☕️ GM! Here are the most important market events over the last 24 hours:
🌍Market Overview:
🔸 Fed Chair Kevin Warsh said he would be hard pressed to call broad financial conditions restrictive, and put 65 months of elevated inflation on the central bank itself. PCE runs 3.7% over 12 months.
🔸 CrowdStrike gained 20% for its best day ever and Okta surged nearly 29% after both beat and raised guidance. The read across is that enterprises are now paying up for security against AI agent threats.
🔸 A federal judge in California ruled the Pentagon's move to blacklist Anthropic as a supply chain risk was illegal. Anthropic welcomed the ruling that the designation was unlawful, months into the fight.
🔸 Salesforce ($CRM) surged 22.6% on adjusted earnings of $5.90 a share against $3.27 expected, with revenue up 10.8% to $11.35 billion. Agentforce and Data 360 recurring revenue is approaching $3.9 billion.
🔸 Anthropic opened a research preview of the Model Hardware Standard, a shared specification for AI agents to safely operate physical devices. It cuts device integration work to hours or minutes.
🔸 Connecticut formally sued Kalshi on Wednesday to enforce an order halting its sports betting there. Nearly half of all US states are now in a legal fight that poses an existential challenge to prediction markets.
🪙Crypto Updates:
🔸 Solana's disinflation proposal has 68.77% support on 47.72% participation, clearing the two-thirds bar and cutting roughly 18.9 million $SOL from issuance over six years. The fee-burn proposal trails at 62.72%.
🔸 About 81,700 $BTC options contracts worth $6.4 billion expired on Deribit at 08:00 UTC, one of the year's largest. Max pain sat well below spot at $68,000 to $70,000.
🔸 Ethena's fee switch would route 95% of net revenue from its branded businesses into programmatic $ENA buybacks once USDe supply reaches $7.5 billion. $ENA rose about 23% in 24 hours to around $0.17.
🔸 Aave V4 deposits hit a record $806 million, up 30% in seven days, with active loans at $206 million. V4 is still small next to V3's roughly $31 billion, so the migration is early.
🔸 Charles Schwab will let clients buy and sell $SOL, $AVAX and $LINK through Schwab Crypto in the coming months, taking its planned lineup from two assets to five. $SOL rose more than 9% in 24 hours.
🔸 The SEC declared Evernorth's Form S-4 effective on Aug. 27, clearing an $XRP treasury company to hold a shareholder vote Sept. 30 and list on Nasdaq under XRPN if it passes.
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