A trader went long on $11.36 million worth of ZEC and $4.82 million worth of ETH.

Crypto analyst Darkfost posted that after Bitcoin hit resistance near $87,000, the MVRV percentile fell back below 30, marking a return to the post-market capitulation transition phase. He argues the current valuation still aligns with the traits of an accumulation zone. Darkfost explains that MVRV is used to compare Bitcoin’s market capitalization with its realized capitalization, where the latter is calculated based on the price of each BTC at the time of its most recent on-chain transfer. His approach does not rely solely on the raw MVRV value; instead, he measures the current value’s relative position in its historical evolution to reduce the impact of Bitcoin’s structural shifts and market cycles on indicator interpretation, while analyzing it within the current market environment. He points out that Bitcoin has only been at this valuation level roughly 25% of the time in its history. Though it has now exited the extreme undervaluation zone that historically always coincided with market lows, it still fits the characteristics of a typical historical accumulation zone.

Mark Newton, an analyst at Tom Lee’s fund, told CNBC that now is a good time to buy tech stocks on dips, but investors need to stay diversified and prepare for sector rotation. Over the past month, cross-asset volatility has risen sharply; the S&P 500 has pulled back roughly 6% recently, and the tech sector has seen a notable correction in the past week. Still, compared to its September rally, he notes tech stocks have suffered relatively limited losses. This year, the market has consistently exhibited sector rotation: the energy sector first rallied nearly 40%, gains then spread to tech, and the trend has now shifted to the healthcare sector, which is hitting record highs. Investors should prepare for sector shifts and maintain diversified portfolios. Steve Sosnick, chief strategist at Interactive Brokers, warned that even if investors do not actively allocate to AI, they may hold significant tech exposure via S&P 500 index funds. The market remains dominated by sector rotation for now, but he is concerned about continued declines in tech stocks and investors starting to question the returns on AI investments.

Elon Musk posted on X that Optimus (Tesla’s humanoid robot) and Cybercab (self-driving taxi) will constitute the vast majority of Tesla’s future value. He noted that the only sectors capable of large-scale economic expansion are superintelligence, robotics, solar energy, and space transportation, adding that once superintelligence and robotics are achieved, progress in other areas will follow. When discussing the Roadster, Musk stated: "But the Roadster is very cool, so we will still produce it."

Beating AI Flash News: Y Combinator-backed AI coding startup Reason has launched Reason Network, enabling cross-device direct communication and task assignment between agents from different vendors including Claude Code, Codex, Cursor, and OpenCode. For example, users can have Grok Bot assign tasks to Claude Code on their own device, then Codex on a colleague’s machine to review code. Agents send and receive messages directly, eliminating the need for constant human intermediation. Its core is a real-time updated agent contact list, where developers can see which team agents are online, which repository they’re modifying, what branch they’re using, and their current status. Agents like Claude Code and Codex can receive messages directly in existing sessions, no need to start a new chat. Each device runs a lightweight background process, enabling direct communication within the same local area network (LAN). For cross-network communication, it prioritizes peer-to-peer (P2P) connections, falling back to encrypted relays if direct connections fail. However, the code conflict prevention Reason advertises is not yet fully implemented. GitHub design docs show the feature to automatically detect multiple agents modifying the same file simultaneously is still in development. At present, the platform relies on shared work status to let agents coordinate proactively, rather than automatically preventing code overwrites. Reason Network’s underlying communication engine is built with Rust, derived from the existing open-source project tincan, and licensed under MIT or Apache 2.0.

According to data from Farside Investors, U.S. spot Bitcoin ETFs posted a combined net outflow of $228.4 million this week. Specifically, IBIT saw a net outflow of $165.4 million, FBTC recorded a net outflow of $60.2 million, BTC had a net outflow of $7.6 million, and BTCO posted a net outflow of $4.1 million. Meanwhile, MSBT and BITB notched net inflows of $6.7 million and $2.2 million respectively.

Beating AI Express: According to a Financial Times report, Anthropic is consulting law firms to explore how AI agents can negotiate on behalf of users to secure better terms, covering scenarios including haggling over goods, resolving customer service disputes, and salary negotiations. The company is positioning agent development at the core of its future strategy. Two sources familiar with the matter said Anthropic aims to understand how lawyers balance representing clients’ interests with fair outcomes, and use that insight to develop negotiation norms for agents with conflicting goals. The firm is also weighing how much human feedback agents should solicit, and how to guard against other agents without becoming overly suspicious. One approach under exploration is requiring users to provide signed documents that outline agents’ authorized tasks and mandatory rules. Anthropic has run multiple agent negotiation experiments involving real goods and funds this year. In a September book deal trial, employees gave agents a preference-sorted book list, letting them negotiate and finalize deals with other parties’ agents. The results showed agents instructed to use a “ruthless” strategy held a slight advantage; more cooperative agents, by contrast, would accept lower-preference books to ensure every participant received a book. Separately, Michelle Vaccaro, an assistant professor at Harvard Business School, has conducted over 180,000 agent negotiation studies covering scenarios like employment contracts and lease negotiations. In one case, an agent attempted to trick its counterpart into leaking private information via prompt injection. She warned that if the most capable AI agents are primarily accessed by resource-rich entities, it could further widen the gap in negotiating power. Anthropic declined to comment on the report.