A stronger-than-expected preliminary U.S. September PMI lifted expectations for further Federal Reserve tightening, sending Treasury yields higher and pressuring equities, precious metals and non-yielding assets. The PMI reached 58.4, its fastest expansion since 2021, while the Input Prices Index hit its highest level since October 2022. CME data put the probability of a 25-basis-point rate increase in October at 69.7%. Bitcoin retreated from $87,000, briefly fell below $84,000 and found high-volume support at $83,600-$83,800 before rebounding toward $84,400. It later slipped to about $84,100, leaving that support zone as the key short-term level. Traditional finance and crypto firms are also moving beyond asset tokenization toward licensed issuance, custody, trading and settlement infrastructure. MoonPay plans to acquire North Capital for more than $60 million, while the NYSE and Blockchain.com signed an MOU to explore tokenized U.S. stocks and ETFs. Citi Institute forecasts that the tokenized-asset market could reach $5.5 trillion by the 2030s under its base-case scenario.