Market Performance
- Bitcoin 118,645 +0.03%
- Ethereum 4,423 +1.61%
- US stocks rose overall: Dow +0.09%, Nasdaq +0.42%, S&P 500 +0.34%, Russell 2000 +0.24%
- 2-year US Treasury yield down -7.57bps to 3.5306%, 10-year yield down -5.21bps to 4.0962%
- DXY down -0.08% to 97.7412
- VIX up +0.06% to 16.29
- Brent Crude Oil down 0.92% to 65.42, LBMA Gold up 0.20% to 3865.415
Weak ADP Employment Data
September ADP private sector employment came in at -32k, well below the market expectation of +50k. The previous figure was revised to -3,000. Increases were seen only in the education/healthcare, information, and mining sectors. The ADP data pointing to broad-based job losses confirms the slowdown in the labor market. This scenario is priced in as a 25 bps rate cut in October and an additional 25 bps cut in December.
Manufacturing PMI Sent Mixed Signals
The September ISM Manufacturing PMI exceeded expectations at 49.1 (expectation 49.0; previous 48.7) and marked the highest level since February 2025. However, new orders contracted (-2.5 points). The Markit Manufacturing PMI came in at a final 52, in line with expectations but below the previous 53. The overall picture shows that manufacturing continues to recover, but weak demand could create volatility ahead. The decline in the inflation sub-index supports the macro backdrop for easing.
Senate and Shutdown Developments
The Senate rejected both parties’ temporary funding bills on Wednesday. Democrats’ insistence on healthcare funding blocked the passage of the Republicans’ short-term bill. No vote was held on Thursday due to Yom Kippur, and the Senate will reconvene on Friday. The Labor Department announced that weekly jobless claims would not be released due to the government shutdown.
Messages from Fed Officials
Chicago Fed President Goolsbee (dovish): Said fundamentals are strong but cuts must be made carefully. Emphasized that missteps could damage inflation expectations. Also noted that if critical data is not released due to the shutdown, the Fed will have to rely on alternative indicators at its October meeting.
Fed Chair Cook Lawsuit
Trump’s request to immediately remove Fed Chair Cook from office was rejected by the U.S. Supreme Court. A hearing for the case has been scheduled for January, and Cook will remain in office until then. There was no dissent in the ruling; this decision is seen as an important safeguard against pressure on the Fed’s independence.
White House Withdraws Nomination for Bureau of Labor Statistics
The White House withdrew the nomination of conservative economist E.J. Antoni for director of the Bureau of Labor Statistics. It was announced that a new nominee will be selected soon. This development signals personnel changes in the Trump administration’s economic team.
New Decision on Russian Energy from the G7
The G7 countries announced sharp reductions in imports from Russia and the phased elimination of all Russian energy, including hydrocarbons. This step increases the West’s pressure on Russia through sanctions. Russian officials, meanwhile, announced that new US-Russia talks would take place before the end of autumn.
Elon Musk Surpasses $500 Billion
With the recovery of Tesla shares and the increase in the valuation of Musk’s other ventures, Elon Musk’s fortune surpassed $500 billion for the first time in history. According to Forbes data, his net worth briefly reached $500.1 billion, then fell back below that level. Tesla, a company affiliated with Musk, holds 11,509 BTC, while SpaceX holds 8,285 BTC.
Trend Research Withdraws 16,698 ETH
According to data from on-chain analyst Aunt Ai, Trend Research withdrew 16,698 ETH ($73.38 million) from Aave. Of this, 6,000 ETH was deposited into Binance. As of yesterday morning, the company transferred a total of $130 million worth of ETH to exchanges.
Avalanche Treasury’s Nasdaq Plan
Avalanche Treasury announced that it has entered into a $675 million merger agreement and aims to be listed on Nasdaq in the first quarter of 2026. The completion of the agreement is subject to regulatory and shareholder approval. This step demonstrates the increasing integration of digital asset treasuries with institutional finance.
Metaplanet’s Q3 Results
Japan-based Bitcoin treasury company Metaplanet announced that it generated total revenue of 6.8 billion yen (+100%) and operating profit of 4.7 billion yen (+88%) in the third quarter. The company’s BTC revenue amounted to 2.438 billion yen, marking a 115.7% increase compared to the previous quarter.
Tether Minted 1 Billion USDT
According to Whale Alert data, Tether Treasury minted 1 billion USDT on the Ethereum network. Such large issuances are often seen as a signal of expected market liquidity increases.
BlackRock IBIT BTC Accumulation
Official data shows that BlackRock’s IBIT Bitcoin ETF has reached 770,010 BTC. This amount is worth approximately $87.1 billion. According to HODL15Capital data, the ETF increased by 20,000 BTC in September alone.
Avalanche DEX Trading Volume at Peak
The trading volume of decentralized exchanges on the Avalanche chain reached $17.4 billion in September. This figure is the highest level in the last three years. Network administrators stated that the increase was due to interest in DeFi projects within the ecosystem.
