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This morning, all the predictions I made based on OKX's earnings report were wrong. What a pity.
I'll just continue holding my US stock positions.
$MU
Looking at the US stock market close, everything is up. Not only US stocks, but #Bitcoin also rebounded near 81. The #MU night session rose by 4 points. The previous logic has been confirmed here.
Let's talk about how core US stock contracts are still easier to trade compared to crypto altcoins. I've always advocated buying US stocks on dips.
Generally, the lows after a drop won't mindlessly fall like crypto altcoins. Core heavy stocks will only drop significantly if there is a US economic recession, black swan events, etc. Otherwise, the decline is usually not deep, and any positive news will trigger a rebound.
This is an opportunity to go long, and the fees are almost zero. Actually, it's suitable for large capital with low leverage.
As for where the low after a drop is, core heavy stocks usually give a range in their trend. I previously drew lines on Micron to explain the logic. Then just manage the risk of liquidation positions well, at least keep it 30 points below your entry price.
So the Micron position is still open. Next, we wait for the interest rate meeting early tomorrow morning.
No rate hike is already priced in; let's see what Powell says.
If he keeps emphasizing no excessive forward guidance and considering December is still far away, I personally think he might not be dovish but probably not very hawkish either.
If any dovish hints are caught, risk markets will immediately be boosted, reflected in prices.
DYOR
#OKX US Stock Earnings Season Before the Fed meeting, $BTC was reported at 80,945.20 USD, with a net outflow of 17,263 coins from trading platforms in a single day; however, the total stablecoin supply shrank by 1.67% over 30 days to 301.5B USD, and the total daily on-chain DEX trading volume also dropped 11.3% to 7.4B USD.
The market has withdrawal support, but there is a lack of fresh liquidity on the scene. Among the latest 73 on-chain smart money signals, the median return is -88.2%, with 93% already exited, indicating a shrinking speculative appetite for altcoins. The $MUBARAK 24h turnover rate is only 9.1% due to lack of support, the daily RSI stands at 31.0, and the price is constrained by the 4H EMA50 at 0.0535598. Our short position in MUBARAK entered at 0.0571956 currently has a return of +152.6%, with a stop loss set at 0.061503 (14.1% away from the current price).
If MUBARAK breaks back above the 7-day high of 0.05739, it indicates weakening of the bearish structure; if it falls below the 30-day low of 0.050349, it will continue to test the bottom. With both stablecoin supply and on-chain trading volume shrinking, will altcoins see genuine buying interest after the Fed meeting, or will liquidity continue to be drained?
#MUBARAK #BTC #OnChainData
Personal observation, not investment advice, please assess risks independently. A fair value gain of $2.09 billion is like a high-amplitude wave suddenly pulled up by an intraoperative monitor—eye-catching, but it does not mean the myocardium has truly resumed contraction. The third-quarter book profit ringing again is just a highlighted lesion on the image; what really matters is the circulatory system of this large coin whale: about 848,000 bitcoins are the myocardium, the financing structure is extracorporeal circulation, and capital allocation is coronary artery bypass grafting. Any insufficient perfusion will cause the book gains to turn into ventricular fibrillation during the next price fluctuation.
First, look at the vital signs. A significant increase in the fair value of digital assets indicates that the asset side's contraction force is recovering, but this is not cash flow; it is more like a positive inotropic drug temporarily supporting blood pressure. Treating fair value gains directly as debt repayment ability is like mistaking the monitor waveform for the heart itself. The financial report is released after the US stock market closes; the market will first look at the surface ejection fraction, then seek hidden volume load; what truly determines prognosis is whether the financing side has stable preload and whether the asset side has sufficiently diversified oxygen supply.
A $176 million preferred stock repurchase is like clamping the bleeding point of fixed payment pressure with hemostatic forceps, which can reduce afterload but may also decrease the buffering capacity of extracorporeal circulation. Repurchasing preferred stock is not purely positive; it changes the hemodynamics of the capital structure: fixed dividend burden decreases, but financing flexibility, liquidity reserves, and refinancing windows must be evaluated simultaneously. If the repurchase is completed by new debt or asset liquidation, it is like adding potassium to the cardioplegia solution; the heart may stop stably in the short term but could develop arrhythmia upon resumption.
Bitcoin holdings are a single large myocardium, highly efficient but most vulnerable to ischemia-reperfusion injury. When prices plunge sharply, pledges, convertible financing, preferred stock dividends, and credit spreads simultaneously constrict the coronary arteries; when prices surge rapidly, fair value gains can mask financing costs. US stock tokenized targets linked to indices are like adjacent coronary perfusion areas: an embolism in one area can cause ischemia in cross-regional myocardium. The so-called linkage depth is not about moving up and down together but about who transmits blood pressure first into the other's collateral circulation.
Therefore, the evolution of financing and capital allocation must be examined at three intraoperative freeze points: first, whether new financing continues to rely on high fixed-payment instruments; second, whether liquidity reserves after preferred stock repurchase can still cover dividends and maturity pressures; third, whether bitcoin holdings have changed from a single ventricle to dual-ventricle support. Relying solely on coin price increases to generate profits and repurchases to embellish per-share metrics is a typical compensatory tachycardia; once preload is insufficient, decompensation will occur faster than the announcement. Book gains are not recovery discharge but just a brief stabilization in the postoperative intensive care unit. Mistaking fair value gains for myocardial contraction force and preferred stock repurchases for hemostatic forceps without examining financing blood flow and the coronary anatomy of capital allocation means the next decompensation will not give an early warning. #strategyq3btcgains#RobinhoodQ3 revenue growth, net profit decline Folks, Robinhood's earnings report is quite interesting, a typical case of "when one door closes, another opens," but looking deeper, it's all the retail investors' blood and tears.
First, looking at the big numbers, revenue hit a new high at $1.424 billion, but net profit dropped 14%, missing expectations. Where's the problem? Look at crypto trading revenue, which plummeted 55% year-over-year, down to only $120 million. Whales turn bearish, US buyers have been inactive for 34 days! How much longer will $BTC bulls keep self-hypnotizing? $BTC
This signal might be more worth paying attention to than simply breaking below $80,000.
Bitcoin whales on Hyperliquid have turned net short for the first time since March; meanwhile, the Coinbase Premium Index has been negative for 34 consecutive days, reflecting relatively weak buying in the US market.
Note, these two factors together are the key.
On one side, some large funds in the derivatives market are starting to lean bearish, while on the other, the price premium on US trading platforms remains negative.
What does this mean? $BTC
At least it indicates that the current market has not seen a strong enough buying signal to collectively silence the shorts.
Don’t rush to interpret whale shorting as them having some insider information.
Whales on Hyperliquid represent only part of the market participants, and net shorts may also be used for hedging; a negative Coinbase Premium does not directly prove that US institutions are collectively selling off.
But the problem is, when prices are under pressure, ETF funds are flowing out, and short-term holders start to take losses and exit, the lack of obvious improvement in buying can’t be explained away by simply saying the market is bullish long-term.
#10月FOMC利率决议即将公布 #SK海力士Q3营收首破100万亿韩元 #RobinhoodQ3营收增长，净利润下降 The moment the timer was pressed, the opponent had already pushed the pawn to the seventh rank—the revenue guidance of $10.3 billion to $10.8 billion. This is not a probing opening; it’s a check that forces you to respond immediately. In my life, I’ve seen too many chess players panic in such situations, hastily searching for a tactical combination to escape; a true grandmaster’s first move at this moment is to mentally rearrange the entire NAND pawn chain’s framework.
The demand for AI data centers is the central control of this game. Once the center is stable, the pieces naturally become active, and the price, this heavy piece, dares to advance. Flash memory price increases are not accidental tactical opportunities but an open line the opponent was forced to abandon in the midgame—supply-side capacity contraction and inventory repositioning effectively concede the entire major diagonal to the bulls. But you must see clearly: the spatial advantage gained from central control is always a double-edged sword. If the pawns advance too quickly, permanent weaknesses are left behind in the rear. The old rule in storage is that every price hike cycle hides a trap of abandoned pieces for the next capacity expansion.
The earnings report will be released after the close on October 29th; this timing itself is a covert move. The market is most prone to meaningless repetitive moves during information vacuums, wearing down retail investors’ patience; only when the real situation unfolds will it be clear who has already calculated twenty moves ahead in the midgame. I regard the linkage of targets like $xNFLX as a flanking echo—the main battlefield hasn’t moved yet, but the flank’s pawns have. This structure is either a deadly restraint or a bluffing feint. The only criterion is whether the actual profit conversion rate of the main storage business can sustain this pawn chain without being eaten from the opposite side.
The liquidation and performance failure signals from SK Hynix on the other side of the board are signal lights. The divergent performance of two pieces on the same industrial chain indicates this is not an overall expansion but a structural redistribution. The most taboo in the endgame is mistaking local advantages for overall victory. The truly profitable players don’t take it step by step; they have already calculated the position twenty moves ahead before making a move—now this game has reached the seventeenth move, the center is still hanging, the heavy pieces on the open line have not yet been exchanged, and whoever moves first reveals their weakness first. #sandiskq1storagegrowth Don't always think that triple Nasdaq or triple KOSPI can generate super high returns. This volatility decay (leverage decay) is just a simple mathematical game. Once there is a bear market (even a 20-30% correction), you might not recover your principal for over 20 years! Even if the index recovers the drop and then rises 556% from the new high, it still won't be possible!
And don't say that crypto brothers want to add another 5-20x leverage on top of triple KOSPI... that risk is even proportionally greater than opening 100x altcoin positions!
Remember the core risk control concept of "win by limiting loss," don't let "potential profits" cloud your judgment! Don't just stare at the completion acceptance form dated January 18, 2027; look down at the foundation—USDT and USDC's main structures have long been topped out, while community banks have only just obtained the reissued construction permits. This isn't the start of construction; it's rushing to complete the pile foundation inspection report before the window closes.
The OCC requires community banks to apply for stablecoin issuer qualifications, either directly or by setting up subsidiaries. Translated into structural language: regulators allow you to add a financial function layer on existing outlets, but the premise is to redo the foundation. A 1:1 reserve is the bearing layer—no sludge, no backfill soil; if compaction is insufficient, no matter how beautiful the upper structure is, it's a dangerous building; redemption clauses are the fire evacuation routes—if the clear width is insufficient, the acceptance is vetoed outright; capital is the reinforcement ratio—missing even one rebar causes shear failure of the entire floor under a run scenario; risk control is on-site supervision, not just a rendering hung in the lobby.
Prohibiting issuers from paying interest is the strictest structural constraint. It's equivalent to forbidding holes or pipelines in load-bearing walls. If you want to give depositors returns, you can only route through reserved conduits for third-party rewards, with limited paths, limited diameters, and full traceability. Canada's draft on October 24 is even more detailed, capping holder returns and redemption fees at 1%, effectively writing the evacuation route's clear width into mandatory regulations to prevent private toll gates at exits.
Community banks' leverage isn't in licenses but in existing customers and payment networks. These are already buried municipal pipelines and underground corridors, so no need to excavate from scratch—earthworks are the most costly and time-consuming. But USDT and USDC are not new builds on empty land; their main structures are topped out, curtain walls installed, electromechanical systems debugged, and even vertical traffic checks for cross-border settlements are operational. Banks entering now are doing renovations on existing buildings, not drawing from the pile foundation up. Renovations are always harder than new builds because you must replace the load-bearing system without stopping operations.
The linkage with $xCRCL essentially means the market is revaluing a renovation blueprint. The blueprint changed, but floor area ratio and load remain the same; what truly determines valuation is construction capability and acceptance timeline. Eighteen months—is it enough to upgrade a community bank's clearing layer from brick-concrete to frame-shear? That's a structural issue, not a marketing one.
Stablecoin competition has never been about whose white paper is thicker but about whose underlying architecture can withstand repeated loading under run conditions. Regulators have nailed down acceptance standards and fixed the rectification deadlines. From now on, every entrant must first answer the same question: your foundation, to what seismic resistance level is it designed? #uscanadastablecoinpush #RobinhoodQ3营收增长，净利润下降 美股散户大本营交出成绩单了，结果股价直接被砸了近10%！ 先看看这份刚刚出炉的财报有多分裂。Robinhood第三季度营收干到了14.24亿美元，创了历史新高，同比涨了12%。听着挺猛对吧？但你往下看，净利润同比跌了14%，直接低于分析师的预期。更扎眼的是，加密交易收入同比直接腰斩还多，暴跌了55%，只剩下1.2亿美元。反倒是它搞的“事件合约”收入暴增到了去年的6.4倍。盘面上，代币化股票HOOD和xHOOD直接大跌近10%。 小马哥的个人看法很直接：这就是典型的“按下葫芦浮起瓢”。Robinhood一直以来赚的就是散户的钱，而散户最疯狂的时候就是炒币和炒股的时候。现在加密交易收入暴跌55%，说明什么？说明这大半年币圈的行情太烂了，来回震荡洗盘，散户要么被套牢装死，要么吓得不敢动弹。资金交易活跃度枯竭，它当然赚不到手续费了。它现在想靠那个“事件合约”来当新的印钞机，虽然涨势很猛，但依然填不上加密收入暴跌挖出的大坑，华尔街自然用脚投票。 有啥影响？短期内，这绝对是个偏利空的情绪指标。Robinhood可以说是美国散户进币圈的一个DOGE short positions are floating at a loss of 52.14%, SOL short positions have retraced 30.39%, and the account's net value is solely supported by a 0.3 BTC long position floating a profit of 21.07%. The profit and loss divergence among the three positions corresponds to the respective fundamental gaps.
DOGE mark price is 0.0796, just a thin margin away from the liquidation line at 0.0809. The price has been continuously below the 200-day moving average for 167 days, 13.9% below the yearly average, with a 21.2% drop in the last 30 days. The foundation terminated its exclusive trademark license with House of Doge on October 19, requiring the latter to pay $400,000 and rebrand; the ecosystem restructuring is unlikely to support the price in the short term.
SOL is at 101.86, with perpetual contract trading share shrinking from 17% to 6%, Meme coin share compressed from over 50% to 15%-20%, and US spot and staked SOL ETFs experiencing net outflows totaling about $50 million over two consecutive weeks this month. Although tokenized stock holding addresses have reached 1.5 million, 82% of initial claimants subsequently sold, showing a clear gap between on-chain adoption and native token demand.
BTC mark price is 80,952, with long positions currently the only buffer. Bitfinex data shows approximately 874,000 BTC cost chips dormant in the 81,000 to 82,500 USD range; after breaking below 81,300, this has turned into resistance. Without broad spot buying support during rebounds, selling pressure above remains dense. All stop-loss lines are locked in; no active position increases before the FOMC meeting, allowing BTC's base to absorb losses from altcoins.
---$BTC What does the FOMC pre-meeting consolidation range reveal? Yesterday's market report recorded that BTC repeatedly saw buying around $79,400–$79,600, returning above $80,000, but the upside was blocked near $80,800. The short-term key is how the meeting wording will rewrite rate and dollar expectations; if support breaks and yields rise, the risk of a pullback increases; if support holds and volume breaks above the range's upper edge, I will reassess the breakout probability. Let me talk about a technique in stocks. There is an alternative group that has a way to make money in stocks called continuously doing T to earn profits. Doing T is a technique; it’s not about T+0, and doing T doesn’t disappear. Let me explain: for example, I originally had two leverage positions, low leverage short at 2420 and high leverage long at 2430. The approximate break-even close positions are at 2425 and 2436 for the short side. By continuously doing T, the offline break-even short positions are at 2450 and 2456. That means T has moved the price levels by 25 and 20. Also, I increased my investment by 50%, but the amount of coins held doubled, which is because I adjusted the leverage! $ETH Don't be fooled by this bullish candle: BTC's rebound "trump card" is actually quite weak. The ETF is back, but only BlackRock has returned｜Today's BTC market analysis Many are still fantasizing about "breakout chasing," but today's market truth is a bit cold: BTC touched back to 81,300 at dawn, with a 24h small rise of about 1%. It looks like a reversal, but it's still stuck in the 80,500–82,000 box. 📊 Three key levels today (remember them) • Support: 80,000–80,500 (if lost, rebound fails, watch 79,500) • Resistance: 81,500–82,000 (if it can't hold, all are fake breakouts) • Strong resistance: 85,000+ (heavy trapped positions above, no volume means no quick breakthrough) 💰 The capital side is a bit of a "fake bustle" Yesterday, US BTC spot ETF net inflow was 110 million USD, but — almost all the money was taken by BlackRock IBIT alone, others did not follow. In short, institutions have not formed a joint force, and spot buying has not truly returned. ⚠️ Two time bombs • Tomorrow morning 2:00 AM Fed decision, no change expected, but wording leaning hawkish is feared • Friday 12.2 billion USD options expire, biggest pain point at 79,000, volatility will be amplified 🎯 My judgment (biased version) No one-sided bets before the decision: • Can't break through 81,800 → reduce on highs, beware of spikes • Doesn't break 80,200 on pullback → lightly try longs, break 79,500#特斯拉Q3汽车毛利率回升，自由现金流转正 The road to break-even is long#Coinbase整合Deribit，Q3收入能否改善？
Coinbase has completed the integration of the options leader Deribit, directly filling its own options gap and capturing the core liquidity of the crypto options market. The institutional derivatives business is the biggest highlight of this earnings report.
The positive logic is very clear: Deribit itself has a large base of institutional traders and a high market share in options. After merging, it can bring incremental fees to Coinbase and reduce revenue dependence on spot market conditions. Coupled with continuous institutional capital deployment in crypto, derivatives trading has greater elasticity. When market volatility increases, options trading volume is more likely to surge and boost revenue.
However, risks cannot be ignored: the acquisition brings amortization, technical integration, and increased team costs. If the market is weak and volatile in Q3 and institutions move to hedge or exit, options trading may shrink, and new revenue could be offset by new costs. Additionally, customer retention is crucial—whether Deribit's veteran traders will leave due to the integration is a key variable.
My view: the integration is a long-term strategic plus, but single-quarter revenue improvement heavily depends on market volatility. Do not assume the acquisition will automatically lead to a big earnings beat. The earnings results will also indirectly reflect institutional capital sentiment, which in turn affects BTC and ETH trends.
Avoid heavy bets before the earnings. If earnings revenue and derivatives trading volume exceed expectations, consider light long positions in crypto-related assets; if data falls short, prioritize watching or light short positions, with strict stop-loss and position control throughout.Don't just focus on those few lines jumping up and down on the intraday chart. I just finished lunch and took a quick look at the backend order depth. The market looks sluggish, but the real big players have already arranged their formations with real money. Let me quickly give you guys a heads-up.
$BTC current price is 80950. Pay attention to the order imbalance ratio; the buy and sell orders are directly at 81 to 19. Around 79500 below, there is a massive buy order of over 30 million USD placed firmly. What does this mean? The manipulative whales have set a gentle trap below 80,000, just waiting for panic sellers to hand over their bloodied chips. The price won't fall further, but there is also dense selling pressure around 81000 above, so short-term volatility is very likely.
Next, look at $ETH current price 2353, buy orders ratio is 64 to 36. At 2320, there is a support order of over 10 million USD holding strong. Although it looks strong, if you look carefully at the candlesticks, the red sell walls above 2400 are layer upon layer. Trying to rebound directly in a V-shape is extremely difficult.
Finally, $SOL current price 101.85, the order ratio is interesting, 49 to 51, almost balanced between bulls and bears. Previously retail bulls were too crowded, now big funds have clearly set up above 105, and there is support below 100. This is a crazy shakeout, trying to force out all the unsteady leveraged positions.
To summarize, the big players are defending and counterattacking. The intention to support the bottom is very obvious, but they are not in a hurry to push the price up. The best strategy now is to watch more and act less. Wait for the whales to clean out the floating chips and clearly choose a direction before getting on board.
#10月FOMC利率决议即将公布 The $2,310–2,328 USD range is a key support area, involving realized price, the 200-day EMA, and large holder cost zones. However, ETH remains below the $2,430–2,453 USD moving average resistance, and the bottom structure has yet to confirm a reversal.
🔻 SOL: The trend is relatively weak
SOL is temporarily holding the $98–100 USD support zone, but the RSI is around 34, and the price is also below the short-term moving average near $106 USD. Volume is shrinking, and there is a risk of a death cross in the short-term moving averages, leaving bulls temporarily on the defensive.
As for whether whales are betting on an escalation in the Iran situation or political changes from the US midterm elections, there is currently insufficient evidence.
My view: Be cautious in the short term; no need to blindly bearish in the medium to long term. Key to watch is whether BTC can hold above $82,000 USD, ETH can maintain $2,310 USD, and whether SOL breaks below $98 USD. Do not chase shorts based solely on whale rumors; price confirmation is more important than stories.
$BTC $ETH $SOL
#OctFOMCDecisionDueSoon IRYS rose 43 times in five days, then dropped 95%.
Current price 0.0228.
📉 Let's clarify what happened first
Lowest on 10-18 was 0.0117.
Highest on 10-23 was 0.504.
Today 0.0228, down 23% in 24 hours.
Trading volume dropped from 10.4 billion to 960 million.
Volume is ebbing.
🏗 What it is itself
A data chain.
Data storage and contract execution both use IRYS to pay fees.
50% of execution fees and 95% of storage fees are burned.
Total supply 1 billion tokens, about 20% circulating at launch.
At current price, fully diluted market cap is about 228 million USD.
Estimated circulating supply only 46 million, 5 times less.
OKX spot trading launched on May 27.
⚠️ A key date to know
Team and investors locked tokens for one year.
Based on a launch date of 2025-11-25, unlocking will be in late November.
About one month later.
This is an estimate, not an announcement; refer to the project team.
🔍 I do not predict prices, just list scenarios
If usage doesn't pick up and unlocking comes first: supply pressure is greatest.
If burn volume really increases: deflation logic holds.
If trading volume continues to shrink: sideways consolidation, waiting for the next catalyst.
$IRYS #RobinhoodQ3ProfitFalls
*. The Regulatory L2 thesis*
General-purpose L2s like Arbitrum One and Base want to do everything. Robinhood is doing the opposite. Its chain is built as a specialized, compliant environment for regulated assets. Compliance rules can be embedded at the protocol layer - different for US, EU, etc. CEO Vlad Tenev's idea is "tokenization will eat the broader financial system" - if stocks settle in real-time on blockchain, you don't get trading freezes like 2021.Key Timeline for Micron $xMU Buyback Plan
Timeline Progress
October 8, 2026: Board approves expansion of buyback authorization
December 9, 2026: Relevant government subsidy restrictions enter next phase, buyback capacity expected to expand
After December 2026: Monitor whether the company officially launches large-scale buybacks and the actual execution amount
Micron's previous buyback plan had a total limit of $10 billion, with approximately $2.16 billion remaining in the original authorization; after the new authorization, the total amount increased to $35.16 billion. BTC, ETH, and SOL Compared Side by Side: All Rebound, but Capital Has Already Sorted Strength and Weakness
Currently, all three coins are rebounding simultaneously, but the capital structure is clearly different.
➖ BTC: Weakest increase, most stable trend
Current price is about $80,836, up 1.39% in 24 hours, liquidations around $33.64 million, open interest about $54.73 billion. BTC has reclaimed $80,000, but its increase lags behind, indicating that risk appetite among capital is rising, and the short-term main attack direction is temporarily not on BTC.
🔻 ETH: Strong rebound, highest leverage pressure
Current price is about $2,350, up 1.85% in 24 hours, liquidations around $37.51 million, open interest about $30.2 billion. ETH contract volume is only about half of BTC's, but liquidations have surpassed BTC, indicating the fiercest battle between bulls and bears.
🔺 SOL: Strongest price, lighter chips
Current price is about $101.8, up 1.95% in 24 hours, liquidations around $3.67 million, open interest about $6.54 billion. SOL leads in gains but has the lowest liquidation scale, indicating no obvious stampede in this round of rise, and the capital structure is relatively more stable.
Summary:
Market strength: SOL > ETH > BTC
Trend stability: BTC > SOL > ETH
Leverage pressure: ETH > SOL > BTC
Currently, BTC is the most stable, SOL has the best elasticity, and ETH has the greatest divergence. As long as BTC holds $80,000, capital will continue to spread to ETH and SOL. Phasing out while obtaining licenses: The stablecoin competition is changing tracks
In the same week, two opposite-direction news emerged in the stablecoin space.
1. Ripple obtains license
On October 26, the US OCC finally approved the official establishment of Ripple National Trust Bank — a federally regulated trust bank dedicated to RLUSD reserves and institutional custody. RLUSD's market cap is only $2.5 billion, not on the same scale as USDT or USDC, but its reserves are now overseen by a federal trust bank.
2. Europe phases out
Coinbase notified European users: before October 30, 14 stablecoins including USDT, DAI, PYUSD must either be withdrawn by users themselves or automatically converted to USDC. Even PYUSD and USD1 are on the list — with the MiCA transition period ending, all unlicensed stablecoins are out.
Conclusion
The stablecoin competition has officially shifted from "who has the largest market cap" to "who has the strongest license." Previously it was "I try to comply as much as possible," now it's "my reserves are held in a federal bank."
For ordinary people
Don't chase XRP just because of the licensing narrative. If you really want to participate in RLUSD, first compare its current annualized yield on exchanges with the yield of your USDT investments — licensing is a long-term story, returns are today's money, keep the two accounts separate.
$XRP #渣打银行为Ripple旗下RLUSD提供托管服务 #USDT#RobinhoodQ3 revenue growth, net profit decline Folks, Robinhood's earnings report is quite interesting, a typical case of "when one door closes, another opens," but looking deeper, it's all the retail investors' blood and tears.
First, looking at the big numbers, revenue hit a new high at $1.424 billion, but net profit dropped 14%, missing expectations. Where's the problem? Look at crypto trading revenue, which plummeted 55% year-over-year, down to only $120 million.
What does this indicate? It shows that the crypto market has been really quiet these past few months. Bitcoin has been stuck around the 80,000 mark, altcoins have crashed so badly even their own supporters don't recognize them, and retail investors are either trapped and playing dead or scared off, with basically no one trading. As the retail investor stronghold, Robinhood's crypto revenue was cut in half, which is the most authentic reflection of the current crypto trading volume drought.
So how did they still manage to hit a new revenue high? It's thanks to new business lines. Event contracts, or prediction markets, brought in $173 million, 6.4 times that of the same period last year. These retail investors who used to trade crypto have all shifted to betting on the U.S. elections and sports events. This is a classic zero-sum game; with no prospects in crypto, money flows elsewhere.
This directly reflects on Bitcoin. When retail investors stop trading, on-exchange liquidity dries up, so how could Bitcoin possibly experience a one-sided surge? Tonight we have the Federal Reserve decision and PCE data, with the macroeconomic threat still looming. $BTC $SNDK Someone just asked why so many people hype low market cap coins, and aren't they afraid that if too many people jump in, the price won't rise?
The conditions to become a "monster coin" have never been about hype; they are:
Chips: First, it needs to be highly controlled. Coins with fully circulating chips that aren't well controlled are unlikely to become monster coins, otherwise it would require unlimited money.
Consolidation phase: New coins don't need this, though occasionally some new coins become monster coins. Old coins need it, because if no one buys at high levels for a long time.
Market-making funds: To accumulate chips, build open interest, and control price, all these require money.
Liquidity: Some coins meet the previous conditions but have no players; without liquidity, it's hard for them to make money.
Hype can be divided into several types:
One is proactive free hype.
This usually happens when the coin is already on the gain charts or has many discussions. Most people hype to ride the traffic, some hold positions, some don't. From the perspective of the market maker, whether others hype long or short, as long as volume is brought in, it's liquidity. Regardless of long or short positions, the fluctuations all go into the market maker's pocket.
The other is paid hype.
This is rare nowadays because market makers don't need it; as long as they pump, people will buy. If you find that there isn't much pumping but a bunch of people hype collectively, then most likely they are looking for someone to take the bag.#10月FOMC利率决议即将公布
The Federal Reserve's October decision will be announced at 2 AM tomorrow.
There is a 90.6% probability of holding steady.
The real bet is on December.
🎯 What the market is betting on
90.6% chance of no change in October, 9.4% chance of a rate hike.
67.5% chance of a 0.25 percentage point hike in December.
Only 25.8% chance of no change in December.
A Reuters survey of 100 economists all expect a rate hike in December.
⚠️ First, correct a common misconception
This is not a rate cut cycle, it is a rate hike cycle.
There was a hike just once in September, the first since 2023.
The range is 3.75%–4.00%.
Reading "pause" as "pivot" is the most common misunderstanding.
Inflation expectations: one-year rose from 4.6% to 4.7%, long-term rose from 3.4% to 3.5%.
Both are the highest since May.
🪙 On the crypto side
The higher the interest rate, the higher the treasury yields.
Bitcoin does not generate interest, so the opportunity cost is higher.
This is a slow variable, not a same-day sell-off.
BTC is now 80,957, up 1.36% in 24 hours.
Fear & Greed Index at 51, neutral.
The market has not yet priced in December.
👀 I’m watching three points
Whether the statement still acknowledges the term "risk management."
How many votes oppose and want a direct rate hike.
Which way the probability of a December hike moves after the meeting.I look at the data from prediction markets to understand how strong participants' expectations are for Bitcoin. But the odds are just the prices given by the funds inside the market; if the order book is thin, the reference value has to be discounted. Unlike directly buying or selling Bitcoin, here you also have to carefully consider how the contract settles—getting the direction right doesn't necessarily mean answering the question correctly. Sometimes I get overwhelmed reading the settlement terms: does it count if the price touched that level, or does it have to be above it at expiration?On the surface, it looks lively with retail investors buying, but can the underlying structure really keep up? Look at this wave—who is actually taking whose position? Recently, watching the market has given me a subtle feeling: the sentiment is warm, but the order book is cold. In the active trades of BTC and ETH, sellers have consistently dominated, with overall buy-sell ratios only at 0.769 and 0.6658 respectively, yet the proportion of small buy orders has surged to 2.3 and 3.40. This scene of "small money rushing in, big money quietly retreating" is more worth pondering than a simple decline because it means the fuel for the rise comes from sentiment, not chips. What concerns me more is that what’s truly being repriced in this round of the market is not the price, but the positions of the participants. ETH’s selling pressure exceeds 60%, making it the weakest among the three; once the market softens, it is very likely to be the first to lose momentum. Although BTC has a larger scale, rebounds without volume support can easily turn into bull traps. Of course, there is also a bullish logic: as long as retail enthusiasm remains, short-term impulsive rallies won’t be lacking. On the ZEC side, there is even a reverse structure, with a buy-sell ratio of 0.846, where large funds are quietly accumulating while retail investors panic-sell. Once this washout-style accumulation is complete, the elasticity will be significant. But the risk is precisely hidden in this "liveliness." Whether ZEC’s independent strength can spread to other altcoins depends on whether subsequent volume can continue; otherwise, it will be just a single-point rally. And if BTC and ETH continue to be suppressed by large orders, retail buying will instead become the last leg of high-level plate holding. The strength differences between sectors have already widened$SNDK
This wave in storage is really not just hype. SK Hynix rose 10%, Samsung Electronics 9.5%, Kioxia once surged 16% intraday, with three big bullish candlesticks clearly visible.
SNDK was pulled from 1260 to 1363 on OKX, over 8 points in one day, with open contracts piling up to 100 million USD. I previously thought the chip rally was overextended, but this time I was proven wrong, I admit it. HBM shortage is a real order backlog, not a PPT, and storage prices are genuinely rising. My view is, don't chase longs at this level, but don't rush to short either; there are always buyers ready to catch the dip below.
#10月FOMC利率决议即将公布 #SK海力士Q3营收首破100万亿韩元
SK Hynix's revenue this quarter reached 104.6 trillion KRW.
It surpassed 100 trillion for the first time, with a 32% quarter-on-quarter increase.
On average, it earns 1.14 trillion KRW per day.
📈 The real highlight is the profit margin
Operating profit is 83.33 trillion, with a profit margin of 80%.
To put it simply: for every 100 won sold, it earns 80 won.
Last year at the same time, it was 47%.
Selling memory, it achieved the profit margin of a software company.
🔍 Net profit dropped 58% quarter-on-quarter, but don’t panic yet
Q2 net profit was 93.92 trillion, 33 trillion higher than operating profit.
That part was investment income, mainly from Kioxia.
There was no such income in Q3, so the numbers look bad.
The core business is actually accelerating.
🔒 A stronger signal lies in production capacity
14 major customers signed long-term contracts.
More than half of the capacity for 2027 to 2028 has already been sold.
The company expects shortages to continue until 2030.
🪙 Back to crypto
On the same day, its stock rose nearly 6% in early trading.
Bitcoin rose only 1.39% in 24 hours, at 80,928.
The Fear & Greed Index is 51, still neutral.
AI money is still flowing into hardware, crypto hasn’t caught up yet.
👀 I’m watching two things
Whether AI capital expenditure will still exceed expectations.
Whether the Fear & Greed Index can move away from 50. In April 2025, the Liberation Day tariff triggered a crash in the crypto market, with Bitcoin dropping to 74,000 and Ethereum falling to 1,384. However, in 2026, Bitcoin's lowest point was 57,800, while Ethereum only dropped to 1,504.
Bitcoin hit a new low, but Ethereum did not. There is only one explanation: during the 2026 bear market, MicroStrategy ran out of money to buy Bitcoin and was even selling. Meanwhile, bmnr kept borrowing money to buy Ethereum and has already acquired 5% of Ethereum's total supply. This continuous buying might be why Ethereum's drop was less severe and shallower than Bitcoin's.
But this is a double-edged sword. bmnr has never been tested by a deep bear market. This time, Ethereum only fell to 1,504, which is actually manageable. But if a crash similar to March 12, May 19, or the chain of collapses in 2022 happens, can it hold up? That's a question.
Many insiders say bmnr is not in a hurry to repay the borrowed money, has plenty of cash in the account, and can withstand the pressure. I only respect one common sense: if borrowing money to buy crypto always led to profit, then in hundreds of years of financial markets, why hasn't a single leveraged fund survived?
As long as leverage is used, no matter the method, it must be repaid sooner or later. In the capital market, leverage has never ended well unless you can time the market perfectly; otherwise, you will inevitably face your own dark moment. Leverage is the enemy of time, while spot trading is a friend of time and the only way to gradually build wealth.First consider the worst-case scenario: if AI growth is treated as a positive for all computing power assets, the direction might be wrong.
A JPMorgan research report states that in October, Token expenditure increased by 40% month-over-month, usage rose by 25%, and weighted prices went up by 12%; A100 rental prices fell by 3.5%, while H100 rose by 6.5%. I don't see this as a universal positive: expenditure growth is driven by price increases, rental prices for equipment are diverging, and overall heat doesn't mean every sector benefits.
My risk control reminder: first write down the maximum loss each position can bear, then consider the hype. Last night I was still hoping BTC would quickly break above 81,000; today it touched 81,300 but then fell back to 80,948. It's been like this these past few days—when it drops below 80,000, it feels like it's over, then it pulls back and I don't dare buy. Just as I want to chase, the whales push it down again. Neither bulls nor bears should laugh at each other; holding for a long time wears you down until you start doubting everything.
Today the Federal Reserve will announce its interest rate decision. Reuters mentioned that the market currently expects about a 91% chance that rates will remain unchanged. But with that number out there, the market might not obediently go up. The worst is if it pumps before the announcement to lure people in, then reverses direction once the news is out. I've seen this too many times; I don't want to fully load my position tonight in advance.
The 15-minute 20 moving average for BTC is at 80,961, and the price is hovering right around it. It just touched 81,300 and turned down; for now, I don't want to chase near 81,000. I'd rather wait around 80,700 to see if someone can catch it and stabilize it for a while—then I might try some longs. If it falls below 80,500, I'll exit first; I don't want to keep grabbing back below 80,000 on short-term trades. If it goes up to 81,200–81,300, I'll take some profits first. It hasn't broken through before, so it should at least try again.
ETH isn't weak either; it pulled from 2,298 to 2,357 and is now hugging the 20 moving average at 2,356. If it really falls below 2,330, I won't hold it; if it bounces back to 2,365, I'll take some off. SOL is near 102, with 102.4 just above; I won't touch it for now. What I most want to know tonight is whether after the decision, it can touch 81,300 again.First, the results: This brokerage firm serving retail investors reported revenue of $1.42 billion this quarter, setting a single-quarter record, up 12% year-over-year; net profit was $476 million, down 14% year-over-year; earnings per share were $0.51, 5 cents below market expectations; after the data release, the stock fell as much as 7% in after-hours trading, with a year-to-date decline exceeding 15%, likely marking the worst year since 2022. The simultaneous record highs and setbacks are fully explained in the detailed breakdown: options revenue was $399 million, up 31%; stock revenue was $121 million, up 41%; "event contracts" like elections and sports brought in $173 million, more than six times last year; meanwhile, crypto revenue was only $120 million, down 55% year-over-year, with nominal crypto trading volume at $50 billion, down 38%. Net interest income was $415 million, down 9%, with securities lending and short-term rates both declining. Crypto is the highest gross margin line in the brokerage's financials. Even with this line dropping by more than half, the firm managed to push total revenue to a record level thanks to options and event betting, which clearly means: the money is still in the market but has shifted from "asset allocation" to "betting on an outcome." Another striking line in the same report is the credit loss reserve of $71 million, nearly triple last year's amount—the appetite for directional bets hasn't diminished, but the willingness to bear risk has. These two lines together are more honest than any candlestick chart. There's also a political flavor hidden in the report: this quarter includes $47 million in "T Three tokens are telling the same story from different angles this week: price is recovering, but the cost of holding a position is rising alongside it. $HYPE trades at 77.38, up 1.3% over 24 hours, and the funding rate on its perpetual futures has now settled positive for two consecutive payments, each higher than the last. That combination matters more than the headline gain. A recovery financed by rising carry is a different trade from one that costs nothing to hold, and the gap between grossBTC just surged to 81,300, and the bulls haven't even had time to celebrate before it was pushed back down to 80,948. ETH is at 2,357, SOL at 102.06. Damn, after waiting so hard these past few days to get above 80,000, just as I wanted to shout a bit, I start worrying about when it will drop back down.
The Fed has an interest rate decision today. Reuters mentioned that the market was expecting about a 91% chance of no change. But the result isn't out yet, and now longs are fully opened, waiting for a spike tonight; even if the direction is right, many might get stopped out first.
BTC's 15-minute 20 moving average is at 80,961, and the price is grinding right against it, with MACD turning down. I now want to wait around 80,700 to see if it can hold and try to add some longs. If it falls below 80,500, I'll exit to avoid buying in just to accompany it back to 80,000. Above 81,200–81,300, I plan to take some profits first; it just reversed after hitting there, and if it really pulls back, I guess many are eyeing to sell.
ETH is similar, 2,357 is close to the 2,356 20 moving average, and after touching 2,369, it retreated again. I want to wait around 2,345 to see; if I buy and it drops below 2,330, I'll exit, and take some profits near 2,365. SOL is now 102.06, not far from 102.4, so I don't want to chase for now. I'll keep a smaller position tonight, wait for the decision, and see which way the whales plan to pull.Why has the prediction accuracy for earnings reports been 100% these few times?
For example, SpaceX, SK Hynix, Robinhood, the beats are all above 80%, or even if they beat, they still won. So how did anyone think to bet No?
To do this, you have to read the rules first, don’t rely on intuition. This market doesn’t look at how much SK Hynix earns, it looks at the SKHY earnings per share shown on the Seeking Alpha page, and it even says not to recalculate yourself. This step determines what to check next.
Find the error on the page. One SKHY ADS corresponds to only 0.1 ordinary shares. Last quarter, the page took the earnings of one ordinary share, $90.62, directly as the actual value without dividing by 10. If this quarter is the same, the page will show twenty or thirty dollars, which would be a beat.
See if this error will be corrected. I checked three other Korean ADS stocks, and the same data source calculated correctly by proportion. The rolling EPS of SKHY on Yahoo is also calculated by ADS. This shows it’s an error that can be fixed, not systemic.
Calculate the real number. Calculated by ADS, the real EPS this quarter is actually low. Roughly calculating from the actual net profit of 39.8 trillion KRW, one ADS is about just over $4, below 6.25. So as long as the page is corrected, or the platform in good faith spots this 10x error, the result is No.
Finally, you still have to compare probability with price to see if the expected value is positive. Hynix's latest earnings report is a bit awkward, with both revenue and profit hitting record highs, but only meeting market expectations.
AI chip demand is indeed strong, but the market appetite has grown even larger. Good performance is no longer enough; it has to exceed expectations.
#SK海力士Q3营收首破100万亿韩元 The fundamentals haven't changed much in the last 24 hours: protocol fees are $330,000, protocol revenue is $50,000. Buyback and burn is 32.8%, with an actual market cap of $200 million. No coins have been traded on the external market in the past 5 hours; internal market data is indeed a bit better than before, with over 10 coins traded in the last hour. These basic data are still too poor. PONS can rise purely because the top whale, Little Yellow Man, is using Robinhood's revenue growth to hype the coin, triggering a bunch of short squeezes and turning them into buying pressure. #RobinhoodQ3 revenue growth, net profit decline Funding: ETF's "Unipolar Inflow" and Strategy's "Pause"
ETF—Single-day net inflow of 110.3 million, but all from IBIT
On October 26, the US spot ETF saw a net inflow of $110.34 million, ending the previous two days' combined outflow of $773.4 million. However, all inflows came from BlackRock's IBIT, with other products showing zero or negative inflows/outflows. For the entire month of October, ETFs still recorded a cumulative net outflow of about $312 million; the slight weekly positive shift cannot mask the structural monthly hemorrhage.
More critical pressure comes from the ETF cost line: Glassnode data shows the weighted average holding cost of US spot ETFs is about $81,500. Each time the price rebounds to this range, it faces selling pressure from high-entry investors waiting to break even. The resistance between $81,200–$81,500 is not just technical resistance but also psychological resistance from "break-even" holders.
Strategy—Third week of paused accumulation, cash redirected to preferred stock buybacks
Strategy's Bitcoin purchase record is zero for the third consecutive week, the first time since mid-September. During the same period, the company spent $204.9 million repurchasing STRC preferred shares (with a 12% annual interest), instead of buying BTC; free cash dropped from $640.5 million at the beginning of the month to $242.4 million, a 62% shrinkage. The largest corporate buyer has stopped, which is a marginal change that cannot be ignored.
On the other hand, Strive, ranked fourth, bought 6,182 BTC last week (about $511 million), using nearly all its cash balance. The largest stopped, the fourth largest is aggressively buying—the corporate signals are inconsistent and cannot reliably endorse a direction.
Options Market: Deribit DVol index rose to 38, with the implied volatility of Delta 5 put options at 44%, higher than the 38% for calls of the same maturity—downside protection demand still dominates, as the market buys insurance against downside risk after the FOMC. $BTC $ETH $ZEC #谷歌云业务增长82%，AI投入回报如何？ Calculating it, the USDT trading volume increased by nearly 800%, which means close to 9 times that of the same period the previous week, not 8 times. But what concerns me more is the denominator of this calculation: if we replace it with the average of the previous four Sundays, the description becomes more than 3 times. I acknowledge the weight of this risk-hedging demand, but I won't directly judge how long it can last based on the most conspicuous increase.
① Mercado Bitcoin's USDT trading volume increased by nearly 800% compared to the same period the previous week. A single-week comparison shows how urgent the sudden demand is, but it cannot be used alone to judge the usual demand scale; when I see such numbers, I tend to put the excitement aside first.
② The data from the same platform is more than 3 times the average of the previous four Sundays. Quantifying from another angle, after expanding the reference range, the volume increase is still obvious, so this cannot be explained away by a simple "base effect."
③ Biscoint's USDT to Real trading volume increased by 150%. Since the platform and statistical calibers differ, the numbers cannot be directly combined to represent the entire Brazilian market's increase; otherwise, local heat can easily be mistaken for a global trend.
My judgment is that this news is convincing regarding the actual use of stablecoins but still lacks evidence for long-term demand. If the usage continues after election pressures ease, I will raise my evaluation of demand stickiness; next, I will focus on retention, not the largest percentage increase. [Pharaoh's Market Watch]
Microsoft Azure's growth hit 43%, can AI commercialization really hit the gas?
Pharaoh says directly, yes, but this is an acceleration of "others paying, I collecting money," not a "mass celebration" takeoff.
First, look at how solid the data is. Azure's quarterly revenue surpassed $100 billion for the first time, growing 43%, crushing the market expectation of 39%. Microsoft's overall revenue reached $81.2 billion, with earnings per share at $5.12, both beating expectations. The most striking is that commercial contract backlog soared to $625 billion, up 51% year-over-year. What does this mean? It means enterprise customers are not "testing AI," but signing long-term contracts with real money.
But Pharaoh has to dig into the details for you.
First, capital expenditures surged too aggressively. Microsoft's Q3 capital expenditure reached $32 billion, nearly doubling. Although the CFO said growth will slow by 2027, free cash flow is still under heavy pressure.
Second, it's all relying on OpenAI to carry the banner. Azure's growth this round is largely supported by OpenAI's training and inference demands.
Third, Copilot's paid conversion rate remains a black box. Microsoft says Copilot user numbers are rising but has never disclosed specific conversion rates.
Market strategy: Don't chase the rally in BTC just because of one Microsoft earnings report, but keep a close eye on tech stock sentiment
$BTC $ETH $ZEC #微软Azure增长43%，AI商业化能否提速？ #闪迪存储业务高增长能否延续？
On the eve of Thursday's report release, market sentiment leaned bullish, driven by tight NAND market supply and demand as well as strong structural demand from AI data centers. However, since analysts' earnings expectations are already near historical highs (EPS around $46.23), the continuation of the upward momentum will depend not only on key first-quarter data but also largely on the forward guidance for the second quarter.
Three factors supporting potential earnings outperformance $SNDK
1. NAND flash and storage supercycle: Strong demand in data centers, AI enterprise storage solutions, and client solid-state drives (SSD) continues to push average selling prices (ASP) higher.
2. Historical performance: SanDisk has consistently outperformed expectations. In past earnings reports, benefiting from strong gross margin growth and favorable shifts in the product mix toward high-value customers, the company's earnings per share (EPS) have exceeded expectations by double-digit percentages.
3. Data center and enterprise business growth: The market is increasingly shifting toward high-margin enterprise NVMe SSDs and multi-year supply agreements (new business model contracts), which provide revenue predictability and strong pricing power. $xSNDK Taking a look at the contract data, there has been a continuous one-way net inflow for a full 30 days, with over 10 million dollars poured in cumulatively. This amount accounts for nearly half of the market cap, and there hasn't even been a single sizable outflow in between. Everyone is guessing the top and waiting for a pullback in the square every day, while the main force is quietly accumulating underwater every day. Fighting short in a strongly controlled and openly manipulated market only fuels the fire with no other progress. #DOOD $DOOD 👇#October FOMC interest rate decision is about to be announced $ZEC: Go long!
Strategy:
· Wait for the price to pull back to the 1305-1310 range (EMA5/EMA10 dense support zone) and stabilize before entering a long position.
· The initial target is 1332 (24-hour high); if this is effectively broken, then look at the previous high of 1368. Set stop loss defense at 1290 (below EMA20).
Core basis:
1. Extreme short squeeze: Figure 1 data shows the nominal long-short ratio is only 23.82%, with short positions reaching 213 million U (more than 4 times the longs!). The average short cost is at 1237, and the current price of 1313 has caused deep unrealized losses for shorts (over 12 million U). Once the bulls continue to push, shorts will face an epic short squeeze stampede.
2. Bullish moving average alignment: On the 1-hour level, EMA5 (1313), EMA10 (1307), and EMA20 (1293) are diverging upwards, with price steadily climbing along the moving averages, indicating a strong bullish trend.
3. Continuation pattern buildup: After a previous deep V-shaped rebound, the price is currently consolidating sideways at a high level between 1300-1330, a typical bullish continuation pattern. After clearing profit-taking, it is highly likely to break upwards again, making pullbacks ideal for entering long positions with excellent risk-reward.
$PEPE $IRYS
#RobinhoodQ3 revenue growth, net profit decline On October 28, the Japanese and South Korean stock markets both opened higher, boosted by SK Hynix's better-than-expected earnings report. The Nikkei 225 index opened at 63,738.98 points, up 0.74%. The Korea Composite Stock Price Index (KOSPI) opened up 2.2% at 5,763.85 points.
As of the time of writing, the Nikkei 225 index's gains expanded to 1.19%. On the same day, Japan's 30-year government bond yield rose 5 basis points to 3.87%.
Following a rise of over 3% in the previous trading day, the KOSPI is currently up 4.25%. The so-called "storage giants" $SAMSUNG rose more than 4%, and $SKHYNIX nearly 3%.
Before the market opened today, SK Hynix announced its Q3 fiscal 2026 results: operating revenue of 104.62 trillion KRW, a 32% quarter-on-quarter increase and a 328% year-on-year increase, exceeding the expected 98.96 trillion KRW; operating profit of 83.33 trillion KRW, up 38% quarter-on-quarter and 632% year-on-year, beating the expected 77.5 trillion KRW; net profit of 39.78 trillion KRW, up 216% year-on-year but down 58% quarter-on-quarter, below the expected 59.66 trillion KRW. The operating profit margin for Q3 reached 80%, and the net profit margin was 38%. The company stated that growth in AI storage demand drove up prices of key products, with sales growth in HBM4, server DDR5, and enterprise solid-state drives (eSSD) contributing to performance improvement.
SK Hynix indicated that due to increased difficulty in advanced process technology and longer construction times for new production facilities, the supply-demand imbalance in the storage market is expected to continue until 2030. The company plans to accelerate capacity expansion, expecting HBM4 shipments and revenue in Q4 to surpass those of HBM3E; it also plans to increase the share of 321-layer NAND process in domestic Korean production capacity to over 50%.
Regulatory filings show SK Hynix plans to distribute at least 30 trillion KRW in cash dividends from 2026 and to repurchase and cancel at least 60 trillion KRW worth of shares. The share repurchase includes a recently completed 40 trillion KRW buyback.
The three major U.S. stock indices all closed higher on October 27. The storage and optical communication sectors strengthened, with Western Digital and Coherent rising over 6%, Lumentum up more than 5%, Marvell Technology up over 4%, and SanDisk and Seagate Technology up more than 3%. On the news front, Tesla CEO Elon Musk stated that robots' demand for memory will be larger than anything else on Earth. $KORU First consider the worst-case scenario: if the assets cannot be recovered, the claims may also not result in any repayment.
According to Caixin, the BVI court has appointed joint provisional liquidators for 30 entities controlled by Chen Zhishi; Chinese victims may be able to file claims, with over 90,000 BTC having passed through related entities. I focus on the progress of asset preservation and do not consider the volume passed through as repayment capacity.
⚠️ Debt recognition and asset recovery are two separate hurdles. A reminder to myself: verify the claim filing rules and do not count potential recoveries as available funds. Robinhood posted record revenue, but the earnings mix tells a more complicated story.
Q3 results released on Oct 27 showed:
· Revenue: $1.424B, up 12% YoY
· Net income: $476M, down 14%
· Diluted EPS: $0.51
CNBC compared reported EPS with an LSEG estimate of $0.56. A revenue record and an earnings miss can coexist. The useful question is what changed beneath the totals.
Transaction-based revenue rose 19% to $867M, with notable differences across products:
· Options: $399M, up 31% YoY
· Equities: $121M, up 41%
· Event contracts: $173M, more than six times a year earlier
· Crypto: $120M, down 55%
Event contracts generated more revenue than crypto this quarter. That shows how quickly Robinhood’s mix can change, but one quarter does not establish a permanent product hierarchy. Both businesses remain sensitive to customer activity.
Pressure also came from outside transaction revenue. Net interest revenue fell 9% to $415M, reflecting lower short-term rates and securities lending activity. Operating expenses rose 16% to $739M, faster than total revenue.
Net income included $67M in unrealized losses, primarily tied to the mark-to-market of Robinhood Ventures Fund I. Robinhood’s adjusted net income was $550M, with adjusted EPS of $0.60. These non-GAAP measures provide another lens, but they do not replace reported earnings.
The platform still added scale. Net deposits reached about $16B, while Gold subscribers hit a record 5.2M. Deposits and subscriptions support customer engagement, but they are not equivalent to revenue or proof of future trading activity.
The quarter’s message is clear: product diversification can support top-line growth, while rates, expenses, market activity and accounting adjustments still shape profitability.
Robinhood is building more revenue engines. The next test is whether those engines can produce more consistent earnings across different market conditions.
#RobinhoodQ3ProfitFalls Focus on just one number. $ETH is currently standing right at the $2,300 line. It's not just one moving average line, but three numbers clustered together. The realized price is about $2,310. The 200-day moving average is about $2,315. The average cost for wallets holding between 1,000 and 10,000 coins is about $2,328. The difference among these three numbers is only about $18.
Each of these three numbers represents a different group of people. The realized price is the average buy-in price across the entire network. The 200-day moving average is the long-term trend line. The wallets holding 1,000 to 10,000 coins represent mid-sized holders' cost basis. The convergence of these three costs indicates a common bottom line shared by many. It's like three groups waiting at the same intersection for a bus, and no one wants to move first.
The old whales are still active. ICO-era whales transferred out 5,000 coins, about $11.59 million, all moved into exchanges. Their wallets still hold about 45,000 coins, roughly $105 million. Another group of old whales deposited about 7,594 coins to Kraken, approximately $17.77 million. The selling pressure hasn't disappeared, it just hasn't broken through the $2,300 level.
So right now, I’m not watching whether $ETH is going up or down. I’m only watching the $2,300 line. If it closes above, the rebound targets are $2,430 to $2,510. If it closes below, the first targets are $2,100 to $2,150. 🔍 Corporate accounts contributed 78% of the day's trading volume, and I focused on this number: Is the election driving a surge in safe-haven demand, or do corporations naturally dominate the volume? Let's not jump to conclusions yet.
An interesting detail here: the 78% figure is based on a single platform's (Mercado Bitcoin) data, and the source did not provide the usual corporate share, so it can't be directly taken as evidence of a "corporate mass exodus." The report also mentioned that stablecoin and Bitcoin trading volumes have significantly increased.
I believe this is more a clue about corporate fund management rather than a general bullish signal for the crypto market. Here's my speculation: if corporations are just temporarily converting part of their assets into dollars, then the increased trading volume reflects exchange rate anxiety, not a return of risk appetite.
I will continue to monitor whether the corporate trading share falls back after the election. Let's all follow up together: do you think it will return to normal, or will there be a sustained demand for stablecoins? Let's see who guesses closer.