Main trend review: The main driving force behind BTC's recent rise is Coinbase

Bitwise Chief Investment Officer Matt Hougan analyzed that after the Senate's procedural vote on September 15th failed to advance the CLARITY bill, four sectors gained an advantage: stablecoin platforms maintained their ability to provide balance rewards to customers, while the original bill imposed a maximum fine of $5 million for violations; Exchanges such as Coinbase and Kraken retain the advantage of merging state-level licenses with brokerage businesses; The tokenization platform has been exempted from trading five-year tokenized stocks by the SEC on September 17th; In terms of repurchase tokens, as of September 30th, NEAR rose 104%, Uniswap rose 49%, Pump rose 19%, and Hyperliquid rose 15%. (Source: Bitcoin.com News)

[Axel Adler Jr.: Bitcoin's Realized Market Cap Increased by 1.2% Over 30 Days] CryptoQuant analyst Axel Adler Jr. stated that Bitcoin's realized market cap has grown by 1.2% over the past 30 days, equivalent to approximately $12.8 billion, reaching $1.079 trillion on October 2. The growth rate has doubled compared to the previous month, with the on-chain total cost basis continuing to rise.

Arthur Hayes, the managing partner of Maelstrom, said that AI was a foam. It was estimated that the data center bill would burst when it expired 12 to 18 months later. At that time, the government would provide trillions of dollars in aid, bringing liquidity benefits to the encryption market. Flop Labs will launch a 90 day FLOP airdrop in late October, distributing 25% of the ten-year supply. The mainnet is scheduled to go live in the first quarter of next year, and miners who contribute GPU computing power to process and reason will receive rewards. (Source: Bitcoin.com News)

On September 29th, Jennifer L. Rochon, a federal judge for the Southern District of New York, dismissed a class action lawsuit filed by investors against LIBRA and M3M3 meme coins. The defendants include Hayden Davis, Kelsier Labs, Meteora, and former Meteora CEO Benjamin Chow, and the case was closed on grounds of bias. The court held that the civil RICO claim did not meet the duration requirement, that Meteora, as an unincorporated group, was not adequately claimed, and that the fraud charges against Benjamin Chow did not meet the standard of legal intent. The ruling did not determine whether insider pumping occurred, and the criminal investigation in Argentina is still ongoing.

Joseph Brusueiras, Chief Economist of RSM in the United States, believes that both recruitment and layoffs in the US job market are at a low level, and the slight increase in unemployment rate is caused by statistical noise. Currently, the US labor market is in a state of full employment. The weak recruitment growth rate and fluctuations in labor force size support the Federal Reserve's October meeting to maintain the federal funds rate unchanged, and the risk of wage increases triggering a second round of inflation is minimal. The benchmark judgment for monetary policy is to not raise interest rates in October, raise interest rates by 25 basis points in December, and raise interest rates by another 25 basis points in March 2027. (Source: Golden Ten Data) AI interpretation: This viewpoint clearly defines that the current labor market is in a state of full employment and excludes the risk of inflation caused by a wage spiral. Analysts have established the policy tone of the Federal Reserve to maintain interest rates unchanged in the short term through the interpretation of recruitment and layoff data. This judgment negates the necessity of recent interest rate cuts and provides logical support for the subsequent path of interest rate hikes. The market needs to recalibrate its expectations for a shift in monetary policy, as a high interest rate environment will continue to constrain economic activity.