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Regarding Meta's earnings report, I think the market is no longer just concerned about how much money was made.
Q3 revenue grew 26% year-over-year, with advertising business still strong, but free cash flow turned negative, with a quarterly outflow of about $2.1 billion;
At the same time, $META adjusted its full-year capital expenditure forecast to $135 billion to $145 billion and announced the creation of a new class of non-voting shares to provide more room for future financing and acquisitions.
This is quite interesting 🧐
On one hand, the advertising business is still making crazy profits, on the other hand, AI infrastructure investment is increasing, even a cash cow like Meta is starting to prepare for long-term financing.
What's even more interesting is that the new shares have no voting rights, meaning the company can gain more financing flexibility while maintaining existing control arrangements.
I think what’s truly worth paying attention to in this earnings report is that AI competition is evolving from a battle over computing power and models to a competition over capital structure and financing capability.
Money can indeed buy computing power, but when exactly the money will be earned back is the answer Wall Street increasingly wants to hear now.
#MetaQ3营收超预期，巨额AI投入引发担忧 @OKX星球 "Strong AI demand doesn't automatically equal frothy valuations.
The Solidigm IPO cancellation is a healthy reality check that investors are getting more selective about which parts of the AI supply chain actually deserve premium multiples."
#SKhynixQ3HBM4Earnings Liquidations of $475 million, ETF outflows of $635 million, while whales quietly withdrew $770 million worth of tokens
Today's market has retail investors being crushed. In the past 24 hours, the entire network saw $475 million liquidated, with long positions accounting for $435 million. $BTC longs liquidated $135 million, Ethereum longs liquidated $74 million. Those chasing longs got taken out again.
The ETF side didn't show any mercy either. Bitcoin spot ETFs had a net outflow of $635 million in a single day, with BlackRock's IBIT alone withdrawing $254 million. The inflows of over half a billion dollars from a few days ago were all given back in one day.
But on-chain players are playing a different game. A whale deposited 949.7 BTC (worth $77.55 million) to Binance and Deribit, clearly intending to sell; meanwhile, 40 new wallets have withdrawn 9,458 BTC (worth $771.5 million) from the market maker Wintermute since October, directly removing it from circulation. One side is dumping, the other hoarding—whales are fighting among themselves first.
$ZEC is also restless. Two whales opened nearly 30,000 ZEC 10x long positions within 15 hours, worth $37.57 million, openly betting on the NU7 upgrade; meanwhile, wallets suspected to be linked to Bitkub co-founders sold $26 million worth of ZEC to buy BTC.
Retail investors are being liquidated, ETFs are fleeing, whales are dumping on exchanges while secretly withdrawing and hoarding tokens. Don't just buy the dip when you see a drop, and don't chase the rebound either. Wait for these players to settle their scores before deciding which side to take. SK Hynix remains the highest-quality pure-play on AI memory. The numbers will be large either way. The qualitative signals on execution and competitive intensity will matter more.
Structural demand is intact. The question is how cleanly the next generation scales and who captures the incremental share.
#SKhynixQ3HBM4Earnings The bigger picture
For traditional markets, this is the purest listed expression of AI memory intensity.
Strong numbers plus confident 2027 guidance would reinforce the multi-year supercycle.
Softness on HBM4 ramp or customer mix could pressure a sector already off its highs.
#SKhynixQ3HBM4Earnings Overnight US stock drama! AI faith faces sell-off!
The Nasdaq plunged 2.6%, with Meta as the core trigger.
Meta's revenue clearly exceeded expectations, but free cash flow turned negative for the first time in over a decade, and it plans to issue new shares to finance AI computing power.
The market is starting to doubt: with continuous heavy spending on AI, when will it actually turn a profit?
The market is extremely polarized: Nvidia, AMD, and Micron all plunged together, as the AI chip chain is abandoned by investors.
Only Apple hit a new high against the trend. Apple's strength lies in not recklessly spending money and having stable cash flow.
The AI rally no longer relies on storytelling; now the market wants to see solid cash flow returns. Just exceeding revenue expectations can no longer support high valuations.
Recently, AI hardware and storage sectors need to be cautious of pressure.
#10月FOMC临近，美联储暂停加息还有哪些变数？ Where the friction appears
Shipments have run behind earlier hopes. Export data and analyst work (including Bernstein) suggest Samsung may have edged ahead on HBM revenue this quarter for the first time in recent periods.
Back-end capacity and equipment timing also remain open questions, with some tool deliveries reportedly slipping into 2027.
Peak margins are not automatic once ramp costs and yield realities hit.
#SKhynixQ3HBM4Earnings SK Hynix reports Q3 2026 results on October 28.
Consensus points to another record quarter roughly ₩77 trillion operating profit at ~78% margins.
That would mark the sixth consecutive peak print, driven largely by HBM4 shipments into Nvidia’s Vera Rubin platform.
This is no longer just an “AI demand is strong” story. It’s a test of execution and competitive positioning at the next technology node.
#SKhynixQ3HBM4Earnings On November 3rd, with the US midterm elections approaching, everyone has started discussing the "election curse." $ETH
Midterm elections affect risk assets mainly due to policy uncertainty.
Currently, $BTC has been widely accepted by traditional financial channels and increasingly resembles a high Beta risk asset. The policy expectation changes brought by the midterm elections will to some extent also transmit to BTC.
So, how has BTC performed during past midterm elections? $ZEC
I pulled data on BTC market performance around the midterm elections over the past four 4-year cycles and found it is not a case of "always falling during elections."
First, in the 30 days after the election, there is intense short-term shakeout.
You cannot be sure whether BTC will rise or fall after the election; this is just a variable, and each 4-year BTC cycle differs in market size, acceptance, and macro conditions. After the 2018 election, BTC nearly halved in a month; whereas 30 days after the 2010 election, it surged by 30%.
Second, one year after the election, it almost always rises.
In the past four elections, the price one year after was always higher than on election day. The lowest increase was +23.0% (2014), and the highest reached +1580.0% (2010). Even in 2018, when there was a short-term crash, extending the holding period resulted in a positive return of 45.2% one year later.
Therefore, the so-called "curse" may hold in the short term but has no support from a long-term perspective. #中东原油供应风险再起，油价持续走强 $BTC is hovering near 81,400, gasping for breath around the $80,000 lifeline, with an overnight low of 80,900, while $ETH is stuck at 2,395, having previously dipped to 2,360. What is truly worth watching is not the price itself, but the ETF capital flow plummeting from $526 million to $23.2 million within a day, a 95.6% drop — this is not sustained buying, but a one-time pulse. While the market still comforts itself with the narrative of “ETF entry,” the funds have already voted with their feet. The transmission chain of this round of decline is brutally clear: Middle East tensions push oil prices higher, inflation expectations remain elevated, and risk assets collectively come under pressure. $BTC slid from 84,300, with short strategies realizing over 3,000 points; $ETH simultaneously dropped nearly 120 points. The direction is consistent, and the rhythm unbroken. But what most overlook is that the cliff-like contraction of capital flow is the real driver of this adjustment — the $526 million single-day ETF inflow was like a stimulant, and the next day’s $23.2 million immediately exposed the fragility of demand. The crowd misreads the single-day surge as the start of a trend, which is the biggest current pricing deviation. On the daily chart, 82,500 is the dividing line between bulls and bears. If it can’t hold above this, all rebounds are just corrections, not reversals. Below, 80,900 is short-term support; once broken, the 80,000 whole number level will face a direct test. $ETH’s 2,400–2,430 zone also forms a rebound selling pressure area, 2,360 is the short-term defense line, and 2,320 is the next threshold. Capital flow, geopolitical risk, technical structure.The recent international situation is extremely tense. An oil tanker in the Strait of Hormuz "hit a mine" and caught fire. The Israeli Prime Minister ordered to "overthrow the Iranian regime," and Iran's new defense minister bluntly stated they are ready for the "fourth round of war." According to the simple understanding of ordinary people: when the cannons fire, gold is worth a fortune! At times like this, shouldn't gold and silver just take off? But actually, when the cannons fire, oil flies first; once oil flies, inflation expectations explode; when inflation expectations explode, the Federal Reserve becomes hawkish; when the Fed is hawkish, gold has to kneel.
$XAU $ARB
Market downturn: Why is the pressure on scaling tokens more pronounced?
In this morning's spot snapshot, ARB's 24-hour price change was -6.56%, ranging between 0.17762 and 0.19301 USDT.
The decline exceeds that of BTC and ETH, indicating higher risk discounting in this sector. Network activity may grow, but if the token lacks a clear benefit path, new usage might not be enough to absorb selling pressure.
Next, watch whether the relative weakness against ETH can narrow. If the industry recovery continues to lag, the assumption of "natural recovery following the main chain" should be reconsidered.First, consider the worst-case scenario: if foreign currency digital payments become increasingly convenient while the domestic currency lags behind, Sweden might face the situation where the krona is gradually pushed out of everyday payments. When I see this news, what concerns me is who will bear the risk after payment habits shift.
According to CoinDesk, the Swedish central bank is urging lawmakers to reconsider the necessity of issuing an electronic krona. Deputy Governor Per Jansson stated that if the krona lacks a convenient digital form, it may struggle to compete with digital payment tools that can be used cross-border. This is about reassessment, and there is still uncertainty before implementation.
My judgment: this is more like a risk warning about payment sovereignty. Interpreting it directly as a positive for the stablecoin sector is a bit premature. ⚠️ I will watch two risks: if payment entry points migrate to foreign currencies, the usage space for the krona may be pressured; if ordinary users use foreign currency tools for payments but still calculate income and expenses in krona, there will be an additional layer of exchange rate exposure. Convenience does not mean the risk disappears.
A habit from previous risk control work is to first clarify the loss scope. Ordinary people can unify related transactions into the domestic currency to check whether, after overlaying exchange rate changes and price fluctuations, they are still within an acceptable range. When encountering such policy news, how much stop loss do people generally set for single transactions, and is it calculated based on the holding price or the total account funds?France’s 10-year yield reaching 5.14%, alongside a roughly 175 bp gap to Germany, says the strain is not simply a broad rise in global rates: German and US yields fell as investors sought safety.
That divergence puts fiscal credibility and political progress at the centre of the test. Wider bank-credit gauges warrant attention, but ratings decisions, budget talks and bank funding will show whether this remains a European stress point.
#FrenchBondYields24YHigh Dogecoin's MVRV is only 0.74, what does it mean for long-term holders being stuck?
Long-term holders of Dogecoin are still at a loss on paper. The 365-day MVRV is stuck at 0.74, which means that those who bought and held over the past year are on average down 26%. Compared to watching intraday charts, this number better reflects the real market situation.
MVRV, simply put, is the current market value divided by the total cost basis of all holders. Greater than 1 means most people are in profit; less than 1 means most are at a loss. 0.74 means a significant portion of the coins are at a loss, and market sentiment is far from hot.
Being underwater causes two forces. Deeply stuck holders are unwilling to sell at a loss, reducing selling pressure and causing coins to settle; but once the price approaches the cost line, many will rush to break even, making the rebound bumpy. So $DOGE at 0.74 is neither a bottom nor a top; it points to a stalemate where "no one wants to move."
Watch two things going forward: whether MVRV can climb back near 1 on low volume, and whether on-chain active addresses are warming up simultaneously. The signal is only complete when indicators recover along with a return of popularity; relying on a single number to tell the story risks being proven wrong by the market.$SPCX Simplified Strategy
Positioning: Not a core asset like NVDA, but a high-volatility thematic growth stock; only maintain an observation position, no base position.
Current key points: Stock price at $144.75, dropped 9% in one day after 1.3 billion shares unlocked, about 36% retracement from the high, price-to-sales ratio at 87x, facing significant pressure on both shareholding and valuation.
Short term: Do not chase or bottom-fish. Breaking below the previous low of $145 worsens the structure; the $155–$160 rebound zone is seen as resistance for reducing positions, not a buying opportunity.
Medium term: Focus only on two things — the true profitability quality of the SI business after excluding incentive expenses; whether the free cash flow gap is continuously narrowing. An 830% revenue growth rate alone is not a reason to buy.
Long term: Tesla merger is only an option; share swap dilution is a real risk. Do not increase positions based on rumors before official trading terms are released.
Position discipline: Single holding ≤ 1.5%–2% of the portfolio, only use spot or ≤ 2x leverage. Do not hold losing positions, do not average down, do not chase more in the rebound resistance zone.
In a nutshell: Put SPCX in the “continuous verification” drawer first, wait for the unlocking digestion, cash flow improvement, and merger terms to be finalized before considering upgrading the position. $CL The market's first reaction this time is to slam crude oil.
But loosening production increase permissions doesn't mean more oil immediately; capacity implementation is a slow process, so the short-term supply pattern remains unchanged.
The risk premium in the Middle East is still there, so the bulls really can't blindly push prices up like before.
Therefore, my view is very clear: short-term bearish on crude oil.
What do you think, can this production increase expectation suppress the Middle East risk premium? #10月FOMC临近，美联储暂停加息还有哪些变数？ #MetaQ3营收超预期，巨额AI投入引发担忧 #存储芯片股再度下跌，AI投资回报担忧加剧 SK Hynix Q3 Earnings Report Approaching: Can HBM4 Boost Profitability? On October 28, SK Hynix ($SKHYNIX) will release its Q3 earnings report, with market expectations for operating profit around 7.69 trillion KRW, potentially marking a sixth consecutive quarter of record highs. Citibank is more optimistic, projecting 8.13 trillion KRW, a 614% year-over-year increase. The key variable is HBM4. On the positive side, SK Hynix has secured about two-thirds of Nvidia's HBM4 supply share, with some institutions estimating close to 70%. HBM4 will officially start contributing revenue from Q3, seen as the critical engine for new profit highs. However, concerns are also concrete. Samsung's HBM4 yield rate has improved to about 80%, narrowing the market share gap. More importantly, some of SK Hynix's downstream HBM4 equipment orders have been postponed to 2027, next year's investment plans remain unclear, and some capacity has even shifted to general DRAM. Management's wording on expansion pace during the earnings call will directly determine whether expectations are revised up or down. The on-chain market is already pricing in advance. The tokenized product SKHYx has recently fluctuated between $150 and $170, with a 24-hour trading volume of about $4.6 million. When the Korean stock market is closed, on-chain contracts often serve as the first global capital response to the HBM4 narrative. On the trading front, the biggest risk on earnings day is not the numbers themselves but the gap between HBM4 expansion pace and high expectations. Do not chase based on headlines of "record profit highs" #SKhynixQ3HBM4Earnings Recent Q3 regression analysis from firms like Bernstein indicates a tight, intensifying race. While SK hynix's Q3 HBM revenue rose 11% quarter-over-quarter to $7.6 billion, data suggests Samsung may have temporarily overtaken them in total quarterly HBM revenue at $8.7 billion due to aggressive contract shipments and pricing variations.Brothers, ZEC has dropped to 1220, but this time the sell-off is due to leverage, not ETFs
$ZEC $1,220
ZEC rebounded from the October 18 low of 1049 to around 1300, then was pushed back to 1220, down about 3.8% in 24 hours. From the late September high of 1698, the retracement is still around 28%.
This drop is leverage actively retreating. ZEC futures open interest fell 12.45% in 24 hours to $2.37 billion, and volume also dropped 10.28%. Price down, positions down, indicating traders are closing leveraged positions. During the same period, long liquidations were about $2.01 million, shorts only $30,000; longs are actively conceding.
But ETF funds are actually flowing back in. Grayscale ZCSH had net inflows exceeding $14 million on October 21 and 22 for two consecutive days, with cumulative net inflows rising to $183 million. The last three days have seen continuous net inflows, turning ETFs from selling pressure back to marginal buying.
The NU7 date is locked in. Activation block height is 3,543,405, expected mainnet launch around November 5, with block time cut from 75 seconds to 25 seconds. However, the old Sprout pool will become completely invalid after the upgrade, so holders of old addresses must transfer before November.
Technically, 1200 is the short-term lifeline; holding it means consolidation and accumulation, breaking below points to 1150.
Discuss in the comments: with leverage retreating and ETFs recovering, which side are you on this time?👇
#10月FOMC临近，美联储暂停加息还有哪些变数？ It's very easy to find data to confirm any bias you want to hold about the market
Bull market or bear market
For example:
You can argue using Q4 seasonality and the four-year cycle theory that from here the risk-reward ratio favors an upswing
Or you can emphasize the historical performance of cryptocurrencies around the US midterm elections to argue that we will decline further
Both sides can build a convincing argument by cherry-picking the right data
But when you zoom out and focus on what's happening right now:
- The US stock market has lost trillions in market value amid accelerated sell-offs
- Asian markets have suffered significant tech-driven crashes
- AI-driven cybersecurity risks are escalating, potentially causing severe impacts on global digital infrastructure
- The US-Iran war is escalating, with the risk of further military action remaining a major uncertainty... especially now that Trump no longer has to worry about the upcoming election
- The situation in Saudi Arabia and the broader Gulf region is deteriorating
- US macroeconomic data is not as optimistic as many expected
Yet, despite all these factors, $BTC still refuses to decisively collapse
How easy is it to build a convincing argument that the market will significantly worsen from here if Bitcoin absorbs so much uncertainty without a major crash?
Not saying this situation is impossible
But ignoring $BTC's performance during this period and focusing only on bearish historical patterns is just as biased as blindly expecting Q4 seasonality to save us Today's Asian stock market situation is quite bleak. Obviously, the Asian stock markets are also undergoing a revaluation of risk assets centered around AI and semiconductors.
Especially now, the high oil prices limit the space for central banks' monetary policies to rescue valuations. This clearly proves what I mentioned in Q2—that macro factors determine whether the money we hold is expensive or not. Now that money is expensive, traders are reluctant to easily pay for current valuations.
This issue is vividly reflected in both Asian and US stock markets. Of course, with the AI narrative, the US stock market is still a bit stronger and more resistant to macro pressure. However, today's Chinese stock market is relatively divergent, and it is obvious that the funds supporting the market should be motivated.
To improve the environment, relying solely on market support is difficult; the fundamental problem must be solved—energy prices must return below $110! #MetaQ3营收超预期，巨额AI投入引发担忧 Brothers, daily mainstream altcoin quick report
$XRP $1.32 | $SOL $104.1 | $DOGE $0.0801
XRP 1.27 is the lifeline. Analyst Casi Trades points out that the short-term key support for XRP is at 1.27, corresponding to Fibonacci 0.618 and Elliott Wave 2 target zone. Holding this level and showing a lower shadow rebound is considered an initial bottom signal; if broken, the price could drop to 1.08-1.10 or even 0.87. On the upside, breaking through 1.65 is needed to confirm a trend reversal, with several hurdles at 1.35, 1.41, and 1.46. The 24-hour trading volume shrank by 27%, the drop was quiet, but selling pressure has not fully dissipated.
SOL ETF funds are still withdrawing. The US SOL spot ETF saw a single-day net outflow of $8.515 million, with Bitwise BSOL alone losing $5.718 million, while Canary SOLC only gained $419,000. The price is around 104, the 7-day SMA is at 105, and the 50-day SMA is at 109.7, with five short- and mid-term moving averages all pressing overhead.
DOGE is in a descending channel. The price at 0.0801 remains stuck within the downtrend channel since late September on the daily chart; today's rebound is just a fluctuation within the channel, not a breakout. Santiment data shows the 365-day MVRV dropped to 0.74, indicating deep unrealized losses for buyers over the past year, and selling pressure may be nearing exhaustion.
#10月FOMC临近，美联储暂停加息还有哪些变数？ On October 22, the Philadelphia Semiconductor Index plunged 6.72%, with the memory chip sector becoming the hardest hit. SK Hynix ($SKHYNIX) ADR fell over 6%, SanDisk ($SNDK) dropped nearly 7%, Micron Technology declined 4.6%, Western Digital fell over 7%, and Seagate Technology dropped nearly 9%. This was not a simple correction but a concentrated market skepticism about the return logic of AI investments.  The trigger came from $META's earnings report. Meta's Q3 revenue and profits both exceeded expectations, yet it simultaneously raised its full-year capital expenditure guidance and disclosed future spending commitments rising to $825 billion, with free cash flow turning negative $2.12 billion. The five-year credit default swap (CDS) price rose to a historic high, indicating investors' tolerance for AI investment scale, financing needs, and return cycles is rapidly declining. This signal quickly transmitted throughout the entire AI hardware supply chain, with memory chips taking the brunt.  A deeper issue is that the price premium for memory chips is fading. Over the past year, HBM and advanced memory chips have been in short supply, with related companies' gross margins hitting record highs. But the marginal effect has clearly weakened: major global memory manufacturers are accelerating capacity expansion, with Samsung, SK Hynix, and China's Yangtze Memory and Changxin Memory continuously increasing investment. Once new capacity is released in concentration, the supply pattern will fundamentally change. Changxin Memory's breakthrough in DRAM technology further intensifies market concerns about the competitive landscape.  JPMorgan's data provides a perspective worth comparing: allBrothers, BTC and ETH were hit hard by the Middle East situation and tech stocks, with longs liquidated over 400 million overnight
$BTC $81,640 | $ETH $2,397
Bitcoin crashed from above 84,800 down to 80,961, then pulled back near 81,600. Ethereum broke below 2,400, hitting a low of 2,374. In the past 24 hours, the entire network liquidated $441 million, with longs accounting for $397 million, a high ratio of 90%, and over 100,000 people were taken out.
This sell-off is not just a crypto issue. The Houthi forces launched 4 attacks on Saudi Arabia within 48 hours, Brent crude oil broke through $113, and inflation concerns reignited. Meanwhile, Nasdaq dropped 2.6%, Philadelphia Semiconductor plunged 6.72%, and AI investment worries spread across all risk assets.
But there is a key divergence in the capital flow. Bitcoin ETFs saw net inflows for three consecutive days from October 19 to 21, totaling about $1.075 billion, led by BlackRock's IBIT and Fidelity's FBTC. However, on the 22nd, the trend reversed, with disclosed funds showing a combined net outflow of about $382 million, led by FBTC and ARKB redemptions. Institutions bought during the dip for two days, then started withdrawing on the third day.
Technically, 81,000 is the average cost zone marked by Glassnode for ETF holders. A clear close below this level may trigger further selling pressure.
#10月FOMC临近，美联储暂停加息还有哪些变数？ Yesterday, $1.07 billion came in, today $636 million ran out.
The ETF trend reversed overnight.
According to Farside data, the US spot $BTC ETF had a net outflow of about $636 million on October 22, the largest single-day outflow since October began. In the previous three days (19 to 21), about $1.07 billion had just flowed in, and more than half was withdrawn in one day.
The biggest outflows came from two major players: BlackRock's IBIT saw an outflow of about $254 million, even more than the $235 million it bought the day before; Fidelity's FBTC had an outflow of about $218 million. These two accounted for about 74% of the total outflow that day. On the same day, the spot $ETH ETF also had a net outflow of about $110 million.
The timing matches: October 22 was the day $BTC hit 84,900 and was pushed back, and when Trump's statement on Iran caused the market to crash. Institutional money is not about belief, it's about risk control—when there's any disturbance outside, they run more orderly than retail investors.
The total net inflow over four days is still about $439 million, so no breakup yet. But this clearly shows: to hold above 80,000, relying on just the ETF leg is not enough. The statement "The Federal Reserve injects $3.653 billion into the economy" is somewhat accurate in terms of the amount but contains a key misunderstanding regarding its nature. This is not a "floodgate opening" or a new round of quantitative easing (QE), but a routine Reserve Management Operation (RMP) aimed at maintaining ample liquidity in the banking system, with limited direct positive impact on the crypto market. 📊 Nature of the funds: routine "reserve management," not "money printing" The core goal of the Fed's short-term Treasury purchases (RMP) is to keep bank reserves at an "ample" level, ensuring short-term interest rate stability, rather than actively injecting incremental funds into the market to stimulate the economy. This $3.653 billion operation falls within this routine liquidity maintenance framework, and its market impact is structured and limited. 📉 Actual impact on Bitcoin: indirect and limited Historical data shows that such operations are unlikely to directly trigger sustained price reactions in Bitcoin or gold. BTC and gold are more sensitive to broader macro conditions such as U.S. Treasury yields, the U.S. Dollar Index (DXY), and overall risk appetite. The core variable currently suppressing BTC is the persistently high U.S. Treasury yields (the 10-year yield once reached 5.34%) and the Fed's hawkish interest rate path, rather than whether bank reserves are ample. Without a substantial shift in interest rate expectations, a routine liquidity maintenance operation involving billions of dollars is unlikely to reverse valuation pressure on risk assets. 🧭 Trading insights 1. Do not misinterpret RMP as QE #SK海力士Q3财报在即，HBM4能否提振盈利？ SK Hynix is about to release its Q3 earnings report, and the market's focus is on HBM4. Everyone is concerned whether this new generation of high-bandwidth memory can drive performance and boost profits.
First, the positives: AI computing power demand continues to expand, and HBM is a core essential component for AI servers. HBM4 offers further upgrades in bandwidth and energy efficiency, with a higher unit price. In the long term, it is a main growth driver and can open up profit potential.
However, note the real constraints: in the short term, it is difficult for HBM4 alone to significantly lift this quarter's profits.
First, HBM4 is still in the mass production ramp-up phase, with limited production capacity. Its shipment volume accounts for a small proportion of total revenue, contributing a relatively small revenue scale.
Second, traditional storage chips DRAM and NAND remain the current revenue foundation. Q3 profitability depends more on the price recovery of ordinary storage chips.
Third, competition is intensifying. Samsung and Micron are both increasing HBM capacity, which will compress product premium space going forward.
Market judgment: HBM4 is a long-term positive, but Q3 earnings recovery mainly depends on price increases in traditional storage. In the short term, stock prices are prone to volatility due to expectation games, so do not chase highs solely based on the HBM concept.
Key follow-ups: HBM shipment guidance, spot storage prices, and gross margin data. $BTC $ETH $SNDK $OP Today, I’ve been watching one thing all afternoon: volume contraction, and it’s a clear contraction, only about 60% of the usual volume, while the price drops another 2 points. This combination is more painful than a crash.
A volume surge with a price drop means someone is selling off, and once they’re done, it’s over. But what does a volume-contracted downtrend mean? It means the buying side is simply absent, the order book is as thin as a sheet of paper, and any random trade can push the price down a notch. This is the most grueling because no one is stepping in, and it’s not panic—it’s just a slow drain.
Looking at its current position, it has dropped 14 points over seven days, hovering near the weekly low. But if you stretch the timeline, it’s still 29% higher than 90 days ago—that means those who bought three months ago are still in profit on paper, just sliding down 35% from the mid-level. This group is the real pressure: making money, but less and less each day, watching it daily, wanting to exit every day.
Unichain and the mainnet are pushing for interoperability, with ETH transfers going first. It’s a good story. But stories don’t bring in buyers. Infrastructure narratives are fuel in a bull market, background noise in a sideways market. You know which one we’re in now. $OP Comparing volatility and Sharpe ratio — the real skill of risk adjustment
Volatility: $BTC 36.7%, $ETH 50.6%, with $ETH nearly fourteen points higher, meaning it's much more volatile. The Sharpe ratio tells the story even clearer: $BTC at 1.25, $ETH only 0.20 — for every unit of risk taken, $BTC earns more than six times the return of $ETH. The Sharpe ratio doesn't lie; it combines "earning more" and "earning steadily," and in this regard, $BTC completely outperforms $ETH.
Finally, comparing capital attraction — where the smart money stands
On the ledger side, $BTC has a 7-day cumulative net inflow of +60.6M, while $ETH only +33.9M; average fee rates are $BTC +0.0062%, $ETH +0.0056%, neither overheated, but money clearly prefers to stay with $BTC. On the rebound day of 10/21, $BTC saw a sudden inflow of +344.2M, while $ETH only +52.9M, a difference of several times in scale. The smart money's feet have already cast their votes for us.$ONDO
Tokenized real-world assets bring traditional financial instruments closer to blockchain-based markets, but distribution alone does not guarantee widespread adoption. Ondo’s broader opportunity depends on investor access, regulatory compatibility, liquidity, and the reliability of the underlying financial structure. It is also important to distinguish growth in tokenized products from direct demand for ONDO itself. Those are related narratives, not necessarily identical investment drivers.PK Day | Verdict on $BTC
Straight to the conclusion
This round, $BTC wins. No fluff, let's look at the 7-day window: $BTC return +0.66%, max drawdown 3.4%, volatility 36.7%, Sharpe 1.25; $ETH return -0.01%, drawdown 4.5%, volatility 50.6%, Sharpe 0.20. Both had a big bearish candle on 10/21, but $BTC "fell and got back up on its own," while $ETH "fell and is still looking for its glasses on the ground." When it comes to the ability to make money, $BTC held strong this week, $ETH did not—it's not just frustrating, it's the difference.
First, compare returns and drawdowns
The normalized return curves show $BTC steadily rising just above the baseline, while $ETH surged on 10/20 but then lost momentum. The 7-day return: $BTC +0.66% vs. $ETH -0.01%, one positive, one zero, the gap looks small, but paired with drawdowns the difference is clear: $BTC max drawdown 3.4%, $ETH 4.5%—$ETH has higher volatility and deeper drawdowns, meaning more risk for less reward with the same capital.
Put another way: if you held $BTC this week, the ride was smoother and your account slightly in the green; if you held $ETH, it was a rollercoaster ending back at zero, pure "digital fitness."$GRASS
AI development requires data, and collecting useful data at scale can be expensive. Grass explores a decentralized approach to web data access using participants’ network resources. Its broader opportunity depends on whether the data gathered is genuinely useful for AI applications and whether contributors receive sustainable incentives. In decentralized AI, real demand from data consumers matters more than attention from crypto traders.Institutional allocation channels are gradually taking shape; will HYPE's capital structure change?
Whether institutional money flows into an asset depends on the channels; even if the channels are fixed, the funds may not come immediately. The $HYPE-related ETF completed registration in January this year, so the compliance entry is basically paved, but there was a net outflow of about $26 million in September alone. Looking at these two things together indicates that institutional capital's attitude toward HYPE is to test the waters, not to settle in.
Institutional capital behaves differently from retail investors; it follows a rhythm: first building observation positions, then assessing liquidity and custody conditions, with entry and exit governed by risk control models. The $26 million scale is more like a position adjustment rather than a retreat. What compliance products truly change is the ceiling of the holder structure. Previously, pension funds, family offices, and registered investment advisors who wanted to buy but couldn't, now have a compliant channel, lengthening the list of potential buyers.
Channels are two-way; it's easy to get in and easy to get out. In the future, $HYPE's volatility will increasingly resemble that of institutional assets—usually sluggish, but with volume spikes during portfolio adjustments. For long-term holders, this isn't necessarily a bad thing: as institutional share increases, chips become more dispersed, reducing the probability of extreme one-sided market moves. Capital structure is a slow variable; it might seem unchanged over one year, but over three years it becomes a different kind of asset.Which pocket is the money slipping into? Look at the ledger.
The ledger doesn't lie. Within the 7-day window, $BTC net inflow on the holding side totaled +$60.6M, mainly supported by a single-day injection of +$344.2M on 10/21, but on 10/22 it gave back -$168.4M. The ins and outs are all big players' moves; $ETH only accumulated +$33.9M, with +$52.9M inflow on 10/21 and -$44.7M outflow on 10/22. The money on the little brother's side is "coming and going."
The fee rate comparison is even clearer: $ETH average fee rate +0.0056%, $BTC +0.0062%. Neither side is overheated, but money clearly prefers to stay put on $BTC. To put it plainly—smart money is anchoring on $BTC, while $ETH is just a more flexible sidekick. When real moves happen, they follow the big brother's rhythm. Figure 2 is here; see the positive and negative bars for yourself.The entire market dropped 4%, and the three platform coins that performed the worst also only fell 4%, with the strongest dropping just 0.7%.
Platform coins are still like a dull knife—resistant to decline but lacking elasticity. Today, all three actually outperformed BTC.
$BNB 729.7, -2.5%, market cap 96 billion, the drop is only half that of BTC, 700 is a psychological level.
$CRO 0.0562, -3.5%, market cap 2.85 billion, down 94% in one year. A smaller drop doesn’t mean a rebound is coming.
$LEO 8.98, -0.66%, market cap 8.26 billion, the most resistant to decline today, relying on profit buybacks, not new stories.
Together, the three total 107 billion, still less than half of ETH’s market cap. This is the ceiling for platform coins. When you don’t want to lose money, platform coins are a safe haven; when you want to make money, they’re just a parking lot. 🥇 الذهب يسقط رغم التوترات… والنفط يقترب من 115 دولارًا! هل تغيّرت قواعد الملاذ الآمن؟ 💥 هناك شيء غير معتاد يحدث في الأسواق: الذهب يتراجع، النفط يرتفع، والأسهم تتعرض لضغوط. المشهد يبدو متناقضًا، لكنه يكشف صراعًا بين مخاوف الحرب ومخاوف التضخم وأسعار الفائدة. 📉 أولًا: الذهب أمام اختبار نفسي مهم 🔻 هبط الذهب الفوري إلى نحو 4,013 دولارًا للأونصة يوم الجمعة، بعد أن سجل أدنى مستوياته منذ يوليو. 🔻 خسر المعدن الأصفر نحو 3.6% خلال الأسبوع، في أكبر تراجع أسبوعي له منذ أكثر من أربعة أشهر. 📌 لماذا يتراجThe 12-hour liquidation feels more like defusing a bomb than a verdict.
From this 12-hour liquidation report, what I read is not "the bulls are finished," but rather "the leveraged longs who chased the highs are being collectively dismantled." BTC liquidation is 22.0812 million, with longs at 17.322 million and shorts only 4.7593 million; XRP is 2.7752 million, with longs accounting for 2.5221 million, almost a one-sided clearing of chasing bulls. ETH feels different: out of 16.9866 million, longs are 10.478 million, but shorts also have 6.5086 million, more like both longs and shorts being shaken off, with turnover and position washing coexisting.
So this wave is closer in nature to: short-term dismantling of crowded long positions while tightening volatility. It doesn't tell you where the bottom is, only makes the market lighter. Next, watch three things in succession: whether anyone immediately stubbornly adds leverage back after liquidation; whether the funding rate finally cools down; and whether spot and active buying can hold during price rebounds.
If the rebound comes with rising open interest and funding rates remain positive and firm, then the longs liquidated today are just the down payment; if volume shrinks, funding rates cool, and prices stop making new lows, then the door to emotional recovery is opened. Liquidation data is a thermometer, not medicine; whether the fever subsides depends on where the funds move next.🔌 LINK entered the toolbox, calculate the net returns of INJ's fund plan first
$SOL 104.41, down 1.1% in the past 24 hours, short-term encountering a set of adjacent moving averages 🧭
According to the completed Binance 4-hour K-line, the 10-period closing average is about 105.70, and the 20-period is about 105.56, both close to each other. Around 105.5 thus becomes the area to be addressed for recovery; the price touching it and stabilizing above it have different implications.
Moving averages are references of historical closes; crossing this dense cluster can open up rebound space.
$LINK 12.22, down 3.2% in the past 24 hours, developers adopt one less system 🔌
OpenZeppelin has embedded CCIP and ACE into development tools, bringing cross-chain and compliance features into existing development workflows.
The most direct advantage of such cooperation is distribution: services don’t have to wait for each project to get familiar with them but appear in tools projects are already using.
Lower integration costs can expand reach, and after becoming production applications, there will be more sustained invocation opportunities.
$INJ 8.159, down 8.0% in the past 24 hours, the filing plan also has expense bills 📄
The Canary fund filing document states that when staking rewards are insufficient to cover expenses, the INJ amount per share will decrease due to payment of costs.
Product returns must ultimately be calculated as net results: nominal staking returns minus product costs represent the actual incremental gains investors receive.
This discussion concerns the filing plan structure and cannot be taken as evidence that the product has already generated new buying pressure.$SUI has bounced back to 1 again, this time I'm not in a hurry, I want to wait for it to pull back 🤔
Since 10-22, it was hammered down from 1.05, hitting a low of 0.9654 early this morning, wiping out the gains from the past two days. It hasn't broken lower since, stayed around 0.972 for a few hours this morning, and touched 1.0008 in the afternoon.
Up about 1.7% today, funding rate is almost 0, with over 32 million USD in open interest, no one is chasing with leverage, which I actually like.
How I got my position:
0.986–0.990 was the midday consolidation and the starting point before breaking 1
0.9714 was the bottom of the morning platform
1.012 was the 10-22 downtrend pause with selling pressure
1.033 was the mid-axis of the recent two-day consolidation range
My plan:
Direction: Long, wait for a pullback, no chasing above 1
Entry: 0.986–0.990
Stop loss: 0.969, if the morning platform bottom doesn't hold, admit the mistake
Target 1: 1.012
Target 2: 1.033
At target 1, take half off and move stop loss to breakeven. If no pullback, so be it. Reduce position if 1-hour closes below 0.98. BTC is still hovering above 81,000, so keep position size small.
Just my personal view, not investment advice, DYOR
#SUI #ContractStrategy #AltcoinsZEC worth 1230 USD, on the eve of the NU7 upgrade, do you dare to bet?
From 1368 down to 1187, the whole network is cursing "privacy coins are another wave of cutting leeks," but the NU7 upgrade countdown has already started for November 5th. Block time will be cut from 75 seconds to 25 seconds, and the ETF has had net inflows of 15 million for two consecutive days—so is this the last shakeout before the upgrade, or another trap of “good news turning into bad news upon arrival”?
Let's look at the surface first: a spike followed by a pullback, but support hasn't broken.
After surging to 1368 on October 22, it quickly retreated and is now oscillating between 1200-1250, with an intraday low of 1187. Volatility in 24 hours is intense, and volume expands during the pullback. The candlesticks tell you: 1180-1200 is a strong recent support, tested multiple times without breaking; resistance at 1247-1250, 1290-1300—all indicators are signaling one thing: range-bound, direction to be chosen.
But wait.
Are you sure the NU7 upgrade is a pump tool, not an excuse to dump?
First: The NU7 upgrade is ZEC’s biggest bet this year.
Developers have locked in the mainnet activation height, officially launching around November 5. The core changes are threefold, translated into plain language:
Block time shrinks from 75 seconds to 25 seconds—confirmed 3x faster speed, transfer experience close to "instant"
Fee reserve mechanism—60% of fees go into a reserve pool, later redistributed to miners, reducing sell pressure
Deactivation of the old Sprout pool—users must migrate funds before activation, or they may be unable to spend them
Sounds hardcore, right?
But here’s a painful truth: migration before the upgrade often comes with sell pressure.
Those old miners and whales who bottomed at 200 USD will likely sell some during migration. Do you think the price can hold?
Before every "epic upgrade," retail investors are the most excited, whales the most sober.
Second: ETF inflows are real, but don’t get too excited yet.
Grayscale’s ZEC ETF (ZCSH) had net inflows of about 15 million USD on October 21-22, near the high on the 30th. Institutional interest is indeed warming up.
But have you noticed—
October overall ETF flows were mainly outflows. These two days of inflows look more like "pre-upgrade front-running," not "long-term allocation."
More importantly: ZEC’s market cap is 20-22 billion, ranked 9th-11th. With this scale, how much can 15 million inflow really move?
A drop in the bucket.
What are the real big funds waiting for?
Waiting for NU7 to land, to see if privacy pool usage can sustain growth, and whether regulators will suddenly intervene. Before that, institutions won’t take heavy positions.
Third: Macro is dragging, BTC isn’t helping.
BTC is now oscillating around 81,000-82,000, affected by concerns over tech stocks/AI capital expenditure and CPI data, risk appetite cooling. The Fear & Greed Index has fallen from greed to neutral at 48-50.
ZEC is highly correlated with BTC; if BTC doesn’t rise, ZEC can hardly fly independently.
And ZEC is a high Beta asset—if BTC falls 1%, ZEC might fall 3%.
No matter how sexy the privacy narrative is, it can’t withstand the market dragging down.
Bull vs. Bear, you decide:
On one side:
NU7 upgrade activates November 5, confirmed 3x speed improvement
ETF net inflows of 15 million for two consecutive days
Holders vote to maintain halving plan, supply narrative strengthened
Privacy pool usage rising, privacy demand fermenting in AI era
1180-1200 support tested multiple times effectively
On the other side:
More than 25% pullback from 1650 high, mid-term trend weak
Old pool migration may bring short-term sell pressure
ETF inflows have not formed a sustained trend
BTC macro pressure, risk appetite cooling
1290-1300 resistance tested thrice, huge psychological pressure
Key levels
Resistance above: 1247-1250 → 1290-1300 (bulls’ lifeline) → 1340-1370 → 1400+
Support below: 1180-1200 → 1150-1140 → 1045-1050 (iron bottom)
Trading strategy
Short-term players:
Lightly buy in batches near 1180-1200, stop loss at 1165-1170 (exit if below 1180). First target: sell half at 1250-1280, add positions after breaking 1300 aiming for 1340-1370. Don’t chase highs—if you chase at 1230 and it dips to 1187, you won’t hold. Leverage should not exceed 3-5x; ZEC’s spikes are even sharper than DOGE’s.
Swing traders:
Wait for NU7 to land and observe reaction. If upgrade goes smoothly and price holds above 1300, consider adding positions with a target of 1400+. If it breaks below 1180 before upgrade, decisively wait and consider at 1045-1050.
Long-term believers:
ZEC is the last "compliance hope" in the privacy track. If you believe in the privacy demand explosion in the AI era, dollar-cost average below 1180. But don’t expect it to double in a month—it’s a slow bull, not a mad dog. Regulatory risks always exist; keep position under 10% of total funds.
ZEC now is like DASH in 2021—
Halving narrative, privacy concept, community frenzy, everyone shouting "privacy coins will revive."
What happened?
It dropped 80% from the high, then sideways for three years.
The moment the upgrade lands is often the start of "good news fully priced in." The real winners are those who positioned before the upgrade and sold to the news afterward.
$BTC $ETH $ZEC The market has just gone through a round of concentrated long position deleveraging, and the short-term trend is now starting to clear out short-selling funds.
In the past 24 hours, the total liquidations across the network reached 349 million U, with long position liquidations at 293 million U, accounting for 84% of total liquidations. Short position liquidations were 55.7072 million U. The day still saw the heaviest losses on the long side, indicating that the main purpose of this downturn was to clear high-leverage long positions.
By coin, BTC was the core of this liquidation round, with liquidations totaling 65.7348 million U, 89.8% of which were long positions. ETH liquidations were 61.8833 million U, with longs accounting for 82.3%. SOL liquidations were 5.6205 million U. The largest single liquidation occurred on Hyperliquid (BTC), with a single liquidation size of 7.9257 million U. Large-scale long liquidations occurred simultaneously across major coins, representing a market-wide deleveraging rather than an isolated event for any single coin.
In the past hour, liquidations totaled 3.3661 million U, with short position liquidations at 2.8738 million U. In the past 4 hours, liquidations reached 12.4973 million U, with short positions liquidated totaling 9.3909 million U. The short-term cycle has shifted from long liquidation to short liquidation, indicating that after a low-level price rebound, short-selling funds are being cleared out.
The 24-hour structure remains weak, and the short-term rebound is squeezing shorts. Both longs and shorts are being cleared now, so chasing either the upside or downside is risky. Therefore, BTC needs to hold above 82,000 to confirm a further rebound.This week, when I saw Coinbase's announcement, my first reaction was "This doesn't concern me, I'm not in Europe." But after taking a closer look, I realized something was off — the impact radius of this issue is much larger than just "European users," and this is only the beginning. Let's clarify the facts first (sources noted at the end): Coinbase officially announced that users in the European Economic Area (EEA) must withdraw 14 non-compliant stablecoins in their accounts, including USDT, PYUSD, DAI, by October 30, 2026. Buying, selling, and exchanging have all been completely shut down; now the only option left is withdrawal. Any coins remaining in accounts after the deadline will be automatically converted by the platform at the market price of that day into USDC (or other compliant assets); any coins transferred in after the deadline, according to the official statement, "will no longer be credited." The underlying regulation is as follows: On October 8, the EU securities regulator ESMA issued an opinion requiring member state regulators to urge licensed platforms to promptly rectify non-compliant stablecoin operations, with a hard deadline no later than three months after the opinion's release — that is, January 8, 2027. Coinbase's October 30 deadline is its own, earlier internal cutoff. And it's not just Coinbase: Kraken has already delisted USDT in the European Economic Area. The list of these 14 coins is Coinbase's own determination (USDT, PYUSD, DAI,Dragonfly Capital transferred another 30,000 $HYPE to FalconX early this morning. Anyone with eyes can tell this is very likely another OTC dump to cash out.
But let's not panic just yet. Looking into the historical data, it's quite interesting. A month ago, this institution had just transferred 41,400 tokens to FalconX, but! Their address still tightly holds 296,100 HYPE, worth $22.96 million!
This shows the institution still has plenty of ammunition. This 30,000 tokens transfer is probably just a routine withdrawal or market-making operation, not necessarily a reckless dump. That said, big capital moving off-exchange repeatedly definitely puts some short-term pressure on sentiment, since everyone is watching where the smart money goes.#SK海力士Q3财报在即，HBM4能否提振盈利？ SK Hynix's Q3 earnings report will be released on October 28, with the market expecting profits to hit new records. However, the main driver is the price increase of general DRAM/NAND, not HBM4. HBM4 has entered mass production and contributed, but due to Nvidia Rubin's delay, about 80% yield rate, and insignificant first-mover advantage, shipments fell short of expectations. Some capacity has been redirected back to DDR5, making it merely a "nice-to-have". Therefore, HBM4 has boosted the profit direction but has not become the main source of Q3 elasticity. Going forward, attention should be paid to HBM4's revenue share and shipment guidance, the sustainability of general DRAM price increases, and the risk of Samsung catching up in market share.#SamsungQ3ProfitOutlook
Major memory manufacturers are pushing for mass production of the sixth-generation high-bandwidth memory HBM4, but some in the backend equipment industry believe the production scale-up is slower than expected. Some additional equipment orders planned for this year may be postponed to next year. Equipment expected to arrive in the second half of the year has shown signs of delay, and related investment plans for next year have not been clearly communicated to some partners.#10月FOMC临近，美联储暂停加息还有哪些变数？
The October FOMC "pause in rate hikes" is basically a foregone conclusion, already priced into the market. What we really need to watch is how the Federal Reserve signals the interest rate path for December and next year. This is the key factor determining whether BTC can kick off a year-end rally.
The current data is actually quite solid. Initial jobless claims have dropped to 194,000, the job market hasn't collapsed, and the Fed has the confidence for a "hawkish pause." Even more favorable is that the 10-year US Treasury yield has fallen below 5%, which is a real liquidity easing for risk assets.
As I mentioned before, as long as the Treasury yield doesn't break 5%, the crypto space has a chance. Now that it has really dropped, the logic is starting to play out.
For ETH, this macro environment often offers greater resilience than BTC. ETH's valuation model is more sensitive to interest rates, and once the market confirms rates have peaked, its recovery speed will be rapid.
My strategy is simple: maintain a neutral to slightly bullish position before the FOMC meeting, and remain bullish on BTC and ETH in the long term. Even if there is another rate hike in December, as long as this meeting confirms a "pause," the market will start trading on the expectation that the "terminal rate has been reached." This is the real window for the next rally.
If BTC can hold above 80,000 after the meeting, the year-end rally is basically secured. What we need to do is use the volatility around this meeting to verify whether the consensus on "peak rates" has formed. Once consensus is formed, the rest is to hold. $BTC $ETH $XAU #SKhynixQ3HBM4Earnings
Previously, many people said that the mass production of HBM4 was good news that had already been fully priced in, but the result is that SK Hynix just delivered a small quantity in Q2, with quarterly profits exceeding 60 trillion won and a profit margin of 76%. How can it be said that the good news has been fully priced in? Clearly, the profit cycle is just beginning. Currently, HBM4 capacity officially increases in Q3, regular DRAM contract prices are still rising, and the business performance of both sides is improving.$ETH $BTC $SOL BTC is consolidating sideways near 81,000, while ETH maintains a narrow range around 2,400. Traders who entered long positions this morning have likely already felt the market pressure; I am among them.
From the capital structure perspective, there is a clear divergence between bulls and bears: the retail long-to-short account ratio is 3.03, indicating strong bullish sentiment; however, large holders show the opposite, with a long-to-short ratio of 21:79, bears holding an absolute advantage. Meanwhile, whales have reduced their BTC holdings by 1,847 coins over 11 consecutive days, swapping into ETH, with entry costs concentrated around 2,400, representing profit-taking from existing positions and simultaneous portfolio adjustment. Large holders rely on short positions, treating short-term chasing bulls as liquidity counterparties.
Liquidation data further confirms the market struggle: in the past 24 hours, $441 million worth of liquidations occurred across the network, with over 100,000 accounts forcibly closed; 90% of liquidation orders were long positions. Among these, BTC long liquidations accounted for 95.1%, ETH long liquidations 87.2%. This is a typical bull trap scenario—price is pushed up to attract followers, then falls back to clear longs. This pattern has repeatedly appeared recently.
In these three hours, large holders have quietly completed portfolio adjustments, while ordinary holders are passively bearing unrealized losses. A warning: in the next price surge, we are very likely to become liquidity providers for the market again. Amira Valliani, Head of Payment Growth at the Solana Foundation, said regarding the "token supercycle," "Tokens can be seen everywhere, whether in the cryptocurrency field or in artificial intelligence. It can be said that everything can be tokenized.
Regarding institutional news, the most confusing aspect is who is bearing the risk. Whether a company buys with its own assets, asset management products allocate for clients, or a platform provides custody for clients, the names may be the same, but the ownership of funds and the impact on the balance sheet are completely different.
The amount of financing is not paid by tokens. Financing may be used for operations, research and development, or debt repayment; it cannot be assumed that because a company receives money, these funds will enter the secondary market.
I only record disclosed actions as facts and do not add any purchases not announced by institutions. The larger the news scale, the more specific the fund destination needs to be explained.
$SOL