Point of View: The Federal Reserve Has Over-Eased, with a 65% Chance of Stagflation in the United States

According to GMGN market data, PAIR, the native token of pair.fund — Robinhood’s token launch platform — has reached a market capitalization of over $50 million, hitting a new all-time high. It is currently valued at a $50.13 million market cap, with a 480% 24-hour price increase and a corresponding trading volume of $21.6 million. BlockBeats warns users that related tokens are highly volatile, so investment requires caution.

Robinhood’s token launch platform pair.fund announced ecosystem progress, disclosing that cumulative trading volume is nearly $100 million, over $600,000 in creator rewards have been distributed, and more than 2,000 token launches have been completed. Burned PAIR tokens are valued at over $3 million, with a burn rate exceeding 10%. The platform also stated it plans to release its next major update within the next 24 hours.

Chilean crypto exchange Orionx, backed by Tether, announced it is initiating permanent closure procedures. A forensic audit previously uncovered that over $7 million in customer custodial assets were transferred to wallets not managed by the platform. Withdrawals are currently suspended, and the company stated its sole priority is to return customer assets as much as possible. The audit revealed that Orionx’s system-recorded balances of BTC, ETH, XRP, and POL exceeded the actual holdings in its custodial addresses. The firm has filed criminal complaints against two co-founders and former executives, Roberto Zibert and Joaquín Díaz, alleging the relevant assets were transferred between 2018 and 2021. The two denied the allegations, claiming they never harmed customer interests, and the cause of the asset shortfall remains unclear. Tether exclusively led Orionx’s Series A funding round in June 2025, approximately 15 months prior to the closure announcement. As of press time, Tether and Orionx had not responded to requests for comment.

According to HTX market data, privacy token ZEC (Zcash) has surged sharply to break through $1200, hitting an all-time high. It is now trading at $1193, with a 24-hour gain of 17.8%.

André Dragosch, Head of European Research at Bitwise, published a report stating that Bitcoin’s 90-day rolling correlation with gold has risen to its highest level since 2020, while its correlation with the Nasdaq 100 index has fallen to a one-year low. Meanwhile, Bitcoin remains significantly negatively correlated with the U.S. Dollar Index. In August, U.S. long-term Treasury yields climbed, leading Treasury Secretary Besent to intervene in the market by expanding long-term Treasury repurchase operations. After this move, Bitcoin surged 22.4% in a single week, marking its largest weekly gain since March 2024; gold rose roughly 5% over the same period, while stocks dropped. The last time Bitcoin’s correlation with gold hit such a high was after governments rolled out fiscal and monetary stimulus during the 2020 COVID-19 pandemic. Bitcoin and gold remain distinct assets, but as macroeconomic pressure and currency devaluation risks grow, investors are increasingly holding both as hedges, with Bitcoin recently acting as a more volatile proxy for gold. If this correlation trend persists, Bitcoin could enter a larger capital pool led by central banks, sovereign entities, and asset allocators, and face repricing.

According to DefiLlama data, Robinhood Chain’s weekly revenue has reached $21.49 million, hitting an all-time high. Its cumulative revenue now stands at $28.76 million.