Bitcoin ETFs posted a net inflow of $101 million yesterday, while Ethereum ETFs saw a net outflow of $48.2 million.

According to data from analyst Alicharts, Bitcoin has corrected 5.82% from its local peak of $81,474 on August 28. During this period, the whale cohort has continued accumulating, purchasing approximately 6,765 BTC worth around $521 million.

HIP-3 market deployer Entropy launched the OpenAI Pre-IPO market yesterday, with the ticker OAI. As of press time, OpenAI’s pre-market market capitalization stands at $1.33 trillion, its 24-hour trading volume is $2.96 million, and contract open interest hits $1.64 million. Separately, Anthropic’s pre-market market cap on Entropy is $1.95 trillion.

Citrini analyst Jukan stated in a post this morning that the "bottleneck trade" in the AI supply chain has ended, with all major bottlenecks now identified. Going forward, investments will shift to capital rotation between these known bottlenecks rather than chasing new opportunities. The "bottleneck trade" refers to investors positioning in stocks tied to key constrained segments of AI infrastructure, such as chips, power, and materials. Jukan’s remarks likely signal the market’s transition from early-stage broad exploration to a mature phase.

According to The Wall Street Journal, Donald Trump is holding private discussions with senior aides, considering announcing the end of the Iran war. Aides are reportedly advising President Trump that a war escalation beyond recent strikes could lead to the Republican Party suffering losses in the midterm elections.

OpenSea will add support for Arc on the first day of its mainnet launch, September 16.

Beating AI Insight News Flash: Moonshot AI, the developer of Kimi Chat, is advancing toward a Hong Kong IPO, with its latest Pre-IPO round targeting a valuation of approximately $50 billion. This valuation may seem high, but when extrapolating from listed peers MiniMax and Zhipu AI, there is a clear revenue threshold Kimi needs to hit. Based on rough market cap calculations as of September 3, MiniMax has a total market cap of around $16 billion, with August annual recurring revenue (ARR) exceeding $800 million, translating to less than 20x ARR. Zhipu AI’s total market cap is roughly $66 billion, with August ARR of $1.6 billion, corresponding to about 41.25x ARR. If Kimi is valued at $50 billion, its valuation multiple will be lower than Zhipu’s as long as its ARR exceeds approximately $1.212 billion; hitting $2.5 billion in ARR would correspond to a 20x multiple, close to MiniMax’s level. Kimi’s last explicit ARR disclosure was $300 million in mid-June. After the K3 model launched in July, President Zhang Yutong stated that the enterprise ARR had seen "multiple-fold growth" and recorded its largest single-day increase in history. Bloomberg also reported that daily sales rose at least sixfold following K3’s release, but the company has not yet disclosed the absolute value of its latest ARR. Therefore, the key to judging whether the $50 billion valuation is reasonable now boils down to one figure: Kimi’s latest ARR after the K3 launch.