$DASH and $GRAM take turns in high-elasticity rotation. According to OKX market data, $BTC is currently at $84,561, up 0.72% in 24 hours; $DASH at $72.34, up 14.66%; $GRAM at $1.607, up 10.67%. BTC has mainly traded between $83,000 and $85,000 for four consecutive days, with perpetual funding rates close to neutral. The US spot ETF maintained large net inflows last week, but daily subscription speed has declined from the early-week peak. Spot funds are still absorbing, but the price has not approached the September 21 high of $87,399 again; currently, it acts more like a risk anchor rather than a new round of accelerated rise. DASH touched $73.60 intraday. It has launched Evolution mainnet shielded transactions, payment, and privacy features providing a narrative for rotation, but this rally lacks new usage data matching the price increase, closer to chase buying after privacy asset hype diffusion. GRAM touched $1.631 intraday. Telegram’s built-in self-custody wallet is being opened in batches, lowering user entry barriers; however, wallet launch only proves the channel is established, sustained buying depends on actual activation, transfers, and on-chain usage. Funding rates for both DASH and GRAM are positive. If BTC continues to consolidate, rotation may persist; if spot trading for both cools while contract positions do not retreat, those chasing the rally will first face liquidation pressure.

$BTC and $ETH are consolidating, while $ZEC is reabsorbing short-term funds. According to OKX market data, $BTC is currently at $84,329, up 0.45% in 24 hours; $ETH at $2,692.79, up 0.15%; $ZEC at $1,641.65, up 6.44%. BTC is still digesting profits from the surge to $87,399 on September 21. US spot ETFs saw a net inflow of about $2.39 billion last week, but daily inflows dropped from about $999 million on Monday to about $134 million on Friday. Funds continue to be absorbed but without further price chasing; BTC has mainly stayed between $83,000 and $85,000 over the past four days. ETH’s structure is more balanced. On September 25, ETF net inflows were about $86.95 million, marking the sixth consecutive trading day of inflows, with spot prices still fluctuating around $2,690. ETF buying provides bottom support but hasn’t pushed the price back to this week’s high of $2,807. ZEC has again expanded its volatility, touching $1,697.45 intraday; perpetual contract positions increased by about 8.75% compared to last night, with price rises synchronized with new positions. The issue is that ZCSH has had no new inflows for three consecutive trading days; short-term momentum is more driven by event expectations and contract funds. If BTC continues to consolidate, ZEC will keep surging. Once spot prices stop rising but positions continue to increase, late-entry longs will be the first batch to be liquidated during a pullback.

ETFs are all seeing inflows, but the price feedback of these three assets differs. According to OKX market data, $BTC is currently at $84,017, up 0.04% in 24 hours. $ETH is currently at $2,688.56, down 0.20% in 24 hours. $ZEC is currently at $1,546.03, down 1.62% in 24 hours. BTC ETFs have had net inflows for seven consecutive trading days, totaling about $2.978 billion, but daily buying has gradually cooled this week. BTC holding near $84,000 indicates that fund subscriptions are absorbing profit-taking and selling pressure from high interest rates, rather than driving a one-sided rally. ETH saw about $86.95 million in ETF net inflows on September 25, with ETHA and ETHB (which includes staking yields) contributing the main buying. The price remains sideways around $2,690, with funds favoring continued allocation and no chasing of prices yet. ZEC's fund size is close to $1 billion, but cumulative net inflows are about $306 million; a large part of recent asset growth comes from price appreciation. There have been no new inflows into ZCSH in the past three trading days, and ZEC maintains a positive funding rate, but short-term support is weaker than before. Current strength or weakness cannot be judged solely by ETF asset size. For BTC, watch if inflow speed can stop the decline; for ETH, see if funds can push the price out of the $2,630-$2,800 range; for ZEC, first observe if spot buying can absorb profit-taking funds.

$BTC is consolidating, and capital is selecting high-volatility assets. According to OKX market data, $BTC is currently at $84,161, down 0.36% in 24 hours; $SOL is at $120.68, up 2.12%; $UNI is at $9.717, up 4.43%. After BTC retreated from the high of $87,399 on September 21, it has mainly traded between $83,000 and $85,000 over the past three days. ETF buying continues to provide support; on September 24, the US spot BTC ETF saw a net inflow of about $191 million, but the price did not accelerate accordingly, suggesting short-term buying and high interest rate pressure are offsetting each other. As a result, capital is spreading to assets with clearer catalysts. On September 25, SOL received about $86.67 million in spot ETF net inflows, with the price briefly reaching $122.97, showing synchronized strength between ETF funds and spot market. UNI is supported by CME’s plan to launch standard and micro futures on October 19, along with ongoing protocol fee burns, but exchange balances have risen to about 113.9 million tokens, indicating an increase in sellable chips at high levels. If BTC continues to stay within the range, rotation can persist; if it falls below $83,000, leveraged positions chasing SOL and UNI at high levels will face liquidation pressure first.

$SUI started to surge, but supply pressure in October is also coming As of 1 PM on September 26, OKX spot $SUI was quoted at $1.1602, up 14.83% in 24 hours, with an intraday high of $1.2172; perpetual positions were about $43.01 million, and the funding rate was positive. This round of rally has verifiable product catalysts: DeepBook App launched on September 24, integrating spot and short-cycle Predict, with the underlying shared order book processing over $20 billion cumulatively. Bitwise tokenized RWA has also started entering the Bluefin Lend collateral scenario. The next event point is the token release in early October. Approximately from September 30 to October 3, the release scale ranges from about 2.07 million to 25.8 million SUI. The official page only provides an estimated curve and clearly states that the release pace will be adjusted according to the foundation's deployment. Verifiable trading indicators include changes in on-chain circulation, whether related addresses transfer to exchanges, and whether the spot market can absorb the new supply. Meanwhile, AlphaFi exited Sui due to bad debt caused by oracle configuration errors, and users are withdrawing funds from related strategies. If the exchange balance does not increase significantly before the unlock, and DeepBook trading continues to expand, the supply impact may be limited. If a large amount of tokens enter the market and contract longs continue to add positions, spot selling pressure and concentrated liquidations will simultaneously amplify the pullback.

Long-term bond yields hit new highs, crypto market faces higher valuation thresholds On September 25, the US 30-year Treasury yield intraday reached 5.5016%, the highest since 2004; the 10-year yield once rose to 5.2251%, near levels not seen since 2007. This upward move is not only due to the Federal Reserve raising interest rates again. Rising oil prices and inflation expectations, the resilience of the US economy, and continued government bond issuance collectively require investors to receive higher compensation for holding long-term bonds. Japan's 30-year government bond yield is also above 4%, indicating that long-end repricing has spread globally. The real economy sector first under pressure is real estate. According to Freddie Mac data, the US 30-year fixed mortgage rate has risen to 7.03%, increasing monthly payments for homebuyers, compressing financing for developers and home sales; on the corporate side, new debt interest costs are rising, with greater pressure on low-rated companies and growth enterprises reliant on external financing. As of now, OKX's BTC is about $84,027, down 0.23% in 24 hours, not experiencing a runaway decline alongside yields; recent ETF inflows continue to absorb spot sell-offs. However, the longer the risk-free yield stays above 5%, the higher the opportunity cost of holding crypto. Before the Federal Reserve meeting on October 26-27, watch whether oil prices, inflation, and the 10-year yield can retreat. If long-term bonds continue to be sold off, ETF buying needs to be stronger to maintain $BTC's current resilience. #美债长端利率持续攀升，融资压力升温

BTC is maintaining its rhythm, with ZEC awaiting the next key milestone. According to OKX market data, $BTC is currently at $84,053, down 0.38% in 24 hours; $ETH at $2,691, up 0.15%; $ZEC at $1,555, up 0.53%. In the past five full trading days, BTC closed within the $83,800-$86,419 range on four days. It is currently operating within this range and cannot be considered a renewed breakout. ETFs continue to provide spot support. As of September 24, BTC spot ETFs have seen a cumulative net inflow of approximately $2.84 billion over six days; ETH products have a cumulative net inflow of about $747 million over five days. ZEC is supported by both product inflows and upgrade expectations: US ZEC products had a net inflow of about $35.17 million this week; last week, shielded transactions reached 62,379, and the current price remains approximately 24.63% higher than the opening price on September 16. The next critical milestone is the NU7 upgrade. ZEC plans to complete the version by September 30, enter the testnet on October 6, and decide the mainnet activation height on October 20; November 5 is only a target date. If BTC maintains oscillation above $83,000, ZEC can continue to test the $1,625-$1,680 range; if positions and funding rates continue to rise before the testnet but the spot price fails to break $1,625, the chasing bulls will become active sellers during pullbacks.

$ENA rises 17%, USDe begins expanding basis trading to US stocks According to current OKX data, spot $ENA is quoted at $0.25559, up 16.72% in 24 hours, while BTC fell 0.64% in the same period. The price movement roughly coincides with Ethena's announcement of a new collateral strategy. Ethena plans to buy bStocks on Binance as USDe spot collateral, while shorting the corresponding stock perpetuals to earn funding rates and basis. The risk committee framework has been approved, with USDe supply around $4.9 billion. The value of this expansion is not in the "stocks on-chain" narrative, but in adding a source of income for USDe that has lower correlation with crypto funding rates. If the stock perpetuals have sufficient depth, stable basis, and hedge execution, USDe can reduce income volatility when crypto funding rates decline. If market liquidity is insufficient or spot and perpetual tracking diverge, the new collateral could increase trading, custody, and basis risks. There is still a threshold on the token side: although the ENA buyback mechanism has been voted through, the first phase requires USDe's 14-day average supply to reach $7.5 billion. Based on the current official website figure of about $5.4 billion, it still needs to grow by about 39%. The current rise first trades on expectations of income expansion; the real follow-through depends on USDe supply, non-crypto basis income, and whether the buyback triggers. In trading, first watch for exchange deposits, approved sales, or OTC transfers, then see if USDe supply can continue to increase.

ETF is still buying, but $BTC has not followed the inflow speed to continue rising. According to OKX market data, $BTC is currently quoted at $84,166, up 0.41% in 24 hours, down about 3.7% from this week's high of $87,399. ETH is quoted at $2,702, up 1.49%. The US BTC spot ETF has had net inflows for six consecutive trading days, totaling about $2.061 billion from Monday to Wednesday, and another $191 million on Thursday. The buying scale is not small, but daily inflows have dropped from $999 million to $715 million, $347 million, and $191 million, with marginal speed continuously declining. On the other hand, the US 10-year Treasury yield touched 5.2% intraday, so the opportunity cost of holding non-yielding assets remains high. On-chain medium-sized addresses have increased by about 113,950 BTC since July 15, but this statistic mixes custodial and exchange addresses, so it cannot all be regarded as new buying. Currently, stronger evidence is the continuous subscription of ETFs, while the weaker link is price feedback. There is another market-impacting event: Bitget was attacked, affecting some hot and warm wallets, while cold wallets were not affected. The current loss has reached over 350 million, and withdrawals are still suspended. If this triggers users to actively withdraw from centralized exchanges, it will reduce platform liquidity and amplify market volatility. The next step is to see if ETF inflows can recover to the scale of hundreds of millions of dollars and drive spot trading expansion. If inflows continue to decline, sustained selling pressure will still limit the upside.

$ONDO rises 27%, market prices "strategy on-chain" As of now, OKX spot ONDO is quoted at $0.5482, up 27.34% in 24 hours. During the same period, BTC and ETH slightly declined; the rise is concentrated after Ondo announced Intelligent Portfolios, showing distinct independent market characteristics. The first batch of BLKHIon, BLKDIGon, and BLKGRWon package yield, balanced growth, and high growth allocations into a single token. Underlying holdings, weights, and periodic rebalancing can be viewed on-chain and can be transferred or integrated into DeFi. The product form of RWA has evolved from "single security on-chain" to "asset allocation on-chain," but the demand scale has yet to be verified. BlackRock only provides non-discretionary model strategies and is not responsible for issuance, management, or operation. The product is executed by Ondo and is only available to qualified non-U.S. investors in approved regions. More importantly, ONDO currently mainly serves a governance function; subscriptions and fees for new portfolios do not automatically flow to token holders. Subsequent focus should be on the net minting volume of the three portfolios, number of holders, DeFi collateral integration, and redemption depth. If these indicators do not grow, the 27% increase is merely the capital market trading the RWA narrative in advance.