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OpenAI and Anthropic are both seeking funding from the capital markets at the same time, giving investors the opportunity to compare the two companies side by side.
Tom Dotan from Newcomer interviewed investors involved in financing both companies and received quite distinct evaluations:
Anthropic is pulling ahead, while OpenAI urgently needs a comeback story.
Even though the AI industry is facing valuation pressures and a tightening political environment, interviewed investors remain quite optimistic about Anthropic's IPO.
One investor who has invested in both companies even stated that the demand for Anthropic's stock from joint funds and other long-term investors is "unlimited," believing that Anthropic is steadily overcoming current market fluctuations and is confident it can complete its IPO before Thanksgiving.
The political environment has not noticeably weakened this confidence. Anthropic has relatively closer ties to the Democratic camp, but investors have not backed down because of this.
The most interesting aspect of this funding competition is that both companies are targeting a largely overlapping group of investors, giving capital the chance to directly compare their growth, commercialization capabilities, and future valuations.
In the past, OpenAI almost represented the leading narrative in the AI industry. Now, Anthropic is vying for that position.
Technological leadership can constantly change, but the capital markets will make their judgment with real money.政治押注未能如愿，旗下公司股价承压，马斯克的商业帝国正面临新的不确定性。 美国中期选举的影响，正在从华盛顿延伸至科技行业。 民主党赢得国会两院控制权，并拿下得克萨斯州关键选举后，市场开始重新评估马斯克旗下企业的政策风险。 特斯拉和SpaceX股价在周三盘前交易中一度分别下跌约5.7%和7.6%。按其持股估算，马斯克个人财富账面缩水超过600亿美元。 这场选举，可能让马斯克付出的不只是近5亿美元的政治投入。 一、豪掷4.74亿美元，政治押注未能如愿 据CNBC根据美国联邦选举委员会申报资料统计，马斯克在2026年选举周期投入至少4.74亿美元。 其中，约2.24亿美元流向得州相关竞选活动，接近总投入的一半。 马斯克重点支持共和党参议员候选人肯·帕克斯顿（Ken Paxton），希望共和党继续保持国会及得州的政治优势。 但最终结果并未如愿。 民主党候选人詹姆斯·塔拉里科（James Talarico）赢得得州联邦参议员选举，吉娜·伊诺霍萨（Gina Hinojosa）则击败共和党籍现任州长格雷格·阿博特（Greg Abbott）。 得州不仅是共和党的传统优势地区，也是马斯克商业版图的重要基The results of the U.S. midterm elections are out, with the Democratic Party winning. The impact on the crypto market is greater and slower than most people think.
First, let's look at the phenomenon. The focus of the new Congress is not on pushing legislation but on scrutinizing the president's own crypto activities and the World Liberty Financial project. The once highly anticipated CLARITY Act has shifted from "when it will pass" to "whether it will pass at all."
Now, the judgment. Sharplink CEO Joseph Chalom expects the bill may be shelved until 2028. TD Cowen analyst Jaret Seiberg is more direct: progress is unlikely in the next two years. Two people from different positions point to the same direction.
The mechanism is not complicated. CLARITY disputes whether crypto assets are securities or commodities, which determines who regulates them and under what rules. Once legislation stalls, the compliance path for $BTC and $ETH can only continue to rely on case-by-case interpretations by regulatory agencies. For institutional funds, uncertainty itself is a cost.
But it’s not a complete freeze. Circle’s statement is worth noting: the industry has bipartisan attributes, and stablecoins and tokenized stocks can still move forward under existing laws and regulatory rules. $USDC and CLARITY are not the same path.
The real question is: after policy narratives fail, how many assets can maintain their price based on real use cases.Overnight, semiconductors collapsed, tech stocks faced sell-offs, and Bitcoin also started to weaken! What exactly is Wall Street afraid of? How long will this downturn last?
After the U.S. stock market opened on November 5, the tech sector came under pressure again. The 3x leveraged semiconductor ETF (SOXL) initially dropped about 15%, QQQ fell about 1.36%, and Bitcoin also retreated to around $79,000.
There may be three key reasons behind this decline.
First, the U.S. midterm elections changed market expectations. After the Democrats regained control of both chambers, investors began to worry about stricter AI regulations, especially potential restrictions on data center expansion. The future demand growth for chip companies is therefore facing reassessment.
Second, the returns on AI investments are being questioned. Tech giants have invested heavily in building AI infrastructure, but the market is increasingly concerned: how long will it take for these investments to generate sufficient profits? If capital expenditures slow down, semiconductor suppliers may be the first to be affected.
Third, risk appetite has declined. When tech stocks face concentrated sell-offs, Bitcoin may also be impacted by capital withdrawing from risk assets. However, Bitcoin's recent pullback cannot yet be fully attributed to the U.S. stock market.
So, when will the decline stop?
In the short term, focus on whether SOXL can stabilize, whether the semiconductor index continues to hit new lows, and whether Bitcoin can hold its recent support levels.
What is truly worth watching is not how much the market has fallen, but whether the market is still lowering its expectations for future earnings IREN 这季多半又是一个大亏损，可我觉得出数第二天决定股价的不是亏多少。它一个多月跌掉了将近一半，做空的占了流通股的 24%，真正要看的，是给微软的那几批机房能不能按 12 月交付。 IREN 以前是挖比特币的，现在把电力和机房改成 AI 数据中心，把 GPU 租给微软这些客户。微软跟它签了 5 年 97 亿美元，机房在德州 Childress。挖矿到 2026 年底全部关掉。10 月还有媒体报道，Anthropic 也跟它签了多年的云合同。 股价从 9 月底的 40.88 跌到 11 月 4 日的 21.71，少了将近一半，中间只弹过两下。10 月 7 日 SemiAnalysis 在 X 上转述用户的说法，把 IREN 加拿大的两个老机房叫作业内最差，停电、存储故障都碰到过。当天它就跌了 6.3%。之后整个新云板块都被借钱太多的担心拖着走。10 月 16 日 Gartner 唱衰新云那天，它又跌了 11% 左右。马斯克后来也说，新云公司要大洗牌。10 月 28 日微软说资本开支少花了，因为有些第三方产能没按时交。 最狠的是这周。11 月 3 日中期选举，民主党拿下参众两院。德州州The chip trio collectively took a hit today: AMD -10%, Qualcomm -10%, Intel -6.5%, with semiconductor ETFs all in the red.
On the surface, each is falling for different reasons—Qualcomm's mobile chip revenue dropped 26% year-over-year, Apple’s self-developed baseband continues to drain revenue; Intel is still burning cash on 18A and facing weak PC demand; AMD is purely caught up in the AI narrative fallout.
At the core, there’s one thing: the market’s measuring stick has changed. Previously, it was about "how big the AI story is," now it’s about "whether the cash flow can come back." After the midterm elections, with tighter regulations and expectations of stricter data center approvals, the capital expenditure narrative is taking a hit first.
This isn’t a demand falsification, but a valuation squeeze. Don’t catch a falling knife in the short term; wait until this wave of sell-off finishes and see whose Q4 guidance stabilizes first—the one that holds steady is the true leader.应用光电AAOI在8 月下旬开始卖新股，10 月 5 日宣布卖完，一共 569 万股，成交均价 105.36 美元，扣掉费用净拿到 5.88 亿美元。11 月 4 日收盘只剩 59.27，光是最近一周就跌了 28%。美东 11 月 5 日收盘后它出三季报，这季的数我看问题不大，难的是第二天。 它做的是光模块，就是数据中心里把电信号转成光信号的那个零件，卖给云厂商。上季卖得最多的还是 100G、400G 这些，800G 今年才放量，1.6T 三季度末才开始出货。另一块是有线电视网用的 CATV 放大器，上季占了营收的四成多。上季营收 1.92 亿美元，比去年多了 86%。今年 5 月 13 日盘中最高冲到过 233.67，现在比高点低了七成多。 这一个月光模块整个板块都在跌，Lumentum、Coherent 也都跌了四成多。AAOI 10 月 6 日还收在 130 上面，一个月掉了一半还多。10 月 28 日微软说资本开支少花了，有些第三方的产能没按时交付。11 月 3 日中期选举民主党拿下参众两院，4 日数据中心股又被砸了一轮。券商也在降目标价，B. Riley 从 109 降到 9@八佰哥爱理财 $SOXL long positions have been completely stopped out, turning this week's loss from over 600,000 U to over 800,000 U. Old Pig reminds everyone again, $SNDK weekly has broken down, including the US stock market, the entire semiconductor and memory sectors will face a monthly-level correction. $BTC will definitely break 75,000!
On the night of November 5th at 10:30 PM, three consecutive 10x leveraged SOXL long positions were cut and closed at a loss. Behind those few minutes of decisive action was surely reaching a psychological limit. The total assets were brutally cut down to 480,000 U, losing 810,000 in 7 days. That cliff-like loss curve is truly terrifying to look at.
Actually, this is not surprising at all. We talked before that SanDisk's price rally engine has already stalled, even the orange box on the weekly chart has been stripped bare, and institutions are all lowering their target prices. Yet this guy still used 10x leverage to stubbornly hold semiconductor stocks. This is not bottom fishing; this is using real money as a stepping stone for big funds to exit.
Semiconductors and memory are inherently strong cyclical sectors, and the worst fear is the establishment of a cycle turning point. Now macro liquidity is tightly constrained, the Nasdaq is under pressure at high levels, even mining companies are thinking of jumping ship to AI, where is the incremental capital to help you get out of trouble? Technical breakdown combined with fundamental falsification, in this double whammy market, any rebound is just a bear short-covering trap.
After this wave of panic selling with mixed players completely finishes, after no one dares to call a bottom, we will come out to look for opportunities. The market never sympathizes with stubborn people.
⚠️Market observation only, does not constitute trading advice#توقعات Sony Earnings Report: How Did the Gaming and Music Sectors Perform?
Guess: Is Sony a financial management entity? I think so!
With a simple calculation based on the company's guidance data, it easily exceeds 0.42, and the unified Wall Street expectation is 0.41. The difference in data lies in capital dilution and the company's profitability conversion - "efficiency of converting adjusted net profit to adjusted operating profit," not net profit margin, gross profit margin, or revenue conversion rate; Q2 was 0.876, and I expect Q3 to be between 0.82-0.85, and I believe in capital dilution Big holders stubbornly holding HYPE short positions around 72 are probably suffering a lot now.
These people on the market are getting drained daily by funding fees, with huge unrealized losses hanging there as they tough it out.
The problem is you have to see what level the opposing side is at.
The NYSE parent company personally stepped in to support, and the project team directly spent over 62 million USD in a single month on hardcore buybacks.
Every day it's like a pump, mindlessly absorbing chips on the secondary market.
Trying to short at the top on the left side against such a strong rigid buying force is pure stubbornness.
At this position, shorts have basically no chance to unwind; if it grinds higher, it will directly lead to a stampede liquidation.
#HYPE
$HYPE
👇$ETH ETH just bounced to 2440, and the old money on-chain has already started to rush out.
Whales who have been holding for a year directly redeemed from Aave, dumping over 6 million dollars.
The co-founder of the fish pool also turned around and sold 6200 wstETH spot directly.
Giving a little rebound liquidity has all become an escape route for these guys.
Whales are all taking advantage of the buy orders to swap to U and exit; hoping this market can rebound is purely wishful thinking.
#ETH
$ETH
👇25.7 tons of physical gold bars—if you poured them all into the largest stockpot in the kitchen, you'd first have to line the bottom with three layers of firebrick—the broth in this pot is truly made with serious investment.
I have a rule when cooking: if the broth isn't solid, no matter how fancy the plating is on top, it's just showboating. Tokenized gold has increased its reserves by 59% since the beginning of the year, with over $3.4 billion of genuine assets sitting in the vault. This isn't just concentrated juice diluted with water; this is a whole chicken and duck slow-cooked stew. Look at the central bank—they net purchased 321 tons in Q3, 42% more year-on-year. What kind of move is this? This is centralized procurement at a central kitchen level, pushing raw materials into cold storage truckload by truckload. The gold fund added another 211 tons, like gourmets finishing a round and coming back for seconds. On November 4th, gold prices climbed back above $4,000, and the broth in that pot started boiling again.
I often say, an investment portfolio is like a banquet table. Mainstream coins are the main dishes—they need to be solid, reliable; altcoins are the seasonings—a pinch adds aroma, but a handful can ruin the pot; leveraged contracts are the extra spicy chili—I always wear gloves when cutting chili, but if you grab it barehanded and burn your guts, don't blame me.
As for tokenized gold, I position it as a "small side dish." A whole gold bar is too heavy; many customers can't handle it, so it's cut into smaller portions, served on plates—low threshold, quick turnover, ready to use anytime. The advantage is everyone can taste the flavor of gold; the downside is the portion is small and easily stir-fried quickly—hot it's fragrant, but once cooled, it needs to be reheated. Now the kitchen is increasing raw materials, and customers are ordering more—whether this small side dish can attract more diners to pick up their chopsticks depends not on how pretty the plating is, but whether the broth is still boiling.
As for the XLITE linked small side dish, it comes out of the same pot as the main dish; if the main dish's heat changes, it doesn't even have time to adjust its seasoning.
The ratio is always the chef's lifeline. A thick broth and stable main dish give the confidence to add seasonings; conversely, if the pot is full of chili covering the broth's flavor, what you serve isn't a dish, it's an accident.
The problem with this pot now is: the hand adding chili is much faster than the hand adding salt. #xautgoldreservesup59%📊 Daily Brief｜November 5, 2026
① 📊 Market Overview
Total crypto market cap is about $2.7–2.76 trillion, BTC around $80.5K, up about 3%–4% in 24h, basically flat over 7 days; BTC dominance about 59%–60%. 24h trading volume about $80.5 billion. BTC ETF net inflow on 11/4 was $74.6 million, ending 3 consecutive days of outflows, but still net outflow about $752 million over the past 7 trading days, and about $516 million outflow in October; institutional funds have not truly reversed yet.
② 📈 Phase Assessment
Early weak bull / bottom confirmation period. Bull Score 56/100; Altcoin Season about 47. BTC reclaiming 80K is a positive signal, but ETF mid-term flows remain weak, altcoins have not fully started.
③ 🎯 Operation Suggestions
⬆️ Holding above 82.8K turns strong; breaking through 86.5–87K increases position; breaking 90K clearly confirms main uptrend probability.
⬇️ Watch at 78K; first add position at 75K, second add at 70K, key add at 65K.
④ 🚀 Potential Coin PONS
💡 Quote of the day:
"80K is a rebound, 82.8K is turning strong, 87K is confirmation; the most valuable now is not the courage to chase the rise, but having bullets left even if it falls below 75K." #Tether旗下XAUT黄金储备增长59%
Tether Gold (XAUT) gold reserves have increased by 59% this year, rising from about 16.2 tons at the end of 2025 to 25.7 tons, with a market value reaching $3.44 billion, setting a record.
The specific figures are as follows: reserves were 520,000 ounces at the beginning of the year, increasing to 827,000 ounces by the end of the third quarter, an addition of 766 gold bars, all stored in Switzerland and compliant with London Good Delivery standards. User holdings have increased by 73% this year, with a net increase of over 9 tons of gold exposure.
Interestingly, despite significant gold price fluctuations this year, XAUT holders have consistently increased their positions. Tether CEO Ardoino states this reflects a long-term belief in gold rather than chasing short-term prices. The World Gold Council estimates that the tokenized gold market could unlock approximately $700 billion in potential demand.
However, it should be noted that this data comes from a report issued by Tether itself; third parties only conduct sample inspections rather than auditing each individual gold bar. Transparency is stronger than many projects but still falls short of a "fully independent audit."手术台上的无影灯亮了：传统托管体系的主动脉里，正被植入一根名为代币化的新支架。Morgan Stanley成为首批二十家进入导管室的机构之一，DTCC在10月28日那天下刀，切口覆盖合规的美股、ETF与国债，首期只处理三十四根血管。
但监护仪上有个数字必须看清楚：三十万亿美元是“合格血管”的总横截面积，不是实际血流灌注量。当前真正在链上循环的代币化股票只有三十八亿美元，相当于全身循环里只泵进了一小管造影剂。合格≠开通，这是血管造影报告与真实血流动力学的本质区别——斑块还在，只是导管已经放到了位。
XTSM的市场联动不能按“利好出货”来处理，那是门诊思维。要看的是三个吻合口：机构间转移、链上结算、抵押品管理。任何一个吻合口漏血，整台手术都得重新转机。代币化股票在链上流通，本质是把体外循环机接进了原来的自体循环，需要肝素抗凝——抗凝不足形成血栓，抗凝过量就是出血，而三十八亿的池子深度根本撑不起一次大剂量推注。
真正的病灶不在代币化本身，在于托管基础设施的排异反应。DTCC是免疫系统，代币化是移植进来的外来血管，Morgan Stanley这批机构是首批配型成功的受体。但三十万亿的合格供体与三十八亿的实际植入量之间，隔着一条漫长的组织相容性窗口期。术前评估做得再漂亮，术中血压掉不掉，得看麻醉深度和容量反应性。
我看到的是生命体征的错位：链上结算频率在跳，托管层的血流却还没跟上。这就是术后早期低心排——不是心脏不跳，是前负荷不够。抵押品管理这根静脉通路一旦通畅，灌注压自然会重新建立；但在此之前，任何把“合格资产规模”当成“实际交易深度”来读的监护数据，都是在看伪影。
术后即刻拔管的前提是心脏能自己跳。而我盯着的，是监护仪上那条三十八亿的细线，在三十万亿的血管床上微弱而倔强地搏动。 #morganstanleyjoinsdtccAfter an $86.5 million move, the opponent quietly withdrew eight percentage points of exchange value from the board — this is the most dangerous kind of "false initiative" in the midgame. It looks like the pawns have crossed the river, but in fact, the rear flank is already restrained.
First, look at the pawn structure. Revenue increased by 17% year-over-year, but net profit only rose by 5%. In chess terms, this is called "high piece activity but low effective threat." USDC on-chain transaction volume surged by 49%, equivalent to stacking four pawns in the center, controlling the entire d4, e4, and f4 squares — a beautiful control of the board, but controlling squares does not equal capturing pieces. Reserve income actually fell by 8% to $658 million, which is the real pain point: your central pawns have no reinforcements, and the cruiser-like income engine (reserve asset yield) is sinking, while the opponent is slowly exchanging pieces on the rear flank.
What really holds this position? A lone pawn — the token presale on the Arc chain contributed $182 million, almost shouldering the entire increment of "other income." A grandmaster would immediately recognize this as a tactical sacrifice for an attack; it looks good short-term, but long-term depends on whether subsequent piece deployment can be replenished. Once the lone pawn is blocked, the entire diagonal line is lost.
Next, look at the linkage on the $xQQQ flank. The tokenized US stock targets and stablecoin cash flows do not coexist on the same chessboard; their linkage is essentially "two variations within the same opening system," sharing liquidity temperature but each with its own timeline. When reserve yields decline, the narrative focus shifts from "interest spread" to "on-chain traffic + new chain issuance," marking a formation change — from a closed layout to an open layout. The initiative remains in hand, but the margin for error narrows significantly.
My judgment is clear: transaction volume is space, net profit is substance, and this season’s game has space winning, substance holding steady, and time favoring the opponent. The decline in reserve yields is a chronic restraint, while presale income is a one-time check — a check does not equal checkmate; if the opponent blocks one step, you have to recalculate twenty moves.
The deadliest illusion on the board is mistaking "positional advantage" for "winning position," then continuing to add pawns when it’s time to exchange pieces. #CircleQ3USDCVolumeUp49% Looking at Bitcoin's weekly chart today, I found a pretty interesting detail!
In the early bull run of 2023, after $BTC broke above the 50-week moving average, it took a full 182 days before it came back to retest this moving average. But this time? Only 49 days!
Even more striking, the lowest point this week dropped to $75,645, while the 50-week moving average was at $75,614, just $31 apart—almost as if measured with a ruler! Then Bitcoin was pulled back to around $80,600. Last time it took half a year to retest, this time it was done in less than two months, clearly a much faster pace.
I actually think an early retest isn't necessarily a bad thing. After such heavy selling pressure, being caught at a key level is definitely not easy. Of course, the week hasn't closed yet, so it's a bit early to celebrate. I just wonder, after this retest is complete, will it start another big rally like in 2023?
This bull may have a bad temper, but its retests are pretty punctual!索尼这季的净利润是 4,496 亿日元，华尔街估的是 3,490 亿，多出了 29%。全年的营收、营业利润、净利润和股息一起往上调。这季的数我看没什么好挑的，今晚美股要看的，是 ADR 开盘这 6.7% 能不能守到收盘。 钱是电影和游戏挣出来的。今年的《蜘蛛侠》全球票房超过 25 亿美元，电影这季的营业利润是去年的 7 倍左右。游戏这块营业利润多了 83%，去掉去年那笔 498 亿的一次性损失，也还多了 29%。可 PS5 这季只卖了 260 万台，去年同期是 390 万台。9 月出的《金刚狼》卖了 240 万份以上。CFO 陶琳的意思是，这么多年砸在娱乐上的钱，终于每年都能出爆款了。 全年指引往上调了一大截。营业利润从 1.72 万亿调到 1.87 万亿，净利润从 1.21 万亿调到 1.33 万亿。游戏、音乐、电影、影像传感四块的全年利润指引都调高了，年度股息也上调到 35 日元。 也有不那么干净的地方。上半年营业利润第一次过了 1 万亿，公司说里面有一部分是美国的关税退款，还有提前来的需求。影像传感这块要担心存储涨价，电话会上说智能手机市场同比少了两成左右。 东京那边，6758 Before inserting satellite antennas into the city's load-bearing walls, first check if the foundation has reserved settlement joints for billion-level connections—this long-term agreement between Qualcomm and SpaceX is not just another beautiful rendering, but a covert transformation that integrates the space-based network into the ground 5G structural layer.
When I review drawings, I fear two things most: a stunning facade with a structural calculation book as thin as a napkin; nodes densely packed, yet no one can clearly explain the load-bearing paths. This collaboration bundles the Dragonwing chip, software, Starlink Mobile ground 5G network, and satellite links into a hybrid structure. Deployment only begins in 2027, followed by the rollout of tens of thousands of base stations over several years. This timeline is not a marketing calendar but a construction organization design: the chip is the embedded part, software is the connection node, the base station is the pile foundation and column, spectrum and backhaul form the beam and column system, and satellite coverage is the rooftop truss. If any layer lacks stiffness, the entire building will creak under wind loads. Financial terms are undisclosed, effectively rolling the cost list into the drawing tube—laymen only look at height, experts first ask where the foundation bearing layer is and whether cash flow can cover the construction period.
Stock tokens like $xAMZN are more like glass curtain walls hanging outside the main structure: highly reflective and conductive, but not load-bearing. Market linkage can amplify news into short-term interlayer displacement but cannot replace fundamental acceptance. User growth is live load, revenue is operational cash flow, and base station deployment progress is the main acceptance node; without all three in place simultaneously, the deformation joint between satellite and ground networks will shift from a technical issue to a valuation problem. What truly determines the lifespan of this "integrated space-ground-air" building is not the lights at the press conference but whether the first batch of base stations in 2027 can be constructed according to plan, whether chips and software can mesh within existing network nodes, and whether the subsequent expansion reserves an extensible column grid.
When I look at projects like this, I first examine underground, then the skyline; first the nodes, then the curtain wall. If the base station columns in 2027 cannot be installed on schedule, the deformation joint between satellite and ground networks will appear first in valuation models, not in renderings. #spacexqualcomm5gdealOn the radar echo, a cloud system originally judged as weak convection suddenly erupted into a strong single cell over Tokyo Bay—Sony's second-quarter revenue rose 10.3% year-on-year, reaching ¥3.43 trillion, and operating profit surged 45.1% to ¥622.3 billion, directly surpassing the forecast upper limits of various numerical models. This is not a slowly rising stratocumulus; it is explosive convection formed by warm, moist air colliding with a high-altitude jet stream, with vertical speeds far exceeding expectations.
Looking at the sounding curve, the lifted condensation level was lowered by two warm, moist airflows: the gaming and film & TV business segments simultaneously transported moisture upward, releasing latent heat of condensation, igniting the entire atmospheric instability energy at once. Management immediately raised the full-year operating profit guidance to ¥1.87 trillion and net profit attributable to the parent company to ¥1.33 trillion—equivalent to further lowering the central pressure of the entire weather system, revising the circulation intensity upward, and extending the warm ridge further in the medium-term forecast.
However, the wind speed at ground observation stations is not determined solely by the local overhead atmosphere. $xORCL, a US stock tokenized asset, has a remote correlation with Tokyo's surface pressure: the earnings report is a short-term strong convection, but the token market is the visibility that determines whether you can safely take off and land. What needs attention now is not the impressive profit growth figures, but the liquid water content in the market—whether the liquidity thickness is sufficient to support the precipitation intensity of this emotional wave, and whether the temperature-dew point spread between price and net asset value is narrowing; the wider the spread, the more it indicates an inversion cap near the surface layer, suppressing the updraft, making the rise prone to dissipate after forced lifting at the boundary layer top.
More attention should be paid to the shear line. The single quarter's unexpected outperformance is essentially an isolated convective cell, with a lifespan usually only a few hours to a day; it does not equal a seasonal transition. The real circulation adjustment depends on three things: the precipitation efficiency of the guidance fulfillment, the yen exchange rate as the underlying moisture channel, and the sea surface temperature anomalies of the hardware cycle. If the sea temperature does not cooperate, even the strongest convection will quickly collapse after the invasion of dry cold air, leaving only a short-term strong wind at the surface.
No need for disclaimers; the meteorological agency only issues forecasts and is not responsible for flight losses.
The current judgment is: the strong single cell over Tokyo Bay has entered maturity, with echo tops approaching the tropopause, short-term precipitation efficiency extremely high, but signs of dry intrusion at the periphery have already begun to appear on satellite cloud images. #sonyq2profitup45%$ACU is trading at $0.12297 (+5.12%), strengthening within its 24h range between $0.11414 and $0.12383.
Price is holding above MA5 ($0.12275), MA10 ($0.12205), and MA20 ($0.12143), after bouncing from the 24h low at $0.11414.
Driven by $431.11K USDT in daily turnover and 3.50M $ACU in 24h volume, holding above $0.12297 could open the way for a push back toward the $0.12383 high.
@OKX成长学院 #DailyOrbit A major market move may be coming, and the Democratic Party is very likely to do the following:
1. Restrict the political and business power of Trump and his family
2. Launch a congressional investigation into crypto projects related to the Trump family
3. There are already internal voices pushing for Trump's impeachment
4. Re-examine Trump's pardon of CZ
The Republican loss in the midterm elections has become a turning point for this market trend. The closer to the bottom, the more unsettled the last three to four months become. $BTC $ETH $SNDK #非农在即，就业数据能否强化12月加息预期？ Sentiment and Short-Term Observations
The Fear and Greed Index rose from 26 on Monday to 34, still within the "Fear" range; BTC Dominance remains around 60%. Whales continue accumulating during ETH's decline: over the past two days, they have bought a total of 320,000 ETH (approximately $1.12 billion), and a single address has built a position exceeding $14.76 million in ETH within three days, at an average price of about $2,352. However, it remains uncertain whether whale buying can offset the contraction in incremental liquidity (stablecoin supply decreased by about $7.5 billion in October, and DeFi TVL dropped by 10.87%).
In the short term, three lines need close monitoring: whether BTC can hold above $80,000—if it continues to fail, the downside will be the next liquidation zone rather than traditional support; whether IBIT outflows persist—if Fidelity's purchases are insufficient to cover BlackRock's redemptions, the ETF's "stopgap" may be just a one-day noise; and the movement pace of stolen funds on THORChain—Elliptic believes the stolen funds have not yet been cashed out on a large scale, and off-exchange gradual liquidation is the next phase to watch.
#非农在即，就业数据能否强化12月加息预期？ $SKY is preparing to take control of the stablecoin cross-chain channel. The Osero Spell on November 19 includes a batch of adjustments, with the core being the interoperability of the Osero liquidity layer between Ethereum mainnet and Base, and $USDC cross-chain using Circle's CCTP.
It's worth mentioning the mechanism of CCTP: it doesn't lock an amount on one chain and then issue an IOU on another chain; instead, it burns on the source chain and mints natively on the target chain. There is no wrapped asset in the middle, so there is no risk of "I trust this bridge won't run away." The money paid across chains is essentially the premium for this trust.
The proposal involves 7 adjustments across two chains: enabling CCTP on both, configuring cross-chain limits, setting permission management on the Base side, and integrating the USDC vault. The vault on the Base side is managed by Gauntlet, running on Morpho Vault V2, initially configured with $USDC.
The logic is consistent: first establish a native channel, then put the transferred funds into a strategy-managed vault to earn yield. Users don't need to find bridges themselves; the path is paved by the protocol.
This is not just a feature update; it's making "cross-chain plus yield" a standard component. Idle $USDC on the $ETH mainnet now has a smoother exit.
One question remains: since cross-chain limits and Base-side permissions are written in, who adjusts the limits and how often? That is the real on/off switch for this channel.GRVT fell nearly 10%, but contract open interest did not show a significant decline.
On OKX from 20:00 to 21:00, the spot price dropped from 0.21478 to 0.21041, with a trading volume of $137,300, which is 2.4 times the average of the previous six hours. In the same hour, the open interest decreased from 14,119,100 contracts to 14,065,400 contracts, a reduction of only 0.38%. As of 22:30, the spot price was about 0.20697, with an estimated funding rate of approximately -0.0277%.
My judgment is that the decline has not been accompanied by a significant reduction in open interest, so subsequent volatility may continue to increase. The open interest figures do not distinguish between longs and shorts, and the negative funding rate does not prove that new short positions are increasing.
If the hourly candle later closes back near 0.21, with trading volume falling and open interest significantly decreasing, I will lower this assessment.
$GRVT $AAVE
Stani said that cooperating with Kraken's parent company Payward can bring Aave to more retail and institutional investors. The announcement was made at 22:02, and Kraken itself bought tokens first. I only half believe this.
The market did move. At 22:00, this 1H candle rose from 130.91 to 133.72, closing at 133.16, with 543,000 contracts worth $7.19 million; the previous candle had 99,000 contracts worth $1.29 million, more than five times.
But the magnitude doesn't match. The 24h range was only from 130.84 to 133.06, a 1.7% increase. 136.94 was the high left at 23:00 last night, then it slid all day to 129.6, and at 20:00 it even dipped to 130.04. Positions increased from 14.69 million at 19:00 to 15.01 million, up 320,000 or 2%—volume increased more than fivefold, but positions only rose by two points, spot side is buying, no new leverage coming in.
The pool is also shallow. Within 1%, 510,000 bought and 480,000 sold; 24h turnover was 43.52 million against 15 million positions, nearly thirty times turnover, all short-term. Fee rate 0.0069%, 69%, pulled a bit but more than 70% of longs didn't rush to raise prices. A 15 million pool, can it accommodate Kraken's institutional narrative?
#非农在即，就业数据能否强化12月加息预期？ $SOL
Samsung Wallet connects to USDC accounts on Solana, 82 million devices, breaking news at 21:51. The numbers look big, but what goes in is the USDC ledger, not the SOL wallet. The channel and the buying side are two different things.
The market is more straightforward. At 20:00, the 1H candle traded 900,000 contracts, $86.03 million, dropping from 96.47 to 94.84. At 21:00, 300,000 contracts; at 22:00, 140,000 contracts, shrinking by six and a half times. The price is grinding between 94.9 and 95.6, now at 95.1, three points below last night’s 98.13 candle.
Positions are decreasing. At 19:00, 3.505 million contracts; at 20:00, 3.462 million, down $8.5 million, 2.5%, and basically unchanged in the last two hours. The fee rate is 0.006%, only 60% of the 0.01 benchmark, with a perpetual discount of 4 basis points. It’s not new shorts pressing down; it’s longs deleveraging themselves.
This afternoon I said upgrades are the market makers’ business; I still don’t count this wallet news as short-term gains. To move it, watch if 96.5 can be reclaimed; the 82 million figure can’t push the price.
#非农在即，就业数据能否强化12月加息预期？ The moment the market suddenly lifted together, my first reaction was not to chase the price but to check if the derivatives side had tightened first. Is this wave a short squeeze, or has new money really entered the market? BTC is reported at $80,693, up 4.66%, ETH at $2,429, up 7.18%, SOL at $95.98, up 4.18%. All three bounced together, resembling a concentrated position cleanup. ETH's leading gains usually indicate a marginal recovery in risk appetite, but from the derivatives perspective, what concerns me more is whether leveraged longs were already worn down before this rally and if short positions have piled up to a level vulnerable to being squeezed. If the rise is mainly driven by short covering and passive buybacks, it may come quickly and retreat just as fast, making chasing the high less cost-effective. The bullish path is actually clear: as long as the funding rate does not spike simultaneously, it means this rally is not overly polluted by leverage, with more solid spot support, offering a chance for sentiment recovery to evolve into a trend continuation. ETH leading the rally can also easily drive a catch-up in altcoin sectors. But the risk is also hidden here—if price rises while open interest quickly accumulates and funding rates turn positive or even overheated, that’s a typical crowded long scenario, where a small pullback can trigger a chain of liquidations, erasing the gains. Looking at the news, Circle’s Q3 revenue exceeded expectations, and USDC on-chain transaction volume increased by 49%. This kind of stablecoin-side activity is a warm underlying tone, indicating that on-chain settlement demand has not flattened; meanwhile, in the U.S. midterm elections, the Democratic Party has taken#CircleQ3 revenue exceeds expectations, USDC on-chain trading volume grows 49% 80000, nonfarm payroll expectations push the market up early
Nonfarm employment data for October will be released on Friday, BTC rebounds from 75000 to hold steady at 80000, ETH surges to 2400, with a noticeably stronger rebound. This round of rise is just funds betting early on policy expectations, not indicating that the rate cut path is locked in.
There is heavy selling pressure accumulated between 82000 and 85000; weak employment data will open up upside space for the market, while strong data will suppress risk assets. This set of game theory will become invalid if BTC effectively breaks below 75000.
$BTC $ETH $SOL ARK Invest数字资产研究主管Lorenzo Valente指出，自2018年以来，加密行业每年因黑客攻击遭受的损失平均相当于市场总市值的24个基点（0.24%）。Valente将这类损失描述为一种隐性成本，最终由用户承担，削弱了行业的信任和回报。 持续拖累回报 24个基点的年损失看似微小，但随时间复利累积，代表着数十亿美元的被盗资金。以近年加密市场总市值在1万亿至3万亿美元之间波动计算，这意味着每年损失24亿至72亿美元。这些损失源于交易所入侵、DeFi协议漏洞利用、跨链桥攻击以及私钥泄露。 Valente的分析强调，安全仍是一个系统性问题，而非孤立事件。尽管个别项目可能恢复，但累积效应对行业信誉构成持续拖累，并成为更广泛机构采用的障碍。 谁承担成本？ 最终，用户通过多种渠道承担负担： 直接损失：从钱包和协议中被盗的资金很少能被追回。 更高的费用和保险成本：平台将安全支出转嫁给客户。 信心下降：反复发生的入侵阻碍了零售和机构参与，压制了估值。 监管反弹：高调的黑客事件引发更严格的监管，增加的合规成本也转嫁给用户。 许多协议的去中心化性质意味着往往没有中央实体来赔偿受害者，用户Hello everyone, I am Mosheng, making profits in the crypto circle and earning 10,000 U
The global semiconductor sector is linked; when US storage and semiconductor stocks fall, Korean storage stocks follow with a chain reaction plunge; market concerns over AI regulation and macro risks further amplify panic, even triggering the Korea Exchange to pause programmatic sell orders, creating a short-term stampede effect
The previous AI storage rally pushed SK Hynix's valuation very high. Once expectations loosen, a large amount of profit-taking will concentrate on exiting, causing a very sharp pullback. Even if the earnings report continues to set historical profits, it cannot stop the capital from slashing valuations#非农在即，就业数据能否强化12月加息预期？ $SKHYNIX BTC rebounds to 80,000, ETH is stronger, so why did HYPE fall?
There is a detail worth noting in today's market: $BTC is around $80,160, up about 2.3% in 24 hours; $ETH is about $2,413, up about 4.3%; but $HYPE has dropped about 3%. The overall market is rebounding, but funds are not evenly distributed, and a divergence between strong and weak has appeared.
Looking at the capital structure: BTC futures open interest remains near $53.4 billion, with no significant expansion during the rebound. The US spot BTC ETF had a net inflow of $74.6 million on November 4, but the cumulative net outflow over the last 7 settled trading days is still about $752 million. A single-day inflow does not mean institutions have resumed sustained buying.
My judgment is that this rebound includes short covering and risk sentiment repair, and it cannot yet be directly considered the start of a new comprehensive upward trend. Next, the focus is on whether BTC can hold $80,000, whether ETFs can have continuous inflows, and whether ETH's relative strength can continue.
If the overall market continues to rise but only a few coins strengthen, would you chase the strong coins or wait for BTC funds to truly return?
#美国中期选举：民主党赢得国会两院控制权 #非农在即，就业数据能否强化12月加息预期？ The nearly 20% correction in crude oil this round is a very suitable case to understand the value of "technical analysis."
In fact, since crude oil started to correct at the end of October, there has been no real reconciliation between the US and Iran, attacks on commercial ships by Iran continue, and the situation in the Middle East has not substantially eased, yet crude oil has corrected nearly 20% from its high.
What was even more unexpected was that the US midterm election results (the Democratic Party's big win itself was already somewhat beyond expectations) further changed the market's expectations about the direction of the Iran war, leading to a nearly 10% single-day drop in oil prices.
The difficulty of fundamental analysis lies here:
It is very hard to quantify in advance the weight of different factors on price, and even harder to know which factor will suddenly become dominant.
Even if all the logic in the analysis framework is correct, it does not mean you can accurately judge the price trend.
Technical analysis chooses another path.
It does not try to explain why the world changes, but directly observes what changes have already occurred in the market.
After crude oil broke below the upward trend line since July, it quickly experienced a significant sharp decline.
We may not be able to predict in advance how much the midterm election will affect oil prices, but the market's volume-price relationship and trend structure can help us identify changes happening in supply and demand.
The market will not wait for you to figure out all the reasons before it starts to fall. $BTC Developments within 24 hours: $BCH rose 4.99%, current price 288.92
This update has not yet provided suitable short-term indicators to confirm a breakout or loss of support.
The daily MACD indicator has closed below the signal line. The bearish gap has not further widened, but no clear reversal signal has appeared yet.
Both the 4-hour and daily charts show an upward trend. However, the EMA indicator on the daily chart has not yet reflected this trend.Because BTC trades 24 hours, there are many opportunities. If there is no pattern or entry point that fits your own understanding, the most rational approach is to wait patiently.
Currently, from the 4-hour view, BTC is still within a descending channel. You can consider shorting near the upper edge of the descending channel, around 82500, to see if it can reach that level. $BTC $SNDK This long-short account ratio has reached 9:1, I wish I could sell the whole company to you in one go BNB Chain surpasses $ETH, leading the tokenized ETF market!
The tokenized ETF market is rapidly growing, increasing from $164 million at the end of 2025 to $687 million on November 2, 2026.
Notably, the $BNB Chain is rising and is expected to become the top-ranked blockchain:
Tokenized ETF/ETP values:
- BNB Chain: $309 million (was $2 million at the beginning of the year).
- Ethereum: $229.2 million.
- Total market value: $687 million.$SNDK Sigh, Sandisk Queen (female big, pure live streamer) @山寨女王露西 I wish you good luck to get through this crisis. You rely on Sandisk, hope there is no second half of the sentence. Wish you good luck! But you opened a 50x long position, entered long at 1450, the position is not small. Given your capital strength and your faith in Sandisk, it can't be said to be definitely wrong, because there were 2200 and 1900 before, so opening long at 1450 may not be wrong. It's just that you shouldn't have added positions at 1366, nor at 1131. Sigh, because didn't you see the previous low on 7/30 was 972? Adding positions must at least be near 972, and the 1000 big level can only be a small test with 1/10 of the funds (after leverage, the number cannot exceed 10%)... Always guard against risk. 972 is not cheap, I can't say 960.1 is a hard bottom, there is a possibility to continue down to 860, 760, 660. Before storage boomed last year, the price might have been only 200, 300, 400, so when it just dropped to 972, I only bought 2.43u, after 4x leverage, bought 9.72 (actually 9.72/4=2.43). I will continue to add positions at 900, 813, 734, 668 to lower the average cost. My total principal is 2200+, currently only invested less than 4u, with 4x leverage it's 16u, 16/2200=0.007273, only 0.73%, steady Evening pullback of three coins: I don't see it as a reversal, but as a signal that the rebound within the downtrend has ended
From a bearish perspective, the weakness of BTC and ETH in the evening looks more like profit-taking after a rebound rather than a trend reversal. On November 5, BTC spot was about 79,444 USDT, down 1.32% intraday; ETH about 2,382 USDT, down 1.77% intraday; ZEC about 1,299 USDT, slightly up 0.19% intraday, not falling in sync with the first two.
Technically, BTC's daily MACD is still in a death cross state, the super trend is downward, and volume is only 0.63 times the 7-day average, so the rebound lacks volume confirmation; ETH just showed a golden cross but the super trend remains downward, with large capital outflows, indicating short-term recovery alongside medium-term pressure. ZEC's moving average structure is relatively strong, MACD golden cross, but it is also in a downward super trend zone with currently weak volume.
Yesterday's public information shows the market is still disturbed by policy and election-related news, causing significant risk appetite fluctuations. I will watch whether BTC can hold the recent low area, whether ETH's capital flow continues to weaken, and whether ZEC's rebound is accompanied by volume expansion. The targets you proposed—76,500, 2,260, 1,170—can be used as observation points under a bearish scenario, not as definite paths; if the market strengthens again with volume expansion, the bearish narrative needs to be reassessed promptly. #非农在即，就业数据能否强化12月加息预期？ On Friday, the nonfarm payrolls are very likely to further solidify the expectation of a rate hike in December; what could truly change market pricing is not "whether there will be a rate hike," but "whether there will be more hikes and if rates will stay high for longer."
The market has already highly priced in a December rate hike
As of November 5, CME FedWatch shows about an 81.5% probability of the Fed raising rates by 25 basis points in December, with the probability of no change dropping to 18.5%. This means the market has taken the December rate hike as the baseline scenario rather than a low-probability event. $XAU $BTC #Sony Q2 Operating Profit Grows 45%, Raises Full-Year Performance Guidance
#Sony's Earnings Exceed Expectations! Operating Profit Soars 45%, Has the Real Money-Making Machine Changed?
Sony has delivered a rather impressive report card.
In the second quarter of fiscal year 2026, revenue increased 10% year-over-year to ¥3.43 trillion; operating profit rose 45% year-over-year to ¥622.3 billion, and net profit grew 44%.
More importantly, Sony directly raised its full-year operating profit forecast to ¥1.87 trillion.
But I believe the most noteworthy aspect of this earnings report is not the 45% figure, but the source of the profit growth.
Operating profit from the gaming business increased 83%, and operating profit from the film business surged 568%. The box office contribution from "Spider-Man: A New Day," combined with growth in PlayStation Network services and game software revenue, is turning Sony's content ecosystem into a profit engine.
This indicates a trend: in the future, Sony may no longer just sell TVs, cameras, and game consoles, but will continuously harvest content value through games, movies, music, and IP.
However, don't overlook the concerns: PS5 shipments this quarter dropped to 2.6 million units, down from 4 million units in the same period last year. With hardware growth slowing, whether content can continue to take over is the key for the next phase.
My view is: Sony's true value lies not just in hardware, but in the content assets it holds that can be monetized repeatedly. #Stripe stablecoin payments cover more than 160 markets
The boss has something to say
I view this news separately from tonight's market: Stripe's Global Payouts now supports US companies sending USDC and OUSD stablecoins directly to crypto wallets in over 160 markets, still in public preview; Visa is promoting USDC cross-border prepaid, Mastercard is expanding fiat and stablecoin settlements. Interestingly, the initiators behind OUSD are Coinbase, Mastercard, Shopify, Stripe, and Visa themselves—this is not just one company trying out a new toy, but the entire traditional payment circle working together to make stablecoins the default track for corporate payments.
My interpretation: this is a signal of infrastructure development, not a switch for market trends. Minute-level settlement, transparent fees, coverage of 160 markets solve the real pain points of cross-border B2B payments; but the bigger the stablecoin, the more it shows that on-chain settlement is becoming as essential as utilities like water, electricity, and gas, rather than indicating BTC will rise tomorrow. If you want to watch something, watch on-chain stablecoin settlement volume and Stripe's actual GMV after public preview, not the news headlines.
$ETH
BTC fell back below $80,000 tonight, I continue to stay out and watch. My approach: the $80,000 round number has shifted from support to resistance, wait for stabilization between 79,000–79,500 to buy more, continue waiting if it falls below 78,960. The stablecoin story is a slow money story, and I manage my position accordingly; $BTC $ZEC The simultaneous evening decline indicates a continued downtrend! $BTC is on hold for now, $ETH short positions are still held, and $ZEC has opened 5 new short positions to keep going! Let's go, short army brothers!
The evening market turned weak, BTC is currently at 79369.95, up 1.24% in 24 hours; ETH at 2379.76, up 2.60%; ZEC at 1301.76, up 1.76%. I still maintain a bearish perspective, but it looks more like an intraday pullback after a previous violent rebound, so we can't take a single bearish candle as proof of a "continued downtrend."
BTC daily MACD is still a death cross, the super trend is at 82920.26 and pointing downward, and near 79300 it has returned between the 7-day moving average at 78208.95 and the 25-day moving average at 80589.43; ETH has pulled back but its MACD just formed a golden cross, and the price remains above the 7-day moving average at 2301.31. ZEC is even stronger: MACD golden cross, bullish moving average alignment, and net capital inflow intraday, which differs from the capital outflows of BTC and ETH.
Therefore, I regard 76500, 2260, and 1170 as observation zones to see if weakness expands, rather than fixed "small targets." If BTC and ETH rebound but volume continues to shrink and short-term moving averages are lost again, the bearish structure will be more convincing; if ZEC continues to outperform the market, the logic of all three coins "falling together" will be weakened. Public news still revolves around reserve proof expansion, Hong Kong's crypto asset reporting framework, and risk appetite fluctuations caused by US political events.Coincheck announced that due to a failure in an external on-chain analysis service, processing of cryptocurrency deposit and withdrawal requests has been delayed since 0:04 on November 5 Japan time. The platform has suspended accepting new withdrawal requests; some pending requests have been canceled, while others will be retained for re-review after the system is restored.
If I were to write a strategy, I would set a rule: if the platform restricts withdrawals due to an external service failure, trigger an "abnormal fund availability" observation rather than immediately labeling it as insolvent. As I am new to quantitative analysis, I must remind myself that triggering a condition is not equivalent to a conclusion. 🤖
I believe this is a negative signal for the platform's service reliability and has a more direct impact on users needing to transfer assets out. The fact that the blockchain itself can operate does not mean the platform's deposit and withdrawal channels can function; external analysis services can also become bottlenecks, which is an item I would add to the risk checklist.
The advantage of this rule is that it shifts attention from price back to whether funds are available. The flaw is obvious: suspending withdrawals alone cannot explain the severity of the failure, and canceling some requests may increase the cost for users to confirm their status; we cannot just focus on the word "recovery."
My subsequent observation conditions will be: whether new requests are reopened, how backlog requests are handled, and whether the cause of the failure is explained. If you were to write this condition yourself, would you treat "reopening withdrawals" as clearing the alert, or wait until the backlog requests are also processed?$TAO has dropped 70% from its peak, but Bittensor subnet revenue has doubled in two months:
1. According to SubConnect statistics, the subnet's external revenue annualized increased from about $35 million in early September to about $50 million in October, and now about $70 million;
2. The growth mainly comes from subnets selling computing power and inference, with Lium, Targon, and Engy ranking top three, accounting for about 80% in computing power and infrastructure categories;
3. Compared to the TAO issuance of over $300 million annually, current revenue only covers less than a quarter; SubConnect expects the annualized revenue to possibly exceed $100 million by the end of the year.#SpaceX业绩大增，与特斯拉合并能否推进？
The market turmoil is still entangling SpaceX.
After the midterm election results came out, the stock price came under pressure, and the uncertainties around regulation and merger have been amplified.
ARK made a counter-trend move to increase its position, which gave some investors a bit of confidence.
But short-term sentiment is hard to reverse all at once; the follow-up still depends on policy direction and the pace of financing progress.The jobs report is about to give the market another reason to rethink its rate expectations.
With December hike odds already above 70%, a strong payroll number could reinforce the hawkish outlook, push Treasury yields higher and put fresh pressure on Bitcoin, gold and growth stocks.
But the headline number won't tell the whole story. Wage growth and unemployment will be just as important in determining how the Fed interprets the labour market.
#USJobsReportInFocus The midterm outcome has delivered a clean natural experiment in political-risk pricing. Democrats won control of both chambers, and the market did not treat it as a broad crypto verdict. $BTC held near eighty thousand dollars, a show of resilience that suggests the bearish scenario was already in the price. Funds had concluded that no immediate anti-industry bill would land, and with US Treasury yields falling, the wider market rebounded. The damage was concentrated where the narrative had been $12 million market cap, ranked beyond 700 — Is CORE turning into a "zombie coin"?
Once hailed as the BTCFi leader, CORE's circulating market cap has now dropped to about $12 million, with its coin ranking falling to around 700. More and more investors are starting to discuss: is it heading towards zombification? ❌ Major signs of zombification
First, value capture ability is almost ineffective. On-chain gas revenue is extremely low, unable to provide positive support for the token; tokens have been continuously released for 81 years, causing long-term inflationary pressure. The original burn mechanism was adjusted, and the project's promised buybacks are not contractually guaranteed. Second, the sector is squeezed by competitors. Babylon and Merlin are capturing BTCFi sector funds and users, while CORE's decentralization controversy with only 21 validator nodes persists, and institutional funds continue to withdraw. Third, liquidity continues to shrink, some exchanges have delisted trading pairs, order book depth has thinned, and large trades suffer huge slippage. Although the public chain can still produce blocks normally, ecosystem activity is sluggish, with weak growth in on-chain users and TVL.
Zombie coins do not mean immediate zero value. As long as there is some trading and DEX channels for circulation, the token will maintain weak transactions; but the biggest risk is the long-term lack of buyers, gradually falling into a state of having value but no market, making exit costs increasingly high. 💡Insight Many confuse "whether the public chain can operate" with "whether the token has investment value." After the narrative fades, no cash flow support, long-term inflation, and liquidity exhaustion are typical characteristics of a project turning into a zombie.$PEPE
Brother Sun is scooping up 2.8%, even submitted an ETF for $PEPE.
Retail investors are still waiting for altcoins to make them rich overnight.
Like $LYN, over 80% of the tokens are still locked.
A few million market cap coins are purely cash machines for the whales.
Main funds are aggressively holding the top coins, who’s left to send off the zombie altcoins?
#PEPE
$PEPE
👇