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I believe Netflix's GAAP EPS for Q3 will not exceed $0.84
Conclusion: Leaning towards No.
The core reason is that $0.84 is higher than Netflix's own Q3 EPS guidance. To surpass this number, actual profits must exceed the original expectations.
1. Company guidance is only $0.82
Netflix's July Q3 guidance was revenue of $12.86 billion and EPS of $0.82. At that time, analysts expected about $13 billion and $0.84 EPS. To exceed $0.84, the profit side needs an additional surprise.
2. Market expectations are also low
Current mainstream EPS expectations are around $0.82, with some data about $0.823. Market consensus has not pointed to above $0.84, so the threshold to break through is not low.
3. Revenue growth continues to slow
Netflix's year-over-year revenue growth dropped from 17.61% in Q4 2025 to 16.19% in Q1 2026 and 13.37% in Q2. Revenue is still growing, but growth is slowing, so relying on natural performance growth to significantly beat expectations is not easy.
4. Advertising growth does not equal profit surge
The advertising business still has potential, but both the technology platform and sales team require investment, so revenue growth may not immediately translate into profit. The layoffs announced in October occurred after the end of Q3 and cannot be directly counted as a cost benefit for that quarter. Banks lock down AI to manage your money, while JPMorgan Chase puts the dollar deposit token JPM Coin on Ethereum: 24/7 instant settlement, institution-only. It's not that they don't understand blockchain, they just only allow themselves on-chain. Embrace crypto, or absorb public chains? Bank-backed dollar on-chain vs USDT, which do you choose? Macro Background: The "See-Saw" Between Oil Prices and U.S. Treasuries Determines the Height of the Rebound
The decline in oil prices is the direct catalyst for today's rebound. Brent crude oil fell from a 5-month high (around $110) to $106.84, down over 2%. Middle East supply has remained resilient amid the U.S.-Iran conflict. However, oil prices are still high, and energy inflationary pressure has not truly eased.
The linkage between U.S. Treasury yields and oil prices is the core framework. Quarterly reports from Coinbase and Glassnode clearly point out: if the 10-year U.S. Treasury yield rises to 5.5%, or if rising oil prices continue to drive inflationary pressure, short-term market pressure will significantly increase; BTC breaking below the 200-day moving average (around $71,000) or ETF funds turning to outflows again also constitute downside catalysts.
The mid-term outlook for Q4 is not pessimistic. The report believes this round of gains is closer to the "dollar alternative asset" logic—BTC's daily correlation with gold and silver is 0.61, with the dollar index is -0.43, and with the S&P 500 only 0.30. The supply held by long-term holders (over one year) has increased by about 340,000 BTC, with a renewed shift to accumulation in September. However, the $90,000 to $94,000 range remains a key resistance zone for the year-end market; until it is broken, the characterization of the rebound will not change. $BTC $ETH $ZEC #特斯拉交付超预期后盈利修复成焦点 $BTC is tugging around 81,000, you’re watching the candlesticks, I’m focused on something more painful: IBIT is bleeding again.
On October 16, the spot Bitcoin ETF saw a net outflow of 82.39 million, with IBIT alone accounting for 71.78 million. Looking back, on October 12, 65.4 million flowed out "all from IBIT." Within a week, ETF funds have been swinging back and forth like a pendulum, but the institutional lifeline is definitely thinning.
On the other hand, CryptoQuant’s analyst consensus index dropped from -18.3 in July straight down to 49.2, with bullish sentiment soaring from 37% to 84%. The price is grinding near 80,000, but sentiment has already raced to the peak. This kind of divergence is what deserves the most attention right now.
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$ETH at 2418, the more I look, the more I feel it’s holding back.
Spot ETFs have been bleeding continuously since late September, with cumulative outflows exceeding 200 million, and active selling in derivatives is also increasing. Yet $ETH’s price is still higher than it was at the start of August, leverage has dropped to a seven-month low, and the old coins moved but haven’t been dumped en masse on exchanges. Sellers keep selling, buyers keep buying. This "funds withdrawing but price not collapsing" scenario is either a false calm before the storm or shorts digging their own hole.
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$ZEC at 1191, I admit I was stunned when it pulled up from that big bullish candle at 1048.
A 13% swing within hours, volume hitting 197,000 $ZEC, MA7 crossing above MA99. But what really made me sit up wasn’t the candlesticks, it was on-chain: nearly 29% of circulating $ZEC locked in shielded pools, compared to only about 8% at the start of 2024. Paradigm’s co-founder publicly acknowledged holdings, and the launch of Grayscale’s $ZEC ETF has added fuel to the narrative. The old privacy story is back, this time with real locked-up capital.
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But don’t just focus on crypto’s own hype. SpaceX’s financial report hides 18,712 BTC, while the largest IPO lockup in history is being released in batches. The S&P just hit a new high, and once liquidity in tech stocks is drained, crypto won’t be able to ignore the impact. Netflix’s earnings tonight aim for 3 billion in ad revenue, but its stock has already dropped 22% this year — tech sentiment is as fragile as paper now, good news might not even move the needle.
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So my feeling is simple: $BTC and $ETH are in a war of attrition against institutional outflows, $ZEC is following its own independent narrative, and above all hangs the string of tech stock liquidity. I’m not guessing direction; I’m watching whether $ETH can hold its price despite funds withdrawing, whether anyone will buy near $ZEC’s 1150 retracement, and after Netflix’s earnings tonight and SpaceX’s tomorrow, which way risk appetite will tilt.
Which one do you hold heaviest right now? $BTC $ETH $ZEC Drop a comment, I want to see if I’m the only one who finds this market "weirdly interesting." #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 #奈飞增长或放缓，广告业务成新看点 If from 2015 to 2025, you buy the previous year's top-performing stock in the US S&P 500 every year and hold it for one year, then sell it at the end of the year and buy the current year's top-performing stock.
This momentum strategy would turn $10,000 into approximately $1.8 million by the end.
If the same strategy is applied to the A-share market, buying constituent stocks of the CSI 300 Index, that $10,000 would end up with less than $7,000.
Of course, if the scope is expanded to all stocks in both the A-share and US stock markets, you would suffer heavy losses, almost wiping out your investment.#机构资金转弱，BTC与ETH谁先迎来回流？
The boss has something to say
Today’s live trading nailed all three orders. The short at 82,800 hit the 80,200 level, the second short at 82,500 nearly doubled, and the third long on ETH at 2,395 quickly closed at 2,420. The rhythm was very smooth.
Why could the shorts keep hitting? BTC’s rebound to the 82,500–83,000 range is a previous chip concentration zone and a short-term resistance level. ETF funds are flowing out, institutional demand is weakening, and macro-wise, oil prices remain high amid inflation expectations and ongoing rate hike pressures. The rally just gave shorts an opportunity. The first short took profit at 80,200 without greed.
The ETH trade was a short-term rebound play. 2,395 is a short-term support level. After locking in profits on the BTC short, I reversed to take a small rebound on ETH, exiting immediately at 2,420 to make a quick profit.
I checked the capital flow data. From October 12 to 16, the US BTC spot ETF saw a net outflow of 228.4 million, ETH a net outflow of 320.1 million, with ETH outflows larger. Galaxy Research pointed out that ETF and corporate treasury buying can’t fully absorb the supply released by long-term holders, with a net supply-demand gap of about negative 127,300 BTC year-to-date. The capital pressure has also spread to altcoins, with 141 altcoins averaging a 14% drop last week.
Currently holding no positions. Next, watch if the 80,000 level can hold. If it holds, expect consolidation; if broken, expect deeper correction. The resistance above remains between 84,000 and 85,000 $ZEC has support at the daily level; if the pullback doesn't go below 1000, the uptrend will continue, so enter long positions.#SpaceX上市后首份完整季度财报将揭晓
SpaceX's first full quarterly financial report, with market expectations of revenue at 12.89 billion, a 65% year-over-year increase, and EPS possibly turning positive for the first time. But the numbers themselves are not the main point.
Starlink remains a cash cow, with Q3 revenue expected at 4.9 billion, adding 18,700 users daily, and ARPU steady at $66. AI revenue is growing even faster, expected at 6.4 billion, surpassing Starlink for the first time, but the burn rate is fierce: Q2 capital expenditure was 18.4 billion, free cash flow negative 14 billion, and Q3 is expected to spend 19.6 billion.
Whether the money Starlink earns is enough to cover AI's losses is the real question this financial report needs to answer. High revenue growth is not difficult; the challenge is when the burn rate will peak. In 10 days, AAVE's open interest dropped by 27%, but the price only fell by 9%.
This 18% difference is not due to price decline, but because positions were liquidated.
Open interest calculated in USD roughly equals the number of contracts multiplied by the price.
A 9% price drop automatically reduces the USD amount by 9%.
The remaining 18% must be from actual position exits.
I checked 20 major cryptocurrencies.
From October 8 to 18, 17 of them saw a decrease in contract volume.
The sharpest declines were APT down 21%, AAVE down 20%, ARB down 19%, ONDO down 18%, and AVAX down 18%.
ETH price only dropped 2.3%, but contract volume fell 16%, resulting in an $1.7 billion market shrinking by 18%.
Only 3 increased: DOGE up 4.5%, NEAR up 19%, and TIA up 103%.
I believe this reveals the truth behind this downturn.
Price drops happen in two ways: one, someone is selling off; two, no one is buying.
If someone is selling off, price drops but open interest rises because shorts are building positions.
If no one is buying, price drops and open interest also falls because longs are exiting.
Right now, it's the second scenario. 17 out of 20 are exiting.
TIA is the only one doubling its open interest, with price rising 38%.
Money hasn't left the market; it has just moved elsewhere.
Would you rather wait in coins where open interest is still shrinking, or in coins where open interest is growing?
$AAVE
#LeverageIsExiting This $143 million on-chain transfer, if interpreted simply as "BlackRock is about to dump," really underestimates institutional players. 883 $BTC + 28,900 $ETH moved into Coinbase Prime; panicked people see selling pressure, but anyone with a bit of custody structure knowledge knows this is most likely liquidity pre-positioning after ETF redemptions or quarter-end position rebalancing, not a liquidation signal.
What’s truly worth watching is where this transfer happened—$BTC is repeatedly testing around 82,000, and the buy-side liquidity below 80,000 is visibly thinning. Glassnode pointed this out last week: price bounced back to 82,000, but the "thickness" of support below is weakening; the structure is fragile. At this moment, BlackRock-related addresses sending funds to exchanges—even if just routine custody moves—will have sentiment amplified into "institutions are selling."
The $ETH side tells a completely different story. Ethereum ETFs have continuous outflows; ETHA alone ran nearly $300 million weekly, accounting for over 90% of the sector’s outflows. But on-chain whales simultaneously received over 166,000 $ETH at an average price near 2,500. ETFs are selling, whales are buying—this isn’t a simple "institutions are bearish" scenario; it’s two groups with completely different holding periods and trading venues exchanging positions.
So back to the question: which will see inflows first, $BTC or $ETH?
My judgment is that $ETH’s marginal reversal conditions will come together earlier than $BTC’s. $BTC currently lacks "new buying," and if the liquidity vacuum around 80,000 breaks, the drop will be swift. The prerequisite for inflows is seeing ETFs turn positive weekly, which is not yet visible. $ETH is different; its selling pressure has been partially absorbed by whales and staking narratives. With institutional-grade staking channels opening, $ETH has shifted slightly from a "pure risk asset" to an "income-generating asset." This narrative endures better than $BTC’s "digital gold" in a choppy market.
BlackRock’s transfer is not a starting gun but a mirror. It reflects that $BTC is holding on through sentiment and liquidity, while $ETH is slowly bottoming through chip rotation and narrative shifts. Which one sees inflows first depends not on how much BlackRock moved into Coinbase but on which side’s selling pressure is truly "eaten up" first.
Whether $BTC can hold 80,000 is a short-term sentiment thermometer; whether $ETH can lock whale chips above 2,400 is the real mid-term signal of whether funds are willing to return.
#贝莱德推两只基金，专供稳定币储备 $BTC $ETH #机构资金回流 #BTC现货ETF重回流入，ETH资金持续流出 #机构资金转弱，BTC与ETH谁先迎来回流？ #Institutional funds weaken, who will see the first inflow, BTC or ETH? BTC is most likely the first batch for institutions to return
The reason is simple: it is seen by institutions as the "anchor of the crypto market cap," with the largest ETF size, the most stable liquidity, and a narrative leaning towards digital gold as a safe haven. Whenever the macro environment eases slightly and redemptions begin to slow down, BTC is usually the first to show "stop outflows → small test inflows." When institutions want to re-enter, they don't immediately rush into high-volatility assets; they generally start with BTC to test and establish a base position.
- ETH belongs to the "late but explosive" category
ETH's current problem is that ETF fund stability is much weaker; at the slightest disturbance, redemptions happen faster, with recent outflows from leading funds especially noticeable. But it’s not without opportunity: once BTC inflows restore market confidence, combined with a warming narrative (upgrades, real yields, on-chain activity), ETH’s volatility will be much stronger than BTC’s, though usually with a delay. It belongs to the "only added to positions once the market is confirmed to be rising" category.
- Watch for two inflow signals (simple and easy to remember)
1. BTC spot ETF stops large outflows for 2 consecutive days and shows sustained small net inflows; this signals a turning point in institutional sentiment;
2. Fed-related expectations no longer suddenly turn hawkish, US Treasury yields no longer spike violently upward, macro constraints ease a bit, and only then will funds dare to truly return."On the list with a 39% increase, there are no names of BTC, ETH, or SOL💥"
The 24h top gainers list hits 39.42%, with the top five all altcoins. The three major mainstream coins didn't even make the list, and their 4h price changes are all negative📉
SOL reached 103.93, but 13.61 million contracts were liquidated in 24 hours, with longs accounting for more than half — those who chased the rally got hit the hardest. This upgrade has only two days left without delay; volatility will definitely come, so timing is key.
ETH is stuck at 2394, with 110 million contracts liquidated in 24 hours, 60% of which are shorts. BTC is hovering around 82045, with open interest at 52.794 billion, and 66.85 million contracts liquidated evenly between longs and shorts.
Across the entire network, 337 million contracts were liquidated in 24 hours, with 92,767 people wiped out, longs making up 55.7%. On October 16, all three major mainstream ETFs saw net outflows: 82.4 million, 69.7 million, and 12.7 million, respectively, marking five days of continuous withdrawals.
Based on the above data, here are my thoughts:
1. The more the list rallies, the more the mainstream coins lag behind: hot money is gambling on altcoins, no one dares to touch the mainstream. Gains are driven by sentiment, declines by consensus, so don't chase;
2. ETFs are bleeding out but open interest is increasing: BTC and ETH open interest is rising, with off-exchange funds withdrawing but leverage increasing on-exchange, so gains are propped up by leverage and are fragile;
3. ETH shorts are repeatedly liquidated, ETFs are still bleeding. Banks selling coins to the wealthy is a long-term positive but won't save the short term; don't mistake a short squeeze for a reversal, better to test the waters with light positions.
Although the 39% gain on the leaderboard is tempting, the three major mainstream coins have all fallen in the last 4 hours, and ETFs are still bleeding — chasing the leaderboard is like counting money on the edge of a knife🔪First, to pour some cold water: bulls taking losses does not mean bears have been granted a license to chase. I lean bearish, but I am unwilling to treat others' stop losses as my own sell signals. Core Trader 07 partially closed about 39% of their $ONDO long position this time, with a closing amount of approximately $507,800, realizing a loss of $27,138.45. This loss has been locked in; it is not a floating loss that can still wait for a rebound to recover.
I see two issues: first, the average opening price was about $0.4561, the closing price about $0.433, the price moved about 5.07% against the position, and with 3x leverage, the equity loss is about 15.2%. Even low leverage cannot withstand continuous directional errors; second, this is only a partial exit and cannot be directly taken as a complete bearish stance. If the price continues to fall, the remaining long position will be the most painful; but if selling pressure does not continue and a rebound occurs, bears who chased this closing news as bearish might also get stuck in an awkward position. This is my risk assessment, not a statement that the market is already like this.
I also admit that the bulls might be right, and this reduction in position might just be a proactive risk reduction. If the price returns to near the average opening price of this trade and can hold on a pullback, I will retract my bearish view. My habit is to observe how the market reacts after selling, rather than who lost money. Using the closing price of $0.433 as the observation point, who do you side with, bulls or bears? State your reasons: do you value the risk signal released by the position reduction more, or the subsequent ability to support the price?BTC and ETH ETF Core Data Analysis, only for those focused on Bitcoin and Ethereum!!!
BTC Spot ETF Core Data
In 24 hours, BTC spot ETFs saw a total net outflow of $82.4 million, with a single-day total trading volume of $3.47 billion, ETF total net asset value of $107.78 billion, and a historical cumulative net inflow of $57.34 billion.
Product differentiation: BlackRock's IBIT had a slight net inflow, but other leading products like ARK and Fidelity experienced larger redemption volumes. Institutional funds show no trend of entering the market; during the rebound, they choose to redeem at highs to realize profits, with weak willingness for incremental funds.
ETH Spot ETF Core Data
In 24 hours, US ETH spot ETFs had a total net outflow of $37 million, maintaining a multi-day pattern of capital outflow, with ETF total assets under management of $9.1 billion.
Details: BlackRock's ETHA outflowed $15 million, Grayscale's ETHE outflowed $13 million, with almost all products redeeming simultaneously. Institutional consensus on ETH for the mid-to-long term is weak.
Comprehensive Judgment
This round of rebound is driven by contract leverage funds; ETF institutional funds are overall retreating, not actively pushing the market up. There is significant divergence among whales internally; BTC whales are cautiously reducing holdings, while long-term ETH whales are quietly accumulating. There is a lack of sustained incremental ETF funds to take over.
For market reference only, does not constitute any trading advice #机构资金转弱，BTC与ETH谁先迎来回流？ #特斯拉交付超预期后盈利修复成焦点 $BTC $ETH $ZEC $CRWV Goldman Sachs upgraded CoreWeave to "Buy," but cut the target price from $139 to $106.
The so-called 73% upside is more a result of the stock price falling. It has dropped 43% since August, and fell another 24% last week alone.
Even more interestingly, the unsecured bonds of the same company once surged to yields of 13.5%–15%.
Stock analysts are calling to buy, but creditors demand such high interest rates to lend money.
The market's imagination for AI computing power remains, but CoreWeave's financing risk cannot be erased by just saying "Buy." #机构资金转弱，BTC与ETH谁先迎来回流？
The answer to "who will flow back first" is written in the order of "who gets sold first."
▪️ From 10/12 to 16: BTC spot ETF net outflow of 228.4 million, IBIT alone −165.4 million
▪️ ETH spot ETF net outflow of 320 million in the same period, the third consecutive week
▪️ Galaxy: ETF and treasury buying difficult to absorb long-term holders' releases, supply-demand gap −127,300 units
▪️ Treasury side also slowing down: Twenty One did not increase holdings
▪️ 141 altcoins down 14% last week on average, BTC about −3%
▪️ Today BTC +0.66%, ETH +0.32%: the biggest outflow week, prices are rising
The divergence is not whether funds have weakened, but the question of "who will flow back first" is asked in the wrong direction.
Money is not leaving the market; it is retreating from the farthest row: altcoins −14% at the back row, BTC −3% at the front row.
Retreat by distance, flow back in reverse order: first BTC, then ETH, and finally altcoins.
The direction is "BTC before ETH before altcoins" — condition: BTC net inflow for two weeks; invalid if altcoins drop another 10% and BTC follows down.SanDisk hit a new high again today, with OKEx's xSNDK reaching 1391, hugging the resistance line, up 7% in 24h, reviving the storage sector's momentum. The SNDK 2x leveraged version led the market with a +14% gain.
The driver is a solid new catalyst: Goldman Sachs raised SanDisk's target price from 320 to 700 USD in one go, citing better-than-expected earnings and AI data center demand tightening NAND supply and demand, with the price hike cycle expected to last until the end of next year. Today, US storage chip stocks collectively strengthened: SanDisk +7.23%, Hynix +5%, Western Digital +6%, with OKEx closely tracking.
Market view: OKEx xSNDK current price 1391, MA5/30/120 all bullish, super trend at 1365.9 below, RSI 68 not overheated, resistance at 1396 just overhead. My judgment: the NAND price hike cycle is a hard logic, more solid than pure sentiment, but how long the 1396 hurdle lasts and whether SanDisk's earnings report (coming soon) can beat expectations again are the next key factors.
Watch two signals: a volume breakout above 1396 is a new level, and whether the super trend at 1365.9 holds on a pullback; also watch NAND spot prices and the sustainability of capital in the storage sector. When the sector rallies broadly, don't just chase leveraged tokens.
#Sandisk #NAND #Storage
Not investment advice, DYOR In mid-October 2026, the overall crypto market showed a high-level oscillation pattern. Bitcoin ($BTC) firmly held above $81,000, while Ethereum (ETH) saw a rebound after finding temporary support around $2,377 following an oversold drop. Market data indicates a bullish sentiment in BTC perpetual contract positions, whereas some altcoins like MEGA experienced a clear spike followed by a pullback. On the fundamentals side, competition among L2 solutions in the ETH ecosystem continues to intensify, with on-chain gas fees remaining low; BTC spot ETFs have recently seen no significant inflow of new funds, and the market lacks fresh narrative drivers. The current trend relies more on technical rotation and short covering. Traders generally focus on the effectiveness of major coins' previous low supports, with risks of sharp spikes under high leverage still present. The market is awaiting new incremental funds or macro signals to break the deadlock. $ETH #芯片股八连跌后反弹，AI交易能否修复？ [Pharaoh's Market Watch]
Tesla's Q3 deliveries exceeded expectations. Is this a real recovery or just a bluff?
Pharaoh says directly, the delivery numbers are indeed impressive, but the market isn't looking at how many were sold now; it's looking at "whether they made money." The core of tonight's earnings report is one word: profit.
First, let's look at how explosive the sales volume is. Q3 global deliveries reached 497,000 vehicles, up 7.4% year-over-year, a record high, exceeding Wall Street's expectation of 448,000 by a full 50,000. China is even stronger, with wholesale sales exceeding 90,000 vehicles in September, a 9% month-over-month increase, and even insurance data is taking off. Once the data came out, Tesla's stock price jumped more than 1.5% in pre-market trading.
But Pharaoh has to pour cold water on this. Of these 497,000 vehicles, how many were achieved through price cuts? In Q2, the automotive gross margin had already slipped to 17.2%, lower than last year's 18% for the same period.
So the key focus of tonight's earnings report is not revenue, but three numbers: can the automotive gross margin hold above 17%? Can operating profit remain stable? Can free cash flow avoid turning negative? Analysts expect earnings per share of $0.53, revenue around $49.9 billion, a slight year-over-year decline—this is a typical case of "volume up, profit not up."
What impact on Bitcoin? Tesla is a bellwether for tech stocks. If tonight's gross margin beats expectations and Musk delivers some good news about Robotaxi, tech stocks could warm up again, and Bitcoin could catch a breather.
$BTC $ZEC #特斯拉交付超预期后盈利修复成焦点 #台积电Q3净利润超预期，盈利创历史新高
TSMC's net profit margin surged to 51.1%, with 2nm wafers accounting for 8% of wafer revenue in the first quarter; on ASML's side, customers are already discussing lithography machines for 2029 and 2030. Orders seem to be lined up to the horizon, but the money is not.
CoreWeave holds 104 billion in undelivered orders, buying GPUs, building data centers, and pulling power, but has to pay cash today.
Bank of America's data is even more straightforward: hyperscale cloud providers' free cash flow for the next year has already dropped below negative 100 billion, with capital expenditures consuming 95% of operating cash flow.
Orders are distant water, burning cash is immediate thirst; if the financing chain in the middle tightens, the entire chain has to hold its breath.#特斯拉发布新一代Roadster，行情走高 The release of the new generation Roadster has driven Tesla's market strength, but it should be clear that this sports car is more of a brand flagship product rather than a main revenue driver.
The Roadster focuses on extreme performance to reinforce Tesla's technological narrative, boost market confidence, and increase brand popularity. In the short term, it can easily stimulate stock price sentiment. However, it is positioned as a high-end niche product with limited delivery volume and shipment scale, contributing very little to overall revenue and profit, and cannot significantly enhance performance from a fundamental perspective.
From a market perspective, this is an event-driven sentiment rally with questionable sustainability. After a short-term surge in stock price, funds can easily cash out and exit. The true determinants of Tesla's medium- to long-term trend remain the sales volume and gross margin of its main models, as well as the progress of its autonomous driving business implementation.
Looking across markets, Tesla, as a Nasdaq heavyweight, will drive sentiment in the tech sector with short-term strength, indirectly providing a slight sentiment boost to crypto assets, but the impact is limited and cannot change the macro liquidity-driven major trend.
Summary: The Roadster is a sentiment catalyst, not a fundamental turning point. The short-term market rise is more of a thematic hype, and there is a need to be cautious of the risk of a pullback after the surge. $BTC $ETH $TSLA Capital Flow: ETF Lost $910 Million in Two Weeks, BTC Has Fallen Below ETF Average Cost
ETF—Net Outflow of Approximately $910 Million Over Two Consecutive Weeks
Bitcoin spot ETFs saw a net outflow of $228.6 million last week, following a net outflow of $681.1 million the previous week, totaling about $910 million over two consecutive weeks. The cumulative net flow in October has shifted from a positive $293 million at the start of the month to a net outflow of approximately $615 million. Out of five trading days, three recorded net outflows, with Wednesday last week seeing a single-day outflow of $261.4 million, the highest of the week.
The most critical structural signal: Nexo analysts point out that this round of decline has pushed Bitcoin’s price below the ETF investors’ estimated average purchase cost of about $82,300. Whether funds continue to withdraw or low-level buying drives capital flow and price recovery in sync will be the core focus going forward. $BTC $ETH $ZEC #奈飞增长或放缓，广告业务成新看点 South Korea's pension fund lost $137 billion in 100 days.
SK Hynix $SKHY 55.8 billion
Samsung Electronics 42.8 billion
Together, the two amount to 98.6 billion, accounting for 72% of the total loss.
Distributing this $137 billion evenly among South Korea's 51.7 million people—about $2,650 per person, approximately 19,000 RMB, including newborn babies.🔍 Is this short position a directional bet, or is it hedging risk for other positions? Core Trader 19 (0x0c1f69…9672b) opened a short on $AMZN with 20x leverage, nominal value about $230,500. I'll note this down first, but I'm not in a hurry to label it a “bearish whale.”
What can be confirmed: position size is 887.11 AMZN, reference price $259.81066, action is opening a short, not closing to realize profits. The data doesn't provide previous holdings or exact transaction time, so whether it suddenly turned short or has other positions coordinating is currently unknown.
An interesting detail here: this is my speculation, this looks more like a directional probe with strict exit controls rather than a short that can easily withstand volatility. Roughly dividing nominal value by 20, the margin is about $11,500; if the price moves up 1% against the position, the loss is about $2,305, roughly 20% of that margin. This isn't a precise liquidation line, but it shows leverage narrows the margin for error, and just looking at $230,000 can miss this pressure layer.
I'll keep watching whether it adds to the short or reduces the position next time: if it reduces quickly, the short-term probing explanation will be more convincing. Let's all watch the follow-up—are you betting on “adding more shorts” or “reducing position to control risk” first? Leave your judgment in the comments and see whose speculation is closer.Q3 deliveries exceeding expectations is already an open secret, and the muted stock price reaction also indicates that the market's focus has long since shifted. The core highlight of this earnings report is whether the automotive gross margin can stop its downward trend; additionally, the growth rate of the energy storage business, the ramp-up progress of Cybertruck production capacity, and the rollout progress of FSD are also critical. The phase of relying on price cuts to boost volume is nearing its end, and the speed of profit recovery will be the key logic going forward. #特斯拉交付超预期后盈利修复成焦点 #奈飞增长或放缓，广告业务成新看点 The growth dividend from subscriber increases has long been mostly exhausted; Netflix's current stock price support now fully depends on the second growth curve. This earnings report focuses on the penetration rate and ARPU improvement of the ad-supported subscription tier, as well as the effectiveness of content cost control. The effects of price hikes and cracking down on account sharing are weakening. Whether the ad business can take over growth will directly determine if this trend can continue. #奈飞增长或放缓，广告业务成新看点 ETH is currently trading at about $2423, up slightly by 0.83% in 24 hours, but down about 4.5% over the past week. The moving average structure looks very bearish: the 7-day, 20-day, and 50-day moving averages are all above the price, with the 20-day and 50-day averages converging between $2551 and $2559, forming a compressed ceiling. Looking downward, the $2360-$2400 range is a strong support zone that has been repeatedly tested in recent times; every time the price hits this area, it is bought back. The daily RSI is between 38 and 44, neutral to slightly weak but not oversold. The Stochastic indicator has already formed a golden cross in the oversold region, and the MACD histogram is converging from deep negative values toward the zero line. Technically, this is an extremely compressed pre-breakout phase with no clear direction yet, but energy is accumulating. The news side is what bothers me the most. Ethereum spot ETFs saw a net outflow of $320 million last week, marking the third consecutive week of outflows, and the outflow scale is even larger than that of Bitcoin ETFs. BlackRock's ETHA alone accounts for nearly 93% of this. ETFs are systematically retreating. However, on-chain data tells a different story: within 72 hours in early October, whale addresses cumulatively increased their holdings by over 166,000 ETH, with a nominal value of about $415 million, and this accumulation happened during the price decline, not chasing the rally. Coinbase spot buy orders also exceed sell orders by nearly $2.94 million. ETF redemptions are selling secondary market exposure, while whales are accumulating on-chain spot holdings; these two are trading on different dimensions.#谷歌云业务增长82%，AI投入回报如何？
The two cloud services earned almost the same amount in one year, one spending 175 billion, the other 200 billion.
▪️ Alphabet Q2 cloud revenue 24.8 billion, +82% year-over-year, cloud operating profit 8.8 billion, profit margin 35.6%
▪️ Full-year capital expenditure guidance 195 to 205 billion, midpoint 200 billion
▪️ Microsoft FY26 Q4: Azure and other cloud +43%, expected 39.98%
▪️ Azure annual revenue surpasses 100 billion for the first time, capital expenditure about 175 billion
▪️ Google Cloud annualized about 99.2 billion, almost equal to Azure's 100 billion
▪️ Both report on 10/28
The disagreement is not about who grows faster, but how much cloud revenue is returned per unit of investment.
Google spends 50 billion per quarter to get back 24.8 billion, Microsoft spends 43.8 billion to get back 25 billion.
One trades 2 for 1, the other 1.75 for 1; the one with double the growth rate actually has lower unit output.
The direction suggests "the faster-growing unit has lower output" — condition: both companies increase next quarter's capital expenditure again; invalid if Google Cloud growth drops below 50%.$SUI The trend of Sui seems similar to the original iP, feels like the same pattern. The original iP was almost legendary, but the team took the money and started dumping continuously, nearly driving the price to zero. Later, when they couldn't keep scamming investors, they changed the name. Now Sui has absorbed the DATA (old iP) team and announced an investment of 30 million in DATA (old iP), but it’s just talk with no real effort. Currently, it seems the team and Sui are both dumping DATA, causing the price to nearly collapse. Both sides are taking the last cut on DATA. Hopefully, the SUI team can be more clear-headed and not repeat the old iP mistakes AI has taken over the task of chip replacement, lowering Nvidia's barrier.
In a collaborative paper, $AMD's chip achieved throughput close to its competitor.
How is this number calculated: ten recommendation models, same number of cards, same batch size.
The MI350X's comprehensive training throughput is 101.2% of the B200's.
By reverse calculation, the gap is less than two points.
Common misunderstanding: chip replacement is difficult, but not because of hardware.
The difficulty lies in rewriting years of accumulated customer code and re-tuning error reports.
Previously, these tasks could only be painstakingly handled by engineers one by one.
Now AI repeatedly compiles, reads error reports, and automatically supplements functions.
With migration costs reduced, customers dare to introduce a second supplier.
The bargaining power shifts from one side to both sides.
What really needs attention is not the benchmark scores, but the quoted migration man-hours.
#芯片股八连跌后反弹，AI交易能否修复？
#$AMD $NVDA #谷歌云业务增长82%，AI投入回报如何？ Google's winning move in this earnings report isn't about whether cloud revenue can maintain high growth, but that it is using free cash flow turning negative to bet on a variable that could rewrite valuation logic: TPU external sales.
Looking at the numbers first, cloud revenue surged, backlog orders hit a high, and profit margins are improving. But there's a hidden risk: capital expenditures doubled in Q2, directly wiping out operating cash flow, turning free cash flow negative. This burn rate would have driven most companies out of the market.
Why is the market still patient? Because Google is doing something traditional cloud providers haven't: selling its self-developed TPU hardware to external AI companies. Traditional cloud rents computing power with a profit margin ceiling; selling hardware is a one-time settlement, though it requires massive upfront capacity investment, which is the fundamental reason for negative cash flow. The business hasn't worsened; the model is shifting from renting to selling equipment.
This is the biggest expectation gap. The market is still pricing it as a cloud company, but if TPU external sales really take off, Google's valuation system will be re-evaluated as an AI hardware vendor, breaking the valuation multiple ceiling.
Don't bet on whether cloud revenue beats expectations. Focus on the earnings call to see if management dares to present specific data or guidance on TPU external sales. If they reveal it, even if cash flow looks bad, the capital will be re-priced; if they only use cloud growth to mask the burn, this earnings report is shaky. $GOOGL $xGOOGL - Nearly 44% unrealized profit on BTC holdings — when this number was revealed, I stared at the screen in disbelief for two seconds. You hustle every day drawing lines and watching the market, and in the end, you outperform a country that "buys just 1 BTC every day"? Let's set the facts straight: El Salvador holds about 7,800 BTC at an average price of around 55,000. Calculated at the current price near 81,700, the unrealized profit is close to 40%. More importantly, the rhythm — since March 2024, they have been buying 1 BTC daily for over 900 days. The IMF forbids using national funds, so they circumvent this by using personal donations to continue buying. This is not market timing; this is scheduling purchases into the calendar. What really matters to me is not how much they earned, but what this implies for the current market. The market hovers around 81,700, sentiment is cold, most accounts look bad, yet these "mindless dollar-cost averaging" positions are doing quite well, indicating that what’s lacking now is not direction but patience and cost advantage. Derivatives further illustrate the issue: in a volatile range, funding rates frequently flip positive and negative, but positions are reluctant to withdraw significantly. Both longs and shorts crowd into a narrow range to test the waters. Once this structure is triggered by a one-sided move, the squeeze will be fiercer than the trend itself. Sector strength also reveals preferences: BTC, as the "national reserve narrative" anchor, is more resilient; ETH follows but with moderate elasticity; altcoins show clear divergence, with only a few supported by real buying standing firm, the rest relying on emotional pulses. The bullish path is: as long as the 80,000 level holds aboveOn October 19, it was reported that last week, global publicly listed companies (excluding mining companies) net purchased $360 million worth of BTC, with Strive spending about $330 million, contributing over 90%. The actual buying pressure is somewhat bullish for spot demand, but since the funds are highly concentrated in one company, whether the buying pressure will spread remains to be seen. Next, attention will be on whether Strive can continue to increase its holdings and whether other listed companies will follow suit, to determine the sustainability of this round of institutional demand.
$BTC #机构资金转弱，BTC与ETH谁先迎来回流？ ONDO fluctuates so much back and forth, could small gains mislead market judgment? 🤔
Many people only look at the 24-hour price change, easily overlooking intraday volatility ranges. This type of rolling statistic is calculated using a continuous sliding 24-hour window, which differs from the fixed natural day statistical logic.
1. OKX spot ONDO/USDT latest transaction price is 0.4341 USDT, 24-hour increase of 1.35%, with a high of 0.4426 USDT and a low of 0.4113 USDT.
Here is a common pitfall: net price change only compares the start and end points, while the high and low range represents the range the market has moved through. Even if the closing change is small, there can be significant fluctuations in between. The upper and lower bounds of the range cannot be directly treated as effective support or resistance; this judgment only applies to the current statistical period and cannot be directly extrapolated to subsequent market trends.
The current trading volume is 3,894,769.4813552 USDT. Whether the short-term market can hold this range still requires continuous observation.
#ONDO fluctuates so much back and forth, did the price change fool you #Maji added about 3.02 million USD ETH $ONDO today "Invisible" Bear Market: A Historic Opportunity
The S&P 500 is only about 2% below its all-time high, but 84% of its components have dropped more than 10% from their highs, and 59% have fallen over 20%—most stocks are actually in a bear market, with the index propped up by a few giants, creating an "invisible bear market."
Since the low on March 30, 10 stocks have contributed 70% of the gains (NVIDIA 13%, Micron/Apple/Microsoft each 9%, AMD 8%, Google 7%), while the remaining 490 stocks contributed only 30%.
Context: Day 229 of the Iran war, Brent crude at $106/barrel, inflation near 4%, the Federal Reserve initially expected to cut rates three times (75bp) this year but has now reversed to rate hikes, and the US deficit is nearly $2 trillion.
Without the Iran war, the S&P should be above 9000; AI earnings growth is strong (Q2 blended earnings growth is the highest since Q2 2021); NVIDIA’s stock price has risen but its P/E ratio has dropped 46% over the past year, with a forward P/E around 24x, close to the S&P 500’s 22x, making large tech stocks relatively "cheap."
A bear market within a bull market, if the discount priced into valuations is released, could trigger a violent rebound in the S&P; 2027 is expected to be "very eventful."In 8 trading days, SMH dropped from 639 to 540, leaving 4 gaps, none of which have been filled.
On October 6, it touched 639.47, the highest in 60 days.
The next day it opened 11 points lower, and that gap has remained unfilled until today.
After that, it jumped three more times.
Once from 601 to 598, once from 563 to 560, and once by only 0.5 points.
Altogether, the four jumps add up to 11.6 points.
In this 100-point decline, more than 10% was skipped over.
Skipping means those price levels never actually traded.
No turnover, and no one took losses there.
Volume supports this.
From September 28 to October 6, the daily average was 5.3M shares; after October 7, the daily average rose to 10.5M shares, nearly doubling.
Increased volume plus gaps indicate that someone really wants to exit, not that no one is buying.
I think this is more useful than moving averages.
The first resistance overhead is 560.6, which is the lower edge of the gap on October 15.
When it rebounds there, it faces not trapped positions but a blank space.
Above that are 588, 598, and 625, each a separate blank gap.
An ETF in a sector showing four-level steps means the selling is not about the story of any single company.
Would you rather wait for it to fill the first gap or wait for it to return to the 60-day low?
$SMH
#FourLevelStepsStrategy's recent operations show that fund allocation explains the situation better than the number of coins purchased.
As of October 18, the company holds 848,517 BTC and disclosed about $5.3 billion in USD assets.
In the same week, it spent approximately $193.1 million to repurchase STRC, but only about $22.1 million to buy 267 BTC. The repurchase amount is nearly 9 times the expenditure on buying coins.
This means Strategy is not only expanding its Bitcoin position but also actively adjusting its financing structure.
STRC is the company's issued perpetual preferred stock. Repurchasing this type of security can reduce future dividend burdens; however, the cost is a reduction in cash and liquidity impact.
Moreover, the funding sources for the two transactions differ: funds for buying BTC mainly come from selling MSTR common stock, while repurchasing STRC uses the company's cash holdings.
This is a more complex capital management approach: increasing BTC holdings through common stock financing while using cash to repurchase preferred stock.
The company also raised the authorized limit for the digital credit securities repurchase program from $2 billion to $3 billion. However, the authorized amount does not equal actual expenditure. The latest disclosure shows about $1.16 billion remains available after the adjustment.
What needs to be observed next is not just how much more BTC it can buy, but whether cash reserves, dividend payments, and financing capacity can remain coordinated. ETH is being sandwiched: ETFs withdrew $955 million in October, but institutional buying is increasing.
Here's what I see: ETH is currently at $2,394 (intraday 10/19, Binance), with the 20-day moving average at 2545 and the 50-day moving average at 2551 pressing tightly overhead; spot ETFs have had almost daily net outflows in October, totaling $955 million. On the other hand, Bitmine just bought another 12,535 coins, bringing holdings to 6.04 million coins (about $14.6 billion), just 1% short of the "taking over 5% of Ethereum's supply" target; JPMorgan announced the launch of JPM Coin deposit tokens on Ethereum the same day.
My view: The funds withdrawing are short-term money, while the accumulation is by long-term investors. The price is stuck between support at 2378 and resistance at 2552, fluctuating back and forth, making chasing rallies or bottom-fishing unprofitable.
My plan: Do not chase; wait for direction. A daily close above 2552 turns bullish targeting 2680; breaking below 2378 first targets 2318 (low on 10/15), then down to 2150 (200-day moving average).
Which side are you on: ETF outflows signaling a top first, or Bitmine reaching 5% supply first?
$ETH $BTC $SOL
#Ethereum #EarningsSeason Macro Outlook: Oil Prices, AI Financing Risks, and Bitcoin Under Pressure This week, the market remains heavily influenced by the US-Iran conflict, with oil prices emerging as one of the biggest concerns. In September, US gasoline prices surged 9.1% month-over-month, accounting for more than half of the monthly CPI increase. Although the market generally expects the Federal Reserve to hold off on raising interest rates in October, expectations of a potential rate hike in December have already st#HBM4量产能否推动SK海力士盈利再创新高？
Q2 profits have already increased by 557%, and Q3 aims to "set a new record," with the bar set by themselves.
▪️ Q3 earnings report to be released on 10/28, focus on shipments and prices
▪️ Q2 operating profit 60.5 trillion KRW, up 557% year-on-year, a quarterly record high
▪️ Management said in July that Q3 DRAM bit shipments would increase about 10% quarter-on-quarter, prioritizing servers
▪️ HBM4 will ramp up fully in the second half of the year, with 1c nanometer DRAM scaling up simultaneously
▪️ HBM4 base chips are outsourced to TSMC's 12nm process, costing 3 to 4 times more than their own 1b process
▪️ Today SK Hynix-related stocks +7.04%, SKHY +5.43%
The disagreement is not about whether HBM4 can be mass-produced, but that the bar for "setting a new record" was raised by Q2 itself.
+557% is largely due to last year's low base; the same profit next year will automatically show a smaller year-on-year increase.
HBM4 first involves cost factors: base chips are outsourced, unit price three to four times higher, and yield ramp-up still needs discounts.
The outlook is "high probability of Q3 record high, but year-on-year growth rate will definitely decline" — conditions: DRAM contract prices hold until November; risk: yield drags shipments.To be honest, I used to take "low leverage" as a reason to let my guard down, thinking I could just hold on and wait for a rebound. It wasn’t until I suffered losses that I realized when your position size is too large, even if you say you can handle it, you’re likely to change the rules when volatility hits. Work is already tiring enough; there’s no need to assign yourself a night shift watching the market.
I just saw Core Trader 07 close all his $PYTH long positions with 3x leverage, closing amount about $163,800, realizing a loss of $17,527.69. This trade is over and can’t be taken as a signal that he’s still betting on a rebound.
My judgment is that low leverage cannot replace position management. Based on the average open and close prices in the data, the price moved about 9.67% against him, which corresponds to roughly a 29% margin loss at 3x leverage; even low leverage hurts. Also, with the same volatility, the larger the position, the greater the absolute loss, making it harder for people to admit mistakes. However, I don’t know his total account balance, so I can’t conclude from this trade alone whether he was heavily invested or had no stop loss set.
I now stick to two rules: before opening a position, decide the maximum loss for that trade and then work backward to determine position size, not using leverage as proof of safety; write down exit conditions in advance and execute them when triggered, without loosening them out of reluctance.
Has anyone ever relaxed position limits just because the leverage was "only a few times"? Would you be willing to share a rule you actually followed later on?#Russian-US Diesel Contract Progresses, Expected to Arrive in the US 15 to 20 Days After Signing The Russian-US diesel transport agreement is advancing, with this batch of diesel expected to arrive in the US 15-20 days after signing, directly easing diesel supply pressure on the US East Coast.
Winter is the peak diesel demand season in the US, and inventories have been tight. Previously, the market was concerned that diesel shortages would drive up energy prices and inflation. The arrival of this batch of Russian diesel will suppress spot diesel prices in the short term, indirectly reducing the inflation stickiness caused by refined oil products.
However, two constraints should be noted: first, this is not a large-scale long-term supply but a phased replenishment, making it difficult to fundamentally change the US diesel supply-demand pattern; second, there is policy uncertainty, and future developments will still be affected by sanction clauses and public opinion, creating variability.
From a macro transmission perspective, the decline in diesel prices helps ease overall energy inflation and will slightly improve market expectations for Federal Reserve policy. However, the impact is short-term, and the overall direction of oil prices still depends on OPEC+ production cuts and Middle East geopolitical risks.
Summary: Short-term positive for diesel price decline, slightly easing inflation pressure, but it is a one-time replenishment and unlikely to form a long-term trend.
$BTC $ETH $ZEC JPMorgan Chase has expanded JPM Coin to Ethereum.
On the surface, this adds a blockchain channel to the bank's payment business; looking deeper, it involves how traditional bank deposits enter the on-chain financial system.
JPM Coin has previously operated on Base, and this expansion to Ethereum means institutional clients can transfer tokenized US dollars across more on-chain environments.
Why is Ethereum significant?
Because it already hosts a large number of tokenized assets and financial applications. Assets can be traded on-chain, but if funds still need to frequently return to the traditional system for settlement, the entire process cannot fully leverage blockchain efficiency.
JPM Coin also has a key distinction: it is not an ordinary stablecoin but a bank deposit token representing JPMorgan Chase US dollar deposits.
Although both are pegged to the US dollar, the underlying mechanisms differ. Stablecoins and bank deposit tokens differ in issuance, redemption, legal relationships, and risk assumptions, and cannot be simply regarded as the same asset.
For institutions, the potential uses of such products are not limited to transfers but also include tokenized securities settlement, collateral delivery, and automated fund management.
If on-chain assets and settlement funds can coordinate more smoothly, transaction processes have the opportunity to reduce waiting times and capital occupation.
Of course, technical integration does not mean all institutions can freely use it, nor does it imply that the restrictions of the traditional banking system will automatically disappear. US-Russia diesel agreement, Iran's "7-day plan" and negotiations, short-term news pressure on oil prices, but why do I insist that oil prices won't fall?
#俄美柴油合同推进，签约后15至20天或抵美
US-Russia diesel agreement finalized, Russia resumes partial diesel exports, US temporarily relaxes sanctions;
Iran's 7-day ceasefire + asset unfreezing + reopening of the Hormuz Strait plan, although no substantial breakthrough, the window remains open;
Affected by these "positive" news shocks, $BZ price has retreated from recent highs,
but this does not mean oil prices will drop sharply.
My judgment is that the current situation is more like a "fake fall," the fundamental problems are not resolved, and the medium term remains relatively strong.
Basis:
The news is just an emotional shock. The flow through the Strait of Hormuz is still far below pre-war levels, some tracking data only about 40%–80%, Iran's crude oil exports are basically zero, attacks are frequent, and war risk premiums are high;
The Saudi-Houthi conflict drags down the Red Sea detour route, inventories have been significantly depleted, physical supply remains tight.
Negotiation conditions are harsh, both sides distrust each other, core risks remain unresolved.
Brent $BZ trend:
Short-term support is seen at $105–106, breaking below that targets $102–103; upper resistance at $108.5–110.
If negotiations make no substantial progress or attacks resume, it is highly likely to stabilize above $105 and then return to above $110;
Only when the Strait truly stabilizes and normalizes can a deeper correction space open up.Vitalik gave Ethereum a requirement: the worst-case scenario for proofs must be clearly calculated.
While others are competing on who can produce proofs faster,
he is asking—how much computational power does the most demanding block require.
First, some background.
The ZKsync team has achieved very fast proof generation speeds. On October 15, Vitalik publicly congratulated them.
Then he proposed three tasks to accomplish:
First, ensure the proofs align with Ethereum’s specifications.
Second, set an upper limit on the cost of proofs.
Third, make the proof system itself secure.
Why is the second point the hardest?
Ethereum uses gas to measure workload and limit resources per block.
But there has never been a way to account for how much computational power is needed to generate a proof.
So what he wants is a conversion rule: as gas increases, the proof should consume proportionally more computational power.
The tricky part lies in the phrase "worst-case scenario."
Ordinary blocks can be proven in seconds, which seems cheap.
But the rule must guard against someone deliberately submitting an especially hard-to-prove block.
And here lies a loophole.
EIP-7904 has already done calculations: at current CPU speeds, no re-pricing is needed.
But that analysis did not include the proof generation part.
So Vitalik’s worst-case test question is:
Given a machine with specified hardware and time, how much does it cost to process the hardest valid block?
No one knows the answer yet.
In short:
Ethereum’s ZK path doesn’t lack faster speeds; it lacks a guarantee of an upper bound to prevent runaway costs. Crypto Circle Financial Report: Raydium Q3 2026 Analysis Raydium remains one of the leading decentralized exchanges on Solana. Its Q3 2026 performance looks impressive at first glance, but a closer look reveals several underlying risks that investors should not ignore. Key Financial Highlights Trading Fees: Raydium generated approximately $57.1 million in Q3 trading fees, more than tripling from roughly $17 million in Q2. However, September alone accounted for around $44.6 million of the total. This morning, some friends came over to chat and asked if the AI bubble is really about to burst, and whether another crisis might happen. After looking into it, we actually feel that the market isn't that panicked this time. The 2008 situation was truly problematic, but now the issues aren't necessarily that severe. The Philadelphia Semiconductor Index's eight consecutive declines are indeed the result of many negative factors piling up. We reviewed these 8 days and summarized all the negative news below; indeed, there are various adverse factors. We've actually discussed the above points with everyone before: the numerator side reflects lowered market expectations, while the denominator side acts more like an amplifier, intensifying the market's pessimistic expectations on the numerator. Whether it's the US CPI or oil price fluctuations, the effect is similar. What everyone in tech is most worried about now is that AI cloud spending might burn through cash unsustainably. After reviewing the entire industry's status and finances, we feel it's not that dangerous. Amazon Cloud's CFO said in an interview last week that their AI servers can break even in less than three years. This was also mentioned by Amazon's CEO during the Q2 earnings call, who added that the servers can last at least 5 to 6 years. What does breaking even in three years mean? These machines are generally calculated on simple interest, with about one-third of the investment recouped each year, yielding roughly 33%. To be pessimistic, breaking even in the first three years and net profit in the last three years, assuming the equipment's residual value is zero, and calculating compound interest, the annual return is still about 24%, and even if the servers only last 5 years, it's still 20%. Being usable for 5 to 6 years is very likely reliable. Nvidia's A100, released in 2020, up toToday while browsing the news, I saw that Dogecoin's retail ecosystem has taken another step forward. Through the cooperation between MoonPay and Paxos, $DOGE has been integrated into over 6,000 merchants, and Paxos's transaction has directly placed DOGE onto the regulated channels behind PayPal and Venmo.
I stared at the words "PayPal and Venmo" for a long time.
In the past, when explaining to friends what Dogecoin could do, I could only say "it can be used for transfers." Now someone has connected the channel to the payment software used daily by tens of millions of people worldwide. Users might not even realize they're dealing with crypto; they just tap on Venmo, and DOGE is running underneath.
Some people point to the fact that there are only about ten thousand transfers on-chain daily and think the ecosystem is quiet. But I think about something else. A 2013 meme is now lying within PayPal's compliant channels. This fact itself is far more important than a few points of price increase today.
$DOGE rose 3% today, with the price still around 0.08. The path for payments is being paved step by step, and I'm not in a hurry to see the outcome.$BTC is fluctuating between 80,622 and 83,157.9, rising only 0.99% in 24h, with a trading volume of 11.9 billion USD, which is not large. Central bank gold purchases are slow variables; for this to impact crypto prices, risk-hedging funds need to overflow, which is not evident in current data. Contract open interest is 7.82 billion USD, with recent funding rates between 0.0050% and 0.0100%, indicating bulls are not leveraging up. Options put/call volume is 1.24, higher than the open interest ratio of 0.86, showing new protective buying; DVOL at 38.0 also suggests no one is betting on large volatility. 24h long liquidations total 24.41 million USD, exceeding short liquidations of 17.4 million USD, indicating those chasing longs at the upper range were shaken out. My judgment is that $BTC will continue to consolidate weakly within this range in the short term. Conditions to turn bullish are a break above 83,157.9, sustained funding rates above 0.0100%, and put/call volume returning near 0.86. Conditions to turn bearish are a drop below 80,622 with increasing long liquidations. The total stablecoin supply remains at 306.1 billion USD without contraction; funds are on the sidelines but have not yet entered.