Overnight, macro sentiment was driven by expectations surrounding Federal Reserve policy, with the probability of rates staying unchanged in October reaching as high as 83.9%. At the same time, Musk publicly disclosed that SpaceX (SPCX.US) and Tesla (TSLA.US) have established a dedicated committee and formally entered the discussion stage regarding a merger.

Regulatory battles and institutional moves are showing diverse characteristics. Bitwise, together with Hyperliquid, submitted a petition to the SEC requesting changes to crypto asset rules, with the core disputes centered on token classification standards, the legality of airdrop mechanisms, and secondary market trading norms. Notably, the CFTC simultaneously published the agenda for its AI forum, delving into the future boundaries of algorithmic trading and agent-based finance. According to data compiled by Woofun AI, regulators' attitude toward the entry of emerging technologies into finance is shifting from observation to substantive rule-making.

On-chain infrastructure and token economic models are undergoing key adjustments. Extended is scheduled to execute a settlement layer migration on October 22, switching from Starknet to the Arc network, aiming to optimize transaction efficiency. NEAR Protocol has launched a governance vote, planning to gradually reduce its token issuance rate to 1.6% over the next 24 months, reshaping its long-term value anchor through a deflationary mechanism.

Macro data anchors a high-interest-rate environment, and rumors of a mega-merger have become the market focus. As expectations for an October rate cut weaken, capital flows are becoming more cautious, and if the potential merger between SpaceX (SPCX.US) and Tesla (TSLA.US) materializes, it will reshape the global technology and aerospace industry landscape. This is another attempt at capital consolidation that could disrupt industry boundaries, following the electrification transformation of traditional automakers.