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According to data from The Block, the US spot Bitcoin ETF saw a net outflow of $635.6 million on Thursday, marking the largest single-day net outflow since June.
Regarding institutional-related news, the most confusing aspect is who is bearing the risk. Whether a company buys with its own assets, asset management products allocate for clients, or a platform provides custody for clients, the names involved may be the same, but the ownership of funds and the impact on the balance sheet are completely different.
The financing amount is not a token purchase. Financing may be used for operations, research and development, or debt repayment; it cannot be assumed that these funds will enter the secondary market just because the company received money.
I only record disclosed actions as facts and do not add any purchases not announced by institutions. The larger the news scale, the more specific the explanation of fund destinations needs to be.
$BTC#France's government bond yields hit a 24-year high, will bond market risks spill over?
On the 21st, the yield on France's 10-year government bonds broke through 5% intraday for the first time since 2002. The spread between French and German bonds widened to about 157 basis points, the highest since the 2011 European debt crisis. The root cause is a fiscal deficit expected to reach 5.4% of GDP and a public debt ratio approaching 119%, with fiscal consolidation before the 2027 election almost impossible to advance. Moody's will reassess France's rating on the 23rd, with a negative outlook.
The risk of spillover is real but may not be a replay of the 2011 scenario. The stock prices of France's top three banks have already dropped 17%, and the scale of public bonds held by Eurozone banks has doubled compared to the European debt crisis period, reaching 4.3 trillion euros. Discussions about the bank-sovereign "doom loop" have reignited. However, Huatai Securities points out that France's current account is balanced, banks have sufficient capital, the yield spreads between Italy, Spain, and Germany are far lower than during the crisis, and firewalls like TPI and ESM are in place, limiting the probability of a systemic crisis.
BTC is currently around 81,800, with a 24-hour low of 80,961, suppressed by Middle East tensions and oil prices breaking $110. Support is at 80,878, resistance at 84,000. Positions should set stop-losses below 80,500; for empty positions, wait for a pullback near 80,878 with reduced volume to stabilize before entering. The short-term impact of French bond risks is on European stocks and the euro, with limited direct transmission to BTC, but in the context of shrinking global risk appetite, don't mistake every rebound for a reversal. $BTC $ETH $ZEC The current market is in a painful phase of "using macro panic to create a golden pit, waiting for micro performance to fill it." Next week's SK Hynix earnings report is not only a touchstone for the storage sector but also the starting gun for whether AI hardware can make a comeback in the fourth quarter. #SK海力士Q3财报在即，HBM4能否提振盈利？ 🛠️ **SanDisk focuses on bit density, Micron on inventory, SK Hynix on HBM progress — the logic in the memory sector is not the same.** **$SNDK: The key to technological upgrades lies in whether unit costs can be reduced** SanDisk disclosed that BiCS10 QLC has a 60% increase in bit density compared to BiCS8, meaning more data can be stored in the same area. But what concerns me more is not just how many more layers are added, but whether the technological upgrade can truly dilute the unit storage cost. From process breakthroughs to profit realization, good yield, performance, and customer adoption must all work together. Whether benefits can ultimately be realized still depends on whether mass production efficiency and cost control can keep pace. **$MU: Inventory increase does not equal demand weakening** Micron's disclosed quarterly data shows inventory turnover days at 129, an increase of 9 days quarter-over-quarter. One explanation from the company is stockpiling before phasing out old processes. Therefore, inventory increase alone cannot be taken as a sign of poor sales; it is necessary to distinguish between proactive stocking and sluggish sales. Compared to the inventory amount itself, I am more concerned about the subsequent inventory digestion speed, product structure changes, and whether inventory can be smoothly converted into sales revenue. **$SKHYNIX: HBM4 has entered mass production, HBM4E is still at the sample delivery stage** SK Hynix's HBM4 has already started mass production and shipment, while HBM4E has completed sample delivery; the two are at different commercialization stages. Sample delivery only means entering the customer validation process, which still requires testing, certification, and stable supply stages. The real deciding factor for businessHas the short-term trend of the US stock market peaked???
I currently tend to believe that the Nasdaq, S&P, and QQQ have already shown a weekly-level false breakout, and are more likely to enter a volatile downward trend going forward. The Nasdaq is first expected to test 25500, the S&P 7400, and QQQ around 670, which are key support levels from previous bottoms.
Current daily performance of the US stock market: The three major indices opened lower but closed higher with heavy volume the previous day, which should have indicated strong support, but the next day they continued to decline after the open, suggesting that selling pressure above may still be significant and buyers have not yet reversed the trend.
However, a weekly weakening and an accelerated daily decline are two different matters. The former is supported by a high peak followed by a large-volume bearish candle; the latter still requires observation of the day's close. If a bearish engulfing candle appears that covers the previous day's candle, the short-term trend will become more dangerous, and further accelerated decline should be watched for.
I still maintain my previous view: currently, among global financial assets—gold, Bitcoin, Shanghai Composite, Nikkei, Dow Jones, Nasdaq, S&P, and the Korean index—as of October 2026, only BTC is in a bear-to-bull transition phase; the others have either already shifted from bull to bear or are at the end of a bull phase. #Middle East energy risks are heating up, and international oil prices continue to run high Recently, everyone should closely monitor the situation in the Middle East and try to stay away from high-risk areas such as Saudi Arabia that may be affected by the US-Iran conflict. Also, do not take risks going out to sea to salvage items like the iPhone Duo. Safety is always more important than any property. Returning to the market, facing the continuously rising oil prices, I will not blindly chase longs just because the price breaks through a certain integer level, nor will I rashly short due to large gains. Rather than guessing prices, I focus more on the following key factors. **1. Look at actual supply, not just news headlines** Focus on tracking crude oil exports from the Gulf region, shipping conditions in the Strait of Hormuz and the Strait of Mandeb, and whether energy facilities have experienced substantial shutdowns. News can quickly drive market sentiment, but what truly determines whether supply risks persist is whether crude oil can be produced, transported, and delivered normally. **2. Pay attention to spot premiums and inventory changes** If the spot price premium of crude oil relative to futures contracts continues to widen, it usually means recent supply is tightening. But this indicator needs to be judged comprehensively together with transportation status, inventory levels, and actual delivery data. If export blockages, continuous inventory declines, and expanding spot premiums occur simultaneously, the signal of supply tightness becomes even clearer. **3. Don't ignore the US dollar, interest rates, and market liquidity** For US stocks and crypto assets, the impact of rising oil prices is not only reflected in energy costs. If high oil prices push up inflation expectations, thereby affecting the Federal Reserve's policy path, the direction of the US dollar, real interestIn the same storage category, the ranking of declines is very clear: HBM is the most resistant to decline, pure NAND falls first. $SNDK perpetual 75x short, opened at 1324.6, marked at 1289.8, floating profit +197.04%.
There is strength and weakness within the storage chain: HBM is tied to AI accelerators, supply is insufficient, pricing power is the strongest; enterprise-level NAND is next; consumer-level NAND is the weakest—demand from terminals like phones and PCs is flat, and the ability to pass on price increases is poor. SanDisk is a pure flash player, which happens to be on the weaker end of the chain, so it is sold first when funds reduce allocation.
Earlier, the market raised valuations overall based on "AI storage," and it was pushed up together; when funds start to differentiate who truly benefits, misallocations need to be corrected—after the spin-off, it rose more than fourfold, and now it has retraced more than 40% from the high point, which is the premium being taken back.
Judgment: 1300 is the primary support; if broken, then 1250 and 1200; if the rebound can recover 1324.6 with volume and accompanied by order data, then a revaluation is needed. $BTC $ETH #10月FOMC临近，美联储暂停加息还有哪些变数？ Funding aspect: The ETF's "one-day reversal" is the most critical warning currently
The funding signal underwent a sharp change today, which is key to understanding the current price weakness.
Previously: The ETF had a net inflow totaling 461 million over three consecutive days, which the market interpreted as a sign of structural improvement in funding.
But on October 22: a single-day net outflow of 254 million ranked first. This means the inflows of the previous three days were completely wiped out by the single-day outflow, and the outflow scale was several times the average daily inflow of the previous three days. The funding aspect sharply reversed from "three days of net inflow" to "a single day of large outflow," directly explaining the price movement from 81,000.
Glassnode's framework further reveals the source of resistance above: investors who entered at the end of 2025, with an average cost basis around the 87,000-$87,700 range, remain the most difficult mid-term ceiling to surpass. $BTC $ETH $ZEC #中东原油供应风险再起，油价持续走强 This round of operations got a bit stuck with $OKB. I bought quite a bit earlier, but the price kept falling, and the rebound strength was clearly weaker than $BNB. **$OKB: Regulation is an opportunity, but it can also become a pressure.** OKB's potential lies in the combination of regulation and application scenarios. X Layer is trying to expand its application scope from the crypto field to US stock-related scenarios, even exploring the possibility of a US stock settlement layer. Essentially, it is betting on the opportunities brought by the trend of compliance. However, regulation is also a double-edged sword. If the SEC questions OKB's securities attributes, it could bring uncertainty to its development, which also challenges the future ecological empowerment space of OKB. From a technical perspective, MA7 is 113.9, MA20 and MA30 are both 120.7, with all three moving averages above the current price. The 30-day low of 110 almost coincides with today's low of 110.1, and the price is already close to the recent range bottom. RSI is only 40.9, and the overall trend remains weak. **$HYPE: The compliance narrative is advancing, but the price is still under pressure.** Hyperliquid is also actively exploring compliance paths. Last week, it submitted five proposals to the SEC involving regulatory recognition of mechanisms such as airdrops, programmatic buybacks, and burns, hoping to promote clearer related rules. However, the narrative progress has not yet translated into obvious price strength. HYPE's RSI is only 35.2, the lowest among the three, and the price is close to the 30-day low of 76.15. Although the decline this week is not large, the daily average volatility... First, consider the worst-case scenario. When I see this news, my concern is not just a pullback in the stock price of an AI company, but that if financing pressure continues to spread, then tech stocks and Bitcoin might both come under pressure. Positions that were thought to be diversified are actually exposed to the same risk. This is my risk analysis, not a definitive forecast for the market.
According to QCP, credit risk for AI infrastructure is accelerating its repricing: CoreWeave bonds have yielded about 15% this year, and its stock price dropped 10% on October 22. The pressure has spread to the broader neocloud infrastructure sector, dragging down tech stocks and crypto assets, with funds shifting to long-term U.S. Treasuries for safety.
My judgment is that this is more like an alarm in the financing chain and should not be dismissed as just a cooling off of the AI theme. Rising bond yields reflect the market demanding higher risk compensation; if high financing costs persist, debt sustainability will face greater challenges.
⚠️ Another risk is correlation: holding both tech stocks and $BTC does not mean the risk is diversified. In this news, both asset types are being dragged down; although the positions have different names, the risk sources may be the same.
My advice to ordinary people is: combine positions that might fall simultaneously and see if the worst loss exceeds your tolerance. Facing this kind of cross-market pressure, how much stop loss do you usually set for a single trade? Do you base it on price decline or on the maximum loss your account can bear? $BTC is oscillating around 83,000 with no clear direction, while $PEPE is rallying — this divergence itself is information. PEPEUSDT perpetual with 50x leverage opened at 0.000004931, marked at 0.000005046, floating profit +116.60%.
The capital flow has a transmission order: mainstream stabilizes first, risk appetite overflows, then it moves to altcoins and meme tokens. When mainstream is sideways but meme tokens run alone, it usually means the market is not short of speculative funds, but investors are unwilling to chase highs in mainstream — this is a signal that risk appetite still exists, not a confirmation of reversal.
The reverse also holds true: meme tokens are at the end of the capital chain, and once mainstream weakens, they are the first to be pulled out. Therefore, the stop-loss condition for this trade should be tied to the mainstream, not just PEPE itself.
Judgment: Above 0.000005, look towards 0.0000055 and 0.000006; if BTC breaks the key level causing sentiment to weaken, exit if PEPE falls below 0.0000048. With 50x leverage, follow risk appetite, not faith. $ETH
#10月FOMC临近，美联储暂停加息还有哪些变数？ Bitcoin has recently shown a very unusual phenomenon
The US spot BTC ETF has had net inflows of about $1.07 billion over three consecutive trading days. Statistics released on October 22 show that on the 21st alone, $525 million flowed in.
However, BTC not only failed to break through $85,000 but instead fell back to around $81,000. ETF funds are clearly buying, yet the price still can't rise.
This suggests that there may be larger sell orders in the market absorbing the new institutional demand. Currently, I still tend to believe BTC will rebound later, but this data makes me pay more attention to the $85,000 resistance.
If ETF inflows continue but $BTC still cannot break through $85,000, then the market cannot be explained solely by institutional buying. How much money is needed for Bitcoin to rise to $100,000?
Currently, Bitcoin's market cap is about $1.63 trillion, with 20 million coins mined. If it rises to $100,000, the market cap would need to increase by about $360 billion.
Does a market cap increase of $360 billion really require $360 billion of new funds entering the market?
Actually, most Bitcoin does not participate in trading. Long-term holders don’t sell, exchange balances are decreasing, and only a small portion of the total supply is actively circulating in the market. To reach $100,000, you don’t need to buy all the Bitcoin; you only need to absorb the portion that sellers are willing to sell. After selling, selling pressure gradually decreases, and the price pushes upward.
Shenyu created a model that breaks down $BTC's capital sources into three axes:
① Net ETF subscriptions
② Corporate treasury holdings
③ Net stablecoin issuance
His formula is: Market cap increase ÷ 15~20 times = required net inflow.
So from $81,600 to $100,000: a net inflow of $18.2 billion to $24.3 billion is needed.
According to this model’s projection, the probability of reaching $100,000 by 2027 is 72.5%, and reaching $150,000 is 27.5%.Given the current market, I think it's somewhat suitable for grid trading.
#10月FOMC临近，美联储暂停加息还有哪些变数？
Today, $BTC is repeatedly tugging around 81.5k, basically stuck in the 80.5k–84.8k range recently.
Macroscopically, high oil prices (Brent $BZ persistently above 113) suppress liquidity, tech stock pullbacks plus institutional sell-offs weaken risk appetite, and the direction remains unclear.
On-chain and futures data also confirm this:
Since September 22, exchanges have seen continuous net outflows,
but the pace has clearly slowed, with the 30-day average dropping from about 3,000 coins per day a week ago to about 1,500 now.
Outflows continue but with reduced intensity, indicating no large-scale new selling pressure.
Meanwhile, the 30-day average futures position direction has risen from -0.5 a week ago to 0.3, with longs and shorts approaching balance; daily readings over the past week have fluctuated widely between -20.5 and 29, showing active trading but no sustained one-sided force.
This "volatile, directionless, gradually digested selling pressure, relatively balanced longs and shorts" environment is exactly the most comfortable phase for grid trading—buying low and selling high repeatedly to capture spreads without needing to bet on a breakout.
The reference range can be set around 80.7k–84.5k, with stop losses set at the upper and lower bounds.
If it effectively breaks below 80.5k or holds above 85k, timely adjustment or exit is necessary. When meme coins rise, it often means risk appetite has truly returned. $PEPE perpetual contract with 50x leverage opened at 0.000004931, marked at 0.000005064, floating profit +134.86%.
Memes have no cash flow, no valuation anchor; their pricing relies entirely on speculative sentiment. They are at the end of the capital chain—mainstream stabilizes first, funds overflow to altcoins, and finally reach memes. So meme strength usually signals rising risk appetite; conversely, they are also the first to be pulled out, falling faster than anyone else.
PEPE has a total circulation of 4,206.9 trillion, no unlocking pressure, no transaction tax, making it one of the most liquid established meme tokens. But it has retraced over 80% from its peak, indicating consensus has undergone a full clearing, and this round looks more like a recovery.
Assessment: 0.000005 is a key psychological level; breaking above it targets 0.0000055; falling below 0.0000048 indicates sentiment is fading, and long positions should exit. $BTC $ETH
#10月FOMC临近，美联储暂停加息还有哪些变数？ Here's a fact:
Crude oil is currently fluctuating around $110. The day before yesterday, a false rumor spread that "the US and Iran were about to reach an agreement," causing oil prices to plunge; yesterday, Iran immediately denied it, saying that the Strait of Hormuz won't reopen unless the US lifts sanctions.
This place is now a powder keg for global inflation, with the fuse tightly held by others.
The stock market fears this kind of "uncertainty" the most. You have no idea if you'll wake up tomorrow morning to a dove of peace or a bomber.
Don't be fooled by the current market stuck oscillating above 110; technically, the resistance above is indeed a headache. Morgan Stanley even raised its oil price forecast for next year.
But I think it's not that funds have been scared away; rather, both bulls and bears are holding their chips tightly, and no one dares to fire the first shot. Everyone is waiting for reliable news on the US-Iran negotiations.
In this kind of divine battle, stubborn retail investors rushing in to chase highs and cut losses are simply handing their heads to institutions.Latest news, a few things worth mentioning. Macro and Commodities UBS: Gold may retest $4000, but dip buying will provide support. To be blunt, rising real interest rates and a stronger dollar are pressuring gold prices, yet UBS remains bullish, relying on central bank purchases—official demand of 750 to 1000 tons annually is the real trump card for gold prices, so don’t just focus on the Fed’s stance. Bloomberg analysts: The risk of commodities "rising then falling" may continue until year-end, and $BTC is on the list. This is blunt but necessary to hear: natural gas, $BTC, gold, and silver have all followed a pattern of rising then falling this year. To stop the downtrend, the US stock market must stabilize first; otherwise, no one can escape the spreading risk. Stock Market and Individual Stocks Deutsche Bank lowered Blackstone Group’s target price from $149 to $138. The cut isn’t large, but the signal is clear: institutional valuation expectations for asset management leaders are contracting. Don’t see this as an isolated event. Bloomberg: South Korea’s KOSPI forward P/E ratio dropped to 4.2x, becoming the first trillion-dollar market to fall below 5x. With the AI boom cooling and tech stocks sold off, the Korean stock market has been hit with “bargain valuations.” Cheap is cheap, but cheap often has its reasons—don’t rush to buy. Crypto Ecosystem and Market Gemini founders Winklevoss brothers and DCG founder Barry Silbert are increasing support for the Zcash ecosystem; their respective supported projects Cypherpunk Technologies and Fortitude Mining have already joined$EWY
• Policy and Capital Support: The South Korean government is actively promoting the "Value-up" corporate value enhancement plan to narrow the "Korean discount" and has announced massive investments to drive semiconductor and AI data center construction. Meanwhile, regulators have held meetings to stabilize the impact on leveraged ETFs, and sovereign wealth funds are also interested in entering the market.
• Fundamentals and Foreign Capital Return: Benefiting from the semiconductor export boom (Samsung, SK Hynix), South Korea has raised its 2026 GDP growth forecast. Continued high AI capital support combined with attractive valuations is drawing large-scale overseas capital back for bottom-fishing.
• Deleveraging Nearing Completion: The previous sharp decline was largely due to leveraged position liquidations. The deleveraging process is now close to its end, and after selling pressure wanes, even a small positive trigger can easily cause short covering and a sharp rebound.
2. Technicals: Signs of Stabilization and Halt in Decline
• Effective Support at Previous Low: Price has precisely stabilized near the previous low of 146.40 without making a new low, indicating strong buying support at this level.
• Reversal Pattern: After touching 146.40, the candlestick formed a lower shadow accompanied by a green rebound bullish candle. The current price has risen to 151.82, with a 24-hour increase of +2.00%, showing short-term signs of halting the decline.
• Volatility Contraction: ATR(14) reading is 2.69 and the curve is flattening, indicating that extreme downward volatility is contracting and the market is entering a recovery phase.
• Volume-Price Coordination: Trading volume increased during the bottom rebound (green volume bars below rising), signaling capital involvement in bottom-fishing.BTC spot and futures are both flowing out, while ETH is seeing capital counter-trend buying.
📊 24-hour capital flow
1️⃣ BTC
Futures net outflow: $200 million
Spot net outflow: $131 million
Total net outflow: $331 million
2️⃣ ETH
Futures net outflow: $34.0061 million
Spot net inflow: $43.4321 million
Total net inflow: $9.426 million
3️⃣ SOL
Futures net inflow: $9.7647 million
Spot net outflow: $9.2426 million
Total net inflow: $0.5221 million
BTC is the weakest among the three, with both spot and futures flowing out, indicating that selling pressure is not only from leveraged funds but also continuous selling on the spot side. Short-term rebounds lack capital support.
ETH shows a completely different structure. Futures funds are still retreating, but the spot side has a net inflow of $43.43 million, with spot buying already covering futures selling. Although the price remains weak, the capital structure is more stable than BTC.
SOL longs and shorts basically offset each other, with futures inflows and spot outflows. New leverage is absorbing spot selling pressure, and no clear direction has formed yet.
Tonight, the focus is on whether BTC can stop the spot outflow. As long as BTC spot continues to bleed, the overall market remains weak. If ETH spot inflows continue, the next round of recovery will be stronger than BTC's.Stock earnings season #USStockEarnings
Revenue rose 55%, earnings per share $4.64 (market expectation $4.09), and next quarter guidance also exceeded expectations. With such a report card, guess how the stock price moved?
The answer is down. $WDC dropped 6.4% in regular trading yesterday, then fell another five or six points after hours following the earnings release.
I see two reasons: first, AI concept stocks were already being sold off that same day; second, management mentioned rising costs and higher capital expenditures, and the good news had already been priced in by the market.
WDC's perpetual night session hit a low of 322.5, now pulling back near 351. I'm watching two levels: if it breaks below 322 again, it means the panic isn't over; if it stands back above 375, then the pressure is relieved.
The storage sector (including $SNDK) is like this now—no matter how good the numbers are, it depends on whether people are still willing to pay that price.
Do you think "good earnings but price drops" is a buying opportunity, or does it mean the price has risen too much before? $BTC $ETH
#MetaQ3 revenue beats expectations, huge AI investments raise concerns Bloomberg just dropped a bombshell: South Korea's KOSPI index forward P/E ratio has fallen below 5x, becoming the world's first trillion-dollar market to break this threshold! A 4.2x P/E ratio—what does that mean? It's less than half of Indonesia's stock market (8x)! $BTC This is not just a crisis for South Korea, but a severe shakeup in global AI faith. For tonight's US stock market, this is definitely a super dangerous signal, but it could also harbor huge reversal opportunities. $ZEC 📉 Why has the South Korean stock market collapsed like this? The "first domino" in the collapse of AI faith: South Korea's stock market is a typical "semiconductor market," with SK Hynix and Samsung Electronics as its lifeblood. Now that the P/E ratio has dropped to 4.2x, it shows that capital is wildly questioning: can AI really make money? When the global AI computing core storage chip giants are being abandoned, can US stocks like Nvidia and AMD remain unscathed? The buyback wave has receded, and the naked swimmers have appeared: previously, the Korean stock market was supported by massive buybacks from Samsung and SK Hynix; now that buybacks have ended, foreign capital sees no one defending the market and flees faster than rabbits. This is also a warning for US stocks: once tech giants stop buybacks or guidance falls short of expectations, who will take over? $ETH Valuation bargain or value trap?: Although 4.2x looks cheap, the market worries about "peak earnings." If chip demand really cools down in the future, the current low P/E ratio will become a high P/E ratio later. 🇺🇸 Three major impacts on tonight's US stock market Semiconductor#SK海力士Q3财报在即，HBM4能否提振盈利？ 恐怕不行，量产遥遥无期$UNITREE still has to be you, Xing Ge. **Unitree exploded: $93.14, 24h +21.5%, physically breaking through the 30-day channel (high 95.17)**
The news catalyst is real, not just a pure pump: Yesterday at the ecosystem conference, Wang Xingxing demonstrated G1 integrating GPT-6 and released H2-X; OpenAI announced the formation of a Robotics team on the same day; A-share main stock hit the 20% daily limit at 624 yuan, +54% in 6 days.
**Trade summary:
- Don't chase at 93 now: The 4H candle at 12:00 pulled from 79.5 to 95.2, a single candle +20%, above 95 is today's liquidity for chasing longs
- **Long position: pullback to 82-84 (previous high 82 breakout retest), stop loss 79.5, target 95/105**
But it doesn't matter much anymore, the profit space is small if it stabilizes at 90.
- Run high yield short grid: range **80-110**, open position price set in the middle at 94, lower edge 80 placed below breakout level; this coin's daily 20% swing is normal. Still pretty strong This wave of liquidation data is quite typical, with the longs being heavily cleaned out on one side. BTC long positions are at 130 million, ETH longs over 80 million, while shorts are almost negligible; leveraged positions chasing highs have basically been wiped out.
Behind this is actually the drop in US tech stocks, with the Nasdaq plunging and renewed concerns about AI, causing crypto to resonate along.
BTC dropped directly from around 84,000 to about 81,000, ETH also fell below 2,400, and the fear and greed index plunged from 68 to 50, showing sentiment cooled off quite quickly.
There are also reports of net outflows from ETFs, though some data sources are inconsistent; overall, it feels like institutions aren’t in a big rush to bottom-fish.
ZEC was hit even harder, but it’s inherently more volatile, and its liquidation proportion isn’t particularly outstanding; it’s mostly following the broader market.
I think short-term selling pressure has indeed been released in a wave. The area around 80k is a fairly obvious support level; if it holds, the probability of sentiment recovery is not small, and volatility will also increase. But don’t be too optimistic—next week’s FOMC is just ahead, and macro factors still dominate. Leverage has been cleaned up quite thoroughly now, which might lead to a period of consolidation; the real direction will depend on signals from the US stock market and the Federal Reserve.
Experienced traders know that after such one-sided long liquidations, the market often moves sideways or has a small rebound rather than an immediate V-shaped recovery.
Keep your positions light, don’t rush to chase; wait for volatility to wash both sides before making moves. [Is the Korean stock market at 4.2 times P/E cheap enough to buy the dip?]
The Korean stock market has truly fallen to historically low valuations this time. The KOSPI's forward 12-month price-to-earnings ratio is only 4.2 times, even lower than levels during the 2008 financial crisis and the 2020 pandemic. Ironically, Korean chip exports are still benefiting from the AI boom, yet stock prices have been hammered down and can't recover.
The problem lies in the market starting to doubt how long the AI profits can last. On October 15, the KOSPI plunged 7.57% in a single day, with Samsung Electronics $SAMSUNG and SK Hynix $SKHY dropping about 9.5% and 11.1% respectively; as of October 20, foreign investors have net sold over 18 trillion KRW of Korean stocks this month. This is not just simple sentiment fluctuation; capital is voting with its feet.
Don't think a 4.2 times P/E ratio guarantees a safe bottom buy; it is calculated based on future expected profits. If chip profits are currently at a cyclical peak, once future earnings forecasts are revised downward, stocks that look cheap today may quickly become not cheap anymore.
Korean stocks do have room for valuation recovery, but we can't yet declare the bottom has appeared. Next, watch chip companies' earnings reports, profit forecasts, and whether foreign investors stop net selling. If profit expectations stabilize and selling pressure subsides, 4.2 times could be an opportunity; if earnings start to decline, even very low P/E ratios can continue to fall.The Wealth Transfer Chain Behind Core DAO's "Soft Exit"
The so-called gradual decentralization and withdrawal from official validator nodes is essentially a complete and covert wealth transfer chain. The starting point is the genesis token distribution, with the treasury, reserves, and contributor shares accounting for nearly 34.5%, locking in low-cost chips early; the middle stage relies on BTCFi, SatPay, and revenue buyback narratives to attract Bitcoin staking funds and secondary market buyers, creating liquidity; the conclusion is the project team shedding operational burdens and transferring network risks to a small community of validators.
After the 8.31 vulnerability broke the reward logic, on-chain fee income nearly dropped to zero, and the ecosystem's self-sustaining ability failed to materialize, rendering the originally planned business cash flow empty talk. This chain no longer relies on service profits but instead depends on reserve addresses transferring funds in batches and cashing out through exchanges to complete realization.
Risks are transferred outward, while the rights to profits remain with the team. Ordinary participants bear all the costs of ghost chip sell pressure, contract vulnerabilities, and ecosystem underperformance; the staked BTC principal is relatively independent due to Bitcoin's timelock, but the funds used to buy CORE tokens become the final absorbing plate in this transfer chain.
A soft exit is not a run; it is the redivision of risks and rewards after the narrative ends.$WLD 50x short, opened at 0.5626 now at 0.5382, +217.73% (down about 4.34%). The snowball rolls smoothly, with selling pressure on the slope supporting it layer by layer; as long as the pullback doesn't break, it can be held.
But now the snowball is too thick — after a 4.34% drop, the low-level divergence widens, and the profit-taking positions are like loose snow ready to collapse anytime; the rebound is just flat ground, and the snowball disperses faster than it rolls.
The 50x inverse position has only about 2.17% (~0.012) floating profit left, cutting more than half, with very thin tolerance. Don't chase the bottom of the slope or greed for the last roll; stop and consolidate positions: use the cost line to push protection and lock in principal, take profit on the first batch, and dynamically protect the remaining positions as they fluctuate.
During continuous profit periods, the speed should be slowed down the most; when hands are hot, control them and avoid expansion; controlling drawdowns naturally preserves profits. Floating profit is snow; once melted, it's gone. Only taking profit and re-entering positions prevents melting. $BTC $ETH #ETF单日流出超6亿美元，BTC价格能否企稳？ $CL crude oil remains high and continues to climb. The high oil prices persisted from 2012 to 2014. Whether this will repeat now depends on whether the geopolitical conflicts are resolved peacefully.
1. Input-driven inflation rises: costs increase across the entire chain of gasoline, logistics, fertilizers, plastics, and chemical fibers;
2. Expectations for central bank rate cuts cool down: the Federal Reserve and others will be more cautious with easing, which is bearish for growth stocks and risk assets;
3. Divergence: energy, oil services, and oil & gas stocks benefit; aviation, transportation, and downstream chemical sectors face pressure;
4. Increased pressure to raise domestic refined oil prices.
Key signals to watch for the market outlook (to judge whether the trend will continue):
✅ Whether a substantive ceasefire occurs in the Middle East and shipping lanes are restored to safety
✅ Weekly inventory data from EIA and IEA (continuous inventory drawdown = bullish)
✅ Statements from OPEC+ meetings, whether production cuts will be relaxed
✅ US dollar index and US Treasury yields
✅ Forward curve: the spread between spot and distant month prices, to see if the tight balance persists or if it is a short-term pulse24H liquidations hit 475 million, with long positions accounting for 435 million, a one-sided massacre. BTC dropped from 84,000 to 81,300, ETH directly lost 2,400, chasing longs couldn't even stop loss in time.
The focus isn't on liquidations, but on the divergence.
ETFs are running, whales are accumulating. On the day, BTC spot ETFs had a net outflow of 635 million, BlackRock alone withdrew 254 million, after inflows in previous days were fully withdrawn in one day. Institutions are reducing exposure due to macro factors. But on-chain, 40 new wallets have withdrawn 9,458 BTC from Wintermute since October, worth 770 million, directly removing from circulating supply. ETFs are clearly withdrawing, whales are quietly accumulating. Short-term selling pressure is real, the drop is real, and mid-term turnover is also real.
$ZEC is even more direct. Two whales opened nearly 30 million 10x long positions within 15 hours betting on the November 5 NU7 upgrade, block time dropping from 75 seconds to 25 seconds, a strong narrative. But short positions hold 173 million, 82% profitable, long-short ratio is 38%. Bulls are openly betting, bears are quietly accumulating. The 10x faith has no reaction time against the spike at 1368. A catalyst is not your stop loss.
Now it's not about bottom fishing, but who gives up first. Retail investors have been cleared once, ETFs are releasing, whales are absorbing, ZEC longs and shorts are still probing. Wait for one side to relax before moving, controlling your hands before that is the most valuable.Conclusion first: OKX officially announced xMARA today at 17:00, with spot trading starting on 10-26 at 15:00. This is not another X-Perp perpetual contract; it is a tokenized US stock spot that can be withdrawn to the blockchain.
What's the difference? $MARA-USDT-SWAP is already listed, with 10x leverage, $99,000 in 24h volume, and $131,000 open interest. Sounds significant—but the best bid only has 5 shares, about $36. If you want to buy $100,000 worth of MARA, you’d have to consume five levels of the order book in one go.
xMARA is spot: priced in USDT, traded 24/7, with non-US stock market hours priced based on the previous close plus market valuation; dividends are automatically reinvested at the issuer level (after withholding tax); and it can be withdrawn to Solana or X Layer. The underlying framework is Payward’s xStocks.
What we can see now: MARA closed at $7.25 yesterday, was $9.11 on 10-14, down 20.4% in two weeks. The perpetual current price is 7.311, 0.84% more expensive than the stock, with funding fee on 10-23 16:00 still charging +0.024%.
As usual, to clarify in advance: this is not stock ownership, no voting rights, and not available to US persons.
By the 10-26 market open, will your USDT just sit there earning dividends, or will it only be slowly eaten away by funding fees in the perpetual?Don't just focus on the Federal Reserve! With policy easing and the US stock market crashing, BTC and ETH are being pulled between two lines
Policy side: The long-term anchor is becoming stable. At the beginning of October, the CFTC and SEC aligned their stances, basically recognizing that Bitcoin, Ethereum, and XRP are not securities. The CFTC is simultaneously advancing the formulation of crypto market structure rules, focusing on margin and leveraged retail trading. This means the regulatory securitization discount for BTC/ETH is gradually narrowing, which is a fundamental mid-term support that cannot be ignored.
US stock side: Short-term pressure is real. On October 22, the Nasdaq plunged 2.60%, closing at 26008.86, with tech stocks being heavily sold off due to doubts about AI capital expenditure returns. Risk aversion directly spilled over, with BTC falling below $81,000, down 3.76% in 24 hours, and ETH down 4.12%. BTC, as a high-beta extension of the Nasdaq index pricing feature, is currently showing this very clearly.
Capital signals need caution. On October 22, the US Bitcoin spot ETF saw a net outflow of $635 million in a single day, the largest single-day withdrawal since June. ETF funds and prices are highly synchronized, so this divergence of selling before the price drop should not be ignored in the short term.
Attention needed: The next key event is the Federal Reserve decision on October 28. Good evening, friends. Although I no longer analyze short-term trends, I will continue to follow up on my holdings.
Last night, I made a large position in $PURR.
The reasons are as follows:
1) I believe $BTC has stabilized above 80,000. Of course, this is my opinion; it might break below 80,000 tonight. Based on this, I think $HYPE will find support around 76;
2) purr is to hype what strategy is to btc; their movements are highly correlated;
3) purr is somewhat dependent on hype but is a higher beta asset. A simple calculation:
purr currently holds about $3.2 billion in hype, plus it has $150 million in cash flow, and its market cap is now $2.8 billion;
Adding 3.2 + 0.15, then dividing by 2.8, gives 17%.
In other words, purr is currently undervalued, with a market cap 17% below its reserve assets.
In summary, as long as btc stops falling and reverses, driving hype to stop falling and reverse, and finally purr to reverse, purr's high beta characteristic will definitely bring good investment returns.
I bought using a 5x long position, slowly building my purr position. I believe this trade is a sure win.
Most importantly, do not invest your entire position at once; be patient and wait. The market is like saying it will turn from cloudy to clear, but you didn't bring an umbrella and ended up drenched.
At $BTC 84500, the 50-day moving average at 81717 and the 7-day moving average at 82178 are both supporting, indicating the bottom is still there, but a single bearish candle pierced through directly, closing at 81412. The 85000 level turned from support into the strongest resistance. The Bollinger %B dropped from 0.44 to the lower band, hovering around 80225.
$ETH is the most painful. The Bollinger lower band is at 2355, the lowest price was 2358, just 3 points above support. EMA has a death cross, MACD is -5.45, RSI at 41. The rebound feels like squeezing toothpaste, but the ETF has been buying for 10 consecutive days totaling 633 million. Institutions are buying, yet the price is getting beaten below 2400. Futures premium is only 1%, buyers are present but not chasing. Breaking below 2355 leads to a vacuum zone at 2200.
$SOL is even more ironic. Alpenglow upgrade reduced confirmation time from 12.8 seconds to 150 milliseconds, the biggest consensus overhaul for Solana, cutting costs by 60%. Yet the price dropped from 107 to defend 100, and ETFs are still flowing out, with all the good news already priced in.
The most unfair is my investment in ETH. Clearly, there are buyers, clearly it held just 3 points above support, but momentum has dissipated. It's like scoring 59 points on a test, just one point short, but the market doesn't allow a retake. Negative funding rates have lasted 47 days, the longest bearish period since FTX. Shorts are too crowded; any spot buying could be a short squeeze. ETH is the most unfair right now, but it could also be the fiercest rebound.A few days ago, I just lost over a thousand dollars, and today I once again experienced the exhaustion from intense volatility 😮💨. A screenshot of my position, recording all the feelings from this trial order — going all in with 100x leverage betting on mainstream coins, the price repeatedly tugged back and forth within a range, and unrealized losses immediately appeared when the market moved against me. During this sideways period with unclear direction, high leverage leaves almost no room for error, and the position easily falls into a passive state during the back-and-forth "sawing" process. This is not an isolated case but a microcosm of the current market structure. $BTC, despite continuous ETF buy-in inflows, still hasn't managed to break out strongly. This "capital inflow without price increase" divergence is precisely the most alarming signal. The buying supports the bottom but can't establish a direction; liquidity accumulates but fails to generate breakout momentum. The longer the sideways consolidation lasts, the more awkward the situation for high-leverage positions — either being stopped out or slowly worn down by repeated oscillations. What is truly underestimated is not the volatility itself but the damage caused by the lack of volatility. When the market enters a tug-of-war phase without a clear trend, the margin for error with 100x leverage is compressed to the extreme, and any reverse spike is enough to put the entire position in a passive state. $BTC's directional choice remains undecided, and this "should be strong but isn't" state often means the bull momentum is quietly being exhausted. The signal confirming this judgment is not complicated: if ETF funds continue to flow in but still cannot push $BTC to effectively break above the upper range, then the narrative of buy-in returning will shift from "building strength" to "failing," and at that time, forced liquidation of high-leverage longs may become the next$SOL
In the group, people are again shouting about JPMorgan's positive news, but I'll pour cold water first.
The thing is JPM moved two tokenized money market funds onto Solana. It sounds like a big institutional entry, but such fund moves are mostly about finding a new channel for their own clients, which is not the same as buying on the open market.
The market doesn't bother to cooperate either: SOL is currently priced at 103.9, fluctuating between 103 and 105 in 24 hours, with basically zero gains. The perpetual fee rate is 0.004%, meaning neither longs nor shorts have any ideas; the open interest is $307 million, just sitting there with no one rushing in.
What really stuck with me are the details—Morgan Stanley just downgraded CoreWeave and Western Digital's target prices, and on the AI credit side, QCP said the pressure is transmitting to the stock market and Bitcoin. On the same day, traditional finance is both throwing money on-chain and cutting prices for computing power. I believe both of these things, so in the short term, I'm more willing to watch the show; I won't chase this wave of news about SOL.
#10月FOMC临近，美联储暂停加息还有哪些变数？ 【IRYS surges 109% in a single day, is it still worth chasing the doubling rally?】
$IRYS has entered an accelerated sentiment phase in this wave. Based on the current price of $0.04082, the 24-hour increase exceeds 109%, meaning the price nearly doubled in just one day. Previously, from October 21 to 22, IRYS's trading volume surged from the million-dollar level to over a hundred million dollars, showing a clear volume breakout.
There is currently insufficient evidence to prove sustained spot capital support for this rally. Derivatives market data such as OI, Funding, and liquidations need to be re-verified at the same time point; previous snapshots cannot directly explain this surge. While $BTC was weak during the same period, IRYS managed to chart an independent rally, indicating that capital is chasing its own short-term opportunities, but this may also mean that tokens are rapidly concentrating among high-volatility traders.
IRYS focuses on AI data infrastructure, combining data storage with on-chain execution, offering narrative potential. However, on October 25, about 77.59 million tokens are scheduled to unlock, accounting for approximately 0.8% of total supply, so short-term attention to new circulating supply expectations is needed.
Currently strong, but the risk of chasing after consecutive doubling gains is very high. The key points to watch next are whether the volume expansion can continue, if there is spot support on pullbacks, and whether OI is inflating too quickly. If the price continues to surge but the capital structure cannot keep up, the pullback could be very rapid; only by holding the breakout zone and forming turnover is there a better chance to turn this sentiment rally into a trend.#Robinhood交易业务增长能否延续？
"Robinhood Prediction Contracts Soar Tenfold"
Robinhood's single-quarter trading revenue surged to $776 million. This time, the most profitable segment wasn't traditional stocks but the newly launched prediction contracts, with revenue increasing tenfold.
Traditional stock markets close on weekends, leaving retail funds idle. The platform took advantage by connecting AI trading agents with 24/7 prediction markets, causing funds to flow into the round-the-clock market like dominoes.
Today, Bitcoin spot price steadied at $81,607, with a total turnover of $212 million throughout the day. Next, it depends on whether off-exchange weekend funds can support the base positions. $BTC First, consider the worst-case scenario: partial liquidation does not equal risk clearance; if the remaining short position continues to face price increases, losses may still expand. Core Trader 98 (0x376a38…9a9ff) this time closed about 30% of a 10x leveraged $kPEPE short position, with a liquidation amount of approximately $88,100, realizing a loss of $14,529.8.
From my previous risk control experience, when looking at such a position, I don't first ask if it can be recovered, but rather how much drawdown it can still withstand. My judgment is: this reduction in position size has shrunk the exposure, but it cannot be assumed that the remaining position is safe.
⚠️ There are three risk points. The opening average price was $0.004185, the closing price was $0.005011993, which for a short position is about a 19.76% adverse movement; 10x leverage amplifies its impact on margin, but without margin and additional funding information, the actual account drawdown cannot be precisely calculated; only about 30% was closed this time, and the realized loss is not the final result of the entire trade.
My risk control advice for ordinary people: set the maximum tolerable loss per trade as a proportion of your account capital, then check if your position size and leverage match that; don't just focus on how much has been liquidated. For such 10x short positions, what percentage of your account capital do you usually set as your stop-loss limit per trade—1%, 2%, or some other figure? ETF ran $636 million yesterday alone — the $1.08 billion inflow over the previous three days was all for nothing.
Here's what I saw: On Thursday, the US spot BTC ETF outflow was $635.6 million, the largest since June: IBIT -$254 million, FBTC -$217.5 million, ARKB -$109.4 million.
October has cumulatively turned negative by $175 million, and ETH ETF outflow on the same day was $111 million. Price moved in sync: Wednesday 84,777 → Thursday dropped to 80,939, current price 81,563 (-0.79%).
My take: The capital flow flipped from "inflow" to "outflow" in one day — ETFs amplify sentiment, the inflow can't support the price (already proven the day before), the sell-off led the retreat. BTC is shifting from "institutional allocation" back to "risk asset," with the Nasdaq dropping 2.6% on Thursday as a leading indicator.
My plan: Observe, no chasing or bottom fishing; 81,300 is a volume test level (volume 2.13x), if broken, watch 80,000–78,000 (Deribit put options expiring today at 78,000); closing above 84,777 invalidates this.
Will 80,000 hold tonight? Will it break 78,000 first or rebound to 84,000 first?
$BTC $ETH $SOL
#Bitcoin #EarningsSeason$AVAX
Near 9, why could the discount on the public chain still widen?
In this morning's spot snapshot, AVAX's 24-hour change was -6.10%, ranging from 9.053 to 9.708 USDT.
The pullback exceeded BTC, and the price is close to the lower end of the range. Public chain valuation depends not only on technical capability but also on whether applications retain funds and if users are willing to keep paying. Low price cannot replace evidence of demand.
If effective usage and fund retention improve, the relative weakness may converge; if activity wanes alongside price decline, the notion of "cheap" needs to be redefined. Today's article won't pile up data, just speak plainly.
After watching $ETH's market this week, honestly, it's a bit frustrating.
It's not about how much it fell. It's that kind of frustration where "all the good news is on the table, but the price just doesn't acknowledge it." The ETF finally got approved, big players are rotating positions, staking volume is rising—yet ETH is still hovering around 2430, just like when you work overtime until 3 a.m. revising a plan, and your boss glances at it and says, "Think it over again."
News perspective: Let's separate the wounds from the bandages
The bandages are real.
On October 21, $ETH spot ETF net inflow was 14.95 million, ending five consecutive days of outflows. Grayscale Mini did over 28 million in a single day, Fidelity is also following suit. Meanwhile, a big player sold 159 million BTC over 11 days to buy 155 million $ETH, BitMine staking is approaching 400 million, with total staking reaching 5.23 million. These are not noise; someone is genuinely allocating real money, not just talking.
But the wounds are real too, and deeper than many want to admit.
Throughout October, $ETH ETF net outflow was 1.08 billion, the largest single-month outflow since 2026, wiping out the 832 million inflow from September. More painfully, the internal structure: Grayscale Mini is buying, but BlackRock's ETHA had a single-day outflow of 29.32 million. This is not "ETF money returning," it's issuers fighting among themselves; the money hasn't truly returned to ETH's market, just changed pockets.
The Glamsterdam upgrade delay is not just "rescheduling casually." There are security concerns with the interaction between EIP-8037 and the mainnet smart contracts; developers voluntarily hit the brakes and haven't even provided an alternative date. A short-term catalyst has been removed, and that must be acknowledged.
RWA share dropped from nearly 75% a year ago to just over 40%, losing almost 30 percentage points, with Solana, BNB, and Stellar all cutting in. On the Swell side, the hot wallet key was suspected to be compromised, with 2513 ETH hanging in the balance. Although losses haven't been confirmed, in fragile sentiment times, such news is like pouring salt on the wound.
In summary: some are bottom-fishing, but the overall capital structure is still in repair mode; it's far from time to pop the champagne.
---
Market perspective: The key is not whether 2430 breaks, but how much strength the bulls still have
$ETH is now stuck in the narrow and uncomfortable range between 2430 and 2450. Below, 2437 is a short-term touchstone; further down, 2420 to 2430 is a more solid support; above, passing 2475 to 2490 first, then 2526 is the real decisive level for whether the structure can turn bullish.
But more worth watching than price points is the chip structure.
Funding rates are neutral or slightly negative, but the long-short ratio is as high as 2.38, with open interest at 3.5 billion. To translate: there are many bulls, but no one dares to leverage up; everyone is holding on hard. This kind of structure fears not bad news, but sideways movement. If it drags on, bulls who can't hold will turn into selling pressure themselves.
So the judgment is straightforward: this is not a "blindly add positions" spot, but a "wait for confirmation" spot. Either volume breaks through 2490 to 2526, proving capital has truly returned; or it dips again to 2380 to 2420 to wash out the unsteady chips. This grinding in the middle is not worth heavy bets on direction.
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That $SOL tag is not just casually added
$SOL is now near 105, the Alpenglow upgrade has already launched on mainnet, theoretically confirming time compressed to 150 milliseconds, and on-chain non-voting transactions hit a new Q3 high of 8.9 billion. The upgrade is a real upgrade, and the data is real data.
But the coin price? It surged to 109 then pulled back, and the 100 to 103 support line is still being repeatedly tested.
This indicates one thing: it's not just ETH's problem now; the entire altcoin risk appetite is being suppressed. $SOL has an independent narrative but no independent capital. If ETH can't rise, $SOL will struggle to sustain a standalone rally; conversely, if ETH can stabilize around 2430 and repair its structure, $SOL's elasticity will be greater than ETH's. Watching both together is more honest than watching just one.
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On the eve of the FOMC: a pause in rate hikes is "known," not "good news"
The probability of a rate hike pause in October has reached about 85%, with the chance of a hike only around 15%. This expectation has been priced in by the market, so the actual event likely won't bring much positive impact.
The real variable is December. The interest rate market still prices in a significant chance of another hike by year-end, meaning even if October stays put, pressure on long-term rates remains. What crypto fears most now is not "whether to hike now," but "whether hikes will continue later." As long as Powell doesn't give a clear closing signal, risk assets' rebound will always have a ceiling.
$ETH is currently in a tug-of-war stage where "bad news is priced in, good news is accumulating." ETF monthly outflows and upgrade delays have already hit the price, but big players' position rotations and staking growth haven't yet reached a market-dominating scale.
Mid-term, don't chase highs or rush to bottom fish. Watch two things: whether ETF net inflows can spread from just Grayscale to BlackRock also turning positive; and whether $ETH can reclaim above 2490 with volume. Without these two signals, rebounds are structural, not trend-driven.
Same for $SOL: as long as 100 to 103 holds, it has the right to talk about elasticity.
The market won't move ahead just because you're anxious. Waiting is also a position.
$ETH $SOL #就业数据密集公布，沃什政策立场受检验 #ChainlinkCCIP2.0正式上线 #10月FOMC临近，美联储暂停加息还有哪些变数？ Regarding Robinhood's prediction market growth, I want to first exclude the hype brought by events and elections, then assess how much can be retained.
Previously, when the company expanded its partnerships, it took the football season and the upcoming midterm elections as key scenarios. This approach is very smart: users are already paying attention to the outcomes, and the platform turns discussions into tradable contracts with a low participation threshold.
But events have peaks, and trading volume follows a rhythm. A particularly busy month doesn't mean every month afterward will grow accordingly.
What I care more about is whether users who came in for the first time because of games or elections will continue to use other services afterward. If they are willing to keep funds on the platform and use stocks, options, or other products, the new business could bring longer-lasting value.
If the event ends and both people and money leave, then it’s closer to a successful short-term business, and its valuation must acknowledge this volatility.
There is also the relationship between the number of contracts and revenue. Trading many contracts does not directly indicate that profits grow equally; fees and partnership costs must be considered together.
I am optimistic about Robinhood's ability to find more user participation scenarios, but I don’t want to take all the calendar hype as the company’s own long-term strength. After this round of events and elections passes, seeing how many customers remain will be more convincing than screenshots of peak transactions.
#Robinhood交易业务增长能否延续？ I don't understand why $ETH can't hold 2400 now, yet you still want to buy the dip. Clearly, you could wait a bit longer; 2300 will definitely break below. Currently, there isn't a single losing floating position, all are short positions, and the yield rates are all over 100%?
BTC reduced its position a little again at dawn, now the total realized profit is over 300,000 USD. All the current rebounds are on low volume, which is the best opportunity to short. Stop buying the dip. ZEC
Combining the market situation, this wave of "all short positions winning" is driven by macro and on-chain resonance. Initial jobless claims at 194,000 (approaching a 57-year low), the narrative of "higher and longer" US Treasury yields suppressing the market, October FOMC (quiet period) expectations are clear, the Nasdaq plunged 2.6%, dragging down risk assets. BTC holds firm at 80,000 but the 80,000-83,000 range sees repeated long-short spikes (previous long positions 692 million / short positions 1.025 billion), the rebound on low volume confirms selling pressure hasn't eased; ETH underperforms the market at 2400, 2440 is a strong resistance, OKEx perpetual long-short ratio once hit 3.03, retail investors "crowding longs as prices fall" are being counterattacked by the main force, the top 5% accounts have a long-short ratio of 0.84, biased to short. Screenshot shows ETH short position entered at 2685 with 60x leverage, current price 2411, unrealized P&L 655%, BTC has realized 300,000 USDT, forced liquidation price is very far, showing risk control awareness, but 60x high leverage is still like licking a knife's edge (the other day a "master" warned of 100x liquidation). $BTC $ETH $ZEC Core Conclusion: The five large-scale unlocks will bring strong pulse-like selling pressure expectations, but a pulse drop is not a foregone conclusion, only a high-probability scenario with hedging variables.
1. Why people tend to think a pulse drop is inevitable
1. Special nature of the tokens
On the 15th of each month, 127 million tokens are released, belonging to early investors and contributors, most with very low cost, so their willingness to cash out is naturally stronger; and this happens continuously for 5 months on a monthly basis, causing repeated negative impacts on the market, easily forming a pulse pattern of "price drops near unlock, then a sharp dump on unlock day."
2. Expectations have been priced in advance, but emotions are hard to eliminate
The unlock schedule has long been public, rational funds will reduce positions early to avoid risk; but retail panic and short-term leveraged stop-loss orders often concentrate during the unlock window, and multiple historical unlock rounds have seen short-term pulse sell-offs.
3. STRK’s current rise relies on narrative, without stable cash flow buying
Its core story is L1 independence + 2027 quantum resistance upgrade, which is a long-term bullish expectation, lacking continuous fee buybacks or profit dividends to form stable support buying, so the absorbing power is inherently weak and more volatile when supply shocks occur.
2. Three key conditions can break the "inevitable drop" scenario
1. Unlock tokens choose staking lock-up, not flowing into secondary market
Starknet has staking contracts; if addresses receiving tokens upon unlock choose to stake and participate in nodes, tokens will be locked, directly reducing circulating selling pressure. As long as the staking ratio is high enough, sell volume will shrink significantly, and pulse drop intensity will weaken noticeably.
2. Major positive news coincides to hedge supply pressure
If during the unlock window, the official announces the finalized independent L1 roadmap, quantum resistance audit completion, or major ecosystem cooperation launch, the incremental funds brought by these positives can absorb the unlock selling pressure, even causing a "sell-off exhaustion rebound" after the negative event.
3. Overall market warms up, risk appetite rises
Altcoins are highly correlated with BTC’s trend. In a bull market, funds are willing to gamble on long-term narratives and tolerate unlocks; in bear or sideways down markets, even small supply pressure is amplified, causing fierce price drops.
3. Comparison of two scenarios
🔴 Pessimistic (pulse drop realized)
BTC weakens, no new positives, many unlock tokens choose to sell, low staking rate. Each unlock round sees a short-term sharp drop, price baseline continuously lowers, approaching the low range.
🟢 Optimistic (no drop or even strengthening on unlock)
Staking absorbs most unlock tokens, combined with substantial L1 and quantum resistance positives, crypto market warms up, incremental funds enter, negatives are fully digested, unlock day sees only slight volatility, followed by recovery and rise.
4. Important reminder
Even if a pulse drop occurs, it does not mean a one-way drop to zero; often it is just short-term emotional dumping, followed by consolidation and bottoming. Conversely, do not simply expect staking and positives to definitely support the price; the five unlocks represent supply pressure lasting several months, so risks should not be underestimated.$BTC rarely ends October with negative returns.
There is still one week left to push the price a bit higher to maintain this winning streak. Spot gold fell below $4,000, trading at $3,994.11 per ounce, down 0.75%.
On the other hand, oil is surging. Brent crude rose above $114, and WTI crude surpassed $100, both up over 1%. Multiple explosions were reported in Riyadh overnight, and it was revealed that the US and Israel have already planned attacks on Iran after the midterm elections.
Oil is caught in a trade war, while gold is being sold off for cash. Two directions, the same story.
First, let's see if oil can hold above $114 tonight and if gold can reclaim $4,000.#Robinhood交易业务增长能否延续？
Robinhood is about to release its Q3 earnings report. Looking at the forecast in the image, 73% of people are betting that its earnings will beat expectations, and the market's appetite is once again being whetted.
Let's first look at the fundamentals. Its Q2 performance was indeed strong, with revenue of $1.31 billion, a 32% year-over-year increase, and net client deposits hitting a record high of $22 billion. The company's current core focus is whether its stock and crypto trading businesses can continue to surge.
But when expectations are set too high, that's often the start of danger. Where are the current risks? The entire crypto market has been pulling back recently, with light trading volume, which is obvious to everyone. Robinhood started with crypto trading; if Bitcoin and altcoins don't fluctuate, its retail trading volume will definitely shrink. Before the earnings report is released, everyone is looking at past glories. Once the report reveals that trading activity is below expectations, the 73% of bullish bets will quickly turn into selling pressure.
This is very critical for us to judge the overall market trend. Robinhood is not just a simple tech stock; it is the most authentic barometer of retail sentiment in both the US stock and crypto markets.
If its earnings can hold up, it means retail funds are still in the market and trading remains active, which is a strong boost for BTC and the overall crypto market sentiment. If it blows up due to shrinking crypto trading volume, it means a large number of retail investors are already retreating, the capital pool is bleeding, and the selling pressure above BTC will only increase.
$HOOD $xHOOD Google's performance trump card is actually Anthropic?!
These three statistics are based on GAAP EPS, only SanDisk is non-GAAP EPS, and mainstream analysts mainly consider core business revenue, basically not accounting for one-time gains. Relying solely on core business revenue definitely won't reach 3.1.
Anthropic's valuation is continuously rising, which was already reflected in Google's Q2 results. The paper wealth increase made the performance extremely explosive; however, in Q3 there were no new financings or "observable transactions," but the valuation is still rising during the IPO process, which leaves room for subjective judgment; no one knows whether to use the $965 billion valuation from the May financing or the IPO process valuation for statistics.
There is a huge pricing divergence on other platforms, and I can't find a good reference value.
I don't have much advice, can only say it depends on personal cost-effectiveness. If it really doesn't work out, just do T to earn swing profits. I don't recommend holding until the end because liquidity drying up will make it impossible to close positions and stop losses.Net: accumulation and staking look constructive medium-term, but the combination of heavy monthly ETF redemptions, delayed scaling upgrades, thin L1 economics, and occasional DeFi security events justifies the pullback caution.
Near-term catalysts to watch remain ETF flow sustainability + clearer Glamsterdam timeline. Macro (FOMC) can still swing the whole complex either way. But every delay extends the window where L1 fee revenue stays depressed (~$41M recently) while L2s capture activity with near-zero settlement costs, and competitors keep nibbling at RWA share.
Swell’s suspected hot-key compromise (potential ~2,513 ETH exposure via malicious upgrades + unbacked rate hikes) is a fresh reminder that liquid staking / restaking operational risk remains real even as the broader staking base grows.
$ETH