Q4 Market Outlook: AI, Regulation & New Crypto Market

that are very valuable. And today, most of that ownership and economic value is still concentrated within, I would say, a relatively small number of platforms and companies. And so we think there's room for a much more open model. For everyone to be kind of share the value, share the revenue, let's say. And so with CUPE, developers can build and deploy models. Users can obviously access them. And just different models can even be combined and traded within the same ecosystem. And more importantly, the people actually contributing to that ecosystem can also participate in the value they help create and just earn from that. So ultimately, our vision is just to build an open modelverse that is scalable, that perfectly works fine. Where basically, our models aren't just tools. You can interact with, but also, assets that developers can sell and just communities, the communities that can build around and benefit from. And so that's where we're working toward at CUPE and really happy to be here. Thanks for our invitation. Yeah, thanks for joining us. And I love the idea you just shared about decentralization. That's amazing. So welcome. And the next is Corey Chen. Would you love to introduce yourself a little bit? Hi. Thanks, we could be great to be here. So I'm Liview. I'm a founder of Core Chain. That's a layer one built for the next decade of crypto. Post-content signatures on every native transaction. AI built into the foundation and EVM apps that run unchanged. I'll speak today as a builder, not a trader. So no price calls for me. What I watch is what you can measure. Who pays fees? Who comes back and what you can verify? Thank you. Yeah, great. Welcome. And the next is Orion. Hello, guys. Hello, everyone. I'm a community manager from Orion Finance. It's great to be here today. Thank you very much for inviting us. That's Orion. We are an institutional grid financial network connecting capital to deny the assets and autonomous agents. We combine AI execution, RW, infrastructure, and unchanged statements to power the next generation of autonomous planners. If you'd like to learn more about what we do at Orion, feel free to check out Twitter profile. You can also check our website at the www.orion.ninger. Thank you very much. About to you, host. Great. Thanks for joining us. So I guess we can just start. Probably we have like three more guests there trying to connect. So let's begin with the big picture, the market question. So about the sentiment, sentiment may be improving after token to the burden of or not, but macro pressure has not disappeared. So about the court for market direction. Crypto enters court for as rising bang the yells and renewed, you know, very high cost areas to pressure on global risk assets. Looking beyond the optimism surrounding token to the 49, what would convince you that a sustainable crypto recovery is underway, which indicator matters most right now. So probably ETF flows macro liquidity or on-chain activity. So okay, cube. You can go. Yeah, I guess I can start. So yeah, you mentioned token 2449. I think one mistake people make after events like this, you know, is just basically confusing industry, you know, excitement with the actual market strength. And you know, we saw how Bitcoin just dropped like 4K in a day after token 2049 just yesterday, right? So it just proves you, you know, that these events has nothing to do with what's happening in the market. And, you know, everyone comes back optimistic and there's, you know, a lot of new partnerships are announced during the event. But none of that necessarily means fresh capital is entering the market. And so I think for me, the most important indicator right now is macro liquidity. You also mentioned the TF inflows, you know, I think they're useful of course, but you know, they can reverse pretty quickly. And on-chain activity can sometimes, you know, be misleading because incentives and automated trading can inflate the numbers as well. So yeah, what I would really watch is just whether Bitcoin can maintain its recovery and just hold the price, you know, it doesn't need to even maintain it. Just basically hold the price while we have treasury yields remaining elevated. And whether just stablecoin supply and spot trading volumes are growing alongside it. Because, you know, if prices are increasing mainly through leverage positions that I keep mentioning, you know, many times in many different AMAs, you know, that's not exactly a healthy recovery and we don't really need, you know, leverage positions to be pushing the price. Sure, it's a good thing for the short term kind of bounce. But like I said, these things are easy to clean for the market makers. So I think yeah, these, this is not sustainable. And so heading into Q4, I wouldn't be looking for just weekly massive green cattle that we got like a few weeks ago, right? I'd rather see just, you know, several weeks of that consistent, you know, spot demand seeing that the numbers are rising, right? Seeing that liquidity is improving and just, you know, relatively controlled funding rates. And I think that's a much stronger foundation for a sustainable rally because if we get to clean everything that we build in a one week and just a couple of days that doesn't really mean anything, right? And actually, this is not the case, what happened yesterday. I'm just giving as one of the examples. But yeah, it just proves you that events like this, you know, that are really good for connecting people and just, you know, networking them and just, you know, pitching does not really do anything to the market, right? Or maybe they do because it was kind of suspicious to me that the market was doing really well while the token 2049 was happening, you know? So yeah, it's a lot of question marks, I think. And yeah, I'm gonna just hold my opinion and just say that, yeah, we just have to look at the whole macro liquidity. Yeah. Yeah, thanks for sharing. I can see you like you say yes, a big yes to macro liquidity. And it's interesting to see you like have these things sides around the events. That's that's really interesting. And I love that. Okay, that's key. Would you love to share? And also, you're just jumping. You can probably introduce yourself a little bit. Yeah, thank you very much. I'm really sorry, sorry, somebody. You had a bit of connection issue. So I'm discovered and I'm really happy to be here. Once again, I appreciate you for having me. I'm excited to represent Elion chain today. Elion chain is a next generation UVM compatible layer to blockchain ecosystem. And we are building a unified web3 framework that connects infrastructure, application, businesses, communities, users. A few pieces of what we do is to oppose consensus that is the authorization proof of stake. It powers our network architecture. Your layer won a station protocol which supports network operation and ecosystem participation. ELN registering for structure, which provides our on-dial on the line registry layer around that we're growing an ecosystem of Elion wallet, paste or lab and foundation built for digital payments, digital commerce, developer goods, validator expansion and mainstream adoption. And our long-term vision is to become a global economic good scene layer for web3. I'm really looking forward to all the questions and you're in question one, yeah? So, yeah, let's dive in. Can you repeat the question again? I'm not mistaken, we should be in question one, yeah? Yeah, yeah, sure, welcome. And the first question is just about the Q4 market outlook and also your thoughts around token 2049 and which indicator matters most right now? That's it, that's the question. All right, all right, thank you. Yeah, I'll ask XA, as excited as we are about the market indication on how the market has been growing over the period of the week. I think the biggest mistake we can make right now is assuming that if you, if you green weeks automatically mean we are back in bull markets, that's that's that's not to be detrimental mistake for us to make. You know, a sustainable recovery needs modern price action. It needs participation, liquidity and I'll say confidence. So for me, macro liquidity is the foundation. You know, ETF flows are an important signal and on-chain activity helps confirm whether the market is actually growing. So if the price is rise while liquidity tightens and on-chain activities remains weak, I'll be very cautious. But if we see consistent capital influence on increasing stable consumer supply and you know, real network usage alongside rising prices, that will be, that will give me more confidence and that will be more, that will be a better option in filming. So my position, my position. I think you are kind of lost connection. Yeah, I think he did. That's key. I think probably we will come back to you later. Okay, okay. Anyways, I think that's key also share like also like say it's a big yes to macro liquidity just as the cube did. And yeah, I think that's a great intake from that. So core chain, yeah. How do you think about this? Go ahead. Look, I'm gonna start with my analogies because most of the public here is not a specialist in any technical part. So think of the sea. Macro liquidity is the tight ETF flows are the waves on-chain activities how many people are actually in the water. Right now the tide is going out. The US 10 year is about above actually 5%. The Fed high 10 September and the market prices a real chance of another hike at the end of October. So when a risk-free bond pays that much, every risky asset has to work harder to justify itself. The waves are interesting. Late September we saw the biggest weekly ETF in the year around 2.4 billion to 0.5 billion summer there even with yields rising. That tells me there's real patient demand underneath. But the indicator I trust most is on-chain activity that nobody's paying for. Fees paid by real users, stablecoin supply growing because people use it not because of farming campaign or other stuff like that. Incentives can fake activity as one of my previous speakers said for a few weeks they can fake it for a year. So my test for a sustainable recovery, ETF inflows that hold even when macro news is bad and on-chain usage growing without subsidies, without incentives. When the waves keep coming against the tide, the tide eventually turns. So this is my opinion. Yeah, great thing. I love your metaphor about the ETF flows and also macro liquidity and on-chain activity. And I think we will talk more about the real adoption, like real growth and also payments. Like what's the real value for users? That's a great question here. So yeah, thanks for sharing again. And Orion, would you love to share? Yes, I think a sustainable recovery needs to be backed by real demand, not just optimism or short-term price increase. With bond use rising and rate hike, concerns coming back, I'd like to see Bitcoin hold key support levels even when macro conditions are difficult, while also maintaining consistent ETF inflows and improving market liquidity. I think we also need to see that level of demand continue streets for over a month at least. And as for the indicators,