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#Circle财报在即，稳定币增长能否兑现收益？
USDC circulation and trading volume are indeed expanding, but reserve income growth lags far behind scale, distribution costs consume nearly 60%, and declining interest rates further squeeze profit margins. Scale is the foundation; what truly determines shareholder returns are net retention rate and diversification progress.
Key Q3 highlights: circulation trends, RLDC profit margin, other income contributions, management's outlook on interest rates and revenue sharing.
Currently, I have no corresponding spot/futures positions on exchanges and will decide after reviewing the earnings report. Risk borne by oneself. Conclusion first: OKX launched four batches of new TradFi products today, but the new pools were almost empty on the first day.
The tokenized stock xIREN/USDC of $IREN opened at 17:30, with only 1 trade of 8.5178 shares worth 200 USD by 17:55; GPRO stock X-Perp opened at 17:00, with 3 trades totaling 13 contracts and an open interest of 11 contracts worth about 11 USD for the whole day; US500 S&P index X-Perp opened at 17:15, with 0 trades and 0 open interest, bid at 7527, ask at 7691, a spread of 2.2%.
Go to the old pools: $IREN perpetual contracts traded 2.18 million USD in 24 hours, with open interest of 769,000 USD; xIREN/USDT spot traded 206,000 USD in 24 hours. The difference between new and old is three orders of magnitude.
IREN is an old miner stock transitioning from Bitcoin mining machines to AI data centers. On November 3, the AI data center sector collectively rebounded, with IREN closing at 24.46 USD, up 11.1%, while sector peers Hut 8 rose 16%, Riot 14%, and MARA 9%.
OKX's announcement clearly states: tokenized stocks do not provide ownership or shareholder rights, and off-exchange prices and liquidity may deviate from the underlying stocks.
Placing orders in empty pools means what you lack is not the coin, but the counterparty. $IREN When Bitcoin $BTC broke through 78,000 this morning, many people were stunned. Didn’t they say that after the voting results came out with the Republicans losing, Bitcoin should have dropped? So why did it rise back up?
This rebound seems like no new money actually came in. Let’s first talk about what happened. The neighboring exchange had a $6.3 billion theft that caused a week-long uproar, and today it’s reaching a phase of closure: the official announcement states that 98% of the affected assets have been replenished, compensation funds have been prepared to over 100%, deposits have again exceeded withdrawals on an hourly basis, and the previously net withdrawn $4.72 billion is being filled back.
On the market, BTC once rose 1.55% intraday to touch 78,000, then fell back to around 77,400 by the time of this report. The total 24-hour liquidation across the network was only $174 million, so the bulls were not massively liquidated again.
However, BTC spot trading volume is 14% below the 30-day average, $ETH is even worse at 43% below, and ETH itself is just drifting around 2,280. $BNB is the worst, having lost the 700 whole number support.
This is a panic discount recovery, not new money entering the market. Such a low-volume rebound usually means if you chase it, you’re likely to be stuck holding.#Cerebras wafer-scale AI chip commercialization pace draws attention **My view: Cerebras has made substantial progress in commercialization, but whether the “chip speed” can translate into sustained profitability remains key.**
- **Demand has been validated.** Revenue in Q2 2026 was about **$180 million, a 74% year-over-year increase**; cloud and other service revenues grew by **281%**, indicating that inference services already have real income support.
- **Profit quality still needs observation.** Q2 GAAP gross margin was only **14%**, while the company’s adjusted “core gross margin” was **41%**, showing a significant difference in calculation methods. The shift to cloud services also means the company must bear risks related to equipment, data centers, and utilization.
- **Next focus is on delivery and returns.** The company disclosed over 600MW capacity including both operational and contracted capacity planned for delivery by the end of 2027, which cannot all be considered existing capacity. I am more concerned whether the new capacity can be launched on time, whether customers will continue to pay, and whether gross margin can improve as revenue grows.
**I am somewhat positive about the business direction; whether the stock is worth buying still needs to be combined with valuation and cannot be concluded based solely on technological leadership.**A net outflow of $1.16 billion in a single week; Bitwise research director André Dragosch says this reflects weakening sentiment, not institutional withdrawal.
Bitcoin spot ETFs saw a net outflow of $1.16 billion in one week. Dragosch attributes this selling pressure to a shift in market sentiment and emphasizes that institutions have largely maintained their original positions. ETF fund flows are currently the most direct marginal source of BTC buying; continuous net outflows mean the support propped up by passive subscriptions in recent weeks is being withdrawn.
The divergence lies in the nature: if it’s just a short-term risk-off and institutions haven’t moved their base holdings, redemptions and subscriptions will quickly return to positive once sentiment recovers; if net outflows continue into the second and third weeks, it indicates allocation desks are reducing exposure. Key observations include whether ETF net inflows can turn positive again in the next 7 to 10 days, and BTC’s trading volume and absorption strength near critical round-number levels.
Source: Cointelegraph
Are you more focused on the stabilization signals after outflows slow down, or on net inflows turning positive again? $SUI SUI's recent unlock didn't really benefit the shorts.
The spot buy orders around 0.9 absorbed all the selling pressure, and the whales who received the unlocked tokens immediately staked them back into the pool, so there wasn't much extra supply on the market to dump.
What's even more interesting is that the shorts keep paying interest, yet the price never broke through the support.
If the price moves up a bit, shorts will have to line up to cut losses and lift the bulls. I'm leaning bullish at this level and curious to see how long the shorts can hold out.
#SUI
$SUI
👇I kind of understand why some veteran players end up with only Bitcoin in the end. Holding coins means you also have to watch if the team is breaking up or if the unlocking schedule changes. Holding for a long time feels like being a shareholder, but without any voting rights.
Bitcoin might also drop to the point where you can't sleep, but it carries less risk than betting on project teams. I do pay attention to news about companies buying in for the long term, but their cash flow isn't mine. Now, if you ask me to study whether a certain coin can be held for years, I get a bit tired just flipping to the roadmap page.$NVDA
What does the growth of competitors' data center businesses really mean for Nvidia?
AMD's latest financial report provides indirect evidence of industry demand, but it cannot be directly equated to changes in Nvidia's orders or market share.
If the overall industry expands faster than the share pressure caused by competition, the leader may still benefit; the downside is increased customer bargaining power and alternative options. Going forward, it is necessary to verify Nvidia's own deliveries, gross margin, and customer purchasing pace to avoid attributing all industry growth to the valuation of a single company.#NebiusAI cloud business rapid growth faces earnings test **My judgment: Nebius (NBIS) AI cloud growth is already supported by revenue, but the real test in this earnings report is whether "capacity expansion can be monetized on schedule, and whether the growth justifies such a large capital investment."**
Q3 has not yet been announced, scheduled for **pre-market release on November 12 in the US, with a conference call at 21:00 Beijing time that evening**.
- **Strong growth foundation:** Q2 group revenue was **$582 million, up 454% year-over-year**, adjusted EBITDA was positive, but continuing operations still had a net loss of **$190 million**, so adjusted profit should not be equated with overall profitability.
- **The key is delivery:** Focus on GPU capacity that has been powered on, completed customer acceptance, and started billing, rather than just signed power and data center plans.
- **The biggest risk is capital return:** Q2 equipment and intangible asset purchases were about **$5.66 billion**, far exceeding the quarter's revenue. Customer prepayments help financing but do not equal profit and come with future service obligations.
**I am somewhat positive about the business direction but will not judge the earnings to definitely beat expectations based solely on high growth.** Only if revenue is realized, profit margins hold steady, and capacity expansion and financing arrangements are clear at the same time will it be a more solid positive; if only long-term targets increase and delivery continues to be delayed, I will lower my evaluation. Looking at the prediction contracts for Bitcoin, it feels like options wearing a short-sleeve shirt now—the interface is cleaner, but the deadlines and trigger conditions are still plenty.
Spot price going up just means it goes up, but with these contracts, you still have to watch when it rises and whether it crosses the line; even if you guess the direction right, you might end up wasting effort. The odds are a bit like price tags on probabilities, but they also mix in sentiment and liquidity, so the market hasn’t gotten the answer in advance.
I originally wanted to watch the excitement, but got stuck on "which price is used for settlement at expiration"—why is there reading comprehension involved?Last night, a fan asked me in the comments: "What if the Democrats win?" I said: short first, then long.
Today, $BTC's price movement just formed a "deep V," and I guess many people got liquidated again.
The drop happened from 7:30 to 11:00, hitting a low of 75,738; then from 11:15 it started to rebound, and now it's back up to 78,400.
This round of decline basically coincided with the announcement of the US midterm election results. The Democrats took both chambers, and the market worried that US crypto regulations would tighten again and the CLARITY Act would be harder to advance, so there was an initial sell-off.
✅ But once the results became completely clear, the market started trading on a different logic: Democratic control of Congress does not mean control over everything.
Trump still holds executive power and veto rights, and the US has entered a state of "checks and balances between the White House and Congress." Crypto-friendly bills are harder to pass, but aggressive anti-crypto policies are also difficult to implement.
When the worst expectations are priced in and election uncertainty disappears, combined with BTC being oversold earlier, bottom-fishing funds and short covering together pulled the price back up.
The "short first, then long" prediction I made last night was exactly how the market actually played out.According to relevant analysis, as the voting day on November 3, 2026, approaches, the "election effect" has once again become the market focus. However, the current situation of the U.S. stock market fluctuating near historical highs and Bitcoin's cycle being out of sync poses a severe challenge to this traditional narrative. Since 1950, the U.S. has experienced 19 midterm elections, and the S&P 500 index has been higher one year after each election day; although Bitcoin has only gone through 3 complete cycles, it also shows a characteristic of price increase one year later, but short-term sharp fluctuations often catch investors off guard. The two major markets in 2026 are in completely different positions: the U.S. stock market is approaching historical highs, while Bitcoin is still struggling to recover from a previous large sell-off. This structural difference means that directly applying historical averages may lead to errors. More complexly, Bitcoin's election cycle highly overlaps with its halving cycle, making it difficult to separate the independent impact of the two on price, thus triggering deep doubts about the authenticity of the "election effect." Looking back at the historical performance of the U.S. stock market, in the 19 midterm elections from 1950 to 2022, the S&P 500 index never recorded negative returns in the 12 months following the election. This phenomenon is statistically significant, with an average increase of 15.1% and a median of 14.5%, even the weakest performance achieved a positive growth of 1.1%. In contrast, in non-midterm election years, if returns are calculated from early November for the following year, the average is only 7.2%, and only about 70% of samples recorded gains. This comparison strongly$NEAR brothers, look at this wave of NEAR pulling up to 4.05, the pressure has directly increased, this is not something that can be easily broken through. I think this rebound is about to rest, first retracing and testing around 3.8.
Focus on the 3.8 level; if it holds here without breaking down, then this pullback is just a shakeout, and it might rise afterward.
Conversely, if after reaching 3.8 the bears increase volume and break through, the market will weaken directly, with the next target around 3.6. Combining this with whale data, currently the whales have a larger short position, with the average short entry price at 4.1595. At this price level, many shorts are in profit, so if the bulls push up here, they will face selling pressure from this batch of shorts, making it easy to be pushed back.
Don't be fooled by the current short-term lively rally; this rebound just hit the previous downtrend line resistance. There is definitely a lot of divergence here. Let's wait for it to retrace and verify support first. 3.8 is the dividing line between bulls and bears in this round.#ASTS推进手机直连卫星服务，商业化进展待披露 **My judgment: ASTS's technical potential is worth attention, but the key to commercialization is turning "phones can connect to satellites" into "users can continuously use and pay."**
The Q3 earnings call is scheduled for **6 AM Beijing time on November 10**, and has not yet been announced.
This time I focus on three things:
- **Actual number of satellites available:** Completing manufacturing, successful launch, antenna deployment, and service activation are different stages; we need to see how much coverage time and capacity can ultimately be provided.
- **Charging progress:** Whether specific market commercial launch dates, carrier plans, and revenue sharing are disclosed. Device sales, government contracts, and customer prepayments cannot be directly counted as mobile user subscription revenue.
- **Cash burn:** Constellation construction requires continuous investment; delays in progress will postpone revenue and increase financing and equity dilution pressure. The company has previously clearly indicated that service deployment is still subject to regulatory approvals, commercial agreements, and funding conditions.
**My outlook is somewhat positive but cautious about the speed of realization.** If this time they can provide verifiable on-orbit service capability and a charging timetable, it is more significant than a single quarter's revenue slightly exceeding expectations; merely adding new partners without service and payment progress is not enough to prove the business model works.BTC 78,460, V is back, 0.5% higher than the 78,063 before the crash.
To be honest, 76,326 was broken.
Today's low was 75,736, 2.3% lower than that.
I previously wrote "the triple bottom held," but that needs to be revised.
However, it recovered within two hours and is now 2.8% above 76,326.
This level has been bought three times before and after.
76,326 on 10-30, 76,705 on 11-02, and 75,736 today.
The lows are being pushed down, but each time they are caught.
Now, the focus is not below, but above.
The range from 78,804 to 78,900.
Hit 78,804 on 10-30, hit 78,422 on 11-01.
Hit 78,878 on 11-02, bounced back near these three times.
Now it is only 0.44% away from it.
The second thing is volume.
The crash had 135 million traded in 1 hour.
The rebound's six bars range from 48 million to 61 million.
The rebound volume is less than half of the drop.
This indicates "no one is selling anymore" more than "someone is rushing to buy."
Sentiment is 34, up from 26, still far from the neutral 50.
Tonight at 22:30, the US stock spot market opens, that will be the real test.
Do you think the 78,900 barrier is the end or the start of this week?
$BTC #RocketLab财报前瞻：Neutron火箭进展如何？ **My assessment: Neutron remains Rocket Lab's biggest growth opportunity, but the maiden flight has been delayed, so this earnings report needs to explain specific milestones and additional costs.**
First, to correct a timeline point: the company announced on **October 14 that the maiden flight is postponed to 2027**, so the old expectation of "maiden flight by the end of 2026" can no longer be used.
The Q3 earnings report will be released **after market close on November 9 US time**. My key focus is:
- **Engineering progress:** Whether the first stage propellant tank manufacturing issues have been resolved, and what hurdles remain for engine, full rocket integration, and ground testing.
- **New schedule:** Whether they can provide a maiden flight window supported by test milestones, rather than vaguely saying "next year."
- **Cash burn:** How much the delay increases R&D and construction expenses, and whether existing business and cash can support subsequent investments.
**I am cautiously optimistic about the long-term business potential but remain cautious about near-term execution.** Successful maiden flight, stable customer mission execution, achieving reusability and profitability are different stages; even if this quarter's revenue beats expectations, it cannot replace evidence of passing critical Neutron tests.#SoftBank's heavy bet on OpenAI: Can the Q2 earnings report deliver impressive results? **My forward-looking judgment: SoftBank may report impressive accounting profits, but "heavy investment in OpenAI" itself does not equate to profit growth this quarter. The key factors are changes in share valuation and financing costs.**
This refers to **SoftBank Group (9984)**, whose earnings report is scheduled for release on **November 10**, and has not yet been published.
I focus on three points:
- **OpenAI valuation gains:** Related investments are accounted for at fair value through profit and loss; valuation increases may boost profits but do not represent equivalent cash received; previously recognized gains cannot be counted again in this quarter.
- **Quarter attribution:** Additional investments this year were arranged in three batches, with the last batch on October 1, which falls into the next quarter and cannot be fully included in the July–September results.
- **Financial pressure:** It is important to see whether net asset value growth is accompanied by increased borrowing, interest, and asset pledge risks.
**I am somewhat optimistic about AI investment potential but remain cautious about equating "large profit increases = investment success."** This time, if net asset value rises while cash reserves and debt ratios remain stable, it is more convincing than simply exceeding net profit expectations.Calculating, this new license in Mississippi accounts for 5% of Alchemy Pay's current 20 licensed states, but it cannot be equated to a 5% business growth. According to the official announcement, the company has obtained a money transmission license from the state's Department of Banking and Consumer Finance, increasing the number of licensed states in the US to 20, with several other states still under review.
① From 19 to 20 states, the increase is a compliance entry for one state. I value more the expansion of space it provides for fiat-to-crypto exchange services, rather than directly treating the number of licenses as user demand.
② This time, one new license was added, and the announcement also mentioned advancing stablecoin business. From another perspective, licenses are conditions for conducting business, but not the number of payment transactions; if subsequent services are truly implemented, then the significance for payment business will be more concrete, which is my speculation.
③ The 20 states are those already licensed; multiple states under review cannot be counted in advance. I am accustomed to keeping completed and pending separately in accounting, otherwise it is easy to mistake expansion expectations for existing capabilities.
My judgment is somewhat positive, but the weight mainly lies in the expansion of the compliant payment network, which is not enough to judge business volume growth based solely on this news. For me, the next step is to focus on service implementation and actual usage, and not to substitute license counts for operational accounts.#IREN矿企转型AI云服务，GPU交付进展待揭晓 **My judgment: IREN's transformation already has actual delivery support, but the key in this earnings report is whether the GPUs can be accepted on schedule and start billing, rather than announcing more contracts.**
The company will announce FY2027 Q1 results on **November 5**, which have not been released yet.
- **Progress so far:** Previously delivered Horizon 1 to Microsoft, Horizon 2 is in debugging, and Horizon 3–4 was targeted for delivery in Q4 2026. This time, it is necessary to verify whether subsequent projects are progressing as planned.
- **Do not treat ARR as realized revenue.** As of August, the company disclosed about $4 billion in signed annual recurring revenue scale and about $1 billion in operational annual recurring revenue scale; actual revenue still depends on debugging, customer acceptance, and service delivery.
- **The biggest risk is the mismatch between capital and returns.** Equipment, data center, and financing costs occur first, with revenue realized later; delays will increase interest burdens, and GPU depreciation and future rent reductions may also lower returns.
**I am somewhat positive about the business direction, but confidence will only increase when "delivery fulfillment + AI revenue growth + controllable financing costs" are seen.** If only the contract scale increases but acceptance and billing are delayed, the investment value of the transformation still needs to be discounted. #AAOI高速光模块放量，Q3财报能否超预期？ **My judgment: AAOI has a slight chance to beat expectations, but profit uncertainty is greater than revenue, so I am not betting on a significant beat for now.** Q3 results have not been released yet; the earnings call is scheduled for Beijing time **November 6 at 5:30 AM**.
- **The expectation threshold is not high:** The company guides revenue of **$255 million to $290 million** and adjusted EPS of **$0.11 to $0.26**; Zacks currently expects about **$269 million and $0.14**. If results fall in the upper part of the guidance, it could beat expectations.
- **Support comes from 800G volume growth, risk lies in delivery capability.** Management previously expected 800G revenue to increase nearly fivefold quarter-over-quarter, but component supply, capacity ramp-up, and 100G business affected by customer switch shortages may offset some growth.
**I place more emphasis on the simultaneous occurrence of “revenue beating expectations + stable gross margin + reliable Q4 delivery guidance.”** If it’s just increased shipments but profits are eaten up by expedited procurement and expansion costs, the earnings quality won’t be as strong as the headline suggests. Term Structure Observation: ETH Shallow Depth, SOL Near-Term More Expensive
The long-dated positive basis of $ETH seems to exist, but the first-level capacity does not support large orders directly entering. The bid-ask spread for buying near and selling far at the first level is only +0.06%, corresponding to a paired scale of about $199; if calculated with $10,000, this level can only cover about 2%. Therefore, small orders can probe, but to increase volume, one must continue to inquire at deeper levels and not just look at the surface spread.
$SOL shows a different structure: near-month annualized +5.29%, far-month +0.61%, with the near end clearly more expensive. The marked near-far spread is -0.1%, but the bid-ask spread for buying near and selling far at the first level has reached -1.35%, meaning the actual quote is deeper than the marked spread. At this point, one should first observe whether the annualized slope continues, then confirm whether transactions can be made at this spread.
Overall, ETH's problem is that the first level is too thin, while SOL's problem is that the bid-ask spread is deeper. For the former, scaling up is not advisable; for the latter, one should not only look at the marked spread. Strategically, ETH can be tested with small orders, while SOL requires transaction verification first.
#Circle财报在即，稳定币增长能否兑现收益？ #ModernaQ3财报将揭示疫苗销售趋势 **My forward-looking judgment is cautious: Moderna's focus this quarter is whether vaccine sales can stabilize, and whether losses and cash burn can narrow.**
Q3 results have not yet been announced; the company is scheduled to hold an earnings call at **21:00 Beijing time on November 6.**
I focus on three points:
- **Whether COVID-19 vaccine sales can hold steady.** Autumn and winter stockpiling will bring seasonal growth, but a sequential sales rebound does not equal demand recovery; we need to look at year-over-year, market share, and full-year guidance.
- **Whether new products can provide actual revenue.** RSV and flu vaccines need to prove commercialization capability; R&D or approval progress cannot be directly counted as sales contribution.
- **Whether cash burn improves.** Q2 still had a net loss of about $800 million; the company then expected year-end cash and investment balances of $4.7–5.2 billion. Whether this expectation can be maintained or improved this time is more important than slightly beating EPS in a single quarter.
**I will take the simultaneous occurrence of “sales stabilization + reduced inventory impairment + decreased cash burn” as a signal to turn positive. Simply cutting R&D expenses to reduce losses is not enough to prove a business turnaround.**#CircleQ3USDCGrowth A growing USDC supply is encouraging, but I wouldn’t judge Circle’s performance by adoption numbers alone.
Reserve income, interest-rate movements, distribution costs and competition all deserve attention. Strong growth is attractive, but the quality of that growth is what investors should examine.Today, the results of the U.S. midterm elections were finally announced, with the Democratic Party achieving a significant victory. Trump's and the Republican Party's control over Congress faces further weakening, and Trump's policy advancement in the next two years may encounter more checks and balances. What does this mean for the market? First, the tariff policies, trade protectionism, and various aggressive economic policies frequently used by Trump in the past may become more difficult to implement in the future. For the capital market, what it dislikes most is not the policies themselves but the uncertainty of the policies. If the U.S. trade policy can become more stable in the future, market expectations for the economic outlook will also become clearer, which would actually be beneficial for the performance of U.S. stocks. This is also one of the reasons why historically, U.S. stocks often perform well after the U.S. midterm elections. Of course, the election results do not mean that Trump has lost the ability to execute policies, but the increased checks and balances in Congress could indeed change the market's pricing of future policy risks. 1. Today's market is simply a 360-degree reversal! Today's market performance is very interesting. In the morning, U.S. stocks were still falling sharply before the market opened, with declines approaching 2%, but around 12:30 PM, the market suddenly reversed, turning directly from a decline to a rise. The crypto market's performance was even more exaggerated. Bitcoin dropped to a low near $75,600, then rebounded all the way back, currently returning to around $78,000, a rebound of nearly $3,000 in a short time. This market move is indeed a bit outrageous. Especially in the crypto market, the recent performance has even#索尼财报前瞻：游戏与音乐业务表现如何？ **My forward-looking judgment: The gaming business is more likely to contribute profit elasticity, while the music business growth is relatively stable; overall slightly positive, but not enough to conclude a definite beat.**
Sony will announce its FY2026 Q2 earnings at **14:30 Beijing time on November 5**, which has not yet been released.
- **Gaming: Focus on profit efficiency.** Last quarter, gaming revenue was basically flat, but operating profit increased from ¥148 billion to ¥202 billion, indicating a foundation for profit improvement. The key this time is whether digital games, add-ons, and PS Plus revenue can continue, and whether rising storage costs will compress profits.
- **Music: I tend to expect continued steady growth.** Last quarter, revenue increased about 21% year-over-year, and operating profit rose about 14%. Streaming and copyright income provide support, but profit growth lags revenue growth, requiring attention to copyright amortization, content investment, and exchange rate impacts.
**I place more importance on whether the full-year profit guidance for gaming and music can be maintained or raised.** If profit growth mainly comes from exchange rates or one-time gains rather than improvements in user payments and content monetization, I would downgrade my assessment of the earnings quality. Brothers and sisters, the US-Iran negotiations clearly made no breakthrough, and the Iranian delegation personally denied reaching an agreement, yet oil prices crashed more than 7%, with WTI plunging to $96 at one point, marking the largest single-day drop in three months. Pharaoh, holding his coffee, fell into deep thought: If no deal was made, why are you running?  The answer is simple: the pricing logic of oil has never been about "what was agreed upon," but rather "what everyone thinks will be agreed upon." In recent months, oil tankers in the Persian Gulf have been catching fire daily, and the market priced in a war premium, with bulls crowded in tightly. Then over the weekend, the Iranian president said the Supreme Leader authorized negotiations, Trump said he was "not in a hurry" to resume strikes, and Qatar’s mediator went to Tehran—expectations shifted, and the previously long positions were liquidated in a stampede, known as "longs killing longs," unrelated to the negotiation outcome. Even more painful, Saudi Arabia, UAE, Iraq, and Kuwait increased October exports by about 10% month-on-month, Dubai crude nearby contracts turned into discounts, and the physical market is also dealing a blow to the bulls.  So how to view CL? The institutional consensus is clear: risk premiums have basically cleared out, the space for a continued one-sided plunge is limited, but volatility will significantly increase. Zhuo Chuang’s range is WTI $92–99, Shou Chuang’s is $94–102, with the core range anchored around $96 for wide oscillation. Operationally, it is recommended to short crude oil in the $102–108 range, and gradually buy in at $98/$95/$90! Regarding the transmission logic to BTC, note a subtle reversal. Oil price crash → inflation expectations cool down → Pharaoh 12$WLFI
At this price, WLFI is almost unrelated to the Democrats taking control of both chambers.
Fortune reported that the House Oversight Committee has new leadership, and Robert Garcia's first words were to get good lawyers. The Trump family's crypto business is on the first list of investigations, with WLFI at the forefront. Subpoenas and hearings won't start until February 2027, more than a year away.
The market reaction was just one candlestick. At 14:00, it dropped from 0.05111 to 0.04527 with a volume of 18.84 million shares, followed by 8.6 million, 3.26 million, and 1.16 million shares in three shrinking candles. Now it's at 0.04859, still 4.6% below the 24h recovery.
I have more to say about the holdings. When I wrote about it late last night, it was $6.93 million, now $7.28 million, up over $300,000 in a day. The fee rate is 0.005%, half the benchmark. If someone were really leveraging to bet on this news, the fee wouldn't be so generous.
The February 2027 event is too far away to explain the spike this afternoon. I haven't found who sold those 18 million shares that were dumped; what I found is that the buyers are not in a hurry.
#美国中期选举：民主党赢得国会两院控制权 Why did the crypto market rise when the Democrats won the midterm elections?
The first law of election-driven market movements is that the market trades not on the outcome itself, but on the difference between the outcome and expectations.
If before the election the market had already priced in the worst-case scenario of a Democratic landslide equating to comprehensive crackdowns, prices would have been fully pressured beforehand, with crowded short positions, reduced risk exposure, and capital outflows already completed.
Therefore, when the results come in, as long as reality is slightly better than the worst-case scenario—such as a less overwhelming seat advantage than expected, moderate statements from the winners, or policy priorities shifting elsewhere—the suppressed prices have reason to rebound.
This is a structure where bad news is fully priced in before it materializes, and the actual event releases the pressure.
From this perspective, the "counterintuitive rise" doesn't even require the industry to gain any substantial benefits; it only requires reality not to be bad enough to warrant further price adjustments.
The way to test this explanation is straightforward: look at the price trend before the election. If prices were clearly under pressure with accumulating shorts before the election, the post-election rise is mostly a rebound of the expectation gap. Its sustainability may be limited; once the expectation gap is closed, the subsequent trend will again depend on fundamentals and liquidity.Why can backtesting be profitable, but live trading might result in losses?
Focus on checking three key issues:
1. Overfitting: Are the parameters only suited to past data?
2. Trading costs: Have fees and slippage been fully accounted for?
3. Market changes: Is the strategy only effective in specific market conditions?
Backtesting is a validation tool, not a guarantee of future profits.
A good strategy should not only have impressive historical results but also withstand out-of-sample testing and real execution verification.
#ONEA #QuantitativeTrading #RiskManagement $ZEC
98,000 ZEC, at the current price of 1280, equals $125 million. This money was originally going to be redirected, but the plan was withdrawn this afternoon.
ZCG announced on Wednesday that it will no longer push its proposal—to transfer 98,000 ZEC to future mining rewards. It was proposed only on October 29 and retracted in less than a week, citing that changes of this scale should follow regular governance procedures and the committee should not make unilateral decisions.
The spot price is now 1280, having risen from 1140 over 24 hours, reaching an intraday high of 1295.6, a 12% increase in one day.
The strange thing is the volume. At 13:00, the 1H candle traded 11.42 million contracts, followed by 8.43 million, 6.33 million, 5.64 million, and just 2.61 million on the latest candle, yet the price rose from 1244 to 1288 and even touched 1295. Price is at the top, volume is in the middle.
Open interest is solid, increasing from 144 million to 184 million over five hours, with 40 million added. The fee rate remains at the baseline of 0.01%, and the perpetual contract is trading 8 cents below the spot price. No one is rushing to pay a premium for the added funds.
What I’m watching is whether the volume can sustain. If the support volume doesn’t return, 1295 will be a distribution point; if volume expands again and the price holds, that will mean real new money is coming in.
#美国中期选举：民主党赢得国会两院控制权 Silver gave the market a surprise today: the spot price broke through $52/oz, with a daily increase of 4.45%. This is not a small fluctuation; completing this move within a day indicates that buying was concentrated.
Let's clarify the numbers first. $52 is a round number threshold, and 4.45% is the single-day increase. Looking at these two numbers together, the meaning is not just "it rose," but rather "someone is rushing in."
Precious metals and the crypto space are actually driven by different pools of money. Silver is driven by physical supply and demand plus safe-haven allocation; buyers focus on inventory and macro uncertainty. $BTC is driven by liquidity and risk appetite; when it rises, it acts as a high beta asset, and when it falls, it serves as an ATM. So when silver jumps 4.45% in a day, $BTC does not necessarily follow—it might even be sold off as a risk asset.
So if you want to catch this wave without leaving the blockchain, what's the path? Tokenized gold. Assets like $PAXG and $XAUT are pegged to spot gold and silver prices, tradable on-chain 24/7, without dealing with contract expirations or opening overseas accounts. They bring precious metal pricing into your wallet.
My judgment is: in the short term, the logic behind precious metals is stronger than $BTC. Not because crypto is going to fall, but because these two tracks are driven by different factors right now.
Here's a question for you to ponder: if silver continues to rise, which will react first—the spot price or the on-chain trading volume of tokenized gold?#美国中期选举：民主党赢得国会两院控制权
Democrats Take Both Chambers: Crypto Industry Faces Legislative Freeze and Tighter Regulation, Short-Term Pressure and Long-Term Divergence, Marking a Structural Shift from Short-Term Bearish to Long-Term Bullish
⛪️ Legislative Process Substantially Frozen. The CLARITY Act, regarded as a cornerstone for the industry, has stalled in the Senate. With Democrats in control, it is highly likely to be scrapped and restarted rather than quickly resumed. If the Senate Banking Committee is led by crypto skeptic Elizabeth Warren, market structure legislation will give way to strict regulatory scrutiny.
📡 Stricter Regulation and Heightened Scrutiny. Democrats will focus on investigating conflicts of interest in the Trump family’s crypto businesses and strengthen compliance requirements for DeFi and stablecoin projects. The banking sector is expected to leverage Democratic power to restrict crypto companies from offering interest-bearing products, with traditional financial institutions relatively benefiting amid tighter regulation.
💡 Short-Term Market Pressure and Accelerated Consolidation. After the election results were announced, Bitcoin briefly fell below $76,000, and crypto concept stocks saw capital outflows. Small and medium projects lacking compliance capabilities will face survival pressure, while leading platforms that have completed compliance arrangements will consolidate their market share amid rising barriers.
⚖️ Core Contradiction Revealed. The election exposed the vulnerability of the crypto regulatory framework’s overreliance on executive power—the president’s executive orders can quickly shift but cannot replace congressional legislation to establish long-term systems. The industry needs to seek bipartisan consensus within a more stringent political cycle rather than relying on a single political ally. #AMD data center revenue nearly doubled, revenue and guidance both exceeded expectations **I am somewhat positive about AMD's earnings report: data center growth has already translated into profits, and next quarter's guidance is still accelerating, which is a relatively solid positive.**
- **Data center revenue of $8.5 billion, up 97% year-over-year**, driven jointly by EPYC server CPUs and Instinct GPUs; this 97% should not be entirely interpreted as AI GPU growth.
- **Total revenue of $13.38 billion, up 45% year-over-year; GAAP operating profit up 123%**, indicating that revenue expansion brought operating leverage.
**What I value most is the Q4 guidance: revenue around $17 billion, implying a 27% sequential increase.** If realized, the continuity of growth would be more convincing. However, the adjusted gross margin is expected to drop from 56% to 55%, meaning that despite volume growth, there are still product mix or cost pressures, so profits cannot simply be extrapolated based on revenue growth.
**My view: optimistic about the business trend, but stock judgment still depends on valuation.** The most critical factors going forward are on-time delivery of new products, continued customer purchases, and whether gross margin can be maintained. Nearly doubling data center revenue is still not enough to prove that AMD has fully narrowed the competitive gap with NVIDIA.$ETHFI
Liquid restaking expands the possibilities for Ethereum-based assets by allowing users to explore additional staking-related applications. Ether.fi operates within this evolving infrastructure category. The important question is whether these services generate sustainable demand beyond incentive-driven participation. Restaking introduces additional complexity, so security assumptions and potential risks deserve as much attention as ecosystem expansion. 【NEAR rebounds back to 4, short sellers covering to buy time for bulls】
$NEAR is currently around 4.04, up 6% in 24 hours. Previously, it continuously fell from above 4.7, closing near 3.83 on November 3rd. This time it has climbed back above 4, showing signs of a short-term bottom and rebound. However, it has still dropped about 15% over the past 7 days, and the long-term correction is not over yet.
In Binance futures data, NEAR open interest (OI) is about 178 million, down 8.1% in 24 hours, with funding rates still positive. Price rising while OI falls suggests the current rebound is more like short covering combined with some position reduction, not yet a sign of large capital re-entering.
On the project side, on November 2nd, PEARL integrated with near.com, supporting cross-chain transactions across more than 35 chains via NEAR Intents. The AI computing narrative has found new practical scenarios, but it is still insufficient alone to support a price rebound.
After my long position at 4.4 was liquidated, I did not re-enter. Yesterday, when it reached 3.8, I opened a new long. Holding 4 is crucial now; the upside targets are first 4.29–4.43, and if broken, then 4.67–4.73. If it falls back below 4, the rebound strength will be discounted; if it breaks and holds above 4.43, there is more reason to expect trend recovery. A friend told me that historically BTC always drops after midterm elections, and that leverage contracts shouldn't be touched during this period. $BTC
But let's break down the three cycles of 2014, 2018, and 2022:
In 2014, the 200-day moving average kept trending downward, the price was firmly suppressed by the moving average, and it never broke through the downtrend line; it was a bear market itself;
2018 was exactly the same, fully within a bear market cycle, with no bull market structure at all;
2022 was also a bear market environment, with the downtrend dominated by the larger cycle, not caused by the midterm elections.
Now look at 2026, the difference is obvious at a glance!
The price has already broken through the downtrend line and stabilized above the annual moving average; the trend structure is completely different.
Forcing the bear market historical template onto the current market is essentially like carving a mark on a boat that has already sailed away. Does the mark still have any reference value?
Of course, this is not a call for everyone to blindly rush in; volatility around the elections will definitely be intense, and high leverage remains dangerous.
But standing near the annual moving average at this position, the trend logic is completely different from previous times, and the mindset should not be trapped by old history. On election night, Bitcoin dropped from around 78,000 to 75,600, then climbed back to around 77,000 in the morning.
The US midterm election vote count showed the Democrats taking the House, and the Senate approaching a majority, with Nasdaq futures falling about 2% at one point.
Bitcoin fell along with risk assets, hitting an intraday low of about $75,600, the lowest since September 15.
But more worth watching than the price is the ETF money.
On October 30, the spot Bitcoin ETF saw a net outflow of $643 million, followed by $399 million outflow on November 2, and another $116 million outflow on November 3.
Over three trading days, the total outflow was about $1.158 billion, with BlackRock's IBIT alone seeing a $405 million outflow on November 2, accounting for the bulk of that day's outflow.
I think this round is a sell-off driven by election uncertainty combined with ETF redemptions, not evidence that the trend has reversed. I observe but do not chase; the invalidation level is a daily close of Bitcoin below $75,500 or a single-day ETF outflow exceeding $400 million.
Do you think this is just noise from election night, or the start of an ETF redemption wave?
$BTC $IBIT
#BTC现货ETF资金流出，企业财库增持放缓 #美国中期选举进入计票阶段，国会控制权将如何变化？🔥 这波拉升别急着定义成“趋势反转”，它的骨架更像一次杠杆空头的强制平仓秀。现货端没有新资金进场托底，价格是被动推上去的——这是本轮行情最容易被误读的地方。 清算数据把真相摊在桌面上：$BTC 24小时空头爆仓3374万，多头仅670万，比例悬殊到刺眼。更关键的是挤压的节奏——12小时扫掉2599万空头，4小时1730万，最近1小时还在继续清算152万。这是一条连环止损互相触发的链条，而不是主动买盘在重新定价。换句话说，涨势的燃料是空头的痛苦，不是多头的信心。 $ETH 上演的是同一剧本，且烈度更大：24小时空头清算3487万，多头亏损只是附带擦伤。两个主流币同步出现这种单边清算结构，说明挤压是系统性的，而非个别币种的孤立事件。 $CORE 则贡献了一个小型“双杀”样本：先逼空把价格顶高，趋势一翻转，多头又迅速被扫出场。这种先杀空、再杀多的节奏，往往出现在一轮挤压周期的尾声，而不是起点。 核心逻辑只有一句：仓位挤压驱动的上涨，一旦强制买盘耗尽，承接真空会立刻暴露，价格回落的速度往往比上涨更快。真正的问题不是“还能涨多少”，而是“空头弹药清空了吗”。如果空头已被洗净、清算开始转向多头阵"'Rushing to grab positions in a low-volume market, first arrange the 'seating order' (๑•̀ㅂ•́)و✧'
Vote counting is ongoing with low volume on the market. Guessing the direction now is pointless; position allocation is the real watershed. Re-ranking the three brothers:
🔸 $BTC —— The ballast stone
In the past 24 hours, volume has shrunk between 76387 and 78064, with transactions just over 10,000, fear-greed index at 34. Although sentiment is warming, funds are not rushing to add positions. Sixty percent of the base position holds steady, with remaining bullets waiting for election-related negative news to fully settle before moving (:з」∠)
🔸 $ETH —— The elastic position
ETH/BTC rate rose to 0.0294, stronger than BTC in a single day. Staking queues are congested, exit queues are empty, a large amount of chips are locked, making it the most suitable elastic position for offense ٩(ˊᗜˋ*)و
🔸 $ZEC —— The independent defense line
After a pullback to 1250, it still firmly defends 1200. Governance turmoil caused nearly 100,000 coins to exit free circulation, significantly shrinking supply. 1200 is the lifeline; no break means no move 🐢
The discipline of a low-volume market: don’t rush to bet on the strong taking off immediately; first defend against the weak falling further is key. Base position, elastic, defense line each in their place: BTC holds the line, ETH charges, ZEC defends.
Next, trade less and wait more for signals, let time slowly ferment (￣▽￣)ノ
#美国中期选举：民主党赢得国会两院控制权
For personal market analysis only, not investment advice.#Circle财报在即，稳定币增长能否兑现收益？ **My judgment on Circle (CRCL) is cautious: USDC scale growth is important, but what truly determines profit is "how much interest income remains after deducting channel shares."
First, clarify the timing: as of Beijing time **November 4th, 17:26**, I have not found the official Q3 results; the company conference call is scheduled for **9:00 PM tonight**, so currently Q3 cannot be analyzed as a published result.
Recently disclosed Q2 shows:
- **Total revenue and reserve income of $701 million, a year-on-year increase of 7%.**
- **Distribution, trading, and other costs of $412 million**, leaving about **$289 million** after deduction, with operating expenses still to be paid.
- Reserve income accounts for about **95%** of total revenue, indicating profitability still highly depends on reserve scale and interest rates.
**Tonight, I focus on three points: average USDC circulation, income after deducting distribution costs, and expense growth rate.** If only USDC and total revenue rise, but channel shares, equity incentives, and new business expenses grow faster, I would not consider it high-quality growth.
**My view: long-term payment applications have potential, but for now, it cannot be simply regarded as a high-growth tech company. If Q3 can prove "scale growth along with improved retained profit margin," it would be more worthy of a positive stance.** 以为"没利好就会横着走"？这恰恰是最容易误判的地方 🫧 横盘真的等于安全吗？ 今早看盘，七个主流币又是齐刷刷飘绿。BTC 报 76,983 美元，ETH 掉到 2,266，SOL 回到 92 附近，OKB 甚至滑到 107.14。没有哪根线是断崖式砸下去的，可也几乎看不到像样的反抽。这种钝刀子割肉，比一次暴跌更耗人。 我盯了一会儿盘口，最大的感受不是"没钱了"，而是买方提不起连续进攻的意愿。Glassnode 近期数据也印证了这层：BTC 现货还有承接，但合约端的杠杆压力没完全释放。再叠加美国中期选举、就业数据和政策预期，资金天然会更谨慎。所以这不是单纯的"缺利好"，而是跨市场联动在施压——美元和利率预期一动，风险偏好的水位就跟着动，币圈很难独善其身。 偏多的路径是：现货承接还在，一旦宏观预期转向温和，被压着的杠杆压力释放完，反弹会来得很快。但风险也明摆着——没有连续买盘，价格重心会一点点往下磨，而每一次小反弹都可能被误读成反转。我最担心的不是波动本身，是人群把犹豫当成了底，把 FOMO 藏在了"再等等"里。叙事疲劳的时候，成交量、资金和情绪三项得同时回暖，才谈得上真正的转折。 所以Even an extreme black swan event like the $ETH 6.3 billion theft didn't break ETH below 2170; the bears are completely holding on for dear life this round.
Retail investors curse daily following emotions, but if you glance at the chain, Bitmine alone quietly withdrew nearly 5% of the spot supply to stake and lock it up. The circulating supply on the market will eventually be drained by these whales.
The bad news has forged an iron bottom; the selling pressure on the market can't keep up with the speed at which big players are moving assets to cold wallets. There really aren't many bloodied chips left for the shorts to hammer down.
#ETH
$ETH
👇Standing at the edge of the foundation pit, the monitoring instrument's reading suddenly jumps to red—141 million. This is not the cost, but the actual consumption load generated by the stablecoin on the chain stuck in the traditional payment network in October.
Within one year, seven additional layers were added, a sevenfold increase year-on-year, and this layer is still being built up recently, a 24% month-on-month increase. As a structural engineer, the first thing I look at is not the building height, but the load distribution: the KAST and Rain card projects consume about 93% of the consumption volume. The vertical load of the entire building is almost entirely concentrated on two columns, which in any seismic design zone is a red-flagged safety hazard—insufficient redundancy, a single point of failure could lead to progressive collapse. The stablecoin card connects on-chain assets to the traditional card network, effectively inserting a conversion layer between the digital foundation and the old municipal utility tunnels. The nodes are well designed, but once the load path is congested, all stress concentrates on those two core columns.
What truly determines whether this building can pass the completion inspection is not the flashy curtain wall keel of total consumption, but the readings from three sensors: active users represent node connectivity, payment frequency is the number of dynamic load cycles, and retained balance is the static load baseline. Dynamic loads repeatedly impact while static loads do not collapse, indicating the foundation bearing layer is real, not just backfill soil.
Looking at the market linkage of US stock Token targets, that is the settlement observation of adjacent plots. No matter how shiny the facade of a single building is, uneven foundation settlement in the area will still tear apart the elevation lines. The extension of consumption scenarios is worth recording in the construction log, but construction quality is never judged by the first phase showrooms.
No matter how fancy the drawings are, if the load transfer path is inadequate, the acceptance stamp will never be granted—the structure does not lie; it will suddenly tell you one day that those two columns were never truly verified. #solanacardspending141mLet's calculate: 4/4 is 100%, but "threshold maxed out" and "security maxed out" are not the same thing. Looking at this LayerZero news, what concerns me most is the verification node threshold, not the redemption countdown; a habit from doing science and engineering problems makes me always want to ask what the denominator actually refers to when I see a ratio.
① The headline says the verification node threshold is raised to 4/4, but the article does not elaborate on the specific rules. This number is eye-catching enough, but without an explanation of the mechanism, I can't yet judge how strong the actual protection is.
② The threshold is raised from the original to 4/4, but the source material does not provide the original value. Without a baseline for comparison, even if I can't calculate the increase, directly interpreting "raised" as a major security upgrade seems premature to me.
③ STG redemption for $ZRO will close on December 15, 2026, and will no longer be supported afterward. The official team will coordinate with exchanges and other partners to facilitate the conversion before then. This is a clear execution plan but cannot replace the explanation of the verification rules themselves.
My judgment is: the threshold adjustment is important, but it's too early to give extra credit for security. If 4/4 means all relevant participants must pass, then I speculate we also need to consider whether verification efficiency is affected under abnormal conditions, not just the pass ratio. When evaluating such mechanisms, do people usually focus more on the pass threshold, node independence, or fault recovery capability?#交易之声：你的经验值得被听到
【Which indicator do you value most when judging long and short data?】
If it were before, I might have valued the long-short ratio the most; but after reading the insights from experts, the indicator I value most has become the funding rate.
The long-short ratio is often deceptive because it includes too many hedging positions, and judging by appearances alone can lead to siding with the wrong camp. But the funding rate is hard to fake; it is the real cost in actual money. When the funding rate of BTC and other major coins shows anomalies (for example, exceeding 0.5% in 8 hours), it indicates that a large amount of capital is wildly betting in the same direction. When market sentiment is extremely unified, it is often a signal of a reversal or a short squeeze.
Secondly, I also pay close attention to the correlation between spot and futures directions. If the spot price rises and the futures longs also dominate, that is a solid directional bullish signal; if the spot price surges but the futures are dominated by shorts, it is very likely that a large amount of hedging is at play, and blindly chasing the rise at such times can easily lead to losses.
In short, a single data point is just a surface phenomenon; only by combining multiple dimensions can one see the true intentions of the capital.$CORE Some brothers on okx still believe that the CORE public chain is still operating, but its appearance is more like a static specimen.
Statistics show that there are about three hundred contracts registered in the CORE ecosystem list, but only a dozen or so have continuous funding, real users, and stable transactions. The vast majority are DApps quickly deployed using templates, originally created to participate in airdrop activities. Once incentives stop, users and funds quickly leave, leaving only dead contract records.
The falsity of on-chain liquidity is also very prominent: DEX once had a large number of transactions, but the actual daily transaction amount was only 148 USD. Many script-driven addresses interact back and forth, blocks are produced as usual, but there is no effective economic activity.
The trend on the staking side is also worth noting: BTC staking scale has been declining continuously from its peak, corresponding to a large amount of CORE flowing out as staking unlocks. During the same period, addresses associated with the official side transferred large amounts of tokens to exchanges.
The narrative of optimistic lock-up promotion externally and the transfer traces left on-chain form a sharp contradiction. #Circle财报在即，稳定币增长能否兑现收益？ #交易之声：你的经验值得被听到 Over 90,000 liquidations, $338 million vanished into thin air! But don’t rush to cut losses—the real story today is the head-to-head battle between the “deep V reversal” and the “hacker dump.”
$BTC: Screenshot shows 78,354, up 0.84% intraday. After a low spike to 75,690, it quickly bounced back—a classic leverage cleanup. Long liquidations of $265 million were the main fuel, but the rapid recovery near 75,600 indicates panic selling was absorbed. With midterm election uncertainties fading, a V-shaped rebound is approaching 78,000.
$ETH: Screenshot shows 2,318.73, up 0.82% intraday. Devcon 8 and ecosystem news drove a short-term rebound, but the on-chain cost line at $2,309 is a tough barrier. U.S. spot ETF outflows continue and Coinbase premium is negative, so selling pressure remains. Failure to hold means a fake rebound.
$SOL: Screenshot shows 92.99, down 0.83% intraday. Hackers keep converting SOL to BTC, putting direct selling pressure overhead. However, tokenized stock daily volume surged to $657 million, indicating the ecosystem fundamentals are quietly strengthening.
Summary: Liquidations clear leverage, not logic. Do you think BTC’s deep V is a shakeout or a bull trap? Can ETH hold above 2,300? See you in the comments.
#BTC财库优先股融资升温 The blue wave is coming, so why isn't the crypto community panicking?
The latest Polymarket bets show a 95% chance the Democrats will take the House and about 77% chance for the Senate—"blue wave" is almost priced in by the market. But what the crypto market is really watching is not which party wins, but whether regulation can move from ambiguity to predictability.
Currently, the market leans toward betting on a "split Congress": Democrats controlling the House, with the Senate in a deadlock. For the crypto space, this may not be a bad scenario. Compared to outright crackdowns, a clear regulatory framework is easier to advance, and there remains a window for CLARITY-type bills.
The funding side has already reacted. Integrity Asset Management says the market is preparing for a "relief rally" after the midterms—once uncertainty dissipates, capital will dare to enter. BTC pulled back to 78,000 this morning, a trade signaling the "boot is about to drop."
In short: short-term sentiment recovery, mid-term legislative progress. The blue wave is not the endgame; the rules are. Banquet Demon Mirror: Which of the meme trio is catching people? 🪞
This week the meme circle was flooded with the banquet, but prices moved in the opposite direction, awkward enough to pick your feet 😅 DOGE, PEPE, and TRUMP are like three emotional thermometers, differing in whether there's something to catch people.
$DOGE: The product-oriented honest dog 🐶
MyDoge V3 launched, swap and DogeOS entry completed, three parts combined into Dogecoin Labs, DogeOS testnet continues to push. Liquidity is the thickest, serving as the sector's ballast stone. Not sexy, but building a foundation.
$PEPE: The popular hollow frog 🐸
High turnover supports the scene, trading volume can wrestle with big coins, but turnover ≠ lasting demand. The strong rebound after Binance was hacked on October 29 has already faded. Lacks functionality, pumps and dumps quickly, no chasing short-term 🙅
$TRUMP: The supply-side funnel 🎭
Second banquet set for November 22, snapshot November 12, after announcement it fell instead of rising, starting point about -8% by rating. Circulating 282 million only accounts for 28%, the rest held by related companies releasing rhythmically, not much room from historical highs. The banquet is a gimmick, supply is the main line, don't touch 🚫
In a nutshell: meme rises depend on who has products to catch people; TRUMP type that only leaks without catching, even the banquet can't save it (￣▽￣)ノ Steady builds products, hollow consumes sentiment, ruthless cuts supply— which side are you on? 🤔As soon as the midterm election results came out, $BTC dropped first, followed by AI stocks.
After the drop, it turned out that what everyone was afraid of was not who would take office, but whether Texas could continue building AI data centers.
As a newbie like me, I was anxious for nothing again last night.
BTC once fell to about $75,700, then quickly rose back to around $78,000.
Simply put: when the results are unclear, everyone runs first; when the results become clear, some buy back.
Some analysts think the next target might be around $82,000.
The US stock market is even more direct:
CoreWeave, a company specializing in building AI data centers, dropped about 7%,
Oracle, which provides cloud services, dropped about 4%,
and Musk's $SPCX dropped about 6%.
Why is it related to Texas?
Because about a quarter of the electricity consumption for the new AI data centers planned in the US is in Texas.
The new governor said during the campaign that stricter rules would be set for new AI data centers, even suspending them temporarily.
Whether the data centers can be built on time directly affects whether these companies will make money in the future, so the stock prices shook first.
#美国中期选举：民主党赢得国会两院控制权