Crypto Market Fear Subsides Significantly, Today's Fear and Greed Index at 45

Well-known crypto trader Bonk Guy posted that on-chain markets have been choppy over the past two weeks, a sharp contrast to the rally seen in the prior one to two months. With the exception of a handful of tokens like USELESS and STONK, most popular assets have fallen, with many losing half their value or more. Many users are selling their high-conviction positions due to the market’s "weak appearance", but this is exactly the time to make contrarian moves. The hard part isn’t buying during a rally—it’s holding on and buying the dip when the market feels dull and painful. Q4 remains the key focus for the market; the past few months were just a prelude. Don’t let temporary weakness cause you to miss the rally you’ve waited for months.

According to EmberCN’s monitoring, over the past week, Nasdaq-listed HYPE treasury firm Hyperliquid Strategies (PURR) increased its holdings by 1.444 million HYPE tokens at an average price of $93.7, totaling $135 million. The firm now holds approximately 35.1 million HYPE tokens, valued at $3.206 billion. Rough calculations put its average cost price at around $46.7, with an unrealized profit of $1.567 billion. Separately, per market data from BIT (bit.com), Hyperliquid Strategies (PURR) currently has a market cap of $2.758 billion, lower than the intrinsic value of its HYPE holdings. Its mNAV (ratio of enterprise market cap to the value of its held treasury tokens) stands at approximately 0.86.

Renowned trader Bonk Guy noted that on-chain volatility over the past two weeks stands in stark contrast to the parabolic rally of the prior 1-2 months. With the exception of a handful of tokens like USELESS and STONK, most popular assets have declined, with some even halving in value. Many users are now selling their high-conviction positions because the market "appears weak", but this is precisely when one should go contrarian. The challenge isn’t buying during a rally, but holding on and buying the dip when the market feels boring and painful. Q4 remains the market’s core focus; the past few months were merely a prelude. Don’t miss the multi-month awaited rally due to temporary weakness.

According to EmberCN’s monitoring, over the past week, Nasdaq-listed HYPE treasury firm Hyperliquid Strategies (PURR) added 1.444 million HYPE tokens at an average price of $93.7, totaling $135 million. It now holds approximately 35.1 million HYPE tokens, valued at $3.206 billion. Rough calculations put its average cost basis at around $46.7, translating to an unrealized profit of $1.567 billion. Separately, per market data from BIT (bit.com), Hyperliquid Strategies (PURR) currently has a market capitalization of $2.758 billion, lower than the intrinsic value of its HYPE holdings.

Insight Beating AI News Flash: Researchers from Stanford University and NVIDIA Research have open-sourced CLM-8B, a System One model in the same category as Jev, designed specifically to help AI agents make quick judgments and selections. CLM and Jev serve the same core function: both enable agents to skip long text generation and directly choose from a set of candidate actions. CLM’s key distinction lies in its underlying architecture: it separates the calculation of "current state" and "candidate actions", allowing fixed actions to be precomputed and reused, resulting in faster performance in scenarios requiring sequential decision-making. In official tests, CLM-8B performs on par with Jev overall, with latency reduced by up to approximately 9 times. The team also tested CLM’s ability to select answers for coding agents: Opus 5 and Fable 5 first generate multiple candidate solutions, then the fine-tuned CLM picks the optimal one. On DeepSWE, CLM boosted Opus 5’s single-pass success rate from 73.7% to 81.6%; on Terminal-Bench 2.1, it increased from 84.0% to 87.6%. CLM does not generate code itself; the test evaluates its ability to select superior solutions from existing candidates. CLM-8B is built on a frozen Qwen3-8B, with only state and action projection heads trained additionally. Its training data includes approximately 60 million question-answer pairs, 30 million hard negative samples, and around 1 million agent trajectories. The code and model weights are both open-source, released under the Apache 2.0 license.

New York Fed President Williams said today that U.S. inflation remains significantly above the Federal Reserve’s 2% target, and the central bank still has “a lot of work to do” to curb inflation amid high energy prices and strong demand driven by AI investment. He called another interest rate hike this year a “reasonable” expectation, but stressed that future policy decisions will depend on economic data. Williams noted that the U.S. economy has shown resilience after major shocks, but persistent energy price pressures and strong demand from AI investment have raised inflation risks. He pointed out that U.S. inflation has exceeded the Fed’s target for five consecutive years. The Federal Reserve unanimously raised interest rates by 25 basis points last week, lifting the federal funds rate target range to 3.75%-4%. The latest dot plot shows 16 of 18 officials expect at least one more rate hike before the end of 2026. Williams said each future policy meeting will be decided based on the latest economic and inflation data. Markets have also increased bets on an October rate hike: CME FedWatch data shows that as of September 24, the market’s probability of a Fed rate hike in October is around 70%, up from about 54% the previous day. In addition, Williams noted that AI investment has become a new variable on the demand side. While AI investment could drive productivity growth in the coming years, its actual contribution to overall productivity remains limited for now.