Analysis: Bitcoin spot demand continues to turn negative, with retail investor selling likely the main cause.

According to HTX market data, Bittensor (TAO) has recorded a 13.48% 24-hour gain, currently trading at $267.39. The project recently launched protocol adjustments including Root Reborn, which further optimizes TAO’s staking, capital allocation and reward distribution mechanisms within its subnet ecosystem, and has expanded to Robinhood Chain via Chainlink CCIP.

Beating AI Express: Tencent has open-sourced TeamAI CLI, unifying the Skills, Rules, Hooks, and MCP configurations of various agents including Claude Code, Codex, Cursor, and WorkBuddy in a single Git repository for management. The same configuration set can be automatically written into each agent’s respective directory and native format, with the latest version pulled automatically every time a session starts. The tool also integrates team experience into this workflow: developers can document their pitfalls and lessons learned into a knowledge base, which will later be automatically retrieved and reused by agents; when team members modify Skills or Rules, changes go through Git Merge Request (MR) reviews and are synced to all members after approval.

BTC.TOP Mining Pool founder Jiang Zhuoer posted that he previously opened a short position on Bitcoin (BTC) at $82,050, has now closed the position to take profit at $79,480, and is back to holding a full spot position in Ethereum (ETH) awaiting gains. His reasoning includes: ETH, the engine of this bull market, has recently led gains and is approaching its previous high, which may drive BTC higher; he only took short positions during the continuous net inflow of ETFs (a record $730 million single-day net inflow on September 3). If BTC rises to the $83,000-$84,000 range, he will repeat his short strategy, judging this resistance level will be hard to break in the short term. Jiang added he is still waiting for a major pullback. If BTC drops to the $71,255-$73,361 range (the Fibonacci 50% to 61.8% retracement level), he will buy back all positions; otherwise, he will repurchase as planned by the end of October. He also referenced two previous accurate top-hitting operations: shorting ETH at $2,525 on August 22 and shorting BTC at $82,050 on September 4, and believes the current trading logic of using no leverage and full-position trading is effective.

Serenity noted that its earlier revenue projections based on Sivers (SIVE)'s annual target of 100 million CW DFB lasers were merely illustrative models. The key driver behind its optimism for laser companies is that these firms are not confined to a single laser product, and can further expand into other segments of data center optical communications. Taking Lumentum (LITE) as an example, Serenity pointed out that after Lumentum acquired Cloud Light (specializing in pluggable optical modules), it expanded its potential data center service market to over five times its previous size. Lumentum’s OFC presentation materials also show that its ELS business, based on UHP laser chips, can deliver approximately double the total addressable market (TAM) expansion opportunity. He added that a single UHP laser wafer fab’s laser business is projected to generate around $5 billion in annual revenue once production capacity ramps up. Coupled with AAOI’s data that CPO lasers carry a gross profit margin of 55%-65%, lasers already boast strong profitability. Serenity believes that even as the industry continues to expand production, the laser market may still face a supply-demand gap. Moreover, with overlapping technological cycles including NPO, CPO, and 1.6T pluggable optical modules, laser manufacturers are poised to enter new product markets continuously. Therefore, compared to companies that remain stuck in a single supply chain tier long-term, Serenity argues the market should assign higher valuation premiums to laser enterprises.

Beating AI News Flash: Tencent’s Hunyuan and WorkBuddy have completed a round of targeted optimizations for Hy4 preview, which is now fully rolled out across WorkBuddy. According to the official, the optimization primarily addresses long reasoning and excessive self-verification in complex tasks, significantly cutting task rounds and input/output token consumption without sacrificing task performance. Hy4 preview is Tencent’s open-source flagship Mixture of Experts (MoE) model launched in late August, boasting 770B total parameters, 49B activated parameters, and support for a 1M context window, with a focus on long-tasks such as coding, office work, and scientific research. Notably, Tencent had already flagged "long reasoning in complex tasks and excessive self-verification" as known issues when releasing Hy4.

On-chain analyst MLM publicly announced that he is assembling a team to target Loracle, the largest PONS short seller on Hyperliquid, and invited users with large capital who wish to participate to contact him via private message. He later noted that those with seven-figure capital can reach out via private communication, and has so far secured eight-figure capital commitments. According to TradingBeats monitoring, the address starting with 0xefe4, labeled as a "Loracle sub-address", currently holds approximately 25.1892 million PONS short positions, with a position value of around $21.0961 million, using 3x leverage, accounting for roughly 19.1% of Hyperliquid’s total PONS open interest. The average entry price of this address is approximately $0.6562, with PONS currently trading at $0.8374, resulting in an unrealized loss of about $4.5655 million. The liquidation price for PONS on this address is roughly $1.8288; without additional margin, PONS would need to rise by around 118.4% from its current level to trigger liquidation.