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Breaking: $BTC just dropped to 81,000, and $ETH directly broke through 2,400. In the past 60 minutes, $115 million long positions have been liquidated. Over the weekend, leverage blood still flows.
That big bearish candle in the early morning looked like a death blow. It broke below 81k, but in less than half an hour, it was pulled back to 81.4k, with a bunch of buy orders nibbling at the bottom of the order book. This is not how a trend reversal should behave; this is a liquidation-style fake fall. Some are using panic to rotate positions and exit, while others are ready to catch below.
But don’t relax just yet. After liquidation, the open interest barely dropped. $BTC futures open interest remains around 52.6 billion, shrinking only 0.14%. What does this mean? The leverage hasn’t died out; it’s just a new batch of people holding the positions. The market’s fragility hasn’t been resolved at all.
The macro side isn’t giving any relief either. September CPI at 3.7% is hotter than expected; retail data isn’t bad either. The Fed can’t find a way to ease. On Polymarket, the probability of a 25 basis point rate hike in October has reached 25%, and expectations for another hike by year-end are heating up. This week, digital asset investment products saw a net outflow of $434 million, with money voting with its feet. Plus, the Middle East situation remains unsettled; a shake in oil prices makes risk assets kneel first.
There’s another level you need to watch: around 81,500 is the average cost line for spot ETF institutions. The current price is stuck just below this line, grinding. If it goes lower, all ETF holders will be underwater collectively, and redemption pressure will be more painful than liquidations.
$ETH is weaker. The 2,390–2,400 range is its last cover. A decisive break below with volume leads to 2,350, even 2,300. That early morning liquidation of 4,890 $ETH longs at 2,356 wasn’t a coincidence; it was a nail pulled from the liquidation map.
As for #TeslaRoadsterUnveiled — US stocks closed over the weekend, and funds turned to push TSLA perpetuals on Hyperliquid, causing an hourly volume surge of 1,580%. The money hasn’t disappeared; it’s just searching for exits in the thin weekend liquidity. Leverage in crypto has become the table being drained.
80,000 is the last face for the bulls. Breaking it with volume breaks the structure; 7.7–7.8 is next. Holding it only buys a breather, not a turnaround.
This weekend, don’t fight leverage. Staying alive is more important than anything. $BTC $ETH
#特斯拉发布新一代Roadster，行情走高 #美国CPI与PPI双超预期，年内能否再加息？ #SpaceX上市后首份完整季度财报将揭晓 $SOL has indeed been very popular recently. Once the advertisement appeared in Shanghai, many immediately associated it with the domestic trading opening up, but this probably has little to do with the official stance, and it's hard to say what's true or false. The market, however, is very honest: it first fell as a sign of respect, now around 104, and it is estimated that there is still room for further decline in the next couple of days. The showmanship has some impact on the drop, but it is not the main reason; the real pressure still comes from the interest rate hike expectations. Hopefully, it will be settled soon.
#美国CPI与PPI双超预期，年内能否再加息？ The spike at 2355 was actually a whale liquidation! $187 million long position couldn't withstand $11.74 million liquidation, can the 2400 level hold?
According to on-chain analyst Yu Jin's monitoring, a certain whale who previously opened a $187 million long position with maximum leverage had 4,890 ETH longs liquidated at $2356 during the dip at 5 a.m., with a position value of $11.74 million. The $2356 level was exactly today's lowest spike — this spike was caused by this whale's liquidation order.
TokenPost data shows that the top 20 liquidations in the past 24 hours totaled $40.11 million, with ETH liquidations at $10.3 million. Shorts accounted for 52%, more than longs. This means those chasing shorts are also being liquidated. If ETH retakes key levels, short liquidations above $2537 could reach $862 million, with short positions still accumulating. Once a rebound starts, the stampede could be on the other side.
Ethereum spot ETFs saw a total net inflow of $22.5 million yesterday, with BlackRock's ETHA leading at $17.61 million net inflow, and Grayscale Mini Trust inflow at $3.11 million. Although global digital asset products still saw a net outflow of $434 million this week according to CoinShares, the single-day inflow into ETH ETFs indicates institutions are tentatively buying below 2400.
Resistance above: 2420 → 2493 → 2537; Support below: 2355 (today's spike low) → 2320 $BTC has been stuck at the 50-day moving average for a week now, and it is estimated that a new direction will emerge next week.
1. On the macro side, October spot ETF net outflows exceeded $1 billion, with BTC outflows this week amounting to $230 million, about 2,809 BTC, equivalent to 0.94% of the global 24h trading volume of $24.2 billion.
Compared to last month's inflow of $2.39 billion in one week, it has shrunk by nearly 60%.
2. On the funding side, BTC leverage has dropped significantly, with open interest contracts at only 620,000 BTC, and the rest are basically dead longs.
3. In horizontal comparison, BTC is the most resistant to decline, only dropping 0.37% this week, while ETH fell 3.9% and SOL fell 6.1% during the same period.
Vertically, there is still a 35.5% gap from the ATH of 127,000, currently at the 78.4th percentile of the 90-day range.
This time is somewhat like the old script from 2019 when BTC consolidated sideways for three months during the "rate hike cycle," eventually breaking down first and then rebounding, taking 47 days to choose a direction.
My judgment is: next week there is a 35% probability of breaking below 78,500, and a 25% probability of recovering 83,555. A brief analysis of BTC short-term trends based on Dow Theory, Chan Theory, Elliott Wave Theory, volume-price relationship, order flow, and price action (strategy suggestions)
$BTC #星球日报
Comprehensive assessment
Dow Theory shows a converging triangle with four rising lows vs. high point resistance
Chan Theory bottom fractal with four rising lows + critical upper edge of the micro center
Elliott Wave Theory contraction triangle end, breaking above 55% measurement at 84,400+
Volume-price relationship: lowest volume + positive Delta + accumulation characteristics
Order flow VA deviation under correction + weekend buying dominance
Price action is isomorphic to the night before the 10-11 spring.
Six-dimensional synthesis: The calm weekend is the calm before the storm, and multiple pieces of evidence (rising lows, positive Delta, gentle accumulation slope) slightly favor the bulls. But please note—this is a "slight bias," not a "confirmation"; Monday's volume recovery will be the real judge. #奈飞增长或放缓，广告业务成新看点 $NFLX will disclose its Q3 earnings after the U.S. market closes on October 20. My stance this time is cautiously optimistic.
The company has provided guidance, targeting revenue of $12.86 billion this quarter, a year-over-year increase of about 12%, with an expected operating margin of 33.2%.
My prediction: revenue will likely be close to guidance, with a slight chance of profit exceeding expectations. Advertising monetization is the core focus of this earnings report.
There is a key point that cannot be overlooked.
Last year, there was a large tax expense that suppressed the profit margin for that period.
Therefore, the year-over-year improvement in profit margin this year requires careful analysis to distinguish how much is due to business improvement itself and how much is due to the fading of last year's one-time factors.
Whether the stock price can rally after the earnings release does not solely depend on meeting the quarterly performance targets.
The real catalysts to watch are two core factors: the actual growth of advertising revenue and whether the management's guidance for Q4 can exceed market expectations.
The surprise potential in the market lies in these two areas. We await the post-market earnings release for verification.
#奈飞增长或放缓，广告业务成新看点 The real trading account of the "Eleven Boss" looks like a money printing machine: account assets are about 1.66 million U, with an annual return of 342%, peaking at 537%, and a win rate of about 64% in the last 30 days, labeled as a "swing trader." But what really sends chills down your spine is not how much he made, but how he lost.
Almost all his trades are high-leverage, tough risk-taking. BTCUSDT perpetual, long position, full margin, 50x leverage, with a maximum of 50 contracts; from 79940.6 to 79432.3, closed in just over an hour, with a real loss of 27,644 U, a return rate of -34.58%. ETHUSDT perpetual also long, full margin, 50x leverage, with a maximum of 2000 contracts, has realized a loss of 12,573 U. SOL only used 10x leverage, with a slight loss of -0.02.
At 50x leverage, if the price moves about 2% against the position, the account could be nearly wiped out. So he is not "unable to lose," but cuts losses when they occur, does not fight to the end, does not add to positions, and does not let unrealized losses turn into liquidation. This kind of curve often does not earn steadily every day but relies on a few big market moves to pull up profits, constantly using small losses to survive in between.
High-leverage real trading accounts are most easily deceived by the final numbers. When looking at such accounts, you cannot just look at the return rate and win rate, but must also look at single trade losses, maximum drawdown, position size, stop-loss discipline, and whether the equity curve is propped up by a few extreme profits. The truly valuable skill is not daring to go 50x, but being able to survive and leave when wrong.#Meta巨额AI投入进入回报检验期
The main theme in the AI market is shifting from "who spends the most" to "can AI recoup its costs."
The certainty of capital expenditure and the certainty of investment returns have never been equivalent. Anyone can spend money, but making money is probabilistic.
The issue is that the money earned upstream is precisely the money spent downstream. During the expansion phase, this cycle self-reinforces: giants increase spending → chip manufacturers' revenue grows → market expectations are adjusted → capital continues to flow in.
High interest rates further compress the margin for error. Capital has a cost, debt has a term, equipment depreciates, GPUs have iteration cycles, income can wait, but interest cannot.
An industry that relies on continuous investment to sustain valuation expansion, when the market starts focusing on "whether costs can be recovered," indicates that the growth credit it previously received is being re-evaluated. The shift from "believing in the future" to "demanding realization" is itself a change in the pricing mechanism.
This does not mean AI has no future. The internet changed the world, yet that did not prevent the internet bubble from bursting. The success of a technological revolution and whether the capital participating in the revolution can obtain reasonable returns are two different matters.
Therefore, for assets relying on unlimited capital expenditure and long-term profits to support valuation: when the market begins to debate whether it can ultimately make money, the previous phase of the game may already be over.
Spending money to create prosperity is easy; proving prosperity by making money is difficult. The harshest reality of the capital market is: you can ultimately prove you were right, but by then you no longer have enough cash flow to survive.Last night I just said the weekend would be sideways, but at midnight the bulls got a lesson! BTC once dipped to 80,813 dollars, and ETH was even harsher, touching 2,356, then pulling back to around 81,800 and 2,416 respectively. According to previous statistics, about 118 million dollars worth of related contracts were liquidated within an hour, nearly 86% of which were long positions. Last week's ETF outflows are background pressure, but it can't be said that institutions were dumping over the weekend. Also, the Middle East situation hasn't eased; Saudi Arabia continues to face attacks, and Brent crude oil once approached 110 dollars last Friday. The inflation pressure from high oil prices may continue to affect risk sentiment next week. Recently, Sun Ge mentioned the quantum computing Q-day. BTC's BIP-360 is still a draft, and ETH is also advancing quantum resistance research. I think this is a security issue worth long-term attention and should be monitored more in the future. Personally, I still see a bearish bias in the current consolidation. BTC is indeed stubbornly strong; first, watch if it can hold steady at 81,600–81,700; ETH needs to reclaim 2,420–2,425. If it falls below 80,800 and 2,356 again and fails to recover, be wary of continued weakness. I still prefer to wait for real buying pressure on Monday to give the answer. Weekend got itchy hands and kept watching the market, after watching I just want to say: short-term trading really tortures people😮💨
$BTC: 1h and 4h spot and futures are all leaking, futures are running away faster; 24h spot still has net inflow, indicating long-term money hasn't withdrawn, but short-term relay is broken. The dollar is pressured by news, after BTC spikes, still need to guard against pullbacks. Chasing the rebound? First ask yourself if you can take the hit😅
$ETH: funds are flowing back and forth, 1h spot turns to outflow, 4h futures inflow again, typical no direction. But ETF has had net inflow for 10 consecutive days, big institutions are supporting around 2300-2400. There's a floor and a ceiling, don't guess, wait for it to choose a direction🧐
$SOL: spot 1h, 4h, 24h are all receiving inflows, but futures 24h have large outflows. ETF applications and upgrades are the story, FTX/Alameda potential selling pressure is the stone. Spot and futures are fighting, just watch the show, don't get involved🎭
I opened a $BTC ant-sized short position at 81431 on OKX, stop loss at 83904, taking profits in batches as it falls. Not bearish long-term, just betting the buying side will break first to wash out some positions. Small position, clear attitude: right don't get cocky, wrong don't get hurt😎
This wave of "buying side falling behind," are you holding spot firmly or washing out short-term first? Let's chat in the comments, everybody🙌BTC is retesting the ascending trendline; whether it holds will determine the subsequent direction.
From 58,000 at the end of June, to 75,000 in mid-September, and now around 81,000, the daily lows have been steadily rising, and the mid-term upward structure has not been broken. However, with lows rising and highs falling, the two trendlines are gradually converging, and BTC has entered a critical pivot window.
The macro environment has slightly eased: U.S. stocks opened lower but rose, with the S&P and Dow closing higher. CPI and PPI consecutively exceeded expectations but did not trigger outright panic. U.S. Treasury yields have fallen, and the probability of a Fed rate hike in October has dropped to about 30%, improving short-term liquidity expectations. However, inflationary pressure remains, and tariffs, energy prices, and valuation risks in AI tech stocks continue to suppress risk appetite.
So, it is neither a clear bottom nor a genuine breakout upward at this point. Focus on two key levels: $80,000 is the critical mid-term trend defense line; holding it still offers a chance to push to $85,000–$87,500. $84,000 is near the descending trendline; only a breakout with volume can confirm bulls regaining control. Conversely, if the daily chart effectively breaks below $80,000, especially if a rebound fails to recover, watch for a retest of $75,000–$78,000.
Short-term bias is toward consolidation and recovery, not rushing for a one-sided rally. The third retest of the trendline could be an opportunity or a trap.
#BTCBoss Shi's short position this round is strong in "depth," not "aggressiveness"
Only two perpetual contracts in the real account, both with the same direction: fully short.
XRPUSDT: short 1.2 million tokens, full position 10x leverage, entry at 1.5022, mark price 1.296, unrealized profit +247,500 U, +137.28%.
BTCUSDT: short 150 tokens, full position 10x leverage, entry at 86195.3, mark price 81630.2, unrealized profit +684,800 U, +52.96%.
Total unrealized profit of about 932,200 U for both positions.
The key point is not the profit, but the page showing "current position short 1.88x": it says 10x, but the actual portfolio exposure is about 1.88x; maintenance margin rate is 6401.5%, liquidation price still "--". This indicates he is not maxing out leverage to bet on direction, but leaving enough safety margin to ride the trend.
The insight is clear: XRP has more volatile profits, BTC has a larger amount. If there is a rebound, XRP will be more volatile; if the decline continues, BTC is the main driver. Don't copy the direction, copy his sense of distance: staying far from liquidation is what allows holding onto unrealized profits. Account balance back to $200, but the weekend fatigue lingers. Where exactly do $BTC and $ETH want to go? If they are going to drop, let it be decisive. Why then draw a V-shaped reversal? Every day you hear shouts of "the bull is back," and the more they shout, the more it makes people uneasy. This sentiment itself is a signal. When market consensus slides from "panic" to "mechanical bullish shouting," yet prices still repeatedly tug near key levels, it indicates neither bulls nor bears have decisive chips. $BTC is currently watching the 80000 support line, while $ETH treats 2388 as a lifeline—these two numbers are not drawn arbitrarily; they overlap with leverage liquidation concentration zones and previous chip turnover areas. Price repeatedly spikes here, essentially liquidity hunting rather than trend initiation. The most interesting game is on $ETH. Some want to open longs here, placing stop losses just below 2388, reasoning it as "buying insurance": if it rises, you can profit both ways; the stop loss is just missing an opportunity. This sounds smart but ignores a second-order effect—when enough traders stack stop losses at the same spot, below 2388 becomes a "liquidity magnet" for market makers. Price may not truly break the trend but is very likely to first sweep these stops before deciding direction. The so-called "genius repeatedly eats" premise is that the position survives until the trend materializes. Looking at $ZEC, the sellers are still holding firm, shouting "recharge faith." Such slogan-like statements often appear on the eve of chip loosening—the truly confident funds do not needToday's market breadth: 20 up / 179 down, median -2.72%, very grim.
BAT's current round is a textbook "pump and dump" scenario: from 10-15 to early 10-16, it surged from 0.168 to 0.216, +22%. On the morning of 10-16, it was directly dumped by -10%, then rebounded for two days, and today dropped another -10.5%, closing at 0.18 — basically all gains wiped out.
This is not an accident, it's structural. After a volume explosion and price surge, a dump inevitably follows, and the decline during the dumping phase is often smoother and harsher than the rise, because those who chased in become trapped holders, and the selling pressure is active.
Current market environment: out of 199 coins, only 20 are up, breadth is extremely compressed. At times like this, the two most common mistakes are —
First, seeing a lot of decline and trying to bottom-fish, thinking "oversold = rebound guaranteed." But oversold can get even more oversold; until leveraged longs are fully liquidated, the bottom isn't solid.
Second, seeing BAT drop 10% and thinking it's cheap. Cheap is relative; a 30% drop from a high is still a high level, the valuation system has already changed.
My experience is: wait. Wait for volume to shrink, wait for moving averages to converge, wait for the market to choose its own direction. Today's breadth at least indicates the market hasn't finished falling yet, no rush.
What do you think, can BAT hold this position? $BATThis sideways movement over the weekend isn’t accumulation; it’s a lack of participants.
BTC at 81,858 has been grinding between 80,813 and 81,892 for 24 hours, with a volatility of 1.33%, and it hasn’t broken out of this box for six hours now.
Looking at the funding rates makes it clearer: BTC at 0.0071%, even lower than the 0.01% baseline; ETH at 0.002%; SOL is actually negative. The longs aren’t willing to pay more, and the shorts won’t pay either—neither side is betting.
Just saw a guy on the plaza with only 200 bucks left, saying he wants to open an ETH long with a stop loss at 2388, "even if stopped out, it’s just missing out." This is the real sentiment in a thin market: not bullish, just afraid to miss out.
Sideways with no liquidations + funding rates near zero isn’t accumulation; it’s that no one is willing to pay for a direction. They’re waiting for external events, not technical patterns.
Here’s a way to prove me wrong: if by Monday 21:30 before the US stock market opens, BTC is still between 80,813 and 81,892, then within 12 hours after the open there will definitely be a one-sided move over 1.5%; if BTC breaks above 82,309 before Sunday, consider this prediction wrong.
The most costly thing about sideways movement isn’t opportunity cost, it’s what you think it’s brewing.
I got two out of three predictions right this week, and one was off by 1.6%, so don’t treat this one as gospel either.
What do you think this wave is waiting for?
#USCPIandPPIsurpassexpectations, will there be another rate hike this year? $BTC$ATOM The essence of ATOM K-line volatility -- a surge followed by a drop exposes the "script"
A 17% surge in one day, then a drop the next day — what is the main force testing?
On October 9, ATOM surged to $2.06 (+17.34%), then fell back to $1.95 the next day. The daily chart shows resistance at the upper boundary of a symmetrical triangle; the script is "profit-taking leads to a pullback": inflation halving implemented + all Neutron funds recovered. The Gauntlet report reveals the truth: the problem is not inflation, but the distribution mechanism, Phase 2 is being rewritten.
Community users say: "I didn’t sell during the drop because the system is evolving."
The K-line is the surface; the narrative is the fuel for the main upward wave.
#特斯拉交付超预期后盈利修复成焦点 #NetflixQ3AdsAndMargins ETF withdrew 2,718 $BTC in five days
In five days, the ETF had a net outflow of 2,718 $BTC.
On the 13th, 2,147 $BTC came in; on the 14th, 3,144 $BTC went out.
How this number is calculated:
Subtracting inflows from outflows, the net for five days is an outflow.
On Friday, another 1,002 $BTC left; money is moving out.
The moment it triggered:
3.25 billion was liquidated across the entire network in 24 hours.
94,000 people were forcibly liquidated, with long positions accounting for 79%.
The price didn’t crash because the selling pressure was absorbed.
$BTC is now stuck at 81,286.
Positions are shrinking faster than the price, indicating no one wants to hold overnight.
$ETH is at 2,389, $SOL at 102.78.
The liquidated long positions were bought on margin.
When the price hits that line, the system sells for you automatically.
After selling this batch, the next batch’s line appears again.
Whether the 81,286 level holds or not is a different matter.
#VanEck停止推进Lido质押以太坊ETF
#$BTC $ETH #Netflix growth may slow, advertising business becomes new focus No wonder BTC and ETH started to rebound steadily at 3 a.m.
It turns out our beloved Mr. Trump spoke. According to the latest news on October 18, he said at a rally in Kentucky that the nearly eight-month-long Iran war will soon end, and gasoline prices will fall below pre-war levels. Coincidentally, Iranian Foreign Minister Araghchi also reiterated the "seven-day navigation plan," expressing willingness to restore normal navigation through the Strait of Hormuz. One after another, expectations for a cooling Middle East situation instantly surged.
This is clearly a "political puzzle" for the midterm elections. If oil prices fall, it will ease inflation, combined with the uncertainty of rate hikes after CPI and PPI both exceeded expectations, risk assets get a breather. BTC stabilized and slightly rose around 81,000, ETH followed the rise, but don't get carried away by the "about to explode" momentum.
The macro environment hasn't completely loosened, ETFs still have net outflows, and the 80,000-83,000 range oscillation hasn't been broken. Geopolitical news is fluctuating (the previous "seven-day plan" had setbacks), and high leverage is most afraid of such spikes. It's better to rebound with light positions and wait for institutional inflows and substantial ceasefire signals; don't guess the bottom or chase the high. Brothers, preserving principal is more important than missing out! $BTC $ETH $ZEC #奈飞增长或放缓，广告业务成新看点
Netflix's fundamentals have consistently been stable, with low expectations and a low stock price level, so the probability of a "slight beat + stock price recovery" is not low; however, revenue growth has slowed to about 12%, the slowest in nearly 11 quarters. To have a big surprise, it would have to rely on the advertising business or a significantly optimistic Q4 guidance, which is unlikely.$ETH issued 2,969 new coins yesterday and burned 13.59 coins. The output is 218 times the amount burned.
The saying "burning equals deflation" has always been the underlying assumption for its pricing. But the burn amount depends on how congested the mainnet is, and over 80% of transactions have long moved to layer two, leaving the mainnet quite idle. The daily burn dropped from $600,000-$700,000 at the end of September to around $50,000 in mid-October, a nearly 70% week-on-week decrease over seven days, and the total over thirty days accounts for only one ten-thousandth of the market cap.
On the issuance side, it is rigid: about 2,900 coins are given to validators daily, not a single one less. Net issuance is over 2,900 coins daily, resulting in an annual inflation rate of 0.9%.
Ethereum is now a mildly inflationary asset. The deflation narrative is no longer factual, just a memory.
The demand side hasn't helped either—Ethereum ETFs saw cumulative outflows approaching $900 million in October, with $320 million outflow in a single week last week, more than Bitcoin funds.
The price still holds above $2,400, relying not on deflation but on staking: nearly 30% of supply is locked in staking, and publicly listed companies' treasuries account for another 6.6%. These two are different in nature; deflation is a mechanism and cannot be undone; staking is a choice and can be undone at any time.
The support levels are at $2,397 and $2,417, with resistance at $2,534 and $2,552. When that ETH line crashed down, 2400 didn't hold at all. Within an hour, Binance, Bybit, and OKX combined saw $27.02 million worth of long positions wiped out, while shorts only cleared a few hundred thousand. The price slid from 2424 straight down to 2355, without even a decent rebound. BTC wasn't doing any better, dropping to 81000, with over $115 million in long positions liquidated within sixty minutes. Weekend liquidity is thin to begin with, and when leverage kicks in, it's as fragile as paper.
What's even worse is the ETF side. ETH spot ETFs saw a net outflow exceeding $1.4 billion in a single week, breaking both the 7-day and 30-day moving averages, signaling a bearish technical pattern. On-chain, a batch of old addresses holding for 3 to 10 years are selling at the fastest pace since 2021. On the macro front, CPI at 3.7% exceeded expectations, and the 10-year Treasury yield surged to 5.26%. With money this expensive, assets that don't generate cash flow naturally get hit first.
But interestingly, during these days of decline, large addresses have been accumulating in the opposite direction, with several giant whales buying over a billion dollars worth of ETH cumulatively.
The liquidation chart structure is also very fragmented now: if ETH breaks below 2392, there's another $475 million in long liquidations waiting. On the upside, short liquidations at 2618 have a strength of $466 million, but that's a story for later.
At this point, those cutting losses are handing chips over to the ones catching falling knives. I'm not advising to bottom-fish, but weekend leverage sweeps never play by the rules.
Are the long positions in your hands still holding up? #SpaceX上市后首份完整季度财报将揭晓 SpaceX officially went public on Nasdaq on June 12, 2026, Eastern Time, with the stock code SPCX. This first full quarterly report after listing shifts market focus beyond just revenue scale; the core is the cash flow alignment of its three main businesses, serving as a major test to verify whether its "space + AI" story can be realized.
Starlink is the only stable cash-generating foundation. The market focuses on user growth, large government and enterprise orders, and average revenue per user (ARPU). Consumer user growth and Starshield government contracts determine how much operating profit Starlink can generate to subsidize cash-burning businesses. Starlink's profitability is the cornerstone supporting its valuation.
The AI computing power business is the biggest growth highlight but also a capital-consuming beast. Computing power rental orders are growing rapidly, with very high revenue growth; the downside is huge hardware investment and sustained short-term losses. The financial report needs to be watched for: new signed orders, gross margin improvement, and capital expenditure growth rate. If capital investment continues to far exceed revenue growth, it can easily trigger market concerns.
Space launch + Starship R&D belong to long-term strategic investments. Falcon 9 launch business cash flow is acceptable, but Starship V3 test flights and iterations continue to consume funds. The success or failure of Starship determines the future possibility of low-cost orbit access, large-scale deployment of V3 satellites, and space computing power construction. This quarter, attention should be paid to launch frequency, Starship test flight progress, and control of R&D expenses.Tesla will release its Q3 earnings report after the market closes on October 21. Deliveries of 486,000 vehicles indeed exceeded expectations, but year-on-year they still fell by 2%, and Wall Street is not focusing on car sales at all. The market expects revenue to be around $27.8 billion, with EPS about 0.45, nearly a 10% year-on-year decline. The real highlight is the gross margin—automotive business gross margin is expected at 17.3%, with Jefferies more conservative at 16.7%. Whether it can hold is key. Cash flow is also precarious; free cash flow turned negative last quarter, capital expenditures are increasing, and whether operating cash flow can make up for it this quarter is a question.
Robotaxi is showing some real progress. The Austin Cybercab fleet expanded eightfold in 30 days, surpassing 300 vehicles, with over 1 million miles driven without regulatory oversight and zero major accidents. But Morgan Stanley put it bluntly: fleet size does not equal commercial success; vehicle utilization, safety performance, and unit economics are the true tests. No rush on Dallas expansion yet. Don’t take Optimus too seriously; the probability of shipping by the end of the year on Polymarket is only about 7%.
$BTC here is basically unrelated to Tesla’s AI narrative and is still hovering around 81,000. ETFs saw an outflow of $82.4 million again on Friday, so the funding side hasn’t strengthened. No matter how lively Tesla’s earnings are, it can’t drive the broader market; they’re going their separate ways. #特斯拉交付超预期后盈利修复成焦点 #AMD财报超预期 has growth been overdrawn? The early morning spike, $ETH dropped even more than $BTC
BTC stopped around 80700, while ETH directly dropped to 2356, falling nearly 100 dollars from around 2450
On-chain data detected a whale who previously opened a $187 million long position with maximum leverage, including a position of 4890 ETH, with a liquidation price exactly stuck at 2356
The drop at 5 AM precisely pierced his liquidation line, liquidating a $11.74 million position
This low point was largely caused by this liquidation itself
$ETH spot ETF saw a net outflow of $60.22 million yesterday; money is flowing out from the spot side, while leverage on-chain is rotating, causing frequent "spasms"
ETH surges fiercely when rising because shorts get squeezed; it falls hard because long leverage gets pierced easily
#BTC ETH#奈飞增长或放缓，广告业务成新看点 Today's Core Judgment The most noteworthy point today is not new regulatory policies, but that the three types of spot ETFs (Exchange-Traded Funds) for BTC, ETH, and SOL all experienced synchronized net outflows again on the last trading day of this week. On October 16, the spot ETFs for BTC, ETH, and SOL had net outflows of $82.4 million, $69.7 million, and $12.7 million respectively, totaling approximately $165 million. Among them, SOL has had net outflows for ten consecutive trading days; the capital pressure has not eased but instead set the largest single-day outflow this week. The situation of OKXICE facing objections from listed companies is still unfolding, but this is a continuation of previously disclosed risks and does not count as new negative news today. My judgment is: The current institutional capital environment remains weak, especially for ETH and SOL. Exchange OS (Exchange Operating System) has entered public beta, but whether OKB can gain substantial new demand still depends on whether real trading, external deployment, and staking rules can be continuously fulfilled. 1. ETF Funds: Three Asset Types Synchronized Outflows Again October 16 is the latest effective trading day: - BTC: net outflow of $82.4 million; - ETH: net outflow of $69.7 million; - SOL: net outflow of $12.7 million. This week, the combined net outflow of the three ETFs was about $574 million, with BTC outflowing $228.4 million, ETH outflowing $320.1 million, and SOL outflowing $25.5 million. BTC buy orders remain unstable, ETH continues to have consecutive outflows, S#Netflix Growth May Slow, Advertising Business Becomes New Focus Key Points
Netflix's traditional subscription business is marginally slowing down, and relying solely on raising membership prices and acquiring new users for growth is becoming constrained; the ad-supported subscription plan (a lower-priced version with ads) has become the clearest second growth curve at this stage and is currently the biggest market highlight, but the overall advertising revenue still accounts for a small portion of total revenue and cannot fully shoulder the overall growth burden in the short term.
1. Why the original growth is starting to slow down
1. Membership base ceiling appears: Netflix's global paying membership volume has reached a high level, with high penetration rates in major overseas markets, making it increasingly difficult to add new members. The growth rate of total user watch time has significantly slowed, and it also has to compete with TikTok and YouTube for user time.
2. Price increases have side effects: In the past, Netflix has repeatedly driven revenue growth through subscription price hikes, but continuous price increases tend to cause old users to churn and cannot be used indefinitely.
3. Industry competition intensifies: Streaming services like Disney and Amazon continue to compete, with content investment costs remaining high. The market once worried that Q3 revenue growth would hit a recent low, and the stock price was pressured after earnings expectations were released.
2. Advertising business: New focus
After Netflix launched the lower-priced subscription plan with ads, the expansion speed exceeded expectations:
1. Revenue expectations: The company guides that advertising revenue is expected to double year-on-year by 2026, targeting about $3 billion, which, although a small proportion of total revenue, is the company's fastest-growing segment. $BTC Will the US midterm elections really affect the Bitcoin cycle bottom?
In 2014, Bitcoin bottomed on the 71st day after the US midterm elections.
In 2018, Bitcoin bottomed on the 39th day after the US midterm elections.
In 2022, Bitcoin bottomed on the 13th day after the US midterm elections.
71 days → 39 days → 13 days.
The time intervals are getting shorter.
So, what about 2026?
If this pattern continues to shorten, will the market hit the bottom earlier after the midterm elections?
Of course, history doesn't simply repeat itself, but it always leaves clues worth studying for the market.
The real question is not whether the bottom will appear, but whether the market will reverse early when everyone is waiting for the bottom.
What do you think about 2026? Will Bitcoin replicate this pattern?
Leave your judgment in the comments: bullish or continuing to test the bottom? In the 2021 bull market, $SHIB, $GALA, and $DOGE all experienced extreme gains, and the wealth effect of small-cap tokens once reached its peak.
But past gains cannot be directly replicated. Market capitalization, liquidity, and token distribution have all changed, so the winners of the last round may not be the winners of the next.
If a new altcoin rally occurs in 2026, which three coins do you think will have the biggest gains? #奈飞增长或放缓，广告业务成新看点 LanlingWatching the $2400 USD level without catching a falling knife, $ETH hourly liquidation of $27.24 million long positions followed by a slight rebound to $2404 USD, with both bulls and bears holding hidden cards.
The bears' hidden cards are heavy; ETH spot ETF weekly outflows account for 3.7% of net assets, with redemption intensity more than 5 times that of BTC, and the top buyer BitMine's holdings are approaching the 5% limit.
The bulls' confidence lies in the rapid 16% clearance of ETH contract leverage on platforms like OKX over 5 days, combined with the recent launch of VolatilePair Hook on Uniswap mainnet, which has driven on-chain yield recovery.
I think contract deleveraging can only provide short-term rebound elasticity; before BitMine's buying peaks and BlackRock's ETHA stops outflows, a major reversal lacks incremental ammunition.
At the current position, continue to watch without bottom-fishing; only a volume-backed recovery above the $2440 USD resistance level signals a short-term halt to the decline.
If the $2395 USD intraday low is broken again, the deleveraging rebound logic fails directly, and the search for a bottom continues downward.
With contract leverage reduced by 16% amid an ETF redemption wave, at the $2400 USD level, do you prefer to bet on an oversold rebound of $ETH or follow the trend to short?
$ETH $BTC $UNI
#Ethereum #CryptoMarket At 81,400 USD, neither blindly bottom-fishing nor recklessly shorting, $BTC on OKX perpetual contracts saw a large long liquidation at 80,639 USD, followed by a rare underlying divergence in the market.
Bears are fixated on the futures open interest stuck at a high of 36.6 billion USD, while the daily funding fee expenditure for longs has surged 57.3% to 1.5 million USD, and the weekly net increase of stablecoins across the network has sharply dropped by 75%.
However, the bullish hidden signals are equally strong: the CVD indicator for active selling on perpetual contracts has decayed by 90.7%, and BlackRock's IBIT continues to net buy against the trend despite a 679 million USD weekly outflow from ETFs.
I believe this is a typical stalemate where spot cold wallets are locking positions to support the bottom, but high-interest longs on contracts are stubbornly holding on; it's difficult to reverse directly without washing out these high-interest longs.
Currently, I am observing around 81,400 USD without chasing orders. Only a volume-backed break and hold above the previous high at 83,600 USD with cooling funding rates would confirm a bullish victory.
If the price effectively breaks below the liquidation low at 80,600 USD, the high-interest longs are very likely to trigger a cascading liquidation, causing short-term support to fail immediately.
Facing the divergence between the exhaustion of contract CVD selling and the 57% surge in long funding fees, at 81,400 USD, would you lean towards left-side buying of $BTC or shorting on rallies?
$BTC $ETH $SOL
#Bitcoin #PerpetualContracts $APR remains bearish with five days left before unlocking. In the past 24 hours, $130,000 worth of long positions were forcibly liquidated, and those trying to catch the dip during the decline were the first to fall. Only 28 short positions were liquidated, meaning almost no one was forced to cover, and there isn't enough fuel to push prices upward. Open interest and trading volume are nearly nonexistent; such a thin market has to absorb new chips equivalent to 47% of the circulating supply, so selling pressure will only be released early. In our backtests, about three-quarters of events in the week before unlocking underperform the market, with consistent directional samples before and after; $APR is currently within this window. The fee rates for all three periods are flat at 0.0050%, indicating no one is willing to leverage to bet on direction. The RSI at 27 is already very low, but the weak zone can persist for a long time; supply pressure overhead means oversold conditions can't support a decent rebound. The condition to flip bullish is to recover and hold above 0.04729 before unlocking; if it fails to hold, it will continue downward along the descending trendline. After the 23rd, backtests show no stable direction, so we won't speculate further here.CoreWeave dropped more than 25% in a single week, CDS surged to 1195 basis points, bonds approaching distress zone.
Observed: Closed at $61.39 on Friday, down over 25% from about $82 on October 9. 5-year CDS hit a record high of about 1195 basis points, 2031 bonds around 79 cents, yield over 16%. Debt concerns have spread to the chip sector.
My view: This is not just a sentiment sell-off; it’s the market starting to price in the debt repayment pressure of highly leveraged AI computing infrastructure. Watching but not chasing, no catching falling knives.
My action: Watch if it can hold $65 to stabilize and recover; if it breaks below $58, the setup fails, continue to observe, no bottom fishing.
Do you think this is a normal correction for AI infrastructure, or the start of a debt crisis?
$CRWV #Tesla delivery beats expectations, profit recovery becomes the focus $NVDA $BTC
#AI computing power #BlackRock shifts to overweight short-term bonds, downgrades US stock rating Nearly $942 million in forced liquidations occurred, yet $BTC barely held around $82,000 — the key question in this deleveraging round isn’t "who is selling," but "who is buying." Within 24 hours around October 15, the entire network saw about $942 million in contract liquidations, with long positions accounting for approximately $863 million, a high proportion of 91.6%, and $ETH-related liquidations around $283 million. After concentrated leverage risk was cleared, prices did not show a decent rebound, which itself is a signal overlooked by many 📉 First, clarify a common misconception: forced liquidation does not equal the end of selling pressure. Forced liquidation can wipe out excessive leverage at once, but whether spot holders continue to sell or institutions reallocate positions won’t automatically change due to a single liquidation. Leverage clearing addresses "existing risk," while the market currently lacks "incremental buying." Next, consider the nature of the rebound. $BTC briefly dropped below $80,000 before quickly pulling back, then oscillated repeatedly around $82,000. This movement resembles liquidity repair rather than a trend reversal. After concentrated liquidations end, reduced selling pressure and tentative low-level buying can create a quick bounce, but this is different from the capital supply needed for sustainable gains. Price bouncing up doesn’t mean funds have returned. The third layer of pressure comes from macro factors. U.S. inflation data exceeded expectations, causing the market to reassess the Federal Reserve’s interest rate path, and risk assets remain under the shadow of uncertainty. This also explains why after deleveraging, $BTC and $ETH #美国CPI与PPI双超预期，年内能否再加息？ 🤔
The data gave the market a lesson first: September PPI year-on-year 6.3%, CPI year-on-year 3.7%, both exceeding expectations. Normally, bets on rate hikes would heat up, but Federal Reserve officials did not respond. Wash said on October 16 that he does not predict the future interest rate path and did not hint at action in October; Daly and Goolsbee were also cautious. After the speeches, market bets on a rate hike in October quickly dropped to 15%.📉
This is a brief window for BTC: rate hike expectations cool down, pressure on the dollar and U.S. Treasury yields eases, and risk assets get a breather. But inflation stickiness remains, and the option to raise rates again within the year is still on the table. BTC is tugging around 82,000, with resistance at 83,500–84,500 above and support at 81,500–82,000 below; the direction is still unclear.⚖️
On the ZEC short side, if the market rebounds due to cooling expectations, ZEC may also pull back in sync. But 1,273–1,288 is a strong resistance zone, and the head and shoulders pattern remains unbroken; prices returning to 1,260–1,288 can still be seen as a short opportunity. Stop loss remains at 1,430; hold if not triggered, exit if triggered; target remains 1,008, with 1,070–1,050 as a range to halve the position first. $BTC 🎯In June and July of this year, $BTC was bottoming around 60,000
Given the environment at the time, it was hard to tell if it was truly the bottom
But many macro events now look very similar, which is quite terrifying upon reflection
In early August, Bitcoin was fluctuating around 63,000, and news spread that the Federal Reserve was going to raise interest rates. This caused panic because since the start of 2024, rate hikes hadn't been discussed, and everyone believed that the only option ahead was rate cuts. That illusion was shattered
Another major event was in early August when the much-anticipated bull market catalyst, the Clear Act, completely fell through. The market had basically accepted that it wouldn't pass this year and abandoned that narrative.
With rate hike expectations and the complete abandonment of the bill's passage, combined with the bear market environment at the time, everyone thought the bear market would worsen and last a long time, and Bitcoin would inevitably fall below 50,000 or 40,000
But then in August, there was a sudden rally, pushing the price directly to 80,000, completely defying logic
Now the environment is the same: CPI exceeds expectations, rate hike expectations are heating up, U.S. Treasury yields and oil prices are high, and there is no visible reason for prices to rise
When such disappointment is pushed to the extreme, any positive news can trigger a big price surge
Macro negatives only serve to quickly clear selling pressure; a healthy chip structure will determine the bull market's sustainability
$BTC $ETH
This process will be exceptionally tough #美国CPI与PPI双超预期，年内能否再加息？ #奈飞增长或放缓，广告业务成新看点 Will Netflix's growth slow down, and can its advertising business change the situation?
It can partially change it, but it is not a "silver bullet."
Positives: It directly contributes to revenue growth, improves monetization of low-priced users, expands reachable audiences (especially international and younger users), and helps profit margin expansion. Combined with price increases and content/live streaming strategies, it supports the company in maintaining double-digit revenue growth and stronger free cash flow. Management also clearly regards it as one of the core growth pillars for the future.
Limitations: The advertising scale is still small and cannot fully offset the slowdown in subscription growth in mature markets. Overall growth has shifted from high double digits to mid-to-low double digits, which is a normal phenomenon as the streaming industry moves from expansion to maturity. Long-term success still depends on content appeal, pricing power, international penetration, and possible further monetization innovations.This huge whale who went all-in with $187 million long leverage the day before yesterday seems to have failed:
His 4,890 ETH ($11.74 million) long position was liquidated at $2,356 during the drop at 5 AM.
This is the lowest point of $ETH's dip early this morning, meaning the lowest point may have been contributed by his liquidation.The rebound looks like photo retouching; no real money has come in 📉. $BTC fell below 81,000, down 1.77% in 24h, nearly 80,000 liquidations.
$BTC — Support is weakening. Spot net outflow of 13.7 million in 1h, 133 million in 24h; contracts are withdrawing simultaneously; weekly contract net outflow is about 3.3 billion in volume, and ETF buying has also hit the brakes. Short-term inflows look more like passive patching, not new money lifting the market 🚫.
$ETH — The biggest deceiver. 24h contract net inflow of 375 million looks bright, but 1h and 4h have turned to outflows; spot 24h outflow of 57.05 million; spot ETF has had net outflows for 11 consecutive days, totaling 780 million USD. Bright face but slippery feet ⚠️.
$SOL — The best among the short ones. Spot net inflows in 1h/4h/24h, showing support; but contract funds are still leaving, with SOL spot ETF net outflow close to 9.82 million USD on October 15. Spot support is the lifeline; if it weakens, it’s just a flash in the pan 🌪️.
News is cold: 71.8% probability Fed holds in October, rate hike shadow not gone; CLARITY Act procedural vote failed; Brent crude nears 110 USD 🧊.
Conclusion: Volatility is not a trend. Wait for $BTC and $ETH spot to turn green, wait for $SOL spot support to stabilize; before that, chasing longs is futile. Don’t fear missing out, fear being left holding the bag 🙂.The US Ethereum ETFs had a net outflow of $69.7 million on October 16, all from BlackRock's ETHA; the other 10 products listed by Farside recorded zero net flow that day. The latest complete data row is still Friday, not weekend additional outflows.
Adding up the five trading days from October 12 to 16, the total net outflow was $320.1 million, with only Tuesday recording a net inflow. The previous week, October 5 to 9, saw a net outflow of $542.2 million. Although the outflow scale has narrowed, the capital direction has not yet turned positive.
This affects the demand for ETH held through these funds: net outflow means redemptions exceeded subscriptions, indicating an overall contraction in the fund channel, not just a decrease in account valuation due to price changes. For those observing ETH capital absorption, this shows that this channel remains weak; whether it can be absorbed by other buyers depends on broader spot trading and subsequent capital flows.
Next, we will see if the new trading week shows continuous net inflows and whether inflows can expand to more products. A single day or a single fund is not enough to represent all institutions. The table also cannot be used to confirm that any on-chain transfer is an ETF selling coins.
Source and chart: Farside Investors; data captured around 09:12 Beijing time on 10/18, units in the table are in millions of USD, parentheses indicate net outflow. Below is only the ETH/USDT spot price, not a fund entry.
https://www.okx.com/zh-hans/trade-spot/eth-usdt $BTC 大饼上方红框圈出的盘整区被跌破，因为多次反弹没有突破到82614阻力位上方运行突破阻力失败必然会出现回调。 回调又把81788的支撑跌穿，81788的支撑跌穿之后上方白色箭头所指又有多次想重新收回到81788阻力上方运行，也没有收回去，在这个位置做个空有没有问题呢？ 没问题，因为它符合做空条件，符合哪些做空条件呢？ 第一当下是下跌趋势因为高点在降低并没有出现更高的高点，第二跌破了82614-81788的盘整区间出现了结构的破坏。 第三在跌破82614-81788的盘整区间之后有反弹想重新回到82614-81788的动作，但是没成功，所以做空没问题，下跌自然反弹没过去上方阻力，一定会二次回踩所以你空了吗？ 突破82614自己让一点止损就行了。为什么止损放在82614上方一点呢？ 因为只有突破82614黄框圈出的盘整区出现更高的高点才能延续反弹，突破不了82614没有出现结构的突破涨不起来，所以我把止损放在这里了。 止盈往下一步一步看呗！80974-80159跌破在继续向下看。 做交易没有谁厉害不厉害这一说，说白话做交易就是在赌，盈亏各占50%谁有100%的胜率马斯克都会给$RIVER talks about the long-short ratio every day, and I wonder, can't the market makers fake a large number of long orders to lure shorts?#Institutional funds continue to flow out, can BTC stabilize? This weekend's market really wore down both bulls and bears. Watching BTC hover around the $81,000 mark feels like waiting for the other shoe to drop. Another big bearish candle appeared in the early morning, which looks scary, but after breaking below 81k, it was pulled back up, reclaiming 81.4k in less than half an hour. The volume didn't explode out of control, and there were plenty of buy orders nibbling at the low end of the order book—this movement looks more like a "liquidation fakeout" rather than a downward trend reversal. It feels like big money took advantage of the panic to execute a large-scale turnover; some are running, while others are taking the opportunity to buy heavily. This kind of "volume-driven drop" itself signals an intense battle between bulls and bears. The liquidation was quite severe. According to Yujin monitoring, a certain whale who previously opened a $187 million long position with maximum leverage had 4,890 ETH longs liquidated at $2,356 during the early morning drop, with a position value of $11.74 million. This price was the lowest point ETH reached in the early morning, possibly triggered by this liquidation. The key point is that after liquidation, the open interest (OI) barely dropped. BTC futures OI is still around $52.6 billion, only shrinking by 0.14%. What does this mean? The leverage hasn't died out; it just changed hands to a new batch of holders, and the market's fragility remains unresolved. Right now, the overall market sentiment is somewhat "cold outside, hot inside." On the surface, the macro environment is indeed troubling. The inflation data from the US feels like a stone weighing on everyone's heart, and everyone is watching closely On October 18, according to a post by Jiang Zhuoer (@Jiangzhuoer2), the risk of quantum attacks on Bitcoin is currently underestimated and not properly priced. He believes the likelihood of occurrence within 1.5 years is low, citing calculations that suggest "Q-Day" is more likely to occur in the mid-2030s; with the development of AI-assisted research, quantum attacks have shifted from "two or three decades later" to "a few years later." His calculations estimate that about 1.7 million coins from Satoshi's era in P2PK format (including about 1.1 million Satoshi coins), plus an estimated loss of about 1 million coins from 5.17 million coins exposed by P2PKH address reuse, total approximately 2.7 million BTC vulnerable to quantum attacks. This amount is comparable to the total holdings of 2.9 million coins by ETFs, MicroStrategy, other large companies, and various governments; if stolen and dumped on the market, it could crash the coin price back to at least $10,000. He states that directly invalidating lost coins would violate Bitcoin's spirit of inviolable private property; believers advocate allowing hackers to steal (BIP-360), while capital and organizations advocate invalidation if not migrated by expiration (BIP-361). If the two sides cannot compromise and hard fork, the scale of conflict will far exceed the BCH split back then. He also mentions that ETH's early lost coins are much fewer, and since the only social value created by blockchain is RWA, ETH replacing BTC as the largest market cap coin may be inevitable, with quantum attacks possibly being the most likely catalyst. #US CPI and PPI both exceed expectations, will there be another rate hike this year? $BTC $ETH $SOL Elon Musk flew a flying version of the Roadster, which got 70.29 million views and 815,000 likes. He said he wants to fly over the Grand Canyon and still be able to drive on wheels after landing. The whole internet is buzzing. Watching it makes me want to propose on the spot. But did you know? In the same week, the Philadelphia Semiconductor Index fell 3.8% on Friday, with chip stocks down for eight consecutive days—the longest streak since 2008. The Nasdaq dropped 2.14% that day. BTC is now hovering around 81,000. (All data above is from the morning of October 17-18.) The narrative is flying high, but cash flow is crawling on the ground. It's like a boyfriend saying he'll take you around the world, but his WeChat balance only has two digits. Romance is the narrative; the bill is the reality. Here's my observation: First, when tech sentiment diverges from the market, don't rush to take sides. Sentiment is free, but positions require real money. Second, the Fed raised rates to 3.75%-4.00% in September, and Powell hasn't closed the door on further hikes. All risk assets are freezing during the rate hike cycle, and crypto is no exception. This week, the US spot BTC ETF still saw continuous net outflows. Institutions are moving out quietly; you're not the only one feeling cold. Third, but the pipeline hasn't stopped. Tokenized US Treasuries are nearing $15 billion. DTCC's tokenization service launched this month. Prices are cold, infrastructure is hot. This kind of time tests patience the most. It's like dating: everyone has a honeymoon phase, but those who stay through the quarrels are true love. So today's peace summary: Watching the flying car is exciting, but making decisions requires calmness. Don't chase highs or bottom-fish calls. Position accordingly. The arc public chain developed by crcl has recently gone quiet, with daily revenue only about 50,000 to 60,000 USD, totaling roughly 2 million USD per month at most. The profit is too small to have any significant impact on crcl's stock price; crcl still relies on US Treasury bonds backed by USDC reserves to earn interest.
To expand the market and increase USDC's market penetration, crcl shares revenue with many channel partners. For example, Coinbase and Binance, although this reduces their own profit margins, it helps increase USDC's market share. This strategy is correct and actually similar to the approach of internet companies: burning money to capture market and user mindshare, then starting to make money once winning.
I am still quite optimistic about crcl's stock price. As long as crcl continues to expand USDC's penetration and deepen its presence in users' minds, when the big bull market truly kicks off, crcl will most likely soar. If it can surpass USDT's issuance volume, that would be even more incredible. Looking forward to that day.