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By market capitalization, XRP (CRYPTO: XRP) is the fifth-largest cryptocurrency. That prominence is reflected in the world of exchange-traded funds (ETFs), where a dozen products are dedicated to the asset once loosely known as …

By market capitalization, XRP (CRYPTO: XRP) is the fifth-largest cryptocurrency. That prominence is reflected in the world of exchange-traded funds (ETFs), where a dozen products are dedicated to the asset once loosely known as "Ripple." Not all XRP ETFs are … By market capitalization, XRP (CRYPTO: XRP) is the fifth-largest cryptocurrency. That prominence is reflected in the world of exchange-traded funds (ETFs), where a dozen products are dedicated to the…

The share of Americans unemployed for six months or longer climbed to 27%, even as the economy added nearly three times the expected number of jobs The US economy added 162,000 jobs in August, …

The share of Americans unemployed for six months or longer climbed to 27%, even as the economy added nearly three times the expected number of jobs The US economy added 162,000 jobs in August, crushing the consensus estimate of roughly 56,000. The headline unemployment rate held steady at 4.1%. But beneath that polished surface, a growing segment of American workers is getting left behind. The share of unemployed Americans who have been out of work for 27 weeks or longer, the Bureau of Labor Statistics’ threshold for “long-term unemployed,” climbed to 27.0% in August 2026. That’s up from 25.5% in July, representing approximately 1.93 million people compared to 1.77 million just one month earlier. Gloria Your brokerage shows you balances. Gloria shows you why they moved — across every holding. See it in Gloria → A tale of two labor markets The August jobs report, released September 4 by the BLS, paints a picture that depends entirely on which numbers you focus on. Nonfarm payrolls blew past expectations by a factor of nearly three. The labor force participation rate ticked up to 61.6%. Advertisement The median duration of unemployment rose to 11.4 weeks in August, up from 10.5 weeks in July. And for those already past the six-month mark, the situation is compounding. The total number of unemployed Americans sits at approximately 7.03 million. That means the 1.93 million long-term unemployed now represent more than a quarter of everyone looking for work. This rise in long-term unemployment has been developing since early 2023, turning what initially looked like a post-pandemic normalization into something more structural. Macro, rates, and crypto—what moved markets and what matters next. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. Low-hire, low-fire: the new normal An analysis from the Richmond Federal Reserve offers a useful framework for understanding what’s happening. The current labor market operates in what researchers describe as a “low-hire, low-fire” environment. Companies aren’t laying people off at alarming rates, which keeps the headline numbers looking tidy. But they’re also not hiring aggressively enough to absorb workers who’ve been on the sidelines for extended periods. The core driver isn’t a spike in layoffs. It’s falling job-finding rates for the long-term unemployed. This dynamic is particularly acute in trades and manufacturing sectors, where skills shortages coexist awkwardly with pools of available workers who don’t have the right qualifications. What this means for markets and policy The bifurcation complicates the Federal Reserve’s calculus. A 4.1% unemployment rate and strong job growth don’t scream rate cuts. But a rising share of long-term unemployed and increasing median unemployment duration suggest the labor market’s healing mechanisms are impaired. There’s a structural policy question here too. If the problem is skills mismatch rather than demand deficiency, monetary policy is the wrong tool. The solution lives in workforce development, vocational training programs, and potentially targeted hiring incentives for employers willing to take on candidates with extended employment gaps.

A spike in altcoin deposits at centralized exchanges hints at shifting trader sentiment, but the bigger picture is more complicated than it looks. Altcoin deposits are flooding into centralized exchanges at a pace not …

A spike in altcoin deposits at centralized exchanges hints at shifting trader sentiment, but the bigger picture is more complicated than it looks. Altcoin deposits are flooding into centralized exchanges at a pace not seen in months. Binance recorded roughly 34,000 altcoin inflow transactions on April 2, a figure that marks the platform’s highest single-day count since early in the year. The surge stands out partly because it was so concentrated. Other major exchanges like Bybit and Coinbase didn’t see comparable spikes, suggesting this wasn’t a broad market-wide rush to sell or rebalance. Something more specific was happening on Binance, likely tied to the platform’s recent launch of new commodity futures products that drew fresh trading activity. Gloria See what insiders and Congress are actually buying. Gloria Finance surfaces the moves worth a second look. Follow the money → What the numbers actually show To appreciate the scale, some context helps. During the significant market rally from November to December 2024, Binance logged around 59,000 altcoin inflow transactions. The current 34,000-transaction spike is roughly 58% of that rally-era peak. Advertisement What makes the data interesting is the backdrop against which it appeared. Altcoin market capitalization has climbed about 21% over the prior month, a solid gain by any measure. But according to Glassnode, that growth hasn’t been accompanied by significant capital rotation out of Bitcoin and into altcoins. The money flowing into alts appears to be new capital or repositioning within the altcoin sector itself, not traders abandoning Bitcoin for greener pastures. ETF flows tell a parallel story The exchange inflow data doesn’t exist in a vacuum. In the ETF world, a similar but equally nuanced picture has emerged. Altcoin-focused ETFs, particularly those tracking XRP, Solana, and Ethereum, have attracted inflows in the tens of millions recently. At the same time, Bitcoin products have experienced outflows. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. The altcoin ETF inflows, while notable, remain modest relative to the total capital that has flowed into Bitcoin products over the past year. When Bitcoin-denominated products bleed capital while altcoin funds attract it, even in relatively small amounts, it suggests that a subset of institutional investors sees more upside potential in the broader crypto market than in Bitcoin alone at current levels. Centralized exchanges beyond Binance have also seen net capital inflows in both USD and BTC terms during recent weeks. Platforms like Bitget and HTX have contributed to the overall trend, though their altcoin-specific transaction counts haven’t generated the same kind of headlines as Binance’s spike. Reading the tea leaves carefully Exchange inflow transactions are one of those metrics that analysts love to debate. A surge in deposits to an exchange can mean two very different things depending on who’s doing the depositing and why. If traders are moving altcoins onto exchanges to sell, that’s bearish. If they’re depositing to trade into other positions, rebalance portfolios, or participate in new products like Binance’s commodity futures, the implications are more neutral or even constructive. Glassnode’s analysis reinforces the cautious read. The firm has emphasized that price increases alone don’t confirm a real shift in investor appetite toward altcoins. For that to happen, altcoin market capitalization would need to accelerate substantially beyond Bitcoin’s performance trajectory. A 21% monthly gain is encouraging, but Bitcoin’s own performance during the same period makes it harder to declare a decisive turning point.

With futures pricing in an 85% chance of a September hike, critics say the Fed is responding to market pressure rather than price data. The Federal Reserve is gearing up for what markets believe …

With futures pricing in an 85% chance of a September hike, critics say the Fed is responding to market pressure rather than price data. The Federal Reserve is gearing up for what markets believe will be a rate hike at its September 15-16 FOMC meeting, and the numbers make the case look straightforward. August core inflation came in at 0.3% month-over-month, above the 0.2% consensus. Headline CPI sits at 3.4% year-over-year. Futures markets have priced in an 85% probability of a 25-basis-point increase, which would push the federal funds target range from 3.50%-3.75% up to 3.75%-4.00%. But at least one economist is pushing back on the standard narrative. The argument: this hike is less about taming consumer prices and more about managing expectations on Wall Street. Gloria A stock you don't own just moved — and two you do depend on it. Gloria Finance sees the connections others miss. See the connections → A tale of two inflation numbers The core CPI reading of 2.4% year-over-year is not a crisis figure. It is above the Fed’s 2% target, but not dramatically so. Advertisement The headline CPI at 3.4% tells a messier story, and oil prices above $100 per barrel deserve a significant share of the blame. Energy costs are notoriously volatile and largely outside the Fed’s control. Raising interest rates does not make oil cheaper. It does not resolve supply chain disruptions or cool geopolitical tensions that have kept crude elevated. What it does do is signal to bond traders and equity investors that the central bank is serious about its mandate. Fed Chair Kevin Warsh, who took over in May 2026, has been notably hawkish since assuming the role. His August 28 speech left little ambiguity, with Warsh stating that “price stability is not self-executing,” a line that reads as much like a message to markets as it does a technical policy directive. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. The Wall Street feedback loop The federal funds rate has held steady at 3.50%-3.75% since December 2025. During that period, equity markets have had time to reprice, credit spreads have adjusted, and rate-sensitive sectors have recalibrated. A hike now, with core inflation at 2.4% and trending in the right direction, raises a legitimate question: who exactly is this for? Financial institutions benefit directly from rate increases through wider net interest margins. The spread between what banks pay depositors and what they charge borrowers widens when the benchmark rate rises. Banks make more money when rates go up, at least in the short term before credit quality starts to deteriorate. Treasury yields would move higher in the wake of a hike, increasing the attractiveness of fixed income relative to equities. That rotation has already been underway in 2026, and a confirmed hike would accelerate it. What to watch beyond the rate decision itself The September 15-16 meeting is not just about the 25 basis points. The Fed’s updated dot plot and economic projections will carry equal or greater weight for markets trying to map the path forward. If Warsh signals that September is a one-and-done move contingent on inflation continuing to decelerate, markets will likely shrug off the hike with minimal disruption. If the projections suggest further tightening into early 2027, expect a sharper reaction in long-duration assets. Oil prices will remain a wildcard. Persistent energy inflation above $100 per barrel complicates the Fed’s narrative considerably. The central bank cannot credibly claim to be winning the inflation fight while the headline number stays elevated for reasons largely tied to global commodity markets.

In a notable development, CEOs from leading AI companies have decided to pause their development efforts, as reported by Axios. This decision comes from the top executives at OpenAI, Anthropic, and xAI, who have …

In a notable development, CEOs from leading AI companies have decided to pause their development efforts, as reported by Axios. This decision comes from the top executives at OpenAI, Anthropic, and xAI, who have expressed concerns about the swift advance of AI capabilities. The halt is intended to address safety and ethical considerations. This move is part of a broader industry trend where AI leaders are advocating for a more measured pace in developing advanced models, such as OpenAI’s Astra and Anthropic’s Claude Mythos. The industry shift has prompted a reevaluation of growth and funding prospects, particularly impacting companies like Anthropic. Advertisement Key Takeaways The pause in AI development efforts by major CEOs suggests potential delays in growth for companies like Anthropic. Pricing suggests participants view the slowdown as consistent with scenarios where Anthropic’s valuation could face downward pressure. The market saw a decrease in probability for Anthropic reaching a $600B valuation by the end of the year, currently priced at 3% YES. What to Watch Watch for any announcements from Anthropic or its strategic partners like Amazon and Google regarding funding adjustments or partnership changes. Further statements from AI leaders about the development pace could influence market expectations. Additionally, any new regulations or safety protocols introduced by AI companies could further impact valuation forecasts, aligning with scenarios where reduced growth is anticipated. Get live prediction-market analysis, powered by Vera. Sign up for Vera.

Anthropic, known for its Claude AI, has secured up to $517 billion in compute deals for AI infrastructure over the next decade. This development involves collaborations with major tech players such as Amazon, Google, …

Anthropic, known for its Claude AI, has secured up to $517 billion in compute deals for AI infrastructure over the next decade. This development involves collaborations with major tech players such as Amazon, Google, Microsoft, and others, totaling 14.8 gigawatts of contracted compute capacity. The largest agreement, covering 11 GW, is with Amazon and Google over a 10-year period. This deal positions Anthropic alongside leading AI labs in terms of infrastructure investment and could enhance its competitive standing against rivals like OpenAI. Advertisement Key Takeaways Anthropic’s substantial compute deals appear to boost its growth prospects, suggesting market participants may view this as supportive of valuation increases. The agreements with major technology companies could indicate strong confidence in Anthropic’s future capabilities and financial stability. Market pricing reflects a mixed response, with some sub-markets showing decreased confidence in Anthropic reaching certain valuation thresholds by year-end. What to Watch Observers will be attentive to any further investment announcements from Anthropic, especially regarding additional funding rounds or expanded partnerships. Key figures such as Dario Amodei and major partners like Amazon and Google might play crucial roles in any forthcoming developments. Changes in secondary market demand for Anthropic shares or news of product advancements could also influence market perceptions of the company’s valuation prospects. Get live prediction-market analysis, powered by Vera. Sign up for Vera.

In a significant development for the cryptocurrency market, $150 million worth of long positions have been liquidated over the past 24 hours, according to WhaleInsider. This liquidation event reflects a sharp move against leveraged …

In a significant development for the cryptocurrency market, $150 million worth of long positions have been liquidated over the past 24 hours, according to WhaleInsider. This liquidation event reflects a sharp move against leveraged positions in the crypto derivatives market, often resulting from margin requirements being breached. Such forced closures typically indicate a short-term deleveraging phase, suggesting a shift in market sentiment away from overly optimistic positions. This trend appears to align with a decrease in confidence for certain crypto assets reaching previously anticipated price targets. Advertisement Key Takeaways The liquidation of $150 million in long positions suggests increased volatility and a potential shift in market sentiment. Current market pricing for Hyperliquid reaching $100 by the end of 2026 has dropped to 50% YES, down from 56% a day prior. Recent market activity appears to reflect a broader reassessment of expectations consistent with YES outcome support within the crypto sector. What to Watch Market participants will be closely monitoring any further liquidation events that could indicate continued deleveraging. Key actors such as major exchanges and institutional investors may influence sentiment through their actions, potentially impacting the odds of Hyperliquid reaching significant price milestones. Watch for announcements from major crypto companies or influencers, which could either reinforce or counter current market trends. Get live prediction-market analysis, powered by Vera. Sign up for Vera.

The Chinese president's first White House trip in over a decade comes as both nations look to extend their trade truce and open talks on AI governance. President Donald Trump says he’s not worried …

The Chinese president's first White House trip in over a decade comes as both nations look to extend their trade truce and open talks on AI governance. President Donald Trump says he’s not worried about Chinese President Xi Jinping backing out of a planned state visit to Washington later this month, calling the upcoming summit “very exciting” and expressing optimism about productive discussions between the world’s two largest economies. The visit, scheduled for September 24, would mark Xi’s first trip to the White House in more than a decade. It would also include a state dinner. Gloria Own any of the names in this story? See what today's moves actually do to your portfolio. Open in Gloria → How we got here Trump extended the invitation during his own state trip to Beijing back in May, a visit that ran from May 13-15 and centered on establishing what officials described as a framework for “constructive stability.” That phrase is doing a lot of heavy lifting, covering everything from trade disputes to technology competition to the perpetually sensitive question of Taiwan. Advertisement Trump publicly confirmed the upcoming visit on September 3-4, framing it as a continuation of the diplomatic momentum built during his Beijing trip. Since then, Xi has maintained an active international travel schedule across multiple nations, with no signals from Beijing suggesting the Washington trip is in jeopardy. Analysts have pegged the likelihood of the summit actually happening at over 90%. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. What’s on the table The most likely concrete outcome, according to analysts, is a one-year extension of the existing bilateral trade truce. Beyond trade, the summit is expected to include discussions on artificial intelligence governance, with conversations likely to center on establishing guardrails for military applications of AI and potential cooperation on safety standards. Why markets are paying attention Technology stocks, in particular, have been sensitive to shifts in export control policy and the broader trajectory of the bilateral relationship. For sectors tied to physical trade, the extension of the trade truce would remove a near-term source of uncertainty. Agricultural exporters, manufacturers with Chinese supply chain dependencies, and retailers sourcing goods from Chinese factories all have a direct stake in whether the existing framework holds.

Both tech giants posted strong AI revenue growth in their latest quarters, but negative free cash flow raises the question of how long investors will tolerate the cash burn. Alibaba and Amazon are both …

Both tech giants posted strong AI revenue growth in their latest quarters, but negative free cash flow raises the question of how long investors will tolerate the cash burn. Alibaba and Amazon are both pouring tens of billions into AI infrastructure while watching their free cash flow turn decisively negative. Alibaba’s June-quarter results showed AI Cloud and Compute Services revenue hitting RMB48.44 billion, a 45% year-over-year jump. Amazon’s Q2 2026 report, released July 30, showed AWS revenue climbing 37% to $42.2 billion. Gloria See exactly what Buffett, Soros and Pershing Square are buying — then mirror the smart money in Gloria Finance. Follow the greats → The cash burn problem Alibaba’s group-level capital expenditures reached RMB67.68 billion in the quarter, producing a negative free cash flow of RMB44.67 billion. Amazon faces a similar dynamic. Despite AWS generating $16.6 billion in segment operating income, the company’s trailing twelve-month free cash flow sits at negative $7.6 billion, driven largely by AI infrastructure buildouts. Amazon has also raised its full-year 2026 capex guidance to approximately $220 billion, up from an earlier estimate of $200 billion. The culprit for the revision: rising costs of memory chips. Advertisement Both companies insist the spending is rational. Amazon points to a substantial AWS backlog filled with multi-year customer commitments from heavyweights like Anthropic and OpenAI. Alibaba says it has no idle AI accelerators on its platform, suggesting demand is absorbing supply as fast as the company can deploy it. The competitive calculus Capex growth across Alibaba, Tencent, and Baidu has risen sharply, but total spending still lags behind US counterparts. AI, tech, and the markets they move—in one daily briefing. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. For Amazon, the competitive pressure comes from Microsoft Azure and Google Cloud. AWS still leads in overall cloud market share, but a 37% revenue growth rate needs to stay strong long enough to justify a quarter-trillion dollars in annual capital expenditure. Alibaba faces competition in China’s cloud market from Huawei Cloud, Tencent Cloud, and a growing roster of government-backed alternatives. The 45% AI revenue growth rate gives Alibaba a compelling argument for its spending, but the company’s negative free cash flow of nearly RMB45 billion reflects the cost. What investors are really watching Amazon’s management has emphasized contracted backlogs and committed customer relationships, including clients like Anthropic and OpenAI, both of which are scaling their own compute needs rapidly. Alibaba’s claim of zero idle accelerators suggests that in at least one major market, AI compute supply is still the bottleneck, not demand. Amazon spending $220 billion in a year only works if the assets those dollars buy generate returns that meaningfully exceed the cost of capital over their useful life.

The social trading app is chipping away at Pump.fun's dominance, though the memecoin giant still leads over longer timeframes Fomo, the Solana-based social trading app that launched barely a year ago, has overtaken Pump.fun …

The social trading app is chipping away at Pump.fun's dominance, though the memecoin giant still leads over longer timeframes Fomo, the Solana-based social trading app that launched barely a year ago, has overtaken Pump.fun in seven-day protocol revenue according to DeFiLlama data. The milestone marks a notable shift on a blockchain where Pump.fun has been the undisputed revenue king for the better part of two years. On September 4, Fomo posted $1.76 million in daily protocol revenue. Pump.fun managed $1.1 million the same day. That’s a 60% gap on a single-day basis. Gloria What happens to one stock can ripple through your portfolio. Gloria Finance sees the connections most investors miss. See the connections → The numbers in context Over a 30-day window, Pump.fun still commands a significant lead: roughly $57 million in revenue compared to Fomo’s $17.6 million. That’s more than three times the output. Advertisement Fomo’s trajectory, though, has been steep. Back in July, the app ranked third among Solana protocols by seven-day revenue, pulling in $1.39 million for the week ending July 16. Pump.fun logged $5.51 million over that same stretch. In less than two months, Fomo closed a gap that looked pretty wide. The revenue model is straightforward. Fomo charges a flat fee of roughly $1 per swap, or about 0.5% as a minimum transaction fee on self-custodial trades. Additional income trickles in through builder-code fees tied to Hyperliquid perpetual futures. There’s no governance token in the picture, which means the protocol’s revenue is actual revenue, not token-subsidized activity dressed up as demand. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. From launch to half-billion valuation in 13 months Fomo launched in May 2025 and has moved fast since. The app has raised a total of $94 million across funding rounds, the most significant being a $75 million Series B completed in June 2026. That round valued Fomo at $550 million. The platform has attracted over 625,000 users and processed billions in cumulative trading volume. Around $25 million of that volume came from first-time buyers using Apple Pay. What social trading means for the competitive landscape The core difference between these two platforms comes down to user experience philosophy. Pump.fun is a launchpad. Fomo is a social feed with a swap button. Fomo’s features include real-time trade feeds, leaderboards, user follows, and a streamlined one-tap copy trading process. Pump.fun built its empire on a different thesis: make it trivially easy to launch and trade memecoins. The platform became synonymous with Solana’s memecoin supercycle, generating enormous fees as thousands of tokens were created and traded daily.