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#Can Robinhood's trading business growth continue? $HOOD Event contract revenue reached $156 million, surpassing stock trading revenue of $129 million for the first time. ▪️ Q2 total revenue $1.31 billion, +32% YoY ▪️ Trading business revenue $776 million, +44% YoY ▪️ Event contract revenue $156 million, over 10x YoY growth ▪️ H1 revenue $2.375 billion, +23.96% YoY, net profit $919 million ▪️ Closed at $103.99 on 10/15, +2.88% daily, down 7.56% since October ▪️ Some brokers maintained buy rating on 10/13 with a $134 target price The disagreement is not about how fast growth is, but what type of contracts are included in the "trading business." Stock and options revenue comes from turnover of existing customers, while event contracts come from newly launched categories. The latter is just starting with a small base, so 10x YoY growth is not difficult; the former is large scale with slower growth. Looking at both combined is 44%, but breaking it down shows new categories are compensating for slower growth in old categories. The outlook is cautious — event contract revenue must not decline for two consecutive quarters to be considered a true successor; relying on a single quarter means the base effect has not yet played out.$SUI I'll add a couple more words about that Alibaba Cloud news. This morning I said it was just sitting on trending search pretending to be dead, but now the core is clear—Alibaba Cloud has integrated Sui Agent Payments, AI agents automatically pay USDC per use, all settled on Sui. Sounds solid, but my first reaction is: this kind of infrastructure integration won't bring quick riches; it's something that will slowly ferment over three months. It's up just over 5% in 24 hours now, but the volume? Still the same dead pattern, just cooperating a bit. The real value is the narrative shifting from "public chain" to "AI payment implementation," but the traders on the market don't care about this at all. Don't bet on a big bullish candle just because of such big news. $SUI $CT is currently in a valuation digestion phase following the realization of positive factors. Its short-term trend depends on the effectiveness of the $0.35 support level, while the mid-term is suppressed by two major variables: the unlock calendar and protocol revenue. Short term (1-2 weeks): Key support lies between $0.36–$0.37, with the first resistance around $0.42–$0.43. If $0.35 breaks with increased volume, the price may continue to test lower supports. On the upside, $0.63 is a strong supply zone formed by historical highs; only a volume-backed break above $0.65 can open the $0.70–$0.75 range, otherwise rebounds are mostly technical corrections. Mid-term risks: The unlock calendar for 22% held by the team plus 28% by investors has not yet been disclosed, representing the biggest uncertainty looming overhead. If the calendar is announced earlier than expected, current buying pressure will face the burden of supporting future token supply. Although the protocol’s TVL reaches $1.2 billion, 30-day fees are about $2 million and revenue only around $40,000. CT holders cannot directly share in protocol profits, so the valuation lacks a cash flow anchor. Overall assessment: In the short term, expect oscillation mainly between $0.35 and $0.43, with directional moves likely triggered by unlock news or BTC market trends. The new token’s supply structure is unstable and volatility extreme, so heavy bets on a single direction are not advisable. Tesla's move this time is ruthless, truly the currently accessible flying car, without a doubt this Tesla is definitely beyond expectations Regarding Tesla's stock: Short term: After the press conference, US pre-market stocks once rose nearly 5%, then narrowed to 1%~1.5% after opening, with the stock price fluctuating around $368; the previous day's close was $362.44, down 1.29%. Sentiment surged but did not form a sustained rally. Institutional divergence: · Cautious side: Gene Munster said it "has no commercial value"; Gary Black estimated that even with annual sales of 3,000 units and a profit of $100,000 per vehicle, it would only contribute about $0.06 per share, which is almost negligible compared to the expected EPS of $5.40 in 2029. JPMorgan maintains a "neutral" rating. · Bullish narrative side: Dan Ives and others believe the real significance is to strengthen the expectation of Tesla's integration with SpaceX, even triggering merger speculation, which is the valuation catalyst. Mid-to-long term trend: The core contradiction is not this car Tesla has fallen about 18% this year, ranking last among the "Seven Giants," with a P/E ratio of about 187 times. The valuation bets on FSD, Robotaxi, and Optimus robots, not a limited edition sports car with annual sales of a few thousand units and mass production only in 2028. The Q3 earnings report on October 21 is the key point to test the match between core business and valuation. #特斯拉交付超预期后盈利修复成焦点 特斯拉这季交付里，有个值得单独算的差额：交付比生产多了22141辆。 官方公布三季度生产464391辆、交付486532辆。交付高于产量，可能涉及此前库存与运输中的车辆，不能全部解释成这一季新增产能贡献。往好的方向看，把已经生产的车交到客户手里，有助于回收此前占用的资金。 但这笔资金回笼用了什么条件，10月21日美股盘后的财报才会说得更清楚。如果主要靠更大的价格让步或融资优惠，现金回来了，单车利润未必同步好转；假如售价比较稳定、成本又下降，那交付增长的质量就更高。这两种情况对股东的意义差很多。 所以我不急着拿交付超预期，直接替盈利修复盖章。观察库存变化的同时，还要把售价和汽车业务成本对起来，看看交出去的车究竟留下多少利润。 Roadster发布把市场情绪带热之后，这个问题反而更容易被忽略。跑车演示可以让人期待未来，日常销量对应的利润却要按季结算。到时候若只有销量漂亮，现金流改善又主要来自库存释放，我会保留一点怀疑，继续等下一季的订单和利润表现。 #特斯拉交付超预期后盈利修复成焦点 The most anticipated change in Netflix's advertising business is that advertisers can finally spend money through the procurement tools they are familiar with. When the company ended its U.S. ad presales in August, it claimed that committed ad spend nearly doubled. More specifically, advertisers can now transact with Netflix through existing purchasing platforms like Google, Amazon, Yahoo, and The Trade Desk, and paused screen ads have also been integrated into programmatic buying. With one less procurement barrier, there is a greater chance for budgets to come in. This is more interesting than simply stuffing more ads into videos. For advertisers, budget approval, campaign operation, and performance verification all incur costs; if buying Netflix ads requires setting up a separate process, no matter how good the content is, it may not smoothly secure the budget. These steps are now being connected. However, presale commitments still need to be realized through actual ad delivery before they can turn into revenue in financial reports. While the platform is willing to disclose signed deals, investors should continue to question the fulfillment status. If subscription growth slows, how large is the gap that ad revenue needs to fill? The reason I am optimistic about this business is that it is becoming easier to purchase. In the next financial report, if ad monetization accelerates but total revenue growth remains weak, the subscription business will need further dissection. We cannot dismiss the overall company's slowdown just because a new business is growing fast. #奈飞增长或放缓，广告业务成新看点 For SpaceX's next financial report, I want to first analyze how much each Starlink user contributes, then look at the number of rocket launches. In the Q2 official report, there is a less eye-catching comparison: the number of Starlink users doubled year-over-year to 12 million, but the average monthly revenue per user dropped from $85 to $66. Revenue from connectivity services still grew by 66%, and operating profit also increased. This shows that expanding the user base can indeed be profitable, but the income levels of new users and existing users may not be the same. Entering more markets and covering more consumer tiers naturally makes the user count look better; whether the same profitability efficiency can be maintained going forward depends on the package structure and contributions from enterprise customers. Simply multiplying the user count by an optimistic unit price can easily lead to a valuation that excites oneself. One more reminder: the first "complete quarter" after going public refers to Q3, so it should not be written that the company has never released financial reports before. The Q2 results have already been published and are perfect for comparison. My expectations for this report are very specific: whether Starlink's growth can continue to support the group's investments, and how much cash the AI business expansion has consumed. Only when both sides are clearly explained can shareholders understand what kind of business they are buying into. Technological progress can be exciting, but financially, it is unwise to mix all businesses together and just assign a single "Musk ecosystem" valuation. #SpaceX's first complete quarterly financial report after going public will be revealed 这份PPI最让人不舒服的地方，是把能源拿掉，涨价也没消失。 美国9月PPI环比上涨1.3%，能源当然贡献很大。但BLS另一项口径更值得翻出来：剔除食品、能源和贸易服务后，价格仍环比上涨0.5%，高于8月的0.3%。想用一句“都是油价惹的祸”把这次通胀解释完，已经有些勉强。 对美联储来说，两种局面处理起来很不一样。油价突然跳升，可以观察冲击是否回落；如果非能源价格也加快，就得担心企业开始把成本转嫁出去，涨价范围继续扩大。这个判断还需要后续数据确认，不能凭一份月报就宣布新一轮加息已经确定。 市场总想把坏数据当成短暂插曲，觉得再忍一忍，便宜资金就会回来。我对这种乐观有些不安。年内还加不加息尚无定论，但利率迟迟降不下来，本身就会改变融资成本和资产估值。 对BTC而言，高利率多留几个月，资金愿意承担多少风险，答案也会跟着变。我会先观察这项剔除食品、能源和贸易服务后的涨幅能不能降回去。 #美国CPI与PPI双超预期，年内能否再加息？ #HBM4 mass production: Can it drive SK Hynix's profits to new highs again? $BTC 昨晚那波探底$80,000各位友仔心里估计都咯噔了一下，大家应该都能看出这是美国通胀偏热、亚洲市场走弱和风险偏好下降一起发力的结果。但阿简认为这波走势最重要的信息是市场在短时间内完成了一次仓位重排，下跌时多头被迫卖出，反弹时空头又可能开始回补，价格看起来只是从8万美元附近弹回去，但里面的人已经换了一批 所以目前的价格来看不像是清算之后必涨的结果，更像是去杠杆后的技术性修复，现货需求并没有全面回归。真正的趋势反转，应该同时看到现货成交回升、价格重新站稳$82,600上方，以及ETF流量不再持续恶化。 另外，虽然此次清算金额很大，也不代表卖压已经全部结束。部分多头只是被清掉，剩下的现货持有者可能仍然在等待更好的价格退出。阿简不建议用“已经跌过了”作为加仓理由#美国CPI与PPI双超预期，年内能否再加息？ #特斯拉发布新一代Roadster，行情走高 Tesla's quarterly earnings report is very likely to exceed expectations. Deliveries have already significantly surpassed estimates, reaching 486,500 vehicles, much higher than analysts' forecast of 462,000, and the revenue base is more solid. After two consecutive quarters of inventory reduction, cost pressures may be smaller than expected. Additionally, following a significant miss in Q2, market expectations for this quarter have been lowered considerably, making it easier to exceed them. FSD subscriptions continue to grow, and software has high gross margins, which can support profits. Although energy deployment targets were not met, overall, with low expectations and high deliveries, the probability of exceeding expectations is quite high. #特斯拉发布新一代Roadster，行情走高 【Crypto Scene Script】 #US CPI and PPI both exceed expectations, will there be another rate hike this year? The US inflation data this time is a bit scary CPI rose to 3.7% PPI even directly hit 6.3% Both exceeded market expectations Now the Federal Reserve has a headache again Previously, employment data weakened Everyone was hoping for a rate cut to save the market But inflation slapped back hard Now it's worse Economic growth is under pressure But prices are still rising Isn't this the stagflation risk the market fears most? What's more troublesome is This round of inflation largely comes from energy When oil prices rise Transportation costs rise accordingly Corporate costs go up In the end, consumers still pay the price But I think one detail is worth noting The data looks so bad Yet the market hasn't treated an October rate hike as a done deal What does this mean? Bad data doesn't necessarily mean the market will fall Because the market trades not just on data But also on expectations and capital It's the same for Bitcoin The higher the inflation The harder it is for the Fed to ease Liquidity expectations are more likely to be under pressure $BTC $ETH $ZEC #Tesla delivery exceeds expectations, profit recovery becomes the focus. At 5 PM, $TSLAB surged to 382.69, 5.5% higher than before the press conference. I admit, I was tempted then. Flying cars, Tesla on the blockchain, the story flows so smoothly you don’t want to ask the second question — who holds the pricing power. Three and a half hours later, 365. The US stock market opened. Just that moment. I stared at those hourly candles dropping down and finally understood: the 382.69 during the day wasn’t Tesla’s rise, it was us pushing it up ourselves. As soon as the US market opened, the accounts were settled. Not a cent left. So don’t blame Musk’s car — whether the car performs or not has nothing to do with this 5.5%. What’s been exposed is the idea that "the crypto community can set Tesla’s price themselves." Tonight’s lesson cost 5.5%. What about you, did you chase that price this afternoon? $TSLA #暴跌之后的首轮反弹，为何最容易造成亏损？BTC 当前涨幅 +1.85% 大跌阶段，市场普遍笼罩恐惧，风险感知清晰。可一旦价格拉起，FOMO 情绪快速蔓延。踏空者急于进场追赶，原本计划减仓的交易者，受锚定效应影响，开始脑补新一轮上涨行情。这波抬升力量很多只是空头平仓，并非长线资金回流，持续性存疑。 比起反弹幅度，更值得观察三点：ETF 能否维持连续净流入、反弹现货成交量同步放大、站稳关键价位后扛得住回踩。若三项没有改善，单根阳线不足以改变原有判断。若市场出现利空抗跌、回踩承接有力、资金持续进场，观点也会动态调整。我不会固化多空立场。 可以自问：你当下的判断，是资金信号支撑，还是被行情唤起的情绪？一旦放量突破关键阻力，这套观察逻辑就不再适用。 $BTC $ETH $SOL 抓到一个有意思的大户仓位昨晚在 HL 上 1x 做多 $ZK 仓位约 120 万美元，账户里还躺着约 200 万 USDC 时间点很巧，当天上午 V 神刚发推祝贺 ZKsync Airbender 团队，称 zkEVM 的"速度之战"已经打完，下一步重点是安全性 这个账户大概是 HL 上最大的 $ZK 多头，但杠杆只有 1x，与其说是投机，不如说是大资金的现货式布局，值得扒一扒他的建仓逻辑 他的另一个关联账户那边，7 月初在 0.01 附近建了约 130 万美元的 $ZK 现货，目前浮盈 50 万+（70%+） $ZK 近 30 天涨了约一倍，注意力刚起来。这波主要是大户行为，值得观察$BTC $ETH $SOL Federal Reserve officials' statements have been implemented, reinforcing expectations that interest rates will remain unchanged in October, bringing a somewhat suppressive macro sentiment to the crypto space. Simply put, no rate cut = market funding costs remain high. U.S. Treasury yields are stuck near a 20-year high, and capital prefers holding bonds for stable interest rather than flowing heavily into risky assets like BTC. U.S. tech stocks have already started to feel pressure, and the decline in AI-related stocks will drag down the bullish enthusiasm for AI-themed coins in the crypto market. On the other hand, this speech only confirmed no rate hike, without releasing a more hawkish signal, so it won't directly trigger a major drop. Market expectations have been priced in early, so extreme panic selling is unlikely in the short term. In terms of sentiment, capital will become more conservative. BTC will find it difficult to sustain continuous violent rallies, altcoin speculative themes will contract, and capital will prefer to cluster around BTC for risk aversion, increasing the selling pressure risk on high-level thematic coins. Key observation point: Focus on fluctuations in U.S. Treasury yields. If yields continue to rise, the pressure on risk assets will intensify again. 二、为什么现在不能无脑看疯牛 - 现货买盘不够扎实，突破8.7万附近阻力失败，市场卡在8.0万—8.7万震荡。 - 宏观数据、美联储预期会直接打情绪，资金费率虽不算极端，但衍生品杠杆随时被洗。 - 有效突破87k并站稳，才算打开继续上攻；跌破8万且守不回来，偏牛结构会明显弱化。 - 更深的牛熊分界参考短期持有者实现价约7.46万，掉下去就要重新评估趋势。 三、当前操作上怎么分环境 - 偏多条件：价格站稳8.2万，放量收回8.5万—8.7万，ETF回流、资金费率不疯狂透支。 - 转弱条件：日线收盘跌破8万，尤其插针后收不回；8万失守看7.75万、7.46万附近。 - 确认反转加速：日线有效突破87k，再谈冲击前高和9万上方。 - 现在不是单边流畅趋势，更像牛市回踩整理+宏观等待窗口，适合看关键位反应，不适合把“牛市”理解成天天涨。 四、给短线交易的直接提醒 高杠杆在8万—8.7万这种区间最容易被上下插针扫掉。把仓位按8万、7.75万、8.7万三个位置分层看，突破前不追，插针收回才看有效性。当前趋势判断：偏牛震荡，短线中性偏多，跌破8万防守。Current CME interest rate futures pricing shows the probability of a Fed rate hike at the October meeting has fallen to 17%, indicating the market's mainstream expectation is that maintaining the current rate in October is highly likely. Although previous CPI and PPI data both exceeded expectations, showing inflation stickiness, the market judges that a single-month inflation rebound is insufficient to prompt the Fed to immediately implement a rate hike. On one hand, the rise in long-term U.S. Treasury yields has passively tightened financial conditions, which has already had an effect similar to a rate hike. But note: 17% is not zero; the option of a rate hike is not completely closed. This probability is just the market's traded expectation and can change at any time with inflation and employment data. If core inflation rises again, the probability of a rate hike will quickly rebound. Impact on the crypto market: short-term marginally positive. The cooling of rate hike expectations means the risk of further increases in high interest rates declines, easing pressure on interest-free high-beta assets like BTC and ETH. However, this is only a risk relief, not an immediate start to an easing cycle. Interest rates remain high, making a strong one-sided rally unlikely; a more probable scenario is a consolidation and recovery phase. The market needs to distinguish: no hike in October does not mean no hikes later. The market is currently postponing rate hike expectations, not directly pricing in a rate cut. The key focus is on the probability changes for the December meeting. Key follow-ups: nonfarm employment, the next round of inflation data, and hawkish or dovish statements from Fed officials. $BTC $ETH #USCPIandPPIsurprise, will there be another rate hike this year? Recently, the global tech sector took a big dive. $SNDK SanDisk dropped to around $1280 from above $1900, falling nearly $600. My long position in SanDisk is stuck at a very awkward level of $1600. After serious analysis, I found that this round of decline in SanDisk is mainly due to three overlapping factors. First, US inflation data was hotter than expected, causing market concerns that interest rates will remain high, suppressing high-valuation tech stocks; second, advances in China's storage technology have triggered market worries about future competition, putting pressure on the entire semiconductor sector; third, SanDisk's previous gains were too large, and funds have started to take profits, with the market also re-evaluating AI storage. Currently, around $1325 is a short-term level to watch. If it breaks, be cautious of further declines; if it rebounds, first look at $1380–$1400, then the resistance above $1450. It must be emphasized that support levels do not guarantee no further drops, and a rebound does not mean a trend reversal. Next, focus on whether the semiconductor sector can stop falling and on SanDisk's earnings and future guidance from the October 29 financial report. My view is to first see if the market can stabilize, then judge whether the rebound has sustainability. Don’t assume it’s the bottom just because it has fallen a lot. #US CPI and PPI both exceed expectations, will there be another rate hike this year? #Can SanDisk's storage business maintain high growth? #Jensen Huang Supports CoreWeave, Credit Concerns Still Unresolved $CRWV On the same day, the verbally stated cost of capital is decreasing, while the bond market's default probability is rising. ▪️ On 10/15 in Stockholm, Jensen Huang said CoreWeave does not need Nvidia's financial backing ▪️ He said its cost of capital is declining ▪️ On the same day, its five-year CDS spread jumped 74.5 basis points to 1,194.5 basis points, a record high ▪️ Based on this pricing, the cumulative default probability over the next five years exceeds 60%, compared to about 30% a year ago ▪️ Previously, the stock price dropped about 15% in one day, and some bond prices fell below 80% of face value ▪️ The yield to maturity on related bonds has surpassed 15% The disagreement is not whether it will default, but who has the authority to say the "backstop" statement counts. Equity holders focus on growth, creditors focus on payment priority. Nvidia is its upstream supplier; the supplier saying no backstop means the repayment responsibility remains on the company's own balance sheet. CDS pricing reflects how much premium bondholders are willing to pay; this figure is set by the market, not by the press conference. The direction is to wait and see — bond prices returning above 90% of face value would indicate credit repair; CDS remaining above 1000 points means refinancing is still an issue.10.19, Will Inflation Selling Pressure Be Drained? On October 19, the Filecoin Solstice upgrade is not just a routine technical update but a significant turning point for the economic model. Three core changes: 1️⃣ Reward Mechanism Reshaped Block rewards will favor storage services that bring paying customers; rewards without actual revenue will be directly burned, guiding the network toward commercial viability.MSCI is going to kick Strategy out of the index, will BTC really be dragged down? The market is worried that Strategy might lose its index constituent status, putting about $2.8 billion in passive funds at risk of adjustment. But here’s a key distinction: the fund selling MSTR stock does not mean Strategy has to sell the BTC it holds. Bears believe that index fund withdrawals will suppress the stock price and even increase the difficulty for the company to raise funds to buy more BTC in the future; bulls argue that passive selling pressure on the stock cannot be directly equated to selling pressure on Bitcoin, and short-term shocks may not change BTC’s supply and demand. What I think is truly worth worrying about is not whether the $2.8 billion will directly crash the market, but whether this event will affect Strategy’s ability to continue raising funds to buy BTC. If it’s just a stock adjustment, that’s completely different from the company’s financing ability being weakened. In the crypto world, "potentially affecting buying demand" is often directly interpreted as "immediate market crash," but there are actually several steps in between. Do you think the main risk this time lies in MSTR stock, or will it transmit to BTC? If the company doesn’t have to sell BTC, is index fund selling of stock alone enough to make you bearish? #MSCI new rules may remove Strategy and other BTC treasury companies from the index $BTC #Netflix growth may slow, advertising business becomes new focus Million-dollar Bitcoin: Faith or Fantasy? ARK's Timeline Prediction Revealed ARK's Cathie Wood team presents three Bitcoin scenarios for 2030 in their report: a pessimistic scenario at $300,000, a base scenario at $710,000, and an optimistic scenario reaching up to $1.5 million. Many interpret this directly as "Bitcoin will definitely surpass one million by 2030," but these are just model simulations, not guaranteed outcomes. This million-dollar target is based on multiple idealized assumptions: spot ETFs continuously bringing institutional incremental funds, Bitcoin steadily capturing gold's store-of-value market; ongoing allocations by corporations and sovereign nations; and globally relaxed and friendly regulation. If any one of these conditions fails, the million-dollar projection will become invalid. Critics argue that achieving this goal requires massive capital inflows sustained over more than a decade, which is extremely difficult and leans more toward grand narratives. Distinguishing faith from fantasy is crucial. ARK's model is a set of scenario assumptions, not a promise to be fulfilled. Cycles have uncertainties, and black swan events can change the market at any time. Do not rely solely on distant targets to heavily speculate; view institutional forecasts rationally and manage positions to guard against huge volatility risks. #US CPI and PPI both exceed expectations, can there be another rate hike this year? The market has pushed the probability of a rate hike in October down to about 17%, but Waller refuses to set the tone for the next meeting in advance. Does the market's 17% pricing align with Waller's statements? 🏛️ Pricing says steady, the chair's words haven't closed the door, watch data closely before the meeting On one side is the price: the probability of a rate hike in October has dropped to about 17%. On the other side is the tone: Federal Reserve Chair Kevin Waller said he does not predict the remaining two meetings this year, neither supporting nor opposing colleagues' views of no rush to hike this month, only reiterating the goal of price stability; meanwhile, the Fed unanimously raised rates by 25 basis points in September, lifting the target range to 3.75% to 4%, with core CPI rising 0.33% month-over-month. The tone is more credible than pricing: 17% is written by the market itself, Waller hasn't closed the door. Before the next meeting, if this 17% rises again, it means the market is reading the no-prediction as a risk. #Fed October rate hike probability drops to about 17% #SpaceX上市后首份完整季度财报将揭晓 跌一下吧？Coinbase premium has been negative for 23 consecutive days 🤨 The last time we discussed this indicator was 12 days ago, when the negative premium was only about -0.02%. I was wondering why, as $BTC price was going up, the Americans didn’t really step in to support. Now it’s even more extreme. The latest premium has dropped to -0.14%. Looking back at data from the past year, it rarely went below -7%. This is quite interesting: During the previous BTC rebound, Coinbase premium never turned positive. Now that the price is weakening again, the negative premium has further widened. At least from the relative pricing between exchanges, the spot buying demand in the US market remains weak, while the offshore market is clearly stronger. Of course, a negative premium doesn’t directly mean US institutions are selling; but this state has persisted for over three weeks, so it’s hard to simply attribute it to short-term noise. When US funds will step back in might be more worth watching than how much the next BTC green candle will rise. #ETF and whale funds diverge, can BTC hold $80,000? @OKX星球 # Netflix Growth May Slow, Advertising Business Becomes New Focus It can be seen that revenue growth gradually declined from 17.6% in Q4 2025 to 13.4% in Q2 2026, with the Q3 guidance further lowered to about 11.7%. This is also the main source of market concerns about Netflix's "growth slowdown." Why does the market think growth is slowing? ● Revenue growth has continuously declined. Growth rates in Q1 2026 and Q2 2026 were both lower than Q4 2025, and Q3 guidance continues to be lowered. ● Viewing time growth is weak. Viewing time in the first half of 2026 was about 97 billion hours, a year-on-year increase of about 2%, significantly lower than revenue growth. ● Competitive pressure is increasing. Platforms like YouTube, Disney+, Amazon Prime Video, etc., are diverting users' viewing time. ● Data transparency has decreased. The company changed the frequency of disclosing viewing data from once every six months to once a year, raising market concerns that this may mask pressure on user activity. ● Organizational adjustments also reflect pressure. Netflix recently laid off about 1,000 employees and replaced its Chief Content Officer, indicating the company is responding to growth slowdown and content competition. Why has the advertising business become a new focus? Advertising is currently Netflix's most imaginative incremental direction: ● Advertising revenue target doubles. The company expects advertising revenue to be about $3 billion in 2026, nearly double the approximately $1.5 billion in 2025. ● Advertising package penetration rate increases. AI evaporated $1 trillion in a week, but BTC has bounced back: Can it really stay independent this time? The most worth pondering this week isn’t how much AI stocks have fallen, but that the market’s reaction is starting to diverge. The semiconductor index has weakened for several consecutive days, and AI infrastructure company CoreWeave’s stock and bonds have also been sold off. Investors are beginning to ask: How long will it take to recoup the massive computing power investments that were dumped? But BTC has rebounded from below $80,000 to around $82,000. The question is: Is the crypto market more resilient than tech stocks, or have the two simply entered different rhythms for now? Optimists say BTC has its own capital and narrative, so you can’t assume the crypto market will fall just because Nvidia and memory chips are down. Pessimists remind us that both AI and crypto assets depend on risk appetite; once financing costs rise and capital starts to contract, related assets may not continue to diverge. What I care more about is whether this AI correction is just a bubble burst from overvaluation, or if the market is starting to doubt the entire investment return logic. If it’s just the former, there might still be opportunities after the drop; but if even the financing chain is under pressure, the impact won’t be limited to a few stocks. What do you think this BTC rebound means? Is it decoupling from US tech assets, or just temporarily avoiding the drop? Don’t just talk about price moves—share what you think the real connection between the two is. #CoreWeave stock and bonds both down, CEO responds to financing concerns $BTC Level 8 Gale｜L1 Public Chain Token Analysis｜Is ZIL being delisted? Clarification: It's a delisting from a Korean exchange! Upbit will delist ZIL effective in one month But the real delisting actually happened today A 21% plunge in half an hour Note: ZIL is officially announced by Korea's Upbit to be delisted on November 16, no delisting announcements from other exchanges for now. The cause is a project security vulnerability; delisting on a single platform does not mean delisting on all exchanges. The project itself still plans a network migration, swapping 1:1 to ZILEVM. Market risk must be understood: Partial major exchange delisting = liquidity continuously decreasing, long-term selling pressure heavy. But low-liquidity small tokens have a killer move: a small amount of funds can violently trigger a dead-cat bounce, specifically targeting short positions. Even if the direction is correct, when the spike comes, before a big drop happens, shorts get liquidated immediately. If you want to speculate on the delisting market, never assume it's a guaranteed profit. Liquidity worsens, long-term selling pressure is heavy, but it’s very easy to have a deceptive rebound, making shorting risky due to sudden spikes causing liquidations. Speculating on delisted tokens carries risks far greater than imagined. When you see news of a single exchange delisting, would you consider speculating by shorting? $ZIL Core official (Core DAO) has proactively withdrawn its own validator nodes, which can be interpreted in two completely different ways depending on whether it is a voluntary offline exit from the validator set or just a temporary shutdown. 1. The most ideal interpretation: Decentralization (positive narrative) The Core network has a total of only 31 active validator nodes. - The foundation voluntarily withdraws its official validator nodes it operates, no longer occupying validator seats, handing block production rights over to community third-party validators. - This means the project team no longer controls the network, weakening the foundation's grip on the chain, aligning with the goal of decentralization for public chains. - This is a common operation in the later stages of many public chains and does not inherently mean the chain is abandoning the project. However, there is a key point here: Although the official nodes exit, if a large amount of staked delegation remains concentrated in the hands of a few top validators, the network remains highly centralized, with control simply shifting from the project team to a few large holders. 2. Negative signals to watch out for (market's main concern) If the core official validator nodes suddenly exit without prior announcement, the market generally interprets it as the following issues. 1. Project team operational contraction and budget cuts Running validator nodes requires ongoing server and operational manpower costs. - With the token price persistently low and ecosystem revenue below expectations, the team reduces expenses and no longer bears the cost of validator nodes. - This indicates the project team is unwilling to continue investing in maintaining the chain, signaling a weakening of fundamentals. 2. Lack of team confidence #黄仁勋力挺CoreWeave，信用担忧仍未消退 $CRWV On the same day, the verbally stated cost of capital is decreasing, while the default probability reported by the bond market is rising. ▪️ Huang Renxun said in Stockholm on 10/15 that CoreWeave does not need Nvidia's financial backing ▪️ He said its cost of capital is decreasing ▪️ On the same day, its five-year CDS spread jumped 74.5 basis points to 1,194.5 basis points, a record high ▪️ According to this pricing, the cumulative default probability over the next five years exceeds 60%, compared to about 30% a year ago ▪️ Previously, the stock price fell about 15% in one day, and some bond prices dropped below 80% of face value ▪️ The yield to maturity of related bonds has exceeded 15% The disagreement is not whether it will default, but who has the authority to say the word "backing". Equity holders focus on growth, while creditors focus on the order of repayment. Nvidia is its upstream supplier; the supplier saying no backing is needed means leaving the repayment responsibility on the company's own balance sheet. CDS pricing reflects how much premium bondholders are willing to pay; this number is set by the market, not by the press conference. The direction is to wait and see — bond prices returning above 90% of face value counts as credit repair; if CDS remains above a thousand points, refinancing remains a problem.$ETH 永续合约，100倍空单持仓，开仓均价2540.46，标记价格2472.99，浮盈+265.58%。 基本面：以太坊质押解锁资金持续提现流出，链上交易量萎缩，生态热度下滑；宏观层面美联储态度偏鹰，降息预期延后，美元和美债收益率走高，压制加密资产估值。 技术面：价格在2540.46构筑阶段顶部，多次试盘冲高失败后承压下行，多头止损盘陆续触发，带动价格回落。 风控策略：原始止损2575，移动止损下调至2488，下方关键支撑2450。支撑失守将打开更深下行空间；如果出现反弹，移动止损也能保住现有大部分盈利。$BTC $ETH #特斯拉发布新一代Roadster，行情走高 # Netflix Growth May Slow, Advertising Business Becomes New Focus Netflix growth may slow, advertising business becomes new focus Q3 earnings report released after market close on October 20. Revenue guidance at $12.86 billion, up 12% year-over-year (11% currency-neutral), marking the slowest growth in 11 consecutive quarters. Full-year growth forecast narrowed to 13-14%, with total revenue guidance adjusted to $51-51.4 billion. Core subscription growth is slowing: the benefits from cracking down on password sharing are fading, and co-CEO Ted Sarandos himself said, "Growth rate has not reached the level I hoped for." The company recently cut about 1,000 employees (6%) to control costs, and the stock price has fallen about 26% year-to-date. The real new variable is the advertising business. Advertising revenue is about $1.5 billion in 2025, with a target to double to $3 billion in 2026, making it the fastest-growing revenue segment currently. Global monthly active users for the ad-supported tier have exceeded 250 million. Q2 advertising revenue was $618 million (up 80% year-over-year) but below expectations. If Q3 advertising can deliver a cleaner beat, market sentiment may reverse; if it misses again, the story of valuation multiple compression will continue. Current market consensus EPS is about $0.82 (up roughly 40% year-over-year), having beaten estimates 7 out of the past 8 quarters. Profit margins are still improving (full-year operating margin guidance at 31.5%), but the top-line story has shifted from "user growth" to "advertising monetization." Reader asks: How do you view the current liquidity and real-time situation of long-term entry funds? Yearly response: The 10-year US Treasury yield remains high, inflation data rebounds, high interest rates persist longer, and macro liquidity is tight. There is a slight continuous inflow in BTC spot ETFs, but the capital strength is weak; MSTR is still issuing more shares to buy Bitcoin, but the scale of single purchases has significantly shrunk recently. Positive news can trigger short-term emotional pulses. A sustained upward trend must simultaneously meet: a shift to loose macro liquidity combined with continuous, large-scale long-term capital inflows. Currently, neither condition is fully met. #US CPI and PPI both exceed expectations, will there be another rate hike this year? $BTC $ETH Tesla released its Q3 earnings report after the market closed on October 21, with consensus EPS of $0.43 and revenue of $27.8 billion, representing a 14% year-over-year decline in EPS and flat revenue. Deliveries reached 486,500 vehicles, exceeding expectations by 5%, but energy storage at 13.7 GWh fell short of expectations, and automotive gross margin is expected at 17.3%. After a major Q2 miss, Zacks Earnings ESP stands at negative 12.85%, indicating smart money is not optimistic. The only potential turnaround factor is the AI narrative—FSD subscriptions, Robotaxi paid mileage, and regulatory progress in Europe. JPMorgan says the EPS inflection point is in 2028. #Netflix growth may slow, advertising business becomes new focus At the Nasdaq open, many people's first reaction was "US stocks fell, the crypto market is doomed," but what really matters is not the drop itself. Why do leveraged products fall much harder than the index? What caught my attention first while watching the market was not the 1.53% drop in QQQ, but the breakdown in leveraged ETFs. KORU dropped 16.83% in a single day, SOXL fell 11.05%, INTW fell 10.96%, SNXX fell 11.58%. These are not ordinary pullbacks; leverage is amplifying the same directional sentiment. The index moved less than two points, but triple-leveraged products lost more than 10%, indicating the market is trading "risk appetite contraction," not the performance of any single stock. The key to cross-market linkage lies here: the Nasdaq represents growth stock duration, semiconductors are the heart of the AI narrative, and Korean assets are tightly linked to the global manufacturing cycle. These three sectors being sold simultaneously signals not sector rotation, but capital reducing overall risk exposure. At such times, BTC usually does not immediately follow the decline because it is sometimes treated as an alternative risk asset, but ETH and altcoins are more sensitive, especially those propped up by narratives and leverage. There is also a bullish path. If this is just an emotional release at the US stock market open, with intraday support and QQQ recovering some losses, then the crypto market might only experience a brief risk pulse, and BTC could gain some relative strength due to its "non-US stock asset" label. In past sharp but non-sustained US stock drops, BTC's resilience has been traded on. But the unseen risk is:#Netflix growth may slow down, advertising business becomes a new focus The most deceptive thing in the market is public consensus; when everyone is fixated on the same story, it is often a trap. Don't just look at surface growth; look at the real incremental growth hidden behind the story. Capital tells stories to attract latecomers to take over positions. Netflix's Q3 market revenue growth is expected to slow, and the market treats the advertising business as a new growth narrative. Everyone's attention is focused on the proportion of ad packages, CPM, and inventory fill rate, betting on whether the earnings report can exceed expectations. The public sees a hot news story, a Yes/No binary bet, a gamble on the rise or fall of a single earnings report; but the essence of trading is not guessing the result, but looking at the expectation gap. The market has already priced in optimistic fantasies; when the positive news materializes, it is a realization. The underlying fact of growth slowing will not be masked by a single advertising business. The more unified the market consensus, the more cautious you should be. When everyone piles bets on the same direction, the moment liquidity runs out is when the harvesting begins. The saying by Liang Xi, "Learning from me to open a position will definitely lose," applies here as well: don't follow the crowd and bet based on community opinions; hot topics are just bait used by capital to lure retail investors in. As the boss often says: don't be fooled by stories; data is the trump card. Whether the advertising business can climb the slope cannot be judged by topic popularity; it depends on real and sustained cash flow. Popularity does not equal profit. Hot topics are emotion; earnings reports are the answer. Emotion always runs ahead of facts.Want to buy some $DOS spot but worry it will keep slipping down slowly $DOS/USDT spot at 0.1820, 24h −1.40%, high 0.1951, low 0.1672, volume 1.0147 million USDT, still tagged as a new coin. Daily EMA5 at 0.2025, EMA10 at 0.2144, EMA20 at 0.2192, all three pressing down from above, current price is 11.3% below the nearest EMA. MACD's DIFF −0.0043 crossed below DEA 0.0004, histogram −0.0096 still expanding. That spike at 0.7691 until today has dropped 76.3%. A bit warmer than yesterday; last night around this time it was hovering near 0.17, now at 0.1820. But today's high 0.1951 didn't even touch EMA5, this is a rebound, not a recovery. Looking sideways, there are three possible paths. Continue grinding between 0.16 and 0.20, 45%; slow decline continuing downward, breaking 0.1610 to seek earlier support zones, 35%; first reclaim 0.2025 then talk about 0.2144 and 0.2192, 20%. The worry about continuous slow decline is grounded in the chart; the slow decline scenario is 15 percentage points higher than recovery, so don't interpret the sideways movement as a bottom formation yet. The judgment lines are two: 0.1610 and 0.2025. Whichever daily close breaks first dictates the direction. These two lines are only 3.7% apart, an absurdly thin buffer; once broken, it’s a trap. More importantly, liquidity and identity. This page has no volume bars, OI is empty, daily volume just over 1 million, and it just had a spike at 0.7691. How much it falls is less important than whether it can be sold. If you really want to go spot, the volume should be set at a level that can be fully absorbed without crashing the market. Also, the abbreviation DOS has two entries in public markets: DOS Network and DAppOS, quoted today at 0.1804 and 0.1921 respectively. Prices are close but they are different projects; check the contract address before placing orders. At this position, should you build a 10% position to test the waters first, or wait to reclaim 0.2025 before entering? If 0.1610 breaks, should you add or exit? Spot veterans, please share your advice in the comments. (This is a personal market observation, not investment advice.)$INJ Injective’s focus on financial applications makes its ecosystem particularly sensitive to actual trading demand. Derivatives, decentralized exchanges, and other on-chain financial products can create useful activity, but competition is intense and liquidity can migrate quickly. INJ’s broader investment narrative depends on whether the network can attract recurring users and applications while maintaining competitive execution and meaningful token utility.Platform coins don't all fall together $OKB dropped from 123 to 117.7, down about 3.2%. How is this number calculated: the day before, it rose 2.4% against the trend, which was where funds hid. At the moment it triggered: the money that hid there pulled out again, causing two consecutive days of catch-up decline. 120 wasn't recovered, now it's pressing the price down. In plain terms: fixed total supply and an ecosystem exist, which is a long-term matter. Short-term funds exit decisively; these two things don't conflict. Within the same sector, $HYPE holds above 80 and turns positive, while $OKB is still going down. This shows that in a general decline, no one can truly hide; don't take that red candle against the trend as a signal. 115 is a key round number; holding it means a rebound, failing means continuing down. Wait for it to stabilize, increase volume, and stand back above 120 before reassessing. #ETF and whale funds diverge, can BTC hold $80,000? #$OKB $HYPE $ONDO Tokenized real-world assets offer crypto markets a potential bridge to traditional financial instruments. Ondo’s positioning in this sector makes distribution, regulatory compliance, asset transparency, and access restrictions especially important factors. Growth in tokenized products would not necessarily translate proportionally into ONDO token demand. Separating the success of the underlying business from the economics of the governance token is crucial when evaluating this narrative.Robinhood Chain, 74% of this quarter's revenue was concentrated in 12 days. Brendan Ma, who manages 800 billion euros in institutions, is asking: With so much activity on-chain, what does it have to do with the coins I bought? But they can completely avoid buying ARB, and still operate on it. So the question is not "whether to buy," but "can you make money without buying it?" What does this mean? The path to making money bypasses the coin itself. Infrastructure can be used, coins don't have to be held. Whereas Bitcoin's path cannot be bypassed; the coin itself is indispensable for transfers, storage, and decentralization. On Arbitrum's path, money is on-chain, but value can be realized off-chain. Bitcoin cannot be bypassed, Arbitrum can — this is its fatal difference.# Netflix Growth May Slow, Advertising Business Becomes New Focus After Netflix's subscriber growth peaks, the ad-supported plan becomes the second growth curve, essentially an iteration of the business model in a mature market. The low-cost ad plan attracts price-sensitive users, with the same user contributing both subscription fees and advertising value, effectively broadening the user base. However, there are obvious drawbacks: advertising revenue currently accounts for a relatively low proportion of total revenue, making it difficult in the short term to fully offset the decline in subscription growth; advertising technology and targeting capabilities are still inferior to traditional digital advertising platforms; an increase in ad inventory may also trigger downward pressure on CPM. Similar cases include Disney+ and Amazon Prime Video launching ad-supported plans; domestically, iQIYI and Tencent Video adopted a dual-track model of membership plus advertising years ago, relying on advertising to tap into the value of existing users when subscriber growth slows.🚨 PPI month-over-month is 1.3%, more than double the expected 0.6%, yet BTC bounced back above $82,000 after breaking below $80,000. 🌡️ September PPI year-over-year is 6.3% (expected 5.5%). Energy rose 10.8%, gasoline up 20.3%. Excluding food, energy, and trade services, the year-over-year increase is still 5.0%, indicating that price hikes are not just due to fuel. 📉 BTC briefly dropped to about $79,806 on October 15; CoinGlass shows approximately $972 million liquidated within 24 hours, with longs accounting for 91.7%. My judgment is that this drop mainly came from leveraged long liquidations, but just looking at these data, I can't confirm and might be mistaken. 🏦 On the other hand, from October 1 to 14, spot BTC ETFs saw net outflows of about $539.8 million, and Binance funding rates also turned negative. The signals from the funding side are inconsistent, and I'm still figuring out how to interpret them. 📍 Levels I'm watching: • $83,115 / $83,691: recent failed breakout points • $82,000: current support area • $80,000: tested on October 15 The FOMC meeting is scheduled for October 27 to 28. $BTC $ETH #USCPIAndPPITopForecasts #CanBTCHold80K #TeslaRoadsterUnveiled #SpaceX's first full quarterly financial report after going public will be revealed #Tesla's profitability recovery becomes the focus after deliveries exceed expectations #Its previously released first financial report after going public showed revenue nearly doubling, AI business revenue increased by 250% year-over-year, and Starlink business carried all the profits. Most notably, it spent over $18 billion in capital expenditures in a single quarter, with $15.8 billion invested in AI infrastructure, which directly caused the stock price to drop nearly 9%. Now, the second full quarterly report is about to be released. Will the AI spending rate slow down? Can Starlink's 12 million user base continue to grow? I think as long as its capital expenditures do not continue to surge beyond expectations this time, combined with the current heat around AI computing power, it is highly likely that the sharp drop after the last financial report will not happen again. 📉 Weak rebound, don't mistake it for a reversal $BTC and $ETH remain overall bearish, but I lean towards a weak recovery first: a bull trap, then a pullback. Not a one-way drop. CPI at 3.7% exceeded expectations, cooling down rate cut bets. CME shows October rate hike probability jumped from 22% to 53.7%; the dollar index is at 102.7, 10-year US Treasury yield nears 5.33%, hitting a 24-year high. Williams, Collins, and Goolsbee successively hawkish, repricing "higher for longer." If there's a sudden surge now, I only recognize a strong bull signal, but the odds are too low. BTC dipped to 80,230 intraday, 80k is within reach, with 484 million liquidations across the network in 1 hour, longs accounting for 464 million. ETFs saw net outflows of 261 million BTC and 129 million ETH yesterday, BlackRock withdrew over 100 million. But on-chain whale holdings rose to 3.03 million BTC, the fastest monthly accumulation since February. Institutions exit, whales buy in; behind the divergence is someone betting on the direction. My average BTC price is 63,000, picking up along the way from 80k. Friends laugh at me for catching the knife, they wait for 50k; but I fear no position, missing out is worse than floating losses. Only spot trading, contracts have brutal spikes, my buddy got liquidated this morning. Looking ahead only at: BTC 80,000, ETH 2,360. BTC's real bottom lies at 78,000 and the ETF cost zone; ETH is weaker, with ETFs net outflowing 783 million over 10 consecutive days⚠️#Tesla launches new generation Roadster, market rallies #Barclays simulates SpaceX acquisition of Tesla $TSLA The share swap ratio is set at 0.7, while the current market cap ratio of the two companies is 0.71, about 2% discount. ▪️ Barclays report simulates SpaceX acquiring Tesla entirely through share swap ▪️ The time window points to before Tesla's annual shareholders meeting, no later than December 6 ▪️ Based on current valuations, SpaceX is about $2.1 trillion, Tesla about $1.5 trillion ▪️ Estimated ratio is about 0.7 SpaceX shares for every 1 Tesla share ▪️ Combined scale of the two companies is about $3.6 trillion ▪️ Tesla shareholders will not receive cash, but a certificate of swapped shares The disagreement is not whether the merger will happen, but whether the swap ratio measures market cap or control rights. A full share swap means no cash consideration; pricing can only rely on the valuation ratio of both sides. SpaceX's valuation comes from primary market quotes, Tesla's from daily trading; these prices are formed in different markets, so the calculated ratio is naturally biased. Voting rights are another matter: Musk holds about 82% voting rights in SpaceX, which will only increase after the merger. The direction is to wait and see — only an official announcement from both sides counts as entering the process; the ratio in the research report simulation is just an estimate.Wow, I found a coin quietly rising $GRVT Looks like it's worth checking out What is it: A licensed self-custodial “on-chain Goldman Sachs” GRVT is a hybrid decentralized exchange combining the matching speed of centralized exchanges with the self-custody features of decentralized finance. It holds the first Class M license issued by the Bermuda Monetary Authority for on-chain derivatives exchanges, which is a key advantage for its compliance leadership in DEX. Value capture: 100% surplus return, but short "power-on" time GRVT’s tokenomics are clear: 100% of the protocol’s economic surplus ultimately flows to GRVT holders through "ecosystem reinvestment + systematic buybacks." But the key issue is the absolute scale of the "fuel." GRVT has not disclosed specific figures for its protocol revenue. Based on typical DEX fee structures and its roughly $107 million TVL, annualized protocol revenue might be in the millions of dollars range. Core risks First, the “trust paradox” of hybrid exchanges. Although it holds a Bermuda license, off-chain matching means there is still centralized reliance on the operator. Second, a crowded competitive landscape. The derivatives DEX space already has strong competitors like Hyperliquid, dYdX, Lighter, etc. Third, recent security incident. In early October 2026, GRVT experienced a security incident involving about $3.8 million, with the attacker ultimately returning all funds in full.