TD Cowen cuts its year-end Bitcoin price target to $97,500 and lowers its price target for Strategy to $260.
TD Cowen analyst Lance Vitanza has set Bitcoin’s year-end 2026 target price at $97,500, representing roughly 25% upside from its recent level of around $78,000. Meanwhile, TD Cowen cut its prior year-end 2026 base forecast of ~$140,000 to ~$100,000, and significantly lowered its previously more optimistic long-term outlook. Vitanza noted the revision stems primarily from recent Bitcoin price weakness, not a deterioration in company fundamentals or market structure. Currently, BTC trades in a recent range of approximately $58,400 to $78,000, with a maximum drawdown of over 50% from its prior peak above $126,000, and monthly drawdown once exceeded 20%. A clearer regulatory landscape and inclusion in broader indices remain TD Cowen’s identified potential catalysts for market recovery. For Strategy, TD Cowen trimmed its target price from $400 to $260 but retained a "Buy" rating. The adjustment is driven by the downward revision to Bitcoin’s price forecast, not a change in views on Strategy’s operational performance or capital structure. Separately, TD Cowen initiated coverage on Strive, projecting the firm will hold over 27,100 BTC cumulatively by the end of 2026, and assigned a $32 target price, implying roughly 33% upside.
2 minutes ago
Qwen 3.8-Max Gets Further Upgrade: All 8 Programming Test Benchmarks Improve, Some Outperform Opus 5
Beating AI Express: Alibaba’s Qwen has upgraded its flagship model Qwen3.8-Max, which was launched just one month ago, to Qwen3.8-Max-0902. The parameter scale remains unchanged at 2.4 trillion parameters with a 1 million-token context window. This upgrade focuses on post-training for coding and collaboration, with a priority on improving programming, complex workflows, and long-horizon agent tasks.
In Alibaba’s published comparison table, the 0902 version outperforms the original in all 8 programming benchmarks. Specific improvements include: TerminalBench 3.0 rising from 11.3 to 29.0, DeepSWE 1.1 from 56.6 to 69.3, QwenSWEbench V2 from 55.1 to 70.0, and professional task benchmark JobBench from 53.4 to 64.0.
Compared with Claude Opus 5, Qwen3.8-Max-0902 still lags in most programming projects, but surpasses the competitor in three benchmarks: MLS-Bench-Lite, SWE-Atlas QnA, and QwenSWEbench V2. The four multimodal benchmarks only saw gains of 0.4 to 3 points over the original, making it clear that this upgrade’s core focus is enhancing the model’s coding and task execution capabilities for agents.
All the above results are currently Alibaba’s internal tests. Qwen3.8-Max-0902 is now available on the QwenCloud API, with pricing unchanged: $2 per 1 million input tokens and $6 per 1 million output tokens.
2 minutes ago
US-Iran tensions lift two major crude oil benchmarks to recent highs, while a leading crude oil short seller posted a single-day drawdown of $1.26 million.
According to monitoring by TradingBeats (formerly Hyperinsight), the U.S.-Iran conflict has escalated again, with both sides launching mutual attacks, raising risks of supply disruptions in the Strait of Hormuz. WTI crude oil rose 5.2% to $90.22, while Brent crude gained 4.6% to $94.65, hitting near five-week peaks. The WTI and Brent contracts are currently trading at $90.87 and $95.50 respectively, with 24-hour increases of around 4.81% and 4.69%. Amid the rapid rise in oil prices, a major crude oil short position holder (0x0c4a) on Hyperliquid partially stopped losses, closing out 31,461.31 WTI and 50,774.85 Brent short positions. This resulted in losses of approximately $53,900 and $161,200 respectively, with the account recording a single-day drawdown of $1.26 million. As of press time, the position still holds around $16.88 million in combined short positions in both oils: WTI crude oil (20x leverage): short position worth about $6.459 million, average entry price of $88.70, unrealized loss of around $153,400, liquidation price of $97.49; Brent crude oil (20x leverage): short position worth about $10.425 million, average entry price of $91.89, unrealized loss of around $392,300, liquidation price of $101.63.
2 minutes ago
CASHCAT’s market cap hits a new all-time high of $259 million, rising 18% in the past 24 hours.
According to GMGN data, CASHCAT’s market capitalization has hit a new all-time high of $259 million. The token is currently trading at $0.258, with a 24-hour price increase of 18% and a 24-hour trading volume of $49.6 million.
2 minutes ago
Kalshi has filed an application to launch foreign exchange and interest rate perpetual contracts.
Kalshi’s Head of Institutional Business Andy Ross said the platform has submitted an application to regulators to launch perpetual contracts based on foreign exchange and interest rates. The application was filed on Monday and, as of Tuesday afternoon, had not yet appeared in the public filing system of the U.S. Commodity Futures Trading Commission (CFTC). Previously, the CFTC approved Kalshi to launch Bitcoin perpetual contracts in May this year, followed by Ethereum (ETH) and Ripple (XRP) perpetual contracts. Since then, Kalshi has expanded its perpetual contract offerings to assets beyond cryptocurrencies: it filed applications for gold, silver and platinum perpetual contracts in July, and for U.S. large-cap stock index and copper perpetual contracts on August 18. Ross noted that Kalshi aims to integrate multiple asset classes including stocks, commodities, cryptocurrencies, fixed income and interest rates into a unified trading interface. The platform’s number of markets has now increased from around 4,000 to roughly 10,000, and trading activity has gradually spread from a small number of popular markets to more segments.
2 minutes ago
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