Traders are pulling back bullish bets ahead of PPI this morning and CPI tomorrow. Nasdaq just invested $100M in Kraken at a $21B valuation. And LAPTOP crashed 98% on launch day.
Thursday, September 10, 2026
Bitcoin is down to $78,023 this morning as traders shed bullish exposure ahead of two back-to-back inflation readings: PPI lands at 8:30am ET today and CPI follows tomorrow. Consensus expects PPI up 0.4% month-on-month in August — that would lift the annualized reading to 5.3% from 4.7%, a sharp acceleration that would meaningfully strengthen the case for a Fed rate hike at next Wednesday’s meeting, where the odds of a 25-basis-point hike already stand above 60%. The call skew in bitcoin options is weakening — meaning traders are reducing upside bets — while bond yields remain elevated and oil sits near $100. The Senate Clarity Act cloture vote is Monday. Stay alert.
Bitcoin traders dial down bullish plays ahead of U.S. inflation data.
Bitcoin’s pullback from $81,000 to $78,000 this week has prompted traders to reduce bullish options exposure: call skew — the premium traders pay for upside bets relative to downside protection — is softening, per AI trading terminal OrderX. PPI today is expected to show producer-level inflation rose 0.4% month-on-month in August, which would push the annualized rate from 4.7% to 5.3% — a sharp acceleration that could push CME FedWatch’s already-60%-plus rate-hike odds even higher. CPI follows Friday. The 10-year Treasury yield is at its highest since November 2023 and the ECB is expected to hike rates today, adding to the global tightening backdrop. Separately, Coinbase CEO Brian Armstrong said crypto wins regardless of how the Clarity Act Senate vote goes Monday: either the bill passes, or the industry uses the opposition as a rallying point for midterms.
Nasdaq invested $100 million in Kraken’s parent company at a $21 billion valuation.
Nasdaq’s venture arm has put $100 million into Payward — Kraken’s parent company — valuing the firm at $21 billion, according to Bloomberg, up from the $20 billion valuation at which Payward was seeking capital when CoinDesk first reported the fundraise in May. As part of the deal, Kraken will distribute Nasdaq’s tokenized stocks on its platform, giving users access to Nasdaq-listed equities in tokenized form with the same voting rights as regular shares. The investment expands on a partnership announced in March when Nasdaq said it planned to give publicly traded companies more control over shares in tokenized form and began working with Kraken on the infrastructure to bridge tokenized equities between regulated and onchain markets. NYSE is simultaneously building its own venue for 24-7 trading of tokenized stocks and ETFs — two of the three major U.S. exchange operators are now actively building onchain equity infrastructure.
Hunter Biden’s LAPTOP memecoin crashed 98% on launch day. Traders are sitting on six-figure losses.
LAPTOP launched Wednesday at 5 cents into thin liquidity and immediately got hit by sniper bots — automated programs that front-run new token launches within seconds — spiking and crashing 98% from its opening level. Blockchain analytics firm Nansen recorded 46,675 buy transactions from 20,085 unique buyers in 24 hours, most of whom have not sold: one wallet is sitting on roughly $199,000 in total losses, another on $118,000. The team blamed the bots and thin initial liquidity, said it will deploy additional tokens to incentivize liquidity pools, and maintained that there was no presale and no insider allocation — “everyone had the same information, at the same time.” Nansen pegged the token at roughly a $720 million market cap even after the collapse, a figure that flatters newly launched tokens where thin liquidity means small trades move the quoted price dramatically. TRUMP, the closest precedent, launched to nearly $15 billion in January 2025 and has since fallen 97%.
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