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🔥 Historical data warns BTC could drop sharply even to 65k after the Binance hack - According to shared statistics, the median drop of BTC after 10 major hacks on CEX exchanges is 10.14%, higher than the current drop of 5.61%. - If the pattern repeats, the forecasted scenario is BTC could retreat to 72,998 USD before November 7. - A worse scenario, similar to the Bybit hack, is the 65,231 USD range. 🫡🫡🫡 Note, this is a forecast scenario based on historical data, not a guaranteed price target. Previous hacks haveAn institution focused on data changing its name often says more about the trend than a research report.
L2BEAT, which has been tracking Ethereum Layer 2 for years, has officially renamed itself ETHBEAT, expanding its scope from Layer 2 to the entire Ethereum ecosystem. The name has changed, and so has the coverage: it will continue monitoring L2s while increasing research on privacy, interoperability, tokens, zero-knowledge proofs, and native Rollups, and will also explore liquid staking in the future.
But the real signal is not in expanding categories, but in the evaluation criteria. Its research focus has shifted to judging whether a project inherits Ethereum's core security properties—censorship resistance, open source, privacy, security—and how many intermediaries users still have to trust. The accompanying move is the launch of the CROPS guide, which includes projects that meet these principles.
In recent years, Layer 2s competed on being cheap and fast, with valuation justified by high TPS. Now the yardstick has changed: for the same project, the question is how much trust you place in whom.
This is a plus for $ETH itself, as the mainnet's security properties have become the anchor for the entire ecosystem; for Layer 2 tokens like $ARB and $OP, it's a retest—scaling dividends have mostly been absorbed, and the remaining premium must be earned through credibility.
One point worth pondering: while everyone is racing to be faster, some are starting to compete on who requires less trust from you. 🔥Three U.S. midterm elections, three times BTC continued to test new lows after the elections. This timing pattern deserves serious study! After the 2014 election, it took about 71 days for BTC to hit the cycle low; about 39 days after 2018; about 13 days after 2022.📊 Looking only at these three data sets, the timing of the lows does seem to be gradually advancing, as if each bear market completes its final panic sell-off after the election results are settled.
But here is a key issue: coincidence in timing does not mean the election caused the decline. In 2014, there was the aftermath of the Mt.Gox incident; in 2018, there was an internal crisis in the crypto market; in 2022, the FTX collapse was an additional factor.🧠 What really drives BTC to bottom may be the combined effects of the halving cycle, liquidity, industry risks, and the macro environment, rather than a single political event.
🌍 In 2026, a different situation appeared: the phase low already occurred in July, earlier than the November election. This suggests the market may have completed part of its adjustment early, or it might just be a temporary low that still needs to be verified later. When discussing cycles today, we cannot just look at historical numbers; we must also consider price structure and capital flows. Do you think this time will continue the pattern of the previous three rounds, or will it take a completely different path? #美国中期选举：民主党赢得国会两院控制权 Solana official released a chart: on Monday, tokenized stock single-day trading volume was about $657 million, more than double any day since September. Backpack Securities alone contributed about $598 million, accounting for about 91%; xStocks about $56 million, following behind.
Strong trading volume does not mean the order book is already decentralized. It is more likely that a single issuer maximized weekend and after-hours flow, while other issuers temporarily lag behind. The impressive numbers indicate demand exists but also show that depth is still tied to one desk. Don't take the peak as the normal depth.
If within seven days Backpack's share remains above 85%, or tokenized stock daily trading falls below $320 million, treat this as a pulse peak, not the market norm. Snapshot around 18:08 Beijing time, Binance spot SOL about $93.19, 24h approximately +0.9%.
$SOL
#SOL #Solana #Tokenized#US Midterm Elections: Democrats Win Control of Both Houses of Congress Friends, be rational. With the Democrats taking both the House and Senate, it will be difficult to have a smooth one-sided market rally going forward. Previously, the market had been pricing in a main narrative: the White House and Congress both controlled by Republicans, with tax cuts, loose fiscal policy, and crypto-friendly regulation, supporting the upward momentum of the Nasdaq tech sector and Bitcoin in this cycle. Now the situation has reversed directly, with Congress gaining a balancing power, making it much harder to advance the loose agenda originally planned by Trump. The AI sector is the first to feel the pressure. Committees led by the Democrats will increase hearings and regulatory scrutiny on large tech companies, reducing expectations for computing power subsidies and tax incentives. This is the core reason why Nasdaq futures plunged more than 2% in early trading. Capital immediately repriced the premium of the "Trump trade," and volatility in high-valuation tech assets will continue to be amplified. The impact on crypto assets is even more subtle. The market's original expectation for clear legislation on stablecoins and digital assets will be delayed. The Democrats' regulatory stance on the crypto industry is cautious, and the SEC's strong regulatory approach will find support at the congressional level, compressing the window for favorable industry legislation. Of course, the president retains veto power and will not directly impose extreme bans, so this is not purely a total negative, but rather the disappearance of positive expectations and increased uncertainty. Looking at the fiscal side, with the tug-of-war between the two parties, large-scale fiscal expansion will be difficult to implement. Deficits and bond issuance pace will be constrained, and volatility in U.S. Treasury yields will become more frequent. Liquidity expectations will no longer be one-sided, compounded by the FedThe market isn't lacking liquidity. The bigger question is where that capital is willing to take risk.
BTC is showing healthier positioning, with $136.6M in spot inflows against $79.88M in contract outflows. That suggests genuine buying interest without an aggressive reliance on leverage.
ETH is attracting money from both sides, but the $156M in contract inflows compared with $88M in spot suggests leverage is doing much of the heavy lifting. #DemocratsWinCongress 🔥The Democratic Party has won control of both chambers of Congress. What deserves the most attention next is not just whether Trump's policies will be obstructed, but how the market will reprice political risk! The U.S. midterm elections show a clear shift: the Republican Party has lost control of both chambers, and the Democratic Party has gained more space for hearings, investigations, and oversight. 🌐There are indeed capital donations, industry lobbying, and interest group influences behind U.S. politics, but these complex relationships cannot be simplified as a certain group controlling both parties; such claims lack reliable evidence.
🔎Will Elon Musk become a key focus of a new round of congressional investigations? Democratic lawmakers have already signaled this possibility, and future scrutiny may revolve around DOGE, government contracts, and potential conflicts of interest. However, whether the investigation uncovers any issues depends on evidence and formal conclusions; premature judgments are not appropriate.
📉On the crypto side, I am more concerned about BTC at 74,800–75,000. If this level does not hold, the market may shift from weak consolidation to a more obvious downtrend; if support is effective, there is still a chance to continue consolidating. Those adding positions around 76,500–77,500 should not pin their hopes on a single rebound. Borrowing to add positions is especially risky, as leverage can turn a normal pullback into an unbearable loss. ⚠️Will you continue to observe tonight, or are you already preparing to adjust your positions? #美国中期选举：民主党赢得国会两院控制权 🔥The Democratic Party has taken control of both chambers of Congress, changing the power dynamics in Washington, and the crypto community will need to reassess risks accordingly! This election is not just a simple win or loss for the two parties; it also involves the redistribution of policy directions, corporate interests, capital support, and congressional oversight authority. 🌍 Reducing complex politics to a certain group controlling both parties lacks reliable evidence and overlooks the real institutional and interest struggles that influence policy.
🧭 What’s worth watching next is whether the Democratic Party will formally push for investigations into Musk, DOGE, and related government contracts and conflicts of interest. Some Democratic lawmakers have already proposed investigation directions, but whether it will be launched, the scope of the investigation, and whether a chain of evidence can be formed still require time to verify.
📉 The real danger signal for the market is whether BTC can hold the 74,800–75,000 range. If this area is effectively broken down, selling pressure may continue to expand; if it holds, the price may still fluctuate repeatedly within this key range. Funds entering or adding positions near 76,500–77,500 should not only think about a rebound to break even but also calculate how much drawdown they can bear. Especially avoid borrowing money to add positions or using high leverage to bet on policy news. Do you think this election will change the risk appetite of the crypto market? #美国中期选举：民主党赢得国会两院控制权 With the U.S. midterm elections approaching, the market expects a divided Congress. The CLARITY Act has previously stalled in the Senate, and the rising influence of the Democratic Party may slow down and increase controversy around crypto-related legislation. Executive power remains with Trump, so even if the Democrats take the House, the current regulatory enforcement tone will not immediately reverse. This policy landscape makes it difficult for the market to fully price in at once. Bitcoin ($BTC) price has pulled back to around 77,000, with the 4-hour trend weakening. Around 76,500 is an important support level. If this support breaks, the uncertainty brought by the election will amplify selling pressure; before that, funds tend to reduce exposure rather than increase positions. It is worth noting that different cryptocurrencies have varying sensitivities to policy expectations. Ethereum ($ETH), SOL ($SOL), XRP ($XRP), and DOGE ($DOGE) are more susceptible to changes in regulatory timelines compared to Bitcoin ($BTC). The market's game is not about the election results themselves, but the difference between the final seat count and prior expectations. The Democrats taking the House is basically priced in, while the Senate remains the variable for unexpected outcomes. If either side unexpectedly takes both chambers, the pricing of $ETH, $SOL, $XRP, and $DOGE will be re-evaluated. In the short term, the trading focus should prioritize watching whether the 76,500 support line holds. The impact of election news may be less important than the effectiveness of this support level.Elon Musk spent 445 million to support the Republican Party, essentially as a business bet and political insurance, not simply an ideological stance. His Tesla and SpaceX are rooted in Texas, requiring relaxed regulations and government aerospace contracts. If the Democrats control Congress, they are likely to tighten regulations on autonomous driving and AI, and also review SpaceX's federal contracts, harming its business interests.
This money was mainly invested in Texas and other red states to help Republicans retain seats, attempting to maintain a policy environment favorable to himself, but the bet failed as the Republicans suffered a heavy defeat this round, and the investment did not yield the expected returns.
This also confirms the capital logic of U.S. elections: many capital tycoons donate money to support candidates with the goal of gaining policy favors and paving the way for their own businesses; however, money cannot guarantee election victories, as public opinion and other factors also influence the results.
Subsequent risks: After the Democrats take control of Congress, Musk's companies may face higher regulatory pressure and scrutiny risks.
#美国中期选举：民主党赢得国会两院控制权 🔥The U.S. midterm elections brought an overnight upheaval, but BTC has not yet seen a definitive rebound because of it! The Democratic Party took control of both the House and Senate, while the Republican Party suffered a clear setback, meaning that Trump's upcoming policy initiatives may face stronger congressional checks and balances.📊 Behind the elections, of course, there is a struggle among capital, interest groups, and political donations, but the results cannot be simply attributed to manipulation by any single group or financial consortium. What truly deserves attention is how the new Congress will exercise its oversight powers.
👀 One focus going forward is whether the Democratic Party will push for a deeper investigation into Musk and his related government projects. Democratic lawmakers have already expressed intentions to investigate, but what they will uncover and whether a formal conclusion will be reached cannot be judged in advance.
Returning to the crypto space, the most important level for BTC right now is the 74,800–75,000 support line.⚠️ If it breaks down effectively, market panic could intensify; if it holds, there is still a chance for short-term oscillations. The high-level replenishment funds around 76,500–77,500 also face pullback and leverage pressure. Don’t borrow money to average down your cost; the market won’t reverse just because you refuse to accept losses. Today, do you think political changes will first affect market sentiment, or will BTC’s technicals give direction first? #美国中期选举：民主党赢得国会两院控制权 Bitcoin’s $75,000 line is no longer just a chart level. It has become the pressure point where leveraged longs are concentrated, and derivatives data suggests that a break below it could trigger roughly $1.001 billion in long liquidations across major centralized exchanges. That figure does not guarantee a decline, but it maps where the market’s most fragile positioning sits. The mechanics matter more than the headline number. Above $75,000, buy-side leverage has built up heavily. If that floor #Circle Earnings Report is on the way, can stablecoin growth generate returns? Gold has crossed 4000, while BEAT is still grinding below 0.10
$BTC has risen from a low of 75736.38 to 77929.42, approaching the upper end of the 24-hour range. In the last 3 full hours, it increased by 2.0%, but the trading volume was 21.6% less than the previous 3 hours.
I acknowledge the efficiency of the price rebound, but the momentum has not accelerated accordingly. This is a phase of price re-accumulation, and the strength should not simply replicate the initial speed when leaving the low point.
$BEAT has dropped 3.5% in the past 24 hours, quoted at 0.09925, still below 0.10. The most recent settled funding rate was +0.0062%, meaning longs pay shorts.
When the price is weak, longs still bear this holding cost. I focus more on whether the price can break away; the funding rate level does not equal the probability of a rise, and sideways movement in the short term will also test holders' patience.
$XAU Gold has moved up from around 3960 to cross 4000, quoted at 4025.79, having left the previous back-and-forth area near 3940.
This time, I am somewhat optimistic about price expansion, as there are actual transactions above 4000 as evidence. After pushing up to 4036.2 and pulling back slightly, this is a retracement that is not enough to erase the entire upward move.
RENDER has risen 4.0% in the last 3 hours, with aggressive buy volume accounting for 60.7%, but total volume decreased by 50.2% compared to the previous 3 hours.
What I see is that when trading volume contracts, the transaction method leans more toward aggressive buying. The upward direction is clear, but participation scale has not expanded. Combining these two pieces of evidence, the assessment should be positive but measured.The US has given the green light to perpetual contracts on stocks, and this matter deserves some discussion.
On November 3rd, CFTC Chairman Selig signed off: perpetual futures linked to US individual stocks can now be listed on regulated exchanges in the US. No expiration date, no need for rollovers, funding rates anchored to spot prices—this mechanism, which has been played with in the crypto world for years, is officially entering Wall Street.
Only four firms received licenses in the first batch: Kalshi, Coinbase, Kraken, and Crypto.com. Kalshi plans to list 58 popular stocks, including Apple, Tesla, and Nvidia, with a leverage cap of about 6.5x and a margin floor around 15%.
The on-chain sector is also restless: Lighter will submit DCM/DCO applications in November, and Hyperliquid is directly partnering with ICE to build a compliant market.
But Wall Street reacted faster—Citadel and Cboe immediately filed lawsuits in federal court the same day, demanding the approval be revoked; SIFMA and Nasdaq also sent letters to the SEC opposing it. Simply put, 0DTE options are their lifeblood, and perpetual contracts, which require no rollovers and can be traded almost 24/7, will divert order flow.
The next 60 days are critical: whether regulators can hold firm and whether the court will issue an injunction. If it succeeds, the crypto-native derivatives mechanism will truly have landed.
#Web3 #USStocks #PerpetualContracts #Coinbase The Democratic Party swept Congress, but BTC rebounded against the trend! Did the bears underestimate the market?
The Democrats took control of both the House and Senate, meaning Trump's fiscal and regulatory agenda for the next two years will face stronger checks and balances. However, BTC did not continue to fall; instead, it quickly rebounded from below $76,000 to retake around $78,000.
The reason is that the market is trading not only on policy negatives but also on capital changes after expectations are realized. As the election results become clearer, the dollar weakens and risk appetite warms; on election day, BTC options saw a nominal volume of about $660 million, with call option purchases clearly dominant, and short covering may have amplified the rebound.
Historically, BTC has risen an average of about 53.7% in the 12 months following the last three midterm elections, but the sample size is very small, so this cannot be directly extrapolated to the current cycle.
My view: It is unwise to blindly short in the short term, and short positions around $79,488 must have clear invalidation conditions. Next, focus on ETF capital flows, dollar trends, and whether the price can hold key resistance. You can stick to your directional view, but you cannot stubbornly bear the risk. $BTC #美国中期选举：民主党赢得国会两院控制权 With $1.042B in cumulative BTC ETF outflows and total net assets falling to $98.1B, institutional demand is clearly facing pressure. A few corporate Bitcoin purchases can not offset that kind of selling
The bigger issue is the quality of demand. Buying BTC through leveraged financing or raising capital to support treasury holdings is not the same as sustained spot accumulation
#BTCInstitutionalDemand What kept me up last night wasn’t the market drop, but that a long position worth over 100 million USD was just tens of dollars away from liquidation. Can you believe it? The liquidation buffer for a 30x BTC long was only 398 USD? Let’s break down this case—it’s actually a very typical example of capital preference slicing. - One address opened a long portfolio worth about 1.01 billion USD yesterday, covering BTC, ETH, HYPE, and ZEC - Currently floating at a loss of about 1.725 million USD, with HYPE contributing 618,000 and BTC 709,000 - BTC used 30x leverage, ETH 15x, HYPE and ZEC each 10x - The liquidation buffers for the four positions are only about 398, 86, 6.58, and 38 USD respectively What’s really worth watching here isn’t the loss figures, but the leverage distribution revealing preferences. Putting 30x leverage on BTC shows this account treats BTC as the "most stable collateral" to amplify exposure, while taking leverage on a highly volatile asset like HYPE. It sounds counterintuitive, but it precisely reflects a capital mindset: the stronger the consensus around an asset, the more willing to apply heavy leverage; the newer the narrative, the more cautious the margin. The problem is, in intense volatility, the first to collapse is often not the altcoins, but the "most trusted" position. At the market level, the presence of such high-leverage longs can change short-term rhythms. As long as BTC dips a bit more, the liquidation engine may passively consume these positions, creating short-term selling pressure, which then amplifies sentiment.On the eve of the $ZEC upgrade, can the NU7 upgrade unlock a singularity in the privacy track?
Key highlights of the NU7 upgrade:
First, block time is compressed from 75 seconds to 25 seconds, significantly improving transaction confirmation speed, officially enabling commercial payment attributes.
Second, Orchard privacy transaction TPS increases from 2.9 to 6.6, solving past issues of privacy transaction lag and inability to handle large funds.
Third, after the upgrade, the old v4 transactions become invalid, and assets in the original Sprout pool that are not migrated will be permanently locked. Position holders need to hedge in advance.
At the same time, NU7 launches the NSM network long-term mechanism, reconstructing the fee economic model:
40% of fees are immediately distributed to miners, 60% are allocated to protocol reserves and temporarily withdrawn from circulation, with gradual release to subsidize miner income after 2031.
Currently, nearly 30% of ZEC's circulating assets are deposited in privacy pools.
From a valuation perspective, the current ZEC price is $1200, with a market cap ratio to BTC of about 1.35%.
There are three reference ranges:
$700–900, accounting for 0.8%-1% of BTC market cap, representing a high cost-performance value floor;
$900–1300, accounting for 1%-1.5% of BTC market cap, a neutral oscillation range;
$1300–1800, accounting for 1.5%-2% of BTC market cap, a growth premium range.
Compared to previous mainstream old coin historical cycles, mainstream old coins' peak values generally reach 3% of BTC market cap, corresponding to a ZEC target price of 2600+. $BNB
CZ said this is "another attack against Binance," with 11,700 hostile posts and 1,083 accounts.
The numbers are intimidating. I reviewed today's market: the low point of 680.37 occurred at 11 AM, that 1-hour candle smashed out 1.27 million volume, the highest real-money volume of the day. Then it climbed back to 705, now at 701.8.
During the hours with the most criticism, the price was rising. The money that lifted 680 has nothing to do with sentiment.
The fee rate is 0.01%, just on the baseline, not a penny more. Positions just over 50 million, barely moved in eight hours. No one is betting on direction.
This year, I was scared off by BNB's public opinion twice, both times at the lows. This time I won't look at posts, only trust the 680 line.
Let them criticize, my position isn't worth them making posts about.$BTC
7,500 BTC, $572 million, transferred at 17:38 to an untagged wallet.
Two years ago when I saw this kind of news flash, the first thing I did was cut long positions. Today I watched the market for ten minutes, the price moved from 78,300 to 78,350, 24-hour high 78,533, not giving an inch.
Open interest is 2.76 billion, a bit thicker than two hours ago. Funding rate 0.0078%, staying below the 0.01% baseline for two consecutive settlement periods. Those wanting to chase should stop, and those wanting to dump haven’t really acted.
The real concern with this kind of transfer is if the recipient wallet is tagged as an exchange deposit. Untagged wallets historically are mostly custody migrations or internal consolidations. Those truly preparing to dump never broadcast in advance.
So I neither added nor reduced. It has been sideways above 78,300 for over seven hours, both sides are waiting.
Waiting for it to give its own direction, I won’t choose for it.
#美国中期选举：民主党赢得国会两院控制权 #Circle財報在即，穩定幣成長能否轉化為收益？
Circle will announce its Q3 earnings at 8 AM Eastern Time on November 4. The focus is whether the growth in USDC scale can translate into retainable earnings; as of 6 PM Taiwan time on November 4, the results have not yet been released. At the end of last quarter, USDC circulation was $73.3 billion, a 19% year-over-year increase; combined revenue and reserve income totaled $701 million, up 7% year-over-year, but reserve income only grew by 5%. The company noted that the average circulation increased by 25%, partially offset by a 66 basis point decline in reserve yield, with distribution, trading, and other costs reaching $412 million. This indicates that scale expansion does not necessarily drive profit growth in tandem; interest rates and distribution costs are equally critical. After the earnings release, it will be possible to verify changes in Q3 average circulation, reserve yield, distribution costs, and net profit, distinguishing quarterly data from real-time market prices.
This article is for informational purposes only and does not constitute investment advice.Today BTC first probed around $75,700, then was pulled back to around $77,800, rising about 1.7% in 24 hours. ETH is around $2,290, up 1.7%. The above data is for November 4th. It will still fluctuate before the close, so real-time data should be taken as the standard. Why did it first drop then rebound today? I think it's like meeting your partner's parents, then realizing your palms are sweaty on the way home. First, the Democrats took the House, and there is progress in the Senate; uncertainty has settled. BTC bounced back from below $76,000 to $78,000. Simply put, it's a sigh of relief after all the bad news, not a reversal. Second, everyone worries that market structure bills like CLARITY might be delayed. Changing the head of the family in a relationship doesn't mean the marriage is off, just that the bride price needs to be renegotiated. Third, the probability of a Fed rate hike in December is still around 80%. About $1 billion flowed out of spot ETFs in the past two days. Money has become more expensive, so people are less willing to go on dates. This is more long-term than the election. Another small detail: the SEC has issued supplementary explanations on token classification these days. Speaking in the group doesn't mean you are the group owner. This is genuinely friendly to governance tokens. Congress is slow, regulation is moving forward. Emotions and fundamentals should be viewed separately. Outlook for tomorrow: I won't guess the direction. Guessing right is luck; guessing wrong is tuition. Technically, $76,000 to $76,600 is support; $79,500 to $80,500 is resistance. After the election bad news is out, next to watch are rate hikes and ETF funds. The panic index is still above 30, somewhat cautious. Operation advice: peace, no calls. What was said on election night is all no longer relevant Election results have landed. The market first took a hit. BTC dropped from 77049 down to 75734.5. That was the low point. Then it pulled back to 78434.5, current price about +1.80%, with a volatility of 3.67%. ETH followed, at 2323.5, about +2.43%.
My judgment is simple: that low point was sentiment, not pricing.
There is only one reason. When the news came out, those pressing buttons were following the old script—regulation would tighten. After the drop, it was found that no one was stepping in below. The buy side was thin, and the sell side was also thin. So once it pulled, it bounced back. This was not new money entering, but sellers finishing their sales in one go.
A volatility of 3.67% is not small. But the price returned above the open. The real information lies on the low side: the selling pressure came in one wave, with no second wave.
Therefore, I believe the election factor’s effect on the coin price has been fully explained in this drop and pullback. Using it to explain further rises or falls is just making excuses.
If you want to refute me, answer this question directly: Is the 75734.5 low the bottom of this round, or just the first probe? Choose one. #美国中期选举：民主党赢得国会两院控制权 $BTC $ETH 78,389.4 USD, a slight 0.94% increase in 24 hours. The market looks calm on the surface, but the underlying structure is tearing apart. On one side, open interest has dropped to 284.1 billion USD, the lowest in 12 months, with most of the leverage accumulated over the past year basically cleared out. On the other side, BTC perpetual funding rates remain stuck at +0.0100%, with longs continuing to pay shorts. The 8-hour average funding rate on some exchanges has already turned negative to -0.0044%, with shorts starting to pay longs, but this is localized, not global. If you put these two sets of data together: leverage is gone, but the funding rate hasn’t returned to zero. This is not the classic bottom pattern—the classic bottom is when the funding rate turns negative first, longs pay enough and are willing to concede, then the market truly clears. The current state is closer to "chips have cleared, but those left are still holding on." Conditional: if the funding rate does not show a global negative shift soon, the sideways consolidation may last longer than most expect. The macro environment is also uncooperative. The US spot Bitcoin ETF has seen net outflows for three consecutive trading days, totaling 1.157 billion USD, with BlackRock’s IBIT accounting for 734 million USD of that. The price has pulled back from below 76,000 to around 78,000, but ETF buying has not returned. Key resistance levels: 78,500, 77,600. Support levels: 76,500, 75,250. --- ETH: high turnover, low open interest, shorts are holding 🔥🖊 2,321.88 USD, 24h +1.01%. ETH’s contract structure is more honest and also more tangled than BTC’s.I've never quite understood: a company hasn't gone public, its stock price doesn't jump daily, so how did it suddenly become worth $115 billion?
The answer is quite simple — a few old shareholders transferred their shares to others, the price was agreed upon, and that price became the default "fair value." The company didn't receive new money, but the label was attached. A year ago it was $75 billion, now it's up 53%, and based on $2.3 billion pre-tax profit, that's nearly 50 times.
My first reaction: does this have anything to do with the $BTC I hold? Not really in the short term; it will still fluctuate. But at least it shows that funds willing to pay a high price for the story are still around. It's just that this price was negotiated behind closed doors, and whether the next buyer accepts it once the door opens is another matter.A UK fintech company that has not yet gone public was recently valued at $115 billion by the market through a secondary transfer of existing shares. No new shares were issued, yet the valuation was established first.
Looking at the numbers: the market valuation in November 2025 is about $75 billion, an increase of approximately 53% in one year; the pre-tax profit in 2025 is about $2.3 billion, corresponding to nearly 50 times earnings. Such a multiple is almost impossible for a traditional bank, but institutions are willing to pay it for a super app that handles payments, accounts, and credit.
Mechanically, this is a secondary market circulation among existing shareholders; no new money enters the company’s books, and the capital structure is not diluted. Two things change: early holders lock in book gains at this price level; the valuation discovery function partially shifts from public issuance and listing review to a closed private secondary market.
Regulators do not see a whole but rather business bricks: payment transfers fall under payment institutions or electronic money institutions, quasi-accounts have a separate set of client fund reserve requirements, and once it involves quasi-deposits, it must answer which license governs it. Adding crypto asset services, the EU requires client asset segregation, separate licensing, and enhanced disclosure.
Therefore, the meaning of the $115 billion is not successful financing but that pricing power has been handed over to a group of leading institutions, while regulatory standards have simultaneously advanced. The price is first set in a closed market before discussing the public market, where ordinary investors receive either a discount or the residual value after others have locked in gains.$BTC Observation: Spot ETF has had outflows for 3 consecutive days totaling $1.16 billion, but single-day outflow has shrunk to $116 million
BTC currently at $78,416, up 1.78% in 24 hours, recovering from $75,734 intraday, ETF still experiencing outflows, price has first stopped falling
Reviewing these three days: October 30 outflow $643 million, November 2 $399 million, November 3 $116 million, single-day scale about 71% less than the previous day (SoSoValue)
On November 3, BlackRock IBIT outflow $94.98 million, while Bitwise BITB, Fidelity FBTC, and Morgan Stanley MSBT had net inflows
Bitwise research head Dragosch believes this is a short-term hedge after the Binance hack, not a structural institutional withdrawal; none of the 15 institutions they surveyed reduced their ETF exposure
Fear & Greed Index rose from 26 to 34, still in the fear zone; before outflows turn to inflows, staying above 78,000 is not yet confirmed.
#BTC现货ETF资金流出，企业财库增持放缓 AMD guidance of 17 billion shatters expectations, after-hours surged to 530 then gave back half, I’m not chasing.
Q3 revenue 13.38 billion USD, market expected 13.06 billion; adjusted EPS 2.09, expected 1.95.
Data center revenue nearly doubled to 8.55 billion, a new high.
Q4 guidance about 17 billion (±3%), market only expected 16.23 billion, midpoint year-over-year +66%.
In October AMD fell 17.5%, Philadelphia Semiconductor Index was down 15.4% in the same period.
From the 10/6 high of 658.52 to the 11/2 low of 466.07, a pullback of about 29%.
On 11/3 closed at 484.47 (+3.8%), after-hours peaked at 530.38, before 8 PM Eastern returned to around 508.
I think the earnings report is solid, the guidance is truly strong.
But the after-hours surge and pullback shows the market is still afraid of an AI capital expenditure bubble; one earnings report can’t turn the whole sector’s sentiment.
I observe and don’t chase; regular session must hold above 520 (10/30 high) to consider the gap fill recovered, MA20 and MA50 still pressuring above 550.
If it breaks below 466, this rebound is invalidated.
Is the 17 billion guidance ironclad proof AI chips haven’t peaked, or is the after-hours surge and pullback your chance to exit?
$AMD $NVDA
#美股财报 #AI需求支撑存储市场，芯片股行情反复 ETH surged with volume this hour, while BTC lagged slightly at the high point.
The afternoon recovery didn't immediately retrace: BTC continued to rise over the next few full hourly candles, and ETH held around 2280. Around 18:00 Beijing time, the spot prices for the two coins were approximately 78401 and 2322.8, nearing their respective 24-hour highs. The earlier statement "repair remains to be verified" can now be updated to say the hourly level continuation is still ongoing.
Looking closely at the volume, the situation isn't exactly the same. ETH's last full hourly candle surged to about 2329, with volume clearly above recent averages; BTC reached 78520 in the same hour, but volume did not increase correspondingly. I pay more attention to this divergence: prices rising together does not mean both sides have equally solid follow-through.
Before evening, observe from 15 minutes to 1 hour intervals. BTC's support lies between 78300–78340, a zone where recent 15-minute candles repeatedly stopped falling; resistance is between 78520–78562, overlapping the recent swing high and 24-hour high. Only if volume expands and closes above the upper boundary can we consider the repair continuing; if the hourly candle closes below 78300, the high-level hold is questionable.
For ETH, support is at 2315–2318, where short-term lows and pullback closes concentrate; resistance is at 2329–2330, where the hourly high and 24-hour high coincide. Holding above this level supports continuation of strength; losing the lower boundary suggests a pullback first. Both coins are near highs, volatility may increase, so be cautious of risk. $BTC $ETHOld Leek Observation｜$OSMO: Burning 55.5 million tokens, why am I not rushing to be bullish?
Today, a small-cap target worth paying attention to: Osmosis (OSMO). Osmosis is voting to pass Proposal 1057, planning to permanently burn 55.5 million OSMO from the community fund, pushing the total burned amount over 100 million tokens. This accounts for about 7% of the current supply.
But I believe the real point worth studying in this event is not just the "burning benefit".
First, look at the changes it has already completed:
On October 25, Proposal 1053 passed, stopping new inflation issuance of OSMO, and staking rewards are now provided by protocol revenue. Now Proposal 1057 is ready to permanently burn the 55.5 million OSMO historically accumulated in the community fund.
These two events together form a complete Tokenomics story:
Stop inflation + permanent burn + staking rewards shift to protocol revenue.
But there is a detail that cannot be ignored:
These 55.5 million tokens were already in the community fund and did not belong to the daily circulating sell pressure. This burn is more like turning the original "soft burn" into a permanent burn, rather than the market suddenly losing 7% of tradable chips.The number of companies using artificial intelligence has only slightly increased, but spending on AI has doubled. What's going on?
According to Menlo Ventures, AI deployment spending is expected to reach $176.8 billion annually by September 2026, up from $33 billion the previous year. The proportion of companies adopting AI has only grown from 55% to 65%.
I believe AI agents are changing the game. One employee can run dozens of agents, continuously consuming tokens, without the company needing to hire more staff. But is the efficiency gain worth investing so much money? $BTC $BTC Just saw the price suddenly push above 78,000, which startled me. On the 1-hour chart, the price has consecutively crossed EMA20, EMA50, and EMA100. However, these moving averages are still tangled together on the 1-hour chart, with bullish and bearish MAs twisted into a knot. The short-term surge upward is very fast, but the price is about to hit a bigger barrier overhead.
Switching to the 4-hour chart, EMA20, EMA50, and EMA100 are still neatly aligned downward. All three lines are sloping down, and the current price is just touching the 4-hour EMA50. There are no moving averages supporting the bottom; instead, the overhead MAs are blocking the way. Since the rebound from the low, the price has already pulled about two and a half 4-hour ATRs within a few hours, reaching the moving average resistance zone.
Looking upward, just above 78,000 is the high resistance level from 4 hours ago. The 4-hour moving averages are overall sloping downward, and the downtrend structure has not been broken. For the short-term surge to continue upward here, trading volume must keep expanding.
I still lean bearish. The price is right against the key 4-hour resistance overhead, with several moving averages pressing down. The expectation is for a downward reversal next.
$ETH $SOL #BTC现货ETF资金流出，企业财库增持放缓 I'M WATCHING A BIG LONG ON $ADA .
Price swept the 0.1829 low, then buyers drove it straight back up. ADA trades at 0.1913, just under the 0.1928 high. The 7D and 30D trends are still down, so this is a bounce.
A break above 0.1928 opens more upside. The setup holds above 0.1870. A drop below 0.1829 invalidates it.
Dip buyers showed up. Now I wait for the break.
#DemocratsWinCongress $ZIL
Sharding has long been discussed as a potential solution to blockchain scalability challenges. Zilliqa built its technological identity around this approach, making it an interesting project to evaluate from an infrastructure perspective. However, technical differentiation is only one part of success. Developer retention, application quality, network demand, and competition will ultimately determine whether its architecture translates into lasting ecosystem strength.$MASK
Social platforms already contain enormous amounts of online interaction, but financial ownership and decentralized identity remain relatively separate from mainstream social experiences. Mask Network explores ways to bring Web3 functionality into existing internet environments. Its broader opportunity depends on whether users genuinely want these features integrated into their daily digital activities. $CELO
Mobile accessibility is an important but sometimes overlooked part of cryptocurrency adoption. Celo has positioned its ecosystem around making blockchain-based financial services more accessible through mobile-first experiences. This direction addresses a genuine usability challenge, particularly in regions where traditional financial infrastructure has limitations. Yet meaningful adoption requires more than accessible technology: affordable transactions, reliable applications. BTC intraday low at 76,660.5, less than $400 away from 76,265. Galaxy's Alex Thorn says breaking below 76,000 will end his bullish thesis. Is this line really that critical? 1. News. BTC reported at $77,091.9, down 0.55% in 24 hours, down 4.3% in nearly a week; the 20-day low was $76,265.2, with an intraday low of 76,660.5. Reports cite Galaxy Digital research head Alex Thorn stating that if it falls below 76,000, his BTC bullish view will fail. The market is also digesting risks related to Mercado Bitcoin and Binance. 2. Capital impact. BTC ETF latest disclosure shows a single-day net inflow of $34.1 million, 5-day net inflow of $406.5 million, 10-day net inflow of $173.6 million; however, there was a report of a single-day outflow of $643 million from ETFs, indicating unstable capital direction. The US dollar index is at 101.81, down 0.07% intraday, gold up 1.59%, fear and greed index down to 26. 3. BTC significance. 76,265 is the recent actual low, while 76,000 is the psychological defense line in market narrative. When these two are close, stop-loss and programmed sell orders tend to trigger concentratedly. If the daily candle closes below 76,000, technical risk will increase; if it quickly recovers to 79,220, it indicates low-level selling pressure has been absorbed. The price level itself is not a conclusion, volumeBitcoin has shown an interesting historical pattern around US midterm elections. Previous cycles experienced significant market weakness around election periods, followed by strong recoveries over the next 12 months. 📊 What Happened in Previous Midterm Cycles? - 2014: Bitcoin reached its market bottom approximately 71 days after the US midterm elections. - 2018: $BTC bottomed around 38 days after Election Day. - 2022: Bitcoin reached its low approximately 13 days after the election. InterestingThe US midterm elections have finally produced a sufficiently significant result👀
The Democratic Party has taken control of both the House and Senate, making it clearly more difficult for Trump to push policies over the next two years.
What I’m more focused on is the impact on crypto regulation:
Over the past two years, the US crypto industry has benefited from a shift in the regulatory environment, with substantial progress in stablecoin legislation, bank access, and related financial products.
But with the change in congressional control, subsequent legislation involving market structure and regulatory authority may require more bipartisan compromise.
It’s worth noting that the crypto industry has previously supported candidates from both parties, so a Democratic victory doesn’t necessarily mean a complete regulatory shift.
For $BTC, there are currently additional issues like security incidents, capital outflows, and overall pressure on risk assets.
What I think is truly worth watching next is the new Congress’s attitude toward crypto legislation and whether there will be substantive changes in fiscal policy.
The election results are in, but the market’s pricing of them may have only just begun.
#美国中期选举：民主党赢得国会两院控制权 Bitcoin experienced significant corrections after previous US midterm elections: 📉 2014: Approximately -58% 📉 2018: Approximately -52% 📉 2022: Approximately -26% Interestingly, each major correction was followed by a temporary market bottom and a recovery. But historical patterns are not guaranteed to repeat. Every cycle has different macroeconomic conditions, liquidity, institutional participation, and market structure. The important question for 2026 isn't simply whether BTC will fall again#Circle财报在即，稳定币增长能否兑现收益？
After the interest rate hike cycle ends, can the stablecoin giant really rely on volume growth to offset the erosion of interest income caused by rate cuts?
Circle is about to release its Q3 earnings before the market opens tonight. Market expectations are for revenue around $788 million and EPS about $0.38. Can the growth in USDC scale really push net profit up? $CRCL
Scale benefits vs. cooling interest rates
USDC's scale is indeed expanding, but most reserves are tied to short-term debt and US interest rates. With the Federal Reserve entering a rate-cutting cycle, reserve yields are clearly declining. Even if scale increases, the lowered unit yield will significantly limit total revenue growth.
Distribution costs are a hidden bleeding point
The revenue Circle receives doesn't all go into its own pocket. To capture underlying ecosystem and exchange market share, distribution channel commissions remain high. The faster the scale grows, the more distribution costs rise, directly squeezing RLDC Margin profitability.
On-chain business is still in the development phase
Web3 wallets, payment channels, and cross-chain protocol CCTP fee-based services are growing well, but currently still represent a small portion of total revenue. The bulk of revenue still relies on the interest-based rental model.
If this earnings report beats revenue expectations but profit margins narrow, the stock price will likely experience wide fluctuations. In the long term, relying solely on $USDC scale expansion makes it difficult to maintain a high valuation. Whether management can deliver a growth curve in transaction fees and service fees independent of reserves in the coming quarters is the key to breaking the deadlock where rate cuts mean profit declines.Liquidation data reveals an important detail behind this recovery. BTC recorded approximately $33.74M in short liquidations versus just $6.7M in long liquidations. ETH showed a similar pattern, with around $34.87M in short positions wiped out. This suggests short covering played a major role in pushing prices higher. Forced buying can create powerful rallies, but it doesn't automatically confirm sustainable spot demand. CORE tells another story, with both long and short positions getting liquida#交易之声：你的经验值得被听到
When I look at long and short data now, what I pay most attention to is not the long-short ratio, but whether the price and open interest (OI) change synchronously.
For example, if BTC rises and OI also increases, it means new positions are entering the market, but here is a question: are the new positions actively going long, or are institutions hedging?
So I also look at the funding rate and spot trading volume together.
If the price rises, OI increases, and spot trading volume also significantly expands, I tend to believe the rise is supported by real buying.
But if the price doesn’t rise much, OI suddenly surges, and the funding rate keeps rising, I would be cautious; it might mean the leveraged longs are too crowded.
There is also a situation where BTC falls but OI keeps increasing; this cannot be directly judged as shorts entering because there may be a large number of hedging positions.
Therefore, what I value most is the change in OI, but it must be judged in combination with spot buying and funding rates.
After all, every contract in the market has both long and short sides; just looking at which side has more people cannot determine who is truly driving the market.
I think the easiest pitfall is to see a serious imbalance in the long-short ratio and rush to open a position in the opposite direction. Many times, you think you are going against retail traders, but in fact, you may be competing with institutional hedging positions.
@OKX星球 A single on-chain record reveals the safety cushion of the exchange.
This batch of coins was transferred out on October 31 from Binance's SAFU (Secure Asset Fund for Users) to cover losses from a hot wallet theft. At 5:56 on November 3, 7,500 coins were moved into an untagged wallet, then split into about 150 transactions of roughly 50 coins each, with some later merged and transferred away.
What really matters is not how these 7,500 coins moved, but the remaining balance. SAFU now holds just over 7,500 BTC, about $572 million, while Binance’s rebalancing threshold is $800 million. The safety pool that should have been a backstop has fallen below the exchange’s own minimum rule.
Mechanically, SAFU advances funds when theft or hacks occur so user assets aren’t directly deducted. The thinner it gets, the weaker the exchange’s risk absorption capacity becomes. This weakening doesn’t show in price but manifests in how incidents are handled next time. Binance has promised to replenish about $1 billion but has not provided a timeline.
The receiving address is untagged, and Binance hasn’t explained its purpose. $BTC holders usually watch for large inflows to exchanges, but large outflows from the exchange’s self-protection accounts are also a signal. Splitting into 150 transactions of 50 coins each looks like an attempt to avoid single-transaction monitoring; on-chain data can’t provide answers.
$ETH and $SOL are not currently affected, but lack of pricing doesn’t mean lack of importance. It’s worth considering: when the insurance fund falls below the red line and the replenishment time is uncertain, should you focus on the coin price or on when that $1 billion will actually be restored? Core data analysis of ETH whale holdings, rebound squeeze market, key at 2340!!!
ETH perpetual current price 2323.26, up 2.49%, total whales 1172, total holdings 1.90B, nominal long-short ratio 24.44%.
Longs total 327 whales, holdings 373.41M, average entry price 2852.85, unrealized loss 85.12 million USD, profit ratio 59.32%, cost position relatively high, still considerable space to break even.
Shorts total 845 whales, holdings 1.52B, holding volume far exceeds longs, average entry price 2242.05, after this round of price rebound shorts' unrealized loss expanded to 53.4 million USD, profit ratio dropped to 29.46%.
This rapid rise directly impacts the low-positioned whale short orders, short losses continue to expand, willingness to sell pressure will weaken; longs still unrealized loss, but holding pressure is somewhat relieved under rebound market. Whale short positions are heavy, with a large amount of short order liquidation liquidity above, short-term market can easily accelerate upward, but chasing highs carries significant risk. If volume cannot sustain, it is easy to see a rise and fall, back-and-forth shakeout pattern, not suitable for blind chasing.
For market review reference only, does not constitute any trading advice #美国中期选举：民主党赢得国会两院控制权 #Circle财报在即，稳定币增长能否兑现收益？ #美国10月非农前瞻：就业增长或牵动12月加息预期 $BTC $ETH $ZEC The 2014, 2018, and 2022 midterm-election periods all occurred within broader bear-market structures. Comparing them directly with 2026 without considering the 200-day and yearly moving averages, trend lines, and overall market structure can be misleading. The key question isn't whether BTC historically declined after midterms. It's whether the current market structure is fundamentally different. If BTC has reclaimed the yearly moving average and broken above its downtrend line, that deserves atThe suspected victim has finally been named, but the person naming them is not official, it's an on-chain investigator.
ZachXBT says the victim of the $133 million suspected theft case is the French bank Crédit Mutuel Arkéa.
The on-chain verifiable part is that Bitquery traced $108.8 million USDC flowing from accounts on Kraken, Crypto.com, and OKX to 15 wallets within 21 hours.
The issuer only froze less than 4%, the rest has been converted to ETH and then transferred into Monero.
The bank has not said a word so far. Whether the name is true or not depends on how long it remains silent.
#ZachXBT #Hack #Crypto$XAU Preliminary results of the US midterm elections have landed, triggering a sharp short-term surge in gold, while also boosting risk assets. Gold prices surged to around 4016, an increase of about 0.5%.
The market's chain logic is very clear: the Democratic Party's initial performance exceeded expectations, leading the market to reprice uncertainties in subsequent fiscal and regulatory policies, with safe-haven funds flowing into gold; subsequently, the 10-year US Treasury yield fell to 4.919%, and the decline in interest rates reduced the opportunity cost of the non-yielding asset gold, which is the main driver of this rally; combined with the US dollar index retreating to 101.45, gold prices denominated in dollars were further boosted, and BTC and QQQ also experienced a rebound.
It is important to distinguish that this is a pulse rally triggered by the event. Whether it can develop into a sustained trend depends mainly on whether US Treasury yields and the dollar can maintain their current weakness. Do not rush to chase after a single surge.Core data analysis of BTC whale positions, 79200 is the key level, bears gather!!!
BTC perpetual current price 78445.60, increase 1.98%, total whale traders 1239, total positions 3.92B, nominal long-short ratio 23.54%.
There are 300 long whales holding 747.74M positions, average entry price 84449.85, unrealized loss of 57.23 million USD, profit ratio 54.33%, high-level trapped positions remain heavy.
There are 939 short whales holding 3.17B positions, position size far exceeds longs, average entry price 75996.95, after this round of price rebound, short unrealized loss expanded to 99.13 million USD, profit ratio dropped to 39.29%.
As the price rises, short pressure quickly increases, a large number of low-level ambushed short orders are trapped; although longs are also at a loss, this rebound slightly alleviates the trapped pressure. Whale camp shows obvious divergence, shorts have a large base but are now passively pressured, longs have high costs with limited upward breakout momentum. The short-term market enters a key battle position, with short liquidation liquidity stacked above, the sustainability of the rebound requires continuous observation of volume, chasing highs risk gradually rises, not suitable for aggressive opening.
For market review reference only, does not constitute any trading advice #美国中期选举：民主党赢得国会两院控制权 #Circle财报在即，稳定币增长能否兑现收益？ #美国10月非农前瞻：就业增长或牵动12月加息预期 $BTC $ETH $ZEC