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$FIL Recently, the US stock market's soxl and storage-related sectors have been bleeding heavily, but last night, major cloud service providers like Microsoft surged? Why? Because after the Democrats took control of both chambers, it will no longer be so easy to get approval for new data center construction. So the existing large service providers have become highly valuable, essentially holding a license. Similarly, fil's existing computing power and storage are aggressively seizing the opportunity to break through. 🈶 More people using it?$SNDK Looking at SanDisk (SNDK) on the screen, I gasped sharply. This is not a mere pullback; it's like being rushed straight into the ICU. As I just lamented: "Falling to this level is no longer just a valuation kill."
[Technical Aspect: Losing the 1000 mark, weak oscillation]
Looking at the 15-minute chart, the price has plummeted from 1155, crashing through the 1000 integer barrier like a waterfall, now barely clinging around 1013. The moving averages are in a bearish alignment, pressing down like Mount Tai. Although the MACD formed a golden cross below the zero line, its strength is very weak, not even reaching the 1023 (MA60) resistance above. This is purely a dead cat bounce after an oversell. If it breaks below 990.8, it’s an abyss.
[Product Cycle: AI halo fading and cycle peaking]
SanDisk is a pure NAND storage manufacturer. Recently, expectations were fully boosted by AI computing power demand, but the earnings per share (EPS) beating expectations turned into a "death sentence" upon release. The core issue lies in the product cycle: Kioxia warned early that NAND price hikes have sharply cooled (dropping from 70% to 25%), with weak demand compounded by inventory pressure, indicating the storage cycle bottom is far from reached.
[Data Game: Retail investors crazily catching falling knives]
Switching to chart 2, I felt a chill down my spine. Bullish accounts are as high as 90.22%, with a long-short ratio of 9.22! Despite the price falling like this, retail investors are blindly bottom-fishing. In behavioral finance, this is called an extreme herd effect. The market manipulators see this 90% opposing side; they will never let the price rise without completely washing them out and driving them to despair. #US Midterm Elections: Democrats Gain Control of Both Houses of Congress
Senate about 54 seats, flipped 7 Republican seats: Texas Talarico 59.2% over Paxton, Ohio Brown 48.6% narrowly defeated Husted, Maine Jackson ended Collins, plus North Carolina Cooper, South Carolina, Kansas, Iowa; Michigan El-Sayed held. House of Representatives already locked in over 219 seats, passing the 218 threshold.
The only person the crypto world really needs to watch: Warren takes over as Chair of the Senate Banking Committee. TD Cowen's judgment is that this is the worst for crypto — CLARITY will likely be delayed for two years, with hearings and subpoenas becoming routine. Ironically, the crypto sector spent $176 million this round, including $30 million in Ohio trying to block Brown, but Brown still won and may even become Chair of the Agriculture Committee.
No need to be entirely pessimistic: the GENIUS stablecoin law remains unaffected and will take effect as scheduled on January 18 next year; the SEC, CFTC, and veto power remain in Trump's hands until 2029; CLARITY still has about a 60-day lame-duck window, and if delayed until January 3 next year, it will become void.
$BTC 80620, 24h +3.3%, on election night it briefly dropped below 76,000 then pulled back above 80,000. I think I know why Hang Seng Tech has been sluggish.
You can tell just from the Wuzhen Internet Conference, whether it's the companies or the conference itself, it's like a small-town New Year celebration, getting worse year by year.
Back in 2017, what was everyone watching? It was "Dongxing Dinner Party."
At the dinner table, 16 people basically represented the top internet tycoons and investment giants in China at the time. Everyone gathered, chatting and laughing.
What do we see in 2026? Internet celebrities and actors representing the scene.
Does this have anything to do with the internet? If live-streaming sales count, okay, then maybe a little.
But compared to the Dongxing Dinner Party, can these be considered figures of the same caliber?
As for those figures back then, their vigor is long gone.
Policy pressure, industry competition, sluggish consumption—what kind of meal is that? Who has the mood to eat?
Tencent, Kuaishou, Meituan, I'm talking to you.
When there are no tigers in the mountain, monkeys become kings. If the big shots don't come to the table, isn't it just little rascals causing trouble?
So, now you know why Hang Seng Tech isn't doing well, right? Haha.Circle Earnings Report: Revenue Surges, Profit Takes a Breather, How Long Can the $182 Million "Extra Income" Last?
After Circle's Q3 release, the stock rose 2.77% pre-market. Revenue hit $865 million, up 17% year-over-year, which looks impressive on the surface. But a closer look reveals some hidden issues beneath the sweet coating.
The highlight is the core business: USDC on-chain transaction volume soared 49% year-over-year, indicating real expansion in stablecoin payment and usage scenarios.
The problem lies in profits: net profit only increased 5%, lagging behind revenue growth; more critically, reserve income was dragged down by falling U.S. Treasury yields, dropping 8% year-over-year to $658 million. The engine of earning passive interest is slowing down.
So what drove the revenue beat? The Arc blockchain network token pre-sale contributed a one-time $182 million, essentially a booster shot for the earnings report. The market is currently focused only on the "revenue beat," but tends to overlook the sustainability of this incremental income.
Short-term chasing of highs should beware of pullbacks after the positive news is priced in. For $CRCL $xCRCL, what really matters going forward is whether USDC trading activity can take over and whether reserve income can stop declining. #CircleQ3营收超预期，USDC链上交易量增长49% What can push $ETH up if it doesn't break 2450? I shorted at 2424, and my old short at 2231 is about to be freed from loss.
The 2450 line has been pressing down all day; four attempts to surge were all pushed back, with volume weakening each time. Is this a breakout? It's a bull trap to unload. Your short entry at 2424 is aggressive, almost stepping on the MA7, but the comfortable one is the old position at 2231—held for so long, finally seeing the dawn of relief. Don't rush to close it; this downward space isn't finished yet.
RSI stuck at 50.3, neither up nor down, looks neutral but actually the bulls are out of strength. The upper Bollinger band at 2467 is the ceiling area. The funding rate at 0.0095% shows bulls are still paying protection fees; no one wants to actively push the price up. This grinding top structure of ETH will likely retest the MA25 support at 2398, or even probe down to the Bollinger middle band at 2366.
My strategy: hold the short at 2424 firmly, set stop loss above 2460 without hesitation; reduce half of the old position at 2231 near 2310 to take profit, and see if the rest can reach 2280. Anyone chasing longs now is just carrying the shorts. Before 2450 breaks, any rebound is an opportunity to add shorts. Yi Lihua said that $BTC needs to strongly break through 82,600 to have a second main upward wave.
Don't look that far ahead yet; there's a closer gate ahead: 81,944.
On October 30, the day Binance was hacked, Bitcoin touched 81,944 at midnight, then dropped to 76,472 ten hours later. Starting from October 23, in 13 days it surged above 81,780 on 5 days, reaching a high of 82,048, but never closed above it on any day.
Now at 80,500, it is riding right on the 4-hour EMA200 (80,475). From midnight until now, 12 hours, it has only fluctuated between 79,903 and 80,941, with the 4-hour volume shrinking candle by candle.
On Hyperliquid, that 40x back-and-forth 0x4b62 went long at 7:25 this morning, closed the position at 10-something making $39,700 profit, then at 10:26 reversed to short 67.9 coins at 80,704.
His new liquidation price: 81,943.8.
That peak on October 30: 81,944.4.
His account was $408,000 24 hours ago, now $202,000.Rushed up to 81,190 this morning, now at 80,300.
700 points off, didn't touch the 50-day moving average (81,933).
This is the first real resistance encountered in this rebound. Previously, from 76,664 upwards, there was hardly any resistance because short squeezes don't need a reason. But above the 50-day moving average is the cost zone for those who entered in the last two months, where there is real selling pressure.
Also, a figure released this morning: ADP private employment 86,000, expected 75,000.
Employment is stronger than expected. If tomorrow's non-farm payrolls are similar, the expectation for a December rate hike will be firmer.
The market is now betting on a December rate hike — this is a stone on top of the rebound.
Another risk few mention: Democratic control of both houses is not friendly to crypto. They were the ones blocking the CLARITY Act before, and now they call the shots.
So my view remains unchanged: this is a correction, not a reversal.
I won't add positions before tomorrow's non-farm payrolls.
How much of your position do you have now?
#美国中期选举：民主党赢得国会两院控制权 Trump loses both chambers, crypto market first falls then rises? Understand it all in one article (๑•̀ㅂ•́)و✧
Conclusion first: Short-term sentiment is bearish, mid-term is more likely neutral and volatile; "fall first then rise" seems more like a rhythm, not a one-sided trend, so don't rush to bet on a big surge or crash (￣▽￣)~*
Trump was originally crypto-friendly, and the market expected the Republican-controlled Congress to push forward relaxed regulations like the "Clear Act." Now that the Democrats have taken both the House and Senate, the legislative direction is stricter, but Trump still has presidential veto power, so both sides will check each other.
Scenario 1: As the news just landed, funds worry that Democrats will tighten regulations, restrict stablecoins, and strengthen SEC enforcement, so BTC and ETH might first experience an emotional sell-off with increased volatility (｡•́︿•̀｡)
Scenario 2: The more likely mainstream scenario in the next 1–4 weeks — Democrats can propose strict bills but find it hard to gather two-thirds votes to override vetoes; Trump wants to push relaxed legislation, but Democratic Congress resists, leading to back-and-forth tugging and volatile game.
Scenario 3: (Low probability long-term path): The two parties remain deadlocked, new regulatory legislation stalls, SEC and other agencies may slow enforcement pace, the industry stays in a regulatory gray zone; after negative news is digested, if funds flow back into risk assets, the market could recover (๑•̀ㅂ•́)و✧
Reminder: The above is just a market review thought process, not any trading advice. Please view rationally and control risks~
$BTC $ETH
#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？ Does holding 10 types of cryptocurrencies mean your risk is diversified?
Not necessarily.
Different tokens may be affected by the same market sentiment, liquidity, and capital flows. Even in different sectors, they can face pressure simultaneously during a market downturn.
True diversification is not about increasing the number of coins, but understanding the sources of risk and the correlations within your overall portfolio.
Do you focus more on the number of coins or on risk correlation? $DOGE
Dogecoin demonstrates how powerful community recognition can become in crypto markets. Yet popularity and economic utility are two different things. DOGE benefits from broad familiarity and an established identity, but its market behavior remains sensitive to sentiment, speculation, and broader liquidity conditions. Its challenge is maintaining relevance without relying entirely on social momentum.#Nonfarm is coming, can the employment data strengthen the December rate hike expectations? STX up 15.2% on the 7th, where was it before the employment data
After the nonfarm announcement, where will the rate hike expectations go? I don't have evidence to answer that. $STX is now 0.3484 USDT, 24h +2.6%, today's performance is much weaker than its pace this week.
This surge didn't just start today; looking longer term, 7 days +15.2%.
The two extremes in 24h are 0.3661 USDT and 0.3365 USDT. The current price is in the lower middle of this range.
The UK 30-year government bond yield fell to 5.554%, a four-month low. This is a UK bond, not a US one, so I won't use this to infer December rate hikes.
Today $SOL 24h +2.9%, $HYPE 24h -2.9%. STX's gain today is closer to SOL's.
None of these numbers reflect rate hike expectations. After the employment figures land, I just want to see how much of that 7-day gain remains. A company that provides risk insurance for digital assets has brought banks into its list of shareholders. Soter Insure completed the second closing of its Series B round on November 5, with SC Ventures under Standard Chartered and Japan's SBI Group joining as strategic investors.
The timeline is worth straightening out. The first closing of this round took place in July, led by Galaxy, with participation from Coinbase Ventures. The initial bets came from crypto-native capital, and four months later, banks and Japanese financial groups followed, with early shareholder Token Bay Capital also increasing their stake.
Strategic investors do not mean financial investors. This money must pass internal compliance reviews and external regulatory checks in their respective markets. Passing scrutiny from two rounds of compliance teams means the product has been validated once.
The mechanism is not complicated. When platforms apply for licenses and serve institutional clients, they are often required to present risk mitigation and compensation arrangements, with insurance being a mandatory question. When $BTC and $ETH start entering institutional balance sheets, custodians don’t just want to hear "we are very safe," they want an insurable contract.
The real action is here: shifting from trading matching and proprietary trading toward custody, compliance, and insurance—areas that are not flashy but necessary. Platform businesses like $BNB also have to pass through this gate.
Here’s a point worth pondering: after insurance enters the scene, the boundary of responsibility shifts from "being hacked is an act of God" to a quantifiable contract. Who compensates and how much is written into the terms.$STRK
Scaling Ethereum is not simply about processing more transactions. Security assumptions, decentralization, developer experience, and economic sustainability all matter. Starknet uses zero-knowledge technology to approach this challenge. For STRK, an important consideration is whether growing technical capabilities can generate stronger ecosystem participation and meaningful demand for the network's resources.NFP could be the next major catalyst for crypto, but the market has more to digest than just employment numbers.
BTC has recovered above $80K after bouncing from $75.6K, while roughly $300M in short liquidations helped fuel the move. Still, miner pressure, Riot's BTC sales and regulatory uncertainty remain significant headwinds.
SOL has a stronger fundamental story.#Nonfarm Payrolls Approaching, Can Employment Data Strengthen December Rate Hike Expectations?
📌 Background Review
- September FOMC raised rates to 3.75%-4.00%
- October FOMC chose to pause (maintain rates unchanged), but 2 members dissented, advocating an immediate hike; after the meeting, several hawkish Fed officials stated that at least one or two more hikes are needed, as inflation stickiness has not disappeared
- Chair Powell did not commit in advance to a December hike, repeatedly emphasizing watching subsequent data
✅ Conditions to Trigger a 【December Rate Hike】
1. Core CPI month-over-month ≥0.3, inflation stickiness exceeds expectations (housing/service inflation remains high)
2. Nonfarm employment remains resilient, wage decline less than expected
3. Energy prices continue to rise, pushing overall inflation higher
✅ Conditions to Trigger a 【Hold Steady (No Hike)】
1. Core CPI clearly cools down (month-over-month consistently 0.2 or below)
2. Employment weakens significantly, unemployment rate rises, signs of economic slowdown
👉 If this set of data materializes, the Fed is very likely to continue pausing and not raise rates further $BTC $CL The boot has dropped! BTC back above 80,000: After the Democratic sweep, what is the market rising on and fearing? Yesterday we were still saying "hold your hands and wait for the boot to drop," and today the answer is here: In the U.S. midterm elections, the Democrats took back both the House and Senate (Senate expected 52 seats), clearing uncertainty overnight. BTC surged past $80,000 with volume, up nearly 5% in 24 hours, reaching an intraday high of 81,196; ETH was even stronger, +7% to over 2,400, SOL and XRP also rose more than 3%, and the fear and greed index jumped from 34 back to a neutral 50.
📌 Not only coins are rising: The Dow Jones +3.03%, marking the biggest gain in 19 months, Microsoft +6.7%, Amazon +6.1%, Apple +5%; the dollar fell to a two-month low, gold +3.29% closing at $4,060 (the largest single-day gain since mid-August), silver +5% reclaiming 52; most dramatically, crude oil plunged 9% (WTI closed at $88, a three-month low) — the market is betting that the power shift will accelerate the end of the US-Iran war. In short: the whole world is pricing in "divided government + de-escalation of war."
📌 But three risks remain unresolved: ① Regulatory change — Democrats previously blocked the CLARITY Act, adding uncertainty to crypto legislation and AI/data center regulation; AI concept stocks already fell last night in respect (Hut 8 -23%, CoreWeave -9%, Micron/SanDisk -7%); ② Miner sell-off — Riot sold 10,599 BTC in Q3 (79% of holdings) to pivot to AI, revealing mining profitability pressure; ③ Friday’s nonfarm payrolls + 81% probability of December rate hike — if employment again exceeds expectations, the rebound could be cut short by rate hike expectations. $TRUMP meme coin fell 17% against the trend, political premium is fading. Technical levels: BTC reclaimed the 20-day moving average (80,320), RSI back to 50.6 indicating balance between bulls and bears; above, the 50-day moving average at 82,064 is the real test, then 84,326 (upper Bollinger band)/86,699 (previous high); below, the 200-day moving average at 73,231 remains the long-term baseline. Holding above 82,000 means the rebound has upgraded from "emotional recovery" to "trend recovery."
In short: The election boot has dropped, but regulatory and nonfarm boots are still hanging. 80,000 is the emotional watershed, 82,000 is the ticket to the trend. Have you boarded this rebound? Do you think it can reach 86,000?
👇 Chat in the comments ⚠️ Personal views shared, not investment advice. Volatility is intense during this dense macro event period, please control your position size and set stop losses. #Bitcoin #BTC #MidtermElections #Ethereum #Gold #CrudeOil #MarketAnalysis #OKXSaudi Arabia wants to negotiate an end to the Yemen conflict, but the Houthi militia has set a $51 billion condition! The situation in the Middle East adds new uncertainties! ⚠️
On November 5, according to The Wall Street Journal, after the Houthi militia attacked Saudi Red Sea oil tankers and took control of key areas near the strategic Bab al-Mandab Strait, Saudi Arabia began actively reaching out to the Houthis, hoping to end hostilities through negotiations.
However, right at the start of talks, the other side threw out a staggering figure: $51 billion! Sources familiar with the negotiations revealed that the Houthis consider this sum as compensation for the losses caused by Saudi Arabia's years of airstrikes and prolonged blockade. The parties also discussed other amounts afterward, but the signal was clear: if Saudi Arabia wants to exit this conflict, it may have to pay tens of billions of dollars.
More complicated is that the Houthis not only want money but also demand Saudi Arabia formally recognize them as the rulers of Yemen. This means Saudi Arabia might have to accept an adversary closely linked to Iran and controlling areas near its southern border.
Currently, neither the Saudi government nor the Houthi leadership has responded, so the $51 billion and related negotiation terms remain media disclosures and have not been officially confirmed by either side.
In my opinion, the most noteworthy aspect of this matter is not just the astronomical $51 billion figure, but that Saudi Arabia is facing an increasingly realistic dilemma: continuing the fight comes at a cost, and stopping it may not be cheap either. #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？ ADP and ISM employment rebound, conflicting signals before nonfarm payrolls, December rate hike pricing to be verified
US October ADP private sector added 86,000 jobs, exceeding market expectations; ISM services employment index rose to 51.4, expanding for the second consecutive month, with some employment indicators improving. However, market expectations for October nonfarm payrolls remain around 60,000, unemployment rate steady at 4.2%, divergence between ADP and official nonfarm data is worth noting.
Logical analysis: Employment indicators warming theoretically support a December rate hike, but ADP and nonfarm have diverged multiple times historically, so ADP alone cannot set the tone. If November 6th nonfarm exceeds 60,000, December rate hike pricing may rebound from 70%, strengthening the dollar and US Treasury yields, suppressing BTC; if nonfarm weakens or turns negative, rate hike expectations fall, giving risk assets a breather. ISM services employment expansion adds data uncertainty.
Trading strategy: No one-sided bets before nonfarm. If data is strong and BTC rises on low volume, prioritize reducing positions or lightly shorting; if weak and BTC surges with volume stabilizing at 77,000-78,000 resistance, consider short-term longs. 74,000-75,000 is support below. Core principle: ADP is a reference, nonfarm is the verification; expect volatile swings after data, control leverage, and set stop losses properly.🤯 The anti-crypto side won, but BTC bounced back to 80375
Midterm elections concluded, Democrats took both the House and Senate. Before the election, Coinbase CEO Armstrong said "the future of crypto depends on this," but went silent after. On the same day, Trump's DJT dropped 25%, with net assets shrinking by $168 million.
The market, however, completely ignored this: BTC 24h low 78001.77, high 81196.01, amplitude 4.10%, currently at 80375.75, up 2.83%; ETH pulled from 2303.50 to 2450.00, currently at 2418.26, up 4.94%.
Funds betting on politics missed out, while those betting on liquidity fully benefited from this move. Long-short account ratio is 1.3895, bulls account for 58.15%, funding rate 0.01% — bullish but not overheated.
The rebound is not driven by policy benefits, but by short covering after a deep drop. To hold above 80375, volume is key; otherwise, 81196 will be the ceiling for this wave. Don't mistake "rising" for "stable."
📊 Investment advice
• BTC — Bullish
Take Profit (TP): $86,800
Stop Loss (SL): $73,950
• ETH — Bullish
Take Profit (TP): $2,710
Stop Loss (SL): $2,128
⚠️ Disclaimer: The above is personal opinion only and does not constitute investment advice. The market is volatile, please DYOR, and bear the risks yourself. According to on-chain data from devsnightmare, the holding structure of $SLINGTOSHI (CA: F1LQvm5biTdEXPrHokxhkR7sDwQcBnA8VTEmD5Gdpump) shows a clear concentration characteristic. 📊 Core holding data: 🔹 Sniper wallets hold about 30.5%, team holdings about 4%. 🔹 Sling holds 46.6%, with addresses such as AestethicGoat, Oldmarlin26724, eencje, Senzo, and CuteCarrotTop among the main holders. 🔹 Bubblemaps shows that a related wallet cluster accounts for about 49.5%; CEX-related clusters account for 72%. 💰 Exchange-related wallet distribution (each wallet counted only once): • Binance: 14.2% • Coinbase: 10.4% • Robinhood: 9.9% • MoonPay: 9.3% • Crypto.com: 8% • Kraken: 7.9% • OKX: 2% 📈 Holder overview: Currently, the top 10 holders account for about 58.4% in total, with approximately 2,250 holding addresses, and an average holding value of about 315 USD per address. ⚠️ Market observation: High proportion of related$UNI Binance has resumed withdrawals
1. This means the biggest buying pressure from the recent theft has ended, so the support is gone, and the short-term strength is over. UNI will first fall back to a non-strong price level, then fluctuate with the market. It can be understood as a high-beta version of BTC, not suitable for swing trading anymore, but rather waiting for the next market overheating.
2. From a technical perspective, the short-term rebound demand is most likely also nearing its end. I sold some on the swings at 7.31 and 7.51. I estimate there’s a high chance I’ll buy back in. If I don’t, I’ll be happier because my core position hasn’t moved; my hedge trade is just treated as a cost. In the medium term, UNI is still undergoing a weekly-level correction.
3. After the exchange balance hit a new high and then fell back, it has started climbing again. The exact timing began rising from 10:30, indicating that this theft is directly related to UNI. There was a wave of funds that got scared, especially with withdrawals being closed, which led to a direct dump and exit. These pressures will show after withdrawals reopen.
4. In terms of price action, it can roughly be compared to a mini version of HYPE. After the frenzy, a rest is needed, resulting in a relatively independent short-term market.
I’ve received many thank-you messages and good news these past two days. I believe everyone has already felt the initial push of UNI, but this is just a small appetizer; the main upward wave hasn’t started yet! Why can backtesting perform well, but live trading may continue to lose money?
Historical data does not equal the future, and ideal fills do not equal real execution.
Fees, slippage, parameter overfitting, and changes in market conditions can all erode strategy returns.
When evaluating a strategy, don’t just look at the profit curve; also consider out-of-sample performance, maximum drawdown, and results after costs.
Which metric do you value the most? #索尼Q2营业利润增长45%，上调全年业绩指引
"Sony's Profit Surges 45%, Driven by Gaming and Film"
While many thought consumer electronics were struggling, Sony's Q2 earnings report delivered a knockout.
Quarterly revenue hit ¥3.43 trillion, operating profit reached ¥622.3 billion, a year-on-year surge of 45.1%, both surpassing market expectations.
Fueled by gaming and film, Sony raised its full-year operating profit guidance to ¥1.87 trillion, with net profit forecast boosted to ¥1.33 trillion.
Next quarter will depend on holiday season consumer spending. $BTC UNI's new addresses have surged to a six-year high, but I’m actually a bit hesitant to take it as good news. In OKX spot, UNI rose 7.5% in 24 hours, even stronger than ETH’s 6.1%. Coupled with Santiment’s data: on a single day at the end of October, 13,137 new addresses were added—the highest since September 2020. It’s easy to imagine "newcomers are back." But Santiment itself warns: exchanges splitting hot wallets and users switching wallets all count as "new addresses." According to cryptotick$SOXL
One dropped 19.6%, the other rose 22.8%, their codes differ by just one S.
SOXL is a triple-leveraged long semiconductor ETF, with 20,244,804 contracts traded in 24 hours, $1.25 billion, more than SOL perpetual. Opened at 76.99, lowest 59.76, now 61.92.
The 9 o'clock 1-hour candle was the most intense, 1,224,557 contracts, $76.8 million, the previous candle only had 400,000 contracts. Triple ETFs rebalance daily after the US market close; after dawn in Asia, the new leverage ratio is used to price it.
Strangely, money is still piled on the long side. SOXL perpetual is 24.5 basis points more expensive than the index, with a fee rate of 0.0948%, nine and a half times the benchmark; longs pay every eight hours and are still competing. The inverse SOXS has a discount of 25.7 basis points, with $11.85 million in open interest, only one-sixth of SOXL's.
I usually only watch triple-leveraged products and don't touch them. By the time you wonder why it dropped 20% in a day, it's usually too late.
#非农在即，就业数据能否强化12月加息预期？ Circle's Q3 revenue exceeded expectations, with USDC on-chain transaction volume growing 49%. The renewed demand for stablecoins usually benefits the liquidity of high-risk tech assets, but SOXL plunged 19.8% today. My judgment is that this is a sharp deleveraging of leveraged products amid fluctuating interest rate expectations, rather than a trend reversal. The price dropped from 79.28 to 59.76, falling 25.25% from the high within one hour, and only 0.57% above the low in four hours, indicating that the bearish momentum is nearing its end. The top 10 buy orders before trading were 8049 versus 6722 sell orders, a ratio of 1.20, showing support at low levels; however, the funding rate remains high at 0.0952%, with long positions still crowded and uncleared, so a volatile shakeout is likely before a rebound. Strategically, one can lightly go long at 61.35 with a stop loss at 59.15 and a target of 68.45; if the price rebounds to 67.85 and meets resistance, a short position can be taken with a stop loss at 69.65 and a target of 62.35. Single position size should not exceed 20%, and strict stop losses are essential for leveraged products.
— This is only a personal opinion and does not constitute investment advice. Wishing you successful trading. —
$SOXL #Sony Q2 operating profit grew 45%, raising full-year guidance
#Circle Q3 revenue exceeded expectations, USDC on-chain transaction volume grew 49%
$SOXL $BTC
28,000 coins, sounds like a dump is coming.
The 15:12 breaking news said that short-term holders transferred 28,690 BTC in profit to exchanges in the past 24 hours, equivalent to $2.3 billion.
I checked the market afterward, and that’s not the case. 24 hours ago it was 78,392, now 80,541, up 2.7%, just over 600 short of the 81,000 high. The 1-hour candle at 15:00 did have volume, $210 million, dropping from 80,624 to 80,291 and closing at 80,363, looking like a dump, but the next candle climbed back to 80,541.
The fee rate is 0.01%, exactly the benchmark, perpetual contracts are still at a 0.6 basis point discount to the index. Open interest is 33,597 coins, $2.7 billion, a few hundred more than this morning.
The incoming volume is less than 30% of OKX perpetual’s daily turnover. This is spot floating profit selling, no leverage moved on that side. If it really falls, first watch if open interest drops.
#非农在即，就业数据能否强化12月加息预期？ Don't just focus on PS5 sales in Sony's financial report: the real profit switch lies in "subscriptions" and "in-app purchases"
With Sony's new financial report approaching, the market is again focusing on the PS5. It's not surprising that hardware sales growth slows down in the mid-to-late lifecycle, but dismissing the gaming business based on this is amateurish. The console is more like an entry ticket; digital games, DLC, and membership subscriptions are the continuous cash flow.
Last quarter, the gaming business operating profit was 202 billion yen, showing impressive year-on-year performance, indicating that profits don't rely on hardware volume, and the profit structure is thickening. Of course, memory price hikes, AAA development costs, and hit uncertainty remain hidden challenges in the report.
The core focus isn't how many more PS5 units can be sold, but whether players are willing to power on, buy content, and renew memberships. Industry logic is shifting from "hardware competition" to "ecosystem competition": whoever controls the living room entrance can repeatedly monetize. In the short term, look at the numbers; in the long term, look at the ecosystem. The strength of Sony's business lies in repeat purchases from users' wallets. #索尼Q2营业利润增长45%，上调全年业绩指引 $SONY $xSONY #IREN矿企转型AI云服务，GPU交付进展待揭晓
Focusing on Horizon liquid-cooled clusters, the key bottleneck is the Xeon6 host CPU quota; delivery at the Canadian air-cooled site is relatively stable. The pace of ARR realization depends on Dell's full system scheduling and Microsoft's acceptance rhythm.Just checked a few major cryptocurrencies.
Today is a different vibe.
BTC is up about 2%,
ETH is even stronger, close to 3%.
XRP is also above 2%.
But SOL only gained a little over 1%.
I've actually been enjoying watching this kind of market lately.
Because when the whole market rises together,
what's really interesting isn't "everyone went up."
It's:
who's clearly running faster, and who's clearly falling behind.
A few days ago when SOL was weak, it was like this:
BTC and ETH recovered, but SOL was always a step behind.
Today ETH is clearly more resilient,
SOL still isn't particularly strong.
So just saying "the crypto market went up today" doesn't mean much.
Even though they all rose,
the strength differences inside are actually quite big.
These differences are worth noting, then coming back in a few days to see who flips first 😂
#BTC #ETH #XRP #SOL$BTC
The Bitcoin four-year cycle perfectly coincides with the US midterm elections, which is quite a coincidence.
Every midterm election period marks the end of a bear market. This was the case in 2014, 2018, and 2022. After the midterm elections, there is another sharp drop, the market bottoms out, and the bull market begins.
The difference is that each bottoming time has been occurring earlier. South Korea's crypto income tax has been postponed again
Not a minor adjustment, but directly pushed from 2027 to 2029
Counting from 2020, this is the 4th time it's been delayed
The threshold remains an annual net income exceeding 2.5 million KRW
If exceeded, a 22% tax applies (including local tax)
Additionally, a proposal allows losses to be carried forward for 3 years
The reason is stated very plainly
The US joining OECD CARF crypto information exchange will only happen in 2029
They want to act first to prevent local traders from being swept up overseas
Minister Lee Hyoung-ik announced this
The working group will run until the first half of 2027
The bill in 2027, guidelines in the first half of 2028
I noted it down after reading
Whether the National Assembly approves or not is another matter, but first, understand the rules clearly $CFX ecosystem projects heavily rely on subsidies from the foundation. Many projects go live briefly after receiving subsidies, then cease operations once the subsidies stop. Without real users and sustained trading demand, the ecosystem cannot form a self-sustaining closed loop and struggles to grow naturally. Is it simply a case of "cutting leeks"? An objective distinction is needed.
Many in the market directly label it as team profiteering, but this statement is not entirely accurate.
In fact, the project code has been continuously updated over the long term, underlying technology development is still ongoing, and the foundation has implemented measures such as token locking, token burning, and ecosystem support, without directly abandoning the project or running away. However, it is undeniable that early large share unlocks in batches and selling at peak prices are the most controversial points in the community and the reason many holders believe there is benefit transfer.
Essentially, its biggest problem is the inherent gap between narrative design and token value. Industrial blockchain is a compliant technology business, but this business is not tied to the token; the token can only rely on speculative expectations in the secondary market, and once those expectations collapse, it loses fundamental support.
CFX's prolonged weakness is not caused by a single factor but by a combination of multiple factors: token inflation mechanism, failed narrative logic, inability to establish an ecosystem closed loop, and shifts in market capital preferences.Turns out I'm not the only one bearish!
ETH rebound sell-off begins: dormant whales + fish pool co-founders simultaneously dumping
#非农在即，就业数据能否强化12月加息预期？
Last night, when ETH quickly surged from $2315 to around $2440, large holders precisely sold on-chain again.
Whales dormant for nearly a year redeemed from Aave in the past 10 hours, selling about $6.357 million worth of ETH and stETH at an average price of $2428.
Fish pool co-founder addresses sold 6200 wstETH during the rebound at an average price of about $2390.
On one side, old money asleep for a year woke up and ran at the rebound; on the other, seasoned insiders decisively reduced holdings during the rise.
As soon as the price shows some improvement, big money chooses to cash out. The large holders' selling moves are more direct than any bearish rationale.
Trading advice for the future:
Do not chase highs in the short term; $ETH can be lightly shorted in the $2440-2500 range on the rebound;
For the mid-term, watch support around $2300-2320, and only reassess bullish positions if it holds and breaks above $2500 with volume.$CFX
Over time, the market has gradually recognized a key fact: the technical entities handling government affairs and enterprise consortium blockchains are separate from the foundation issuing the CFX token. Domestic blockchain industry projects do not use the CFX token, and the revenue generated from industry business does not flow back to the token itself.
There is a clear regulatory red line against virtual currency speculation in the country. The once-anticipated "policy benefits empowering tokens" never had a foundation to materialize.
Once this biggest expectation was disproven, the logic supporting valuation disappeared, funds continued to withdraw, and valuations kept falling. The ecosystem struggles to self-sustain and falls into a dilemma of "surviving on subsidies." Many wonder why, after so many years, no influential native applications have grown on-chain? Cross-chain infrastructure is unstable. Cross-chain bridges are the foundation of the DeFi ecosystem; assets and stablecoins need to enter public chains through cross-chain bridges. CFX's past cross-chain channels have been adjusted or shut down multiple times, causing external funds to hesitate to stay long-term on the chain, keeping TVL consistently low. Without liquidity pools, basic DeFi projects like lending and trading struggle to operate healthily. Developer attraction is insufficient. Although also an EVM-compatible public chain, other mature public chains have more complete development tools, more funding support, and larger user bases. For developers, choosing mature tracks makes it easier to gain traffic and revenue. CFX is in an awkward position: domestic developers cannot participate in virtual currency-related application development, while overseas developers are wary of its sensitive background, making it difficult on both ends. November 5 $ETH Market Update
ETH's rebound this time has somewhat exceeded expectations.
From the 4-hour chart, ETH has rebounded steadily from around 2172. Previously, it was repeatedly capped near 2300, but this time it surged with volume, reaching a high of 2449.
Currently, it is consolidating around 2420. I believe the short-term structure has clearly improved. The most important thing next is whether it can break through 2450.
If it holds above, the next targets could be 2500–2525; for now, focus on whether 2400 can hold.
The Democrats took both houses of Congress. The market initially worried about tighter crypto policies, but after the news settled, it actually helped push prices up. BTC returned above $80,000, and ETH showed even stronger resilience.
However, this rise is not only driven by election news; after a deep prior decline, there was an inherent need for oversold correction.
But this does not mean the funding issues in the crypto market are resolved. The contraction in stablecoin supply and previous outflows from ETFs still deserve attention.
Next, focus on Friday's Nonfarm Payrolls and next week's CPI. These two data points may again influence market expectations for Federal Reserve interest rates.
#非农在即，就业数据能否强化12月加息预期？ @OKX星球 $CFX Conflux (CFX) has been weakening continuously for many years, and its ecosystem struggles to take off. What is the root cause?
In the established public blockchain sector, Conflux (CFX) has always been a highly controversial subject. After years online, many investors are trapped, the market remains sluggish for a long time, and the ecosystem development lags far behind other public chains launched around the same time. Many holders have long wondered: what is the core reason for the persistent deep price decline? Why does the ecosystem fail to develop? Is it due to inherent hard flaws in the token mechanism itself, or is it human manipulation?
Setting aside short-term market fluctuations, from the perspectives of the token model, narrative logic, ecosystem environment, and market changes, we objectively analyze the underlying reasons. Persistent long-term selling pressure: the token economic model inherently carries continuous dilution pressure.
CFX uses a PoW+PoS hybrid issuance mechanism, with tokens continuously newly released. Although the project has set burn rules, the actual transaction fees generated on-chain are minimal, and the amount burned is far less than the new tokens generated by mining and staking.
Under long-term inflation, the holdings of early investors are continuously diluted. Additionally, early private placements, team, and foundation shares are unlocked in batches according to schedule, and each unlocking window brings significant selling pressure.
With the continuous increase in token supply and limited market capital to absorb it, this creates a pattern of "weak rebounds and continuous decline." Even during phases of overall market recovery, the sustainability of price increases is poor, making it difficult to form a trending market. #Oklo核能供电布局距离商业化还有多远？
Oklo's first grid-connected Aurora (INL Idaho) aims to start power generation by the end of 2027 to early 2028; however, this is a DOE pilot channel, not an NRC general commercial license. True commercialization that can be freely replicated and sold to Meta/data centers for large-scale deployment is expected around 2030, and the risks are considerable.$ZEC No, how did ZEC sneakily rise so much? The market looks like it's starting to strengthen. Since it dropped to around 1000 last time, it has already rebounded nearly 30%, which is indeed impressive. But from my perspective, the reasons behind this rise are actually all laid out clearly; we need to analyze whether the funds really recognize this.
This surge from 1022 all the way to 1317 is fundamentally driven by the NU7 network upgrade activating around today (November 5). The block time is cut directly from 75 seconds to 25 seconds, tripling transaction confirmation speed. The most critical part is that the halving mechanism is retained, and a portion of the fees is siphoned off from circulation. Governance voting passed with a 99.9% approval rate; the community has decisively locked in "deflation + acceleration" by voting with their feet. Plus, the expectation of Grayscale converting ZEC trust into a spot ETF definitely gives funds a reason to speculate.
The current position is awkward. Right above 1,317 is the overlapping zone of previous trapped positions and moving average resistance between 1,320 and 1,350. If it really breaks upward, selling pressure will be very obvious. Below, 1,250 and 1,210 are two solid support levels; if broken, this emotional impulse will end immediately.
Before NU7 goes live, this is just a pulse driven by positive expectations and short squeeze. Until we see real spot inflows with actual money and a stable breakout above 1,350 with volume, I will only treat this 30% rise as a show. Good news fully priced in is bad news!
Ps: Love you 😘 my 🐷85.1556 ETH, this position reminds me of the last cycle: when a whale makes a move, onlookers easily fill in the entire bull market script for them. This time, Core Trader 74 opened a long $ETH position with 25x leverage, with a nominal value of about $206,600.
What’s familiar is expressing direction through position size; what’s different is that this time it’s clearly a leveraged long position, which can’t be read as simply holding spot coins. I now separate “bullish” from “willingness to hold long-term”: opening a position proves he chooses to go long at this moment, but it doesn’t prove he’s prepared to endure volatility. If it’s just short-term trading, then this position has limited explanatory power for mid-to-long-term direction — this is my speculation, not his plan.
My judgment is that this trade signals direction but doesn’t yet qualify as a long-term confidence vote. I will wait for holding time to provide more information. Do veteran players feel the same familiarity: in the last cycle, when you saw such large orders, did you also interpret short-term longs as long-term bullish?In the futures market, when the bulls crowd to one side, I tend to be more cautious; the more uniform the sentiment, the more you have to guard against reverse fluctuations. But the number of people is not the same as the amount of capital, and this old habit should not be abandoned when applied to the crypto market.
According to OKEx contract data, the BTC long-short ratio is currently 1.51, down from 2.17 24 hours ago, meaning the number of long accounts per short account has dropped from 2.17 to 1.51. I see this as a cooling off of bullish crowding, which should not be directly interpreted as bearish: the ratio is still above 1, so there are still more long accounts; also, it only counts accounts without considering position size, so a few large accounts could cause the capital distribution to differ from the number of accounts.
My judgment is that this indicator is better used as a reminder not to be swept away by one-sided sentiment, rather than to bet solely on direction. Are there any friends who have transitioned from traditional markets? When you look at BTC-type long-short ratios, do you combine them with position size or volume to make judgments, and how does this differ from looking at commodity futures?A tax type, with the start date changed four times. South Korea's digital asset income tax has been postponed again by two years; the originally scheduled 22% (including local tax) crypto gains tax set to begin on January 1, 2027, remains only on paper.
The tax rate is clear: 22% including local tax, with a threshold of 2.5 million KRW, approximately 1864 USD. The threshold is not high, but it is not zero either; it excludes most small accounts, targeting holders with significant positions.
Mechanically, the hardest part of this tax has never been the rate, but the scope. Stocks have brokerage statements, but exchanges only have a bunch of on-chain records and overseas accounts. Calculating annual gains and losses, by coin, and by cost basis for each transaction could cost more to collect than the tax revenue. The fact it has been postponed four times says more than the 22% rate itself: it’s not that they don’t want to collect it, but they haven’t found a way to do so yet.
The direct implication for the market is the time window. Before 2027, Korean funds are not forced to realize gains at year-end and then rebuild positions before the tax starts. Such pre-tax sell-offs often cause short-term lows more than the tax rate itself. Now this pre-tax sell-off has been pushed back another two years.
What’s worth considering is the other side: postponement does not mean cancellation. Four delays indicate the political commitment to this tax remains. What really matters is not the exact start date, but whether the threshold and tax rate will be changed together at the next postponement. $BTC’s price doesn’t depend on the tax form, but when that portion of incremental Korean funds enters the market depends on this calendar.The South Korean government is preparing to officially postpone the originally scheduled cryptocurrency income tax by two years. I will forward this to friends who follow the South Korean market. Delaying the tax collection does indeed provide some relief. However, I don't want to just throw out a headline; "preparing to postpone" and "already tax-exempt" are quite different, and rumors in the crypto community tend to be brief. Before sharing, I need to add a note: don't just read this and immediately ask me which South Korean concept coin to buy now.Does buying an NFT mean you own the copyright to the work?
Not necessarily.
On-chain ownership of an NFT, copyright of the work, and usage rights are three different concepts.
Before purchasing, at least confirm three things:
1. Is the copyright transferred?
2. Are commercial use and derivative works allowed?
3. Does the project team truly have the qualification to grant these rights?
Blockchain can record token ownership but does not automatically grant you full copyright of the work.
When you buy an NFT, which right do you check first? In the crypto market, we see new tokens, new narratives, and new opportunities every day.
Some study K-lines, some look for the next hot spot, some focus on trading volume, and others try to capture price fluctuations in a short time.
But often, the risk of a trade is not determined solely by the purchase price.
When you are ready to buy an asset, have you seriously considered the following five questions?
01｜What exactly are you buying?
Don't just look at the token name, promotional copy, and discussions on social media.
You need to understand its actual use, issuance mechanism, token distribution, and what the project has already achieved.
A project having a grand vision does not mean it already has the corresponding product and application capabilities.
First figure out what you are buying, then decide if it is worth the risk. The CFTC announced that single-stock perpetual futures can be traded for the first time on qualified registered U.S. exchanges. Compared to previous cooperation plans, the regulatory progress is more concrete this time.
What I find most meaningful is that the product has been incorporated into a clear legal classification: single-stock perpetuals are securities futures, requiring compliance with both CFTC and SEC regulations, and the trading venues must complete the corresponding registration.
This indicates that a product form popular in the crypto market is entering the traditional securities trading framework. This is good news for the industry.
However, perpetual futures provide price exposure. Buying a perpetual contract for a particular stock does not automatically grant the voting rights of common shareholders; how dividends, stock splits, and other events are handled depends on the contract design.
For traders, the most important aspects to study going forward are funding rates, price references, and clearing arrangements. Familiarity with the product name does not mean the rules are exactly the same across different venues.
I am optimistic that the compliant market will increase options, and I hope competition will make trading costs and information disclosure more transparent. What will be more useful than "who goes live first" is actual depth, trade quality, and whether the system can operate stably during extreme market conditions. The regulatory path is open, but whether the product is good to use still depends on the trading process to prove it.
#CFTC首次放行美国个股永续期货 Gold "Spring" Formation? Two Paths After Recovering 3950
On 10/30, the large-volume long bearish candle smashed through 3950 (lowest 3881). At that time, I judged that gold prices would seek support around 3250–3500.
Within two days, the script was rewritten.
Three changes happened almost simultaneously:
① Crude oil sharply declined, easing inflation and rate hike expectations, lowering the opportunity cost of holding gold;
② US stocks strongly rebounded, alleviating concerns about a second liquidity sell-off;
③ The US dollar weakened and US Treasury yields fell, giving gold prices additional support.
Result: Gold recovered 3950 with volume, broke through the short-term supply line, rebounded over 240 points from 3881, currently priced at 4126, daily high at 4152, with the MA50 just pressing at 4149.
But don’t call it a reversal yet.
4091–4259 is the first rebound hurdle, and prices have entered this zone; the volume on 10/30 indicates real selling pressure, and the US stock mid-term correction may not be over, so the probability of retesting 3950 is not low.
Next, focus on one thing — the second test of 3950:
▪ Holding with reduced volume: spring effect confirmed, adjustment likely over, look up to 4259 then 4532;
▪ Breaking down again with volume: the previous move was just a rebound from the decline, continue to watch 3250–3500.
Crude oil has slightly broken key support and turned weak in the short term, which is relatively favorable for gold, making the first possibility more likely.
#非農在即，就業數據能否強化12月加息預期？ #US Midterm Elections: Democrats Gain Control of Both Houses of Congress Democrats have taken both the Senate and the House, breaking the previously mainstream market expectation of a divided government. This significantly increases their policy initiative, but checks and balances from the White House remain, making it difficult for extreme bills to be quickly enacted. On the fiscal side, the Republican Party's new round of large-scale tax cuts and spending expansion plans are blocked, slowing the pace of deficit expansion. Market expectations for inflationary pressure from fiscal policy have weakened, providing temporary downward momentum for US Treasury yields and the US dollar.
The core focus is at the industry level: AI, large tech antitrust, stricter environmental and electricity approval for data centers may slow the pace of computing infrastructure expansion; regulation and environmental thresholds for the oil and gas industry are rising; the crypto sector is leaning more towards strong regulatory paths, with changes expected in the pace of compliance legislation advancement. Clean energy and healthcare welfare sectors are more likely to receive budget support.
Historically, the market prefers a divided government, as "one-party dominance" often brings more policy negotiation premium volatility. But it is important to distinguish: elections are a secondary variable; Federal Reserve interest rates, non-farm payrolls, and inflation data are the main themes and will not directly reverse the long-term cycle of rate hikes or cuts. In the short term, funds will first trade on regulatory and fiscal expectations, with subsequent focus on tax proposals, AI regulatory hearings, and debt ceiling negotiations. $BTC $ETH $SOL Around 1 PM, I saw a breaking news that Schroders brought its first tokenized strategy onto Solana, and the comment section below was full of institutions entering.
I went to check the original announcement. This was actually released yesterday afternoon, but it only got picked up by the news today. It’s Schroders' emerging markets bond fund, issued via Centrifuge, a brand with $1 trillion AUM, indeed the first active management strategy of this scale on Solana.
But the announcement didn’t mention the size, minimum investment threshold, or provide the contract address.
The market didn’t give it much attention either. SOL touched 97.06 today then pulled back, currently at 96.05. At 9 AM, the 1H candle showed 418,000 contracts, 10 AM 347,000, 11 AM 364,000 surged, 12 PM 291,000, and from 1 PM till now 185,000, with volume shrinking candle by candle.
The fee rate is 0.00225%, benchmark is 0.01%, just over 20%. The perpetual contract is even trading at a 4 basis points discount, with a position of $334 million unchanged for a day.
If big money really came in on this news, it wouldn’t be at this fee rate. I acknowledge the RWA line, that’s a three-to-five-year play, but short term it’s about who’s getting paid. The ±1% order book shows 9.17 million buy vs. 8.62 million sell, just standing opposite each other.
My judgment is, this news is worth a research report, not a single bullish candle.
#非农在即，就业数据能否强化12月加息预期？