Author: 行政

Bitcoin’s rally and the Federal Reserve’s new financial-risk gauge describe two different time horizons. BTC reflects demand and positioning in today’s market. The Fed’s measure tracks structural weaknesses that could magnify the next shock.The Financial Vulnerability Index is built to capture slow-moving vulnerability rather than coincident market stress. In Figure 2, the final financial-leverage annotation is 0.83, inside the “elevated” band of its historical distribution. The aggregate index is labeled 0.65, valuation pressure 0.77 and funding risk 0.62, all “notable.” Household and business borrowing is lower at 0.26.Figure 2: Heatmaps of aggregate FVI and its subindices. Red: 0.81-1 percentiles (Elevated);…

Aave governance has advanced a proposal that would give Bitcoin-backed borrowers materially more leverage while leaving less room before liquidation.The proposal from risk service provider LlamaRisk would let users on Aave V3 Ethereum Core borrow as much as $0.81 against each $1 of WBTC or cbBTC collateral, up from $0.73. The liquidation threshold would rise from 78% to 85%.LlamaRisk said on Sept. 21 that the proposal had advanced to Snapshot and voting would begin in less than 24 hours. The vote result and any implementation remained unverified at the reporting cutoff, so the higher limits are proposed parameters rather than…

US spot Bitcoin exchange-traded funds (ETFs) pulled in nearly $1 billion as BTC broke above $86,000, marking their strongest inflow day of 2026.The funds recorded $999 million of net inflows on Sept. 21, the largest daily total since Oct. 6, 2025, when the products attracted about $1.2 billion, according to SoSoValue data.Measured in Bitcoin, the move was even more pronounced. The ETFs absorbed about 11,530 BTC, their largest one-day net intake since Nov. 11, 2024, when they added roughly 12,560 BTC. The latest buying came as Bitcoin surged through $86,000 and briefly traded above $87,000, its highest level since January.Bitcoin…

Coinbase Derivatives has filed a proposed framework for perpetual futures tied to individual US stocks and exchange-traded funds, but the contracts remain subject to regulatory approval.The Securities and Exchange Commission notice, published Sept. 18, says Coinbase submitted the proposed rule change to the Commodity Futures Trading Commission and that the CFTC had not approved it. The CFTC product register still listed the Single Stock Perpetual Futures Contract as “Approval Pending” when checked Sept. 22.The filing therefore gives Coinbase a public rule proposal, not a product that traders can access. It describes how the exchange wants the contracts to work if…

Bitcoin’s 11.65% weekly rebound now carries evidence of genuine spot and on-chain participation, widening a move that began with heavy short-covering.During EU trading hours on Sept. 22, CryptoSlate market data placed Bitcoin at $85,877. In its latest market snapshot, Glassnode identified that the asset had risen more than 10% from the previous Sunday’s close and moved above $80,000 for the first time in nearly two weeks.Glassnode said exchange spot taker flow flipped from net selling to net buying as volume increased, while the monthly change in realized capitalization moved above its high band. That combination shows the rebound had gained…

Moscow Exchange will launch perpetual futures tied to five major cryptocurrencies on Sept. 22, giving qualified investors continuous price exposure to Bitcoin, Ethereum, Solana, XRP, and Tron without requiring them to own the underlying assets.The new contracts are BTCUSDF, ETHUSDF, SOLUSDF, XRPUSDF, and TRXUSDF. Each tracks a corresponding MOEX crypto index and automatically rolls over each day, allowing investors to maintain their positions without manually switching to a new contract at expiration.Unlike spot crypto trading, the futures do not deliver any cryptocurrency. They are quoted against US dollar-denominated indexes, while profits and losses are settled in Russian rubles.Exposure without ownershipThe structure…

Coinbase has expanded its push beyond crypto by giving eligible US customers access to IPO shares at the offer price before public trading begins.The first offering available through the service is smart-ring maker Oura, which is seeking to sell 50 million shares at an expected price of $40 to $44 each. That range would value the IPO at between $2.0 billion and $2.2 billion.The company’s registration statement says an unspecified portion of the offering will be available to retail investors through Coinbase Capital Markets at the IPO price. Neither Oura nor Coinbase disclosed the size of the allocation. Related ReadingCrypto’s…

Bitcoin’s break above $86,000 has cleared a major pocket of bearish leverage and put $90,000 back in traders’ sights.The largest cryptocurrency climbed as high as $87,363 over the past 24 hours, its strongest level since January, before easing to $85,824 at press time, CryptoSlate data show. The advance pushed Bitcoin through a zone that had repeatedly capped rallies and accumulated short positions over several months.Glassnode said the price action helped BTC reclaim all of its major long-term moving averages after spending about 300 days below them. The asset is also trading above its True Market Mean and short-term holder cost…

Several large exchanges removed Monero from 2024 onward, some everywhere and some for part of their users. Three routes remain: a swap from another coin, a direct trade with a person, and mining. Monero protects what is written on its chain, but timing and IP data sit outside it. Monero (XMR) has become harder to find on large trading platforms. Since early 2024, several big exchanges have removed it, some for all users and some for part of their user base. For many holders, the practical question is now how to get Monero without…

The Saudi Central Bank (SAMA) confirmed to the Financial Times it is “no longer a participating member” of mBridge after completing its proof of concept on 13 May, 2025. SAMA had joined the shared-ledger platform as a full participant in June 2024 alongside the central banks of China, Hong Kong, Thailand and the UAE. mBridge volumes passed US$55.5 billion (AU$77.7 billion) by January, per Atlantic Council data, with China’s e-CNY accounting for about 95% of settlement volume, drawing US warnings over sanctions evasion. Saudi Arabia’s central bank has withdrawn from mBridge, the China-backed platform for settling cross-border payments in central…