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The Fundstrat strategist pointed to the strength of tech stocks and crypto as signs that markets are already anticipating easier financial conditions. The US stock market could face a correction from mid-October through the …

The Fundstrat strategist pointed to the strength of tech stocks and crypto as signs that markets are already anticipating easier financial conditions. The US stock market could face a correction from mid-October through the midterm elections, but crypto and technology stocks may benefit afterwards if Democrats become more supportive of the CLARITY Act and data-center projects, Fundstrat’s Tom Lee said in an interview with CNBC. The strategist said crypto and AI stocks have stalled ahead of the midterms partly because of concerns that Democrats do not support the bill or the expansion of data centers. Lee argued that those concerns were misplaced. Advertisement “Our contrarian take is that after midterms, the Democrats are going to start supporting data centers and CLARITY Act because, one, data centers are generally providing a lot of economic benefits to the community. And CLARITY Act had many Democratic supporters,” he said. “I think the AI stocks are going to benefit post-midterms because the change in Congress is actually going to sort of greenlight some projects.” Lee also expects the macroeconomic backdrop to become more supportive for risk assets. The latest jobs report has weakened the case for the maximum-hawkish Fed scenario that markets had been pricing in, which included three potential rate hikes and a 75% probability of an October increase, he said. With one-off inflation factors expected to roll off, Lee sees softer inflation readings over the next six months. The crypto and markets news you actually need—every morning. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. “That allows not only the Fed to kind of walk back from its hawkishness, but I think it’s going to allow bond yields to actually sort of normalize,” Lee noted. “Anything under 5% would be interpreted by markets as really positive for risk on… I think there’s a good chance in the next six months we’re going to see yields below 5%,” he explained. Lee expects the S&P 500 to rise as much as 9% by year-end, potentially reaching 8,200 to 8,400. He said earnings growth is accelerating, with third-quarter earnings potentially approaching 30% and 2027 earnings estimates up more than 20% from the start of the year.

The Solana-based token is redeemable 1:1 for shares of the iShares MSCI Brazil ETF, giving crypto-native investors access as Brazilian markets rally. Backpack Securities has launched a tokenized version of the iShares MSCI Brazil …

The Solana-based token is redeemable 1:1 for shares of the iShares MSCI Brazil ETF, giving crypto-native investors access as Brazilian markets rally. Backpack Securities has launched a tokenized version of the iShares MSCI Brazil ETF on Solana through Sunrise, bringing one of the main vehicles for trading Brazilian equities onto crypto rails as investors react sharply to Brazil’s first-round election result. Issued by Backpack Securities, $EWZ is now listed on @Solana with @Sunrise. ▸ Redeemable 1:1 for iShares MSCI Brazil ETF shares ▸ Transferable to traditional brokerages The iShares MSCI Brazil ETF seeks to track an index composed of Brazilian equities. pic.twitter.com/PV5ZPPAB6R — Backpack Onchain (@BackpackOnchain) October 5, 2026 The tokenized EWZ is redeemable 1:1 for traditional shares of the ETF through Backpack Securities. The launch comes as EWZ jumped roughly 13% Monday following a surprise result in Brazil’s first-round presidential vote. Advertisement Sen. Flávio Bolsonaro finished first with about 47% of the vote, ahead of President Luiz Inácio Lula da Silva at roughly 45%, setting up an Oct. 25 runoff. Brazilian markets rallied sharply on the result, with the Bovespa, Brazil’s benchmark stock index, gaining more than 8% and the real strengthening more than 4% as investors increased bets on a more market-friendly fiscal agenda. The crypto and markets news you actually need—every morning. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. The timing shows one advantage of tokenized assets: when events like elections or earnings suddenly increase demand for a specific market, investors can get exposure through crypto platforms without relying only on traditional brokerage hours. That is the gap Backpack is trying to address. The company launched Backpack Securities earlier this year with Sunrise as its tokenization partner, allowing traditional securities to be converted into Solana-based tokens and later redeemed back into corresponding security entitlements. Tokenized equities and ETFs have been growing quickly as more traditional assets move onto blockchain rails. DefiLlama reported in August that the market capitalization of tokenized equities had grown ninefold over the previous year to more than $3.7 billion. Its latest dashboard tracks about $2.7 billion in onchain public equities, with roughly $196 million actively deployed across DeFi.

CryptoQuant data shows the miner revenue gauge back above its key threshold, with analysts eyeing 2.00 as the next benchmark Bitcoin miners finally have something to smile about. The Puell Multiple, a closely watched …

CryptoQuant data shows the miner revenue gauge back above its key threshold, with analysts eyeing 2.00 as the next benchmark Bitcoin miners finally have something to smile about. The Puell Multiple, a closely watched gauge of miner revenue, has pushed back above 1.00, according to CryptoQuant. The 7-day moving average of the metric crossed that line around October 4, 2026. That reading marks an 11-month high, and CryptoQuant framed it as a possible reversal that could carry the metric toward 2.00. The numbers behind the move CryptoQuant first flagged the crossover on October 4, 2026. Data from October 4 and 5 put the Puell Multiple at approximately 1.07. That figure sits just under a recent peak. The metric touched 1.08 on September 22, 2026, then settled at 1.05 by the end of that month before edging back up. The path to get here was not pretty. The Puell Multiple opened 2026 at 0.86 and kept sliding. It bottomed at 0.64 on February 24, a level associated with real strain on mining operations. Advertisement The metric had stayed below 1.00 since approximately November 2025. Research findings describe this as the first move above the threshold in nearly ten months, which caps off a long stretch that analysts characterize as an accumulation phase. A metric built for miners The Puell Multiple was created by analyst David Puell in 2019. It has since become one of the more widely used tools for tracking miner profitability. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. The formula is simple. Take the daily US dollar value of newly issued Bitcoin, then divide it by the 365-day average of that same value. Historically, readings well below 1.0 have lined up with miner capitulation and market lows. Sustained readings above 1.00, by contrast, have been linked to recovery and uptrends, with 2.00 viewed as a primary benchmark for the next leg. What this means for the market A Puell Multiple above 1.00 suggests daily revenue from issuance is now running ahead of its trailing yearly average. That gives operators more breathing room on costs and less pressure to sell holdings just to keep the lights on. CryptoQuant’s read is that the market may be transitioning out of a discount phase. If the metric holds above 1.00 and trends toward 2.00, that could support the case for a new bullish phase. A few caveats deserve attention. First, the margin is slim. A reading of approximately 1.07 is barely above the threshold, and the metric already slipped from 1.08 to 1.05 within a matter of days in late September. One rough week for prices could push it back under. Second, the signal is about sustainability rather than a single crossover. Historically, it is persistent readings above 1.00 that have been associated with recoveries. For those tracking the trend, the milestones are clear. The first is whether the 7-day average can stay above 1.00 through October and beyond. The second is whether it can clear the September 22 peak of 1.08 with any conviction. The longer-term marker is 2.00, the level CryptoQuant identified as the initial target if the reversal holds. The metric started 2026 at 0.86, sank to 0.64 by late February, and has spent the months since grinding higher. For now, the data says miners are earning more than their recent average for the first time in roughly eleven months.

CFTC Chair Michael Selig claimed that the agency was using its “existing statutory authorities“ to address crypto regulation after Congress failed to advance a market structure bill. US Commodity Futures Trading Commission (CFTC) Chair …

CFTC Chair Michael Selig claimed that the agency was using its “existing statutory authorities“ to address crypto regulation after Congress failed to advance a market structure bill. US Commodity Futures Trading Commission (CFTC) Chair Michael Selig said that the agency will move forward on crypto regulation at the direction of President Donald Trump “with or without legislation” from Congress. Speaking at the Fordham Law Blockchain Regulatory Symposium on Monday, Selig announced proposals giving crypto companies the option to operate under the CFTC’s umbrella rather than dealing with the patchwork of regulations offered by individual US states. According to written remarks from the event, the CFTC chair said that it had issued an advanced notice of proposed rulemarking for companies “offering retail customers the ability to trade crypto assets on a margined, leveraged, or financed basis,” calling the regulation ‘CTX.’ Selig said that the agency planned to establish a new category of designated contract market (DCM) called a “crypto asset market,” or CAM, giving certain exchanges the option to register as either. “These rules would codify a pathway for crypto asset exchanges to operate under uniform national oversight by the CFTC pursuant to the same statutory authorities that the prior administration instead utilized to regulate by enforcement,” said Selig. CFTC Chair Michael Selig on Monday. Source: Fordham Law Blockchain Regulatory Symposium The proposed rules would not extend to what the chair called “ordinary spot crypto exchanges” that are “generally regulated under state money transmission laws.” For companies offering spot trading on crypto assets like Bitcoin (BTC), the CFTC would still have the authority to enforce anti-fraud and anti-manipulation regulations. Selig’s proposed regulatory framework for crypto companies came a few weeks after lawmakers in the US Senate failed to approve passage of the Digital Asset Market Clarity (CLARITY) Act, a bill that had been expected to give the CFTC more authority in overseeing and enforcing crypto regulations. The Securities and Exchange Commission already announced its own version of a proposed “tailored securities offering regime” for crypto assets in August before the failed CLARITY vote, setting the expectation that both agencies would move forward with regulation without legislation codifying such rules from Congress. Selig said that Trump promised to deliver a crypto asset regulatory market structure with or without legislation, and the regulators will help him deliver it using existing statutory authorities. “The opponents to CLARITY may have not bargained for the seeming readiness of the executive branch to act in the absence of any constraint from the legislative branch,” said ProChain Capital’s David Tawil, in a post on Monday. Both regulators still understaffed as they advance crypto proposals Friday was SEC Commissioner Hester Peirce’s last day at the agency, wrapping up eight years of service, just ahead of the 18-month extension for her second term. Her planned departure leaves just two commissioners leading the SEC and Selig heading the CFTC as its sole commissioner and chair. A White House official told Cointelegraph last week that Trump intended to nominate commissioners to both agencies “in the near future.” As of Monday, the administration had not announced any replacements for Peirce or the other six commissioner seats. Magazine: Former SEC boss made AI Czar, Bitcoin may hit $600K this cycle: Hodler’s Digest

BofA strategists say the easy money in AI investing is drying up as hyperscaler spending climbs and fund managers worry about credit risk The AI trade made plenty of investors look brilliant. Bank of …

BofA strategists say the easy money in AI investing is drying up as hyperscaler spending climbs and fund managers worry about credit risk The AI trade made plenty of investors look brilliant. Bank of America strategists think the effortless part of that story is ending. BofA’s strategists say investors will have a harder time pulling easy gains out of AI-related investments. The warning comes as the biggest spenders on AI infrastructure keep writing larger checks while the market grows less certain those checks will pay off. The numbers behind the caution Start with the spending. BofA projected US hyperscaler capital expenditure at around $795 billion in 2026 and nearly $1.08 trillion in 2027. Hyperscalers are the giant cloud operators, names like Microsoft, Alphabet and Amazon. Capex is the money they pour into physical infrastructure, the data centers and hardware that AI models need to run. The stock market has not been cheering. By June 2026, US hyperscalers were trailing the S&P 500 by nearly 15% year-to-date. Advertisement BofA read that underperformance as a sign of doubt about whether the expected returns on all that investment will materialize. A BofA equity strategy note from that same month warned that the AI-driven stock rally might be losing momentum. The note also pointed out that corporates are rationing their AI usage and shifting toward cheaper models. That detail carries more weight than it first appears. If paying customers are trading down, the landscape is more competitive than many expected, and premium pricing becomes harder to defend. AI, tech, and the markets they move—in one daily briefing. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. Fund managers are getting nervous The unease extends well beyond one strategy desk. In BofA’s August 2026 Global Fund Manager Survey, 38% of respondents identified AI hyperscaler capital spending as a likely source of systemic credit risk. By September, AI spending was taking up 80% of discussion time in BofA’s client meetings. Those conversations featured analogies to historical tech booms, a comparison that rarely gets made when everyone feels relaxed. The financing side adds another layer. Hyperscalers are funding their spending through debt, reportedly reaching a capex-to-free-cash-flow ratio of approximately 94%. That ratio compares what a company spends on building with the spare cash its operations generate. At approximately 94%, there is very little daylight between the two, which leaves a thin cushion if returns arrive later or smaller than planned. What this means for investors The nearly 15% year-to-date underperformance by June 2026 shows that recalibration may already be underway. Investors appear less willing to reward spending on its own and more interested in evidence that it produces revenue and margins. The credit angle deserves close attention. With hyperscalers leaning on debt and the 38% survey reading flagging systemic credit risk, any stumble in AI monetization could matter to bond investors and lenders, not just shareholders. For investors, a few signals stand out over the coming quarters. Watch whether corporate customers keep rationing AI usage, whether pricing resistance deepens, and whether hyperscaler capex guidance continues to climb toward the roughly trillion-dollar levels BofA has modeled.

Emmanuel Moulin says France can still reassure bond investors despite ‘serious and worrying’ market moves in recent days Emmanuel Moulin says France can still reassure bond investors despite serious and worrying market moves in …

Emmanuel Moulin says France can still reassure bond investors despite ‘serious and worrying’ market moves in recent days Emmanuel Moulin says France can still reassure bond investors despite serious and worrying market moves in recent days This story appeared on ft.com, 2026-10-05 16:56:54.

NYSE member firm to add tokenized stocks & bonds, real-world assets, crypto and prediction markets on one platform, as tokenized securities head toward a $5.5 trillion market by 2030 NEW YORK CITY, NY / …

NYSE member firm to add tokenized stocks & bonds, real-world assets, crypto and prediction markets on one platform, as tokenized securities head toward a $5.5 trillion market by 2030 NEW YORK CITY, NY / ACCESS Newswire / October 5, 2026 / ThinkEquity LLC an i… NYSE member firm to add tokenized stocks & bonds, real-world assets, crypto and prediction markets on one platform, as tokenized securities head toward a $5.5 trillion market by 2030NEW YORK CITY…

The DeFi aggregator's dApp and Wallet now support dozens of BEP-20 tokens backed 1:1 by US equities, expanding self-custodied access to stock exposure The 1inch dApp and Wallet now list 77 tokenized stocks and …

The DeFi aggregator's dApp and Wallet now support dozens of BEP-20 tokens backed 1:1 by US equities, expanding self-custodied access to stock exposure The 1inch dApp and Wallet now list 77 tokenized stocks and ETFs on BNB Chain. That means a DeFi aggregator best known for routing token swaps now also handles exposure to US equities. The products come from bStocks, a platform that went from a short list of assets to a fairly crowded shelf in a matter of weeks. What 1inch actually added The listed assets are bStocks: BEP-20 tokens that are 1:1 backed by US equities. BEP-20 is the token standard on BNB Chain, roughly the equivalent of ERC-20 on Ethereum. Each token represents a claim on a real share sitting somewhere in the traditional financial system. Holding the token is meant to track the stock, without opening a brokerage account. Users can now trade these tokens directly through 1inch’s aggregator and its wallet interface. The aggregator scans available liquidity and routes orders to get users a better execution price. Advertisement A few features stand out in how bStocks are structured: 24/7 trading. The tokens trade around the clock, unlike the stocks they track, which keep exchange hours. The tokens trade around the clock, unlike the stocks they track, which keep exchange hours. Zero conversion fees to the underlying traditional shares on Binance. to the underlying traditional shares on Binance. Full self-custody. Holders keep the tokens in their own wallets rather than with a broker. Holders keep the tokens in their own wallets rather than with a broker. Full economic exposure to the underlying shares, including dividend reinvestment. From 15 assets to 77 listings The bStocks platform launched around June 11, 2026. By early July, it offered 15 assets. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. More recent data put the count of active bStocks at approximately 67 to 68. The 1inch integration now covers 77 tokenized equities and ETFs, which suggests the catalog has kept expanding. bStocks have racked up cumulative trading volumes in the billions, with assets under management in the hundreds of millions. BNB Chain’s position in tokenized stocks BNB Chain holds roughly $1 billion or more in tokenized equities. That works out to about 30-34% of the broader tokenized stocks sector. What this means for traders and the RWA market The most immediate effect is distribution. Tokenized stocks are only useful if people can reach them, and plugging into a widely used aggregator and wallet lowers that barrier considerably. The target audience is fairly clear. Retail investors who want exposure to US equities but face limits with traditional brokerage accounts are the obvious beneficiaries. That includes users who prefer self-custody or who want to trade outside market hours. Another thing to watch is how the 24/7 model behaves when the underlying markets are shut. A token trading on a Saturday tracks a stock that is not trading at all, which can create pricing gaps that arbitrageurs will be eager to test. Finally, the catalog itself is worth monitoring. bStocks went from 15 assets in early July to 77 listings on 1inch.

The latest company to pursue tokenized trading in the United States has an unusual name: OKXICE. That mouthful of letters reflects a joint venture between crypto exchange OKX and ICE, parent company of the …

The latest company to pursue tokenized trading in the United States has an unusual name: OKXICE. That mouthful of letters reflects a joint venture between crypto exchange OKX and ICE, parent company of the New York Stock Exchange, that was announced Sunday night. According to the company, it has filed with the Securities and Exchange Commission to launch a blockchain-based platform for trading tokenized versions of U.S. stocks around the clock. The platform plans to offer more than 60 stocks and to let users buy and sell them with stablecoins, cryptocurrencies designed to maintain a fixed value against the U.S. dollar. Each token would be backed by an underlying share to represent ownership of a real stock rather than simply tracking its price. Trading would run on X Layer, a blockchain linked to OKX, under a new SEC exemption that allows certain regulated on-chain stock trading venues. The news comes roughly three months after Fortune reported that Andrew Cuomo, the former New York governor, would become OKXICE’s cochair. In March, ICE announced an investment in OKX at a $25 billion valuation, putting roughly $200 million into the crypto exchange, according to Bloomberg. “The market never sleeps, so why should trading?” Cuomo told Fortune in a written statement. “Ownership shouldn’t have office hours. We’ve said tokenized securities are part of what comes next, and this filing is a big step toward it.” Tokenizing real-world assets has become one of crypto’s biggest draws for traditional finance. The value of tokenized assets topped $35 billion so far this year, according to a recent report from data analytics platform Dune. Tokenized stocks led that growth, climbing 2,000% as the number of active holders surpassed 1 million. A recent SEC order also paved the way for the announcement. In mid-September, the regulator unveiled a five-year program that lets companies offer trading in blockchain-based versions of stocks under a temporary exemption from some rules that govern traditional exchanges such as Nasdaq and the NYSE. The agency’s exemption came days after the Senate failed to advance the Clarity Act, a bill that would have created a national market structure framework for the crypto industry. For Cuomo, the venture marks a deeper commitment to OKX. The former governor began advising the exchange in 2023 as it faced a Justice Department investigation into potential anti-money-laundering violations. In February 2025, OKX pleaded guilty and agreed to pay roughly $500 million to resolve the case. The exchange relaunched in the U.S. two months later.

Weak US jobs data has narrowed expectations for another Fed hike in October, offering Bitcoin some relief as investors continue to embrace the debasement trade. Bitcoin (BTC) is coming off its best third quarter …

Weak US jobs data has narrowed expectations for another Fed hike in October, offering Bitcoin some relief as investors continue to embrace the debasement trade. Bitcoin (BTC) is coming off its best third quarter since 2017, but extending the rally may prove more difficult as Treasury yields above 5% offer investors an increasingly attractive alternative to risk assets, according to Delphi Digital. In its latest weekly newsletter, Delphi highlighted Bitcoin’s 43% gain in the third quarter, followed by a third straight weekly advance last week. However, “the grind higher is happening against real resistance,” Delphi wrote, pointing to the Federal Reserve’s September rate hike and surging Treasury yields, which have reached multi-decade highs. “When a government bond pays over 5% risk-free, every risky asset has to work harder to deserve the money,” Delphi wrote. Bitcoin has so far managed to overcome the hurdle, helped in part by growing interest in the so-called debasement trade, or the view that persistent government borrowing and currency expansion will erode the dollar’s purchasing power. According to Vanessa Grellet, managing partner at crypto-focused venture firm Arche Capital, “the debasement trade doesn’t require low interest rates,” given investors’ growing focus on federal deficits and the government’s rising interest bill. Against this backdrop, Bitcoin’s price briefly topped $87,000 last week before correcting lower. It has gained more than 35% since mid-August, shortly after the US Treasury announced plans to double its long-dated debt buybacks to support market liquidity, targeting 10- and 20-year notes. Some investors viewed the move as an effort to ease strains in the bond market and contain borrowing costs. Those buybacks have since tripled in size. Source: TradingView Related: Crypto’s billions are back, but the premiums aren’t Weak jobs data changes rate outlook, for now The interest rate backdrop facing Bitcoin could become less restrictive after weaker-than-expected jobs data sharply reduced the odds of another Fed rate hike in October. The US economy added just 29,000 jobs in September, well below forecasts of 80,000, according to the Bureau of Labor Statistics’ latest nonfarm payrolls report. The disappointing print added to signs that the labor market is cooling, giving the Fed more room to wait before raising rates again. Even before the latest payrolls data, Fed officials had signaled they were in no hurry to act. Although policymakers penciled in one additional rate increase this year in their September projections, some officials have since urged patience. New York Federal Reserve Bank President John Williams, a voting member of the Federal Open Market Committee this year, said the central bank does not need to rush into another hike. “With the policy action we took at our September meeting, there is no need for urgency,” Williams said in a speech last week. CME Group’s FedWatch Tool now puts the odds of an October increase at around 24%, down from more than 75% a week earlier. Related: Crypto treasury model loses its edge as stock premiums fade: DWF