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While $BTC was absorbing macro shocks, $SOL activated the new transaction format that triples the amount of data per operation and is preparing to lower slots to 250ms
Also: nearly 400 million in Real World Assets inflows in 30 days, a US bank choosing Solana as the default network for stablecoins, and industrial robots starting to operate on-chain.
The market is still watching the chart while the infrastructure moves several steps ahead.
#SECCFTCOnchainRules The first opportunity I seized
was an all-in, but not entirely so
20x full position, but it took about a week to build the position, selling low and buying high along the way to place the cost line in a very safe spot. The rest of the time was completely left to time.
Held for a month, finally taking profits in batches around 97 (the reason for building the position in batches shows the closing price was 93).
The logic is actually very simple: it was a judgment on the US-Iran war. At that time, it was already a low point, and the whole market expected an agreement to be reached, but from many signs, it was clear it wouldn't be achieved (no need to elaborate).
Even now, looking at the oil price drop, there is no factual support, so shorting still requires caution. I just don’t chase the tail anymore.
There’s a rumor online that an A9 got liquidated in this rally, which feels a bit regretful. The market is ruthless, no matter who you are. We can’t just short because it’s risen too much or go long because it’s fallen too much. There will always be a few opportunities. I hope you and I can both seize them.$BTC survives through network strength and market consensus. $ETH survives through ecosystem depth and real on-chain demand. $SOL survives through high-beta growth, liquidity, and market attention. For $BTC, tighter monetary conditions and higher real yields can pressure risk assets, but its deep liquidity, institutional participation, and established market position provide a different type of resilience. For $ETH, the key variable is ecosystem activity. When liquidity contracts and on-chain voFundamental Research Report $TAO / Bittensor (AI/Computing Power) $238.16 (24h +6.74%)
To put it simply: Bittensor ($TAO) has a composite score of 38/100, rated as an early-stage project with insufficient validation. Breaking it down into three layers: the company team has cash reserves; the protocol network has weak usage evidence; token value transmission still needs observation.
Bittensor (token $TAO) operates in the AI/computing power sector. It focuses on a distributed AI network and Subnet incentives. Competitors include RNDR and FET. Traditional computing power rental is dominated by giants like AWS and CoreWeave, charging by GPU hours, with A100 monthly rent ranging from $12,000 to $25,000—expensive and high-threshold. On-chain solutions fragment computing power for bidding; suppliers do not require centralized approval, turning idle GPUs into available supply. Customer unit price ranges from $50 to $500/month, requiring USDC or fiat settlement. This is a narrative-driven sector, with usage dropping 60-80% in bear markets. Positioned as an end-to-end vertical platform. Product deployment is in testing or pilot stages; code is progressing; mainnet/product stages depend on the official roadmap. Latest version is v10.5.0, with 9,920 valid commits in the past 90 days.
At the user level, MAU and DAU are undisclosed; 24h trading volume is $174.22M; TVL not found. Wallet addresses do not equal monthly active natural persons; large addresses holding concentrated positions may overestimate real user count. On the revenue side, user fees are undisclosed; supplier income is about 80-90% of user fees (distributed to LPs and nodes); protocol treasury income is undisclosed; token holders’ buyback and burn have no annualized burn mechanism. The 24h trading volume is business turnover, not revenue. Company profitability does not equal protocol profitability; protocol profitability does not equal token holder profitability. On the code side, 9,920 valid commits in 90 days, 100 active contributors, latest version v10.5.0. GitHub is grade A evidence and can be directly verified. Investment background: company equity financing can be checked on PitchBook/Crunchbase (grade A); token private and public sales can be checked via whitepaper, release schedule, and on-chain unlock contracts (grade A); market makers and ecosystem funding are grade B and do not represent long-term holdings by technical VCs; technical integration is grade B based on API/SDK access evidence; strategic partnerships and logo walls are grade D. NVIDIA GPU usage does not equal NVIDIA investment; exchange listings do not equal strategic exchange investments.
Token side: total supply 21,000,000.0; circulating 11,339,645.9251 (54.0%); FDV $5.00B; next unlock undisclosed (percentage of circulating undisclosed); no clear annualized buyback and burn mechanism. Is buying tokens required to use the product? Partially yes, with moderate value capture (staking/discount/governance). Compared with peers (using uniform criteria, no cross-sector comparisons): Circulating market cap: Bittensor $2.70B, RNDR undisclosed, FET undisclosed. FDV: Bittensor $5.00B, RNDR undisclosed, FET undisclosed. Annualized revenue: all undisclosed. Monthly active addresses or users: all undisclosed. Data based on public snapshots; some missing data supplemented by official or industry sources. Valuation: circulating market cap $2.70B, FDV $5.00B, P/S N/A (revenue missing, valuation anchor invalid), FDV divided by revenue N/A. Pessimistic scenario values circulating market cap at 50-70%, neutral range oscillates, optimistic scenario assumes revenue doubling, burn implementation, enterprise clients entering, FDV P/S aligns with top players.
Summary: insufficient evidence, narrative-driven (score 38/100). Token value transmission path unclear, only governance incentives. Circulating market cap is reasonable or slightly undervalued relative to fundamentals; FDV is moderate. Main risks: short-term large unlocks causing price dumps, protocol revenue long-term zeroing, token demand relying solely on incentives (usage collapses if incentives stop). Follow-up tracking: weekly protocol fees, burn amounts, active address retention, TVL/loan balances, GitHub version releases. Data from public sources for reference only, not investment advice. Indicators deviating over 30% require reassessment.
Logic provided, decision is yours.
#FundamentalResearchReport #Crypto #Research #OKXOrbitActually, the easiest type of trading is this kind of wide-range oscillation. As long as you manage risk well and don’t greedily chase new highs or lows, this is the best to trade. The risk is much lower than trading breakouts because trend breakouts often eat up a lot of profits through pullbacks, which over time can lead to fear. Breakout trading can yield big gains in one move but is very prone to stop-loss whipsaws, unless you’re a natural speculator like Livermore combined with your own market insight, which might give you better odds. For ordinary people, it’s very difficult to achieve big results with breakouts without years of continuous positive self-correction and insight. Such wide-range oscillations usually last about one to two months, and if done right, can capture a lot of profit potential. 🔥 The crypto market doesn't need all coins to rise simultaneously
What truly matters is often not a screen full of green, but the sequence of capital rotation.
Phase one: $BTC stabilizes first, and market risk appetite begins to recover.
Phase two: $ETH and $SOL see gradual increases in trading volume and capital attention.
Phase three: capital starts to spread to higher volatility, higher risk alt assets.
Currently, BTC is still fluctuating around $76K, while recently ETH has reclaimed $2.45K, and SOL once reached around $101; some major coins have begun to show relative strength.
But capital diffusion cannot be confirmed by a single-day surge.
What really needs to be observed is:
Whether BTC continues to remain stable → Whether ETH/SOL keep absorbing trading volume → Whether altcoin capital gradually expands coverage.
Recently, ETF capital flows have also shown significant fluctuations; BTC and ETH products have experienced consecutive outflows, so the market currently seems to be searching for new capital directions rather than having fully entered an indiscriminate rally phase.
📊 Don't just focus on a single bullish candle.
The real signal is whether liquidity starts from BTC and continuously spreads to ETH, SOL, and further beyond.
#Bitcoin #Ethereum #Solana #Altcoins #CryptoMarket #Liquidity [Pharaoh's Market Watch]
My DMs exploded, everyone asking Pharaoh, did Huang release satellites again?
Pharaoh says directly, Huang is not releasing satellites this time, he's reciting a eulogy for the shorts. When Huang Renxun was having afternoon tea with the King of the UK in Scotland, he casually dropped this line: Nvidia's chip sales will double next year.
Not revenue doubling, but sales volume doubling. That's a big difference. Revenue doubling could be due to price hikes, but sales volume doubling means real explosive demand. Huang's exact words were that AI contributes so much to every industry that almost everyone in every country wants to invest in AI.
Think about that. Last year Huang said Blackwell would ship 6 million units in Q4, and the market already thought that was crazy. Now he says sales will double again next year, which is telling the whole world: the thirst for computing power hasn't eased, it's accelerating.
The market reacted honestly, Nvidia's stock price rose 2.8% intraday and closed up 2.54%. But Pharaoh must remind you, when Huang said this, the stock price had just pulled back from a high, and doubts about the AI bubble hadn't settled. He chose this moment to speak, clearly to reassure Wall Street.
What does this mean for Bitcoin? The AI infrastructure line is expanding wider and wider, supporting risk appetite in the tech sector. Bitcoin, as the ultimate expression of risk assets, won't be absent from this revaluation in the long term. But in the short term, US Treasury yields are still above 5%, so don't rush to go all in just because of Huang's words.
$BTC $ETH $ONE #黄仁勋：英伟达明年芯片销量将翻倍 It feels like ZEC has roughly reached a stage high point this wave, with several short positions taken along the way all getting liquidated 0.0
Looking back now, it doesn't seem like there will be an immediate crash; the bottom support is too strong. It's more likely to first consolidate sideways at a high level, digesting the previous gains.
Today, altcoins surged together, and $ZEC is already somewhat competing for the position of $ETH among altcoin leaders.
Capital is starting to spread into ZEC ecosystem derivatives.
The privacy sector is heating up, and NFTs are popping up one after another.
Today, the zkSNARKs auction received 16,971 bids, with 8,000 NFTs ultimately settled uniformly at 1.5 ZEC each. At current prices, that's roughly 2200+
With this kind of demand emerging, looking at ZecBit Genesis, someone has dared to list at 150 ZEC, equivalent to 170,000+, though it's just a listing, it at least shows that sentiment in the ecosystem is starting to pick up 😄
NFT derivatives, this line is worth keeping an eye on
#ZEC跻身前十，机构化进程提速 #黄仁勋：英伟达明年芯片销量将翻倍
Jensen Huang sends another major signal: $NVDA chip sales are expected to double next year, and AI computing power demand is far from peaking.
At the AI summit in Scotland, Jensen Huang stated that Nvidia is expected to sell about twice as many chips next year as this year. This assessment aligns with the company's previous growth forecast: revenue is expected to grow about 70% for the fiscal year ending January 2028. The core behind this is the continued ramp-up of Blackwell and the new generation Rubin platform taking over, with AI training expanding further into inference, Agents, and enterprise applications.
What’s even more noteworthy is the industry chain. The doubling of $NVDA chip sales means not only the GPUs themselves will consume more orders, but HBM, switch chips, optical communication, power, and data centers will all expand in sync. $SKHYNIX and $MU directly benefit from the demand for high-bandwidth memory, $AVGO gains from networking and custom chips, and cloud providers like $GOOGL and $MSFT continue to ramp up capital expenditures. The key issue in AI trading now is no longer "whether there is demand," but whether supply can keep up. If chip sales truly double, the next phase most likely to exceed expectations could be the capacity bottlenecks beyond GPUs.What is the most dangerous moment in a bull market?
It's not the day the market peaks, but when you start to think every dip is a buying opportunity.
Because continuous profits amplify confidence, positions get heavier, stop losses get looser, and eventually plans are handed over to emotions. The real big losses often don't come from a single wrong call, but from refusing to admit mistakes beforehand.
Now, I pay more attention to three signals: whether Bitcoin has broken key support, whether Ethereum has new inflows, and whether altcoin rotation has shifted from spreading out to chaotic jumps. If the leader weakens and the hot spots don't continue, I reduce trading frequency, tighten positions, and first protect principal and profits.
A bull market isn't about who makes the most in the short term, but who still holds chips after the tide recedes. $BTC $ETH
#交易之声：你的经验值得被听到 #SEC与CFTC明确链上金融合规路径
On September 17, the SEC and CFTC took action on the same day, respectively defining the compliance boundaries of on-chain finance from the perspectives of trading venues and software entry points. The SEC launched a 5-year innovation exemption, allowing permissioned AMM trading of tokenized stocks and granting conditional dealer exemptions to some liquidity providers, but explicitly banning synthetic stocks; the CFTC extended Phantom case relief to passive software providers, no longer initiating unlicensed broker enforcement solely for providing derivatives access.
While the market is celebrating the breakthrough between the two regulators, I see this as an extremely precise incorporation. The so-called permissioned AMM is a special zone for institutions on the KYC whitelist, completely stripping away the soul of native DeFi’s permissionless liquidity. Regulators sandbox passive routing and physical tokenized assets, but firmly exclude fully decentralized synthetic assets, drawing an extremely sharp boundary.
These two exemptions are all temporary administrative patches; the root cause is the ongoing obstruction of the Congressional CLARITY Act, forcing regulatory agencies to rely on temporary administrative arrangements to break the deadlock. Without formal legal protection, these temporary exemptions could change at any time due to policy shifts, and the Damocles sword hanging over on-chain protocols has not truly been removed.
As compliance entry points are regulated and incorporated, the living space for native permissionless DeFi is continuously being squeezed. Facing this 5-year institutional noose, do you think tokenized stocks can really bring trillions in incremental value on-chain, or will they completely tame DeFi into Wall Street’s on-chain sales outlet?🔥 $BTC / $ETH / $SOL | THREE DIFFERENT ENGINES
$BTC → Macro liquidity + institutional flows
$ETH → Settlement + financial infrastructure
$SOL → Fast execution + on-chain activity
$BTC reacts first to rates and liquidity.
$ETH captures demand through its settlement and capital ecosystem.
$SOL benefits when users and capital move quickly on-chain.
Same market.
Three different demand drivers.
If liquidity stays tight, the question is:
Which engine can keep generating genuine demand? $ETH Neighboring No.2's recent status
$ETH recovered from 2,356 to 2,475, up 1.75% in 24h, even stronger than $BTC's 1.17%, so it followed the rise. But from 2,615 down to 2,356, it dropped 259 points, and the rebound only reached halfway. The fee rate bounced from 0.0007% to 0.0039%, sentiment is warming up but far from hot. If $BTC turns downward, $ETH will fall even harder, its old habit of falling with $BTC but not rising with it hasn't changed. Short-term bias is bearish, don't rush to bottom-fish. Three-tier active strategy, act according to your capability
Plan A (Conservative): Wait for $BTC to reach 78,400-78,500 before shorting. This level is just below the 9/13 closing price of 78,537, so confirm resistance before taking action. Stop loss at 79,700 (above the swing high of 79,569), target 76,000 (take profit after the first drop), 2x leverage. Risk-reward ratio about 2.0:1, prioritizing safety, small gains but no losses.
Plan B (Recommended): Short in batches at 78,000-78,200, stop loss at 79,700 (above the swing high, clear structural level), target one at 75,000 (psychological support at 9/16 low), target two at 74,500 (below the 9/15 swing low of 74,897), 3x leverage. Risk-reward ratio about 2.03:1 to T1, about 2.35:1 to T2, the most comfortable odds. The rebound with shrinking volume plus the Fed turning hawkish makes shorting here a high-probability trade.
Plan C (Aggressive): Short directly at current price 77,400-77,600 without waiting for a rebound to resistance, to avoid missing the opportunity. Stop loss at 78,700 (above the 9/17 high of 77,577, tight stop), target 74,900 (swing low), 5x leverage. Risk-reward ratio about 2.17:1, high leverage with tight stop loss, one wick and you must admit the mistake; not for the faint-hearted.On the crypto side, $BTC spot ETF is seeing net outflows while $ETH ETF is still experiencing inflows. Institutions are betting separately on the two major coins; no new capital is coming in, it's all existing capital cutting each other inside.
$BTC has three consecutive bullish candles—resurrection or just a dead cat bounce?
Looking at the chart: The K-line on 9/14 was the real turning point—the high reached 79,569, but the close was hammered down to 76,474. That upper shadow line broke the bulls' backbone directly. On 9/15, it slid further to 74,897, then started the so-called rebound over the next three days.
Currently at 77,263, it’s right around the 50% retracement level of the drop (from 79,569 down to 74,897 is a 4,672-point drop; the rebound of 2,366 points is about 50.6%). This level is critical: surpassing the 50% retracement means true strength; failing to do so is the classic dead cat bounce scenario. Funding rates climbed from 0.004% to 0.0075%, bulls are getting greedy again. The higher the rate, the more crowded the longs; once the trend reverses, liquidations will run faster than anyone.
The first resistance wall above is the 9/13 closing price at 78,537; above that is the swing high at 79,569. Shorting around 78,000-78,500 is a bet that this rebound will stall at resistance. MA3 and MA5 are still below MA10, the moving average system hasn’t turned bullish; it’s a rebound, but the trend remains unchanged.For three consecutive days, $ETH ETFs have been pulling money out, totaling nearly 40 million.
But don't rush to criticize just yet.
What I admire is the other side—Fidelity's FETH added 1.82 million yesterday, and VanEck added 1.78 million.
Do you see it clearly? It's not that no one is buying; some are selling while others are quietly buying.
This is the opposing side. The 39.24 million outflow sounds scary, but the real money moving is in these small orders going against the trend.
They don't shout or hype, they just quietly buy.
So, I’m not bearish on this wave, but I’m not rushing to act either.
Wait until the net inflow turns positive again, and it’s not just supported by one or two players—that will be the real signal. For now, watch who is holding the line.
#摩根大通称比特币或跑赢黄金 $ETH Main focus $BTC | Strategy: short on rebound, conclusion first, don't blame me if you lose
$BTC bounced back from 74,900 to 77,263, three consecutive bullish days looking impressive, but the daily gains are shrinking — 9/16 up 1.46%, 9/17 only 0.67%. This rebound strength is like that "really bold" food delivery rider, looks strong but legs tremble when running.
Short in batches from 78,000 to 78,500, stop loss at 79,700 (above the swing high of 79,569), target 75,000 then 74,500, with 3x leverage. The Fed just raised rates and hinted at another hike by year-end, $BTC shorting on the mid-slope rebound, starting with a 2:1 risk-reward ratio, this trade is on.
What madness is happening worldwide
The Fed raised rates by 25bp to 3.75%-4.00% overnight, Chair Powell hawkishly said this is the start of a new tightening cycle, not a one-off insurance, the dot plot hints at another hike by year-end. The Dow plunged 600 points immediately, but Nasdaq futures reversed to green against the trend. This US stock market's hot and cold extremes really fit the "jinx male lead" profile — whoever touches it gets unlucky, but some still don't believe it.
China's three major indices opened lower, Shanghai Composite down 0.36% at midday close, Hong Kong's Hang Seng dropped 0.44% to 24,604. The ECB also raised rates on 9/10, with the three major central banks of the US, Europe, and Japan all tightening simultaneously — the last time this happened was in 2006.Solana processed 5.2 billion non-vote transactions in August (record), generated $40.8 million in weekly revenue from applications, and continues adding more than 10 million new daily addresses.
$SOL ETFs maintain a streak of inflows.
The price corrected from recent highs, but on-chain activity did not.
The discount between what the network does and what the price reflects remains evident to anyone willing to see it.
#SolanaCutsSlotsTo350ms
#FedOctHikeOddsHit55% The current market is showing a pattern where the strong get stronger and the weak get weaker,
with strong coins like $ZEC, $ARB, $UNI continuously hitting new highs,
arb and uni rose 30% today, and arb has already increased 4-5 times from the bottom,
remember not to stubbornly short altcoins during a bull market,
shorting will only become fuel.
I shorted zec and now I'm stuck tight. Many people reflexively shout "go long" when they see a single-day increase of 30%, but they overlook that the overall market sentiment and sector linkage are the real drivers behind this rally. The Fear and Greed Index is at 56, in the greed zone, indicating that market risk appetite is generally warm but not yet extremely euphoric, and funds are still willing to rotate among hot sectors.
$ARB current price today is 0.2174, up 30.81% in 24h, with a trading volume of 64.9M USDT, the most liquid among the three candidates. The moving average structure shows MA5=0.2059 has clearly crossed above MA20=0.1802, establishing a bullish alignment; the MACD histogram +0.00465 continues to expand, showing no sign of trend momentum exhaustion. However, note that RSI has reached 74.5, entering the overbought zone, and the current price 0.2174 has hit near the upper Bollinger Band at 0.2154, indicating a short-term pullback may be needed. The funding rate is +0.0100%, positive, indicating long positions are slightly crowded, so chasing higher is not cost-effective.
In terms of operation, I do not recommend going long directly at the upper Bollinger Band. A more reasonable approach is to wait for a pullback to stabilize near MA5 before entering. The suggested entry range is 0.2050 to 0.2100, which is both MA5 support and close to the previous breakout platform. Take profit 1 is at 0.2280 (extension above the upper Bollinger Band), take profit 2 is at 0.2380 (corresponding to an extension space of 31% amplitude over 30 candlesticks). Stop loss is set at 0.1960; if it breaks below MA5 and loses the 0.20 whole number support, the bullish structure deteriorates.$MARSCOIN current price 0.1204, 24h +14.99%, trading volume 30.7M USDT. In the moving average structure, MA5=0.11896 has risen above MA20=0.115435, forming an initial short-to-mid-term bullish alignment; RSI=63.1 is in the strong zone but has not reached overbought; MACD histogram is -0.0002228, still bearish but the histogram is shrinking, momentum is shifting from weak to neutral; Bollinger Bands [0.107366, 0.123504], current price is close to the upper band, 30 K-line amplitude is 30.9%, volatility is increasing. Funding rate +0.0195%, Fear & Greed Index 56 Greedy, bullish sentiment is warm but not extreme, caution advised when chasing highs.
Comprehensive judgment: Moving averages bullish + RSI strong + running near Bollinger upper band, direction is bullish, but MACD has not yet formed a golden cross and the positive funding rate is relatively high, short-term pullback demand exists, strategy mainly focuses on buying on dips, not chasing the rise.
Entry reference range 0.1165～0.1185, this range is close to MA5=0.11896 and above the Bollinger middle band, a pullback without breaking confirms the bullish structure is valid. Take profit 1 target is 0.1235, corresponding to Bollinger upper band resistance at 0.123504; Take profit 2 target is 0.1280, an extended target after breaking above the upper band.Among the 7 coins in my long-term portfolio, $SUI is currently the only one that has returned to a fresh accumulation zone. The upcoming 10/1 unlock has been weighing on price, but that suppression is also creating a more interesting speculative setup. With major coins sitting around the bull-bear boundary, I’m less interested in chasing mainstream assets. High-beta coins can offer a more attractive risk/reward profile when they return to key technical levels. After the previous SUI entry, the 🇬🇧 UK holds, but hawkish — 6-3 vote to keep at 3.75%, 3 members wanted a hike. Not dovish for crypto, inflation still sticky. 🇯🇵 BOJ up next — Market expects hike to 1.25%. Watch Ueda at 14:30 JST. Faster hike hints = stronger Yen = risk pressure. 🏦 Deutsche Bank to custody BTC & ETH for institutions this year — No direct buying yet, but opens the door for institutional entry. $BTC Plan: Buy the dip Support 76.2k-76.3k | Resistance 76.9k-77.2k Entry: 15m close above 76.3k → long 76.3k-76.4k$THETA The most unusual detail today is that the price is running right along the upper Bollinger Band at 0.07054, yet it only rose 2.63% in 24h — the volume of 54.3M is not small, but the rise is "restrained." This is not stagnation, but the moving average structure is supporting the move: MA5=0.06952 has crossed above MA20=0.06902, and both lines are rising synchronously, indicating a healthy trend-following upward pattern.
Here's a reusable method for reading the market: to judge if a trend is healthy, don't look at single candlesticks, but at the combination of "moving averages in bullish alignment + price hugging the upper band without breaking it." When MA5 > MA20 and the price gently pushes along the upper Bollinger Band, it shows that buying is continuously absorbing rather than a one-time spike. RSI=62.5 remains in a neutral-to-strong zone, not yet overbought, and the MACD histogram maintains bullish (+6.341e-05). This structure usually means there is still some momentum left. The only thing to watch is the funding rate at +0.0050%, which is positive, indicating slightly crowded bullish sentiment; chasing highs requires waiting for a pullback. If you are bullish and really want to go long, then you need to act now!
The setup is ready, after a bullish divergence appeared at the lower end of the deviation range on H4.
Personally, I wouldn’t do it...
You know, my overall bias is bearish, and I have positioned accordingly!
That said, it’s still important to keep an open mind and be open to all possible outcomes!
Also, let me tell you one more thing...
If we break 75k soon... don’t even think about going long at 74, 72, 70k, or similar levels.
That’s the NPC zone.
Retail sheep go long there.
It’s very unlikely to see upward momentum from these areas...
Now or never!
This applies to both bulls and bears.
May the best trader win 🎲. $BTC $ETH $ZEC A harsh lesson: ZEC short position lost 110,000 U, woke up before sleep to find the sky falling
No one expected such a fierce surge in the privacy sector.
A screenshot of a ZEC short position went viral in the community:
ZECUSDT, short | full position 10X
Entry at 930.33, current mark price 1480.86
Unrealized P&L -112,510 U, loss rate 369.01%, equivalent to over one million RMB loss.
The person involved lamented: everything was normal before sleep, woke up to find the account had collapsed, stunned by the violent surge. Many people are shouting in their hearts: what on earth is the manipulator doing?
Market review and reflection
1. Theme-driven markets are prone to extreme one-sided moves
ZEC is a theme coin in the privacy narrative. When the hype hits, technical resistance levels are completely ignored. Many people look at valuation and gains thinking "it’s risen too much and should fall," so they short. But once the theme heats up, it can surge violently and continuously. Shorting with 10X full position is like standing on the edge of a cliff.
2. 10X full position leaves almost zero margin for error
10X leverage means a 10% price move against you wipes out your principal. Altcoins often fluctuate 30%-50% in a single day easily. This trade went from 930 to 1480, a huge increase that completely wiped out the short position’s margin. Even if your long-term view is bearish, a single big bullish candle in the short term can end everything.MetaMask Added Protection: If the preview doesn't match, the transaction fails, but you still pay Gas ≠ protection against all phishing
What you see in the preview must exactly match what happens on-chain—if it doesn't, the transaction fails immediately, and the funds stay in your wallet. MetaMask officially launched Added Protection on September 17, specifically targeting "Red Pill": malicious contracts that behave well in simulation but change the script during actual execution.
Enabled by default, you can turn it off on the confirmation page; extension version v13.45 first supports 13 EVM chains with EIP-7702 smart accounts, with mobile support coming later. You still pay the Gas fee if the transaction fails, but there is no additional charge from MetaMask.
Don't mistake it for an all-powerful shield. It protects against "result tampering" but does not cover normal market fluctuations, nor does it prevent all phishing approvals or fake websites. For large amounts or unfamiliar contracts, double-check the confirmation page—don't assume protection means you can blindly sign.$ONE is still surging hard! This short squeeze just won't stop!
Damn, a coin whose mainnet was directly shut down is still able to rally this fiercely? Surely no one is naive enough to think this big surge means the fundamentals have turned around, right?
Remember the hacker incident in August? 2.8 billion tokens were stolen at once, causing a 37% crash in a single day! The team simply shut down the 7-year-old mainnet and converted ONE into an Ethereum ERC-20 token.
Look at the market now and you'll understand: a mere 20 million market cap old zombie coin, but the trading volume shot up to 107 million, turnover rate 4.42%, liquidity is terrible, and the signs of a pump by the whales are glaringly obvious.
They boast about making money from AI video business, but frankly, it's just a pump-and-dump scheme with a fancy story—just listen but don't believe it! This is a classic manipulated coin short squeeze market, where the whales control the ups and downs; they pump when they want, dump when they want, and the goal is to harvest profits.
Looks like friends wanting to enter the game can only think contrarily and try to read the main players' rhythm. $ONE #美国加密税收与BTC储备法案获推进 #美联储10月再加息概率破55% Here's an indicator every Dogecoin player should understand but few do: the funding rate.
Perpetual contracts have no expiration date, so what keeps their price from drifting? It's the funding rate. Settled every eight hours: if the rate is positive, longs pay shorts; if negative, shorts pay longs. Whichever side has more people pays, using this mechanism to peg the contract price to the spot price.
Most people watch the K-line but ignore the funding rate because it's tucked away in a corner of the contract page and only updates every eight hours, without flashy red or green bars. But this slow-moving variable determines whether you pay or receive money when holding overnight.
A high funding rate means longs are crowded on the boat, making it rock; a deeply negative rate means shorts are clustered tightly, often signaling a rebound is near. The normal range is around 0.01%; sustained spikes above 0.03% have historically signaled short-term overheating. When watching the funding rate, focus not on direction but on crowd size.
Three simple rules: low funding rate with rising open interest means healthy upward movement—hold; high funding rate with surging open interest means overheating—don’t chase; funding rate turns negative while price keeps falling means panic—buy slowly. These three rules cover most market conditions for daily use.
Today, $DOGE’s funding rate is 0.0096%, just climbing back from a low to the normal range. This reading means longs are gaining the upper hand, but the boat isn’t crowded yet. At this level, you can hold your position but don’t rush to add leverage; wait until the funding rate hits above 0.02% before debating greed.
Understanding this one number beats scrolling through a hundred trade calls. The funding rate won’t tell you how high the price will go, but it will tell you when to let go.MARKET TODAY #007 | 18 SEP 2026 BOJ HIKED, YET THE YEN FELL - WHAT UEDA MUST CHANGE NEXT Pre-Ueda Forecast | Asia -> Europe Spot • Perpetual • Futures 10-SECOND MARKET PULSE BoJ: 1.00% -> 1.25% Vote: 7-2 USD/JPY: ~156.9 DXY: ~100.25 US10Y: ~4.94% XAU: ~$4,361 Brent: ~$104 WTI: ~$101.2 BTC: ~$76.95K ETH: ~$2.46K The surprise is not the rate hike. The surprise is that the yen weakened after it. The BoJ delivered the widely expected 25bp hike to 1.25%, its highest policy rate in 31 years. But two bBTC Market Analysis: Rebound with Three Consecutive Gains After Sharp Drop Due to Bill Vote Failure
The procedural vote on the US crypto Clarity Act has failed, causing BTC to quickly plunge. After the negative news was fully absorbed, the market stabilized and staged a three-day consecutive rebound. This three-day rally is not a realization of regulatory benefits but a typical oversold recovery after negative news has been priced in. Macro liquidity remains fundamentally tight; the rebound is a technical correction, not the start of a new trend.
From the news perspective, after the bill vote failed, the market quickly digested the negative impact. Investors realized that the probability of the bill passing this year was already low, so the short-term negative was priced in all at once. The dashed expectation of a regulatory framework landing simply means a return to the existing enforcement and supervision status quo, not the emergence of new destructive risks. The market rapidly corrected panic sentiment, and funds stopped indiscriminate selling, creating a window for emotional recovery. However, medium- to long-term regulatory uncertainty remains; this event is only a short-term disturbance and does not change the overall regulatory environment of the industry.
Regarding fund structure, a large amount of low-position stop-loss orders were cleared during the sharp drop, completing a chip exchange. During the decline, whales and spot ETFs bought the dip. After concentrated short positions opened in the derivatives market, the price rebound triggered a short squeeze again, pushing the three consecutive positive candles. However, it should be noted that incremental funds in this rebound are limited. Spot ETF funds only slightly flowed back, with no large-scale continuous institutional inflows. The rise relies more on leveraged funds' speculation, making sustainability weak.
Technically, after the sharp drop bottomed out, the three consecutive positive candles recovered previous losses. Short-term moving averages turned upward again, and bulls regained short-term initiative. But after continuous rebounds, the RSI indicator rose again, with heavy resistance from previous trapped positions above. Profit-taking pressure accumulates during the rebound and could trigger selling at any time.
Outlook: The biggest risk in this rebound is the lack of fundamental and liquidity support, relying solely on emotional recovery. The market focus will return to macro indicators such as Federal Reserve interest rates and US Treasury yields. It is not advisable to chase the rally; rebounds near resistance levels are prone to fall again. Only if spot funds continue net inflows and macro liquidity shows a clear turnaround can a larger upward space open; otherwise, a range-bound consolidation is highly likely.Bitcoin dipped to around 74955 at its lowest, then rebounded under the combined influence of 4-hour and 6-hour bullish divergences, currently maintaining above the upper channel boundary, with the channel continuing a slight upward trend. Today's lower boundary stands at 74535. Currently, the 4-hour impact is on its first day; although the price has risen slightly, it still operates near the upper channel boundary area, so attention must still be paid to the defense and attack at the lower boundary.
Most of the time in the market is spent waiting—waiting for the right opportunity during a downtrend, waiting for trend continuation during an uptrend. Truly actionable points are few, so patience is key. Unless a daily top structure appears, the lower boundary should still be used as the exit point.[Pharaoh's Market Watch]
My inbox exploded with messages asking Pharaoh: Isn't the CLARITY Act dead? Why are the SEC and CFTC still working overtime issuing new regulations?
Pharaoh says straight up, the legislation is stuck, but the two-legged regulatory agencies haven't been idle—they're paving the way themselves.
First, look at what the CFTC did. On September 17, the CFTC directly issued a "no-action stance" to crypto software developers: as long as you provide disclosures and adopt compliance policies, you won't be treated as introducing brokers and fined. The chief legal counsel of the Solana Policy Institute said: "This is an important step forward."
The SEC wasn't idle the same day either; it released the long-anticipated "innovation exemption," specifically greenlighting on-chain trading of stock tokens.
The signal behind this is very clear—the CLARITY Act missed advancing by 11 votes on September 15, but the SEC and CFTC clearly stated they will continue based on existing statutory authority. CFTC Chair Selig said, "We are ready to issue rules for the new frontier of finance."
For Bitcoin, this is much more substantial than the CLARITY Act itself. Legislation requires 60 votes, but administrative rules only need the agency's own approval. Certainty comes faster, and institutions don't have to wait for Congress to bicker before entering.
So the crypto space will become increasingly compliant! This is good news for Bitcoin's long-term narrative! $BTC $ETH $ZEC #SEC与CFTC明确链上金融合规路径 U Sister 9.18 $BTC Morning Analysis
Entry: Short around 775-782, stop loss above 788, first target at 760, second target at 750
The market continues to oscillate, with no bottom volume stabilization signal yet. During the rebound phase, volume keeps shrinking, indicating weak buying power at the bottom. Price is tugging back and forth between 76000-77500, with bullish momentum continuously depleting. The oscillation cycle is lengthening, and chip turnover is insufficient, increasing the likelihood of a downward breakout.
On the capital side, major players are operating conservatively. Institutional funds like Grayscale and listed companies have not started continuous accumulation, and the market lacks strong buying support. The current bottoming market lacks incremental capital inflow, making it difficult for the price to break upward. The market will most likely continue to probe lower, seeking support below.Account Position Divergence Radar
$DOGE: The number of top accounts is more long-biased, but the position distribution is more short-biased: top accounts long-short ratio is 1.761, top positions long-short ratio is 0.752; the entire market accounts long-short ratio is 4.091; price dropped by 0.17%, position amount changed by +0.04%.
$ZEC: The number of top accounts is more short-biased, but the position distribution is more long-biased: top accounts long-short ratio is 0.385, top positions long-short ratio is 1.262; the entire market accounts long-short ratio is 0.360; price dropped by 0.80%, position amount changed by +0.37%. The entire market account structure is short-biased, which also differs from the top position bias.
$XRP: The number of top accounts is more long-biased, but the position distribution is more short-biased: top accounts long-short ratio is 1.122, top positions long-short ratio is 0.880; the entire market accounts long-short ratio is 3.060; price dropped by 0.24%, position amount changed by +0.01%.
DOGE, ZEC, XRP: The side with the majority in account numbers is opposite to the side with the majority in positions, indicating divergence between account structure and position distribution.
DOGE, XRP: The entire market account structure is long-biased, which also differs from the top position bias. This 1550 wall might determine whether the next ZEC candlestick will be a short squeeze or a dump!
$ZEC's big short 0x362a has stopped out 7 times from last night until now, covering about 5,196,000 U at an average price of 1484.4, losing about 2,161,000 U. Before reducing positions, he was short 15,784 coins, about 23,520,000 U, cutting 22% but still 4 times the full position, average price 866.9.
Now the remaining position is about 18,240,000 U, with an unrealized loss of 7,590,000 U, a loss rate of -285%. Including the already stopped out, the total loss is nearly 10,000,000 U. The liquidation price has been raised from 1509 to 1550.6, only 4.4% away from the current price. He himself still has a buy stop loss at 1550, almost right at the liquidation line!
1550 is the largest liquidation wall on the HL for ZEC, stacking about 20,400,000 U, with other nearby walls less than a quarter of it.
Current price is about 1512, short-term don’t dream, first see if this wall breaks through.
Between 1510–1535 watch the 1548–1552 wall, the top is also fuel; only stand firm above 1560 to chase.
Look up to 1580, 1620; if it falls, first watch 1484, then 1440–1465; if it breaks 1430, don’t force longs, chasing longs at the current price is not cost-effective.
Wait for a pullback to 1484–1465 to lightly touch, stop loss below 1430. If it can’t break above 1550, short for a target of 1510, 1484, stop loss at 1562.
#ZEC刷新历史新高，NU7升级预期受关注 #Two consecutive days of recovery, how will the trend be this weekend?
Latest data
After two consecutive days of rebound, leverage longs on the market have rapidly increased. BTC has briefly surpassed a key resistance level, but spot ETF funds have not seen sustained large inflows. With US stocks and bonds closed over the weekend, external macro news will decrease, directly shrinking market liquidity.
Market consensus
Some believe the rebound opens up space for a continued weekend rally driven by sentiment; cautious parties think this rise is more of a short squeeze, with insufficient liquidity likely causing a pullback after a spike, and significant selling pressure above.
Underlying logic analysis
With traditional markets closed over the weekend and lacking direction from US bonds and the dollar, the crypto market mainly relies on on-exchange funds for trading. Once bulls weaken, even small sell-offs can trigger noticeable retracements, and altcoins will experience greater volatility than BTC.
$BTC $ONE $ZEC
#美国加密税收与BTC储备法案获推进
Personal opinion (for reference only, not investment advice) Here it comes, here it comes, two major negative news hit, Bitcoin remains unmoved and even rises. Do you believe the 4-hour level can firmly hold without breaking, or do you think this is a bull trap rebound?
This week gathered two solid negative buffs:
1. Regulatory negative: Clarity Act vote lost 50:49, regulatory positive expectations completely dashed;
2. Macro negative: Federal Reserve raised interest rates for the first time in three years by 25bp, passed unanimously.
If you ask me, in the past, if it didn’t drop with a large-volume big bearish candle, I would praise you for your strength even if you were farming. But now the 4-hour K-line supports the price, where can you argue against that?
Why can the 4-hour level withstand the negative news?
The core support is in the 75000-75500 range, a dense turnover area at the low over the past month, also a low-level buy zone. Both waves of negative news were absorbed at this position without panic selling.
Technically, the 4-hour RSI has turned down from the overbought zone to recover, MACD green bars are increasing in volume, short-term rebound momentum is accumulating, consistent with a bull trap base.
This is a standard rebound bull trap after negative news is fully priced in.
The extreme height of this rebound is basically locked in the 78500-78500 range for shorting. This is the previous high on the 4-hour upper channel, and it is highly likely that resistance will be met in this range and then fall back, ending the bull trap.
Assuming the bull trap exists, the market will return to the downtrend channel, with the next target to retest the 75000 support, and below that, attention should be on the strong support zone of 72000-73000. At the current stage, Bitcoin is experiencing a slight volatile rebound. Many retail investors are once again rekindling hopes of going long, but in my view, this rebound is merely a corrective move within the downtrend, not a trend reversal.
The 78,000‑81,000 range above has accumulated a large amount of trapped positions from previous high chasing, and institutional funds are unwilling to continue pushing upward to free these trapped positions.
Currently, the market shows no obvious inflow of new funds; it is mostly existing funds temporarily supporting the market. Under such conditions, the sustainability of the rebound itself is questionable. My view remains bearish; every upward correction is actually more suitable for setting up short positions rather than lightly bottom-fishing for a reversal.
From a technical perspective, the daily high points are gradually moving lower, and the four-hour price is continuously pressured below the short-term moving averages, which are overall turning downward to form resistance.
During this rebound, trading volume has noticeably shrunk. A rebound without volume is a very clear sign of weakness. Compared to the volume expansion during the downtrend, the disparity between bullish and bearish forces has already become apparent.
$BTC $ETH #美联储10月再加息概率破55% $ETH ETH reaching 3000 is not just hype; it is the inevitable result of supply and demand repricing. After the merge to PoS, ETH inflation has significantly decreased, combined with EIP1559 fee burning, the on-chain deflationary effect becomes apparent during active periods, continuously tightening circulating supply. A large amount of ETH is staked and locked, removed from the secondary market tradable supply, and spot liquidity continues to shrink, so a small amount of incremental capital can drive the price upward.
Ethereum remains the core underlying platform for smart contracts, with DeFi, RWA tokenization, and Layer2 ecosystems continuously expanding. On-chain fee revenue forms a stable cash flow, making ETH no longer just a speculative token but a native asset capturing on-chain economic value. Institutional capital allocation channels are gradually opening, ETFs bring long-term buying pressure, changing the old pattern dominated by retail investors.
With macro liquidity improving and risk appetite recovering, funds are rotating from Bitcoin to ETH. From a valuation recovery perspective, 3000 is a reasonable midpoint for ETH fundamentals, matching staking yields, on-chain revenue, and ecosystem scale valuation. Once the key resistance is broken, it will trigger short covering and trend capital resonance, completing the valuation recovery to 3000. How long do you think it will take to stabilize at 3000?
#美国加密税收与BTC储备法案获推进 $CORE has been listed on exchanges since February 8, 2023, launching with great hype, but its current trend is bleak and battered.
Its peak price was ¥46, dropping to a low of ¥0.1, a decline of 460 times. Various ecosystem projects launched back then vanished after one market cycle. Initially, mining software was used to create momentum, attracting many players, but the software eventually stopped working, shattering many people's hopes.
Node reward loopholes, emergency hard forks, and liquidation storms occurred one after another, causing token circulation chaos and continuous price weakness, performing worse than many ordinary altcoins.
However, some still remain optimistic about the BTCFi sector, continue to believe in CORE's narrative, and hope for a market reversal. The official Twitter mainly tells stories without tangible results, capital remains cautious and unwilling to enter, newcomers dare not easily join, leaving only holders trapped at high prices stubbornly holding on, desperately waiting to break even.
On one side is a history full of scars; on the other, holders are still waiting for a reversal. Does CORE still have a chance to make a big move? Can those trapped at high prices wait until they break even?
⚠️This is only a personal market observation and does not constitute any investment advice. Virtual currencies are highly volatile and carry significant risk. A 25bp rate hike has been implemented, and the dot plot still shows signs of another increase this year, clearly indicating the bill failed to pass. With these two factors combined, any short-term positive news that could be expected has basically been wiped out.
But ETH did not crash. The support range between 2330 and 2370 is still holding, indicating that leveraged bulls who should have been driven have already been cleared out before the rate hike, releasing selling pressure on the contract side ahead of schedule.
More bluntly on-chain: ETH reserves on exchanges continue to flow out, with tokens moving to staking addresses and cold wallets. On the spot side, there is no large-scale sell-off; these people are not stuck and not moving; they simply have no intention of moving at this level.
Long-term holders probably have this mindset: prices are set by macro perspectives, and chips are kept by themselves. Resistance is between 2440 and 2460; only when it rises can we talk about recovery.
What will truly determine the next pricing will be the CPI and non-farm payrolls coming later. How much longer do you think this round of volatility will last?
#美联储10月再加息概率破55%
#CLARITY法案下一步怎么走? Will #长端美债5% become the new normal? $ETH A trader who turned 200 into 2,335, then watched 680 collapse to 7.27, has restarted with a public rulebook. The headline number is the leverage breach, but the more useful signal sits in the position-sizing architecture: only 20% of capital deployed as margin, the remaining 80% parked to push the liquidation line further away, 2x leverage, and shorts reserved exclusively for altcoins printing a 40%+ single-day gain. That is not a directional bet on any one token. It is a bet on mean reversion i$BTC and gold 90-day correlation rises to +0.50! Is Bitcoin transforming from a "risk asset" to "digital gold"?
Latest data shows BTC and gold 90-day correlation has risen to +0.50, reaching the highest level in nearly two years. This means Bitcoin is shifting from a "high-risk growth asset" toward a "safe-haven asset," and the "digital gold" narrative is being repriced by the market.
BTC current price 76456, what does the increased positive correlation with gold indicate? Over the past year, BTC was highly tied to the US Nasdaq stock market, falling with Fed rate hikes and rising with cuts. But now, with tensions in the Middle East, US Treasury yields breaking 5%, and rising global geopolitical risks, gold is rising and BTC is also starting to rise. During risk-off periods, capital no longer only buys gold but also allocates to BTC. This reflects institutional funds reallocating—treating BTC as an alternative reserve asset rather than just a speculative instrument. The 76000 support is confirmed; if the safe-haven logic continues, BTC's decoupling from US stocks will reduce volatility and stabilize the trend.
$ETH's correlation with gold is also rising but to a lesser extent than BTC. ETH current price 2442, it still mostly follows BTC, and the "digital gold" narrative is not obvious for ETH. ETH is driven more by its own fundamentals (ETF inflows + staking lock-up + technical upgrades), with 2400 as solid support and 2500 as resistance. #美联储10月再加息概率破55% #美国加密税收与BTC储备法案获推进 Do on-chain perpetuals really have to expose positions for everyone to see? NEAR first made default confidentiality a product.
OKX is currently priced around $3.50, up about 30% from approximately $2.68 at the 24-hour open, with an intraday high of about $3.54. The catalyst is near.com’s perpetual default confidentiality: position direction, size, and opening time are not exposed on public account trails (reported by CoinGape / BSCN, etc.).
Underlying execution and liquidity still run on Hyperliquid (about 50+ markets, up to about 40x leverage). On the NEAR side, Confidential Intents / private shards are used for privacy and cross-chain intent routing, allowing funds to come in from over 35 chains; previously, confidential-related TVL was reported at around $70 million. Restrictions may apply in the US, Canada, and other regions; leverage amplifies gains and losses—launching does not equal no risk, privacy does not equal no liquidation, and it is certainly not a signal call.BTC has closed above 77167 on the 4H chart, with trading volume expanding 2.59 times
The previous note set 76775 as BTC's 4H recovery line. From 08:00 to 12:00, the 4H candle closed at 77379.5, $604.5 above the recovery line, and $212.2 above the previous six 4H highs at 77167.3, indicating the prior weak trend judgment has been fully repaired.
This 4H spot trading volume was 74.8904 million USDT, 2.59 times that of the previous candle. BTC perpetual contract open interest snapshot rose from $2.9015 billion at 10:00 to $2.9251 billion at 11:00, an increase of 0.81%. The open interest snapshot and spot 4H data belong to different data buckets; currently, it can be confirmed that there was an increase in positions within this 4H period, but it cannot be concluded that the entire trend was accompanied by synchronized position increases.
The 4H candle has closed above 77599.8, confirming the recovery anew; however, the 4H candle has closed back below 77167.3, invalidating this round of recovery. If the next 4H trading volume falls but still holds above 77167.3, would you revise your judgment?
#BTC #TradingWatchGood afternoon, friends, it's Friday again, and I'm in a good mood today. The market is doing well.
$BTC 77310, the rate hike didn't break it down, 76,000 held firm. The moving averages are still supporting, but momentum is average, more like holding steady rather than a new main rise. Let's first see if 75,200–76,200 can become a floor.
$ETH 2477, almost no movement, following the rise but not leading, stuck at the 2500 threshold, don't expect it to lead for now.
$ZEC 1517. Governance votes almost all passed, block production needs to speed up, halving schedule remains. Paradigm publicly holds it, saying it's a privacy complement to Bitcoin. Shorts are squeezed, market cap is pushing forward. It’s rising sharply; next, watch if the upgrade lands or if it’s time to sell.
$UNI is the craziest today, 8.63, up more than twenty percent in one day. Fees plus burn, new chain transactions are strong again, wedge breakout followed by acceleration. The story is solid, but this price is no longer cheap. BTC is holding, ETH is following, ZEC talks privacy, UNI talks fee rights. Rotation is more obvious than a single trend, manage your own positions. I am the mid-term intelligence guy.
Today's position daily sentiment: 56% bullish, 37% neutral, 7% bearish, bulls dominate.
Macro favorable factors pile up: The US SEC issued a conditional exemption allowing public permissionless blockchain tokenization of US stock on-chain trading, with Solana highlighted as a compliant infrastructure platform. Institutional adoption accelerates, $SOL ETF holdings reach 10.58M SOL, spot net inflow of $836K, Galaxy launches institutional vault on Kamino.
Russia's MOEX launched perpetual futures for $BTC, $ETH, SOL, etc. on September 22, with over 72,000 qualified investors participating. Fundamentals upgrade in sync, Solana mainnet Transaction V1 expands to 4096 bytes and activates 250ms slots, INJ launches on Sunrise.
Mid-term outlook: compliance, institutions, and traditional capital entry resonate, SOL ecosystem has strong explosive potential, accumulate core positions on dips.
#美国加密税收与BTC储备法案获推进
#美联储10月再加息概率破55% #SEC与CFTC明确链上金融合规路径
The SEC and CFTC jointly issued interpretative documents establishing the "Five Categories Law" for crypto assets: digital commodities fall under the CFTC, digital securities under the SEC, and compliant payment stablecoins, digital tools, and digital collectibles each have defined boundaries. A key innovation is the "decoupling" mechanism: assets initially may be considered securities due to reliance on project efforts, but as the project matures or is abandoned, the investment contract attributes can be decoupled, no longer subject to securities laws. Meanwhile, PoW mining, PoS staking, token wrapping, and compliant airdrops are excluded from securities issuance.
In regulatory coordination, Project Crypto has been upgraded to an inter-agency initiative, with both parties signing an MOU establishing the "minimum effective dose" principle to reduce duplicate registrations and conflicting obligations. On the market side, the SEC approved Nasdaq and NYSE tokenized securities trading rules and granted a five-year conditional innovation exemption for tokenized securities trading venues, opening a channel for traditional stocks to be tokenized on-chain.
This marks a shift in U.S. on-chain financial regulation from enforcement-driven to rule-driven, seeking a balance between investor protection and innovation. However, secondary market trading, hybrid token supply, and retrospective application of investment contracts remain to be clarified. If Congress advances market structure legislation, it will provide a more solid legal foundation. #美国加密税收与BTC储备法案获推进 #美联储10月再加息概率破55% $BTC $ETH $ZEC $ZEC on-chain data just came out, and it gave me goosebumps.
Market situation: Shorts are being publicly executed
Among the top four $ZEC whale holders, three are shorting, and only one is holding long positions. The fourth short position at the $1400 level was directly taken out—$20 million position wiped out to zero. Not just unrealized loss, but zeroed out.
Even more outrageous is the whale entity Garrett Jin, who started shorting from $400 and kept adding as the price rose. Last night, when ZEC surged 12%, he shorted another 5,000 ZEC at an average price of $1252.5 (about $6.26 million). He now holds 37,760 ZEC short positions, valued at about $50.99 million, with an unrealized loss of $25.85 million. The more he shorts, the harder he holds; the harder he holds, the more he shorts.
In the past 24 hours, $ZEC's total liquidations across the network reached $57.36 million, second only to $BTC and $ETH. Before the Fed decision, another whale opened a $10 million 10x leveraged short; within less than three hours, it was fully liquidated, losing nearly $900,000. Currently, the largest liquidation wall for $ZEC on Hyperliquid is stacked at $1550, with about $20.4 million in liquidation volume waiting there.
News perspective: This rally is not driven by sentiment, but by solid fundamentals
Grayscale's $ZEC spot ETF has attracted nearly $700 million in assets in less than two weeks since its launch on August 25. Paradigm co-founder Matt Huang publicly confirmed the company holds ZEC, putting institutional endorsement on the table. The NU7 upgrade vote passed with 99.9% approval to cut block time from 75 seconds to 25 seconds, and 98.9% support to retain Bitcoin-style halving.
Three forces—the real money buying from the ETF, public institutional backing, and network fundamental upgrades—collide with the extremely crowded short positions. Every short liquidation is a market buy order, pushing prices higher and triggering the next layer of liquidations. A self-reinforcing meat grinder.
Whales are no different from retail investors in front of institutions. $20 million at the $1400 level was swallowed without even a splash.
The next key level for $ZEC is $1400. If it breaks above, there’s another batch of shorts waiting to be liquidated at $1550. If it doesn’t, the buyers chasing longs become the next fuel. The cruelty of financial markets never discriminates by size.
#美联储10月再加息概率破55% #美国加密税收与BTC储备法案获推进 #SEC与CFTC明确链上金融合规路径