Wednesday, September 23: Coinbase fixed-rate loans. Cognex RealSense. Shanghai copper squeeze.

The Triple Tape — weekday morning markets: crypto, stocks, and metals.

• Coinbase fixed-rate BTC-backed USDC loans via Morpho Midnight on Base (CoinDesk / Morpho)
• 21Shares lists Zcash + ETHFI ETPs on Euronext Paris & Amsterdam
• Malicious App Store iOS app FomoPeek linked to ~$580K theft (SlowMist / Cointelegraph)
• CFTC guides DCMs: prediction-market “mention” contracts have heightened manipulation risk
• FTX/Alameda estate wallets send ~27.4k ETH (~$75M) to Wintermute (on-chain reported)
• Crypto tape (CMC ~5:09 a.m. ET): BCH +31.4%, PENGU +18.9%, UNI +16.0%; BTC ~$85,892; ETH ~$2,737
• Cognex (CGNX) to buy RealSense for ~$500M cash (Q4’26 aim)
• Goldman lead bidder for Palmer Square (~$37B AUM CLO) — Bloomberg talks, no deal locked
• Willdan (WLDN) to buy Mantis Innovation for $285M cash (HSR; Q4’26)
• CD&R + Warburg advanced joint bid for Canaccord Wealth (Reuters; >£1B prior color)
• Iridium (IRDM) shareholder vote Thu Sep 24 on Rocket Lab deal
• Earnings printed: AZO EPS $56.05 / SSS +1.5%; THO sales $2.31B/−8.4%, EPS $0.78 miss; MLKN sales −3.4%, adj EPS $0.53, FY sales guide cut; WOR AMC beat (sales $343.9M/+13%, adj EPS $0.82); KBH AMC (rev $1.30B/−20%, EPS $1.05). CTAS/PAYX/GIS/CBRL BMO — not confirmed printed
• Stocks tape (Yahoo pre ~5:10 a.m. ET): WOR +14.7%, IONQ +11.1%, RGTI +5.3%
• SHFE Cu receipts Sep 23: 19,088 t (−1,717); LME Cu stocks Sep 22: 254,250 t (−1,625)
• SMM Shanghai spot premium avg 1,375 yuan/mt (+550); China regional stocks 74,800 (−14,500/wk)
• Kitco/Saxo: gold ETF holdings at 7-mo high despite 20y-high real yields; Kitco/FTSE Russell CB gold demand
• Metals tape (Kitco ~5:08 a.m. ET): Ag −2.43%, Pt −2.29%, Pd −1.94%
• Today: MBA 7:00; flash PMIs 9:45; Atlanta Fed BIE 10:00; Barr 10:05; EIA 10:30; Treasury 17-week + 2y FRN 11:30, 5y 1:00. No major 8:30 print

Takeaway: Coinbase opens fixed-rate bitcoin-backed USDC loans on Morpho Midnight; Cognex buys RealSense for ~$500M; SHFE copper receipts keep draining while LME flips to a draw and China spot premiums jump.

AI-assisted production. No trade recommendations.