WEEX Exclusive：ONDO Tokenized Smart-Portfolio Narrative Builds| WEEX TradFi Daily Brief (September 25, 2026)

Opening Summary

1. Bitcoin slips from about $87,400 to about $84,400 as the 10-year yield rises to about 5.18% and hike pricing caps risk appetite.
2. ONDO jumps more than 22% in 24 hours on a tokenized smart-portfolio narrative; LTC firms on plans for a Grayscale Litecoin ETF.
3. The 10-year yield breaks 5.13%, an about 18-year high, and the three major indexes fall for a second day; Nebius rises about 7.4% against the tape.
4. Markets digest Costco (COST) results and comments that another hike this year would be “reasonable,” a headwind for QQQ and SPY.

1、Crypto Market Highlights

1）Bitcoin Near $84,400 as Hike Odds Cap Risk Appetite
Bitcoin pulled back from this week’s high near $87,400 and last traded about $84,300–$84,500, with Ethereum near $2,690. Yields and oil rose together, hike pricing firmed and majors gave back gains. On September 23 ET spot bitcoin ETFs took in about $347 million and ether ETFs about $105 million — capital is still present, but price is already oscillating ahead of flows. Near term, watch whether $82,500–$83,500 holds.
Watchlist: BTC, ETH
Spot: BTC / ETH
Futures: BTC / ETH

2）ONDO Leads as a Tokenized Smart-Portfolio Narrative Builds
Ondo, working with BlackRock, launched a tokenized “smart portfolio” that packages professional allocation into a single on-chain token. The story continued to build. ONDO broke $0.51 and 24-hour gains widened to 30%. RWA and institutional-portfolio-on-chain expectations lifted valuation elasticity. If majors stay capped by rates, the rally may converge on delivery timelines.
Watchlist: ONDO
Spot: ONDO
Futures: ONDO

3）LTC Rallies on Plans to Convert the Grayscale Litecoin Trust into an ETF
On September 13 Grayscale said that after its registration statement is effective and listing is complete, Grayscale Litecoin Trust (LTC) would be renamed Grayscale Litecoin Trust ETF, with shares expected to trade as LTCN on NYSE Arca. It is not formally listed yet. ETF-path expectations lifted LTC turnover; the effective date remains the next catalyst.
Watchlist: LTC
Spot: LTC
Futures: LTC

2、Market Highlights

1）10-Year Yield Breaks 5.13%, Highest in 18 Years; Major Indexes Fall Again
The 10-year yield touched 5.135%, the highest since July 2007 and the largest one-day rise since April 7, 2025. A 5-year auction cleared at 5.033%, the highest since June 2006, with a bid-to-cover below the six-month average, pointing to soft demand. The three major indexes closed lower for a second straight session.
Watchlist: SPY, QQQ, TLT
Spot: SPY / QQQ / TLT
Futures: SPY / QQQ / TLT

2）Nebius (NBIS) Rallies Against the Tape as Neocloud Execution Risk Splits
Nebius (NBIS) rose about 7.44% against the tape as markets reassessed AI-infrastructure delivery risk. Force-majeure issues on a large Oracle project highlighted full-stack build and cost-control difficulty. A well-followed U.S. equity KOL, Serenity, called Nebius “the purest, most asymmetric Neocloud” — without the full-stack execution uncertainty of IREN or ORCL, the high-coupon debt load of CRWV or APLD, or the unstable hyperscaler contracts seen when some miners pivot to cloud. NBIS turnover jumped; focus remains on the pace of compute-order delivery.
Watchlist: NBIS
Spot: NBIS
Futures: NBIS

3）Alphabet (GOOGL) to Launch an Experimental Satellite Next Week to Test Space Data Centers
Alphabet (GOOGL) closed higher on September 24 ET. The company said it will launch an experimental satellite next week to test the feasibility of in-orbit data centers. The narrative extends the compute bottleneck from ground power and land to orbital cooling and links, a short-term lift for communications and cloud-infrastructure risk appetite.
Watchlist: GOOGL
Spot: GOOGL
Futures: GOOGL

4）BlackBerry (BBX) Beats on Q2 Revenue and Raises Full-Year Guidance
BlackBerry reported FY2027 Q2 results on September 24 ET: revenue of $163.3 million, up 26% and above the $145.8 million estimate; adjusted EPS of $0.07 versus $0.04 expected. QNX automotive software revenue rose 27% to $80.3 million, a quarterly record, and the company booked Alloy Kore, its largest design win ever, adding more than $100 million to royalty backlog. Full-year revenue guidance was raised to $616–$636 million. Shares rose about 4.18% to $8.73.
Watchlist: BBX
Spot: BBX
Futures: BBX

3、Today’s Preview

1）Costco (COST) — Released After the Close September 24 ET, Digested September 25
Consensus was about $6.54 EPS and about $94.8 billion revenue. Investors will watch membership renewal rates, comparable sales and gross margin to judge whether consumer resilience can offset high rates.
Watchlist: COST, WMT
Spot: COST / WMT
Futures: COST / WMT

2）Rate Path — Officials Call Another Hike This Year “Reasonable”
Williams said another hike this year would be reasonable. The 10-year last traded around 5.18%. If incoming inflation stays sticky, QQQ, SPY and long-duration tech remain under pressure.
Watchlist: SPY, QQQ, TLT
Spot: SPY / QQQ / TLT
Futures: SPY / QQQ / TLT