KK聊币圈

#股票财报季

The $3.6 trillion earnings test is here: Netflix reports first tonight, followed by Meta and Tesla early Thursday

The U.S. Q3 earnings season is entering its main event: Netflix reports after the market closes tonight (U.S. time), followed by a wave of reports from Meta, Tesla, IBM and others early Thursday Beijing time. The Nasdaq giants have a combined market value of about $3.6 trillion.

The key issues are clear: Meta is expected to spend $40.5 billion on capital expenditures this quarter, double the year-ago level, while free cash flow is forecast to turn negative at $10.3 billion, versus positive $10.6 billion in the same period last year. The market will be testing whether the story of spending heavily on AI to drive growth still holds up. Tesla delivered 486,000 vehicles in Q3, beating expectations, but deliveries were down 2% year over year. The real question is whether its earnings report will offer any signals about a merger with SpaceX. Netflix shares are down 25% this year, yet its valuation is still more than twice Disney’s.

The market had already voted with its feet last Friday: Meta fell 3.72%, Tesla dropped 2.13%, and the Philadelphia Semiconductor Index declined for an eighth straight session. $BTC $81,696 (-0.67%) and $ETH $2,397 (-0.54%) were cautious too—tech stocks are a barometer of risk appetite, and when the outlook for AI capital spending shifts, crypto markets are unlikely to be spared.

Put simply, this earnings season isn’t about “how much did they earn?” but “is all that money being poured into AI still worth it?”

Which report worries you more: Meta’s or Tesla’s, early Thursday?

$JCT $JASMY
+75%→+127%: $JCT , which we just checked in on this afternoon, is up another 50 points tonight

When the post went up at 17:30 this afternoon, $JCT was up +75.4% over 24 hours on Binance USDⓈ-M futures. Now it’s 21:30, and $JCT is up +127.1%, at $0.004264—a further 51.6 percentage points in four hours.

Everything points to acceleration: open interest across the market rose from $36.2 million to $63.5 million (up about three-quarters), while 24-hour futures volume surged from $149 million to $584 million (nearly 4x). Liquidations across the market over 24 hours jumped from $800,000 and 948 traders to $2.8 million and 3,423 traders—people are starting to catch the falling knife. The funding rate is +0.0776%/8h and still scorching; longs are still paying to fuel the rally.

Same caveat as before: there’s no catalyst for JCT in the 24-hour news feed. The story about the Jasmy ecosystem’s Janction and AI computing-power rentals is the same one as this afternoon, and JCT isn’t listed on Binance spot. Purely funds-driven, accelerating as it rises, and liquidations are starting—a classic momentum-driven blow-off pattern, not a trading signal.

Someone in the comments on this afternoon’s post said it would fizzle out on day three. Now day two isn’t even over, and $JCT is already up +127%: does this kind of move end in a soft landing or a hard landing?

#法国议会推进加密兑稳定币征税

The promised “decision day” was a no-show: France’s 2027 budget vote postponed

Last night, they said the plenary session would vote today on whether to stay or go. But no vote took place. The government called a halt: 2,828 amendments remain to be examined (reported today by Journal du Coin). The formal vote on the revenue section has been postponed indefinitely, with no new date set. The plenary session will resume deliberations on October 27 (confirmed by cross-checking Le Monde and the Ministry for Relations with Parliament).

The 31.4% stablecoin tax amendment (which narrowly passed by one vote at 38:37 on October 16, according to multiple crypto media outlets) is now up in the air—held up along with the entire revenue section. The government had already made its opposition clear. Next, it could be scrapped or revised; nothing is settled yet, and the real decision day is at least another month away.

Next steps: plenary session resumes deliberations on October 27 → overall vote on November 17 → Senate review from November 20 to December 9 → joint committee in mid-December.

What do you think will happen to the likes of compliant stablecoins such as $USDC , in this shift from “tax-avoidance waystation” to “tax trigger”—will the measure pass, be scrapped, or be changed beyond recognition?

#Daily Perpetual Futures Gainers & Losers｜$JCT leads with +122.3%—bulls and bears were both busy tonight

Radar is on duty. There’s a lot to unpack in tonight’s rankings: some coins shot sky-high, others plunged to the depths. Neither bulls nor bears are getting much sleep tonight.

Methodology: Percentage change = 24h change for Binance USDT-margined futures.

📈 Top 3 Gainers
First, the surface picture: tonight’s gainers climbed cleanly, with neither side paying a needless price—the buying pressure pushed them up. So where did the money come from? Smart money was bearish across all three; big players didn’t get on board this move. The rally was driven mainly by spot buyers and retail money—a sentiment-fueled relay. Liquidation data backs this up: JCT and BR have already seen large-scale liquidations, with most of the shorts squeezed out. The picture: shorts provided the fuel, longs took the gains, and smart money watched from the sidelines. The squeeze is unmistakable, but without big-money backing, its staying power is questionable. Before chasing in, think about whose bags you might be taking over. Ranking comparison: New faces—not ranked in the past 7 days.

📉 Top 3 Losers
First, the surface picture: each of tonight’s three losers fell in its own way. So who’s selling? Smart money is still bullish, and big players haven’t left—the selling is coming from panic traders. Liquidations have surged, and longs are being wiped out near the lows. Panic has reached a certain stage. The picture: big players are holding steady while panic sellers hand over their coins. This kind of drop is often fast but concentrates the damage; once panic selling runs its course, the pressure may actually ease. Ranking comparison: Last appeared on the October 18 losers list.

That’s all for tonight’s rankings. Remember, gains and losses are temporary; funding fees, on the other hand, are paid right on schedule. Which coin would you like to see tomorrow? Name it in the comments.

Goldman Sachs isn’t offering an opinion this time—it’s delivering hard evidence from a sentiment indicator: investors’ risk appetite has fallen back to levels seen at the start of the Iran war, and money is rapidly flowing into safe havens like bonds, gold, and the yen.
BTC is currently at $81,458 (-1.1% over 24h), and ETH at $2,384 (-1.6%). Momentum ETFs also saw $5.1 billion in redemptions in September—risk assets are always the first to be sold.
When everyone starts looking for shelter, crypto is bound to take a hit from volatility first. Keep positions lighter for now, and don’t use leverage in a panic. $BTC $ETH

#SkyAI出售全部SOL并发起现金要约收购
A publicly traded company has sold off all of the more than 2 million $SOL tokens in its treasury.

SkyAI (Nasdaq: SKYA, formerly Sharps Technology) was once the fifth-largest SOL treasury company among publicly traded firms:
It held more than 2 million SOL in mid-September → announced on October 11 that it had sold about 1 million → and by October 15 had sold everything, leaving about $223.8 million in cash on its books and no digital assets (according to The Block and ChainNews, citing the company’s SEC filing).

The same filing also announced a $201.3 million cash tender offer: $3 per share or warrant, to repurchase up to 95% of outstanding shares and warrants. That’s about a 65% premium over the closing price before the announcement, and the purchase would be funded entirely with cash on hand, without borrowing.
Interestingly, the previously announced condition that “the SOL price must stay above $100 for the buyback to proceed” was also dropped—since the company no longer holds any SOL.

Major shareholder Bastion (with an approximately 10% stake) came out against the move. It questioned why the company had sold 70% of its SOL in a month without disclosing the sale dates, prices, or approval process. Bastion called for the offer price to be raised to $3.50, said it would not participate, and urged other shareholders to hold off as well.

The market reaction was fairly muted: $SOL is currently at $103.98 (Binance 24-hour data, -0.81%). The selling pressure from 2 million tokens has been absorbed without pushing the price down; SKYA closed at $2.79 on Monday (+5.3%, according to Yahoo Finance).

The “buy crypto to boost the share price” playbook used by treasury companies couldn’t hold up after SOL fell from above $200. The company has opted to liquidate its holdings and return the money to shareholders instead—another sign that the public-company treasury boom is fading.

Do you think this means the bad news for $SOL is fully priced in, or is it the end of the treasury model itself? Share your thoughts in the comments.

$JCT $JASMY
Yesterday’s futures were up 65%, and today they’re up 76%: this overnight newcomer is still accelerating on day two

Janction, a token in the Jasmy ecosystem, focuses on AI computing-power rentals. Its price climbed in steps from 0.0019 yesterday to 0.0034. Binance USDⓈ-M futures are up 76.5% over 24 hours, with $89.8 million in 24-hour futures volume.

The comparison with yesterday’s data is interesting: open interest across all platforms rose from $22.7 million to $36.2 million, up nearly 60%, as fresh capital keeps stepping in. But 24-hour liquidations across all platforms totaled just $800,000, affecting 948 traders—half as many as yesterday. This isn’t a short squeeze; it’s longs continuing to fuel the rally. The funding rate is +0.07% per 8 hours. Longs are paying, but the cost isn’t high, and shorts haven’t been liquidated either—they probably got out early.

A search of the 24-hour news feed turns up no catalyst for JCT. This move is purely capital-driven, so think carefully before chasing the rally. Not a trading signal—DYOR.

When a token keeps accelerating on day two, does day three bring a momentum-driven peak or an immediate fade?

ETH is at $2,387 right now, right in the thickest layer of the liquidation wall.

I just pulled the Binance data: ETH futures are down 1.7% over 24 hours, with nearly $7 billion in volume. The funding rate is 0.003%, close to neutral—neither bulls nor bears are backed into a corner. On Hyperliquid, there’s $20 million in liquidations stacked within 2% of the current price; within a 5% range, long and short liquidations total $87.5 million. Leverage is mostly 20–25x.

That eight-figure short who got hit four times in a row, had his position cut by $19.78 million, and still dared to buy back in is making it crystal clear: he’s still betting on this level.

In plain English: the $2,380–$2,450 range is tonight’s meat grinder. Whichever way the price breaks 2% first, a string of 20x positions on that side will get wiped out. Leveraged traders, figure out your stop-losses before you go to sleep.

$ETH

#Elice韩股上市首日暴跌33%
Retail investors oversubscribed this IPO by 408 times, yet its shares fell more than 30% on their first day of trading. It happened today on Korea’s KOSDAQ.

Elice provides AI cloud infrastructure and data centers. Its offering price was set at 90,500 won, right at the top of the indicated range, raising 201.1 billion won (about $151 million)—the largest IPO on KOSDAQ this year. Demand was scorching: institutional bookbuilding was 389 times subscribed, and retail subscriptions reached 408 times, with 10.26 trillion won in subscription deposits pouring in.

But the stock opened at 75,700 won, down 16.4%, and sank as low as 57,000 won intraday—a 37% drop. Its market value shrank from 1.01 trillion won to about 700 billion won. The company’s results weren’t bad, though: first-half revenue rose 200% year over year to 34.4 billion won, and it posted an operating profit of 10.3 billion won.

Why was demand so hot while the stock price ran so cold? First, the offering was priced at the top of the range, baking in high expectations and leaving no upside for the secondary market. Second, the allocation structure had a hidden risk: 68.7% of the shares allocated to institutions came with no lock-up commitment, meaning they could sell on day one. Third, the IPO came as enthusiasm for global AI infrastructure cooled. CoreWeave’s share price has already halved from its May peak, and Australia’s Firmus canceled its listing this month. Add today’s market declines—more than 2% for the KOSPI and around 3% for KOSDAQ—and investors rushed to take profits.

This feels familiar in crypto, too: subscription demand is only a sentiment indicator; it doesn’t guarantee a strong listing price. What do you think—did 408-times subscription demand reflect genuine confidence, or was everyone just betting that someone else would buy on the first day?

(Source: Bloomberg, Chosun Ilbo, The Wall Street Journal)

SpaceX will release its second earnings report since going public after the U.S. market closes tonight. Wall Street consensus puts Q3 revenue at around $12.9 billion, but what the market is really watching is whether it can deliver its first profitable quarter since listing—it lost $541 million in Q2.

Binance TradFi perpetual $SPCX is currently at $147.95 (24h: -0.3%), with a market cap of around $1.92 trillion. Sentiment ahead of the report is cautious.

The breakdown boils down to this: Starlink is the only money-printing machine. The AI division burned through $15.8 billion in capital expenditures in a single quarter, and profitability hinges entirely on how quickly AI losses narrow.

Tonight’s earnings report isn’t just about SpaceX. Risk sentiment around a $1.9 trillion market cap will feed directly into the broader risk-asset market—and crypto won’t be spared.

The Hyperliquid whale who lost $9.53 million in a week has switched betting tables again: last week, he stopped out of a 40x BTC long worth $98 million (an actual loss of about $3.26 million), then turned around and bet on Tesla and semiconductor stocks with leverage of up to 20x. Now he’s closed positions worth around $46 million and shifted heavily into Google. BTC is currently at $81,829 (24h: -0.97%). The day he closed his BTC long, he sold right before the rebound. On-chain data suggests this isn’t de-risking—it’s just moving the bets to a different table. Tesla will report its Q3 earnings after market close on October 21. In plain English: don’t copy his positions; learn from his mistakes.$BTC $ETH

#美国区块链协会提交GENIUS法案意见

The $305 billion stablecoin business: rules to be finalized by the end of October

The Blockchain Association sent its comments to the Treasury today on Section 3 of the implementing rules for the GENIUS Act. Its requests are practical and boil down to three points:

First, clearly define the scope of “digital asset service providers”—infrastructure providers such as self-custody software developers and validators should be excluded;
Second, criminal liability for unlawfully issuing stablecoins should apply only when someone “actually knows and lends a hand,” rather than being imposed across the board;
Third, whether foreign stablecoins comply should be determined by the official list of issuers and trading bans, rather than leaving platforms to guess.

Why submit comments now? Last week, the head of the OCC (Office of the Comptroller of the Currency) said the final version of the GENIUS Act implementing rules would be released by the end of October. This is the industry’s last chance to speak up publicly before the rules are finalized.

The scale speaks for itself: stablecoins currently total $305 billion across the market (according to DefiLlama). $USDT alone accounts for $183 billion, or 60%, while $USDC $72.3 billion ranks second. Every time the rules get tighter, issuers face real compliance costs.

The fact that this policy topic made it onto the Plaza trending list at No. 94 shows that everyone is waiting for the rules to take effect. Once they’re published, compliance costs for stablecoin issuers and the list of eligible foreign stablecoins could directly reshape the competitive landscape.

Do you think the final rules at the end of October will be more favorable to $USDT $USDC , or stricter? Share your thoughts in the comments.

(Source: PANews, Wu Shuo Blockchain; stablecoin market cap according to DefiLlama)

ETF flows are diverging: BTC spot ETFs saw net inflows of $526.7 million yesterday, their largest single-day inflow in the past five trading days; ETH spot ETFs, meanwhile, saw net outflows of $103.3 million, marking their fourth consecutive day of redemptions. Institutions aren’t bullish on crypto as a whole—they’ve chosen between BTC and ETH.$BTC $ETH

#以太坊跌破2400USDT

$ETH saw a “breakdown and recovery” today: the 2,400 level was decisively breached intraday, with a low near 2,370, before prices bounced back in a V-shape.

Asian markets slid steadily. Over the past 24 hours, the contracts market hit a low of 2,370.74, while spot hit 2,372.62—the 2,400 level was breached by about 1.2% intraday. But prices didn’t continue to collapse after the break. They’re now at 2,403.37, back above 2,400.

Why the drop? South Korea’s KOSPI fell more than 2.3% at one point intraday, as foreign institutions sold semiconductor stocks and risk appetite across Asia cooled. $BTC also fell 1.1%, and high-beta assets like ETH naturally took the brunt of it.

Why the recovery? The global data tells the story: ETH saw $42.6 million in liquidations across the market over the past 24 hours, affecting 3,673 traders. Most were longs swept out when the price broke below that level. Stop-loss orders had piled up below 2,400; after they were triggered and panic selling ran its course, buyers felt safe stepping in. Open interest across the market still stands at $30.77 billion—the market hasn’t been shaken apart.

This was a “fakeout”: the break was shallow and the recovery was quick, suggesting there’s still support below 2,400. But on Binance’s spot leaderboard (75 coins with 24-hour trading volume of at least $5 million), 28 were up and 47 were down, so the broader market still favors the bears. The back-and-forth around 2,400 is especially grueling—and if it breaks again, it probably won’t be a fakeout.

What do you make of this battle around 2,400—is it a buying opportunity or a prelude to a breakdown?

Methodology: Prices are Binance futures/spot data for the past 24 hours; liquidations and open interest are aggregated market-wide (Coinglass); KOSPI data is intraday data from the Korea Exchange (Korean morning, not the closing figure).
Sources: Binance, Coinglass, Korea Exchange

The legal status of airdrops may be becoming the crypto industry’s next “get-out-of-jail-free card.”
$HYPE is currently trading at 79.33 (24h: -0.27%, 24h contract trading volume: approximately $384 million), with the funding rate at 0.005% and longs and shorts roughly balanced—the market hasn’t taken a directional view on this kind of policy initiative for now.
The key isn’t what the letter says, but whether the SEC includes the phrase “wallet connection and KYC do not constitute consideration” in its final rules. If it does, the legal risk for projects issuing airdrops drops a notch; if not, it’s just a letter with polished wording. For airdrop hunters and project teams, this is one of the most important regulatory milestones of the year.

# South Korea’s KOSPI falls more than 2%
The Nasdaq rose 1.1%, but South Korean stocks plunged today: the KOSPI was down more than 2.3% at one point during trading.

Semiconductors were hit hardest. At around 9:10 a.m. Korea time, SK Hynix fell 4.2% to 1.22 million won, while Samsung Electronics dropped 1.8%. Foreign investors and institutions were driving the sell-off: foreign investors were net sellers of more than 170 billion won, and institutions were net sellers of 176 billion won. Retail investors were buying the dip, with individual investors making net purchases of about 290 billion won—a stark divide between bulls and bears.

Why the drop? Three pressures are converging: concerns about debt at AI infrastructure companies have yet to fade, political uncertainty in Europe is mounting, and U.S. Treasury yields are climbing again (the 10-year yield is at 5.14%). With Meta and Tesla earnings due on the 21st, investors are opting to play it safe for now. South Korean President Lee Jae-myung also said yesterday that the government is evaluating policy measures to normalize the stock market.

Crypto markets weakened as well: $BTC fell 1.1% to $81,762, while $ETH dropped 1.1% to $2,399.9 (24-hour changes in Binance spot prices). Risk aversion is picking up across Asia-Pacific, weighing on risk assets across the board.

This afternoon, watch to see whether South Korean stocks can recover some of their losses by the close. The next test comes when U.S. markets open tonight.

Do you think this weakness in Asia-Pacific equities will spill over into crypto markets tonight?

Figures: KOSPI figures are intraday data from the Korea Exchange (around 9:10 a.m. Korea time, not closing figures); U.S. stocks are based on the previous overnight close; crypto figures are 24-hour changes in Binance spot prices.
Sources: Yonhap News Agency, Asia Daily, ifeng.com

Two pulses in three days, $AGT has surged back to the top two of the futures gainers list again.

In the futures market, $AGT made another move: 24h +41.3%, current price $0.0894, closely trailing $BR to take second place on Binance futures gainers list.

This is already the second wave in three days — after it surged 75% in a single day on October 17 and then gave some back, it has kept lingering on Binance Alpha’s gainers list these past two days. Yesterday at 11:00, it reignited from a low of $0.062, and by 16:00 it hit a 24h high of $0.0989, rising more than 50% in one go.

Here are the numbers: total open interest across the network is $78.0M, total futures 24h trading volume across the network reached $409M, funding rate +0.03%/8h (longs are paying to wait in line), and 24h liquidations across the network were $1.15M / 1,231 people — after such a big rise, with so little liquidation, it shows there are quite a few chasing longs, and plenty of squeezed shorts too.

The takeaway in one sentence: for Alpha tokens like $AGT that are "listed in futures, not in spot," all the chips are in the futures market, so volatility is naturally amplified. It’s a relay driven by short-term capital sentiment, not fundamentals.

On the broader market side, $BTC is still grinding a bottom around $81,600 at -0.8%, while the Alpha line has already started trading on its own.

For a token like this that has two pulses in three days, would you wait for a pullback before looking at it, or just avoid it altogether?

$AGT $BTC

#CFTC反驳CME永续期货诉讼立场
The U.S. Perpetual Futures Battle: Regulators Use CME’s Own Financial Reports to “Slap CME in the Face”

On October 16, the CFTC filed a response in federal court asking the court to dismiss CME’s lawsuit over crypto perpetual futures. Its core argument was brutal: CME says it has been “harmed,” but its own trading volume data shows that since the policy opened the door in May, CME’s crypto futures trading volume has risen, not fallen.

The hard data (CME trading volume reports cited in the CFTC’s response, based on CME exchange figures):
$BTC monthly futures volume: 259,329 contracts in May → 267,693 in September
$ETH monthly futures volume: 326,981 contracts in May → 378,292
In the first half of this year, 94% of CME’s trading volume came from institutional clients.

Here’s how it all unfolded: On May 29, the CFTC approved Kalshi’s $BTC perpetual contract, BTCPERP; on June 18, CME sued, arguing that perpetual contracts with no expiration date should legally be classified as “swaps,” not “futures”—with very different margin, registration, and tax requirements; on September 2, the CFTC moved to dismiss; and on October 16, the CFTC filed its response, turning CME CEO Duffy’s own words from a July earnings call against it: “We haven’t heard any demand from clients for this type of product.”

Put simply, this lawsuit is about whether perpetuals in the U.S. count as futures or swaps. CME itself isn’t rushing to launch perpetuals, and its trading volume hasn’t fallen. The CFTC is essentially using CME’s own financial reports to argue: you can’t prove you’ve suffered even a penny in damages.

If the CFTC wins, the door to a domestic U.S. perpetuals market will truly open. Do you think CME is “defending the market” or “blocking the way”?

Let me remind you one more time: once you put on this helmet, you’re no longer an ordinary person. The crypto market never takes holidays, never takes weekends, and never says “let’s deal with it tomorrow”—BTC never closes, ETH never closes, and the ups and downs never stop either. If you dare to take a break, your wallet will only keep getting tighter, and you’ll be miserable.

Understood.

Before you put on this helmet, is there anything else you’d like to say?

I once promised my account: “One bull market and I’ll multiply you tenfold; two bull markets and I’ll be financially free.” Ten years later, all that was left was a tiny fraction. It cried, “Just take it for emergencies,” and only then did I regret everything. Nothing in this world could be more painful. If Heaven would give me another chance, I’d tell it: “I’ll build you up with regular investments.” And if I had to put an end date on that promise, I’d hope it would be—for the rest of my life.

Who was that? A crypto trader.

$GTC futures +32.7%: Is this old coin’s rebound taking off—or just a last gasp?

First, the numbers: On Binance futures, $GTC is up 32.7% over 24 hours (current price $0.3545; 24h high $0.3749 / low $0.2638). Spot is up 33.0%, with futures and spot both climbing the rankings.

This move came in two waves: On October 12, Upbit listed a KRW trading pair, and the coin surged more than 50% in a single day, lighting the fuse. After giving back about a fifth of those gains, money made a comeback starting October 17, driving it higher for three days straight through today. I haven’t found any new, substantive positive catalysts in the background—the Gitcoin governance vote has been under discussion for a while, but there’s no evidence it sparked this rally. Just saying.

A few details about the rankings are worth watching: Futures volume across the market totaled $266 million over 24 hours, more than ten times spot volume (about $19.7 million)—this is a move led purely by futures money. The funding rate has dipped slightly negative to -0.024%/8h, meaning shorts are paying; there’s a hint of a short squeeze behind the rise. Liquidations over 24 hours were only $700,000 across 630 traders, so longs haven’t been shaken out yet.

One more coincidence: Nvidia’s GTC conference opens today. It shares the name GTC with Gitcoin, but the two have absolutely nothing to do with each other. Still, short-term money loves using this kind of coincidence to light a fire.

Put simply: a rebound after a steep drop + lingering momentum from the exchange listing + a name-based gimmick—a trifecta, but no new fundamental story. $GTC once hit an all-time high of $22.37; now it’s at $0.35, down about 98%. This kind of spike in an old coin has often been a one-day wonder. Before chasing the price, ask yourself: Are you following the data, or the emotions?

$GTC