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How many Bitcoins $BTC do all publicly listed companies in the world hold in total?
Just checked the data: a total of 1,286,722 Bitcoins are held. The top 100 hold 1,284,004, and all publicly listed companies outside the top 100 combined hold only 2,718.
Among these top 100 companies: MicroStrategy alone holds 848,517 Bitcoins. This accounts for 66% of the top 100.
And 66% of all publicly listed companies.
#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?
Crypto Newsflash: Strategy increased its BTC holdings by 267 last week, preferred stock repurchase authorization raised to $3 billion
The latest 8-K filing submitted to the SEC today and data disclosed by Michael Saylor reveal that behind this seemingly routine weekly report lies a major tactical shift in Saylor's capital operations focus
Last week, only $22.1 million was spent to increase BTC holdings by 267 coins. The total holdings now reach 848,517 BTC, with a total cost of about $64.02 billion, and an average holding price of $75,446 per coin
During the same period, $193.1 million was spent to repurchase and cancel about 1.9388 million shares of its own STRC
The board officially raised the authorization limit for the "Digital Credit Securities Repurchase Program" from $2 billion to $3 billion
The money spent on repurchasing preferred stock is nearly 9 times that spent on buying Bitcoin💵
Saylor's core belief has never been just hoarding coins, but maximizing BTC yield and capital structure arbitrage,
When MSTR common stock premium is extremely high, the optimal solution is to print shares to buy BTC;
But when bond market volatility causes its own digital credit securities to trade at a discount or high yield in the secondary market, repurchasing its own preferred stock at a dollar discount is equivalent to directly achieving risk-free net asset value enhancement.$CT has been positioned from 0.3 to just above 0.4, with gains exceeding 25%. It seems profitable, but actually hides a short squeeze risk.
This rally is mainly driven by short covering, combined with expected airdrop hype, causing trading volume to surge sharply in a short time. However, once the short liquidation wave ends and buying momentum falters, the price may quickly fall back.
What’s more concerning is that the top ten holders control about 86% of the supply, indicating highly concentrated holdings and significant selling pressure risk.
Therefore, I chose to take half the profits first and set stop-losses on the remaining position. For such a highly volatile coin, locking in gains and managing risk promptly is more important than greedily chasing the final leg of the rally.
#BTCETHInflowsWatch White House Crypto Chief Leaves, Where Should Retail Investors Put Their Money? On October 14, Patrick Witt, Executive Director of the White House President's Digital Assets Advisory Committee, left after his secondment period ended. This means that the core White House team responsible for coordinating U.S. crypto policy currently has no publicly confirmed staff. This is not an isolated incident. In March this year, David Sacks, head of crypto and AI affairs, left; in July, Deputy Director Harry Jung departed. Witt is the third key White House crypto official to leave this year. Behind the staff turnover is the setback of the "CLARITY Act" led by him in the Senate — a procedural vote on September 15 failed to advance by 49 to 50. The disagreement centers on how to handle stablecoin yields and how to address President Trump's own significant crypto asset conflicts of interest. For the market, the direct impact of this event is limited. Witt's departure itself will not immediately influence prices, but it confirms a more critical fact: legislative catalysts will be postponed at least until after the November 3 midterm elections, or even later. Before the Federal Reserve meeting on October 28, the market will be driven by U.S. Treasury yields, oil prices, and ETF fund flows rather than regulatory news. For retail investors, this provides a clear direction: do not bet your positions on expectations of "regulatory benefits." The White House crypto policy team is effectively empty, and the legislative path is temporarily blocked. In the coming period, market pricing power will return more to macro data. Manage your positions and keep an eye on U.S. Treasury yields and The storage sector collectively surged tonight, with SK Hynix on OKEx directly hitting 143, approaching a new high for the period. Leading the charge was SanDisk, which doubled with a 15% increase; the entire storage chain is moving.
The driver is all new catalysts today: South Korean Finance Minister Hong Nam-ki made statements at the IMF annual meeting over the weekend, saying the semiconductor boom will last at least until 2027, with a large supply-demand gap; Samsung is reported to be using TSMC's 3nm process to make next-generation custom HBM base dies for Nvidia, and Nvidia also requires Hynix and Micron to unify their processes; the South Korean government today also released 2 trillion KRW to support Hynix's supply chain. These three events combined have triggered a capital rush.
Looking at the market: OKEx xSKHY current price is 142.81, 24h range 132-143.25, MA5/30/120 bullish, super trend at 141.17 below, RSI 62 not overheated. My judgment: HBM leader plus policy endorsement plus earnings expectations (Hynix earnings on 10/28), this wave is a fundamental resonance, not pure sentiment, but the 143 resistance line has been tested for several days; whether it breaks is key.
Watch two signals: a volume breakout above 143 is a new step up; if it doesn't hold, wait for a pullback to 138.5 support; also watch for continuity of HBM supply chain news before the 10/28 earnings.
#SKHynix #Storage #HBM
Not investment advice, DYOR $BTC $ETH $SOL Is it like replaying the August script?
The recent rhythm of BTC, ETH, and SOL indeed shows shadows of the bull market kickoff in August: prolonged narrow-range consolidation grinding the bottom, bulls' patience being worn thin, shorts gradually accumulating positions, and a chip structure similar to that time. BTC first stabilizes the key support, ETH then shows signs of stabilization, and SOL, as a high Beta asset, has the greatest elasticity and often leads once the market starts.
There are also logical similarities: macro expectations combined with capital rotation. If BTC breaks through key resistance, it easily triggers concentrated short liquidations, forming a short squeeze rally. In August, shorts were crowded, and after the breakout, a chain of liquidations rapidly pushed the market higher.
But history does not repeat exactly. The core driver in August was the liquidity boost from U.S. Treasury bonds, which is not entirely the same this round; similar patterns do not guarantee replication. The focus now is whether spot buying can take over and whether SOL can show independent strength, which will determine the sustainability of the rebound.
#美国CPI与PPI双超预期，年内能否再加息？ #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 The second batch of OKX earnings season predictions has been posted
Those who participated in the Battle Royale event should ensure they have participated in the predictions for these 4 markets
⬛️ For Meta, I chose Yes, for the following reasons
The Meta threshold is $6.31
▪️ MarketBeat's aggregated analyst EPS expectation is about $6.58 🔺
▪️ FXEmpire's earnings forecast page shows an EPS consistent with the threshold
In terms of business, Q3 revenue is expected to be about $63.3 billion, with an estimated year-over-year growth of 24% and advertising business still supporting growth
Based on the above, I decided on Yes
⬛️ For SPCX, I chose No, for the following reasons
The SPCX threshold is $0.17
▪️ TipRanks' earnings preview gives an EPS expectation of about $0.14 🔻
▪️ Investors' reported forecast range is about $0.14 to $0.23
Overall, there is a clear divergence in SPCX's expected distribution, and the $0.17 threshold is not a low bar, already higher than many analysts' forecasts
Based on the above, I decided on No#奈飞增长或放缓，广告业务成新看点 #嘉信开放BTC转账，德银布局托管
It's not news when brokers let you buy crypto; it's news when they let you withdraw it.
▪️ Schwab Crypto launched in April this year; previously, you could only buy and sell BTC and ETH, but not transfer out
▪️ Now starting phased rollout of transfers in and out between eligible clients and external wallets
▪️ Client assets of $13.33 trillion, 40.3 million active brokerage accounts
▪️ At launch in April, figures were $11.9 trillion and 37 million, both numbers have increased in six months
▪️ CEO previously said SOL, AVAX, and LINK would be added by year-end
▪️ Meanwhile, Deutsche Bank is preparing institutional custody, and Standard Chartered has opened direct trading in the UAE
▪️ The three are not opening the same door: trading, custody, withdrawal
The divergence is not whether traditional institutions accept crypto, but at which stage they open the "exit".
When you can only buy and sell, you hold an exposure on the broker's books; only when you can withdraw to a self-custody wallet does ownership truly change hands.
The direction is "custody and transfers before trading volume" — conditions: transfers in and out cover non-eligible clients; invalid if limited to internal transfers only, no external addresses accepted. BTC contract grid order-taking insights: This grid has been held for 321 days, with an investment of 30,000u $BTC, currently earning 32,936u, a return rate of 109.78%. I have never touched it, and I don't check it when I have nothing to do.
Before taking orders, I do a backtest to see if the parameters meet expectations; if they do, I hold steady without moving. The core three strategies of contract grid: shorting at the top, bottom fishing and building a base, and oscillation order-taking. I will share in real-time which one I choose.
Considering the current market, BTC is stuck around the 80,000 mark. Macroscopically, with high US Treasury yields and continuous ETF net outflows, bulls and bears are fiercely tugging, making a single trend hard to appear. This is exactly the "oscillation hotbed" for grid strategies. But beware: over 321 days through bull and bear spikes, the chart once showed a -21.06% drawdown. High-leverage grids can easily go to zero in extreme conditions.
Currently, institutional funds are weakening, AI risks are heating up with CoreWeave reducing holdings, and the market lacks single-sided catalysts. If deploying, it is recommended to use low leverage (<3x) with isolated positions; oscillation ranges (such as 80,000-85,000) are best for order-taking; topping/bottom fishing requires strict position control to prevent false breakouts. Grid is not "easy money"; parameter testing plus trailing stop-loss is the lifeline. Don't let 109% returns become survivor bias. $BTC $ETH $ZEC Expected Value Hunter | Today's Expected Value October 19, 2026 Last Wednesday, CPI was higher than expected. On Thursday, PPI was also higher than expected. Normally, Bitcoin should continue to fall. The 80,000 level has already been broken once; on the 15th, the intraday low reached 79,711, and $948 million worth of positions were liquidated that day, 90% of which were long positions. But today, it stands above 82,000. If you were watching the 80,000 line last week, seeing it broken and then recovered, you probably felt a very familiar sensation—not relief, nor panic, but a hesitation of “should fall but doesn’t.” Today, I want to talk not about the price, but about those things beneath the price that are becoming quiet. The first thing to quiet down is selling pressure. Glassnode has a data point worth carefully reviewing today: the proportion of Bitcoin mid-term holders transferring to exchanges dropped from 40.4% in June to 4.4%. A 36 percentage point drop. Mid-term holders are roughly those holding coins for 6 to 12 months. In June, four out of every ten of these holders were moving coins to exchanges. Now, fewer than five out of every hundred. At the same time, the net inflow trend of whales to exchanges turned negative in late August. The selling pressure that lasted over three months during the summer has basically been released. Sellers have become fewer. But the data also offers a very restrained comment: this helps stabilize volatility, while also highlighting the market’s lack of new buying demand.BTC market dominance returns to 60%, and the days of the leading mainstream coins are actually better!
This market rebound shows a very obvious phenomenon: when BTC drops, it can quickly pull back, but many altcoins fall and remain stagnant for a long time.
Now BTC's market dominance is back near 60%, meaning that out of every 100 units of market value in the entire crypto market, about 60 units are concentrated in Bitcoin.
Combined with recent funds clearly favoring BTC, old fork coins like $BCH, which are tied to BTC, have followed the rebound with support. I opened a 50x position at 277.1, now the mark price is 278.7, with an unrealized profit of +28.87%.
My judgment is very clear: in the upcoming short-term market, BTC is very likely still the main player, with funds flowing back to the strong mainstream, so go long on the leading coins accordingly.
Many retail investors are hoping for an altcoin season, but the truly strong force in the market is still BTC. When BTC rises, the leading coins follow; altcoins that rose earlier are actually falling harder.
Funds concentrated on the leaders indicate the market currently recognizes BTC's relative strength more. To go long, focus on the BTC mainstream; small coins that rose earlier are actually the hardest hit by fund withdrawals. #特斯拉交付超预期后盈利修复成焦点
First, the viewpoint on $xTSLA — meeting the target is the hardest / NO
Known: Delivered 486,532 vehicles (-2.1% YoY, but about 5% above the ~462k expectation); energy storage 13.7 GWh (+9.6%, below some optimistic expectations).
Key validation points:
① Can automotive gross margin stand above 17% (Q2 16.83%, down 4.26 percentage points QoQ);
② Risk of energy gross margin decline;
③ Capex surged to ~$7.5B (last year $2.3B), FCF under pressure (Q2 already -$1.09B);
④ Narrative updates on Robotaxi/FSD/Optimus;
⑤ Regulatory credit decline + Cybertruck weakness (other models -47.9%).
Gross margin QoQ recovery + positive Q4 guidance → rebound; further gross margin decline
So I tend to think: revenue roughly flat, slightly negative. SOL is currently trading around $105–106, rebounding about 2.6% from the 24-hour low of $100.43, but the dense moving average resistance zone at $107–110 is evident. The daily MACD momentum has returned to zero, indicating a counter-trend recovery within a mid-term correction, with no confirmed trend reversal yet.
Today's marginal change lies in the divergence between "ETF outflows vs on-chain expansion": last week, SOL ETF recorded a historic largest single-week outflow of $25.52 million, but this only accounts for 1.5% of the fund's assets, mainly due to interest rate expectations rather than a deterioration in Solana's fundamentals; meanwhile, Circle minted 250 million USDC on Solana today, with RWA scale soaring from $700 million to $4.3 billion in one year, and application revenue in the past 30 days reaching $193.1 million, ranking first among all chains. The Alpenglow upgrade is still scheduled for October 21; if finality is compressed from 12.8 seconds to 150 milliseconds as planned, that will be the key checkpoint to test whether the short-term narrative can be fulfilled.Ethereum ETFs saw $320M in weekly outflows — but here’s the detail most headlines miss: roughly $299M came from a single fund. That’s not the same as every institutional buyer abandoning ETH. Before calling it a broad loss of confidence, I’d want to see whether flows spread across other funds this week.Observation: US stock market opening capital outflow, BTC and ETH rebound synchronously
During the US stock market opening session, the crypto market experienced a synchronous rally
BTC is currently at 82205, up 1.32%, ETH broke through the 2400 mark, now at 2407.9, up 1.25%
Both have a 24-hour trading volume exceeding 5.6 billion, with volume showing signs of recovery.
This rebound is directly related to the capital outflow effect from the US stock market opening. The macro suppression caused by earlier-than-expected CPI and PPI has been somewhat digested in the market.
As trading becomes active after the US stock market opens, some short-term funds choose to flow back into risk assets, driving the oversold market repair.
Technically, BTC has retaken 82000, ETH has reclaimed the 2400 integer level, boosting short-term bullish sentiment.
However, the underlying logic of high macro interest rates remains unchanged; the current rally is still a repair trend under stock competition.
It is necessary to closely monitor the continued trend after the US stock market opens and the breakthrough situation in the dense area of trapped positions above, to guard against a sharp rise followed by a fall. #Meta巨额AI投入进入回报检验期
Meta is about to release its earnings report on October 21.
Right now, the whole market is watching it closely to see if the huge money it has poured into AI and the revenue from ads can cover this massive gap. Wall Street is no longer buying the hype; Q2 revenue was 60.8 billion, and Q3 guidance is 61 to 64 billion. The numbers look okay, but if ad growth slows even a bit and capital expenditures don’t come down, the stock price is bound to shake.
What’s the impact?
First, the AI concept shakeout will get harsher. For giants like Meta, the market will dig into their books to see how they actually make money. Those AI concept coins in crypto that only have whitepapers and no real products will die once exposed. Capital will completely abandon pure concepts and only recognize projects with real computing power and cash flow.
Second, the emotional pressure on tech stocks will spread. If Meta gets hit because of high spending, Nasdaq will weaken, and Bitcoin will also likely face short-term bloodletting. Plus, with ETF funds flowing out, the market is already short on money, so any external disturbance can create a big hole.
Here’s my take:
Don’t bet on the earnings report, and don’t blindly trust any perfect indicators. Whether it’s US stocks or crypto, the core now is to see who has real substance.
What do you think? $BTC $ONDO
ONDO has not yet turned positive; why hasn't the real asset narrative automatically followed the rebound?
In the morning market snapshot, the spot price fell about 0.77% over 24 hours, ranging between 0.4113 and 0.4455, with the price positioned at about 74% of the range.
There are still transmission links between product demand and governance token buying pressure. Even if yield-bearing assets attract attention, the product scale cannot be directly equated to token cash flow; risk appetite and supply also affect valuation.
If 0.4455 is reclaimed and relative performance against BTC improves, the recovery assessment can be raised; if 0.4113 is lost, the narrative premium should be lowered. Price recovery is not evidence that expense allocation has been realized, and scale growth does not automatically generate yield.Is $BTC not funny enough? From the peak in October last year to halving in February this year, it only took 4 months, and now starting from 87,000 in October this year, people are shouting bull market coming, bull market coming? Haven't you all surpassed the big A? With poor news combined with panic about future quantum attacks, plus blockchain technology having better anonymous cryptocurrencies than Bitcoin; even from a pure technical indicator perspective, this is just forming a head and shoulders top pattern. So smart babies, please tell me, do you still continue to be bullish on this thing?【ETH surges then falls back, the 2400 level lost and regained】
The most critical signal today is that ETH quickly gave back gains after a brief surge, with the short-term neckline support at 2400 breached intraday.
1. What changed? ETH rebounded intraday to around 2428 but then quickly dropped back to about 2408, turning the 2400 level from support into a contested zone.
2. Why is this noteworthy? Market sentiment just shifted to greed (index 59), but ETH ETF saw a net outflow of $320 million last week, creating a clear divergence between capital flow and sentiment, with the rebound lacking spot buying support.
3. Which observation is favored? It supports a "corrective rebound after a short squeeze" rather than a trend reversal. Recently, shorts dominated liquidations, and once the buying enthusiasm from bulls chasing prices pushed up by the short squeeze fades, the risk of pullback regains the upper hand.
Next, focus on whether bulls can reclaim the 2400 level and if open interest shows abnormal expansion. Under greedy sentiment, the battle for 2400 is just beginning—who will blink first? Feel free to discuss in the comments. $ETH 【Bitmine Sweeps Up Another 12,500 $ETH — What Does Buying Nearly 5% of Total Supply Mean?】
Over the past week, Bitmine increased its holdings by 12,535 ETH. As of October 18, its position reached 6.0415 million ETH, accounting for about 4.9% of the total ETH supply. This is no longer just a typical institutional buy: a single publicly listed company holding nearly one-twentieth of all ETH forces the market to consider the concentration of holdings.
Bitmine’s increased holdings indicate the company is actively accumulating, but this does not mean there was an equivalent net buy volume in the market during the same period, nor does it prove that retail investors, ETFs, or other institutions are following suit. To assess the strength of the buying pressure, one must look at the sources of its purchases, execution methods, and the concurrent capital flows in exchanges and spot markets.
Bitmine has already staked about 5.067 million ETH, roughly 84% of its holdings. This means a large portion of its tokens have entered the staking system, but staking does not equal permanent lock-up; exit mechanisms and potential future selling pressure still need to be considered.
I believe the continuous accumulation provides a genuine institutional demand signal for ETH, but the more concentrated a single company’s holdings are, the more the market needs to pay attention to its financing capacity and holding strategy. If future accumulation slows, staking scale decreases, or selling begins, today’s bullish narrative will need to be recalculated. $BTC Tonight's US stock market open: Dow slightly down, Nasdaq dozing off, but crypto stocks take the lead—Coinbase up 5.8%, Circle up 3.9%. BTC back to 82k, ETH above 2400, Fear & Greed index at 59: a bit greedy, but not overly so.
On the macro side, CPI/PPI stick like glutinous rice, December rate hike bets mostly settled, 10-year US Treasury nearing 5%. ETFs outflowed $910 million in two weeks, foreigners pulling out; whales crouching to buy—ETH swept 166,000 coins in three days, stablecoin inflows to exchanges surged 40%. In short: retail is bearish, big players are moving bags.
Derivatives hidden risk: $97.87 million BTC longs buried below 80k, liquidation price at 79,828; breaking below could trigger a chain reaction. Key levels to note: 80k is the bottom line, 84,246 is the pivot, only closing above it gives hope.
Bright note: this wave is a technical correction after a sharp drop, not the bull market starting gun. The real tailwind is the FOMC on October 27–28 and the midterm elections on November 3. Expect oscillation mainly between 80k–85k, position sizing is more precious than direction, don't chase highs, don't get carried away.
#机构资金转弱，BTC与ETH谁先迎来回流？ To pour some cold water first, I don't directly count "institutions being able to connect private chains" as a public chain demand explosion. Polygon announced the launch of CDK Besu, supporting banks and financial institutions to deploy private chains based on Hyperledger Besu, and connecting to other blockchains and their liquidity from the start through Agglayer. It currently supports deployment on the Ethereum mainnet. The tools are there, but there is still a barrier before institutions truly move their business over.
I'm cautious for two reasons. First, "supporting deployment" does not equal "already adopted"; this news does not provide the actual scale of institutional use, and the market tends to prematurely count technical availability as commercial implementation. Second, the ability to connect liquidity does not necessarily mean funds will flow out of private chains. My speculation is that if institutions set strict restrictions on asset circulation, the incremental public market brought by connectivity may be limited. This is progress for infrastructure, but it may not support too much imagination for market sentiment.
Of course, the bulls might be right: if we later see institutions continuously running real business and cross-chain usage generates verifiable demand, I will change my view and upgrade it from "just another deployment option" to "an effective business entry point." I'm not denying the technology; I just don't want to pay a premium for adoption that hasn't happened yet. Regarding this release, are people bullish or bearish? Is the lowered deployment threshold enough reason, or must we see actual cross-chain usage?Conclusion first: From 20:00 to 00:00 last night, this 4H candle for $AEON dropped from 0.040 to 0.0348, a decline of 12%, with a trading volume of 16.26 million coins—8 times the average volume.
This was not driven by the overall market. BTC was slightly volatile, ETH rose 1.4%, and the market did not experience a systemic crash. This $AEON K-line is its own issue.
Looking at the 4H structure:
- At 20:00: O=0.04047, H=0.04144, directly dropped to a low close at 0.03477. The upper shadow was exactly the highest point of the day—a typical "pump to lure buyers, then reverse sell-off."
- The following three 4H candles each had lower lows than the previous: 0.03477 → 0.03408 → 0.03554 → 0.0352. The downtrend continues, volume is shrinking, indicating the first wave of sellers has exited, now it’s low-volume turnover at the bottom.
16.26 million AEON, about $650,000 USD in selling pressure, concentrated within 4 hours. Given AEON’s daily trading volume ($14M/24h), this single period accounts for over 30%—not something retail investors can do.
This structure usually corresponds to bulk selling by holding addresses or passive stop-loss by market makers. Either way, it’s unfavorable for short-term holders.
Do you think $AEON can hold at 0.034?Sandisk Opening Analysis $SNDK
Sandisk's opening is a rebound from oversold repair, not a reversal. The fundamental long-term demand for AI storage still exists, but the heavy locked-in positions at high levels and the risk of peak gross margin remain uncertain, so chasing the highs is not recommended. The rebound should first watch for resistance; if it meets resistance at a high point, shorting opportunities can be considered.
#芯片股八连跌后反弹，AI交易能否修复？ [Storage stocks collectively surge, is this AI battle now about who has the bigger warehouse?]
At the opening of the U.S. stock market on October 19, the storage sector collectively strengthened: SanDisk $SNDK rose 4.6%, SK Hynix $SKHY rose 4.5%, Micron $MU rose 3.7%, Western Digital rose 3.1%, and Nvidia also rose 1.4%. The Nasdaq rose 0.9%, the S&P 500 rose 0.54%, while the Dow Jones slightly fell 0.05%. This doesn’t look like excitement across the entire market, but more like capital concentrating bets on specific links in the AI industry chain.
The higher AI computing power stacks, the bottleneck is no longer just the GPU. Both training and inference require high-speed storage and data throughput, so HBM, high-performance NAND, and enterprise-grade SSDs have attracted attention. Storage chips also have cyclical attributes; demand growth combined with tight supply can push both performance and pricing upward.
However, this surge also has another background: storage stocks had just experienced a significant pullback, with the market worried about AI investment returns, financing costs, and competition from Chinese manufacturers. The rebound on October 19 is supported both by industry demand and by oversold recovery.
For now, don’t take a single day of collective gains as confirmation of a new major uptrend.
Focus next on two things: whether storage prices and manufacturers’ performance can continue to exceed expectations, and whether cloud providers will keep increasing investment in AI infrastructure. If stock prices keep rising but demand and profit expectations start to cool, this rally could still collapse.JPM couldn't stand it anymore: Intel was upgraded after a 14% plunge last week, rising 4% pre-market.
Here's what happened:
JPMorgan upgraded $INTC from Underweight to Neutral (target price remains $85): from $142.35 at the end of June to $89.85 last Friday, a 37% drop balanced the risk-reward.
After Chen Liwu took office, execution improved, and AI workloads pushed EPS estimates up to 2027.
Pre-market $INTC reached $93.7, with Nvidia, Micron, and AMD following suit; SOXX +3.5%, aiming to end a 9-day losing streak.
My take:
This isn't bullish, it's "can't fall further": the target price $85 is still below the current price, JPM doesn't dare to say buy.
But the 37% drop has squeezed shorts enough, a rebound could come anytime, just don't chase the highs.
What to do/when it fails:
See if $90 support holds before deciding, don't chase highs; if it breaks below $85, this upgrade logic fails.
Last week's AI infrastructure financing worries were the root cause of the selloff; any more surprises in earnings season will be like catching a flying knife.
The above is just personal observation and not investment advice.
If $INTC rebounds to $100, will you take profits or hold for $120?
$INTC $NVDA $SOXX
#USStockEarningsSeason #ChipSemiconductor[This time Japan is not talking about crypto trading, but directly targeting the entire financial system]
The minutes of the on-chain finance forum released by the Japan Financial Services Agency send a very clear signal: Japan wants to advance blockchain from crypto asset trading to government bonds, securities settlement, and everyday payments. On September 30, the Financial Services Agency, together with relevant departments, held the first forum to discuss the development of on-chain finance in the AI era, with government bonds on-chain also listed as a follow-up research direction.
What is even more worth watching is the implementation path. The Japan Financial Services Agency has already supported a trade settlement pilot project, planning to put trade documents on-chain and explore yen stablecoin payment connections jointly promoted with major Japanese banks. The focus is not on adding another chain, but on whether documents, funds, and settlements can truly be integrated.
I am optimistic about the long-term significance of this, but it is not yet time to directly call it a boon for public chains.
Official support is for financial infrastructure experiments, which does not mean large-scale on-chain transactions have already occurred, nor does it imply that funds will flow to any particular token. What needs to be watched next is whether the pilot can move beyond the verification stage to truly generate transaction volume and stablecoin demand. The Japan Financial Services Agency starting to set the stage is a signal; whether enterprises are willing to use it and whether the business can run smoothly is the next hurdle.Is Musk going to give every American child SpaceX stock?
Today Musk dropped a big move on X: next year, he will give the SpaceX stock he holds to every child in the United States. He added: "This is just the first step in a series of future actions."
Currently, multiple media outlets interpret this as "one share per child." SpaceX's current stock price is around $146, and there are about 72 to 73 million children under 18 in the U.S. Roughly estimating by this measure, the total value is close to $10.5 billion to $10.7 billion.
But this matter is still at the personal statement stage and no formal implementation plan exists yet.
Key facts:
1. SpaceX is already public.
SpaceX will be listed on Nasdaq on June 12, 2026, with the ticker SPCX and an issue price of $135.
2. The scale of the stock gift is large but not fatal to Musk's holdings.
Musk holds a large amount of SpaceX shares; if he really gives away about 73 million shares this time, it accounts for about 1% of his personal holdings.
3. Implementation is not easy.
This includes whether board approval is needed, whether the SEC will review it, how minors open custodial accounts, how gift taxes are handled, and whether distribution will be through "Trump accounts"—none of these have clear answers yet.
4. Children receiving stock does not mean they can spend it immediately.
Minors usually cannot directly hold securities accounts; guardians need to hold them through UTMA/UGMA custodial accounts. Also, selling in the future may involve capital gains tax.
Therefore, this is more like a high-leverage public statement: it looks charitable but simultaneously carries brand, public opinion, political, and capital market communication effects.
What impact will this have on SpaceX's stock price?
In the short term, this is a sentiment-driven positive.
SpaceX is already a company with a very strong narrative: rocket launches, Starlink, AI computing power, satellite internet, Mars plans—each ignites market imagination. Musk throwing out the image of "every child becoming a SpaceX shareholder" will further strengthen its social attention and retail investor goodwill. After the news, SPCX also rose in pre-market trading.
But in the medium term, the stock price must return to fundamentals.
SpaceX's current valuation is not cheap. Its Q2 2026 revenue is about $7.8 billion, growing rapidly year-over-year, but it is still operating at a loss; meanwhile, AI computing power, Starship, and Starlink expansion all require huge capital expenditures.
In other words, the market's valuation already includes very high expectations for future AI, Starlink, and space infrastructure.
This stock gift itself will not directly increase company profits or immediately change financial data. Its bigger role is:
● Strengthening SpaceX's "everyone is a shareholder" narrative;
● Enhancing brand goodwill;
● Increasing retail investor recognition;
● Possibly reducing future regulatory and public opinion pressure;
● Binding the next generation to the SpaceX brand from an early age.
In other words, Musk uses about 1% of his holdings to exchange for a long-term brand asset covering tens of millions of families.
My view:
This is not charity in the traditional sense, nor simple market cap management, but a very Musk-style move:
Using equity as a medium to bind brand, political narrative, capital market sentiment, and next-generation users together.
For investors, in the short term, it can be understood as an emotional catalyst; but what really determines SpaceX's stock price are the following questions:
● Can AI computing power revenue continue to be realized?
● Can Starlink users and ARPU be maintained?
● Can Starship be reliably reused?
● Will huge capital expenditures continue to drag profits?
● How will lock-up pressure, regulatory risks, and merger rumors evolve?
In summary:
The stock gift is the face; fundamentals are the substance. Musk is giving away stock but buying narrative, recognition, and a moat. #SpaceX上市后首份完整季度财报将揭晓 $SPCX How many Bitcoins $BTC do all publicly listed companies in the world hold in total?
Just checked the data: a total of 1,286,722 Bitcoins are held. The top 100 hold 1,284,004, and all publicly listed companies outside the top 100 combined hold only 2,718.
Among these top 100 companies: MicroStrategy alone holds 848,517 Bitcoins. This accounts for 66% of the top 100.
And 66% of all publicly listed companies.
#机构资金转弱，BTC与ETH谁先迎来回流？ 🔷 CryptoX-ray #2: $HYPER — unlock in 3 days, ratings
are disputed
There is a bridge between networks, but no income for holders: $0 according to DefiLlama. Fees — ~$21.6K over 30 days, cap $20–26M.
Unlock on October 22: from 11.2M to 27.61M HYPER. Red flag — trackers do not match.
Fact: seed $18.5M under Variant.
Verdict: observation.
Will the unlock be absorbed or sold? 👇
#OKXTraderVoices After talking about Bitcoin, let's talk about the US stock market. This week continues the Q3 earnings season, with particular attention on Elon Musk's companies SpaceX $SPCX and $TSLA Tesla. Since last week, after he launched the flying car attracting a lot of market attention, the stock price effect still seems poor, and this week's earnings report is the real moment of truth.
After market close on Tuesday, 10/20, SpaceX will release its earnings.
After market close on Wednesday, 10/21, Tesla will release its earnings.
On Thursday, 10/22, up to 1.3 billion SpaceX shares will be unlocked.
On Saturday, 10/24, about 328.4 million shares will expire, with the first trading day being next Monday, 10/26.
Based on past experience, Musk often manages market value intentionally or unintentionally (within SEC compliance) by releasing news about cool high-tech, new infrastructure, and other positive factors when stock performance is poor. Obviously, the current stock performance of SPCX and TSLA is not good, so his flying car and stock donations are more likely a hedging tactic to attract traffic.
Looking at the actual earnings, both companies roughly meet expectations. SPCX only profits from Starlink, with market revenue expectations around $12.89 billion. This time, it will be important to see if the AI segment's spending and revenue have improved.
If earnings beat expectations, the stock will likely rebound back above 150+ to leave room for subsequent selling pressure. If earnings miss expectations combined with massive unlocking, SPCX will probably fall back to the 13X range in the short term, near the IPO price.
Also, the two earnings reports are released back-to-back, so...Elon Musk said today on X that next year he plans to give one share of SpaceX stock he personally holds to every child in the United States, and he mentioned this is just the first wave. As for what age counts as a child, how the shares will be distributed, and when they will be delivered, he did not specify.
SpaceX closed just above $146 last Friday. There are about 72 million people under 18 in the U.S.; one share each would total over $10 billion. This is his own stock, not new shares issued by the company, so existing shareholders won’t be diluted. He personally holds nearly half of the company’s shares, and the shares given away would be less than 1% of the total shares outstanding, so his voting power basically remains unchanged.
This announcement came shortly after Anthropic said it would put 5% of its shares into a charitable foundation. Musk thinks it’s better to give shares directly to ordinary people. Currently, the U.S. has “Trump accounts” where donated stocks are usually locked for five years; whether Musk will use this approach is still undecided.
Regarding the stock price, the company itself hasn’t fundamentally improved or worsened. In the short term, the topic might attract more attention; but by saying he plans to give away more shares later, he is effectively telling the market in advance that more shares will be released. If there is a five-year lockup, very few people can sell now; once the lockup ends, tens of millions of people holding small amounts might start selling gradually. Ultimately, the stock’s value will depend on who receives the shares, when they receive them, and what the stock price is on that day.#俄美柴油合同推进，签约后15至20天或抵美
Diesel could arrive in 15 to 20 days, but the 15 days haven't started counting yet.
▪️ Novak 10/18: Russian diesel will enter the US market 15 to 20 days after contract signing
▪️ The US Department of Energy has identified the transaction parties and buyers; commercial terms are still under negotiation — contract not yet signed
▪️ The first batch will immediately release 300,000 tons, followed by 500,000 tons next month, totaling 800,000 tons
▪️ 300,000 tons is about 2.2 million barrels, equivalent to four to five product tankers
▪️ 10/15 TASS estimate "at least 2 to 3 weeks," consistent with today's range
▪️ 10/19 Brent fell about 1.5%, closing near $108
The disagreement is not whether the diesel can arrive, but that the "15 to 20 days" count starts from the signing day, not from today.
Signing, loading, crossing the Atlantic, unloading — all four stages must fit within these 15 to 20 days. If negotiations drag for a week, the arrival date shifts back by a week.
800,000 tons is the total volume over two months. The market today is selling "it's coming," not "how much has arrived."
The direction is "geopolitical premium eases first, supply premium arrives later" — conditions: contract signed within October; invalid if terms collapse or sanctions tighten again.Just saw this post, and I almost took “large position” to mean “accurate judgment” 😂 I've been in the circle for a year, and messages with big numbers like this still easily make me pause. But after thinking about it, the size of the funds and whether the judgment is reliable seem to be two different things.
According to Lookonchain monitoring, a certain whale has made a large long position in BTC and ETH, with a total long position size of $140.88 million, including 1,236 BTC (about $102.2 million) and 15,928 ETH (about $38.67 million).
My understanding is that this is more like a snapshot of the position and cannot yet be taken as proof of new market buying; I’m not sure if that’s correct. The data doesn’t provide the entry time, so the current position size doesn’t equal how much money just entered the market; it also doesn’t provide leverage or other positions, so looking only at the long position, we can’t judge how much directional risk it overall carries.
So for someone like me who is still learning, the biggest use of this information is to remind me to gather more data, rather than to guess price movements based on it. If there is also hedging, then the bullishness expressed by this long position might not be as strong as the headline suggests—this is just my speculation.
What I haven’t figured out yet is: when experienced veterans see this kind of whale long position info, do they first check the entry records or check for hedging positions? Which one better helps avoid misinterpretation?Let's settle the accounts tonight first. I set a bet at 82,600 in the early session, but there was no result today. BTC peaked at 83,168 but couldn't hold; current price is 82,537, up +0.78% in 24 hours; it also didn't fall below 82,000, and the retest of 80,800 didn't happen. Neither right nor wrong, it's a draw. Price is flat, and the fee rate didn't move. Tonight, the fee rates for the three coins all rose: BTC 0.01%, ETH 0.0066%, SOL doubled from 0.0037% to 0.0087%. However, BTC open interest shrank from 30,833 contracts to 30,122 contracts, about 2.48 billion USD, money is flowing out. Simply put: bulls are willing to pay to hold their positions, but no one dares to add positions to bet on a breakout. Fee rate reflects attitude, open interest reflects courage. Price is stuck near 82,500, both sides are waiting for 82,600 to give a clear signal. Tomorrow morning I will only watch two numbers: if BTC stays above 82,600 and fee rate doesn't drop, I expect 83,500; if it falls below 82,000 overnight with fee rate declining, this analysis is void, and I will look back to 80,800. Do you think this warming of fee rates is genuine or fake?In the futures market, whether warehouse receipts can circulate and who is accountable when problems arise are two different matters. From what I see in traditional financial infrastructure news, the habit is to first review the rules, then see how wide the channels are built; the old issues have not changed even when brought into the crypto market.
This time, Polygon has launched CDK Besu, supporting banks and financial institutions to deploy private blockchains based on Hyperledger Besu, and connect to other blockchains and their liquidity from the start through Agglayer. It currently supports deployment on the Ethereum mainnet.
My judgment is that this is positive for interconnection of institutional chains, but the real challenge lies in the boundaries of responsibility. Private chains originally emphasize permissions and internal control; after connecting to external chains, how assets are recognized and who handles anomalies cannot be answered solely by "technical connectivity." The difference between the crypto market and traditional markets is that channels can be set up first, but the rules among participants may not be synchronized; this information has not yet explained these arrangements.
If subsequent work can clarify permissions, settlement, and anomaly handling, I will value its significance for institutional business collaboration more, rather than using it to speculate on coin prices. Are there any friends who have also transitioned from traditional markets? When a bank's private chain connects to external liquidity, do you first check asset admission rules or the accountability mechanism for cross-chain issues?The sideways confirmation of BTC these days is very exhausting, but I want to say
📌Sideways is not rest! The long-short game of BTC is entering the final stage, remember the key points, beware of spikes tonight!
1. Long and short forces are evenly matched
There are a large number of profit-taking orders near 83500 above, so whenever it rises, someone sells; there is bottom-fishing capital support at 81200 below, so whenever it falls, buyers step in. Neither side can break through the other's range, pulling back and forth.
2. Stock capital game, lack of new funds entering
Without heavy positive news stimulation, off-market funds are watching, and there is no incremental capital to drive a breakout. Funds are just flowing back and forth within the market; some funds go to speculate on small-cap coins like ZEC, while BTC's own volume shrinks and cannot form a one-sided trend.
3. Temporary vacuum in macro news
In the short term, there is no heavy CPI or Federal Reserve speech news; the dollar and US bond yields fluctuate little, lacking macro driving forces to lead BTC out of the trend, so it can only wait in place for news to choose a direction.
4. Technical rebound followed by digestion and shakeout
After the previous rebound, short-term profit-taking needs time to digest; the main force uses sideways movement to wash out short-term speculative chips; this stage is prone to spikes back and forth, shaking out leveraged positions.
In summary: selling pressure above, support below, lack of incremental funds + no heavy news, only range-bound oscillation waiting for direction choice. The S&P is at 76% over the 100-day range, but only 25 out of 82 stocks are above the 20-day moving average.
Even the S&P itself hasn't stood above it.
At last Friday's close, SPY was at 769, the 20-day moving average at 773, a difference of 4 points.
I think this combination reveals more than any price change.
The index looks high, but internally it has already undergone a blood change.
Look at these two lists to understand.
11 stocks hitting 100-day highs: Costco, Coca-Cola, Microsoft, Shopify, Seagate, and SPY itself.
14 stocks hitting 100-day lows: Broadcom, Rocket Lab, AST, IREN, AppLovin.
There are 3 more new lows than new highs.
And all the new lows are high beta, while all the new highs are defensive and heavyweight.
Costco is the best example, hitting a 100-day high of 1008.82 on October 15, and still standing 36 points above the 20-day moving average.
Money hasn't left the stock market; it has moved from storytelling stocks to sales-driven ones.
This is not a bull market; it's an index bull market and an individual stock bear market.
The danger lies in the index being supported by a few stocks, with no support underneath.
Once the heavyweight stocks turn down, the index will fall faster than expected.
The dividing line is the 20-day moving average, 773.
If it can't get back above, breadth will only worsen.
$COST
#IndexBullMarketIndividualStockBearMarketAnother company has spent nearly $100 million buying BTC, with an average price of $81,734.
Tonight Strive disclosed that from last Wednesday to Friday, it increased its holdings by 1,223 BTC, bringing the total holdings to 36,818 BTC.
Looking at this amount in terms of ETF funds makes the scale more intuitive.
From October 12 to 16, the US BTC spot ETFs had a total net outflow of $228.4 million. Strive's increase in holdings is equivalent to about 43.8% of the ETF net outflow for that week.
Looking further back, from October 12 to 16, Strive bought a total of 4,045 BTC at an average price of about $82,803, corresponding to approximately $335 million, which is about 1.47 times the ETF net outflow amount during the same period.
On one hand, ETF channels are withdrawing funds; on the other hand, companies are increasing their holdings with even larger amounts. The notion that institutions have all fled BTC clearly does not hold up.
There is another matter: Strive raised about $630 million through preferred stock financing, with the funds intended for BTC acquisition, operating capital, income-generating assets, and share buybacks. The company also plans to maintain reserves covering about 18 months of preferred stock dividends. This indicates that the reserve funds for buying BTC have increased again.
I am confident in the long-term bullish outlook. Whether the short-term can strengthen next depends mainly on whether ETF funds can follow the corporate buying momentum. [Short positions liquidated 97% in 1 hour, but BTC didn't surpass 83000]
The most striking data today: In the last hour, $28.18 million was liquidated, with $27.42 million coming from short positions, accounting for 97%. BTC shorts near 82000 were heavily liquidated. However, the price did not break through 83000; instead, it faced resistance and pulled back around 82800-83200.
1. What happened? On a 24-hour scale, long liquidations still account for 59.9%, but the short-term structure flipped sharply—shorts were squeezed out in a very short time.
2. Why is this noteworthy? Volume did not increase; total 24-hour liquidations only rose 2.41% compared to the previous day, indicating this was a precise short squeeze rather than a trend-driven capital inflow.
3. Which observation does this support? It supports "technical repair" rather than a trend reversal. ETFs still saw a net outflow of 229 million last week, with no incremental buying, so the short squeeze only clears leverage and cannot sustain the trend.
Next, watch if 83000 can be effectively held and whether ETF outflows will converge. Shorts have been fully cleared; who will take over next? Feel free to discuss in the comments. $BTC #奈飞增长或放缓，广告业务成新看点 For two consecutive weeks, the US Bitcoin spot ETF has been seeing outflows. From October 5 to 9, there was a net outflow of $679 million. From October 12 to 16, another $228 million left. In total, $907 million flowed out over two weeks. ETH looks even worse, with a net outflow of $320 million last week; only October 13 was positive during the five trading days, the other four were all red. Combining BTC and ETH, $548.5 million left last week alone. According to past experience, this should have caused a significant price drop. However, BTC is currently hovering around 81,000, just over a thousand dollars above 80,000. On October 15, when the CPI was released, it did dip to 80,672 but didn’t hold that low and recovered. As of this morning, it’s still up over the past 24 hours. This is a bit strange. Money is flowing out, but the price isn’t falling—who is buying? At first, I thought someone was quietly bottom-fishing. But after checking liquidation data, it turns out that’s not the case. [Illustration 2:02_Liquidation Tide Recedes.png] From October 8 to 9, there were $1.191 billion in liquidations across the network over three days. On October 15, the CPI day, $937 million, with longs accounting for 84%. In the last 24 hours up to today, only $359 million remain, with longs at $281 million and shorts at $78 million, and over 100,000 people liquidated. OneBuying three names may only express one viewpoint
$BTC rose 1.09% in the past 24 hours; it is suitable for expressing an overall market improvement view, with relatively straightforward logic.
However, adding several altcoins to a portfolio does not necessarily mean there are multiple independent reasons; they may all be anticipating the same market recovery. More names do not mean different drivers.
Clarifying this point first is very useful. If you are generally optimistic about the market, you can study it; if you want to achieve performance beyond it, then explain the additional business advantages of other coins. Each position should have its own role.
$HYPE had a trading volume of about $557 million in the past 24 hours, and its activity brings it into the research scope, but I will examine the business layer separately.
Its native application is an on-chain order book perpetual exchange. What’s worth comparing is whether the trading experience can bring sustained usage, rather than simply treating it as a scaled-up version of the main market.
This distinction changes the evaluation method: market recovery is the common background, product competitiveness is its own homework. Only if the latter reason stands can it be convincingly given a separate position in the portfolio.
$AAVE’s business allows users to borrow liquidity using collateral assets, and changes in collateral value also affect borrowing conditions, so it is not unrelated to the overall market.
Therefore, when adding lending coins to a portfolio, I do not immediately assume there is a completely independent business; it still depends on the environment in which it is more competitive.
My view is that the businesses can be different, but the market impact they bear may be similar. When studying a portfolio, mapping out these connections is closer to reality than simply dividing into three categories of public chain, trading, and lending.What is the most profitable business in the crypto circle?
Today's top five by expenses:
1. $PUMP Expense 5.1 million, Revenue 1.87 million, Retention rate 37%
2. Polymarket Expense 5 million, Revenue 760,000, Retention rate 15%
3. $HYPE Expense 2.47 million, Revenue 2.03 million, Retention rate 82%
4. Papertrade Expense 2.35 million, Revenue 2.36 million, Retention rate 100%
5. $UNI Expense 2.04 million, Revenue 200,000, Retention rate 10% This earnings report exceeding revenue expectations is obvious, but whether the stock price rises or not doesn't depend on revenue; it depends on whether the burn rate can be caught up by income.
First, looking at the revenue side, AI contracts are indeed being realized in concentration. Anthropic runs at full capacity generating $1.25 billion per month, Google executes at full speed from October with $920 million per month, plus a fourth contract of $1.1 billion per month, the three contracts annualize close to $40 billion. UBS expects Q3 AI revenue at $7.6 billion, Citibank conservatively estimates $6.9 billion, even at the lower estimate, it's more than double quarter-over-quarter growth. Revenue consensus is $13 billion, up 65% year-over-year; this is the first time the AI computing power story is validated by real contracts with actual money.
But the problem lies on the expenditure side. Starlink is the only stable profit engine, with an EBITDA margin of 63%, but Starlink generates only about $3 billion in free cash flow per year, which cannot fill the combined $10+ billion hole from the rocket and AI segments. After one earnings report, the stock price dropped over 10%, and this is what caused it.
So the real variable in this earnings report is not the revenue figures, but whether management dares to provide a clear Capex peak timeline and free cash flow inflection guidance. If they do, the market will accept this long-term story of "burn first, then collect rent"; if not, no matter how good the revenue looks, the stock will be hammered after hours. The 14th Starship test flight reaching orbit is a long-term narrative, but it doesn't solve the cash flow problem in the short term. Don't bet on the stock price exceeding expectations just because revenue exceeds expectations. #SpaceX上市后首份完整季度财报将揭晓 @OKX星球 #芯片股八连跌后反弹，AI交易能否修复？
The Philadelphia Semiconductor Index dropped 13% over eight days, then bounced back 1% overnight—this is not a recovery.
▪️ The Philadelphia Semiconductor Index fell for 8 consecutive trading days, a cumulative drop of over −13%, the longest since 2008
▪️ Semiconductor market value evaporated by about $2 trillion; Nasdaq 100 dropped −5.5% last week, the largest weekly decline since April 2025
▪️ The rebound on 10/19 only occurred in futures: Nasdaq 100 futures once rose nearly 1%, spot market has not opened yet
▪️ Short sellers gained about $32 billion on paper over seven trading days; triple short semiconductor ETF trading volume hit the third highest in 20 years
▪️ TSMC’s Q3 revenue and net profit both hit record highs, yet its ADR still fell after the earnings report
▪️ After a 13% drop, a 14.9% rise is needed to break even; a 1% bounce only narrows the gap from 13% to 12.1%
The disagreement is not whether AI trading can repair, but that the numerator and denominator of "recovery" are not on the same scale.
1% is one day, 13% is eight days. Earnings hitting new highs while stock prices continue to fall indicates that earnings are not the variable driving this round of pricing.
The direction suggests "rebound confirmed, recovery not confirmed" — conditions: closing above half the decline for three consecutive days; invalidation: futures gains give back, spot market turns down.$ASTER Aster spent 99% of the fees over two weeks to buy back 2.72 million ASTER.
But upon closer inspection, the repurchased tokens were not burned; instead, they were distributed to staking users. The tokens actually burned were an equivalent amount held by the team.
In other words, this money ultimately became staking rewards.
An annualized return of 24.8% looks quite attractive, but the catch is a lock-up period of 208 weeks, a full four years.
Would you be willing to exchange four years of liquidity for this yield? The decline of $PONS is like boiling a frog slowly, while the daily revenue scale of $PUMP is 30 times that of pons!
Let's first look at the latest data; the gap between the two is already very obvious.
$PONS: Fundamentals and price are weakening in sync. The price has dropped from a high of $0.90 to $0.26, a retracement of about 71%;
Daily protocol revenue is only about $36,000!!
Robinhood Chain's DEX trading volume yesterday was about $775 million, ranking fourth across the entire chain. #NetflixQ3AdsAndMargins Thin order book triggers chain reaction stampede: AI perpetual contracts flash crash replay at dawn
On October 18, Tread.fi CEO DYJ reviewed the flash crash of US stock AI concept perpetual contracts at dawn. He believes the selling pressure started on Binance: a roughly $2 million SNDK long position was liquidated, and due to insufficient order book depth, it directly broke through the buy orders, with about $407,000 executed in seconds, then immediately increasing to about $1.03 million; MU was almost simultaneously under pressure. Subsequently, the risk spread to Hyperliquid, where about 10 addresses submitted IOC sell orders concentrated on SNDK, SOXL, DRAM, SKHX, SKHY, and MU within 1.8 seconds, triggering a second round of synchronized selling. Notably, most of these orders were newly opened short positions rather than simple position reductions, indicating that funds actively shorted by leveraging the momentum. In terms of volume, during the first round of selling, Binance saw about $21.9 million and $5.1 million traded for SNDK and MU respectively within a minute, while Trade.xyz contracts corresponded to about $3.1 million and $300,000; on Hyperliquid, MU volume further expanded to about $10.8 million and $9.5 million within two minutes. DYJ stated this phase was driven by chain liquidations.