Core Insights - The native token of Chainlink (LINK) faced significant institutional selling pressure, dropping to its lowest price in over a week, with a decline of 4% to $21.30, reversing more than 8% from Monday's local high [1] - The broader crypto market also experienced weakness, with the CoinDesk 20 Index reflecting a similar decline [1] Chainlink Reserve Activity - The Chainlink Reserve purchased an additional 45,729 LINK tokens worth nearly $1 million, maintaining its weekly buying pattern [2] - The reserve currently holds approximately $10 million worth of tokens, but is now underwater as LINK trades below the average cost basis of $22.44 [2] Technical Indicators - CoinDesk Research's technical model indicates bearish momentum, highlighting a decline in investor sentiment [3] - The trading range for LINK expanded to $1.05, showing 5% volatility between a session low of $21.53 and a peak of $22.68 [5] - Technical resistance was noted at the $22.68 level, where the token reversed on heavy trading volume of 1,981,247 units, with additional resistance at $21.92 [5]

Core Insights - Bitget has integrated Switchboard (SWTCH) into its Launchpool and has opened spot trading for the SWTCH/USDT pair, with trading starting on September 9, 2025, and withdrawal functionality available from September 10, 2025 [2] - A total of 5.5 million SWTCH tokens will be distributed as rewards during the Launchpool event, which runs from September 9 to September 11, 2025 [2] - Users can participate by locking BGB or SWTCH tokens, with the BGB lock pool allowing users to lock between 5 to 50,000 BGB to share in 5 million SWTCH tokens, and the SWITCH pool allowing locks of 500,000 to 5 million SWITCH to share in 500,000 SWTCH tokens [2] Company Overview - Bitget is a leading cryptocurrency exchange and Web3 company, established in 2018, serving over 120 million users across more than 150 countries [5] - The exchange is known for its innovative solutions, including copy trading features, and aims to expand its trading pairs from over 800 to more than 900 [4] - Bitget's wallet supports over 130 blockchains and millions of tokens, facilitating multi-chain trading, staking, and payments [5] Product and Technology - Switchboard is described as the fastest and most customizable permissionless oracle network, designed for users who prioritize speed and decentralization [3] - It currently safeguards billions of dollars in assets across over 51 protocols, with data transmission speeds three times faster than competitors [3] - The integration of Switchboard into Bitget's ecosystem enhances the speed and reliability of data access for users, enabling more opportunities in decentralized finance and on-chain trading [4]