Bitget UEX Daily Report | The three major U.S. stock indices fell; the Federal Reserve's minutes released hawkish signals; the cryptocurrency market's market capitalization dropped by over 5% (October 8, 2026)

# 1. Selected Hot News

1. Federal Reserve: Meeting minutes show inflation concerns still dominate, rate hikes may continue this year

The Federal Reserve's minutes from the September meeting, released on October 7, indicate that officials unanimously supported a 25 basis point rate hike during the meeting on September 15-16, but there were disagreements on the specific reasons for the hike: some officials were concerned that energy price shocks would drive up inflation, while others believed that demand itself remained too strong. Most officials believe that further tightening may be needed this year, but the market currently leans towards pausing action in October. As of the morning of October 8, Beijing time, the implied probability of a 25 basis point rate hike in October was about 19%.

Market Impact: The main constraint currently faced by the Federal Reserve is the simultaneous occurrence of high energy prices and resilient economic demand. Even if the Fed pauses rate hikes in October, as long as the market continues to raise future rate expectations, long-term U.S. Treasury yields may still suppress growth stock valuations. Attention will need to be paid to U.S. employment data, oil prices, and statements from Federal Reserve officials regarding future policies.

2. International Crude Oil: IEA accelerates reserve release, Brent crude falls to $100.20

The International Energy Agency (IEA) stated on October 7 that it would accelerate the implementation of the strategic oil reserve release plan established in March of this year, prioritizing the release of diesel inventories. There are still about 100 million barrels that have not entered the market, this does not equate to an additional 100 million barrels of supply. As a result, Brent crude futures fell 0.38% on the day, settling at $100.20 per barrel; WTI crude futures dropped 1.3%, closing at $88.28 per barrel.

Market Impact: Accelerating the release of reserves can alleviate short-term supply pressures but will not eliminate the issues of transportation disruptions in the Middle East and diesel shortages. The decline in oil prices helps ease inflation and bond yield pressures; however, if the supply side is hit again, crude oil may still become an important variable affecting U.S. stock markets and Federal Reserve policy expectations.

3. AI Infrastructure: SpaceX seeks $40 billion in financing to purchase Nvidia chips

According to reports from Reuters on October 6-7, SpaceX is negotiating with banks and asset management firms for approximately $40 billion in financing, which includes about $10 billion in bank loans and $30 billion in investment-grade debt, intended for the purchase of Nvidia AI chips. The financing is still in the negotiation stage and does not represent that the funds or chip orders have been finalized.

Market Impact: This potential deal further illustrates that the demand for AI computing power is shifting from a technology procurement issue to a large-scale capital financing issue. Nvidia may continue to benefit from chip demand, but investors need to distinguish between customers' procurement intentions, completion of financing, formal orders, and final revenue. The focus in the AI industry is also gradually shifting from the scale of capital expenditures to financing costs, equipment utilization, and investment returns.

# 2. Market Review

1. Commodity and Forex Performance

Variety
Reference Price
Data Source

|-------------|---------------|--------------------| | Spot Gold | $4,113.89/ounce | October 7, 14:12 EDT | | Spot Silver | $59.86/ounce | October 7, during U.S. trading hours | | WTI Crude Oil | $88.28/barrel | November 2026 futures, settled on October 7 | | Brent Crude Oil | $100.20/barrel | December 2026 futures, settled on October 7 | | U.S. Dollar Index (DXY) | 102.23 | Morning of October 8, Beijing time | | U.S. 10-Year Treasury Yield | 5.284% | October 7, during U.S. trading hours |

Gold fell 1.2% on October 7, reaching a two-month low, while silver dropped about 3%. The strengthening dollar and rising U.S. Treasury yields jointly suppressed the appeal of non-yielding precious metals. Crude oil fluctuated between supply disruption risks and news of the IEA accelerating reserve releases. The main contradiction in the current cross-asset market remains: energy prices support inflation, while rising long-term rates suppress stock and precious metal valuations.

2. Cryptocurrency Performance

• BTC: Approximately 83,319.82 USDT; BTC/USD on the same page fell 2.39% in the past 24 hours.

• ETH: Approximately 2,581.07 USDT; ETH/USD on the same page fell 4.22% in the past 24 hours.

• Total Cryptocurrency Market Cap: Approximately $2.848 trillion, down 5.24% in the past 24 hours.

BTC/USDT and ETH/USDT quotes are from Bitget, updated at 09:20:56 and 09:16:30 Beijing time on October 8, respectively. The aforementioned 24-hour price changes are based on the corresponding USD quotes from Bitget and are not verified against other USDT trading pairs. The total market cap is from CoinGecko, updated at 08:58:31 Beijing time, and the data is not a fully synchronized market snapshot.

BTC | Liquidation Zone Observation

No verifiable and timely original data from CoinGlass's BTC liquidation map was obtained, so the potential liquidation zones for shorts above and longs below are not reported, nor is any unverified distance ratio provided.

ETH | Liquidation Zone Observation

Similarly, no timely data on ETH liquidation intensity distribution was obtained. Currently, it can only be confirmed that ETH prices have shown a significant decline over the past 24 hours, and no specific liquidation concentration location can be determined based on this.

Institutional Holding Cost | BTC

Strategy disclosed on October 5 that as of October 4, it held 848,000 BTC, with a cumulative purchase cost of approximately $63.97 billion and an average cost of about $75,440.70. Based on the BTC/USD reference price of $83,331.36 from Bitget at 09:20:56 Beijing time on October 8, the BTC price is approximately 10.46% higher than the average cost disclosed by Strategy. This represents the reference difference relative to the purchase cost and does not equate to the overall investment return of the company. The comprehensive holding cost of U.S. spot BTC ETFs has not been obtained in a verifiable latest estimate, hence it is not filled in.

Market Overview in One Sentence

BTC and ETH both weakened, with Strategy's holding cost still below the current BTC reference price, but there remains a gap of about 10%. Due to the absence of the latest liquidation map, it is not possible to determine on which side the liquidation pressure is concentrated, nor to conclude on the resonance between liquidation zones and institutional costs.

3. Performance of Major U.S. Stock Indices

Index
Closing on October 7
Change

|-----------|-----------|--------| | Dow Jones Industrial Average | 51,180.17 | -0.66% | | S&P 500 Index | 7,801.75 | -0.22% | | Nasdaq Composite Index | 27,538.69 | -0.22% |

All three major U.S. indices closed lower on October 7, with the S&P 500 and Dow ending a streak of four consecutive trading days of gains. The rise in long-term U.S. Treasury yields, high oil prices, and concerns over AI-related debt financing have shifted the market from previous tech stock gains to a more cautious pricing approach. Small-cap stocks performed even weaker, with the Russell 2000 index falling about 1.3%.

4. Performance of the Seven Tech Giants

Company
Stock Code
Closing Price (USD)
Change

|----------|-------|--------|--------| | Nvidia | NVDA | 237.42 | -0.76% | | Apple | AAPL | 336.58 | +0.88% | | Microsoft | MSFT | 529.63 | +0.06% | | Alphabet | GOOGL | 350.39 | +0.78% | | Amazon | AMZN | 259.90 | +1.41% | | Meta | META | 721.08 | -2.41% | | Tesla | TSLA | 377.72 | -0.78% |

Among the seven giants, 4 rose and 3 fell. Amazon performed relatively well, while Meta had the largest decline. Although the Nasdaq index's overall decline was limited, there has been a clear divergence among tech leaders, indicating that the market is not broadly selling off large tech stocks but is instead re-evaluating the growth realization capabilities and valuation pressures of different companies.

5. Sector Movement Observation

Industrial and Agricultural Machinery: Regulatory investigations impact valuations. The U.S. Federal Trade Commission (FTC) and the Department of Agriculture launched a public investigation into the agricultural equipment manufacturing and distribution industry on October 7, focusing on potential anti-competitive behavior and equipment repair restrictions. Caterpillar (CAT) fell 5.74%, and Deere (DE) fell 3.79%. This is part of the industry information collection and investigation phase and does not imply that the related companies have been found to be illegal.

Semiconductors: Industry weakens, but storage stocks rise against the trend. The Philadelphia Semiconductor Index fell about 1.2%, Nvidia dropped 0.76%, while Micron Technology (MU) rose about 4.04%. There is a divergence in performance within the sector, and attention should be paid to the financing capabilities of AI computing power customers, the realization of chip orders, and whether storage demand can continue to support profit expectations.

# 3. In-Depth Analysis of Key U.S. Stocks

1. Nvidia (NVDA): Demand for AI chips continues to expand, but customer financing capabilities become a new variable

Event Overview: Nvidia closed at $237.42 on October 7, down 0.76%. Meanwhile, SpaceX plans to finance approximately $40 billion to purchase its AI chips, with financing still in negotiation and not yet confirmed as completed orders.

Market Interpretation: This event reflects the duality of AI infrastructure: chip suppliers still face large-scale potential demand, but customers are increasingly relying on debt and external financing to cover capital expenditures. For Nvidia, the potential order size cannot be directly equated to confirmed revenue; financing, delivery, and payment stages also need to be examined.

Investment Insight: Attention should be paid to whether SpaceX's financing is formally completed, whether the related chip procurement contracts are confirmed, and whether investors in AI infrastructure are raising their requirements for project returns and debt risks. These factors are more likely to determine the sustainability of demand than simply announcing larger procurement plans.

2. Tesla (TSLA): New safety review pressures on European FSD approval

Event Overview: Tesla closed at $377.72 on October 7, down 0.78%. A Reuters investigation on the same day revealed details of Tesla's communications with European regulators regarding FSD approval and cited safety researchers' doubts about some of its safety argument methods. The previously planned EU-level vote in October has been postponed, with the earliest possible date now in December. FSD currently remains an assisted driving system that requires driver supervision.

Market Interpretation: The valuation of Tesla's autonomous driving business depends not only on technological performance but also on regulatory access and the scale of user payments. If the unified approval in Europe continues to be delayed, the market coverage and revenue realization time for related software may also be postponed.

Investment Insight: Attention should be paid to the subsequent voting schedule of the European Union, the specific requirements of regulatory agencies for safety evidence, and the actual subscription growth in regions where sales have been approved. The licensing of individual countries should not be directly interpreted as a comprehensive release across the entire European Union.

3. Caterpillar (CAT): Regulatory Concerns Trigger Major Drop, But Distinction Between Industry Investigation and Company Responsibility is Needed

Event Overview: Caterpillar closed at $813.90 on October 7, down 5.74%. The FTC and the U.S. Department of Agriculture are jointly soliciting information on competition issues in the agricultural equipment market, focusing on equipment acquisition, maintenance services, and related business restrictions. The announcement did not determine any illegal conduct by Caterpillar.

Market Interpretation: The market may expand the investigation into agricultural machinery pricing to the entire heavy machinery industry, but Caterpillar's main business involves construction and mining equipment, which differs from the revenue structure of agricultural machinery companies like Deere. Determining whether this drop indicates actual profit risk requires verification of whether the investigation's scope extends to Caterpillar's core business.

Investment Insight: Focus on whether formal enforcement actions arise from the regulatory investigation, which business models may be restricted, and whether the company's subsequent guidance is affected. Before new company-level facts emerge, it is inappropriate to equate a single-day stock price drop directly with a decline in long-term profitability.

### Market and Project Dynamics

1. U.S. Crypto Regulation: The CFTC released a proposed rulemaking notice on October 5, seeking opinions on establishing a federal regulatory framework for leveraged and financed trading of crypto assets. The rules are still in the comment phase and do not represent that they have taken effect.

2. Tokenization of U.S. Stocks: OKX and Intercontinental Exchange's joint venture OKXICE submitted an application to the SEC, planning to establish a tokenized securities platform supporting around-the-clock trading of U.S. stocks, covering over 60 listed companies. Currently, it is in the application and preparation stage, not yet officially open for trading.

3. Ripple Enters Traditional Finance: On October 7, The Wall Street Journal reported that Ripple is expanding its leveraged ETF swap financing services through Ripple Prime, further extending its business into traditional institutional trading and clearing. This indicates that crypto companies are attempting to capture institutional financing revenue from traditional finance, rather than just relying on token trading.

4. U.S. Crypto Legislation: Due to the previous failure of the Clarity Act to advance in the Senate, crypto industry organizations are reassessing their political investment strategies during the midterm elections. The uncertainty of regulatory legislation will continue to affect trading platforms and institutional investors' expectations regarding future business boundaries.

5. Expansion of Prediction Markets: Kalshi recently launched a perpetual futures product linked to the S&P 500 index, extending its business from event contracts to price trading that is closer to traditional securities markets. The focus going forward will be on regulatory classification and user demand, rather than just the number of new trading products.

### Today's Market Calendar

Date: October 8, 2026, Beijing Time. Attention level is assessed by the editor.
Beijing Time
Country/Region
Event
Market Attention Level

|-------------|----|------------------|-------| | October 8, 16:30 | U.S. | Speech by Federal Reserve Governor Waller | ★★★★ | | October 8, 20:30 | U.S. | Initial Jobless Claims | ★★★★★ | | October 8, 22:30 | U.S. | EIA Natural Gas Inventory Report | ★★★ | | October 8, 22:40 | U.S. | Speech by Minneapolis Fed President Kashkari | ★★★★ | | October 9, 01:00 | U.S. | 30-Year U.S. Treasury Auction | ★★★★ |

Key Event Outlook: Tonight's initial jobless claims will provide the latest clues about the labor market, and subsequent speeches by Federal Reserve officials may further influence interest rate expectations for October and December. Considering that long-term U.S. Treasury yields are already high, the 30-year Treasury auction in the early hours of October 9 is also worth watching: if demand for long bonds is weak, it may amplify stock valuation pressure.

Institutional View: Russ Brownback, Deputy Chief Investment Officer of Global Fixed Income at BlackRock, pointed out on October 7 that the Federal Reserve's rate hike in September does not mean it has entered a predetermined period of sustained tightening. His core judgment is that the central bank will decide its policy path based on subsequent economic data while remaining vigilant about inflation.

Disclaimer: This report is for market information reference only and does not constitute investment advice. Market conditions may vary over time; the clearing area and ETF composite costs have not been estimated without reliable original data.