Tom Lee: Cryptocurrencies are high-volatility assets, and macro headwinds are pressuring Bitcoin (BTC) and Ethereum (ETH).

According to data from Farside Investors, U.S. spot Bitcoin and Ethereum ETFs have posted a combined net outflow of $986.3 million so far in October. Of this total, Bitcoin ETFs saw a net outflow of $407.4 million, while Ethereum ETFs recorded $578.9 million in net outflows. Bitcoin ETFs saw a $244.1 million net outflow on Thursday, following a $484.9 million outflow the prior day — their largest single-day outflow since June 25. Ethereum ETFs posted a $72.5 million net outflow on Thursday, extending their consecutive net outflow streak to 8 trading days; total net outflows during the current outflow period that began on September 29 stand at roughly $641.3 million. Amid these outflows, Bitcoin’s rally has weakened. Data from CoinGecko shows BTC hit a low of $80,427 on Thursday and has since rebounded to $82,506.

Ray Dalio, founder of Bridgewater Associates, told CNBC during an interview at the Milken Institute Asia Summit in Singapore that U.S. stocks’ ability to withstand the earlier bond market selloff mainly relied on their relative return advantage driven by corporate earnings growth. But as both stock prices and U.S. Treasury yields rise, this buffer is weakening, and credit spreads have started to widen. Current financial conditions have not yet tightened enough to significantly curb credit and spending. Dalio emphasized that investors should focus on free cash flow rather than just book earnings. He projected that corporate earnings may still improve, but free cash flow could decline; if profits keep being invested in capital expenditures without translating into cash, liquidity risks will gradually form. The continuous investment of large tech companies in AI infrastructure makes this risk more notable. Regarding the bond market, Dalio believes the current environment is a bond bear market and may have further room to develop. Governments financing fiscal deficits and tech companies issuing debt for AI construction are competing for long-term capital, and higher financing costs may ultimately suppress credit expansion and spending. However, he did not predict an imminent decline in corporate earnings or a major correction in U.S. stocks.

Beating AI Express Brief: NetEase Youdao’s office agent LobsterAI has released a user letter in response to Tencent’s upcoming shutdown of QClaw. The letter criticizes the "internal horse-racing" (internal team competition) at major tech firms, stating that LobsterAI will not adopt an "act first, explain later" approach to product development, nor will it treat user experience and data as bargaining chips in internal competition. All product planning, feature iterations, and every decision will be accountable to users. QClaw, a local AI assistant launched by Tencent in March this year, supports remote computer operation via WeChat. On September 24, Tencent announced that QClaw would be shut down on December 24, citing business adjustments as the reason, and offered refunds and a migration path to WorkBuddy. Notably, NetEase Youdao launched a QClaw migration assistant on the same day of the shutdown announcement, allowing users to import their existing data into LobsterAI.

Lumentum CEO Michael Hurlston said in an interview with Bloomberg in Tokyo today that driven by demand from AI data centers, the company’s optical device production capacity is fully booked through early 2029. He noted that the supply shortage is expected to persist: around 70% of demand for some products will still go unmet next year, while others will face a supply gap of roughly 30% of their demand by 2028. According to TradingBeats’ monitoring, as of press time, the latest quoted prices of LITE and AAOI perpetual contracts on Hyperliquid stand at $1,092 and $111.77 respectively, up about 3.6% and 3.3% from levels before the report was released at 08:24 this morning.

According to Onchain Lens monitoring, a newly created wallet received 110,000 HYPE tokens (valued at approximately $9.73 million) from another wallet, shortly after which it staked all of the tokens.

According to official announcements, OKX’s Flash Earn Lite has launched staking for USDT and XDP. From now until 15:00 UTC+8 on October 14, users who subscribe to designated assets will be eligible to split 280,000 USDT and 15,000,000 XDP in airdrop rewards. The activity is accessible via the event link or the "Flash Earn" section at the top of the OKX App’s Explore page.