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After the overnight decline in U.S. Treasury yields, Japanese government bond yields fell across the board. On Thursday, U.S. Treasury yields decreased due to stable long-term bond auction results and the Treasury's repurchase operations. The market's expectations for further interest rate hikes by the Federal Reserve have cooled, putting downward pressure on U.S. and Japanese bond yields. The yield on Japan's 10-year government bonds fell by 4.5 basis points during the session to 3.035%, the 2-year yield dropped by 1.5 basis points to 1.915%, and the 30-year yield decreased by 4 basis points to 4.08%.

According to Coinglass data, in the past 24 hours, the total liquidation across the network was $1.191 billion, with long positions liquidated at $1.056 billion and short positions liquidated at $135 million. Among them, Bitcoin long positions were liquidated at $273 million, Bitcoin short positions were liquidated at $31.5008 million, Ethereum long positions were liquidated at $294 million, and Ethereum short positions were liquidated at $56.5026 million.In addition, in the last 24 hours, a total of 192,576 people were liquidated globally, with the largest single liquidation occurring on Hyperliquid - ETH-USD worth $199.817 million.

According to Coinglass data, in the past 24 hours, the total liquidation across the network was 413 million USD, with long positions liquidated at 361 million USD and short positions liquidated at 52.4595 million USD. Among them, Bitcoin long positions were liquidated at 126 million USD, Bitcoin short positions at 10.0262 million USD, Ethereum long positions at 70.1669 million USD, and Ethereum short positions at 9.9208 million USD.In addition, in the last 24 hours, a total of 93,351 people were liquidated globally, with the largest single liquidation occurring on Binance - BTCUSDT worth 11.8234 million USD.

According to official news, Chainlink announced the launch of CCIP Vault Adapters, allowing decentralized finance (DeFi) vaults on a single network to directly receive one-click deposits from over 80 supported blockchains, without the need to redeploy vaults across different chains.

On Thursday during the European trading session, Dow Jones index futures fell by 0.56%, S&P 500 index futures fell by 0.28%, and Nasdaq 100 index futures fell by 0.44%.U.S. Treasury yields rose to multi-year highs, and high oil prices intensified inflation concerns. U.S.-Iran relations are tense, and the Strait of Hormuz is facing threats. The market is focused on speeches from Federal Reserve officials and a new batch of quarterly earnings reports.

According to the market intelligence platform Liquid247.xyz, the current price of ETH is approximately $2,566.47. Binance's perpetual near-end buy orders are about $60.93 million, and sell orders are about $58.87 million, with a net buy of approximately $2.05 million; Binance's spot buy orders are about $24.75 million, and sell orders are about $6.32 million, with a net buy of approximately $18.43 million; Coinbase's spot buy orders are about $12.22 million, and sell orders are about $8.44 million.OKX's perpetual buy orders are about $21.33 million, and sell orders are about $21.11 million, while Hyperliquid's perpetual buy orders are about $11.43 million, and sell orders are about $8.53 million. The thickness of buy orders on Binance's perpetual and spot markets is significantly higher than other venues, especially the spot buy orders on Binance are notably thicker compared to sell orders. If large market orders occur, slippage on thinner exchanges like Hyperliquid may be greater.

According to the market intelligence platform Liquid247.xyz, the current price of BTC is approximately $82,643. The Binance perpetual near-end sell orders amount to about $43.795 million, and buy orders are about $43.4685 million, with a net sell order surplus of approximately $326,500; Coinbase's spot sell orders are about $22.2235 million, and buy orders are about $16.7834 million; OKX's perpetual sell orders are about $19.5759 million, and buy orders are about $13.6366 million.Hyperliquid's perpetual buy orders are about $9.5485 million, and sell orders are about $2.8662 million, with a net buy order surplus of approximately $6.6823 million. Binance's spot sell orders are about $14.4525 million, and buy orders are about $10.7293 million. Overall, Binance's perpetual sell orders are relatively more concentrated compared to buy orders, while Hyperliquid shows a dominance of buy orders.

According to Coinglass data, in the past 24 hours, the total liquidation across the network was $709 million, with long positions liquidated at $647 million and short positions liquidated at $61.944 million. Among them, Bitcoin long positions were liquidated at $172 million, Bitcoin short positions at $12.1436 million, Ethereum long positions at $236 million, and Ethereum short positions at $15.5148 million.In addition, in the last 24 hours, a total of 122,768 people were liquidated globally, with the largest single liquidation occurring on Binance - ETHUSDC worth $26.6438 million.

According to Coinglass data, in the past 24 hours, the total liquidation across the network was 658 million dollars, with long positions liquidated at 595 million dollars and short positions liquidated at 62.946 million dollars. Among them, Bitcoin long positions were liquidated at 150 million dollars, Bitcoin short positions at 11.4456 million dollars, Ethereum long positions at 218 million dollars, and Ethereum short positions at 11.858 million dollars.In addition, in the last 24 hours, a total of 114,279 people were liquidated globally, with the largest single liquidation occurring on Binance - ETHUSDC worth 26.6438 million dollars.

Bitget, in collaboration with the digital asset research institution Block Scholes, has released the latest research report analyzing the synergistic effects of tokenized stocks and crypto assets within a unified trading account. In the report, Block Scholes simulated an investment portfolio with a total size of $1 million, covering AI and semiconductor tokenized stocks, BTC and ETH perpetual contracts, as well as Nasdaq 100 ETF perpetual contracts. Under a structure where accounts are mutually independent, the total margin required occupies about $340,000 in capital; however, in Bitget's cross-asset unified account, tokenized stocks can simultaneously be counted as collateral, reducing the required capital to about $175,000, a decrease of approximately 48.5%.The research report also analyzes the risk characteristics associated with higher capital efficiency. Stress tests show that when collateral and positions are driven by the same macro factors, the simulated portfolio using tokenized stocks as collateral reaches the estimated liquidation point after a market decline of about 21% in correlation; when using equivalent USDT as collateral, it withstands a decline of about 27% in correlation. The study indicates that while improving capital efficiency, it is also necessary to comprehensively assess the correlation between collateral and positions as well as their own volatility.Bitget CEO Gracy Chen stated that putting assets on-chain is just the first step; more importantly, it is to enhance the efficiency of capital usage across different markets. Bitget is promoting the collaborative operation of crypto assets, tokenized stocks, and other global assets under a unified capital framework through the UEX model. Currently, Bitget's cross-asset unified account (UTA) supports over 370 types of collateralizable assets, including 125 types of tokenized U.S. stocks. Eligible crypto assets and tokenized stocks can enter the same margin system, sharing collateral value and meeting margin requirements for different positions.

According to the market intelligence platform Liquid247.xyz, the current price of Bitcoin is approximately $84,340. The near-term buy depth for BTC on Binance is about $16.1618 million, with sell orders around $10.3911 million, resulting in a net buy of approximately $5.7707 million; the perpetual buy orders on Binance are about $44.2172 million, with sell orders around $45.5145 million, resulting in a net sell of approximately $1.2973 million; the spot buy orders on Coinbase are about $26.6829 million, with sell orders around $23.6883 million, resulting in a net buy of approximately $2.9946 million.The perpetual buy orders on OKX are about $15.989 million, with sell orders around $20.2283 million, resulting in a net sell of approximately $4.2393 million; Hyperliquid has perpetual buy orders of only about $1.8911 million, with sell orders around $12.1844 million, resulting in a net sell of approximately $10.2933 million. The near-term sell orders on Hyperliquid are significantly thicker compared to buy orders, and if a large market order occurs, the slippage on the Hyperliquid side may be greater.

According to the market intelligence platform Liquid247.xyz, the current price of ETH is approximately $2,610.05. Binance's perpetual near-end buy orders are about $71.1371 million, sell orders are about $61.4986 million, with a net buy of approximately $9.6385 million; Binance's spot buy orders are about $8.554 million, sell orders are about $7.2989 million, with a net buy of approximately $1.2551 million; Coinbase's spot buy orders are about $14.0431 million, sell orders are about $12.8971 million, with a net buy of approximately $1.146 million.OKX's perpetual buy orders are about $21.095 million, sell orders are about $19.0131 million, Hyperliquid's perpetual buy orders are about $12.6591 million, sell orders are about $11.94 million. Overall, Binance's perpetual buy order thickness is significantly higher than other venues, and buy orders are generally thicker than sell orders. If there is a pullback in the short term, the order volume on the Binance perpetual side is relatively more concentrated.

According to Decrypt, the cross-border payment company Conduit has filed a lawsuit against the stablecoin issuer Tether in the U.S. District Court for the Southern District of New York. Conduit alleges that Tether unilaterally froze $2.76 million worth of USDT in its treasury wallet on September 24, 2025, and has refused to unfreeze it for over a year.The complaint shows that the freeze originated from a Brazilian police investigation into a third party, Onix, but Conduit claims that the wallet in question was created after Onix's last transaction and has never held Onix's funds. The Brazilian police did not mark the address, and the freeze decision was made independently by Tether's T3 Financial Crimes Department.Conduit states that the wallet freeze has caused a severe liquidity crisis, forcing the company to lay off employees and close offices; meanwhile, Tether continues to earn interest on the reserves corresponding to these funds by investing in U.S. Treasury bonds. The lawsuit seeks claims for conversion of property, unjust enrichment, breach of fiduciary duty, and computer fraud, demanding the return of the funds.Recently, Tether has been involved in lawsuits due to on-chain freeze rights, with two Thai businessmen previously suing Tether for freezing $42.4 million in USDT earlier this year. This case has once again sparked controversy in the market regarding Tether's unilateral power to freeze USDT addresses.

According to Coinglass data, in the past 24 hours, the total liquidation across the network was 144 million dollars, with long positions liquidated at 87.2609 million dollars and short positions liquidated at 56.7386 million dollars. Among them, Bitcoin long positions were liquidated at 17.2537 million dollars, Bitcoin short positions at 11.2408 million dollars, Ethereum long positions at 11.054 million dollars, and Ethereum short positions at 5.0203 million dollars.In addition, in the last 24 hours, a total of 60,063 people were liquidated globally, with the largest single liquidation occurring in Hyperliquid - XYZ:SP500-USD valued at 5.8047 million dollars.

The cross-border payment company Conduit has filed a lawsuit in the Southern District of New York Federal Court, accusing the stablecoin issuer Tether of freezing its $2.76 million in funds and refusing to unfreeze or provide any explanation. Conduit states that its USDT has been locked for over a year. The complaint claims, "Conduit owes no money to Tether and has no obligations to Tether."Conduit uses stablecoins, including Tether's USDT and Circle's USDC, to transfer funds across more than 100 countries. The lawsuit states that the wallet frozen by Tether is equivalent to Conduit's "operating bank account." This freeze reportedly stems from an investigation involving Conduit's former client Onix Intermediações, which was received by the Brazilian Federal Police. However, Conduit claims that law enforcement has confirmed it never requested the freezing of the payment service provider's funds wallet, and it is unclear why Tether took action; a Brazilian court also confirmed that Conduit is not under investigation related to the Onix Intermediações case.According to the complaint, Onix has not used the Conduit platform since April 2025, about a month before the creation of that funds wallet, and that wallet has never held any funds from Onix. Since the wallet is used to support company operations, Conduit states that its business has been affected, while Tether continues to earn interest on the reserves behind the frozen USDT.

According to Coinglass data, in the past 24 hours, the total liquidation across the network was 168 million USD, with long positions liquidated at 106 million USD and short positions liquidated at 61.8466 million USD. Among them, Bitcoin long positions were liquidated at 39.6593 million USD, Bitcoin short positions at 13.6196 million USD, Ethereum long positions at 12.6697 million USD, and Ethereum short positions at 7.3524 million USD.In addition, in the last 24 hours, a total of 64,000 people were liquidated globally, with the largest single liquidation occurring on Binance - BTCUSDT worth 11.8511 million USD.

According to the market intelligence platform Liquid247.xyz, the current price of BTC is approximately $85,580. Binance's perpetual near-end buy orders are about $49.7076 million, and sell orders are about $45.7305 million, with a net buy of approximately $3.9771 million; Binance's spot buy orders are about $14.042 million, and sell orders are about $11.7821 million, with a net buy of approximately $2.2599 million; Coinbase's spot buy orders are about $24.4913 million, and sell orders are about $25.8692 million, with a net sell of approximately $1.3779 million.OKX's perpetual buy orders are about $15.1735 million, and sell orders are about $15.8917 million, with a net sell of approximately $0.7182 million; Hyperliquid's perpetual buy orders are about $11.7525 million, and sell orders are about $2.8715 million, with a net buy of approximately $8.881 million. Binance's perpetual buy order thickness is the most significant among all venues, while Hyperliquid has an advantage in net buy ratio.

Nine Japanese institutions, including Sumitomo Mitsui Banking Corporation, Daiwa Securities, SBI Securities, Progmat, and Datachain, announced the completion of the second phase verification of "Project Trinity." The project aims to eliminate settlement synchronization risks through "Delivery versus Payment" (DvP).In the tests, Daiwa Securities and SBI Securities simulated the START market of the Osaka Digital Exchange (ODX), using corporate bonds issued by ST Company through SBI VC Trade and trust-type stablecoins issued by Sumitomo Mitsui Banking Corporation, successfully completing two cross-chain synchronized settlements, thereby verifying the feasibility of the T+2 settlement cycle in phases.

According to the market intelligence platform Liquid247.xyz, the current price of ETH is approximately $2,694.94. Binance's perpetual near-end buy orders are about $122 million, and sell orders are about $66.487 million, with a net buy of approximately $55.8507 million; Binance's spot buy orders are about $8.7332 million, and sell orders are about $7.2001 million, with a net buy of approximately $1.5331 million; Coinbase's spot buy orders are about $13.3816 million, and sell orders are about $22.5378 million, with a net sell of approximately $9.1561 million.OKX's perpetual buy orders are about $23.9956 million, and sell orders are about $24.891 million, with a net sell of approximately $895,400; Hyperliquid's perpetual buy orders are about $10.795 million, and sell orders are about $11.258 million, with a net sell of approximately $463,000. Binance's perpetual buy orders are significantly thicker than other venues, and if a large market order occurs, Hyperliquid's slippage may be greater.

Core contributor of the Ethereum Economic Zone (EEZ) Eduardo Antuña posted on the X platform, stating that the Ethereum mainnet has successfully executed the first atomic cross-chain transaction from L1 to L2, marking the official implementation of atomic synchronous composability on the mainnet, no longer remaining in the theoretical stage.Eduardo Antuña pointed out that this is just the starting point for EEZ to promote cross-layer synchronous interaction and liquidity unification in Ethereum.