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[Cathie Wood files 14 ETFs in one go, including tokenized infrastructure for investment]
$ARKK has submitted registration documents for 14 thematic ETFs to the SEC, covering AI, robotics, biotech, and fintech. The most noteworthy for the crypto market is the Tokenized Market Infrastructure ETF, which invests in RWA tokenization platforms, stablecoin issuers, exchanges, custodians, and settlement networks.
This indicates a shift in Wall Street's perspective on tokenization: the focus has expanded from which tokens to buy to who is building the entire on-chain financial market. The fund can also gain exposure to ETFs related to assets like ETH and SOL through total return swaps but will not directly hold cryptocurrencies.
Currently, the on-chain RWA scale has reached hundreds of billions of dollars, with tokenized government bonds, private credit, and stocks expanding. ARK's filing effectively incorporates this industry chain into the institutional thematic investment framework. However, the documents are still preliminary registrations; codes and management fees are yet to be determined, and the SEC has not approved them. There are still processes before actual listing. The direction is clear: institutions are beginning to bet on the entire tokenized financial infrastructure.NFT cut losses, ETH leveraged: Is Huang Licheng's 25x big bet hanging by a thread again?
On-chain movements have once again put "Big Brother Maji" Huang Licheng in the spotlight: he just offloaded BAYC, but the funds haven't left the market; instead, he turned around to increase his ETH long position. The market noticed that this time he used 25x leverage, going long 540 ETH at an entry price of $2304.23, with a liquidation price of $2203.40—only about $100 apart. A slight dip in ETH could push the position to a dangerous edge. The current unrealized loss is about $32,000.
What’s even more striking is the source of funds. In the past 5 days, he sold 15 NFTs, cashing out about $223,000, but at a cost of approximately $505,000 in losses; among them, one BAYC sold for 12.5 ETH, roughly $28,000. Cutting losses on NFT holdings and quickly funneling funds into ETH again is a full throttle mix of faith and leverage.
On the other hand, institutions are withdrawing. BTC and ETH spot ETFs saw a net outflow exceeding $1.6 billion in a single week, indicating market sentiment is uneasy. So the question arises: will Huang Licheng’s 540 ETH long position with 25x leverage wait for ETH to rally, or will it hit the liquidation line first? This time, can ETH save him? $ETH #BTC与ETH现货ETF单周净流出超16亿美元 There is a tokenized product of a traditional bond fund on this chain.
News often links assets under management exceeding 1 trillion USD with being on-chain.
This does not mean that traditional capital has already entered on a large scale.
Currently, this on-chain product has about 201,090 USD.
It buys shares of the off-chain fund, which still has about 2.3 billion USD and is not on-chain itself.
For non-US professional investors, the minimum subscription threshold is 100,000 USD.
The channel is open, but the amount of money that can be matched on the ledger is still very small.
$SOLConclusion first: Starting November 29, Binance France accounts will begin deducting an inactivity fee — the higher of 0.025% of the balance or 10 USDC, with all accounts cleared by December 31. Users in France, Spain, Italy, and Poland have all received emails; deposits have been stopped and only withdrawals remain, affecting about 2 million active users in France.
This charge is harshest on small holders: balances below about $40,000 will be charged a flat 10 USDC, and balances insufficient to cover 10 USDC may be fully deducted, with fees prioritized to be deducted from USDC.
At the same time, OKX Europe is promoting an 8% deposit campaign: USDT to USDC transfers have zero fees plus an 8% rebate, capped at 3,500 euros, for registrations before November 13. Rewards will be distributed in 26 installments over 12 months starting November 21, with withdrawals reducing the quota.
But the coin prices haven't kept up: $OKB is now at 101.8, down 8.2% over 7 days, a 29% drop from the weekly high of 143.6 on October 5; 24-hour perpetual contract volume is only $11.5 million, with open interest at 20 million. $BNB rose 0.24% in 24 hours, down 1.2% over 7 days.
Users moving out are moving money, not coins. Are you planning to withdraw your coins before November 29? #ASTS is advancing direct satellite-to-mobile phone service, with commercialization progress yet to be disclosed. The technology, regulatory framework, and carrier cooperation for ASTS's direct satellite-to-mobile phone service have all been established. The FCC license has been obtained, BlueBird satellites have completed voice, video, and broadband testing, nearly 60 carriers have been signed, covering 3 billion users.
However, current revenue mainly comes from gateways, government projects, and carrier prepayments. Commercial packages, pricing, and official launch dates for ordinary users have not yet been disclosed.
The business model is wholesale to carriers, reusing existing phones and spectrum, with a route differentiated from Starlink Mobile; the advantage is higher bandwidth per satellite, while the pain points are high cash burn, strict launch schedule constraints, and currently only intermittent overpass coverage, unable to provide all-day online service.
The next key catalysts: the earnings call after market close on November 9 to see if management provides a clear commercial pilot timeline; secondly, official announcements of plans from AT&T and Vodafone.
Risks: launch delays, yield issues, competition pressure from Starlink Mobile.
In short: the story has been validated; the valuation game is about the timing of commercialization realization.Inflation is back in earnings calls — S&P 500 mentions hit a high since Feb 2024. 👀
🟠 BTC at $75,829, holding $75,000. Support: $75,000. Resistance: $76,371, then $79,000.
Per Bloomberg: October earnings calls are full of inflation talk. Companies are flagging it, not hiding it.
My take: inflation talk is the CPI preview. Hot CPI = higher Dec hike odds — and $75,000 gets tested.
Inflation: the CPI surprise nobody priced in? 👇
#Bitcoin #BTC #Crypto #OKXOrbitSome parents with a certain amount of wealth arrange private primary and secondary schools for their children, send them to study abroad, spending millions, even several million. After graduating from university and returning home, they can only get a salary of less than 10,000 RMB.
From a financial return perspective, it is a completely failed investment. It would be better to invest that money in the US stock market index, Bitcoin, or gold. Of course, if the family is very wealthy, treating it purely as consumption, or if the child is very talented and adapts well to quality education, that's another matter.
For ordinary families, even those with some wealth, attending public exam-oriented education is sufficient. The cost is low, and the returns are acceptable; just don't sell the house to fund studying abroad. However, with the economic downturn in recent years, many families have already realized this, which is a good thing.
In the future, when I have children, I will also let them attend public schools. I most likely won't get rich, burdened with heavy mortgage debt, struggling forward—both pitiful and laughable.The most expensive one bought at zero, the cheapest one dropped by four cents
11:00 Spent 526,885 contracts to push the price up to 77.83, closed at 77.50 — same price as 10:00, bought zero with 500,000 contracts. At 12:00, only 299,896 contracts were used to cut down to 77.10, dropping another four cents.
All three rebounds failed at 77.8: 07:00 touched 77.86, 09:00 77.80, 11:00 77.83, none held above, with increasing amounts of money each time.
24h dropped from 79.44 to 77.36 (-2.62%), the largest 78.1 ten-thousand contracts at 21:00 only lifted to 77.93. Current price 77.359 is below MA20 at 77.51, 76.81 is this morning's low.
$HYPE 77.359
Rebound at 77.51~77.62 but can't break out + 1H volume bearish close (≥300,000 contracts) → short at 77.50 stop loss 77.82 target 76.81 odds 2.1.
1H volume bullish close above 77.86 (≥350,000 contracts) → pullback at 77.62~77.72 long at 77.70 stop loss 77.36 target 78.40 odds 2.1.
Current price stuck between 77.10~77.83, no triggers, no action.
(Not investment advice, trade at your own risk) $ETH with a daily volatility of less than one percent and trading volume so dry it's almost negligible. Many people interpret this "unable to fall" as a bottoming signal, but what I see is quite the opposite. A true bottom is usually marked by panic selling with high volume, when perpetual funding rates plunge deeply negative and shorts are squeezed to the extreme. What about now? Volume is dry, funding rates are mildly positive, those who should panic haven't panicked yet, and the longs who shoThe non-farm payrolls blew past expectations, seemingly a deadlock for rate hikes, but the market has long been desensitized to the data. This 165,000 job gain is ridiculously good; the real killer move is the CPI on November 10. The Fed is now stuck between a rock and a hard place: the economy is too hot to contain inflation, but high interest rates are pushing the real economy toward collapse. Whether they raise rates or not, it's a dead end. This trust crisis is the real sword hanging overhead.
Looking at $BTC, the big coin, today's slight rise is just a sign of giving up. The US dollar index is soaring, but BTC hasn't dropped much because leverage has already been cleaned out; the market is full of existing funds. ETFs provide no fresh liquidity, and heavy resistance above means it can only hover around 75,000. Hold your long-term spot positions firmly; don't bet on one-sided moves in the short term. If you short, you must set a tight stop loss—never hold onto losing positions.
Looking at $ETH, Ethereum is hopeless. Daly says to be cautious, which really means they dare not hard land. This is deadly for Ethereum, which relies on liquidity; the ecosystem has no breakout points and no support. When the market softens, it falls the hardest. Don't get itchy to catch a falling knife; the bottom is deep and unseen.
Looking at $XAUT, gold is the true safe haven. Non-farm payrolls sent US Treasury yields soaring, but gold's underlying logic is sticky inflation and risk aversion. As long as price pressures persist and central banks keep buying to support the bottom, gold's resilience far exceeds that of the crypto space.
In summary, macro is all about mutual deception. Until CPI lands, it's all blind fumbling. Control your hands, endure the shakeout, then pick up chips again. #美国10月非农超预期，12月加息押注升温 How much support can small subscriptions provide to the privacy coin market for $ZEC?
The US ETF tracking Zcash had a net inflow of $1.8 million on November 6, but a net outflow of $11 million on November 5. Redemption reversals in a single product can easily amplify sentiment. Continuous inflows over several days and a narrowing spot price spread make the improved support more credible. If funds turn negative again or liquidity worsens, the explanatory power of single-day data is limited.杠杆吃资金费，风险仍在反弹里 这套组合的核心不是短线博弈，而是用低杠杆换时间，用资金费做缓冲。BTC、ETH、SOL三笔空单均为全仓：BTC与ETH用5X，SOL用7X；名义价值合计约4.2亿U。当前三笔浮盈合计约997万U，累计资金费收益约1253万U，安全垫确实被不断加厚。 从开仓价与爆仓价看，爆仓点位距离当前价位较远，容错空间充足。BTC开仓76390.2、爆仓131182.12；ETH开仓2322.72、爆仓3896.76；SOL开仓94.3346、爆仓280.99。账面表现说明，低杠杆让持仓在波动中更从容，资金费则持续贡献现金流。 但低杠杆不等于无风险。全仓模式下，若主流币种出现持续反弹，现有浮盈会快速回吐，资金费的安全垫也可能被价格波动吞噬。真正需要盯住的不是短期盈亏数字，而是反弹的持续性、保证金余量和全仓联动风险。躺吃资金费可以是一段行情的结果，却不能替代风险管理。别再争论 ONE 能不能突破新高了。 这根本不是什么趋势反转，是标准的死亡脉冲。 Harmony 公链浏览器即将关闭，项目本身已经进入收尾阶段。 短期暴力拉升 59%，就是鲸鱼给追高者画的逃生窗口。 那些喊着冲 0.0025 的博主，大概率是在帮主力找人接盘。 暴涨不是重生，是最后的出货狂欢。 脉冲拉完，动能衰竭，上方全是等待出逃的抛压。 现在冲进去做多，等于不带降落伞高空跳崖。 当然，投机资金愿意继续炒情绪的话，它还能再拉一波。 $ONE 这一轮行情，是典型 “基本面利空 + 资金炒作” 的背离样本。 基本面信号：Harmony 即将在 11 月 18 日关闭区块浏览器，项目进入收尾迁移。 盘面信号：7 天涨幅超 59%，低点 0.001027 冲高至 0.002479，随后高位回落。 市场分裂成两派： 多头：资金热度足够，买盘强劲，博弈二次冲高突破前高。 空头：拉升是诱多，鲸鱼借上涨派发筹码，脉冲行情结束后会深度清算。 这里有一个很关键的交易认知： 利空落地不代表立刻跌，资金炒作可以短期无视基本面。 但要分清两件事： 短期可以靠情绪和资金推高价格。 长期，项目生命周期的衰退，是无法BTC ETF outflows of $416M dominate the discussion. That resilience is notable, but it leaves the market dependent on whether flows stabilize rather than on a broad risk-on impulse. A renewed acceleration in outflows would challenge this read. Not financial advice.After learning quantitative analysis, I developed a habit: when I see data, I first think about how to write conditions 🤖 If I were to write it as a strategy, I would set a rule: if DEX trading volume is simultaneously lower than both the previous day and a week ago, then reduce the weight of the "on-chain demand heating up" signal.
According to DefiLlama, the total DEX trading volume across the network in the past 24 hours was about $5.356 billion, down 35.4% from the previous day and down 17.0% from a week ago. This data set meets my condition, but I wouldn’t directly reduce the signal weight to zero.
I think this rule is suitable for applying brakes on heat judgment: two comparison windows can reduce misjudgments caused by only focusing on a single day’s baseline; a decrease in trading volume also weakens the evidence of demand heating up. The loophole is that the total volume might mask local activity, and a single data point can’t indicate how long the cooling will last. This is just an observation rule I designed and still needs validation.
If you were to write this condition, would you require it to trigger consecutively several times, or would you add the top DEX trading share as a filter?The strength gap within the “Big Coin family” is being widened by BCH. I tend to see it as a precursor to a retreat in altcoin risk appetite rather than rushing to declare a breakup of their correlation. They all have "Bit" in their names, but when it comes to actual support, they really aren’t a family that can back each other up.
First, look at Big Coin: BTC fell about 0.18%, with a volatility of about 0.90%, basically still oscillating in a narrow range. Then look at BCH: down about 5.40%, volatility about 7.99%, current price 249.46, still about 5.79% below its high. This is not just a bit more than BTC’s drop; after amplified volatility, the price is still suppressed at a relatively low level.
The most common mistake when watching the market is to see Big Coin stable and assume other coins should be stable too. But this data seems to say: BTC holding steady does not mean funds are willing to support BCH. Based on just these two coins, you can’t conclude the entire altcoin market is retreating; but if I had to pick a side, I’d side with “risk appetite cooling” rather than “family correlation already loosening.”
Which evidence will fail first: BTC’s narrow range, or BCH’s weakness? #BTC现货ETF年内累计净流出约4.16亿美元 $BCH $BTC Will $SOL break through $1000 in this bull market? It is well known that stablecoin payments are the next trend, but only Sol has truly integrated into users' phones.
Samsung is currently the world's number one smartphone shipper, with a market share exceeding 22%. Now 82 million Samsung Galaxy users can directly use the phone's built-in wallet to transfer USDC, and this is just the first batch.
Major mainstream projects are entering the stablecoin payment track, but so far it seems only SOL🚀 can get close to users' daily usage. #美国10月非农超预期，12月加息押注升温 Just saw a brother bottom-fishing in storage this wave, and last night two accounts were liquidated to zero! #美股暴跌后科技股反弹，纳指周线仍跌约3.4%
Hynix and SanDisk, the main storage themes, are both AI storage narrative targets, with inherently huge volatility. Previously optimistic about the storage cycle warming up, they went straight into high leverage, $SNDK going up to 73x full position long, $SKHYNIX also pulled up to 50x.
Last night’s sharp drop caused two accounts to be forcibly liquidated, wiping out all SKHYNIX, AKE, and ETH long positions. Only one account remains, with margin ratio below 30%, still at risk of forced liquidation anytime—really sweating for him!
The storage sector has recently been dragged down by the big drop in the semiconductor index, AI capital expenditure expectations loosening, and collective pressure on chip storage.
No matter how good the sector logic is, high leverage full-position bottom-fishing really can’t withstand short-term emotional sell-offs. Cycle reversals don’t happen overnight; if you leverage everything, you risk blowing up before the payoff—this is a vivid lesson from contracts.今早链上数据只说明一件事：钱不是换了口袋，是直接离场了💸 合约市场单日净流出约7亿美元，而现货端几乎无人接盘——这种“杠杆先撤、现货不接”的组合，比单纯的价格下跌更值得警惕。 拆开看更清楚：$BTC 合约流入94亿、流出99.7亿，净撤5.69亿；$ETH 流入55.7亿、流出56.8亿，净撤1.14亿；$SOL 流入9.22亿、流出9.48亿，净撤2538万。三者合计净流出超7亿，杠杆资金走得干脆利落，没有犹豫。 现货端更冷：$BTC 现货流入仅270万，$ETH 流入2270万，$SOL 反而净流出1072万。现货完全没有承接力量，说明资金不是从合约搬到现货，而是彻底抽离市场👀。 成交量印证了这一点：全市场单日成交额骤降56.7%，只剩1416亿出头。量能收缩到这个程度，市场连“假动作”都做不出来，任何反弹都缺乏燃料。 但有一个异常值得单独记下：$ZEC 合约流入21.4亿、流出21.3亿，净流入1238万；现货净流入1918万。它是唯一在合约和现货两个方向同时吸金的币种——别人在撤，它在进。这笔钱我先记在账上，后续值得跟踪。 期权端也透出矛盾信号：$BTC 期权交易量增长61Ledger of three short positions: low leverage to earn funding fees, risk still lies in the rebound
The core of this strategy is not short-term speculation, but using low leverage to buy time and funding fees as a buffer. The three short positions on BTC, ETH, and SOL are all full positions: BTC and ETH use 5X leverage, SOL uses 7X; the nominal value totals about 420 million U. Currently, the combined unrealized profit of the three positions is about 9.97 million U, with cumulative funding fee income of about 12.53 million U, effectively thickening the safety cushion.
Looking at the opening and liquidation prices, the liquidation points are far from the current prices, providing ample margin for error. BTC opened at 76390.2, liquidation at 131182.12; ETH opened at 2322.72, liquidation at 3896.76; SOL opened at 94.3346, liquidation at 280.99. The account performance shows that low leverage allows positions to be more composed amid volatility, while funding fees continuously contribute cash flow.
However, low leverage does not mean no risk. In a full position mode, if mainstream coins experience a sustained rebound, existing unrealized profits will quickly be given back, and the safety cushion from funding fees may be eroded by price fluctuations. What really needs monitoring is not the short-term profit and loss figures, but the sustainability of the rebound, margin balance, and the risk of full position linkage. Earning funding fees passively can be a result of a certain market phase, but it cannot replace risk management.
$BTC $ETH $SOL Currently, the shorts on HYPE are at a historical high.
And now the price of BTC is just above the important daily support level of 74900 by about one point.
There are mainly three points to consider:
Question 1: Is this the beginning of a bull market? If so, then around 75000 is an important pullback in the initial daily-level uptrend, a rare and valuable opportunity.
Question 2: If it breaks down effectively, then the signs of a bull market will be quickly extinguished, entering another long period of consolidation without direction.
Question 3: Although the big whales on HYPE are collectively bearish, such unanimous behavior can easily create a short trap, leading to a violent squeeze and explosive upward breakout.
So, just answer one question:
Does BTC currently have the market conditions and external momentum for a strong rebound?
75000 serves as BTC's daily support and has been consolidating and pulling back for 60 days (counting from August 25). Relatively speaking, BTC's daily chart is at a low level. And at this low level, just a slight external push can trigger a rebound lasting several days, enough to wipe out a large portion of short leverage.
I always believe one thing: there is no instant rise, nor a one-day complete drop for BTC. So, at the 75000 level, if it wants to break down and continue falling, it must first rebound before falling again to make the drop healthy!!25x leverage, gone after a 4% drop
Huang Licheng sold one Bored Ape, exchanged it for 12.5 $ETH.
The money didn’t go into a cold wallet, it went straight into a contract.
Where did this money come from:
Sold 15 NFTs at a discount over five days, losing $505,000.
Only received $223,000, effectively losing one for each sold.
How this number is calculated:
540 $ETH, 25x leverage, opened position at $2304.
Liquidation price at $2203, only $101 apart.
Working backward, a 4.4% drop triggers the line.
He’s betting on a rebound, not value.
The stop-loss order placed at that position has already been triggered.
#BTC与ETH现货ETF单周净流出超16亿美元 $ETH Seeing Core Trader 84 open a new $XYZ100 short position with a notional value of about $180,300, many people's first reaction is "big money is bearish."
On the other hand, I don't treat it as an independent bearish signal: notional amount does not equal net short exposure, if there are also long positions, this could just be a hedge; the action of a single wallet cannot be taken as market consensus.
If you find it also has an equivalent long position, would you still consider this short position bearish? Those with opposing views, come argue.The screen is completely quiet, but the news is causing a stir. Are you familiar with this sense of disconnection? Should you trust the market or the headlines? Last night, watching the OKX spot page, my first reaction wasn’t panic, but that it was too quiet. BTC was quoted at 75794.6, moving only 0.05% in 24 hours, with a daily amplitude of 0.84%; ETH was quoted at 2233.92, up 0.25%. Just looking at this screen, you would never guess how heavy the news was. Switching to the news page, the tone immediately changed. Public reports stated that the Treasury/FinCEN took action against MEXC Global under Section 9714, accusing it of illegal fund flows amounting to no less than 160 billion USD, mainly targeting illegal Russian-related finances, also mentioning Iran and North Korea, with the announcement taking effect 30 days after publication. MEXC responded that operations are normal and they are conducting a self-check on AML. I tend to interpret this as a pinpoint strike rather than the start of the entire industry being throttled. It’s not that the news isn’t serious, but the current BTC volatility can’t support a narrative of market-wide panic. However, sideways trading doesn’t mean the issue is fully digested; these two things should be viewed separately. What the market is actually trading on right now isn’t "whether a certain exchange will have problems," but "how many people are still willing to buy into a new story at this level." There are three emotional layers worth noting. - FOMO is very weak: no impulse to chase gains, indicating that incremental funds are insensitive to both positive and negative news, a typical narrative fatigue period. - HesitationCan a single-day inflow of $ETH indicate that funds have returned?
The US spot Ethereum ETF had a net inflow of $53 million on November 4, followed by a combined net outflow of $193.2 million over the next two trading days. A single subscription has not yet reversed the direction of funds. If net inflows extend to multiple products and ETH strengthens relative to BTC, the recovery will be more solid. If it is still supported by a single product and the relative strength continues to decline, the assessment should be downgraded.Anthropic is still pushing for an IPO in November, but investors have already started serious bargaining. This is more worth watching than simply discussing whether it can set a listing record.
The latest reported valuation range remains wide, about $1.25 trillion to $1.75 trillion, significantly lower than the $2 trillion some optimistic investors previously expected. The final price has not been determined, indicating that buyers and sellers have not yet reached a consensus on how much future growth should be worth.
I actually think it’s normal to be willing to adjust the price. Tech stocks have just experienced severe volatility, and prices of comparable companies in the public market are changing. If the new stock continues to insist on the previously most optimistic valuation, subscribers will naturally be more selective.
There is also an easily overlooked distinction here: a decline in valuation expectations does not necessarily directly imply business deterioration; rapid business growth also does not prove that any issue price is worthwhile. The company needs financing, investors need returns, and while their goals overlap, they will not be completely aligned.
I am rather averse to a certain sentiment: as long as it’s a popular AI company, getting a share is considered a win. What truly determines returns are the purchase price, subsequent expenditures, and how long growth can be sustained.
If the listing can be completed at a more reasonable price in the end, I would find that healthier than forcing a record. The hype will eventually pass, and the results delivered each quarter after listing will continuously affect how much shareholders are willing to pay.
#Anthropic仍计划11月IPO，投资者下调估值预期 Another week has passed, so let's take another look at the OKX-ICE line. Currently, the number of companies opposing it has risen to 67 😂 Yes, you heard that right. The platform initially planned to include only 62 companies, but ended up with 67 opposing 😂 Actually, this is because a batch of companies was added later, but this doesn't change the fact that all seven major US stocks, including Nvidia and Apple, have said no. According to SEC rules, as long as a company submits a written objection within 30 days, the platform cannot list third-party token versions of that company's stock. In other words, before the platform even launches, the seven most valuable stocks are already gone, leaving only targets like Coinbase and Robinhood, which, whether for Web2 or Web3, I don't find particularly attractive.
Thinking back to last month when OKX announced this partnership with much fanfare, the contrast now is somewhat bleak. I'm not gloating; rather, from an industry development perspective, I feel a sense of empathy. The lesson here is clear: under the SEC framework, companies have veto power over the tokenization of their own stocks. No matter how good the technology is, if they disagree, there's nothing you can do. Ultimately, this returns to the core difficulty of RWA—compliance and trust.
I will continue to follow this line and see how things develop.The same red chart, two sets of books
DEGEN rolled up 9.92% in 24 hours, but according to Beijing midnight, it actually dropped 13.36%. Orbit is still talking about bottom-fishing, but I don't consider the red color as making money today.
Different starting points.
I keep the midnight price on the review page to avoid being misled by the colors myself.
$DEGEN 17 times, cheapness depends on the denominator
I first look at profit expectations.
SNDK perpetual at $835.2, 24-hour low at $825.6, the midday tech stock cheapness argument uses forward profits, if profits are revised downward, the cheapness will also change.
This is still not proof that SanDisk is cheap.
$SNDK The phase of switching from a bear market to a bull market is often not smooth. Upswings and pullbacks alternate, and various unexpected negative news constantly disrupt the market rhythm. What is truly tested is patience and execution.
Recently, I have repositioned long orders at several points with a relatively suitable risk-reward ratio. I don't aim to buy at the lowest point, but only hope to get a better entry position under controllable risk.
Looking back at this year's market, I increasingly feel it is very similar to the trend at the beginning of 2023. At that time, the market experienced a long 8-month period of consolidation, an experience still vivid in my memory.
Back then, the capital size was not large, and I always wanted to catch every fluctuation, which instead consumed a lot of energy due to repeated oscillations.
This time, I hope to be more composed.
The market may still be the same market, but the trading method and mindset should change. Patiently waiting for the trend is more important than frequently chasing every rise and fall.
#USJobsBeatExpectations $CORE The four phenomena you observed collectively point to one conclusion: CORE is undergoing multiple depletions in its ecosystem, liquidity, and confidence. 📉 Depth chart “disappeared”: liquidity completely dried up The depth chart you see is almost a straight line, meaning buy and sell orders are extremely sparse. The price has dropped to around 0.012U, down by an order of magnitude since March. The market no longer has enough buyers to take over positions; very few sell orders can push the price down, and very few buy orders can instantly drive it up. This is not "no one is trading," but rather "no one is willing to trade at this level." 🔒 Deposit suspension: the chain reaction of the b14g incident OKEx suspended deposits, directly triggered by the b14g protocol theft incident. About 97 million CORE tokens were withdrawn exploiting a contract compatibility vulnerability. Although approximately 68.15 million (70.2%) were recovered through a hard fork, some funds still flowed to external addresses. Exchanges like OKEx suspended deposits and withdrawals to prevent stolen funds from being laundered through exchanges or causing new chaos before the on-chain status is fully confirmed safe. ⛓️ Only 10 nodes left: security redundancy approaching the critical red line CORE’s consensus security depends on a sufficient number of independent validators. The community had previously warned that the number of independent validators had fallen below 20, very close to the “shutdown red line” of 15. The 10 nodes you see mean the security redundancy has dropped below the theoretical safety baseline. Although the chain is still running, its risk resistance is extremely fragile, and any further node withdrawalThe most surreal part is this: the crypto industry spent nearly $200 million on political donations, trying to turn Congress into allies, but ended up losing in both chambers.
Now the Democrats, holding subpoena power, are first investigating the Trump family's $1.16 billion earnings from crypto. The donors Coinbase, Ripple, and a16z should prepare to be questioned, and the recipient will have to testify at a hearing next January.
$BTC hasn't dropped much so far, but this thing can't be priced in advance—not because of how bad the news is, but because you don't know who will be named next.💻 I'll break this down based on code review: Centrifuge, through its Anemoy, launched the tokenized Schroder SISF Emerging Markets Bond Fund on Solana. Subscription and redemption use USDC, with a minimum subscription of $100,000 for non-U.S. professional investors.
My judgment: This launch should focus more on exception handling rather than on on-chain speed. The professional investor threshold means it is not an entry point for the general public; the underlying asset is still a bond fund, so fast transfers do not directly imply fast redemptions, and interface upgrades do not equal business logic rewrites.
The potential bug lies in the coordination between the two processes. If the on-chain submission and the underlying fund processing are not synchronized, users may face waiting times and unclear status. This is my speculation and does not indicate an existing product issue.
If I were to make changes, I would prioritize clearly defining the redemption status, conditions for funds arrival, and who handles exceptions before discussing experience upgrades. Please help review: treating the redemption exception process as the acceptance focus, did I miss any more critical risks?JUST IN: Canton tops every chain with $320B in tokenized assets
@CantonNetwork ($CC) accounts for about $320.7B of the $366B in “represented” assets on rwa.xyz, meaning assets recorded on a network but not freely traded onchain. Almost all of it comes from Broadridge’s repo platform, which handles short-term loans backed by US government bonds.
Canton also shared this week’s numbers from its foundation’s live counter: the network now has 63 Super Validator nodes and 827 validators in total. 比特币（$BTC）、以太坊（$ETH）、SOL（$SOL）近期都卡在异常紧凑的价格区间震荡，盘面看着波澜不惊，背后的多空博弈却相当激烈。比特币在76020附近震荡，以太坊报价2240.44，SOL站上90关口，是三者里表现最强的。 和普通盘整不一样的是，这三个币种的多空比全都站上3以上，多头仓位十分拥挤，成为当前行情最核心的特征。虽然价格波动很小，但清算一直在持续，不同币种的清算结构出现明显分化：比特币和以太坊空头亏损更多，而SOL这边则是多头承受更大清算压力。 这种分化说明市场没有统一的单边方向，更像是资金在不同币种之间来回挤压。价格小幅拉扯，不断把追高的多头、扛单的空头洗出去，资金在快速转移。 价格平稳、杠杆走高不等于市场稳定，只是方向选择前的仓位压缩阶段。行情往哪边突破，很大程度要看新资金会不会进场。如果杠杆水平降不下来，比特币76000附近，既可能慢慢磨底，也会是风险很高的位置。接下来重点观察，新增资金是继续推高拥挤多头，还是进场把这批多头清算出局。 $BTC $ETH $SOLNow I don't even want to trade BTC or ETH anymore, 🔍 let's take a look at ZEC. Why is ZEC's volatility more intense than BTC and ETH?
Behind this are mainly two forces pulling against each other, causing price elasticity far greater than mainstream coins:
1. Unique "event-driven" and "buy the rumor, sell the fact"
The biggest independent catalyst for ZEC recently is the NU7 network upgrade. This upgrade shortens block time from 75 seconds to 25 seconds, a solid technical improvement. Funds rushed in ahead of the upgrade to speculate on expectations, pushing ZEC to rise against the market trend; but once the upgrade officially activates around November 6, short-term funds quickly take profits, causing ZEC to decline independently of the overall market trend. This "sell the news" pressure is something BTC and ETH currently do not have.
2. "Stampede" of highly leveraged longs
ZEC's independent volatility is amplified by leverage in the contract market. Data shows that during ZEC's decline, long liquidations dominated absolutely. For example, in a certain period, total ZEC network liquidations were about $4.73 million, with long liquidations reaching about $4.13 million and shorts only $600,000. This means a large amount of bullish leveraged funds were forced to close positions during the price drop, further exacerbating the decline. In contrast, BTC and ETH have deeper market depth and more dispersed leverage structures, making such one-sided concentrated liquidations less likely. #ZEC再创新高，估值重估受关注 $ZEC $ETH $BTC $CORE 1 Currently, the depth chart on OKEx exchange is almost gone?
2 Since the last b14g theft incident, OKEx exchange has not reopened deposits yet
3 The current price on OKEx exchange is 0.012U, approximately 0.08 yuan per coin
4 The current node situation is that 10 nodes are still running Isn't it thrilling? $BTC has returned near Saylor @Saylor's cost line again.
MicroStrategy @Strategy holds 849,327 $BTC with an average cost of $75,451,
At the beginning of the month, there was over $2 billion in unrealized gains, now it's back to zero.
This year, to pay preferred stock dividends, they have gradually sold about $430 million worth of coins,
With Monday's 8-K released, I'll first see if they buy or sell this week.
Don't buy high and sell low again?Many people look at Intel only focusing on the sharp drop and directly conclude it is oversold.
Now at $56, it has retraced nearly 58% from the peak.
CEO Chen Liwu personally invested nearly $10 million to increase holdings around $65.
Many treat this insider buying as ironclad evidence that the valuation has bottomed.
But there is a very easy cognitive trap here:
A large drop ≠ undervaluation; insider buying ≠ no further decline.
The market selling Intel is not an irrational emotional crash.
The root cause is Q4 guidance significantly below expectations, continued large losses in foundry business, and huge capital expenditure pressure.
Executives are buying options on a long-term transformation, while the market is selling on the certainty of short-term profit realization.
You can bet on its foundry + AI server chip turnaround.
But don’t assume that a big drop + insider buying equals value has already been realized.
The real issue is never how much it has fallen.
It’s whether Intel’s transformation plan can deliver on the income statement. $INTC $QQQ Today, the funding rates for BTC and ETH remain overall neutral, which is a relatively healthy signal for the market. However, Ajian wants to remind everyone that this only indicates that leverage sentiment hasn't reached an extreme for now; it does not mean the trend has reversed. If spot buying doesn't keep up, prices may still continue to consolidate or move downwards to seek liquidity. So, has the buying kept up? Let's take a look:
$BTC ETF saw a net outflow of $1.28 billion last week, the worst week since the end of June. More importantly, this week alone turned the year's account negative. On Monday, the year-to-date net inflow was still $368 million, but by Saturday it had become a net outflow of $914.1 million. The speed of institutional withdrawal can only be described as embarrassing.
$ETH is even worse, with ETF net outflows of $365.3 million last week, marking the sixth consecutive week of net outflows, totaling about $2.02 billion over six weeks. If BTC's outflow accelerated suddenly this week, ETH has been bleeding continuously for six weeks, which is probably even harder to endure.
In summary, the current market condition looks more like a cooling off of leverage rather than the market re-entering a bull rhythm. At least, let's wait and see what next week's CPI says. #BTC与ETH现货ETF单周净流出超16亿美元 #BTC与ETH现货ETF单周净流出超16亿美元
Bitcoin is now hovering around 75,700, with a slight dip in the last 24 hours; liquidity is naturally thin over the weekend. On the ETF side, there was a net outflow of 412 million on November 6, with BlackRock IBIT alone withdrawing 403 million; over the past five trading days, the total outflow reached 1.282 billion, and the cumulative outflow for November is about the same, with only one day showing net inflow so far this month.
The contrast is painful. In October, the ETF net outflow for the whole month narrowed to just 26 million, and it barely turned positive for the year in the latter part of the month. However, the two weeks in November have reversed all that, with the year-to-date cumulative net inflow turning negative again by 416 million. Funds are indeed withdrawing, but the price has basically stayed pinned between 75,000 and 76,000 all week, without breaking the previous low. The selling pressure is concentrated in the ETF channel, yet the market hasn’t collapsed accordingly. This divergence is more worth watching than the outflow numbers themselves.
The technical picture is straightforward. The 4-hour structure remains bearish, with the price below the moving averages. The 75,000 to 75,400 range is a critical short-term defense line; the first resistance above is at 76,500. If it can’t break through, expect continued narrow consolidation. As for community sentiment, the fear index is at 25, still in extreme fear territory, with as many people calling for a bottom as those advising patience before a reversal.
My view: In the short term, expect weak consolidation and don’t rush to call a rebound. Until 75,000 is broken down with volume, shorting isn’t cost-effective; but until 76,500 is reclaimed, there’s no signal to go long on the right side.Recently, ZEC (Zcash) has shown a strong independent trend, with price fluctuations much more intense than BTC and ETH. Behind this is not only the narrative resonance of "zero-knowledge proof (zk-SNARKs) + regulatory headwinds landing + Grayscale ETF expectations," but also a typical high-leverage derivatives chip game.
From the latest market data, several game signals can be clearly seen:
1. Huge derivatives trading volume: contract turnover is extremely concentrated, with MEXC ($1.636 billion), Binance ($1.388 billion), and OKX ($850 million) accounting for the vast majority of liquidity. Capital is highly concentrated in the derivatives market, causing prices to be easily driven by large orders.
2. Divergence between retail bearishness and main force control: the overall network long-short ratio and large account long-short ratio are both below 1 (indicating retail investors are mostly bearish), but Binance large account long-short ratio is as high as 1.4629. This shows that large funds and main forces are continuously strongly pushing up or absorbing positions, presenting a typical "retail shorts, main force takes profits" control pattern.
3. Intense shakeouts and liquidations: 24-hour liquidation amount exceeds $6.22 million, with long liquidations at $5.39 million (over 86%). Under high leverage, once a high-level pullback occurs, it triggers a chain liquidation of longs.
Summary: ZEC's independent trend comes from the combination of narrative premium + highly concentrated chips. Current volatility is huge; in operation, avoid blindly chasing $ZEC 💻 I treat this message as a code review: The input is a wallet funded by Tornado Cash, first swapping 3100 ETH for about 6.92 million USDC, then establishing a $26 million long Bitcoin and short Ethereum position on Hyperliquid.
My judgment: The most easily overestimated is the explanatory power of the funding source label. Source does not equal identity, so the wallet cannot be characterized based on that; the long-short combination is not two independent directional bets, it may be a bet on relative strength, but that is my speculation.
A potential bug is incomplete parameters: without the position ratios on both sides and the holding period, it is difficult to judge the strategy's intent; the exchanged amount cannot be directly treated as margin, dividing the two amounts to calculate leverage will cause a logic error.
If I were to revise this analysis, I would separate the address label and strategy judgment. Next, I want to see how the position ratios change, and I won’t speculate on this wallet’s motivation for now. $SNXX Since its establishment in 1971, the Nasdaq U.S. stock market's regular trading hours have long been from 9:30 AM to 4:00 PM Eastern Time, with pre-market and after-hours trading available for many years, but the core trading framework has remained unchanged for over forty years. This December, this pattern will undergo a major change—Nasdaq will officially launch the "23/5" trading system on December 6, leaving only a 1-hour daily market close window, with the remaining 23 hours open for continuous trading.
The newly added night trading session (Eastern Time 9:00 PM to 4:00 AM the next day) corresponds to Beijing Time 10:00 AM to 5:00 PM during standard time, perfectly covering the main trading hours of the A-share market. This means that U.S. stock price changes will no longer occur only after the A-share market closes, and the cross-market pricing transmission path may shift from "overnight gaps" to "real-time intraday linkage." Just woke up from a nap and checked the $ZEC contract data, and it really woke me up. The market looks dead, but from the data, it’s like the manipulative whales have custom-built a meat grinder for the bulls!
Look at the current candlesticks: from 1695 down, the 4-hour and 1-hour charts are all suppressed by moving averages, a typical slow bearish decline. But strangely, as the price keeps falling, open interest is still creeping up, and the funding rate suddenly rose to about 0.08%.
What does this mean? Retail investors are still frantically bottom-fishing. Despite the drop, bulls stubbornly keep adding leverage and are even willing to pay such a high fee to the shorts. Looking at the long-short account ratio, bulls still hold the overwhelming majority.
In crypto, as long as the bulls don’t die, the downtrend won’t end. When the whales see so much fat below, will they kindly pump the price? Absolutely not. Most likely, they will smash down a big bearish candle to blow out all these high-leverage bulls before the bottom is reached.
My advice: don’t try to guess the bottom. Entering now is just giving money to the whales. Control your impulses and wait until these bulls are completely desperate before picking up the bloodied chips.
This is just my personal analysis and not investment advice! Do you currently hold any long positions in ZEC?
$ZEC #美国10月非农超预期，12月加息押注升温 Looking at Brother Ba Bai's tens of thousands in floating losses on his financial management orders and the dead fish market, my scalp tingles.
$BTC BTC is stuck at 75834, $ETH ETH is halted at 2236, the 1-hour moving average system is fully pressing down, indicators are extremely stuck below the zero axis, with no upward momentum. After the crash, $SOXL is lying dead at 45.79, without even a decent rebound.
Looking at this real trading data, it's suffocating. Long positions with 19x and 17x leverage, BTC floating loss over 30,000 dollars, ETH floating loss 15,000 dollars. Under the heavy pressure and stubborn holding in full position mode, even though the 20x long position below earned 180,000 dollars, it is still dragged into panic by this bottomless pit.
This kind of extreme sunk cost trap completely violates the most basic profit-loss ratio principle. Under extremely depleted liquidity, this fragile chip structure is very prone to triggering a long-liquidation cascade. The market shows no right-side signals, and is very likely to break below the previous low, completing a brutal liquidity liquidation.
Only by crossing the cycle can one perfectly escape and soar freely. Let's all wish for that together. SanDisk (SNDK): A record-breaking earnings report, 40% evaporated in five trading days
On October 29, SanDisk reported revenue of $11.03 billion (year-over-year +378%) and a gross margin of 85.1%, yet its stock price fell from about $1330 to $806 by November 5, a single-day plunge of 22.26%, with trading volume more than triple the 20-day average. The trigger was not the performance but the increased regulatory risks for data centers after the midterm elections, combined with concentrated liquidation of hedge funds' AI positions. RSI dropped to around 24, breaking below the 200-day moving average. NAND capital expenditure on the supply side remains conservative, but there are no short-term conditions for spot prices to stop falling. Pricing is driven by sentiment and positions, not contracts.
Not investment advice. Weekend Strategy: Defense First, Wait for Confirmation
This week's non-farm payrolls exceeded expectations, boosting the probability of rate hikes, putting pressure on risk assets, with leveraged liquidations exceeding $1 billion, and Bitcoin ETF net outflows totaling $870 million over four days. Strategy tone: defense first, wait for confirmation.
$BTC is repeatedly testing the bottom around 75,000, a short-term "life-or-death line," with resistance above at 77,300 and 80,000. After the negative news landed, it did not continue to drop, so short-term recovery is possible, but it is not advisable to short at the support level; wait for stabilization signals.
$ETH is weaker, with continuous ETF outflows, and the price is hovering at the upper edge of the dense zone between 2,220 and 2,260. This area is a short-term iron bottom; a break below points to 2,000; rebound resistance is between 2,350 and 2,400. Observe volume and stabilization before taking a position.
$SNDK, despite Micron's record earnings and a price-to-earnings ratio of about 5 times, still faces selling pressure, indicating the market prices in unsustainable storage cycle profits. SanDisk's stock split does not change fundamentals; the key factors are cloud vendor procurement and NAND prices. It is not advisable to catch the falling knife in the short term; wait for stabilization on the right side.
Google's forward P/E ratio has dropped to 18 times, below the ten-year average. Cloud business provides a buffer, but the "AI eroding search" narrative has not been disproven. Cheap valuation does not equal catalyst readiness; wait for marginal improvement in search monetization before positioning.
Overall, keep positions light. Next week's CPI is a key node for whether risk appetite can recover.
#美国10月非农超预期，12月加息押注升温 $BTC has really been struggling with the 365-day moving average lately!
I looked back at the 2023 market to compare and found something quite interesting. Back then, after BTC broke above the 365-day moving average, although there were some pullbacks, it rarely fell back repeatedly like it does now. After that, it went on to start a big bull run.
This time, however, it just barely got above it for a few days before being pushed back down, going back and forth several times! Currently, BTC is around $76,000, with the 365-day moving average at about $76,570. It's only a few hundred dollars away, but it just can't hold above it. Honestly, this kind of movement is a bit frustrating. I still hope it can reclaim this moving average soon, preferably holding above it steadily for several days, and not just briefly touching it and retreating!
After all, historically, it's rare for BTC to break above the moving average at the start of a bull run and then repeatedly lose it again. Whether this stalemate can be broken depends on the next few days.For me, when judging liquidity inflection points, the biggest fear is that the odds look tempting, but the basis for judgment only supports one day. According to DefiLlama data, the total circulating supply of USD stablecoins across the network is about $293.7 billion, with a daily increase of $854 million but a weekly decrease of $4.509 billion.
My judgment is: this news raises the probability that "capital contraction may slow down," but it is not enough to treat "continuous inflow of new funds" as the main theme. It has observational value, but as evidence of a market reversal, its weight is light.
The reason is straightforward: the daily increase indicates the direction changed in the most recent day, while the weekly decrease shows the previous gap still exists. The two time windows are not contradictory. An increase in stablecoin supply is usually seen as capital inflow, but the supply data itself does not tell me whether this money is ready to bear volatility.
According to my speculation, if the subsequent incremental increase continues and is accompanied by improved risk asset absorption, then this rebound is more worthy of attention; if it is just a one-day increase followed by continued contraction, the optimistic expectation formed around "capital has returned" is not worthwhile. I would rather have a lower odds of front-running than count noise into the win rate.
Faced with this combination of daily increase and weekly decrease, when judging liquidity inflection points, do people value the win rate of waiting for sustained confirmation more, or the odds of making an early judgment?