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📊 $CORE Contract Liquidation Express (August 28)
Short position liquidations were zero throughout the period, with long positions monopolizing the entire time but totaling only $9,574, indicating extremely low liquidity and an invalid market...
Time Total Liquidations Long Position Liquidations Short Position Liquidations
1 hour $1,485.49 $1,485.49 $0
4 hours $3,529.61 $3,529.61 $0
12 hours $3,545.57 $3,545.57 $0
24 hours $9,574.98 $9,574.98 $0
Short position liquidations remained zero from 1 to 24 hours, with longs monopolizing the entire period. Volume gradually rose from $1,485 to $9,574, but the total for the day was less than $10,000. This represents an extremely low liquidity invalid market, offering no directional reference value. Leverage is recommended to be compressed to within 3x; this token has very poor liquidity and is not suitable for trading.
🔥 Market Indicator | August 28
Today's three hot topics point to the same theme: Waller's hawkish tone, AI demand spreading from hardware to software, and Bitcoin losing its price anchor after $6.4 billion options expiry — three forces confirming direction on the same trading day.
🏛️ Waller's Jackson Hole Debut: Inflation Not Down, "More Work to Do"
At 22:00 Beijing time on August 28, Federal Reserve Chair Waller delivered his first keynote speech since taking office at the Jackson Hole Global Central Bank Annual Meeting, titled "The Times We Are In." He did not directly "preview" September policy but clearly stated that the underlying trend of inflation has not shown meaningful improvement and the Fed "has more work to do." He believes the U.S. economy and labor market remain resilient, the current financial environment is hardly restrictive, and inflation remains significantly above the 2% target.
Waller also called for the Fed to be "quieter," emphasizing that market participants should not rely mainly on the Fed for their next trade. After the speech, market expectations for a September rate hike quickly intensified — Waller’s "quiet" speech sent the loudest hawkish signal.
🖥️ AI Demand Spreads from Hardware to Software: Nvidia Soars 8.74%, Software Stocks Surge
Nvidia’s Q2 earnings triggered the AI market expansion. The company reported quarterly revenue of $96.2 billion, up 106% year-over-year; data center revenue was $89 billion, up 117%; and for the first time, it gave a 70% growth guidance for fiscal 2028. Nvidia’s stock surged 8.74% in one day, adding $442 billion in market value.
AI prosperity is spreading from hardware to software. Salesforce surged 22.58%, Okta skyrocketed 28.63%, CrowdStrike rose 20.50%. Morgan Stanley noted that the Q2 earnings season showed "almost no evidence that AI broadly impacts software revenue," with software still the fastest-growing category in IT budgets. The AI narrative is shifting from "selling chips" to "selling software" — the ultimate monetization layer of computing power is capturing the cross-layer prosperity transmission.
₿ BTC Rallies Then Pulls Back: $6.4 Billion Options Expiry, $80,000 Level Lost
Bitcoin touched $81,280 earlier this week but retreated under the dual pressure of the $6.4 billion options expiry and Waller’s hawkish speech. On August 28, about 81,700 Bitcoin options expired on Deribit, with a notional value of approximately $6.44 billion, settling finally at $79,682.
The options expiry effectively removed the week-long safe-haven flow supporting BTC near $80,000. Coupled with Waller’s speech boosting rate hike expectations, Bitcoin fell back below $80,000 and oscillated. The long-short battle at the $80,000 level paused under the dual suppression of options expiry and hawkish central bank.
💎 Summary
Three events paint the same picture: Waller paves the way for a September rate hike with "more work to do," hawkish tone confirmed; Nvidia ignites the AI market with $96.2 billion revenue and 70% growth guidance, software stocks are capturing the computing power overflow dividend; Bitcoin loses its price anchor after $6.4 billion options expiry, temporarily losing the $80,000 level. CORE contract liquidations totaled only $9,574 for the whole day, representing an extremely low liquidity invalid market, sharply contrasting with the massive funds in the three main themes — capital is accelerating concentration into top assets. When central bank tone, AI expansion, and crypto settlement converge in the same time window — the market is repricing September in the clearest way. #沃什今晚亮相杰克逊霍尔，能否明确政策框架？
#财报观察员：AI需求从硬件扩散至软件
#BTC冲高回落，期权到期放大关口博弈 $HYPE has been hovering around $83 since the beginning of the week, with a weekly increase of over 12%. Honestly, I'm starting to feel a bit wary of the high price!
1. The reasons I initially liked it are all coming true: CFTC compliance narrative is advancing, perpetual contract product innovation, on-chain revenue breaking $20 million weekly, and FDV reaching 9th place is not just hype—it's supported by the revenue model;
2. But the fear of a high price is real too. 83.7 is near the weekly high, just a step away from the all-time high of 86.6. At this level, any slight disturbance could become an excuse for profit-taking to surge;
3. Today, when BTC plunged, it only dropped less than 1%, which is a strong signal of resilience. However, this strong signal also indicates that chips are concentrated at a high level—everyone is happy when it rises, but once the trend weakens, the sell-off will be faster than anyone else.
My plan: Hold above 80 to let profits run; if it falls below 80, reduce by 30%. The real bearish signal is a weekly-level break below the 75 platform. As for "whether to chase at 83?"
My answer: No, at my age, I don't chase highs. But I leave a linked judgment: HYPE is one of the last flag bearers among altcoins this round. If it collapses first, it means the altcoin season is over, and I will also reduce my positions in $DOGE and $SOL accordingly.
#沃什今晚亮相杰克逊霍尔，能否明确政策框架？ #BTC冲高回落，期权到期放大关口博弈 $BTC still has a bid. Today’s candle is trying to hide it.
Spot Bitcoin ETFs have taken in about $2.5B across the last seven sessions. That is the strongest streak since October. Not one lucky day. A week of traditional-market demand showing up while everyone argued about $80,000.
The daily tape was not subtle either. Aug 19 to Aug 27 printed green again and again $517M, $606M, $308M, $338M, $314M, $232M, $242M. Nine straight inflow days into Thursday. IBIT kept carrying size. That is institutions buying Bitcoin through the products they are allowed to hold, not Telegram hopium.
That matters more than one Fed-day wick.
Today $BTC tagged $81,330, then lost $80,000 after Warsh. Latest prints slipped into the high $77ks. Hike odds jumped toward 50–55%. Longs got flushed. The timeline will call that “institutions left.” The ETF book says they did not. They added billions before the speech. A hawkish Jackson Hole can slap the price. It does not automatically cancel seven sessions of $2.5B.
This is the split people keep mixing up.
Price can fail $80k and demand can still be rising.
ETFs can buy and the chart can still dump the leveraged longs.
Both things happened on the same Friday.
So the signal is not “ETF inflows mean it cannot go down.” The signal is that more BTC demand is arriving through TradFi rails. That is a different buyer than the one who needed $80k to hold for four hours. That buyer is slower. That buyer is why $78k is a test, not an automatic funeral.
I am not using $2.5B as an excuse to chase the bounce.
I am using it as context. If this flush holds above the mid-$77k / $78k zone and $80k gets reclaimed later, the inflow streak is the fuel. If price keeps sliding while the next ETF day flips red, then the streak is yesterday’s story.
For now the fact is simple.
Strongest seven-session haul since October.
Nine-day inflow streak into this week.
Price got hit by the Fed, not by empty funds.
Institutional demand is still growing. The chart just made it look loud.
$BTC $ETH #BTCOptionsExpiryTest $ETH 's dollar-pegged assets grew to $156B, up 22% year over year. It commands 47% of all tokenized real-world assets on-chain and 54% of locked DeFi capital — nearly twice its share of market cap. Fee revenue collapsed 69% this year, but wallet growth and contract activity kept climbing regardless. That divergence is the real signal: adoption compounding beneath a chart everyone's stopped watching.
$BTC $ETH
#WalshPolicyFramework #AIShiftsToSoftware #BTCOptionsExpiryTest $BTC Bitcoin plummets!
The bulls holding onto their bullish stance really suffered.
$110 million liquidated in two hours.
Among them, I have a good buddy who opened a 100x leveraged long position, was up several times this morning, but got liquidated tonight during the pullback.
From several times profit to liquidation! I totally understand that feeling because I've been through it myself.
It's way more painful than just buying and getting stuck and liquidated.
Afterwards, you blame yourself for being so greedy.
The fact is, this market is like that; no one can predict what will happen next second. Unrealized profits ultimately aren't yours.
Only realized profits are truly yours.
I always stick to the principle: enough is enough.
I set multiple take-profit orders in advance for my positions and constantly adjust stop-loss levels.
At least locking in some profits.
But just now I calculated the last two hours. The drop was at most 2300 points.
I saw the liquidation map this morning; if the price fell below 77,000, at least $500 million long positions would be liquidated.
However, it just dropped below 77,000, and total liquidation was only $140 million.
From this, we can judge that many traders took profits and exited.
I don't know which institutions dominated the 77,000 to 81,500 range.
Probably didn't gain much benefit either.
Next, I think if there is no further negative news, a rebound is possible, and then a complete profit-taking.
So, bears shouldn't be too impatient.
The above is just my personal opinion, not investment advice. In the next 30 days, my view on BTC: wide-range oscillation with a bullish bias; acceleration expected after a breakout, and a shift to defense if it breaks below key levels.
Core reasons:
BTC quickly pulled back from over 60,000 to around 80,000, the trend has clearly recovered, but the short-term rise was too fast, with profit-taking and trapped positions pressure near 80,000. I don't bet on a single path but divide the next month into three states: "oscillation—breakout—decline," allowing funds to switch automatically.
Key levels / expected ranges:
Core oscillation range: 74,000–84,000
Bull confirmation level: steady above 82,500–84,000
Risk level: below 73,500
Extreme buying zone: 62,000–70,000
1 million U allocation:
Spot 28% | Dual-currency low buy 18% | Grid 12% | Funding rate arbitrage 14% | Options 6% | Futures 4% | Flexible funds 18%
Positions for upside, profits during oscillation, cash for downside, insurance for extreme scenarios.
I don't predict whether BTC will be at 90,000 or 70,000 after 30 days; I only decide in advance how to act step by step as the market moves.
#OKX million planner In one sentence from Walsh, BTC directly dropped below 76,000
Yesterday it was still hovering around 81,000, today the lowest hit 76,000, nearly 4,000 lost in one day
He said inflation hasn't substantially slowed, the 2% target is non-negotiable, and the financial environment isn't tight enough. In plain language: don't expect rate cuts, September might see rate hikes
Right after he spoke, short-term bond yields jumped, traders immediately pushed up the probability of a September rate hike. Bitcoin, the asset most sensitive to interest rates, directly crashed in the opposite direction of the yield rise.
Geopolitics also added pressure. The US imposed another round of sanctions on Iran, blocking shipping, aviation, and technology; Iran's foreign minister directly called it "state terrorism," and ships in the Strait of Hormuz are still being disturbed. Oil prices rise, inflation won't come down, rate hike expectations heat up, this chain has been running for half a year, and every time BTC takes the hit.
Leverage is adding fuel to the fire. While BTC was grinding between 77,000-80,000, nearly 800 million USD in leveraged positions piled up on both sides—over 797 million long positions below 76,000, and over 708 million short positions above 80,000. Once the price moves, it triggers a chain liquidation, killing both longs and shorts.
My judgment
This drop is a triple combination of Walsh's hawkish remarks + geopolitical risks + leverage liquidation. The 80,000 level has been tested three times without breaking through, a short-term pullback is normal. Below 76,000 is the last defense line; if broken, the downside space could be larger. I won't bottom fish at this level, will wait for the direction to become clear.
Let's discuss in the comments, where do you think this drop will go?
$BTC $ETH $BTC Bitcoin’s market structure is shifting from stress to absorption. 🟠 Most holders are back in profit, reducing forced selling—but now profit-taking creates new supply pressure. The key test is whether demand can absorb that selling
#WalshPolicyFramework #AIShiftsToSoftware #BTCOptionsExpiryTest $BTC and $ETH just got the macro test in actual numbers, not slogans.
Bitcoin’s session is already written. High $81,330. Then $80,000 failed. Latest print around $77,931, down about 2.8% from Thursday’s $80,160 close. Some books show the low near $78,511. Others printed closer to $77,500. Either way, this is not “BTC hovering at $80k.” This is $80k giving way after the speech.
Ethereum did the same thing with less room to hide. Open near $2,511. High $2,535. Then $2,500 broke. Latest print about $2,434, down roughly 3% on the day, session low near $2,406. So the “ETH is holding $2.5k” line is already stale. It held until it didn’t.
That is the chart. The flow is the other half.
August 27 spot ETFs were still buying:
$BTC funds +$242.3M, ninth straight inflow day.
$ETH funds +$225.8M to $235M, also nine straight days.
Institutions did not vanish. They printed another green session while price was still up near the highs. Then Warsh spoke, hike odds jumped, and the same market that had been absorbing supply used $80,000 and $2,500 as the exit.
The Fed repricing is specific.
Before Jackson Hole, September hike odds were about 35–40%. After Warsh said the Fed will “have work to do” if inflation is not heading back to 2%, futures moved that hike probability to about 50–55%. That is why risk sold. Not because ETFs flipped to outflows. Because the rate path got more expensive in one speech.
I do not treat that as the funeral of the uptrend.
BTC is still well above the mid-August base. Nine days of ETF inflows do not get erased by one hawkish keynote. A trend can stay intact and still punish anyone who bought $81k like it was confirmed. Those are different things. Structure versus timing.
I also would not chase this bounce if it comes.
The levels that matter now are not the ones that already failed.
$BTC has to reclaim $79,000 first. That is the repair job. Only after that does $80,000 become a real level again instead of a magnet that just dumped people. Lose the $77,500–$78,000 zone cleanly and the next conversation is $76,000. #Newbies Must Read: Everything You Need Here
Funding rate arbitrage is widely recognized in the community as a low-risk strategy: for the same cryptocurrency, short perpetual contracts + long spot positions create a "delta neutral" setup, not betting on price direction but collecting the funding rate every 8 hours. In 2025, the average funding rate for mainstream pairs is about 0.015% per 8 hours, theoretically annualizing to around 19% (AInvest summary: 2025 average annualized 19.26%). Sounds attractive, right? But beginners often fail because they "haven't calculated the costs clearly."
A real example: a trader did Binance's EVAAUSDT, where the funding rate once reached +0.10784% per 4 hours, annualizing to 236%, but he overlooked two things—first, the funding rate dropped to +0.005% within two days, so the window was very short; second, the fees for each position adjustment, slippage, and opportunity cost of capital. In another practical post, someone did ETH "funding rate reversal" arbitrage, with a 7-day annualized return of 5.2%, which looks stable, but the premise was correctly predicting the funding rate direction and using 1-3x low leverage to avoid liquidation.
Conclusion: arbitrage profits are "net" spreads, not "gross" spreads. Beginners should first list a cost table before trading—fees (about 0.1% per trade), slippage, cross-platform transfer fees, and capital occupation. If the spread doesn't cover these, you're just working for the exchange. Don't be dazzled by the 19% annualized rate; that's the "optimistic value" after deducting friction costs.
@OKX成长学院 The token structure of BICO is quite unique in the current market: all 1 billion tokens have been unlocked and are in circulation, meaning there is no future selling pressure window caused by unlocking schedules. Compared to projects with a large number of tokens still locked, this "fully circulating" feature provides a cleaner environment for price discovery and reduces holders' concerns about timing.📊 From the perspective of the infrastructure sector, BICO is a well-established project that h126,000 dropped to 57,750, is this bottom really solid?
Bitcoin fell from 126,000 to 57,750, a drop of 54%. Many people compare this to historical bear market drops of 84%-94%, saying it still needs to fall to 40,000. My judgment: 57,750 is the bottom of this bear market cycle, and it's unlikely to see below 40,000.
First, the decline is converging. The average drop in the previous four bear markets was 85%, which was before institutions entered the market. After ETFs were approved, the bottom structure has been reshaped.
Second, 57,750 has strong bottom support. ETF holding costs are around 60,000; breaking below means institutions collectively incur losses. The Grayscale report points out that Bitcoin's intrinsic value is strengthening.
Third, the narrative has changed. The market is shifting from "trading interest rate hikes" to "trading the end of interest rate hikes."
Short-term risks remain. If 76,000 doesn't hold, it will trigger massive long liquidations, possibly dropping to 74,000 or even 70,000, but this is just a secondary bottom test, not a bear market restart.
57,750 is the bottom; missing this position is more dangerous than being trapped.
$BTC $ETH $SOL
Brothers, what do you think?👇 Damn, I've been staying up late recently and my blood pressure is high, I'm about to go to sleep. The 30-year long bond yield has rebounded again, and the probability of a rate hike in September has directly risen to 61.5%. This actually makes my previous caution seem too conservative; I should have waited for the big nonfarm payroll and CPI data before pushing it this high.
Isn't this clearly a vote of no confidence from the market? It's the same old story that the problem in the US isn't in fiscal policy or monetary policy, but in the decay of the empire's foundation. However, these long-term factors aren't what we usually trade on.
If the long end can't be suppressed, a US version of YCC won't be far off. Wash's remarks for this round are done; let's wait for the next statement from Basset. #沃什今晚亮相杰克逊霍尔，能否明确政策框架？ 5🔪Challenge 50k🔪 Day 6
Total assets today 214U, currently no position
Mainly traded several rounds of $DOGE today, settled with a profit of about 39U.
However, reviewing the trades, I’m not very satisfied; just the fees today cost 16U.
Now, a few words about tonight’s market.
Wash’s speech didn’t directly say an immediate rate hike, but the meaning was clear: the US economy and employment are not weak for now, inflation hasn’t truly been resolved, so the market shouldn’t prematurely trade rate cuts and easing. Overall, still hawkish.
DOGE fell from around 0.09 back to 0.085. During this decline, both price and contract open interest dropped, and the funding rate approached zero. My understanding is that mainly high-leverage longs are retreating, not a large influx of new shorts.
Currently, the spot price is indeed slightly stronger than perpetuals, so the rebound may have spot buying and short covering, but it’s too early to say big money is buying in, and definitely can’t confirm a reversal yet.
Also, the DOGE long-short ratio remains close to 4, so longs are still quite crowded. In the short term, watch if 0.084 can hold; resistance is between 0.087 and 0.088. If BTC doesn’t reclaim 80k, I won’t chase DOGE’s rebound for now.
Today, I’m staying out of the market; doing less is more important than doing recklessly. #沃什今晚亮相杰克逊霍尔，能否明确政策框架？ #财报观察员：AI需求从硬件扩散至软件 #BTC冲高回落，期权到期放大关口博弈 Spot gold plunged $100 intraday, falling below $4500/oz, hitting a new low since August 20, down 2.26% for the day. Spot silver dropped 2.3% intraday.
Regarding the Fed's stance, every time Walsh speaks, he is basically hawkish. Whenever the US dollar index dips, he comes out with hawkish signals, and the dollar index often quickly rallies after his remarks. The rate hike talk has been ongoing since March but has yet to materialize. When inflation was at its most severe, no rate hikes were chosen; instead, as inflationary pressures ease, rate hikes are now being put back on the agenda, which is quite puzzling. Considering the current US Treasury debt pressure, even if rate hikes occur, they are likely only short-term. Once rate hikes truly begin, it may be difficult to sustain beyond six months.
Information is for reference only and does not constitute investment advice. #沃什今晚亮相杰克逊霍尔，能否明确政策框架？ $XAU $BTC $ETH $ZEC 🔥🔥 Hawkish silence from Wash, why isn't the crypto market afraid?
Federal Reserve Chair Kevin Wash broke tradition at Jackson Hole by refusing to provide rate guidance, bluntly stating that fighting inflation remains the "top priority," and that the current financial environment is not restrictive. Meanwhile, several officials are calling for rate hikes, with July's core PCE still as high as 3.3%, far from the 2% target.
For the crypto market, this is not bearish. The market has long priced in expectations of "higher for longer" rates — the current federal funds rate of 3.50%-3.75% is already considered the norm. The real driver comes from liquidity: the U.S. Treasury expanded its long-term bond repurchase program, 10-year Treasury yields fell, and the dollar weakened, directly triggering BTC's rebound from 63,000 to 80,000.
Wash's silence actually leaves room for market imagination. If inflation data improves, there is still flexibility for policy shifts. In the short term, macro uncertainty will suppress retail FOMO, but institutions are voting with real money — spot ETF net inflows were about $2.8 billion last week, while futures leverage actually declined, indicating this rally is supported by spot buying and structurally healthy. For crypto assets, the biggest risk has never been high rates themselves, but liquidity drying up. Currently, M2 is expanding at the fastest pace in four years. #沃什今晚亮相杰克逊霍尔，能否明确政策框架？ The Fed Chair said, "We still have work to do," and Bitcoin's surging above $80,000 suddenly fell silent. At 22:00 Beijing time on August 28, Fed Chairman Kevin Walsh delivered a speech titled "The Era We Live In" at the Jackson Hole Global Central Bank Annual Meeting. Before he finished speaking, gold plunged $50, and the market's probability of a September rate hike soared from 35% to 60%. Just a few days earlier, Bitcoin had surged past $80,000, hitting a three-month high, and has surged 28% so far in August. On the surface, it's a continuation of the liquidity feast, but in reality, the Fed has already started closing the table. Bitcoin Breaks 80,000: Carnival or Last Supper? The trigger for this Bitcoin surge is actually quite interesting. The U.S. Treasury announced it would double the scale of long-term Treasury buybacks, which the market interpreted as a "disguised QE," weakening the dollar and causing funds to flow into "non-sovereign assets" like Bitcoin and gold. Combined with Trump's calls urging Congress to pass the Clarity Act for crypto regulation, Bitcoin surged 23% in one week, with 4.6 billion USD in shorts blowing up the entire market in three days. Sounds impressive, right? But there are several details worth pondering in the data. First, this rally is largely driven by "short squeezes," meaning shorts are being forced to close positions rather than actual spot buying. Analysts have already pointed out that the momentum driven purely by forced liquidations has clearly weakened, and whether it can hold later depends on whether ETF inflows can sustain. Second, ETF data looks lively, but the underlying strength is actually not that strong. In the third week of August, spot Bitcoin ETFs saw net inflows of aboutRegarding U.S. Treasury bonds, an interesting phenomenon appeared tonight: after Wash's speech, the 2-year yield surged first, followed closely by the 10-year yield, while the 30-year long bond yield increase slowed compared to the 2-year and 10-year yields.
Obviously, the slowdown in long bond yields mainly comes from two factors: one is the long bond repurchase by the Fed on September 9, and the other is the recent economic data plus the weakening of crude oil prices leading to a slowdown in future inflation expectations.
Clearly, the market still has concerns about short- and medium-term inflation, but long-term inflation pressure is easing, as current economic data supports the expectation of weakening inflation growth.
The rising rate hike expectations still significantly suppress risk assets and risk appetite in U.S. stocks, but one benefit is that it causes gold prices to drop rapidly. If gold can return to the 4000-4100 range within the next three months, it would be a very good asset allocation target.
Personally, I believe that rate hike expectations may once again become extreme in the coming months. Furthermore, if August data again proves consumer recession, gold will also be one of the very good assets to hedge against economic risks. #沃什今晚亮相杰克逊霍尔，能否明确政策框架？ Wednesday Nvidia and Thursday Marvell, two good earnings reports, two completely different scripts
$MRVL Marvell plunged after hours, wiping out the gains from the past few days.
After watching the earnings reports of $NVDA Nvidia and Marvell over the past two days, my biggest impression is that although both are good earnings, the market used two completely different pricing approaches.
Nvidia first dropped, then rallied
Marvell had great earnings numbers, but the stock price was directly hammered
Simply explaining this as “good news priced in” is not enough.
The real difference lies in how much the market had already priced in before the earnings release.
First, look at Nvidia
Q2 revenue was $96.2 billion, up 106% year-over-year; data center revenue was $89 billion, up 117% year-over-year.
For the next quarter, the company gave a revenue guidance of $108 billion ±2%.
These numbers are already very impressive.
But when Nvidia’s earnings were just released, the initial after-hours reaction was quite lukewarm, even dipping at one point.
The reason is easy to understand.
Today, simply "exceeding Wall Street expectations" is no longer enough for Nvidia.
The market has gotten used to it beating expectations for eight consecutive quarters, and the implied volatility in the options market before earnings was only about 5.4%.
Everyone assumed it would deliver a good report.
So when the earnings came out, the market saw:
Revenue was good.
Data center was good.
Guidance was good.
But these were mostly within market expectations.
What truly changed the entire trading structure was the subsequent conference call.
Management gave a very important message: they expect FY2028 revenue to still grow by about 70%.
At the same time, Jensen Huang continued to emphasize that AI demand is accelerating, and Rubin has entered full-scale production.
Then the whole market suddenly started recalculating a question: if Nvidia, which is already close to $100 billion in quarterly revenue, can maintain such a high growth rate next fiscal year, then the market’s long-standing worry about "AI capital expenditure peaking" has not yet appeared in Nvidia’s orders.
So Nvidia ended up with a very beautiful structure: earnings release → market feels underwhelmed → stock price drops → conference call raises long-term growth expectations → short covering → bulls jump back in.
Nvidia finally rose 8.7% the next day.
Now look at Marvell
On the surface, its earnings report is hard to find major flaws.
Q2 revenue was $2.739 billion, up 37% year-over-year, setting another record high.
Non-GAAP EPS reached $0.94.
Data center business grew 46% year-over-year.
Q3 revenue guidance was further raised to $3.15 billion ±5%.
More importantly, the company again raised its long-term targets: FY2027 revenue from about $11.5 billion to $12 billion;
FY2028 from $16.5 billion to $18 billion.
If you only look at the financial statements, this is definitely a good earnings report.
But Marvell’s stock plunged more than 6% after hours.
Why?
Because before the earnings, the market had already priced in a more exciting story.
That story is Google.
A week ago, Marvell just announced an expansion of its custom chip cooperation with Google.
According to the agreement, Google could bring Marvell up to about $120 billion in purchases in the future, along with up to about $12.2 billion in Marvell equity exposure.
After this news, the market easily formed an imagination: Marvell’s original growth model was a curve; with Google coming in, this curve should suddenly steepen.
So what everyone was really waiting for was how much Google could push future revenue higher.
But on the call, Matt Murphy’s answer cooled down this expectation.
He clearly stated that the existing Custom business revenue target for FY2028 already includes some Google contribution.
Google’s more significant revenue contribution will only show up in FY2029.
As for the previously proposed FY2029 Custom business target of over $1 billion, the company said there is upside potential but did not immediately provide a new figure, leaving further information for the October 6 Investor Day.
This sentence is very critical.
The market originally imagined it as $18 billion + Google.
After the call, it realized that Google is already included in the $18 billion.
So a once very ambitious story was pulled back on the timeline.
Marvell’s fundamentals have not suddenly worsened. AI orders remain strong; data center is still growing at 46%; Custom chips are expected to double next year; FY2027 and FY2028 revenue targets are both raised.
It’s just that the stock price had already priced in more future growth ahead of time.
Before the earnings, MRVL’s stock price had nearly tripled this year.
When a company is priced by the market as "Google + Custom ASIC + AI infrastructure second growth curve," the earnings evaluation standard naturally changes.
So putting these two earnings reports side by side is very interesting.
Before Nvidia’s earnings, the market’s question was whether AI could continue to grow?
The conference call gave a stronger answer than the market expected.
So the stock price completed a re-pricing.
Before Marvell’s earnings, the market’s question had become how fast Google could make Marvell grow?
The call told everyone growth is certain, but large-scale realization will take time.
So the market began to compress short-term valuation again.
This also explains why both companies delivered good earnings but showed completely opposite candlestick patterns.
NVDA followed "expectations first lowered, then raised by the call"
MRVL followed "expectations fully priced in, call recalibrates the timeline"
So in earnings trading, there is often a seemingly counterintuitive phenomenon:
Good performance, stock still falls.
Slightly flawed performance, stock surges.
Because what the stock price is always trading is reality versus how much the market’s prior imagined reality differs. Regarding U.S. Treasury bonds, an interesting phenomenon occurred tonight: after Wash's speech, the 2-year yield surged first, followed closely by the 10-year yield, while the 30-year long bond yield increase slowed compared to the 2-year and 10-year yields.
Obviously, the slowdown in long bond yields mainly comes from two factors: one is the long bond repurchase by the Fed on September 9, and the other is the recent economic data plus the weakening crude oil prices leading to a slowdown in future inflation expectations.
Clearly, the market still has concerns about short- and medium-term inflation, but long-term inflation pressure is easing, as current economic data supports the expectation of weakening inflation growth.
The rising rate hike expectations still significantly suppress risk assets and risk appetite in U.S. stocks, but one benefit is that it causes gold prices to drop rapidly. If gold can return to the 4000-4100 range within the next three months, it would be a very good asset allocation target.
Personally, I believe that in the coming months, rate hike expectations are very likely to become extreme again. Furthermore, if August data again proves consumer recession, gold will also be one of the very good assets to hedge against economic risks. #沃什今晚亮相杰克逊霍尔，能否明确政策框架？ This week, the crypto market saw a sharp rally. BTC started at 62,400 and broke through 81,200 on Monday, hitting a five-month high, with a weekly gain of 26%; ETH also rose 31% to reach 2,500, XRP surged nearly 50% for the week, SOL hit 102, and ZEC surged 70% to an eight-year high. The total market capitalization surged $474 billion in a week, with the Fear and Greed Index briefly touching the extreme greed range of 81. Behind the rally was not a single driver but a triple resonance: spot BTC and ETH ETFs saw weekly net inflows of about $2.6 billion, the strongest since October last year, with BlackRock's IBIT accounting for 80%; On the policy side, the White House pushed forward with the CLARITY Act, the SEC shifted to replacing enforcement with a legislative framework, and Standard Chartered simultaneously issued compliant stablecoins; On the macro side, U.S. debt buybacks and a weaker dollar opened up room for risk assets. More noteworthy is that bears suffered heavy losses: during BTC's breakthrough of 80,000, about $1.06 billion in positions were liquidated, with shorts losing about $3 billion for the week and over $600 million liquidated across the network in a single day, causing losses for both bulls and bears. The turning point came on Wednesday, when BTC fell back to 79,000 and ETH held steady at 2,470. Whales began reducing positions at high levels—Hyperliquid sold large amounts of 60,000 ETH and 1,200“Inflation target remains firm, there is still work to do” — One sentence from Wash, gold plunges 40 points! $XAU #沃什今晚亮相杰克逊霍尔，能否明确政策框架？ #财报观察员：AI需求从硬件扩散至软件 #BTC冲高回落，期权到期放大关口博弈 $BTC has directly dropped to 77830, and the data release actually caused a further decline. The market is following a "recession expectation" logic, with funds moving to safe havens rather than risk assets.
RSI at 47 is not extreme, KDJ is neutral, MACD death cross is widening, short-term bears dominate. The news of Capital B buying 270 BTC cannot hold up the market, indicating very poor market sentiment now. $ETH #沃什今晚亮相杰克逊霍尔，能否明确政策框架？ #BTC冲高回落，期权到期放大关口博弈 The transcript of Waller's Jackson Hole speech has been officially released by the Federal Reserve, and Reuters has reported on the market reaction.
The three most critical points are as follows. First, he clearly put inflation back as the top priority, emphasizing that the Fed must be confident that core inflation is "clearly and at a sufficient pace" returning to target; otherwise, the Fed "still has work to do." Second, he reaffirmed that the 2% inflation target is a firm fixed goal, giving no hint of easing that the market expected. Third, he believes current financial conditions do not appear tight, which is important because it means he does not think the current monetary environment is tight enough to require rate cuts. Reuters considers this Waller's closest statement so far to admitting "if inflation doesn't come down, further rate hikes may be needed."
Hawkish speech → BTC under pressure → altcoins first sharply drop → followed by the first round of rebound.
For our current trading judgment, this actually makes 79k BTC more important.
If after digesting the speech BTC falls below 79k and cannot recover, and ETH finally breaks below 2480, I will significantly raise the judgment that "81.2k is a false breakout top," and at that time BCH / PENGU / SUI / ZEC / DASH, these highly sensitive coins, will again become key short candidates.
If after such a hawkish speech BTC can still hold 79k and ETH continues to stay above 2500, that would instead be a very noteworthy signal of bearish strength without a price drop.$BTC breaks below 77,000, SOL defies the trend with deflation—market is repricing
The aftershocks of Wash's hawkish remarks are still ongoing. BTC fell below $77,000, hitting a low of 76,847; $ETH dropped to 2,405; SOL showed relative resilience at $103. In the past 24 hours, BTC dropped over 4%, ETH about 3%.
Wash clearly stated that inflation has not seen a “meaningful sustained slowdown,” and the financial environment is “not restrictive.” The market quickly repriced—short-term US Treasury yields rose, and traders increased bets on a September rate hike.
But one detail is worth noting: BTC only mildly retreated to around 77,000, not a full-scale risk-off sell-off. ETF declines were much smaller than those of mining companies, showing clear market differentiation—it looks more like digesting policy expectations rather than a fundamental shock.
$SOL is the outlier today. The Solana governance community narrowly passed a proposal to "double the deflation rate," increasing the annual inflation reduction rate from 15% to 30%. Over the next six years, this will cut about 18.9 million new SOL supply, involving approximately $1.36 billion. Meanwhile, the first functional gate went live, reducing token account storage costs by 90%.
BTC is digesting rate hike expectations, while SOL is hedging macro pressure with a deflation narrative. At the 80,000 level, both bulls and bears need to recalculate.
Old K is done talking. Ponder it carefully. 🚀 $BTC | DEMAND IS CHANGING
Bitcoin’s latest rally isn’t just retail chasing price. Spot ETFs have pulled in $2.5B over seven trading days, the strongest stretch since October. $BTC
The deeper shift is that BTC is becoming part of how traditional capital expresses a view on money, liquidity, and monetary policy.$BTC
Bitcoin is moving from a crypto allocation to a macro allocation. 🔥
#WalshPolicyFramework #AIShiftsToSoftware Whether this round of SOL has heated up can be answered with speed; Whether the market is biased or bullish depends on another set of numbers. OKX Onchain OS recorded 35 mentions of SOL in one hour at 21:00 on August 28, including 34 x mentions and 1 news report; The total 24-hour volume was 963 times. The latest hour is 0.87 times the long-term window hourly average, which is about 13% lower than the 24-hour average, which can be considered a "slowdown." This speed describes new discussions and is not necessarily related to market fluctuations. The text tone is 89% bullish, 0% bearish, and neutral about 11%, currently indicating "bullish clearly dominant." 24-hour bullish 63%, bearish 7%; If there is a gap between the two windows, it should first be understood as a change in discussion structure, rather than directly deriving price targets. I would draw these two lines separately. If the tone is more intense but mentions are slower, it means the current discussion is more positive, but new attention hasn't accelerated; If mentions increase and are bearish with an advantage, it may be that risk or faulty news is attracting people. Even if the buzz and tone are in the same direction, it still cannot be directly equated with genuine buying. Source is another limitation. Currently, SOL is "almost entirely driven by X." Social channels respond fastest, and the same topic can be retweeted; The more concentrated the source, the more it needs confirmation from the next window. An increase in news mentions does not automatically equal the event's fact; the original announcement remains the final verification standard. 2$BTC just lost $78,000.
That is the line a lot of people said would not break if the ETF bid was real. It broke anyway. From above $81,000 this morning to under $78k after the speech. About $100 million in longs got wiped in four hours. That is not a “healthy wick.” That is the market taking the people who bought the $80k hold narrative and forcing them out.
This was always the risk today.
$BTC spent the whole session hanging around $80,000 like the decision had already been made. $ETH kept losing $2,500 and people still called it a base. Options expired this morning. Warsh spoke at Jackson Hole. The first reaction was never going to be polite. When the chair talks and the range is that tight, leverage dies first.
$100M in four hours is the receipt.
Those were not long-term holders. Those were positions that needed $80k to stay $80k. Once price slipped through $79k, the cascade does the rest. Stops trip. Margin calls hit. The same level that looked like support becomes fuel on the way down. That is why it felt sudden. It was not sudden. It was crowded.
Does this kill the bigger picture? Not by itself.
ETF flows were still green into this. Weekly inflows were still heavy. A flush under $78k can be the market cleaning the late longs after a run from the $60s. It can also be the first real break of the range that $80k was supposed to defend. Those are two different trades, and the next $1,000 decides which one it is.
Hold and bounce from here, and this was the shakeout people said they wanted.
Lose $76,000, and the “institutions never left” story has to survive a deeper test.
$ETH will not look brave if BTC stays under $78k. The $2,500 argument is over for the session if Bitcoin is busy liquidating. Alts that were “rotating” an hour ago become the exit.
The frustrating part is how obvious it looks now. Above $81k felt like confirmation. Under $78k feels like betrayal. It was the same day. Same speech. Same crowded $80k level. The only thing that changed is who was leveraged the wrong way.
This is why you don’t marry a round number on a Fed day. $SKHY received a $1 billion subsidy and is investing $4 billion in building an HBM packaging and testing plant in the U.S. The current trading desk conflict centers on the squeeze of short-term returns caused by the $4 billion heavy capital expenditure versus the premium from supply chain localization.
The primary market driver is the pace of capital occupation and government subsidy realization, while the secondary driver is the operational cost pressure from the division of labor between the U.S. and Asia. The $1 billion subsidy can offset 25% of the initial plant construction investment, but the remaining $3 billion capital expenditure will significantly extend the capital recovery cycle.
Heavy asset pressure on free cash flow will reduce the duration tolerance of long positions. High beta risk appetite funds are far more sensitive to the engineering construction cycle than to capacity expectations. If the multinational supply chain of Korean wafers shipped to the U.S. incurs additional friction costs, it will push up inflation expectations and erode gross margins.
The upside scenario requires the $1 billion subsidy to be delivered without delay and that incremental HBM orders from North American customers cover the premium costs. Under these conditions, the trading side will reprice the compliance premium of its North American supply chain, triggering a shift in positions toward long-term allocation buyers.
Failure signals for the upside logic include construction cost overruns at the Indiana plant exceeding 15%, or subsidy disbursement progress lagging behind capital expenditure pace, causing net cash flow to fall below the critical point.
The downside scenario is triggered by a slowdown in computing terminal demand growth leading to a reduction in HBM purchase prices, while the $3 billion self-raised capital occupation drags down the company's quarterly profit margin. At this point, speculative long positions will accelerate withdrawal, suppressing the asset valuation midpoint.
Failure signals for the downside scenario include major North American AI chip manufacturers signing long-term HBM price and volume guaranteed exclusive supply agreements, fundamentally absorbing the performance ballast risk brought by heavy capital expenditure.
In the next 7 days, key observations will focus on the disclosure of $SKHY's capital expenditure budget allocation details and the sensitivity measurement of the discount rate for multinational heavy asset expansion to interest rate changes.
#BTC冲高回落，期权到期放大关口博弈 #OpenAI自研芯片亮相，推理成本成关键🚀 Elon just threw a $3.5 TRILLION number on the table… and it could completely change how we value $SPCX.
I haven’t talked about $SPCX in a long time because, honestly, my position is pretty small. But today’s Elon Musk news made me remember I’m still holding it.
Musk’s latest outlook puts $SPCX’s potential annual revenue at around $3.5 trillion, with the most optimistic timeline pointing to 2033.
#DailyOrbit Wash's speech "overcorrected"
Tonight, Wash spoke at the global central bank annual meeting. Overall performance was acceptable, but there was a clear split between the two parts of the speech. The full text of the speech is attached.
The first half was a "personal reform vision"—AI faction + working group + no guidance, to which the market responded with a decline.
The second half was "what Wall Street wanted to hear"—maintaining the PCE target framework + dissatisfaction with inflation progress + insufficient financial tightening, preserving the Fed's independence, and the market began to rise.
The market's movement was volatile: the first part repeated old themes causing a drop, the second part emphasized independence + Citi's genuine interpretation, and the market recovered.
However, afterward, the market began to "overcorrect," worrying that Wash would really raise rates, with the probability of a September hike rising to 60%, causing broad declines in US stocks, bonds, and gold.
The question here is, which is the "real Wash"—the "Trump follower" at the congressional hearing, or today's "inflation fighter"?
This determines whether there will truly be a rate hike or just a false alarm.
I believe the market is currently overreacting, consistent with my previous prediction of the "last drop," which might create a golden pit, but there's no rush to act yet. The persistence and strength of this drop should not be underestimated.
Especially with the 10-year US Treasury yield returning to 4.7%, the risk is high. Fortunately, we have already reduced positions in tech stocks and gold, so we are very comfortable now, just waiting for the drop.
For US stocks, first watch if the Nasdaq 46000 support level breaks; if it breaks, continue to wait and enter only after seeing a bottoming pattern.
The same goes for gold: after tonight's sharp drop, if 4500 breaks, continue to wait; there is support at 4400 below, wait for a bottoming pattern.
Tomorrow, I will provide a more detailed analysis of the September macro outlook. If interested in tonight's Wash speech, please see the attached full text.
The above is only a personal opinion and does not constitute investment advice. Please be aware of risks. $ETH is more suppressed in the short term than Bitcoin due to the "hawkish" tone of Waller's speech, but there is a unique strategic point in the mid-to-long-term logic for Ethereum.
The specific impacts can be viewed in three layers:
· Heavier short-term selling pressure (leverage clearing): Ethereum's on-chain staking and DeFi lending are more sensitive to interest rates.
#WalshPolicyFramework $BTC Is this BTC drop a signal for retail investors to jump in?
Core conclusion: This minor pullback of about 1% is not a clear "buy-in signal"; it is more of a normal profit-taking after a policy-driven rally, representing a consolidation phase in an uptrend rather than a trend reversal bottoming opportunity.
1. Understanding the nature of this drop
BTC has retreated from the $80,000 level to around $79,000, with a pullback just over 1%, which is typical of a cooling-off in sentiment and short-term profit-taking after positive news, not a fundamental reversal causing a downtrend.
The core logic supporting this market is that the US crypto-friendly policy direction remains unchanged; the market has shifted from "overheating policy expectations" to a "waiting for implementation verification" vacuum period. Funds have temporarily flowed out of mainstream coins and moved into small-cap themes like EDEN and LIGHT for clustered speculation. The market structure is differentiated, not a systemic bear market.
Technically, the $78,000–$79,000 range is currently recognized as a key short-term support zone. Holding this level means strong consolidation; breaking below it could trigger a deeper correction.
2. Why it is not recommended to treat this as a "retail buy-in signal"
1. The price is still at historical highs, not a "low-price chip"
The current price remains in the historical high range around $79,000. The so-called "drop" is just a slight fluctuation at a high level, not a bottom price after a deep correction. Entering now essentially means buying into a pullback at a high level, with an unfavorable risk-reward ratio. If subsequent policies disappoint, investors risk being trapped at a temporary peak.
2. Positive news has been priced in early, with risk of profit-taking ahead
The policy benefits from the White House crypto meeting have already been largely priced in during the rise from $60,000 to $80,000. If key positives like the "CLARITY Act" vote or Bitcoin strategic reserves progress slowly or fall short of expectations, further pullbacks due to "positive news turning negative" are likely.
3. The illusion of "being able to buy in" is often a trap in early pullbacks
True quality entry points usually appear when market sentiment is fearful and most people dare not bottom-fish. Currently, the slight drop has not fully cooled bullish sentiment; retail investors generally feel "it’s a buy when it dips," but the true phase bottom has likely not arrived.
3. Real signals worth watching for buy-in
For relatively safer entry timing, focus on three dimensions:
- Technical: Price falls to the core support zone of $75,000–$77,000, showing signs of volume contraction, stabilization, and rebound rather than blind bottom-fishing during a downtrend.
- Fundamentals: Substantive progress in policies such as the Senate vote on the "CLARITY Act" and Bitcoin strategic reserves, providing new fundamental catalysts.
- Capital flow: Renewed sustained net inflows into spot ETFs and clear institutional wallet accumulation data, rather than retail-driven emotional rebounds.
Operational reference (for reference only, not investment advice)
- Short-term traders: It is not recommended to rush in during this minor pullback; better to wait and watch for clear stabilization signals.
- Medium to long-term investors: If optimistic about the long-term logic of US crypto policies, consider gradually building positions through dollar-cost averaging without chasing the "lowest point," but avoid going all-in at once on $ETH $SOL #沃什今晚亮相杰克逊霍尔，能否明确政策框架？
#财报观察员：AI需求从硬件扩散至软件
#BTC冲高回落，期权到期放大关口博弈 In this kind of position, with this kind of pattern, I would never take the last bite of the fish tail! $ETH #沃什今晚亮相杰克逊霍尔，能否明确政策框架？ The boot hanging in the air
Waller revealed a clear hawkish bottom line — no concession on the 2% inflation floor, interest rates remain far from restrictive, and forward guidance is completely scrapped.
After a brief hesitation, the market finally understood the weight of this tough talk. Bitcoin and Ethereum led the way down, a large bearish candle broke through short-term support, long positions were liquidated en masse, and the futures market was awash with blood. Gold simultaneously plunged, short-term bond yields surged, and the probability of a September rate hike shot up from 36% to 56%.
But he deliberately left a loophole. No commitment to a September rate hike, only data-dependent. This left the market divided — those selling off, those bottom-fishing, and those oscillating back and forth, none willing to bet all their chips.
This is exactly the effect Waller wanted. He no longer makes decisions for the market but lets the market guess and play the game itself. The knife is raised but hangs in midair. More tormenting than the rate hike itself is not knowing when it will fall.
From now on, there is an uncertain distance between the market and the Fed. This is the real tightening — making everyone watch every piece of data with reverence.
$BTC $ETH
#沃什今晚亮相杰克逊霍尔，能否明确政策框架？ $BTC Wash's hawkish remarks have finally triggered a major crash. I mentioned a couple of days ago that the recent sideways movement seemed more like waiting for some kind of news, and now that has been confirmed. The previous US Treasury reverse repo operations appeared beneficial but were actually just a drop in the bucket and couldn't solve the fundamental problem. Today's data all point to the issue not only remaining unresolved but the recent liquidity influx might actually cause the market to stay subdued for longer.
The expectation of rate hikes still hangs like a sword over our heads, ready to fall at any moment. If inflation doesn't come down and oil prices keep rising, that sword could fall at any time.Even though it's digital currency, people's attitudes toward it vary greatly across different parts of the globe. Some regions treat it as a major asset allocated by institutions; Some use it for ordinary people to fight inflation or conduct cross-border remittances; Some countries strictly restrict entry into the financial system. Recognition does not depend entirely on technological quality; it is more determined by local economic conditions, inflationary pressures, foreign exchange controls, regulatory policies, and demographics. Some places are institution-led, others are spontaneously used by ordinary people. Understanding this regional differentiation is essential to grasp the true landscape of the global crypto market. North America: Institution-led, from grassroots speculation to formal assets Represented by the US and Canada, North America is the global hub for institutional funding. Retail investor participation may not be the highest globally, but institutional recognition ranks first globally. After the approval of the Bitcoin $BTC spot ETF, pension funds, family offices, and large asset managers all entered the market, treating BTC as an alternative allocation asset rather than just a niche speculative product. Ordinary investors mostly participate indirectly through funds and ETFs, with retail investors directly speculating on cryptocurrencies making up a limited proportion. Regulation is in a state of ongoing competition, lacking a complete unified legislation. Different states have varying measures, accepting compliant institutional products while cracking down on fraud and money laundering projects. Core driving forces: asset allocation and institutional investment. Ordinary people treat BTC more as a high-risk investment rather than a daily payment tool. Europe: Rules First, Pursuing Balance of Innovation and Risk After the EU's MiCA unified regulatory regulation was implemented, Europe has a unified systemIn essence, trading stocks and crypto means that rises are for better falls, and falls are for better rises.
Interest rate hikes won't cause continuous declines, and rate cuts won't cause continuous rises.
You can compare the trend during the rate hike cycle from 2022.3.19 to 2023.7.26.
This time the rate hike will be shorter; in fact, after the hike on September 16 this year, it's very likely that the Fed will hold steady, then start cutting rates next year. Actually, monetary policy is gradually losing effectiveness, and now the Fed is just struggling.
If the market ultimately confirms only one hike, the trading structure is likely to be: first a sell-off during the formation of rate hike expectations → continued volatility after the FOMC announcement → once it's confirmed that hikes won't continue, risk assets will price in the next round of rate cuts in advance.Today's trading review:
Around 8 o'clock, $BTC showed a relatively clear bearish signal with a well-set stop loss, so I opened a small short position. I held it until the 10 o'clock Wash speech period, and the price smoothly hit the take profit.
After the short position took profit, the market showed some strength. BTC swept below yesterday's low during the consolidation but quickly recovered, and $ETH touched the weekly open and also quickly bounced back. At that time, I considered this a somewhat bullish price action, so I opened a long position on the pullback.
The problem with this long position was obvious: although there was support below, my entry point was already very close to the resistance zone drawn above, leaving limited room for upside. I did not recheck the resistance and risk-reward ratio before opening the position, and as a result, the price did not break through but instead quickly dropped at the end of the 4-hour candle, ultimately hitting the stop loss.
This drop caused a large bearish candle on the 4-hour chart, and currently, there is no clear sign of a bottom. Next, the focus is on the previously mentioned POC near 77,200. If the price sweeps through this area but quickly recovers and finds support, the market may continue to consolidate. However, today's daily engulfing candle is confirmed, and I tend to believe that a daily-level pullback may have already started. $BTC Can't understand the market, and you still can't understand Chinese characters?Because Wash's hawkish speech this time is a medium-to-long-term negative factor, there is no rush for an immediate short-term decline. This is not a violent deleveraging sell-off like when the storage trio led by SK Hynix maxed out leverage and overdrew funds in a very short time, but rather a gradual tightening of funds like boiling a frog in warm water.
Moreover, the market was previously most worried about fiscal discipline being broken and long-term interest rates getting out of control. After Wash hinted at a rate hike in September, the market actually felt reassured, which is the reason for some small gains in certain stocks.
Just now, the different interest rate performances of the 2/10/30-year US Treasury bonds precisely prove that the current policy mix is Wash lifting the short end and Bassett suppressing the long end. So for stocks, today is not purely a rate hike negative, but a short-end negative + long-end positive + earnings fundamentals positive.
In terms of operations, the same advice: orderly withdrawal from risk assets, the leading pattern is forming, don’t wait until the drop is over to chase the short. After the 9.16 FOMC meeting rate hike, once the negative factors are fully priced in, it will be time to go long (of course, there is also a golden pit to enter before that).
PS: The probability of a September rate hike has just increased by 2 points again.⚠️ This wave of sell-off is most likely related to the "hawkish repricing" following Warsh's speech, but it should not be simply understood as a direct dump from a single statement.
After the speech, the market quickly raised the probability of a September rate hike from about 35% to nearly 50%. The 2-year US Treasury yield rose by about 9.5 basis points at one point, and the US dollar index also increased by about 0.4%. This indicates that funds are indeed repricing the risk of "higher rates staying longer."
The crypto market then clearly accelerated its decline: $BTC has dropped to about 77,600, down 3.58% in 24 hours, approaching the intraday low; $ETH also returned to around 2439, down 3.46% in 24 hours. Compared to the mild reaction just after the speech ended, this round looks more like macro bearish news confirmed by the bond and dollar markets, starting to transmit to high Beta assets.
📉 So the key point is not "what Warsh said," but that the market is really starting to price in higher rate hikes. In the short term, if BTC continues to break below around 77,500, it is likely to trigger more deleveraging; ETH needs to see if support can form near 2400. This wave no longer looks like a normal spike but more like a macro expectation-driven risk release.
$SOL
#沃什今晚亮相杰克逊霍尔，能否明确政策框架？ #星球日报 #OKX星球话题来啦 XPL unlocks 297 million tokens in a single day; the inflation stress test for low-circulation tokens is just beginning
Plasma, a Layer1 public chain focused on stablecoin payments, today saw the unlocking of 297 million XPL tokens, with a nominal value of about $27 million.
The figure of $27 million alone may not seem impressive, but when combined with its token economic model, this unlocking sends a strong warning signal to holders in the secondary market.
Currently, the total circulating supply of XPL is about 2.78 billion tokens, while the total token supply reaches 10 billion. In other words, over 72% of the tokens across the network remain locked in a frozen state, which is a very typical "low circulation, high FDV" structure.
Today's unlocking of 297 million tokens for ecosystem and growth directly inflates the existing circulating supply by more than 10%. In the market environment at the end of August, where spot buy-side depth is generally thin, if the new tokens flow into exchanges, it will immediately create selling pressure testing the short-term support.
But this is not the most severe test yet.
The real Damocles sword hanging over XPL is the super cliff-like unlocking on the first anniversary of the mainnet launch on September 25. At that time, 1.67 billion tokens will be unlocked at once, marking the first large-scale release of early investment institutions' and core team shares.
#DailyOrbit ZEC at Eight Hundred Dollars: The Crossroads of Greed and Fear
Zcash stands above eight hundred dollars; eight days ago, it was still under five hundred. The Grayscale ETF has forcefully pulled a privacy coin that nearly went to zero due to a fatal vulnerability all the way to the moon.
"Buy the rumor, sell the news" — on the day the ETF was listed, ZEC fell instead of rising. On-chain selling pressure is five times the buying volume, funding rates have dropped below zero, and shorts are sharpening their knives. Everyone is telling the same story: it’s not worth eight hundred, it should fall.
But the crypto world never talks about valuation. Grayscale’s first-year management fees are fully returned to the ecosystem, the NU7 upgrade is imminent, and 30% of the circulating supply is locked in privacy pools — these are not supports, but springs. When shorts become overcrowded to the extreme, any straw can trigger a short squeeze.
Shorting ZEC is a bet on rationality returning; but rationality is exactly the scarcest thing in crypto. Eight hundred dollars may be overvalued, but an overvalued market can become even more overvalued until the most stubborn shorts cover before dawn. This coin has already proven it punishes unbelievers, rising from three hundred to eight hundred. The question now is: how much margin are you willing to put up for the words "not worth it"?
$ZEC $BTC This round of decline is because Warsh reiterated the "firm fixation" on the 2% inflation target during his Jackson Hole debut, stating that the summer inflation improvement does not indicate a trend change, and proactively canceled forward guidance, refusing to rule out further tightening.
As a result, the market raised the probability of a September rate hike, and the two-year US Treasury yield rose to 4.29%, with the previous buying logic betting on "Fed easing" being withdrawn.
Bitcoin fell below 80,000 from above 81,000, reporting $77,700, and the entire crypto market evaporated over $100 billion, with leveraged liquidations exceeding $600 million. Simply put: Warsh did not announce a rate hike, but he stopped the market from betting on a rate cut — this hit Bitcoin, which is priced based on liquidity and lacks cash flow anchors, the hardest, so it fell much more than the US stock market.
$ETH $SOL
#沃什今晚亮相杰克逊霍尔，能否明确政策框架？ At the central bank annual meeting speech, the market was debating whether it was hawkish or not. I think that's not the main point.
The key point is that the roadmap has been removed. In the past, traders relied on forward guidance to discount the next step in advance, but now that path is blocked. The direction hasn't changed, but the marginal impact at the moment each CPI and employment data is released is amplified.
The market is reacting but not panicking: BTC perpetual at 77,914, down 3.10% in 24 hours; ETH at 2,448, with a similar decline. The funding rate is 0.0063%, almost neutral; the drop is in valuation, not leverage, and the longs haven't been liquidated.
Under this structure, what needs adjustment is leverage multiple, not direction. Once the volatility center shifts upward, with the same position size, the liquidation distance is shorter than last week. The open interest of 108,000 BTC is still on the books, which is something to watch in the coming days.Brothers, if you really expect a big bull to come, listen to me: hold tightly to large positions in BTC and ETH, that is your ultimate insurance. 🛡️
As for pocket money, only then should you take risks with high-leverage altcoins like CORE, ASTER, BEAT. But remember, if you have 1000 dollars, only use 200 dollars to play, and keep 800 dollars as margin.BTCÐ 1-Hour Candlestick Chart: Rapid Drop After Rally Joint Analysis
Two 1-hour candlesticks are highly synchronized:
BTC surged to 81520 then quickly plunged to a low of 77888; ETH surged to 2535 then quickly dropped to 2444. Both closed with long upper shadow large bearish candles, indicating heavy selling pressure at the top, failed bullish attack, and immediate sell-off after the rally.
I. Candlestick Pattern Interpretation
BTC (Big Coin)
1. Long upper shadow: Tested strong resistance above 81500, buying briefly pushed price up, but heavy selling pressure above forced a sharp drop, a false breakout pattern.
Current price 78253, short-term support at 78130-77888; resistance at 79044, 80000.
2. High volume large bearish candle: 24-hour volume expanded, the pullback is real selling pressure, not a minor wick.
ETH (Second Coin)
1. Rejected at 2535 after rally, also a long upper shadow bearish candle, heavy resistance at 2520-2535.
Current price 2463, first support 2458-2444, critical lifeline 2240; resistance 2520.
2. ETH has greater volatility elasticity than BTC, with sharper rallies and deeper pullbacks.
II. Four Core Reasons for Rapid Drop After Rally
1. Jackson Hole speech mixed signals (trigger)
Early speech excerpts were interpreted as dovish, funds entered to push price up, hitting this round's high; full text released, market reinterpreted: stubborn inflation, rate hikes retained, high rates maintained longer. US Treasury yields rebounded quickly, risk asset valuations pressured, bulls collectively retreated.
2. Friday options expiry, negative Gamma causing amplified stampede (amplifier)
CME BTC and ETH weekly options expired. Price hit resistance, market makers passively sold to suppress the market; once price turned down, market makers continued selling to hedge, triggering massive long perpetual contract stop-loss liquidations. Stop-loss cascade created a negative feedback loop causing "rapid drop".
3. Multiple selling pressures released simultaneously
① Long-dormant holders took profits during rally;
② Wall Street institutions reduced weekend positions on Friday, taking profits and lowering exposure to avoid weekend geopolitical and regulatory black swans.
4. Liquidity timing disadvantage
US stock market near close, institutional traders exit; weekend approaching, banking fiat channels close, large fiat funds cannot enter to bottom fish. Small funds can push price up, but lack of buyers on the way down exacerbates the drop.
III. Market Strength Comparison
ETH volatility is clearly higher than BTC. Under the same news shock, ETH rallies and retraces more sharply, a high-beta asset. During market rebounds, ETH gains more; during corrections, ETH losses and contract liquidations are more severe, altcoins follow ETH with amplified volatility.
IV. Two Subsequent Scenario Projections
Scenario 1: Consolidation and Washout (Baseline)
BTC holds 77880-77500, ETH holds 2440.
Signal: Buying support appears after drop, gradually reclaiming short-term resistance; ETF inflows continue; no large whale deposits to exchanges.
Market: Returns to large range consolidation, BTC 74800-80000, ETH 2240-2520, continuously cleaning leveraged longs.
Scenario 2: Intermediate Correction Begins (Risk)
• BTC hourly chart breaks below 77500, further testing lifeline 74800;
• ETH breaks 2440, next key support target 2240.
Confirmation: Weak rebound, lower highs; ETF inflows shrink or turn outflows; on-chain dormant wallets keep depositing to exchanges. Once daily close breaks lifeline, intermediate correction confirmed.
V. Key Levels Summary
BTC
Short-term resistance: 79044, 80000; first support: 77888; lifeline support: 74800
ETH
Short-term resistance: 2520; first support: 2444; lifeline support: 2240
Both BTC and ETH show synchronized long upper shadow large bearish candles, indicating huge resistance above, this round's upward attack failed. The rapid drop is a triple resonance of Jackson Hole mixed signals + options negative Gamma stampede + weekend risk reduction.
Currently, it's only a short-term setback for bulls, no direct confirmation of a major trend reversal; the core to watch is whether the first support holds and if ETF spot funds continue flowing in.
#BTC冲高回落，期权到期放大关口博弈 In fact, the essence of stock and crypto trading is that the rise is for a better fall, and the fall is for a better rise.
Interest rate hikes won't keep falling forever, and rate cuts won't keep rising forever either.
You can compare the trend during the rate hike cycle from 2022.3.19 to 2023.7.26.
This rate hike cycle will be shorter; in fact, after the hike on September 16 this year, it is very likely that the Fed will hold steady, then start cutting rates next year. Actually, monetary policy has gradually started to lose effectiveness, and now the Fed is just struggling.
If the market ultimately confirms only one rate hike, then the trading structure is likely to be: first a sell-off during the formation of rate hike expectations → continued volatility after the FOMC announcement → once it is confirmed that hikes will not continue, risk assets will trade ahead of the next round of rate cuts. #沃什今晚亮相杰克逊霍尔，能否明确政策框架？ OKB rises more fiercely than ETH and resists falling more than BTC. Why is it so strong?
A very obvious phenomenon in the market recently is that OKB is moving with great confidence. It rises more sharply than ETH and its pullbacks are more resilient than BTC's. This is not a coincidence; it's due to the chip structure and narrative logic at play.
This round of OKB's movement is not a violent pump but a steady upward trend accompanied by sufficient turnover. This is much healthier than BTC's contract leverage-driven artificial push—chips are dispersed through turnover rather than concentrated in profit-taking hands waiting to dump.
OKB is not purely a BTC Beta asset; it has its own ecological logic. XLayer, as OKEx's self-built Layer 2 public chain, is gradually forming a closed loop of "trading flow + on-chain applications + token utility." As long as XLayer continues to advance, OKB has a narrative support independent of BTC—which is also why it is more resistant to decline during market fluctuations.
BTC has once again broken through 80,000, and market risk appetite has clearly rebounded. In this environment, platform tokens, as "income-generating assets," naturally attract capital more easily than pure narrative tokens.
Behind OKB's strength is the pricing of OKEx's ecosystem long-term value. But breaking through the 120 level in one go requires new catalysts. Without new burns or a major XLayer upgrade, this level may need repeated testing.
Do you think OKB can break through 120 directly, or does it need to pull back to build momentum before rising again?
$OKB