Blockbeats
Blockbeats
Tomorrow’s news rhymes on BlockBeats.
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🔥 Papertrade fever cools down! Single-day revenue plummets 83%, can Paragon save the day with perpetual contracts?
📉 On October 17, platform data fell across the board:
▪️ Single-day revenue: $890,000, down 83% day-over-day
▪️ Trading volume: $54.23 billion, down 43% from the previous day; down about 90% from the October 10 peak of $564.23 billion
▪️ Number of trades: 135,000
▪️ New accounts: 622, trading activity clearly cooled
Top addresses in loss-mining show astonishing performance!
Since the mechanism launched on October 10, within less than 6 days, the top three addresses by trading volume each exceeded $10 billion in transaction amount:
🥇 Top 1: $11.6 billion trading volume, $780,000 loss, received 46 million PAPER tokens, unit cost about $0.017.
🥈 Top 2: $10.3 billion trading volume, $930,000 loss, received 85 million PAPER tokens, unit cost about $0.011.
🥉 Top 3: $10.1 billion trading volume, $980,000 loss, received 252 million PAPER tokens, unit cost about $0.0039; actual net cost may be further reduced if dividends are included.
New catalyst: HIP-3 market deployer Paragon has spent 570.98 HYPE (about $45,000) to acquire the code PAPER, and the market is starting to focus on the possibility of launching perpetual contracts.
Core observation: Revenue, trading volume, and new users are all declining simultaneously, indicating that the early incentives' hype is fading. Next, whether PAPER can attract new liquidity through perpetual contracts and whether the large reward tokens will create selling pressure will be key variables.
After the hype subsides, the real test is genuine market demand.
Bitcoin ETFs saw a net outflow of $228.4 million this week, with IBIT experiencing the largest net outflow
BlockBeats news, on October 18, according to Farside Investors data, the total net outflow of US spot Bitcoin ETFs this week was $228.4 million. Among them, IBIT had a net outflow of $165.4 million, FBTC a net outflow of $60.2 million, BTC a net outflow of $7.6 million, and BTCO a net outflow of $4.1 million.
MSBT and BITB had net inflows of $6.7 million and $2.2 million respectively.
Opinion: The U.S. stock market is experiencing a "hidden bear market," and easing macro pressures could bring historic opportunities
BlockBeats news, on October 18, The Kobeissi Letter published an article stating that the U.S. stock market is showing a "hidden bear market within a bull market": although the S&P 500 index is only about 2% below its historical high, most constituent stocks have experienced significant pullbacks. The institution believes that macro pressures have lowered stock valuations, while the large tech companies supporting the index's rise still have a foundation for profit growth. 84% of S&P 500 constit
Bank of America’s Hartnett, who accurately predicted the sharp drop: The "sell signal" has ended, and whether investors can return to tech stocks by mid-November depends crucially on semiconductor prices
BlockBeats news: On October 18, Bank of America Securities strategist Michael Hartnett stated in the latest Flow Show report that the Bank of America bull-bear indicator dropped from 8.1 to 7.4, falling below the 8.0 threshold and ending the sell signal triggered on May 26. However, he emphasized that the end of the sell signal does not equate to a buy signal; tactically, a defensive stance is still maintained, and no additional positions in tech stocks are added for now.
Hartnett listed the pr
Anthropic seeks help from lawyers to study how AI agents can negotiate and close deals on behalf of users
Breaking AI news from Dongcha: According to the UK's Financial Times, Anthropic is seeking advice from law firms to study how AI agents can negotiate on behalf of users to secure better deal terms, involving scenarios such as product bargaining, customer service dispute resolution, and salary negotiations. The company is placing agent development at the core of its future strategy.
Two insiders stated that Anthropic wants to understand how lawyers balance representing clients' interests with ac
Papertrade trading heat cools down: daily revenue down 83% month-on-month, trading volume down 43% month-on-month
BlockBeats news, on October 18, according to DefiLlama data, Papertrade's revenue on October 17 dropped to $890,000, ranking 7th among all protocols, a month-on-month decrease of 83%. Previously, it once surpassed Circle, ranking second across the network.
According to official Papertrade data, the platform's trading volume on October 17, counted by UTC calendar day, was approximately $54.23 billion, down 43% from $96.52 billion on October 16, and down 90% from the peak of $564.23 billion on Oc
The probability of the Federal Reserve raising interest rates by 25 basis points in October has dropped to 15.5%
BlockBeats news, on October 18, according to CME "FedWatch" data, the probability that the Federal Reserve will keep interest rates unchanged in October is currently 84.5%, and the probability of a 25 basis point rate hike is 15.5%.
Paragon has purchased the PAPER code and may launch the Papertrade perpetual contract
BlockBeats news, on October 18, HIP-3 market deployer Paragon spent 570.98 HYPE (about $45,000) to acquire the code PAPER, possibly launching the Papertrade (PAPER) perpetual contract soon.
Papertrade is an on-chain synthetic perpetual contract trading platform deployed on HyperEVM, offering up to 1000x leverage. Its token PAPER is minted through users' realized trading losses, with no pre-mining, team, or venture capital allocation.
OpenCode cloud hacked: Third-party API keys suspected leaked, users claim $400 deducted
Breaking AI News from 动察: AI programming tool OpenCode disclosed a security incident affecting 1.4% of Console users. Those impacted had linked third-party model services in the cloud. Public notifications from users reveal that an old system being decommissioned was accessed without authorization, potentially exposing API keys for OpenAI, Anthropic, and others stored in the workspace. The team has sent emails to affected users.
OpenCode offers not only local programming tools but also an optio
AI stock sell-off and rising oil prices weigh on US stocks, with the Nasdaq recording its worst weekly performance since June
BlockBeats news, on October 18, according to CNBC reports, U.S. stocks closed lower on Friday, with the Nasdaq down 2.14%, the S&P 500 down 1.09%, and the Dow down 0.34%. Both the Nasdaq and the S&P 500 closed below their 50-day moving averages, and the VIX rose above 22 for the first time in four months. For the full week, the Nasdaq fell more than 4%, marking its worst weekly performance since June; the S&P 500 dropped about 2%, while the Dow rose 0.7%.
Technology and AI-related stocks contin