Neutrl has reopened its redemption portal for NUSD and sNUSD after a five-week suspension, but holders can now redeem at a fixed rate of 0.51 USDC per token rather than at par. On-chain contract data shows the protocol’s redemptionRate parameter at 510000000000000000, which converts to 0.51 with 18 decimals, and the window is expected to remain open until Nov. 14. The move follows Neutrl’s Aug. 13 halt of minting and redemptions, when it said only that reserves had been affected while denying any hack or code exploit. Later, on Aug. 28, the protocol said it had about $27 million in immediately available liquid assets, while NUSD’s external circulating market value had fallen to roughly $53.5 million at the time withdrawals were frozen. The gap between those figures has fueled questions over whether the new payout rate reflects a liquidation analysis or simply a pro rata distribution of cash on hand. The fallout has also spread to structured yield protocol Strata, which marked jrNUSD to zero after observing the 0.51 reference rate and pushed losses into senior holders through its rule set. Questions around undisclosed counterparties, illiquid OTC positions, and the legal effect of signing Neutrl’s redemption terms remain unresolved.

Bitcoin on-chain analyst Will Clemente argues that Bitcoin now looks "cheap" on a historical basis even though the asset may still see another leg lower later this year. In a long-form market note translated and published by ChainCatcher, Clemente said the past year has been frustrating for Bitcoin holders: spot Bitcoin ETFs hold about $50 billion in assets, access for both retail and institutional buyers is now widely available, yet Bitcoin ETF products still saw $5 billion in net outflows over the past year while DRAM-related products pulled in $10 billion in a single month. Clemente said the Bitcoin network remains structurally healthy despite a decline in total hash rate and a growing shift by listed miners toward AI and high-performance computing. He pointed to broad global node distribution, the network’s difficulty adjustment mechanism, and the fact that hash rate has only fallen back to mid-last-year levels even as many public miners pivot away from core mining. On valuation, he highlighted Bitcoin’s position near its 2021 prior high, slightly below the 200-week EMA, bullish RSI divergence from oversold conditions, and MVRV readings that place the asset near the lower end of its historical valuation band. He also said long-term holders have resumed accumulation after distributing in the second half of 2025. Clemente identified two major overhangs — digital asset treasury companies and quantum computing risk — but said both are starting to show signs of repair. His base case is not that Bitcoin needs a dramatic new catalyst, but that seller exhaustion and steady institutional allocation could matter more over the next several months.