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兄弟们，史上重磅AI大IPO来了，Anthropic正式递交招股文件，这一份招股书简直充满矛盾感。 先看炸裂的营收增速：今年上半年营收163亿美元，去年同期仅12亿，直接暴涨14倍，商业化落地速度惊人。 但账面净亏损高达807亿美元，先划重点：这不是真金白银亏出去的现金，大头是可转债、SAFE融资工具公允价值变动带来的非现金会计损失，是估值上涨带来的账面计提，不是运营烧钱亏掉的钱。 本次招股暂未公布发行价与发行规模，市场主流预期募资1000亿美元，估值区间给到1.5–2万亿美元，体量有望超过SpaceX之前的上市规模。 算力端更是天文数字：招股书披露，Anthropic和亚马逊、微软、谷歌、SpaceX等云厂商、芯片供应商签下合计近8000亿美元的长期算力采购协议，未来多年都要持续为算力买单，是实打实的算力无底洞。 治理结构设计非常霸道：IPO前给联合创始人设置特殊F类股份，拿到50.1%投票权，但这部分股份没有经济收益权。简单说：外面的投资人出钱入股，可以参与分红，但公司重大决策、运营方向，没有话语权，公司控制权牢牢锁在创始团队手里。 最有戏剧性的一点：整本261页招Western Union's stablecoin card connects hundreds of billions in remittance flow to Solana, with the payment narrative moving from "concept" to a substantive test of "real settlement volume."
$SOL: reported at $99.57 (-2.26%). Although on-chain stablecoin supply hit a new high, the current decline is mainly dragged down by the broader market. Whether Stablecard can truly be priced depends on subsequent real consumption data, not just launch news.
$BTC: reported at $79,614 (-0.98%), approaching the 80,000 mark. This level coincides with the ETF average cost line, where macro interest rate pressure and ETF support are fiercely competing. If broken, support at 73,000 needs to be watched.
$BCH: reported at $280.47 (+0.90%), rising against the trend catalyzed by CME futures listing. However, derivatives do not directly create spot demand. Against the backdrop of stablecoins capturing payment share, its on-chain activity remains sluggish, and this round of increase is mostly sentiment-driven pricing.
Summary: The pricing power of the payment narrative is shifting from "vision" to "settlement volume." Going forward, closely monitor SOL's on-chain consumption data, whether BTC can hold the cost line, and BCH's on-chain activity. Any of these materializing will validate the payment logic.
#西联推出稳定币卡，接入Solana生态 $CRCL $BTC stablecoins are about to change drastically, are the good days for Circle coming to an end?
The most important news today: The US OCC officially encourages community banks nationwide to apply for issuing stablecoins. The GENIUS Act's federal licensing framework will take effect on January 18, 2027, and issuing without a license past that date may involve criminal liability.
To translate: In the future, the right to issue stablecoins will be opened to the banking system, and small and medium banks can use their own deposits as reserves to issue coins.
On the other hand, the American Bankers Association is lobbying to ban interest on stablecoins. The ICBA has already sued the OCC, arguing that licensing crypto companies is unfair. The logic is straightforward: if stablecoins can pay interest, deposits will move from banks to the blockchain.
What does this mean for us? Three judgments.
First, the total stablecoin market will continue to grow. Banks entering bring incremental funds and compliance channels, not to grab existing deposits.
Second, the issuer's profits will be diluted, putting more pressure on models like Circle's that rely solely on reserve interest.
Third, January 2027 is a hard deadline. The next year and a half will be an intense period of licensing, mergers, acquisitions, and cooperation announcements, causing significant volatility in related assets.
In short, stablecoins are moving from a wild path into the system, the narrative is upgrading, but the profit-making aspects are changing.
What do you think about banks issuing coins? Is it good or bad for USDC? The story begins with a questionnaire. In a joint survey by DeFi Education Fund and Ipsos, 35% of American respondents believe candidates should support the next generation of financial technology; when the question specifically points to blockchain, cryptocurrency, and DeFi, the support rate drops to 13%.
Reading this, I feel it cools down the political slogans around crypto rather than ruling out financial reform. 74% believe the financial system needs change to give individuals more control over their assets, indicating the demand is there; but only 5% highly trust decentralized platforms, showing the industry is not yet seen as a reliable solution. Those willing to try DeFi value savings and domestic transfers more, which also makes me think that practical daily uses are more convincing than technical slogans.
The moral of this story, as I see it, is: wanting to change the status quo does not mean endorsing the remedy you propose. What do you think the outcome will be: will candidates who clearly explain the uses and risks of transfers and savings gain more recognition than those who just shout support for crypto?I think the aspect WORPT should be tested on the most is not "whether stablecoins can be spent," but whether the currency exchange step actually makes things easier for tourists. Having one more payment entry point is nothing special; the real value lies in having one less hassle.
According to PANews on October 27, WORPT has launched under Thailand's Tourist DigiPay regulatory sandbox. Foreign tourists can exchange USDT and USDC for Thai baht and pay via Thai QR PromptPay, with merchants receiving Thai baht. The app also plans to launch a physical Visa prepaid card in mid-November, and a virtual card is planned for early 2027.
My judgment is that this is meaningful for the consumption use of stablecoins, but it cannot yet be directly equated with improved payment efficiency. Merchants continuing to receive payments in Thai baht does reduce the threshold for accepting crypto assets; however, on the tourist side, the costs of exchange, the speed of fund arrival, and the operational steps have not been disclosed. I would not automatically interpret "connected" as "easier to use."
Additionally, the regulatory sandbox provides a testing space but does not mean the model has been validated on a large scale. My speculation is that if the exchange and payment process is smooth enough, stablecoins could shift from travel backup funds to daily spending balances; otherwise, it’s just moving the currency exchange window into the phone.
What I want to see next is the complete fee structure and actual usage process, so I can reserve half of the excitement about "payment landing" for experience verification.Looking at industry news now, I first try to suppress the impulse of "is there hope again." On the road to breaking even, people tend to take pleasing words as evidence. I still hope the industry gets better, but I don't want to replace judgment with expectation.
This survey made me a bit sober. The latest survey by DeFi Education Fund and Ipsos shows that 35% of American respondents believe political candidates should support the development of the next generation of financial technology in the US, but when cryptocurrency is explicitly mentioned, the support rate drops to only 13%. Talking about financial innovation in general, but when it comes to specific names, attitudes differ so much.
My judgment is that this is more like a trust alarm for the industry, not directly a bearish signal for the market. Supporting a broad vision does not equal willingness to accept specific technologies and their risks; it also reminds me that narratives recognized within the circle may not convince outsiders. If a project only changes its packaging to "next-generation finance" but does not improve user experience and risk explanation, then I speculate that such support is also unlikely to turn into real willingness to use.
One thing I learned is: in the future, when looking at stories about "going mainstream," we need to ask why users need it, rather than just admiring how nice the name sounds. To friends who are also trying to break even, don't get discouraged if progress is slow 💪 How is everyone doing recently? When explaining cryptocurrency to people around you, do you find it harder to answer "what is it used for" or "how is security guaranteed"?Anthropic is really impressive, single-handedly boosting the AI concept. Let's talk about a few AI concept coins: $TAO, $FET, $RENDER.
TAO's mechanism is good: the Bittensor subnet incentive market is active, and this year they changed the emission gate to make rewards more demand-driven. However, it relies on new issuance incentives, with risks related to liquidity and governance exposure from subnet staking.
TAO has fallen below the 200-day EMA of 251.3, the 14-day RSI is 38.3 indicating weakness, and out of 22 technical signals, 11 are sell signals, showing a bearish trend and macro pressure. The first support below is at 243.6; if broken, look to 230.5.
RENDER has an auditable work ledger and has burned a decent 1.56 million tokens. However, it shares the common problem of many altcoins: burning can't keep up with new issuance.
RENDER is close to its 24h low of 1.68, RSI at 41, down about 88% from its all-time high of 13.5, indicating a weak market. If it breaks below 1.68, there is no decent near-term support.
FET is a consortium product that bundles AI computing, Agent tools, etc., but clients can settle with other coins, so value doesn't transfer to FET.
FET has stepped down from 0.206 over the past two weeks (0.196→0.184→0.179→0.175), repeatedly testing the recent low of 0.174. If it breaks below, it enters a no-support zone below, clearly in a downtrend channel.#SK海力士Q3财报在即，HBM4能否提振盈利？
It can boost profits, but HBM4 is not the sole main factor this quarter.
The Q3 earnings report is expected around 10/28–29. The market anticipates an operating profit of about 77 trillion KRW, with a profit margin around 78%, setting new records; the Q4 consensus is even higher. The main drivers are: price increases for general DRAM/NAND + long-term HBM contracts, with HBM4 (for Nvidia Vera Rubin) ramping up volume starting Q2 and climbing in the second half.
Note: Korean media reports that Q3 HBM4 shipments may fall below expectations for two consecutive quarters (Rubin schedule, mass production tuning), and profit increases rely more on ASP and overall storage price hikes, not solely on HBM4 volume growth. Pay attention to HBM4 shipment guidance, long-term contract pricing, and Q4 guidance in the earnings call.IRYS at $0.025, do you still dare to touch it?
On October 23, a spike shot from 0.02 to 0.30, rising more than tenfold, burying all the shorts alive. Then what? It dropped back to 0.025 in three days.
At first glance: violent pump, violent dump, now playing dead.
Overall, it still rose over 100% in 7 days, but dropped 10-15% in 24 hours, with the price grinding around 0.025. Volume has fallen from the peak but remains high, funding rate is negative, open interest is decreasing—leverage is being cleared, but the proportion of long accounts is still relatively high.
The parabolic spike on October 23 is a typical "low circulation + high leverage" meat grinder, not fundamentals.
First thing: that spike wasn’t giving you free money, it was a funeral for the shorts.
On October 23, the price surged from 0.01-0.02 to 0.30-0.32 briefly, with a 24-hour increase of several hundred to over a thousand percent, huge volume, and massive short liquidations. Then it quickly gave back most of the gains.
This is not product good news, not a partnership landing, but a feedback loop of low circulating supply plus high leverage derivatives.
Small market cap, high leverage, a single matchstick can ignite it. Once lit, it burns the shorts’ positions, not the project’s value.
Second thing: the fundamentals have a story, but the story hasn’t turned into revenue yet.
What is Irys? A Layer 1 datachain that combines on-chain permanent/term storage and EVM-compatible smart contract execution in one network. Formerly Bundlr on Arweave, with about $20 million in funding, invested by Framework and CoinFund. The Cascade hard fork has launched on mainnet, supporting 30-day/1-year storage plus permanent storage.
Sounds good?
But market cap is $65-70 million, FDV over $250 million, circulating supply only 20-25%, and 24-hour turnover often reaches hundreds of millions—volume-to-market cap ratio is ridiculously high.
Real TVL, real storage demand, real paying users are still in early validation stages.
Third thing: the real bomb isn’t in the K-line, it’s on the calendar.
The October 25 unlock of about 77.6 million tokens, 0.8% of total supply, is controllable and the market has withstood it.
But around November 25, there is a large-scale unlock—investors plus team/advisors about 1.18 billion tokens, close to a high proportion of current circulation.
Current circulation is 2-2.56 billion; 1.18 billion unlock is nearly half the circulating supply to be released. Not all will be sold immediately, but selling pressure is expected to be priced in early.
Negative funding rate plus short covering can give you a rebound bite. The November 25 unlock can give you a cut.
Long-short showdown, you decide:
On one side:
7-day still up 100%+, momentum not dead yet
Negative funding rate, short covering may bring a rebound
Cascade mainnet launched, infrastructure advancing
Leverage partially cleared, open interest declining
On the other side:
Parabolic pump followed by distribution, mean reversion not complete
Large unlock looming on November 25
Small circulating supply, liquidity can worsen in extreme conditions
BTC oscillating weakly around 79,500-80,000, altcoins follow down, not up
Key levels
Resistance above: 0.030-0.035 (short-term rebound target) → 0.04-0.05 (needs re-accumulated momentum)
Support below: 0.025-0.022 (recent lows/psychological level) → 0.018-0.015 (deeper retracement) → 0.012 (pre-pump area)
Trading strategy
Core principle: This is high-risk speculation, not value investing. Single trade risk control at 1-2% of total funds, leverage within 5-10x, strict stop loss.
Bearish/Wait-and-see (preferred):
Pump retracement not fully over, plus shadow of late November large unlock. Light short positions at 0.028-0.032 on rebound, stop loss above 0.035-0.038, target 0.022-0.020 or lower. Add more only after clear breakdown, don’t heavy load early.
Aggressive long (speculative):
Only lightly long after volume confirms holding above 0.025 and retests, stop loss below 0.022, target 0.030-0.035. Only short-term trades, no holding on. Negative funding rate short covering may give a quick gain, but don’t turn short-term trades into faith.
Range trading:
Sell high buy low between 0.022-0.032, strict stop loss on breakouts.
Mid-to-long term:
Fundamentals have a story but need to observe real adoption and unlock digestion. Be cautious chasing highs before large unlock; reassess after unlock if panic lows appear. Not the time for heavy positions now.
IRYS now is like those meme coins from early 2024—
A spike pumps it up, everyone shouts "next 100x," then one unlock comes, and it goes back where it started.
$BTC $ETH $IRYS $BTC 在30日箱体底部缩量横盘，连续两周阴跌、近三天每次下探都有人接货——但真正值得盯的不是“谁在买”，而是“谁已经不卖了”。市场普遍挂单等75,000美元入场，可按以往节奏，这种整齐的等待往往等不来成交。这是当前最容易被低估的信号：卖压正在枯竭，而不是买盘突然爆发。 宏观背景确实糟：加息、地缘摩擦、特朗普中期选举失利可能带来对加密不友好的政策，三重压制叠加。但正因为坏消息已被反复定价，边际恶化的空间反而收窄。若真出现更极端的利空，低位分批加仓的赔率只会更好。我自己已经动手，逻辑不是抄底情绪，而是筹码结构在改善。 $BTC 现价处于30日箱体下沿，成交量递减，上方7/20/30日均线形成压制，RSI 41偏中性略弱。关键不在于均线何时被突破，而在于底部“无人愿割”的共识正在形成。只要再等半个月，随着利空逐步消化，买盘回归就能推动价格修复。这是典型的“时间换空间”结构，而非趋势反转的即时信号。 $ETH 是全市场最弱的一环，但今天抛压同样消失，没人愿意再止损。价格已跌破所有均线，RSI 33.4为全市场最超卖，箱体位置仅7.8%，意味着下方2200美元区域难以轻易击穿。弱到极致却无人The number of accounts is 2.7 times higher, but the price hasn't kept up
A contradictory scene has appeared in the Dogecoin market: the long-short account ratio has stayed between 2.55 and 2.69 for three consecutive days, with long accounts nearly three times the short ones, yet the price is weakening. More people, but no price increase—what's the problem?
The number of accounts does not equal the amount of capital. The 2.7 times long-short ratio for $DOGE refers to the proportion of account directions, not a comparison of chips. A common explanation is: a large number of retail accounts are on the long side with small positions per account; the short side has fewer accounts but larger capital per account. When offset, the long side's numerical advantage is eaten up by the short side's larger average position, so the price naturally doesn't rise.
What’s more noteworthy is the divergence itself. From past experience, when the long-short account ratio reaches extreme values, it often occurs in the latter half of a phase market—when everyone shares the same view, the market never lacks opinions but rather new buying power. Everyone is already on board, so there are no new passengers for the ride. Therefore, this data should not be read as bullish; it is more like a reminder: the crowding on the long side is already high, and future price increases will depend on incremental funds rather than existing sentiment. A healthier combination is when the account ratio falls back and the price stabilizes simultaneously.Bitcoin lại giảm xuống dưới 80.000 USD, chạm khoảng 79.300 USD vào thứ Hai, mức thấp nhất trong hơn một tháng. Có ba yếu tố gây áp lực lên giá: khoảng 770 triệu USD đã rút khỏi các quỹ ETF Bitcoin giao ngay của Mỹ vào thứ Năm và thứ Sáu, các vị thế mua dùng đòn bẩy bị thanh lý trong cuối tuần, và các nhà giao dịch đang giảm mức độ rủi ro trước quyết định của Fed vào thứ Tư. Strategy cũng đã tạm ngừng mua vào sau năm tuần liên tiếp gia tăng lượng nắm giữ. Nhận định của tôi: diễn biến này có vẻ gi#本周将公布10月FOMC利率决议
The biggest risk the Federal Reserve currently needs to watch out for is not the pause in rate cuts this time, but the possibility of restarting rate hikes that the market has not fully priced in—this is also the largest macro uncertainty weighing on the market from above.
Combining Reuters surveys and the latest inflation data, the market generally expects the interest rate to remain unchanged at this meeting, but the issues of persistent inflation resilience and slower-than-expected decline remain. Many economists and institutions have already begun to reassess the probability of subsequent rate hikes.
Previously, the market narrative was very clear: betting on rate cuts and waiting for liquidity easing, which pushed risk assets like BTC, ETH, and SOL higher. Now the narrative has shifted: rate cut expectations have been postponed repeatedly, the easing window keeps getting delayed, and even tightening expectations have reemerged.
The market logic has changed from "waiting for liquidity" to "guarding against tightening," which suppresses the valuation of crypto assets on a completely different level.
But there is no need to be overly bearish; most of the negative factors have already been priced in by the market. If the final outcome is to maintain the interest rate unchanged, it is easy to see a rebound as the negative factors are realized. Short-term volatility and fluctuations will be the norm. The key is to watch the Fed's statement to see if it retains the option for future rate hikes—this sentence is the watershed for the mid-term market trend. $BTC $ETH $SOL Today I saw "OpenAI falsifies ETH," but don't panic yet.
This ETH refers to the Exponential Time Hypothesis, a premise used in computer science for 25 years, unrelated to Ethereum, just an abbreviation coincidence.
If it were truly overturned, the theoretical lower bounds in hundreds of papers would need recalculating, which would indeed shake the academic world.
But what the crypto community should be cautious about is another thing: the headline only says ETH, and many people don't click through. This kind of misreading is the easiest excuse for a market dip.
My approach is simple: when I see such news, I first check if the article mentions ethereum; if not, I treat it as math news and keep my position unchanged. The change is about payment frequency and liquidity and making the product more attractive to investors.
There is a bigger picture here. Strategy needs a strong market for its preferred securities to keep raising capital for its Bitcoin strategy. More frequent dividends could help attract demand, but they can not eliminate the risks associated with the underlying security.
As of October 25, Strategy reportedly held 848,517 BTC, making its capital raising strategy worth watching closely.#Robinhood交易业务增长能否延续？ Robinhood's earnings report will be released after the market closes tonight. Here's the initial judgment: the numbers in this report are very likely not to look bad, but the market will interpret a "trading platform switching engines" new report through the old framework of "crypto proxy stocks." The mismatch lies here.
Q3 consensus expectations: revenue $1.44B (up 13% YoY), EPS $0.56 (last year $0.61, down 8% YoY). Bernstein is more aggressive, with revenue at $1.473B and EPS at $0.60, both above street estimates. Record revenue and slightly lower EPS — this combination itself indicates one thing: revenue is rising, but the profit structure is changing.
Changing to what? Q3 consensus for crypto trading revenue is only $118.7M, down 55.7% YoY; meanwhile, stock trading revenue is $133M, up 54.7% YoY. Crypto revenue in Q2 had already dropped to only 7.6% of total revenue, while event contracts reached $156M in a single quarter, surpassing the entire crypto trading business. Bernstein expects Q3 crypto trading volume to be $50B, up 22% QoQ, climbing out of the Q2 trough, but the YoY gap remains unfilled.
So the headline "Crypto revenue plunges 55%" will definitely appear tonight. The question is whether this is negative news. My judgment: it is not. HOOD has dropped 29% over the past 12 months and 22% in the last month; the market has already priced in the crypto beta discount. Michigan has already forced HOOD to stop sports-related contracts. 10月27日，中东外交释放缓和信号，布伦特原油一度回落至115美元附近，WTI也跌回102美元下方。沙特、土耳其、巴基斯坦与伊朗展开接触，市场开始押注霍尔木兹海峡恢复通航。 但别忽略另一条风险线：胡塞武装声称袭击沙特东西输油管道！ 这条约1200公里的管道连接沙特东部产油区与红海延布港，是绕开霍尔木兹的重要替代通道。此前管道遭袭后曾暂停运行，近期恢复仍面临安全隐患。最新报道也指出，胡塞对沙特能源设施的袭击，正在加剧市场对供应中断的担忧。 一边是外交缓和带来的油价回落，另一边是能源运输通道仍可能遭袭的现实风险。 如果霍尔木兹受阻、东西管道再出问题，油价可能重新走强，通胀压力也可能卷土重来，进而限制美联储宽松空间。 📉 BTC在8万美元附近震荡，宏观压力不可忽视。 能源价格上涨 → 通胀预期升温 → 利率维持高位 → 风险资产承压。 谈判利好不等于供应恢复，油价回落也不代表危机结束。接下来重点关注海峡通航、管道运行及美联储政策信号。 别只看外交消息，也要盯住真实的能源供应。 $BTC $CL $BZ ⚠️ 市场波动较大，以上仅作行情分析，不构成投资建议。注意风险与止损，DYOR。I noticed that Galaxy this time combined price trend improvements, resilient ETF demand, and rising U.S. debt into the same bullish logic, claiming that now is the time to accumulate bitcoin, supporting its rebound to previous highs. This is somewhat interesting, but I wouldn't directly translate it as "a small coin rally is coming." 👀
My judgment is that this sentiment is somewhat warm for small coins but still far from widespread benefit. ETF demand points to Bitcoin and cannot be taken as evidence that funds will spill over; the narrative of rising U.S. debt also cannot prove value for small projects. According to my speculation, if optimistic sentiment spreads, high-volatility assets may gain more attention, but trend-chasing narratives lacking real support are also prone to reversals.
I will next observe whether the heat extends from Bitcoin to specific sectors and whether there are new actual developments in discussions, reminding myself not to treat institutional bullish judgments as a free pass for small coins.📉Downward unchanged, slow knife: The rate has been pegged for three periods, the price hasn't reclaimed 80,000.
Reconciliation: This morning bet at 79,377.7, current price 79,564.8, difference 187; 15:00 bet at 79,456, difference 109. Both positions are open.
Rate from 00:00 continuously pegged at 0.0100% for three periods, premium is −0.0312% discount — the discount still rents to the longs, the money is supported by the interest rate. 24-hour turnover up 16.99%, open interest up 1.04%, liquidations down 13.16% to only 133.4 million, dead in 4 hours 87.2%, 12 hours 87.4% all longs. Volume increased with added positions, no one died.
On-chain Mr. Anonymous dug clean: Coinbase sub-wallet increased from 266 coins to 1,703.98 coins, $137 million. 37 transfers all returned to the same address, last two times piled up to 2,000 coins were sent back at 23:00 the same night. Institutional locked positions are fake, whether it returns at 23:00 tonight is new information.
Coordinates: 79,455.8 difference 109, if broken look at 79,377.7 then 79,000. Invalid line unchanged, 1H close above 81,200, until 10-29 02:00 FOMC.
Reverse: 24-hour long-short ratio 49.56 to 50.44 balanced, no chain explosion fuel, it's grinding not crashing.
Personal review, not advice. That 1,703.98 coins at 23:00 tonight, do you think it will return?
$BTC #OctoberFOMCRateDecisionToBeAnnouncedThisWeekI added a sentence to my Bitcoin hoarding plan: under what circumstances I would stop hoarding. The reasons for buying are written quite smoothly, but the exit conditions are actually stuck. Relying on the company’s long-term coin purchases to boost my confidence is useless; they won’t notify me in advance if they change their mind.
I want to separate "misjudged" and "hurt by the drop," but when I look back at my own reasons, several sentences say "more people will recognize it in the future." Is this a judgment, or am I just leaving myself a loophole to never admit being wrong?$BTC $ETH $ZEC
The truth about the capital flow: it's not a recovery, it's a narrow bridge.
Let's review the rhythm first: previously, BTC spot ETFs saw a net outflow of $774 million over two days, with selling pressure suffocating the market. Yesterday, there was finally a slight inflow—U.S. BTC spot ETFs had a single-day net inflow of about $110.3 million, but almost all of it came from BlackRock's IBIT, while other products remained flat with zero inflow or outflow.
This clearly indicates: it's not a collective institutional bottom-fishing, but a tentative test by a leading giant.
Moreover, the scale is far from enough. Throughout October, BTC spot ETFs still had a cumulative net outflow, with a gap of about $202 million. In comparison, ETH is even colder: yesterday, ETH spot ETFs had a net outflow of $88.6 million, with just ETHA alone dumping $104.7 million, a solid selling pressure.
Prices also align with this narrative: BTC is currently reported at 79,700, firmly stuck below the 80,000 whole number level. The capital has stopped the bleeding, but it's far from repairing the structure.
Conclusion: Before the FOMC announcement, this is just a test, not a counterattack. Don't mistake IBIT's single buying order as the confidence of a trend bottom. #ClearRegulatoryBoundariesForStablecoinYields in the US and Canada
The leader has something to say
The US and Canada have simultaneously clarified the regulatory boundaries for stablecoin yields. Canada released a draft on October 24 proposing to prohibit issuers from directly or indirectly paying yields to holders, but allowing trading rewards, requiring 1:1 reserves and a 1% fee cap. The US OCC also implemented the GENIUS Act rules on October 21, similarly banning direct interest payments but leaving compliance space for third-party rewards.
I believe this essentially nails stablecoins firmly as "payment tools," preventing them from becoming "yield-bearing assets." For Bitcoin, this is a long-term positive. A comment in the discussion section hit the mark: the US and Canada have put a tight leash on stablecoin "interest," making Bitcoin's "store of value" status more solid. If holding USDT or USDC doesn't earn interest, funds will either go to buy US Treasuries or allocate to truly scarce store-of-value assets. Bitcoin's competitive advantage is thus highlighted.
The short-term market reaction is mild, with USDT down 0.03% and USDC down 0.01%. But this does not change the logic of long-term capital flows.
Last night Bitcoin took a waterfall drop; now we see if the 80,000 level can hold. If it doesn't, expect a deeper correction, with resistance above at 84,000 to 85,000. Don't chase the rally or sell in panic; set your stop-loss orders properly.
The above analysis is time-sensitive; make sure to set your stop-loss orders. Good luck. $BTC $ETH $DOOD 80,000看着还在，但那一下午的盘面已经不对劲了。 你也在等那场所谓的80,000保卫战吗？ 午后盯盘时最直观的感受：主流币早盘那点小反弹，几乎没撑住就被按回去，BTC现价80,089贴着整数关口，可日线已经四连阴、周线三连阴，周末还砸出79,146的低点。这个位置更像被反复收割的震荡带，不是铁底。 几个我盯到的数据快照： - 24小时196,000人被清算，7.28亿美元蒸发，其中84%是多头，BTC多头单币清算2.34亿。 - 80,500到81,000始终没有放量站稳，80,000只是纸面支撑。 - ETH近30天跌12.96%，同期BTC只跌4.71%，现货ETF十月净流出10.8亿，为年内最高。 - 下方79,200是第一道防守，失守后78,400和77,800会依次被试探。 从趋势阶段看，这更像一段派发后的延续下行，不是启动，也谈不上健康分歧。动量信号偏空：反弹无量、整数关口反复被击穿；风险信号更值得警惕：多头杠杆被成批清掉，说明市场此前把太多信心押在一个圆整数上。ETH弱于BTC，意味着风险偏好收缩时资金先撤离高波动资产，山寨的修复节奏大概率还要往后拖。偏多路径当然也有Macro Background: The real risk is not "whether to raise rates," but "how it's communicated"
The market is already highly aligned on pricing no change in October (90.6%-91%), which itself is not a variable. The real risk lies in Wash's wording and the signals for December: the market's expectation for a rate hike in December is close to 80%. If Wash releases a hawkish signal at the press conference, it will prematurely strengthen the expectation of a December rate hike, pushing up US Treasury yields and suppressing risk assets.
This week is still a "super week": the FOMC (decision announced at Beijing time early morning on October 29) coincides with earnings reports from Microsoft, Google, and Amazon. The impact of massive AI spending on Bitcoin was summarized by BTSE's COO as "bearish in both directions" — if tech stocks see growth opportunities due to AI investment, funds will divert from Bitcoin; if concerns about AI returns trigger sell-offs, Bitcoin will also decline. Only in the scenario of a tech stock rebound and risk appetite recovery will Bitcoin benefit. $BTC $ETH $DOOD #美伊讨论霍尔木兹开放方案，油价回落 I reviewed Strategy’s latest 8-K, and last week the company didn’t purchase a single Bitcoin. Instead, it reportedly spent over $200 million in cash buying back its own STRC preferred shares at around $99 each. After the repurchases, unrestricted cash reportedly stands at $240 million, while additional funds remain reserved for dividends and interest payments. Initially, the pause looked like a bearish signal. But Strive’s announcement offered another perspective: it acquired over 6,000 BTC at a#闪迪存储业务高增长能否延续？
"SanDisk Flash Memory Spins Off AI Big Orders—How Long Can It Last?"
Western Digital's spin-off of SanDisk flash memory into an independent public company has finally been finalized. On the surface, flash memory posted nearly $2.1 billion in quarterly revenue, soaring over 40% year-over-year, with AI data centers fiercely competing for high-capacity SSDs.
But looking beneath the surface reveals a tale of two extremes. Compute centers are voraciously consuming inventory, while inventory clearance on mobile and PC ends is surprisingly slow. The price increase momentum for flash wafers has clearly slowed, relying solely on compute demand to carry the load.
How long the independent listing can keep sprinting depends on the shareholder meeting in late November and the listing disclosures in December. $闪迪存储业务高增长能否延续？I'm not worried at all about the decision early Thursday morning: keeping things unchanged is basically written all over it, with over 90% of the market pricing in this already, so the decision itself won't cause much of a stir. What could really shake things up are the wording of the statement and the Fed chair's remarks during the press conference. 👀
Everyone knows the chair's baseline: he keeps holding onto two points without letting go — employment hasn't had major issues, and inflation is still well above 2%. Following this path, he has no reason to suddenly turn dovish this time. October's meeting is an open card; December is where the real tension lies. If the wording is even a bit tougher, bets on a December rate hike will only increase, and the longer high rates drag on, the tougher the market will feel.
At 10 PM tonight, the consumer confidence index will be released, expected at 81, with September at 81.9. This is the last hard data before the decision. It won't move the decision itself, but if it really tanks, it could add fuel to the market fire — sentiment tends to flare up faster than data.
The market action is even more interesting: BTC has been hovering around 80,000 for almost a week, price staying flat, but positions have been increasing steadily. Both bulls and bears are loading up ammo waiting for the announcement; in this kind of setup, false breakouts hurt the most — those who reach out first often get hit first. ETH and SOL are following the same rhythm, grinding along, while ZEC is doing its own thing, still struggling. 😤
My strategy is simple: no one-sided bets before the announcement, keep positions tight. After the statement and press conference, first watch which way the dollar and US Treasury yields move; if BTC follows the direction, I'll jump on board accordingly. If you're itching to try, only go light, and admit you're wrong immediately if it breaks key levels. Do you think this time's wording will lean hawkish or dovish?Protocol earnings, revenue buybacks, token burns—HYPE
The logic behind this "revenue-generating token" has recently been brought up for discussion again. The logic itself makes sense: platform transactions generate revenue, which is used to buy back $HYPE and burn it, shrinking the circulating supply. Theoretically, the retained tokens become more valuable, and holders indirectly share in the platform's operational results. This adds a fundamental layer of support beyond tokens that rely purely on narrative.
But one issue must be clarified: having the mechanism coded in is not the same as sustained buying pressure in the market. The scale of buybacks depends on protocol revenue, which depends on transaction volume, and transaction volume is cyclical—when the market is slow, the buyback faucet narrows. Burning reduces supply, but price increases also require demand.
So when evaluating this logic, don’t stop at the conclusion of "there are buybacks and burns." Instead, focus on the actual data: how much is bought back and burned weekly, and whether the proportion relative to trading volume is rising or falling. The mechanism is the skeleton; sustained capital flow is the flesh. Only when both are present does the story hold up.I prefer to treat the "early bull market" as a hypothesis to be verified rather than a guarantee of upward potential. Looking at this message, what concerns me most is not how much more it can rise, but when the old coins will start to loosen.
According to Crypto Dan, a CryptoQuant community analyst, historically, when the proportion of Bitcoin held for over 18 months across the entire network first rises and then begins to decline, it is often accompanied by a strong rally. He judges that the market has entered a bullish cycle, but the above signal has not yet appeared, so the market may still be in its early stage.
There is a logic trap here: just because the signal was followed by a strong rise in the past does not mean that if the signal hasn't appeared, it must be gearing up for a big rally. I think it is suitable for observing cycles but cannot be used alone to pinpoint the market's position. Historical patterns are maps, not departure timetables.
He also mentioned that most people are not paying attention to crypto investments, and those interested are mostly watching from the sidelines. If this observation holds, then market sentiment may not be overheated yet; but whether the onlookers will enter the market remains another question. My speculation is that if there is a lack of new demand later, low attention might just mean low enthusiasm rather than fuel for a rise.
So the biggest reminder from this message for me is to separate "not yet overheated" from "about to rise." When judging the bull market phase, do you pay more attention to changes in the proportion of long-term holders, or to the people around you outside the market starting to actively inquire about crypto assets? Once the slab poured on the thirty-seventh floor starts to tremble, the problem is never with the beautiful glass curtain wall at the top, but with the pile foundation twenty meters underground that no one wants to look at. In the storage business, people are currently looking up at the soaring floor heights, but I’m used to crouching down first to feel the load-bearing system.
The construction acceptance form due after the market close on October 29, which guides quarterly revenue in the range of $10.3 to $10.8 billion, is essentially not a marketing brochure but a structural load estimation sheet. The appetite of the intelligent computing cluster has shifted the demand side of flash memory from "residential load" directly to "heavy factory load," and material prices are rising again—this is called material price increases combined with load adjustments in construction terms, two change orders that no chief engineer wants to sign simultaneously. Revenue can quickly stack up floors, but what really determines whether this building can stand for thirty years is whether the shear wall is in the right place and whether the reserved redundancy for mechanical and electrical pipelines is sufficient.
I have seen too many projects die at the "beautiful on paper" stage. Design drawings are free, white papers are free; what’s costly is the grade of every cubic meter of concrete and the anchorage length of every rebar when the drawings are turned into reality. In this storage industry chain, capacity layout is the pile foundation, process and yield rate are the concrete grade, and long-term contracts are prestressing tension—if the tension is insufficient, the slab will inevitably sag later; if overdone, brittle cracks appear at beam-column joints. The so-called "whether growth can continue" translates in my jargon to: can this structural system withstand the repeated lateral forces of the next cycle.
Now look at the tokenized asset hanging on the main building’s exterior wall. It belongs to a typical cantilevered external steel structure, with stiffness far lower than the main body and relatively light mass—the main building shakes slightly, and its amplitude is amplified several times. The storage sector’s market sentiment transmission has a time lag; before landing, the foundation is laid first, and after landing, it reflects on the market, with a settlement observation period in between. Most people lose not because they misjudged the direction, but because they mistook the vibration of the external attachment for the tilt of the main building. To read this line, you must first look at the concrete pouring progress of the main building, then see whether the external attachment is shaking vigorously today; if the order is reversed, it’s like using the curtain wall’s flatness to inspect the foundation.
I don’t care how many floors the height is marked to; I care about three things: whether the load-bearing walls have diagonal cracks, whether the monthly readings at settlement observation points are converging, and whether the owner’s cash flow behind the change orders can still support subsequent bids. The current ground bearing capacity of this storage building is sufficient, but once material price increases and other changes exceed structural redundancy, the first to crack are always the stress-concentrated nodes, not the wall people take photos of.
There’s an old saying in acceptance work: just because you can’t see it doesn’t mean it’s not there. By the time cracks are wide enough to be captured by a phone camera, the structure has long failed. #sandiskq1storagegrowthActive Trading Radar｜Last 15 Minutes
$SOXL shows three 5-minute segments all leaning towards selling, yet the price has risen. Active buying is at 33.1%, with the 15-minute price up by 0.11%; the volume is 5,547,000 USDT, which is 1.6 times the average 15-minute volume calculated from the previous hour. The cost of the push was paid, but the price return did not keep up.A warm and humid airflow on the scale of 400 billion is gathering over Florida, while the surface pressure field has not yet completed adjustment—this is the first signal I see. A $4 billion computing power and data center equipment leasing financing commitment is locked in for delivery in the first half of next year, to be closed by the end of the year; from a meteorological perspective, this is not a typhoon that has already made landfall, but a strong tropical cyclone that has just acquired a warm core structure and whose path has not yet fully converged.
First, look at the moisture channel. Apollo-related entities act as the low-level jet on the edge of the subtropical high, continuously delivering funds to the convergence zone; while Starlink and launch business revenue are the only stable sea surface heat flux under this system—without it, convection would quickly exhaust itself. Elon Musk himself has issued a cold air southward warning: with tightening credit conditions, computing cloud service providers lacking other income sources will face failure or consolidation. Translated into forecast language: isolated convective cells cannot survive more than two time steps under strong vertical wind shear; they will either be torn apart or absorbed by larger mesoscale convective complexes.
Next, look at the key variables. Equipment delivery pace is the precipitation amount, financing cost is the pressure gradient force, and computing power leasing income is the radar echo intensity—missing any one of these, the model output is just spinning its wheels. Current numerical forecasts show great divergence: optimistic members push the echo top to 14 kilometers, pessimistic members only show a low cloud layer. The year-end closure time point is equivalent to a shortwave trough moving out; whether an outbreak occurs ahead of the trough depends on whether low-level convergence can couple with upper-level divergence.
As for the local linked target $xAMD, its current position is more like a station located in the system's peripheral circulation: the anvil clouds of distant storms have already drifted overhead, pressure is slowly dropping, but surface wind speed has not yet picked up. Whether the peripheral circulation sweeps over this station depends on the guiding airflow—that is, the actual implementation slope of upstream capital expenditure, not the numbers in the headline. Historical similar cases tell us that peripheral cloud bands often bring short-term heavy rainfall rather than sustained precipitation; they come and go quickly, looking scary on radar echoes but often resulting in discounted rainfall amounts on the ground.
My current judgment is: the main rain band has not yet entered this station's warning area, but a train effect has already appeared upstream, requiring denser sounding and shorter observation intervals. What truly determines the scale of this process is not the radar mosaic on the contract signing day, but the real-time messages of equipment arrival and the hourly curve of financing costs three months later—the model can extrapolate, but reality does not lie. #spacex40bgpudealagreed$ETH
The hacker who stole forty million dollars from UXLINK last year still has a wallet trace.
On-chain monitoring saw him move the money to Hyperliquid, opening a long position of 30,000 ETH at a price of 2134, with a position size just over seventy million. When the news came out, the unrealized profit was written as 5.62 million.
I just checked the current price, ETH 2303, and the unrealized profit has dropped to about 5.1 million, shrinking nearly half a million in less than a day, enough for an ordinary person to live on for several years.
The most striking thing is not the amount, but that he dares to leverage stolen money and is not afraid of drawdowns. I calculate stop losses daily even with my own money; his mentality is indeed ahead.
#本周将公布10月FOMC利率决议 $ZEC
ZEC is now at 1239, with a 24-hour high of 1268 and a low of 1210, moving just half a point in a day, very quiet.
This afternoon a proposal popped up: the Zcash co-founder suggested stopping the current 8% block subsidy to ZCG and redirecting the funds to NSM. I haven't dug into how NSM specifically operates, but just the phrase "cutting the subsidy" is eye-catching, as it affects the developers' share.
There was no reaction in the market; funding rates remain negative, with $146 million in open positions, and no one is rushing to take a direction. I understand they are waiting for the process; such proposals are never final just by being issued.
I tend to see this as the start of a governance game, not a realized negative. The temperament of ZEC has always been quiet on news, with big volatility only when things get serious. At this position, I’m holding and watching.
#本周将公布10月FOMC利率决议 The 80,000 line was completely broken yesterday
BTC 79,700. The 80,000-87,000 range that held for a month was officially broken yesterday.
The reason for this dump is not macro but MicroStrategy: it had been buying continuously for months but didn't buy a single coin last week, not adding any of the 848,517 coins it holds, instead using the money to repurchase preferred shares. The largest corporate buyer stopping is more damaging to sentiment than any hawkish speech.
US spot ETF saw a net outflow of $202 million in October, with $636 million leaving on the 22nd alone.
86 million liquidated in 24 hours, with BTC longs accounting for 56%. Fear & Greed index at 48, neutral, no one is buying.
The rate decision is at 2 AM the day after tomorrow, 90% chance of no change, but a 70% chance of a rate hike in December.
My long position is still open, stop loss at 79,200 hasn't moved; if it breaks, I accept it, if not, I'll wait for 83,000.
Did you reduce your position or hold through this wave? $ETH $BTC $SOL
Core truth about the funds: After a massive outflow of 774 million, only one institution remains supporting the market
In the previous two days, BTC spot ETFs saw a combined massive outflow of 774 million USD, putting continuous pressure on the market. Yesterday, the market finally saw a slight capital inflow, with US-listed BTC spot ETFs recording a single-day net inflow of 110.3 million USD, briefly halting the trend of large consecutive redemptions.
However, the market did not collectively recover.
All the inflow this time was solely absorbed by BlackRock's IBIT; all other ETF funds remained flat with zero inflow or outflow.
Simply put: this is not a bottom-fishing inflow by institutions, but a tentative entry by a leading industry giant alone.
Overall, the capital situation in October remains weak; as of now, the monthly total funds are still net outflows, with a cumulative gap of about 202 million USD.
Compared to BTC's slight recovery, ETH's capital flow appears weaker: yesterday, ETH spot ETFs had a net outflow of 88.6 million USD, with BlackRock's single ETHA product alone seeing an outflow of 104.7 million, showing obvious selling pressure.
Currently, BTC price is 79,700 USD, continuously pressured below the 80,000 USD key level.
Although the funds have stopped falling and slightly recovered, the volume is very small and completely insufficient to repair the weak structure this month.
The conclusion is clear: before the FOMC decision is released, this wave of funds is just a test, definitely not a trend reversal. Even when it comes to driving financial innovation, as long as Crypto is not directly mentioned, Americans show much higher support.
A survey conducted by @fund_defi and @Ipsos shows that 35% of respondents support political candidates promoting the development of the next generation of financial technology in the U.S.; but when the question explicitly involves blockchain, cryptocurrency, and DeFi, support drops to 13%.
Another set of figures is even more intriguing: 74% believe the financial system needs to change to give them more control over their money and assets. Yet only 9% say they are very or extremely knowledgeable about Crypto, and only 5% have full or high trust in decentralized platforms.
Demand does not equal trust, and wanting to reform the financial system does not mean believing in Crypto.
The survey also shows that those open to DeFi prioritize using it for saving money and domestic transfers within the U.S., rather than speculation. Crypto ownership has increased by 4 percentage points, but usage over the past year remains at 13%.
This indicates the industry cannot focus solely on acquiring new token holders.
What ordinary people truly need might be cheaper transfers, more convenient asset management, and more direct control over their funds. They may not care whether these functions are implemented via blockchain.
For Crypto to enter everyday life, it relies not on repeatedly explaining how advanced the industry is, but on letting ordinary people genuinely feel its practical value.#SK海力士Q3财报在即，HBM4能否提振盈利？ For $ETH, the treasury company BitMine stopping purchases is undoubtedly a short-term bearish factor.
Currently, there are still 58,067 tokens short of the 5% holding target. That means buying will stop in about four to five weeks, and the market is already pricing in this turning point.
However, in the long term, with 5% of the total supply locked, the concentration of chips increases, and selling pressure decreases. Moreover, BitMine will shift its focus to staking yields and business expansion. Other institutions and funds seeing the returns will also become potential buyers.
Ultimately, $ETH will shift from a pure coin-buying narrative to a holding-for-yield narrative.Conclusion first: The HUMAUSD X-Perp launched by OKX today at 16:00 only traded 646 contracts worth $1,700 in two hours; the real 42% increase was in the old perpetual $HUMA that has been around since last year. The gains are in the contract, not the protocol.
① OKX officially announced on 10-27 at 11:00, opened at 0.02527 at 16:00, current price 0.02648, +4.8%.
② The old contract HUMA-USDT-SWAP rose from 0.01851 to 0.02634 in 24h, +42.3%, with $24.76 million traded, only $1.54 million open interest, 16x turnover; spot accounts for only $4.01 million.
③ Fundamentals unchanged: On DefiLlama, Huma's TVL is $380 million, 24h fees $98,000. CoinGecko: market cap $46 million, FDV $265 million, with 10 billion total supply but only 17.3% circulating.
Funding rate at 08:00 was -0.0093% (shorts paid longs), converged to 0.0003% at 16:00, no squeeze on longs.
With TVL at $380 million and market cap at $46 million, do you value it by FDV or by TVL? IBM, Oracle, Intel, and IonQ have joined the opposition list, bringing the number of issuers objecting to OKXICE tokenized US stocks to 26. Previously, on October 23, the public notice listed 22 issuers, initially planning to cover about 63 US stocks. The joint venture platform, equally owned by OKX and ICE, plans to conduct 7×24 hour tokenized stock trading on the X Layer, operating under the SEC's innovation exemption with a 30-day objection window. CoinGecko spot price for OKB is about $107.78 (snapshot around 18:04 Beijing time).
The opposition comes from third-party issuers, not the companies themselves issuing tokens on-chain. Opponents may say the list will grow and trading hasn't started yet. But with major companies individually issuing written rejections, it at least indicates that the path forward is not smooth if default non-opposition is assumed.
If the remaining issuers remain silent during their respective 30-day windows, this will continue to be a tug-of-war over the list; if objections keep piling up before the market opens and the planned listings are cut by more than half, this round should be seen as a signal of product shrinkage, not as the tokenization channel having been successfully established.
$OKB
#OKX #TokenizationWhy does the market trust Berkshire Hathaway when it retains earnings instead of paying dividends, yet remain skeptical of Pinduoduo ($PDD)? The answer comes down to three things: capital allocation, shareholder returns, and trust. Warren Buffett’s philosophy is straightforward: every dollar of retained earnings should ultimately create at least a dollar of market value for shareholders. Retaining cash only makes sense when management can reinvest it efficiently. 1️⃣ Free Cash Flow Matters More $HUMA vs $IRYS
Two completely different situations here.
HUMA is up over 40%, and shorts are getting crushed. Most longs are already sitting in profit, but buyers are still showing up. I wouldn't rush to short this just because it pumped.
IRYS looks much weaker. Longs are deep underwater, shorts are comfortably profitable, and selling pressure is still there.
My take? HUMA could squeeze higher if shorts keep holding. IRYS needs fresh buyers before I'd even consider a long. BTC fell below 80,000, but TRX is busy settling trillions of dollars on-chain! On-chain activity is lively, but the coin price is quiet—is this a failure of fundamentals?
In TRON's official Q3 2026 report, there's a contrast: stablecoin settlement volume is about 2.21 trillion USD, a 5.1% quarter-on-quarter increase; meanwhile, the average daily network fees dropped 4% quarter-on-quarter. An increase in transfer volume does not mean fees increase correspondingly.
The Federal Reserve's rate meeting is from October 27 to 28, but this round of decline cannot be directly attributed to meeting expectations.
First, look at $BTC, quoted at 79,644, down 0.52% in 24 hours. It's still 356 USD short of 80,000. Regaining the integer level and sustaining a rebound are still two different things.
Next, $ETH is at 2,304, down 0.60%. It's only 4 USD away from 2,300, but the integer level is not an automatic support; you can't assume it won't fall just because it's "very close."
Finally, $TRX is at 0.3284, down 0.61%. Instead of just focusing on 0.33, it's better to break it down: with settlement volume growing, how exactly does that translate into token demand?
What’s more worth studying this time is not "why the positive news didn’t cause a rise," but whether we have mistaken business scale for holding income.
More on-chain transfers do not equal more earnings in accounts.
#Robinhood交易业务增长能否延续？ 今天BTC在8万下方磨蹭 大概7.95万到7.98万一带 ETH在2300美元附近 24小时振幅很窄 整个市场像等男朋友回消息 手机攥在手里 啥也不敢干 今天为什么不涨不跌 因为美联储两天会议今天开始 北京时间10月29日凌晨2点出决议 CME定价约90%概率按兵不动 利率维持3.75%到4.00% 不动已经被定价得明明白白 真正的雷在发布会 12月加息概率被定价在八成左右 分手不可怕 可怕的是那句 我们需要谈谈 再看几个小细节 Strategy截至10月25日那周一枚BTC都没买 持仓停在848517枚 钱拿去回购优先股了 MARA关联钱包转了约1000BTC进Galaxy 市场猜要卖 但转到做市商不等于砸盘 另一边Strive一口气买了6182枚 老钻石王老五说这周先不约了 新人立马冲上来表白 信号是混的 别只看一边 另外美国现货ETF 10月22日净流出6.35亿美元 一进一出来回拉扯 不是单边撤退 明日展望 决议本身大概率是个哑炮 看点在发布会口吻 偏鹰 12月加息坐实 短线可能再测7.8万到7.9万 那里有约8000万美元买单堆着 偏鸽 8万有机会重新站回 操作建议 决议前别Last night BTC dropped below 80,000, and the group chat was full of people crying and panicking. I guess many pressed the sell button out of fear. Early this morning, after checking ETF fund flows, I found it fascinating that the Wall Street big players collectively played a disappearing act in this scenario!
$BTC ETF funds were actually zero yesterday, you read that right—zero inflow and outflow. A few days ago, BlackRock and Fidelity were still aggressively dumping (on the 23rd, they sold 16.94 million), but now at the 80,000 mark, these big players are holding steady, indicating institutions are also waiting and watching, neither bulls nor bears daring to shoot first, all waiting for direction.
Looking at $ETH, it was the only one with inflows. While everyone else was hesitant, Fidelity quietly bought 69.14 million worth, forcefully turning the total volume into a net inflow. They were dumping just the day before yesterday, but now at the 2,300 level, institutions clearly think "the price has dropped enough to be worth it," starting to build positions on the left side. This might be the most positive signal in today's market.
Finally, $SOL looks a bit rough, still seeing outflows. Yesterday's net outflow was 80,900. Bitwise and Grayscale are both exiting. Compared to institutions bottom-fishing on ETH, SOL's funding situation remains under pressure, and the selling pressure in the spot market hasn't fully ended yet.
#本周将公布10月FOMC利率决议 #SK海力士Q3财报在即，HBM4能否提振盈利？CORE Hard Fork: Fix the Future, Not Chase the Past
In one sentence, the core idea of this hard fork: fix future protocol vulnerabilities to prevent excessive token issuance; but do not trace back or roll back completed historical transfers.
✅ Fix the Future:
Modify protocol rules through the hard fork to plug the validator reward loophole, fundamentally preventing anyone from exploiting the loophole to unlock tokens prematurely in bulk, avoiding ongoing inflation disasters and preventing more abnormal tokens from emerging. The 186 million CORE tokens still in the vulnerable addresses that have not been transferred out will be directly destroyed.
❌ Do Not Chase the Past:
About 69 million ghost tokens that have already been transferred early to external independent wallets will not be rolled back or forcibly reclaimed by the project team, acknowledging the validity of this on-chain transaction.
The cost is that the selling pressure risk of these tokens remains, which could be sold anytime when the market recovers, suppressing the upward potential of the token price.
Investment Research Interpretation
This choice prioritizes protecting the fundamental trust of the public chain that "once a transaction is on-chain, it cannot be arbitrarily altered," which is the most valued trust foundation in the BTCFi sector.
If historical transactions were arbitrarily rolled back, it would severely undermine the confidence of BTC staking users, who would worry that their staked BTC and on-chain assets could be changed by the project team at any time.
However, only fixing the future and not chasing the past merely solves the single issue of the inflation loophole.
Basic problems such as continuous node withdrawals, SatPay delays, and lack of stable on-chain income will not be automatically fixed by this hard fork.
The hard fork is a stop-loss measure, not a fundamental turnaround.🔥Bitcoin has always dropped after past midterm elections. But one thing most people overlook is that in the past, Bitcoin only completed its cycle bottom after the midterm elections. So the decline is just a correlation, not a causation.
This time, Bitcoin has already completed its cycle bottom, so this round of decline may not repeat. Bitcoin is very likely to have bottomed out before this year's midterm elections, and those , and it may happen again.👀
#DailyOrbit
#BTCETFFlowSwings From "collective retreat" to "single-day turnaround," the attitude of funds is subtly changing
A few days ago, ETFs were still experiencing net outflows, but suddenly reversed:
$BTC net inflow of $40.8 million,
$ETH net inflow of $29.4 million,
$SOL also turned to a slight inflow.
Although not exaggerated in absolute terms, the synchronized return of the three major assets at least indicates that some institutional funds are willing to tentatively take positions at the current level.
However, single-day data cannot be linearly extrapolated.
ETH still had a net outflow of $680 million over the past 30 days,
SOL also has a cumulative outflow gap of $57.9 million; the "scar effect" on the capital side will not completely fade away because of one day's data.
From the market perspective, BTC near 79,740, ETH near 2,312, and SOL near 99.86 are all at the lower edge of the previous volatility range. The appearance of capital inflow at this position indicates that some participants tend to see "dips as opportunities," but whether a trend can form depends on whether inflows continue in the following days.
An imminent variable. The market generally expects no change this time, but the probability of a rate hike in December remains above 60%, which means that even if short-term sentiment recovers, macro-level constraints have not been lifted.
Recording the change in fund attitude; the focus later will be on the sustainability of inflows, not just single-day figures.
This is only a personal market observation and does not constitute any trading advice.
#SK海力士Q3财报在即，HBM4能否提振盈利？ Doing perpetual cross-exchange arbitrage, the outcome is decided before you even hit the order button.
The server is rented on AWS Tokyo, with availability zone az4 selected. Also in Tokyo, az4 to Binance is only 0.3 milliseconds, while the other two zones take 1.5 to 1.9 milliseconds. To mainly run Hyperliquid and Lighter, these two use CloudFront, and switching Lightsail to AZ C can be 1 millisecond faster.
For Hyperliquid market data, don’t just open one connection. I open 3 to 4 simultaneously, and use whichever arrives first, which is faster than a single connection. This trick doesn’t work back on Binance, as there’s no such jitter there.
Don’t click cancel to withdraw quotes. Use modify to move the order to a price that definitely won’t execute; tests show this is twice as fast, with two round trips for canceling but only one for modifying.
A free Lighter account is enough to run arbitrage; don’t rush to buy a paid plan.
The most valuable data is crypto stocks. When the US stock market is closed, tokenized stock prices on Binance move first, leading Lighter’s main site by 50 to 200 milliseconds, and leading Entropy by about 800 milliseconds. During trading hours, Binance only lags Nasdaq by 50 to 60 milliseconds, while Tokyo’s public network takes at least 75 milliseconds to receive Nasdaq data; the middle line is the market maker’s dedicated New York-Tokyo line.
These aren’t strategies, just the baseline. Only those with a low baseline get to discuss strategies. Holding $ENA for almost a month now, without being able to buy low and sell high. Several times it returned to the break-even point but didn’t move. I have always believed this coin has great potential and prefer to accumulate long-term at low prices because this is the trend.
Currently, ENA is in a vacuum period where the buyback mechanism has been approved but not yet activated. The price is fluctuating around $0.20, facing short-term pressure while long-term mechanism options coexist.
⚙️ Core Mechanism: Fee switch approved, but the hard threshold is far from being reached
· Governance progress: ENA holders voted to approve the fee switch proposal on September 2.
· Trigger condition: The 14-day average supply of USDe must reach $7.5 billion to activate the first tier (extracting 5% of net income, of which 95% is used to buy back ENA).
· Current gap: USDe supply is between $4.66 billion and $4.98 billion, about $2.5–2.8 billion short of the threshold, requiring approximately 61% growth to trigger the buyback. The buyback engine is currently completely idle.
📈 Potential growth point: Incremental logic of stock perpetual contracts
· New revenue source: Ethena has expanded its basis strategy to the stock perpetual contract market, which has an annualized funding rate of about 14%-17.5% (compared to Bitcoin’s approximately 4.1% in the same period) and has nearly zero correlation with crypto funding rates.
· Significance: If this business can bring incremental funds, it will accelerate USDe’s scale toward the $7.5 billion threshold, thereby shortening the trigger time for the fee switch. However, this business is less than a year old and has not yet undergone a full cycle test.