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#On-chain tokenized stock scale hits new high, traditional financial institutions accelerate layout
The leader has something to say
The circulation scale of on-chain tokenized stocks has reached about $3.8 billion, breaking records for 10 consecutive weeks. On the product side, Securitize added 13 tokenized US stocks on Solana, covering McDonald's, Disney, and Uber. On the infrastructure side, the NYSE partnered with Broadridge to provide on-chain shareholder voting and transfer services for tokenized stock platforms.
I believe this marks the transition of RWA from hype to real infrastructure implementation. The comment section mentioned that Ethereum-based tokenized stocks grew 170% year-on-year to $827 million. Wall Street is moving the core mechanisms of equity rights and clearing transfers onto the chain. Once the infrastructure is complete, the entry barrier for traditional financial capital will be completely removed.
But don't expect a short-term pump. Infrastructure building is a slow variable. Today SOL rose slightly by 0.12%, SECZ fell by 0.79%, and capital reacted calmly. BTC is still fluctuating between 77,000 and 80,000, with all funds waiting for this week's Nonfarm Payroll and CPI.
Let's see if BTC can retake 80,000. If it can't hold, expect a deeper correction, with resistance above at 84,000 to 85,000. Don't chase the rise or kill the dip; set your orders with stop-loss properly.
The above analysis is time-sensitive; orders must have stop-loss set. Good luck. $BTC $BTC $ZEC $OFC This fw project team, the entire Polymarket collaboration, issued 25 million coins, distributed to 16,000 people, and 10,000 people have not received theirs yet. After checking, basically all were sniped by bots, dropping the price from 0.008 to 0.005 like that. There are pictures and evidence. The airdrop was also stolen by bots, rewards were stolen too, trash.After the US midterm elections, $BTC fell in the first three times.
In 2014, it dropped up to 46% within 71 days
In 2018, it dropped up to 50% within 39 days
In 2022, it dropped up to 15% within 13 days
The 2026 election day is coming again
Will history repeat itself? #美国中期选举在即，哪些结果值得关注？
Today’s midterm election is a short-term sentiment amplifier for the crypto space, not a direct reversal button.
The market is already weak, and volatility will increase around the election results.
Short term: mostly disruption, risks remain
Bitcoin continues to be weak today, around $76,600, hitting a more than one-month low.
The market is currently under three layers of pressure: election uncertainty + ongoing impact from the Binance large-scale hack + weakness in tech stocks.
Mid term: key focus on the CLARITY Act and control of Congress
This midterm election mainly decides control of both houses of Congress and will not directly change the White House.
If the Democrats expand control, progress on crypto market structural bills like the CLARITY Act may slow, making regulatory-friendly legislation more difficult.
If the Republicans maintain control of Congress, the Trump administration’s push for crypto-related legislation will proceed more smoothly.
However, the stablecoin framework GENIUS Act has already passed, so the short-term regulatory direction won’t reverse overnight.
Market outlook
Don’t treat the election as a "guaranteed bullish signal." Historically, Bitcoin has rebounded after midterms, but this is more related to the four-year cycle, liquidity, and ETF fund flows, not simply the voting results.
In the short term, watch fund flows and key levels:
Support zone at the lower side around $74,800–$77,000;
On the upside, Bitcoin needs to reclaim $80,000 and see ETF funds flowing back to confirm sentiment recovery. $BTC $ETH I believe Circle's Q3 earnings report will not exceed expectations, mainly for four reasons:
1. Revenue expectations are too high. The market consensus is about $790 million, a 12% increase from Q2's $701 million, requiring significant business growth to achieve.
2. The scale of USDC is key. Circle mainly earns interest from USDC reserves; even if on-chain transactions become more active, it doesn't mean revenue will grow proportionally. At the end of Q2, USDC circulation was $73.3 billion. If the average scale in Q3 does not rebound significantly, revenue growth lacks support.
3. Limited contribution from interest rate hikes. The 25 basis point rate hike in mid-September only affects the last two weeks of Q3 revenue. Based on a $73 billion reserve scale, the additional interest income is about $7 million, which is hard to fill the nearly $90 million revenue increase.
4. New businesses are temporarily unable to play a major role. Other income in Q2 was about $34 million, less than 5% of total revenue. Although Arc and the payment network have long-term development potential, commercialization takes time and is unlikely to bring significant revenue contribution within one quarter.
#Circle財報在即，穩定幣成長能否轉化為收益？ Here's a different way of thinking:
What if the Democratic Party wins both chambers? What happens next?
Common thinking: It's over, crypto legislation is completely dead. The Democrats in power will push through many bills, including impeaching the president, investigating Musk, and a series of priority bills and policies favoring Democrats and attacking Republicans.
My thinking: In the next two years, none of the bills or policies proposed by the Democrats will pass. They will all be vetoed by Trump, who will become the veto president and is capable of making that happen. The only crypto bill will ironically be the breakthrough point. Ultimately, this will force Democrats and Republicans to sit down and negotiate.$ETH ⚠️Bilello's Ladder｜The gap in retracement is shocking, same peak day, different fates
$BTC $ETH $DOGE
Overview of the drop ladder
BTC dropped 39% from the peak
ETH dropped 55%
Dogecoin dropped 90%
S&P only dropped 3%
Key coincidence
The peaks of BTC and the S&P were both on October 6
Exactly one year apart
Harsh math of recovery
A 39% drop requires a 62% rise to return to the previous high
Looking back since 2013
There have been five instances of equally deep retracements
Recovery periods were:
189 days, 209 days, 2.3 years, 3.0 years, 3.2 years
Current situation this round
392 days have passed so far
The lowest point was fixed at 58,554 in June
Coming down from the peak is the same
Some only had slight pullbacks, some were halved twice over
The time cost to recover varies drastically
Do you think this time will break the record for recovery period?
Data review only, not investment advice
#USMidtermElectionsComing, which results are worth watching? I find this very interesting and worth everyone pondering!
When the BTC theft incident hit hard, it surprisingly didn’t break through 76,000 directly!!!
Instead, it rebounded around 76,500, which is quite intriguing!
You say it’s weak, but it didn’t break the defense line.
You say it’s strong, but the buying pressure isn’t thick enough.
Short-term panic sellers have already dumped some, now it depends on whether funds are willing to come back in.
More importantly, the long positions in contracts exceed the shorts, and the funding rate remained positive during the downtrend. What does this indicate?
It means not many dare to short; instead, some are buying spot and contracts after the drop.
But don’t get carried away, this isn’t "stable" yet.
This is a tug-of-war between bulls and bears under the 77,000 table.
Now just focus on one thing: whether 76,000 can hold or will be broken through.
If it doesn’t hold, everything said before is useless.
If it holds, it’s really possible to test 79,100-80,000 this week.
⚠️ Market review is just a sharing of thoughts, not investment advice. The crypto market is highly volatile, so please strictly control your risks! #With the US midterm elections approaching, which results are worth watching? $BTC is currently weak and volatile, with a rebound that lacks strength. The price is fluctuating between $77,000 and $78,000, having dropped from $81,900 earlier. The highs are getting lower, the lowest touched 76,641, and now it looks more like a pause after a drop rather than a reversal. The resistance is between $77,300 and $78,000; only a volume-backed recovery above 78,600 would be a clear improvement. The support for bottoming is between $76,000 and $77,000, with a deeper daily view at $73,200–$74,000.
Spot ETFs are bleeding money, with a net outflow of about $505 million over 5 days; however, contract longs are still crowded, with a long-short ratio around 65 to 35, and funding rates remain high.
Tonight’s midterm elections should not be simply understood as "Democrats win = BTC crashes." The Democrats have a high probability of retaking the House, while the Senate depends on swing states. A blue wave would suppress risk appetite and slow crypto legislation but is not a direct death sentence for BTC. According to Bloomberg surveys, the "blue wave" corresponds to a BTC expected range of $60,000–$78,000.
If the Democrats perform better than expected, BTC might drop again to $76,000–$77,000 or even briefly dip below; if Republicans hold the Senate, short covering could push BTC to $77,800–$78,000. But until 78,600 is reclaimed with volume, it’s considered a corrective rebound within a resistance zone, not a trend reversal. The November 6th nonfarm payrolls report is coming soon, and election narratives will quickly give way to macro data. In short: first watch if BTC can hold above 78,600; if it can’t, no matter how lively tonight gets, it will just be waves within volatility. $SNDK $SKHY $MU If the Democratic Party takes control of both the House and Senate, what impact will it have on the crypto space?
U.S. stocks and tech stocks: Democratic control of both chambers may trigger concerns about AI regulation, causing high-valuation tech stocks to enter a volatile phase, but the presidential veto power makes it difficult for fatal bills to pass.
U.S. bonds: Expectations for large-scale stimulus cool down, long-term bond yields tend to decline, and bond prices remain relatively strong.
U.S. dollar: Theoretically weaker, but the final outcome depends on the Federal Reserve and safe-haven funds, so a sharp drop is not guaranteed.
Gold: Declining real yields on long-term bonds are favorable for gold, but it may not necessarily rise.
Commonality: After the election results are finalized, uncertainty decreases, and U.S. stocks may experience a recovery rally #美国中期选举在即，哪些结果值得关注？ I don't quite understand today's volume for $ARB. It dropped more than 5 points, but the volume is only half of the usual — this isn't a panic sell-off, it's that no one is buying. If someone really wanted to sell off, there would have to be buyers to take the orders for the price to drop. Right now, it looks more like everyone pulled out their chairs, and the few remaining orders are pushing the price down on their own.
A month ago, it was 25% more expensive than now. But if you look three months back, the current price is double what it was then. So for those shouting "back to square one," first check which square one you're talking about.
My take: On Morpho, the USDG lending reached 143 million in less than a month. That story is real, but it doesn't support the market price. When no one is buying, even the best narratives are just pictures hanging on the wall. Below 0.15, I won't try to guess the bottom; if someone really wants to come back in, we'll see the volume return first. $ARB #BTC Key Turning Point｜Midterm Election Countdown🔥
BTC has now dropped back to 76,500, hitting a one-month low, with ETF funds continuously flowing out as capital moves to hedge early.
Historical review: After the previous three midterm elections, BTC formed bear market bottoms, with the bottoming cycle continuously shortening: 71 days → 38 days → 13 days.
Voting on November 3 directly determines the direction of the CLARITY Act, influencing the SEC's regulatory strictness.
Technically, BTC is at the end of wave four correction, bulls are competing as the shoe drops and negative factors clear out, with hopes to start wave five; bears are expected to do a final shakeout near 75,000.
Combined with upcoming Nonfarm Payrolls and CPI data, multiple macro factors resonate.
Avoid heavy positions betting on the outcome early; closely watch congressional control, bill statements, and ETF fund flows!
$BTC $ETH $BTC
Pushing lower and building a bearish narrative throughout the 20–30 days leading into the midterms...
Yeah, very bearish...
The only time we've seen this happen, price rallied 50% to the upside into mid-month.
I don't expect a move of that magnitude this time around, but if the pattern repeats, we should see price push higher into mid November
#AppleQ4MarginPressure $XAU 🛢️ Crude Oil Crash Characterization: Supply Side Recovery, Not Recession ✅
Confirmed reasons for the crash: US-Iran diplomatic thaw, rising hopes for peace talks → War premium squeezed out.
- On 11/2, WTI dropped over 6%, triggered by reports of US-Iran dialogue resumption
- OPEC+ has been increasing production (September +920,000 barrels/day, led by Saudi Arabia), Strait of Hormuz exports have resumed
- Trump also claimed "oil prices are coming down" the day before the midterm elections
Triangular verification confirms: oil price -6.78% but gold +0.87%, silver +1.01% rose against the trend → This is textbook "supply recovery" characteristic, not a recession-driven demand collapse (during recession, gold and silver would both be sold off).
Final directional judgment (for BTC):
🟢 Medium term
• Conclusion: Positive — oil price drop → inflation cooling → rising rate cut expectations → liquidity easing, hitting BTC's soft spot
🔴 Short term
• Conclusion: Still under pressure — gold-silver ratio at 79.3 approaching warning line, silver down 18.9% over 20 days exposing recession concerns, risk aversion not dissipated
In short: the "war tax" on oil prices has retreated, but the "recession tax" remains. Rate cut expectations are the medium-term tailwind, sentiment has not yet turned short term.
Key levels: WTI holding $95 (0.5 Fibonacci) counts as a healthy pullback; break below looks at $91.4. BTC correlation depends on whether it can leverage "rate cut expectations" to reclaim the $80k value zone. The most heartbreaking question these past two days: Are the exchanges about to run away?
The numbers are indeed scary, with a net outflow of $5.276 billion in two days and withdrawals of $10.97 billion. But at the same time, deposits reached $5.695 billion, so half the money just moved places.
More importantly, the BTC balance dropped from 732,000 to 711,000, a decrease of 21,100 BTC, which is less than 3% of the total balance. If they were really running away, would the drop be this small?
Simply put, the channels were clogged for a few days, and everyone who wanted to leave was stuck at the door. Once the door opened, they all rushed out together. On November 3rd at 11 AM, deposits even exceeded withdrawals.
I was among those queued up to withdraw in the middle of the night. $BTC didn’t run away; what ran out was my patience. Don't believe the news hype about US-Iran easing; it's all smoke and mirrors. The market fell back today because the fundamental situation is a high-interest environment combined with unresolved geopolitical premiums. There's no real liquidity in the market, and all risk assets are taking hits.
First, looking at $BZ crude oil, although the Supreme Leader has authorized negotiations and Qatar proposed a three-day plan, and Trump said there's no rush to strike, the core sanctions have not been lifted at all. Navigation through the Strait of Hormuz has not returned to normal. Tanker freight and supply restrictions are firmly supporting oil prices. As long as this broken strait remains blocked, inflation expectations can't be suppressed, and the Fed's high-interest blunt knife will always hang over our heads.
Next, looking at $BTC, it fell back to its original state today, indicating heavy selling pressure above. ETFs are all short-lived money that comes in and out quickly, with no long-term funds supporting the bottom. The expectation of rate cuts has been dashed, and off-exchange funds dare not enter. Holding long-term spot is fine, but don't chase highs in the short term.
Ethereum remains hopeless. Whenever the market trembles, it falls harder than anyone else. The ecosystem has no new narrative and no support. Don't try to bottom-fish just because it has fallen a lot; in a liquidity-drained market, catching a falling knife is suicide.
Gold $XAUT is the hard currency in this chaos. Geopolitical easing is just politicians' empty talk; central bank buying firmly supports the bottom. The more chaotic the macro environment, the stronger gold's resilience. Hold steady long-term and don't mind short-term fluctuations.
In summary, geopolitical games are all talk; the real pain comes from the high-interest blunt knife cutting into flesh. #Iran authorizes government negotiations, can the reopening of Hormuz accelerate? 看一组容易被误读的数字。11 月 1 日 14:00 到 11 月 3 日 12:00，币安充值 56.95 亿美元，提现 109.7 亿美元，净流出 52.76 亿美元。 但三个数摆一起，性质就变了。超过一半的钱只是换了个地方待着，不是离场。真正的转折是：11 月 3 日 11:00 那一小时，充值第一次超过提现。 再看余额，跌得比情绪轻。BTC 从 73.2 万枚降到 71.1 万枚，流出 2.11 万枚，占总余额不足 3%。平台链上储备还有 1397 亿美元，BTC 和 USDT 合计近 60%，BNB 占 18%，ETH 占 6%。 机制不复杂。提现被卡住的那几天，想走的人排成一队；通道一开，队伍一次性通过，数据上就是一根难看的柱子。这是积压需求集中释放，不是持续失血。 我的判断：这是流动性搬家，不是资产消失。$BTC 只掉不到 3%，$BNB、$ETH 的占比结构也没崩，恐慌的定价已经打进去了。 留个问题：储备里近 60% 是 BTC 和 USDT，安全垫跟 $BTC 价格绑在一起。下周该盯的不是净流出转正，而是充值能不能连续站住。The vote passed, but the money printer won't slow down tomorrow.
NEAR governance body House of Stake passed HSP-029, reducing the annual issuance cap from 2.5% to 1.6%.
The allocation ratio remains unchanged: stakers still get 90%, treasury 10%. Daily issuance drops from about 89,500 to about 57,300 tokens after implementation.
It still needs to pass two more steps: approval by the Security Council plus validator upgrades, then about a 90-day grace period, followed by a 24-month gradual reduction per epoch.
Governance voting is just the trigger; the upgrade implementation is the bullet loading. Don't mistake passing for being effective.
#NEAR #Crypto$AAPL Apple earnings released, revenue data looks impressive, but the stock price plunged over 4% directly. Many retail investors don't understand why it dropped so sharply when the earnings report isn't bad.
This is the first earnings report since the new CEO, Tim Cook's successor, took office. Revenue was $114.48 billion, up 12% year-over-year, with earnings per share of $2.10, exceeding expectations. However, part of this revenue was supported by tariff refunds, not by explosive product sales. Breaking it down, iPad and wearable device sales shrank, Greater China revenue missed targets, and iPhone growth relied heavily on the Pro series.
The real killer was the weak guidance for the next quarter, with gross margin forecasted at 45%-46%, a clear decline compared to the current 47.9%. Management also said the core reason is rising memory prices; the hot AI storage market has pushed NAND prices up, and upstream costs continue to squeeze Apple's profits. This pressure is expected to continue into next year. The fourth quarter is usually Apple's peak sales season, but weak guidance for the peak season naturally leads the market to price in future negatives early.
As a core component of the Nasdaq index, Apple's weakness will directly drag down the tech sector in tonight's US stock market. Tech stocks were already hit a few days ago by news of AI capital expenditures, and now $AAPL has released negative news again, further suppressing market risk appetite, which also implicitly pressures the crypto space.
#苹果Q4营收超预期，下季度毛利率指引承压 $BTC 72000 or 85000, systemic risk in the US stock market quietly approaching Market Analysis｜November 3, 2026
The US stock market rebound on Monday failed to continue. $BTC briefly surpassed $78,500 before falling back, then broke the support near $77,500. During the Asia-Pacific midday session, the price returned to the previous low near $76,500. Yesterday, a short position near $79,000 was mentioned; the current price decline matches expectations.
To conclude, the US stock market technically presents the possibility of systemic risk. This does not mean it will definitely happen, but we need to observe the market trend and potential changes first. The pre-market gap-up on Monday did not change the moving average trend structure, followed by a gap fill and a rapid sell-off.
Yesterday, the Nasdaq rose in early trading but ultimately closed down 1.07%. Nvidia also turned from gains to losses. Apple’s after-hours earnings beat expectations, but the stock price reacted mildly.
This recent decline first broke the gradually rising weekend lows. Previously, the price rebounded from around $76,300, with buyers stepping in at higher levels on each pullback.
On the downside, watch around $76,300. If it briefly breaks below but quickly recovers, and spot buying rebounds, there is still a chance for a rebound. On the upside, first watch near $77,500; if it recovers and holds, conditions will be set to test $78,500 again. If the previous low is lost and a pullback cannot recover, the weekly correction will continue downward, gradually testing $72,000, and possibly even the yearly low of $58,000. Leverage retreat! $76,522 defense battle: Who can withstand the pressure test among BTC/ETH/SOL?
Behind $76,522 is a brutal two-way deleveraging game. The whole market liquidated 210 million, with longs accounting for 83%, but BTC longs and shorts are nearly split evenly. Stablecoin supply fell below 300 billion, hitting a 13-month low. Wintermute bluntly states the rebound relies entirely on leverage, lacking spot buying.
$BTC: $76,800 last line of defense
Current price $76,522. $80,000 has turned from support into resistance, lacking ETF buying support. $76,800 (50-week moving average) is the last technical anchor; once broken, the downside space will open.
$ETH: Whale divergence intensifies
Current price $2,244. On-chain signals are contradictory, with whales transferring out $29 million to accumulate, but also large whales selling. $2,250 is the short-term battleground; if broken, look to $2,200.
$SOL: Oversold but lacking fuel
Current price $91.39. Daily RSI is severely oversold, but the rebound lacks "fuel": ETF saw the largest weekly outflow, and a giant whale deposited 1.49 million SOL to exchanges, creating selling pressure.
Although the three coins' declines are small (-0.36% to -0.61%), their underlying structure is fragile, all sustained by leverage. Under event-driven defensive mode, before each holds key support, any rebound should be treated as a repair. The real turning signal is when spot and ETF buying return first.
#苹果Q4营收超预期，下季度毛利率指引承压 Leverage retreat! $76,522 defense battle: Who can withstand the pressure test among BTC/ETH/SOL?
Behind $76,522 is a brutal two-way deleveraging game. The whole market liquidated 210 million, with longs accounting for 83%, but BTC longs and shorts are nearly split evenly. Stablecoin supply fell below 300 billion, hitting a 13-month low. Wintermute bluntly states the rebound relies entirely on leverage, lacking spot buying.
$BTC: $76,800 last line of defense
Current price $76,522. $80,000 has turned from support into resistance, lacking ETF buying support. $76,800 (50-week moving average) is the last technical anchor; once broken, the downside space will open.
$ETH: Whale divergence intensifies
Current price $2,244. On-chain signals are contradictory, with whales transferring out $29 million to accumulate, but also large whales selling. $2,250 is the short-term battleground; if broken, look to $2,200.
$SOL: Oversold but lacking fuel
Current price $91.39. Daily RSI is severely oversold, but the rebound lacks "fuel": ETF saw the largest weekly outflow, and a giant whale deposited 1.49 million SOL to exchanges, creating selling pressure.
Although the three coins' declines are small (-0.36% to -0.61%), their underlying structure is fragile, all sustained by leverage. Under event-driven defensive mode, before each holds key support, any rebound should be treated as a repair. The real turning signal is when spot and ETF buying return first.
#苹果Q4营收超预期，下季度毛利率指引承压 The upgrade is still two days away, but the community is already arguing.
ZEC dropped more than 10% today, back to around $1,130.📉
About $13.6 million was liquidated in the past day, with longs accounting for nearly 90%, and the $1,200 support was also broken.
The trigger wasn’t the upgrade, but internal disputes over funding: major holder Big Z publicly liquidated on October 31, protesting the direction of the funding committee.
The founder proposed stopping new funding, but the committee only agreed to half.
Positions look even worse: on Hyperliquid, tracked shorts are about 193 million, while longs are only 136 million.
I think we should first side with the bears: the upgrade’s positive effects haven’t materialized, and the internal strife has scattered the buying power.
$ZEC Midterm Election Day, three cryptocurrencies are priced by three different ledgers.
$BTC: Around 76,800, down nearly 2%. Above, 1.373 billion short positions at 80,783 liquidated; below, 779 million long positions pressured at 73,731; 7,000 USD in the middle is fuel on both sides. 24-hour liquidations total 281 million, with longs accounting for 74.57%. ETF outflow in a single day is 7,919 BTC, about 614 million USD. The price hasn't collapsed, relying on passive balance from short covering, not active spot buying.
$ETH: Around 2,250, down 1.7%. A giant whale spent 62.97 million USD over 5 hours to buy 27,553 coins at an average price of 2,286, which has already fallen below cost. On the same day, ETF net outflow is about 102 million USD, totaling 336 million over the past 7 days. A certain multi-coin whale's liquidation price is at 2,253, less than 0.2% from the current price. RSI has entered oversold territory; the rebound window overlaps with liquidation risk.
$SOL: Around 92, down 2–3%, down about 23% in 30 days, RSI 26–31 severely oversold. But oversold does not mean bottom: ETF net outflow last week was 71.47 million, the largest single week since launch, with four consecutive weeks of outflows; a certain whale deposited about 1.49 million coins to exchanges over 10 days, about 149 million USD.
Historically, BTC fell for a period after three midterm elections before forming a stage low. All three cryptocurrencies are waiting for the same event.
For record-keeping purposes only, not investment advice.
#美国中期选举在即，哪些结果值得关注？ Countdown to the US midterm elections! What BTC truly fears may not be a Democratic victory
On November 3, the US midterm elections officially begin. Prediction market data as of November 2 shows an implied probability of about 93.6% for the Democrats controlling the House and about 73.5% for controlling the Senate. But note, this is just market pricing, not the final election result.
For the crypto market, what really matters is the follow-up to the CLARITY Act. The bill failed a procedural vote in the Senate on September 15. Changes in congressional seats may affect committee leadership, agenda setting, and legislative negotiations, but regulatory policies will not change immediately after the election.
In the short term, BTC is more easily influenced by risk appetite, dollar liquidity, and capital flows. Block Scholes data shows that as of October 26, the correlation coefficient between BTC daily returns and changes in the probability of Democrats controlling the Senate is only -0.02, indicating no obvious direct linkage between election expectations and coin price.
My view: Do not simply equate a Democratic win with BTC price decline. Focus on whether actual seats deviate from market expectations and whether support near $76,500 holds. Expectation gaps, capital flows, and price structure are the signals worth tracking next. $BTC #美国中期选举在即，哪些结果值得关注？ 🇺🇸 The U.S. midterm elections are approaching, and the U.S. stock market is about to enter a new phase of competition!
On November 3, 2026, the U.S. midterm elections will officially take place. The market's focus is not only on the seat contest between the Republican and Democratic parties but also on the direction of U.S. policies over the next two years.
📊 Historical pattern: cautious before the election, rebound after?
Historical data shows that before the U.S. midterm elections, the market often faces higher uncertainty and increased volatility; after the election, as policy expectations gradually become clearer, market risk appetite usually recovers. Some historical statistics indicate that the S&P 500 mostly rises in the 12 months following the midterm elections.
🔥 Key focus on three directions:
1️⃣ U.S. stocks: If Congress is divided, policy advancement may be limited, but the market might also see this as a signal of reduced policy changes.
2️⃣ Tech stocks: The AI industry, tech regulation, and fiscal policy remain important variables affecting valuations; election results may change market expectations.
3️⃣ Gold and cryptocurrencies: If political uncertainty boosts risk aversion, gold may benefit; BTC needs to be assessed in combination with the dollar, U.S. Treasury yields, and liquidity, and cannot be simply equated with a safe-haven asset.
🎯 My view:
The midterm elections themselves are not the core factor determining the U.S. stock market trend; what truly impacts the market is how the election results transmit to fiscal policy, trade policy, inflation, and Federal Reserve expectations.
In the short term, focus on volatility and capital competition #美国中期选举在即，哪些结果值得关注？ #美国10月非农前瞻：就业增长或牵动12月加息预期 After liquidation, don't mistake "clearing out" for a "reversal" (｡•́︿•̀｡)
This round is more like "two liquidation massacres, one relatively restrained."
BTC liquidation at 97,993,400, with longs at 66,910,200 and shorts at 31,083,200, longs account for 68.28%; ETH liquidation at 68,778,600, with longs at 38,797,500 and shorts at 29,981,100, longs account for 56.41%, both sides left some room, which is reasonable; SOL liquidation at 25,773,700, with longs at 23,268,200 and shorts at 2,505,500, longs account for 90.28%, shorts only 2,505,500, a long-short disparity of about 9 times, essentially a one-sided hunt (¬_¬).
The three coins combined total 192,545,700, with longs at 128,975,900 and shorts at 63,569,800, longs are 2.03 times the shorts. The structure is very clear: crowded longs, especially extreme for SOL.
But remember: liquidation does not equal reversal. Leverage clearing only washes out crowded positions, it does not mean the price will immediately turn. Rushing to bottom-fish now risks going from "being liquidated" to "actively catching the knife" (￣▽￣)~*. First look at the structure, then talk about direction; don't rush, don't be impatient, don't mistake a rebound for a reversal.
$BTC $ETH $SOL $SNDK $ZEC Why did ZEC drop so hard? Is it just because of the hacker incident? Damn, it's like getting shot while just lying there!
ZEC and XMR both belong to privacy coins. When the news broke that hackers chose privacy coins to launder money, it directly caused concern for the entire privacy sector.
There are worries about a new round of delisting and trading restrictions on exchanges, so traders will flee early to avoid regulatory risks, leading to collective sell-offs.
ZEC itself already has a history of trust issues.
Previously, the Orchard privacy pool vulnerability incident left a deep psychological shadow on ZEC: the market has always worried about the existence of unverifiable counterfeit tokens. Many large holders and well-known traders have already chosen to reduce their positions and exit. Its foundation is relatively fragile, so any slight disturbance is more likely to trigger a dump.
Internal governance uncertainty.
Changes in the project development team and governance continuously make the market doubt its long-term development and maintenance capabilities. Compared to XMR, many funds feel that ZEC carries higher risk and will prioritize abandoning ZEC when bad news comes. #With the US midterm elections approaching, which results are worth watching? Thanks to myself for not closing yesterday $ZEC
The major downtrend pattern remains unchanged; we are currently in a low-level consolidation after a big drop.
Two possibilities:
① Weak continuation: if it can't hold 1120.51, it will continue downward;
② Oversold rebound: stabilizing at a low level, testing the moving average resistance around 1133~1138, but the rebound is most likely a second chance for the bears unless it firmly breaks above MA20 at 1172, which would change the bearish structure.
ZEC is down nearly 10% intraday, with moving averages in a bearish alignment, volume dropped sharply then low volume grinding at the bottom.
Don't rush to catch the falling knife; this is just a temporary pause after exhaustion from the drop. Focus on resistance levels for the rebound first. Coverage: Gold, crude oil, memory chips and AI storage, AI industry, crypto market, as well as US Treasury yields, US dollar index, and Fed rate hike or cut probabilities that affect pricing. 1. Core viewpoints · 1. The oil price crash did not rescue tech stocks. US light crude December contract closed at $96.46 per barrel, down 7.36%, Brent crude January contract closed at $104.77 per barrel, down 7.63%, meaning the biggest inflation pressure stone has been moved a bit, but what the market really fears is not the oil price, but whether AI's big spending can pay off. · 2. Gold was the day's safe haven winner. Spot gold closed near $3954 per ounce, up about 2.1%, US gold futures December contract closed at $3969.60 per ounce, up about 1.8%, meaning after last Friday's crash hitting a one-year low, the market bought back a bit, but the $4000 mark has not been reclaimed, so it cannot be considered a trend reversal. · 3. Memory chips showed a big pre-market rally but closed in the red. Pre-market Hynix rose about 4.83%, Micron about 2.80%, SanDisk about 2.82%, but at close Hynix fell 1.01%, Micron 5.78%, SanDisk 6.59%, meaning the pre-market rebound was a breather after overselling, but at close funds still chose to sell first. · 4. The AI ledger was put on the table. Apple's Q4 revenue was $114.477 billion, up 11.72% year-over-year, net profit $30.711 billion, sameGeneral Kim refuses to take responsibility. 🤣
Kim Yo-jong, Minister of the Central Committee of the Workers' Party of Korea, stated: The US blaming North Korea for the $6.3 billion stolen from Binance @binance is "absurd rhetoric," just like last year when they said North Korea stole from Bybit, it's political provocation.
The most outrageous part is the final counterattack,
claiming that the US said last year they would put the recovered stolen coins into the national strategic reserve. Seeing who ends up with the money reveals who is really behind it.
The King of Understanding: You want me to take the blame for you? 🤣$BTC hit a new low again at 2:13 PM Beijing time, Binance spot dropped to 76,388, even lower than the 76,542 at 11 AM, now around 76,580, down 2% in 24h.
Coinglass data shows $298 million liquidated across the network in the past 12 hours, with $271 million long positions liquidated; BTC liquidations were $67.8 million, $ETH liquidations were $40.35 million.
ETH is now at 2,247, down 1.6% in 24h; Binance BTC long-short ratio rose to 2.73, ETH to 2.67, with both coins' funding rates still at +0.01%.
BTC contract open interest increased from $7.46 billion to $7.65 billion in 24 hours, with longs increasing despite the price drop.
My view is that this structure of falling prices with increasing longs makes it difficult to see a decent rebound. MMTC estimates about $30 million long liquidations near 75,900 and 75,100, which will likely be tested first. This world is really strange; sometimes you just have to think more.
Are these national leaders negotiating so hard just to manipulate oil prices and harvest global wealth?
In the early morning, Trump's reply was that there would be no strike on Iran after the midterm elections.
Oil prices then naturally fell to 95.2.
I think a regular rebound to 98 can be used to short CL WTI crude oil.
Who knows if the rise to 98 in WTI crude oil is because Iran said: The US-Iran agreement is still far away, and Iran is ready to respond to US strikes.
The US says Iran is willing to give up nuclear weapons and willing to negotiate peace.
Iran says the US must agree to their demands.
Are they kidding us?
Has anyone noticed that those major oil-exporting countries' profits have already increased by 10%, there is a severe oil shortage outside, they are all making a killing, and here we have started using ethanol to fuel cars through person-to-person transmission, really heartless.
Now short crude oil at 98, it will soon rise to 99, I firmly plan to cut at 101, not holding for one more point In this world, no one is a god, and no one knows for sure whether it will rise or fall, by how much it will rise, or by how much it will fall. At best, one can only judge whether it is more likely to rise or more likely to fall. Therefore, referring to the past historical performance of this asset is crucial.
I remember before October 11 last year, when Bitcoin surged to 126,000, many families were talking about an eternal bull market, institutions entering the market, no more bear markets, and no more four-year cycles. But what happened? The 126,000 dropped to 57,800 in 2026. Isn't this still within the four-year cycle? I can only say this drop was a bit small, which left me somewhat at a loss.
The essence of "carving a mark on a boat to seek a sword" is to improve the probability of judgment, and it is useful. I have benefited a bit from this method, and I will continue to use it until it fails.
⚠️ Market review is only a sharing of ideas and does not constitute investment advice. The crypto market is highly volatile; please strictly control your risks! CORE's "Death Spiral": Narrative Collapse, Zero Revenue, Phantom Tokens Hanging Overhead, Fivefold Pressure Crushing the Coin Price
As of November 3, 2026, CORE is priced at about $0.012, down approximately 11.5% in 24 hours, nearly 30% over 7 days, with a circulating market cap of about $12.48 million, and a 24-hour trading volume of about $3.09 million, down over 99% from its all-time high.
Fivefold pressure is tightening simultaneously:
- Narrative failure. BTCFi, Satoshi Plus, and non-custodial staking were highlights, but the ecosystem's revenue has not yet formed sufficient buyback and burn capacity to hedge against long-term unlocking sell pressure.
- Prolonged inflation. Total supply is 2.1 billion tokens, with a circulation rate of about 48%. Mining rewards decay at 3.61% annually and will be released over 81 years, so supply-side pressure is far from over.
- Liquidity exhaustion. The 24-hour trading volume is only about $3.09 million; large sell orders can trigger liquidation cascades.
- Repeated security incidents. After the reward vulnerability hard fork in September, the b14g protocol was attacked again at the end of October, affecting 97 million CORE tokens. Although about 68.15 million tokens were recovered via hard fork, they have not yet been distributed to affected users.
- Continuous trust erosion. Exchange deposit and withdrawal suspensions, unclear handling of abnormal tokens, and unclear community governance direction all drive capital to exit.
The chain is still running, but the price has lost its self-healing ability. If buyback and burn cannot outpace unlocking, TVL cannot rebound, and the $0.01 threshold is breached, the downward trend may continue. $ZEC gold rose 1.95%, crypto market stayed flat
$XAUT today 3,950.5, up 1.95%, opened at 3,875.1, lowest 3,872.4, highest 3,956.0. Real body accounts for 90.2%, almost no upper shadow.
At the same time, BTC 77,935 fell 0.06%, ETH 2,291.6 rose 1.09%. One sideways, one slight rebound.
This is quite interesting. Gold and crypto have often moved in the same direction over the past two years because both feed on liquidity. Today it's reversed: safe haven is rising, risk assets are flat.
There is also a contradiction on the gold side: daily RSI 14 period is only 30.9, still in the weak zone, but 4-hour RSI is already 90.2, 6 period 93.5. The long-term cycle says it's cheap, the short-term cycle says it's expensive. This indicates the rise is too rapid, a sudden buying surge.
Above 4,216.15 is resistance tested twice, with 6.7% room.
Just made a small profit on xp gold today.
$XAUT $BTC 🔥 Interesting historical pattern, let's analyze the past midterm elections and BTC
Looking back at the market after the previous three midterm elections:
In 2014, it took 71 days after the election to hit the bottom, with a low of $170
In 2018, the bottom was reached in 39 days, at $3200
In 2022, it only took 13 days to crash to the bottom, at $15500
Looking at the subsequent gains, it's even more astonishing
170 → 20000, a 100x rally
3200 → 64000, 20x
15500 → 126000, 8x
Another very obvious point: the speed to bottom is getting faster each term, 71 days → 39 days → 13 days.
In short, the moments of extreme market panic often hide the best opportunities. 63 billion stolen, Bitcoin only dropped 5%: BTC is now as steady as a seasoned veteran!
Remember the FTX crash in 2022? Bitcoin fell 19% in three days, and it took just over a week from liquidity crisis to bankruptcy filing, wiping out all market trust.
This time, a top exchange was hacked for about 6.3 billion USD, the largest single hacker incident in crypto history. Yet Bitcoin only dropped 4% to 5% from last Thursday's high, bottoming at 76,300 and rebounding to 78,300 on Monday.
What's the difference? FTX was embezzlement plus bankruptcy, credit collapsed; this time it was a hacker attack, the exchange immediately promised full compensation, and the market treated it as an operational accident, not a systemic crash.
But the stability is only in spot trading. Within 24 hours of the incident, the whole network liquidated 1.11 billion USD, with longs accounting for 84.3%. Spot market veterans calmly watched, while leveraged gamblers turned off the lights and ate noodles—one market, two worlds.
Today BTC fell back near 77,000, dragged down by US stocks and election sentiment, unrelated to the hack. Seasoned veteran or not, always keep your seatbelt fastened.
Just venting, not financial advice, DYOR. Which one are you?🍜
$BTC $ETH$ZEC $ZEC Why has ZEC dropped so sharply? Is it just because of the hacker incident? It's really like getting shot while lying down!
ZEC and XMR both belong to privacy coins. When news broke that hackers chose privacy coins to launder money, it directly caused concern for the entire privacy sector.
There are worries about a new round of delisting and trading restrictions by exchanges, leading traders to flee early to avoid regulatory risks, resulting in collective sell-offs.
ZEC itself has a history of trust issues.
Previously, the Orchard privacy pool vulnerability incident left a deep psychological shadow on ZEC: the market has always worried about the existence of unverifiable counterfeit tokens. Many large holders and well-known traders have already chosen to reduce their positions and exit. The foundation is relatively fragile, so any disturbance is more likely to trigger a sell-off.
Internal governance uncertainty.
Changes in the project development team and governance continuously make the market doubt its long-term development and maintenance capabilities. Compared to XMR, many funds feel that ZEC carries higher risk and will prioritize abandoning ZEC when negative news arises. #With the US midterm elections approaching, which outcomes are worth watching? All the positive factors have become invalid! Four coins are unfolding four completely different scenarios🔥
$BTC 78145
Asian funds stepped in to support the market, rebounding from 76300, with futures rising 1.5%. Even though Binance had a net withdrawal of 3.64 billion, the market did not crash. The key focus for the next half day is whether Asian funds can hold the 78000 level.
$OKB 111
Positive news is directly invalid in a bearish environment. OKX, together with ICE and Trade.xyz, pushed perpetual contracts into the US compliant market, but the news led to three consecutive declines. The exchange sector as a whole is dragged down by the sentiment from the Binance hack, showing an independently weak trend.
$RE 0.37
This should have been the biggest beneficiary, but it completely stayed flat. As an on-chain insurance protocol, the Binance hack, a black swan event, should have easily triggered insurance narratives, but the trading volume was only 530,000, the market is too thin, and funds are simply unwilling to enter for speculation.
$WLD 0.42
User data continues to rise, but the coin price remains unchanged. The project has real, solid users, but the sword of biological privacy regulation hangs overhead. As long as regulatory risks do not materialize, it is difficult to see a major rally.
#OKX、ICE与Trade.xyz联手，推动永续合约进入美国合规市场 A friend told me that historically, after the midterm elections, $BTC always declines.
This period is not suitable for leveraging or trading contracts.
Well, let's look at the price performance of $BTC in November of 2014, 2018, and 2022.
2014:
First, looking at 2014, in Figure 1, you can see that the 200-day moving average on the daily chart is still downward, and the price is still completely suppressed by the 200-day moving average.
Moreover, the price hasn't even broken through the downtrend line.
What does this have to do with the midterm elections? Isn't this still during a bear market?
2018:
In Figure 2, 2018 saw the sharpest decline, but the market performance was exactly the same as in 2014, with no signs of a bull market, it was all bear market.
How could it rise?
2022:
How is this different from the previous two?
Where is the price? Where is the yearly moving average? Where is the downtrend line?
2026:
Do you see what's different?
Where is the price? Where is the yearly moving average? Where is the downtrend line?
The price has broken through the trend line and quickly stood above the yearly moving average.
A completely different trend. It's like carving a mark on a boat to find a sword; the boat is no longer the same, so what's the use of carving?
So you tell me, now that the $BTC price has returned to the yearly moving average, will you act???Gold rose 1.95%, crypto market stayed flat
$XAUT today 3,950.5, up 1.95%, opened at 3,875.1, low 3,872.4, high 3,956.0. Real body accounts for 90.2%, almost no upper shadow.
At the same time, BTC 77,935 down 0.06%, ETH 2,291.6 up 1.09%. One sideways, one slight rebound.
This is interesting. Gold and crypto have often moved in the same direction over the past two years because both feed on liquidity. Today it’s reversed: safe haven is rising, risk assets are flat.
There’s also a contradiction on the gold side: daily RSI 14 period is only 30.9, still in the weak zone, but 4-hour RSI is already 90.2, 6 period 93.5. Long-term says it’s cheap, short-term says it’s expensive. This indicates the rise is too rapid, caused by sudden buying.
Resistance at 4,216.15 tested twice, with 6.7% room.
Just happened to trade xp’s gold today, made a small profit.
$XAUT $BTC It's not a crash, but a "slow zeroing out": dissecting the truth behind CORE's continuous decline, each layer more despairing than the last
As of November 3, 2026, CORE is priced at about $0.012, with a 7-day drop of approximately 27%–30%, a 30-day drop of about 40%–44%, and a retracement of over 99% from its all-time high.
It’s not a sudden crash, but a slow tightening by five layers of pressure.
First layer: narrative failure. BTCFi, Satoshi Plus, and non-custodial staking were once highlights, but the ecosystem’s revenue has not yet formed enough buyback and burn capacity to offset the long-term unlocking selling pressure.
Second layer: prolonged inflation. Total supply is 2.1 billion tokens, circulating rate about 48%–59%, mining rewards released with annual decay, supply pressure far from over.
Third layer: liquidity exhaustion. 24-hour trading volume is only a few million dollars; large sell orders can trigger waterfall declines, and rebounds lack support.
Fourth layer: repeated security incidents. After the reward vulnerability hard fork in September, the b14g protocol was attacked again at the end of October, affecting 97 million CORE tokens. About 68.15 million were recovered on-chain but have not yet been distributed to affected users.
Fifth layer: continuous erosion of trust. Exchange deposit and withdrawal suspensions, unclear handling of abnormal tokens, and unclear community governance direction all drive capital to exit.
The chain is still running, but the price has lost its self-healing ability. If buybacks and burns cannot outpace unlocking, TVL cannot rebound, and the $0.01 threshold is breached, the downward trend may continue.Calculate it: a nominal position of $765,400 with 40x leverage corresponds to an initial margin of about $19,100. The notional size cannot be treated as principal. Core Trader 05 opened a long position of 10.00488 BTC this time. I'm more concerned about how much tolerance it has left rather than how strong the long momentum is.
① Roughly calculating the inverse of 40x leverage, about a 2.5% adverse price movement approaches the theoretical risk boundary. This is not the exact liquidation distance; maintenance margin, additional margin, and other factors will affect the result, but it’s enough to remind me: even if the directional judgment is correct, it might not withstand intermediate volatility.
② The nominal value is $765,382.48. If the price moves 1% against the position, the corresponding unrealized loss is about $7,654. This is roughly 40% of the estimated margin above, so when I look at such positions, I first calculate loss elasticity, then consider the amount.
③ The reference price given in the material is $76,500.916, but there is no complete average fill price or margin information. I won’t use the reference price directly to infer an exact liquidation price; missing parameters cannot be filled in by imagination.
My judgment is that this long position expresses a directional view but does not yet prove whether the risk arrangement is reasonable. Next, I want to observe whether it adjusts the position; for myself, I first separate nominal value, leverage, and real cost before deciding how much weight a monitoring message should carry.Lighter stated that recently 12 new stock tokens have been enabled as collateral on Robinhood Chain, bringing the total number of stock tokens available to 23, including Apple, AMD, and others. The common reaction to such expansion news is: stock tokens have more uses now, which is positive.
On the other hand, I am more concerned about risk control after the collateral expansion rather than the number of varieties. One reason is that being eligible as collateral does not mean high collateral efficiency; if the collateral rate and quota limits are strict, the improvement in users' capital utilization from adding new varieties may be limited. This is my speculation, and one should not judge solely by quantity.
Another reason is that if the related stock tokens lack liquidity, then during price fluctuations, disposing of collateral might be more difficult, and having more options could increase management complexity. I am not excited about the number 23 yet; what I want to see next are the collateral rules and actual liquidity.The $72.8K zone makes sense from a risk-reward perspective, especially after BTC's sustained sell-off.
One detail worth adding: Strategy's average BTC acquisition cost is currently around $75,451, with 849,327 BTC in its treasury. A move towards $72.8K would put price meaningfully below that cost basis, making the zone an important psychological level for the market.
That doesn't guarantee a bounce, but combined with an oversold market and potential short-coveringWhy does it keep falling? CORE's five nooses: from 6.47 to 0.013, an endless plunge
As of November 3, 2026, CORE is priced at about $0.012, down approximately 11.5% in 24 hours, nearly 30% over 7 days, having retraced over 99% from its all-time high. Noose 1: Ecosystem revenue far below expectations. Modules like SatPay, AMP, LST have launched, but actual TVL is only in the tens of millions of dollars range, protocol revenue is too small, and buyback strength cannot offset unlocked selling pressure. Noose 2: Long inflation cycle. Total supply is 2.1 billion tokens, with about 48% circulating. Mining rewards continue to release with a 3.61% annual decay for 81 years, causing long-term supply-side pressure. Noose 3: Extremely fragile liquidity. 24-hour trading volume is only about $3.09 million; large sell orders can trigger liquidation cascades. In March this year, the Colend protocol liquidation caused a single-day drop of 50%. Noose 4: Repeated security incidents. At the end of October, the b14g protocol was attacked, with 97 million CORE stolen. Although a hard fork recovered about 68.15 million tokens, the distribution plan has not been implemented, damaging trust again. Noose 5: Governance handover causes uncertainty. Core DAO is transferring control from the core team to the community, with unclear decision directions, and the market is voting with its feet. The chain is alive, but the coin is "effectively dead." The team is still developing, institutional cooperation is ongoing, and there is no trigger condition for a total wipeout. However, if buybacks and burns cannot outpace inflation and TVL cannot return to growth... Monday Market Observation｜Four assets each with their own storyline👀
$BTC｜78145
Asian funds entered, rebounding from 76300 to 78145, futures up 1.5%. Binance resumed withdrawals with outflows of 3.64 billion, yet the market did not crash. Next, the key focus is whether Asian funds can hold the 78000 level.
$OKB｜111
Down for three consecutive days, although there is positive news that OKX, ICE, and Trade.xyz are pushing perpetual contracts into the US compliant market, funds are not buying in. The platform token shows independent weakness, and the exchange sector as a whole is dragged down by the Binance hack incident.
$RE｜0.37
A public chain insurance protocol, with a trading volume of only 530,000 and very thin order book. Logically, the Binance hack would be the easiest trigger for insurance narratives, but funds have completely stayed out, and the concept failed to gain traction.
$WLD｜0.42
World App users continue to grow, but the token price has yet to follow suit. The project has a real user base, but the risk of biometric privacy regulation hangs overhead, and this sword has yet to fall.
#OKX、ICE与Trade.xyz联手，推动永续合约进入美国合规市场 Title: 71 days, 39 days, 13 days! BTC Midterm Election Bottom Pattern, Will It Still Hold This Time?
After the past three U.S. midterm elections, BTC exhibited an interesting phenomenon: the market did not bottom immediately after the election ended.
About 71 days after the November 2014 election, BTC bottomed in January 2015 at around $170; about 39 days after the 2018 election, BTC dropped to about $3,200 in December; about 13 days after the 2022 election, BTC dipped to around $15,500 in November.
Even more coincidentally, the intervals between bottoms showed a gradual shortening pattern of 71, 39, and 13 days. In the subsequent three cycles, BTC rose to approximately $20,000, $64,000, and above $126,000 respectively.
But is this really a pattern brought by the midterm elections? Not necessarily. The 2018 period coincided with a crypto bear market, and 2022 was further impacted by the FTX collapse. Macro environment and industry cycles are the key variables.
What’s more noteworthy is that in 2026, BTC’s annual low so far appeared on July 1 at about $57,850, 125 days before the November 3 election. The historical rhythm has clearly shifted.
My view: History can provide an observational framework but cannot offer precise bottom-timing dates. Rather than waiting for the 13th or 39th day after the election, it’s better to focus on ETF capital flows, macro liquidity, and whether the market structure truly reverses. $BTC #美国中期选举在即，哪些结果值得关注？ What’s next for BTC? Will it continue to fall or start to rise?
Rumors about a $6.3 billion hack at an exchange have been circulating wildly recently. If we were still in a bear market, the price would have already dropped below 70,000 or even 60,000 last week. But the fact is, the decline that started from 87,395 has lasted 39 days with an overall drop of only 12.88%.
This confirms my judgment: the drop from 87,395 is a weekly-level correction against the weekly rise from 57,800 to 87,395,