th weekly market report on October 26, indicating that after BTC's rise and fall, spot buying weakened, but futures leverage and long funding rates remain in a high range. The report reflects the market structure as of last week, and future attention will focus on whether spot demand can recover and whether leverage decreases with volatility.

5. Today's Market Calendar

| Beijing Time | Country/Region | Event | Market Attention Level | | ------------ | -------------- | ----- | ---------------------- | | October 27, 20:30 | U.S. | September Durable Goods Orders Preliminary Value | High | | October 27, 22:00 | U.S. | October Conference Board Consumer Confidence | High | | October 27, 22:00 | U.S. | September New Home Sales | Medium | | October 27, 22:00 | U.S. | Richmond Fed Manufacturing Survey | Medium | | October 27-28 (U.S. time) | U.S. | FOMC Monetary Policy Meeting, Starting Today | High |

Key Event Outlook: Tonight, focus on core capital goods orders, residential housing demand, and consumer confidence to verify the breadth of economic growth. The Federal Reserve's decision will be announced after the meeting concludes; today's meeting initiation should not be interpreted as the policy already being implemented.

Institutional View: JP Powers, Chief Investment Officer of RWA Wealth Partners, stated on October 26 that Anthropic's filing has driven market sentiment towards optimism, but it is still necessary to observe the level of acceptance at the time of the official listing. He also reminded that if intensive events release signals in different directions, it may lead to repeated fluctuations.

This article is for market information reference only and does not constitute investment advice.