Bitcoin Dips Below $85,000

As Ethereum approaches $2,700, Bitmine — the world’s largest Ethereum treasury firm — has narrowed the unrealized loss on its total ETH holdings to $2.71 billion, after the loss had once swelled to $10 billion. Bitmine currently holds 5,956,378 ETH, with an average cost basis of roughly $3,340 per token. Additionally, its staked Ethereum positions remain at 5,067,309 ETH, accounting for 85% of its total holdings and valued at approximately $12.7 billion, with current annualized staking rewards of around $334 million.

According to Bitget market data, US and Brent crude oil opened over 1% higher on Monday before trending lower. WTI crude oil fell more than 1.00% on the day, currently trading at $94.31 per barrel, while Brent crude oil pulled back below $99 per barrel, down 0.70% on the day.

Minneapolis Federal Reserve President Neel Kashkari stated that U.S. inflationary pressures are no longer limited to rising energy prices, but have spread across multiple sectors of the economy, especially services. Kashkari noted that U.S. consumers are facing inflation that is "far more than just oil prices," and the Federal Reserve needs to continue pushing inflation back to its 2% target. He added that the U.S. economy and labor market remain resilient, giving the Fed room to address persistent price pressures. Kashkari was one of three Fed officials who supported interest rate hikes in July, warning that more aggressive policy tightening would be needed if inflation persists for too long. The Fed raised interest rates by 25 basis points in September to a range of 3.75% to 4%, marking its first rate hike since 2023. Kashkari did not specify the timing of the next rate hike, but emphasized that if inflationary pressures continue to expand, the Fed has a responsibility to take action to restore price stability.

Canary Capital has submitted the second amended S-1 filing for a SEI staking ETF. The ETF will hold spot SEI and implement major adjustments to its staking mechanism. Per the latest filing, roughly 90% of SEI assets are expected to be staked, with all related assets to be custodied by BitGo.

Bank of America, JPMorgan Chase, and Goldman Sachs project that the U.S. will net borrow roughly $1 trillion over the next year via short-term Treasury bill issuance. As U.S. long-term Treasury yields hit their highest level since 2007, the Treasury’s growing reliance on short-term debt means its fiscal financing costs have become far more sensitive to interest rate changes. Specifically, Bank of America forecasts net short-term debt borrowing of around $1.07 trillion in the fiscal year ending September 2027; JPMorgan projects full-year 2027 issuance at $1.09 trillion, while Goldman Sachs estimates $961 billion. Per Bank of America’s projections, the U.S. outstanding stock of short-term Treasuries will reach roughly $8 trillion by next September, accounting for 24.3% of all marketable U.S. government debt. Short-term debt typically carries lower financing costs than long-term debt, but requires more frequent rollovers. With the Federal Reserve holding interest rates steady at 3.75% to 4%, the rising share of short-term debt could make U.S. interest payments more large and volatile. The Treasury Borrowing Advisory Committee previously recommended that the share of short-term debt in total outstanding debt be maintained at around 20% over the long term, to balance financing costs, debt volatility, and rollover risks. The U.S. federal deficit remains at elevated levels; the Congressional Budget Office (CBO) projects the deficit will stay at roughly 6% of GDP over the next decade, leaving the Treasury with persistent massive financing needs.

Garrett Jin(@GarrettBullish), the largest $ZEC short, just closed his entire 38,000 $ZEC ($58.5M) short, taking a $35.44M loss! He still holds 202,078 $ZEC ($309.25M) spot on-chain, with a $221M unrealized profit.