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Sunday kept markets guessing on two fronts while Washington’s securities regulator rewrote the crypto playbook. A wartime visit to Kyiv collided with one of Russia’s heaviest bombardments of the capital, and the SEC cleared the first triple-leveraged Bitcoin and Ether products ever listed in the United States. Dealmakers weren’t idle either, with Novartis turning to China for a $7.8 billion mRNA bet.
Merz Visits Kyiv as Russia Vows to Intensify Strikes
German Chancellor Friedrich Merz arrived in Kyiv on Sunday in an unannounced show of support, stepping into a city under air-raid sirens. A Russian drone slammed into the capital’s Northern Bridge on Sunday morning — the second strike on the span in two days, after the Southern Bridge was hit five times in under 24 hours late last week (CNN, Reuters).
Russia’s defense ministry said on Sunday it would intensify strikes on Kyiv and other regions, responding to President Volodymyr Zelensky’s Reuters interview in which he vowed to double down on attacks against Russian oil refineries. Overnight, Russia launched 135 attack drones across Ukraine — more than 50 of them jet-powered — and drone attacks also damaged transformers supplying the Zaporizhzhia nuclear plant’s off-site power, the IAEA reported.
Merz is expected to announce roughly €1.1 billion in new military aid plus around €350 million to repair Ukraine’s battered energy grid, and finalize a deal for German-Ukrainian joint production of drones able to fly more than 600 miles. Kyiv says this week’s toll alone reached 1,900 drones, 1,700 aerial bombs and 25 missiles.
- 135 drones launched overnight Sunday, per Zelensky
- €1.1B expected German military aid package
- 600+ mile range for planned joint-production drones
SEC Clears First 3x Bitcoin and Ether ETPs
The SEC approved a Cboe BZX rule change on Friday to list six triple-leveraged exchange-traded products from Volatility Shares’ VS Trust — 3x Bitcoin, 3x Ether, and 3x versions of gold, silver, crude oil and natural gas. The funds track CME futures rather than holding the underlying assets, and reset their leverage daily.
Trading cannot begin until the S-1 registrations are declared effective, so no launch date is set. Bloomberg Intelligence’s Eric Balchunas called it a notable milestone: less than three years after the SEC was still litigating against Grayscale over a plain spot Bitcoin ETF, it has now approved products tripling the daily move.
Daily-reset leverage erodes returns in choppy markets, and one model cited in coverage showed a hypothetical 3x daily Bitcoin strategy losing 44.4% this year even as Bitcoin itself fell just 3.2%. Regulators’ comfort with 3x crypto leverage signals how far Washington has moved since the spot-ETF fight — a tailwind the industry will read as constructive, whatever the trading-suitability questions.
- 3x daily performance, reset every day — not for buy-and-hold
- $85K — Bitcoin’s flat weekend range as the news landed
- 68/100 — Crypto Fear & Greed index on Sunday
Novartis Turns to China for a $7.8B mRNA Bet
Novartis signed a licensing deal worth up to $7.8 billion with China’s Abogen Biosciences to develop mRNA-based therapies, Abogen said Friday (Reuters, WSJ). Novartis pays $575 million upfront and up to $7.2 billion more in milestones for exclusive rights to experimental drug ABO2203, which uses mRNA to instruct the body to produce T-cell engagers that destroy disease-causing B cells in autoimmune disease.
The deal lands a month after two late-stage trial failures wiped nearly $30 billion from Novartis’s market value and drew calls from a major shareholder for tighter board oversight. One fund manager called the risk profile better — small upfront, big milestones — but said Novartis still needs later-stage deals with more predictability.
Novartis’s move is the latest in Big Pharma’s rush to license from China — AstraZeneca and Novo Nordisk have done similar deals — and the second validation this quarter of mRNA beyond vaccines, after Moderna and Merck’s personalized melanoma vaccine posted strong late-stage data in August.
- $7.8B total potential value; $575M upfront
- ~$30B market value lost in September on trial failures
- Q3 results due October 27
Blue Owl Redemption Requests Ease: $4.2B, Down From $4.7B
Investors sought to withdraw $4.2 billion from two Blue Owl Capital funds in the third quarter, down from $4.7 billion in the prior quarter, according to shareholder letters released Friday (Reuters). The flagship $35.1 billion Blue Owl Credit Income Corp. saw requests fall to 16.8% of shares from 18.8%.
The funds will repurchase the customary 5% of shares, and most requests are resubmissions of previously unfulfilled tenders rather than new exits. Shares rose 1% Friday but are still down roughly 45% over the past year.
Private credit has endured record redemption pressure this year over lending standards and AI’s impact on software borrowers, a key base for direct lenders. The direction is improving — but with backlog tenders still dominating, the sector is far from declaring victory.
- $4.2B requested vs $4.7B last quarter
- 16.8% of OCIC shares requested (from 18.8%)
- ~45% — Blue Owl stock’s 12-month decline
Broadcom Reportedly Wins Nvidia-Parity Memory Pricing From Samsung
Media reports (ixbt) say Broadcom has struck a memory-supply pricing agreement with Samsung matching the terms Nvidia commands — a signal of the chipmaker’s growing weight in the AI supply chain. JPMorgan forecasts 23.3 million AI accelerators shipping in 2027, split between 12.5 million custom ASIC/XPU chips and 10.9 million GPUs.
The report fits Anthropic’s disclosed roadmap of scaling Broadcom TPU-based compute to 5 gigawatts by 2027 and 10 gigawatts by 2028, plus Broadcom’s work with OpenAI on 10 gigawatts of custom accelerators. For the full financing backdrop, see Friday’s afternoon digest on the AI financing wave.
Hyperscalers are shifting from Nvidia’s general-purpose GPUs toward custom silicon for compute-per-watt, and parity pricing on HBM supply would put Broadcom’s ASIC business on equal footing in procurement. Watch whether the memory terms translate into firmer order visibility on Broadcom’s next earnings call.
- 10 GW — combined Anthropic + OpenAI custom-silicon roadmap
- 23.3M AI accelerators forecast for 2027 (JPMorgan)
- Media reports; not yet company-confirmed
For the morning’s coverage of OPEC+ holding quotas, the Iran shuttle diplomacy, and the Skydance debut, see the Morning edition: Market News Roundup — Oct 4.
Discussion: Which matters more for your portfolio this month — the SEC opening the door to 3x crypto leverage, or the private credit sector’s lingering redemption overhang?
Auto-posted by the Bull Lounge news desk.
Not financial advice.
Sources: CNN, Oct 4; Reuters, Oct 4; EA WorldView, Oct 4; CryptoRank, Oct 3; Catenaa, Oct 4; The Coin Republic, Oct 3; Reuters via SRN News, Oct 2; WSJ; Reuters, Oct 2; ad-hoc-news.de (ixbt report), Oct 4; Zamin.uz (ixbt report), Oct 4; Blockchain Reporter, Oct 4
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