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South Korea’s Kospi tumbled 3.5% overnight, and oil gained nearly 3% on renewed Middle East hostilities.
By Shaurya Malwa, James Van Straten, and Omkar Godbole
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U.S. initial jobless claims remained at historically low levels last week, dipping to 194,000 from 200,000 previously, and against market forecasts for 200,000.
The four-week moving average dipped to 197,750 from 198,750.
U.S. bond yields remain sharply lower this session, despite the solid economic news, as investors focus on steep declines in equity markets.
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Another sign of the bear market times: Venture capital giant Andreessen Horowitz’s flagship a16z crypto fund will be renamed a16z frontier, according to The Information.
One of the fund’s partners, Ali Yahya, is exiting, though Chris Dixon remains.
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A renewed bout of hostilities in the Middle East has oil higher by nearly 3% on Thursday.
Following a bounce on Tuesday, South Korea’s Kospi fell 3.5% overnight. Meta and Tesla are each lower by about 3% after reporting third-quarter results after the Tuesday close.
Results from Lam Research (LRCX) seem to be spooking the chipmakers. The company topped fiscal first-quarter estimates, but said supply chain bottlenecks could hit the revenue outlook. The stock’s down 8% pre-market.
Nasdaq 100 futures are down 1.7% and S&P 500 futures are off 1% about 90 minutes before the market open.
French bond spreads are blowing out again, the 10-year OAT yield higher by 11.4 basis points to 5.11%, while the German 10-year Bund yield falls 7 basis points to 3.346%. The spread has widened to another 15-year high of 177 basis points.
Money is flowing into U.S. fixed-income, sending the 10-year Treasury yield down 10.3 basis points to 5.046% and the 2-year yield down 9 basis points to 4.733%.
Major crypto prices are down more than 2% across the board, with biticoin trading at $81,650.
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The Drift Protocol exploiter has moved approximately $122.3 million in ETH into Tornado Cash across October 20 and 21, 2026, using 520 separate deposits. That’s the single largest round of Tornado Cash deposits linked to a hacker in the past two years, according to on-chain analysis from Arkham Intelligence.
Nearly all of the activity consisted of repeated 100 ETH transfers (505 of them), along with a small number of 10 ETH, 1 ETH, and 0.1 ETH deposits. The involved addresses had been largely dormant since the original theft, before this sudden surge in mixing activity.
Drift Protocol, a Solana-based perpetuals exchange, was exploited on April 1, 2026 in an attack that drained roughly $278–285 million, with the largest portion coming in the form of Jupiter’s JLP token, followed by USDC, SOL, and smaller amounts of other assets.
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The Japanese yen is rising against major fiat currencies, driving a larger drop in the bitFlyer-listed BTC/JPY pair.
The pair is down 3% versus 2.5% declines in BTC/USD pairs listed on major Western exchanges.
Some observers say a bullish chart pattern and the resulting unwinding of short bets on the currency drive the yen’s rise. Meanwhile, traders expect the Bank of Japan to hike interest rates in December.
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France’s borrowing costs continue to climb, with its 10-year government bond yield reaching 5.126%, the highest since 2002, amid political instability, concerns over public finances and inflationary pressures linked to the Iran war. While, the 30-year yield has hit 5.550%.
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Bitcoin squeezed short sellers on its way to nearly $85,000 late Wednesday, then wiped out bullish bets on the way back down to about $81,800. That’s a $3,000 round trip in under a day, and it left bitcoin down about 2% over 24 hours.
The damage shows up in liquidations, which are positions an exchange forcibly closes when a trader using borrowed money can’t cover their losses. About $431 million was liquidated over 24 hours, according to CoinGlass.
Roughly $173 million of that hit short sellers during the climb, and over the past 12 hours bullish bets made up $210 million of the $222 million wiped out. The biggest single hit was an $11.8 million bitcoin long on Binance, closed near $83,500.
HYPE fell 4.5% to about $78, DOGE lost nearly 4% and SOL dropped 3%. Ether slipped 2% to just under $2,400. XMR went the other way, jumping 11% to about $650, according to CoinDesk data.
The slide takes bitcoin below $82,500, a level some market watchers warn could open a path toward $70,000 if it breaks.
Tech gave it no help. Nasdaq 100 futures fell 1.1% after Tesla cut its spending forecast and Lam Research issued a weak outlook.
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Sep 24, 2026
Why it matters:
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.