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Conclusion first: Today's $DOOD funding rate is -0.6248%, settled every 8 hours, which totals -1.87% per day. This is not a bearish signal; it's a thermometer for the bears.
Breaking down three numbers: $DOOD perpetual contracts traded $295 million in 24 hours, with only $3.77 million open interest, turnover rate 78x; meanwhile, spot trading volume in 24 hours is only about $8.86 million — perpetual is 33 times the spot. The price is being pushed up on perpetuals, not spot buying.
Looking at the chart: On 10-26 at noon, the 4H candle shows $DOOD rising from 0.001378 to 0.002666, an 8-hour +93% increase, with single candle volume jumping from the usual 1.5 billion tokens to 23.4 billion tokens; on 10-27 at 8 AM it surged again to 0.002945, then retraced steadily to 0.00204, a 30.6% pullback from the high, 24-hour -9.65% (CoinGecko synced at -9.16%, market cap down to $16.18 million, -88% from all-time high).
So the correct interpretation of the negative funding rate is: bears are very crowded and could be squeezed at any time. The surge at 8 AM today was a preview. The funding rate tells you where the money is standing, not where the price is going.
Your turn: When you see such a negative funding rate, do you short along or wait until settlement to decide? $DOODIt's almost time for Robinhood to release its earnings report again. The options market implies a post-earnings volatility of about 10.2% (historical model estimate about 8.1%)—indicating the market is already pricing in a "big move." Last quarter (Q2 2026) was one of Robinhood's strongest quarters since going public:
Revenue $1.308B (up 32% year-over-year), beating the expected $1.287B; diluted EPS $0.62, significantly exceeding the consensus estimate of $0.43.
Trading revenue $776M (+44%): event contracts $156M (more than 10 times increase, with a record 13.6 billion contracts), options $342M (+29%), stocks $129M (+95%), crypto $100M (-38%).
However, the stock still fell after the earnings release. In fact, the stock price dropped -3.6%, -13.2%, and -8.9% the day after earnings in the last three quarters respectively—"beat but sell off" has become a pattern.
So what will this earnings report look like? If beats always lead to sell-offs, wouldn't missing expectations be even worse?
Some key market expectations for the earnings:
Revenue $1.44B; up 12.9% year-over-year, which would set a new single-quarter record if met
Segment expectations: options revenue about $400M (up 31.5% year-over-year), stock revenue about $133M (+54.7%), cryptocurrency revenue about $119M Can the $SUI ecosystem growth overcome the token supply pressure? Active applications and capital inflows are positive signals, but incentive trading and unlocked supply in emerging public chains will dilute demand. Markets are usually more selective about cash flow and liquidity before the FOMC. If trading volume and active users persist, and the price holds relatively strong against mainstream coins, the trend is of higher quality; if volume increase only comes from short-term activity or supply growth, I would turn cautious.$BEAT When is the big plunge Leverage positions remain, but liquidation is very light
The derivatives market for Dogecoin is unusually quiet. Open interest holds steady around $215 million, so leverage positions remain; however, in the past 24 hours, liquidations on both long and short sides combined total less than $50,000. The leverage is there, but liquidation hasn't occurred.
This comparison reveals two things. First, the overall leverage on $DOGE positions is not high—liquidations are concentrated in high-leverage positions, and a $50,000 liquidation amount means most traders have sufficient margin and have not been forcibly liquidated. Second, the narrow price fluctuations have not created conditions for forced liquidations. Liquidations require prices to quickly hit the liquidation threshold, and a daily volatility of 2.4% is insufficient to trigger most positions.
A calm market has its benefits: without cascading liquidations, prices are not pushed around by leverage amplifiers. But outstanding leverage is still outstanding risk; the $215 million in open contracts won't disappear just because the market is quiet—it is simply temporarily unused. Once volatility rebounds from low levels, these positions will again amplify market moves—regardless of direction. So don't mistake this calm for safety; it only delays volatility. Leverage never sleeps; it is just waiting for a price.#SK Hynix Q3 earnings report is coming, can HBM4 boost profitability? $ANTHROPIC has publicly submitted the S-1 to the SEC, with the market expecting a listing as early as mid-November. Combined with the earnings reports from Google, Microsoft, and Amazon in the next two days, let's see if this can boost market sentiment and trigger a rebound with semiconductors like at the end of July. However, the current market issues still persist. AI capital expenditures are squeezing the free cash flow of some cloud providers, increasing their reliance on external financing for new expansions. Meanwhile, high oil prices are fueling concerns about sticky inflation. Although some Federal Reserve officials have indicated that rate hikes do not need to occur at every meeting consecutively, the elevated oil prices remain a Damocles sword hanging over the market. Currently, the market pricing for the October FOMC does not expect a rate hike. If the major cloud providers' business growth, profitability, and cash flow exceed expectations enough to sustain high capital expenditures through 2027, the Nasdaq and semiconductors could see a round of sentiment recovery. In the short term, sentiment repair will dominate, but in the medium to long term, it is hard to say it can outweigh concerns about financing and inflation. The market still expects a 25bp rate hike in December with over 70% probability. Additionally, a giant IPO like Anthropic's before listing will have a certain draining effect on the market. Referencing SpaceX's historical window: after publicly filing the S-1 on May 20, the Nasdaq oscillated upward, then fell after reaching a stage high on June 3. Although there were rebounds during this period, it declined again by June 10, only to rebound the day before the listing on June 11. Pal $BTCETF Daily View — 10.27 1. Data situation: On Monday, BTC ETF single-day net inflow was +110.34 million, but it was all done by IBIT alone; the other 11 ETFs all had zero. 2. Data analysis 1) BlackRock made a move again in the 80–81.5 institutional cost zone, independently absorbing over 100 million in a single day, ending two consecutive days of net outflow. 2) FBTC / ARKB, which were heavily sold last Thursday and Friday, had zero flow on Monday, indicating that the short-term momentum floating chips scared by US stock earnings reports and high oil prices in the previous wave have very likely been cleared out temporarily. 3) On the same day, ETH ETF outflow was about -88.58 million, SOL -8.23 million, XRP -3.61 million, totaling about -100 million; money is withdrawing from altcoins and hiding in BTC (especially IBIT). 4) October cumulative is still short of a breath: as of 10.26 about -92 million, less than 100 million away from turning positive for the whole month; IBIT has accumulated about +938 million within the month. However, capital inflow ≠ immediate sharp rise. Structurally, it still depends on whether key levels reject or hold steady. 45 billion big Bitcoin dump! $SKHYNIX "setting off fireworks" at a high level, is the main force going for a total kill?
Buying on expectations and selling on facts, when the good news lands, it's time for the scythe to swing!
Analysis: Tonight's earnings report + rumors of a buyback up to 45 billion look very attractive. But looking at the chart, the current price is 1034, consolidating at a high level. The liquidation chart shows that there is short-selling fuel above 1045-1070, but below 1000-1013 is packed with massive long liquidation blood bags! Capital outflow over 7 days is severe, short-term inflow is purely a lure before the earnings report. The main force's intention is extremely sneaky: use the good news for a fake breakout to trigger shorts, then reverse to smash the market, wiping out the chasing longs all at once!
Viewpoint: I've seen many "good news turning bad" pig butchering traps; chasing at this time is purely catching a flying knife.
Suggestion: Short on rallies. Short in batches at 1040-1050, defend at 1060, target directly the long trap pit below at 1010. #Robinhood交易业务增长能否延续？ A 50x leveraged short position doesn't necessarily bet on how deep the price will fall; it could also be about whether one can precisely time the market. I saw Core Trader 19 (0x0c1f69…9672b) open a short of 53.158 SP500 contracts, with a notional value of about $407,700, at a reference price of $7,669.0029; this is an opening position, with no profit or loss realized yet.
I'm reluctant to interpret this $400k+ simply as "strong bearish confidence." Roughly calculating with 50x leverage, the initial margin corresponds to about $8,153, but this does not equal the total collateral actually put up in the wallet. The notional position acts like a magnifying glass, enlarging the risk exposure but not directly revealing the trader's actual capital or resolve.
More importantly, it's about the margin for error. If the price moves against the position by about 1%, this short position would incur an unrealized loss of roughly $4,077, which is about half of the theoretical initial margin mentioned above, not accounting for fees. Even if the directional judgment eventually proves correct, a single adverse price swing along the way could push the position into a forced or passive state; the exact liquidation point still depends on the margin arrangements.
So what I see is not a ready-made directional answer but an execution challenge. What I want to observe next is whether this address will add margin or adjust the position, using subsequent actions to test how much judgment error it is willing to bear. Does the expansion of $AVAX subnets and applications create sustainable network demand? The number of projects is not the end goal; the key is whether active users, fees, and token usage persist, as short-term data driven by subsidies can be misleading. If macro risk appetite contracts, funds will first withdraw from high-volatility public chains. If activity growth also brings net fees and retention, the outlook can turn positive; if traffic declines after incentives end, the hype should not be considered fundamental.The moment to short and pick up money has arrived. Why is $RE the most suitable altcoin to short this year?
Bitcoin was designed to resist inflation and has an extremely high acquisition difficulty. After Bitcoin achieved great success, a bunch of fake coins pretending to be digital currencies started to be issued crazily. In the past few years, 120 million altcoins have been issued, of which 99.99% have completely gone to zero or disappeared. Among those with trading records, 50% have gone to zero. For those involving large teams, the median investment return one year after listing is -81%. The essence of altcoins is over-issuance, which is exactly the opposite of Bitcoin. Therefore, Bitcoin's market value and market share continue to rise, while altcoins continuously fall infinitely in the opposite direction.
Shorting altcoins = picking up money, but most altcoins in the market have already dropped 99%, so shorting must choose new coins. Currently, RE is the most suitable new coin to short. It rode the Bitcoin bull market at listing and hasn't dropped much. Now the market has turned bearish, combined with a one-time unlocking of 40 million RE tokens in December and a subsequent unlocking of 750 million tokens, this guarantees that this altcoin is absolutely powerless to rise. Therefore, RE can be said to be the most suitable altcoin to short and pick up money. It is expected that after the 40 million tokens dump in December, the price can drop to 0.15; after another dump of 126 million tokens in June next year, it can drop to 0.07; and after unlocking another 126 million tokens in December next year, it can drop to 0.03. When competing altcoins appear, it will fall below 0.01. Currently, shorting offers at least 20 times the profit. SK Hynix Q3 Earnings Forecast: I Bet Yes (Beating Expectations)
I just opened a Yes position on Outcomes for whether SK Hynix's earnings this quarter will beat expectations, costing 0.99 XP. Currently, there's a slight unrealized loss, but my conviction remains strong.
The core reason is that the market's expectations for this quarter are already very high, but I believe there's still a chance to exceed them a bit more:
The institutional consensus generally expects revenue close to 98 trillion KRW, operating profit around 77 trillion KRW, and an operating margin near 78%. This is already a historically high profit margin, mainly supported by the volume growth of HBM (especially HBM4 supplied to NVIDIA) and the continued price increases of DRAM/NAND.
AI inference demand is still accelerating, KV-cache and data center storage demand are strong, and multiple brokerages (including Citi) believe the actual operating profit could beat consensus by a few points.
Last quarter already set a record, and this quarter HBM4 is starting to truly contribute revenue. Coupled with long-term contracts locking in prices, the supply-tight situation is not over yet, and price elasticity remains.
Of course, there are risks: the ramp-up progress of HBM4, competition with Samsung, and the market's expectations are already quite full. If guidance isn't strong enough, the stock price might fluctuate. But I still think the probability of earnings beating expectations is higher, so I bought Yes first.
$SKHY $SKHYNIX
#SK海力士Q3财报在即，HBM4能否提振盈利？ After the market closes tomorrow, Hynix $SKHYNIX will report, and I'm directly betting on an outperform, possibly even so much that it will hurt the shorts 😏 The stock price has been hammered down by 30% this past month, making it seem like all storage customers have collectively disappeared. Profits keep hitting new highs, but the stock price acts like it's doomed — honestly, I don't get it 😆
Look at what the others are doing. Micron $MU posted revenue of $54.2 billion last quarter and is guiding $61.5 billion for the next; Samsung forecasted operating profit of 107.4 trillion KRW for Q3; Western Digital's revenue even grew 55% year-over-year. Western Digital sells hard drives, and even hard drives are selling like this, yet some still claim AI demand for storage is over? TSMC is even more direct: AI demand is very strong, and customers are still increasing orders. Both upstream and downstream are counting money — it can't be that in the same quarter, the neighbors are all having a bumper harvest while Hynix is starving, right? It's all an open secret. It's just a matter of how much they beat expectations.
The market expects Hynix's Q3 operating profit to be around 76–77 trillion KRW, but I think it might exceed 80 trillion. The 40 trillion KRW buyback just finished, and there’s more shareholder returns to come. I think none of these positives have been priced in yet.
I'm betting this earnings report will be an epic beat, and management might spin next year's orders, prices, and long-term contracts into something almost unbelievable. The stock can fall 30% on sentiment, but the profits are real. Once sentiment turns, the harder it fell, the faster it will recover.
Still holding firm, bullish on storage! 😎 This is my most confident bet.
Microsoft earnings report: consensus expectation 4.72, settlement line stuck at 4.82 — I bet No
The rule for this bet is very clear: Microsoft’s GAAP EPS must be above $4.82 this quarter to count as Yes. Currently, Yes is about 75¢, No is 26¢, and the market is 80% confident it will surpass that.
But the consensus I found is around 4.71 to 4.72, about a dime lower than 4.82. Microsoft has beaten expectations for many consecutive quarters, but the "beat" usually only adds a few cents, not a full 10 cents at once.
So I bought No with a small position: if I’m right, it’ll triple or more. Prediction markets have already priced in the House majority: Kalshi gives 91%, Polymarket 92%, while the Senate is at 67% and 68%. This is not a "possibility" but a priced-in fact. However, most people read it as a rough slogan—Democrats win, crypto crashes—and panic prematurely over a bad news that doesn't actually exist. 🎯 The real misunderstanding is confusing "legislative power" with "subpoena power." If the House flips blue, the Democrats gain tools for summons, hearings, and public shaming: they can call WLFI people to testify, demand internal documents from Polymarket, and pressure the Justice Department on CZ's pardon issue. Then what? Nothing. Investigations create news, news creates volatility, volatility creates panic, but no bill dies because of a hearing—because the bill was never on the House agenda to begin with. What truly determines valuation is the fate of the bill, not the noise on Capitol Hill. The CLARITY Act—the U.S. crypto market structure bill—had a Senate procedural vote on September 15th of 49:50, missing by 11 votes, and debate never even started. No new voting schedule. JPMorgan puts it bluntly: it won't pass this year, possibly not until 2027. Prediction markets are more honest: Kalshi gives a 37% chance of passing this year, Polymarket 26%, both the lowest all year. In other words, the legislative dividend has long been dead, and it died before the Democrats won the House. The market isn't waiting for bad news, but I previously mentioned a viewpoint that crypto-stock trading is definitely the major trend of the future, and this trend is becoming increasingly obvious. Recently, in the exchange's gainers list, 70% of the tokens listed are US stock tokens. The crypto market is becoming more difficult, and the market lacks continuity and smoothness. In the future, the vast majority of the cryptocurrency market will be like this: a $BTC rally only takes a few days to complete, altcoin rallies also finish within a month, and then the overall market falls into endless oscillations. During these oscillations, the entire market lacks liquidity and trend momentum, making it increasingly difficult for retail investors to make money. This is also an important reason why exchanges have started frequently launching crypto-stock trading.
Of course, the cryptocurrency market will not collapse; BTC will still rise. This bull market will reach 150,000 to 200,000, and the leading coins and mainstream coins in major altcoin sectors will still have 5 to 10 times gains. However, most of the time, the market is stagnant. The truly profitable rallies usually occur when most retail investors are shaken out by the endless oscillations, then the market quickly pumps in a short time. When retail investors react and re-enter the market, it falls back into endless oscillations. This is why there have been very few trading stars in the market over the past two years, because the previous kind of one-sided major trend no longer exists, and in oscillating markets, the vast majority of retail investors lose money.Core data analysis of ETH smart money dynamics, why are smart traders still resisting the positions???
Current ETH price is 2320, funding rate 0.0050%. Overview of smart money: a total of 2329 traders, nominal long-short ratio 24.03%.
Long smart money
842 traders, current position 363.55M USDT, average entry price 2821, unrealized P&L -78.4572M USDT, profit ratio 32.06%. Long costs are concentrated near 2821, most long positions are at a floating loss, with 2821 above being a concentrated cost resistance area for longs.
Short smart money
1487 traders, current position 1.51B USDT, average entry price 2307, unrealized P&L -8.481M USDT, profit ratio 59.91%. Short positions are larger in volume, also at a floating loss, with a profit ratio significantly higher than longs, and the current price close to the short entry cost.
Market logic
Price is oscillating narrowly, both longs and shorts are simultaneously in loss, resulting in a double kill scenario. The strong resistance is at 2821 above, with support near short costs; short term is likely to maintain range-bound tug-of-war.
For market reference only, does not constitute any trading advice #本周将公布10月FOMC利率决议 #美伊讨论霍尔木兹开放方案，油价回落 #BTC现货ETF资金反复，市场买盘能否企稳？ $BTC $ETH $SOL Microsoft and Google benefit from AI and cloud business growth, with profits expected to exceed expectations; Amazon AWS and advertising business provide growth momentum; Apple's performance is relatively stable, but high valuation may limit post-earnings gains. SK Hynix and SanDisk are driven by AI storage demand and rising storage prices, showing greater earnings elasticity. Robinhood is boosted by increased trading activity, with a higher probability of exceeding expectations. Strategy's performance is greatly affected by Bitcoin price volatility, with the highest uncertainty. Overall, the most optimistic are SK Hynix, SanDisk, and Robinhood. $BTC repeatedly fails to hold the 80,000 level; the nature of this position has already changed!
The weekend low hit 79,100, and in the past two days it has broken below 80,000 several times, each time pulling back but failing to hold. The 80,000 level, which was originally considered support, has gradually turned into a tug-of-war zone between bulls and bears after repeatedly breaking.
ETFs saw a net outflow of $773 million combined last Thursday and Friday, putting selling pressure in plain sight. Coupled with the US stock market correction and the upcoming Federal Reserve decision, short-term funds are cautious. Weekend liquidity is poor, so declines tend to be amplified.
The key is not whether it can instantly pull back to 80,000, but whether there is sustained buying support after the pullback. The rebound has consistently failed to surpass 80,000. Next, look for support between 75,000 and 78,000. Only by holding above 82,000 can selling pressure be considered somewhat eased. For a repeatedly broken level to hold, it can only rely on real, solid buying.
#以太坊草案EIP-8363引争议 Liquidations are accelerating again, with long positions accounting for over 90% in the past hour.
In the past 24 hours, the total network liquidations amounted to approximately $138.79 million, including $80.9 million in long position liquidations and $57.89 million in short position liquidations, with longs rising to 58.3% of the total.
We need to pay attention to short-term changes:
▪️ In the last 12 hours, liquidations totaled $49.52 million, with longs accounting for $33.13 million
▪️ In the last 4 hours, liquidations totaled $19.63 million, with longs accounting for $14.83 million
▪️ In the last 1 hour, liquidations totaled $8.84 million, with longs as high as $8.12 million
The shorter the period, the higher the proportion of long position liquidations. This indicates that although the market has not experienced a sharp plunge, the support below is weakening, and the funds chasing the rally have begun to be continuously liquidated.
By coin:
BTC liquidations are about $31.46 million, with longs accounting for 62.8%;
ETH liquidations are about $23.3 million;
SOL liquidations are about $5.53 million;
ZEC liquidations are about $3.73 million.
The 24-hour heatmap for BTC shows a significant accumulation of liquidation liquidity near the $81,000–$82,000 range above, suggesting that a short-term rebound may first approach this area. However, if it cannot hold above $81,000, the rebound looks more like giving shorts space to re-enter.
I remain temporarily bearish. The focus is no longer on how large the total liquidation amount is, but on the fact that long position liquidations are rapidly concentrating in the most recent hour, which usually means the short-term decline has not yet fully played out.$TIA
Data availability is one of those blockchain infrastructure problems that becomes more important as applications scale. Celestia focuses on separating data availability from execution, giving developers another way to design modular networks. Yet technical flexibility does not automatically translate into lasting token demand. Adoption by independent rollups, sustained data usage, and competition from alternative solutions will help determine whether the model gains durable relevance.A single whale has built a three-legged short book across $BTC, $ETH and $SOL, and the structure of the position matters more than its size. The trader holds -2,603.29 BTC, -106,400 ETH and -719,900 SOL in perpetual futures, with notional values of roughly $210 million, $250 million and $72.4 million respectively. Leverage is deliberately modest — 5x on Bitcoin and Ether, 7x on Solana — leaving liquidation thresholds at $143,401.53 for BTC, $3,847.13 for ETH and $324.25 for SOL, all far above cu#SK海力士Q3财报在即，HBM4能否提振盈利？
$BTC $ETH $SOL
Record Subject: BTC, ETH, SOL Borrowing Structure
Observation Period: Past month
Record Nature: Personal review, not investment advice
Data Snapshot
Asset Long Borrowed Amount Short Borrowed Amount
BTC 1356.11 BTC 75.21 BTC
ETH 16,600 ETH 772.03 ETH
SOL 108,100 SOL 4241.84 SOL
Market Interpretation
Over the past month, the leverage long-short ratio center of gravity has generally shifted upward, with the borrowing structure of BTC, ETH, and SOL all showing a clear bullish tilt: the long borrowed amount is significantly higher than the short borrowed amount. This data is more suitable to be viewed under the "crowdedness" category rather than directly under the "direction confirmation" category.
The clustering of long leverage indicates that market participants have increased exposure on the same side. It reflects changes in position structure and does not necessarily mean the price will continue to rise. On the contrary, when leverage is concentrated in one direction, the market becomes more sensitive to external news and key price levels, increasing the probability of short-term reverse fluctuations and the clearing of crowded positions.
My Approach
This data currently serves only as a risk warning: pay attention to the potential amplification of short-term volatility after long crowding, especially near news disturbances and key levels. Directional judgment still needs to be combined with price structure, volume, and risk management, and leverage concentration should not be directly equated with a bullish outlook My judgment on tonight's US stock market: inclined to open higher, but there is still considerable uncertainty about whether the rise can be sustained after the high open.
In the technology sector, AI remains the core focus of the market. Recently, the market has renewed attention on AI demand and growth opportunities in the semiconductor industry, with Asian stock markets also buoyed by optimistic AI sentiment. However, institutional investors are now not only looking at revenue growth but also focusing on whether AI investments by Microsoft, Google, and Amazon can bring actual profits. Meta's previous market concerns due to AI investment spending also indicate that even with good performance, if the investment is too high, the stock price may still decline.
From the perspective of institutions and macro funds, this week's Federal Reserve interest rate decision is an important variable. The market generally expects rates to remain unchanged for now, but there are still differences regarding the future rate path; the US long-term Treasury yields are at relatively high levels, which may also suppress valuations of high-priced tech stocks. Meanwhile, changes in oil prices will affect inflation expectations, thereby influencing market risk appetite.
Overall, the three major US stock indices rose in the previous trading day, and AI-related sentiment has improved, providing support for a higher open tonight.
However, it is important to distinguish that a higher open in the index does not equal continuous institutional buying or a full-day rise. If tech stocks strengthen in sync after the open and the rise is accompanied by increased volume, the rebound will be more convincing; if the index rises but chip stocks weaken, or Treasury yields rise significantly, be cautious of a pullback after the surge.
Therefore, the direction leans toward a higher open with moderate to low confidence; the biggest short-term variable is the earnings expectations of tech giants and signals from Federal Reserve policy.Gold has been narrowing over these four days, and I'm focusing on the lower line.
On October 22, it dropped three percentage points, finishing in a day and a half, and the rebound didn't even recover half of that. It surged last night but couldn't hold, and this morning it dipped again. The lows are being pushed up, the highs pushed down, narrowing more and more.
For the lower boundary, I first connected the first two lows, and the third one just touches it when it comes up, so I trust this line. The upper boundary isn't reliable; it only pressed twice, and the third high point missed by five dollars. For now, I consider it just an approximate position.
The current price is 4009, seven points away from the lower boundary. I don't want to act in the middle section. The three things on the upper boundary are crowded between 4033 and 4043; to break through, they all have to be crossed together.
If it closes above 4043, I'll first look at 4070. If it falls below 4002, I'll admit I'm wrong and look at the next level, 3989.
Waiting for it to reach the edge.The moment a 25x long order was placed, I knew this wasn’t a turnaround, but the last gasp. Have you ever seen someone immediately add leverage right after liquidation? Last night, I checked on-chain data and saw an address that lost from $12.5 million down to just $5,357, with a historical net loss of $35.37 million—completely wiped out in one go. What chilled me even more was that after liquidation, he didn’t exit but immediately opened a 25x ETH long position, 50 ETH, with the liquidation price set right at the current price. This isn’t trading; it’s pushing the last bit of loose change to the edge of the table. I stared at that position for a long time. The biggest fear in derivatives markets has never been those who lose money, but those who refuse to admit defeat after losing everything. The significance of this position to the market isn’t in the 50 ETH volume, but in the emotional snapshot it reveals: high-leverage longs choosing to add to their positions in the same direction after liquidation shows that some participants treat the rebound as a certainty, not a probability. A bullish interpretation is that if ETH can hold near the liquidation-heavy zone without breaking down, the fuel for short squeezes is ready, and as long as funding rates don’t turn extremely negative, the rebound will be quick and sharp. But the risk signals are equally clear: the liquidation price set so close means any sudden price spike can wipe him out, and these close-to-liquidation positions tend to cluster, triggering chain liquidations that drag the price down another notch. What I really care about isn’t whether he can hold through tonight, but whether this behavior of "immediate reverse validation after liquidation" is becoming more common in BTC and ETH position structures. If so, it means the market is gambling on direction with leverage rather than expressing preference through spot holdings, and altcoins’ follow-the-rally runs will become very short-lived, Just before 6 PM, I stared at this $ZEC long position for quite a while.
50x leverage, entry at 1189.69, current price 1245.6, unrealized profit 234.99%. The numbers look much better than last night—at 21:26 last night it was only 1223.9, unrealized profit 88%. Woke up to 21.7 more points, unrealized profit directly doubled to 235%.
But breaking it down, the core hasn't changed: actual increase 4.70%, buffer 4.49%, just 4.4 points away from the 1250 barrier.
What does 4.49% mean? ZEC’s normal fifteen-minute volatility usually exceeds this number. 50x leverage magnifies it to 235%, but it can also magnify a reverse 4.49% to zero. Simply put, this position has held until now because it has been rising continuously, not because my judgment was that accurate.
The 1250 barrier is 4.4 points away (0.35%). If it breaks above, then 1300 is the next target; if it doesn’t, the 235% is just a number. Overnight it gave me 147 points of profit but also exposed me to overnight gap risk—that was luck, not skill.
The plan was set long ago: push to break even, take profit on the main position, treat the base position like a lottery ticket. If it holds above 1250, target 1300; if it falls back to 1189.69, admit the mistake and exit; do nothing in between. $BTC $ETH
#本周将公布10月FOMC利率决议 80K Tug-of-War, Hundred-Dollar Defense Battle: Crypto Liquidity Skirmish Before the Fed Decision
🔥Calm Before the Storm: On October 27, BTC hovered around the 80K mark, priced at 80,071.5 USD, down 0.07%, with over $150 million in derivatives liquidations in a single day and more than 68,000 liquidations; after three consecutive weeks of declines, liquidity currents surge beneath the surface ahead of the Fed decision.
$BTC: 80,700 USD is the critical watershed; a break below points to 75,000; institutional accumulation slows, ETF net outflows continue, the battle for 80K is a leverage consumption war among bulls.
$SOL: Priced at 100.43 USD, breaking below 100; whales transferred 482,000 SOL over three days, about $17.3 million moved into exchanges, leaving selling pressure looming; however, 71% staked compresses circulating supply, making the hundred-dollar level a key battleground for bulls and bears.
$DOOD: Priced at 0.002069 USD, up 6.48%, Upbit funds and social buzz push it up, but lacking fundamentals, founder controversies, and unlocking pressure on November 9 make chasing highs risky.
Summary: Macro tightening and localized speculation clash, BTC’s fragile balance, SOL whale tug-of-war, DOOD’s capital market risks accumulate; less action and more observation before the decision, capital preservation prioritized.
#SK海力士Q3财报在即，HBM4能否提振盈利？ The “Liquidity Illusion” of BTC L2: Bitcoin is Sleeping, Who Will Pay for You?
The Bitcoin ecosystem L2 is the hot narrative of this cycle, claiming to "awaken trillions of BTC liquidity." But beneath the surface, the real BTC is sleeping, while tokens on L2 are frantically accumulating and cutting retail investors.
Comparing these three targets:
$STX: As the oldest BTC L2, its ecosystem TVL and the promotion of sBTC have indeed brought some capital. But looking at the token economics, STX’s value capture mainly relies on PoX consensus (miners pay BTC to obtain STX), and its massive token unlocks and inflation mechanism make it extremely difficult for the token price to gain sustained upward momentum without real high-frequency on-chain applications.
$MERL: Once the TVL leader among BTC L2s. Now, on-chain activity has sharply declined, with much of the TVL built on early points airdrop expectations. Once incentives stop, real external funds do not remain. The token lacks self-sustaining scenarios, and its price has significantly retraced since launch, relying on sentiment recovery.
$WBTC: The purest BTC-mapped asset. It does not need to tell a complicated Layer2 story; its value directly depends on Bitcoin’s underlying security and consensus. Its scale is determined by real cross-chain demand, not unilateral subsidies from the project team.
Conclusion:
Do not equate the BTC ecosystem narrative with the rise of L2 tokens. When evaluating such assets, you must verify: how much real TVL is on-chain? Does the token have a mandatory empowerment mechanism beyond governance? The digital RMB pilot is coming to an end, and starting November, three universities in Jiangsu will use it to pay salaries.
Yangzhou University, Nantong University, and Jiangsu Normal University will directly deposit faculty and staff salaries into digital RMB wallets starting in November. No need to get a card; even without internet, two phones can transfer money by tapping. The balance in the real-name wallet accrues interest like a deposit and is covered by deposit insurance.
It all sounds beneficial.
The problem lies on the other side. Every digital RMB transaction carries an ID, and rules can be pre-set: what this money can buy, the maximum monthly spending, whether it can be transferred to a bank card—all can be configured. Technically, this is called programmable money. In plain terms, the money is yours, but how you spend it is not entirely up to you.
Look at the other path. Bitcoin and Ethereum have been solving the opposite problem from day one: preventing any central authority from altering your account. On-chain transfers don’t care who you are, only if the private key matches. The trade-off is slow, expensive, and poor user experience, but in return, no one can unilaterally rewrite the ledger.
One side wants to regulate money more strictly; the other wants to make money harder to control. The directions are opposite.
I don’t think digital RMB is a bad thing; the engineering feat of dual offline payments is indeed advanced. But holders of the currency must think clearly about whose ledger their assets are recorded on. If recorded on someone else’s ledger, the rules will always be in someone else’s hands.
So my own approach remains unchanged: I have not reduced the portion of my holdings that I self-custody.Starting in November, digital RMB will be used to pay salaries at three universities in Jiangsu: Yangzhou University, Nantong University, and Jiangsu Normal University will be the first.
The benefits are very practical: no need for a card, you can transfer by tapping even without internet, wallet balances earn interest, and it’s somewhat insured like a deposit.
But it is programmable. The rules about how the money can be used, monthly limits, whether it can be transferred into banks, can all be pre-set. This reduces the autonomy over the money.
On the other hand, the blockchain system is slow, expensive, and has a poor user experience, but no one can unilaterally alter the ledger. The two approaches are exactly opposite.
My choice is simple: I’ll keep using the convenient features, but I won’t reduce a bit of the self-custody part.$SOL
482,228 tokens, 49 million USD, three days. There is a SOL whale selling off in batches; this is the most solid data today.
SOL is now at 100.1, broke through 100 intraday, dropped to a low of 99.17 then pulled back, down 1.4% in 24 hours. Bulls are struggling to hold the 100 level.
Selling over three days instead of dumping all at once indicates they are looking for liquidity and don’t intend to kill the order book. But conversely, it does mean someone is seriously selling above 100, so don’t confuse a rebound with a reversal.
By the way, Marinade said the Agave validator margin deduction exemption after the slot jump is confirmed, so there is no substantial damage to the ecosystem; this is not negative news.
When this rebound reached 102, I still thought it could hold, but I was proven wrong. Now I’ve learned my lesson: I’ll leave the longs above 100 to others and wait until the selling is done.
#本周将公布10月FOMC利率决议 Capital is trickling back into crypto, but conviction has not followed. That gap between flows and price action is the real story of the past four hours, and it explains why the tape feels heavier than the numbers suggest. Look at the inflows. Spot $BTC absorbed $39.36 million, while its four-hour futures book drew $127 million. Spot and futures flows for $ETH are also positive. $SOL is the strongest of the three: both its 24-hour spot and futures metrics have flipped green. On paper, that readsThe overall long-short ratios for BTC, ETH, and CORE are quite close, but the bullish ratio among some large accounts is noticeably higher. The price hasn't shown a clear uptrend, yet the position structures of large accounts and the overall market have diverged. 📊 Let's first look at three key data sets: 🟠 BTC: Bulls slightly ahead Long positions account for 50.29%, shorts 49.71%, with a long-short ratio of 1.0117. On some platforms, the long-short ratio for large accounts approaches 2, significantly above the overall level. It rose 0.33% in the last 4 hours but is still down 1.98% over 7 days. 🔵 ETH: Overall bearish, large accounts bullish Long positions 49.70%, shorts 50.30%. It rose 0.72% in the last 4 hours but dropped 3.22% over the past 7 days. Although there is short-term recovery, the overall trend still needs observation. 🟣 CORE: More pronounced capital divergence Long positions 48.06%, shorts 51.94%. However, OKX large accounts have a long-short ratio of 2.46. It fell 1.32% in the last 24 hours, showing a contrast between bullish large accounts and price performance. 💡 My observation: The most valuable insight from this data is not which coin has more bullish sentiment, but the judgment differences among different trading groups. However, a high long-short ratio in large accounts does not necessarily mean they are continuously increasing positions, and the number of accounts should not be confused with actual position size. What truly matters is whether the bullish position structure can be validated by price and volume. If prices continue to weaken, large accounts may also be wrong in their judgment. $BTC
I read that Galaxy research report which said the bear market is over and now is a window for Bitcoin chip accumulation. I only half believe that.
The reason I don't believe it is simple: on Monday, the US stock spot ETF had a net inflow of $110 million, but at the same time, the spot CVD was negative 80.5 million, meaning selling pressure is still intensifying. Buying and selling at the same time, how is that accumulation?
Current price is around 79,900, within 24 hours it fluctuated narrowly between 79,456 and 80,850, with a funding rate of 0.01% showing no bias. On OKX, BTC contract open interest is still $26.4 billion, so leverage hasn't really been cleared.
There's also a subtle detail: according to Charlie Bilello's returns chart, from 2026 to now BTC has dropped 7.3%, gold dropped 7.5%, the two worst-performing assets hand in hand. The term "safe haven" has basically failed this year.
So at this point, I'm not joining the bulls; I'll wait for it to choose its own direction and talk again once it breaks out of this range.
#本周将公布10月FOMC利率决议 #US-Iran Discuss Hormuz Opening Plan, Oil Prices Retreat Oil prices are the most honest thing in this market. When Brent touched above $115, inflation expectations, long-term interest rates, and the dollar were all pinned against the wall; on the 27th, news broke that the US and Iran were discussing a Hormuz opening plan, and as oil prices eased, the first nail pressing down on risk assets loosened—10-year US Treasury yields hovered near a high of 4.98%, and the dollar index was stuck at 102. If these two numbers retreat slightly, money will shift more toward risk assets. Talking history: The 1973 oil embargo quadrupled oil prices, directly defining the stagflation of the entire 1970s; in August 1990, Iraq invaded Kuwait, doubling oil prices in a month, but the market had priced this drop out within three months and strengthened the following year. The same strait, two completely different outcomes—the difference lies in one place: the former was a permanent disruption of supply structure, the latter was a one-time event shock. Hormuz now channels nearly 20% of global crude oil; the discussion is about an "opening plan," not "whether to block or not," which means it is the latter, not the former. Politically, this move is also clear. With the November 3 midterm elections just seven days away, the White House currently wants low oil prices and low interest rates; every dollar oil prices drop means voters pay less at the pump, translating into votes; Iran wants the blockade lifted and export routes opened. Both sides have reasons to negotiate this, so this news is not noise. To be direct: the oil price retreat itself is the best background music for risk assets this week, but it is background, not the starting gun. That sound on the 28th#本周将公布10月FOMC利率决议
Explosive! The Fed's “no change” is a smokescreen: the December rate hike nuclear option is loaded, yet 90% of people are still foolishly optimistic?
Internal division dimension, Waller's communication dilemma
Several officials emphasize the need for more data observation, but two regional Fed presidents may vote against to support a rate hike. Chair Waller's core challenge is: to explain why there was no rate hike in October while convincing the market that a December hike remains a realistic option. His restrained forward guidance makes the marginal signal value of the statement wording and press conference Q&A far more significant than the rate figure itself.
Data verification dimension, coexistence of strong growth and sticky inflation
Just one day after the decision, the Q3 GDP preliminary value and September PCE will be released on the same day. The market expects an annualized GDP growth rate of about 3.2%, core PCE year-over-year rising to 3.1%–3.2%, and overall PCE possibly reaching 3.6%. If the data materializes, the combination of “demand can withstand high rates” and “inflation decline stagnation” will provide ample reason for a December rate hike, and even the possibility of larger adjustments later.
Market pricing dimension, dollar and rate-sensitive assets under pressure
The probability of a December rate hike has risen to the 68%–80% range. Strong growth and high inflation support the dollar's yield advantage, limiting the downside for U.S. Treasury yields; gold is trapped between rate hike expectations and geopolitical safe-haven demand, likely maintaining range-bound volatility in the short term.
The real pricing theme this week is the degree of confirmation of the December rate hike path, not the “no change” in October itself No new ® $BTC from Strategy this week •• Monday's update from Saylor did not include any Bitcoin purchases. Purchases have dropped below 30 million USD per week for the past three weeks and are now completely paused. Strategy still holds 848,517 BTC at an average price of 75,446 USD. With * $BTC around 80,000 USD, the holding amount has only increased by about 6%. Instead, the company repurchased 205 million USD of STRC preferred shares, a type of stock expected to trade around 100 USD. Week trDon't let the ceremonial ringing of the bell go to your head.
Standing on the Nasdaq to ring the bell does not mean Wall Street institutions will actually pay real money.
BNB Standard is essentially still a token-holding stock, betting 90% of its assets on a single crypto asset. In the eyes of traditional finance, this is called a highly risky concentration exposure, not a prudent allocation.
If institutions really want to buy BNB, compliant trusts, ETFs, or even OTC options can solve that. There's no need to buy your company's stock and bear extra premiums and corporate governance risks.
No matter how good the narrative sounds, just because the door to traditional finance is open doesn't mean the funds will come in.
Without sustained incremental buying and actual performance support, after the bell rings, the stock price will fall just as it would have.
Don't mistake symbolic meaning for sustenance. While everyone is fixated on the bullish frenzy of "Bitmine increasing its ETH holdings by over ten thousand coins," I smell the stench of blood in the air.
Institutions are increasing their positions, yet the market hasn't rallied; instead, it has been hammered down from 2364 all the way back to 2306.
Think about it carefully—if this were truly a major reversal, why would the main players give retail investors such a comfortable chance to get in at this level?
This is not a bullish signal at all; it's the manipulative whales using news as cover to wildly distribute chips!
Look at the $ETH trend—it's already so weak it's shocking.
Above, the EMA60 and EMA120 loom like two mountains pressing down hard; from moving averages to candlesticks, it's a textbook bearish alignment with no decent resistance.
The 2300 whole number level now feels like a paper-thin window, ready to break with the slightest poke. The abyss at the previous low of 2291 is right beneath our feet.
I’m holding my short at 2378.39 steadily, now pocketing +60.58% profit. This wave of trend-following harvesting feels so comfortable.
Once the major trend forms, any rebound is just a paper tiger.
But today I must hold your hand: absolutely do not blindly chase shorts at this level!
Why? Because the whales are too sneaky.
Too close to the previous low of 2291, there's a high chance they'll fake a move, sharply spike up to shake out the trend-following shorts, then truly start the plunge.
What we need to do is patiently wait for their trickery.
If they dare to spike back up to around 2315 or even 2320, as long as volume shrinks and it can't break through, that's a gift from heaven—let's fire our bullets hard!
The first target below is to keep a close eye on 2291; once broken, accelerate down to 2200.
In this market full of lies, don't let fake news deceive your eyes.
$BTC
$ZEC
#本周将公布10月FOMC利率决议 The story of WORPT starts not by asking Thai merchants to accept cryptocurrency, but by first converting the coins into Thai baht. I just saw the news that this app has launched under Thailand's Tourist DigiPay regulatory sandbox. Foreign tourists can exchange $USDT and USDC for Thai baht, then pay via Thai QR PromptPay, with merchants still receiving Thai baht.
What I find most significant is that the change is left on the tourist side, rather than requiring merchants to adopt a new set of rules. This is a positive signal for the adoption of crypto payments, but it cannot yet be taken as proof of large-scale adoption.
The reason is practical: merchants receiving Thai baht do not have to bear the risks of stablecoin price fluctuations or custody issues; integrating with the existing QR code payment system also reduces the burden of building a new payment network. However, the story takes place within a regulatory sandbox, and running a pilot is different from running it long-term and widely.
The next steps are already planned: a physical Visa prepaid card will be launched in mid-November, and a virtual card will go live in early 2027. My guess is that if regulatory requirements continue to be met, then this "tourists use crypto, merchants receive local currency" approach will have more replicable value. This story reminds me that payment innovation does not necessarily require everyone to understand crypto. Do you think it will remain a small-scale pilot for tourist payments, or become a model adopted by more tourist destinations?First, submit the report card. In the last round, three directions: XRP entered at 1.2933, current price 1.2988, +0.43%, stop loss at 1.2768 not triggered, hit target; HYPE entered at 77.56, current price 77.63, +0.10%, stop loss at 76.30 not triggered, hit target; BNB entered at 741.95, current price 737.80, -0.56%, stop loss at 734.89 not triggered, direction did not play out. Two out of three, none of the three stop losses were hit—I set the direction, not betting on volatility, which is more important than the hit rate itself. Data as of 18:00 on the 27th. BNB｜Long 737.80｜Stop loss 733.11｜Take profit 745.62 This quarterly report is solid: on-chain revenue of $54.2 million, up 54% quarter-over-quarter; tokenized stock trading volume of $2.56 billion, eleven times the previous quarter, accounting for nearly 40% of the entire market; quarterly burn of 1.646 million tokens, approximately $1.2 billion. When the whole market was getting hit, its volatility was the narrowest—this is not resistance to decline, but no one willing to sell at this level. The downside is also on the table: daily active addresses dropped 14% to 2.1 million, fewer users but more profit, which for a public chain means only one thing—it's all airdrop hunters. The batch of positions above 750 that are unlocked will be sold off downward, don’t expect it to finish the move all at once. TRX｜Long 0.327540｜Stop loss 0.326789｜Take profit 0.328792 Some people didn’t notice one thing: TRX’s funding rate is negative, -0.$TRUMP is a highly cost-effective shorting target! There's only half a month left until the snapshot. This year, there are no big whales like Sun Ge who crazily rushed in just to attend the banquet. I believe those who participated last year don't feel rushed about expectations! Trump looks like a seller, selling the team's coins to these believers, then inviting the 185 biggest whales who suffered the worst losses to a meal to apologize, and then continuing to cut 😂! The $TRUMP coin is truly one of the harshest projects to get cut in the crypto world, dropping from 80 to 1, it's basically a bottomless pit. It's been almost two years, and they haven't dared to spend money to pump the price. What else can you do with this coin besides shorting it?FOMC Eve: BTC Battles at 80K, SOL Dumped by Whales, BCH Slightly Up Against the Trend
Silent Divergence Before the Macro Test: 80K Changes Hands, Whales Exit. On October 27, ahead of the FOMC, the market is stuck in a tug-of-war. This is not a simple broad sell-off but a liquidity stratification and chip redistribution under macro uncertainty.
$BTC (80K Gravity Trap): Reported at $79,630. Suppressed by the FOMC on the 29th and PCE data on the 31st, the largest marginal buyer Strategy has stopped buying and switched to repurchasing. Downside test risks at 75K-77K remain. Both bulls and bears are waiting for the macro starting gun; the 80K level has become a "gravity trap."
$SOL (Obvious Selling Pressure): Reported at $99.69, breaking below the $100 psychological support. Whales have transferred over $49 million worth of SOL for sale within 3 days, with wallets still holding $29 million more to sell. Coupled with the "aftereffect" of 82% of the reward plan being sold immediately upon receipt, the support below $100 will determine life or death.
$BCH (Narrative Temperature Difference): Up 1% against the trend, reported at $280.75. The direct catalyst is the launch of BCH futures on CME, but these are cash-settled with no spot buying; plus, the ETF scale is small and the payment narrative is weak.
Summary: The core contradiction lies in liquidity contraction and chip differentiation before the macro event. Before the FOMC outcome, controlling position size is more important than chasing direction. Keep a close eye on BTC buying, SOL whale movements, and BCH position changes. In divergence, "not losing" is excess return.
#SK海力士Q3财报在即，HBM4能否提振盈利？ Tomorrow SK Hynix releases its earnings report, three storage tokens take a directional bet in advance
$SLX 0.0523, the main story explained 🏭 Solstice breaks down wafer fab long-term usage rights into on-chain shares and collects rent quarterly, with rental contracts locked and not fluctuating with spot prices. When SK Hynix's earnings come out tomorrow, whether chip stocks rise or fall, SLX's logic is not directly affected—it belongs to the RWA track, aiming for stable cash flow, not HBM4 orders. At 0.0523, the transaction volume is just over four million, liquidity is thin, this kind of asset is fine just collecting rent.
$BTC 80,000, two events collide tomorrow 📊 Tomorrow early morning is the FOMC, and tomorrow morning SK Hynix's earnings report, two major events on the same day. BTC options open interest shows 80,000 as the largest strike price, market makers have placed a large number of hedging orders at this level. Regardless of whether the result is dovish or hawkish, the 80,000 level will be tested, avoid heavy positions before the weekend.
$xMU 895, Micron is waiting for SK Hynix's HBM4 data 🧠 SK Hynix releases Q3 tomorrow, HBM4 shipment volume and customer orders are the market's main focus. Micron makes DRAM, HBM is incremental business, 895 is directly tied to the spot cycle. If SK Hynix's HBM4 exceeds expectations, the entire storage sector will move accordingly; if below expectations, spot stocks will fall first.
This article is for market analysis only and does not constitute investment advice.
#SK海力士Q3财报在即，HBM4能否提振盈利？ Your illusions vs. the project's ledger: Don't be fooled by these "fake infrastructures."
The market is good at packaging mediocre businesses into grand narratives. Peel back the ledger and look at this contrast:
About AI computing power
· You think: Buying TAO or GRASS means owning the future of decentralized AI.
· In reality: TAO's prosperity heavily depends on subnet subsidies, and nodes flee when the token price drops; GRASS does have revenue, but the token doesn't get a penny. You're buying air, while the project team makes real money.
About derivatives trading
· You think: GMX and $DYDX's buyback mechanisms are strong and can support the price floor.
· In reality: GMX locks buy orders in the treasury, releasing only when the price hits $90; DYDX's budget shrinks significantly due to share loss. Conditional buybacks are just empty promises in a bear market.
About real cash flow
· You think: $HYPE E and VVV mechanisms are plain and not sophisticated enough.
· In reality: HYPE burns millions of dollars daily in the market; $VVV uses Web2 API revenue to enforce buy orders. No thresholds set, returning real money to token holders.
In summary:
The grander the narrative, the uglier the ledger. Don't pay premiums for words like "ecosystem" or "nodes." Look for protocols that have no preconditions and directly use real profits to buy tokens.【Today's Focus · 10.27】
The largest BTC buyer didn't purchase a single coin last week.
Strategy (formerly MicroStrategy) announced yesterday: from 10/19 to 10/25, no BTC was bought, breaking a 5-week buying streak.
Where did the money go? About $205 million was spent to repurchase their own preferred shares, STRC.
Three points I noticed:
1️⃣ Holdings remained unchanged at 848,517 coins, not a single one sold.
2️⃣ STRC has a 12% annual dividend; this repurchase averaged about $99, below the $100 par value, effectively saving on interest.
3️⃣ The timing coincided with BTC dropping below 80,000 and the Federal Reserve's announcement early Thursday morning.
So it's not that "Saylor has lost confidence," but more like cleaning up the books first.
However, the biggest buyer paused for a week, meaning the market lost a key support hand, which is true.
What do you think?
1 Just a pause, buying will resume in a few weeks
2 The buying power is genuinely weakening
Just reply 1 or 2 in the comments
#BTCRallyOrSqueeze #StrategyDailyDividends
For record only, not investment advice Actually, there is another tail risk this week, which is the BOJ's monetary policy meeting scheduled for this Friday, October 30. The current mainstream market expectation is a pause in rate hikes in October.
For the market, a pause in rate hikes in October is the basic expectation. The question is whether it will be a dovish pause or a hawkish pause. If the pause in October is in preparation for a rate hike in December, then it will be another shock to risk markets and the USD/JPY interest rate differential trade. So this counts as a tail macro risk following the Fed.
Secondly, it depends on whether the US and Japanese central banks are in sync and their tolerance for inflation. Previously, the BOJ aimed to push inflation to 2%, but recently many BOJ officials have stated the need to prevent inflation from breaking above 2% uncontrollably. This means if inflation pressure rises, October is likely to be a hawkish pause, which would stimulate Japanese bond yields to rise and the yen to strengthen.
In contrast, the Fed holds its policy meeting before the BOJ, so it depends on whether both sides are aligned. If both pause hawkishly, the USD/JPY interest rate differential impact is minimal. If the Fed pauses dovishly or neutrally but the BOJ signals a hawkish pause, then the USD/JPY interest rate differential will narrow further, further restricting financial liquidity. Moreover, this coincides with the end of the week on Friday, so this tail risk should be watched carefully! #本周将公布10月FOMC利率决议 Brothers, the most significant AI IPO in history is here. Anthropic has officially submitted its prospectus, and this prospectus is full of contradictions. First, look at the explosive revenue growth: revenue in the first half of this year reached $16.3 billion, compared to only $1.2 billion in the same period last year, a direct 14-fold increase, showing an astonishing speed of commercialization. But the net loss on the books is as high as $80.7 billion. Key point: this is not cash lost in real money; the majority is non-cash accounting losses caused by changes in the fair value of convertible bonds and SAFE financing instruments. It is a book entry due to valuation increases, not money burned in operations. The IPO has not yet disclosed the issue price or scale, but the mainstream market expectation is to raise $100 billion, with a valuation range of $1.5–2 trillion, potentially surpassing SpaceX's previous listing scale. The computing power side is astronomical: the prospectus reveals that Anthropic has signed long-term computing power purchase agreements totaling nearly $800 billion with cloud providers and chip suppliers such as Amazon, Microsoft, Google, and SpaceX, committing to pay for computing power for many years to come, a real bottomless pit of computing power costs. The governance structure design is very domineering: before the IPO, special Class F shares were set up for the co-founders, granting them 50.1% voting rights, but these shares have no economic benefits. Simply put: outside investors put in money and get shares and can participate in dividends, but they have no say in major company decisions or operational direction. Company control is firmly locked in the hands of the founding team. The most dramatic point: the entire 261-page prospectus...