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$BTC just pushed to a new 2026 high. And the move isn't happening alone. $ETH → ~$2.75K $SOL → ~$117 $XRP → ~$1.54 But here's the interesting part: U.S. spot Bitcoin ETFs pulled almost $1B in net inflows Monday, while more than $800M in crypto positions were liquidated, mostly shorts. � Stocktwits +1 So we have two forces pushing the market: Institutional demand + forced short covering. Now comes the real test: If BTC pulls back, do buyers defend the breakout — or was the move mostly a squeeze? From “Hashrate Security” to “Code Vulnerabilities”: The CORE 8.31 Incident Taught All Public Chain Investors a Lesson
⚠️ This article is based solely on publicly available on-chain information and does not constitute any investment advice.
The most deeply ingrained promotion in the BTCFi sector used to be: by binding to Bitcoin’s powerful hashrate, a public chain gains Bitcoin-level security barriers, making asset and token issuance rules unbreakable. The CORE 8.31 reward contract vulnerability incident completely shattered this one-sided perception and gave all investors researching public chains a costly lesson in risk.
1. Distinguish Two Layers of Security: Hashrate Only Secures the Ledger, Not the Business Logic
Many retail investors confuse two completely different security concepts:
1. Underlying Hashrate/Hash Power Security: Bitcoin’s hashrate ensures that recorded transactions on the chain cannot be tampered with or double-spent. As long as the hashrate is normal, the ledger’s historical records will not be maliciously altered.
2. Upper-layer Business Code Security: Block reward distribution, staking rules, token minting logic—all written in smart contracts or node business code. This part of the logic is not verified or guaranteed by the hashrate.
The root cause of the CORE incident was a logical flaw in the upper-layer reward distribution code. Malicious validator nodes could repeatedly call the claim interface, mining tokens that were originally scheduled to be slowly released over decades in just a few days. Throughout the process, Bitcoin’s hashrate operated normally, the ledger was properly packaged and confirmed, and there was no sign of compromise at the hashrate level. Simply put: the hashrate protected the ledger but could not prevent errors in the code itself.
The project team subsequently implemented a forward hard fork to patch the reward code and prevent further exploitation of the vulnerability. However, approximately 69 million ghost tokens that had already been released remain permanently in circulation due to the ledger’s immutability principle—no rollback or destruction occurred.
2. Public Chain Fundamentals Cannot Be Judged Solely by Hashrate, TVL, and DApp Count
Many people researching public chains first look at flashy data points: whether there is Bitcoin hashrate backing, how high the TVL is, the number of DApps, and user addresses. CORE has EVM compatibility, 125 DApps, and over 20 million on-chain addresses—its surface data looks impressive. The 8.31 incident teaches us that contract code security, stability of token release rules, and token cleanliness are equally important, if not higher priority, fundamentals.
Hashrate is just infrastructure, not a security guarantee. No matter how strong the hashrate, if there is a bug in the upper-layer business code, the token economic model can be broken. The nominal total supply cap and multi-decade release schedule can be completely disrupted by a single line of code vulnerability.
At the same time, it is important to distinguish between “chain security” and “token economic security.” The network’s ability to continue producing blocks does not equate to a robust token economic model. Although CORE’s network did not halt, the early release of 69 million low-cost tokens creates long-term selling pressure at the top. Institutional investors will consider the uncertainty of token release a direct veto factor when evaluating projects.
3. The Evaluation Mindset Investors Need to Develop: Check Risks First, Then Narratives
1. Don’t be hijacked by grand narratives. Whether it’s BTC hashrate, ZK technology, or EVM compatibility, these are just bonuses and do not guarantee project security. Narratives can be packaged, but code vulnerabilities and leftover token issues are hard facts.
2. Distinguish between one-time black swan events and long-term residual damage. Vulnerabilities can be fixed by hard forks, but the damage to token release curves and market trust is often difficult to repair.
3. Beware of “propaganda programs” outweighing actual actions. As Marx said, one practical step is worth more than a dozen programs. No amount of official announcements reassuring safety can replace a clean and predictable token release schedule.
From a trading and game theory perspective: CORE is only suitable for very small position trading in BTCFi sector pulse rallies. The short-term upward elasticity brought by the EVM ecosystem objectively exists, but the selling pressure risk from ghost tokens is always present. One must enter and exit quickly and never hold large positions long-term.
Summary
The biggest takeaway from the CORE 8.31 incident: Hashrate security ≠ comprehensive security for the entire public chain.
Underlying hashrate only protects the ledger; token issuance and reward logic depend on upper-layer code. Once the code has vulnerabilities, no amount of hashrate can protect the token economic model.
When selecting public chain projects, don’t just focus on hashrate narratives. Code audit records, contract risks, and token release plans must be prioritized on the checklist.
Interactive question at the end: In future BTCFi public chain research, will you prioritize code security and token cleanliness over hashrate narratives?The UK Parliament is going to question the four AI giants 🤔
Meta, Google, Anthropic, and OpenAI are all being called to the UK Parliament for an AI safety hearing.
The questions are very direct: Are you willing to accept mandatory reporting of serious safety incidents? Are you willing to accept mandatory safety testing?
It's not the US Congress, it's the UK Parliament. But the nature is the same; governments are starting to demand answers.
I've been following AI safety closely. From CEOs warning about loss of control, to chip stocks plummeting, to US antitrust actions, to today’s UK Parliament summoning people for questioning—every step is tightening regulations.
In the past, AI companies could say whatever they wanted; now governments want you to prove it. CEOs say AI might recursively self-improve and get out of control; Gemini unexpectedly accessed three real enterprise systems. These are not theories; they have already happened.
So when the UK Parliament asks whether to enforce mandatory reporting and mandatory testing, essentially they are asking: Are you still trustworthy?
The wild growth phase of AI might be coming to an end—not ended by one company, but by governments worldwide together.
But this might not be bad for the AI industry. The clearer the rules, the more people dare to use AI. Anthropic’s annual revenue is still pushing toward 100 billion, OpenAI expects to multiply its revenue tenfold in the next five years. The market doesn’t want no regulation; it wants regulation with clear rules.
What do you think about the AI safety hearing—is it a good thing or a bad thing?
$NVDA $BTC #AI降速争议未退，算力投入继续加码 $SNDK $USELESS 🐶 The pool jumped into the water three times near 0.3, making us form a cognitive inertia, then a wave of total kill 👍BTC surged to $87,000, and the total crypto market cap returned to 3 trillion
For this new high, I tend to think there is still room to grow. The driver is not retail investors rushing in, but institutions and leverage increasing their positions simultaneously. After two consecutive days of ETF outflows, nearly $600 million flowed back in, meaning Wall Street chose to buy around the 80,000 mark rather than retreating, which is more critical than the candlestick chart.
My position is relatively conservative. Previously, I missed selling long positions on BTC and ETH, but fortunately, my Dogecoin long is still intact. Currently, there is almost no pullback; the more this happens, the more you shouldn't be greedy—stability first.
An additional $2 billion in contracts is seen by some as a risk, but I consider it short squeeze fuel. The higher the price rises, the more people chase it; before the shorts get squeezed out, sentiment is hard to cool down.
ETH seems to be gathering momentum. BTC has pushed the space to 87,000, creating room for Ethereum to catch up. As long as BTC doesn't collapse, ETH has a good chance to outperform.
In terms of operations: move stop losses up on profitable positions to protect gains during pullbacks; small accounts that are currently empty can enter positions, but don't skimp on take-profit and stop-loss settings. Trade rationally and don't get carried away.No technical issues, but the economic model collapsed? The harshest lesson from the CORE 8.31 incident: Computing power can't protect the "token issuance code"
⚠️This article is based solely on publicly available on-chain information and does not constitute any investment advice
CORE has always promoted its core narrative: relying on Bitcoin's computing power to achieve top-level security guarantees, a hard cap of 2.1 billion tokens, with tokens released slowly over an 81-year cycle, replicating Bitcoin's scarcity.
The 8.31 vulnerability incident delivered a brutal lesson to everyone: Bitcoin's computing power protects the underlying ledger hash security, ensuring the ledger cannot be tampered with; however, computing power cannot control the upper-layer reward distribution contracts and cannot protect token issuance rules. Underlying consensus security ≠ token economic model security.
1. The underlying network itself did not collapse; the technical issue was only a partial bug
Many mistakenly thought the chain was breached or Bitcoin's computing power failed, but the truth is the opposite.
Bitcoin's hybrid computing power continued to operate normally, blocks were continuously packaged and confirmed, and ordinary users' wallet assets were not stolen. The vulnerability was not at the underlying computing power layer but in the reward distribution business code of the validation nodes. Malicious nodes exploited contract verification flaws to repeatedly claim block rewards, mining tokens that were supposed to be released slowly over decades in just a few days.
The project team subsequently performed an emergency hard fork to patch the reward contract vulnerability and destroyed 186 million excess tokens still in the reward pool at the protocol level. From the network operation perspective, the underlying technology successfully stopped the bleeding, and the public chain can continue stable block production.
However, about 69 million excess tokens had already been transferred out of the reward pool into external wallets, DEXs, and exchanges, making them unrecoverable. This portion is what the market calls "ghost chips."
2. The technology was fixed, but the carefully designed economic model was directly breached
The core foundation of CORE's white paper economic model is a predictable, slow, and smooth token release curve, relying on a long-term release cycle to shape scarcity expectations.
This incident directly disrupted the entire issuance plan:
1. Although the paper cap of 2.1 billion tokens was not exceeded and no new tokens were minted, long-term tokens were released all at once, completely invalidating the token release schedule. Tokens originally flowing slowly into the market over 81 years partially entered circulation prematurely.
2. The 69 million low-cost ghost chips remain permanently in the market without lock-up constraints. This potential selling pressure invalidates the originally quantifiable token inflation model. Institutional valuation models cannot incorporate this unpredictable variable, resulting in outright rejection.
3. Although the project team fixed the code, they cannot reverse the token circulation that has already occurred. The credibility of the economic model cannot be restored simply by hard-forking to fix the code.
In short: underlying blockchain technology security guarantees the ledger cannot be tampered with; but token issuance rules are written in business contracts, and once contract logic errors occur, the carefully designed token economics collapse. No matter how strong the computing power is, it won't help verify the token issuance logic.
3. The most critical lesson: the huge misconception of the BTCFi narrative
Many retail investors were attracted by the narrative "Bitcoin computing power = absolute security," assuming that as long as the token is tied to BTC computing power, token scarcity and issuance rules are foolproof.
The CORE incident tore apart this misconception:
Computing power ensures the ledger is immutable;
Token inflation, reward distribution, and token release rhythm belong to upper-layer business code and economic models, which computing power cannot cover at all.
Even if Bitcoin's computing power is very strong, if the upper-layer reward contract has vulnerabilities, there is still a risk of large-scale premature token release.
4. How to view this from a game theory perspective
The hard fork blocked the possibility of similar vulnerabilities recurring, eliminating technical risks. But the loss of trust in the economic model is a long-term aftereffect.
CORE's opportunity now only remains in short-term pulse rallies brought by BTCFi sector rotation. EVM compatibility and a large retail base mean strong explosive power when hot. But as long as ghost chips hang overhead, every rally faces large holders cashing out pressure. Only very small positions for short-term speculation are suitable; it is not suitable for long-term holding.
Marx said that one step of practical action is better than a dozen programs. The project team's code fix is a technical-level action, but the market's expectation for a complete economic model fix and ghost chip disposal has not materialized. No matter how many official announcements, it is difficult to restore market trust in token release rules.
Summary
CORE's underlying computing power and block production network itself did not collapse; the technical vulnerability has been fixed; what collapsed was the carefully designed token release economic model in the white paper.
This is the most important lesson the 8.31 incident leaves for the BTCFi track: computing power can only protect the ledger, not the token issuance code. Underlying security does not equal token economic model security.
Final interactive question: When evaluating BTCFi public chains, shouldn't the security priority of token contracts and economic models be placed before the computing power narrative? $ZEC Market Overview｜A Cluster of Shorts Does Not Mean a Drop
The current long-short ratio is 0.53, with many retail investors feeling the price has risen too much and shorting at the top.
Since last year's low, it has risen over 20 times, and the current price is 4.5 times the on-chain holding cost.
On the spot side, the Grayscale ZCSH ETF size is close to 1 billion, with funds continuously entering to accumulate coins;
On the futures side, new short positions keep opening continuously, showing a complete divergence in capital flow.
Market structure:
Retail investors collectively hold short positions, but most large shorts use low leverage, making it hard to liquidate all at once;
When the price pulls up, it will keep squeezing shorts, as seen when a whale closed 38,000 short positions, losing over 35 million U as a lesson.
⚠️Key reminder: Crowded shorts only mean the current price is not widely accepted, not that the market will immediately reverse.
Resistance: 1550-1570, 1595
Support: 1440-1450, 1400, 1230-1250
Personal view: This kind of short squeeze structure is not suitable for shorting against the trend.
#ZEC跻身前十，机构化进程提速 #特朗普将会晤海湾六国，伊朗局势迎关键节点 $BTC $ETH $CL
The Gulf Cooperation Council's top priority is the restoration of Strait navigation, which aligns with the conditions set by Iran, increasing the likelihood of a diplomatic breakthrough. However, Trump's dual-track approach of "negotiating while threatening" means the geopolitical premium on oil prices will not dissipate immediately. The real support for this rebound comes from ETF funds, with nearly $1 billion inflow into BTC in a single day—the largest since October 2025—indicating institutions are voting with real money. The 2,714-2,760 range remains the short-term battleground for ETH; if ETF inflows continue, breaking above 2,760 to challenge 2,800 is worth watching; otherwise, caution is needed for a potential pullback risk. The Cost of Decentralization: The CORE 8.31 Incident, Why Can 69 Million "Stolen Funds" Circulate Legally?
⚠️This article is based solely on publicly available on-chain information and does not constitute any investment advice.
Many people wonder: Since these tokens were maliciously mined by nodes exploiting a vulnerability, essentially "stolen funds" on the chain, why can't the project team simply confiscate and destroy them? Why can these 69 million ghost tokens still be transferred and traded normally on the market? The answer lies in the core trade-offs of decentralized public chains—this is the price decentralization must pay.
1. First, distinguish: "Illegally obtained" at the code level ≠ "Invalid assets" on the on-chain ledger
This vulnerability was not a hacker stealing assets from ordinary user wallets.
Malicious nodes exploited a flaw in the reward contract logic, calling the protocol's own reward distribution interface repeatedly to claim block rewards multiple times. Each transfer, under the old version contract rules at the time, passed on-chain verification and was fully packaged on-chain and confirmed written into the ledger.
Once a blockchain ledger is confirmed, it has on-chain legality. Under the old code rules, these tokens were automatically issued by the contract, with complete transaction records and valid signatures.
In plain terms: The vulnerability was a protocol code failure; the protocol itself handed tokens to the attacker. It was not a brute-force theft of someone else's wallet. Therefore, on the ledger, this balance is an "effective balance."
2. The project team's hard fork can only change future rules, not unilaterally erase historical ledgers
The project's hard fork is a forward upgrade: from the fork height onward, it modifies the reward distribution logic to close the repeated reward claiming loophole.
However, the fork does not rewrite already solidified historical blocks.
To erase these 69 million tokens, one of two things must be done: either roll back the entire blockchain to revoke all transactions during the vulnerability period; or hard-code zero balances for specific addresses in the new forked code.
Either way, it means the project team would have the power to arbitrarily modify any wallet's assets. CORE emphasizes BTC-level hash power support and an immutable ledger as its decentralized narrative. Once the project team gains the authority to modify address balances, the fundamental belief in the chain's immutability collapses.
3. Tokens have already circulated; it's impossible to distinguish original attackers from innocent secondary market holders
After the vulnerability broke, these excess tokens were transferred out from the attackers' wallets to DEXs, exchanges, and dispersed to many ordinary user addresses.
Wallet addresses have no ID; on-chain there is no automatic way to distinguish whether the tokens held were stolen by malicious nodes or legitimately purchased by secondary market investors.
If all related addresses were forcibly wiped, many innocent secondary market investors' assets would be forcibly zeroed, causing huge disputes. This is a key practical obstacle preventing the project team from simply confiscating everything.
4. The decentralization dilemma: either uphold ledger immutability or centralize to confiscate stolen tokens
This is the core contradiction of the incident:
✅ Choose to uphold decentralization and ledger immutability: tokens mined through the vulnerability remain valid on the ledger and can be transferred and traded normally. The cost is that 69 million low-cost ghost tokens permanently remain in circulation, creating overhang selling pressure.
❌ Choose to confiscate and destroy stolen tokens: protects secondary market valuation but grants the project team the power to modify the ledger, turning the public chain into a centralized system. The most important narrative foundation of BTCFi is shattered, potentially causing node splits and the birth of two chains.
The project team ultimately chose the former, essentially sacrificing the interests of secondary market token holders to preserve the underlying rule of ledger immutability. This is the cost of decentralization: the consequences of code errors are borne by the entire community, not erased by a single project team action.
5. Market consequences: legally valid on-chain but valuation continuously discounted
These tokens can be traded normally on-chain and are fully liquid technically. But the market knows their origin and will continuously discount CORE's valuation.
Institutional risk controls cannot accept these low-cost tokens that can be dumped at any time; every BTCFi sector rally provides a window for these ghost tokens to cash out.
The project team keeps issuing announcements on social platforms to reassure, which is programmatic propaganda. But as Marx said: one step of practical action is worth more than a dozen programs. The market needs actual measures to handle ghost tokens, not just reassurances that the network is running normally.
6. Summary in one sentence
The 69 million tokens can circulate normally not because the project team refuses to confiscate them, but because the decentralized ledger's immutability rules lock the project team out of the power to confiscate assets.
Code vulnerabilities are technical issues; not rolling back or destroying tokens is a trade-off made by decentralized public chains. We enjoy the benefits of an immutable ledger, so the legacy costs of code bugs must be borne by the entire market together.
Interactive question at the end: Does the "ledger immutability" of public chains mean that whenever protocol code errors occur, all community members must share the cost together?NEAR has roughly doubled in a week, from $2.33 to a $4.66 high on the 22nd, and the catalysts behind it are real. Ondo is bringing tokenized US stocks and ETFs onchain through near Bitwise's NEAR ETP crossed $100M. Intents now supports limit orders across more than 30 chains, and private swaps have been the loudest driver of the move.
Here is the number that complicates it. NEAR's TVL sits near $207M against a $5.6B market cap — about 27 times.
$NEAR 表面热热闹闹的ONE，底层其实在悄悄换边站 买盘胜率不到四成，这波到底是谁在给谁抬轿子？ 刷到ONE这组数据的时候，我愣了一下。多头盈利比例只有35.96%，空头那边却是75.19%。看起来盘面还在动，但赚钱的那批人，早就换了方向。 这不是普通的涨跌分歧，更像是主力洗完盘之后，聪明钱顺势站到了空侧。也就是说，这轮拉升没能把空头打服，反而让做空的人精准踩中了节奏。市场在交易的，不是"ONE要起飞"，而是"谁来接最后一棒"。 我自己的感受是，这种结构下盲目追多很容易变成燃料。因为当空头盈利面这么宽，说明抛压不是零散的，是有组织的。ONE作为老山寨，本身叙事就偏弱，一旦BTC或ETH那边稍微抖一下，它的风险偏好会被抽得更快。 偏多的逻辑也不是没有。如果ONE突然放出实质性利好，或者大盘强势到让空头被迫回补，那短线可能出现逼空，价格会弹得很快。但这个路径需要外部催化，不是靠现在的买盘结构能自己走出来的。 潜在风险更值得盯。空头盈利这么高，意味着他们手里有浮盈，心态稳，甚至可能加码。而多头这边胜率低，信心脆弱，一旦跌破关键位置，容易触发连锁止损。山寨板块整体如果走弱，ONE这种标的会被放大跌幅。$ETH has bounced back, but don’t be too optimistic just yet.
Currently, the price is around $2,735, with an intraday low of $2,648 and a high that has already touched $2,760.
The speed of the pull-up from around $2,650 isn’t slow, indicating there is capital willing to buy on the downside. But the real short-term watershed is still the $2,750 level.
Only a volume breakout and holding above $2,750 means the bulls have the chips to continue pushing higher; if it keeps getting pushed back after surging and then falls below $2,700 again, this rebound will most likely enter a sideways consolidation phase.
So from now on, I’m only watching two signals: volume on the push up, and support on the pullback.
The price has reached a critical point, so patience is more important than guessing the direction.
$ETH
#BTC冲高$87000，加密总市值重返3万亿
#ETH冲高2700美元，质押与资金面现分化
#ZEC巨鲸3.8万枚空单平仓，亏损超3500万美元 $MARSCOIN is the strongest performer in this sector this round and deserves priority attention, but the current position is only suitable for buying on dips, not for chasing highs.
In a horizontal comparison, $TUT is also in a bullish structure, with MA5 crossing above MA20 and RSI at 70.9, but its 24h increase is 12.47% and trading volume is 8.7M, both weaker in volume and momentum than $MARSCOIN; $STRK is clearly lagging, with price below MA20, RSI only 35.3, and a 24h drop of 6.79%, making it a weak asset in the same sector. $MARSCOIN achieved a +35.02% increase with a trading volume of 41.5M, MA5=0.13614 holding above MA20=0.12111, MACD histogram +0.001199 maintaining bullishness, showing clear relative strength advantage.
Risks are also clear: RSI at 72.7 has entered the overbought zone, price 0.1361 is approaching the upper Bollinger Band at 0.147245, 30 K-line amplitude is about 32.99%, funding rate +0.0232% is relatively high, combined with a fear and greed index of 78 indicating extreme greed, making short-term chasing less cost-effective.The funding rate depth is negative, yet the price surged 33% in a single day. Is this a short trap or a prelude to a short squeeze by the main force? The answer leans toward the latter—$KERNEL's funding situation is telling a typical short squeeze story.
Let's look at the core contradiction: while the price surged 33.40% in 24 hours, the funding rate reported -0.9408%, an extreme negative value. This means shorts not only suffer losses from the price moving against them but also have to continuously pay longs. This "price up, funding negative" combination is usually not retail behavior but a structure where shorts keep adding positions at high levels and the main force uses this to force a squeeze. The fear and greed index at 78 is in the extreme greed zone, market sentiment is overheated, but KERNEL's position cost has not been pushed up by greed; instead, it is suppressed by shorts. Once a chain liquidation is triggered, the probability of a spike upward is significantly higher than downward.
Technically, a calm approach is needed: MA5=0.061 has crossed below MA20=0.062485, MACD histogram is -0.0004687, indicating short-term momentum is indeed weak, RSI=64.1 has not yet entered overbought territory. This shows the current price is in a consolidation phase after the rally, with the upper Bollinger band at 0.0686264 as short-term resistance and the lower band at 0.0563436 as structural support. The amplitude of 30 K-bars is as high as 44.44%, indicating high volatility and high risk chasing the highs, but the short squeeze logic behind the negative funding rate remains intact.
Directionally, I lean bullish but will only enter on pullbacks. Extreme greed reading of 78 paired with BNB's gradual decline—should you bottom-fish or avoid this wave? The answer is clear: now is not the time to bottom-fish, but to tighten stop losses and prepare to exit.
$BNB current price 784.16, down 2.83% in 24h, MA5 (785.38) has crossed below MA20 (787.371), RSI only 42.4 and not yet oversold, MACD histogram -0.8324 maintaining bearish momentum, price running close to the lower Bollinger Band at 783.393, 30 candlesticks amplitude 3.47% indicating a low-volatility gradual decline structure. Funding rate 0.0000% shows neither longs nor shorts are willing to add leverage, while the fear and greed index at 78 extreme greed diverges from weakening price—this is the most typical bull trap environment. After volatility compression, directional expansion often follows, with a higher probability of breaking down than up.
In terms of operation, if price rebounds to the 787–789 range (where MA5 and MA20 converge, also below the middle Bollinger Band resistance), you can lightly short with stop loss set above 791.5 (above the upper Bollinger Band 791.35, a break invalidates the setup), take profit 1 at 783.4 (lower Bollinger Band), take profit 2 at 779 (extended previous low). Position size should not exceed 2% of total capital, leverage controlled within 3x. Worst-case scenario: if volume breaks below 783.4 and RSI crosses below 35, downside space opens to around 775, at which point you must exit unconditionally and not hope for a rebound. 15 million USD loss taken to exit! ZEC whale stops out all 20,000 long positions
On-chain monitoring reports a large-scale long stop-loss in this ZEC market cycle: a whale address liquidated 20,000 ZEC longs at once, taking a loss and exiting, with a total book loss of about 15 million USD.
📌 Event recap
This whale had previously accumulated 20,000 ZEC longs at a low price, originally optimistic about the privacy coin narrative, betting on the NU7 upgrade plus the dual benefits of the European ETP.
As ZEC surged and then oscillated at a high level, the long momentum weakened, combined with persistently high funding rates on leveraged positions at the top, the whale chose to actively stop loss, liquidating all positions at market price, turning the 15 million USD unrealized loss into a realized loss.
This large-scale long liquidation also created selling pressure on ZEC price in a short time, causing a rapid dip during the session.
#ZEC巨鲸3.8万枚空单平仓，亏损超3500万美元 🚨 Not everyone is preparing for the same Bitcoin crash
$87K bull trap. Next $61K. Bottom $57K.
But what if this trap isn't targeting the bull market?
The market likes to do the exact opposite when everyone is positioned for the same move.
If $BTC breaks through $89K and holds above it, I will no longer call it a fake breakout.
This could become the damn graveyard for over-leveraged short positions.
Once they start getting squeezed, things could move fast:
$88K → $98K → new ATH → $170K
Possibly before Bitcoin sees $57K.
This is the scenario almost no one is prepared for.
Everyone has spent months waiting for the "last crash."
Everyone thinks they will buy perfectly at the bottom.
Everyone is watching down below.
This is exactly why you should pay attention to what happens at $87K.
I won’t blindly stick to a single direction.
If the structure changes, the plan changes too.
Just preparing for fear is not enough.
Be ready for the possibility that the market leaves you behind.
Save this chart.
Follow and turn on notifications.
I will share confirmations here before changing my positions.Rollback Burn vs Hard Fork Release: If CORE Had Chosen to "Flip the Table" Back Then, How Many Times Would Its Valuation Have Multiplied?
⚠️This article is based solely on publicly available on-chain information and does not constitute any investment advice.
The 8.31 incident presented the CORE project team essentially with two single-choice questions:
Plan A (Realistic Choice): Proceed with a forward hard fork, patch the vulnerability, do not roll back or burn the already circulated 69 million ghost tokens. Preserve the decentralized narrative of "immutable ledger," but permanently leave a looming selling pressure.
Plan B (Hypothetical "Flip the Table" Plan): Hard fork with selective rollback/burn of the attacker’s excess tokens, directly wiping out the 69 million ghost tokens. One-time fix of the token release curve, but bear the huge controversy of "the project team can arbitrarily modify on-chain assets."
Many might think: as long as these tokens are burned, supply risk disappears, and valuation doubles immediately. But the real world is not that simple; this issue has huge duality, just like Ethereum’s The DAO fork back then, where one chain was reborn and the other split into ETC.
If rollback and burn had been chosen back then, what would be the benefits?
1. Token economics directly repaired, biggest black swan eliminated
The 69 million low-cost tokens that leaked early would be destroyed, the token release curve would revert to the original 81-year release plan in the whitepaper, and the scarcity narrative of the 2.1 billion total supply hard cap would be restored. In institutional valuation models, that unquantifiable large potential selling pressure would be zeroed out, allowing risk control to be reassessed. BTCFi sector funds would re-examine CORE and no longer reject it outright.
2. Market trust repaired, retail confidence rebounds
The biggest market concern is that price surges will be met with large holders dumping. With ghost tokens gone, the ceiling for price increases opens up, and during sector rotation, capital is willing to pay a higher valuation premium.
3. Compared to the current state: CORE’s valuation is continuously discounted due to token risk
The current market discount on CORE largely reflects the 69 million ghost tokens risk. If the token issue were resolved once and for all, the neutral bull market valuation expectation could rise by 1.8 to 2.5 times.
Note: This is a valuation repair premium, not a direct 2.5x price increase. Overall sector bull/bear cycles and BTCFi heat remain decisive factors.
However! The "flip the table" plan carries two devastating side effects (often overlooked):
1. The decentralized narrative is directly damaged, labeled as "centralized with arbitrary ledger modification"
CORE positions itself as a decentralized public chain relying on Bitcoin’s hash power. Once the project team can hard fork to selectively burn tokens from certain addresses, the market consensus will be: whenever the project team deems it inappropriate, they can modify anyone’s wallet balance at will.
The core belief of the BTCFi sector is Bitcoin’s immutability. Once CORE actively rewrites the ledger, some faith-driven nodes, community developers, and Bitcoin native supporters will abandon this chain, possibly causing a chain split, with some nodes continuing the old chain as CORE Classic. Refer to Ethereum’s DAO event, which split off ETC after the fork.
2. Distinguishing addresses is extremely difficult, risking collateral damage to innocent retail holders
After the vulnerability, some excess tokens have circulated on DEXs and exchanges. Wallet addresses cannot distinguish whether holders are original attackers or ordinary retail buyers on the secondary market. If a blanket burn is applied, innocent holders’ assets would be wiped out, triggering mass complaints and lawsuits, and exchanges would reassess listing risks.
Three scenario simulations: If ghost tokens had been burned back then
- Optimistic scenario (high community consensus, no large-scale node split): valuation premium 2 to 2.5 times. Ghost token risk disappears, institutional funds return, and during BTCFi rallies, CORE’s elasticity approaches MERL, no longer discounted for token risk. Premise: complete governance process with high node voting support.
- Neutral scenario (intense community disputes, small node splits): valuation premium 1.2 to 1.7 times. Supply risk resolved, but centralization controversy continues to suppress valuation, only partially repairing the discount, unable to fully restore flawless public chain valuation.
- Pessimistic scenario (large-scale node refusal to upgrade, chain split): valuation drops. One chain splits into two, liquidity fractures, community divides, capital disperses, possibly worse fundamentals than now.
Reality check: The project team chose the conservative plan, sacrificing valuation to preserve chain unity
The project team ultimately chose a forward hard fork without rollback or burn, prioritizing avoiding chain splits and protecting the decentralized narrative, but permanently bearing token discount risk.
Using Marx’s phrase "One step of practical action is better than a dozen programs": the project team preserved the surface result of continuous block production but did not take practical action to solve the ghost token issue. No matter how many announcements, the market valuation discount persists.
In summary
If CORE had hard forked to burn 69 million excess tokens back then, the best outcome would be about a 2x valuation increase, but with a significant probability of causing a chain split, which would destroy ecological value.
Ghost tokens are just the largest among many fundamental weaknesses; even if ghost tokens were cleared, issues like inflated CORE ecosystem data and weak staking endogenous income would remain. Clean tokens are a plus but do not guarantee a sustained bull market.
Final interactive question: Do you think CORE had a third compromise option back then that neither rolled back the ledger nor left ghost tokens unchecked?#OKX预言家: Will Costco's quarterly earnings exceed expectations?
In the early hours of September 25, Costco announced its Q4 results for fiscal year 2026. Sales data was released in advance: net sales of $93.9 billion, up 11.3% year-over-year, with comparable sales up 9.4%. Now the real focus is on membership renewal rates and profit margins.
Why should the crypto community care?
Because Costco is actually a "thermometer" of U.S. consumer spending. If consumption remains strong and profit margins hold up, it indicates that the U.S. economy still has resilience, inflationary pressures may be harder to ease quickly, the Federal Reserve's room for rate cuts could be limited, and U.S. dollar liquidity will directly impact BTC and other risk assets.
On October 1, Micron will also report its results. The company guides revenue around $50 billion, Non-GAAP EPS about $31, and a gross margin target of 86%. The key focus is whether AI storage demand can truly convert into orders, revenue, and profits.
So these two earnings reports help us observe two main themes affecting the crypto space:
Costco = U.S. consumption + inflation + Federal Reserve;
Micron = AI boom + tech stock sentiment + risk appetite.
If consumption is strong and AI is strong, the fundamentals of risk assets remain supported; conversely, if consumption cools and AI profit expectations start to weaken, BTC volatility may significantly increase.
So don’t just watch the candlestick charts; sometimes U.S. stock earnings reports are also sentiment indicators for BTC. Blob being cheap does not necessarily mean L2 is cheap; whether the savings are passed on to users depends on various factors.
Data Blob provides L2 with a cheaper way to publish data compared to regular call data, theoretically significantly reducing transaction costs. However, after protocol-level costs decrease, the final amount users pay still depends on sequencer pricing, competition level, execution costs, and profit strategies.
If an L2's Blob expenditure decreases but fees remain unchanged for a long time, the difference may stay with the operator instead of automatically returning to users. Conversely, a highly competitive network might proactively lower prices, trading lower fees for more transactions and liquidity. The underlying scaling creates space, and the market structure determines how that space is allocated.
Therefore, evaluating Ethereum scaling cannot rely solely on Blob target quantities. It also requires looking at L2 transaction costs, sequencer revenue, user activity, and settlement demands back to the mainnet. Cheap data that only generates more low-quality volume has limited value contribution to $ETH.
I support continuing to expand Blob, but I won’t equate "capacity increase" directly with "users have benefited." Technological progress must pass through the commercial layer and ultimately reflect in real fees and real usage to complete the loop. Every penny saved by the protocol deserves separate accounting for where it ultimately flows.
Whether users get lower fees can directly test if the underlying technical dividends have been intercepted by the middle layer.The most valuable aspect of Frame transactions is allowing wallets to define their own security.
Frame transactions in the Ethereum roadmap aim to let accounts decide the conditions a transaction must meet, rather than being forever limited to a single fixed signature. This way, social recovery, daily limits, multi-signature confirmations, and gas fee sponsorship can become native account capabilities, without relying entirely on external wallet layers.
Currently, many users entrust all their assets to a single private key. If the key is lost, the assets are lost; if authorization is stolen, attackers might empty the account in one go. Programmable verification allows accounts to set rules based on scenarios, such as requiring a second device for large transfers, keeping small payments quick, and automatically delaying transactions to suspicious addresses.
Complexity also increases risk. Writing rules incorrectly might lock you out, and choosing the wrong recovery agents could create new attack surfaces. Therefore, the value of Frame transactions is not in "more features," but in whether default templates, audits, and wallet interactions can effectively hide the complexity.
For $ETH, upgrading account security from a single key to a configurable system will encourage ordinary users to hold on to on-chain assets long-term. True adoption is not about making everyone a security expert, but about allowing protocols to enable wallets to build more reasonable defenses for users. Security capabilities must be available by default, not just hidden in advanced settings.The rotation signal is no longer subtle. $TAO climbed more than 12% while $ZEC extended a rally that has already outrun most large-cap peers, and $HYPE added to gains alongside the broader alt complex. When three assets with different narratives — decentralized compute, privacy, and on-chain derivatives — move together, the driver is rarely their individual fundamentals. It is positioning. That distinction matters for how the move gets read. One interpretation is that risk appetite is broadening#ZEC巨鲸3.8万枚空单平仓，亏损超3500万美元
Recently, the on-chain news of $ZEC has been explosive. A well-known address shorted for three months and ultimately lost over 35 million USD, closing out 38,000 short positions in one go.
In 1.5 hours, 38,000 short positions were closed, directly driving the coin price from 1490 to 1530.
The market generally interprets this as a short squeeze and expects the trend to strengthen.
But one easily overlooked point: the whale still holds 200,000 ZEC in spot. This short position looks more like a hedge against the spot holdings rather than a one-sided speculative short.
So this event should be viewed dialectically:
Positive: fewer whale shorts continuously suppressing the market
Risk: the subsequent rise lacks passive buying from forced short liquidations
The exit of shorts is just an event, not a guarantee of a price increase. The future direction of ZEC still depends on the overall sentiment of the crypto market.#AMD市值突破1万亿美元，芯片股集体大涨
AMD's market value surpassed $1 trillion for the first time, sparking a rally in chip stocks, but along the same AI computing power line, capital movements have already begun to diverge.
1. AMD surged 9.9% to break through the trillion-dollar mark, INTC rose 12.1%, ARM up 17.2%, QCOM increased 9.3%; several heavyweight stocks advanced together, keeping the computing power theme hot.
2. However, the memory sector did not rally uniformly. MU rose 2.8%, STX up 2.2%, WDC increased 1.5%, while SNDK opened high but declined steadily, closing down 1.4%, making it the most discordant performer last night.
3. A closer look reveals this is not surprising. SNDK had already been speculated ahead of the S&P 100 adjustment expectations, once surging over 11% in a single day; its gains had been largely priced in.
4. So while AMD continued to push sentiment higher, SNDK became an outlet for early profit-taking. It's not that memory is being abandoned, but along the same line, some are still chasing while others have started cashing out.
On the surface, AMD, INTC, and ARM form one group, MU, STX, and WDC another, but in reality, they are still on the same AI computing power line. The difference is: AMD just surged past the trillion mark, while SNDK has already run ahead for a stretch. The ultimate form of tokenization is not the token itself,
but the combined services around the token of "distribution + investment advisory + derivatives",
in the future, the real winners may not be the token issuers,
but the protocols that integrate "traditional IP + AI agents + on-chain distribution".#财报观察员：Costco Q4 Earnings Report Coming Soon
"Costco Collects Head Tax, Chip Gross Margin Soars to 86%"
Costco is about to deliver its Q4 results, with quarterly sales exceeding $90 billion. But looking at the books, selling goods barely generates profit; 70% of operating profit relies entirely on the $130 million head tax paid by members.
On the other hand, storage chips are even more extreme. Micron has raised its gross margin guidance to 86%, and SanDisk has continuously increased theirs. Large funds in the market are withdrawing from traditional consumer sectors and moving into computing hardware and liquidity base positions.
Costco's results will be announced the day after tomorrow at midnight, followed by Micron on October 1. Once these two earnings reports are released, the latest trump cards of physical consumption and computing hardware will be fully revealed. $BTC Brothers, corporate treasuries have started buying again. No wonder $ETH has surged!
This bull market is really here!
Strategy bought 950 BTC again after two weeks, pushing total holdings to 846,000; Strive increased by 1,355, holding 26,355; BitMine was even more aggressive, adding 27,562 ETH at once, with total holdings close to 5.98 million, of which 5.07 million have already been staked.
My judgment is: this is not a short-term pump but a structural supply lock-up. Looking at a single company, the purchase isn't large, but multiple treasuries absorbing spot simultaneously, combined with continuous ETF inflows, will gradually drain the tradable supply. BitMine staking 85% of its ETH is equivalent to locking chips directly off the market, which is the core reason why ETH has been more resilient than BTC recently.
But don't rush to FOMO. Whether the treasury buying pace can be maintained if prices continue to rise is the key variable ahead. Once buying slows or ETF funds turn to outflows, $BTC $ZEC will face short-term pressure. #BTC冲高$87000，加密总市值重返3万亿 $CORE Stop pretending. The Hong Kong Bitcoin Conference has already nailed it to the shame pillar of "air narratives," and a week later the "vulnerability incident" played out right on schedule. This script is more neatly written than the project's whitepaper.
Which hacker would be stupid enough to attack a liquidity pool that's long dried up? The community doesn't notice, the project team plays dead; the community notices, and by the third day there's an "emergency fix." Even more coincidentally, all commercial nodes ran away this year, then last month suddenly two "official nodes" appeared, followed immediately by a vulnerability-driven token minting—where did the minted tokens go? Dumping. Caught by the community, they had no choice but to issue an announcement.
It dropped over 400 times, not because the market is ruthless, but because the scythe is too sharp. From consensus to minting, from node exits to the "self-directed" vulnerability, every step looks like a pre-written harvesting roadmap. $CORE from start to finish is a carefully packaged honey trap scam. Stop bolstering yourself with the illusion of "0.5u," even 0.1 is out of reach. Wake up, you're watching the gains, the project team is watching your principal.Originally wanted to cut losses as a sacrifice, but the sacrifice didn't happen, and the meat cooked itself. Yesterday afternoon, before the market fully started, $SOXS faced obvious resistance above, with strong selling pressure. I signaled short and entered at 38.81.
The market specializes in humbling those who think they are the smartest.
Now at 32.63, a +318.47% profit feels good, brothers. Timing was right, and this piece of meat tastes good.
First, close 80%, keep the remaining 20% at cost price for protection. If it continues to drop, let the profit run; if it falls back, don't let the gains become uncomfortable.
Now is not the time to rush; wait for a more comfortable position in the next round. Move only when the next signal appears.
Even if you only make one point, as long as you can take it away, it's yours; any floating profit beyond that belongs to the market.
$SOL $BNB "-30000U Leek Counterattack Story"
Review of the 24th trade
Profit and loss: Small profit
Asset: $CL
Direction: Short
Leverage: 10×
Profit and loss: 6900U
Principal: 11761U (The first deposit of 10,000U was liquidated, the second deposit of 20,000U was liquidated again, currently the third deposit is 8,000U.)
Sigh, after shorting crude oil for a month, the price finally dropped, which means my previous prediction was correct. The rookie ultimately got tacoed, but unfortunately, although the prediction was right, the position was gone. The most ironic thing is that on September 10th, the price spike that forced shorts to cover exactly liquidated my large position, causing my current profits to not even cover the losses from that liquidation. So trading requires not only correctly predicting the trend but also knowing how to control leverage and position size. Don’t be greedy hoping to get rich quickly; often, such greed ends up in a rapid "negative"—debt. Regarding the upcoming crude oil trend, I judge that after Trump finishes with the midterm elections, he will definitely focus on severely dealing with Iran, so oil prices will surely rise in the fourth quarter. Therefore, everyone can trade swings between 75-120; I think there’s potential.
#特朗普将会晤海湾六国，伊朗局势迎关键节点 $BTC $ETH $SNDK Just finished a call from my mom. The family relationship isn't very good. She was on the other end advising me not to keep obsessing over crypto trading, saying it's better to work steadily and earn honestly. I stayed silent in front of the closing screen for a long time, suddenly recalling all the pitfalls I've stepped into over the years.
The path of trading has never started from the same starting line.
Some people are born into knowledgeable families where the older generation has already woven position sizing and trend rhythms into everyday conversations. They grow up immersed in it, understanding market respect without deliberate study, able to avoid the detours that we have to crash through painfully to learn. They start on the shoulders of predecessors, walking steadily and lightly.
But for kids like us from ordinary families, even getting started requires crawling and struggling on our own. Our parents live their whole lives on fixed salaries, thinking crypto trading is speculative nonsense. You can't explain to them what emotional cycles are or what take-profit and stop-loss mean. When you lose money, you dare not say it; when you make money, they just think it's luck. All experience must be earned with sweat from late-night shifts, and every trap must be personally fallen into to be remembered firmly.
Some people have seen what good love looks like since childhood. Their parents taught them how to express feelings, resolve conflicts, how to love and also protect themselves. Naturally, they can have gentle and lasting relationships without recklessly crashing through love and ending up bruised all over. #加密总市值重返2.8万亿美元 #ZEC巨鲸3.8万枚空单平仓，亏损超3500万美元 #特朗普将会晤海湾六国，伊朗局势迎关键节点 $BTC surged to 87000 then pulled back to around 86000. This rally is driven by the combined forces of "macro easing + short squeeze + ETF net inflows for three consecutive days," not random altcoin hype, so the quality is decent.
But the sideways movement at 86000 is not weakness; it's confirming support.
What we should focus on now isn't the price, but four variables: whether ETFs can maintain inflows for 5 consecutive days, whether perpetual leverage is accumulating too fast, whether $ETH and $SOL follow the rally, and that US Treasury bonds and oil prices don't reverse. $ETH $SOL #BTC冲高$87000，加密总市值重返3万亿 $PEPE has recently attracted speculation with the narrative of being the "first meme ETF application," but it lacks practical support, and community sentiment can easily reverse. My 50x short position flipped to 1.05x; often after ETF bullish expectations are overextended, a long squeeze follows (which benefits my position), but the reverse spike can also happen very quickly.
With 50x leverage, a 2% move against you triggers liquidation; below 0.00000489, short profit-taking traps lie in wait, and the thin order book causes fast squeezes. Eighty percent exit to preserve the main capital, keeping the base position at breakeven entry price. Macro risks remain unresolved, so withdraw and exit; don’t gamble out of spite. $ZEC #财报观察员：好市多Q4财报即将公布 $SOL has been strong recently due to “institutional adoption + ETF + deflation narrative,” with the community shouting “the return of the leading public chain.” My 100x long position has increased by 1.5 times. However, at the macro level, the Federal Reserve's policy still causes disturbances, and the night before positive news is often accompanied by distribution from the bulls.
The biggest risk with 100x leverage is a spike after the emotional boiling point; a 1% reverse move can shrink unrealized profits by more than half. The 117.9 level has short-term profit-taking traps, and when the order book is thin, a stampede happens very fast. Ninety percent exit to preserve the main capital, while the base position is set at the opening price to break even. Let the market play out on its own; you withdraw and leave, don’t gamble away your profits out of frustration. $DOGE $ZEC #BTC冲高$87000，加密总市值重返3万亿 Trump said that after the midterm elections, he will sign an agreement with Iran.
My first reaction after reading this was not about international politics, but that the timing is very deliberate.
Iran is waiting for the election results; this is what he himself said. Translated, it means: talking now is meaningless, wait until the votes are counted. So is this agreement really for Iran, or is it for American voters?
I guess most likely the latter. At the United Nations General Assembly, first insult them as the "number one supporter of terrorism," then add "I have provided you with comprehensive economic cooperation." This old trick is very familiar to seasoned players—first establish a tough persona, then leave a way out, and finally shift the blame to the other side saying "you refused."
As for whether the agreement will really be signed, it depends on who still remembers this after the election.
Let's note this timing first.
#特朗普将会晤海湾六国，伊朗局势迎关键节点 $ETH Fundamentally, $ZEC has recently fully benefited from the compliance dividends of Grayscale's spot ETF listing and the end of the SEC investigation. The NU7 upgrade also confirmed retaining the halving narrative, with clear capital rush. I pulled my 50x long position from 1469.28 up to 1517.01, with an unrealized profit of 162%, but privacy coins are heavily disturbed by global regulations (such as the EU's proposed ban on privacy coins), and the news is volatile.
Technically, the 1517 level shows short-term overbought conditions, with a 2% tolerance for 50x leverage; a 1.5% pullback would wipe out most of the profits. I am taking profits on 80% of the position in parts, keeping the base position at 1469.28 to break even. Before the political and policy benefits are fully realized, locking in profits is ironclad rule—don't give back the money already in hand. $DOGE $SOL #ZEC巨鲸3.8万枚空单平仓，亏损超3500万美元 Yesterday, the spot $BTC ETF saw a net inflow of nearly $1 billion — the largest single-day capital inflow we've seen so far in 2025.
I have to say, this is truly a shift in the atmosphere. Big money is still coming in, even after all the noise and volatility. Whether this is institutions front-running something or just steady, continuous buying is hard to say right now. But when you see capital inflows of this scale, it’s unlikely to be a coincidence — someone is betting. $ETH
I've been through enough market cycles to know these inflows don’t necessarily lead to an immediate surge, but they do tell you: the appetite is still there. It’s like watching the tide rise — slowly, steadily, and then suddenly the whole beach scene changes.
Next, we need to watch whether this momentum can continue or if it’s just a one-day spike. More often than the headline, it’s the context that matters. $SOL Fundamentally, $AEON, as a veteran privacy payment coin, has recently seen capital inflow alongside the Monero ecosystem recovery and halving expectations. My 20x long position was pulled from 0.06003 to 0.06515, with an unrealized profit of 170%, but altcoins + privacy coins are heavily disturbed by regulatory news.
Technically, 0.065 is an overbought threshold; with 20x leverage, the tolerance is about 5%, and a 3% pullback would wipe out most of the profits. I plan to take profits on 80% of the position in splits, keeping the base position at 0.06003 to break even. Before any favorable political developments materialize, locking in profits is ironclad rule—don’t give back the money you’ve made. $ZEC $DOGE #财报观察员：好市多Q4财报即将公布 Costco's Q4 earnings report is imminent; why should the crypto market pay attention to a retailer?
Costco will release its fiscal year 2026 Q4 earnings after the market closes on September 24, with market expectations of $94.85 billion in revenue and an EPS of $6.55. On the surface, this is a retail matter, but crypto traders should not overlook it.
Costco serves as a "real-time dashboard" for U.S. consumer resilience. The company has disclosed Q4 net sales of $93.9 billion, with same-store sales growth of 9.4%. Membership renewal rate is 92.2%, indicating that high-income core customers are still spending, albeit more cautiously. The issue lies in the CPI at 3.4% and gasoline prices up 27.4% year-over-year; this pattern of "consumption continuing but with more price sensitivity" is precisely the macro signal to which risk assets are most sensitive.
Crypto and U.S. retail stock funds have formed a "seesaw" relationship. A Wintermute report points out that since the end of 2024, the correlation between crypto and U.S. retail funds has shifted from positive to negative, with U.S. retail stock activity becoming an important leading indicator for the crypto market. When funds flow into U.S. retail stocks, the crypto market tends to take a wait-and-see approach.
If Costco's earnings show consumer resilience exceeding expectations, it may temporarily divert retail funds away from crypto; however, if signs of consumer weakness appear, a decline in risk appetite would also be unfavorable for BTC. The real variable is whether a special dividend is announced after the earnings report—BofA estimates about $22 per share, with cash outflow around $9.7 billion. If implemented, this would reinforce the narrative of "high-quality cash flow assets," indirectly influencing fund allocation choices between stocks and crypto.
Costco sells goods. $ETH's decline is not significant, but the position structure is deteriorating. Retail accounts are increasingly long, while large accounts are simultaneously reducing their longs; the two lines move in opposite directions, with chips flowing from large funds to retail investors. When the price dips slightly, retail investors add positions to catch it, while large investors exit accordingly—this is distribution, not accumulation. Leverage has not been cleared: almost zero liquidations in the past hour, funding rates spiked then fell back, indicating bulls are not being squeezed out but remain in the market without profit cushions. The lack of heated funding rates also shows a lack of new buying pressure from above. Options trading leans bullish, aligned with retail investors, with sentiment chasing rather than hedging. $ETH is short-term bearish, with a higher probability of breaking below the intraday low of 2,714.41 than breaking above it. Retail longs remain in the market; once broken below, a long squeeze could amplify the decline. Conditions for a bullish reversal: price stands back above 2,787.44, and the retail long-short ratio falls—this would indicate large investors are taking over again, invalidating the bearish view. $MUBARAK No vision, can't hold on, the profit this time is as thin as paper, but I love it to death.
During the repeated fluctuations in the market, MUBARAK oscillated back and forth around 0.056269, and I was itching to act, several times wanting to manually close the position. In the end, I held back because MUBARAK's support was never effectively broken, this signal is more reliable than anything.
Looking back now, at the 0.078111 level, +386.76% profit in hand, time for a good meal.
The premise of compounding is survival; the shortcut to getting rich quickly often leads to zero.
Take profit on 75% of the long position first, keep the remaining 25% at cost as a safety net, no panic on pullbacks, keep holding if it continues to rise. The market is not short of opportunities, it lacks patience. Don't chase highs here, I'll signal the next opportunity.
$XRP $LAB ⚡ $BCH /USDT: $339.8 (+27.17%)
CME Group just announced Bitcoin Cash futures launching October 19! Institutional access is finally here.
🐂 Bull: Banks and hedge funds get a regulated venue. BCH flipped its 200-day EMA ($308) into support.
🐻 Bear: CME futures cut both ways — easy to short too. BTC's first CME launch in Dec 2017 marked the cycle top.
🔺 Resistance: $346.9 → 337.4** (MA5) → $329.6 (MA10)
Play: Don't chase green candles at resistance.#ECBLaunchesPontes
Brushing off the ancient Roman bronze coin corroded by seawater from the Mediterranean shipwreck silt, what I see is not oxidation rust, but the unchanging will of the state over thousands of years.
The so-called “Pontes” system launched by the European Central Bank connects tokenized asset trading to the central bank’s monetary settlement network, with 13 institutions including Deutsche Bank and Santander as the first entrants. While most people exclaim about fintech innovation, I lift my head from the heavy, mountain-like parchment archives and only smell a very familiar scent of imperial soil—this is not the dawn of underlying technology, but a historical iron law repeating itself exactly.
There is nothing new under the sun; all the flashy terms today labeled as “financial innovation” can find exact counterparts in the ruins from two thousand years ago. Back then, the Roman Empire forcibly confiscated the private minting rights of the Gaul and British tribes to control provincial economies, melting all precious metals into denarii silver coins stamped with Caesar’s portrait. The core purpose was singular: the central treasury must firmly grasp the throat of minting rights and the tax base.
The essence of Pontes is precisely the empire’s power extending its first gilded iron shackle when facing the “uncultivated wilderness” of decentralization. As decentralized ledgers begin to erode the boundaries of traditional sovereign credit, the bureaucrats in Frankfurt start to emulate Augustus of old; they will never allow assets to flow freely in the gray zones outside the system but will build an official-backed channel to corral wild liquidity into a cage, taming it into livestock that can be taxed, regulated, and frozen at any time.
As a defensive observer digging three feet deep in the ruins of cycles, I smell a very dangerous aura in this game. A few days ago, the US West securities regulator threw out tokenized stock exemptions, and the European Central Bank immediately tested sovereign settlement with real money. Beneath the dual-track facade lies a siege and pincer attack by sovereign will on free on-chain assets.
From the stratigraphy of bull and bear cycle evolution, when the regular army begins to pave their dedicated avenue, it often means the excess dividend layer of the wild era has been completely stripped away and buried. With Deutsche Bank and clearing giants entering, the space for survival originally belonging to decentralized native protocols is destined to be divided. They will use unlimited fiat credit and compliance licenses to dimensionally compress every on-chain native trying to remain independent.
Personally, I will never blindly chase this regime-co-opted carnival. When the empire’s eagle banner is raised on the city walls, the most rational defensive posture is to retreat behind a sturdy breakwater and hold onto your most primitive chips. The empire can pour fortunes into building stone bridges to new territories, but historical documents repeatedly warn us: once the road is open, what follows is not wealth equality but tax officials’ all-pervasive ledgers and the merciless iron hooves of armies 🏛️.PeerDAS allows nodes to avoid downloading the entire Blob, so scaling is not limited to data centers only
After Fusaka went live, PeerDAS changed the way nodes verify L2 data. Previously, every full node needed to download all Blobs to confirm data availability; now nodes can sample-check parts of the data and achieve a high-confidence guarantee of overall availability through network collaboration.
The core of this change is not just "downloading less," but enabling Blob capacity to continue growing without requiring ordinary nodes' bandwidth pressure to increase linearly. If each scaling step demands more expensive machines, the network will eventually be limited to professional data centers. Sampling distributes the verification responsibility among more participants.
Sampling is not just casually checking a few data pieces. Encoding, random selection, and a sufficient number of independent nodes together form the security guarantee. A decrease in node count or implementation flaws will affect confidence, so client diversity and network monitoring remain important.
Whether L2 fees can continue to decrease depends on whether Ethereum can provide more affordable data space; the long-term value of $ETH depends on the network remaining widely verifiable after scaling. PeerDAS connects exactly these two goals. It allows scaling without proportionally increasing each node's bandwidth bill.
The more mature the sampling scheme becomes, the easier it is to ease the conflict between node scaling and home network bandwidth.What the inclusion list truly protects is the last gate during L2 exit.
Users place assets on L2, usually relying on the mainnet as the ultimate arbitrator. If the L2 sequencer fails or refuses service, users need to submit proofs or exit transactions to Ethereum. If the mainnet builders can also continuously exclude these transactions, the so-called "safe promise of escaping back to L1" will be compromised.
This is where the significance of the inclusion list lies. It empowers the validator committee to demand that legitimate transactions enter blocks, reducing the possibility of a single builder blocking the exit channel. For ordinary transfers, it is just a matter of waiting time; for large L2 assets, it could be a matter of whether they can exit at all.
Of course, the mechanism needs strict limitations to avoid the list itself being abused or slowing down blocks. How the committee is selected, how transactions are verified, and how capacity is controlled are all more important than slogans. Censorship resistance design is not about being as tough as possible, but about balancing executability and uninterrupted consensus.
The reason $ETH can become the security anchor for L2 is not just because of its large market cap, but because the mainnet must provide a trustworthy exit in the worst case. Scaling allows assets to travel further, and censorship resistance ensures they still have a way back. A high-speed network without a reliable exit is only convenient when the wind is favorable.
If the mainnet cannot provide the final exit, L2 inherited security will degrade from a promise to mere propaganda.$BTC BTC 86,250! From the 75K hell to the 86K heaven, the bulls are in a "short squeeze massacre"!
Remember September 16? The FOMC hawkish double whammy had the whole network crying for a 74K liquidation, and BTC once dropped below 75K. It's only been a week, and the market has completely changed!
Bitcoin surged from 75K to 86K, a violent 12% rebound that crushed the shorts. Hyperscale mining news is just a garnish; the real trump card is: FOMC bearish news is fully priced in, spot ETFs keep bleeding (net inflow over 12,000 coins on 9.21), and the greed index soared to 78—the market is crazy again.
But! 86,250 is not a zone to chase longs; it's a "meat grinder"!
At the 15-minute level, there's high-level sideways consolidation, MACD is flattening, and resistance is at the previous high of 86,736. The favorite script of the big players: at extreme greed, either a spike to blow out shorts and push to 87,400, or a reversal to shake out and drop back to 85,100.
⚡ Bull-Bear lifeline (not investment advice):
86.6K-87.4K: strong resistance overhead, a rebound with stalled gains = reduce positions, don’t dream of 90K.
85.1K: intraday bull-bear dividing line, if not broken, still strong.
84.5K: retest the golden pit, only buy if it stabilizes.
82K: daily close below this means the September 16 rebound is over.
75K is the bottom, 86K is the hurdle. Don’t get carried away at extreme greed, no bearish view if 85.1K holds, no chasing longs above 86.6K. Keep contract positions light, beware of spikes! $BTC Is the current macro setup actually supportive of the speculative rotation into $XRP and $DOGE, or are traders misreading a temporary liquidity flush for a structural trend? The honest answer is that both narratives have merit right now, and the distinction hinges on stablecoin flows rather than headline sentiment. When on-chain stablecoin minting tracks with spot exchange inflows, it creates a thin but genuine supply of dry powder that fuels retail-driven speculative assets. When that minting dI'm trading $XRP and see a cycle contradiction: the major trend is bullish, but the short-term cycle is topping around 1.575; if it doesn't make a new high, it's exhaustion. With 100x leverage, a major cycle bull plus a short-term cycle top equals a high-risk spike setup.
Taking profits over 150% and halving position is a strict rule; this trade at 446% must be executed. The end of acceleration is the easiest to be shaken out; holding full position through a spike without the mindset to take profits will blow up, with almost zero margin for error at 100x.
Close 80% of the position, set a stop at 1.508 to break even on the base position. After execution, close the software and don't watch the market— the longer you watch, the more you want to add positions, and the more you add, the easier it is to get stopped out. Discipline in place means profits will still be there tomorrow. $SNDK #BTC冲高$87000，加密总市值重返3万亿 #AMD市值突破1万亿美元，芯片股集体大涨 $ZEC #AI slowdown controversy persists, computing power investment continues to increase
The AI slowdown controversy persists, computing power investment continues to increase
The divide in Silicon Valley has been exposed. Anthropic CEO Amodei called in September to "put the brakes on cutting-edge AI," with rare agreement from Altman and Musk. Nvidia's Jensen Huang immediately refused to join the slowdown alliance at the Dreamforce summit, bluntly stating "this is a false choice," and questioned the doomsday narrative as an excuse for giants "seeking exemption from responsibility."
But while verbally calling for a slowdown, the accounts show increased investment.
OpenAI supports slowing the model pace on one hand, while raising its 2030 computing power expenditure forecast from $600 billion to $750 billion, an increase of over 25%, still calling it "very insufficient computing power." Meta's 2026 capital expenditure soars to $115-145 billion, nearly doubling.
Jensen Huang said a hard truth: leading companies are transforming from "laboratories" to "product companies," and increased safety investment is reasonable, but this does not mean stopping expansion.
The essence of the controversy has never been "whether to have computing power," but "who has the right to set the pace." The calls for slowdown are real, and the increased bills are real too.
BTC is around 86,000, with resistance above at 87,000-87,400, and support below at 85,500-85,700. Positions should stop loss below 85,000; empty positions wait for a pullback to 85,500-85,800 to stabilize before entering $BTC $ETH $DOGE $STRK dropped to the lower Bollinger Band—should you buy the dip or catch a falling knife?
Conclusion first: This is a technical correction window within a weak trend, not a trend reversal. $STRK current price is 0.04176, down 4.77% in 24h, MA5=0.042514 has crossed below MA20=0.042539, moving averages show an initial bearish alignment, and the price is running close to the lower Bollinger Band at 0.041387. But two details are worth noting: the MACD histogram is still +0.0001451, indicating bullish momentum has not turned negative; RSI=39.3 is in the weak zone but not oversold, meaning selling pressure has not been fully released. The funding rate of +0.0050% shows longs are still paying to hold positions, and the fear and greed index at 78 indicates extreme greed. The overall environment does not support a deep drop, but this coin is clearly weaker than the market, passively following the decline.
Operationally, it leans toward low-entry longs to bet on a rebound rather than chasing shorts. Entry reference is 0.04140–0.04180, i.e., the range between the lower Bollinger Band and current price, justified by the lower band support combined with MACD not turning green; take profit 1 is at 0.04251, corresponding to the first resistance at the MA5/MA20 convergence; take profit 2 is at 0.04369, the upper Bollinger Band and the upper boundary of the 30 K-line amplitude; stop loss is set at 0.04095, about 1% below the lower band, to exit and prevent accelerated decline under the bearish moving average alignment.