小恐龙说趋势

A U.S.-listed company bought 3,311 bitcoins in one week, spending $280 million at an average cost of $84,500 🐋
Bitcoin is now trading below $84,000. In other words, this latest batch of coins was already underwater as soon as it bought them.

⚡ 有大动静群里说

The company is called Strive, ticker ASST. It’s a U.S.-listed company focused on building a Bitcoin treasury. In an 8-K filing submitted to the SEC on Tuesday, it disclosed that it had added 3,311 bitcoins in a single buying spree between October 5 and October 9, bringing its holdings to 32,773. This was its biggest purchase since January this year. Its previous major acquisition was about 5,048 bitcoins, obtained in January through an all-stock merger with Semler Scientific.

Here’s how the public-company Bitcoin treasury rankings look: Strategy is first with 848,250; Metaplanet is second with 44,000; Twenty One is third with 43,514; and MARA is fourth with 35,577. Strive ranks fifth with 32,773. Its CEO, Matt Cole, has publicly said that the company aims to become the world’s second-largest by the end of 2026.

But the math is brutal: Strive is still 11,227 bitcoins behind second-place Metaplanet, worth about $937.5 million at current prices. To catch up, it would need to buy another 990 bitcoins per week on average—and that assumes Metaplanet stays exactly where it is.

The cost basis makes things even trickier. This batch’s average price of $84,500 is already above Bitcoin’s current price in the low $83,000s. It’s buying at elevated prices while also having to keep leveraging up to climb the rankings. Where’s the money coming from? From SATA, its floating-rate preferred stock. It keeps issuing shares to raise funds to buy Bitcoin. Last week, its cash actually rose from $284.7 million to $310.3 million. Common shares increased by about 9.5 million, while preferred shares increased by 532,094. That’s a lot of dilution 🦖

Put simply, the competition among public companies with Bitcoin treasuries is no longer just about who buys the most—it’s about who has the lowest cost basis and whose financing structure can hold up. The gaps among the top-ranked companies may not look huge, but the pace of 990 bitcoins a week means any pullback could turn a chase into a losing position. Chasing the rankings while sitting on unrealized losses is a script we’ve seen play out repeatedly over the past two years.

What do you think? Are Bitcoin reserves built up by issuing shares and debt a sign of long-term conviction, or does this just shift the risk from the company’s balance sheet onto retail shareholders? Let’s talk in the comments 💥

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France plans to draw a $112,000 reporting threshold for crypto wallets. Fail to report and you’ll be fined. The community flooded the feed with one phrase: “Let me leave” 🦖

🕐 最新解读群里更新

It all stems from Amendment I-CF821, passed by the French National Assembly’s Finance Committee last Friday. The rule is straightforward: if you hold crypto assets in a self-custody wallet—not through a licensed platform—and their value on December 31 reaches or exceeds €100,000 (about $112,000), you must declare them to the tax authorities. Failure to report could bring a fine of up to €10,000.

The official justification is to combat tax evasion. A parliamentary inquiry report found that crypto capital gains in France reached €3.5 billion in 2021, yet only €400 million worth of crypto holdings were declared to the tax authorities that year—a gap of nearly ninefold. The shortfall is right there, so the government wants to use mandatory reporting to fill in the books.

But as soon as the news broke, the crypto community’s response was almost unanimously negative. Rand Hindi, founder of privacy-focused blockchain Zama, posted a direct warning on social media: anyone holding crypto assets in France should leave immediately; if they can’t, they should hire bodyguards for their whole family. Harry Halpin, CEO of privacy infrastructure firm Nym, was even more blunt. He pointed out that French tax authorities have previously had cases where employees sold taxpayer data to criminals. The real danger isn’t taxes—it’s data leaks.

That concern isn’t baseless. In recent years, France has become a global hotspot for violent crypto-related robberies. In 2025, David Balland, co-founder of hardware wallet company Ledger, was kidnapped from his home, and the kidnappers cut off one of his fingers to demand a ransom. That same year, the wife of a co-founder of gaming blockchain The Sandbox narrowly escaped a home-invasion kidnapping attempt. And a couple in their fifties in Versailles were forced at knifepoint by fake police officers to transfer $1 million worth of Bitcoin ⚠️

Put simply, the amendment is meant to plug tax loopholes, but it hits the crypto community’s most sensitive nerve: privacy, and the more immediate concern of personal safety. A list that precisely identifies high-net-worth crypto holders could, if leaked, hand criminals a ready-made list of targets. One industry CEO described it as amplifying the risk of a data breach by about 50,000 times.

But don’t rush to treat it as a done deal. The amendment is not yet law. The Finance Committee passed five crypto-related amendments in one go last Monday, but the National Assembly then rejected the revenue section of the entire 2027 budget bill by 31 votes to 3. The Assembly will now have to restart discussions from the government’s original draft. For these crypto provisions to survive, they’ll have to be proposed and voted on again.

Two other measures were advanced alongside it: one would impose an exit tax on holdings above €800,000 when moving abroad; the other would end the tax deferral for exchanging cryptocurrency for stablecoins. The direction is exactly the same: keeping an ever closer eye on crypto asset holders’ wallets ⚖️

What do you think? Will this push for full transparency around holdings ultimately make the market more orderly, or drive people with real money into more concealed corners of the blockchain? Let’s talk in the comments 👀

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#比特币反弹至8.3万美元上方
South Korea’s stock market plunged 5.5% in a day, while Bitcoin surged — their correlation has turned negative 🦖

📈 进群看今日思路

During Tuesday’s Asian trading session, South Korea’s KOSPI closed down 5.5%, bringing its losses for the week to 7.4%. It fell below its 200-day moving average for the first time since the end of July. Meanwhile, Bitcoin rebounded from a low near $81,000 to $83,944, gaining over 2.5% on the day. Same time zone: one was crashing, the other rising.

Semiconductor stocks led the decline. SK Hynix closed down over 10%, while Samsung Electronics fell around 7%. Even more striking was the flow of funds: since the start of 2026, foreign investors have sold a combined roughly 173 trillion won (about $129 billion) worth of shares in SK Hynix and Samsung — accounting for almost all of the KOSPI’s net outflows this year.

Two factors triggered the sell-off. First, Broadcom’s CEO likened speculative AI investment to gambling in a casino. Second, Chinese memory chip rival CXMT announced a breakthrough in memory technology, striking directly at the heart of South Korean chipmakers’ profits.

The contrast is even clearer over a longer period. The KOSPI is down about 38% from its record high in June, while Bitcoin has rebounded from a low of $58,000 to a peak of $87,000 over the same period, a gain of about 40%. The 20-week rolling correlation has fallen to -0.41, indicating a moderate negative correlation.

In other words, as markets cut their exposure to AI trades, that money hasn’t all flowed into Bitcoin. But this time, Bitcoin has clearly avoided the kind of plunge alongside tech stocks that we saw in August. A shift to negative correlation at least suggests it’s starting to be priced as a different kind of asset.

But don’t rush to conclusions. Since October, U.S. spot Bitcoin ETFs have seen net outflows of $451 million, including $69 million on Monday alone. In other words, fresh money is actually leaving the market. There’s also a thick wall of sell orders above $84K. The short-term rise is more likely due to selling pressure temporarily easing. And with this week’s CPI data and the Fed’s October 28 rate decision still ahead, there’s plenty of uncertainty.

Do you think Bitcoin has really decoupled from tech stocks this time, or is this just a temporary divergence? Share your thoughts in the comments 📉📈

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#英国高院裁定钱志敏案适用中国法
$5 billion, 61,000 bitcoins, but victims can't get a penny. One sentence from a UK court slammed the door shut 🦖

📣 盘面异动群里喊

On Monday, the High Court of London ruled that the 61,000 bitcoins seized in the case against Qian Zhimin must be adjudicated under Chinese law, not British law. At current prices, the coins are worth more than $5 billion, or around £3.8 billion. The fraud took place 9 years ago and involved 128,000 investors. The money was eventually all converted into bitcoin.

It all began in 2014. Qian Zhimin ran a Ponzi scheme through a Tianjin-based electronics technology company. From 2014 to 2017, she defrauded more than 128,000 investors, then converted the stolen money into bitcoin. She fled to the UK in 2017. British police seized all the coins during a money-laundering investigation, and they have been held for years.

The victims have been trying to pursue the case under British law, because it would allow them to claim direct ownership of the bitcoin rather than queue up as ordinary creditors. But on Monday, Judge Mark Turner sided with the British government. He said that the relevant losses occurred in China, the applicants handed over their money in China, and the misrepresentations were also made there. Therefore, ownership of the property must be determined under Chinese law.

In other words, this ruling did not directly decide who will ultimately get the coins, but it shut off the victims' fastest route. It also significantly increased the chances that the UK Treasury will keep the money. The victims' lawyers at Fieldfisher have already said they will appeal. UK prosecutors say there will be another hearing, first to get expert opinions on whether ownership can be established under Chinese law.

One contrast is worth remembering: the US established a Strategic Bitcoin Reserve back in March 2025, putting coins seized by law enforcement directly onto the national balance sheet. According to Arkham, addresses linked to the US government hold $25.8 billion in crypto assets, all seized and not bought with a single taxpayer dollar.

So the real story isn't who's right or wrong. Governments around the world are turning seized bitcoin from evidence into assets ⚖️ The more the price of bitcoin surges, the fiercer the fight between governments and victims becomes 💥 The 61,000 coins are sitting in the UK Treasury, gaining value every day. The longer this goes on, the harder the question will be to resolve.

Do you think bitcoin seized in cases like this should ultimately be returned to victims or go into government coffers? Let us know in the comments 👇

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A Bitcoin mining pool that operated for more than six years is shutting down. Miners must move all their hashrate by November 10 🦖

🚨 行情变了群里说

One of the world's largest crypto exchanges has announced that it is closing its mining pool, which has been operating for more than six years. The shutdown affects more than just the pool itself: it also includes pool savings, cloud mining, transaction accelerators, and related features such as pool APIs and hashrate alerts.

The pool launched in April 2020 and went on to become one of the pools with the largest shares of the network's total hashrate. The announcement gave just one reason: an ongoing evaluation of products and services. It offered no specific explanation. The platform also reminded miners to switch their hashrate to another pool before the deadline to avoid interruptions to their earnings. Users with funds in pool savings products should also redeem or unsubscribe in advance.

There's one more date to note: users can still view their historical mining records and earnings details until November 24. After that, the relevant pages will be permanently taken offline. Any eligible unpaid earnings, balances, and refunds will be handled after the shutdown in accordance with product rules and compliance checks.

Zoom out, and what's happening elsewhere in the industry is even more intriguing. In the same week, investment company SWI Group announced that it had completed a financing round of about €800 million, equivalent to roughly $900 million, to expand its data center and AI computing businesses. The company holds a 70% controlling stake in Genesis Digital, the Bitcoin mining company that featured in the FTX bankruptcy case. Genesis Digital has 15 facilities with a total capacity of 1.3 gigawatts, and its overall valuation has been pushed to $6.1 billion. Back then, FTX's side invested more than $1 billion for just a 20% stake. Today, those mining sites are being converted into part of an AI computing network 🐋

My take: put these two developments together, and the logic becomes clear. Mining pools are becoming less profitable, and the marginal returns from on-chain mining are being squeezed. Meanwhile, the same electricity and facilities can be redirected to AI, where investors are lining up to provide funding. So the downsizing of mining pools isn't a surprise—it's a sign that the value of computing power is being repriced. For everyday users, the real question isn't just whether this one pool is shutting down. It's whether hashrate will become even more concentrated in the largest pools, whether a handful of pools will gain more influence, and how miners leaving the network will affect its overall security budget ⚖️

Do you know anyone still mining Bitcoin at home? Do you think the shift of computing power to AI is temporary or here to stay? Let's talk in the comments 👇

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#blur拟于11月12日停用blur.io前端
From $1.3 billion to less than $7 million: the Ethereum NFT marketplace that was once the biggest is shutting down next month 🦖

⚡ 有大动静群里说

Blur announced on its official account Monday that its website will officially shut down on November 12, along with its NFT lending service, Blend. Borrowers must either repay their loans before the site closes or face default. Its on-chain contracts will continue to run on Ethereum.

The really striking part isn’t the shutdown itself, but the trading curve behind it. Monthly trading volume plunged from about $1.43 billion in March 2023 to less than $7 million in March 2026—a decline of more than 99.5% in three years.

The platform rose to prominence by taking on industry leader OpenSea. Launched in 2022, it came out swinging with zero fees and token rewards, and by March 2023 had captured more than 70% of Ethereum NFT trading volume. Its website still boasts of over $7.4 billion in cumulative trading volume 🐋

But business is business. In three years, it has earned virtually nothing from transaction fees. Token Terminal records the protocol’s revenue as zero. Traffic built on rewards is hard to turn into sustainable income—and that was exactly what creators criticized it for: undercutting prices and squeezing their royalty shares ⚖️

The timeline is even more telling. Ten days ago, Blast, the Ethereum layer-2 network run by the same team, announced it was shutting down. Its assets shrank from a peak of over $2 billion to around $32 million. The shutdowns are staggered: Blast users have until October 26 to withdraw, and then it’s Blur’s turn on November 12 📉

After the news broke, the BLUR token fell more than 20% that day, trading at around $0.015. The brand has retreated behind the scenes, but the underlying protocol isn’t entirely dead: token holders still have the power to vote on turning fees on or off.

My take is that in this NFT downturn, the most expensive thing was never the floor price—it was the model of using token subsidies to buy traffic. Once the token loses its value, the subsidies dry up, the traffic disappears, and all that’s left is a user base that won’t stick around and a three-year balance sheet showing zero revenue 🦕

Where have your friends who used to be into NFTs gone? Let’s talk in the comments 👇

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#sk海力士股价下跌7.1%
$803 million wiped out in a day. 86% were longs. 172,000 traders liquidated 💥

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The fuse for this cascade of liquidations was lit in Asia 🦖

Over the past 24 hours, 10 trading platforms liquidated a total of about $803 million in leveraged positions. Long positions accounted for $694 million of that, or 86%. A total of 172,000 traders were liquidated.

The most intense wave came in the last 12 hours, with about $595 million liquidated—nearly three-quarters of the daily total. During that time, South Korea’s KOSPI index briefly fell more than 6%, while Bitcoin dropped below $81,000.

The largest single liquidation was a Bitcoin long worth about $9.65 million, wiped out near $81,773. In crypto, $181 million in Bitcoin positions were liquidated, with Ethereum close behind at $178 million. SOL came to $60 million, ZEC to $24 million, and NEAR to $22 million.

More noteworthy, though, is that a stock name also made it onto the liquidation leaderboard. Perpetual contracts tracking U.S. memory-chip maker SanDisk saw $19.09 million liquidated—more than HYPE at $19.04 million and XRP at $18.78 million. This shows that a considerable share of the leverage on crypto platforms is now tied to chip stocks. Samsung Electronics and SK Hynix each fell about 8% in Seoul that day, amid concerns over AI valuations and competition from Chinese memory-chip makers.

Then came the reversal. Of the $74 million liquidated over the past four hours, $59 million—or 79%—came from short positions. Bitcoin climbed back above $83,000, while Brent crude held near $106 after a three-day rally.

In other words, this was a classic leverage flush: longs were wiped out first, then shorts got caught in the rebound. Two groups took turns getting hit in a single day. More importantly, Bitcoin is heading into Thursday’s U.S. inflation report with leverage already flushed out. That means the price reaction to the data could be more dramatic than usual, because there’s no leverage cushion left.

Do you think this is a reversal or just a bounce? Will Thursday’s inflation data deliver another blow? Share your thoughts in the comments.

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#比特币重回8.4万美元
A Bitcoin whale that had been asleep for over six years has woken up, moving 4,582 Bitcoin in one go, worth $378 million 🦖

📊 进群看每日策略

On-chain investigator Lookonchain, citing data from Arkham, found that an old wallet whose address starts with 18Vm transferred 4,582 Bitcoin to five different addresses in a single transaction on Monday. The last time this wallet received coins was in March 2020, when those 4,582 Bitcoin were worth just $40.8 million ⚠️

Over six years, the value of these coins has climbed from $40.8 million to $378 million—nearly 9x 📈 But what really makes people nervous isn’t how much they’ve gained. It’s why they chose to move right now.

Here’s the bottom line: the coins are still sitting quietly in the five receiving addresses. Not a single one has gone to an exchange. That usually means they haven’t reached the point of dumping yet.

And the timing is even more striking: just last week, another whale that had been dormant for over four years—an address starting with bc1q—also transferred 4,500 Bitcoin, worth $375.7 million. Two ancient whales have awakened one after another in the space of a week, moving a combined 9,082 Bitcoin, worth nearly $750 million at current prices 🐋

Meanwhile, Bitcoin itself is having a rough time. It’s currently at $83,245, down another 0.4% over the past 24 hours, after briefly dipping to $81,220 intraday. Ancient coins are quietly changing hands, while the price keeps seesawing above $80,000.

Here’s how I see it: when a wallet that’s been dormant for years suddenly moves its coins, there are only a few possibilities—moving them to more secure custody, using them as collateral or for an over-the-counter trade, or preparing to sell in batches. The transfer itself doesn’t mean much; what matters is where the coins end up. If they flow into exchange hot wallets, that would be the real signal. For now, they’re spread across five addresses, which looks more like internal reorganization or a change of custody than an urgent move to cash out.

Look at it another way: coins that have been held untouched for over six years represent some of the most patient money in this market. The fact that they’ve started moving today is worth keeping an eye on if you hold Bitcoin.

Do you think this six-year-old whale is really preparing to sell, or just moving somewhere else to keep sitting tight? Share your take in the comments.

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$60 million drained from Ethereum users by frontrunning bots in a year. Now someone is hiding transactions in a black box 🦖

🚨 行情变了群里说

On Monday, the established blockchain Aptos launched a new feature on its mainnet called an encrypted mempool. In simple terms, it keeps your transactions encrypted after you submit them and until they’ve been ordered and finalized in a block. No one can see what’s inside ahead of time ⚠️

When you submit a large transaction on-chain, everyone on the network can see in advance which contract you’re calling, what you’re trading, and how much. Frontrunning bots exploit that transparency to get ahead of you—or sandwich your transaction—and make money at your expense. According to figures from EigenPhi cited by Cointelegraph, Ethereum users lost about $60 million to these sandwich attacks in a year. In a sample of Solana activity tracked by Bitquery, bots made $29.7 million using the same tactic over 11 months, through roughly 6.9 million attacks that affected around 2.2 million wallets 💥

How does it work? If your wallet or app supports the feature, your transaction is encrypted on your phone before it’s sent to the blockchain. Validators can see your address and transaction fee, but not the transaction contents. First, everyone agrees on the ordering. Once it’s set, the validators collectively decrypt and execute the transactions. The key point is that no individual validator can decrypt them alone, so they can’t peek in advance ✅

There are trade-offs, too: the minimum fee for an encrypted transaction is twice the network’s base minimum. In tests with 50 nodes, each block took about 20 milliseconds longer. Aptos says its approach is different because ordering and decryption are handled collectively by the existing validators, without relying on a separate decryption committee or a trusted block builder.

This isn’t the first move of its kind in the industry. In July 2024, Gnosis Chain launched an encrypted mempool in partnership with Shutter. On Ethereum, there’s also Flashbots Protect, which sends transactions privately to block builders. Whoever can keep transactions hidden until they’re on-chain can help users get picked off by bots less often. Aptos has made it an optional feature on its mainnet, and also added support for institutional large-value transactions and AI agents.

My take: encrypted mempools tackle information asymmetry, not price volatility. They don’t guarantee you’ll make money; they just stop frontrunning bots from making money by peeking at your orders. Adoption will be the real test. If people are willing to pay twice the base gas fee for this protection, it shows just how badly on-chain traders have been hurt by MEV. On the other hand, if no one uses it, it’ll just be another optional feature gathering dust in the corner.

What’s worth watching is whether other major blockchains follow suit—and whether tools like this can genuinely reduce the scale of on-chain MEV.

Do you think hiding transactions is a shield for retail traders, or will it make on-chain activity less transparent? Join the conversation in the comments 👀🚀

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27 websites named by South Korea overnight. From apps to websites, the last door for offshore platforms has been shut too 🦖

⚡ 有大动静群里说

South Korea’s Financial Intelligence Unit has just approved blocking the websites of 27 unregistered crypto trading platforms. The list includes several globally renowned offshore exchanges. The reason: South Korean regulations require platforms to register in advance. If they aren’t registered in South Korea, they can’t provide services to Korean users ⚠️

The action is being taken in two steps. The Korea Communications Standards Commission completed its reviews on October 6 and 7, and the Financial Intelligence Unit made the final decision afterward. There are also two different measures: platforms with servers in South Korea will have their hosting services terminated directly; those with servers overseas will have their access blocked. The doors to the Android and Apple app stores were already shut in 2025. Now the web route has been blocked too.

This isn’t the first time. In April 2025, South Korea had already blocked the apps of 14 unregistered exchanges. Even earlier, Google’s app store removed 17. A year and a half later, the list has expanded from apps to websites, and the scope of the crackdown is clearly widening. To determine whether a platform is targeting Korean users, the Financial Intelligence Unit mainly looks at three things: whether it has a Korean-language interface, whether it markets specifically to Korean users, and whether it supports Korean won trading.

But there’s one detail worth noting: officials themselves acknowledge that blocking access will make it more difficult for users with positions on these 27 platforms to withdraw their funds. So they’ll work with industry association DAXA and the platforms to provide withdrawal guidance and technical support. In other words, they’re blocking the entrance, not directly freezing assets 🐋

The timing is also delicate. Bitcoin has just fallen below $82,000, and liquidations across the crypto market have exceeded $700 million in the past 24 hours. Ethereum, SOL, and XRP are all weakening, and sentiment was already subdued. South Korea’s move adds another barrier to Korean traffic for offshore platforms ⚖️

My take: this is a shift in regulation from targeting individual points to covering the whole landscape. In the past, when apps were blocked, platforms could still direct users to their websites. Now those sites are blocked too, effectively closing the last remaining entry point. For purely offshore platforms that depend on Korean users, the Korean market is essentially closed. But Korean retail investors have long ranked among the world’s most enthusiastic crypto traders. Demand won’t simply disappear; it will be pushed toward compliant platforms or more discreet over-the-counter channels. Profits at South Korean exchanges already fell 78% year over year in the first half of the year. This round of website blocking may not revive trading volumes in the short term; instead, it could first scare some users away into the gray market.

What’s worth watching is whether there will be a second or third batch of names, and how the platforms named will respond: will they go back and register, or simply give up on the Korean market?

What do you think this wave of website blocking will ultimately do—protect retail investors, or drive them into unlicensed venues? Let’s talk in the comments.

I bring you the latest on South Korean regulatory developments every day—not just what’s happening, but also the logic and opportunities behind the news 👀🚀

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$771 million was liquidated in 24 hours, and $686 million of it was all long positions 🦖

🕐 最新解读群里更新

Bitcoin briefly broke below $82,000 overnight, at one point dipping to $81,382, down 2.8% over 24 hours

Ethereum fell 4.6% to $2,425. The whole market was red, but what was really eye-catching was not the price — it was the liquidation list

According to CoinGlass data, the entire network saw $771 million in liquidations over the past 24 hours, with longs accounting for $685.6 million. In just the last 12 hours, $631.8 million was wiped out, and longs accounted for $600 million of that. In other words, in this round of the drop, the ones taking the hit were basically all the people betting on gains 💥

The ranking of declines shows the mood even more clearly. Among the top 10 mainstream coins, Zcash fell the hardest, dropping 10.4% in a day to $11.49. SOL fell 7.5%, XRP fell 6.4%, and Bitcoin was pushed down from its intraday high of $84,200 to just above $80,000. Longs were almost being carried out one after another

Why the sudden change in tone? One analyst said that high U.S. Treasury yields, a stronger dollar, and risk-off sentiment ahead of U.S. inflation data all weighed on risk appetite. Institutional buying also appears to be fading. Last week, U.S. spot Bitcoin ETFs saw a net outflow of $681.1 million, the worst week since late June. Ethereum ETFs also saw $542 million in outflows during the same period ⚠️

A new variable is coming from Asia. This morning, South Korean stocks plunged, with the Kospi at one point falling 6.1%. Bitmine Chairman Tom Lee warned that this drop in the Korean stock market could spill over into the crypto market. A stock market crash transmitting sentiment into the crypto world is something that has not been common in the past 📉

Of course, there is also the opposite view. Another analyst believes this pullback does not negate the bottom that has already been identified; it is more like a recalibration and may be forming a new support zone. And just one day before the crash, Saylor’s strategy company disclosed that it had bought another 250 Bitcoin at an average cost of $86,394, bringing holdings to 848,250 coins

My view is that the most informative part of this decline is not how much it fell, but the structure of the liquidations. More than 70% of the liquidation amount came from long positions, which shows that leveraged longs had piled up too heavily during the earlier rebound. Once prices turned, it became a chain reaction of forced liquidations. On the other hand, this kind of cleanup is often also the process of shaking out weak hands. The key is whether spot buying can hold up next

Drop a comment: do you think this round is a second entry opportunity after longs are cleared out, or the start of a bigger correction 👀🚀

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The Bitcoin-hoarding giant with $70 billion in total holdings bought just $21 million last week

🔭 进群看资金去哪

In a nutshell: Strategy, the world’s largest publicly traded Bitcoin holder, continued adding to its Bitcoin holdings last week—but spent just over $21 million. Compared with its roughly $70 billion in total holdings, that amount is almost negligible. 🐋

That’s where the contrast lies. Over the past few years, the company poured nearly all the money it raised into Bitcoin, routinely buying hundreds of millions or even billions of dollars’ worth in a single week. The market saw it as one of the most dependable institutional buyers. Now, its weekly purchases are down to just $21 million—about 0.03% of its total holdings. The roar has suddenly quieted.

And it’s not the only sign. On the very same day, reports said Strategy spent $192 million to buy back its own preferred stock. On one hand, its Bitcoin purchases have nearly ground to a halt; on the other, it’s spending money to support its own stock price. The priorities for its capital have clearly shifted. ⚖️

Today’s market action makes it easier to understand why it’s pulling back. Bitcoin is trading at around $81,386, down 3.03% over 24 hours. Ethereum is at $2,420, down 4.91%; SOL is at $102.96, down 7.85%; and XRP is at $1.32, down 6.32%. Major cryptocurrencies are all retreating, oil prices are climbing, and a wave of external news is weighing on risk assets.

My take: institutional buying was never an endless engine. It also depends on financing costs and the company’s own share price. When a Bitcoin-hoarding company starts spending money on buybacks instead of continuing to buy coins, it shows that even the company itself is weighing cash against conviction—which matters more? The big buyer the market had grown used to counting on is becoming more cautious. 🦖

More importantly, Strategy has long been a psychological anchor for many retail and institutional investors. When it slows down, everyone has to run the numbers again. If even the most committed bulls are pulling back, who will ultimately absorb all that selling pressure?

The number to watch is $21 million. Will it keep shrinking, or even fall to zero? If next week brings no additional purchases, that will be the real warning sign.

What do you think? Is Strategy slowing its purchases while waiting for lower prices, or has it run out of buying power? Share your thoughts in the comments. 👀

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Of the world’s 33 major central banks, 15 have raised interest rates in unison over the past six months. Yet Bitcoin is still holding above $83,000 🦖

📣 盘面异动群里喊

The Fed just completed its first rate hike in three years in September. Chair Warsh’s exact words were: “Inflation is too high, and it’s been too high for too long.” Markets are now betting the Fed will hold steady in October, but the odds of another hike in December have already surged above 88% ⚠️

This isn’t an isolated move by one country. It’s a coordinated web of tightening. Of the 33 major central banks, 15 raised rates over the past six months—45%, the highest share since 2023. That’s nearing the peaks of 55% seen in 2011 and 2018. So far in 2026, 54 central banks have taken action. Since September 2023, global rate hikes have consistently outnumbered rate cuts.

The U.S. data is a real mixed bag. The PCE price index rose 3.4% year over year in August, and core inflation was 3%—both still above the 2% target. Yet the economy is holding up better than expected: second-quarter GDP growth was revised up from 1.5% to 2.2%. But the labor market is springing a leak: September nonfarm payrolls grew by just 29,000, the weakest month of 2026 so far 💥

That puts the Fed in a real bind. More rate hikes could bring inflation down, but they’d make things harder for an already cooling labor market. Cleveland Fed President Hammack put it plainly at the annual meeting of business economists: take small steps when you can, rather than holding back for a big move. Make adjustments sooner, instead of waiting and then being forced into a major correction. She also warned that price pressures are broadening. Once people start to see high inflation as the norm, wages and pricing behavior can shift together—and that’s when things get really tricky.

My take: markets aren’t focused on October right now; they’re focused on December. A month ago, the odds of no rate hike in October were just 54%. Now CME data puts them at 81%. That tells us people have accepted that rates will stay higher for longer. That should be a headwind for crypto, but Bitcoin’s performance is a little unusual. As the world tightens in unison, it’s holding near $83,000 and even touched $84,254. That suggests what’s supporting it right now isn’t cheap liquidity, but institutional accumulation and concerns about the purchasing power of fiat currencies 🐋

Two things are worth watching. First, will that December rate hike actually happen? Second, if the labor market keeps weakening, will the Fed be forced to pivot again? If the narrative shifts from hikes to cuts, risk assets that are being held down now often have more room to rebound than you might think. On the other hand, if inflation picks up again and high rates drag on for another year, highly leveraged positions will be the first to crack.

Where do you think this global rate-hiking cycle will end—with a hard landing or a soft landing? Let’s talk in the comments.

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A long-established British bank locks $2.45 billion worth of stablecoins in its own vault 🏦

🚨 行情变了群里说

Standard Chartered’s Dubai branch has announced that it will begin providing custody for RLUSD, the stablecoin issued by Ripple, for institutional clients. The version in custody runs directly on the XRP Ledger. The clients are institutions regulated by the Dubai Financial Services Authority. The bank won’t just safeguard the assets—it will also have the authority to monitor, freeze, and dispose of the funds.

The next step is even more significant: Standard Chartered plans to connect with an institutional trading platform in London, allowing institutions to use these stablecoins directly as trading margin through what’s known as “collateral mirroring.” The coins stay in Standard Chartered’s custody account, while the trading platform records an equivalent mirrored balance. The coins don’t have to move at all 💰

This design addresses one of the industry’s biggest pain points. In the past, when exchanges collapsed, customers’ collateral held there went down with them. Now, collateral can be locked up with a bank considered too big to fail. Even if the trading platform runs into trouble, the coins remain on Standard Chartered’s books. Standard Chartered is one of the 29 global systemically important banks designated by the Financial Stability Board, and faces some of the strictest capital requirements ⚖️

But the market is still small. RLUSD has a market cap of around $2.45 billion, accounting for less than 1% of the roughly $306 billion stablecoin market. It launched in December 2024 and runs on both Ethereum and the XRP Ledger. This custody service covers only the XRP Ledger version, which received regulatory approval in Dubai just this June 🦖

What’s really worth noting is the bank’s roadmap. It began offering crypto custody in Dubai in 2024. This July, it became the first global systemically important bank in the world to let institutions mint and redeem Circle’s USDC directly. Now it’s bringing Ripple’s stablecoin on board too, connecting the dots between stablecoin custody, minting, collateral, and settlement.

My take: the next stablecoin battle won’t be fought on exchanges, but on bank balance sheets. Once licensed banks take over custody, minting and redemption, and settlement, stablecoins will evolve from a way to transfer money within the crypto world into a standard component of institutional financial infrastructure. Retail investors may not notice much in the short term, but this will determine whether institutional capital dares to enter the market in earnest next time around.

Do you think having banks custody stablecoins makes them safer for institutions, or does it just move the risk somewhere else? Let’s talk in the comments.

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#ledger确认用户设备遭植入未授权硬件
$87 million drained from more than 450 wallets 🦖
Hardware wallet maker Ledger released a 72-hour investigation update on Sunday. All confirmed victim cases point to the same Southeast Asian reseller, CryptoBilis, which has completely stopped selling hardware wallets.

🕐 最新解读群里更新

The story began to unfold last Friday, when users in Southeast Asia reported that funds had mysteriously disappeared from devices they bought from CryptoBilis. On-chain investigator Specter traced more than $86 million in suspected theft across Ethereum, Tron, and Bitcoin. Ledger has yet to confirm that figure, and has also been unable to explain exactly how the funds disappeared.
Ledger’s official statement says it confirmed that users’ devices had been implanted with unauthorized hardware. Put simply: you think you’re buying an offline cold wallet, but by the time it reaches you, your private keys may no longer be secret ⚠️
The thieves’ full operation has been captured on-chain. Analyst YFarmX found that 2,810 ETH was sent to the mixer Tornado Cash in three transactions, then passed through Zcash’s shielded pool. Around 3.28 million USDC was transferred to three brand-new wallets. Another $15 million in stolen USDT was first swapped for USDD, which Tether can’t freeze, and then swapped back into 5.1 million USDT, of which about 4.23 million was sent to exchange deposit addresses.
Tether froze 10 million USDT on the first day, but 15,475 ETH, 203 BTC, and 10 million USDD are still out there, beyond recovery. The figures sound frightening, but what really hurts is that victims of these devices are often people who have put their entire life savings into them.
More troubling still, someone in Europe has come forward saying they bought a Ledger that had been tampered with in the same way, with strange extra cables and an LTE module inside. They’re calling for the manufacturer to issue a recall. This claim hasn’t been independently verified yet, but if it’s substantiated, the entire hardware wallet industry’s security narrative will have to be rewritten.
To put it plainly, the damage from this incident isn’t about the amount of money—it’s about trust. Hardware wallets sell you one promise: you can rest assured that your private keys will always stay offline. That promise now has a crack in it. If even one device can be tampered with between leaving the factory and reaching its user, no matter how expensive the chip is, it can’t protect you.
Where did you buy your hardware wallet—from an official store, or from a cheaper third-party seller? 📉
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#比特币重回8.4万美元
Bitcoin climbed to $84,254 before getting slapped back down—all in a single day. The crypto Fear and Greed Index crashed from 82 to 56 🦖

💡 群里更新数据解读

Before the U.S. market opened on Monday, Bitcoin briefly surged to $84,254 on Bitstamp, its highest level since last Wednesday. It then gave back 2.2% over the next two hours, falling back to around $83,000. That leaves it about 34% below last year’s October 6 all-time high.

The first thing weighing on markets is oil. Ukrainian President Zelenskyy said Russia is still attacking energy infrastructure, while Iran reported that an oil tanker was hit and caught fire in the Strait of Hormuz. WTI crude climbed above $94, and Brent touched $107.25, its highest level since September 16 🛢️

The second is U.S. Treasuries. The 30-year yield touched 5.70%, its highest level since 2002. Money is being pulled into risk-free assets, while Bitcoin pays no yield. It’s one of the toughest macro combinations for Bitcoin this year ⚠️

Market sentiment is also cooling. The Crypto Fear and Greed Index fell to 56 on Monday, in neutral territory. It was at 67 a week ago, while its August 26 peak of 82 was the highest reading of the year. It took less than two months to go from extreme greed back to neutral 📉

Now, the flows: Spot Bitcoin ETFs saw net outflows of $484.9 million last Wednesday, their worst single day since June. Another $244.1 million flowed out on Thursday, followed by a modest $21.1 million inflow on Friday. Net outflows for October now total $386.3 million. Ethereum funds have seen outflows for nine straight days, with about $635 million leaving this month.

But the options market is sending a different signal. QCP Capital noted that implied volatility has held firm even as spot prices fell, while the usual premium on put options has narrowed. In other words, the market is becoming less defensive, yet still pricing in the possibility of an upside breakout. Its view: a clean break above $87,000 could put $94,000 in sight.

Order-book data also reflects this tug-of-war. Sell orders totaling around $180 million are stacked near $84,500, while bids below $82,000 are growing. Analyst Rekt Capital sees $83,400 as intraday resistance. The real wild cards this week are Wednesday’s CPI and Thursday’s PPI.

My take: this sell-off isn’t a crypto-specific problem. Stocks, gold, and Bitcoin all fell on the same day—a classic macro-driven trade. Oil prices feed into inflation, and if oil doesn’t come down, it will be harder for the Fed to ease. That means Bitcoin will remain under pressure from Treasury yields. The Fear and Greed Index dropping back to 56 suggests some speculative froth has been shaken out, which may not be a bad thing for what comes next. But for a real breakout, we first need oil prices and yields to give us some breathing room.

Do you think this is a dip before the next leg up, or just another pause on the way down? Let’s talk in the comments.

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#Ledger确认用户设备遭植入未授权硬件
👉 冷钱包也能被做手脚 进群聊聊你的资产到底怎么放最稳
$93.2 million was drained overnight from 315 wallets. The weapon was that device touted as the safest hardware cold wallet 🦖

This time, the trouble came from devices sold through Ledger’s official authorized channel. Machines shipped by Southeast Asian distributor CryptoBilis were found to have unauthorized hardware modules implanted in them. In other words, that brand-new-looking, factory-sealed cold wallet in your hands may have been tampered with before it ever left the factory ⚠️

On-chain data is still climbing. Analytics firm Bitquery tracked about $93.2 million involving 315 wallets across 6 major blockchains. Another firm, YFarmX, reported even more sharply: 7 chains, 521 addresses, totaling about $94.5 million. The stolen assets were mainly USDT and TRON tokens. As of October 11, about $81 million was still sitting on-chain and traceable, while some funds had already been laundered through Tornado Cash and Zcash once.

The only good news is that stablecoins can be frozen. Tether has frozen $10 million worth of USDT, something Bitcoin and Ethereum cannot do. Issuers can lock down implicated funds with a single action ⚖️

Ledger’s position is that the problem was limited to this one distributor and that its own internal systems were not breached. But many online are not buying it, because CryptoBilis is an authorized channel listed on Ledger’s official website. One commenter put it bluntly: this is not the distributor’s accident; it is Ledger’s accident. You have to own it.

What’s even more interesting is how market sentiment has been completely shifted. Bitcoin analyst Plan B said he moved his coins into spot ETFs in 2025 and has zero regrets. 21Shares co-founder Ophelia Snyder added that the security of self-custody depends on your own technical ability; if set up improperly, it will never be better than handing it to a professional institution. On the other side, Blockstream’s Adam Back insists hardware wallets are fine, and that manufacturers simply need to add lessons in threat modeling.

My view: what got shaken this time is not a brand, but the consensus that self-custody equals absolute safety. The attack surface is moving from the chain to the supply chain, from code to shipping boxes. As long as someone handles it along the way, there is a chance it gets tampered with. For ordinary users, what’s worth watching is not whether to change wallets, but where your device actually came from and whether it has been opened a second time.

Are you still using a hardware wallet? Staying with self-custody, or have you already switched to ETFs? Let’s talk in the comments 🦕

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#ledger确认用户设备遭植入未授权硬件
$93 million drained from 315 wallets overnight 🦖
The one footing the bill is CryptoBilis, an authorized Ledger hardware wallet distributor in Southeast Asia. On-chain analytics firm Bitquery tracked $93.2 million in crypto assets transferred from 315 wallets across 6 chains, the vast majority in USDT and TRON ecosystem tokens 💥

📣 盘面异动群里喊

Another security research platform, YFarmX, gave an even higher figure: 521 addresses across 7 chains, totaling $94.5 million 🐋
A key development came from Ledger itself. On Sunday, the company confirmed that at least one of the devices involved had been implanted with an unauthorized hardware backdoor after leaving the factory. But it didn’t say whether the stolen wallets were compromised through the same vulnerability, or how the backdoor was installed.
Tether has frozen 10 million USDT connected to the theft. Bitquery said that as of October 11, around $81 million could still be tracked on-chain. Some of the funds passed through Tornado Cash and Zcash, with mixers and privacy coins cutting off the trail ⚖️
Ledger’s official advice is straightforward: don’t activate unopened devices. If you’re already using one, move your assets to a brand-new device and generate a new recovery phrase. That advice alone shows how serious this is.
Here’s the point of contention: Ledger wants to frame the incident as confined to one distributor’s Southeast Asian market, but CryptoBilis has long appeared on Ledger’s official list of authorized distributors. The rebuttal from the on-chain community is: this isn’t just CryptoBilis’s problem—it’s Ledger’s.
My take is that this is different from the fake Ledger Live app phishing attack in April. Back then, you were tricked into entering your recovery phrase yourself. This time, your private keys may have been in someone else’s hands before the device even reached you. For the first time, the security boundary of a so-called cold wallet has been pushed back to the supply chain.
For holders, hardware wallets are still safer than keeping assets in exchange custody. But this incident is a reminder of something else: don’t buy devices from unverified sources. The money you save by buying secondhand or through gray-market channels could be exactly equal to everything in your wallet 🦕
Where did you buy your hardware wallet? Tell us in the comments.
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#fsb警告跨境稳定币监管仍不完善
Stablecoin market capitalization has surged from $206 billion to $306 billion in a year, yet global regulators have admitted that stablecoins have never been through a real crisis 🦖

⚖️ ⏰ 消息群里第一时间说

The Financial Stability Board (FSB) has just published a report stating plainly that cross-border stablecoin rules have yet to be tested in a severe market crisis. If an issuer runs into trouble, holders may not know who to turn to for redemption—or which country’s laws apply.

First, let’s look at the numbers. At the start of 2025, the total market capitalization of stablecoins was about $206 billion. It has now grown to $306 billion—an increase of a full $100 billion in just over a year. The vast majority are pegged to the U.S. dollar. The market keeps growing, but the rules meant to underpin it are still fragmented, with each jurisdiction doing its own thing.

The report singles out one especially risky setup: the multi-issuer model. Affiliated companies can issue the same stablecoin and share responsibility, while holding their reserve assets across different jurisdictions. If holders can redeem with any company in the group, demand could end up concentrated at one issuer, while the assets that can actually be liquidated are held in another country. In a crisis, moving the money out would only get harder ⚠️

The second timing mismatch is even more serious. Stablecoins trade 24/7, all year round, but the markets for the assets backing them have set trading hours. If a run begins, redemptions may not keep pace with sell-offs, and the coin could lose its peg. That could force issuers to sell reserves and then withdraw deposits from banks—allowing the shock to spill from crypto into the traditional financial system 💥

FSB Chair Andrew Bailey, who is also the Governor of the Bank of England, put it bluntly in his accompanying letter: stablecoins are inherently cross-border, but regulatory progress varies enormously from country to country, and cross-border cooperation is still in its infancy. The report also acknowledges that its recommendations are not legally binding; their implementation depends on member countries taking action voluntarily 🏦

The timing matters, too. The report was released just days before this month’s G20 finance ministers’ and central bank governors’ meeting on the 15th—effectively putting the list of risks on the table in advance.

In other words, this isn’t an attack on stablecoins. It’s a reminder of a simple point: the market has grown by $100 billion, but there are virtually no mechanisms that have actually been tested in a crisis. The faster it grows, the more closely we should watch the parts that haven’t been put to the test.

What do you think is the biggest risk for stablecoins: losing their peg, or redemptions getting blocked during a crisis? Share your thoughts in the comments.

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Every day, we keep you up to date on stablecoins and global regulatory developments. We don’t just report what’s happening—we help you understand the logic and opportunities behind it 👀🚀