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Sister Wood is out shouting again: South Korean semiconductor stocks have now entered the buy zone, still optimistic. I've heard this kind of talk too many times—the more it bleeds down, the more big influencers come out shouting "golden pit." My position is right here, standing exactly opposite.
The logic for trend trading is very simple: an asset's entire moving average line is pressing down on the head, foreign capital is continuously net selling, and the narrative relies on backward-looking data like "turning losses into profits" and "20x forecast growth" to hold up. I have no reason to catch the knife others are bottom-fishing. The key to low-frequency large bets is never guessing the bottom, but recognizing which side of the trend you stand on, then holding on. $BTC's current AI deleveraging cycle is not over yet.ETH Liquidation Style Suddenly Changes: Bulls Still Taking Hits in 24 Hours, 99.8% of Last Hour's Liquidations Are Shorts.
What changed? In the past 24 hours, ETH liquidations totaled $107 million, with bulls accounting for 91%; but in the last hour, out of $19.69 million liquidated, 99.8% were shorts, as ETH reclaimed above 2400, directly wiping out those chasing shorts.
Why is this noteworthy? This wave of short liquidations occurred amid two consecutive weeks of ETF net outflows and near-zero spot demand. It's not a broad rally driven by new capital inflows but more like a violent correction of position structure.
Currently, the observation favors a "short squeeze rebound" rather than a trend reversal. The key focus next is whether ETH can hold above 2400 and if spot buying can sustain after short covering cools down.
After this short squeeze, who will take the baton next? Let's discuss in the comments. $ETH What is the core value of DeFi—"bringing the real world onto the blockchain" or "creating a financial system independent of the real world"?
Would DeFi still stand without tokenized stocks and RWAs?
The DeFi boom from 2019 to 2021 was almost entirely centered around crypto-native assets:
Using ETH, BTC, and stablecoins as collateral for lending
Trading with tokens
Yield farming with governance tokens
During that phase, there were almost no true RWAs or tokenized stocks, yet DeFi had already formed a complete financial loop: lending, trading, liquidation, leverage, derivatives. This shows that crypto-native assets alone are sufficient to support an independent financial system.
Simply put, RWAs are an extension of DeFi, not its foundation.
One viewpoint holds that without integrating real-world assets, DeFi is just a "closed-loop casino" lacking real value support. Another argues that precisely because it does not rely on real-world assets, DeFi retains the greatest experimental space and censorship resistance.
These two perspectives are not actually contradictory:
From the perspective of "whether it can operate independently": DeFi still has meaning without RWAs and tokenized stocks, and this was proven early on.
From the perspective of "whether it can grow bigger, become more stable, and attract more capital": RWAs and tokenized stocks can indeed significantly expand DeFi's ceiling, especially in providing stable returns and reducing overall volatility $BTC's weekly close is very precise, 820 still looks pretty good. It holds the daily, 3-day, and weekly lines at a key position, with the main force signaling to the market their intention to maintain a bullish stance. Quantitative traders won't mechanically dump; judging by the main force's choice, the possibility of shaking out bulls before a rebound has increased, as mentioned in the quote below—this is the first shakeout of bulls. Also, yesterday it tested down again from 80k to 805. It's clear that 80k is both a point of accumulation and strong defense by the main force. If the main force doesn't choose to kill the bulls, I won't chase longs. I haven't taken any contract positions; the risk-reward ratio isn't high. I'll wait for an opportunity to short when it goes up. For spot, I also choose to wait and not add positions for now. Overall, the direction remains a wide-range consolidation, and a weekly-level correction is about to begin. This basic foundation is nailed down. At the end of October, there were 12 days, 10 trading days. In October, I added $UNI and $MSTR, which have made good progress but are still some distance from my 90% position target. I hope after this rebound ends, new opportunities will arise. The recent rise in the US stock market's decline—I called it a good opportunity three times, and the US market is already rebounding strongly. I believe the pre-earnings season drop presents even greater opportunities and risks. During this period, I bought $MSTR, which may also rise with this rebound. BTC at a 10% discount is still very attractive. My next goal for the US stock market is to increase the proportion of big tech and rotate into crypto stocks, which I plan to complete opportunistically within 1-3 months. I will take advantage of the AI rebound to reduce positions, keep cash, and wait for better crypto opportunities to increase my cash ratio. This AI bottom-fishing in the US market is at least a chance to bet on a big leap.The most vulnerable link has never been the price, but the "sense of security" built up by leverage. ETH's second dip hasn't broken the previous low yet; is this a real stabilization or just a pause for the bears? Watching the 4-hour chart these past two days, both ETH and SNDK have shown relatively clear bottom divergences. ETH's second test of the bottom didn't break the previous low, and the support below is starting to show presence. My personal feeling is that the short-term bottom is likely close to completion, but this statement must be followed by a "but." What really makes me cautious isn't the candlestick pattern, but the derivatives structure. Perpetual contract positions remain piled high, and the funding rate hasn't undergone a thorough washout, indicating that the bulls aren't completely dead, nor have the bears fully relaxed. In this state, divergence can be a reversal starting point or just a breather in a downtrend continuation. Bottom signals have appeared, but it's still too early to confirm. Another easily overlooked point: the longer the high-interest-rate environment drags on, the more mature the RWA and Wall Street BTC and ETH leverage tools become, making capital rotation faster and strategies more aggressive. Simply interpreting rate hikes as bearish and rate cuts as bullish is no longer sufficient. What the market is actually trading now is how much expectations have been priced in advance, not the events themselves. So, rhythm-wise, I am short-term optimistic but remain somewhat cautious in the mid-term. Going forward, I will focus on only two things: whether ETH's second bottom can hold and whether the 4-hour chart can truly break through the upper resistance. If it holds, risk appetite will first emerge in small caps and altcoins; if it doesn't, this divergence will be digested as a bull trap. Crowd psychology is quite subtle right now, F 【GDP returns to 4.5%, China's economy has caught its breath, but the people's wallets haven't caught up yet】
China's Q3 GDP grew 4.5% year-on-year, higher than Q2's 4.3% and exceeding the market expectation of 4.4%. The economy has indeed warmed up, but this is only felt by a small portion of people. The main drivers of this growth are more from exports and manufacturing, while domestic demand has not truly taken over yet.
Industrial output in September grew 5.5%, but retail sales only increased by 1.1%; real estate development investment in the first three quarters dropped by 20.6%. Factories are busy again, consumption is recovering slowly, and real estate is still dragging behind. This set of data shows that the economy is resilient, but it doesn't mean everyone feels the recovery.
This also means that in the short term, policies may not rush to flood the market with liquidity, since growth has already returned to the target range. However, the higher the dependence on exports, the more vulnerable it is to overseas demand and trade friction shocks.
Compared to whether GDP can be a bit higher, I am more interested in whether consumption and private investment can truly pick up. If growth is taken over by domestic demand going forward, that would be a more solid recovery; if it continues to rely on exports to prop up the scene, 4.5% looks good, but the economy's foundation is still not strong enough.$BTC $ETH Big Brother Maji has once again faced a full liquidation. Why does he persistently stubbornly hold onto the longs?
This round of long positions was directly forcibly liquidated by the exchange, wiping out all the profits earned over the past year, with an additional loss of 36.85 million USD. Profit, liquidation, reinvestment to fight again—he has repeatedly gone through this cycle many times.
The reasons behind this can be summarized in four points: First, early large gains from going long on ETH and HYPE created a fixed trading path dependency; second, he has a strong faith in Ethereum, embodying a typical E-guard mentality; third, he inherently has a high-risk trading style, habitually using 25x leverage to roll positions, quickly re-entering after liquidation; fourth, he struggles to break free from psychological traps, as the high-leverage rebound profits are very tempting, combined with the sunk cost effect, making it hard to decisively stop.
Even if the overall bullish judgment is correct, without proper stop-loss under high leverage, small adverse market fluctuations are enough to trigger liquidation. In trading, position management is far more important than judging the direction of longs or shorts.
Currently, ETH’s trend is weak, with price running below short-term moving averages. Short-term support ranges from 2370-2400, strong support at 2320-2360; resistance at 2450-2500, with pressure zones above at 2550-2600. Market liquidity is low over the weekend, making price fluctuations easily amplified. Under 25x leverage, just a 1%-2% adverse move will approach the liquidation warning line. #机构资金转弱，BTC与ETH谁先迎来回流？ 🔥 Within one week, spot crypto ETFs have bled over $1.22 billion! The "nuclear power" that once drove the market rally has now become the biggest drag.
📊 【Institutional Retreat, Altcoins Bleeding Heavily】
🔴 Institutional buying has clearly cooled down, with $ETH outflows even exceeding those of $BTC.
🔴 Galaxy Research directly points out: ETF and corporate treasury buying can no longer absorb the chips sold by long-term holders. The supply-demand gap this year has reached -127,300 BTC!
🔴 Funding pressure is spreading; last week, 141 altcoins fell an average of 14%, and liquidity is rapidly drying up.
📈 【Price Bottom Card: Why Can't It Fall Further?】
Although BTC rebounded to 82,000 today, contract funding rates remain weak, and ETFs (such as IBIT) are still experiencing net outflows. The real warning signal is not how much is flowing out, but that funds are withdrawing while prices fail to hit new lows.
If BTC can hold the 80,000 level under this bloodletting, it indicates real buying is quietly accumulating below; once capital outflows combine with a break of key support, selling pressure will explode completely.
💡 Capital flows only reflect sentiment; price trends are the boss. On the macro side, inflationary pressure has not eased, and the 10-year US Treasury yield still looms overhead. We will talk about a major reversal when ETF funds turn positive.
#机构资金转弱，BTC与ETH谁先迎来回流？ #SpaceX上市后首份完整季度财报将揭晓 Although $CORE Core coin has not experienced an "instant zeroing out" or a public abandonment announcement from the project team, multiple signals across various dimensions indeed point to a risk state of a soft exit. Describing it as "chronic bleeding" and "trust collapse" might be more accurate than saying it is "preparing to run away."
The most direct alarm comes from exchanges. At the initial launch of CORE, it was supported by 34 exchanges, but now only 13 still trade it, and deposits and withdrawals are often restricted by risk controls.
The collective withdrawal of mainstream exchanges means centralized liquidity is rapidly drying up, making buying and selling extremely difficult.
🐛 Hard issues in governance and trust: vulnerabilities and anonymous team
A series of governance problems continue to erode the project's credibility foundation:
· Repeated vulnerabilities: At the end of August 2026, due to a validator reward vulnerability, about 255 million CORE were prematurely released. Although the project team fixed this through an emergency hard fork, another 69 million "ghost tokens" had already been transferred out before the fork and were not recovered, becoming potential selling pressure hanging over the market.
· Opaque aftermath: The project team has yet to fully disclose the exact amount of over-issuance and details of the vulnerability, and the lack of transparency has intensified distrust.
· Anonymity and centralized decision-making: Most core team members remain anonymous, and the official acknowledgment is that decisions are currently led by the core team. This contradicts the blockchain cornerstone of "decentralized trust." Data as of 10-19 11:13 (Beijing Time). The overall market color has finally flipped: Bitcoin is back to 82,600, up 0.85% in 24 hours, Solana +0.9%, Chainlink +1.1%, Ripple +0.6%, only TRON remains green, down 0.2%. The strongest performer is Zcash, which has rebounded 20% from its low in the last 24 hours. Previous round review (04:39 batch, entry price → current price, checked by direction): - TRON Long 0.331700 → 0.332510 (+0.24% profit) | Take profit 0.332870 / Stop loss 0.330998, neither triggered ✓ Hit - Zcash Short 1,059.01 → 1,175.34 (-10.98% loss) | Stop loss 1,084.92 triggered ✗ Missed - Dogecoin Short 0.076380 → 0.079900 (-4.63% loss) | Stop loss 0.077428 triggered ✗ Missed The hit rate based on direction is 33%. But I don’t want to gloss over this number: the TRON trade was sideways, earning 0.24%, while the other two were real cash short positions, both stop losses were hit, resulting in a real loss this round. If the direction is wrong, you have to admit it. Where was the mistake? I’ll explain clearly. My logic in the last round was "each rebound is lower than the last, and after longs are forcibly liquidated, there is no one to take over," which usually holds true for a downtrend asset. But Zcash is not a straightforward asset:ZEC has once again touched above 1170; the privacy sector really has something going on this time. DASH surged over 60%+ in a week in tandem, and ZEC is around 1172 on OKEx today, up 3.86% in 24h — it's not fighting alone.
The drivers are quite clear: anticipation of Zcash's NU7 quantum upgrade is brewing, Grayscale's ZCSH spot ETF has provided institutions a legitimate buying channel, and Arthur Hayes publicly stated "ZEC should be worth 10% of BTC's price," which boosted sentiment. OKEx's 24h volume is 56.09 million USDT, volume is coming in, MA5/MA30/MA120 are aligned bullishly, the super trend at 1142 is supporting from below, structure is smooth.
My view: this is a sector repricing under the narrative of privacy scarcity, with ZEC as the core, but RSI at 64 is already a bit hot, so don't chase the high; watch how it digests this.
Watch two signals: whether the resistance line near 1178 (24h high at 1191 just overhead) can be broken with volume to hit new highs, and whether the super trend at 1142 holds on any pullback; also watch if the DASH and privacy sector correlation continues.
#ZEC #Zcash #PrivacyCoins
Not investment advice, DYOR#Weekly order momentum continues, overall has reached 1k+, with strong growth continuing in November-December: As of this week, T Chain's overall weekly production orders have already exceeded 1k units. The target for the end of October is 2k units/week, maintaining overall momentum. Correspondingly, core suppliers are actively expanding capacity, including the implementation of automation upgrades and renovations on production lines, aiming to reach an overall weekly production of 2.5k+ by the end of the year, with capacity planning for next year underway. 你观察到的反弹是事实，但幅度其实比较温和，更多是“止跌企稳”而非强势反转。核心原因在于美联储加息担忧暂时缓解，同时油价跳水也间接提振了风险资产。 为什么反弹？ · 加息预期降温：美联储官员此前的表态未释放进一步加息的明确信号，市场对10月加息的押注概率从高位回落至约 15%，缓解了 crypto 和股市的压力。 · 油价跳水助攻：俄美柴油交易取得进展的消息导致国际油价短线跳水，这在一定程度上减轻了市场对通胀失控的恐惧，资金风险偏好回升，美股期货与比特币同步拉升。 · 情绪与超跌修复：比特币此前一度下探至 8.1万美元下方，恐慌情绪释放后，部分低吸买盘入场；同时加密恐慌贪婪指数从“中性”转为 “贪婪”（59），显示情绪有所回暖。 中午到晚上：涨还是跌？ 大概率维持震荡，单边大涨或大跌的动力都不足，整体略偏中性。 · 利空压制（涨不动）：虽然加息预期降温，但美国通胀数据（CPI/PPI）依然偏高，且美联储年内仍保留收紧可能。此外，比特币现货 ETF 近期出现资金净流出，限制了向上的爆发力。 · 支撑存在（跌不深）：比特币在 8万美元 关口展现了较强的韧性，只要不跌破 8.04万-8.1万美同样是BTC，有人亏了326万美元，选择主动止损；有人却以83,266美元的均价，花2.35亿美元继续买入。 一个在离场，一个在加仓。 如果只看K线，这不过是BTC从79,725美元反弹至82,450美元的一轮普通行情。但把这两笔资金放在一起看，真正值得研究的问题就出现了： 当短线资金开始撤退，长期资金却在持续买入，这究竟是反弹的机会，还是更大分歧的开始？ 我更关心的不是谁一定会赢，而是他们为什么会做出完全不同的选择。 一、亏326万美元离场，不一定是看空BTC 先看离场的一方。 据相关市场信息，一名大户平掉了约1.1亿美元的BTC多单，亏损约326万美元，随后将资金转向美股多头。 这笔交易最值得注意的，不是亏损金额，而是他选择了主动退出。 1.1亿美元的仓位，亏损326万美元，相当于仓位名义金额的约2.96%。当然，这不等于其实际投入保证金的亏损比例，但至少从表面上看，这并不是一个只能被动等待爆仓的仓位。 他选择离场，可能是认为BTC短期上涨空间有限，也可能是认为资金放在其他市场能获得更好的风险收益比。 而且，他没有直接转为全面看空，而是转向了美股多头。 这意味着什么？ 至少有一种可Long-term bullish, short-term bearish, that's still my stance.
Being optimistic about the long-term development of BTC and the crypto market doesn't mean every pullback right now is worth buying. Long-term logic needs time to play out, but short-term prices rely on real money support. If buying power can't keep up, no matter how good the story is, it can't stop capital from withdrawing.
From October 12 to 16, the US BTC spot ETF saw a net outflow of $228.4 million, and ETH had a net outflow of $320.1 million. At least judging by this week's performance, capital hasn't signaled sustained accumulation. Especially for ETH, which has a smaller market cap than BTC but a larger outflow amount; it's hard for me to turn optimistic based on just one rebound.
However, a rate hike in December is still possible. Some institutions already expect another 25 basis points hike in December. If rate hike expectations heat up, the appeal of holding cash and bonds may increase, making it harder for the crypto market to attract incremental funds, affecting capital flows.
I'm short-term bearish; if ETFs continue to see net outflows, I'll remain cautious. If BTC and ETH see continuous inflows and prices find support on pullbacks, I'll have to adjust my view.
I guess BTC might be the first to see ETF capital inflows. Its liquidity, institutional recognition, and market consensus are stronger, so once capital flows back, it usually chooses BTC first.
Long-term, I focus on development; short-term, I watch the money flow. Bullish on the future, but also respecting where the money is going now.
#机构资金转弱，BTC与ETH谁先迎来回流？ A bizarre scene: Last Friday, ETFs had a net redemption of 152 million, yet this morning BTC still stands at 82,400 — it's not the bulls topping out, but the shorts lining up to stop loss. Breaking down this 152 million: BTC was redeemed for 82.4 million, sold off by BlackRock and Fidelity; ETH redeemed 69.7 million, all from BlackRock alone. The big money outside the market didn't come back over the weekend.
Across the entire network, 313 million was liquidated in 24 hours, with longs accounting for 60%; in the last hour, 29.72 million was liquidated, with shorts accounting for 96%. The price did rise, but the shorts are keeping it alive. All three coins are green: SOL is the most aggressively added, ETH had the highest 24-hour liquidation at 94.09 million, BTC touched 82,405 with trading volume nearly doubling. The gainers and losers are at extremes — some up nearly 40%, others down 30%, while the mainstream coins are grinding within 1%, fear and greed index at 60, lukewarm.
Today is a macro event day: Q3 GDP, State Council Information Office press conference, Financial Street Forum,
Tomorrow LPR, tonight Canadian CPI, all queued up. Suggestions: 1. ETF redemptions + liquidations keep the rebound legs borrowed, don't chase longs before the events; 2. ETH has the most liquidations and the least gains, with the highest fee rate at 0.0091% among the three coins, shorts pay the price and get hit, bulls don't rush to catch; 3. It's a stock game, wait for the landing before choosing sides. Despite the rise, I remain still, saving bullets for when the boots drop.At 4 AM, $BTC was at 80,684. His stop loss was at 80,500. A difference of 184 dollars. 😬
The trader who opened a fully leveraged long position of 187 million dollars just exited.
$BTC: 1,355.6 coins were actively closed at 80,949, losing 3.26 million dollars.
$ETH: 4,890 coins were liquidated at 2,356, with a position value of 11.74 million dollars—right at the lowest point of the early morning.
Then immediately opened a 45.8 million dollar long position in US stocks: TSLA 34.65 million / DRAM 7.59 million / SOXL 3.85 million.
By the end of September, there was an unrealized profit of 19.7 million, but nearly 10 million was cut in one week. The direction was right, the mistake was "full leverage."#NetflixQ3AdsAndMargins
Netflix Q3 earnings, AMC Oct 21. 🎬
The market gives 72% odds of a beat. That's already priced in, so a beat alone isn't an edge.
What I'm watching:
Margins: the main driver of the price reaction
Ads: a real growth engine, or a patch for slowing growth?
Next-quarter guidance
Scenarios:
Beat + strong margins + raised guidance → continuation
Beat but flat guidance → "sell the news" risk Institutional funds are weakening, and BTC is highly likely to see inflows before ETH.
#Institutional funds are weakening, who will see inflows first, BTC or ETH?
In October, $BTC has seen outflows of about $617 million so far, while $ETH has faced more sustained pressure in the recent window.
ETF and treasury buying cannot fully absorb the supply released by long-term holders, and corporate accumulation is also slowing down.
Altcoins are even weaker, with 141 altcoins dropping an average of 14% last week, far exceeding BTC's approximately 3% decline.
I judge that BTC is more likely to see inflows first, mainly for three reasons:
First, the institutional channels are more mature.
BTC spot ETFs have net assets of about $100 billion, while ETH only has $15 billion. When uncertainty rises, institutions prioritize BTC as "digital gold" for allocation.
Second, the narrative better matches the current macro environment.
With hot inflation, high US Treasury yields, AI stock debt concerns, and geopolitical uncertainty, funds tend to avoid risk. BTC's macro hedge properties are more favored, while ETH depends more on risk appetite and on-chain activity recovery.
Third, historical patterns support this.
In past adjustments, BTC ETFs often first show narrowing outflows or improved inflows, followed by ETH, with institutional attention still focused on BTC.
Currently, the market is still dominated by macro factors. Going forward, the main focus is:
BTC net inflows turning positive (especially led by IBIT), corporate treasury accumulation restarting, and price support stabilizing around $80,000.$BTC accounts for 60% of the entire market, not because it got stronger
During the two days the US stock market was closed, money moved from other coins to $BTC.
Market cap is 1.63 trillion, nearly 60% of the entire market.
How this number is calculated: the denominator is the total market cap, not just looking at gains.
When other coins fall, its share is passively raised.
It itself hasn’t risen, just hovering around 81,000 along the 50-day moving average.
The drop in $ETH is different from $BTC: 10 consecutive days of ETF net outflows.
$XRP lacks a US spot ETF to support it; after breaking below the 50-day moving average, RSI dropped to 18.
A high share means money is shrinking back, not that new money is coming in.
#机构资金转弱，BTC与ETH谁先迎来回流？
#$BTC $ETH $BTC price surged about $2000 from the morning session. However, the open interest data barely moved, with the 4-hour open interest showing almost no increase. The funding rate has also remained suppressed at a low level. Despite such a sharp rally, the data is rather flat, which is a bit unsettling. The volume of active buying pushing the price up is not significant; this rally seems more like a short squeeze.
Without follow-up volume support, the short-term momentum is hard to sustain. Looking at the 4-hour chart, the EMA lines are still diverging downward. The moving average system does not support this rebound. The major cycle's highs and lows continue to sink. The price has risen by two 4-hour ATRs in the last six hours, indicating the bulls' pace has slowed.
The current price just touched the 82,000 area, a 4-hour resistance level. This coincides with a 4-hour bearish FVG gap. The candlestick's upper shadow has already appeared. There is significant resistance above, causing the rally to stall here.
I am bearish on this level. With the 4-hour major resistance overhead, the market will likely pull back first. It would require large buy orders to break through.
$ETH $SOL #Institutional funds weaken, who will see inflows first, BTC or ETH? 今天是2026年10月19日，星期一 当前加密市场处于“弱修复”阶段。 宏观通胀压力与ETF资金外流构成上方压制，但链上巨鲸吸筹与稳定币蓄势提供底层缓冲。BTC 维持 8 万上方筑底，ETH 则面临更复杂的杠杆清算风险。 -------------------- 消息面：宏观压制主导，合规进展缓慢 利空传导链清晰。 美国9月 CPI 同比 3.7%、PPI 均超预期，直接推升降息延后甚至加息担忧，引发上周约 9.5 亿美元杠杆仓位爆仓，其中 90% 为多头。BTC 现货 ETF 连续两周净流出合计约 9.1 亿美元，ETH ETF 单周流出 3.201 亿美元，超过 BTC ETF 流出规模，机构资金短期呈撤退态势。 合规面长期偏多但短期无买盘。 CFTC 加密现货/杠杆交易新提案已刊登，德意志银行拟推出机构级托管，方向利好但落地尚需时间。CME 10月维持利率不变概率约 83.9%，宏观情绪边际略有缓和，但尚未形成反转催化。 -------------------- 技术面：BTC 收敛震荡，ETH 结构更脆弱 BTC：8 万为轴，上方均线密集压制。 周末自 80621 低点反弹至 Big Brother Maji, who relies on rent for survival: making a fortune from rent, but nearly had his underlying assets forcibly liquidated and lost his property…
Big Brother Maji's latest positions revealed, a complex long-short hedging combination showing extreme divergent market moves, with impressive funding fee income
✅ Complete breakdown of three positions
① BTC short｜40X full position
Quantity: -243.96 BTC, valued at $20,164,400
Opening price $84070.0, margin $504,100
Unrealized P&L: +$345,700, funding fee +$83,200
Liquidation price $104,678.16
High-level BTC short position, currently floating profit, still continuously earning funding fees. But with an extremely high 40x leverage.
② ETH long｜25X full position
Quantity: 7223.81 ETH, valued at $17,513,400
Opening price $2500.18, margin $700,500
Unrealized P&L: -$547,500, funding fee -$29,500
Liquidation price $1655.89
③ HYPE short｜5X full position
Quantity: -268,300 HYPE, valued at $21,288,200
Opening price $66.2399, margin $4,257,600
Unrealized P&L: -$3,516,100, funding fee +$1,064,500
Liquidation price $97.78
Here comes the main event! Huge floating loss on the HYPE short, but funding fee income reaches $1,064,500, "collecting rent" through funding fees. Introduction: $80,000 is the key support observation area; sustained incremental buying recovery remains crucial.
The market, project, and coin information, opinions, and judgments mentioned in this article are for reference only and do not constitute any investment advice. Written by 0xWeilan @ eMerge IS. This week, the US September CPI and PPI both exceeded expectations. International energy supply shocks and persistently high interest rates have once again become the main pricing themes in financial markets. Meanwhile, the AI industry chain's revenue growth, capital expenditure, and credit risk are under scrutiny, with previously strong Risk-on trades shifting to Risk-off. Funds are reallocating between assets and sectors: US Treasuries and the Dow Jones index rose, while Nasdaq, gold, and BTC declined.
Macro Finance: The Middle East conflict continues to disrupt energy transport expectations around the Strait of Hormuz. Brent crude oil closed at $109.86 per barrel on October 16, up about 4.9% for the week. If supply risks persist, high energy prices will increase the difficulty of reducing US inflation through higher fuel, transportation, and raw material costs.
September CPI rose 3.7% year-on-year, higher than August's 3.4%, and increased 0.6% month-on-month; core CPI rose 2.6% year-on-year and 0.3% month-on-month. PPI rose 6.3% year-on-year and 1.3% month-on-month, marking the largest single-month increase since March 2022. Final demand goods prices rose 2.6% month-on-month, service prices rose 0.8%, and transportation and warehousing services rose 3.4%. Energy was the main driver, but excluding food, energy, and trade services, the PPI month-on-month...There are less than two weeks left in October. Historically, October has been a very good month for Bitcoin. Below is Bitcoin's performance in October over the years. Since 2013, there has never been two consecutive years of decline. Historical data tells us that we can look forward to the next two weekly candles.
2013 +47.5%
2014 −12.6%
2015 +33.1%
2016 +15.0%
2017 +49.1%
2018 −3.9%
2019 +10.3%
2020 +26.8%
2021 +39.9%
2022 +5.5%
2023 +28.5%
2024 +11.0%
2025 −3.9%
2026 so far about −1.4% (OKX current price 82500, monthly open 83600)
Even at the current price, the monthly candle is quite healthy and still in a bull market cycle. 美股下跌当天，加密市场平均跌幅3.42%，而三个平台币平均只跌1.3%——这个"抗跌"数字正在被误读。$OKB跌1%、$BNB跌1.2%、$HYPE从82.44滑到78.95，把三者跌幅拉平后得出的温和数字，掩盖了一个关键事实：托盘的是被卖出的筹码，不是新进场的资金。 这套逻辑值得拆开看。平台币下方确实挂着买单，价格一回落就有人接，所以跌幅被压缩。但接货方的身份决定了性质——他们是原有持仓者的换手，而非增量买盘。换句话说，市场看到的"韧性"，本质是流动性在存量内部循环，而不是外部资金在投票看好。 最能说明问题的是$BNB：年内已下跌37%。一个资产在深度回撤后仍能单日抗跌，通常有两种解释，一是抛压枯竭，二是买盘在被动承接。结合$HYPE数次触及83却始终无法突破的走势，答案更偏向后者——83附近明显有一批资金在等出场窗口，每次接近就形成供给墙。这不是蓄势，是排队。 由此可以提炼一个值得讨论的判断：抗跌和承接是两种完全不同的市场状态，前者靠买盘意愿，后者靠卖盘节奏。当$OKB、$BNB、$HYPE的跌幅收窄来自后者，价格的稳定就是脆弱的、有条件的。回购式承接能撑住一天，撑不住一年。 真正$HUMA Retail investors are frantically shorting at the bottom, while whales have increased their long positions by 7 times, stubbornly holding near 0.03-0.0315 awaiting liquidation
Long-short ratio: an extremely abnormal "nuclear-level" divergence
Binance retail long-short ratio 0.4626 (extremely bearish), OKX retail long-short ratio 0.65 (bearish)
Whales: whale count long-short ratio 0.7838 (count-wise bearish), but whale position long-short ratio as high as 7.1813!
$BTC $ETH #机构资金转弱，BTC与ETH谁先迎来回流？ ETF outflows of $228.4M for BTC and $320.1M for ETH over Oct 12-16 matter because they coincide with a stated gap between ETF and treasury demand and long-term-holder supply. The sharper 14% average decline across tracked altcoins suggests liquidity is still selective. A recovery can begin without immediate inflows, but durable leadership likely needs them.
#BTCETHInflowsWatch #Institutional funds weaken, who will see the first inflow, BTC or ETH? I have a say on this, and this wave of $BTC should at least rebound to 85000/86000
Let's first look at the ETF fund data from the past two weeks:
From October 5 to 9, the US spot BTC ETF saw a net outflow of about $679 million, and the ETH ETF had a net outflow of about $542 million;
From October 12 to 16, BTC had a net outflow of about $228 million, and ETH had a net outflow of about $320 million.
In total over two weeks, BTC outflow was about $907 million, and ETH outflow was about $862 million.
$BTC: Fund recovery is more promising. Last week, BTC ETF net outflow narrowed by about 66% compared to the previous week, and on October 13, there was a single-day net inflow of $176 million, indicating that funds are not continuously withdrawing unilaterally.
Additionally, MicroStrategy and Strive both hinted at further accumulation, and they may announce it as soon as tomorrow.
$ETH: Fund pressure remains unresolved. Last week, ETH ETF net outflow actually expanded by about 41%. During the five trading days from October 12 to 16, there were four days of net outflow, with only October 13 recording a net inflow of $24.8 million. Fund recovery is clearly weaker than BTC. $HYPE has dropped by 20%, entering a pullback zone worth watching!
$HYPE has fallen about 22% from the high near $98, with analyst bullish sentiment ranking first among mainstream crypto assets, deviating from the sentiment mean by 2.3 standard deviations. One side is dropping heavily, the other is very optimistic—this contrast is definitely worth monitoring.
HYPE's confidence isn't just based on storytelling.
About 99% of Hyperliquid's qualified trading fees go into a fund to buy back HYPE, and the cumulative buyback scale is already quite substantial. The more active the platform trading, the stronger the buyback confidence, which is the biggest difference from tokens purely driven by sentiment speculation.
Buybacks don't equal capital protection. If trading volume declines, buyback strength may weaken; team token releases can also bring potential selling pressure. Analysts are unanimously bullish, but that means caution is needed as expectations might be too stretched, and there may not be much surprise when positive news is realized.
You can put HYPE on your watchlist, but don't rush to bottom-fish just because of the drop.
If fees and buybacks remain resilient, prices stop falling, and sustained buying appears, this pullback looks more like an opportunity; if prices continue to weaken and buybacks can't absorb selling pressure, it means the market hasn't bottomed yet.
I am optimistic about its business model, but the bottom has to be found by the market itself.
$BTC
#Meta巨额AI投入进入回报检验期 今天10月19日 黑色星期一的纪念日 华尔街每年这天都有点像前任的生日 明明早就过去了 一到日子还是忍不住心慌 周末代币化AI股票合约先来了一波清算 油价高 美债收益率也在往上走 BTC和ETH跟着往下探了一脚 然后又拉了回来 按今早的数据 BTC在82000附近晃 ETH回到2400上方 总市值约2.785万亿 24小时小跌1.4% 真正值得看的是结构 10x Research的周报说 他们跟踪的141个代币上周平均跌了14% BTC只跌了3% 这就像谈恋爱 风平浪静的时候 大家都觉得新认识的那个更有趣 一到吵架的时候 才知道谁是那个会回你消息的人 资金在不确定的时候往BTC缩 是很正常的避险本能 另一边也要冷静看 ETF有净流出 稳定币供应在收缩 流动性确实偏紧 但CryptoQuant追踪的164位分析师里 还有84%偏多 所以现在更像是在冷静期 不是分手 这周日历挺满 今天中国三季度GDP 后面有美国房屋数据 初请失业金 PMI 一路铺到10月28日的美联储利率决议 这些数据会一点点改变市场对降息的预期 我的观察很简单 震荡期别急着证明自己 仓位舒服比判断正确更重要 山寨可以留STRK surged 170% in nine days, then dropped back by half in six days.
Closed at 0.0443 on October 2, closed at 0.11955 on October 11.
The next day opened at 0.11948, surged intraday to a new high of 0.12687.
Then crashed to close at 0.09077, down 24% in a single day.
New high and crash happened on the same day.
There was a decent rebound in between.
On October 15, it rose 24.9%, pulling from 0.07724 to 0.09650.
The next day dropped 23.3% directly, closing at 0.07400, even lower than the bullish candle's open.
What really caught my attention was the volume.
October 11 had 76.4M, by October 18 it shrank to only 10.0M, down to 13%.
During the same period, BTC fell 3.3%, but volume actually increased to 183%.
ETH fell 6.2%, volume 177%. ZEC fell 13.7%, volume 208%.
The whole market was dropping with increasing volume, only this one with the sharpest drop had shrinking volume.
I don't think this is a panic sell.
Panic selling means people sell regardless of price, volume explodes.
Shrinking volume with halving price means fewer sellers, even fewer buyers, price slides down on sparse trades.
After a volume-driven drop, chips have changed hands, there can be a next round.
After a volume-shrinking drop, it just means no one is left, and no one wants to come in.
So I don't think this is a bottom. Shrinking volume only means fewer sellers, not that buyers have returned.
These two things look exactly the same on the chart but in opposite directions.
$STRK
#ShrinkingVolumeHalving$BTC $ETH
🎯 ETH Brief | Current Price 2422.9 (+0.33%)
Conclusion: The trend is slightly bullish, but do not enter now; wait for a pullback.
3 Key Points
· Daily chart is still above EMA200 (2311); a double bottom at 2314/2328 has formed; 1h chart has a golden cross, 4h chart is pending golden cross. Bottom structure is established.
· However, there is resistance around 2437 above; $4.6 million long positions were just liquidated. Buy/Sell ratio = 0.23, ETH/BTC weakening. No upward momentum.
· Resistance lies between 2437 and 2441. Only breaking above 2441 counts as a start; failure to break means continued consolidation.
Action
⏸ Current price 2422 is right in the middle of a dense trading zone; entering now is unfavorable for both bulls and bears. Wait for a pullback before entering.
📍 Order range 2395-2415
🛡️ Stop loss 2355
🎯 Targets 2441 / 2493
⚠️ If the 4h close at 12:00 breaks above 2405, the golden cross is confirmed. If it falls below 2402, the bullish logic fails.
In short: No profit before 2441, only risk.Recently, multiple US economic data points such as CPI, PPI, and retail sales have significantly exceeded market expectations, boosting market anticipation of Federal Reserve interest rate hikes. Increasingly, funds are pricing in the possibility that the Fed will maintain a longer-lasting rate hike cycle. As a result, the technology and cyclical sectors have faced noticeable pressure; however, long-term US Treasury yields have actually declined, and gold prices have shown strong resilience against declines.
In my view, "US economic recession" has not yet become the mainstream trading logic in the market. The decline in long-term bond yields combined with firm gold prices is more driven by risk-averse capital: market volatility has triggered risk-averse buying inflows into US Treasuries, pushing down long-term Treasury yields and thereby highlighting gold's allocation value. Reviewing history, the gold sector has also exhibited similar risk-hedging characteristics as a dividend asset.
In Q3, the gold sector was disturbed by security inspection incidents, causing some listed companies' mineral production to decline quarter-on-quarter, but this is only a temporary impact. Currently, the overall sector valuation is at a historical low and ranks among the top tier in terms of growth within the non-ferrous metals category. The return of risk-hedging attributes is expected to become a new driving force to catalyze gold prices and boost the gold stock market.
#台积电Q3净利润超预期，盈利创历史新高 Narrative implementation perspective, distinguishing between concept warming and product launch realization
When a narrative first emerges, it stirs speculative expectations; however, when the product officially lands, it often leads to a sell-off as the positive news is realized. Expectations are speculated ahead, and landing means realization.
$BTC judges whether the market can support a new narrative rally, while $ETH observes the capital absorption capacity after the sector's landing. Layered screening: small positions can be used to speculate before the narrative lands, but be cautious about chasing highs after landing.
Tracking target list:
🟠BTC｜Market benchmark
🔵ETH｜Absorption capacity gauge
🟣LINK｜Oracle
🟢FET｜AI encryption
🔷MKR｜RWA sector
Key observation of BTC and ETH relative strength:
When the narrative lands and both BTC and ETH remain strong, the positive momentum may continue; if the market weakens and projects land, it is highly likely to trigger a sell-off as the positive news is realized.Don't short $ETH this week. The reason isn't a feeling; the week isn't over yet, and you're shorting right before the floor.
Look at where the money came out from last week's drop. Institutions are reducing, ETFs are also flowing out, so it's short-term selling pressure, not a quarterly structural breakdown. Selling pressure will push the price down but won't automatically erase the bottom.
The bottom I'm watching this quarter is 2300. It's firm because after the drop, the market still treats this level as a defense line, not something already passed. As long as 2300 holds, this pullback is still a retracement. Opening shorts during a retracement means shorting someone else's floor.
How it moves above needs to be viewed separately; you can't jump directly from 2300 to 4000.
First, look at this week. The past two weeks have been big bearish candles; to really turn strong, the weekly chart needs consecutive big bullish candles, not just a single spike. So this week must at least produce a weekly candle that covers the previous bearish candles and hold above 2700. If 2700 holds, 2800 is just a mid-level resistance and can't hold the entire quarter. If 2700 doesn't hold, it's still in correction; forget about 4000 for now.
Then look at the end of the year. If 2300 doesn't break this quarter and 2700 is taken by the weekly chart, the upper boundary I see is 4000, which is the space after the quarterly bottom is established, not something achievable this week. If 2300 is tested again but not broken, it's still a retest, and the low-level long position is there. If 2300 breaks, this view stops, and stop loss should be placed below 2300.
One more thing, don't mix this up. Some money is currently in US stocks; mainstream coins haven't reached the stage where everyone rushes in together yet. $BTC's weekly close is very precise, 820 still looks pretty good. It holds the daily, 3-day, and weekly lines at a key position, with the main force signaling to the market their intention to maintain a bullish stance. Quantitative traders won't mechanically dump; judging by the main force's choice, the possibility of shaking out bulls before a rebound has increased, as mentioned in the quote below—this is the first shakeout of bulls. Also, yesterday it tested down again from 80k to 805. It's clear that 80k is both a point of accumulation and strong defense by the main force. If the main force doesn't choose to kill the bulls, I won't chase longs. I haven't taken any contract positions; the risk-reward ratio isn't high. I'll wait for an opportunity to short when it goes up. For spot, I also choose to wait and not add positions for now. Overall, the direction remains a wide-range consolidation, and a weekly-level correction is about to begin. This basic foundation is nailed down. At the end of October, there were 12 days, 10 trading days. In October, I added $UNI and $MSTR, which have made good progress but are still some distance from my 90% position target. I hope after this rebound ends, new opportunities will arise. The recent rise in the US stock market's decline—I called it a good opportunity three times, and the US market is already rebounding strongly. I believe the pre-earnings season drop presents even greater opportunities and risks. During this period, I bought $MSTR, which may also rise with this rebound. BTC at a 10% discount is still very attractive. My next goal for the US stock market is to increase the proportion of big tech and rotate into crypto stocks, which I plan to complete opportunistically within 1-3 months. I will take advantage of the AI rebound to reduce positions, keep cash, and wait for better crypto opportunities to increase my cash ratio. This AI bottom-fishing in the US market is at least a chance to bet on a big leap.The most glaring data about $CORE today is not the price, but "Bitcoin went up, it didn't follow."
BTC once surged past $82,000 today, with a slight 24-hour increase of about 0.75%, and market sentiment isn't bad. What about CORE? $0.017, up 0.81% in 24 hours. Numerically it barely kept up, but for an asset that has dropped 99.67% from $6.47 and whose current price is less than 30% above its historical low of $0.01678, this fluctuation can't even be called a "rebound."
BTC is breathing, CORE is holding its breath.
Today's on-chain ledger still tells the same story.
On DefiLlama, Core chain's total DeFi TVL is $4.99 million, 24-hour DEX volume is $836.45, active addresses 2,300, new addresses 140, and 24-hour transaction count 37,492.
Eight hundred thirty-six dollars and forty-five cents. This number no longer needs explanation for what it means.
Market cap is $32.37 million, 24-hour total network volume $2.89 million, Vol/Mkt Cap 8.97%. Volume isn't dried up, but how much is real turnover versus market making and short-term speculation can be inferred from that $836 on the DEX. CEX volume is shifting, but on-chain economic activity is almost at a standstill.
The ledger of the "revenue era" still only has the roadmap page.
2026 is defined by Core DAO as the "revenue era": cut inflation subsidies, pool BTC staking fees, SatPay card fees, AMP asset management income, and use them to buy back CORE on the secondary market. The logic itself is sound.
But the ledger doesn't cooperate with the narrative.
OKX's CORE on-chain earning product has been taken offline, officially citing risk control and prudence. The flagship product SatPay has been confirmed delayed due to licensing and regulatory issues, with over 20,000 users waiting in line and an "undetermined" launch date. Without SatPay's cash flow, the buyback plan's fuel tank is empty.
A more critical issue: search the block explorer for any CORE transfer marked as "ecosystem revenue buyback." Up to today, only the roadmap target—"buy back more than 70% of historical burn volume within the year"—can be found, but no corresponding on-chain execution record.
The words "revenue era" are written in announcements but not yet in the ledger.
Two silent signals are more worth reading than the price.
First: node exit.
On October 1, Core DAO announced a gradual exit from block production, handing block production rights to independent validators. Official wording is "moving toward decentralization." But some in the community put it bluntly: rather than actively handing over power, it's more like shedding a cost burden under economic pressure. A validator must stake at least 50,000 CORE, which at $0.021 is just over a thousand dollars nominally. When rewards don't cover operating costs, "exit" and "decentralization" are two ways of saying the same thing.
Second: 69 million ghost tokens.
About 69 million CORE leaked during the August 31 vulnerability, with a hard fork blocking further oversupply, but the portion already confirmed on-chain is neither revoked, burned, nor actively reclaimed. These tokens were acquired at extremely low cost, so any volume-driven price surge will motivate cashing out. Coupled with an 81-year linear release schedule, the selling pressure on CORE is not one-time but slowly seeping out.
Every rebound pushed back down may not be "malicious shorting," but simply "normal exit."
So what is this 0.81% trading today?
Not fundamentals. $836 daily DEX volume can't support any fundamental pricing. This 0.81% looks more like a random, directionless jitter of a low-liquidity asset after a deep drop, against the backdrop of a slight BTC rise.
The only signal truly worth waiting for: the first verifiable on-chain CORE buyback transfer executed with ecosystem revenue.
Before that, TVL numbers, partnership announcements, and roadmap updates remain at the narrative level. Narratives can be issued anytime; the ledger does not lie.
$CORE's problem now is long past "will it go to zero." With a $32 million market cap and $836 daily DEX volume, the market has already priced in "narrative failure" quite fully. The real question is: when the project itself is contracting, the flagship product delayed, and on-chain revenue near zero, what economic reason remains for holders to stay?
$836. This number answers that question more honestly than any candlestick today.
$CORE Judging solely from the recent two-day debate between the US and Iran over the Mother of All Bombs, it seems the US military has a plan to use a massive bomb to attack Iran's nuclear facilities to claim a plausible victory. Last year, the easing of the situation in Iran was marked by the US announcing victory after bombing the Fordow nuclear facility.
Theoretically, after the midterm elections, Trump would need some key victories to explain to voters his quick exit from Iran. With no hope of a breakthrough, bombing nuclear facilities is basically the optimal solution.
However, this Mother of All Bombs (GBU-43/B) is an airburst bomb, mainly intended to create a media impact. If they really want to hit nuclear facilities, they would still use last year's GBU-57 bunker buster.
So, keep a close watch. If it really gets bombed, the tacit understanding might end. But the premise remains that Iran must be given enough benefits, such as service fees for passing through the Strait. After all, this is no longer the Khamenei era, when old Khamenei could stop things just by saying so. Now Iran has tasted the benefits of toughness, internal interests have also fragmented, and the same tactics working again would definitely come at a greater cost. $CL To the new humans of the new world~ "Three patterns of buyback and burn"
Many people treat the phrase "buyback and burn" as value itself.
What really needs to be broken down is where the money comes from, where the coins are bought, and where they finally go.
First, performative burn.
Take BNB as an example: using part of the fee profits to burn, but the tokens burned are those not in circulation.
Left hand gives to right hand.
Circulating supply hardly changes, but the narrative looks good.
The same tactic can be seen in Binance-related clones.
With a strong whale supporting the price, fake burns can still pump the price; without a strong whale, the story is just a story.
Second, buyback only, no burn.
The team uses revenue to buy coins on the secondary market, then after a while transfers them to exchanges to sell.
Typical examples are LINK and ARB.
Slightly better than pure performance: the buying phase at least exerts real upward pressure on price.
But it addresses only temporary supply and demand, not permanent deflation.
After buying, they can still sell, so it’s not a burn, it’s inventory turnover.
Third, real buyback, real burn.
Revenue is used to buy coins on the secondary market, then sent to a black hole.
Typical examples are HYPE, UNI, PONS, PUMP, ENA.
Circulating supply is truly removed.
This type is closer to "value transmission to the token."
In a pullback, the ones truly worth watching are often this type, not the loudest slogans.
A good sector does not equal a good token.
A good token does not equal a good current price.
First distinguish the patterns, then talk about bottom fishing.
The sound of buybacks may not be real,
Watch where the coins fall into the abyss.
Left hand to right hand is always a show,
Deflation landing is what’s valuable.
— Wudao Erwei$ENA didn't run last night, a bit of a pity. Doing a T trade would have been great. Currently bearish, still holding.
Long-short ratio: Retail investors are stubborn, big players are holding on desperately.
Binance retail long-short ratio is 1.2124, OKX retail long-short ratio is 1.39. Retail investors overall still lean bullish.
For big players: the number of big players long-short ratio is 1.6116, and the big players' position long-short ratio is as high as 1.8032.
Latest news:
ENA previously thrived on USDe's Delta neutral strategy, but now with increased market volatility and frequent reversals in funding rates, the high-yield cushion is almost depleted. Additionally, a large amount of on-chain chips are locked in proxy contracts and market makers, making it impossible to drive the price up.
Extreme risk warning:
A large amount of ENA chips are locked in proxy contracts, highly controlled, and big players' positions are extremely bullish (1.80). A violent price surge could happen at any time, blowing out the shorts.
$BTC $ETH #机构资金转弱，BTC与ETH谁先迎来回流？ Netflix's ad pre-sale commitments nearly doubled, which sounds great, but don't rush to count it all in this quarter's revenue.
The company announced in August that upfront ad sales commitments in the U.S. nearly doubled. The original term used was "commitments," referring to future scheduled ad placements, not ads that have already aired, confirmed as revenue, and received in cash.
I am optimistic about this change because advertisers willing to allocate budgets in advance indicates Netflix is moving toward a more stable procurement plan. However, the significance of this progress lies in having a more solid basis for future revenue, not in demanding an immediate proportional jump in ad revenue for any single quarter.
The timing of different content releases and the actual delivery pace of ads will affect which quarter the revenue falls into. Especially since the company has mentioned strong sponsorship demand for the 2027 Women's World Cup, it is even less appropriate to count all pre-sale enthusiasm as revenue for this year.
In this earnings report, I hope to see the company explain how pre-sale commitments convert into actual ad placements and the progress toward the annual ad business goals. There is still a performance test between advertisers willing to allocate budgets early and the final sustained ad delivery.
For investors, one of the most frustrating losses is when the direction is right but the realization timeline is too optimistic. Netflix's ad business is growing, which is encouraging; but if the market prices in all the good news for the next few quarters at once, a slight delay in the current report can still make the stock price uncomfortable.
#奈飞增长或放缓，广告业务成新看点 #NetflixQ3AdsAndMargins
Netflix has shifted from a rapid new user growth phase to a mature and profitable revenue stage. New member additions have peaked, relying on price increases + ad business to sustain revenue growth; profits and cash flow are very strong, but the revenue growth rate is slowing, and the market is concerned about limited growth space.
$NFLX There is a big gap between how many rockets SpaceX has launched and how many launch services it has sold.
In the second quarter, the company disclosed a total of 38 launches, of which 28 were internal launches and 10 were for external customers. The internal missions mainly serve the deployment of its own constellation. Treating all launches as external paid orders and multiplying by an imagined single launch price can easily distort the revenue calculation.
I think this is actually the most interesting aspect of understanding SpaceX: rockets are both a business taking external orders and the infrastructure for its own communication services. Internal launches cost money upfront but may gradually recoup the investment through subsequent satellite service fees.
So, when looking at the Q3 report, you can’t just check if the launch record has been broken. You also have to connect the progress and costs of internal deployment with the revenue from the corresponding business behind it. A high proportion of internal missions doesn’t mean there are no customers; frequent launches don’t necessarily mean external demand is booming.
This kind of vertical integration indeed makes it very hard for competitors to replicate and also increases the difficulty of financial report analysis.
After watching the rocket launch video, I want to keep digging into the report: how much ongoing revenue do the satellites sent up actually bring? Only by connecting this account can we judge whether the deployment speed is worth it.
#SpaceX上市后首份完整季度财报将揭晓 The bull market has already started, don't get shaken out.
Many people are still worried about an 8.8% pullback and whether to panic. I'll tell you directly: it's very healthy. The 200-day moving average is supporting at $72,500, and Bitcoin has already risen above the 50-week moving average. This is a signal of the early stage of a bull market.
How do we judge this? Look at the liquidation data.
What is the historical sign of a bull market top? It's a historic level of long liquidations—when everyone is crazily bullish, a big bearish candle wipes out all the longs, and the bull market ends. That happened in April-May 2021 and October 2025.
But what happened on August 19, 2026?
A historic level of short liquidations occurred, with $2.7 billion shorts forcibly closed, while longs only liquidated $240 million. This red bar ranks 8th in history and is completely the opposite in nature—indicating the market was extremely bearish but was violently squeezed, causing the shorts to collapse.
Historic long liquidations = bull market top
Historic short liquidations = bear market bottom
So don't get shaken out by the volatility. What you need to do now is not fear the highs, but hold on. Unless another top ten-level black swan event occurs, the previous low of $57,000 is unlikely to be broken again.
The most tormenting part of the early bull market is repeated shakeouts; those who endure will be able to enjoy the gains later.
🐂 $BTC Roadster combines the technologies of two companies into one car, and the market has already started discussing whether to put the stocks of both companies into the same story.
A Barclays analyst recently proposed the potential merger of Tesla and SpaceX. To clarify: this is the analyst's judgment, not a company-announced deal yet.
The collaboration is exciting, but whether the merger is worthwhile still needs separate calculation.
Engineers can work on projects together, but the returns shareholders receive must be allocated based on pricing, shareholding ratios, and transaction terms. Even with the same founder, the interests of shareholders on both sides won't automatically align completely.
Assuming a deal really happens in the future, the key points to watch will be the share exchange terms, how independent directors evaluate the price, and who pays for which part of the growth. If cooperation that could originally be achieved through commercial contracts requires a more expensive equity transaction, shareholders at least have the right to ask: what did the extra payment buy?
I really like the imagination behind Roadster. But while the demonstration excites people, buying stocks cannot skip the latter half of the calculation just because "Elon Musk's two companies teamed up."
When it comes to negotiating a deal, I hope shareholders see what each side gets, not just another exciting group photo.
#特斯拉发布新一代Roadster，行情走高 #奈飞增长或放缓，广告业务成新看点 $LAB OKX retail long-short ratio is as high as 7.42, crazily catching falling knives. The dog whales with tight control won't give any chance. Be cautious when bottom-fishing.
Long-short ratio: Retail investors are crazily catching knives, while whales mercilessly abandon positions.
Binance retail long-short ratio is 4.5617, while OKX retail long-short ratio is even higher at 7.42 (extremely frenzied, retail investors are crazily catching falling knives).
For whales: the number of whales' long-short ratio is 5.1463, but the whales' position long-short ratio is only 1.3119!
On October 14, there was a large unlock of 16.23 million tokens, plus the previous mess exposed by ZachXBT showing the team controls over 95% and the terminal was hacked. The current market is the dealer slowly distributing the remaining chips, while retail investors are still catching falling knives with their bodies.
$BTC $ETH #机构资金转弱，BTC与ETH谁先迎来回流？ $BTC is slightly bullish, currently priced at 82,683.7, closing near the intraday high. It first dropped then rose today, with long positions liquidated by $23.34 million, exceeding shorts by a margin, yet the price did not collapse accordingly. High-leverage longs were flushed out during the dip, and the price subsequently recovered. During the rebound, the third phase fee rate dropped from 0.0060% to 0.0050%, indicating no new long leverage chasing this rise. The chips chasing the high are light, so there is little fuel left to be dumped later. Options trading put/call ratio is 1.24, higher than the open interest ratio of 0.86, with new orders leaning towards bearish protection. DVOL at 38.7 is not high, more like holders hedging rather than intending to exit. The chart shows the highs gradually moving lower, with resistance still in place. Leverage was already cleared once before hitting this resistance; the usual chain liquidation of longs on breakout failure is missing fuel this time, so the chance to hold above the previous high is greater than last time. Bearish reversal condition: a drop below 80,622 would indicate the post-washout support is false, invalidating the bullish bias. BTC's breakout in this wave was settled during the session after the suspense left in the early trading.
BTC current price 82,371, 24h +0.76%, high 82,608, low 80,684. Early trading said 82,295 was broken through, waiting for confirmation in the US session, but the Asian session settled it: from 08 to 10 o'clock three hourly candles, highs 82,543, 82,570, 82,608 each higher than the last, lows 82,010, 82,280, 82,354 also rising, three hours without falling below 82,295. The breakout is not a fake move; the ceiling has changed roles to become the floor.
This rise is relatively clean: funding rate 0.009% near zero, open interest 7.77 billion only slightly more than early trading—spot market brought in new longs, no short squeeze, no crowding.
Looking at the pullback: do not chase at 82,371, wait for hourly candles to hold between 82,295–82,000 before entering again, target 82,800–83,000. If the pullback falls below 82,295 and hourly candles cannot recover, consider this breakout as not happened, retreat to 81,500; if hourly closes below 80,800, the whole segment is invalid.
ETH in brief: 2,417.68, +0.22%, third time testing the 2,430 cap, exchange rate 0.02935 still at new lows—purely following, no independent trend, no separate position opening.
After the ceiling becomes the floor, chasing highs is the most expensive, patience is the cheapest.