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In Brief Abraxas Capital strategically closed parts of its short positions for profit in recent market shifts. The fund’s portfolio strategies show different risk profiles, focusing on maximizing gains. Recent transactions demonstrate effective risk distribution strategies, maintaining the fund's profitability.
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- 16:04KPMG: Stablecoins Can Reduce Cross-Border Payment Costs by 99%Jinse Finance reported that accounting firm KPMG pointed out in its report that stablecoins are becoming one of the most prominent recent use cases for cross-border payment transformation. Stablecoins can reduce cross-border settlement times from several days to just a few seconds, while also lowering transaction costs by up to 99%. Currently, banks process about $150 trillion annually through slow and expensive correspondent banking networks, which tie up significant funds in nostro and vostro accounts. The report notes that pioneers such as JPMorgan and PayPal have already demonstrated a growing demand for blockchain-based payment channels.
- 15:49Multiple indicators show a slowdown in U.S. consumption in SeptemberJinse Finance reported that multiple credit card transactions and private sector data indicate that U.S. consumer demand slowed last month. After analyzing high-frequency spending data such as credit card lending and same-store sales, economists stated that consumers have begun to tighten their spending following a strong 4.1% annualized growth in retail activity over the previous three months. Shruti Mishra, an economist at Bank of America, pointed out: "From June to August, there has been a month-on-month slowdown in spending, and you won't see the same growth rate as before going forward." Credit card and debit card data from data analytics platform Second Measure show that last month, consumers' willingness to purchase non-essential goods such as furniture, electronics, and home appliances weakened. Bank of America's credit card data also shows cooling demand. Barclays economists stated that, based on a model that includes disposable income, stock market wealth, inflation, consumer confidence, and credit card spending, the momentum of retail sales in September "may have weakened."
- 15:30CI Global Asset Management stakes ETH worth 130 millions USDAccording to ChainCatcher, Arkham monitoring shows that CI Global Asset Management holds ETH worth $620.61 million in its ETHX ETF, of which $130 million worth of ETH is staked. Their ETF still holds about $490.85 million worth of unstaked ETH.