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Bank of America warns that the AI investment boom is showing signs of classic capital cycle risks, manifested in a surge in spending, intensified competition, and falling prices.The capital expenditure expectations of hyperscale cloud vendors have jumped from $330 billion to $1 trillion, roughly equivalent to 3% of the U.S. GDP. Meanwhile, since the summer, the prices of AI tokens have dropped by about 50%, and the increase in usage may not translate into sufficient revenue. The key risk is that AI technology may succeed, but investors could be harmed by over-investment and declining returns.

The Japanese yen stablecoin issuer JPYC posted on the X platform that the issuance processing of JPYC on the Polygon network experienced delays starting around 14:00. The related issues have now been resolved, and the backlog of issuance applications is being processed in order.JPYC emphasized that the JPYC issuance services on other networks and all redemption processing across networks were not affected by this incident.

Jonas Golterman, Chief Market Economist at Caixin Macro, warned that there are increasing signs of a cyclical downturn in the US stock market, and a correction may continue over the next year, with US Treasury yields declining in tandem.He pointed out that despite recent high inflation data, concerns about whether the artificial intelligence boom can be sustained are rising, affecting market performance.

According to The Block, the developer of the tokenized asset settlement platform Multiliquid, Uniform Labs, has raised a total of $8 million in seed and pre-seed funding rounds, with the latest seed round led by Polychain, and participation from Strobe Ventures, CMT Digital, Metalayer Ventures, Generative Ventures, and Circle Ventures.Multiliquid supports institutions in converting between tokenized assets and stablecoins through single atomic transactions, and is currently deployed on Ethereum and Solana.

According to Bitcoin Magazine, James Thorne, Chief Market Strategist at Wellington-Altus Private Wealth, stated in a conversation with Grace Remington and Sean Hagan that Bitcoin is entering a "generational supercycle" and claimed that "the next round of Bitcoin's market will be recorded in history." He combined his research experience on commodity supercycles and believes that the current changes in market structure make this round of market different from previous ones, concluding that Bitcoin's traditional four-year cycle has ended.Thorne also discussed the Federal Reserve's policy path and the phenomenon of hedge funds changing roles in the bond market, exploring whether artificial intelligence could bring about a market environment similar to the Greenspan era. He believes Bitcoin solves the settlement problem and conducted an analysis around Strategy, quality collateral, and Bitcoin volatility harvesting.He further mentioned that tokenization will end the situation of innovation delays and discussed whether Bitcoin's market capitalization could potentially surpass that of gold. James Thorne is currently the Chief Market Strategist at Wellington-Altus Private Wealth.

According to Catcher Predict monitoring, in the market prediction on Polymarket for the event "Dota 2: Power Rangers vs Kalmychata - DreamLeague Eastern Europe Closed Qualifiers Playoffs," the "Yes" option in the sub-market "Ends During the Day" has experienced significant fluctuations in winning probability, soaring from 50% an hour ago to the current 91% (a fluctuation of 41%). Please note the impact of related breaking news.

According to official disclosures from JPYC, the cumulative issuance of its issuance and redemption service JPYC EX surpassed 10 billion yen as of September 18, with users expanding from individuals to local Japanese businesses and overseas projects.On September 17, JPYC was listed on the South Korean exchange Upbit, trading against the Korean won, BTC, and USDT markets, but the market price temporarily deviated from 1 yen after the listing. In addition, Netstars signed a Memorandum of Understanding (MOU) with the Kaia DLT Foundation to integrate the stablecoins circulating on Kaia into its payment networks such as StarPay, which has approximately 700,000 affiliated stores; the Osaka physical store of Mi&T received a subsidy from the Osaka Prefecture for its JPYC payment pilot, planning to implement it in about 5 stores from November 2026 to March 2027.

The smart trading system Instinct, supported by Y Combinator, is officially launched. This platform aims to open the research and trading capabilities of professional investment institutions to individual traders.The Instinct team members come from organizations such as Squarepoint Capital, the European Particle Physics Laboratory, and the Quantum Computing Center at the University of Southern California. The platform integrates fragmented financial tools and information links through independently operating intelligent agents, capable of processing massive amounts of market data, information, and market sentiment in parallel, automatically discovering cross-market opportunities, building trading tools, and executing trades.With this system, individual traders can cover more niche and specialized investment scenarios, achieving more flexible strategy layouts.Officials believe that the future investment model will shift to individual traders operating in conjunction with AI agent teams, and it is anticipated that within two years, there may emerge single-person investment institutions managing up to 1 billion dollars.

David Haber, a general partner at a16z, stated that long-cycle intelligent agents can now progress towards goals across dozens of steps and various interaction methods over weeks to months. He noted that AI previously handled short tasks with clear boundaries, where customer service was implemented earlier due to verifiable results and edge cases manageable by humans; now, intelligent agents can guide insurance clients from the initial call to payout, mortgage clients from pre-approval to closing, and business leads from demonstration to signing, gaining returns based on revenue growth rather than just cost savings.He used the example of plaintiff lawyers preparing cases, stating that the process resembles a relay race, where value can easily be lost at handoff points. Potential clients often contact multiple law firms simultaneously, and slow responses or evaluations can lead to loss; after signing, evidence collection is limited by manpower, and firms may not follow up with witnesses who did not answer the fifth call, making it difficult to review low-value cases item by item. Missing bills or unexplained treatment gaps can also lower settlement amounts. Long-cycle intelligent agents can assess in real-time around the clock, utilizing sub-agents to advance evidence collection and client updates via phone, email, or text, while maintaining complete records from call logs to medical records.Haber proposed three commercialization paths: selling platforms to existing teams, taking over outsourced services, or vertically integrating as a full-stack service provider, such as purchasing debt portfolios and completing collections. He mentioned that most states in the U.S. prohibit non-lawyers from sharing attorney fees, so the plaintiff legal scenario needs to align pricing with settlement amounts but cannot directly share profits.

According to Catcher Predict monitoring, in the market prediction on Polymarket for the event "Dota 2: Kalmychata vs HULIGANI - DreamLeague Eastern Europe Closed Qualifiers Playoffs," the "Yes" option in the sub-market "Both sides destroy barracks" has experienced a dramatic fluctuation in win rate, soaring from 50.5% an hour ago to the current 90% (a fluctuation of 39.5%). Please note the impact of related breaking news.

CryptoQuant founder Ki Young Ju posted that the Bitcoin bear market cycle has ended, and a bull market or sideways consolidation is expected in the next 12 to 24 months.Previously, on March 18, 2025, he predicted that the Bitcoin bull market cycle would end, leading to a bear market or sideways consolidation for 6 to 12 months, and now officially announces the end of that predicted cycle.

Cryptocurrency analyst Darkfost pointed out that Bitcoin has entered a phase where selling pressure has significantly increased. Recently, the rebound pushed Bitcoin's price above $85,000, and the Seller Exhaustion indicator has signaled that potential selling pressure is rising.This indicator combines profit supply and volatility to identify risk and calm phases, making it highly valuable for short-term reference. This rise has been quite sudden, especially reflected in short-term holders. The current level of the indicator is approaching the threshold seen at multiple local tops in this cycle. Analysts indicate that it is necessary to observe whether demand can improve and whether volatility converges to suppress potential pullbacks and allow the indicator to return to normal.

Tom Lee, the chairman of the Ethereum treasury company Bitmine, stated in an interview that Ethereum is expected to rise to between $25,000 and $50,000 in this cycle. He believes that ETH has been oscillating in a similar range for the past five years, and continued bottoming may lay the foundation for a larger breakthrough later.Tom Lee also predicts that the price of ETH will exceed $5,000 by the end of the year, noting that if Bitcoin rises above $100,000, ETH is expected to reach around $7,500. However, market prediction data shows that traders currently believe there is only a 4% chance that ETH will rise to $5,000 by the end of 2026.

Chris Larsen, co-founder of Ripple and crypto billionaire, is increasing his investment in the U.S. political arena. Disclosure data shows that during this midterm election cycle, Larsen has directly donated at least $22.5 million to federal candidates and super political action committees (super PACs), and plans to further increase his contributions.Currently, Larsen has become one of the important donors in U.S. federal politics, with areas of focus including artificial intelligence, clean energy, cryptocurrency, and wealth taxes. He has previously been an active political donor in the U.S. technology and cryptocurrency sectors.

Polychain Capital founder and CEO Olaf Carlson-Wee announced at the Network State conference that Polychain is leading a new round of financing for Network School, with a valuation of $2 billion. Andreessen Horowitz (a16z), Coinbase, and Balaji himself, among other institutions and individuals, participated in the investment, with the specific financing amount not disclosed.Olaf stated that Polychain's investment strategy does not solely focus on incremental improvements but seeks projects that utilize new business models or technologies to solve problems in different ways. He expressed anticipation for participating in the financing of Network School and mentioned that he has known and collaborated with Balaji for over ten years.

Fidelity Digital Assets Vice President Chris Kuiper stated, "The bear market may not be over." He believes that the rebound since August could either be the starting point of a new rally or just a bounce within the bear market, "an upward price movement does not guarantee the end of the bear market"; according to a four-year cycle, November is a key window to observe (the last bear market bottom was in November 2022), but he also emphasized that historical cycles have never precisely repeated, and BTC may decline again, potentially setting a new low in November or later.A more positive signal is that during the period from June to mid-August, the volatility of digital assets rapidly increased after being low, resembling the end of previous bear markets, which may indicate that selling pressure is nearing exhaustion, while stablecoin transfers, RWA, and institutional participation continue to grow during the same period.

BasedApp disclosed a data breach, with unauthorized parties accessing its internal operating system, exposing customer KYC data. The exposed items listed in the post include names, dates of birth, nationalities, addresses, passport or NRIC numbers, email addresses, phone numbers, and wallet addresses associated with the aforementioned identity information.The post also mentioned that someone gained administrator access to the BasedApp team's AI-agent backend through Google Quick Login, exposing the Telegram bot token, AI API key, OpenClaw gateway token, and OpenAI keys.

The cryptocurrency card platform BasedApp disclosed a data breach, where unauthorized parties accessed its internal operating system, resulting in the exposure of customer KYC data. The leaked information includes names, dates of birth, nationalities, addresses, passport or Singapore National Registration Identity Card numbers, email addresses, phone numbers, and associated wallet addresses.

The co-founder of the Bitcoin financial asset protocol Solv Protocol, Meng Yan, stated that he has withdrawn from the daily operations of Solv and did not participate in the BTC+ business, and was unaware of the situation at the time. A user claiming to be the party involved later contacted him, asking him to communicate with the business team. Meng Yan mentioned that Solv had announced a BTC+ security incident in July, where the deposit of 50 BTC and subsequent operations constituted important conditions exploited by the attack path; the attack occurred just three days after the related operations, and Solv promptly identified and prevented it, protecting BTC+ user funds.Meng Yan stated that the above situation alone cannot prove a direct correlation between the two matters, but it is sufficient to trigger a higher-level security review. Therefore, risk control protected the funds in question and required the user to explain the situation. He noted that during the review, Solv never required the user to undergo any form of KYC, nor did it require ordinary BTC+ users to use real names; the review focused on whether the identity and account explanations submitted by the user were consistent, whether the related accounts were controlled by the user, and whether the explanations for key operations could correspond with objective records. Risk control feedback indicated that the user had used multiple different names and online identities, and several key factual statements were inconsistent.Meng Yan provided an example, stating that the user explained that on July 18, they saw a similar transaction by someone else, but the verification showed that the transaction occurred on July 20; the user later claimed they acted after seeing related content on the Solv official website, but the page at that time did not contain the content they referred to. He stated that risk control cannot lift security restrictions before eliminating doubts and has never refused to resolve issues through formal channels such as judicial procedures. In the section marked as personal thoughts, he mentioned that to his knowledge, the asset remains intact, can be traced on-chain, and has not been transferred, mortgaged, or disposed of.