Huang Renxun has left Beijing, and NVIDIA has not disclosed whether Huang Renxun met with the DeepSeek founder.

Crypto analyst Darkfost stated in a post that since the end of August, mid-cap and small-cap tokens have posted the strongest market capitalization growth. Data shows the gap between the annual average and monthly average market cap of these assets has continued to widen, with the current ratio reaching 41%. By contrast, Bitcoin’s growth trend is positive but limited, standing at only 7%, while large-cap assets have an even lower ratio of 3.5%. The analyst pointed out this is a quite rare phenomenon. Normally, Bitcoin drives market trends, as was clearly seen in the period after the end of the 2023 bear market. However, mid-cap and small-cap tokens are more sensitive to market funds and sentiment, and their trends may reverse rapidly in either direction in the short term. Investors need to be alert to the high volatility risks brought by this structural feature.

Microsoft has canceled its partnership with UK data center firm Nscale for the Loughton data center in Essex. Nscale was set to serve as the facility’s anchor tenant, with plans to lease around 23,000 Nvidia AI chips. The project was part of Microsoft’s 22-billion-pound UK investment pledge announced last year. Nscale is pursuing a U.S. initial public offering (IPO) valued at up to roughly $35 billion, and Microsoft’s withdrawal is viewed as a major setback for the company. The project also faces a delay in grid power supply, which is now pushed back to the 2030s. Nscale previously stated that over 40% of its $103 billion in contracted revenue comes from Microsoft, though this UK deal is believed to represent a smaller share, with Anthropic being another key client.

According to Arkham’s monitoring, whale 0x204 withdrew 10 million ARB from a centralized exchange (CEX) two hours ago, valued at around $1.8 million. The whale also previously withdrew approximately 73,400 UNI, totaling roughly $2.34 million. Notably, Arbitrum unlocked over 90 million ARB yesterday, and ARB prices have rallied sharply recently.

According to Arkham's monitoring, whale address 0x204 withdrew 10 million ARB from a centralized exchange (CEX) two hours ago, worth approximately $1.8 million. Earlier, it also withdrew around 73,400 UNI, with a total value of about $2.34 million. Notably, Arbitrum unlocked over 90 million ARB yesterday, yet ARB prices have still risen sharply recently.

Lucas Schuermann, founder of on-chain derivatives protocol Variational on Arbitrum, outlined the platform’s three-year roadmap: 2025 will see initial growth achieved and the Omni-brokerage model validated; 2026 will focus on advancing RWA perpetuals and swaps to bring traditional finance liquidity on-chain; 2027 will launch Variational Pro, covering options, structured products, and other OTC derivatives, bringing institutional-grade trading on-chain.

HIP-3 market deployer Entropy has launched the Anthropic Pre-IPO market on Hyperliquid. ANTH is down 0.25% over the past 24 hours, currently trading at $1,909, with its over-the-counter (OTC) market capitalization falling to $1.909 trillion from $2.1 trillion at the start of the month. The contract has a 24-hour trading volume of $5.6 million and open interest of $40 million.