Jiang Zhuo'er: No signs of a bull market kickoff in funding conditions; a rebound to $68,000–$70,000 may see a final decline.

The first U.S. staking ETF linked to TRON (TRX) began trading on September 9, with the ticker symbol TRXS, and is issued by Canary Capital. The ETF not only offers exposure to TRX’s price, but also participates in the staking mechanism of the TRON network. Staking rewards will be included in the fund’s net asset value, providing traditional market investors with a new channel to access TRX and staking yields. Canary Capital noted that as stablecoins continue to gain global popularity, TRON has become an important infrastructure for digital asset payments and settlements. The TRON network is widely used for stablecoin transfers due to its low costs and high efficiency. Over the past year, Canary Capital has launched multiple crypto ETFs covering assets including HBAR, Litecoin, and XRP.

Apple unveils its first foldable iPhone, the iPhone Duo. When unfolded, it boasts a 7.6-inch inner display — the largest ever on an iPhone — while folded, it uses a 5.4-inch outer screen whose area equals 90% of the iPhone 18 Pro’s. Both screens support ProMotion, always-on display, and a peak outdoor brightness of 3,000 nits. The device features a Grade 5 titanium body and a precision hinge made of over 100 components, is IP68 dust and water resistant, and integrates Touch ID into the side button. Powered by a 2nm A20 Pro chip and a custom vapor chamber, the iPhone Duo delivers sustained performance up to 35% higher than the iPhone 17 Pro, and supports split-screen multitasking for two apps at once. It is equipped with a 48MP main camera and a 48MP ultra-wide-angle lens; its foldable design also enables functions like rear-camera selfies and real-time preview on the outer screen. The phone uses a dual-battery setup, offering up to 44 hours of video playback when using the outer screen. The iPhone Duo comes in two color options — Star White and Night Sky — with storage capacities of 256GB, 512GB, 1TB, and 2TB. It starts at $1,999 in the U.S., with pre-orders opening on October 16 and official sales kicking off on October 23, launching first in over 70 countries and regions including China. Pricing for the new iPhone series in China: The iPhone 18 Pro starts at 9,999 yuan, the iPhone 18 Pro Max at 10,999 yuan, and the iPhone Duo at 15,999 yuan.

US President Donald Trump said Russian President Vladimir Putin wants to reach an agreement, and it would be "great" if Ukrainian President Volodymyr Zelensky is also willing to do so. Trump also claimed that oil prices will drop sharply after the midterm elections, adding that he had a good conversation with Putin and may hold a bilateral meeting with Russia. Earlier, a US special envoy recently visited Moscow and Kyiv in succession to promote the resumption of peace talks between Russia and Ukraine. After Trump's call with Putin on September 8, the Kremlin stated that the two sides discussed ways to end the Russia-Ukraine conflict.

US President Trump said the war with Iran would end immediately after the midterm elections, adding that the United States "is not seeking to reach an agreement" but negotiations could still take place. Trump had previously stated that US military operations against Iran would not last long, but US-Iran tensions have continued to escalate recently, with conflicts intensifying near the Strait of Hormuz, and international oil prices once surging past $100 per barrel.

Since August 17, Bitcoin’s price has climbed roughly 22%, with crypto trading platforms and stablecoin-linked stocks also rallying in step—but Bitcoin mining firms have clearly lagged. An analysis of 11 Bitcoin mining and related companies found only Canaan Inc. outperformed BTC, while the remaining 10 all underperformed, with a median gain of just 1.8% over the period. Core Scientific and Terawulf were the worst performers, trailing Bitcoin by 27% and 24% respectively. Analysts point out that some mining firms have shifted to high-performance computing (HPC) and AI data center operations in recent years. While this transition has helped prop up their share prices during the crypto bear market, it has also diverted focus from Bitcoin mining and introduced additional operational risks. That said, the dual strategy of operating both AI data centers and Bitcoin mining could become a long-term advantage for miners: mining operations benefit during bull markets, while AI data centers can strengthen corporate balance sheets when the crypto market is in a downturn.

According to market data from BIT (bit.com), SpaceX (SPCX) has extended its intraday decline to 5%, currently trading at $146.