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TSMC released its Q3 financial report, with revenue soaring 50.9% year-over-year to NT$1.49 trillion, and net profit increasing 68.7% year-over-year to NT$763.1 billion. Quarterly earnings hit a record high, significantly exceeding market expectations.
Interestingly, despite the earnings far surpassing expectations, the stock price fell. The Q3 gross margin guidance is 65%-67%, down from 67.7% in Q2.
On one hand, AI chip demand is driving advanced process orders, while on the other hand, gross margins are under pressure. Whether capital expenditures will continue to be raised next will directly reflect the pace of AI capacity expansion. The guidance in upcoming earnings calls is worth closely monitoring.
#TSMC Q3 net profit exceeds expectations, earnings hit record high #TSMCQ3RecordProfit The first hurdle is gross margin. The Q3 guidance is 65% to 67%, with a midpoint of 66%, which is 1.7 percentage points lower than Q2's 67.7%, due to the 2nm ramp diluting about 3 to 4 percentage points. Market consensus is around 66.5%, so holding near the upper end of the range would be good news. BTC trader added about $81,200 more long positions (nominal value).
The average transaction price this time was $81,261.
The nominal value of the position after the change is about $650,000.
Account leverage is 4x.
The key point of this record is to continue adding positions. Later, it can be tracked whether he will continue to add when the price moves unfavorably or reduce the position back?
$BTC 📊 OKX Market Express | 10.15 CPI Crash, What’s Next for BTC and ETH?
Brothers, did you see today’s market? In one sentence: CPI blew past expectations, bulls got schooled. But don’t panic yet, let’s first clarify the data and logic.
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🔴 Current Market: Down, but not a crash
First, the hard data. As of October 15 Asian session:
Asset Quote 24H Drop 24H Low
BTC ~$81,070 -3.18% $80,651
ETH ~$2,380 -3.5% $2,350
Key levels:
· BTC: The 80,000 round number is the most critical support line now; the intraday low already touched 80,651, just a step away from 80,000. Resistance above is at 84,000-84,500 short term.
· ETH: Broke 2,400, also testing 2,350. ETH is clearly weaker than BTC this round, with nearly double the drop.
Total 24-hour network liquidations reached $935 million, with longs liquidated at $860 million; ETH contract liquidations about $286 million, BTC about $197 million. ETH longs took a heavier hit this time because ETH open interest is only about 60% of BTC’s, yet liquidation proportion is higher.
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🧨 Why the drop? CPI is the fuse
US September CPI YoY at 3.7%, higher than previous 3.4% and expectations; core CPI 2.6%, also above forecast. Once data released, CME FedWatch’s October rate hike probability jumped from 22% to 47%.
Rising rate hike expectations → US Treasury yields rise → risk assets all fall sharply, BTC, Nasdaq futures, Korean stocks (8% plunge triggered circuit breaker) all hit. NY Fed President Williams tried to calm saying “no need to continue hikes in 2027,” but market isn’t buying it yet.
Next key variable: October FOMC. Probability of holding rates steady still above 70%, but expectations are swinging wildly. During this window, BTC will likely oscillate between 80,000-84,000 to digest.
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📈 Contradictory signals: ETFs outflowing, whales accumulating
This is the most notable divergence:
ETF side: Bitcoin spot ETFs recently net outflow $744.3 million; on October 14 alone, $150.5 million outflow. Ethereum ETFs worse, net outflow for 10 consecutive trading days until October 13 when it first turned to net inflow of $24.84 million.
On-chain side: CryptoQuant data shows whales’ total holdings increased to 3.03 million BTC, monthly growth fastest since February this year. BTC net outflow from exchanges recently hit a 7-month high, single-day outflow 24,073 BTC.
ETH has a special signal: on-chain monitoring shows a giant whale/institution continuously "selling BTC to buy ETH," since October 11 swapping about 39,800 ETH worth over $100 million, average buy price around $2,534. This whale is steadily building ETH near $2,534, indicating capital is reallocating weight between BTC and ETH.
Simply put: ETF funds are withdrawing, but on-chain whales are buying. Short-term sentiment is bearish, but chip structure hasn’t collapsed.
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🏦 Institutional views? Big divergence
Institution BTC Target ETH Target Core View
Citi (Oct) $113,000 $3,028 Upgraded, optimistic on ETF fund inflows
Standard Chartered $100,000 $4,000 Maintained, but warned rebound only after $50K drop
Tom Lee $150K-$250K $9K-$12K Optimistic year-end scenario
CryptoQuant — — 30-day consensus index rose from -18.3 to 49.2
Citi just upgraded targets early October citing “increased crypto market activity, supportive macro environment, ETF fund inflows resuming.” CryptoQuant analyst consensus index soared from -18.3 in July to 49.2, showing bullish sentiment significantly recovered.
But Standard Chartered previously warned if macro deteriorates, BTC might first drop near 50K before reorganizing for a rally. This is the core market divergence now: short-term bearish, mid-term bullish.
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🎯 OKX perspective: My trading approach
BTC strategy:
· 80,000 is key support. If daily close holds above 81,000, can lightly go long short-term, stop loss below 80,500, target first at 83,500-84,000.
· If 80,000 breaks, next support zone is 78,000-79,000. Don’t rush to bottom-fish, wait for FOMC outcome.
· On-chain whales continue adding at 3.03 million BTC holding level, mid-term no need to be too pessimistic, but short-term volatility will be large.
ETH strategy:
· ETH is weaker than BTC this round, don’t blindly bottom-fish short-term. If 2,350 doesn’t hold, next level is 2,280-2,300.
· But note — a whale is continuously reallocating ETH near $2,534, this price band has institutional buying support. If ETH can reclaim above 2,450, consider building position in batches.
· ETH/BTC ratio currently low; if market stabilizes later, ETH’s elasticity will be greater than BTC. Citi’s 12-month target for ETH is $3,028, implying larger upside than BTC.
Overall position advice:
Now is not the time to be fully invested. Post-CPI market needs time to digest; suggest maintaining 50%-60% position, keep powder dry for lows around FOMC. Remember, whales are buying on-chain, ETFs are selling; this divergence will eventually resolve — most likely with ETF funds returning.
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📌 OKX community reminder: The above is personal analysis only, not investment advice. Leverage carries risk, contracts require caution. Market changes fast, remember to set stop losses.
Do you think BTC can hold 80,000? Share your thoughts in the comments👇$ETH $BTC #Netflix growth may slow, advertising business becomes a new highlight $NFLX
After doubling advertising revenue, it still only accounts for about 6% of total revenue.
▪️ Announced layoffs of about 6%, approximately 1,000 people, on 10/14, the largest scale since 2022
▪️ Covers product, technology, legal, and human resources, with the creative studio included in the list
▪️ Advertising revenue target of $3 billion by 2026, doubling year-on-year
▪️ Over 4,000 advertising clients, up 70% year-on-year
▪️ In markets where advertising slots have been opened, over 60% of new registrants choose the low-price advertising slot
▪️ Employee size increased from about 8,600 in 2019 to about 16,000 in 2025
The disagreement is not whether advertising can become a new highlight, but how much it accounts for after "doubling."
$3 billion is 6% for a company with about $50 billion in annual revenue, and the layoffs this time are also 6%. Sixty percent of new users choose the low-price slot, indicating that advertising is compensating for the price given up by subscriptions—what it can make up for is growth, what it cannot is profit.
The direction is to wait and see — advertising share needs to rise to double digits to be considered a new engine; staying at 6% is still just filling a gap.The day after the CPI release, the market responded in the afternoon: nearly $1 billion worth of contracts across the entire market were liquidated in the past 24 hours, including about $286 million in Ethereum and about $197 million in Bitcoin. An interesting detail is that Ethereum's open interest is only about 60% of Bitcoin's, yet its liquidation proportion is higher, with a drop of over 6% back below $2400 — the heavier the leverage, the deeper the damage. Bitcoin reached around 81,000, right along a key line: Glassnode's October 14 weekly report estimates the comprehensive cost of the US spot ETF at about $81,500. The dense long liquidation zone below is between 80,600 and 81,200, while the short zone above is between 82,400 and 82,800. My view: 81,500 is not an "iron bottom"; it is the cost zone of leveraged chips. Only by holding above it can there be a chance to recover to 82,800; if it breaks below, then the support strength at 80,600 should be watched first. The data comes from public market statistics and does not constitute investment advice. Which position are you watching this afternoon? Let's discuss in the comments.Three types of declines, the one that falls the least is not necessarily the most resilient
On the same day, $BTC $ETH $SOL all weakened together.
But the reasons behind the three bearish candles are different.
Different reasons for the decline:
$BTC is driven by sentiment selling, with no large holders fleeing on-chain.
There is still support near the 400-day moving average.
$ETH is a capital withdrawal:
ETF net outflows continue, wallet balances are moving out.
Some are actively reducing positions, not just following the decline.
$SOL is pressured by contracts:
Perpetual shorts are increasing, prices are pushed down by leverage.
Spot outflows are limited, and chips have not changed hands on a large scale.
Only looking at the order of decline makes it easy to mistake sentiment for trend.
Distinguishing the source helps identify where the noise is.
#BTC spot ETF net outflows again, can institutional buying recover?
#$BTC $ETH After the South Korean stock market experienced seven consecutive trading days of decline, it once triggered a circuit breaker during intraday trading due to a sharp drop. However, it has since gradually recovered from the lows and shows signs of strengthening and repair. Many market observers believe that short-term volatility is likely to increase for the following reasons: • Seven consecutive days of decline have accumulated a large amount of panic selling; even if there is a rebound, it is easy to see sharp back-and-forth swings of "rally then drop again"; • Semiconductors are the ballast of the South Korean market, and heavyweights like Samsung and SK Hynix have not fully stabilized sentiment, making them prone to large fluctuations with any news; • The Asia-Pacific chain reaction is still ongoing: surrounding markets like the Nikkei have not fully stabilized, and safe-haven funds will repeatedly flow in and out; • The previous circuit breaker was only a temporary pause of programmatic sell orders, which does not mean the negative factors have been fully digested. The rebound looks more like a technical cover after panic rather than a direct reversal. ✅ The current strengthening is a low-level repair/rebound ⚠️ It does not mean a direct continuous rise back up; wide fluctuations and sharp rises and falls are still quite possible going forward. $SOL has over 70% of its coins locked in staking. Normally, this would mean a tight circulating supply and low selling pressure, yet it dropped 13% this month and even broke below the supporting ascending channel.
The issue is that staking locks the coins, not the ability to sell. Staking certificates can circulate on-chain, be used as collateral, or be resold. The original coins lie dormant in contracts, but the risk exposure can still transfer to the market. Although 70% appears locked, the actual circulating chips are far more than that.
Stakers generally have low costs, mostly entering two years ago. Even if the price falls to 100, they still have substantial paper profits and can afford to sell — this is different from passive trapped holders.
The yield is also not negligible. With an annual staking yield of about 4.8%, a 13% drop this month wipes out over two years of interest at once, undermining the rationale for locked positions.
The focus should be on the unstaking queue. Exiting is on a first-come, first-served basis. Once faith weakens, unstaking will cluster rather than spread out over months. The flip side of a high staking rate is highly homogeneous chips: when people want to leave, they leave together.
100 is the recent key level, with over 40 million coins changing hands at this price; if broken, look toward 90. The range from 105 to 110, just lost as support, now acts as resistance.
#美国CPI超预期升至3.7%，今晚PPI再迎考验 $ZEC 50x Short Position Nets 640% Profit! Discussing the Upcoming Major Trends and Bull-Bear Dynamics
I just caught a pretty smooth swing trade on ZEC, a 50x leveraged short position, entering at 1280 and closing at 1115, realizing a 640% profit. Today, instead of showing off the trade, I want to share my views on ZEC's future trend based on this live operation.
1. Simple Review of This Short Trade
After ZEC surged to 1650 at the end of September, it started weakening in early October. On October 8, it dropped to a low of 1112. Although there was a rebound to around 1300, the volume clearly lagged, and the daily EMA20 kept pressing down the price. I chose to short near 1280, judging this as an oversold rebound rather than a trend reversal. The market behaved as expected: the rebound hit resistance near 1300 and then fell back, bottoming near 1112, securing this profit.
2. Fundamentals: Mixed Bull and Bear Factors
On the bullish side, Grayscale's ZCSH spot ETF AUM has surpassed $1 billion, and the Winklevoss team has submitted a new ZEC ETF application, showing ongoing institutional accumulation. More importantly, the NU7 upgrade is scheduled to launch the mainnet on November 5, reducing block time from 75 seconds to 25 seconds, while advancing quantum-resistant signatures—this is a qualitative improvement for ZEC's long-term narrative. Additionally, ZEC developers have set January 2027 as the target for quantum-resistant signatures, and this roadmap is steadily being fulfilled.
On the risk side, the most direct concern is selling pressure—about 70% of ZEC tokens remain in transparent pools, which could generate selling pressure anytime before the quantum-resistant upgrade is implemented. Grayscale's ZCSH ETF also recently saw about $1.7 million outflow, indicating institutional sentiment is not unanimously bullish. Moreover, the NU7 upgrade timeline was delayed to Q1 2027 due to the Orchard pool vulnerability incident in June, weakening short-term catalysts.
3. Key Technical Levels
From the chart structure, ZEC fell from the September 26 high of 1698 to the October 8 low of 1112, a retracement of about 34.5%, then rebounded to around 1220, a roughly 10% bounce.
· Resistance above: 1247-1284 is the first resistance zone, the ceiling of the previous rebound; stronger resistance lies between 1300-1350. Only a volume-backed close above 1284 can ease the short-term bearish setup.
· Support below: 1200-1250 is a strong support zone, with previous highs turned support and multiple tests without break; 1176 is the critical rebound lifeline—if broken, the rebound fails, and the next support is the sharp low near 1112.
Currently, ZEC's 24-hour volatility remains high, with 30 candlesticks showing over 18% amplitude. The MA5 has crossed below MA20 forming a bearish alignment, RSI hovers around 45 in a neutral-to-weak zone, and MACD shows a slight golden cross but lacks momentum. Overall, this is volume leftover from a rebound, not a trend reversal.
4. My Outlook
In the short term, the market will likely continue oscillating between 1176 and 1284, consolidating. Contract open interest remains high, funding rates are positive, and longs are paying to hold positions, indicating market sentiment is not pessimistic. However, active leverage means liquidations can amplify volatility—prices rise fast and fall fast. In a choppy market, chasing highs and selling lows often leads to losses on both ends.
From a mid-term perspective, the NU7 upgrade and quantum-resistant narrative are solid positives. Institutional inflows into Grayscale ETFs continue, and privacy narratives have long-term support amid increasing AI surveillance. But before the upgrade is officially launched, the market may undergo repeated shakeouts. Historically, the period before positive catalysts arrive is often the most volatile, a pattern worth noting.
5. Risk Warning
50x leverage is extremely high risk. My profit this time involved some luck; I do not recommend blind imitation. Everyone's position size and risk tolerance differ. Proper position management and stop-loss settings are the keys to long-term success.
What do you think? Will ZEC break below the 1176 rebound lifeline first, or will it break out above 1284 with volume and push higher? Share your thoughts in the comments.
#zec #okx #marketanalysis #NU7upgrade #TSMCQ3RecordProfit "TSMC's profit is expected to surge 65%, yet semiconductors keep getting repeatedly sold off! Will this week's $TSM earnings report become a catalyst for $NVDA, $AVGO, $MU, and $SNDK to rally again?"
I believe the most important semiconductor event this week is not any new news from OpenAI, nor how much Samsung or SK Hynix in South Korea have fallen today, but TSMC's Q3 earnings report on October 15. The entire market is debating whether AI investment has already peaked, and#TSMC Q3 Net Profit Exceeds Expectations, Profit Hits Record High $TSM
Net profit set a record for the sixth consecutive quarter, while the stock price fell 4.33% that day.
▪️ Q3 revenue was $46.72 billion, up 50.9% year-over-year and 17.6% quarter-over-quarter
▪️ Net profit was NT$763.06 billion, up 68.7% year-over-year and 8% quarter-over-quarter, setting a record for the sixth consecutive quarter
▪️ Beat market expectations by about 2.2% (NT$746.3 billion), revenue exceeded the upper guidance limit
▪️ Gross margin was 66.4%, down 1.3 percentage points quarter-over-quarter; net margin was 51.1%
▪️ 2nm accounted for 8% of wafer revenue, 3nm 33%, 5nm 28%, with advanced processes totaling 79%
The divergence is not about how much was earned this quarter, but why "record-breaking" and "a 4.33% drop" happened simultaneously.
The financial report measures the revenue and profit that have occurred this quarter, while the stock price reflects the discount rate. The 1.3 percentage point quarter-over-quarter drop in gross margin comes from depreciation and yield issues during the 2nm ramp-up period—new processes always reduce profit margins when they first go into production.
The outlook is to wait and see—only when the 2nm share rises above 20% and gross margin rebounds can it be considered fulfilled; if it stays at 8%, it is still in the investment phase. 【xp Drill · My Position List】
For this midterm election set, I laid out bets based on "will win," not on returns:
· Republicans sweep both chambers → Bet NO
· Democrats take the House → Bet YES
· Republican Senate + Democratic House → Bet NO
· Democrats take the Senate → Bet YES
· Democrats sweep both chambers → Bet YES
· Tesla earnings beat expectations → Bet YES
· Netflix earnings beat expectations → Bet YES
Why this allocation? I reviewed institutional models: House Democrats 72%-94% (almost locked → heavy position); Senate 54%-74% (wide range → small position only); for the two earnings reports, my own estimates are 55% / 53% (least confident → minimal position).
Honestly: betting on the popular side has an expected value close to zero; you earn from win rate, not returns. To really earn expected value, you have to wait for mispricing in the market — for example, when the best ask for a result is below its true probability.
(xp drill record, not investment advice)
#OKXProphet #EarningsSeason [Earnings Season Drill · Tesla] Beijing 10/22 Early Morning Report
This interrogation is actually a hard threshold: whether the diluted non-GAAP EPS is > $0.43 (which roughly equals the consensus sell-side expectation).
The hard data already released is impressive: Q3 deliveries at 486,532 units, exceeding consensus expectations by 5.3%, and surpassing the highest estimate of any single analyst.
But deliveries do not equal profit. Q2 this year is a live example: record deliveries of 480,126 units, yet non-GAAP EPS missed expectations by 38%, and gross margin dropped to 16.83%.
Three bearish details:
· Energy storage at 13.7 GWh, about 14% below consensus expectations
· Whisper expectation only 0.40, below the 0.44 consensus
· Non-GAAP EPS beat only 3-4 times in the past 8 quarters (about 40%), while the S&P 500 is 75%
My estimate: about 55% chance to beat expectations. The market odds are 70% — I am 15 points lower than the market, this is a divergence, not a conclusion.
(xp drill record, not investment advice)
#OKXProphet #EarningsSeason Arthur Hayes: If an AI trading crash ultimately triggers a trillion-dollar bailout, it will benefit the Bitcoin bull market
Former BitMEX founder Arthur Hayes presents a striking macro scenario: currently, trillions of dollars are being aggressively invested in AI computing infrastructure, largely financed by debt. If the AI investment bubble bursts, causing a systemic credit crisis, the Federal Reserve will intervene with a massive bailout and release huge liquidity. This incremental capital will help propel Bitcoin into a major bull run.
The key is to understand two layers of logic: during the initial deleveraging phase right after the crisis breaks out, BTC will plunge along with all risk assets; the real market opportunity comes after central banks start bailout measures and liquidity easing.
This is a long-term macro hypothesis, not a short-term signal for immediate gains. If AI demand remains strong, this scenario might never play out.
Do not directly use this distant story to go long. In the short term, prioritize tracking US Treasury yields and ETF fund flows. If the AI sector starts a sustained valuation sell-off, do not bottom-fish BTC early; wait for liquidity easing signals before considering positioning, and always use stop-losses on any trades.656 million USD. This is the net inflow of BTC in the past 24 hours; someone is quietly catching the dip. But do you dare to follow the surge? I stared at this set of data for a long time this morning, and the more I looked, the more I felt—this is not a full-scale attack now, but funds pacing back and forth at the door. - BTC: 24h net inflow of 656 million, some short-term bottom fishing. But stretched to a week, net outflow of 3.623 billion. Mid-term funds are still watching from the sidelines, like dipping a toe to test the water temperature first. - ETH: 24h net inflow of 700 million, buying has indeed returned. But the weekly line still shows a net outflow of 3.559 billion. Confidence is repairing, but revival is still a breath away. - SOL: 24h net inflow of 125 million, funds are looking for resilience. 30 days still show a net outflow of 2.041 billion, long-term players have not clearly turned back. - ZEC: 24h net inflow of 146 million, accumulation is fiercer than other coins. But a strong single day ≠ trend reversal, this must be clear. Putting these numbers together, what the market is actually trading is a very subtle sentiment: wanting to move, but not daring to move heavily. In terms of sector strength, ETH and ZEC temporarily take the spotlight for short-term accumulation, SOL is still being tested, BTC is more like the emotional anchor—if it holds steady, altcoins dare to breathe. But the weekly-level withdrawal has not stopped, indicating that big money's risk appetite has not truly returned. What people tend to overlook is that a good daily inflow can create the illusion that "the bull is back," but if mid-term funds do not nod, the rebound is just a rebound. The bullish path: BTC continues accumulating, ETH stops bleeding, strong coins continue to be scooped up, sentiment#TSMC Q3 net profit exceeds expectations, profits hit a record high
Has anyone noticed a problem?
After Q2, many semiconductor chip companies stopped rising despite beating expectations.
The same started in Q3, including TSMC, which just released its earnings.📌 A rebound does not equal a reversal; contract funds are still exiting
Thinking of chasing after a rebound? First, check whether contract funds have actually left. The price has bounced, but the big money is still exiting, beware of this illusion of "seeming to rise."
📊 Core data review:
· BTC: 689 million net outflow in 24 hours, 2.624 billion in a week, 6.144 billion accumulated over 30 days. Although there is a 33.24 million net inflow at the 1-hour level, the short window cannot change the bleeding rhythm of the larger cycle.
· ETH: 990 million net outflow in 24 hours, 2.524 billion in a week, 6.801 billion over 30 days. Brief inflows at 2/4 hours, but still a 401 million net outflow at 12 hours.
· SOL: Shows resilience in the short cycle (35.01 million inflow over 8 hours), but long-term data is insufficient to confirm true capital return.
· ZEC: 139 million net outflow in 24 hours, sporadic inflows cannot support the overall.
💡 Market logic analysis:
Currently, the market is trading on "interest rate cut expectations + short-term oversold rebound" front-running, not new incremental capital entering.
🔮 Future path projection:
· Bullish path: BTC net outflow reduces to within 200 million per day, ETH turns positive at 12 hours, SOL continues net inflow. After sentiment recovers, altcoin rotation will have a foundation.
· Bearish risk: Price rebounds but positions continue to drop, funding rates turn negative. This indicates bulls are reducing positions, and the rebound can be sold off at any time.
📝 Summary:
Short-term recovery is possible, but don’t mistake a rebound for a reversal. Until contract funds return, don’t be impulsive $ARB
Arbitrum's growth doesn't automatically guarantee token demand.
Arbitrum helps Ethereum applications operate with lower transaction costs. However, $ARB mainly serves governance purposes, meaning ecosystem expansion does not automatically create proportional token demand. Supply unlocks and competition from other Layer-2 networks also matter. Developers, application usage, and token utility deserve separate analysis before drawing conclusions about its long-term potential.[Old Leek Observation] Mainstream coins are diverging! $BTC can still hold, but $ETH and $SOL are weaker
In the past two days, there has been a change among mainstream coins: not all coins are falling together. BTC is relatively resistant to decline, while ETH, BNB, XRP, and SOL are weaker in this phase, especially SOL, which has had a more prominent drop in the past 7 days among this group.
Another detail worth noting: market analysis data shows that the total open interest in the crypto market increased by about 15% in the past week, but BTC open interest decreased by about 6%. This indicates that trading activity has not disappeared, and leveraged funds may be shifting focus toward altcoins.
My judgment is: the short-term decline should not yet be considered over. If BTC holds around $80,000 and climbs back to the $82,000–$84,000 range, it will be more likely to lead mainstream coins to recover; if it breaks below $80,000 effectively, the next step is to guard against continued selling pressure.
For ETH and SOL, just because they have fallen a lot doesn’t mean they are cheap. Before BTC stabilizes, even if weak coins rebound, it may only be a correction within the downtrend.
Next, focus on two things: whether BTC can regain and hold the key area, and whether ETH and SOL can stop weakening relatively.
The real watershed in this market is not which coin falls the most, but whether funds will return to mainstream altcoins after BTC stabilizes.#美国CPI超预期升至3.7%，今晚PPI再迎考验 $BTC
The probability of a rate hike doubled overnight, but even after doubling, it is still less than half.
▪️ September CPI year-on-year 3.7%, higher than the expected 3.6% and previous 3.4%, the highest since May this year
▪️ Month-on-month +0.6%; core year-on-year 2.6%, month-on-month +0.3%, both higher than expected
▪️ CME pricing for a 25bp rate hike in October rose from 21.6% to 43.7%
▪️ Probability of no change dropped from 78.4% to 56.3%, once surged to 50% during trading
▪️ Tonight at 20:30 PPI and retail sales will be released, and on 10/16 there will be talks between the Fed and IMF
The disagreement is not about whether inflation exceeded expectations, but about the denominator of the word "doubling."
21.6% is the number before doubling, 56.3% is the remaining number after doubling. The market is reacting to the single-month data, not judging the rate hike cycle—if tonight's PPI also exceeds expectations in the same direction, this 22 percentage points will be added upward.
The direction is to wait and see—core month-on-month must be ≥0.3% for two consecutive months to be considered a trend; a single month exceeding expectations is just a probability fluctuation. Just saw someone asking why $BTC only dropped a little, and why everyone seems so down
Actually, most people don't care about $BTC's ups and downs because they don't have any
The reason for feeling down is most likely because there's nothing to play with
Before, there were VC projects to earn rewards, testnets and mainnets with social media tasks, volume brushing, deposits, all very fun
Before, there were things to do on-chain, this chain has something, that chain has something, every day was like an open-book exam
Before, there were various projects to deposit in and play, and after TGE deposits, you could be happy for a while
At worst, when BTC had no market movement, there were still some altcoins to gamble on, studying this open interest or that K-line pattern was really fun
These days it really feels like there's nothing to play with at all. 🚨CPI AFTERMATH IS BIGGER THAN $BTC
Inflation came in hot. Treasury yields climbed. Markets started repricing the possibility of another Fed rate hike.
A stronger dollar + rising yields + a hawkish Fed is a dangerous combo for leveraged risk assets.
The next catalysts: PPI, retail sales, jobless claims and the Fed's next move.
If liquidity tightens, altcoins won't care about your bags or your conviction.
WATCH THE BONDS. RESPECT THE TREND.
Stop confusing a relief rally with a macro reversal.$BTC $ETH $SOL Analysis of Wintermute's Major Short Position Incident
The well-known market maker Wintermute's holdings on Hyperliquid have been exposed, with 86.4% of its positions fully shorted, totaling $75.45 million in shorts. ETH is the primary short target, followed by SOL, and it also includes a short position on the S&P 500. Historically, it has already earned $210 million, and currently holds an unrealized profit of nearly $4 million.
Market sentiment perspective: This is a very significant signal. When major players collectively expect a pullback, it will intimidate bulls in the market, causing many to start reducing positions to avoid risk. However, conversely, it should be noted that if the market reverses and rallies, such a large short position could become potential short squeeze ammunition.
Key points to distinguish: A market maker's short position does not simply mean betting on a crash; there is a hedging need. But such a high proportion of short positions indicates their judgment that short-term market risk is rising, leaning towards a volatile downward trend.
Risk outlook: The market has now entered a phase of game theory. Some follow the big players in bearish bets, while others watch this large short position, waiting for a rally to trigger a squeeze. The market is likely to experience increased volatility ahead, with more intense battles between bulls and bears.[Earnings Season Drill · Netflix] Beijing 10/21 Early Morning Earnings Release
Note that the threshold for this market is tougher than "beat expectations": diluted GAAP EPS must be > $0.84, while consensus expectation is only $0.82 — meaning it requires a 2.4% beat.
Historical pattern is good: 7 beats in the last 8 quarters, and management consistently gives conservative guidance (met or exceeded 11 out of the past 12 quarters).
But three reversal signals:
· Median surprise is only +1.7%, just right at the $0.84 line
· Last year's Q3 was a big miss of -15.7%
· Advertising revenue last quarter was below expectations, and advertising is the most important growth driver this year
My estimate: about 53% chance to beat expectations. The market gives 70% — this is the least confident call I have this earnings season.
(xp drill record, not investment advice)
#OKXProphet #EarningsSeason After the CPI release, semiconductors are still under pressure
The US September CPI year-on-year is 3.7%, and core CPI year-on-year is 2.6%, both higher than expected. After the data was released, the Nasdaq dropped nearly 2%, the Philadelphia Semiconductor Index fell 4.3%, marking six consecutive trading days of decline, with a cumulative drop close to 12%.
The issue this time is not just the earnings reports themselves. ASML's performance is not bad, but the market is more concerned whether AI demand can continue to exceed expectations; storage stocks like MU and SNDK have adjusted significantly, but their previous gains were already large, and with recurring inflation and capital withdrawal, short-term valuation pressure has not been fully released.
Now the two key variables are:
First, US Treasury yields. The 10-year Treasury yield once surged above 5.3%, and although it retreated somewhat at the close, the high interest rates still suppress high-valuation tech stocks.
Second, TSMC's earnings report. TSMC's Q3 revenue and net profit both exceeded expectations, and the Q4 guidance is also strong, indicating that AI computing demand has not decelerated.
However, TSMC's strength is not yet enough to immediately reverse the sentiment of the entire semiconductor sector. Going forward, focus can be placed on its Q4 guidance, 2026 capital expenditures, and management's statements on 2nm, advanced packaging, and overseas capacity expansion.
My view remains cautious: long-term observation can continue, but there is no rush to bottom-fish in the short term. #台积电Q3净利润超预期，盈利创历史新高 The 5.35% yield on U.S. Treasuries is like a knife held to the neck of all risk assets.
Let's look at a number that most people overlook.
In the first week of October, the 10-year U.S. Treasury yield hit 5.35%, a 24-year high. The 30-year Treasury yield surged to 5.70%, a level last seen during the 2002 dot-com bubble burst. The U.S. dollar index rose to an 18-month high.
Think about what this combination means.
You can lie back and buy 10-year U.S. Treasuries, earning 5.35% risk-free interest annually. No need to endure volatility, no worries about liquidation, no need to wake up at midnight to check candlesticks. And Bitcoin? It generates no cash flow, pays no dividends, and no interest.
When a zero-coupon asset faces the highest risk-free rate in 24 years, institutional capital’s choice is obvious. The opportunity cost of holding Bitcoin has risen to a level that allocation funds cannot ignore.
What’s even trickier is that oil prices remain high. Brent crude topped $110 in October, Houthi forces attacked Riyadh airport, and Iran’s stance on the Strait of Hormuz remains ambiguous. Rising energy prices directly push up inflation expectations, and the bond market is starting to price in that the Federal Reserve not only won’t cut rates but may even raise them. $BTC $ETH $SOL #USCPI unexpectedly rose to 3.7%, tonight’s PPI faces another test #TSMC Q3 net profit beats expectations, profits hit a record high #Netflix growth may slow, advertising business becomes a new focus 美国银行遭重罚、华尔街Q3业绩分化，风险偏好收缩正传导至加密市场，MMT难独善其身，我判断短期弱势未改。资金费率虽报0.0050%偏中性，但24h暴跌16.0%后持仓量仍达1033.5万币，多头未大规模认输，反弹易遭抛压。当前价0.1468紧贴24h低点0.1457，距4h高点已回撤23.30%，1小时与4小时趋势同步向下；订单簿前10档买卖比0.84，卖单1.4万压过买单1.2万，成交额仅157.7万，缩量阴跌显示承接薄弱。策略上，反弹至0.1523可轻仓空，止损0.1587，目标0.1389；若放量跌破0.1451则追空，止损0.1498，目标0.1362。仓位控制在5%以内，跌破前低前不抄底。
——仅为个人看法，不构成投资建议，祝交易顺利。——
$MMT#阿斯麦Q3营收创新高，远期需求能否兑现？
#美国银行遭重罚，华尔街Q3业绩分化
$MMT #NetflixQ3AdsAndMargins
Netflix reports Q3 on Oct 20 (after US close). Everyone's asking "beat or miss?" Wrong question.
What actually moves the stock:
Ads are the real test. Q2 ad revenue ($618M) missed consensus by 7.2%. Q3 estimates sit around $834M, a ~35% jump quarter-over-quarter. The $3B full-year target is still on the line.
33.2% margin vs 28.2% looks like +5pts, but the base is soft. Last year's Q3 was a low bar, and Q2 margin actually fell YoY (33.4% vs 34.1%).#Sony Earnings Preview: How Are the Gaming and Music Businesses Performing? $SNDK Storage bottom fishing? Do you really know where the bottom is? $SKHYNIX
Today, a fan asked me if it's a good time to bottom fish after SanDisk has dropped so much.
My advice is clear: don't rush!
A big drop doesn't mean it's the bottom. Especially in the current market, blindly entering can easily mean buying halfway down the slope.
The weakness in the storage sector this time is not without reason. Domestic storage market competition pressure, emotional changes caused by the early end of buybacks, plus the continued pressure on the Korean stock storage sector, have led market funds to reassess the valuation of storage stocks.
Last night, CPI data exceeded expectations again, the US dollar strengthened, interest rate expectations heated up, and high-valuation tech stocks faced increased pressure.
From the market perspective, lows keep moving down, bears still dominate, and a clear stop-fall signal has yet to appear.
So my thinking remains unchanged: don't rush to bottom fish for now; prioritize observing rebound shorting opportunities.
Don't always try to guess the lowest point. Until the trend reverses, cheap may only be relative.
Wait for a rebound, watch the resistance, confirm weakening, then consider entering. Opportunities are never lacking; the important thing is not to rush to prove you can catch the bottom when the trend is downward. #Homepage for discussion# TSMC Q3 net profit exceeded expectations, profits hit a record high 美国银行遭重罚、华尔街Q3业绩分化，风险偏好收缩正压制加密市场，ETH难独善其身，我倾向短期偏空但不过度追空。四小时与一小时均线同步下行，距高分别回落13.30%和7.40%，趋势明确向下；不过订单簿前10档买卖比1.33，买方挂单反而占优，与价格下跌形成矛盾，说明低位有承接。资金费率0.0018%偏低，持仓61.9万币，多头情绪已明显降温。策略上，反弹至2408附近轻仓空，止损2442，目标2298；若跌至2286可短多，止损2258，目标2364。单笔仓位不超5%，破位即走不扛单。
——仅为个人看法，不构成投资建议，祝交易顺利。——
$ETH#渣打开放BTC与ETH交易，银行加密业务扩展
#美国银行遭重罚，华尔街Q3业绩分化
$ETH 🔥Macro Quick Report | South Korean stocks circuit breaker triggered, two major positives emerge📊
$BTC $ETH $SOL
✅October rate hike probability declines, both short- and long-term US Treasury yields fall in sync
Funds flee the stock market and flow into US Treasuries, easing liquidity pressure on US debt.
🥇Gold remains generally stable based on interest rate logic, with central banks continuously buying gold to support prices. Even if there is a sharp short-term drop, the underlying support is strong, making it a quality safe-haven asset.
❗Even if tonight's PPI is positive, it will likely only trigger a small rebound and is unlikely to reverse the downward trend.
This round of adjustment will stabilize only after the FOMC decision and geopolitical easing resonate; continue to be patient and avoid rushing to bottom-buy🚨#Can HBM4 mass production drive SK Hynix's profits to new highs again? ASML has already extended customers' purchasing interest to 2030.
Q3 revenue was €11.7 billion with a gross margin of 57.5%, results announced on October 14. What interests me more is the latter part of the announcement: some customers have expressed interest in placing orders for 2029 and even 2030. The AI investment timeline has already been extended far into the future by equipment suppliers.
However, the announcement used the term "interest." There is still a gap between customer forecasts, formal orders, and final confirmed revenue. ASML also judges that, according to current plans, supply in 2027 and 2028 will not fully meet customer demand and is studying increasing subsequent capacity. This judgment supports strong demand but also raises a question: how much of the long-term demand heard now will be delivered on time?
I don't want to discount management's positive statements as worthless; they are certainly more useful than vague industry slogans. But suppliers need to invest in advance, and customers' own projects may also change pace. The further out the purchasing intention, the more it needs to be continuously validated later with formal orders.
This financial report keeps me interested in equipment demand and makes me want to distinguish between market-confirmed revenue and plans still under discussion. If the purchasing interest for 2030 is directly included in current profit valuations, smooth execution in the coming years is assumed prematurely. Good news is worth celebrating, but what price to believe it at still needs to be calculated personally.
#ASMLearningspreview: EUV orders become a key focus Last night, the CPI disappointment landed, and the group chat was full of voices saying "Gold is about to surge": Inflation is high, shouldn't gold go up?
Then $XAUT gold immediately crashed. A 1.65% drop, quickly hitting 4096, with a low of 4088. It only recovered a bit today,
Meanwhile, $BTC was relatively stable last night, fluctuating between 81000-83000, with a much gentler drop than gold. How come?
Breaking it down, it's one thing: Inflation exceeded expectations, the market assumes the Fed will keep high interest rates longer → US Treasury yields are pushed up → Gold holding costs rise → Funds withdraw.
Gold used to be about "inflation hedge," now it's about "fear of rate hikes." As long as the Fed remains hawkish, gold has little short-term prospects. Nothing surprising here. Who calls the shots in the market now?
The Fed. Gold, BTC, and US stocks are all trading the same thing: liquidity. When the Fed sneezes, none can escape. #美国9月CPI同比升至3.7%，核心通胀超预期 Netflix has transitioned from a rapid new user acquisition phase to a mature profitability phase. New member growth has peaked, relying on price increases and advertising business to maintain revenue growth; profits and cash flow are strong, but revenue growth is slowing, causing market concerns about limited growth potential.All three coins fell, each dropping for different reasons: BTC, ETH, and SOL pressure source breakdown
Falling on the same day doesn’t mean the same thing
BTC, ETH, and SOL candlesticks look similar, but the capital flows tell different stories
$BTC looks more like an emotional retreat; the market cools down, selling triggers linked orders, but no large holders are collectively exiting on-chain
Support still exists near the 400-day moving average, signs of accumulation at low levels remain
Its weakness is emotional release, not chip collapse
$ETH, on the other hand, is capital leaving; ETFs have continuous net outflows, wallet balances are migrating outward, some holders actively reducing positions
It’s not just dragged down by the market but a contraction in capital
Therefore, recovery depends more on new capital returning, which is more difficult
$SOL’s pressure is in derivatives, with perpetual contract shorts increasing
Leverage pushes the price down, but spot outflows are limited, chips haven’t changed hands on a large scale
The decline is fierce, but the source is more on the contract side.
So, the three bearish candles each have meaning:
BTC is emotion, ETH is capital, SOL is contracts
Only looking at the order of decline can easily mistake emotional fluctuations for trends
Breaking down with on-chain data clarifies who is truly selling and who is just dragged down
Knowing where the pressure comes from tells you what to be cautious about and what to ignore #美国CPI超预期升至3.7%，今晚PPI再迎考验 #BTC现货ETF再度净流出，机构买盘能否回暖？ #美俄柴油直供推进，美国考虑放宽油轮制裁 #TSMCQ3RecordProfit TSMC is going to release its latest earnings report this Thursday✨
Actually, a 50% year-over-year revenue growth is nothing new; the market already got preliminary data last week making this clear. What really holds the market's pulse are three key numbers hidden in the earnings report: gross margin, full-year performance , and next year's capital expenditure.
TSMC's preset range for Q3 gross margin is 65%-67%, but last quarter's gross margin even touched a high of 67.7%. #TSMCQ3RecordProfit TSMC's revenue has already exceeded expectations, so what is the Thursday earnings call really about?
TSMC's Q3 revenue was actually announced early, about $46.7 billion, higher than the company's own forecast of $44.6 to $45.8 billion. The Thursday earnings call isn't about revenue, but about the costs behind that revenue. Ajian does not recommend simply interpreting today's market-wide decline as all projects going bad together. Some assets are just being repriced due to interest rates, some assets are being cut from overvaluation, and some are just facing expensive funding costs forcing longs to liquidate. The price performance in these cases may look the same, but the handling methods are completely different:
If you hold $BTC, $ETH, $SOL, first look at macro and capital;
If you hold RWA, AI, DeFi, first look at income and valuation;
If you hold highly leveraged positions, first watch for liquidation.
Don't ask; just break down the reasons for the decline first, then decide whether to panic Run a round of xp simulation 【2026 Midterm Elections · Control of Both Chambers】
First, my judgment: I bet on "Democrats take the House" (I estimate 90%), not optimistic about "Republicans sweep" (I estimate 9%). The basis is not the market odds, but these three points:
① General vote polls D+7 ~ D+9.6, for a president with about 30-32% approval — this combination is a very bad environment for midterm elections
② Cook Political Report on 10/9 shifted 18 House districts toward Democrats at once and estimated a net gain of 9-19 seats for Democrats
③ The real variable is the Senate: model range 54%-74% is very wide, ME/TX/OH/AK/IA all within single digits, and red state Senate polls historically overestimate Democrats
My allocation logic: House nearly locked → heavy position; Senate only small position; "sweep" which requires both chambers → light position.
By the way, an observation: the sum of the YES sell prices for the 5 outcomes of this event = 1.05 (should be 1.00), indicating the whole basket is overvalued by 5% — buying YES on any side is buying at a premium.
(xp simulation record, not investment advice)
#OKXProphet #EarningsSeason $SNDK 1200这位置，我盯死了！！！
早间韩股直接带崩主流和美股，美股这边存储板块也跟着破位。今天存储芯片走势已经很难看，到晚上大概率还会二次下探，而且这次是利空级别的。再加上12月加息预期又抬头，短期想快速修复反弹，基本没戏
从盘面上看，闪迪之前1500附近就是顶部，高点一个比一个低，多头已经被打服了，根本抬不起头。我个人判断美股还会继续往下砸，尤其是闪迪，1200这位置大概率会到
因此我的操作思路：求稳的话，等反弹到1365-1380区间去空，目标先看1275，终极目标1200
#美国CPI超预期升至3.7%，今晚PPI再迎考验 $BTC Non-farm night, don't mistake a sharp BTC rally for a turning point
Tonight ADP warms up first, then non-farm sets the tone; the interest rate market won't trade just one number. The market expects employment to continue cooling, but if wages rise month-over-month, risk assets might shift from a rebound to a trend.
Rather than guessing the data, I'm more concerned about a preliminary question: if non-farm is soft, who is willing to buy on the relay? As of October 12, the CME Bitcoin futures basis hasn't significantly widened, and the seven-day net increase in stablecoins is limited. Before spot funds return, any sharp rally looks more like short covering than the start of a trend.
BTC current price 83,356, ETH 2,505, SOL 107.41. With these three numbers on the table, tonight I’m focusing on three things:
1. Whether the unemployment rate and hourly wages cool down simultaneously. If only unemployment rises but wages don’t fall, the dollar and US Treasury yields may not ease, and the rebound could easily become a pulse.
2. Whether ETH/BTC and SOL/BTC can recover synchronously after the data. BTC running alone only indicates risk aversion or short covering; ETH and SOL following suit represent risk appetite spreading.
3. After the first surge, whether spot trading volume and perpetual funding rates cooperate moderately. A sharp rise in funding rates and a surge in open interest indicate crowded longs; spot volume expansion with stable basis indicates healthy turnover.
So tonight I won’t take sides early, just verify. Non-farm decides the first jump; exchange rates and capital structure decide if there’s a second leg.
$BTC $ETH $ZEC #TSMC Q3 net profit exceeds expectations, profits hit a record high The overall market is still paying off CPI debts, but DeFi old money CRV is quietly approaching its previous high. Is this a rotation of funds or just another pump and dump?
Bitcoin is hovering above 81,000, OKB has dropped 4%, yet the popular rankings see the veteran DeFi project—Curve's CRV—rising 3.4% today to 0.342. In the last 24 hours, it climbed steadily from 0.31 and is now right below the previous high of 0.344 and the upper Bollinger band at 0.346.
Honestly, there’s no new positive news today. It looks more like funds are moving off the AI and Meme short squeeze tables, rotating into deeply discounted DeFi blue chips, catching the on-chain warming as Curve’s active loans recently rebounded to $76 million, with perpetual contracts also seeing inflows. But in early October, it surged past 0.37 only to be slammed back by protocol losses and large holders. Now the RSI is at 63, standing near a resistance level.
The market isn’t unanimously bullish: OKEx spot 24-hour volume is only around 2.45 million USDT, CRV is priced across multiple platforms with OKEx just one venue, and volume hasn’t clearly expanded. The 15-minute candle still closed bearish at a high of 0.343, pulling back.
Watch for one signal: can it break above 0.346 with volume and reach the October trapped zone at 0.37? If it can’t hold and volume shrinks with a wick at the upper band, that’s another range-bound pump and dump—don’t chase at the wall. DYOR, not investment advice.
#CRV #Curve #DeFiThe more volatile the market, the more it doesn't mean ordinary investors make more money. Sometimes, the ones who truly make stable profits are those providing trading services.
Morgan Stanley's latest quarterly results show that its equity trading revenue increased by 41% year-over-year, reaching $5.8 billion. The company's overall performance exceeded analysts' expectations.
Behind this figure lies a noteworthy distinction: financial institutions can earn income through trading services, market making, and other businesses; ordinary investors, however, must predict market direction, bear price fluctuations, and pay trading costs.
Of course, rising trading revenue does not mean all income comes from retail investor fees, nor does it imply that clients as a whole are losing money.
But it at least reminds us: financial markets are not just about "who bought right and who sold wrong." Different participants make money through different mechanisms.
Some profit by correctly predicting direction, some by providing liquidity, and some by charging asset management fees. If you only focus on price movements, you might overlook who exactly you are competing against.
I've always believed that before ordinary people enter the market, understanding their source of profit is more important than first finding a magical indicator.
Do you think retail investors find it hardest to beat market direction, or trading costs, information asymmetry, and emotions?BofA's $1.2B in fines did more than lower reported EPS to $0.91: it shows how compliance can reshape earnings even as revenue grows. That matters against Morgan Stanley's IPO-linked asset influx and Goldman's trading gains, where revenue support may prove more cyclical.
The open question is whether high rates and credit quality add another burden.
#BofAQ3HitByFines #Netflix growth may slow, advertising business becomes new focus Fifteen percentage points, that's not volatility, that's the opponent on the other side of the board flipping the timer. CoreWeave's stock price dropped 15.46% in one day, and the 2032 bond yield briefly exceeded 15%—to a grandmaster, this is like a player who originally set up a Sicilian Defense suddenly realizing their central pawn chain is completely broken, and their king's flank is exposed under crossfire from the opponent's two rooks and queen.
I calculate twenty moves ahead before making a move. The market is doing the same thing now: it's calculating CoreWeave to 2032. Over sixty billion dollars in debt and lease liabilities, over ten billion in order backlog. Management says the reaction is irrational, long-term orders are enough to cover the debt. This sounds familiar in chess logic—many players say "my position has potential compensation" when at a disadvantage, but whether that compensation can be realized depends on whether you can truly mobilize your pieces to the critical squares. Orders are the pieces; delivery and computing power deployment are the moments they step out of their squares and occupy the center. If the pawns can't advance and the rooks, knights, and bishops are all crowded on the back rank, that's stagnant assets.
The AI debt situation is sliding from the opening's mindless advance into the midgame's piece exchange phase. Hot inflation is the uninvited variable that disrupted the originally smooth rhythm. When funding costs rise, all positions relying on discounted future cash flows must be reassessed. And the $xPLTR linkage shows the market is already doing cross-board portfolio calculations—not just looking at a single pawn, but counting the pressure along the entire major diagonal.
My judgment is straightforward: the bulls are now thinking while in check. They either find a brilliant sacrifice to seize the initiative and accelerate cash flow realization; or they are gradually squeezed into a position with no moves left. Historically, no game has been won by "I feel the position is good." The real decider is who can truly convert the order piece into cash and have it land in the account.
Will funding pressure spread to the same sector? To read the board, you must look at the connections between pieces. If this corner is breached, the adjacent weak pawns will inevitably collapse as well. #coreweavestockbonddropNetflix ($NFLX) is really heating up, so is the growth slowing down, and advertising becoming a key variable?!
Current price: about $70.57 (YTD down about 26%, about 44% retracement from the high)
Forward PE about 20x, analyst consensus target price about $90–96 (potential upside about 30%)
Core contradictions
- Growth slowdown: 2026 revenue guidance 13–14% (to $51–51.4 billion), Q3 guidance about 12%
- Profit resilience: operating margin target 31.5% (29.5% in 2025), strong FCF
- Advertising highlight: over $1.5 billion in 2025, 2026 target about $3 billion; monetization pace slower than expected
Key levels
- Support: $70 → $65–68
- Resistance: $71.5–72 → $75 → $80
Observation point: Q3 earnings report on October 20, focus on advertising revenue realization and subsequent guidance.
Current price already reflects growth slowdown, progress in advertising business will determine the pace of valuation recovery. For reference only, not investment advice.
#奈飞增长或放缓，广告业务成新看点 October "Uptober" turns into "Rektober"
BTC opened at 84,853 at the beginning of the month, reached a high of 86,972 on the 5th, then continuously declined. After the CPI release on the 14th, it plunged again to 80,125, rebounded to around 81,600 on the 15th, down 2.49% in 24 hours, down 2% for the week, but still up about 4.4% for the month, retracing about 32% from the historical high of 126,200 in October 2025. ETH was weaker, falling below 2,400, down 18.5% year-to-date. The total crypto market cap fell from above 3 trillion to 2.75–2.85 trillion, evaporating about 110 billion USD in 36 hours.
Three macro factors hit simultaneously: The 10-year US Treasury yield rose to a 24-year high of 5.36%, the 30-year broke through 5.73%; September CPI year-on-year was 3.7%, exceeding expectations, and the October rate hike bet surged from 21.6% to 43.7%; oil prices rose above 93 USD combined with Middle East geopolitical tensions, risk-off sentiment pressured risk assets. Insufficient new buying, BTC’s correlation with tech stocks deepened.
Capital outflow is obvious: BTC spot ETF net outflow was about 679 million USD from October 5–9, ETH ETF outflow was 542 million USD over five days; monthly liquidations exceeded 1 billion USD, with long positions accounting for over 90%, the 80,000 level was defended twice but leverage was not truly cleared.
Key outlook: Short term lacks conditions for a one-sided move, likely to range between 80,000–87,000, awaiting PPI, retail sales, and the Fed’s November meeting for direction
$BTC