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$BTC maintains high-level oscillation, with ETF continuous inflows and U.S. Treasury repurchase still supporting liquidity, but chip divergence expands after the sharp rise. Technically, the breakout structure remains intact, and the low-volume pullback is still a strong digestion; if a high-volume drop back to the breakout platform occurs, profit-taking and leveraged funds' coordinated realization should be guarded against. $ETH funds continue to spread to high-elasticity assets, with spot ETFs seeing consecutive net inflows strengthening demand. The technical structure remains under repair, but chips tend to crowd after a rapid catch-up; a low-volume pullback that holds the trendline is still bullish, but if BTC weakens, ETH's retracement elasticity is usually greater, reducing the cost-effectiveness of chasing highs. $SKHYNIX HBM demand and AI server expansion still support the mid-term logic, but the union rejected the wage agreement today, putting obvious pressure on the stock price. Technically, it is still a high-level digestion after a strong trend; if it falls back with low volume and the trendline is not broken, it remains healthy; if it loses the consolidation platform with high volume, profit-taking may continue. $XAU is supported by a weak dollar, U.S. Treasury repurchase, and safe-haven demand, with a strong trend but expanding deviation, so chasing the rise is not advisable; $OKB still focuses on the X Layer ecosystem and scarce supply, with a box breakout needing volume confirmation; $QQQ was dragged down by tech stocks yesterday, and the market is awaiting Nvidia's earnings report. In a high-valuation environment, more attention is on whether heavyweight stocks can reform synergy. If the earnings report fails to drive volume recovery, the index may continue to oscillate at high levels. #BTC突破80000美元，能否站稳新关口 #美启动对伊经济孤立，油价为何回落？ #Strategy增发扩充现金，BTC配置节奏受关注 NVIDIA Earnings Preview ⚡ The fate of the three storage giants hangs by a thread 💥 The storage sector just finished celebrating the AI supercycle, but rumors about NVIDIA's new product configurations have stirred market volatility 📉 The market's core concern centers on the Rubin Ultra next-generation GPU: rumors say the HBM memory layers have been reduced from 12 to 8, significantly cutting the memory size per card. After the news spread, SK Hynix, Micron, and SanDisk saw their stock prices plunge ahead of time. $SKHY Hynix just posted its best-ever quarterly profit but plunged nearly 19% in a single day due to cooling demand expectations; $MU Micron also dropped over 7%, $SNDK SanDisk's strong earnings couldn't avoid a correction, falling more than 9%. An unusual market phenomenon emerged: the better the current earnings, the more decisively funds fled. The panic isn't about current profits but NVIDIA's reduction in memory configuration, implying that AI computing power demand for high-end storage may fall short of previous market optimism. However, industry differentiation remains clear: high-end HBM capacity is still tight, with scarce orders and tight scheduling. The impact is greater on mid- to low-end supporting memory. Overall, this is a structural market trend, not a collapse of demand across the entire industry. The final verdict awaits NVIDIA's earnings report and conference call in the early hours of August 27 Beijing time. Jensen Huang's guidance on HBM demand and new product shipment pace will directly determine the subsequent trend of the storage sector. #英伟达加码Perplexity，AI资本闭环再受审视 #财报观察员：英伟达领衔，AI回报进入验证期 Today's Storage Information Gap (August 25): · Samsung Electronics $SAMSUNG: Details of the shareholder return plan disappointed the market (Q3 dividend lower than expected, no buyback announced, return rate maintained at 50%), triggering panic selling across storage stocks in multiple markets, with South Korean stocks falling over 3% on August 25. · SK Hynix $SKHYNIX: The union rejected the temporary wage agreement with 50.08% opposing votes, causing South Korean stocks to drop nearly 7% at one point on August 25; U.S. stocks fell 0.98% in after-hours trading. · Yangtze Memory: IPO on the STAR Market accepted, planning to raise 33 billion yuan, setting a new record for the STAR Market. Net profit attributable to the parent company in Q1 2026 is 33.379 billion yuan. · Micron Technology $MU: Fell sharply by 5.83% to $910.43 on August 24; continued to decline 0.82% in after-hours trading. Q3 revenue was $41.5 billion (a 4x year-over-year increase), with Q4 guidance raised to $50 billion. · SanDisk: Fell sharply by 6.45% to $1493.12 on August 24; rebounded over 3% on August 25 but fell 1.29% in after-hours trading. · Western Digital: Fell over 5% to about $435 on August 24; rebounded over 2% on August 25, then fell 0.49% in after-hours trading. · Seagate Technology: Fell over 6% on August 24; rebounded nearly 4% on August 25, then fell 0.49% in after-hours trading. · Gigadevice: Dragged down by the sector, A-shares fell over 3% on August 25, then rebounded 4.29% in the afternoon along with Hong Kong storage concept stocks. The direct trigger for this round of storage stock plunge was Samsung Electronics' shareholder return plan falling short of expectations. Storage stocks had already accumulated significant gains, and the market began to worry about the difficulty of "exceeding expectations" in performance and huge capital expenditures eroding future profits. However, institutions like Goldman Sachs believe AI trading is far from over.Ansem proposed on X: On-chain applications that combine social interaction and speculation could reach a trillion-level scale within ten years because real-time visible profits and losses are content. On the numerator side: social monetizes attention, with single-user value capped by advertising prices; transaction-based monetization depends on capital turnover rate, with an upper limit one or two orders of magnitude higher. What is overlooked is the denominator side: attention is free, but principal is not. The information flow user pool roughly equals the entire internet population, while transaction applications only equal those willing to bear principal losses. The sample is also biased: last week Bitcoin rose over 20%, but short positions liquidated about $5.3 billion, and spot ETF net inflows were only $1.9 billion, squeezing weight more than incremental funds. The current activity treated as product strength is largely a byproduct of leverage clearing; Ansem's simultaneous huge floating losses also indicate that visible profits and losses are content, and only survivors have the microphone. The above is a personal viewpoint record and does not constitute any investment advice. This morning, BTC experienced a rapid sell-off. According to on-chain data, after the rebound, some short-term profit-taking whales transferred BTC in large quantities to exchange addresses, signaling profit realization. The SOPR indicator rose, indicating a large amount of short-term chips exiting with profits. Meanwhile, the futures market saw a chain of liquidations, further amplifying the decline, but long-term holders did not sell off on a large scale, and the chip base remains solid. On the macro level, BTC is closely linked with the US Nasdaq index. US Treasury yields have fluctuated repeatedly, causing renewed divergence in market expectations about the timing of Federal Reserve rate cuts. When US tech stocks face pressure and pull back, Bitcoin tends to move in sync. The inflow pace of spot ETF funds has slowed, and incremental buying momentum is insufficient. A market driven solely by futures leverage is prone to pullbacks. Looking ahead to the coming week, it is highly likely to be a choppy consolidation market, making it difficult to establish a clear one-sided trend. There is obvious resistance above, and key support levels below should be closely watched. If support breaks, the correction will deepen; if support holds, the market will oscillate within a range. Currently, market divergence is significant, so heavy positions chasing rallies are not advisable. It is best to avoid high leverage, keep cash on hand to cope with fluctuations, and patiently wait for sufficient chip exchange to complete. 📊 $CORE Contract Liquidation Express (August 26) Direction switched three times, shorts went from extreme dominance to being reversed by longs at 13,500x leverage, with longs finally closing weakly at only 2.54x. Total volume was less than $10,000, indicating extremely low liquidity and an invalid market... Time Total Liquidation Long Liquidation Short Liquidation 1 hour $0.45 $0 $0.45 4 hours $6,077.01 $6,076.56 $0.45 12 hours $6,581.04 $6,453.22 $127.83 24 hours $9,258.99 $6,640.92 $2,618.07 1-hour short dominance (longs zero), volume only $0.45, an invalid scale; 4-hour longs violently reversed at 13,500x leverage, volume surged to $6,100; 12-hour longs sharply dropped to 50x, volume slightly rose to $6,500; 24-hour longs only 2.54x, liquidation $6,640.92 vs shorts $2,618.07, total $9,258.99. 12-hour liquidation accounts for 71% of 24-hour total, concentration medium-high. Long leverage collapsed from extreme 13,500x to 2.54x, short squeeze momentum completely exhausted, combined with total daily volume under $10,000, no directional reference value. Leverage is recommended to be compressed below 3x; this coin has extremely poor liquidity and is not suitable for trading. 🔥 Market Indicator | August 26 Today's three hot topics point to the same theme: Bitcoin knocking on the $80,000 door amid a "devaluation trade," the US shifting from military strikes to an "economic Normandy landing" against Iran, while the largest Bitcoin holding company remains inactive amid the surge. ₿ BTC Breaks $80,000: Shorts Worth $7.2 Billion Vaporized, but Sustainability in Doubt On August 25 during Asian trading hours, Bitcoin surged 2.5% to $80,908, surpassing $80,000 for the first time since May 15. The cumulative gain in August has exceeded 28%, potentially marking the largest monthly increase since November 2024. The core catalyst for this rally is macroeconomic. US Treasury Secretary Janet Yellen announced increased long-term bond buybacks to suppress long-end yields, triggering dollar sell-off and reigniting the "devaluation trade." Bitget Wallet research analysts noted that the Treasury's expanded long bond buyback plan will weaken the dollar and revive the "devaluation trade" between Bitcoin and gold. Institutional funds are returning simultaneously—last week, 13 spot Bitcoin ETFs saw a combined net inflow of $1.92 billion, the largest weekly inflow since early October last year. Shorts suffered a devastating blow; Coinglass data shows approximately $7.2 billion in short positions across the crypto market were liquidated last week. However, analysts point out this rally is mainly driven by short squeezes, and whether demand-side support can sustain remains to be seen. For Bitcoin to hold above $80,000, ongoing spot demand must replace forced buying. 🚢 US Launches "Economic Normandy Landing" Against Iran: From Military Strikes to Financial Strangulation In early hours of August 25 Beijing time, US Treasury Secretary Janet Yellen announced the "economic Normandy landing" operation against Iran. Sanctions expanded to five sectors: aviation, digital assets, gold, shipping, and technology, with about 60 entities, individuals, and vessels sanctioned. Yellen stated the move aims to "cut off every economic lifeline of the Iranian government." Iranian President Ebrahim Raisi responded strongly, saying "relying on power and bullying will only complicate the process." After sanctions took effect, international oil prices fell rather than rose—Brent crude dropped to about $92/barrel, WTI to about $85/barrel. The reason is the market had already fully priced in geopolitical risks; sanctions mark the end of the military phase and shift to economic restrictions, easing fears. 🏦 Strategy Stands Still: $6.7 Billion Cash on Hand, Waiting for What? The world's largest publicly listed Bitcoin holding company, Strategy, disclosed it did not buy Bitcoin from August 17 to 23, maintaining holdings at 840,447 BTC with an average price of about $75,385. During the same period, the company raised about $2 billion net by selling 18.26 million common shares. As of August 23, the company held $5.1 billion in USD reserves and an additional $1.59 billion in a "USD Cash" liquidity account. Strategy chose to pause buying and hoard $6.7 billion cash as Bitcoin approached $80,000—whether waiting for a pullback to re-enter or holding steady at current prices will be an important reference for market judgment on Bitcoin's short-term trend. 💎 Summary Three events paint the same picture: Bitcoin breaks $80,000 driven by "devaluation trade" and ETF funds, but the short squeeze nature casts doubt on sustainability; the US shifts from military strikes to an "economic Normandy landing" against Iran, causing oil prices to fall due to "bad news fully priced in"; Strategy pauses buying and hoards $6.7 billion cash as Bitcoin nears $80,000, making its allocation rhythm intriguing. $CORE contract liquidations total less than $10,000 for the day, indicating extremely low liquidity and invalid market, sharply contrasting with massive funds in the three main themes—capital is accelerating concentration into top assets. When devaluation trade, geopolitical games, and institutional strategies converge in the same time window—whether $80,000 can truly hold depends on whether spot buying can take over from short covering. #BTC突破80000美元，能否站稳新关口 #美启动对伊经济孤立，油价为何回落？ #Strategy增发扩充现金，BTC配置节奏受关注 $ETH vs $BTC: Same Market, Different Structure $BTC broke above $80K before pulling back, while $ETH rallied but remains vulnerable near $2.5K. The key difference is capital structure: Bitcoin benefits from stronger institutional and ETF demand, while Ethereum faces more leverage-driven volatility and selling. Don’t assume ETH will react like BTC. Watch the ETH/BTC ratio: continued weakness signals relative underperformance and suggests ETH may need more time to absorb selling pressure. 🚨 $BTC & $ETH — THE PULLBACK LEVELS MATTER MORE THAN THE NEXT GREEN CANDLE After the recent explosive rally, Bitcoin and Ethereum are now sitting at levels where I’m watching price action much more carefully. BTC briefly pushed above $81K before cooling back toward the high-$78K area, while ETH remains around the mid-$2.4K region. At the same time, U.S. economic data has started showing signs of weakness: July new-home sales fell 10.5% to 607,000, while August consumer confidence slipped to 89.4. That creates an interesting macro setup. Weaker economic data can push Treasury yields lower and increase expectations for easier monetary policy, which can support scarce assets like BTC. But there's another side. If economic weakness becomes strong enough to trigger a broader risk-off move, crypto can still sell off alongside equities and other risk assets. So I'm not treating weaker data as automatically bullish. 🟠 BTC — WATCH THE $78K AREA For Bitcoin, $78K is becoming an important short-term reference. If BTC holds that area and buyers step back in, the recent breakout structure remains healthy. A reclaim of $80K would then put the market back into breakout territory. But if $78K fails decisively, I'd expect a deeper consolidation before the next serious attempt higher. 🔵 ETH — MOMENTUM NEEDS TO HOLD Ethereum has shown impressive relative strength during this recovery, but after such a rapid move, consolidation wouldn't be surprising. The key is whether ETH can continue forming higher lows instead of giving back the entire breakout. If ETH holds its structure while BTC stabilizes, that would keep the broader risk-on thesis alive. 📊 MACRO IS THE WILDCARD This is where things get interesting. Weak housing and consumer data can support the argument for lower yields and future rate cuts. Treasury yields did move lower following the softer data. But markets don't simply trade on “bad data = bullish.” The real question is: Will weaker growth increase liquidity expectations, or will it trigger a broader flight from risk?Don't mistake this round of crypto rebound as a "liquidity bull" rally—the global central banks haven't loosened at all, and the rate hike cycle is still ongoing. Next week, the European Central Bank will most likely raise rates from 2.25% to 2.50%, driven by the Iran conflict pushing inflation back near 3%. This is completely different from the market rumors of "liquidity flooding, massive easing, and bull market restart." If you look at the timeline, everyone is shouting about excess money, but the actual policy steering wheel is turning toward tightening, not easing. The recent rise in risk assets is supported by liquidity freed up through fiscal measures like government bond repurchases, which has nothing to do with monetary easing. These are fundamentally different; mixing them up will eventually come back to bite. This is not to say a drop is imminent, but don't use a flawed logic to bolster confidence in your holdings. $BTC ##Strategy增发扩充现金，BTC配置节奏受关注 #美启动对伊经济孤立，油价为何回落？ #BTC突破80000美元，能否站稳新关口 Jackson Hole opens tomorrow, and this year's theme is surprisingly "Financial Innovation: Impacts on Payments and Policy." Think about it carefully — for the first time, the Federal Reserve is putting blockchain payments, private dollar tokens, and CBDCs on the central bank's annual meeting table. But don't get too excited. Since taking office, Waller has cut the FOMC statement from 340 words to 130 words, and he’s too lazy to even give forward guidance. Do you really expect him to paint a big picture at the conference? Most likely it will be "We pay attention to innovation, but financial stability comes first," and then continue to dodge the issue. What you really need to watch is his full speech at 10 PM on August 28, and whether other Fed officials outside the venue will add their own comments. Capital Economics judges there is over a 60% chance he will only talk about macro issues, but Goldman Sachs warns that off-stage remarks by other officials might be more critical — in 2025, it was Waller and Bowman who set the tone for blockchain at parallel meetings. If he doesn’t say it, it doesn’t mean others won’t. The agenda will be released on August 27; just see if there is a dedicated session on tokenized payments to know for sure.🚨 $BTC IS ENTERING A NEW PHASE AND THE DEBASEMENT TRADE IS BACK Bitcoin pushing back above $80K is more than just another technical breakout. The rally is being supported by a combination of strong ETF demand, a weaker dollar, lower yields and renewed interest in Bitcoin as a scarce asset. U.S. spot BTC ETFs recently recorded one of their strongest weekly inflow periods of 2026, while macro conditions have revived the “debasement trade.” The narrative is shifting. For years, Bitcoin was treated primarily as a speculative risk asset. Now the market is increasingly viewing it alongside gold as an alternative store of value when concerns about fiscal policy, currency purchasing power and monetary conditions increase. And that's where the 21 million supply cap becomes important. Bitcoin's supply doesn't respond to higher demand. If more capital wants exposure while available supply remains structurally limited, price discovery can become increasingly aggressive. But I wouldn't call this a guaranteed straight-line move higher. At these levels, profit-taking and consolidation are completely normal. BTC has already rallied sharply, and the $80K–$82K region remains an important area to watch. The real confirmation comes from what happens after the breakout. If BTC holds higher levels while ETF inflows continue, the move looks increasingly supported by genuine demand rather than only short covering. And if that strength eventually spreads into $ETH and higher beta assets like $PENGU, the market could be entering a much broader risk-on phase. For now, I'm watching: ETF flows → dollar → yields → BTC structure → altcoin rotation. The fringe phase is fading. Bitcoin is increasingly becoming part of the mainstream macro conversation. The question now isn't whether Bitcoin belongs in the financial system. It's how much capital eventually decides it belongs in their portfolio. 🟠📈PROFIT-TAKING PRESSURE IS RISING $BTC breaking above $80K and $ETH above $2.5K triggered profit-taking, pushing both back from recent highs However, ETF flows remain a key bright spot, with Bitcoin ETFs attracting roughly $1.92B and Ethereum ETFs about $697M over the past week—the strongest weekly inflows of 2026 In my view, the pullback looks more like profit absorption after a strong rally than a confirmed reversal. The key test is whether ETF demand remains resilient as $BTC retests $79K–$Here's an interesting idea: back in the day, the Roman Empire secretly mixed copper into silver coins to ease debt pressure, effectively extending its life by decades; now, to resolve its massive US debt, is America planning to "mix some Bitcoin" into the dollar? The logic is actually straightforward: US debt is becoming harder to sell, but the Bitcoin $BTC and stablecoin markets are booming, so everyone needs to exchange more dollars. This indirectly helps the US print more money, effectively providing a decades-long buffer for inflation and debt. So the conclusion is very realistic: can Bitcoin $BTC help the US solve its debt crisis? Yes, provided it keeps rising. #BTC突破80000美元，能否站稳新关口 #美启动对伊经济孤立，油价为何回落？ Latest Data Brent crude $92.17, WTI crude $85.01, oil prices dropped over 2% after sanctions took effect. $BTC 80583, ETH 2500, SOL $101; geopolitical news disturbed the market, high-volatility coins experienced amplified fluctuations. Market Consensus Sanctions escalation should have pushed oil prices up, confusion over the reverse decline in oil prices. Underlying Logic Analysis Typical buy the rumor, sell the fact. Geopolitical risk premium was already priced in earl RISK-ON OR JUST A TEMPORARY RELIEF? Easing U.S.-Iran tensions are pushing oil lower, while Treasury yields cool as geopolitical pressure fades. The next focus is July PCE and the Fed’s Jackson Hole remarks. Core PCE is expected at 3.3%, so a softer reading could strengthen easing expectations. $BTC broke above $80K and $ETH cleared $2.5K, but profit-taking pressure is emerging. Softer PCE could support $BTC, $ETH, and tech stocks, while a hawkish Fed signal could trigger a pullback. #BTC80KHol Potential challenges of decentralized crypto assets to traditional fiat currency systems and cross-border payment systems I. Core challenges to traditional fiat currency systems 1. Weakening central bank monetary sovereignty and the effectiveness of monetary policy The core of fiat currency is the central bank's monopoly on currency issuance, regulating money supply through interest rates, reserves, and open market operations to achieve inflation, employment, and economic stability. The rules for decentralized crypto asset supply are preset by code (for example, a total supply of 21 million Bitcoins, deflationary issuance) and are not regulated by any country; If private crypto assets are used on a large scale for daily payments or wealth storage, a parallel currency system will form, diverting fiat demand, leading to a decline in central banks' control over domestic money supply and circulation velocity, and diluting the effectiveness of macro-control tools such as interest rate hikes and cuts. In emerging markets where local currency credit is weak, people will use crypto assets instead of their own fiat currency for savings and settlements, resulting in the phenomenon of "crypto replacing local currency," further impacting the stability of the domestic exchange rate and increasing capital flight risks. 2. Impact on Seigniorage Revenue and Financial System Foundations Seigniorage is the core benefit obtained by central banks issuing fiat currency and an important supplement to national fiscal revenue. Crypto assets are issued and circulated by the private sector without national credit backing, yet they compete for payment and value storage scenarios, diverting the circulation scale of fiat currency and directly reducing central bank seigniorage revenue. At the same time, DeFi lending and wealth management systems are detached from traditional bank deposit and lending systems, weakening banks' credit creation capabilities, changing traditional credit derivation mechanisms, and undermining the banking intermediary logic that modern fiat currency systems rely on.Some people reflexively shout "big bull market" when they see "Thailand ETF," but this time the draft is still under public consultation. The Thailand SEC is publicly soliciting opinions on the draft rules for local spot crypto ETFs. In the first phase, only funds investing in BTC and ETH are allowed. The products must be listed on the Thailand Stock Exchange and primarily use regulated custody. The consultation period ends on September 20. The direction is somewhat bullish for BTC and ETH—but this is not an immediate approval for large-scale buying upon listing. Rather, it indicates that Thailand is incorporating mainstream crypto assets into a compliant securities product framework, which will later facilitate local capital entry through fund channels. From a trading perspective, this is better viewed as a medium-term institutional benefit. Short-term prices will still depend on the actual launch pace of the ETF and whether Asia-Pacific funds follow up. Source: Wu Shuo #BTC #ETH #Crypto100W $ZEC This Martingale experiment lost 12.6U but is not over yet. Just checked the account, ZEC dropped from 870 to 752, and my contract Martingale is still running. Total invested 46U, unrealized loss 12.6U, a 27% loss, all 10 add-on positions used, average price 823, still some way from the current price. This Martingale was originally for experimentation, trying to see if grid add-ons could average down the cost and wait for a rebound with a highly volatile asset like ZEC. Made a little profit from the rise from 500 to 870, but the pullback wiped it out. Using all 10 add-ons without a rebound shows the market is indeed weaker than expected. The core bullish logic is Grayscale pushing for a Zcash spot ETF, planned to list on the NYSE around August 25, plus Cypherpunk running a mining rig cluster accounting for 18% of the entire network's hash rate. But the pump mainly relies on futures leverage, not real spot buying; RSI hit 88 in the overbought zone, so any slight disturbance triggers a sell-off. The experiment isn't over yet, just holding on to see the result. If it ends in loss, so be it; if it profits, it's experience gained. #ZEC创站内历史新高，隐私资产重估 Here's a divergence to note—don't just focus on the price rising. Gold is approaching historic highs, silver has climbed above 69, looking impressive. But on the same day’s position data: the world’s largest gold ETF (SPDR) reduced holdings by 1.1 tons, and the largest silver ETF (iShares) cut 36 tons in one day. Prices are hitting new highs, yet real money is flowing out—this is a classic divergence between price and capital flow. Prices can be temporarily pushed up by sentiment and leverage, but position flows don’t lie. Those who blindly rush in at new highs often end up holding what others are distributing. The most expensive lesson at the table is—what you think is accumulating is actually carrying the opponent’s load. Before chasing highs, ask yourself: who is buying, who is selling? 🚨 CRYPTO ETF DEMAND IS BROADENING BUT THE NEXT TEST IS PROFIT-TAKING The latest move in crypto is becoming harder to dismiss as a purely leverage-driven rally. U.S. spot Bitcoin ETFs pulled in roughly $1.92B last week, their strongest weekly inflow since October 2025. Ethereum ETFs also recorded a strong week, adding roughly $697M. That tells us something important: Institutional demand is returning alongside the price. And now the story is beginning to spread beyond $BTC $ETH and other c Federal Reserve's Barkin said a hard truth yesterday: the US debt has broken 40 trillion, and sooner or later it will face a "liquidation," but no one knows when. I agree with this, but we need to distinguish the time scale. Fiat currency depreciates in the long term, and hard assets benefit; this is the fundamental reason I hoard coins—gold hitting record highs, silver reaching 69, and $BTC are all the same account being slowly priced by the market. But "long-term correctness" does not mean "rising today." Debt liquidation is a long-term chronic negative, not a catalyst for tomorrow's market open. Using it as a faith anchor is fine, but using it as a reason for short-term buying will kill you on time cost. Distinguishing what is direction and what is the trigger is the premise for survival. Do you treat it as faith or as an excuse? Recently, discussions about Dogecoin have quietly heated up again, with voices in the community saying "It's bottomed out, it's time to enter the market," and even some influential KOLs are actively calling for trades. In this atmosphere, ordinary investors are easily swept up in emotions, as if missing this price level is like missing an era. But if we shift our focus away from the noisy surface and look at the calmer data behind on-chain and exchanges, we might reach a completely different conclusion. I carefully reviewed the current DOGE holdings and found a rather interesting comparison. The data shows that about 1,239 small retail investors are currently continuously buying, with most positions concentrated around $0.091. In other words, almost all these new funds are standing at the same cost line, as if they have agreed to be together on the mountaintop, feeling the cold wind together. On the other hand, the data from the short sellers is even more intriguing—although only 317 addresses participated in the short selling, far fewer than the retail long positions, their total holdings exceeded $81.7 million, which is even larger than the total of all retail long positions. What's even more noteworthy is that these short sellers are not currently profitable. Based on current price estimates, their floating losses have already exceeded $10 million. This is a very critical signal: when a large short position is deeply trapped, holders often don't easily admit losses and exit; instead, they tend to wait for the right moment and even actively create downward price movements to close at lower levels $UNITREE $UNITREE found an issue, Unitree Technology only has contracts. During the day, it can barely follow the underlying stock, but at night it follows data manipulation by a certain exchange. For example, the least liquid major exchange Gate allows the largest single-account leverage. Yesterday at midnight, when the underlying stock market was closed, it sneakily manipulated to trigger a short squeeze on a major holder. Larger volume exchanges like Binance and OKX followed suit with similar manipulations. This is a bug!Pullback After Breaking 80K: The Strength Divergence Between BTC and ETH Reveals the True Choice of Capital On August 25, BTC broke through the $80,000 mark for the first time in three months, reaching a high of $80,908, the highest since mid-May, but then quickly retreated to around $78,800, consolidating in a narrow range; ETH simultaneously surged to $2,533 but experienced a larger pullback, currently dropping to around $2,450 with a daily decline of over 1.3%, clearly weaker than BTC. Behind this seemingly normal surge and pullback, the strength divergence between the two is accelerating—BTC's pullback is a technical consolidation supported by institutional buying, while ETH's decline reflects loosening of positions after a sentiment fade. During the same policy window, capital has voted with its feet to select truly certain assets. BTC's pullback looks more like a buildup before a breakout rather than a loss of upward momentum. The capital support remains solid: since August, the US spot BTC ETF has seen a cumulative net inflow of $2.07 billion, surpassing the monthly high set in April 2026, with a single-week peak inflow of $1.92 billion, a nearly 10-month record. BlackRock's IBIT single product contributed over 60% of the increase, and the logic of leading institutions accumulating has not reversed despite the price surge. Even during the pullback after breaking 80K, ETF funds did not see significant net outflows, indicating institutional capital is not engaging in short-term speculation but entering with a medium- to long-term allocation goal. These chips have settled as a base position, forming a solid price support zone. The chip structure also confirms this. On-chain data shows that in the past two weeks, the entire network's exchange BTC net outflow exceeded 13,000 coins, with whales and institutions continuously moving coins to cold storage addresses for locking, reducing active circulating chips. The $76,000-$78,000 range is the core cost zone for this round of institutional accumulation; every time the price dips to this level, buy orders quickly intervene, forming strong support. The rapid pullback after breaking 80K is essentially the concentrated unlocking and selling pressure of historical trapped positions in the $78,000-$82,000 range, not a lack of buying. This "pressure above, support below" pattern, though appearing as repeated oscillations, actually digests selling pressure and raises the market's average holding cost with each pullback, accumulating momentum for a subsequent effective breakout. In contrast, ETH's decline shows more obvious signs of sentiment fading, exposing the weakness of capital support. The underlying fundamentals remain solid: Ethereum's total staked amount on the entire network reached 41.89 million coins, accounting for 34.7% of total supply, hitting a new historical high, with over one-third of circulating chips locked long-term, effectively sealing off deep downside from the supply side. However, supply contraction can only hold the bottom, not support sustained rises. This round of ETH's rally was more driven by BTC's upward momentum combined with the AI+Crypto narrative's emotional catalyst, rather than large-scale institutional capital inflows. The capital difference is the core of the divergence. Last week, the spot ETH ETF had a single-week net inflow of $697 million, seemingly impressive but only about one-third of BTC's, with over 70% of the increase coming from BlackRock's single product. The capital concentration is much higher than BTC, lacking support from systematic industry-wide accumulation. More short-term funds gather in the derivatives market; during this rebound, ETH perpetual contract positions fluctuated wildly, and funding rates rose and fell sharply with the market, indicating a high proportion of speculative capital. This is reflected in the market as "leveraged gains on the way up, accelerated losses on the way down," with greater elasticity than BTC when rising but often larger declines during pullbacks, making ETH's independence and sustainability weaker than BTC. The upcoming Jackson Hole Global Central Bank Annual Meeting (August 27-29) will further amplify this divergence. The first Jackson Hole speech by new Fed Chair Wash is highly anticipated. The current market prices a roughly 69% probability of maintaining rates in September, leaning toward a neutral to slightly hawkish expectation. For BTC, with a solid institutional base and stable chip structure, even if hawkish policies trigger a pullback, the strong support at $76,000 limits downside; if policies turn dovish, further upside space may open. For ETH, policy volatility will have a significantly amplified impact. If policies turn dovish, sentiment may heat up and ETH could pulse higher again; if hawkish, sentiment fading combined with leveraged liquidations will likely cause a larger pullback than BTC, testing short-term support around $2,380-$2,400. Essentially, BTC earns certainty money, while ETH earns elasticity money. During policy windows, the value of certainty will become more prominent. Operationally, the two require different strategies. BTC is suitable for a mid-term allocation approach, holding the base position and accumulating in batches when it pulls back to the $76,000-$78,000 range, without frequent trading due to short-term volatility; ETH suits a swing trading approach, taking partial profits above $2,550, waiting for a stable pullback before considering low entry opportunities, strictly controlling position size and leverage. In a divergent market, understanding the true choice of capital is far more important than chasing short-term gains. $BTC $ETH $DOGE #BTC突破80000美元，能否站稳新关口 #美启动对伊经济孤立，油价为何回落？ #Strategy增发扩充现金，BTC配置节奏受关注 > Bitcoin Analysis: $BTC has already risen significantly, so now what to watch isn’t RSI, but who’s buying. BTC is currently around: $78,500. After the rally from the $58K area... BTC briefly touched $81,272. And derivatives data shows some interesting conditions. > Open Interest up around 18.6% in 7 days. BTC futures OI up from around: $48 billion → $57.3 billion. This means... A lot of new leverage is starting to enter the market. The rally is still strong... But the risk of a long squeeze is also increasing. > Funding Rate is still relatively normal. The majority of funding is still positive. This means traders are indeed leaning LONG... But not yet at extreme euphoria levels. This is still quite healthy. > Options market turning defensive. The August 28 expiry has around: $6.4 billion in BTC options. Call OI is still larger than Put... But recent Put volume is starting to get higher. This means some traders are starting to buy protection against a drop. Max Pain is around: $68K. Not that it means BTC is definitely heading to $68K... But this positioning is still interesting ahead of expiry. > Meanwhile, spot demand remains strong. US Bitcoin ETFs recorded around: $2.2 billion in inflows over six sessions. So this rally isn’t just a short squeeze. There’s spot buying supporting the price too. > Key levels: - $77K–$78K = support - $73K–$75K = next support - $80K–$81.3K = resistance - $82,850 = main breakout level In conclusion... The bias is still bullish. But leverage is starting to pile up and BTC is close to major resistance. If $82,850 is broken through with spot demand staying strong... Bullish continuation becomes even more valid. But if the breakout fails while OI keeps rising... Be careful. The market might need to shake out late longs first.US-Iran confrontation escalates + US dollar credit under pressure, gold's high-level oscillation is just a buildup, institutions continue to raise bullish targets On Tuesday (August 25), spot gold experienced a thrilling surge and pullback, once spiking to $4696.55/oz, a three-month high, before quickly retreating near the $4600 mark, finally closing at $4658.67, up slightly by 0.13%. This volatile daily candlestick seemingly indicates a pause in bullish momentum, but underlying geopolitical risks, US dollar credit, debt pressure, and physical demand are continuously reshaping global asset pricing logic. TD Securities' head of commodities bluntly stated that the recent pullback is merely a short-term consolidation, not a trend reversal. Gold faced profit-taking pressure at the strong resistance of $4700, but the macro drivers pushing gold higher have not faded; instead, they continue to intensify across multiple dimensions. Early Wednesday Asian trading shows gold maintaining a narrow oscillation around $4657. 1. Technical Crossroads: $4700 as Key Level, Support Determines Future Space Technically, $4700 has become the core resistance that bulls must overcome. After gold peaked at $4696 yesterday and sharply dropped, the intraday range neared $100. Approaching this key resistance, short-term profit-taking and previous trapped positions combined to create selling pressure. Technical analysis sets clear boundaries: if gold can hold effective support near $4600, it may continue to challenge $4755 and even target $4850; if $4600 support fails, the price will likely test the 200-day moving average near $4519, entering a phase of sideways consolidation. However, technical pullbacks are short-term fluctuations; the true direction depends on whether the macro fundamentals fundamentally shift, and currently, the bullish underlying support remains solid. 2. Middle East Powder Keg Heats Up, Long-Term Safe-Haven Premium Supported Geopolitical tensions are the core support for gold's safe-haven status. The US recently expanded sanctions on Iran, targeting nearly 60 individuals, entities, and vessels across five sectors including shipping, gold, and digital assets. Iran responded strongly, condemning the sanctions as violations of international law and threatening retaliation, escalating the confrontation. Shipping risks in the Strait of Hormuz have intensified, with frequent attacks on oil tankers in the Red Sea. Iran and Oman are negotiating maritime security, significantly raising uncertainty in global energy transport routes. Although oil prices have slightly retreated short-term, the market remains wary of Iran's ability to disrupt global shipping. The US is gradually redeploying diplomatic personnel in the Middle East, believing large-scale conflict risk has decreased, but Iran's tough stance means geopolitical shadows remain. As long as Middle East tensions persist, gold's safe-haven demand will not easily fade. 3. US Debt Intervention Backfires on Dollar Credit, Structural Weakness Supports Gold If geopolitical risk fuels gold's rise, US debt market intervention causing cracks in dollar credit is the core engine of this rally. US Treasury Secretary Janet Yellen announced doubling long-term Treasury buybacks to suppress rising long-term yields. But the market sees through this: government intervention to lower borrowing costs cannot solve the massive $40 trillion US debt problem. This move is interpreted as financial repression, triggering a sharp drop in the dollar index to its lowest since mid-May. Citigroup has directly lowered its long-term dollar index forecast, and Wall Street consensus is forming that the dollar's medium- to long-term weakness is hard to reverse. The World Gold Council points out that uncontrolled US debt growth and rising fiscal uncertainty are eroding global trust in the dollar system. Gold, as a non-sovereign safe-haven asset, is being revalued by the market for its role in hedging dollar credit risk. 4. Two Major Events This Week Determine Short-Term Gold Price Volatility Market focus is on two key events: Wednesday evening's US July core PCE inflation data release and Fed Chair Powell's first public speech at Friday's Jackson Hole symposium. PCE is the Fed's core reference for monetary policy, with market expectations for core PCE year-over-year at 3.3%. Previous weak CPI and PPI data have cooled rate hike expectations, with September hike probability down to 38%. If PCE continues to decline, the Fed's rate hike logic weakens further, putting pressure on the dollar and Treasury yields, potentially giving gold new upward momentum. Powell advocates reducing forward guidance since taking office, making his speech tone hard to predict. A dovish signal would benefit gold; a hawkish emphasis on inflation risks could trigger a short-term pullback. Regardless, the speech is unlikely to change the medium- to long-term pressure on dollar credit. 5. Eastern Physical Demand + Trade Frictions Add Dual Support for Bulls While Western markets grapple with monetary policy, physical buying from the East solidifies gold's base. Latest data shows China's July gold imports rose 11% month-on-month, with the central bank increasing gold holdings by nearly 20 tons in a single month, a yearly high. Domestic gold prices maintain a premium over London gold, with strong official and private demand. As the world's largest gold consumer, China's strategic accumulation provides long-term structural support for global gold prices. Meanwhile, US-Canada trade frictions continue escalating, with both sides imposing high tariffs, raising trade barriers and global economic uncertainty. Capital continues flowing into gold to hedge risks, an often overlooked bullish factor. Conclusion: The Gold Bull Narrative Has Just Begun In summary, US-Iran geopolitical conflict, dollar credit damage, high US debt pressure, and ongoing global central bank gold purchases jointly support a medium- to long-term gold uptrend. $4700 is only a short-term resistance. As market trust in dollar assets declines, gold's allocation value will be continuously re-evaluated. Goldman Sachs has even raised its long-term gold target, seeing upside beyond the previous $4900 forecast. Though short-term gold prices face profit-taking and high-level oscillation, pullbacks are merely consolidation phases within the trend. This week's PCE data and Fed speech will only affect short-term volatility rhythm, not the long-term logic of gold as a hedge against sovereign currency risks. In the context of a gradually diversifying global monetary system, the gold bull market story is just opening a new chapter.Fundamental Research Report $SNX / Synthetix (DeFi) $3.20 Core Judgment: Synthetix ($SNX) comprehensive score 53/100, rating narrative outweighs implementation. Breaking down into three layers, the company team has cash reserves, the protocol network shows signs of paid usage, and token value capture has been realized. First, the project: Synthetix (token $SNX), in the DeFi sector. Focuses on synthetic asset derivatives. Competitors include CRV and UNI. Traditional centralized platforms charge 15-40% commission, and user data is not controlled by users. On-chain trustless transactions have lower fees, and token incentives convert early users into contributors. Average customer spend is $50-500/month, requiring USDC or fiat settlement. Narrative-driven sector, usage drops 60-80% in bear markets. Positioned as an end-to-end vertical platform. Product implementation: protocol layer is officially running, on-chain dashboard shows protocol fees accumulating, with evidence of paid usage. Latest version not found, 60 valid commits in the last 90 days. User side: address MAU not disclosed, DAU not disclosed, 24h trading volume $80.00M, TVL not found. Wallet addresses do not equal natural person monthly active users; concentration of large addresses holding assets may overestimate real user count. Revenue side: user fees not disclosed, supplier income about 80-90% of user fees (belonging to LPs and nodes), protocol treasury income $2.00M, token holder buyback and burn annualized no burn mechanism. 24h trading volume is business flow, not revenue. Company profit does not equal protocol profit, protocol profit does not equal token holder profit. Code side: 60 valid commits in 90 days, 25 active contributors, latest version not found. GitHub is A-level evidence and can be directly verified. Investment background: company equity financing checked via PitchBook/Crunchbase (A-level), token private and public sales checked via whitepaper, release schedule, and on-chain unlock contracts (A-level), market makers and ecosystem grants are B-level and do not represent long-term holdings by technical VCs, technical integration checked via API/SDK access evidence (B-level), strategic partnerships and logo walls are D-level. NVIDIA GPU usage does not equal NVIDIA investment, exchange listing does not equal exchange strategic investment. Token side: total supply 1,300,000,000, circulating 950,000,000 (73.1%), FDV $4.20B, next unlock 2026-Q4 (accounts for +3.50% of circulation), annualized burn/buyback no clear buyback burn. Must buy tokens to use product? Partially yes, medium value capture (staking/discount/governance). Compared with peers (uniform criteria, no cross-sector comparison): Circulating market cap: Synthetix $3.00B, CRV undisclosed, UNI undisclosed. FDV: Synthetix $4.20B, CRV undisclosed, UNI undisclosed. Annual revenue: Synthetix $2.00M, CRV undisclosed, UNI undisclosed. Monthly active addresses or users: Synthetix undisclosed, CRV undisclosed, UNI undisclosed. Numbers based on public data snapshots, some missing data supplemented by official reports or industry standards. Valuation: circulating market cap $3.00B, FDV $4.20B, P/S 1500.0x, FDV divided by revenue 2100.0x. Pessimistic view discounts $3.00B by 50-70%, neutral range oscillates, optimistic view doubles revenue, burn implemented, enterprise clients join, FDV P/S aligns with top projects. Overall: fundamentals solid (score 53/100). Token value capture realized (buyback/burn/Gas). Circulating market cap relatively expensive compared to fundamentals, overextended expectations, FDV moderate. Risks to watch: short-term large unlock sell-off, protocol income long-term zero, token demand relying only on incentives (if incentives stop, usage collapses). Next focus on these metrics: protocol fee weekly, burn amount, active address retention, TVL/loan balance, GitHub version releases. Data from public sources, for reference only, not investment advice. If indicator deviation exceeds 30%, re-evaluation needed. Fundamentals analyzed, market direction is another matter. #FundamentalResearchReport #Crypto #Research #OKXOrbit #美启动对伊经济孤立，油价为何回落？ On Monday, U.S. Treasury Secretary Janet Yellen announced the launch of an "economic isolation operation" against Iran, expanding sanctions to five major areas including digital assets, gold, and shipping, and warned that countries continuing to do business with Iran could be kicked out of the dollar system. Logically, this would raise geopolitical premiums, yet oil prices have clearly fallen—on Tuesday, WTI dropped more than 3% to $82.36, and Brent fell nearly 4% to $88.58. The reason is not complicated. The market's biggest fear before was military escalation and physical disruption of the Strait of Hormuz. Although economic sanctions may compress Iran's exports in the long term, their short-term impact on actual supply is much less than another war. The U.S. shifting from "hard military" to "soft economic" measures directly reduces the probability of the worst-case scenario, quickly squeezing out risk premiums. Additionally, the sanctions details leave room: major buyers like China were not immediately named, nor was a clear timetable for secondary sanctions given. Coupled with Iran discussing temporary shipping routes with Oman and the U.S. considering sending diplomats back to the Middle East—signals of easing—traders are more inclined to believe the negotiation window is still open. Profit-taking after consecutive rises further amplified the decline. Simply put, the current market pricing logic is: the supply threat from economic pressure is temporarily less than that from military conflict. As long as there is no more severe physical disruption in the strait, oil prices are more likely to oscillate downward rather than surge unilaterally. $CL $XAU $BTC Late night group chat, two groups: those showing off their orders and those asking about buying the coin At 1 a.m., the atmosphere in the $HYPE group was clearly split. One group was showing off their orders, having bought in at $60, with nearly 40% unrealized gains, all captioned "Faith is priceless." The other group privately messaged me: "Siu bro, it's at 83 now, can I still get in?" I didn’t answer directly but asked back: "Do you know that only 22.2% of $HYPE is in circulation?" They were stunned. This is a ledger most chasing new highs never consider! What you’re buying on the secondary market with real money is the price of circulating tokens, while the project team and early contributors still hold 77.8% locked up, with nearly ten million tokens unlocking every month. At current prices, that’s a potential supply of seven to eight hundred million USD monthly. You see the breakout new high candlestick; they see inventory that’s getting more valuable as the price rises. The guy showing off his order was right too—the trend isn’t broken. But the interests of trend believers and inventory holders only align when the price is rising. Later, I gave the guy asking about buying a straightforward truth: it’s not that you can’t buy, but you need to know who you’re sitting at the table with. Some at the table hold costs from three years ago, while you hold costs at the historical high. Same table, completely different game. He said he understood and then said he’d think it over. Being able to "think it over" already beats half the people. #Strategy增发扩充现金，BTC配置节奏受关注 The market closed on August 25 Eastern Time (morning of August 26, Beijing time), with a full focus on the storage industry chain analysis. 1. Overnight Overview of U.S. Stocks All three major indexes closed higher, with the Nasdaq leading the gains, ending a seven-day losing streak. The core drivers came from rising market optimism ahead of Nvidia's Q2 earnings report, recovery in sentiment among tech growth stocks, and leading gains in semiconductors and optical communications sectors; Value stocks performed relatively flat, and the Dow's gains narrowed. • Dow Jones Industrial Average: +0.30%, closed at 53,577.40, rebounding for the third consecutive trading day • S&P 500: +0.32%, closed at 7,677.28; Eleven sectors saw eight gains and three losses, with information technology leading gains and energy dropping over 1%, leading the decline • Nasdaq Composite: +0.66%, closing at 26,151.30, up 171.11 points for the day, broke above the 30-day moving average during trading and closed above the 5-day moving average • Fear Index VIX: Fell back to 17.2, risk aversion marginally eased before earnings reports • Trading characteristics: Tech stocks saw a rebound in trading activity, Philadelphia Semiconductor Index rose over 1.4%; Capital has slightly flowed back from defensive sectors such as energy and consumer goods into tech growth tracks, with a clear trend of style rebalancing. Core features of the market: The AI industry chain as a whole has stopped falling and rebounded, Nvidia has ended a seven-day losing streak, and the market is betting on earnings reports that beat expectations. The storage sector showed a divergent rebound, with Seagate and Western Digital leading gains over 3%, Micron and SK Hynix following with gains of over 2%. SanDisk closed slightly lower, and intensified sector fragmentation. 2. Global Stocks $ETH ETH｜Second Largest Market Cap 🟣 ETH is approaching $2,500, is the real opportunity just beginning? ETH is currently around $2,495, with a market cap exceeding $300B, up about 32% in the past 7 days, recently outperforming BTC significantly. The most critical question for ETH now: Can it truly break through $2,500 and hold? If it breaks through: $2,500 ↓ $2,600 ↓ The market could further open up upside potential. But if it fails to break $2,500 multiple times, it may short-term return to oscillate around $2,400. Additionally, I will pay special attention to: Whether ETH/BTC continues to strengthen. If ETH starts to consistently outperform BTC, it means capital might be flowing from BTC to ETH. 🎯 My view: ETH is slightly strong in the short term, $2,500 is a key watershed. #ETH触及2500美元后震荡 #BTC突破80000美元，能否站稳新关口 #Strategy增发扩充现金，BTC配置节奏受关注 #BTC breaks through $80,000, can it hold the new threshold? #ETH fluctuates after reaching $2,500 #US initiates economic isolation of Iran, why did oil prices fall? 💥 Morning breaking news! $BTC surged to 81,000 then quickly fell back, the critical battle for survival intensifies! This morning, Bitcoin tested a high of $81,000, approaching the key resistance of the 50-week moving average at 81,000-82,000, then faced pressure and retreated, currently fluctuating around 79,000. In the past week, it surged 25%, with last week's spot BTC ETF net inflows reaching $1.92 billion, marking the largest capital inflow in nearly 10 months. Shorts were liquidated in a chain reaction totaling $7.2 billion, fueling this short squeeze rally. Galaxy's core signal is once again a hot topic in the market: Historically, in 13 weekly closes above the 50-week moving average, 11 confirmed bear market bottoms, an 85% success rate. Only a steady weekly close above 82,000 can effectively confirm the end of the bear market; intraday spikes do not count as signals. However, short-term alarms have already sounded: The 7-day ROC increased by 25%. In the past five years, this range of increase was usually followed by sharp corrections and washouts. Short-term profit-taking has piled up heavily, high-level selling pressure continues to intensify, and historically there have been two false breakout traps. On one side, institutional funds continue to enter, supported by historical signals of a bear-to-bull transition; On the other side, short-term gains are overextended, and the risk of high-level volatility is increasing. This week's weekly closing price will directly determine whether this rally initiates a major uptrend or results in a pullback trapping late buyers.Oil prices plunged nearly 5% in one day, inflation alarms temporarily lifted, and both the stock market and gold gave face, except for the crypto market, which seemed unresponsive. $BTC fell only 0.53%, $ETH dropped 1.52%, and the entire market showed a sense of "good news doesn't rise." The money didn't leave, only igniting fire in a narrower corner. Outline - 🔍 Oil prices plunge, where money is heading - 🎯 The truth in trading volume: Who is being frantically snapped up - 📉 Why crypto is numb to positive news - ⚡ Trading insights: Don't compete with the market Today's snapshot $BTC 78,476, -0.53% $ETH 2,443, -1.52% $QQQ +0.62%, $SPY +0.32% $DXY +0.02%, $GLD +0.32% $IBIT +0.18% VIX 15.46, -2.40% $USO 126.15, -4.58% Dow 53,577.4, +0.30% 1. Oil prices plunge, where is the money going 🔍? Today, $USO plunged 4.58% in a single day, closing at 126.15, and crude oil bulls were caught off guard by news of Iran and Oman discussing a "transitional framework." The drop in oil prices directly lowered inflation expectations, with $QQQ +0.62%, $SPY +0.32%, Dow 53,577.4 +0.30%, and the stock market welcomed the gains as well. $GLD edged up 0.32%, continuing to climb after four consecutive gains; $DXY $ZEC, $SNDK, I already posted my views yesterday saying that ZEC has reached a turning point, and SNDK can be shorted at 1550. I actually have some basis and opinions on this. 1. Based on BTC catching up and breaking previous highs, ETH consolidating, and other sectors pulling back and falling, it’s clear that the current market lacks capital momentum. A correction is necessary to ease the selling pressure from profit-taking. 2. ZEC, as a 🐲 privacy coin, has nearly doubled and entered the top ten by market cap. One point to mention is that this coin once dropped nearly 50% in one day, then recovered over a month. Institutions likely accumulated during that period. Now, with many positive factors released and the price doubled, without continued positive support, only selling to lock in profits remains. This time, watch the support structure around 720. 3. This round of rise is considered a rebound, not a reversal, because many sectors and coins have not caught up, indicating limited capital inflow and single-institution involvement, not a broad rally driven by large funds. In summary, continue holding short positions and observe support levels: ETH 2380, BTC 77500. If the market holds, run the shorts; if not, continue adding to the position.Recently, a piece of news about CORE has been circulating in overseas communities, claiming that a highly influential KOL has made a statement that CORE will challenge the $0.8 level tonight. As soon as the news broke, many followers felt a surge of excitement in their hearts. But looking calmly at the market, CORE's current price is around 0.025. If this target is realized, it would mean a multiplication of dozens of times in the short term. Such expectations have already gone beyond normal market volatility; they sound more like emotional slogans rather than fundamental judgments. Such rumors share a common feature: they come from community opinion, not from official announcements from project teams or actual on-chain progress. Although the bloggers making the announcements may have great enthusiasm for the project, enthusiasm alone cannot control the market rhythm. To achieve such an exaggerated rally in a short time, massive incremental capital and extremely heavy positive news are needed simultaneously, which obviously cannot be carried by a single social media post. Now let's look at the actual market environment CORE faces. Recently, its resistance level is roughly between 0.026 and 0.03, with many historical positions accumulating above, indicating that selling pressure is not easy. Liquidity is also relatively limited, and under such a broad backdrop, achieving a multiple-fold jump is almost lacking in real support. Even if the BTC-Fi narrative has broader potential in the future, it is still a medium- to long-term story that requires time to mature and is unlikely to suddenly be realized on a certain night. In fact, something like "tonight."Japan plans to study 24-hour instant settlement for bonds and stocks. The core contradiction lies in the fact that the traditional capital market's around-the-clock trading has leveled the time difference with crypto assets, but the funding supply gap during off-peak hours will amplify cross-market interest rate spread fluctuations. The push for instant clearing in traditional bond and stock markets around the clock is primarily driven by eliminating the hedging time difference within the clearing cycle. The second driving factor is the real-time transmission mechanism of US dollar interest rate policy and Japanese yen bond market yields during non-Asian trading hours. When the clearing time for same-day stocks and Japanese bonds shortens to real-time, volatility during US stock market hours will directly force an immediate reconstruction of yen liquidity. Gold and crypto assets, as existing around-the-clock pricing benchmarks, may serve as risk-hedging capital reservoirs during liquidity gaps in traditional markets. In a scenario of improved cross-market capital efficiency, if Japanese bond instant clearing transitions smoothly and overnight lending follows suit, global capital can seamlessly allocate yen assets during US stock market hours. This will smooth the US-Japan interest rate spread, narrow the premium range for gold and crypto assets, and enhance cross-market capital efficiency. In a scenario of overnight liquidity squeeze, if market makers' quote depth is insufficient during off-peak hours, fluctuations in US bond yields may trigger forced replenishment chain reactions in Japanese bond instant clearing. At this time, yen exchange rate volatility will instantly squeeze liquidity in the US stock night session, forcing capital to exit for risk aversion and triggering cross-market liquidation linkage in gold and crypto assets. If Japanese financial authorities tighten the yen overnight lending pool while promoting around-the-clock settlement, the assumption of increased asset turnover from instant clearing will fail. If major central banks establish around-the-clock real-time clearing swap arrangements, the risk of overnight liquidity gaps during off-peak hours will be effectively hedged, breaking the logic of liquidation chain reactions in the downside scenario. In the next 7 days, key observations will focus on the marginal volatility of the US dollar against the yen during non-Asian trading hours, as well as the real-time linkage sensitivity between US bond yields and cross-market hedging assets during US stock market hours. #财政部拟动用TGA，长债回购能否治本？ #阿里配售获超额认购，高管增持能否稳住信心？ #BTC突破80000美元，能否站稳新关口 🚨 CRYPTO ETF DEMAND IS BROADENING BUT THE NEXT TEST IS PROFIT-TAKING The latest move in crypto is becoming harder to dismiss as a purely leverage-driven rally. U.S. spot Bitcoin ETFs pulled in roughly $1.92B last week, their strongest weekly inflow since October 2025. Ethereum ETFs also recorded a strong week, adding roughly $697M. That tells us something important: Institutional demand is returning alongside the price. And now the story is beginning to spread beyond $BTC $ETH and other crypto ETF products are attracting attention, suggesting that capital may gradually be moving from the market leader toward higher-beta opportunities. But there's another side to this. With BTC trading around the $79K area and sentiment firmly in greed territory, the market is becoming increasingly crowded. That's where profit-taking becomes a serious risk. After such a strong rally, some investors will naturally lock in gains. The key question isn't whether selling happens — it's whether buyers can absorb it. If BTC pulls back and ETF demand remains strong, that would be a healthy sign. If price stalls while fresh inflows continue, even better. But if ETF demand starts fading at the same time that profit-taking accelerates, the market could finally need a deeper reset. So I'm watching three things: BTC: Can it hold the breakout structure? ETF flows: Does institutional demand remain consistent? ETH/altcoins: Does capital continue spreading beyond Bitcoin? The strongest signal wouldn't be another massive green candle. It would be Bitcoin consolidating at higher levels while capital keeps flowing in. That's how a rally starts proving it has substance. For now, I'm bullish on the demand trend — but I'm not chasing blindly. Let the flows confirm the price. 📈SOXL dropped from 302 to 111, a pullback of over 60%, yet nearly $7 billion was still poured in during the first two weeks from July to August. This isn’t bottom-fishing; it’s throwing money into a meat grinder. With triple-leveraged products, the more they fall, the more people buy—not cheap shares, but exposure that’s compounding losses daily. Chip stocks have fallen this much, and money isn’t flowing into the underlying stocks but is instead diving into triple-leveraged ETFs. I really don’t get it. Either someone is betting that this semiconductor drop is the last one and wants to use leverage to recover all previous losses at once; or retail investors see 111 as cheaper than 302 and think it’s a bargain. The former is bold, the latter hasn’t calculated the compound loss. I’m not taking sides, just watching the show. Whether this $7 billion ends up catching a falling knife or picking up gold, when chip stocks truly rebound, we’ll see who cracks first.Many people don't know what the Jackson Hole annual meeting is all about. Focus on the confidential currency sector 1. Core transmission logic The Jackson Hole global central bank annual meeting is known as the global monetary policy barometer and is the most important policy setting window ahead of the Fed's September meeting. The transmission path for the crypto market is very clear: Federal Reserve policy statements → Fluctuations in US Treasury yields/US dollar indices → Changes in global liquidity expectations → Risk asset valuation restructuring → Crypto market amplified in sync Cryptocurrency is a high-beta risk asset, with significantly higher sensitivity to interest rates, the dollar, and liquidity than traditional assets like US stocks and commodities. Marginal changes in policy expectations are amplified by leverage, resulting in large volatility. 2. Dual Impact Dimensions of the 2026 Annual Meeting This year's conference (August 27-29, with Wash's keynote speech on the 28th) was themed "Financial Innovation: Impact on Payments and Policy," marking the first time in history that the focus was directly on payments and digital assets, so the impact was divided into two dimensions: 1. Routine dimension: Alignment of rate cut paths in September (core impact) This has been the core driving force of previous annual meetings. Currently, the market generally prices a 25 basis point rate cut in September; differing statements will directly reverse the market direction: • Dovish statement: implies a 50 basis point rate cut in September, or an increase in cuts within the year, extending the rate cut cycle → Falling US dollar index, falling US Treasury yields → Overall valuation recovery in the crypto market, leading mainstream assets like BTC and ETH leading gains, likely to challenge the $80,000 mark. • Neutral statement PROFIT-TAKING PRESSURE IS RISING $BTC breaking above $80K and $ETH above $2.5K triggered profit-taking, pushing both back from recent highs However, ETF flows remain a key bright spot, with Bitcoin ETFs attracting roughly $1.92B and Ethereum ETFs about $697M over the past week—the strongest weekly inflows of 2026 In my view, the pullback looks more like profit absorption after a strong rally than a confirmed reversal. The key test is whether ETF demand remains resilient as $BTC retests $79K–$80K The recent strong performance of ZEC and HYPE made the market think they had found their own narrative, but a closer look at the structure of funds and news shows these two coins seem to be being temporarily supported by external forces rather than initiating an endogenous trend. Meanwhile, BTC and ETH are leading the market higher with a more solid pace, and this divergence itself is the most noteworthy signal. Let's look at ZEC first. The New York Stock Exchange approved the listing of Grayscale's Zcash Trust ETF, which indeed opened a compliant and regulated capital channel for ZEC. From an institutional perspective, it was a milestone progress and a direct catalyst for the previous rapid price increase. But opening the channel does not mean capital will flow in. ETF listings are just the beginning; the real test lies in initial trading activity and net inflow data. Only these numbers can verify the real demand of institutions and retail investors, rather than just lingering at the sentiment level of "positive news being realized." If subsequent traffic weakens, the earlier gains will lack support, and pullback pressure will naturally emerge. Now let's look at HYPE. Its rise relies more on Trump's public statements, claiming that the CFTC is working to push Hyperliquid into the U.S. market "in a fully legal and compliant manner." As soon as this statement was made, HYPE's price reacted quickly, and the market interpreted it as a signal of policy easing. But we must clearly recognize that such statements are still verbal and lack specific regulatory details ZEC and HYPE have undoubtedly been market focal points recently, but the engines driving their rise are fundamentally different. One is driven by expectations of compliant channels, while the other is betting on verbal promises from politicians. As Bitcoin and Ethereum continue to hit new heights and drive overall risk appetite upward, these two tokens seem somewhat lacking in momentum, with price rhythms clearly lagging behind the broader market. This is often a warning sign, indicating that short-term strength may be coming to an end. Let's start with ZEC. The New York Stock Exchange approved the listing of Grayscale's Zcash trust product, structurally opening a brand-new capital gateway for ZEC. Compliant and regulated channels are self-evident for institutional capital; they lower the entry barrier and give assets a more respectable status. This was the direct catalyst for ZEC's previous strength, with a clear and solid logic. But we need to calmly realize that opening channels does not necessarily mean capital inflows. The true quality of ETFs or trust products ultimately depends on trading volume and net inflow data at the time of listing. If subsequent disclosed capital scales are mediocre, then previous gains are more about sentiment pricing than reflections of real demand. Before the data becomes clear, it is probably too early to fully interpret ZEC's rise as a trend reversal. Now let's look at HYPE. Its outbreak was largely due to Trump's public statement that the CFTC is working hard to promote Hyperliquid $TRUMP chased the price from the peak down to a halving cut-loss, enduring all kinds of fake "positive pump" moves along the way, and saying more about it only brings tears. But putting personal emotions aside and looking calmly at $TRUMP's fate, this rebound is indeed the most decent yet also the most dangerous. The letter from Democratic Senators like Warren to the SEC is no joke—it directly labels it an "illegal scam" and accuses the family of illicit gains, effectively putting a political knife to the coin's neck. The November midterm elections are the lifeline: if Trump loses, once the Democrats take power, not only will this coin be "completely" dead, but they may also seriously investigate foreign buyers and related trading platforms. Binance, as a major liquidity venue, will inevitably be heavily impacted. Ultimately, the destiny of this coin is tied to Trump's political life. No matter what "patriotic narratives" or "community defense" plot twists occur, they cannot change the essence that policy risk > market logic. The lesson I learned from losing money is simple: don't bet against political gambles; no matter how strong the rebound, it's just a ladder for the smart to escape. #特朗普因TruthSocial付费数据流遭起诉 $TRUMP #特朗普媒体链上转账2628BTC，性质未披露 #TRUMP关联地址减持，抛压会否延续？ What exactly is the market waiting for? A sharp bull rally? A sudden bear plunge? Tonight at 20:30, the US July PCE Price Index and the Q2 GDP revision will be released simultaneously. The market generally expects overall PCE to rise 3.6% year-on-year, with core PCE steady at 3.3%—but this figure is still far from the Fed's 2% target. Can this really reassure anyone? Immediately after, at 22:00 on Friday night, Federal Reserve Chair Wash will deliver his first keynote speech since taking office at the Jackson Hole Symposium. These two events are less than 48 hours apart, and the September rate-setting meeting is not far off. Is the market trying to piece together signals from these two sets of information? Or is the real uncertainty hidden in Wash's wording? If the PCE exceeds expectations, will the probability of a rate hike return? Core PCE has been running above 3% for several consecutive months. If tonight's data again exceeds expectations, will market bets on a September rate hike heat up? If US Treasury yields surge, can risk assets hold up? Don't forget, Boston Fed President Collins said just this Tuesday—without evidence of sustained inflation decline, rate hikes must happen soon. Three officials already voted for a rate hike at the July meeting; will more lean hawkish this time? Conversely, if the PCE meets or falls below expectations, the probability of unchanged rates naturally increases. But the problem is, core PCE at 3.3% is still 1.65 times the target. Can the Fed now say "victory"? Probably not yet. Which direction will Wash's Friday speech lean? The tone of this speech likely has three paths: · If hawkish, clearly warning of inflation upside risks, will the market come under short-term pressure? Will crypto assets face another round of sell-off? · If dovish, emphasizing patience and data dependence, will risk appetite return? Can $BTC and $ETH rebound on this momentum? · If ambiguous, neither ruling out nor committing, won't market expectations remain suspended, prolonging the volatile pattern? More to ponder—if tonight's PCE already exceeds expectations and Wash turns hawkish on Friday, will their negative effects stack? Conversely, if data is cooler and Wash is moderate, does that give bulls a breathing window? Funds are still flowing in; can prices hold? From ETF flows, BTC and ETH have recently maintained net inflows, with no large-scale withdrawals. Does this mean institutional funds are still supporting the bottom? But can this support withstand sharp macro sentiment swings? Technically, ETH's one-hour uptrend remains intact, with short-term support at $2439 and $2414, and resistance at $2475 and $2510. BTC also shows an upward pattern on smaller timeframes, with $78000 near a key defense line for bulls. But once negative news hits, will these technical levels still hold? How to view the next two days? Tonight's data sets the tone, and Friday's Wash speech will finalize it. Together, they will likely determine overall market sentiment before the September rate meeting. There is no clear one-way signal now, but volatility is bound to increase. Should one hold positions and wait, or reduce exposure and watch? Where to set stop-losses, and should profit targets be adjusted? These questions probably won't have clearer answers until after Wash speaks. #杰克逊霍尔临近，沃什能否明确政策路径 #BTC突破80000美元，能否站稳新关口 $SOL US public chains have long planned stablecoins SOL, AVAX, APT, and Celo, these US-backed public chains, have already completed stablecoin deployments. SOL and AVAX heavily host external mainstream stablecoins, solidifying the DeFi liquidity foundation; APT targets institutional RWA-compliant stablecoins; Celo goes further, possessing native protocol stablecoins cUSD and USAT, building an on-chain payment financial closed loop, continuously feeding its own ecosystem with stablecoins. Now, two major public chains have new stablecoin plans in the sector: RVN is deploying decentralized stablecoins, and Mina is developing privacy stablecoins. RVN focuses on tokenizing RWA assets, using decentralized stablecoins to complete the full loop of asset issuance, pricing, and settlement, avoiding the risk of centralized stablecoin censorship and freezing. Mina leverages 22KB lightweight ZK technology to push into the privacy stablecoin track, targeting institutional private settlements and the privacy RWA blue ocean, turning ZK technology narratives into on-chain financial products. However, both are still in the conceptual stage, with oracle, reserve mechanisms, and liquidity construction yet to be implemented and verified. Compared to ONE, which lacks native stablecoin issuance capability and only activates DeFi by bridging and mapping assets like USDC, DAI, and FRAX through external infusion. The stablecoin sector shows clear model differentiation: compliant native, decentralized concepts, privacy narratives, and bridging hosting each have trade-offs. Concept does not equal implementation; to evaluate public chain ecosystem strength, one must distinguish asset sources from product maturity. If the market only rewards the strong, does that mean the neglected assets actually hide even greater expectations? What would you choose: chase what has already started, or lurk in a hidden corner? Let me share my impressions from watching the market these past two days. SNDK's situation is somewhat like that of a girl who studies well but is always neglected in class. The underlying logic is clearly solid; the demand for enterprise-grade NAND and AI storage is there, yet prices remain stagnant. After sliding down from the June high, the tokenized market and perpetual market basically hovered between 1589 and 1596. Buyers have very weak defensive willingness during pullbacks, and the market gives the impression of—not because no one wants it, but because no one is eager to buy it. This combination of "strong fundamentals and weak price" generally has two interpretations in the market. One believes it's a temporary market pricing failure, while the other thinks funds have more efficient destinations. The current situation is more like the latter, because funds are indeed crowding into more aggressive stocks like BICO, BEAT, ALLO, KAITO. This itself is a signal: the current market's risk appetite is not evenly distributed but highly selective. If you look back a bit, this is actually a vote about "certainty." BTC holds the overall balance, ETH occasionally performs, but the real excess returns are on tokens with more focused themes and fresher narratives. SNDK's problem is that its narrative is too "industrial" and not sexy enough; the market is reluctant to pay it a premium when sentiment is high $CORE is all about BTCFi, but STX, CORE, MERL, and BABY are fundamentally different asset classes ⚠️ Risk Warning: This article is only for outlining the track logic and technical architecture, and does not constitute any investment advice. Crypto is highly volatile; please DYOR. The Bitcoin ecosystem is booming, but many people tend to confuse STX, CORE, MERL, and BABY. In fact, although these four projects all carry the "BTCFi" label, their underlying positioning, security models, and business logic are completely different. Some are building elevated bridges, some are creating new continents, and others are in the "security business." Today, we will clarify these four tracks thoroughly in 1000 words. 1. Core Positioning: Four Completely Different Species STX (Stacks): The "veteran" native Bitcoin L2 Stacks is one of the earliest explorers of Bitcoin Layer 2. It uses a unique PoX consensus and the Clarity language, aiming to implement smart contracts without modifying the Bitcoin mainnet. Core logic: Connect assets through sBTC, allowing users to play DeFi on top of Bitcoin. After the Nakamoto upgrade, it achieves second-level confirmation, but its non-EVM nature means it is a relatively closed yet highly native track. CORE (Core DAO): The "independent L1" with its own power grid CORE is not a layer two but an independent Layer 1 public chain. It pioneered the Satoshi Plus hybrid consensus, "borrowing" idle computing power from Bitcoin miners to secure its own chain. Core logic: Build an EVM-compatible "Bitcoin power grid." It serves retail users and focuses heavily on institutional lstBTC (liquid staking Bitcoin) business, aiming to become the underlying infrastructure for RWA and payments. MERL (Merlin Chain): The "ZK express lane" for inscription players MERL is an authentic Bitcoin ZK-Rollup Layer 2 network. It was created to solve congestion and high gas fees for BRC20 and inscription assets on the BTC mainnet. Core logic: EVM-compatible, specifically serving liquidity release for BTC native assets (Ordinals/Runes). Its success heavily depends on the activity of the inscription market. BABY (Babylon): The "wholesaler" of Bitcoin security BABY’s concept is the most unique. It is not a chain for running applications but a Bitcoin staking protocol. Core logic: Allows users to stake BTC directly on the Bitcoin mainnet and "rent out" the security of these BTC to other PoS public chains (such as the Cosmos ecosystem). It is currently the only solution to achieve BTC non-custodial staking. 2. Security Watershed: Who is truly guarding your BTC? This is the most hardcore metric to distinguish these four projects. BABY (top tier): BTC always remains in the Bitcoin mainnet’s UTXO, no cross-chain bridges, no wrapped assets (no wrapping), purely cryptographic staking. This is currently the safest trust model in the industry. CORE (non-custodial): User BTC is locked in Bitcoin mainnet’s CLTV timelock, private keys are not handed over to anyone. The main risk lies in the relay nodes’ (Relayers) state synchronization mechanism. STX (consortium): Connects assets through sBTC, relying on a decentralized signer alliance. Although there are economic incentives and penalties, there is still a theoretical risk of collusion within the alliance. MERL (custodial): User BTC enters MPC multi-signature custody addresses, mapping out stMBTC. Assets leave the mainnet, trusting the honesty of the MPC custodian, which carries counterparty risk. 3. Token Value Capture: Who is paying for the tokens? STX: Burn model. Users consume STX when using the sBTC ecosystem; staking STX can earn BTC rewards (BTC-denominated yield). CORE: Dual staking necessity. To obtain advanced yields, staking CORE is required; the official plan is to use revenue from institutional businesses like SatPay and lstBTC to buy back tokens. MERL: Profit buyback. The official commitment is to use 50% of ecosystem profits for MERL buybacks. On-chain gas primarily consumes BTC; MERL is mainly used for node staking and governance. BABY: Security rent. PoS public chains pay Babylon fees to obtain Bitcoin-level security. Meanwhile, BABY is also the network’s gas and governance token. 5. Summary STX is the "conservative reformer" on Bitcoin, pursuing nativeness and stability. CORE is the "radical infrastructure fanatic" in the Bitcoin world, pursuing scale and institutionalization. MERL is the "traffic operator" of Bitcoin assets, pursuing speed and inscription popularity. BABY is the "behind-the-scenes arms dealer" of Bitcoin security, pursuing ultimate cryptographic trust. In this cycle, understanding which layer the asset is on (L1/L2/middleware) and who holds custody (non-custodial/custodial/consortium) is far more meaningful than just watching the K-line. #STX #CORE #MERL #BABY #BTCFi In the 20/21 and 24/25 Bitcoin bull market cycles, the biggest losses came from the asset communities acting as so-called builders, because they believed in and invested a lot of effort and time, but in the end, not only did their assets suffer significant losses, but there was also no positive feedback from the community or project teams, resulting in a lose-lose situation. In the 2027-29 bull market cycle, the first thing to do is to stop being any kind of community builder starting today. Assets without builders mostly make money, while assets with builders tend to suffer heavy losses due to overconfidence and excessive faith. Retail investors are just retail investors; they should just follow the market trends and take their share. Under no circumstances should they consider themselves the core of the community or members of the project team. Retail investors only need to exit early in PvP; long-term building never ends well. The new weekly candle for Bitcoin has closed, and a new phase has emerged. Will the price hit a new low? Currently, everyone's answers are highly subjective. Objectively, it depends on the quality of the consolidation and pullback after this upward move ends. If the market does not see a larger supply (which can be understood as a major negative event or a black swan), then the probability of a new low is low. My subjective answer is that the chance of a short-term new low is below 50%, even below 30%. We can only wait for the market to provide a pullback opportunity to enter. We can also wait for the LPS, which is the final entry point in the accumulation zone. Last week's large bullish candle, according to Wyckoff theory, had a clearly high volume. This is often defined as a strong SOS (Sign of Strength). Based on theory and past reviews, this behavior usually appears in the fourth phase of the accumulation zone, where "the main force believes that the supply of shares on the market has been exhausted, allowing the price to rise." Therefore, we should focus on observing whether there were signs of supply exhaustion before the bullish candle to verify the authenticity of the upward move. Analyzing the daily chart makes this clearer. After the Spring phase, the consolidation and upward movement ended. The decline in segment a had a strong bearish candle, but the decline in segment b showed a reduced downward breakout, an SOT (Sign of Weakness). Comparing these two segments indicates that the supply pressure is weakening. Also, segment c shows a continuous decrease in volume. Therefore, after segment d (characterized by increasing volume with rising price, a feature of an orderly uptrend), we can conclude that segment b represents supply exhaustion, and the subsequent rise in segment d is likely genuine, which is also confirmed by volume. Looking at the volume distribution, it shows a b-type distribution, corresponding to Wyckoff's accumulation pattern. The recent rise has already seen high volume nodes at the top, indicating that the market currently accepts this price and confirms the value of this price increase. So, when the market tends to accept the price rise, the trading strategy should lean towards the long side. $BTC Today's Market In the past two days, a tangible wave of selling pressure has been observed on-chain... The selling pressure comes from short-term traders taking profits... (Those short-term traders who entered at 60k and 63k) (Figure 1) Realized profits reached nearly 1 billion in one day, about 1.5 billion over two days... This scale has already exceeded the profit-taking scale during the previous rebounds at 98k and 83k... ------------- With selling pressure present, it depends on whether demand can absorb it... Today's ETF demand still persists; pre-market Coinbase real demand continues to be slightly positive. The amplitude is not large, and the Z-score is not high... (Figure 2) So it is estimated that inflows will continue at a scale of 200-300 million... ------------- Looking at the order book, only the buy orders in this lower contract wave are of reference now (Figure 3) A large number of orders are placed between 77k and 78.4k... So if there is an opportunity to enter, it is a very good low-risk long opportunity, like the green line. But the concern is that since everyone sees the buy orders below, the price won't just move sideways here... (No sellers left to sell, and buyers can't push the price up) Moving along the blue line would be very boring and hard to time entry. ------------ Combining with POC... (Figure 4) Currently, the price is repeatedly testing yesterday's POC...

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