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📰 【A certain whale increased Bitcoin long positions to $98.15 million, making the position size the third largest on Hyperliquid.】
According to Block Beat news on September 25, on-chain analyst Ai Yi (@ai_9684xtpa) monitored that address 0x5ce…1a723 continued to add to Bitcoin long positions today, with the Bitcoin long position size rising to third on the Hyperliquid platform. · Holding 1169.52 BTC with 40x leverage, the position value is about $98.15 million, the average entry price is $83,822.9, and the current unrealized profit is about $182,000; · Also holding 12,673.27 ZEC with 10x leverage, the position value is about $19.69 million, the average entry price is $1217.84...
Adding with 40x leverage like this, either the person is very bold or they know something in advance. I'm more concerned about that ZEC position; usually quiet but suddenly swept by a large position—could someone be betting on the privacy narrative making a comeback? When a position of this size explodes, it causes a chain reaction, so don’t just focus on unrealized profits. Anyone on the same path? What do you think about this combination?
👇👇👇
$BTC $ETH $LINK BTC 这边，$84,800 附近进的多单，回撤一波之后浮亏明显扩大，前面辛辛苦苦攒的利润几乎吐回去。盘中那一下快速下探，差点把止损扫掉，最难受的不是跌，而是这种不给反应时间的急杀。 ETH 2,720 附近的仓位也没扛住，原本还想着守住 2,650 一带能重新反弹，结果还是被 BTC 带着往下走。 SOL 116 附近的多单相对抗跌一些，但短线同样处于浮亏状态。三个仓位同时承压，心态确实容易被盘面的红绿数字带着走。 而且今天还有一个需要注意的变量：BTC、ETH 大额期权集中在 9 月 25 日到期，市场数据显示 BTC 此次到期未平仓规模约 149 亿美元，ETH 约 21 亿美元。大额到期叠加市场近期快速拉升后的回撤，短线波动可能明显放大。 所以现在最重要的不是急着判断“到底是洗盘还是趋势反转”，而是先看关键支撑能不能重新站回来。 急跌之后如果快速收回，可能只是一次高波动清杠杆；如果反弹持续无力、关键位置不断失守，那就要重新评估多头结构。 目前我的思路很简单：不追跌，也不因为一根针就慌着割，先把仓位风险控制好，再等盘面给方向。 行情每天都有机会，仓位活着比什么都重要。Don't mistake distribution for a shakeout
On-chain moves first, price reacts later. 38,000 ETH flowed into exchanges, about $105 million cashed out. Entered at 2580, exited at 2620, the profit comes from the rules, not luck.
Altcoin total market cap touched 1.15 trillion, expanding nearly 30% since early September. The greed index fell from 82, with $390 million positions liquidated in 24 hours. The more crowded the crowd, the narrower the exit. When the "altcoin season" is called out, it's often a time of chip turnover.
Meanwhile, a certain ETF withdrew 1,200 BTC from the exchange's cold wallet, about $96 million, setting a single-day inflow record. Institutions are buying BTC, whales are selling ETH, retail investors are chasing altcoins—three streams of money, three directions.
Outlook:
ETH: 2620 is short-term resistance, do not chase above 2650; if it breaks below 2550, look toward 2400.
Altcoins: a single-day 15% drop may not be the end; BTC and ETH funds are not dispersing, the frenzy is a harvest.
BTC: stalemate near 83500, consider after breaking 84500.
Missing out is not fatal, catching the last leg is. When others take profits, don't get carried away.
$BTC $ETH $ZEC 最脆弱的一环从来不是价格，是节奏被打乱之后你还愿不愿意认错。 美债收益率往上走、美元转强的时候，你的仓位还好吗？ 昨晚盯盘时我一直在想一件事：这轮外部环境其实一点都不温柔，美债收益率继续抬升、美元偏强，风险偏好被压着。但加密这边没有出现那种熟悉的踩踏感。BTC 在 84K 附近来回磨，前面冲高之后进入调整段；ETH 守在 2.69K 一带，相对稳；SOL 回到 116 到 117 区间，短线还有点热度。这组合挺微妙的。 我看到的信号是这样的： - 动能面：BTC ETF 有资金回流，加上空头回补，价格在压力里还能撑住，说明买盘没走光。 - 风险面：宏观那头没松，高利率预期还在压风险偏好，反弹容易被卖。 - 情绪面：没恐慌，但也没到贪婪，属于谁都不敢重仓的阶段。 这就是跨市场联动最烦的地方。美股、美元、债市在定基调，加密在被动接招。不是资金撤了，而是资金在等一个更舒服的入场理由。ETH 和 SOL 的韧性其实在告诉我，场内还没放弃轮动，只是节奏变慢了。 偏多的路径：只要宏观压力缓一点，ETF 回流延续，BTC 站稳 85K，ETH 突破 2700，SOL 守住 115，轮动就能重新热起来📌 On vacation at home shorting $ONE, got liquidated at noon
Haven't touched contracts for a long time. Today, a rare day off, nothing to do at home, saw $ONE had dropped by 20%, so I shorted 25% of my entire position.
Too intense. At noon, a liquidation notice popped up in my email, I didn't believe it at first. Then I checked my account again, and the money was really gone. The creator earnings I earned by writing on the planet for two weeks were gone in one morning.
Things just ended that quickly.
No project research, no complex conditions set, just a 20% drop, and I got itchy hands. The position wasn't big, thought 25% was conservative enough. But the volatility was faster than me. I was still sitting at home, and the position was already closed. The email arrived even before the candlestick chart. In those few seconds opening the email, my first reaction was that the system sent it by mistake, the second was to check the balance.
Not the first time paying this tuition. I've lost on contracts and Meme before, said I wouldn't touch it next time. Stopped for a long time, today on vacation, with some freshly earned income in the account, my hands moved before my brain. The reason for shorting was simple: it had already dropped so much, it should be easier to go down further. Coins that have dropped can still take another breath. That breath was enough to lose that 25%.
The two weeks' earnings on the planet are easy to calculate. Not a big number, just a small amount that can be counted clearly. It felt small when writing, but after liquidation, it felt hot. Offline business is still losing, household expenses continue, this little online income was originally meant to be saved slowly, not to fuel contracts.
One pitfall: treating "already dropped 20%" as protection. What protects is your own judgment, not the margin. Vacation, itchy hands, small position, these three things combined can still wipe out two weeks' earnings. This account doesn't shout signals, nor review how to open the next position. Just record this loss: spent, earned, and lost it back.
Next time before your hands get itchy, do you check your account first or the drop percentage?
#Contract #Liquidation #ONE #RealRecord #NoSignal
$ONE Did nothing, just went to the restroom, and when I came back, the K-line had already done the work for me. $OP This wave is really great, during the repeated oscillations in the session I was wondering if it would grind all day, but I entered long at 0.11071, and now OP has touched 0.13282.
+998.55%, definitely worth the wait.
Don't lose patience in the oscillations and then try to regain dignity in a single direction. I handled my position decisively, taking profits on 75% first, and protecting the cost price on the remaining 25%, not letting the profits that are within reach fly away.
For stocks you're not confident about, a glance is clarity, buying a lot is confusion. I won't chase at this position now, waiting for a more comfortable position in the next round, the opportunity is still there, no need to rush.
$BTC $SNDK The 10-year US Treasury yield has touched 5.2%, and the 30-year yield has reached 5.46%, both hitting multi-year highs. The 30-year fixed mortgage rate has also climbed to 7.45%. This rise in long-term yields is not a short-term fluctuation; the bond market is repricing.
The reason is straightforward. The Federal Reserve has resumed rate hikes, with the market expecting another increase in October, naturally pushing US Treasury yields higher. More importantly, the Treasury continues to issue debt, with the deficit growing larger and supply increasing, so buyers demand higher returns. Coupled with inflation not fully subsiding, long-term yields cannot come down. The Treasury's expansion of buybacks can only improve liquidity but cannot change the fundamental supply-demand imbalance.
This is a real pressure on risk assets. Rising financing costs make borrowing more expensive for companies, mortgage rates increase, and the real estate sector is under pressure. Stock valuations are compressed, with high-valuation tech stocks hit first. BTC is no exception; in a high-interest-rate environment, the opportunity cost of holding non-yielding assets is too high, and funds prefer to earn interest in bonds.
In the short term, BTC faces resistance around 85,000, with strong resistance between 87,000 and 88,000, and short-term support at 84,000. US Treasury yields are suppressing it, limiting rebound potential. From an operational perspective, avoid chasing highs; wait for a pullback to confirm support or wait for a clear direction in long-term yields. At this stage, watching more and acting less is better than acting recklessly. #美债长端利率持续攀升，融资压力升温 $BTC $ETH $ZEC $BTC #Bitcoin The so-called “consensus value” is what kind of consensus#
Many people, when explaining Bitcoin, say:
“Bitcoin’s value comes from consensus.”
This statement is not wrong, but it’s not enough.
Because the real question is: why can consensus generate value?
If a group of people collectively believe something is valuable, that alone should make it have long-term value, then countless assets that were once popular in history should all have permanent value.
Obviously, that’s not the case.
What’s truly worth studying about Bitcoin is that it builds “consensus” on a set of rules that can be continuously verified.
The total supply cap can be verified.
The issuance rules can be verified.
Transaction records can be verified.
Asset ownership can be verified.
Anyone can run a node to independently verify this ledger.
Therefore, Bitcoin’s consensus is not just “everyone believes in it.”
More precisely, it is a coordination mechanism formed around public rules and continuously maintained by cryptography, network nodes, and economic incentives.
This is also a very important layer in my understanding of Bitcoin’s value:
It’s not that people believe in it first, so it has rules;
But because the rules exist long-term, can be verified, and are very difficult for any single entity to arbitrarily change, people can gradually form more lasting trust.
So studying Bitcoin may ultimately be studying more than just an asset.$ZEC — around $1,545.
High $1,680. Flushed $1,457. Bouncing.
Support: $1,460 then $1,400.
Resistance: $1,575 then $1,680.
That’s the local ATH. Need the close.
ETF + privacy bid still there. RSI cooled off the stretch.
Don’t chase $1,545. $1,575 reclaim or $1,460 fail. That’s the setup.Whether a token can rise often doesn't depend on how true its story is, but rather on who benefits the most from its success.
For $GSTOCK and similar "coin-stock" targets, the narrative can easily be mocked as a fantasy for retail investors, but growing it is beneficial for Binance:
An additional entry point to attract traditional stock investors' attention, and an extra channel for on-chain asset distribution.
When the promoter is the largest traffic pool itself, the rest doesn't need to be too complicated.
Don't rush to judge the truth of the story; first see who has the motive to push it up. Hello everyone, I am your uncle!
Brothers who are bullish now should calm down and take a look at the market. $ETH is currently priced at 2670.03 on the one-hour chart, with all moving averages above the price. The MACD continues to operate below the zero line. Bulls have repeatedly tried to counterattack upwards, but all attempts have failed.
Those who chased the highs earlier are now stuck in the 2680-2690 range. Every small rebound attracts a batch of bottom-fishing funds, but they are immediately crushed by selling pressure, repeatedly wearing down their mentality.
After the high point at 2788.70 fell back, the rebound heights have been getting lower and lower, with highs continuously moving down. This is a very typical weak consolidation pattern. The resistance at 2708.21 is there; without a volume breakout, bulls will find it hard to open up the situation.
On the downside, the key support to watch is 2628.18, which is the recent defensive bottom line. If this level cannot hold, the previously bottom-fishing positions will collectively stop loss, causing a stampede downward.
Many people in the community are still hyping the RWA story to promote a market reversal, but themes are themes; the market funds have not cooperated. Don’t be brainwashed by news; candlesticks never lie.
Many people always want to bottom-fish at the lowest point, rushing in hastily, only to get beaten back and forth in a choppy market. Don’t rush to bet on a reversal. In this kind of market, holding your bullets in your hand is far more important than opening positions hastily. The market never lacks opportunities.Crypto Market Divergence: Major Coins Under Pressure, Privacy Coins Strengthen Independently.
$BTC:
$BTC shows a stepped decline on the 15-minute chart, breaking below the short-term moving average from above 84,800, currently at 83,872, down 0.64% intraday, with a 24-hour low of 82,874. Swedish mining company Hive has filed a complaint with the EU over Bitcoin mining VAT disputes. Coupled with a stronger dollar, the short-term outlook is weak; a rebound requires reclaiming the 84,000 level first.
$ETH:
$ETH also weakens in sync, with a 15-minute bearish setup, dropping from 2,700 to 2,669, down 0.53% intraday, with a 24-hour low of 2,628. Robinhood Chain's research report states that on-chain Gas revenue reached $6.6 million in August, with active DEX trading, but this has not reversed the short-term correction. The 2,650 level is a key support.
$ZEC:
$ZEC moves stronger against the trend, oscillating between 1,540 and 1,560 on the 15-minute chart before advancing, currently at 1,556.79, up 2.67% intraday, +102.07% over 30 days, and +278.21% over 90 days. Grayscale's ZCSH fund asset management scale exceeds $1 billion, with institutional narrative adoption fueling an independent rally.
#美联储重启加息，BTC为何仍有韧性？
#美债长端利率持续攀升，融资压力升温
#OKX预言家：第二赛季即将收官 先给结论：这一轮日线级别的上涨我认为还没走完，上方目标看到 9 万上方，这个判断今天不改。现在处在的是短期洗盘阶段，不是反转。别一跌就慌，也别一涨就追，把结构看清楚比什么都重要。 一小时图上，前面那段双顶把价格推下来、跌破前低之后加速了一波，现在在 8 万 4500 这里有一个水平的压力位，是跌破前低后反抽压出来的。这个位置还没上破，所以不排除接下来还在底下磨一阵子。磨不是坏事，洗盘本来就是磨人。 很多人现在怕的是「双顶成立了，要一路崩」。我反着看：昨天的最低点刚好回踩到这段上涨 0.618 的回撤位（大概 8 万 3 附近）就收住了，没有把第一买区打穿。这说明下方是有真实买盘的，洗盘的性质还在。真要确认洗盘结束，得等价格把前低 8 万 5 收回来，收回去我才把它判定为洗盘结束、接新一段上涨。 把关键位摆清楚： 压力：8 万 4500（1 小时水平压力，未上破） 前低 / 基准低点：8 万 5000（收回确认洗盘结束） 第一买区：8 万 2000–8 万 3000（0.618 回撤，昨日已验证有效） 第二买区：7 万 9000–8 万 1000，重点看 8 万整数关口 多头扩展目标：8$ETH 昨晚冲高之后再次回落，凌晨虽然出现了一波小反弹，但现在这个位置我反而觉得没必要急着做多或者做空。 目前 ETH 大致围绕 $2650–$2750 区间震荡，短线真正需要关注的是上方 $2800 一带以及下方 $2600 附近。站稳 $2800，行情才有机会进一步打开空间；如果失守 $2600，则需要防范继续回踩。 不过中线逻辑暂时没有改变，我依然会关注 $3000–$3100 区域。 另外，9月24日美国现货 ETH ETF 净流入约 $66.1M，已经连续5个交易日保持资金净流入，累计这5个交易日约 $746.5M，说明机构资金目前依然有一定承接。 但今天还有一个需要注意的变量：BTC 和 ETH 的季度期权将在9月25日到期，市场总名义规模接近 $17B，其中 ETH 期权约 $2B，交割前后短线波动可能明显放大。 所以这个位置，我宁愿少赚一点，也不想为了几根K线去重仓赌方向。 500U一路做到现在，已经连续折腾一个月了。接下来又临近国庆假期，与其每天盯盘，不如适当降低仓位，把节奏放慢一点。 交易不是每天都必须出手，能守住本金、控制回撤，本身也是一种能力。 祝兄弟们假期快#美联储重启加息，BTC为何仍有韧性？ $BTC $ETH $ZEC
BTC current price is about 84,100, ETH about 2,678, basically flat in 24h (BTC fluctuating around +0.1%). Today's movement:
Stabilized after last night's sharp drop: the lowest point at midnight was 82,875, matching the 82,882 low mentioned last night; the 82,000 bottom line was not touched and was bought back;
Weak rebound during the day: Asian and European sessions touched around 84,900, but softened before reaching the 85,000 resistance, now retreating and hovering at 84,000;
Volume is shrinking: today's trading volume dropped about 20% compared to yesterday, bulls and bears are both waiting — waiting for tonight's US stock market and the weekend direction.
Current pattern in one sentence: after three days of sharp decline, bulls have built a defense line between 82,000–83,000, bears are pressing at 85,000, now it's a middle-range grind; whoever makes the first move will suffer losses.
BTC: upper resistance at 84,900–85,000 (today's high), 85,500; lower support at 83,000, 82,000 (bottom line).
ETH: upper resistance at 2,700–2,720; lower support at 2,650, 2,625 (double bottom), 2,600.
Chasing highs now is weak, bottom fishing is risky; watch the range and wait for direction: only a volume breakout above 85,000 can talk about continued rebound; breaking 83,000 means caution for another test of 82,000. #Upbit Last year, the asset with the highest cumulative trading volume was not Bitcoin, but $XRP.
This data explains one thing better than any narrative: a large part of the pricing power in the XRP ecosystem is held by Korean retail investors.
Back then, XRP's stable position among the top market caps was largely thanks to the push from the Korean community.
So whenever an XRPfi project shows activity, the first reaction is to ask "Which Korean exchanges will list it?" — it's not just fuss, but about where the real liquidity is.
To assess opportunities in such projects, first check if they can connect with Korean channels; this is much more useful than flipping through whitepapers.540,000 $HYPE entered the trading platform
A transfer of 540,000 $HYPE was made into the trading platform.
Based on the price at the time of transfer, it is worth 49.55 million USD.
Where did this money come from:
Address starting with 0xAA66, which was active just three hours ago.
It was originally not on the platform but was lying in an on-chain wallet.
How this number is calculated:
541,009 multiplied by the unit price, deduced to be 49.55 million.
The unit price is about 91 USD, not just a random quote.
Transferring to the platform does not mean it will be sold.
But if it is to be sold, someone has to take the 540,000 tokens.
If no one takes them, the price will speak for itself.
#OKX预言家：第二赛季即将收官 $HYPE Nine ships.
Only this many pass through the Strait of Hormuz in a day, averaging 18 over ten days, which is basically halved.
My first reaction isn’t the oil price, but that the market makers will have to work overtime tonight.
Think about it, energy, freight, and insurance pricing usually rely on this waterway, all need to be recalculated. When liquidity tightens and spreads widen, anyone with exposure suffers.
If I were a market maker, the first thing I’d do isn’t to bottom-fish but to pull my quotes back and wait for others to move first.
The result is the market doesn’t look like it’s dropped much, but if you want to trade, slippage will bite you.
The lesson is simple: prices are fake at times like this; whether you can exit is what really matters.
Don’t rush to catch a falling knife.
#霍尔木兹重开现转机，油价风险溢价会降吗？
#美债长端利率持续攀升，融资压力升温 #高利率下，黄金还能走多远？ $ZEC TSMC has locked in the 2027 prices a year early, with advanced process nodes increasing by 3% to 6%, led by 2nm/3nm.
Many people interpret this as “AI chips are in short supply,” but a more accurate explanation is:
The bottleneck is not in the chips themselves, but in the supporting infrastructure of the entire industry chain—not keeping pace in packaging, power supply, substrates, and cooling. If any link is stuck, the wafer fab’s capacity becomes a scarce quota, and naturally, the quota prices rise.
For downstream manufacturers, this is not a cyclical boom but a long-term upward shift in cost structure.
In the end, someone has to pay the bill for AI.Treasury yields are climbing again, and I think this deserves more attention than it usually gets.
Higher yields basically mean investors are demanding more return to hold U.S. government debt. That can quickly affect everything from mortgages and corporate borrowing to stock valuations and crypto.
Personally, I’m watching whether yields stay elevated rather than focusing on one day's move. If investors start accepting higher long-term yields as the new normal, the competition for capital becomes much tougher why take significant risk when relatively safer assets are offering attractive returns?
For BTC, this makes the current market especially interesting. If Bitcoin can remain resilient while yields rise, I’d see that as a stronger signal than BTC rallying when financial conditions are easy.
My focus right now:
Yields ↑ → borrowing costs ↑ → pressure on valuations ↑
The question is whether risk assets can keep absorbing it. 👀
$BTC #USTreasuryYieldsRise $BTC interest rates are rising, and money is flowing in; this script doesn't add up
The Federal Reserve just finished raising rates, and the probability of another hike in October has nearly hit 70%. According to the old logic, when interest rates go up, risk assets like $BTC should fall first as a sign of respect. But this time it's different; $BTC surged above 87,000 this week before pulling back.
What's even more outrageous is the capital side. On September 21, the US $BTC spot ETF saw a net inflow of nearly $1 billion in a single day, the highest in 2026 [citation:11]. BlackRock, ARK, and Fidelity all bought together, scooping up over 10,000 $BTC. Strategy wasn't idle either, adding another 950, bringing total holdings to 846,000.
On one hand, Paulson is shouting "inflation isn't good enough yet, more hikes may be needed," while on the other, institutions are pouring in real money. $BTC's sensitivity to interest rates is indeed changing—before, any rate move meant a drop first; now it's "you hike, I'll buy."
But that doesn't mean there's no risk. The 10-year US Treasury yield has already surged above 5%, and oil prices are rebounding. The real test will be the core PCE data on September 30. If inflation data explodes again, whether institutions can hold up this inflow is another matter.
Are you guys brave enough to follow this position? Or should I just eat my noodles? 🙈
#美联储重启加息，BTC为何仍有韧性？ $BTC is currently at $83,810, with the bulls and bears divided into two different triggers: TraderBamp says to wait for a break above 85K before looking higher; Bitcoin Peak suggests watching the 84.5K–84.8K range for long entries with a stop loss at 82.8K. The former requires a confirmed breakout, while the latter allows for a pullback to enter longs, so their decision points differ.
Public market data shows the price is still below both upper trigger zones, indicating the bulls have not yet regained control; at the same time, it has not broken below 82.8K, so the bears' continuation is also unconfirmed. I see this as an unresolved divergence and do not treat either side as validated.
My market observation is: only if the 4-hour close is above 85K and $ETH follows, will I consider going with the trend; if the price fails to rebound past 84.5K and breaks below 82.8K, I will give up on going long and wait for new support. I do not chase the middle of the range and keep my position light for now.
Would you rather wait for a break above 85K or a breakdown below 82.8K? This is just my personal market observation and does not constitute investment advice. Two federal appellate courts have given opposite answers on the same issue: whether #Kalshi's sports event contracts fall under federal financial regulation or state gambling laws.
New Jersey has already petitioned the Supreme Court for review.
The significance lies in the fact that about 70% of #Kalshi's daily trading volume comes from sports betting. If classified under state gambling systems, the tax rates and compliance costs would be on a completely different scale—gambling revenue is taxed at over 10%, which is much heavier than financial contracts.
This is also the ceiling issue for the entire prediction market sector: the product capabilities have long been proven, but the bottleneck is regulatory jurisdiction.
Whoever defines this boundary determines the profit margin of this industry.$NVDA
The 10-year yield has risen to 5.20%. Why is the AI leader the most sensitive?
Higher yields reduce the present value of future profits; the more a valuation depends on growth years down the line, the more it is affected. Even with strong demand, NVDA cannot completely escape the discount rate.
If cloud providers continue to raise capital expenditures, orders, and gross margins, profit growth can offset some of the interest rate pressure.
If yields continue to climb and AI investment expectations do not increase, the stock price will face a double squeeze from both valuation and earnings compression. Demand determines profits, interest rates determine multiples.A batch of long positions was liquidated last night, and the price rebounded today. Many people are shouting that "BTC has already bottomed out."
A true bottom requires the price to reclaim key levels, not just a rebound of a few points after a drop.
Currently, $BTC still hasn't firmly stood back above 85,000, and there are still trapped positions and short-term selling pressure above.
Long position liquidations only indicate a decrease in leverage; they do not prove that selling pressure has ended.
If the 82,600–83,500 range is tested again but the buying strength clearly weakens, the so-called "phase bottom" is likely just a pause after the first drop.
A bottom is not declared by shouting; it is confirmed by a breakout followed by a retest.🟢 According to CME pricing, the probability of another rate hike in October is close to 70%. Philadelphia Fed President Harker also stated that inflation has not improved enough and another rate hike may be needed.
📊 【The Ultimate Tug-of-War Between Macro and Capital】
Usually, this kind of background would put obvious pressure on risk assets. However, $BTC still traded above $87,000 before pulling back. The capital side gives a completely different answer:
▶ ETF frenzy: The US spot BTC ETF recorded a net inflow of about $999 million on September 21, the strongest single-day total since 2026!
▶ Treasury accumulation: Corporate buyers like Strategy continue to increase their BTC holdings, with underlying spot chips being locked up crazily.
💡 【Industry Deep Waters: Where Does the Resilience Come From?】
This resilience seems related to stable spot demand rather than immunity to interest rates. Through ETF channels and treasury strategies, the circulating chips in the market are sharply decreasing, causing a substantial tilt in the supply-demand balance, which is also the confidence brought by continuous institutional accumulation.
(Source: OKX Planet 09/25 )
#美联储重启加息，BTC为何仍有韧性？ #财报观察员：好市多业绩超预期，美光接棒 #美伊恢复接触，风险溢价会降吗？ $MSFT
Microsoft's AI logic is not about how many features are released, but whether the cloud business can continue to raise prices.
If Copilot can increase enterprise seat revenue and drive Azure compute utilization, capital expenditures will convert into stable cash flow. The market is willing to assign a high valuation because both software subscriptions and cloud services have recurring revenue.
Next, we need to watch order growth rate, AI service gross margin, and data center depreciation pressure. If revenue realization lags behind investment, a 5.20% yield will cause valuation compression to become more pronounced. ETC has recently experienced increased volatility and remains a typical old coin driven by capital speculation. Its main highlights still lie in the PoW narrative, miner ecosystem, and market rotation, rather than frequent new products or new application catalysts. When overall market risk appetite rises, ETC is often targeted by funds for rotation due to its good liquidity, high recognition, and strong resilience; however, if trading volume cannot keep up, divergences and pullbacks occur quickly. The recent increase in activity indicates short-term funds are paying attention, but to judge whether the heat is sustainable, one must look at whether volume continuity exists and whether mainstream coin funds continue to spread to mid-to-small market caps and established assets. $ETCThe stablecoin with the highest cross-chain holdings is not the Ethereum version this time—USDT on BNB Chain has become the most widely held stablecoin across the entire network.
The significance of this goes beyond the ranking itself: the real demand for stablecoins is not in "holding," but in "using." The landing point for on-chain dollars is where transfers are cheap, deposits and withdrawals are smooth, and they can be directly connected to trading and payment scenarios.
Ethereum has held firm for institutions and large settlements, but daily circulation volume is being eroded by low-cost chains.
The second half of the stablecoin war is a battle of use cases, not TVL numbers.POL has recently benefited from the recovery in the Layer2 sector, and Polygon remains one of the more well-known projects in the Ethereum scaling space. The market is now focusing not just on chain performance, but on whether AggLayer advancement, enterprise partnerships, stablecoin liquidity, RWA scenarios, and developer growth can produce tangible results. In the past, L2 projects could get valuations just by telling a story, but now competition is fiercer, with users and capital concentrating on networks that truly have applications and traffic. This wave for POL looks more like a recovery driven by increased risk appetite; whether it can become a sustained trend depends on whether on-chain activity rises accordingly. For established scaling projects, technological updates are just the beginning; the real test is whether they can convert technology into sustainable ecosystem revenue and usage demand. $POLETHUSD Shorts ($ETH) Quoted at $73,024: A Data Anomaly or an Extreme Short Squeeze? Core Events In September 2026, the price tag for "ETHUSD Shorts" (Ethereum short position indicator) on the TradingView platform suddenly showed $73,024.2108, while Ethereum's actual market price was only around $2,700 at the time. This figure is 27 times the actual price, attracting widespread attention from the trading community. Technical Background: What is "ETHUSD Shorts"? It is important to clarify first that "ETHUSD Shorts" is not the spot price of Ethereum, but a specific metric or chart on TradingView used to track Ethereum short interest or short liquidation data. Within TradingView's indicator system, there are indicators like "ETHUSDSHORTS" specifically used to display short positions on exchanges like Bitfinex. Therefore, the anomaly in this value points to issues in the derivatives market data layer, not the Ethereum spot market itself. Possible Cause Analysis Based on the market background of September 2026, this abnormal value may be caused individually or collectively by the following factors: Reason 1: Data source errors or computational logic flaws. The most direct explanation is that the data provider or TradingView made a technical error when aggregating and calculating the metric. In extreme market conditions, the data source's APXLM: Recently, this wave looks more like a capital inflow back to an established payment public chain, not just a simple hype-driven pump. Stellar's long-term main focus has always been on cross-border payments, stablecoin settlements, and integration with traditional finance. After market risk appetite recovers, assets with "real use cases, history, and liquidity" like this tend to be rediscovered for trading. In terms of price movement, short-term buying has started to become more active, but for XLM to develop a stronger independent trend, it cannot rely solely on the overall market momentum. Going forward, it will depend on whether there is substantial growth in payment partnerships, stablecoin usage, and on-chain transfer activity. Its explosive potential may not be the strongest, but if capital continues to spread from mainstream assets to undervalued legacy coins, XLM will be one that is easily and repeatedly focused on. $XLM最後來從消息面，還有後續要觀察哪些，來跟大家做個結尾。 資金面：9 月 24 日（美東）的數字已經落定。美國現貨比特幣 ETF 約淨流入 1.9 億美元，連續六個交易日，貝萊德單檔就買了約 1.63 億；以太幣約 6,600 萬，連續五個交易日；Solana 約 3,280 萬；XRP 約 1,490 萬。四類現貨 ETF 同一天全部流入，金額比前幾天縮小，但機構承接的方向沒變。 合約面：截至今天早上，過去 24 小時全網爆倉約 3.41 億美元，多單 2.22 億、空單 1.2 億，比前一天的 5.13 億明顯降溫。OKX 永續資金費率，比特幣、以太小幅偏正，Solana、狗狗、瑞波在 0.01% 的基本水位，整體正常、沒有過熱。Coinglass 清算分布顯示，比特幣往上 88,267 或往下 80,259，都各有十幾億美元的槓桿等著被清，所以區間中間亂開很容易被兩邊洗。 總經面：亞洲時段美債賣壓稍微緩和，10 年期約 5.19%，2 年期約 4.91%，30 年期仍在 5.5% 附近，都還是二十年來的高檔。美元前面連漲五天，今天持平，準備收連兩週週線上漲。布蘭特原油跌約 0.9%40x long position, unrealized profit of 180,000
One address, $BTC 40x long position, $118 million.
The data looks like this: $BTC open position 83,822.9, unrealized profit 182,000. $ZEC open position 1,217.84, unrealized profit 4,231,000.
When others see this position, their first reaction is "gambler," 40x will eventually go to zero.
I actually think the unrealized profit on $ZEC is 23 times that of $BTC, but the position size is only one-fifth of it. The place where the real heavy bet is placed is actually the most stable.
With the same amount of money, 40x or 10x, which one is more afraid of a pullback? I don't need to say.
If it were you, which side would you dare to follow?
#美联储重启加息，BTC为何仍有韧性？
#21Shares推出欧洲首只ZcashETP #CME拟推BCH与UNI期货 $BTC $ZEC $BTC's ETF has seen continuous inflows, which everyone should have noticed, leading to calls that institutions are frantically bottom-fishing.
But the question is: if the buying pressure is really that strong, why is the price still hovering around 84,000?
ETF inflows only indicate that funds are coming in; they don't mean there isn't a larger sell-off in the market. Miners, whales, early holders, and OTC institutions can also cash out after the price rises.
If $191 million in new funds can only keep the price sideways, then what we really need to pay attention to is: who exactly is continuously selling?
ETF data looks good, but the price is the final answer.
Before Bitcoin firmly holds above 85,000 again, I won't assume the correction is over just because of continuous inflows. $ZEC
After a strong rally, should ZEC be expected to continue rising or to consolidate next?
ZEC has clearly outperformed most major coins previously, with much of the anticipated gains already priced in. The closer it gets to the peak, the more important it is whether new buyers are willing to take over.
If volume contracts during a pullback and then quickly recovers from the decline zone, the chip structure remains stable.
If a high-volume break below the breakout zone occurs and the rebound fails to restore volume, the trend quality needs to be downgraded. New highs reflect past buying, not sufficient reasons for future gains.The top-level China-US meeting is not a trend engine for the crypto market, but more like a temporary switch for risk appetite. What it truly changes is the market's pricing of tail risks in great power competition, so it first affects sentiment and positioning rather than the long-term valuation of assets.
BTC in macro trading is closer to a high Beta risk exposure, with limited safe-haven qualities. Its trend is usually determined by three factors: incremental funds brought by spot ETF subscriptions and redemptions, global dollar financing conditions, and risk appetite for Nasdaq/tech stocks. Diplomatic goodwill is just a catalyst with low weight.
Scenario one: The meeting is relatively positive. Risk appetite warms up, theoretically benefiting stocks, BTC, and other risk assets; the safe-haven premium for gold may cool off in the short term. But whether BTC can sustain strength still depends on whether ETFs have net inflows, whether dollar liquidity loosens, and whether tech stocks lead gains. Diplomatic news alone rarely triggers a major independent rally.
Scenario two: Talks go poorly or disagreements escalate. Risk appetite wanes, funds withdraw from high-volatility assets, and BTC, being liquidity-sensitive and volatile, often suffers catch-down declines; gold may strengthen due to safe-haven buying.
Reviewing the past, China-US interactions rarely serve as the main variable for BTC bull-bear switches. They usually only amplify intraday volatility, and after the news settles, the market quickly re-anchors to inflation data, US Treasury yields, and Fed policy path.
At the trading level:
Short term: Meeting news may bring 1–2 trading days of sentiment pricing. When the atmosphere warms, gold faces short-term pressure, BTC sentiment recovers; when tensions rise, gold tends to strengthen, and BTC faces increased pullback pressure.
$BTC Let's take a look at Ripple. The current price is about 1.536. Among the mainstream coins today, it is relatively strong, slightly red, but the range is very small, basically also sideways. My view hasn't changed, same as Solana and Dogecoin. If you have short positions, I'll explain the trading method again. Previously, around 1.61, they suggested trying to short with a stop-loss of 1.72. Those who opened the market had already closed in half; For the remaining half, move the stop-loss to near the opening price. If the price really returns to 1.61, you must close it—never hold onto the position. If the price returns to the original short position near 1.61, this is also a position to re-short or add shorts, with a stop-loss at 1.72. A reminder: the gap between 1.61 and 1.72 is not large, with little room for error. You must control your positions well—better to earn less than to be swept out and still be unsatisfied. The 1.53 level hasn't reached the spot yet, so don't chase short positions halfway. For long positions, consider it around the 1.35 range bottom. If it doesn't arrive, just wait and go empty-handed. In terms of chips, on September 24, the spot XRP ETF spot ETF saw a net inflow of about $14.9 million, the third best day this month, mainly due to buying from Bitwise and Franklin, with institutional inflows still ongoing. On the futures side, OKX's Ripple perpetual funding rate is around 0.01%, a normal level, not overheated. Overall liquidations across the network have also shrunk compared to the previous day; this phase is more like a consolidation after a correction, not yet strong. On the news front, on September 30, EveThe deadliest situation on the chessboard is never the opponent's direct check, but when, just outside your peripheral vision, they push their pawns one by one to the seventh rank.
Last week, three institutions made moves simultaneously. After nearly two weeks of silence, Strategy struck again, acquiring 950 BTC, pushing its total holdings to 846,000 BTC—this is not a tactical exchange of pieces, but permanently removing over 840,000 squares from the circulating chessboard. Strive added 1,355 BTC, reaching 26,355 BTC, a steady advance of a mid-sized force, quiet but accumulating space on every square. BitMine was more aggressive, swallowing 27,562 ETH in one gulp, bringing its total close to 5.98 million, of which about 5.07 million are already staked—pay close attention to this number: staking nails the pieces in place; nominally they remain on the board, but by the rules, no one can move them.
The real chess principle lies here: no single bishop can win alone. A single player's buying cannot determine direction; this is opening theory. But when treasury-type demand and passive funds continuously flow in the same direction, what changes is not the price, but the "tradable supply"—the underlying squares. With fewer squares on the board, the same offensive and defensive strength is amplified exponentially. This is the classic path where spatial advantage turns into a winning position—it doesn't rely on a brilliant move, but on the opponent's available moves being stripped away square by square.
On the flank, on-chain certificates reflecting leading US tech stocks are breathing in sync. When the valuation rhythm of tech stocks resonates with the holding rhythm of on-chain assets, it means funds are not playing on two separate boards, but managing pieces on the same chessboard. This flank is quiet, but it determines the depth of the midgame.
Now the market is not focused on "how much was bought," but on "whether to keep buying" as prices rise. This tests the habit of making moves. If there are still additions at each price step up, the initiative is in hand and the plan continues into the midgame; if buying stops as prices rise, then previous accumulation was merely book allocation and passive delivery, not a midgame plan, just an inventory check before the endgame.
My judgment: tradable squares are being sealed off one by one, and the real winning move depends on whether that invisible hand is willing to keep placing pieces at each price step up. #cryptotreasuriesbuy $ZEC is bearish today, I'm here to hype you up
Smart money is retreating: long positions have dropped from about 486 million U to 384 million U, nearly 100 million funds exited first
The profit ratio of the bulls also plummeted from 93.28% to 64.35%
This doesn't look like a normal shakeout but more like early profit-taking by major holders on a large scale with the profits of those on board being rapidly squeezed.
Last night the market corrected, and market sentiment led to a rebound in ZECThe season finale is like the topping out of the main structure; the scaffolding hasn't been removed yet, but the ledger's scale must be reset and rebuilt first. Truly seasoned structural engineers never cheer for the topping out ceremony—we focus on whether the settlement monitoring points have shifted, whether the post-cast joints have been cured according to their age, and whether the building can withstand the next round of wind loads after delivery. Forecasting itself is the load-bearing system; the competition format is just the exterior curtain wall. Changing the facade doesn't affect the core tube, but you must ensure the connectors are not fatigued.
Zoom in on that cross-market linkage construction site: a US stock token with a legacy hardware pedigree is applying post-tensioning prestress between the crypto foundation and the traditional equity slab. The difficulty of this component has never been in the concrete grade but in the anchorage at both ends—one end is Wall Street's century-old cast-in-place frame, densely reinforced, stiff, and brittle, prone to cracking at the slightest disturbance; the other end is a large-span steel structure like perpetual contracts, lightweight, with high vibration frequency and large deflection. Using tokenization as the steel strand to rigidly connect these two systems, the stress concentration at the interface is the real hidden danger.
I've seen too many projects hand over renderings as as-built drawings. The value of tokenized stocks lies not in whether they resonate in sync with the underlying stocks, but in whether the two underground diaphragm walls of the clearing layer and custody layer are deep enough. Stock market closures, oracle price feeds, market maker reserves, redemption gates under extreme conditions—if any of these four nodes are hinged rather than rigidly connected, the building's displacement angle under strong earthquakes will exceed limits. Those who start construction after only drawing rooftop gardens and observation decks will topple entirely at the first liquidity drain, not even reaching the elastic-plastic deformation stage.
Season rotation, leaderboard settlement, reward clearing—these are the workflow segments in construction organization design; once a node is accepted, the next process proceeds. The real increment lies in the next season's blueprint refinement: the scope expands from single cryptocurrencies to stocks, gold, and earnings events, equivalent to upgrading from a standalone villa to an urban complex. The more functional zones, the more likely the MEP (mechanical, electrical, plumbing) systems will conflict. Pipeline clashes won't appear on the surface; they're buried in the ceiling and only leak when delivered for use. Forecasters who only look at the brochure and not the structural calculations will eventually pay for the stack of drawings they never read.
Structures don't lie; load paths won't play along. The transmission chain between tokenized assets and their parent stocks is essentially a cantilever component—the larger the span, the harsher the negative bending moment at the support. On the day reinforcement is insufficient, cracks will quietly emerge first in the tension zone. #okxoutcomess2ending我們來看一下狗狗幣的部分。 現價約 0.0953。今天也是小幅震盪，沒有大行情，跟山寨這邊同一套，看法沒變。 有空單的，操作方法再講一次。之前是在 0.101 附近說可以試空，止損 0.12。有開到的，之前已經先平一半；剩下那一半，止損移到開倉價附近，價格真的回到 0.101，就把舊的那一半平掉，不要把浮盈吐光還倒虧，千萬不要凹單。 另外一邊，如果價格回到當初開空的 0.101 附近，也是可以重新進空、或補空單的位置，止損一樣掛 0.12，破了就砍，不要拖到 0.15 才醒。現在 0.095 附近還沒到位，不要半路追空，等它回到位置再動。 多單的部分，大概回落到 0.08 附近區間底再考慮。見機行事，位置到了再出手。 籌碼面上，狗狗沒有像比特幣那樣的 ETF 日流數字可以看，主要還是跟山寨情緒跟合約槓桿走。今天早上統計的 24 小時全網爆倉降到 3 億多美元，比前一天小很多，盤面在降溫；OKX 上狗狗永續資金費率在 0.01% 左右，是正常水位，沒有過熱。情緒幣上來噴、下來也快，有倉守紀律，沒倉等位置。 消息面上，它跟大盤、山寨情緒連動很高，很少自己走獨立行情。總經那邊美元、美債殖利率The policy conversation is moving past whether stablecoins matter and toward how they integrate with bank-grade controls. Fed input on reserves, capital, risk management and custody, alongside SoFi's card-settlement plans, points to payments infrastructure as the real test. If execution holds, dollar demand may gain a new distribution rail.
#StablecoinRulesAdvance 我們來看一下 Solana 的部分。 現價約 116.3。今天早上一度彈到 118 附近，剛好碰到我們之前開空那一帶，然後就被壓回來，現在在 116 附近震。整體沒有大行情，看法沒變，照之前說的點位見機行事。 再把有空單的操作方法講清楚一次。之前是在 118 附近跟大家說可以試空，止損 140。有開到的，之前已經先平掉一半；剩下那一半，止損移到開倉價附近。只要價格回到開倉價，就照紀律平掉，保本出場，不要讓賺過的單變成虧的，千萬不要凹單。 那沒開到、或已經平掉的人呢？價格回到當初開空的 118 附近，就是可以重新進空或補空單的位置，止損一樣 140，破了就走。今天早上就是一次回到開空區的機會，有照位置掛單的人自然會進去；沒進到也沒關係，現在 116 不要追空，等下一次回到位置再說。倉位輕一點，不要一次打滿。 多單的部分，一樣是回到 100 附近的區間底再考慮。見機行事，別現價硬追。 籌碼面上，9 月 24 日美東的現貨 Solana ETF 淨流入大約 3,280 萬美元，是這幾天比較好的一天，機構還在慢慢承接。合約這邊，OKX 上 Solana 永續資金費率現在在 0.01% 左右，也$ETH $BTC Ethereum has been holding back for a year and finally reached a higher high, but I suggest not rushing to sell yet
$ETH did something this week that it hadn't done for over a year: the price touched 2807, which is the first higher high since the peak in August last year. The previously long-pressured 2438 has now turned into support. From a technical perspective, the trend is indeed reversing.
The capital side is also cooperating. The spot ETF has had net inflows for five consecutive days, amounting to 144 million, 270 million, 162 million, 105 million, and 39.3 million USD respectively. Another interesting data point: among the crypto assets held by US banks, BTC's share dropped from 75.8% to 44.2%, while ETH rose to 38.5%. Institutional money is quietly shifting towards ETH.
However, I say however: First, the daily RSI has already shown a bearish divergence; the price made a new high but momentum did not follow. Second, ETF inflows are decreasing day by day, similar to BTC. Third, there are huge whales selling on-chain; one address sold $110 million worth of ETH in one go, and someone else has been depositing 6,000 coins in batches into multiple exchanges. Fourth, from the previous theft case, the hacker still holds about 68,000 ETH, which is a sword hanging over the market.
So my view is that 2920 is a key level. If it breaks above with volume, the next target is directly 3400. Before that, the area around 2690 looks more like a pullback confirmation after the breakout. 2438 is the bottom line; if it holds, the trend remains intact. If it breaks, this year's breakthrough will be in vain. #美联储重启加息，BTC为何仍有韧性？
The US 10-year Treasury yield has topped around 5.2%, and the 30-year is even higher, close to 5.5%. 😱 Scary, isn't it?!
But $BTC not only didn’t fall along, it even rose a bit! Strange, right?! 🤔️
The US owes over forty trillion, and just the interest payments amount to over a hundred billion dollars a year, more expensive than maintaining the military.
Tech giants are borrowing money to build AI too. When oil prices rise, the cost of food and daily necessities also goes up. People fear prices will get even higher, so they want higher interest to buy those 10- and 30-year bonds.
The good news for Bitcoin is that about 450 new coins are mined daily. A few days ago, the US spot ETF absorbed nearly a billion dollars in one day, and institutions didn’t collectively sell off even when prices dropped. There are fewer coins on exchanges than a few years ago, and long-term holders still keep them in wallets without moving them.
Bitcoin dropped from 87,000 to around 83,000; the money might have gone to buy Treasuries. When some sell at the top, others buy at the bottom. Basically, it’s still stable! No major impact.
The crypto market’s four-year cycle is still heavily influenced by Treasury yields!
Once interest rates come down and ETFs absorb the daily newly mined coins, a true bull market might restart.
#财报观察员：好市多业绩超预期，美光接棒
#美债长端利率持续攀升，融资压力升温 我們來看一下以太幣的部分。 現價約 2,675。今天跟大盤一樣，沒有什麼方向，就是小幅震盪。看法照舊，不因為這種小波動改劇本；情勢還是晦暗不明，繼續觀察就好。 點位沒變。多單一樣等區間底部，大概 2,400 到 2,500 再考慮。價格有回到這個開單空間，就可以進場，止損一起掛好；沒回來就等，不用急。現價還在上面一段，千萬不要隨便操作，跟著大盤走，不單獨硬開。 它跟比特幣連動很高，大盤在震，它就跟著震。這種時候最容易手癢，但位置沒到，進去就只是在賭方向。等得住，才有資格在好位置上車；等不住，通常就是在半山腰被洗掉。 籌碼面上，9 月 24 日美東的現貨以太幣 ETF 淨流入大約 6,600 萬美元，連續第五個交易日流入，貝萊德跟富達是主要買盤。金額比前一天少，但承接還在。合約這邊，今天早上統計的 24 小時全網爆倉降到 3 億多美元，比前一天小很多；OKX 上以太永續資金費率也從小幅偏負轉成小幅偏正，屬於正常水位，沒有過熱。資金面偏多，跟現價能不能開單，還是兩件事，不要因為看到流入就急著上車。 消息面上，美債殖利率在亞洲時段稍微喘口氣，但還是在高檔，市場對 10 月再升息的預期沒有散掉Day 26｜Single-day profit ¥16,842
The account finally turned profitable, with three consecutive days in the green. $BTC $ETH
Recently, BTC has dropped from around 87,000 to about 84,000, and ETH has also fallen back above $2,600, with high-leverage positions continuously being liquidated.
Now, with the quarterly options expiring in concentration, large BTC and ETH options settlements are happening, and short-term volatility may continue to increase.
These past few days, I didn’t chase the rally nor panic open positions due to the drop; I only lightly tested longs near BTC’s 83,700 pullback and took profits after the rebound.
The biggest takeaway from these 26 days isn’t how much money I made, but finally understanding:
If you don’t understand the market, trade less; if you control risk, opportunities will naturally remain.
Survive first, then wait for the next opportunity.
$BTC $ETHThe BTCFi narrative of $CORE is like a castle in the air suspended in the clouds.
The project team attends overseas conferences, continuously painting a grand blueprint for BTCFi and repeatedly preaching the value of SatPay. However, the product launch keeps being delayed, with no actual cash flow support. After the controversy over node reward loopholes, there was widespread promotion of a hard fork to burn tokens, but the direction of the newly issued tokens and a complete event review have yet to be clearly explained.
A large number of commercial nodes have fled one after another, the project team added official nodes and adjusted staking rewards, desperately trying to support the staking market. But the underlying rule of monthly token unlocking has never changed, and the continuous selling pressure from unlocked tokens always hangs over holders' heads.
The castle looks magnificent and beautiful, but its foundation is air. Many holders mistake the long-term vision drawn far ahead as immediate benefits, immersing themselves in the narrative and deliberately ignoring the pressure from the continuous release of tokens.
With the Mid-Autumn Festival holiday approaching, domestic funds are about to take a break and exit, and liquidity in the Asian session continues to shrink. Any brief pulse rally in the charts is just a game of existing funds, with no incremental funds to support the bottom, making a high rebound followed by a fall very likely. In a thin liquidity environment, a small amount of selling can cause a rapid spike.
The glamorous story can be told endlessly, but the unlocked tokens do not lie. Do not mistake a brief rally for a reversal. The most frightening thing in investing is not a decline, but being trapped by obsession, actively beautifying good news, and believing in this castle in the air without a foundation.
⚠️This is only a personal market observation and does not constitute investment advice. Virtual currencies are highly volatile and carry high risk. Let's take a look at Bitcoin. The current price is about 83,940. From morning until now, there hasn't been any major rally. Today basically fluctuated around 84,000, with the high near 84,900 before coming back again. This kind of trading is just a constant shake-up, but the view remains the same, no change. During consolidation, the most common problem is often not the wrong direction, but constant in-and-out trading, with repeated stop-loss strikes that break your mindset. If it doesn't hit the right point, don't move—this is itself a kind of operation. To get straight to the point: if this rally is to end, I still want Bitcoin to truly fall below 74,000. Before that, I won't go short easily. Don't chase short positions recklessly. After consolidation and volatility, it's not like you should short. So can you go long at the current price? No. The price level hasn't changed, and long positions are still lying in wait around 78,000 or 80,000. If the price really returns to the order opening range, you can enter and set your stop-loss accordingly; If it doesn't go back, just keep waiting empty-handed. There's still some distance from there, so don't trade recklessly. Don't chase long or rush to short—just act according to the situation. On the chip side, the ETF data for the US East Asian Coast on September 24 has been released: US spot Bitcoin ETFs saw a net inflow of about $190 million, marking the sixth consecutive trading day of inflows, mainly with BlackRock stocks being bought. The inflow speed is a bit slower than in previous days, but the direction remains positive. On the futures side, as of this morning, the total 24-hour net liquidation across the network was about $341 million, more than the previous day's $500 million