As of about 8 AM Beijing time, the total global cryptocurrency market capitalization is approximately $2.83–2.84 trillion, with a nearly 24-hour change of about +1.1% (data sources show slight discrepancies, overall indicating a mild recovery trend). Bitcoin accounts for about 57.9–58%.  The Fear and Greed Index (alternative.me) is at 63 (Greed), showing a slight increase compared to the previous day; some platforms' own indices indicate a more cautious stance.  Major coin prices (around 8 AM Beijing time) Bitcoin (BTC) is about $81,700, up 0.6%–0.8% in 24 hours. Ethereum (ETH) is about $2,424, up 1.5%. Solana (SOL) is about $104.4, up 1.5%. BNB is about $722, up 1.2%. XRP is about $1.31, up 2.3%. Dogecoin (DOGE) is about $0.081, up 0.7%. Zcash (ZEC) shows a notably strong performance, about $1,147, with a 24-hour increase of about +7.6%; Hyperliquid (HYPE) is about $80, slightly up.  Overall, it shows characteristics of overnight recovery, with most major coins regaining some losses, but volatility remains influenced by macro sentiment. Overnight highlights • Macro and Federal Reserve: Wednesday's CPI (September year-on-year 3.7%) and Thursday's PPI data were relatively hot, once pushing up expectations for an October rate hike. Following

Closing out Friday to settle this week's accounts: AI trading is about paying off debt, not telling stories. The S&P 500 fell 1.09% to close at 7659, the Dow dropped only 0.34% to 52002, but the Nasdaq fell 2.15% to 26140. Over the week, the Nasdaq gave back 4.5%, the S&P dropped nearly 2%, while the Dow actually rose 0.7%. This is not a broad decline; it's a shift in weighting. Two things are being traded in the market. First, the financing cost of AI infrastructure. CoreWeave dropped nearly 12% again on Friday to around $61, losing more than 20% over the week. Its debt is under scrutiny, with yields surging to around 16%. The market is asking: can this nearly 50 billion in liabilities hold up in an environment where interest rates remain around 5% before data centers actually generate returns? Chips followed suit, with the Philadelphia Semiconductor Index falling for multiple days, marking the longest losing streak since the financial crisis. Micron fell 5.6%, Intel dropped 5.8%. This is not a sudden fundamental collapse but rather capital reducing positions in those requiring sustained high capital expenditure and heavily reliant on external financing. Second, oil prices are supporting the other side. Brent crude surged to around $110, with the energy sector clearly strengthening, and utilities keeping pace. The Iran conflict continues, and supply risks in the Strait of Hormuz have not disappeared, giving those more traditional, cash-flow stable companies in the Dow components some breathing room. So the index doesn't look as bad because tech weightings are being hedged, not because the overall market has turned more optimistic. Earlier this week, inflation data was still hanging there, and the market's view on