诸葛投研✊
诸葛投研✊
17年进圈，9年web3老玩家，券商原持牌投顾。合约爆过仓，现在只玩主流币现货，向段永平看齐。
36Following
1.6Kfollowers
Feed
Feed
I see some people hyping up the issue of "Microsoft and 16 other companies opposing the tokenization of their stocks on OKXICE," using this to bash $OKB.
Everyone, don't worry, this is completely a misunderstanding:
1. The 16 companies are opposing the tokenization of their own stocks, not opposing OKXICE. They also oppose tokenized trading on $BNB and Robinhood.
2. Their opposition is normal and a reasonable market reaction because it not only offers them no benefits but also easily causes trouble:
(1) This is not good for their stocks: if stocks are put on-chain, shareholder voting might get complicated; plus, their company names could be used directly by others, and they would have to bear the compliance explanation costs for on-chain tokenization, which is very troublesome.
(2) It easily causes trouble: the industry lacks regulation, so if on-chain tokens lose their peg and hurt investors, the token issuers make money while their own investors suffer losses, which they definitely don't want.
So essentially, this matter has nothing to do with OKXICE. Other platforms ignore their stance and just use the tokens; listed companies have no accountability mechanisms;
But now OKXICE wants to be more compliant, so they proactively asked for their stance, and the other side just expressed their position.
This is actually a good thing. Communication and discussion lead to solutions, which is the foundation for long-term stable asset tokenization. Otherwise, it might be like the last $SPCX IPO, where everyone was ready with money, but they didn't give the crypto industry a share, which would be even more embarrassing.
+55.13%
Snapshot at Oct 21, 2026, 15:04
Why do I say this rebound is purely emotional, driven up only by short squeeze? Besides theoretical analysis, we can directly look at market data:
1. Last night, 73,000 people were liquidated across the market, yet $BTC trading volume actually dropped by 1.96%, meaning this was a low-volume rebound without buying support. Shorts liquidated last night amounted to 191 million, accounting for 70%, indicating that the buying from forced short covering dominated last night.
From a technical perspective, the coin price is still suppressed below the MA20 at 83108, and RSI is only 45.6. In the options market, put volume is more than twice that of calls, showing that people don’t believe this rally will last; it’s just a short squeeze driven by sentiment.
2. $ETH is even more so. Among last night’s liquidations, ETH’s liquidation volume was even higher than BTC’s, with shorts liquidated at 65%. Technically, its RSI is only 36.3 and still far below the MA20 at 2522, indicating very low market sentiment. Spot buying is even less, with ETFs seeing a net outflow of over 100 million yesterday.
3. Only $ZEC is slightly better, surging 10% yesterday with a volume increase to 111 million. This is likely because the market pulled back after three previous bottom tests, using up most of the available buying power, so last night’s rise was relatively easy.
But the key is whether it can hold above the 50-day moving average at 1270. If it holds, it could push up to 1350.
+27.46%
Snapshot at Oct 21, 2026, 12:04
Last night, US Treasury yields fell, oil prices plunged, and crypto assets collectively recovered. #ETF持续流出，BTC反弹能否延续？
$BTC was the coin with the most new long positions added last night. Previously, BTC's open interest had dropped to a very low level, but last night Deribit's net gamma was 157,000, with 64% weighted on calls, and the previous panic discount basically disappeared.
ETF net inflow on Monday was $526 million, indicating buying support at 82,000. It seems this rally is a new direction after breaking through the triangle zone. Pay close attention to the 84,500 level; if it holds steady, the bull market can basically be confirmed to continue.
$ETH had been dragged down by nearly half a month of ETF selling pressure, but institutions finally returned yesterday. Also, many short positions were liquidated, supporting the contract price. Among the $100 million liquidations last night, $64.7 million were shorts, and currently, long positions account for 70% of open interest.
The average on-chain holding cost line is 2311, and it has held above 2400 for a week now, so it probably won't break below. The upward trend remains.
$SOL has a positive catalyst today with the mainnet activation, so extra caution is needed for the possibility of good news turning into bad news.
Especially now, open interest is $6.79 billion, with high leverage. I just saw a giant whale reducing positions on-chain yesterday, so today will likely see a slow decline, and it may take a couple of days to catch up with the broader market's rebound.
+27.39%
Snapshot at Oct 21, 2026, 11:17
This Iran conflict mess is still being repeatedly exploited 😂
Israel and the US are on the same side; I feel this wave is a smokescreen set by the US to boost the stock market. Regarding geopolitical conflicts now, I only trust Iran's narrative.
But it must be admitted, the market is just emotional speculation. International oil prices plunged (Brent crude fell below 110, dropping over 3% at one point), US Treasury yields also fell back, and inflation and tightening expectations have both eased.
Yesterday, under the truce trigger, $BTC led the rally, $ETH followed but weakly, and $OKB lagged a bit.
BTC has now stabilized above 83,000, driven mainly by short squeezes. Yesterday, over 73,000 people were liquidated across the network, with shorts accounting for more than 90%. US stock futures opened higher (Nasdaq +0.61%, Dow +1.06%), and risk appetite has returned.
ETH followed the rally but was weak because institutions haven't returned; it only rose 1.6%, purely riding the wave of BTC risk appetite recovery, with no independent buying pressure.
ETH's trading volume shrank compared to the previous day (intraday volume down about 22%), RSI is neutral, neither overbought nor confirming a reversal.
OKB lagged this wave without an ecosystem story, only rising 1%, underperforming the broader market.
The logic is simple: OKB's brand is "OKX platform + X Layer"; with no new catalysts now, no new progress in ecosystem or application deployment, so sentiment funds haven't flowed into it. #ETF持续流出，BTC反弹能否延续？
Just now $BTC surged broadly, the most direct trigger being the hopeful ceasefire between the US and Iran.
Tonight, the market circulated news that the US and Iran reached an agreement to end the war, which directly eliminated the geopolitical risk premium. Oil prices and inflation expectations both eased, giving risk assets immediate reason to rise.
$ZEC rose 7%, leading the gains, signaling the retreat of the safe-haven narrative and the resurgence of the privacy narrative.
Secondly, ETF funds have finally returned, with $BTC spot ETFs seeing a single-day net inflow of $527 million, reversing the outflow trend from mid to late October.
BlackRock's IBIT alone grabbed $665 million, the largest single-day inflow in over a year. This is real, solid buying.
There is also a linkage effect: US tech stocks rebounded + favorable macro conditions. After last week's AI crash, the Nasdaq recovered, and as US stocks caught a breath, BTC followed suit and rose.
Technically, I mentioned this morning that BTC has entered a triangle zone, and a direction will emerge today or tomorrow, and I believe the direction is bullish.
Just now, contract open interest rose faster than spot demand, indicating leverage-driven positions in this move. Consequently, MicroStrategy's $MSTR stock price also surged 5%, which is the best proof of leverage-driven buying.
诸葛投研✊
Institutional funds were still withdrawing yesterday, but fortunately $BTC held the key psychological level. From a technical perspective, the direction will be determined in the next couple of days:
BTC has a resistance level at 84350 on the 14th, and the rebound resistance yesterday was 83150; these two points form a short-term pressure line;
It also found support at 79725 on the 15th during the drop, and the support point during the big drop early yesterday was 80600; these two points form a short-term support line. The triangle area formed by these two lines will be broken in the next day or two.
I believe the direction after the breakout will be upward. Because last week there were bearish factors like "high interest rates, ETF net outflows, high inflation," most RSI indicators were oversold but the coin price remained stable, indicating it can't fall further.
For example, $ETH is in the most awkward position, with spot ETFs experiencing net outflows for the third consecutive week, RSI only at 29, but the price still held steady at the 2300 iron bottom. I think there is a probability of a volume-driven recovery to 2450.
$SOL is also a good candidate dragged down by the overall market. The mainnet launches tomorrow, and RWA has grown sevenfold in a year to a scale of 4.3 billion, definitely one of the main narratives for the next bull market. This month it was completely dragged down by the market, which caused it to break below the 111 USD 20-day moving average.
+14.63%
Snapshot at Oct 20, 2026, 10:53
The bottleneck of AI is not in computing power, but in memory, which is why this year's AI market is so counterintuitive: Nvidia $NVDA, which sells shovels, is not the biggest gainer, but Micron $MU and SanDisk $SNDK, which sell memory, are.
1. Nvidia's gross margin has increased from 56.9% to 70%, controlling HBM and packaging capacity. But it does not manufacture memory itself; the window will not open until the end of 2028.
So it has only risen 15% this year, now fluctuating around 217. It is both a beneficiary and a bottleneck victim of AI.
2. Micron's expected revenue this year is $54.2 billion, up 379%, with a gross margin of 87%.
Due to the narrative that most HBM will be sold out and premium-priced by 2027, its RSI is now 75, indicating overbought. Although it has the thickest moat, beware of emotional pullbacks.
3. SanDisk has surged 613% this year, purely NAND-focused, spun off from WDC; Q4 revenue rose 372%, with 8 long-term contracts covering 65% of 2028 capacity.
But it is not tied to HBM, relying purely on NAND price increases. So it is relatively risky when the cycle turns.
#芯片股终结八连跌，AI行情能否持续？
Why are mainstream coins mainstream coins, and not something that a new project with some narrative, launching a mainnet, and airdropping to pull some community users can compare to?
It's because of their technology foundation tested by hackers over time and user trust. This round of bear market reshuffling has basically eliminated projects without their own core competitiveness.
1. $ETH's Fusaka upgrade will launch PeerDAS in Q4, expanding blob capacity from 3–6 to over 64, really bringing down L2 costs.
Also, the recently popular privacy narrative has been upgraded into the mainnet framework. Last week, Thailand's SEC crypto ETF framework was just launched, which is proof of user consensus.
2. $SOL is the most thorough single-chain high-performance route, and tomorrow it will launch the Alpenglow mainnet to reduce single client risk.
With high-frequency consumer applications + payment track positioning, it has over 3 million daily active users and a DEX volume of 2.29 billion per day, making it the king of high-frequency scenarios.
3. XRP has secured the top stablecoin settlement chain with a comprehensive score of security, high speed, low cost, and decentralization.
Its RLUSD market cap is $1.6 billion, with $6.3 billion in monthly on-chain transfers; tokenized US debt on XRPL has increased 8 times in a year to $418 million.
In this bear market, these mainstream coins are all bottom-fishing opportunities.
Why do I like investing in projects with ecological applications and actual profitability?
Because with these kinds of projects, you don't have to worry about them going to zero, and you can hold them and sleep well: for example, $XRP, $ZEC, $UNI. Even when they recently dropped, there were people buying the dip.
1. Ripple has the largest market cap for on-chain stablecoins and is the public chain with the largest settlement amount.
Cross River has integrated RLUSD into the core system of a US bank, and Evernorth still holds 473 million XRP on Nasdaq.
So although XRP dropped 5% last week and the 20-day moving average at 1.39 is overhead, many are still buying the dip, and the price can find support around 1.29.
2. UNI is currently the DEX with the largest trading volume. Uniswap's protocol fees annualized in October reached $125 million.
It has now burned 110 million UNI tokens, making it a typical example of "strongest product, weakest token."
3. ZEC is actually the most awkward because its mainnet just started and the ecosystem is not mature. Fortunately, it spiked to 1053 last week, having already shaken out a round of panic selling.
Privacy coins fear narrative collapse the most. Now the narrative hasn't broken, there is support at 1110, and there are whales buying in.
Looking at ecological implementation requires breaking it down into two layers: one is whether the protocol is being used, and the other is whether the coin can capture the dividends.
This week's unlock calendar is a bit scary, so densely packed that it can't fit on one screen. I'll pick out a few main points:
1. $SCR will unlock 43% the day after tomorrow: This is not a regular linear release, but a cliff-style one-time unlock. 43% of the tokens will be dumped on the same day, definitely hitting the market hard.
2. $AKE will unlock $63 million tomorrow, the largest token amount this week. The gaming sector's order book is thin, so this volume hitting the market will be hard to absorb. Those holding related positions should weigh their risks.
3. MBG and H have similar unlock ratios, one at 12% and the other at 12.7%. The amounts aren't particularly large, but the dilution effect is strong. Holders will feel uneasy, which can easily trigger follow-up selling.
4. ZRO, $XPL, and others have routine monthly linear unlocks. The market usually prices these in advance, so treat them normally and don't scare yourself.
The XPL portion is split among the team, ecosystem, and investors, so the selling pressure is diluted and not the main issue this week.
From this perspective, $DOGE's opportunity still depends on whether it can get full support from X money. After X launched Cashtag Partner last time, DOGE's narrative did revive a bit, with large addresses hoarding 240 million tokens in 5 days.
Now that X money has no new moves and Musk is busy building flying cars, DOGE can only follow the overall market ETF outflows and decline.
$PEPE is relatively better. After Sun cut his holdings the day before yesterday, community consensus has picked up a bit. Also, the top 100 wallets control 77%, a very high concentration, which is favorable for pumping the price.
Of course, pumping also needs to be supported by a story. Without new institutional products or adoption progress, whales can't move the price.
$TRUMP still consistently dumps regularly, don't expect otherwise. The chip unlock for Trump's team will continue until the end of next year, so retail investors buying in are just giving money to Trump.
-50.15%
Snapshot at Oct 20, 2026, 17:11