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Tether Gold targets the same idea as PAXG, so the comparison is natural. Both depend on trust in the issuer, vaulting arrangements, and attestation quality. Differences in jurisdiction, transparency, and redemption access are where the two actually separate, and that's what a careful reader should check.#Anthropic still plans an IPO in November, investors lower valuation expectations. Once the non-farm payrolls were released, the market's previous hopes for a rate cut were directly dampened. Employment data significantly exceeded expectations, wages did not stabilize, the labor market remains very resilient, and bets on a December rate hike were immediately raised. U.S. Treasury yields surged, and the dollar strengthened.
The logic is simple: with a hot job market, the Federal Reserve has no pressure to ease quickly; instead, it has the confidence to continue controlling inflation, prolonging the duration of high interest rates. Valuation pressure returns to U.S. tech growth stocks; the previous sharp drop was followed by a rebound that was merely short covering, not a trend reversal.
This macroeconomic trend directly impacts Bitcoin. Bitcoin is a high-risk asset; rising interest rate expectations increase the cost of leveraged funds, making capital more willing to allocate to risk-free returns like U.S. Treasuries, causing pressure on the market. BTC spot ETFs continue to see outflows, institutional funds remain cautious, and combined with rate hike expectations, it is difficult for the market to sustain a large rally.
Going forward, focus on CPI inflation data, as this is the Federal Reserve's ultimate decision basis. Currently, it is just an expectation game, volatility will increase, so do not chase rebounds with heavy positions. Control your position size and wait for the macro dust to settle before taking action.
Open your position list, check the current position proportions, and avoid being overexposed.
$BTC $ETH $SOL $XRP $BTC 🔥 Bottom grinding, institutions continuously withdrawing funds! The most core contradiction in the crypto space right now: technicals have entered the oversold zone, but ETF outflows have not stopped
US October nonfarm payrolls greatly exceeded expectations, with 165,000 new jobs added and unemployment rate falling back to 4.1%. The market has raised the probability of a rate hike in December, and macro pressure persists. Against this backdrop, the market shows a very contradictory state: prices can't fall further, volume shrinks and consolidates, but institutional funds continue to exit.
📊 Market data
BTC current price near 75,850, short-term oscillation range 75,500—76,300; RSI(6) only 23, already in extreme oversold. Key support at 75,000, if broken look down to 73,000. Recent long-short ratio 3.00, open interest 2.62 billion, almost no liquidations in 4 hours, selling pressure temporarily easing, but no new inflows.
ETH current price near 2,234, range 2,200—2,240, 2,200 is a critical defense line; RSI(6) as low as 18.63. ETH ETF has seen outflows for six consecutive weeks, currently at 2,241, long-short ratio 3.27, open interest 1.53 billion, long and short positions stalemated, no independent strength momentum.
SOL current price 89.39, repeatedly contested around 89, support at 88.82/88.71, long-short ratio 3.81, open interest 320 million.#Nasdaq Is About to Enter the Era of 23-Hour Trading#
Nasdaq no longer plans to "close." Starting December 6, it will implement a 23-hour trading schedule, five days a week, leaving only one hour from 8 PM to 9 PM Eastern Time for maintenance. Simply put, this is not charity; it's a business grab: making it convenient for global investors to "trade US stocks in their own time zones," perfectly covering Asia's daytime. This is about expanding and strengthening the market. For ordinary retail investors, there are pros and cons. The market never sleeps, so your trading frequency will increase, and the risk of losses will grow. The advantage is that it "puts the initiative back in your hands." Previously, Asian retail investors either had to stay up late watching the market or wake up to find their accounts already gapped, forced to accept the opening price passively. The most practical benefit of 23-hour trading is: no more adjusting for US stock time differences. The new night session covers Beijing time from 10 AM to 5 PM, so you can work during the day, glance at the market during lunch break, and fit trading into your normal routine without staying up late. Secondly, when earnings reports drop after hours, you can finally act immediately instead of helplessly waiting for the next day's open to get hit. When sudden macro news breaks, retail investors can react instantly like institutions, which to some extent is "trading equality." Simply put, time freedom itself is an advantage—but the premise is that you control your impulses and don’t turn "being able to trade anytime" into "wanting to trade all the time." In the past week, Ethereum ETFs saw a net outflow of $365 million, marking the sixth consecutive week of losses. BlackRock's IBIT became the largest source of outflows, with over $400 million withdrawn in a single day on Friday. This data directly caused the cumulative fund flow of the US spot Bitcoin ETF in 2026 to turn negative, with a net outflow of about $914 million year-to-date. On the surface, it appears institutions are retreating, but it is important to distinguish between flow and stock: since the product launch, BTC has still seen a cumulative net inflow exceeding $55 billion, and ETH about $12 billion, with this week's outflow accounting for a limited proportion of the historical cumulative amount. This round of outflows is highly concentrated and continuous. ETH has experienced net outflows for six consecutive weeks, with about $2 billion withdrawn since the end of September; the redemption intensity, calculated by asset scale, is significantly higher than BTC. Funds are simultaneously leaving both major crypto ETF channels, indicating that the issue is not with a single asset or product, but a systemic contraction of institutional risk exposure. Driving factors include a decline in risk appetite after the midterm elections, stronger-than-expected employment data pushing up US Treasury yields, cooling expectations for rate cuts, and the opportunity cost disadvantage caused by the lack of staking yields in ETH ETFs. As ETFs are the most liquid channel, they often become the primary target for institutions to reduce positions when adjusting their portfolios. #BTC and ETH spot ETFs saw a net outflow of over $1.6 billion in a single week BTC and ETH fell by 7.3% and 16.0% respectively, with market breadth sharply contracting. The root of the volatility lies not in the prices themselves, but in the capital structure: both BTC and ETH spot ETFs saw net outflows, with ETH experiencing a massive $1.6 billion outflow in a single month, indicating tactical contraction in institutional demand. More challenging is that the total open interest across the market has dropped to a 12-month low, with leverage basically cleared out, yet the perpetual funding rate remains positive, meaning longs are still paying to stay "bullish"—the chips have cleared, but those unwilling to admit defeat are still holding on. The future trajectory is more likely not a one-sided breakout, but a bottoming process followed by divergence. 10x Research expects BTC could still reach $90,000 by year-end, but only after first dropping to $77,000–$79,000 to complete the final shakeout, and ETH is expected to underperform BTC because value continues to flow to Layer 2, leaving ETH holders without sufficient returns. The key signal triggering a trend reversal is the funding rate turning negative, which would mean bulls truly concede and a bottom structure is established; before that, any rebound is more likely a recovery rather than a reversal. #US October nonfarm payrolls exceeded expectations, December rate hike betsI always thought I was just betting on the direction, but later realized I was actually paying someone else's bill.
Holding ETH perpetual contracts without moving, the funding fee is deducted day by day, and even if the direction is right, you might not profit. The most frustrating part is that you have no choice about this money; it follows the position and charges you whether the price goes up or down.
Now some say you can separate this cost layer and trade it independently, with one contract covering 30 days for a $1000 exposure. It sounds like buying insurance for your position, but my first reaction is: the person selling me this insurance, why should I believe they can bear the risk?
The direction is your own judgment, the fee rate is someone else's rule. These two things have been mixed together for so long that we've all gotten used to it.Breaking down CORE's current four major contradictions: security, governance, liquidity, tokenomics
The biggest highlight of CORE is BTC staking, but it is currently trapped in four core contradictions.
① Security contradiction: The BTC staked by users is secure, but the CORE token contract has repeatedly suffered vulnerabilities. In the b14g incident, 97 million tokens were stolen, with only about 70% recovered. The tracking of remaining assets and compensation plans remain uncertain.
② Governance contradiction: The project team directly modified account balances through a hard fork to recover assets, breaking the public's perception that public blockchains are immutable; coupled with key personnel exiting the DAO, unclear transfer of rights and responsibilities, the trust crisis continues to ferment.
③ Liquidity contradiction: Bithumb is about to delist CORE, causing existing liquidity to drain, market depth to thin, and increasing the risk of price spikes, while the market worries more exchanges will follow suit.
④ Tokenomics contradiction: The previously anticipated revenue buyback has yet to materialize, validator rewards continue to be released over 81 years, causing long-term inflationary dilution of tokens, compounded by fierce competition in the BTCFi sector, resulting in ecosystem self-sustainability falling short of expectations.
The short-term rebound is merely an emotional recovery; without resolving these four fundamental contradictions, a trend reversal is difficult to achieve. Stayed up all night and went through the lending market; the more I look, the more uneasy I feel.
On the $BTC side, longs have borrowed 1864.85 coins, while shorts total 50.9 coins. The ratio is 36.6:1. I stared at this ratio for a while—it doesn't mean the longs are that strong, it just means almost no one is willing to take the opposite side. All the leverage is squeezed through the same door, and the moment someone pushes the door from outside, there's no order to who gets pushed out first.
On the $ETH side, there are 17,600 long loans outstanding. $SOL is also accumulating, but my records have a few gaps, so I haven't verified the exact numbers and won't guess.
What really scares me about this structure isn't the slow decline, but the sudden event: the price shakes a bit, liquidation orders start feeding each other, and within minutes everyone who needs to be taken out is taken out. Those cursing in the group afterward are basically the ones who maxed out their leverage.
I'm not guessing the top, nor planning to short. But with such imbalance, keeping positions smaller and leverage lower at least prevents you from being a backdrop when others are getting liquidated.Burning is like a fire; it can generate heat but doesn't necessarily create a floor. Seeing this message, I actually feel that equating "more burning" directly with "valuation floor" is a kind of lazy habit we're too used to.
Vitalik stated on X that ETH burn revenue mainly comes from internal uses within the crypto ecosystem, and when the coin price plummets, the payment capacity for these uses also declines. The growth of the RWA economy brings better external revenue support to Ethereum, but mature businesses are unlikely to replicate the scene where digital monkeys burned $180 million worth of ETH in a single day.
My judgment is that this is good for the valuation discussion of $ETH but cannot be directly taken as positive price news. Internal demand fears rising and falling together: when the market is hot, usage and burning both thrive; when the market is cold, payment capacity shrinks accordingly. Treating this income as a safety net might precisely reveal the cushion thinning when it is most needed.
What deserves more observation in RWA is the source of demand, not the burn record. My speculation is that if on-chain business corresponds to real settlement demand, then its dependence on crypto market conditions might be lower. However, business going on-chain does not necessarily mean value will flow to ETH; actual usage and payment must be considered.
I will pay less attention to how much was burned in a day and more to why these fees occurred. Do you think that to judge whether RWA can support ETH, we should prioritize looking at business scale or the actual on-chain fees it brings?$MU is fixated on the stalemate of Micron's market closure, with nearly 87% of dead long positions going absolutely insane. After a plunge of a thousand points followed by a volume-less sideways consolidation, it appears to be forming an exhaustion pivot, but in reality, it's overdrawing the last bit of liquidity. The extreme mismatch of a 6.69 long-short ratio fully exposes the collective sunk cost fallacy, with the market filled with stubborn holders refusing to admit defeat.
The moving average system in this downtrend cycle offers no margin of safety; the system is in an extremely fragile state. Once micro-level buying dries up, it easily triggers reflexive stampedes. The likely next step is a brutal false breakout downward to forcibly clear high-leverage floating positions, thereby reshaping the volume-price structure. Current odds are very poor; best to wait quietly for the trend to complete its final breakdown and bottom search. 🔥Price is grinding at the bottom, but institutions are withdrawing! The biggest contradiction for BTC and ETH right now is that technical indicators are already oversold, yet ETF funds have not stopped flowing out.
📉According to the current market, BTC is oscillating around $75,850, with $75,500–$76,300 as the short-term battleground; ETH is hovering at $2,234, with the $2,200–$2,240 range temporarily providing important support. The entire network saw $54.46 million liquidated in 24 hours, with long positions losing about $42 million, so bulls have not truly relaxed.
📊Technical indicators are quite extreme: BTC RSI(6) is 23, ETH only 18.63. After continuous declines, prices have started to consolidate with shrinking volume, indicating selling pressure may be easing, but this is only a short-term signal and does not mean the trend has reversed.
💸The biggest concern currently is the capital flow. From November 2 to 6, BTC spot ETFs saw a net outflow of about $1.28 billion, ETH ETFs a net outflow of about $365 million, with ETH ETFs experiencing net outflows for six consecutive weeks. IBIT and ETHA also showed significant capital withdrawal. Without sustained capital inflow, rebounds lack crucial support.
🔍Next, BTC needs to hold $75,000; if it fails, watch $73,000; for ETH, focus on $2,200. If tonight there is only a price rebound without volume and capital support, I still won’t easily chase longs. #美国10月非农超预期，12月加息押注升温 The four-year cycle still holds true for $BTC, but applying the same timeline to altcoins has failed — the most glaring crack in this cycle is not the price, but the misalignment of rhythm. In the 2023 to 2025 market, altcoins actually peaked as early as the first half of 2024 and have not followed Bitcoin to new synchronized highs since. While the market is still using the "four-year bull" template to project the entire scene, the real divergence point has shifted to: where exactly Bitcoin's own bottom will land. The historical low of $57,800 is currently the most critical reference point. Before it lie two completely opposite paths: one is the price dipping again, breaking the previous low, and forming a brand-new bottom; another is only retesting the 6x,000 level for a second bottom, marking the end of the bear market; and a more aggressive version — launching a strong rally right now, with the bull market starting early. All three paths are plausible, and because of this, no one can give a definitive answer now, including myself. But not seeing a clear direction does not mean acting recklessly. What truly determines profit or loss is not prediction accuracy, but discipline. My principle is strict: do not buy unless the price falls, only act during sharp drops. Patiently wait for opportunities, the buying price must have enough margin of safety; if not, better to miss out. Missing out does not lose money, opportunities will always come again. Here lies a signal that most people underestimate: when the market anchors $BTC to the four-year cycle but anchors altcoins to the old peak of the first half of 2024, the two clocks are already out of sync. If Bitcoin truly completes a second bottom near $57,800 instead of breaking down,Next week (11.9-11.3) BTC and ETH outlook
Current inflation isn't that hot, everyone thinks no more rate hikes are needed, US Treasury yields are falling, the dollar is weakening, and money is willing to come out to gamble on risk assets.
BTC, a type that jumps as soon as liquidity loosens, is the most responsive to this, like gold, first being driven by capital.
This week, ETFs ran nearly 1.28 billion, acting as the main force pushing prices down.
Historically: outflows bottom out + the day net buying starts = institutional action signal.
Two or three consecutive days of net inflows often lead to a big bullish candle.
Long-term holders have chips at historical highs, and coins on exchanges are decreasing.
Whales have absorbed over 120,000 BTC in the past month.
The market is thin on sellable coins; even a small buy order can push prices up.
Now many are betting on a drop, but once the price breaks 77,000, short positions get stopped out, and shorts have to buy back to close.
The more they buy, the higher it goes; the higher it goes, the more shorts get squeezed, potentially leading to a big bullish candle.
Swing trade reference:
BTC: Buy on pullback near 74,800 and 73,800, target 77,000; if it breaks up, look at 79,000-82,000
ETH: Buy on pullback near 2,200 and 2,170, target 2,400; if it breaks up, look at 2,500–2,600
In short: rate expectations turning dovish give direction, ETF inflows provide ammunition, chip concentration gives elasticity, short covering triggers breakout; BTC is a high-beta liquidity-sensitive asset, and when these four factors align, a big bullish candle is likely.
$BTC $ETH $xMETA Bearish: Free cash flow turned negative for the first time in Q3, S&P changes outlook to negative
Tokenized US stock XMETA current price $612.14, down 0.10% in 24 hours, trading volume about $8,450, cash market fell about 0.79% last week
In last month's Q3 report, Meta recorded a free cash flow deficit of $2.12 billion, the first quarterly negative since listing, with full-year capital expenditure guidance of $135 billion to $145 billion
On October 30, S&P downgraded the outlook from stable to negative, maintaining the AA- rating, expecting free cash flow shortfalls of about $39 billion in 2026 and about $71 billion in 2027, and stated it is still unclear when AI investments will break even (Reuters/CNBC)
In early November, the company plans to issue another $20 billion to $25 billion in bonds to fund AI infrastructure (CNBC), and on the 3rd, S&P rated this proposed issuance AA-
Current cash flow cannot cover expenditures, and the rating agency has further increased the projected shortfall for next year and the year after.
#AI巨头融资观察：OpenAI完成110亿美元融资，科技企业发债潮持续 TRX prediction based on chart data:
TRX is showing some green right now, trading at $0.32052, but let's be realistic. Look at the chart. After a big peak around $0.37, it crashed hard, dropping below $0.31. We saw strong red volume which means heavy selling. The recovery since then has been weak with low green volume and a very long red wick on a recent candle, signaling a rejection of higher prices. Moving averages also look bearish.
Based on this, my "all time" (long-term) prediction for TRX London asset management firm Abraxas Capital holds approximately $451.85 million in open contracts on Hyperliquid, almost entirely short positions, about four times Wintermute's exposure of approximately $107.59 million. Abraxas Capital has unrealized losses of about $37.24 million, with total short exposure around $451.68 million. Major shorts include BTC at about $158.66 million, HYPE at about $77.6 million, ETH at about $75.27 million, and ZEC at about $63.51 million. #交易之声：你的经验值得被听到 $BTC $ETH $ZEC $BTC has fallen causing widespread panic, but the proportion of profitable on-chain chips has once again returned to an important area at the beginning of a historical bull market!
I strongly agree with wander's analysis!
In the early bull markets of 2016 and 2023, PSIP dropped to about 57.7%; this round's lowest was 58.3%, currently about 59%, all three are very close! This means that about 40% of BTC supply is currently at a floating loss. More notably, when BTC previously rebounded to 87K, PSIP rose back to 78.2%, but now it has fallen again, indicating that the repair of the chip structure is still tortuous.
I still tend to believe that BTC is in the consolidation and turnover phase at the beginning of the bull market. Of course, historical similarity does not equal bottom confirmation! The 2020 black swan event once caused PSIP to drop to 44.3%. What really matters is whether sustained capital absorption can appear after panic, allowing profitable chips to expand again.
Confidence in the bull market is not shouted out, but proven by data and real money!1.32 million UNI, approximately 11.05 million USD — address 0xC374…9813 has almost only incoming transactions for nearly 45 days.
According to Lookonchain around November 7: this address has cumulatively bought about 1.32 million UNI, with the latest monitored purchase of about 308,500 UNI (approximately 2.13 million USD). On-chain, it almost only receives and does not send, with an average price above 8.3 USD; the current price is still around 7 USD, so cumulative buying does not equal profit yet.
In the same timeframe, wallets related to the Uniswap Foundation have net transferred about 1 million UNI (approximately 7.3 million USD) to Binance through multiple hops. Transferring to an exchange does not mean it has been sold, and the foundation has not made any statement. Both sides can be viewed in parallel; do not directly interpret this as a dump.
The UNIfication fee toggle and burn plan recently passed governance, which should be considered background information, not a buy or sell signal.
Why it matters: one side is accumulating, while foundation-related addresses are moving tokens to exchanges. Looking only at "someone is buying" misses half the picture.
Confidence level: Medium | On-chain monitoring and secondary analysis (Lookonchain / Blockchain.News), purchases and transfers are based on public transfers. Which side do you want to focus on first — the accumulation side or the exchange transfer side? $UNI $SNDK Looking at this market during the holiday closure, and then glancing at the bullish ratio as high as 89.79%, it really feels suffocating.
After a large-scale waterfall plunge followed by a volume-less sideways consolidation, the moving average system still shows an absolute bearish alignment, firmly suppressing the price. The weak golden cross below the waterline is merely a feeble gasp after momentum exhaustion. Nearly 90% of retail investors are trapped in an extreme sunk cost trap, stubbornly holding on, while the positive funding rate indicates the bulls are still bleeding.
Under such extreme crowding, reflexivity will inevitably trigger an extreme long-liquidation stampede. This liquidity-starved deadlock will most likely be resolved by a downward spike to clear out the last floating positions.
Tomorrow, Monday's opening, we await the news and shifts in market sentiment.Who would have thought that the income gap between Bitcoin mining and AI has become so large.
I was a bit surprised after reading IREN's latest financial report: AI cloud revenue reached $200 million, while Bitcoin mining only made $28 million, a difference of more than 7 times.
They are already shutting down some mining machines and converting the original land, power, and machine rooms into AI data centers.
So the question arises: if all mining farms switch to AI, will there be no one left to mine Bitcoin?
My judgment is no.
If this kind of transformation increases, computing power might drop in the short term, and block production could slow down. But Bitcoin will adjust the difficulty itself; with fewer miners, the remaining miners will find it easier to mine coins, profits will return, and naturally, people will come back.
A more likely outcome is diversion: mining farms with the cheapest electricity and the newest equipment will continue mining coins, while others with good conditions will switch to serving AI.
People used to say AI and Bitcoin were competing for chips, but now it seems the real competition is for electricity.
A company's AI revenue is 7 times that of mining coins; sooner or later, the boss will have to recalculate this account. #软银重金押注OpenAI，Q2财报能否交出亮眼成绩？ Attention CORE holders: Bithumb will stop trading on November 30, withdrawal countdown begins!
According to the official announcement from South Korea's Bithumb, CORE trading will officially terminate on November 30 (Korean time 15:00), and all unfilled orders will be canceled; users still have a grace period, with withdrawal channels remaining open until December 30, 15:00. After the deadline, assets cannot be withdrawn. The reason for delisting is that the previous trading warning issues related to CORE have not been properly resolved.
This delisting will directly remove a large portion of CORE's local liquidity in South Korea, further thinning market depth, increasing slippage, and making flash crash scenarios more likely. Coupled with the coin theft incident and core member departures, the market will further worry about other exchanges following up with reviews.
Two practical reminders for holders: ① If your CORE is stored on Bithumb, be sure to plan your time and prioritize completing withdrawals before the deadline. Do not wait until the last moment to avoid network congestion and review delays that could trap your assets; ② After liquidity shrinks, price volatility will significantly increase, so do not blindly bottom-fish or gamble on short-term rebounds.
Exchange delisting is only one aspect of the risk; governance disputes and selling pressure risks still exist. Until substantial improvements are made amid multiple negative factors, caution must still be maintained.Strong jobs +165K vs 65K expected pushed December hike odds to 76% (CME FedWatch, Dec 9 meeting), up from last week.
The 10Y spiked on the data but closed Friday at 4.86%, still far below its October peak (5.3%).
$BTC is the weak link, under 76.8K even as yields fell.
CPI on Tuesday is the next test. NFA.
Is this a rates story, or is crypto waiting for its own catalyst? #USJobsBeatExpectations $BTC held without selling for the past 3 years: +114%. Only missed the 10 best-performing days: −14%.
· Period from 2023-11-08 to 2026-11-07, total 1096 daily candles, opened at 35,400, closed at 75,868
· These 10 days account for only 0.9% of all days
· Among them, 5 days occurred within 3 days of the top 10 largest down candles in the same period. The harshest was on 2026-02-05, dropping 14.0%, followed by a 12.2% rise the next day
· Missing the best 20 days results in −56%
The weekly chart has had 4 consecutive down weeks, with ETFs seeing a net outflow of 1.28 billion USD in one week, giving plenty of reasons to exit. If you decide to exit, follow your pre-established plan and don’t get emotionally forced off on a big down day.
The best days often come right next to the days you most want to cut losses.
Not investment advice | Data: OKX BTC-USDT daily candles (UTC), calculated independently
#BTC与ETH现货ETF单周净流出超16亿美元 The US employment data has blocked the path back to December by half: 165,000 new jobs in October, expected 65,000, unemployment rate dropped to 4.1%. After the numbers settled, the market has already digested it—Bitcoin is sideways at 75,900, and nine out of these ten major coins have 24-hour volatility within 1%, no one wants to make the first move. The real movement is in the money: the spot channel saw a cumulative net outflow of about $1.28 billion in November, withdrawing for the second consecutive trading day. This is what is suppressing the price, not sentiment. Here's a recap of the last round: TRX long from 0.3203 to 0.3205 (+0.02% profit), neither take profit at 0.3216 nor stop loss at 0.3197 was hit, direction was correct; LINK long from 10.73 to 10.77 (+0.35% profit), neither take profit at 10.87 nor stop loss at 10.64 was hit, direction was correct; BNB long from 699.80 to 698.65 (-0.16% loss), neither take profit at 703.93 nor stop loss at 697.32 was hit, this trade missed. Two wins and one loss, all three positions stayed flat—this kind of sideways market yields no profit, I provided the direction. There's a counterintuitive point here: TRX had the smallest volatility this round, and it was also the least crowded; ZEC had the largest volatility, yet it was the most crowded long. Volatility and positioning are actually moving in opposite directions. Are you fully invested waiting for that number, or holding empty watching these nine sideways coins? This round, choose three.In the past 20 hours, a transfer of 1,670 ETH worth 3.73 million USD moved out from Tornado Cash into Hyperliquid, sold, and entirely converted into 2,959 ZEC. 3.73 million on both sides, no cash left over.
First, consider the nature. The primary purpose of funds coming out of a mixer is to break the link, not to profit from price differences. So this is not a bullish move on ZEC, but someone needing to convert ETH into an asset without history on another asset. The direction changed; the motive is privacy, not profit.
Next, look at the channel. Hyperliquid has sufficient depth, fast order execution, and no need to go through layered spot exchange processes. For a position change that must be completed within 20 hours without leaving traces, this is the shortest path.
Will $ZEC rise? There is real buying pressure in the short term. Dropping 3.73 million USD into a target with a market cap far smaller than ETH definitely has greater elasticity. But this buying pressure can leave at any time without prior notice.
What’s worth considering is another layer: the on-chain data reveals the withdrawal time and amount—linkage is cut, but behavioral patterns are not. Will the next person taking the same path dare to do so?
The short-term opportunity for $ZEC is real, but the profit you make is from liquidity mismatch, not narrative fulfillment. The stop-loss logic for these two types of profits is completely different.💎 Vitalik Buterin: ETH is a store of value, not a fee-burning token*
The Ethereum co-founder explained why he believes $ETH should be developed as a store of value rather than as an asset whose price is supported by burned fees.

He proposes to keep the EIP-1559 fee-burning mechanism but not to rely on it as the main source of value.
Why is the burning model weaker than it seemed?
The idea is simple: if the network burns $1 billion in fees annually, then at a 4% discount rate, the token supposedly cannot be worth less than $25 billion.
This is exactly how ETH’s price was justified from 2021 to 2023.
But this was never a true "floor."
Most fees came from internal crypto transactions: lending, memecoins, NFT ape sales, which burned $180 million in one day. If ETH dropped 10 times, these revenues would fall along with it.
Why does chasing fees harm decentralization?
To justify the current market cap through fees, Ethereum would have to operate like a global corporation on the scale of L'Oréal.
And large corporations spend billions on development: for Ethereum, this is about 700,000 ETH per year, which is two-thirds less than validators’ income.
Moreover, corporations require strict management that constantly reshapes the product for new markets.
There is another problem: maximizing fees means expensive gas, which displaces exactly those users who need privacy and security the most.
Why store of value is the right path
What people value most in Ethereum is decentralization, censorship resistance, open source code, privacy, and security.
For those holding ETH as a store of value, the main metric is one — survival.
Therefore, Vitalik bets on conservative cryptography protected against quantum computers, gradual "freezing" of the base protocol, private and secure storage, and the guarantee that no one can block your transfer.
He runs a full Ethereum node on a laptop: synchronization took less than 6 hours and only one-eighth of the disk.
This is an important shift in the narrative: ETH now competes not with corporations but with Bitcoin and gold. DOGE’s handling of technical debt has merits, but the praise that "it completely fixed transaction malleability in 2015, even earlier than BTC" needs to be cut in half first. In 2015, Dogecoin Core 1.10 introduced BIP66, which was activated in 2016, enforcing strict DER rules to constrain signature encoding; BTC had already implemented similar rules in 2015. It did not change the signature algorithm nor completely close all malleability entry points. Malleability allows transactions to change thLIT didn't lose a level. It lost its market.
Four sessions capped it near $3.57; last session broke on $5.05M, 23% of the $22.4M average. Price fell 5.9%: nothing dumped, bids just stopped.
24h flow $6.3M. $XRP turned $18.2M, $SOL $18.7M — three times that.
Waiting. Watch $3.15 at the open: above $12M of flow and still under, I flip.
Buy before the test, or wait for it?
Crypto is high-risk. Personal observation only, not investment advice. DYOR.
$LIT $XRP $SOL #Litentry #OKXOrbit #Crypto Five consecutive weekly declines, should we bottom-fish or wait for 67800?
Tonight's market is really frustrating me—not a drop, but grinding down patience. $BTC is now at 75973, fluctuating about 450 dollars within 24 hours, and the weekend felt like a standstill. But with the weekly close, this week marks basically five consecutive weekly losses; historically, only twice has there been a longer losing streak: the 2022 wave and the six weeks at the start of this year.
My judgment is: consecutive losses aren't scary; what's scary is money actually flowing out. The US Bitcoin ETF saw a net outflow of 1.28 billion this week, and for the whole of 2026, it has turned negative 914 million; BlackRock alone withdrew 1.21 billion; the fear index is 28, still in the fear zone.
On the flip side, over five weeks, the drop is only 12.4%, not a crash-level decline. On Thursday, 1.27 billion in leverage was liquidated, with longs accounting for 1.1 billion; the leverage washout is mostly done; 76000 has been tested for two days without holding, but there are buyers below. Tuesday's CPI is the next hammer.
So to ask plainly: with five consecutive weekly losses confirmed, do you think this is the bottom area, dare to slowly buy near 75000, or do you think the ETF turning negative for the year means waiting for CPI to land before considering 67800?
Just a market record, not investment advice
#美国10月非农超预期，12月加息押注升温 There is a balance on-chain, and money can be accessed anytime, separated by several doors
$SLX is quoted at 0.03753 USDT, down 6.8% in the last 24 hours. Solstice's yield vault has a minimum seven-day redemption period. After the money is put into strategies, the rhythm of entering and exiting products changes, and when calculating yields, this temporarily inaccessible period must be included. $RE is quoted at 0.29262 USDT, down 4.6% in the last 24 hours. Reinsurance funds need to support policies, and the amount of capital to reserve must be estimated together with underwriting and potential claims. This is more suitable for comparing where assets are and how long they can be released; the product's deposit scale is just the starting point, while the funds occupied by underwriting have their own terms.
$AAVE is quoted at 131.68 USDT, up 1.6% in the last 24 hours. How much depositors can withdraw depends on how much is still unborrowed in the lending pool. No matter how high the interest rate is, if the pool temporarily has no money, withdrawals cannot be made; one must wait for borrowers to repay or for new deposits to be added. ENA is quoted at 0.15456 USDT, down 5.9% in the last 24 hours. Ethena's sUSDe is unbonded according to rules, with a seven-day cooling-off period before USDe can be withdrawn. This waiting period is written into the product in advance and is different from temporary liquidity shortages in the lending pool.
ICP is quoted at 2.413 USDT, down 0.3% in the last 24 hours. When recharging native Bitcoin to its network, one must wait for Bitcoin confirmations before minting the corresponding on-chain certificate. This waiting cannot be solved by depositing more money; it depends on the original chain confirming that transfer.If you are comparing "buying stocks through a broker," "depositing USD in the Robinhood App," and "doing strategies on-chain yourself," this chapter clarifies two things: the full cost of moving money from on-chain to off-chain, and which assets are actually accessible in your region. The most expensive part is not gas. When it comes to on-chain costs, many people's first thought is gas. On Robinhood Chain, this is the least of your worries. On November 2, the base fee on this chain was about 0.02 gwei. A typical swap consumes about 200,000 gas; at an ETH price of approximately $2,270, the cost is less than 1 cent. Moreover, swaps within Robinhood Wallet are gas-free until December 31, 2026 (originally set to expire on September 29, but extended). The real costs lie in three other areas: bridging, slippage, and spreads. These charge proportionally; the more money and the more frequent the transfers, the bigger the difference. First part: On-chain. To send money onto Robinhood Chain, there are three routes: Within the Robinhood App: qualified U.S. users buy USDG in the app and deposit it into Earn; funds enter the app's built-in self-custody wallet. This route is almost seamless for users; Robinhood Wallet: in supported countries and regions, users can transfer crypto assets into WallI prefer to see these remarks as a correction in valuation logic rather than a new bullish slogan. Judging ETH's value solely by the amount burned is like only looking at how many coupons a store redeems daily, while forgetting to ask why customers keep coming back.
Vitalik stated on X that compared to fee token burns, he values ETH's property as a store of value more. He supports retaining EIP-1559 and the burn mechanism but believes that even if fee burns remain below the 10% break-even level long-term, there is no need for regret, as value also comes from other aspects.
I agree with this direction: optimizing the network just to increase burns might prioritize fee income over decentralization and censorship resistance. For ordinary users, usage costs and the burn volume expected by asset holders do not necessarily always align.
Another key point is that "stability" should not be conflated with "price stability." I understand the emphasis here is on the reliability of network rules and the asset's operating environment, not on low price volatility. This kind of reliability can support long-term trust, but bridging from network reliability to users' willingness to hold ETH long-term still requires genuine demand.
Therefore, I will not raise my assessment of ETH based solely on these remarks, nor will I score it just by burn numbers. Moving forward, I want to observe whether this underlying reliability can translate into sustained reasons to hold.BTC around 75,800, ETH around 2,239. Fear and Greed Index at 28.
Leverage and Funds: Over 1 billion liquidated in 24h, mostly long positions. However, funding rates have not turned negative, and the long-short ratio rose to 2.16, indicating bulls are still holding on stubbornly. The real drag is ETFs, with weekly outflows of 1.28 billion—the largest since June—and cumulative negative flows for the year. BlackRock redeemed over 1.2 billion in a single week, with very weak spot market absorption.
Whales and Macro: On the contract side, whale short positions (676 million) far exceed long positions (13.2 million). Although there has been some on-chain covering, it does not constitute a reversal. The stronger-than-expected non-farm payrolls raised December rate hike bets to 77%, continuing macro pressure.
Key Levels:
BTC support at 75,500 is the lifeline; if broken, look for 73,850. Resistance lies between 76,500-77,000 as a recovery threshold.
ETH support at 2,218, resistance between 2,268-2,281.
In short: Leverage has mostly been flushed out, but ETFs are exiting and whales are short. Do not chase shorts or rush to buy longs; wait for ETF outflows to slow or for a strong move back above 76,500 before considering. Position control is paramount. The weekend market was eerily quiet, but the non-farm payroll bomb had already exploded.
On Sunday night, BTC was at 75,962, ETH at 2,239, SOL at 89.6. The weekend saw such narrow fluctuations that watching the market was soporific. However, many overlooked that the non-farm payroll bomb had already detonated on Friday.
October added 165,000 jobs, while the expectation was only 65,000, nearly triple the forecast, and the unemployment rate dropped to 4.1%. Once the data was released, the dollar surged, gold plunged, and traders aggressively bet on a December rate hike. BTC swung between 74,900 and 76,400 that day, barely holding above 75,000.
Despite the calm, leverage hasn’t been fully cleared. 15% of BTC long positions are still queued for forced liquidation. If there’s any sudden movement at this level, a chain of liquidations could happen in minutes.
$BTC at 75,962, 75,000 is the critical support; if it holds, consolidation can continue, but if broken, look down to 74,063 and 73,113.
$ETH at 2,239, 2,183 with 7.5 million is the next support; if broken, look to 2,133.
$SOL at 89.6, with resistance at 87.99 and 87.32.
The real drama will be on Tuesday when October CPI is released. This is the last inflation reading before the December meeting. If the data is hot, rate pressure will continue to rise. I suspect that the day of restarting withdrawals and deposits will never come; what core should expect is delisting and market exit.#BTC and ETH Spot ETF Weekly Net Outflow Exceeds $1.6 Billion
Weekly net outflow reached $1.647 billion, with IBIT (BlackRock) alone contributing over $1 billion in redemptions. Many are shouting "the crypto bear market is here," but from the perspective of financial analysts, this is not a collapse of the cryptocurrency's own fundamentals; rather, it is a typical case of macro liquidity withdrawal and institutional asset rebalancing.
Sharing three core logics:
$BTC #US Crypto Regulation: "CLARITY Act" Progress Stalled, 401(k) Rules Enter Final Review Nonfarm Payrolls Exceed Expectations, What’s Next for BTC and ETH!!!
This time, nonfarm payrolls increased by 165,000, far exceeding the expected 65,000, a significant beat. Unemployment rate fell and wages rose, typical hawkish data. After the data release, the probability of a December rate hike rose, US Treasury yields and the dollar strengthened, and tightening expectations suppressed BTC and ETH.
BTC: Highly correlated with the Nasdaq, it quickly dipped after the data release, with long leverage positions concentrated in liquidation. ETF funds are prone to outflow, and once support breaks, selling pressure will accelerate; BTC has a larger market cap and less downside elasticity than ETH, key support at 74,000.
ETH: Exhibits stronger high Beta characteristics, combined with DeFi and derivatives leverage, volatility is significantly greater. Rising interest rates increase funding costs, DeFi funds contract, bearish for the ETH ecosystem, pullbacks are usually stronger, key support at 2,200.
Market rhythm: This is a realization of bearish factors. The first wave was a sharp drop killing longs at the moment of data release; the second phase depends on whether US Treasury yields can continue to rise, a short-term weak rebound will come only after a peak and pullback.
The above is for market review reference only and does not constitute any trading advice.
Check your positions and verify stop-loss levels align with the two key supports at 74,000 and 2,200.
$BTC $ETH $ZEC Evening session on November 8 | Shrinking volume grinding bottom ahead of CPI, who is quietly accumulating?
BTC 75,936 (+0.27%): Narrow consolidation above 75,000 over the weekend. Resistance at 76,668, support line at 75,542. Last week, ETF net outflow hit a new phase high of 1.28 billion, but 4-hour spot shows absorption while leverage is withdrawing, indicating short-term funds are quietly bottom fishing.
ETH 2,238 (+0.08%): Strong resistance at 2,330 remains unbroken. About 3 billion outflow in spot over 30 days, indicating weak capital flow. However, a whale withdrew over 18,000 coins in five days, with 2,200 as its core cost defense line. ETF is exiting, whales are accumulating.
ZEC 1,269 (+0.97%): NU7 upgrade launched, currently in the "sell the fact" digestion period. The most notable on-chain activity: about 1,670 mixed ETH coins transferred in the past 20 hours to buy nearly 3,000 ZEC. Watch closely for signs of gray capital rotation, with support at 1,235.
On the macro side, stronger-than-expected non-farm payrolls reinforce rate hike expectations, Democratic control of both houses raises regulatory tightening concerns, and funds are mostly cautious ahead of Tuesday's CPI release.
ETF is bleeding, whales are defending, ZEC shows hacker fund rotation—before the CPI release, who do you think is most likely to break out independently first?
Defense bottom lines: 75,542 (BTC), 2,197 (ETH), 1,235 (ZEC).
$BTC $ETH $ZEC #美国10月非农超预期，12月加息押注升温 There's something I've never quite figured out. ETH burns tokens every day, the data looks better year after year, so why doesn't the price move much?
Only after hearing Vitalik's explanation did I understand the issue—he said not to take the fee burn too seriously; even if it stays below the breakeven level by 10% long-term, there's no need to be disappointed.
So all this time I've been watching the burn data, but in their eyes, it's not the core. Optimizing for deflation might sacrifice decentralization.
Therefore, $ETH should lean towards being a store of value. But isn't that position already held by $BTC? Are they competing for the same pool of money or each occupying their own? I haven't figured it out yet, so I won't make a move for now.On the surface, CORE is still telling stories, but underneath it has already become quietly chilling. A four-year cycle, what exactly does it still have left? Looking over CORE's recent trend, what stings me most isn't the drop, but the disconnect of "lively yet structurally lagging." Occasionally, some in the community call for a counterattack, but the market depth is as thin as a sheet of paper, unable to support a decent rebound. It feels more like retail investors passing chips among themselves rather than new money entering.✨ The signal I see is very clear: the project has completed a full cycle, the ecosystem hasn't materialized, market cap hasn't grown, and the price has almost returned to the starting point. This isn't simply "not the right time yet," but rather the development logic has been falsified by time. The most costly thing is never unrealized losses, but the sunk time cost; waiting four years for an undelivered result is the answer itself. Looking at the bigger picture, this kind of asset is now in the most awkward position. Once BTC and ETH regain attention, the denominator effect on altcoins will amplify, making the weak even weaker. Without institutional endorsement or main force support, the remaining liquidity can only be propped up by sentiment, and sentiment is the first to withdraw. Nominally still trading, but in essence, risk appetite has quietly been downgraded. The bullish path is not entirely impossible: if there is a large capital injection later or verifiable business progress, the narrative can be repriced, and the oversold rebound elasticity would be significant. But this path requires hard catalysts, not slogans. Until then, any rally I prefer to see as a correction within a trend, not an independent market.🫧 The real overlooked risk is that many people are still usingThis time, Vitalik is not talking about the technical roadmap but about giving ETH a new valuation anchor.
In the past few years, ETH bulls loved to cite the burn volume: the more burned, the more deflationary, the more valuable. But now he makes it very clear—positioning ETH as a fee-burning token and optimizing around this goal may come at the cost of decentralization and censorship resistance. These two are precisely what make Ethereum hardest to replicate, and giving them up for a deflationary narrative is not worthwhile.
Specifically, he did not deny EIP-1559; the burn mechanism remains. But he gave a wide tolerance: even if the burn is long-term below the breakeven level by 10%, there is no need to be disappointed. In his framework, burn volume has been downgraded from a target to a byproduct.
This pushes ETH onto a different track. Store of value—these four words have belonged exclusively to $BTC for the past decade. For ETH to squeeze in, it relies not on more deflation but on the stability brought by the combination of a smart contract ecosystem and maintained decentralization. For long-term holders, stability can be priced.
Worth pondering: if valuation no longer looks at burn, then what does it look at? On-chain settlement scale, staking yield, and whether it can occupy a position in institutional allocation that is not as expensive as $BTC but more useful.
This narrative will not immediately reflect in the price in the short term, but it determines how bulls will open their pitch about ETH in the coming years.Someone asked me, BTC contracts brought in 39.43 million in one day, does the 75,943 level count as a reversal?
I'll give the answer first: This amount of money in 24 hours can't fill the hole dug in 30 days!
BTC spot also brought in 7.38 million in 24 hours, double inflow is correct. But the 7-day contracts issued 1.795 billion, and the 30-day contracts issued 8.558 billion. The amount coming in one day is just a fraction of what was issued in less than a month.
ETH is even more straightforward, all three windows are flowing out. Spot issued 54.75 million in 24 hours, contracts issued 105 million, and 30-day contracts issued 6.75 billion, not even enough to cover the 24-hour shame.
SOL is a twisted link: spot brought in 215.4 thousand in 24 hours, contracts issued 52.2633 million. The 7-day spot brought in 49.84 million, contracts issued 420 million. SOL is still stuck at 89.57, hasn't stood back above 90, I’m still holding the short at 106.52.
ZEC is the opposite: spot brought in 8.3482 million, contracts brought in 33.2011 million. But ZEC still dropped 1.22% in one day, the long cost at 0.0281% is the most expensive among the four coins, money came in, but the knife hasn't stopped.
So for this 24-hour set of numbers, I only treat it as a breather, not a reversal. Money is moving in two batches, one batch goes into spot, the other batch withdraws leverage. Before the direction is unified, I neither add positions nor flip to long.
If the money really comes back, first ask: when will the 8.558 billion issued in 30 days be willing to return?There was a breaking news report stating that the tokenized assets on another chain are about $26.37 billion, saying it has already surpassed the approximately $15.11 billion here. But these two figures are not measured by the same standard.
That $26.37 billion is the "representative asset value" shown on the dashboard, which records off-chain assets registered on-chain, and does not equal the amount already distributed to others or transferable. On the other chain, the transferable amount is roughly only $54.07 million. The $15.11 billion compared here uses the standard of assets already distributed and transferable.
The number of holders here is about 292,000, while there it is 210; the amount transferred in the last 30 days here is about $6.67 billion, while there it is about $1.74 million. Larger numbers only indicate different accounting standards, and it does not mean this side has already been overtaken.
$ETH Tesla $TSLA closed at about $358.22 on Friday, rebounding approximately 4.23% that day. After Musk said the Texas Cybertruck production line would be repurposed for Cybercab, buyers partially recovered Thursday's roughly 10.77% drop.
Musk stated that the Texas Gigafactory will gradually stop Cybertruck production around mid-2027 to free up capacity for Cybercab. This vehicle is currently only produced in Texas. He did not say whether production would continue at another factory, only mentioning that the fleet on the road will run for a long time.
Sales have not met his original expectation of 250,000 units annually. Some data shows that about 20,237 units were sold in the U.S. last year, about 48% less than the 38,965 units expected in 2024. The market interprets this production line handover more as a shift of capacity toward autonomous taxis.
Thursday's sell-off was triggered by concerns after the November 3 U.S. midterm elections, where Democrats took both houses of Congress, raising worries that the timeline for autonomous driving regulations might be delayed and that potential mergers are less optimistic than before. On Friday, the company itself announced production increase plans, and after the oversell, buyers returned somewhat. In the short term, I am bullish on this repair rally.
#美股暴跌后科技股反弹，纳指周线仍跌约3.4% #軟銀重金押註OpenAI，Q2財報能否交出亮眼成績？ According to current market analysis and financial report performance, SoftBank Group's fiscal year 2026 Q2 financial report shows "book profit exceeding expectations, but structural differentiation and high risk."
Here are the key highlights and analysis points:
1. Financial data and highlights
Net profit far exceeds expectations: SoftBank's Q2 net profit reached ¥347.3 billion, significantly better than the market expectation of ¥166 billion.
Main profit source is not AI core business: The key to supporting this quarter's impressive book profit mainly comes from a one-time revaluation gain of about ¥1.3 trillion from Intel shareholdings.
Vision Fund performance is weak: The Vision Fund's pre-tax profit was only about ¥5.427 billion (a year-on-year plunge of 98.8%), indicating that most AI-related investment projects' operations and cash flow returns have not yet fully materialized.
OpenAI investment status: Although SoftBank has significant book unrealized gains (valuation uplift) on OpenAI, the large profits in this quarter's financial report are not from direct profit distribution by OpenAI itself.
2. Key impacts and risks of "heavy bet on OpenAI"
"Book wealth" attribute is strong: This quarter's profit heavily relies on non-recurring asset revaluation rather than stable operating cash flow.
Continued pressure on capital investment: Heavy bet on OpCan the $SPY rebound on Friday indicate the end of selling pressure in the market?
The S&P 500 rose about 0.3% on Friday but still fell about 2.7% for the week. The rebound was not enough to offset the previous correction, so next we need to see if buying interest can spread. If the equal-weighted performance improves and both cyclical and defensive sectors stabilize simultaneously, the recovery will be more stable. If only a few heavyweights rise while the decline spreads to other sectors, the outlook remains cautious.NFT sold for 220,000, then immediately put into the contract
This money wasn't lost on the NFT, it was lost in the margin
What does this number mean: fifteen NFTs exchanged back for 223,000 USD
Originally bought for 505,000, working backward, the selling price is less than half the cost
What did he actually do: the money didn't stay in hand, it was directly added to the contract margin
A few days later, this margin went to zero again
Who is involved: two platform ledgers opened up, one lost 909,000
The other swallowed 37,400,000 USD
In plain terms: NFTs are the underlying spot assets, once the contract opens they turn into cash for margin top-up
The money isn't lacking, it's repeatedly poured in the same direction
Every amount put in is giving the opposing side a trade
The next batch of orders hanging there will still be taken by someone
#BTC与ETH现货ETF单周净流出超16亿美元
#$ZEC Combining the contract data provided by $BTC with the current market information, directly going heavy long now carries extremely high risk. A more prudent strategy is to wait for a breakout above key resistance levels before entering on the right side with the trend. The current market is in a phase of "low volume sideways movement and bullish complacency," making direct long positions likely to become "fuel" for liquidations.
📊 Current core data interpretation: funding rate is neutral to slightly bullish — the position-weighted funding rate is about 0.0087%, overall in a neutral range. However, the rate has not reset despite price declines, indicating bulls are still paying to hold positions, and the market sentiment remains "complacent" without signs of panic liquidation.
· High open interest: open interest remains high at $2.628 billion, with significant divergence between bulls and bears, but price has not broken through, indicating heavy leverage funds are competing, which can easily trigger violent fluctuations.
· Bull-bear ratio not directly shown: the "long-short account ratio" at the bottom of the screenshot needs specific confirmation, but if it shows a very high proportion of long accounts, it is often a contrarian indicator and should be watched carefully.
⚠️ Key risks and strong resistance above price: strong resistance at 77,419 (50-EMA) and $79,913 (upper Bollinger Band). Before a volume breakout above $76,500, the space for going long is limited.
· Downside liquidation risk: if price falls below $72,476, the cumulative long liquidation intensity on major exchanges will reach $515 million. Although the current price is $75,915, it is not far from the liquidation concentration zone, and a dip could easily trigger a chain reaction of liquidations.Unlike $CORZ mentioned earlier, IREN $IREN is taking the AI cloud service route, not just simple cabinet leasing.
$IREN closed at $21.64 on Friday, soaring 20.02%, nearly recovering the 16.95% drop on Thursday. On Thursday, it followed the AI and data center sectors in a collective sell-off, hitting a low of $17.16, approaching a one-year low. The trigger was also market concerns about a slowdown in data center expansion after the midterm elections.
The Q3 report shows a rapid business shift: total revenue was $228 million, up 66% quarter-over-quarter; AI cloud revenue surged from $71 million to $200 million, a quarter-over-quarter increase of 182%; mining revenue shrank to $28 million, accounting for only 12% of total revenue.
Unlike CORZ, which directly exited mining, IREN has not announced shutting down mining but is fully focusing on AI cloud. However, it postponed its annual revenue target of $4 billion from the end of this year to January next year, possibly as late as the end of February, citing customer solution adjustments and supply delays.
In the short term, Thursday’s drop was an emotional panic sell, with funds flowing back on Friday to recover. In the short term, I am bullish on this rebound.