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$ETH's weekend dump was even harsher than Bitcoin's. On Binance at 11 PM Beijing time last night, the price dropped straight from 2,342 to 2,282, with $140 million traded in one hour, which is more than ten times the usual volume.
According to MyToken data, $781 million worth of liquidations occurred across the entire network in the past 24 hours, with $231 million in ETH liquidations alone, nearly catching up to $BTC's $250 million. By market cap, Ethereum's leverage is clearly heavier.
It has now rebounded to around 2,347, but is still down 1.3% over 24 hours. At 1 PM, the price was pushed down again from 2,368 to 2,337, with a weak rebound.
Binance futures hold about 2.29 million ETH contracts, equivalent to roughly $5.3 billion, with a funding rate of 0.009%. The longs were shaken out but haven't really exited.
The Fed meets next Tuesday and Wednesday, and oil prices remain above $117. I think ETH will struggle to have an independent rally before the meeting. If the 2,280 support breaks again, it will look quite bad. Yesterday the market saw a rare synchronization: BTC, US stocks, gold, and silver all fell together. Safe-haven funds did not flow into the crypto space but instead surged into US Treasuries. Even gold was sold off, indicating that this is not just a normal risk appetite cooling, but a tightening of liquidity.
The bond market sounded the alarm first: large corporate financing costs are rising, Meta's default costs hit a record high, and big players are choosing to stash their money in the safest places first. Oil prices surged again, inflation remains hard to suppress, rate cut expectations are further away, and liquidity will only tighten.
BTC currently has only one line of defense left: 80,000–81,500, the big players' cost zone. Holding this can allow for consolidation and digestion; if broken, the next stop is 77,600.
The entire market is sheltering from the storm; don't stand in the rain and tough it out. Hold 80,000 before considering bottom fishing; if it breaks, exit first. The real risk of a major crash is still ahead, a big collapse is inevitable.
#BTC财库优先股融资升温 The core logic is that after the halving and unlocking benefits are realized, the market is digesting the pressure of "buying the expectation, selling the fact." On October 15, the first block reward halving since launch occurred, with the single block reward dropping from 32 FIL to 16 FIL, and the daily new circulation volume significantly decreased; at the same time, the six-year unlocking period of Protocol Labs and the Filecoin Foundation ended, with the daily unlocking inflow expected to reduce by about 75%. Subsequently, on October 19, the Solstice upgrade was launched, changing the reward mechanism to be more oriented towards "real paid storage," where unearned rewards will be destroyed, and the network further shifted to a revenue-driven model. However, after the upgrade was implemented, the price did not continue to strengthen; instead, it fell back from the mid-October range of 1.15–1.27, indicating that short-term funds chose to take profits after the benefits were realized. FIL is more driven by its own supply contraction + economic model reform + AI storage narrative. Overall, FIL is currently in a stage where the supply side is improving but the price has not yet confirmed. In the long term, the halving and the end of unlocking reduce selling pressure, but in the short term, the price still needs to wait to stand above 0.99–1.10 to confirm an effective rebound. #10月FOMC临近，美联储暂停加息还有哪些变数？ #SK海力士Q3财报在即，HBM4能否提振盈利？ The current Q3 Normalized EPS consensus median for SKHY is between $5.96 and $6.25, with the threshold of $6.25 exactly at the top end of the consensus. However, the actual performance has a high probability of surpassing this level. Citi's latest forecast for Q3 operating profit is **81.3 trillion KRW**, about 8% higher than the market consensus of **75.5 trillion KRW**. Even considering the headwind from the KRW exchange rate, the profit-side outperformance is enough to push the ADR-based EPS over $6.25. The core driver is that HBM4 officially started supplying NVIDIA from Q3, combined with DRAM and NAND prices rising approximately 22% and 15%, respectively. The actual EPS for the previous quarter (Q2) was $8.76, far exceeding the consensus of $5.12, an upside surprise of 71%, indicating that sell-side models remain conservative. Several brokerages have recently raised their target prices, and there is room for upward revision in consensus. The $6.25 threshold is closer to the "base case" rather than the "optimistic case," and the actual probability of strictly exceeding this value is relatively high. A total of 225,000 accounts were brutally liquidated, and Binance's ETH also had a huge liquidation order of 11.85 million U. Breaking it down, BTC liquidations reached 236 million, ETH 183 million. Even the previously boasting whales with high win rates stumbled, going long against the trend and bottom-fishing, instantly losing 39.9 million, with their accounts turning to a loss of 30.02 million, and their win rate dropping directly to 77.7%. No matter how strong the big holders are, when facing such a one-sided downturn, they can't hold up any better than ordinary retail investors. The vast majority of those liquidated had the same mindset: after such a big drop, there should be a rebound. But everyone must remember, bottom-fishing hastily during a downtrend is not a signal of a bottom; it only prepares the market with the next batch of chips to be liquidated. There are really too many traps in bottom-fishing. #OctoberFOMCApproaching What are the uncertainties if the Federal Reserve pauses rate hikes? #BTCSpotETFFunds fluctuate repeatedly, can market buying stabilize? #MiddleEastOilSupplyRisksRise, oil prices continue to strengthen $BTC $ETH $IRYS Short-Term Capital Inflows Can’t Reverse the Mid-Term Outflow — Staying Bearish Today. 📉 $BTC recorded a $4.54 million net spot inflow and a $281 million net contract inflow over the past four hours. However, the 24-hour picture remains weak, with spot net outflows of $131 million and contract net outflows of $423 million. Short-term buying activity has returned, but the broader capital flow still points to continued outflows. For now, this rebound alone isn’t enough to confirm a trend reversaSo many followers blindly trust Arthur Hayes, this big dark horse. Ajian thinks that although he says "crypto has to drop first before it can rise," he did indeed transfer out about 8,000 $ETH, 14M $ENA, and $UNI altcoins yesterday. Coupled with the general market decline last night, it really makes him look like a flawless price forecaster. But the on-chain data is clear: from yesterday until now, he sent $28.81M worth of tokens to platforms and withdrew $14.15M USDC. To me, these moves look more like creating a liquidity narrative, exchanging back to USDC through market makers instead of USDT, essentially holding bullets to prepare for the next round of liquidity injection. Moreover, judging from his past liquidation records, he has often sold near the bottom of phases, and this time might be no exception. Ordinary traders can learn from him to wait for catalysts, but it is not recommended to copy his position sizing.#SK海力士Q3财报在即，HBM4能否提振盈利？
HBM4 can boost profits, but Q3 is not its main stage yet.
SK Hynix's Q3 operating profit is expected to be about 76 trillion to 81 trillion KRW, with an operating margin approaching 78%, marking another record quarter. However, breaking it down, the main drivers supporting Q3 profits are the price increase of general DRAM and long-term contracts for HBM3E. HBM4 shipments fell short of expectations due to Nvidia Rubin chip delays and yield tuning taking time; some capacity was even reverted to general DRAM. HBM4 costs about $560 per chip, over 50% higher than the previous generation, with a very attractive unit price, but the base chip is outsourced to TSMC 12nm, costing 3 to 4 times more than in-house processes, and the yield ramp-up period requires discounts. Therefore, its direct contribution to Q3 profits is limited; the real significant revenue contribution will be seen in Q4.
To put it simply: SK Hynix now is like a race car with an engine swap—the old engine (general DRAM) is still roaring, the new engine (HBM4) has started but hasn't shifted into high gear; meanwhile, in the rearview mirror, Samsung's HBM market share has caught up from 21% to 33%, and yields have climbed to 80%. $SKHYNIX
Do you think HBM4 is SK Hynix's accelerator for Q4, or has Samsung nearly leveled the starting line? Let's discuss in the comments.The pullback across major crypto assets looks less like a broad risk-off wave and more like a targeted flush of crowded long positioning. $BTC is trading near 80,700, down 1.5% over 24 hours, with its eight-hour funding rate still positive and long accounts making up 69% of the book. That combination matters: buyers are still paying to hold leverage, even as liquidations over the period have fallen mainly on the long side, estimated at $70-95 million. $ETH shows the same imbalance with a sharper#谷歌云业务增长82%，AI投入回报如何？
"Google Cloud Surges 80%, When Will the Trillion-Level Computing Power Break Even?"
In Google's latest quarterly earnings report, its cloud business soared by over 80%, and the whole Silicon Valley is discussing whether generative AI has truly made the cash flow work.
On the surface, it looks like major companies are scrambling to rent computing power and buy model API contracts, but in reality, Google's capital expenditure in a single quarter has long exceeded $10 billion, all invested in data centers and chip depreciation.
During the computing power dividend period, everyone buys without counting costs, but once these servers enter the five-year depreciation cycle, the real accounting books are just opening their first page. $BTC An ETH whale was almost liquidated over the weekend but survived by adding margin. However, the real focus should be on those who bought ETFs but have to wait until Monday to hit the redemption button.
Over the thin weekend market, BTC briefly dropped below 80,000, hitting a low of 79,277, but the price then recovered to around 80,800. What's really interesting is: Peter Schiff said the next support is 75,000, but he missed one point — ETF holders can't sell over the weekend, so the most panicked group is essentially tied up.
$BTC around 80,800. This week, ETFs still saw a net inflow of 301 million, ending two consecutive weeks of outflows, but Thursday alone saw an outflow of 636 million, and Friday another 138 million, giving back more than 70% of the inflows from the first three days.
$ETH around 2,340–2,365. October ETF cumulative outflows reached about 1 billion, marking four consecutive weeks of negative flows, one of the worst months this year. But BitMine has hoarded nearly 5% of total supply, with staking volume hitting a record high.
$SOL around 102–104. After the Alpenglow upgrade went live, it actually dropped 5.2%, with ETFs seeing a net outflow of 30.3 million in five days, and on the 22nd, none of the seven products recorded net inflows.
Summary: The macro super week is here, oil prices at 117 dollars, FOMC holding steady with a 90.6% probability, but none of these weekend events are as important as one thing — how money moves between these three coins is far more honest than the index itself.
#SpaceX400亿美元AI融资计划受阻 Right now, many people in the market are shouting: $BTC bottom has been confirmed.
But history tells us that bottoms are often not so easy to judge.
In past cycles, when Bitcoin found its bottom, these signals were usually observed:
Price approaching the 0.786 Fibonacci retracement level
Weekly oversold conditions with bullish divergence
Price touching or breaking below the 200-week moving average
Massive long liquidations, market sentiment completely cooling off
Currently, these conditions have not all been met.
I worry about another possibility: BTC first rebounds to $92,000–$100,000, then forms a lower high, and starts to decline again.
If this structure holds, the $48,000–$39,000 range might become an area worth watching.
However, this is just a risk scenario, not a certainty.
The current weekly and monthly trends still lean bullish, and actual price confirmation is needed going forward.
Don’t ignore another possibility just because everyone is bullish.
Trading plans should accommodate different scenarios. $HYPE has been feeling a bit suppressed these past couple of days 👇
Looking clearly at the daily chart: after touching 82.5 on 10-21, the highs have been pushed down continuously, from 82.3 → 78.9 → 78.8, and yesterday even dipped to 74.42. On the broader market side, BTC is still hovering around 80,000, and altcoins generally lack support.
Today it rebounded to around 76.8, but the three consecutive hourly candles this morning (76.83, 76.87, 76.86) were all pushed back here, and just now it has fallen back to 75.9. The funding rate is still slightly positive (about 0.004%), so the bulls haven't been fully shaken out, which makes me lean more towards shorting on the rebound.
My plan:
Direction: Short
Entry: Place staggered orders on the pullback between 76.7–76.9
Stop loss: 77.55 (if it breaks above yesterday noon's 77.4–77.5 area, admit the mistake)
Target 1: 75.2 (platform bottom from yesterday evening)
Target 2: 74.45 (near yesterday's lowest point)
If volume surges and it firmly holds above 77.5, it means this is a real reversal, and I won't short anymore; I'll wait for a pullback to consider going long. When it reaches Target 1, I'll reduce half my position and move the stop loss to break even.
What do you think? Is HYPE forming a bottom here or is there another drop coming? Let's discuss in the comments 🤔
#HYPE #ContractStrategy #Altcoins
Just my personal opinion, not investment advice, DYOR Actually, not every pump by a whale coin can attract OI desperately.
This coin fluctuated up and down by 20% within a few minutes but surprisingly didn't trigger much liquidation.
First pumped up then dumped down, with such big volatility, the liquidation volume is just this little.
Not sure if no one is playing, or if the players all have huge, huge margin so they don't get liquidated. #SKhynixQ3HBM4Earnings Summary: The main profit driver in Q3 was not HBM4, but rather the long-term contract for HBM3E plus the price increase of server DRAM; HBM4 is more about valuation and growth logic after Q4, with limited contribution this quarter, making it the biggest variable to watch in the earnings reportLooking at BTC over the weekend, the easiest mistake is to take the spot market's immediate fluctuations as a basis for conclusions about ETF funds.
BTC trades 24/7, while US stock ETFs have their own trading and reporting hours. If the price rises on Sunday, you can't directly say institutions have repurchased through ETFs; if the price falls, you can't assume a new round of ETF redemptions is happening.
These two sets of timings must be distinguished first.
In recent days, funds have flowed in and out repeatedly, pulling sentiment back and forth several times. Watching the same data refresh over the weekend easily creates the illusion that "institutions are making new moves," but what you might actually be seeing is information from previous trading days.
I prefer to use this time to observe how the price behaves without the support of normal US stock trading hours. Spot market support and derivatives position changes are still worth monitoring, but each requires its own data support.
Wait until the US market reopens to see if ETF funds continue the previous trend; only then can the judgment be more complete.
I have expectations for the buying side to stabilize, but I don't want to impose my preferred explanations on the price every few hours. Especially with the interest rate decision next week, a little weekend volatility can easily be prematurely labeled as a policy-driven market.
What is most needed now might be less jumping to conclusions. Events happening in different markets at different times, forcibly connected into one story, may seem coherent but are not necessarily correct.
#BTC现货ETF资金反复，市场买盘能否企稳？ $APR token unlock schedule.
The official unlock schedule shows that there is no APR unlock event today, October 25; the most recent unlock occurred on October 23, and the next one will be on January 23, 2027. Most recent unlock (October 23, already occurred) • End of time lock period, releasing the one-year lockup for early investors and the core team. • According to official documents, about 92.8 million APR were released, approximately 33.4% of the circulating supply at that time; according to DefiLlama, about 149.7 million APR ↗ were released, about 54%. The two figures differ significantly due to different statistical scopes (unlock target range / whether linear parts are included); the actual data should be based on the project's official data. Next unlock (January 23, 2027) • Subsequent quarterly unlocks: April, July, October 23 of 2027, and January, April, July, October 23 of 2028, each about 54.34 million APR (approximately 5.4% of the maximum supply).THE INCOME STATEMENT HAS A PLOT TWIST.
Papertrade generated approximately $8.5M in protocol revenue over seven days, according to DefiLlama.
Now examine its TVL:
Oct 11: $102.09M
Oct 24: $33.22M
A 67.5% decline.
Here’s the accounting catch: reported revenue includes liquidity-pool profits distributed to stakers, not merely trading fees.
Impressive revenue and shrinking collateral can coexist. Neither number tells the full story.
#DeFi #DerivativesFirst, consider the worst-case scenario: if this short position faces a continuous price increase, losses will keep expanding, and if the margin is insufficient, it might be forcibly liquidated. I just saw Core Trader 57 open a short on $ETH with 6x leverage, holding 14.1796 coins, with a notional value of about $33,300; before the outcome is clear, I want to assess how much risk he is taking.
My judgment is that 6x leverage does not mean moderate risk; the key is how large the position is relative to the account size. A habit from my risk control experience is to first ask: if this trade goes wrong, can the account withstand it?
⚠️ Roughly calculating by notional value, if ETH rises 5%, this short position would have an unrealized loss of about $1,664, excluding fees. If we simply calculate by 6x leverage, the initial margin is about $5,547, so this adverse move would consume roughly 30% of it. However, without information on account equity, margin mode, and margin calls, we cannot determine the exact liquidation price or judge if this is a heavy position.
My risk control advice for ordinary people is: first convert the maximum tolerable loss per trade into a proportion of account equity, then check if the position size and leverage match, and don't mistake the liquidation price for a stop-loss. For a 6x short like this, how do you usually set your stop-loss per trade? Is it based on coin price fluctuations or on a proportion of account loss?$SUI
The rebound struggles to regain lost ground; what is the growth premium waiting for?
In this morning's spot snapshot, SUI's 24-hour price change was -1.88%, ranging between 0.9117 and 0.9688 USDT.
The price is above the low point but still down over 24 hours, indicating that support is insufficient to complete a full-day recovery. High-growth ecosystems require retention and effective payment; transaction volume driven by incentives does not necessarily translate into economic value.
If usage remains stable after incentives decline, the pullback can be reassessed; if funds retreat with the fading activities, the growth premium should be lowered rather than just waiting for mainstream coins to lead.Spot prices are falling, but contract longs are paying to hold on; SOL rates have turned negative, yet 76% of accounts are still long
Three major coins are exposing the same problem in three different ways: the gap between bottom signals and actual position structures is widening
$BTC fell 3.7%, but the perpetual funding rate remains positive, with open interest rising to $7.72 billion. New positions are entering even as prices drop. Spot is distributing, while contract longs are "paying to hold"—this is not bottom fishing, it's financing hope
$SOL's 8-hour average funding rate has plunged to -0.021%, with $17.3 million long liquidations in 24 hours versus only $1 million short liquidations. Paradoxically, 76.4% of market accounts remain long, but only 48.1% of active trades are long. Position holders are betting on a rebound, but actual executed funds are selling
$XRP's 365-day MVRV has dropped to 0.92, holders are on average about 8% underwater, valuation is near bottom territory. However, exchange reserves are as high as 11.81 billion tokens, worth about $15.7 billion. Cheap valuation and a supply dam coexist, so any rebound must first absorb this supply.
Summary: For BTC, watch when longs stop paying; for SOL, watch when account longs give up; for XRP, watch if exchange reserves decline. Prices can deceive, but funding rates and position structures do not.
Will SOL's 76% long accounts surrender above $100?
#10月FOMC临近，美联储暂停加息还有哪些变数？ Brothers, pull out the data of BTC whales on the exchange from the past few days, and you'll have plenty to analyze.
First, let's talk about the long-short ratio of account numbers. From October 20 to 25, it formed a three-stage pattern of "surge — pullback — rebound." Initially, long accounts crowded in, pushing the ratio close to 0.8, showing a strong bullish stance. But it didn't hold for two days before collapsing, with short accounts flooding in, pushing the ratio back down to around 0.45 — that was when longs and shorts were most conflicted. In the past two days, it quietly climbed back, indicating fresh capital entering to buy the dip, with longs and shorts tugging back and forth around 0.5. Simply put, the whales themselves haven't decided which side to take.
Next, look at the long-short ratio of open interest, which is even more interesting. It surged from 3 to 15 with volatile upward movement — whales were increasing long leverage positions, showing a very determined direction. But after reaching a high, it turned downward, indicating some started reducing positions, taking profits, or even reversing. A drop in open interest ratio often means the momentum behind the surge is fading.
Putting these two together makes it clear: account numbers are rising while open interest is falling — people are entering the market, but positions are being withdrawn. This is a classic "bullish in words, reducing positions in action" scenario, with extreme long-short divergence.
So, BTC has been quite a rollercoaster these days. When the long-short ratio fluctuates wildly, the worst thing is to rush to pick a side; once you enter, you often end up taking the sell-off baton for someone else. $11.69 billion BTC options expiring, I am bearish until Monday
On October 30, about 140,800 BTC options will expire, with a notional value of approximately $11.69 billion.
Currently, about two-thirds are call options. The largest open interest is concentrated at $95,000, while the maximum pain point is at $78,000. These two levels differ by $17,000, and the BTC price is currently near $80,000, closer to the maximum pain point.
A large number of $95,000 call contracts are already far from the current price. As expiration approaches, time value continues to decay. The more concentrated the bets above, the longer the price struggles to rise, increasing pressure on bullish positions.
ETH is also facing a large-scale expiry, with about 323,400 options expiring, having a notional value of approximately $765 million. Currently, call options account for 56.3%, with the maximum pain point at $2,500 and the largest open interest concentrated in $2,600 call options.
Liquidity is low over the weekend, and the market shows a rebound that looks more like a short squeeze cleanup, not signaling the end of the downtrend. Liquidations in the past 24 hours are still dominated by longs, and the overall market structure has not strengthened. I remain bearish.
When liquidity returns on Monday, CME, ETFs, and institutional funds will re-enter the market, and the true direction will be amplified. If BTC fails to reclaim $82,000, selling pressure will increase again, and $80,000 will continue to be under pressure. The key support to watch below is near $78,000. 💻 I usually start by looking at the input: According to Hyperliquid perpetual contract public market data, the current highest absolute funding rate is for $XMR, with a positive rate of 0.0087%/hour, annualized at about 76%, and a 24-hour increase of 4.98%. This means that currently, longs are paying shorts.
My review conclusion: This looks more like a warning about the cost of holding long positions, not a "yield strategy" that can be launched just because of a high annualized rate. When the price rises, holding long positions still requires continuous payment; directional judgment and holding costs need to be calculated separately.
There are two logical pitfalls. The funding rate is a current snapshot, and the annualized figure is just an extrapolation based on the current level; it does not mean it can be continuously collected in the future. For shorts, receiving funding does not necessarily mean overall profit; if the price continues to rise, losses from price differences may outweigh funding income. This is my risk analysis, not a market prediction.
If it were me, I would change the judgment logic to: first see if the funding rate can be sustained, then see if price fluctuations make this cost or income meaningless. Focusing only on 76% is like code passing normal test cases but not yet tested for edge cases.
Please help me review: to judge whether longs are crowded this time, would you prioritize checking changes in open interest or the duration of the funding rate? Are there any loopholes in my logic?$APR can't even last half a day anymore? The previous ones lasted two or three days, you know The crypto market recently experienced a severe shakeout, with BTC briefly dipping below the $80,000 mark, triggering over $800 million in long liquidations across the network; however, after panic subsided, the market quickly rebounded, with the three major mainstream coins collectively entering overbought territory, creating a tug-of-war between technicals and their respective news.
$BTC is quoted at 80,819, with a KDJ J value of 84.3, and clear liquidation resistance at 81,606 above. Peter Schiff publicly turned bearish down to 75,000, but ahead of the Fed's October 28 meeting, market sentiment is cautious, making the 80,000 level a short-term dividing line between bulls and bears.
$ETH is quoted at 2,361, with a J value of 88.19, the most overbought. Last night it hit a low of 2,282, just $30 above the liquidation price of a whale holding nearly $400 million in longs; this whale urgently added 9.21 million USDC to push the liquidation price down to 2,181. Another whale holding $214 million in longs also added 5.67 million in margin to avoid liquidation. The whales are firmly defending 2,181, clearly aiming to support in the short term, but resistance is dense between 2,385 and 2,415 above.
$ZEC is quoted at 1,211, with the NU7 upgrade locked for November 5, reducing block time from 75 seconds to 25 seconds. However, on Hyperliquid, among 84 accounts, shorts total 216.3 million while longs only 136.8 million, with shorts accounting for 61%. The Winklevoss brothers' submission of the spot ETF S-1 filing is the core catalyst for the rebound, but the 1,240–1,250 range remains a dense liquidation resistance zone above. 市场消息称，SpaceX计划为购买英伟达芯片筹集约400亿美元融资，但随着AI信用市场波动，融资成本和投资人要求重新谈判，计划推进受到阻力。 这件事的核心不是SpaceX有没有AI故事，而是算力资产能不能覆盖融资成本。AI基础设施投入需要先付出巨额资本开支，收入和现金流却要更晚才能兑现；利率上升或信用利差扩大，项目回报率会被迅速压缩。 SpaceX刚公布的Q3营收146亿美元、同比增长161%，净利润44亿美元，说明业务基本面很强。但强劲业绩不等于任何规模的债务都合理，尤其当融资用途是继续购买快速迭代的芯片时，折旧、利用率和客户合同都会影响回报。 我的判断：融资受阻反而是一次压力测试。若SpaceX能拿出长期客户合同、算力利用率和现金流覆盖证据，融资只是价格问题；若只能依靠高估值和故事，AI资本开支周期就会先逼它降速。 你觉得这400亿美元是算力先发优势，还是AI债务风险的信号？#SpaceX400亿美元AI融资计划受阻 Robinhood is expected to disclose its Q3 earnings after the U.S. stock market closes on October 27. The market anticipates revenue of about $1.44 billion and earnings per share around $0.558, but what truly determines the stock price is not just meeting these targets, but whether trading revenue and user activity can continue to grow. Robinhood's revenue is very sensitive to market activity, crypto trading, and options trading. When the market is hot, trading volume and net inflows rise simultaneously; once volatility decreases, trading business growth may slow down. Therefore, three indicators need to be watched: trading volume and trading revenue, net deposits and asset size, and whether the proportion of crypto revenue remains overly concentrated. If revenue growth comes from broader product usage, the quality will be higher; if it mainly depends on a single market cycle, the sustainability of growth will be discounted. My judgment: Robinhood's story has shifted from "user growth" to "turning users into stable income." Exceeding earnings expectations is not enough; management must also prove that growth is not entirely dependent on market sentiment. Do you think HOOD's next phase will rely on product expansion or continue to depend on market volatility? #Robinhood交易业务增长能否延续？ SK Hynix will disclose its Q3 2026 earnings on October 28. The market views HBM4 as the biggest highlight, but the earnings report will actually verify three key variables: DRAM/NAND prices, HBM shipment pace, and next year's capacity and order guidance. If HBM4 is still in small-batch shipments, its contribution to this quarter's profits may be limited, with more value reflected in customer certification, order visibility, and future capacity. Equating technological leadership directly with a profit surge in the current quarter is the easiest way for the market to turn against expectations. Meanwhile, memory stocks have already priced in very high AI expectations. Even if profits exceed expectations, as long as guidance is conservative, inventory rises, or capital expenditures are released earlier than planned, the stock price may still spike and then fall back. My judgment: HBM4 is an incremental variable but not the only answer yet. On October 28, the focus will be on regular memory prices, the timing of HBM4 volume ramp-up, inventory, and capital expenditure guidance. Are you more concerned about the profit figures or the actual timing of HBM4 turning into revenue? #SKHynixQ3EarningsComing, Can HBM4 Boost Profitability? "Liquidation Night Bill: Bulls Lining Up to Surrender Chips (｡•́︿•̀｡)"
This round of liquidations is like a tilted bill: BTC liquidations hit 240 million U, accounting for 32.42%, with longs at 220 million and shorts at 17.9144 million, roughly 12:1; ETH liquidations at 190 million, 25.95%, with longs at 170 million and shorts at 21.4519 million; SOL liquidations at 31.9266 million, 4.40%, with longs at 29.5054 million and shorts at 2.4212 million. Different volumes, similar posture—chasing highs with leverage, then being stopped out in batches 😵💥.
Shorts barely took any damage; about 390 million in long BTC and ETH chips were cleared. Liquidation is not a full stop, but more like the bell of chip turnover 🔔. But the absorbing side didn’t keep up, selling pressure can’t be digested, the washing machine must keep spinning 🌀🧺. Before the next candlestick, ask yourself: is leverage a ticket, or a bill? (╯︵╰)📉
$BTC $ETH $SOL
#10月FOMC临近，美联储暂停加息还有哪些变数？ Middle East supply risks are being priced in again. On October 23, Brent briefly approached $115.10 per barrel, with WTI around $101.40. The market is not trading on a sudden surge in demand, but on uncertainties around shipping, insurance, sanctions, and inventory buffers. The key transmission chain for rising oil prices is: rising energy costs → increased inflation expectations → delayed rate cut expectations → stronger US Treasury yields and US dollar → high valuations and pressure on risk assets. Gold and BTC will not react exactly the same. Gold may be supported by safe-haven buying, but if real interest rates rise simultaneously, gains will be limited; BTC, often seen as an inflation hedge, may initially be sold off as a risk asset. My judgment: in the short term, focus on interest rates rather than just oil prices. If supply risks continue to expand, BTC is more likely to come under pressure; if transportation recovers and oil prices fall, risk assets will have room to recover. Next, watch Brent, Hormuz shipping, and the 10-year US Treasury yield. Do you think gold will benefit first, or will BTC come under pressure first? #MiddleEastOilSupplyRisksResurface, oil prices continue to strengthen On Saturday night, $BTC fluctuated below $80,000 for less than three hours before pulling back. The candlestick action at the round number is lively, but what’s really worth reviewing are the several ledgers from this week. 1. The few hours over the weekend on Coinbase BTC-USD hourly chart (Beijing time): On October 24 at 22:00, the low was $79,707; at 23:00, the low was $79,107, closing at $79,691.25, which was the only hourly candle below $80,000 since 18:00 that evening; on October 25 at 00:00, the low was $79,475; at 01:00, the low was exactly $80,000, and it did not go lower afterward. As of today at 10:14, Coinbase’s best bid price is $80,751.84. Binance spot BTCUSDT daily (UTC): on October 24, the low was $79,220.74, closing at $80,888.16, marking the lowest intraday low since September 18 (which had a low of $76,296). Over the weekend, US stock markets and US stock ETFs were closed, so these fluctuations occurred during a period without ETF creations or redemptions. 2. ETF: Inflows for the first three days, outflows for the last two days, but still a net inflow for the week. Farside’s statistics on daily net flows (in millions of USD) for US spot Bitcoin ETFs: 10/19The fund flow of the US spot Bitcoin ETF is shifting from "large single-day outflows" to "repeated tug-of-war." According to Farside data, there was a net outflow of $635.6 million on October 22, and the outflow narrowed to about $137.9 million on October 23 (Farside still had one fund's data pending that day). This indicates that the market is not without buying interest, but the buying is no longer stable. After large redemptions, the scale of outflows quickly shrinks, which usually means some investors are waiting on macro direction rather than uniformly bearish. The three key things to watch are: whether outflows are continuous, whether IBIT and FBTC outflows are synchronized, and whether BTC price can stabilize after the fund outflows narrow. Single-day data only reflects sentiment; multiple consecutive days are closer to showing a trend. My judgment: it now looks more like a slowdown in buying rather than disappearance of buying. If the ETF continues net outflows and BTC breaks key support, risks will escalate; if outflows continue to narrow, the market may enter a consolidation phase awaiting interest rate and dollar direction. Do you think this is concentrated profit-taking or the start of a larger-scale withdrawal? #BTC现货ETF资金反复，市场买盘能否企稳？ The funding rate has risen. Don't get ahead of yourself yet.
Now, I'm more interested in who is paying. ⚡
Just saw the data: In Hyperliquid perpetual contracts public market, XMR currently has the highest absolute funding rate, with a positive rate of 0.0087% per hour, annualized about 76%, and a 24-hour increase of 4.98%. A positive funding rate means longs pay shorts.
My judgment: The short-term bullish sentiment on $XMR is quite heated, but this is not a confirmation signal for continued price increase. Price rising combined with a positive funding rate means long positions bear the ongoing cost of paying fees; if the price stalls, the longer the position is held, the more obvious the cost pressure becomes. The annualized 76% looks striking but is just a conversion of the current rate, not a fixed level for the next year, nor a guaranteed profit for shorts.
For short-term entries and exits, I focus on whether price and funding rate move in sync. If the price continues to strengthen and the funding rate falls, I interpret it as a relief of crowding; if the price can't push higher and the funding rate remains high, I become more cautious about amplified volatility. This is my observation framework, not a prediction of what has already happened. Set invalidation conditions before entering; don't endure paying fees stubbornly as patience, and don't guess the top just because the funding rate is high.
When encountering XMR with such gains and high positive funding rate, would you wait for the funding rate to cool down or wait for a price breakout confirmation? Which signal would make you abandon your original judgment?$BTC $ETH $SOL latest total liquidation across the network in 24 hours is about $542 million, with long positions liquidated at $460 million, accounting for about 85%, and over 115,000 people liquidated.
1 BTC liquidation $175 million, longs account for 88.6%
2 ETH liquidation $157 million, longs account for 84.4%
3 SOL liquidation $23.91 million
4 ZEC liquidation $14.32 million
However, $542 million liquidated in 24 hours, the market just finished dropping and started short selling again.
What’s really worth watching is that the short-term cycle has already changed direction.
In the past 4 hours, liquidation was $18.41 million, shorts reached $14.61 million; in the past 1 hour, liquidation was $2.61 million, shorts nearly $1.99 million. The 24-hour period is still focused on killing longs, but the recent 4 hours have shifted to shorts dominating, possibly indicating another market change.
This shows the market has entered a two-way liquidation phase after continuous decline; those who chased longs earlier have just been washed out, and those chasing shorts are now starting to get hit. I think it’s best not to trade lightly at this time.
Currently, the overall trend is still weak, and short-term is no longer suitable for us to chase shorts at low levels. The current rebound is not a trend reversal, more like the market cleaning out longs and then conveniently harvesting a batch of short-chasing funds again. Even a16z Crypto has removed "Crypto" from its brand.
On October 22, Chris Dixon announced the rebranding to a16z Frontier, expanding the new fund's investment scope to include frontier technologies like AI, while clearly stating they will continue investing in crypto projects.
What I find worth pondering is: in the future, crypto startups seeking this funding will have to compete alongside projects from more industries.
In the past, you could say "this chain is faster than that chain" or "this protocol is cheaper than that protocol." Now investors might also have an AI product already in paid use on their table, making the comparison much broader.
A name change, of course, doesn't prove "the crypto world is over." But it does remind us of a very real fact: capital can switch tracks, and projects must provide reasons that make people want to stay.
Relying solely on points, token issuance expectations, and a prestigious list of investors—how much longer can this story be told? I'm increasingly curious.To pour some cold water first, I wouldn't automatically nod just because I see a short position opened. Core Trader 57 (0xc30c7e…ba4c9) opened a short on $ETH with 6x leverage, a nominal position of about $33,300, with a reference price of $2347.2. My judgment: this is a short that needs the price to weaken quickly to be validated; seeing the wallet take action alone is not enough evidence of a bearish view.
I'm not in a hurry to agree, for two reasons. First, monitoring only shows this position, without visibility into other holdings, so we can't rule out hedging; interpreting it directly as a one-sided bearish bet risks misjudging the intent. Second, 6x leverage is not gentle: dividing the nominal value by leverage, the initial margin is about $5547; if the price rises 5%, the unrealized loss is about $1664, roughly 30% of this estimated margin, not including fees. This is not an exact liquidation calculation but enough to show how tough it would be for the short during a rebound.
Of course, he might be right. If the price continues below the reference price and the rebound fails to hold, I would be more convinced of this short's direction; if the price recovers and keeps rising, I would be more concerned about how he controls losses rather than making excuses for him. Around the reference price of $2347.2, would you go long or short? Give one reason and what kind of price movement would make you admit you were wrong. $CL Trump said "I don't care about high oil prices 😰 America is making big money." Looking at it from another perspective, the U.S. is now a major oil producer, and high oil prices essentially represent a global wealth transfer.
In the stock market, as long as the Strait risk lingers, U.S. energy giants' profits skyrocket, even supporting the Dow; but conversely, high oil prices raise global manufacturing costs, squeezing valuations of tech growth stocks like $SOXL. This is not just a political statement but a matter of interest distribution. Understanding this logic makes the flow of funds clear. $CL Long positions liquidated, not caused by shorts
$498 million liquidated across the entire network in 24 hours.
Among them, long positions accounted for $340 million, or 68%.
How is this calculated:
Forced liquidations are executed by the system.
When the price falls below the margin line, positions are automatically sold.
Sell orders then push the price down, triggering the next batch.
Who placed these orders:
Nearly 180,000 people were liquidated, not targeted by anyone.
It’s the leverage setting the stop-loss line too close.
A 1% drop with 10x leverage equals 10% loss.
Where does the money come from:
5183 BTC entered spot ETFs this week.
This volume cannot hedge the selling pressure from derivatives.
The real problem is not the price drop.
It’s that long positions are crowded above 80,000.
Once the price touches it, the chain reaction runs its course.
$BTC support is created by the drop, not by defense.
#BTC现货ETF资金反复，市场买盘能否企稳？
#$BTC 【Tanker freight rates hit $1.41 million per day, and Scorpio is taking this “bill” to court】
The dispute centers on whether the industry should continue to settle using the original freight rate index after the war disrupted oil shipments through the Strait of Hormuz involving $BZ. Scorpio is asking the court to declare the TD3C benchmark invalid since early March, shifting from claiming compensation to challenging the validity of the pricing itself.
This index is not just a reference price list; it influences billions of dollars in freight derivatives and long-term charter contracts. On October 8, the TD3C freight rate surged to $1.41 million per day, then fell about 7% to $1.31 million, still at an extremely high level.
Scorpio’s argument is that the route was almost cut off by the war, so continuing to quote prices may be misleading; the Baltic Exchange platform, however, states that vessels are still passing through and that quotes are assessed by experienced brokers. The real conflict is whether the “market benchmark” under extreme conditions should follow actual transactions or allow professional assessments to maintain continuity.
Whoever wins this case faces trouble: if the index is unreliable, hedging loses its anchor; if the court retroactively invalidates it, settled trades might be reopened and recalculated. What to watch next is how the court defines the responsibility of the benchmark publisher and whether existing contracts can be retroactively overturned.After surviving the ordeal, I closed this ETH position first. BTC is really a bit too weak. Rather than waiting for profits to retract, I’d rather close now, having already taken a 70-point profit.
Looking at the market, BTC, although up +1.02% and back above 80,000, hasn’t stabilized at 81,000. Yesterday’s probe to 79,506 looks like a bull trap, with support turning into resistance; ETH is up +1.92%, probing 2,282 yesterday and closing at 2,338. Building a position at 2,283 and adding at 2,297 shows a good trend, but the 2,400 level is a resistance with trapped positions. On the macro side, the October FOMC looms, Middle East oil at $116 plus Houthi attacks on Saudi Arabia push inflation higher, US Treasuries “higher for longer” suppress rate cuts, ETF funds fluctuate, smart money’s long-short ratio is 30.83% with two-way holding, daily chart suggests a high probability of oscillating decline, with consecutive shakeouts after yesterday’s probe, bottoming near 80,000. I feel the decline isn’t over yet, so I’m protecting profits and not blindly following the trend. I’ll wait for a pullback to 2,280-2,300 or BTC to stabilize above 82,500 before reconsidering. Small capital to preserve principal, “slow is fast,” spot is better than futures, waiting for the next opportunity to trade! Yesterday’s probe really looked like a bull trap, those consecutive probes were really frustrating. $BTC $ETH $ZEC I don't touch high-leverage contracts; usually, I just watch and ponder slowly. I hold without moving anyway. But when it comes to asset security news, I pay extra attention, as this affects my judgment on long-term holding more than short-term price fluctuations.
According to Salus monitoring, Tether has blacklisted 9 addresses related to the CoinDCX security incident, freezing about 2,212,900 $USDT. The investigation was triggered by an abnormal transfer, and subsequent on-chain evidence led to this freeze.
My view is that this is not a direct bullish signal for the market but more like a long-term risk indicator: the security of stablecoins depends not only on whether abnormal funds can be blocked but also on how much control the issuer has over disposal rights.
The fact that on-chain traces can drive freezing shows that tracking and handling are indeed effective; however, freezing does not mean the funds have been recovered, nor does it mean user losses have been resolved. On the other hand, the fact that addresses can be blacklisted also reminds ordinary holders that on-chain assets may still be subject to centralized authority constraints, so they shouldn't just focus on the convenience of transfers.
Hoarding spot assets doesn't mean ignoring risks, and high leverage can easily amplify accidents, so don't press your position to the point you can't sleep. For friends holding long-term: does this freeze make you more confident in USDT's secure disposal capability, or are you more concerned about the issuer's freezing authority? BTC made a losing trade in the past fourteen hours: climbed from 79168 back to 80850 spending 1.9 million contracts, then dropped from 80850 to 80459 spending only 250,000 contracts.
From 08:00 to 12:00, five candles totaled 553,000 contracts, only pushing the close from 80844 up to 80896 — a 52-point increase. At 13:00, one candle with 250,000 contracts smashed 80896 down to 80459. The same amount of contracts moved the price down 338 points but up only 52 points.
Current price 80589 is stuck at MA20 80550, 39 points above, not standing above the moving average but barely breathing next to it.
At 14:00, US stock spot market is closed, CME is running, Asia dares not take over, Europe and America are off duty, 13:00 close at 80578 is the afternoon’s scale.
If it rebounds to 80780~80850 but can’t hold + 1H candle closes bearish with volume (≥120,000 contracts), short with stop loss at 80930, first target 80459.6 with odds 3.3; if broken, look at 80260 with odds 5.1.
If volume closes above 80900 (≥150,000 contracts), short positions are invalid; bulls should not rush either, buy on pullback at 80780, stop loss 80550, target 81008 with odds 1.0, no weak signals accepted.
$BTC
(Not investment advice, trade at your own risk)highs, with the volume of borrowed coins for long positions continuously expanding, while the proportion of borrowed coins for short positions remains very low.
Currently, the market's bullish sentiment is very strong and consistent, with most leaning towards a bullish outlook. This consensus expectation is a double-edged sword: following the sentiment can easily lead to a surge, but after crowding, the probability of a short-term shakeout also increases.🚨🚨🚨New warning signs for Bitcoin! Long-term holders have started selling, should we be worried?
Latest on-chain data from CryptoQuant shows a highly notable change is happening.
The 30-day net position change of Bitcoin long-term holders (LTH) has turned negative again!
📊 From the chart, we can see:
🟢 In May to June this year, long-term holders significantly increased their positions, with a 30-day net increase approaching one million BTC.
🔴 But since the end of August, this trend has gradually reversed.
By October, the net position reduction of long-term holders has even expanded!
What does this mean?
Investors who were willing to hold Bitcoin long-term are now overall reducing their holdings.
This group is usually less affected by short-term price fluctuations in the market.
When long-term holders start reducing their positions, we must pay attention to whether the market is facing new supply pressure.
However, I believe we cannot directly conclude that a bear market is imminent.
Historically, declines in long-term holders’ positions have also occurred during bull market rallies.
What truly matters is not that someone is selling, but whether the market has enough buying power to absorb it!
If long-term holders continue to reduce positions, but ETF inflows and spot demand increase simultaneously, the market may still absorb this supply.
$BTC $ETH $IRYS #10月FOMC临近，美联储暂停加息还有哪些变数？ "The spike recovery is just an illusion! The weak cycle hasn't changed, don't mistake the rebound for a reversal"
Don't think the trend has strengthened just because mainstream coins had a spike last night followed by a V-shaped recovery. In fact, the market is still deeply stuck in a weak cycle.
$BTC: Although the current price has returned above 80,000, the top is still firmly suppressed by MA7/20/30 (around 82,000/82,600/83,100), and the bearish structure hasn't changed at all. There were three main reasons for last night's sharp drop: ETF net outflow of 773 million over two days, forced liquidation of leveraged longs across the market totaling 837 million (accounting for 82.8%), plus Arthur Hayes publicly liquidating positions. Poor weekend liquidity directly amplified the stampede. The current 80,000 level is just barely supported by panic-cleared bottom-fishing funds.
$ETH: Technically the weakest among all. It bottomed at 2,320, a two-month low, with RSI at 31.8 entering oversold territory, but all moving averages above are pressing down, with the 30-day position only at 3.5%. The capital situation is even worse: ETF net outflows have continued for 14 trading days this month, with cumulative bleeding reaching 1.175 billion USD. Without fresh capital, any rebound is just empty talk.
$ZEC: Rebounded from 1,119 to 1,210, seemingly above MA7, but firmly suppressed by MA20 and MA30. RSI at 41.3 is not oversold at all, and the 30-day position is 25%. This is purely a technical rebound after a sharp drop. The previous crash was due to concentrated forced liquidation of leveraged longs, with hourly liquidations accounting for 98% of the entire market.
#With the October FOMC approaching, what changes remain if the Federal Reserve pauses rate hikes? First, consider the worst-case scenario: if you chase the price increase by going long, and then the price reverses while the funding rate remains positive, both unrealized losses and holding costs could squeeze your margin simultaneously. When I used to do risk control, seeing such data, I was accustomed to first calculating how much could be lost rather than how much could be gained.
This public market data comes from Hyperliquid: the contract with the highest absolute current funding rate is $XMR, with a positive rate of 0.0087% per hour, approximately 76% annualized, and a 24-hour price increase of 4.98%. A positive funding rate means longs pay shorts.
My judgment is that this is more like a holding cost alert and should not be directly interpreted as a bearish signal. ⚠️ There are three risk points: if longs hold positions continuously, fees will accumulate; shorts, even though they receive fees, may still incur losses due to price increases; the approximately 76% annualized rate is just a conversion of the current rate, not a locked-in return, and changes in the funding rate, even turning negative, will alter the ledger.
For ordinary traders, a practical risk control habit I recommend is: before trading, include the stop-loss price, estimated funding fees during the holding period, and slippage all in the same maximum loss budget, rather than focusing only on the stop-loss price. For contracts with such high funding rates, how much stop-loss do you usually set per trade, and do you also factor in the funding fees?$BTC BTC is now at 80600, with more short orders hanging above than long orders below.
From the liquidation map, if it rises to 81384, about $152 million in short orders could be liquidated; if it falls to 79368, the total long orders are only $110 million, and they are farther away. One side is about 700 points away, the other more than 1200 points.
At the 81384 level, just the 100x short orders amount to 29.37 million, all high-leverage orders opened close to the current price. With low volume over the weekend, a few hundred points can sweep one side. Let's first see which side, 81384 or 79368, gets hit first.Next week is the "final battle" before the midterm elections: Federal Reserve meeting + Q3 earnings reports concentrated outbreak. A simple recap of the live broadcast views by Little Cat:
1. Federal Reserve: Most likely to remain unchanged. Although last month's inflation exceeded expectations, officials previously stated it "will not have a direct impact on the next meeting."
2. Trump/US-Iran: Iran has sent a second peace signal, already at its last gasp; Trump said "oil prices will fall from high levels after the war ends," the US-Iran farce may be coming to an end.
3. Focus on US stocks:
$AMZN: Regardless of earnings results, it is recommended to pay attention. The seasonal low from July to October and the rise from November to January next year come from the Christmas Q4 e-commerce peak season, currently at a short-term low.
$DELL: Squeezing NBIS space, Nvidia has cooperated with Dell; Dell is also one of the first companies to issue TRUMP children's account stock funds, optimistic in the short term after Trump's favorable policies take effect.
$SPCX: The "big rocket" is currently priced reasonably, with promising earnings and business direction, strongly related to TRUMP; tech stocks may have a significant rebound next week, can prepare to layout $BTC
#10月FOMC临近，美联储暂停加息还有哪些变数？ Arthur Hayes sold another $2.73 million worth of ENA
Since yesterday, he has transferred a total of $28.81 million worth of coins to exchanges, converting back to 14.15 million USDC, with most already executed.
The list of assets sold is very telling: ETH, ENA, UNI, ETHFI, AERO, PENDLE — all altcoins he publicly favored in the previous round.
The timing is also notable. A few hours after his large sell-off, the market briefly dropped below 80,000, and now it has bounced back to the level where he sold.
There is something worth pondering here: after he sold, the price returned to the starting point. This means the drop was caused by liquidity being pulled out, not a narrative collapse.
When watching a big player reduce positions, the most valuable insight isn’t whether to follow the sell, but how the price moves after the sale. If within a week the price returns above his sell point, it indicates strong support; if it doesn’t, it means this is just the beginning.
I will be watching two things: how much position he still holds that hasn’t been converted, and whether the trading volume of these altcoins continues to shrink.