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According to ChainCatcher, in the Federal Funds futures market on the Chicago Mercantile Exchange (CME), a "mysterious trader" is currently hedging against the risk of a super-dovish surprise in this week's Federal Reserve decision. According to researcher Ed Bolingbroke, on Monday, the front end of the curve saw the largest block trade ever in Federal Funds futures, involving October Federal Funds futures contracts with a total of 84,000 contracts, equating to a risk exposure of up to $3.5 million per basis point. CME confirmed this trade on the X platform, and it is reported that both the price and timing of this block trade are consistent with buyer characteristics. Given that the current swap market has fully priced in a 25 basis point rate cut, this move may suggest that the mysterious trader is hedging against the risk of a direct 50 basis point rate cut in Wednesday's Federal Reserve decision.

According to ChainCatcher, as reported by The Block, Ethereum treasury company The Ether Machine announced on Tuesday that it has submitted a draft registration statement on Form S-4 to the U.S. Securities and Exchange Commission to advance its goal of going public in the United States. The S-4 registration form is used to register securities issued in connection with mergers, consolidations, or acquisitions. For The Ether Machine, this draft registration is related to its proposed business combination with special purpose acquisition company Dynamix Corporation, which trades on Nasdaq under the ticker symbol ETHM. The Ether Machine had already announced its plan to go public through a business combination as early as July this year and stated that it expects to complete the transaction in the fourth quarter. The company announced that the transaction is subject to customary closing conditions, including approval from Dynamix shareholders, and will be put to a vote at an upcoming special shareholders' meeting.