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#台积电Q3营收创新高，盈利表现待揭晓 TSMC released its earnings report today, but the stock fell 2% pre-market.
It has now dropped 12% from the high of 484. The MA5, MA10, and MA20 are all pressing down from above, exactly like BTC.
The 50% revenue growth in Q3 was already clear last week. The market is now betting on one thing: whether the gross margin can hold above 67%.
CPI just exploded last night, and tonight there are PPI and retail data. At times like this, even if the earnings numbers look good, if the overall market keeps falling, TSMC won’t be able to hold up.
Previously, the options market bet on a ±5% volatility after earnings, but the average of the last four times was only 2.87%. Expectations are maxed out; at this level, the biggest fear is "good news already priced in"? Even if guidance is a bit softer, the stock price will still be hammered. #台积电Q3营收创新高，盈利表现待揭晓 还挺有意思的#台积电Q3营收创新高，盈利表现待揭晓
The 10-year US Treasury yield is approaching 5%, but the market still seems skeptical.
The Treasury is buying back long-term bonds, theoretically providing support to the market, yet yields continue to rise.
I feel the market's focus is no longer just on whether interest rates are high, but on how much debt the US will issue in the coming years.
Inflation hasn't been fully suppressed, fiscal spending hasn't stopped, and the debt scale keeps growing. Looking at these factors together, it's hard for long-term capital to feel completely at ease.
This is actually a rather interesting phase for the crypto market.
On one hand, US Treasury yields nearing 5% will indeed divert some risk capital; on the other hand, if the high yields reflect increasing debt pressure, some funds will seek alternatives outside of US Treasuries.
Gold has been performing well recently, and $BTC is also doing fine. I think this is somewhat related to this macro backdrop.
In the past, people liked to compare BTC with the Nasdaq, but now more and more are starting to discuss BTC, gold, and US Treasuries within the same framework.
This shift itself might be more worth paying attention to than short-term price fluctuations.$ETH $BTC
1小时爆仓4.6亿，多头遭遇血洗
刚才一小时全网爆仓4.6亿，
几乎全是多单被抬走，
ETH和BTC同时跳水，
持仓量断崖式往下掉，
说明是多头踩踏，
不是正常回调。
当前价格仍受压于均线下方，
MACD死叉未改；
若无法快速收复失地并站稳支撑位，
空头趋势将延续。
市场处于极度弱势，
短期依然看空，
但需警惕超跌后的报复性反弹。
建议等待反弹至关键阻力位受阻后再顺势操作，
严控杠杆，
防范插针风险。 #TSMCOct15Earnings 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.
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%, 资金回流≠反转！别被第一根阳线骗了 (｡•́︿•̀｡)
$BTC 83,314，ETH 2,496，SOL 106.61。
单日ETF数据看着挺美：BTC净流入1.76亿，ETH 2480万，SOL还在偷偷溜走。但拉长到7天——整体仍在失血。一天的回流，充其量是溺水者探出水面吸了口气，不代表已经上岸 (￣▽￣)*
看盘面语言更诚实：BTC抗跌，ETH和$SOL 腿软。资金没形成合力，哪来的全面进攻？
今晚九月CPI落地，才是真正的试金石。数据公布前，我压根不关心谁先蹦起来——急着抢跑的人，往往被埋在假突破里 (╯﹏╰)
我的验证逻辑很简单：
🔸 只有BTC涨 → 局部修复，别激动
🔸 ETH、SOL同步跟上 → 反弹可信度才成立
真正的机会，从来不在第一根急涨的K线里，而在市场交卷之后 (๑•̀ㅂ•́)و✧
这次回流，是反转前奏还是下跌中继？今晚见分晓。别急着抄底，等市场先亮牌。#美国9月CPI同比升至3.7%，核心通胀超预期 #台积电Q3营收创新高，盈利表现待揭晓 #台积电Q3营收创新高，盈利表现待揭晓 台积电今天发财报，结果盘前先跌2%。
现在425，从484的高点已经跌了12%。MA5、MA10、MA20全在头上压着，跟BTC一个德行。
Q3营收涨50%是明牌，上周就知道了。市场现在就赌一件事：毛利率能不能撑在67%以上。
问题是大环境不对。昨晚CPI刚爆，今晚还有PPI和零售数据。这种时候发财报，就算数字好看，大盘要是接着跌，台积电也扛不住。
之前期权市场押注财报后波动±5%，过去四次平均才2.87%。预期拉满了，这种位置最怕"利好兑现"——营收创历史新高又怎样？指引稍微软一点，股价照样砸。
而且你看最近这走势，财报前先跌12%，像是有人提前跑了。Revenue of 1.49 trillion is just the obvious card; watch these three things in Thursday's earnings report
TSMC's Q3 revenue hit 1.49 trillion New Taiwan dollars, up 50% year-on-year, a historic high — but this was already known, announced last week. The real highlights of the October 15 earnings report are the following three points.
First, gross margin. Guidance is 65%-67%, while Q2 was 67.7%. Morgan Stanley directly estimates 67.5%, and the market is fully betting on the high end. WhetherWhen people come, does it mean someone will definitely buy the coin?
$DOGE I think the easiest thing to overlook is that payment and holding are actually two different things.
If more people use it to buy things, of course that helps usage, but if merchants immediately convert it back to cash after receiving it, the buying demand can quickly turn into selling.
It still has about 5 billion new coins added each year, but the proportion of new supply relative to the total is gradually decreasing.
So what I want to see more is, after the hype dies down, how many people are willing to keep a balance. Being able to spend it is one use case, but willingness to hold is another layer of demand.
$WLD also needs to be analyzed separately. Identity verification is useful, but it doesn’t mean all users need to buy the coin.
World ID, the applications, and WLD belong to the same network, but they solve different problems, so you can’t directly equate the number of verified users with the number of token buyers.
My judgment criterion is simple: after a person completes identity verification, what else requires continuous use of WLD?
If this question is clarified, it’s easier to assess the significance of user growth for the coin price.
The relationship with $RENDER is more direct. Payment for computing tasks corresponds to token burning, but the network also issues rewards simultaneously.
So just looking at burn numbers isn’t enough; you also have to see if customers pay repeatedly and if orders can be sustained. A single large order can make the data look good, but returning customers better indicate whether this business is stable.#台积电Q3营收创新高，盈利表现待揭晓
说我的预期，分三层看：
已经基本成定局的：营收
台积电每月公布营收，三个月加总已经出来了：Q3 合计约 1.494 万亿新台币（约 467 亿美元）、同比 +51%，已经超过公司自己给的 446–458 亿美元指引区间，也高于分析师平均预期的 1.46 万亿。所以营收这块没有悬念，是"已知的好"。
大概率落点：利润和毛利率
市场共识：净利润约 7,400 亿新台币上下（同比约 +65%）、每份 ADR 盈利约 4.4 美元。毛利率公司指引 65%–67%（二季度是 67.7%，指引本身就预告了环比稀释，来自 2nm 爬坡和海外厂）。我的预期是落在指引中上沿——需求和产能利用率摆在那儿，真正的考验是稀释幅度别超预期。#美国CPI超预期升至3.7%，今晚PPI再迎考验
一小时4.76亿美金爆仓！多头踩踏复盘+盘面思路
✅爆仓核心原因
1. 根源：CPI超预期的宏观利空
美国9月CPI、核心CPI双双高于预期，市场重新定价美联储加息概率，美债收益率上行、美元走强。加密属于无息风险资产，大资金先选择减仓避险，BTC、ETH现货ETF本来就在持续净流出，没有足够买盘承接抛压。
2. 连锁：多头集中止损触发踩踏
前期很多资金博弈CPI利好，提前挂了多单，支撑位附近堆积大量多头仓位。价格下破关键位置后，止损单被批量触发，止损单本身又变成卖盘，进一步砸低价格，形成负向循环（越跌越爆、越爆越跌）
3. 结构：ETH是重灾区
ETH弹性远大于BTC，杠杆资金更喜欢在ETH上加仓做多，所以这次ETH爆仓金额（1.99亿）超过比特币，跌幅也更深（24h -5.54%）。
📌接下来盘面怎么理解 & 操作思路
盘面信号解读
1. 短时间大额多头爆仓，短期会释放一部分抛压，但不等于马上见底反弹
爆仓是被动强平盘，强平盘砸完之后会短暂缺少集中卖盘，容易出现小幅反抽；但宏观利空逻辑还在（加息预期抬升），反抽大概率是弱反弹，很难直接反转走大涨。
2. 重点盯之前说的两道防守支撑
• BTC：第一防守81500，强支撑80000
• ETH：第一防守2400，强支撑2300
当前ETH已经跌破2400第一防守线，现在正在测试2300一线；如果2300被有效砸穿，会开启新一轮杠杆踩踏。
3. ZEC这类小盘隐私币：大盘杀多头的环境下，山寨币风险更大，下跌空间更容易失控，支撑参考意义会变弱。
分持仓情况给思路
🔹如果你现在持有多单：
• 没有设置止损、仓位很重：不要盲目扛单，宏观利空没消失，一旦跌破强支撑，会迎来新一轮爆仓潮；小幅反弹优先减仓控风险。
• 轻仓多单：反弹不要急于加仓，把止损下移到新的低点下方，严格控损。
🔹如果你是空单：
• 现在属于利空兑现阶段，短期已经集中爆仓一波，不适合追空！
追空很容易踩“利空落地、超跌反弹”的短期反转插针，容易被扫止损；可以等反弹到压力位再看机会。
🔹空仓观望：
优先观望为主，CPI这个宏观利空需要时间消化。等两个信号再考虑进场：要么价格守住强支撑、止跌横盘；要么美联储官员表态缓和，加息预期降温。不要去猜底、抄底。
#韩股盘中跌近8%，全球科技股集体承压
$BTC $ETH $SNDK 币圈赚大钱的公式，我已经越来越有自己的思考了。做好这5点，基本上资金就能实现复利，一步一个台阶，赚的利润也越来越多。首先得选好标的，币圈很容易选，只有大饼和以太，然后就是耐心等待它俩的暴跌。
我说的暴跌，指的是高点跌下来至少50%，然后分批挂单买入，争取买成重仓。然后就是长期持有，无论什么样的回调和利空，就是不下车，坚定待在车上。最后便是在情绪高昂时，市场都在喊永恒牛市的时候，分批出货，保住利润。
周而复始，何愁拿不到大结果。事实上我入圈经历的两轮牛市，走的就是这个路数。2020年均价8000，长期持有到2021年5.4万卖出，2022年1.8万均价长期持有，2025年11到12万分批卖出。
这次2026年其实我也是类似路数，大饼12.6万跌到6.3万开始分批建仓。只是这轮熊市，跌的有点太少，我才买了两层仓位，就大v天龙了。我现在也只能继续耐心等待机会的出现了，让我追高fomo8万以上的大饼，是不可能的。无非是踏空而已，踏空又不亏钱，何况还有两成仓在车上和8成仓在理财，心态其实也还好。#TSMCOct15Earnings Doanh thu quý 3 của TSMC thực ra đã được công bố từ lâu, khoảng 46,7 tỷ USD, cao hơn dự báo của công ty là từ 44,6 đến 45,8 tỷ USD. Cuộc họp báo cáo tài chính vào thứ Năm không phải để kiểm tra doanh thu, mà là chi phí đằng sau doanh thu.
Thử thách đầu tiên là tỷ suất lợi nhuận gộp. Dự báo quý 3 là từ 65% đến 67%, trung bình 66%, thấp hơn 1,7 điểm phần trăm so với 67,7% của quý 2, nguyên nhân là do việc tăng công suất 2nm làm loãng khoảng 3 đến 4 điểm phần trăm.After the US CPI data was released yesterday, US Treasury bonds initially plunged, with yields rising to near historical highs. However, as the stock market fluctuated and declined, US Treasuries instead oscillated upward, eventually closing near the day's high, forming a V-shaped reversal.
This market movement is quite interesting. The initial drop in US Treasuries was due to the CPI month-on-month exceeding expectations, which reignited market concerns about the Fed raising interest rates again soon. But the subsequent rise was more likely due to a flight-to-safety effect (i.e., the safe-haven attribute of US Treasuries returning). This also reflects the market's overall acceptance of the current yield levels (combined with recent US Treasury auction results, it is evident that primary market demand for US Treasuries is significantly improving).
The midterm election period is approaching, during which the US stock market is unlikely to perform well. Instead, AI hardware stocks are facing adjustment pressure after continuous declines, so funds are flowing into US Treasuries. Whether the Fed continues to raise rates in the short term or not will not change this capital flight to safety.
Finally, there is, of course, another possibility: when the global economy faces a recession, stock prices fall and bond prices rise, which is normal. However, there is currently insufficient evidence for this assumption (the high CPI itself is one indication of an overheating economy). #美国CPI超预期升至3.7%，今晚PPI再迎考验 Nearly $200 million flowed back in a single day—Is the bull market coming back? Don't rush to celebrate yet—$BTC is reported at $83,314, $ETH at $2,496, and $SOL at $106.61; none of the three major mainstream assets have experienced a full-blown breakout rally. The ETF data for the day looks impressive: $BTC net inflow of $176 million, $ETH net inflow of $24.8 million, while $SOL saw a slight net outflow; but looking at the 7-day picture, all three remain under pressure. This is the most worth pondering contradiction right now: ETF funds are flowing in, but $BTC prices are retreating. This divergence itself is the answer. A single day of capital inflow never equals a trend reversal; it is more like a breather, not a trumpet call. What truly determines the direction is whether the funds can form sustained resonance, not just a good number on one day. Structurally, $BTC's resilience to decline is clearly stronger than $ETH and $SOL, the latter two being less elastic, indicating that funds have not yet launched a full-scale offensive. This differentiation sends a very direct signal: the current situation looks more like a consolidation during a downtrend, not the start of a new trend. Only when $ETH and $SOL follow suit can the recovery be credible; relying solely on $BTC's solo rise can only be defined as a local rebound. Tonight, the US September CPI data will be released, with core inflation exceeding expectations, and the Fed's rate hike path divergence still to be digested. Before the data release, guessing who will lead the rally is meaningless; after the data release, what really needs to be watched is whether the three major coins can increase volume in the same direction. This is the hard indicator to verify fund resonance. Opportunity 黄金似乎稳住了，大饼却往下走了，为什么？
大饼已经率先突破了震荡区间的下沿，但是我们可以看到除了大饼，其他的主流币基本上都已经突破了近期震荡区间的下沿，
所以大饼有更多的追随者，在这个下跌趋势的洪流中不断的往下走，而大饼虽然已经相对主流币强势了，还在80000高位，但是当所有主流币都跟着纳斯达克往下滚的时候，它也支撑不住。
另外，大家看到没有，由于纳斯达克100指数是全天候都在跑得，所以现在大饼和黄金都比较得跟随纳斯达克100，跟标普还没太大得关系。而我看得最多得美国指数就是纳斯达克100.
黄金还有一些国家储备基金和机构资金在托底，但是个人感觉，这种托底如果没有实质性的反转K,也同样会遭到抛售。特别是纳斯达克指数继续向下探得情况。$XAU $ETH I'm firmly bullish, not shorting.
2412, red candle, amplitude only 0.24%, the market looks dead like a still pond. But the quieter it is, the more it feels like someone is quietly accumulating chips underneath. From 2725 it was smashed down, the two rebounds at 2580 and 2540 both failed to hold, MA30 pressing at 2467, the structure indeed looks bad—I won't pretend otherwise. But the 2400 level has been stepped on countless times, each time pulled back, never truly broken. Today's low was 2401.37, again holding close. If it were really going to crash, it wouldn't stop exactly here every time.
The rapid sell-off and quick pullback indicate selling pressure is being vented, not continuous dumping. The ones taking over are not retail investors; retail investors don't have the patience to repeatedly place orders at the same price.
My strategy: enter in batches between 2400-2408, add a position on a wick down to 2385, cut position size in half, and lower leverage. No chasing highs, no getting impulsive over a big bullish candle. Stop loss at 2372, exit immediately if broken, no holding or averaging down—I've learned that lesson the hard way from previous forced liquidations.
Take profit in three stages: sell one-third at 2440, which is the dense area of the previous sharp sell-off; sell another third at 2467, the MA30 hurdle to watch the candle's reaction; leave the rest until 2510, if it goes up, consider it market's reward.
Is the rebound a bull trap? Possibly. But I'd rather take a small loss at support and stop out than chase shorts on a break and get slapped back. Direction is bullish, pace is slow.昨天瑶瑶选择在$ETH 2480选择抄底真是一个天大的错误，但是还好也是及时止损了，2450止损，损失将近2000u😡😡
9月CPI来袭原油美债走势如何 ？
美债：通胀爆表，美债抛售，收益率直线上升！美元走强就代表着股市、币圈、黄金全部承压，高利率的阴影重新压在市场头上，只要收益率居高不下，市场很难有大反弹
原油：这次通胀很大部分就是油价推上去的，一边高通胀强化加息（利空油价），另一边中东地缘冲突 托住油价，走出矛盾行情，短期维持高位震荡，地缘才是原油的主要变量
币圈这边：加息预期升高，ETH从2523直线下跌到2411！、BTC8400暴跌到8151，山寨就更不用说了跌的更猛，近期千万不要选择去抄底！#美国CPI超预期升至3.7%，今晚PPI再迎考验 #台积电Q3营收创新高，盈利表现待揭晓 #奈飞增长或放缓，广告业务成新看点 #US CPI Surpasses Expectations to 3.7%, PPI Faces Another Test Tonight
CPI exceeding expectations triggers a sharp drop, decline logic + defensive support levels
Core reasons for the decline
1. US September CPI and core CPI both exceeded expectations, raising rate hike expectations and pushing US Treasury yields higher, putting pressure on the valuation of non-yielding crypto assets;
2. BTC and ETH spot ETFs continue to see net outflows, institutional funds are already withdrawing, lacking buying support;
3. The decline triggered a chain of leveraged liquidations, with forced sell-offs accelerating the drop;
4. ZEC is a privacy small-cap coin; when risk appetite declines, funds prioritize abandoning thematic altcoins, amplifying the drop.
Defense support by coin (First defense = short-term first lifeline, breaking it tends to accelerate the decline; Second defense = strong support, dense multi-chip area)
✅ BTC Bitcoin
• Short-term first defense: 81500, the first line of defense for short-term bulls; holding here will lead to consolidation and bottoming;
• Key strong defense: 80000 (round number + dense options support)
• After breaking 80000, the next target range: 77000-78000, selling pressure will significantly increase
✅ ETH Ethereum (more elastic, falls faster)
• Short-term first defense: 2400
• Key strong defense: 2300, this is a previous chip concentration area
• Breaking below 2300, look down to around 2180, where DeFi staking and leveraged positions are concentrated and prone to liquidation
$BTC $ETH $ZEC 台积电Q3营收创下历史新高，财报夜重点看什么？
台积电将于10月15日发布完整Q3财报并召开说明会。从已披露月度数据来看，Q3营收约1.49万亿新台币，同比大涨50%，直接刷新历史营收纪录，公司此前给出Q3毛利率指引65%-67%。
营收数据已经落地，市场关注点转向利润能否同步兑现。本轮高增长核心来自AI算力需求，英伟达芯片、ASIC、CoWoS先进封装订单持续饱满，是拉动业绩的核心引擎。
值得留意的是，营收创新高的当下，TSM、xTSM标的已经出现回调，资金提前博弈财报预期差。若毛利率不及预期，容易出现“利好兑现变利空”的杀跌行情。
今晚财报重点盯毛利率、资本开支与后续AI订单展望。AI高景气逻辑还在，但短期股价已经提前计价大部分利好，切勿盲目追高，重点警惕利好落地后的波动风险。
#台积电Q3营收创新高，盈利表现待揭晓 今天$BTC 在8.15万附近晃荡，贴着50日均线（约8.11-8.12万）在磨。
你们说的那四次熊转牛节点，确实挺像：站上50日均线后，40-50天左右几乎都会回来踩一脚，这段涨幅大概都在30%左右。历史爱重复这个剧本。
但关键差异在后面： • 2015、2019那两次，回踩完没破，然后直接拉出至少50%； • 2023是先跌破，吓一波人，又快速收回来，后面照样走出50%。
现在这个位置，就看它是想走前两种的“优雅回踩”，还是2023那种“先吓你一跳再收回”的版本。
最近从8.4-8.6万下来一波，刚好把50日均线踩了踩，又弹了一下。短线RSI在46附近，不冷不热，短均线还压着，有点磨人。但中期结构还在，50日还在200日之上，大方向没坏。
目前更像是“标准回踩剧本正在上演”，而不是趋势已经转熊。后面是直接拉，还是先破一下再收回，历史给了两种可能，市场还没选边。
别急着开仓赌剧本，先看它能不能在这附近稳住。稳了再往上看8.4-8.5万，破了再考虑是不是2023模式。这位置磨来磨去最容易把人磨没耐心，但历史上磨完往往有戏。
（以上纯嘴炮，不构成任何建议，亏了别找我。）01 An impressive report card also brings a tougher question. A quarterly revenue of $16.8 billion, adjusted profitability achieved, and a target valuation exceeding $2 trillion. Anthropic, the company behind Claude, is pushing the AI company IPO story to a new scale. According to Reuters on October 14, citing sources attending an investor meeting, Anthropic's third-quarter revenue reached $16.8 billion. The Financial Times reported the same, stating the company told investors it was profitable on an adjusted basis for the quarter. This information was obtained from the meeting and cannot yet be considered a public audited financial report. Seeing these numbers, it's easy to conclude: AI has finally moved from burning cash to making money. But on the other hand, confidential IPO documents previously reviewed by Reuters show the company has at least $518 billion in commitments for computing power and infrastructure spending over about ten years. What I want to understand more is: can the money customers pay in outpace the money the company promises to pay out? This issue concerns not only one company's IPO but also how we understand the entire AI industry chain's excitement. 02 $16.8 billion is important, but don't rush to multiply it into the future. $16.8 billion is quarterly revenue, not an annualized run rate derived from a single month's income, nor is it profit already in hand. For AI business observation, this is a significant distinction. It means discussions can finally focus more on paid demand: some are willing to pay for model capabilities. But this revenue report card still doesn't answer how long customers used the service or the price空头又成燃料了？(╯°□°）╯︵ ┻━┻
这行情最狠的不是跌，是专治不服。刚认定下行，空单就被抬走；越跌越敢空，刚补仓，反弹就敲门。
午盘清算：1H 560万，空头76%；4H 2019万，空头71%；24H BTC 3285万，空头78.7%，ETH 63.5%。这不是普通止损，是连环逼空：价格弹→空头回补→买盘推高→下一批强平，循环加速 (๑•̀ㅂ•́)و✧。
但别把反弹当反转。ETF单周净流出6.79亿，ETH流出5.42亿；Coinbase溢价一度转负，说明现货买盘没跟上，更多是衍生品被动回补。韩股跌5.5%，CPI又在门口，波动只会更疯 (｡•́︿•̀｡)。
现在只盯回踩：BTC 81300–82000（400日均线）要守住；ETH 2480–2495，尤其2494不能丢。有人接，才算真买盘；没人接，就是虚火。$BTC $ETH $ZEC ##奈飞增长或放缓，广告业务成新看点
U姐 10.15 周四 $ETH 思路
介入条件：反弹回升至2440‑2460区间，1小时K线冲高收出长上影，反弹量能逐步衰减，滞涨确认后试空。
止损位置：价格有效站稳2480上方，多头强势反攻，空头思路放弃离场。
第一止盈目标：2400
第二止盈目标：2350
盘面逻辑：昨晚CPI数据超预期，二饼自2529短期高点快速跳水杀跌，最低下探至2401一线，跌幅相比BTC更为猛烈。空头力量集中释放之后，当前在2420-2440区间低位横盘休整，行情由强转弱，处于大跌后的震荡消化阶段。短线整体震荡思路，高空为主，低吸为辅。反弹至压力区间优先做空博弈二次下探，不要提前预埋空单，等待滞涨K线确认再进场，规避短线诱多反弹扫损。US September CPI year-on-year 3.7%, month-on-month 0.6%, overall in line with expectations; the real surprise is the core CPI, month-on-month 0.3%, year-on-year 2.6%, both higher than expected and rising for three consecutive months — inflation excluding oil prices is still climbing.
There are three driving layers: energy is the strongest, gasoline rose 9.1% month-on-month, contributing more than half of the increase, due to US-Iran conflict, Brent crude surpassing $100, and diesel prices hitting record highs;
Food is stable for now, but high diesel costs are transmitting, Pepsi has already raised prices; the most troublesome is the spread of core price increases, with housing, medical care, leisure, transportation, used cars, and IT goods all accelerating month-on-month, only communications declined.
Market: The US dollar index rose to 102.53, a new 18-month high; the 10-year US Treasury yield broke 5.3% intraday and closed at 5.188%; the Nasdaq fell 1.88%, the Philadelphia Semiconductor Index fell 4.3% for six consecutive days, Apple rose 0.5% against the trend to become the second $5 trillion company;
Gold fell below $4100, silver dropped more than 6%. Asia-Pacific under pressure, Hang Seng Index opened down 0.8%, Hang Seng Tech fell 2.21%.
Policy: The probability of a rate hike in October jumped from 21.6% to 43.7%, but Federal Reserve officials generally say they are not in a hurry to act — long-term rates have exceeded 5%, the dollar broke 102.
Financial conditions have already tightened, and September nonfarm payrolls were only 29,000, with the previous value revised down by 60,000. The mainstream expectation: no change in October, another 25 basis points hike in December.
The key is to watch Wash’s speech in Bangkok on Thursday evening (the last window before the blackout period), September PCE and oil prices. Conclusion: data changes the pace, not the direction, the decisive factor remains oil prices. #CPI与PPI同步降温，加息分歧扩大 #美国9月CPI同比升至3.7%，核心通胀超预期
This morning's abnormal market movement of “gold rising, crude oil falling” can be summed up in one sentence: the market was scared by last night's US inflation data and the early morning crash of the Japanese and Korean stock markets. What everyone is now fearing is not "war," but "economic stagflation."
Last night, the US released the latest CPI inflation rate, which surged directly to 3.7%, exceeding everyone's expectations. The market's first reaction was "it's over, the Fed will raise rates again at the end of the month," causing the US dollar and US Treasury yields to soar, crushing gold prices. Gold fell more than 1.5% last night, failing to hold the $4100 level.
But why did gold rebound sharply from around $4080 to above $4140 early this morning?
This morning, the Korean stock market directly hit circuit breakers, and the Japanese stock market plunged over 2000 points. Asian institutional funds fled from chip stocks and tech stocks, and the money that came out had to find a safe place to stay. Naturally, gold, which had just fallen into a pit last night, became the first choice.
The panic from last night's rate hike has already been vented. After gold broke below $4100, long-term allocation funds and central bank buying considered the price appropriate and directly entered the market to support the price.
Prices are still rising, but high interest rates are hammering tech stocks and the real economy mercilessly. In this stagflation environment of "high prices, poor economy," stocks and industrial goods both get hit, and only gold serves as the best bulletproof vest.$SOXL 跌到105了，但我认为半导体这轮下跌还远没有结束！！！
SOXL从158.91一路跌到105附近，跌幅确实很大，但我依然看空到周五。
真正让我坚定看空的，不是价格跌了多少，而是利好根本接不住！
ASML已经释放了强劲的AI设备需求信号，按理说应该给半导体带来买盘，结果整个板块依然遭到抛售。说明市场现在根本不愿意继续为AI的高增长支付之前的估值。CPI超预期之后，这种压力反而更明显。
接下来台积电即使交出漂亮业绩，我也不认为就能扭转局面。因为市场本来就预期它很强，单纯证明AI订单充足已经不够了。
我个人明确继续看空，预计SOXL周五更倾向收在97—103附近，重点看105失守后，100附近到底有没有真正的承接。
周四即使借台积电消息反弹到114—118，只要NVDA、AMD、AVGO以及设备股没有持续买盘，我依然认为那是反弹，不是反转。
只有台积电明显超预期、PPI缓和，半导体主要权重重新获得持续承接，SOXL站稳120.83并进一步收复127.57，我才会改变看空判断。
在这之前，我依然站空头这一边！My judgment: The bottom of this round may have already passed.
$BTC is like this, and altcoins are the same.
For me, a pullback is no longer something to fear, but a time to seriously consider positioning.
Of course, this is just a personal opinion, not a definitive conclusion.
$BTC 84000 just touched and was pushed back, once the CPI came out, it directly dropped below 82000.
September core CPI month-on-month was 0.3%, expected 0.2%; overall year-on-year 3.7%, also higher than expected. Just this 0.1 difference pushed the probability of an interest rate hike at the end of October from about 20% to over 40%. Interest rates will continue to rise, and BTC, which yields no interest, is the first to get hit. Around the US stock market close, it hovered near 81800, ETH looked worse, around 2430, down just over 3%.
Frankly, this wave is not caused by problems within the crypto circle itself, but being pressed down by macro factors. On October 7 and 8, spot ETFs saw outflows of over 700 million USD in two days, and only 170 million returned on the 13th; institutions have not yet recovered from this.
I think 80,000 is the key point this round. The spike on October 8 reached near 80300 but was pulled back; most long stop losses are likely piled below. If it holds, it will probably continue to oscillate between 80,000 and 87,000; if it breaks down with volume, the 75,000 area is not impossible. Resistance is between 83,000 and 87,000, several attempts at the start of the month failed to break through.
Next, watch two things: daily ETF flows and the interest rate meeting on October 27-28. If officials come out hawkish before the meeting, don’t expect a decent rebound.
Be cautious with leverage; the scene of over 1.1 billion USD liquidated in one day last week was just a few days ago. $BTC #USSeptemberCPIYearOnYearRisesTo3.7%,CoreInflationExceedsExpectations September CPI released, with core inflation exceeding expectations: core month-on-month +0.3% (expected 0.2%), year-on-year 2.6% (expected 2.5%). Overall year-on-year 3.7%, also higher than the expected 3.6%. However, Bitcoin and Ethereum ETFs have finally started to flow back in; on 10/13, Bitcoin inflow was $176 million, Ethereum inflow was $24.8 million, and Ethereum ended a 10-day streak of net outflows. It is still feasible to buy at the bottom, which means that even if the correction continues, the depth will be limited, and the probability of returning to a bear market is relatively low. During this decline, contract positions increased, indicating that short positions are still being opened, so the correction may not be over. If you want to buy, buying between 75-80k is better, which also falls within the normal correction range of a bull market.
Next, watch two time points: tonight at 20:30 retail sales and PPI (Producer Price Index, consensus month-on-month about +0.5%) will be released; tomorrow morning at 11:30, Federal Reserve Chair Warsh will have a public dialogue at the IMF annual meeting, which is an important statement before the FOMC. If retail sales and PPI are also on the hot side, BTC pressure will continue.
Currently, the probability of a rate hike in October is about 54%, and the probability of at least one hike before December exceeds 95%. Crude oil rose 9.1% in a single month, and all costs are rising, so as long as oil does not fall, crypto and US stocks will not easily rise directly. $BTC $ETH $SOL $BTC 的熊市底部，和美国中期选举之间有个有意思的规律：
2014年：选举后71天
2018年：选举后39天
2022年：选举后13天
每一轮都比上一轮快了二三十天。
2026年的中期选举还有3周。如果这个节奏延续，$BTC 的底部就不是出现在选举之后，而是选举之前。
只是推演，不是定论。但如果成真，我们就不用等选举结束再"降风险"，趋势有可能直接接着往上走。
$BTC TSMC released its earnings report today, but the stock fell 2% in pre-market trading.
It's now at 425, down 12% from the high of 484. The MA5, MA10, and MA20 are all pressing down from above, just like BTC.
The 50% revenue growth in Q3 was already known last week. The market is now betting on one thing: whether the gross margin can hold above 67%.
The problem is the unfavorable macro environment. CPI just exploded last night, and tonight there are PPI and retail data coming out. At times like this, even if the earnings numbers look good, if the overall market keeps falling, TSMC won't be able to hold up.
Previously, the options market bet on a ±5% volatility after earnings, but the average of the past four times was only 2.87%. Expectations are maxed out, and at this level, the biggest fear is "good news already priced in" — even if revenue hits a record high, if the guidance is a bit soft, the stock will still be hammered.
Also, look at the recent trend: the stock fell 12% before the earnings, as if someone ran early.
I bet that when the earnings come out tonight, TSMC will fall instead of rise. Good revenue is already priced in; what everyone fears is the gross margin and next year's guidance.
If you disagree, come argue.Today's market has a special feature: it's not just one type of asset falling, but assets of different attributes all dropping together.
Within half an hour, silver plunged nearly 5%, platinum fell 2.61%, gold dropped 1.81%, Bitcoin retreated 1.45%, and palladium declined 1.35%.
Usually, gold and Bitcoin do not move in sync, but this time they both weakened together, indicating that the motivation of funds may not be bearish on a specific asset, but rather a rush to hold cash. This "sell everything" state is common during phases of leverage contraction and tightening liquidity.
Of course, half an hour of data is not enough to draw conclusions. What really needs to be observed is whether trading volume has increased and whether volatility can stabilize in a short time.Core official (Core DAO) has proactively withdrawn its own validator nodes, which can be interpreted in two completely different ways depending on whether it is a voluntary offline exit from the validator set or just a temporary shutdown. 1. The most ideal interpretation: Decentralization (positive narrative) The Core network has only 16 active validator nodes in total. - The foundation voluntarily withdraws its official validator nodes it operates, no longer occupying validator seats, and hands block production rights over to community third-party validators. - This represents the project team no longer controlling the network, weakening the foundation's grip on the chain, aligning with the goal of decentralization for public blockchains. - This is a common operation in the later stages of many public chains and does not inherently mean the chain is abandoning its project. But here is a key point: Although the official nodes exit, if a large amount of staked delegation remains concentrated in the hands of a few top validators, the network remains highly centralized, only shifting control from the project team to a few large holders. 2. Negative signals to watch out for (market's main concern) If the core official validator nodes suddenly exit without prior announcement, the market generally interprets it as the following issues. 1. Project team operations contraction, budget cuts Running validator nodes requires ongoing server and operational manpower costs. - With the token price persistently low and ecosystem revenue below expectations, the team reduces expenses and no longer bears the cost of validator nodes. - This indicates the project team is unwilling to continue investing in maintaining the chain, signaling a weakening of fundamentals. 2. Lack of team confidence The projectOn the surface, it's a celebration, but underneath, the structure is quietly changing. Do you really understand who is paying the bill tonight? When the CPI came out, I was stunned. September year-on-year 3.7%, core month-on-month 0.3%, both higher than expected. In the five minutes after the data landed, BTC was directly smashed down to 82731. 7.4 billion USD liquidated across the entire network in 24 hours, 83,000 people buried. Half of my social circle is crying, the other half is laughing. But I stared at the derivatives market for a while and found that things are not that simple. This wave is not just a pure news-driven sell-off; the leverage structure is too tight. Long positions are piled up too full, and CPI is just the needle. What is really being traded is the postponement of rate cut expectations and the jump of the rate hike probability to 47%. The market is repricing risk appetite, not pricing inflation itself. I personally placed three short orders and luckily all are still alive. - BTC short, entered at 83111.9, marked at 81853.09, return rate 31.5%. After breaking below 82000, I set a breakeven defense. What I want to say here is that the bearish logic is not over yet, but the pace is starting to slow down. - XRP short, entered at 1.4167, marked at 1.3304. Intraday liquidation of 610 million USD set a record, sliding from 1.55 all the way down to 1.33. At this position, I am already thinking about whether to take profit. - DOGE short, entered at 0.08828, marked at 0.08213. From 0.096 down, gained 130 points, feeling like I can close it. The three floating profits add up to 1667U. It's not false to say I'm tempted; my fingers have already relaxed #Lumentum光通信业务扩张, order performance to be announced One-sentence summary: In the BTCFi and native Bitcoin staking sector, this project is "highly recognized by institutions, has a strong technical reputation, but faces significant controversy among retail investors regarding the BABY token." It is a typical infrastructure project, not a speculative meme coin. ✅ Positive reputation (institutional, BTC OG, mainstream technical community views) 1. High recognition of the technical approach Biggest advantage: BTC does not require cross-chain bridges or wrapping into WBTC; it remains staked on Bitcoin L1 Taproot scripts, eliminating cross-chain bridge risks. Moreover, the design shifts penalty risks to the FP (finality provider), so ordinary stakers' BTC is unlikely to be penalized. This design is widely acknowledged by Bitcoin native advocates. The founder of Aave publicly endorsed its TBV (trustless Bitcoin vault) solution, considering it an important breakthrough for BTC DeFi; top-tier capital from Paradigm, a16z, and Polychain continues to invest, while licensed custodians like Anchorage, Hex Trust, and Kraken have integrated it. The institutional community regards it as the leading infrastructure for BTC re-staking. 2. Reliable team, transparent disclosures, stable roadmap The founder has a cryptography background and prioritizes research papers before token issuance; regular AMAs and quarterly reports are held, audit reports are public, and the team rarely makes unrealistic promises or frequently changes rules or arbitrarily increases supply. It holds a solid first-mover position in the sector and has the largest TVL among native BTC staking projects. Projects like Lombard and other liquid staking solutions also rely on it CPI Night Review: Three Coins Each Going Their Own Way
CPI at 3.7% exceeded expectations, and the market initially dropped in respect. $BTC slid from 83600 to 81888, closing down 1.85%. About $300 million was liquidated across the network, with 170,000 positions wiped out. Fortunately, there was support around 81000, preventing further collapse. Next is to observe whether this is a rebound after all the bad news or a continuation of the downtrend.
$ENA was the worst hit. The yield protocol suffered liquidity withdrawal, with the price dropping from 0.21 to 0.19786, a decline of 5.58%. PIMCO stated that the 10-year US Treasury yield could hit 6%, raising risk-free returns and reducing the appeal of yield-bearing assets. Under the shadow of rate hikes, this type of coin is being suppressed.
$HYPE barely moved. While the market fell 3%–5%, it only dropped 0.3%, closing at 80.631. Previously, it fell from 85 to 81, with floating supply already cleaned out; plus, 97% of revenue is used for buybacks, and there is defense around the 80 level, making its trend appear resilient.
One night, different fates. Macro data changed capital preferences: risk assets are under pressure, yield narratives are challenged, while those that cleared early and have buyback support remain stable for now. Going forward, watch if BTC can hold 81000 and whether ENA will continue to be suppressed by US Treasury yields.
This article is for market analysis only and does not constitute investment advice.
#美国9月CPI同比升至3.7%，核心通胀超预期
#台积电Q3营收创新高，盈利表现待揭晓
#交易之声：你的经验值得被听到 CPI lands, core inflation doesn't drop, rate hikes are back!!
As soon as the US September CPI was released, the market got half chilled: overall year-on-year at 3.7% can still be blamed on gasoline, but the core month-on-month at 0.3% and year-on-year rising from 2.4% to 2.6% indicate that the "expensiveness" has seeped from the gas tank into rent and services — this kind of stickiness won't just blow away with the wind.
Rate hike expectations flipped directly: the probability of a hike in October jumped from 21.6% to 43.7%, and even a 50bp hike in December has a 40% chance. US 5-year Treasury yields broke 5.12%, 10-year yields stood above 5.30%, reminiscent of post-2007 levels. The crypto market is the most honest: BTC dipped slightly by 1.92%, while altcoins like AAVE and ONDO, which rely on liquidity, dropped 4%-5% — money is fleeing, but not chaotically; it’s cutting high beta first and keeping the core.
Don't be fooled into a false sense of security by the "data landing." Next, only watch two things: PPI and the FOMC at the end of October. Don't get overconfident and heavily invested in between; if BTC daily closes above 81,000, first reduce ETH, DeFi, and AI narratives, don't get emotionally attached to stories. If rate hikes are eased by PPI, the expectation pullback is the bull window; a truly strong signal is a daily close above 84,146 — then it’s not too late to talk about greed.
#美国9月CPI同比升至3.7%，核心通胀超预期 #EarningsWatch: Recap and Outlook TSMC ($TSM / 2330, Xiao Luo's commentary
Fundamentals: AI demand (Nvidia/ASIC/CoWoS advanced packaging) remains strong. Q3 revenue has been announced at about NT$1.494 trillion (approximately $46.7 billion), exceeding the upper end of guidance and setting a record, with a year-over-year increase of about 50%. The market expects Q3 net profit to grow about 65% year-over-year to around NT$746 billion, with gross margin likely in the 65-67% range or slightly higher. Full-year USD revenue growth is expected to be revised up to the mid-40% range or even higher. The ramp-up of 2nm and expansion of advanced packaging remain core highlights, but high capital expenditures (about $60-64 billion in 2026) and overseas plant costs diluting gross margin need attention.
Technical aspects and price levels (mainly based on US ADR TSM):
Recently, the price retreated from the early October high near 487, closing around 430 on October 14 (down over 3%), affected by adjustments in US tech stocks, CPI exceeding expectations, and profit-taking ahead of the earnings call. The short-term trend is weak, with prices falling below some short-term moving averages.
- Key support: 428-420 (recent lows/psychological levels), further support at 415, and the 410-400 range (mid-term support).
- Key resistance: 440-445 (short-term pressure), 450-460, and near the previous high of 487.
- Operational watch: The earnings call guidance (Q4 sequential revenue growth, full-year growth, gross margin, and capital expenditures) is key to determining direction.
#台积电Q3营收创新高，盈利表现待揭晓 持仓 84.8 万枚比特币的男人发话了：熊市结束，目标 10 万
全球持有比特币最多的上市公司 Strategy 创始人塞勒，昨天接受彭博采访，扔下两个判断：
一，这轮熊市已经结束。底部在 6 万美元下方，已经从那里反弹。二，比特币很快重返六位数，"肯定应该超过 10 万美元"。未来几年，每年涨 20%-30%。
光喊话谁都会，看看他真金白银的仓位：
Strategy 目前持有 848250 枚 BTC，价值约 640 亿美元，平均成本 75444 美元。就在上周，又以 86194 美元的均价加仓 250 枚。
注意这个细节：他的成本线是 75444，也就是说这波下跌最深的时候，【全球最大比特币机构持仓一度也是浮亏的】。他没割肉，继续买。
但也别只看到"喊多"。同一个采访里，Strategy 回购自家股票花了 1.9 亿美元，是买币金额的 9 倍。翻译一下：【大佬嘴上极度看多，手上却在平衡现金流。】这才是真实世界里的机构操作——信仰归信仰，风控归风控。
想起 CZ 前两天的一句话："我的预测只有略高于 50% 的时候是对的，因为我一直看涨。"连 CZ 都承认预测不可靠。所以大佬的观点，听一半就够了：【方向可以参考，仓位必须自己管。】#AMD财报前瞻：HeliosAI系统商业化进展 操Dogecoin (DOGE) Whale (Whale) Classification Criteria (Market General Standard) - 🐬 Dolphin: 1 million~10 million DOGE - 🦈 Shark: 10 million~100 million DOGE - 🐳 Whale: ≥ 100 million DOGE (can clearly drive market trends) - 🦑 Super Whale: ≥ 1 billion DOGE (institutional/exchange level) Quantity and Token Situation According to Santiment: There are about 140 wallets holding 100 million DOGE ≥, and these addresses collectively hold over 108 billion DOGE, with token concentration far higher than BTC and ETH. Key pitfall: The top spot on the rich list isn't a big player, but Robinhood's custodial cold wallet (about 27.2 billion DOGE, about 17.5% of circulating supply), which contains hundreds of thousands of retail investors' tokens, not just one person's; Second place is Upbit, third is Binance, both are exchange custody wallets, which are user asset custodians, not private whales. The legendary super address that once held nearly 30% DOGE was split at the end of 2021 and is no longer a single whale. Features (compared to BTC/ETH whales) 1. DOGE is a meme coin with thinner liquidity. A truly private whale makes a large transfer or dumping the market, causing much more volatility than BTC or ETH, which easily triggers crash sentiment and triggers chain liquidations. 2. Highly concentrated chips: the top 10 addresses together account for the circulating marketMainstream on-chain analysis (Santiment) defines addresses holding ≥1,000 BTC as BTC whales - latest statistics: 2,044 addresses ≥ 1,000 BTC, holding about 7.17 million BTC in total, accounting for nearly 36% of circulating supply. However! Addresses ≠ Genuine and independent individuals/institutions, which is the easiest pitfall: Includes cold exchange wallets, ETF custody addresses, platform reserve wallets, not all large individual users. For example, an exchange may have several such whale addresses, which actually belong to the same institution. More detailed layering (another sub-caliber) - Sharks: 1,000–5,000 BTC - Whales: 5,000–10,000 BTC (narrow sense) ≈ over 100 addresses - Humpback whales (super whales): > 10,000 BTC, fewer than 100 addresses. This includes MicroStrategy, the US government, early tycoons, and large custodians. Two key misconceptions: 1. It's impossible to know the real "number of whales": one person can control dozens of wallets; A single wallet could also be the money of many users (exchanges), and on-chain you can only count addresses, making it hard to distinguish the entities behind them. 2. Different platforms have different entry barriers: Some media outlets are a bit more lenient, calling ≥100 BTC 'big holder,' and the number of addresses increases to nearly 20,000, so they shouldn't be confused. In short, summarize by the most commonly used in the circle: 1$BTC 昨晚CPI表现出抗跌，挺强势的
1、美股昨晚可以说是血流成河，纳指跌2%，大饼也才跌2%，可能是因为美债利率下跌了，利空和利好对冲了
2、BTC日线和3日线的空头动能并没有减弱，但价格整体跌幅不大，还是继续保持宽幅震荡，但我判断这更像是蓄力，符合主升浪开启前的调整，通过幅度/时间来完成
3、BTC的买盘挂单依然非常强劲，托住了这次价格的下跌，巨鲸都在78-81k进货，我知道很多人在等大跌，但这不现实了，除非有黑天鹅，才能击穿主力的成本区75-65-60
4、交易所BTC历史余额创出新低，80k左右积累的筹码也是新高（记忆中），请跟随主力积累筹码
5、跌到812，散户开始追多，我猜测主力会洗掉这波多头，再往上
6、现货计划，本月还剩下2周2天，10月打折月，继续扩大加密仓位 $BTC $IBIT现货， $MSTR 和 $CRCL 以及强势山寨 $UNI和 $HYPE
7、合约仓位，昨天止盈了 $BTC对冲单，我思考再三，决定不再对冲，反手在802左右挂多单尝试，牛市做多的胜率会更高， $UNI的对冲单，我也会择机止盈 $BTC Big Brother Maji's positions just released! BTC short positions are making more and more profit, but HYPE shorts are still under pressure
Just dug up Big Brother Maji's perpetual positions, still the same old combo: BTC short, ETH long, HYPE short, with the account fluctuating clearly with the market.
Breaking it down simply for everyone:
✅ BTC short 40x full position
Shorted 243.96 BTC, position nearly 19.94 million U
Opened at 84070, currently floating profit 568,700 U, funding fee earned 64,100 U
Margin 498,500 U, liquidation price at 104380
✅ ETH long 25x full position
Holding 7222.28 ETH, position 17.43 million U
Opened at 2541.45, currently floating loss 922,700 U, funding fee still negative
Margin 697,300 U, liquidation price 1623.5
✅ HYPE short 5x full position
Shorted 268,300 HYPE, position a full 21.68 million U
Opened near 66.24, currently floating loss nearly 3.91 million U, luckily funding fee income of 1.042 million U offsets some
Margin 4.3363 million U, liquidation price 99.76
Can only say hedging positions are like fire and ice, making gains on one side while taking hits on the other. $BTC 🌅 Morning Five Group: BTC 81000, ETH 2437, SOL 104, OKB turns green, RE stays flat
$BTC 81888, down 1.85% 📉
CPI 3.7% beats expectations, dropped from 83600 to 81888. Total network liquidations 300 million, 170,000 people wiped out. But 81000 has support, after all the bad news, let's see if it can bounce back.
$ETH 2437, down 3.09% ⚡
ETH fell harder than BTC, with higher leverage. That whale with 15 consecutive wins opened a 60 million ETH long at 2437, betting the bad news is priced in.
$SOL 104.58, down 2.63% 🔷
SOL dropped from 107 to 104, high beta took the brunt on CPI night. Big players have been moving funds from SOL to BTC, accelerating today.
$OKB 124.87, up 3.04% 🟢
Green everywhere except OKB, funds are seeking refuge in platform tokens.
$RE 0.42230, down 1.17% 😴
Small RWA continues sideways.
This article is for market analysis only and does not constitute investment advice.
#US September CPI rises to 3.7% YoY, core inflation beats expectations #Korean stocks rebound narrows after sharp drop, can semiconductor buying continue? Three Coins, Three Questions: What Really Drives Demand for $DOGE , $WLD , and $RENDER ? For $DOGE, the key question is how much genuine buying demand remains after the hype fades. Around 5 billion new DOGE are issued annually, meaning the total supply continues to grow, even as the annual issuance becomes a smaller percentage of the expanding supply over time. This does not automatically mean the price will fall, but it does create a continuing supply challenge. When evaluating payment adoption$ETH VanEck withdraws the S-1 filing for the Lido staked Ethereum ETF❗
Key distinction: the withdrawal is for the stETH ETF with staking rewards, not the regular ETH spot ETF.
There is significant controversy at the SEC regarding the classification of staking rewards as securities, and institutions judge that approval is unlikely in the short term, choosing to proactively withdraw. Regulatory thresholds for staking-based ETH products are much higher than for spot products.