小恐龙说趋势

One platform controls 80% of a country’s stablecoin liquidity. Now its license could be revoked, putting 18 million users’ accounts in limbo 🦖

🚨 行情变了群里说

The Philippines’ largest crypto exchange is reportedly facing penalties from the country’s central bank. According to two people familiar with the matter, the violations are serious enough to warrant revoking the 12-year-old platform’s operating license. If that happens, it could send shockwaves through the local crypto ecosystem ⚠️

The numbers are staggering: it has more than 18 million users and around $50 million in 24-hour spot trading volume. More importantly, it alone controls 75% to 80% of the liquidity for converting Philippine pesos into stablecoins. The Philippines is the world’s fourth-largest recipient of remittances, receiving around $43 billion a year—money sent home by 10.8 million Filipinos working overseas 💥

There were signs of trouble. Earlier this month, the central bank imposed deposit restrictions on DCPay Philippines, the company behind the platform’s main wallet. The restrictions came with no stated time limit, and sources say no reason was given. That’s very different from the temporary measures previously used to limit or slow trading on exchanges.

The timeline is even more intriguing. Several compliance executives have left the platform this year, including Chief Compliance Officer Lexi Herrera, suspicious transaction monitoring lead Chris Beaño, and compliance reporting officer Irish Calagui. Reports say the core violation involved providing payment services to offshore restricted platforms.

Put the clues together and the picture becomes clearer. More than a year ago, the Philippine central bank tightened restrictions on how e-wallets could be used, requiring regulated institutions to block in-app access to prohibited services. As a result, a number of offshore operators moved to this platform because they could obtain crypto assets and stablecoins to pay their overseas partners. In other words, regulators blocked one route, so the money found another—and now that route is under scrutiny ⚖️

My take: the real story isn’t whether one platform will collapse. It’s that this could mark a turning point for crypto compliance in emerging markets. Remittances, stablecoins, and cross-border payments are all connected through the same pipeline in the Philippines. A disruption at any point can ripple through the other two. The platform’s license is the entry point, the wallet deposit restrictions are the valve, and the prohibited channels are the pipe that’s been leaking all along.

For ordinary crypto holders, three things are worth watching: first, whether users face withdrawal queues before the platform’s license is revoked; second, whether local premiums and spreads widen immediately if the peso-stablecoin channel is cut off; and third, whether central banks in other emerging markets copy this approach. The Philippines is a remittance powerhouse, so its response could become a model for others.

What do you think? Where you live, are stablecoins used mostly for trading—or are they genuinely used for cross-border transfers?

Every day, I bring you the latest stories from the crypto world—not just what’s happening, but the logic and opportunities behind it 👀🚀

A chip hidden inside a wallet’s casing. All it takes is one glance at the screen while setting up the device: 24 words are sent over a mobile network, and $86 million may have vanished as a result 🦖

⚡ 有大动静群里说

On October 13, hardware wallet giant Ledger asked distributors in six countries—Indonesia, Singapore, Thailand, the Philippines, Vietnam, and Malaysia—as well as Hong Kong, to stop selling its products and remove all devices from store shelves. The reason: Ledger confirmed that a device had been tampered with ⚠️

The most insidious thing about this chip is that it doesn’t touch the firmware or the security chip that stores the keys. It does just one thing: spy on the screen during setup. When the 24-word recovery phrase appears, it decodes the words and sends them out over an LTE network using a built-in eSIM. In other words, the device’s appearance, packaging, and signature verification all look normal. You’d never know 🔐

It started on October 9, when a problem was reported with devices sold by Southeast Asian distributor CryptoBilis. On October 10, Ledger officially confirmed that one device had been compromised. On-chain investigator Specter traced suspected thefts totaling more than $86 million across Ethereum, Tron, and Bitcoin. Two other researchers estimated the figure at between $72 million and $86 million. But Ledger stressed that it has yet to verify the number of people affected or the total losses.

The fallout has spread across the industry. European electronics retail giant MediaMarkt announced that it would remove all Ledger products from its physical stores and online platforms. Competitor Trezor also announced on October 13 that it would reduce its network of authorized distributors, effective January 1, 2027, and immediately stop supplying those channels. It emphasized that there is no evidence its own devices have been compromised; the move is a response to recent supply-chain incidents 💥

My take: this incident didn’t pierce the encryption—it exposed the final link in the hardware wallet business model: distribution. The industry has long said hardware wallets are the safest option because the keys stay offline and you get the device directly from an authorized source. But this incident shows exactly the opposite: if someone can tamper with a distributor, the device in your hands could look brand-new, have intact packaging, and run clean firmware—and still be a device with a spy inside.

The bigger problem is that you can’t prove the device is clean using conventional methods. You can verify a firmware change with a signature, and check a chip’s serial number. But an independent add-on that only reads the screen and sends a message leaves the device working as usual. That’s why Ledger’s only response has been to halt sales across the entire region: even Ledger doesn’t yet know at which point in the distribution chain the chip was planted.

For everyday crypto holders, there are three things worth watching next: First, will the investigation extend to markets outside Southeast Asia? Second, will tighter controls on distribution force more people to buy hardware wallets directly from manufacturers? Third, will multisig go from an institutional setup to a standard for individuals? Using devices from different manufacturers to create a multisig wallet means that even if one device is compromised, the funds can’t be moved.

Let’s discuss in the comments: Did you buy your hardware wallet from an official source or a third party? What do you check after unboxing it?

Every day, I bring you the latest from the crypto world—not just what’s happening, but the logic and opportunities behind the headlines 👀🚀

#英国高院裁定钱志敏案适用中国法
Bitcoin has risen 200-fold in ten years: from 2,815 yuan per coin to 560,000 yuan. Victims may ultimately get back only their principal 🦖

🕐 最新解读群里更新

On October 12, the High Court of England and Wales issued a key ruling in the Tianjin Lantian Gerui illegal fundraising case. The property claims of 16,000 Chinese victims to the approximately 61,000 seized bitcoins must be judged under Chinese law. The coins were bought in 2014 at an average price of 2,815 yuan each. Today, each is worth around 560,000 yuan, bringing their total value to more than 34 billion yuan. Victims who register claims are highly likely to recover only their principal plus interest ⚖️

The difference comes down to one word. Under English law, bitcoin is classified as property, so victims can claim ownership of the bitcoins themselves—including the 200-fold increase in value. Chinese law does not recognize bitcoin as property. Judgments involving crypto typically support repayment of the original investment plus interest. Put simply: if you invested 100 yuan and the coins bought with that money rose in value to 20,000 yuan, the law recognizes only your original 100 yuan, plus a little interest. The remaining 19,900 yuan has nothing to do with you.

Lantian Gerui was established in March 2014 and issued 10 wealth-management products promising returns of one to three times the investment. At its peak, it attracted more than 120,000 investors and raised over 40 billion yuan in total. The scheme's operator, Qian Zhimin, also known by the alias “Sister Hua,” used a large portion of the funds to accumulate bitcoin on a certain exchange. Evidence presented in the English court showed that she may have handled as many as 190,000 bitcoins, of which around 120,000 remain unaccounted for 🐋

Repayments collapsed in July 2017. Qian Zhimin fled to the UK using a forged passport. In 2018, she tried to buy a £23.5 million mansion in London with bitcoin, but the deal fell through because she could not explain the source of the funds. In May 2021, UK police seized around 61,000 bitcoins, then worth more than £3 billion—the largest cryptocurrency seizure in law-enforcement history. In November 2025, she was sentenced in London to 11 years and eight months in prison. Accomplices in China had already been sentenced. Across two rounds of compensation, victims have recovered only around 13% of their principal.

What’s even more chilling is that the UK has an asset-recovery incentive scheme called ARIS. If recovered criminal assets have no lawful claimant, 50% goes to the UK Treasury. If victims recover only their principal under Chinese law, the 200-fold increase may have no lawful claimant—and is quite likely to flow into the UK’s coffers. The coins bought with victims’ hard-earned money rose 200-fold, but the gains may end up in another country’s treasury 📈

The ruling is not yet final. The court said the evidence still requires further examination, and the parties may appeal. The 61,000 bitcoins are sitting in a custodial account, fluctuating in value—and continuing to appreciate—every day.

Here’s a point worth remembering: how the property status of crypto assets is determined directly decides whether your coins count as your money. This isn’t a technical issue; it’s a question of jurisdiction. For cross-border crypto, ownership often depends on which country’s court seizes it first, and whether that country’s laws recognize it. The UK High Court ruled that Chinese law applies in the Qian Zhimin case. The implications could affect an entire generation of cross-border crypto holders.

Let’s discuss in the comments: who do you think will ultimately get the 200-fold increase in value? Do the victims have a chance of turning things around on appeal?

Every day, we bring you the latest developments in crypto—not just what’s happening, but also the logic and opportunities behind the headlines 👀🚀

#strategy增持250枚比特币
Someone holding 848,250 bitcoins has an average cost of just $75,444 per coin. Their unrealized gains alone amount to $6.6 billion, yet their own company’s stock has fallen 53% over the past year 🦖

💡 群里更新数据解读

That person is Michael Saylor. In his latest Bloomberg interview, he made two predictions: first, Bitcoin is back in a bull market; second, it will break above $100,000 again. His strategy company will keep buying—and won’t stop.

First, the hard numbers: as of October 11, his company held a total of 848,250 bitcoins. At the current price of $83,400, they’re worth about $70.6 billion. The total cost of this Bitcoin stash was around $64 billion, or just $75,444 per coin on average. This holding already exceeds 4% of Bitcoin’s capped supply of 21 million coins.

Now, this week’s activity: from October 5 to 11, he spent another $21.5 million to buy 250 bitcoins at an average price of $86,194. The money came mainly from selling his own MSTR shares. Last week, he sold 125,183 shares, raising about $21 million. He still has $18.8 billion worth of stock available to sell, and also spent $192.4 million to repurchase 1,932,145 STRC preferred shares.

The real point of interest is the contrast: the company has been piling up Bitcoin and is sitting on $6.6 billion in unrealized gains, while MSTR stock fell 7% last week, closing Friday at $154.34. It’s down 53% over the past year. The Bitcoin stash profits from having the patience to hold when others don’t dare; the stock losses, meanwhile, test the patience of his own investors. That gap is the signal worth watching next ⚠️

My take: his $100,000 call implies about 20% upside from the current price of $83,400. For someone whose cost basis is only $75,444, it feels more like an effort to boost market confidence. If Bitcoin really gets back above $100,000, the numbers on his 848,250 coins will look very different. On the other hand, if it falls below the $75,444 cost basis, that’s when everyone will have to recalculate 📈

Do you think Saylor will be right about $100,000 this time, or is this another emotional call? Let’s talk in the comments 👀

Every day, I bring you the latest Bitcoin developments—not just what’s happening, but the logic and opportunities behind it 👀🚀

A 240-year-old American bank has just connected a $62.6 trillion pool of assets to the blockchain. A Treasury settlement that used to take a full day now takes just minutes 🦖

📊 进群看每日策略

This week, BNY (the Bank of New York Mellon) and market-making giant Citadel Securities completed a notable U.S. Treasury transaction. First, they traded a two-year U.S. Treasury on Tradeweb. Then it was tokenized and recorded on BNY’s own digital ledger, with settlement completed in minutes instead of waiting a full day under the usual T+1 process ⏱️

The real difference came next: the tokenized Treasury wasn’t just left sitting there. Citadel used it as collateral in an overnight triparty repo, with BNY providing the cash. For the first time, a U.S. Treasury in tokenized form completed the entire chain—from trading and settlement to short-term financing. It was also the first time a tokenized asset made its way onto a major third-party repo platform 📈

The scale makes it even clearer. Founded more than 240 years ago, BNY held $62.6 trillion in assets under custody and administration as of June 30 this year, and managed $2.2 trillion in assets. It serves more than 90% of the Fortune 100 and nearly every one of the world’s top 100 banks. When an institution of this scale makes a move, it’s a market-structure-level event.

For people who only watch crypto prices, this may seem unrelated to Bitcoin. But it points to something bigger: this year, stablecoins and tokenized assets have moved from issuance to settlement, and now into collateral and financing. Other developments in recent days include an asset manager overseeing $911 billion planning to put fund shares on-chain, an institution completing the first over-the-counter swap linked to a tokenized index, and Morgan Stanley saying it plans to support tokenized stocks in the first quarter of 2027.

BNY’s own timeline is even more direct: it plans to launch digital cash and tokenized deposits, and to extend settlement hours for U.S. Treasuries and triparty repos into European and Asian trading sessions. The goal is a 24/7 market 🐋

Put simply: crypto used to fight to get onto Wall Street. Now Wall Street is moving its most important collateral on-chain. 24-hour settlement, once a rule unique to crypto, is becoming a goal for the entire traditional financial system.

What do you think will be crypto’s biggest advantage once Treasuries are on-chain? Let’s talk in the comments.

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Every day, we bring you the latest in crypto—not just what’s happening, but the logic and opportunities behind it 👀🚀

A Bitcoin whale that had been dormant for 6.5 years suddenly woke up and moved $377 million in one go 🐋

🗣️ 你的看法呢，群里说

A wallet that hadn’t moved since March 2020 transferred all 4,581.94 BTC to 5 new addresses in a single transaction on October 12, at block 971126. The transaction fee was just 732 sats, or about $0.60. At the price of $82,350 at the time, the coins were worth around $377 million.

Of the 5 receiving addresses, 4 received exactly 1,000 BTC each, while the fifth received 581.94 BTC. As of October 13, none of the addresses had moved any coins again. Who controls this wallet, and where the money is headed, remains anyone’s guess.

When these coins were acquired on March 3, 2020, Bitcoin was trading at just $8,830. The 4,581.94 BTC were worth only about $40.5 million. Six and a half years later, simply by sitting still, their market value has grown nearly 10-fold 📈

Even more impressive is everything they weathered along the way. In March 2020, the pandemic crash shrank their value from $40.5 million to $17.6 million. In May 2021, Tesla stopped accepting Bitcoin payments, while China cracked down on mining; the value fell from an April peak of $291 million to $131 million. In 2022, Terra, Celsius, and FTX collapsed one after another, bringing it down to just $71 million at one point—$239 million below its November 2021 peak. And during this year’s tariff shock, it fell from $571.5 million to $265 million 💥

It took hit after hit without flinching, and still ended up nearly 10 times ahead. That’s the staying power of an old whale. People see a whale transfer and immediately shout “sell-off,” but that may not be the case here. Not a single coin has moved from the 5 addresses. It looks more like the coins are being split up for custody or moved to more secure cold wallets. Real selling pressure will only become clear if they start sending coins to exchanges ⚠️

One more thing: over the years, this wallet has also received 22 dust transactions. One of them, on January 28, 2025, was for 600 sats and came from a spoof address whose first and last characters were almost identical to the wallet’s—a classic address-poisoning scam designed to trick someone into copying the wrong address. The wallet didn’t fall for it.

The last similar move was in July 2025, when an entity that had been dormant for 14 years moved 80,000 BTC worth $8.6 billion—the largest single-day movement of long-held Bitcoin on record.

So what’s really worth watching isn’t this transfer itself, but whether these 5 addresses continue splitting up the coins. If they start sending BTC to exchanges, that will be the real turning point for the bulls and bears this cycle 🦖

Do you think this old whale is preparing to exit, or has it just moved its coins to a safer vault? Let’s talk in the comments.

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Every day, we bring you the latest Bitcoin developments—not just what’s happening, but the logic and opportunities behind it 👀🚀

$88,000 suddenly turned into a wall. Bitcoin charged at it three times, only to be slammed back by its own holders 🦖

📈 进群一起分析行情

Glassnode’s latest on-chain data points to something counterintuitive: what’s suppressing Bitcoin’s upside isn’t the bears, but the group that bought the top in 2024–2025. Their average cost basis just happens to be piled up right around the $88,000 level. The cohort that bought 1 to 2 years ago sold the most aggressively when price pushed toward $88,000, and the 6- to 12-month cohort also just broke even at this level.

In plain English: this isn’t some conspiracy by the whales, but a classic case of price self-rescue. People who built positions at high prices waited almost a year, finally got back to breakeven, and then dumped their coins at the $88,000 barrier. Bitcoin has repeatedly stalled near $88,000 in this round, getting pushed back into a range between $81,000 and $84,000 ⚠️

But there’s a turning point hidden in the data: that selling pressure has clearly weakened. Glassnode points out that Bitcoin is treating the ETF cost basis at $81,500 as support, and it has already tested it twice and held. Below that lies the real defense line: the actual market average price of $77,500. In other words, the $81,000 to $88,000 zone is forming a new high-density cost basis band.

Looking at the 4-hour chart, Bitcoin’s current price is $83,465, sitting right on the EMA50 at $83,471, which is now the first immediate resistance. Above that is the upper Bollinger Band at $84,267; below, EMA200 support sits at $82,323, and the lower Bollinger Band is at $82,273. RSI is 51.75, neutral. MACD has just formed a bullish crossover at 8.43, so bullish momentum hasn’t faded yet.

My view: whether this $88,000 wall can be broken will decide the direction of the second half of October. If price breaks through $84,000 with volume and holds above it, then $88,000 becomes the next must-win level. On the other hand, if repeated rallies fail, selling pressure could drag price back toward $81,000, or even $77,000.

Drop a comment: do you think $88,000 is a ceiling or a launchpad? 📈

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#比特币突破8.4万美元
Bitcoin bounced from $80,953 to $83,591 in two days, up 2.24%—only to be pushed below $84K by the dollar index hitting an 18-month high 🦖

🔎 进群看完整分析

Bitcoin came close to $84,000 again on Tuesday, up about 2% on the day. This time, the thing cooling things off wasn’t the South Korean stock market—it was the dollar and bond yields.

First, the facts: Bitcoin briefly dipped to $80,953 early this morning, then rebounded to $83,591, holding above the previous rally’s starting point of $80,365 and forming a higher low. South Korea’s KOSPI fell a cumulative 7.4% over two days, while the S&P 500 and Nasdaq opened lower but turned positive, avoiding the chip stocks’ plunge.

The real force weighing on Bitcoin is elsewhere. The dollar index (DXY) surged to 102.57 on Tuesday, its highest level since April 2025. It has risen a cumulative 5.5% since September 9. Bond yields are also nearing their highest levels in a quarter-century. Darkfost, an analyst at on-chain analytics platform CryptoQuant, put it bluntly: liquidity is being drained, institutions don’t dare take on more risk, and would rather chase the S&P 500 and Nasdaq than touch Bitcoin, which is seen as a high-risk asset.

The cold data is turning colder, too. Since the start of October, spot Bitcoin ETFs have seen net outflows of $386.3 million. The Fear & Greed Index has slid from extreme greed at 82 on August 26 to a neutral 55. August’s frenzy has completely faded—but traders aren’t panicking either.

The real hurdle comes Wednesday. The market expects annual CPI inflation to rise from 3.4% to 3.6%. If the reading comes in hotter, bets on rate hikes will return, and Bitcoin will likely remain under pressure. The Fed’s next policy meeting is October 27–28.

The technical picture isn’t easy either. A wall of sell orders sits above $84,000. A daily close above $84,245 could open the way to $86,644, then $87,422. On the other hand, a drop below $81,603 means you should watch out for the $77,000 area ⚠️

My take: it’s not that Bitcoin doesn’t want to rise this time—it’s being squeezed by the dollar on one side and yields on the other. The so-called safe-haven qualities of digital gold have clearly failed in recent months. For a real breakout, we’ll first need to see the dollar lose steam or get a favorable CPI reading 📈

Let’s talk in the comments: do you think this rally is building up for a big move, or has it run out of steam? 👀

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One person can now set the rules for the $3 trillion crypto market. The SEC is down to just two commissioners 🦖

📣 盘面异动群里喊

After a digital asset market structure bill stalled in Congress, regulators have decided to take matters into their own hands and rewrite the rules. But there’s a problem: the two main agencies overseeing the roughly $3 trillion crypto market—the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)—are both close to half-empty at the top. Of the five seats on each commission, only three people are currently serving ⚖️

First, the SEC has already seen a commissioner depart this month. Its board now has just two members: Chair Paul Atkins and former Acting Chair Mark Uyeda. The CFTC’s situation is even more extreme: from December 2025 until now, Michael Selig has been its only Senate-confirmed chair and commissioner. Two people to run one agency; one person to run the other.

What’s really making the market nervous is the final rule the SEC issued on September 30, which took effect on October 2. It lowered the quorum required to adopt a formal rule from a majority of commissioners to just one. In other words, if the other commissioner recuses themselves or is absent, the remaining commissioner can set a formal rule for America’s securities market, worth tens of trillions of dollars, all on their own 📉

A Financial Times opinion piece on October 5 put it plainly: if one of the two recuses themselves, one person is enough to pass a formal rule—one that applies to America’s vast, multitrillion-dollar securities market. Former Acting Chair Uyeda also pushed back in an op-ed on Sunday, saying the commission’s commitment to its mission hasn’t changed. The new rule simply clarifies that the agency can still have a quorum when only one person is eligible to act.

The timeline is the most troubling part. As of Tuesday, the White House had announced no nominees to fill the vacancies at either the SEC or the CFTC. That means this one-person decision-making process could last not just a month or two, but for several months—or even longer. And both agencies have already moved ahead: the SEC floated a token safe harbor proposal in August, and the CFTC followed in October, saying it would use its existing statutory authority to set rules for exchanges ⚠️

My take: On the surface, this looks like a staffing shortage. In reality, it’s a concentration of power. With legislation stalled in Congress, rulemaking authority is shifting to the executive branch—and into the hands of very few people. For the industry, this may be a short-term positive: fewer people to disagree, and faster rulemaking. But the trade-off is that these rules are more vulnerable to legal challenges and reversal. A change in administration could mean the rules are overturned and rewritten from scratch.

Here’s what to watch: the more regulators use proposals and rulemaking to bypass Congress, the more vulnerable those actions become to the next round of lawsuits and changes in administration. So the real question isn’t which rule comes out this week, but when the White House will fill those empty seats.

Let’s talk in the comments: Is one person setting the rules good for crypto, or a cause for concern?

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Behind eight million devices sold, someone slipped a chip into a hardware wallet that can send text messages all by itself 🦖

🚨 行情变了群里说

On Tuesday, Ledger’s security research team, Donjon, confirmed that some signing devices sold through the Southeast Asian distributor CryptoBilis contained an unauthorized hardware implant. It was designed to monitor the device’s screen, capture all 24 words the moment a recovery phrase appeared, then send the data in real time over an LTE network using a built-in eSIM ⚠️

The most outrageous part of this attack is that it doesn’t touch the secure element, alter the system, or change transaction signatures. The device looks completely normal in your hands, while someone else has already made off with your coins.

Here are the numbers: the implant is a standalone component with its own power supply, and it relies only on the screen. So far, officials have confirmed one affected device. On-chain investigator Specter traced more than $86 million in suspected thefts, while another security outlet put the estimate as high as $103 million, across Ethereum, Tron, and Bitcoin. Ledger itself says it has sold more than eight million hardware wallets in ten years 📉

The timeline is short. On Friday, October 9, a user reported a loss. On Saturday, the company confirmed that one device had indeed been tampered with. It wasn’t until Tuesday that the attack method was made public. European retail chain MediaMarkt has now pulled Ledger products from its shelves, distributor CryptoBilis has halted all sales, and even Trezor and OneKey have rushed to distance themselves.

My take: this wasn’t a software hack; it was a supply chain breach. The biggest selling point of a hardware wallet is supposed to be that your private keys never go online. But if someone has already opened the device before it reaches you, “never goes online” becomes an empty promise. This also helps explain why more and more institutions simply hand their money over to custodians. You may be able to protect your private keys, but that doesn’t mean you can secure the delivery process.

One thing to watch: white-hat hackers have already pointed out that robust tamper detection at the factory and clear accountability throughout distribution would make this kind of attack far more expensive. So the real concern shouldn’t be one particular company, but every hardware distribution channel without end-to-end accountability.

Let’s talk in the comments: would you still dare to read your hardware wallet’s recovery phrase directly off the device?

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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.

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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 💥

🕐 最新解读群里更新

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.

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