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$AVAX price increase aligns with dominance of active buying: In three sets of 5-minute statistics, buyers account for 67.0% and sellers 33.0%, with active buy volume approximately 2.03 times that of active sell volume; the current 15-minute candlestick rose by 0.32%; active buy volume exceeds active sell volume by $222,900. Price rise and buying dominance mutually confirm each other, indicating a relatively strong current performance.
$SOL active trades lean towards selling, with minimal net price change: In three sets of 5-minute statistics, buyers account for 41.3% and sellers 58.7%, with active sell volume about 1.42 times active buy volume; the current 15-minute candlestick rose by 0.027%; active sell volume exceeds active buy volume by $1.13 million. The selling bias mainly comes from trade distribution, while net price change has not shown a clear rise or fall.
$VVV price decline diverges from predominance of active buying: In three sets of 5-minute statistics, buyers account for 57.1% and sellers 42.9%, with active buy volume about 1.33 times active sell volume; the current 15-minute candlestick fell by 1.07%; active buy volume exceeds active sell volume by $82,400. The buying bias coexists with weakening price, so buying dominance alone cannot confirm that the price has turned strong.Originally, I just wanted to get a free breakfast, but the market ended up giving me dumplings for half a year. Last night at dawn, I was watching $LIT; the market was grinding and making people sleepy. I saw that LIT's support hadn't broken and there was still backing below, so I judged that a pullback was an opportunity. At that time, I only gave one tip: don't cut recklessly, wait for confirmation before acting. Later, the position really came, got in around 4.6860, and held all the way to now 4.9320, with an unrealized profit of +261.2% as the answer. I doubted it during the session too, but a plan is a plan; if the support doesn't break, hold on.
The market waits to be caught, profits are held onto.
Risk control is done upfront, called rationality; cutting losses after losing is called decisive action.
I didn't hesitate on position size, took profit on 70% first, pocketed the main part, moved the stop to cost price for the remaining 30%, let profits run if it continues up, and don't let gains turn uncomfortable if it falls back. This rhythm was right, the earlier hesitation was real, but the outcome is really sweet. For friends who haven't gotten in yet, listen to me: now is not the time to rush, chasing highs easily leaves you stuck at the peak. Wait for a more comfortable position in the next round, I will give the first notice.
$LAB $ZEC ⚡BTC sudden reversal! Bears anxiously waiting for a pullback, but the market takes off ahead
Yesterday saw a rapid sell-off, with BTC dropping from 81900 to 80100, ETH falling from 2668 to 2560, and ZEC retreating from 1598 to 1425.
Many traders positioned short orders in batches, waiting for a deeper correction. However, the market gave no chance for a pullback entry; prices quickly rebounded, leaving many shorts caught off guard and trapped.
The biggest warning in this move is not how fast the rebound is, but that the bears' consensus expectations are being repeatedly shattered.
However, it is still premature to declare a bull market restart at this stage. Three key levels must be firmly held to confirm:
✅ BTC must break above 82000 with volume
✅ ETH must reclaim the 2680 level
✅ ZEC must hold above 1500, absorbing selling pressure above
At this stage, the market can only be classified as a strong rebound, not the start of a new trend.
A true trend is never established by a single big bullish candle; after a breakout, whether the position can be held is the most critical test. There's a detail worth mentioning about tonight's market: $ETH rose just over 3%, SOL also bounced about 3%, but $BTC only moved just over 1%. When the leader lags and altcoins lead, don't rush to interpret this rotation as "the bull is back."
Experienced traders watch rotation to gauge the courage of capital: a truly healthy market is BTC leading with altcoins following; conversely, when BTC is weak and capital flows into high-beta altcoins, it's often a signal of the late stage of the market seeking quick rebounds—it's a mindset of chasing quick profits, not a trend mindset.
So I'd rather watch than chase this wave tonight. The high volatility of altcoins is a double-edged sword: they surge harder than anyone when rising, but also fall harder than anyone on pullbacks. What you chase is volatility, and what you catch is also volatility. Anthropic IPO delayed until November! Crypto AI shadow pricing, reaching a turning point
Anthropic's listing plan has been postponed, leaving the expected 2 trillion valuation uncertain.
This is not just a major event in the primary market, but also a narrative watershed for the entire crypto AI sector.
Recently, AI tokens like TAO, NEAR, and FET had their price surges highly tied to expectations of Anthropic's IPO. The market treated them as beta plays to ride the AI dividend, repeatedly rallying on listing rumors.
But the reality is harsh: among 945 AI concept tokens in the market, less than one-tenth meet the qualified thresholds of market cap and liquidity. Capital is rapidly exiting, moving from broad AI labels to a few high-quality targets.
A bigger hidden risk lies in the shadows: many Anthropic pre-IPO perpetual contracts on the market are essentially platform betting products, not corresponding to real equity and without any recourse rights.
With the IPO repeatedly delayed, the pricing anchor for these shadow assets becomes utterly elusive, and the risks are continuously amplified.
Adding insult to injury, Anthropic recently called for slowing down AI development pace, subtly echoing the IPO delay.
Here’s a soul-searching question:
Once the AI listing narrative cools down, how much independent upward momentum do the many AI tokens that rely on conceptual storytelling still have? 🏛️ Trump just said he's at the "decision-making stage" on Iran
"Very serious things are going to happen"
That's not a policy update — that's a countdown $BTC
He also confirmed he wants to meet with President Pezeshkian, which is the part that doesn't fit the usual script: escalation talk and an open door to talks, in the same breath
Markets don't price ambiguity well
$ETH $ZEC rallies strongly against the trend, with hidden currents surging at high levels! Intense battle between bulls and bears
ZEC violently surged from 1040 to 1598, currently oscillating near 1536 at a high level.
In an environment of tightening liquidity and pressure on BTC and gold, this round is a typical isolated capital market.
• Open Interest rose from 192 million to 198 million, increasing positions at high levels, leveraged funds fiercely competing, with huge divergence
• Funding rate recovered from -0.05% to zero, short squeeze momentum exhausted, further rise can only rely on spot buying
• Long-short account ratio at 0.57, contract basis shifted from discount to premium, futures sentiment overheated, risk accumulating
• Morning selling pressure continues to release, 1-hour candlestick converging, profit-taking begins to exit at high levels
📌 Market response
In a stagnant capital environment, small-cap coins have poor stability in counter-trend moves. Currently in a chip vacuum zone, there is risk of a double kill for bulls and bears.
❌ Not recommended to chase above 1530, nor to blindly trust heavy short positions in a short squeeze.
Maintain cash reserves, wait for leveraged funds to clear out, and after a pullback to support at 1500-1468 stabilizes, then choose the right opportunity to enter on the right side.
$ZEC Let's talk about something outside the crypto circle but bound to impact the crypto world sooner or later. UBS said today that global capital expenditure in the AI sector will reach $1.4 trillion by 2027, with 90% of the increase coming from rising memory prices; on the same day, Changxin's G5 went into mass production, preparing to enter the flash memory market to compete head-on with Samsung, SK Hynix, and Micron. South Korea's chip exports surged nearly 260% in the first 20 days of this month.
In plain language: all the world's money is being poured into the AI furnace, driving up hardware and memory prices. It sounds exciting, but it's not entirely good news for risk assets like $BTC— the fiercer the capex burn, the more liquidity is drained from the real economy and markets, with the 10-year US Treasury yield hovering around 5%.
Hot money is limited; if AI takes a share, there's less left for the crypto space. This is the fundamental reason why I've always been cautious.Saudi Arabia's supply cut didn't scare the market; oil prices surged then plunged, and one sentence from Trump made the bulls run
Yesterday, there were still worries about an oil and gas rally and inflation reigniting at Monday's open
But the plot reversed directly this morning
In the Asian morning session, oil prices initially surged
Brent once rose over 1.3%, touching above $100, and WTI also rose nearly 1%
But it quickly turned downward
WTI's decline once expanded to 1%, trading near $95
Brent hovered back and forth around the $100 mark
What extinguished the bulls were two easing signals
Qatar's Foreign Ministry confirmed it is communicating with the US and Iran to promote the resumption of talks
Trump was even more direct, saying he is "probably" willing to meet the Iranian president during the UN General Assembly this week
The market immediately traded on "the war might not last long," rather than "how long the supply cut lasts"
This is the hardest part about crude oil: pricing is based on expectations, not news headlines
Those shouting to be fully invested in oil and gas over the weekend might have just caught the peak of sentiment this morning
Geopolitics can change faces faster than candlesticksUNI surged to 8.72, shaking at the high! 😱
The SEC granted a five-year exemption for tokenized securities, causing a single-day surge of 28%, and rumors spread that fee burning will expand to the Arc chain, pushing it directly to $9.11. 🔥
A true mid-to-long-term reversal: all moving averages are beneath, with the 200-day line only at $3.78. But short-term is hot — RSI at 75 overbought, Bollinger Bands stuck at the upper band, MACD momentum extinguished. Order flow is more honest: sell orders are pressing buy orders, Binance volume dropping, whales dumping 600,000 UNI for USDT. 😰
Fortunately, the funding rate is only 0.01%, leverage hasn’t gone crazy, spot market is leading. Fundamentals are solid: 3.5 trillion trading volume, TVL 3.4 billion, annual fees 475 million. The SEC exemption has limits, but the narrative is set.
$ZEC $ETH $UNI
Key levels to remember: breaking above 9.93 or even 8.28, a pullback to $7.85 is normal. Don’t chase the highs, wait for confirmation! ⚠️ Not investment advice, weigh it yourself! #加密总市值重返2.8万亿美元 #ZEC巨鲸3.8万枚空单平仓，亏损超3500万美元 #特朗普将会晤海湾六国，伊朗局势迎关键节点 Bitcoin remains "playing dead" above the 81,000 high, both bulls and bears are exhausted, waiting for tonight's US stock market to give direction
After a weekend surge, the crypto market entered a quiet period this morning
On Monday morning, BTC is reported around 81,100–81,600 USD, down slightly about 0.2% in 24 hours
Basically hovering around 81,000 sideways
Ethereum is around 2,632–2,642 USD, also showing narrow fluctuations
No clear direction, and trading volume is noticeably lighter than over the weekend
Last Friday's surge was driven by the SEC easing stance + ETF inflows + short squeeze triple combo
But these three forces were basically exhausted by the weekend
Now the heavy resistance zone between 80,000–81,500 is pressing down, with support at 76,000, both bulls and bears are waiting
The real judge starts work tonight
After the US stock market opens, ETF fund flows and whether the Nasdaq can continue its rebound
Will determine if Bitcoin can hold above 80,000 to start a new round, or if it will be a false breakout followed by a pullback
The sideways movement during the Asian session in the daytime has little reference value, don't recklessly open heavy positions when volume is low At Sunday’s close, the account still has no position—empty-handed over the weekend. Someone asked again in the comments: $ETH and $SOL both bounced 3% tonight, why aren’t you getting in, short god?
Because I’m not looking at tonight’s bounce, but the volume behind it. $BTC has been stuck above 80,000 for the third day, with almost zero price change in 24 hours. ETH and SOL did bounce, but the weekend volume ratio is down to almost zero—very few people are pushing with real money; it’s mostly old holders hyping themselves up. The parabolic exhaustion is gradually playing out: open interest is shrinking, liquidations have shifted from short squeezes to long squeezes, the greed index surged to 72 but the price is grinding.
The most valuable lesson at the table is learning when to fold. The bearish view is correct, but the right moment to bet hasn’t come yet—wait until it truly breaks down, that’s a hundred times better than chasing the bounce now.The imagination for UNI might just be beginning.
Let's look at two data points:
UNI FDV is about 8.6 billion, with revenue of about 3.07 million USD in the last 7 days.
HYPE FDV is about 91 billion, with revenue of about 14.39 million USD in the last 7 days.
FDV differs by more than 10 times, but the 7-day revenue differs by less than 5 times.
In other words, the valuation gap between UNI and HYPE is clearly greater than the revenue gap.
More importantly, the core logic of $HYPE is relatively concentrated on perpetual contract trading, while the space behind UNI is much larger.
If in the future on-chain stocks, RWA, stablecoins, and more financial assets start to scale massively on-chain, the unavoidable elements will be trading, liquidity, and asset exchange.
DEX is precisely the infrastructure for this segment.
UNI is also one of the most representative protocols in the DEX track.
So what really matters in this market cycle is not just how much UNI is earning now, but how much trading and liquidity value UNI can capture once on-chain finance scales up.
The SEC is pushing traditional financial assets further onto the blockchain.
Stock tokenization is just the beginning.
If this direction continues to materialize, the valuation logic of $UNI might need to be recalculated.
The current 8.6 billion FDV may not represent its true future potential. Do you still have the coins you bought in October 2025?
Open your account and take a look.
If you haven't broken even yet, congratulations—you are living in the "altcoin season illusion."
The full screen of gainers makes you feel like the bull market is back. But your balance tells you: it’s not.
1. First, look at some painful numbers
Arca's Chief Investment Officer Jeff Dorman posted a chart yesterday.
Using the last peak on October 13, 2025, as the boundary, among the top 50 assets in the market, 39 are still deeply underwater, with an average drop of 30%-50% from their previous highs.
Only 8 have truly crossed that red line: VVV, ZEC, DRV, HYPE, NEAR, UNI, MORPHO, SKY.
BTC is down 30.69% compared to last October. ETH is down 39.95%. SOL is down 48.19%.
To translate the last number: SOL needs to double from its current price just to break even.
Don’t you feel like there’s been a big rebound? The gap between your account balance and your perception is exactly where this tear happens.
The altcoin season index is only 41 now. Historically, to confirm an "altcoin season," this number needs to exceed 75.
The bull market is here, but it didn’t bring your coins along.
2. The old script is dead
What was the old altcoin season like?
BTC rises → ETH follows → large-cap altcoins → small-cap altcoins.
It spread step by step, benefiting all. The core driver was one word: money.
Incremental funds flooded in like a flood, everything bought went up. You didn’t need to pick coins, you just needed to be on the train.
But that era was based on the assumption of "unlimited incremental capital inflow."
Now? The total market cap of stablecoins has been declining from its peak, and trading volume is highly concentrated in BTC and ETH.
The flood has receded, leaving only a few deep pools in the pond.
The market has shifted from Beta-driven to Alpha-driven.
In plain language: before, you just bought the "sector," now you have to buy "protocols that make money."
3. Under the new rules, three perceptions must be completely reversed
Old perception 1: Buy the sector
Previously, buying L2, DeFi, RWA meant betting that the whole sector would rise.
Now? Delphi Digital defines the current market as an "alt picker’s environment."
It’s an environment for coin pickers.
Not picking sectors, but picking individual protocols that can generate their own cash flow.
Old perception 2: Governance is valuable
What else can the tokens in your hand do besides voting?
Uniswap’s community asked for five years: "The exchange does so much business, what do token holders get?"
In December 2025, the fee switch was finally activated. Protocol fees collected on the product front end are forcibly used to repurchase and burn UNI on the secondary market.
From "voting tickets" to "cash flow claims." UNI’s price is 23.99% higher than last October.
Governance rights aren’t valuable; cash flow is.
Old perception 3: Chain selection matters
"Is this trend happening on Solana or Ethereum?" — this used to be important.
Now it’s not. "Who directly receives the fees" is the key.
Hyperliquid doesn’t run on any mainstream L1, but it supports $12.42 million weekly HYPE buybacks and burns from perpetual contract fees. A total of 48.7 million HYPE have been burned, accounting for 4.87% of total supply.
Which chain you pick doesn’t matter; what matters is whether the tokens you hold get a share of protocol revenue.
4. Who is crossing the cycle? Look at these 8 names
Hyperliquid (HYPE): Up 115.09% since last October. The protocol uses about 99% of eligible perpetual contract fees for HYPE buybacks and burns. The larger the business volume, the fiercer the deflationary buy pressure. Total protocol revenue is $1.31 billion.
Zcash (ZEC): Up 491.47% since last October. The community initiated the Nu7 network upgrade, with about 2.4 million ZEC participating in on-chain voting. Grayscale founder Barry Silbert publicly bullish on ZEC to $8,000. Arthur Hayes set "privacy" as the main crypto narrative for 2026 early this year.
Uniswap (UNI): Since fee switch activation, generated $23.15 million in protocol revenue, with 17% of swap fees used to repurchase and burn UNI.
Pendle (PENDLE): 80% of protocol fees are used to repurchase PENDLE from the open market; in the last 17 execution cycles, 16 had positive buyback volumes.
Do you see the pattern?
The fuel for these coins’ rise is real protocol revenue in cold hard cash.
Old coins without real fees and buyback mechanisms can only continue to decline endlessly amid infinite unlocks.
Final words:
Miss the era when everything you bought went up?
That era was based on the assumption of unlimited incremental capital inflow.
When incremental capital disappears, the market only rewards protocols that are truly making money.
Cherish the chips in your hand. Don’t ask "how many times it is from the previous high" anymore.
Ask yourself: since last October, what new products has this protocol launched? How much money has it made?
How much of that money has turned into real buy orders on the secondary market?
If the answer is no, let go early.
$HYPE $UNI $ZEC $SUI is the top trending topic today! But a good chain doesn't equal a good coin.
I've been watching the Sui chain for a long time. The Move language framework is really something special. It's not just another wholesale copy of Ethereum.
The team at Mysten Labs came from Meta, and their object model handles concurrency more smoothly than older chains. On-chain DeFi projects like Deepbook and NAVI are thriving, and the TVL ranks well among L1s.
But brother, a good chain doesn't mean a good coin. The pressure from unlocked tokens is always looming, and large unlock dumps have happened before.
My judgment: SUI's technology is one of the L1s I favor. You can hold a small spot position and wait for a pullback to support before adding more. Be especially cautious around unlock windows; don't chase highs. Focus on spot trading, avoid contracts.Are institutional funds increasing their positions or defending?
$BTC price is relatively strong, but institutional hedging has not disappeared
#加密总市值重返2.8万亿美元
$BTC price remains relatively strong, but in the past 24 hours it has lagged behind ETH: BTC -0.08%, ETH +1.45%, so it cannot yet be called a full rally leader.
The Block, citing JPMorgan, states that IBIT short positions are near the year's high, and IBIT's put/call ratio is also higher than the gold ETF GLD.
The report also suggests that if BTC ETF hedging demand decreases, BTC may gain additional support relative to gold; this is a conditional judgment, not a price prediction.
If ETF net inflows improve and IBIT hedging declines, the strong bias may become more stable; if high short positions persist and real yields rise, volatility and pullback pressure may increase.
Monitor IBIT short positions, put/call ratios, BTC's relative performance to gold, and ETF flows. Current data cannot confirm a mid-term reversal.Canceling the waitlist has never been an act of generosity; it means demand has already overflowed beyond what can be filtered. TypeSafe directly opened Jev, indicating that the previous application system couldn't contain the real call volume.
Vercel's integration data is even more straightforward: within one day of launch, nearly 13% of paying teams were using it, with speeds twice that of the GPT-5.6 series during the same period. Previously, models built reputation through chat interactions; now adoption rates are driven by programmatic calls.
For project teams, tasks like classification and scoring shouldn't be manually handled. Jev only returns options, probabilities, and confidence levels, and its output is free, so pricing pressure will first impact similar APIs.
Watch whether the call volume continues to climb a week after its opening. If growth slows, it means this wave was just the release of waitlist backlog, not genuine demand.
#AI降速争议未退，算力投入继续加码
#AnthropicIPO推迟，估值预期逼2万亿 #全球高利率预期再升温 $ETH The address associated with Garrett Jin, who previously held about 38,000 ZEC short positions, has fully closed the positions, realizing a loss of over $35 million; during the roughly 1.5 hours of concentrated market order liquidation, the ZEC price rose from about $1490 to $1530, an increase of approximately 2.7%. This address was previously monitored holding about 202,000 ZEC spot simultaneously, and after this liquidation, it did not sell the spot holdings, indicating that the previous short positions may have included some hedging. Meanwhile, the ZEC NU7 upgrade continues to progress, currently planned to launch the testnet on October 6 and target the mainnet upgrade on November 5. With this large short position exiting, the high-level position structure of ZEC further changes, while high funding rates and large leveraged positions may continue to amplify short-term price volatility $ZEC $ZEC $ZEC $NES To be honest, I myself find it risky that this trade has lasted until now; luck played a big part.
Yesterday early morning, NES surged, the market looked lively but volume didn't keep up. I saw clear resistance above and judged it to be a strong bull trap, so I suggested opening a short position and trying to short, but not chasing the first move.
The market waits to be played, and profits come from holding.
From 0.1736 down to 0.1660, the short position's unrealized profit is +86.4%. The earlier hesitation was real, but the outcome is very rewarding. I closed 80% of the position, keeping 20% to protect the cost price; if it continues to drop, let the profits run. Brothers, pay attention to your profits.
Now is not the time to chase shorts; rebounds easily shake people out. Wait for the next signal before acting. Panic comes from lack of planning, losses come from overthinking.
$ADA $LAB The 30-year US Treasury yield has already reached the same level as before the 2007 financial crisis. Selling Bitcoin at this time is equivalent to handing over your chips at the point of highest systemic stress.
Historically, when long-term interest rates surge to such extremes, it often corresponds to the tightest liquidity and the most broken sentiment at the end, rather than the start of a trend.
Don't easily sell before the yield peaks; what you should really fear is not the current price, but exchanging your BTC for cash when others are at their most desperate.$PURR has the lowest recognition among publicly available mainstream tokenized stock boards. It is more likely a niche packaging, newly launched code, or a community nickname, rather than a core asset with multiple issuers resonating like $NVDA. For such targets, the most professional approach within 24 hours is not to forcibly compile fundamentals, but to explain the method: first verify the issuer, collateral/redemption, oracle, whether it is 1:1, and whether it is synthetic only; then check the pool depth and real 24-hour trading volume. If the depth is extremely poor, any analysis is less effective than simply saying "this might be code first, then an asset." Including PURR in the list itself indicates that RWA has already spread from blue chips to the long tail—the faster the spread, the more mixed the quality. #Lumentum营收翻倍，AI光通信需求延续 #美联储10月再加息概率破55% #OKX星球话题来啦 A common signal has appeared on-chain: exchange balances of BTC, ETH, and SOL are all declining. However, price reactions differ completely, indicating that funds are being reallocated.
$BTC: Balances have dropped to multi-year lows, but ETF funds only flowed back in with $433 million on Friday, with institutions re-entering after the bill failed. The price holding at 81K suggests selling pressure mainly comes from short-term traders, while long-term holders remain unmoved.
$ETH: Balances are also falling in sync, combined with staking lock-ups, tightening the circulating supply. However, with the Glamsterdam upgrade approaching and technicals still struggling below 2.7K, the market has yet to price this in.
$SOL: Balances are decreasing as well, but after a 19% monthly gain, profit-taking is occurring. The long-term narratives of RWA and DeFi remain intact, but short-term needs to digest the gains.
The exchange balances of all three coins are decreasing, which is a shared positive signal—the selling pressure is easing. Yet, a catalyst is needed for a rally: clearer regulatory paths for BTC, the Glamsterdam upgrade for ETH, and ecosystem data for SOL. Until the direction is clear, patience is advised.
$BTC $ETH $SOL
#交易之声：你的经验值得被听到 #特朗普因TruthSocial付费数据流遭起诉 #加密财库分化：买币还是回购？ On the morning of the 21st, a certain mysterious whale promptly deposited 40 million USDC directly to Binance, then immediately withdrew 7,567 $ETH, worth about 20 million USD.
This whale has repeatedly traded on the 21st of each month. On July 21, it bought 21 million USD; on August 21, it cashed out at a high point, netting 3.7 million USD in one go; today, September 21, it returned right on time.
What is the current market situation? $BTC is repeatedly tugging at the 80,000 mark, with existing funds competing, and long-short dual liquidation has become the norm. At this low sentiment point, the whale cast a vote of confidence in ETH with real money, indicating that large capital believes the current valuation is already attractive. #BTC维持8万美元，加密市场修复扩散 #SEC代币化股票创新豁免落地，UNI盘中涨超21% #ZEC高位震荡，多空仓位开始分化 Bitcoin has risen, so why isn't social media celebrating? Because most people are left with only memories.
It's not that they never bought, but they sold before dawn.
Newbies change cars, veterans change positions, whales change tracks.
Why sell? Some need to pay rent, some need to repay favors, some are scared off by sudden drops, some think the rise is too slow, some chase AI, some treat their mnemonic phrases like scrap paper.
What rises is the price, what’s empty are the accounts.
The excitement belongs to others, the regret is your own.
$BTC Introduction: Contract exposure is the primary reason for the rise, with BTC ETF capital inflow as a secondary factor. The market, project, and coin information, opinions, and judgments mentioned in this article are for reference only and do not constitute any investment advice.
Written by 0xWeilan @ eMerge IS This week, the central banks of the US, UK, and Japan raised interest rates as expected. High interest rates and high bond yields continue to exert macro pressure on risk assets, but BTC still rebounded against the trend by 5.14% on Friday to $81,234. However, the continuity of spot and ETF capital is insufficient, and the significant rise in the latter part of the week was mainly driven by high-leverage funds in the contract market, weakening the quality of the rebound. At the same time, long-term holders are reducing their positions and exchange balances are increasing, indicating a potential rise in selling pressure. Overall, it is difficult to determine that stable incremental funds have been established. Whether the market can sustain the rally depends on whether spot ETF funds can achieve continuous net inflows over multiple days and effectively absorb supply pressure; if ETFs revert to outflows or key moving averages are breached, the market will face correction risks.
Macro Finance: This week, the central banks of the US, UK, and Japan raised interest rates as expected, and macro financial conditions continue to constrain risk assets. The Federal Reserve unanimously approved a 25 basis point rate hike, raising the federal funds target range to 3.75–4.00%, with a median policy rate forecast of 4.1% by the end of 2026, overall still leaning towards further hikes within the year. Meanwhile, the 10-year US Treasury yield briefly broke through around 5%, closing high on Friday. The cash yield threshold and long-term financing costs rose simultaneously, making BTC's price expansion more dependent on sustained marginalOKB breaks through the 118 chip zone! This rise is not just following the market rally
$OKB's momentum this time is really impressive, directly breaking through the 118 pressure zone where a large amount of chips had accumulated, with the price touching the 120 mark.
Many thought it was just the platform token following the market rally, but this time the logic is completely different: fundamentals moved first, and the market followed.
✅ First, the X Layer ecosystem is solidly landing, no longer just empty stories
This week, two major ecosystem directions were added, focusing respectively on the RWA (Real World Assets) track and the Meme track, with the liquidity incentive program already launched on Friday.
Previously, OKB's rise was purely driven by the overall market trend, passively riding the hype; now the on-chain ecosystem is continuously strengthening, benefits come first, and the token price follows, completely changing the upward logic.
✅ Second, the circulating supply is light, so capital inflow has explosive power
Compared to top platform tokens like BNB, OKB has a lighter circulating supply. Once consensus is reached among investors, the elasticity will be much stronger.
It can serve as a long-term platform base holding, and once the market starts, it becomes a high-beta offensive target with full explosive power.
✅ Third, the technicals are healthy, no overextended rally
The price steadily stands above the MA7 and MA14 moving averages; RSI is around 60, not entering overbought territory; volume is moderately increasing, not a short-term pump, indicating capital is entering gradually.
⚠️ Key risks to be clear about
The 120 level is a historical area where trapped positions cluster, so breaking through it in one go is difficult, with a high probability of oscillating back and forth here to digest selling pressure.
Only with volume confirming a stable break above 120 will the upper space truly open, with mid-to-long-term targets at 170-200.
If pressure at 120 causes a pullback, it will retest the 118 chip support to gather strength again The most dangerous situation on the chessboard is never being in check, but when the opponent thinks you have no moves left, while you have already laid a sacrificial killing move on the sixth rank. $JITOSOL The current endgame is exactly like this: a mere 1.97% increase in 24 hours, seemingly calm on the surface, but the closely engaged pawn chain has already pushed to the enemy's throat.
Looking at the short-term Bollinger Bands, the price is stuck at the 87% position—only 0.2% away from the upper band, but 1.4% space from the lower band. What does this mean? All of Black's pieces are compressed on the last rank, and any exchange will cause structural collapse. The short-term RSI reading is 66.4, already on the edge of overbought, while the long-term reading is only 50.4—the huge gap between these two lines precisely indicates this push is a local pawn advance, not a full-scale attack.
The signal is SELL for Red, which I fully agree with. The bears are not fleeing in panic but retreating with calculated intent. When the price reaches 98.38, which is 1.4% above the current price, that is the most vulnerable square of the opponent's king wing and the intersection where my trap is set. My midgame strategy is simple: make the opponent take one more step, using their greed to gain my exchange rights.
The targets are not chosen arbitrarily. 94.55 is the first defense line, 2.5% below the current price, a square where the short-term pawn chain must return to reinforce; 94.03 is the second, 3.1% below, anchoring the long-term equilibrium position. Both are key points the opponent must defend, and if the strike misses, I will withdraw accordingly.
Stop loss is set at 108.25, requiring an 11.6% rise. Why such a wide buffer? Because the king wing's sacrificial tactic must allow for feints; the real killing move is often hidden in the step where the opponent thinks you have made a mistake. The 11.6% is not tolerance for loss but space on the endgame board for maneuvering.
📉 Short:
Entry: 98.38 (current price +1.4%)
Take Profit 1: 94.55 (-2.5%)
Take Profit 2: 94.03 (-3.1%)
Stop Loss: 108.25 (+11.6%)
In the endgame phase, not every move needs to be brilliant. Only one correct exchange is needed to drag the opponent into the pawn promotion sequence you have memorized three hundred times. The pieces are set; now it’s a matter of who blinks first. #strategyplaybookThe biggest lesson this round of AKE gives to the crypto community
I think it's not:
"Can AKE still rise?"
But rather:
"Why can a coin that no one paid attention to before complete such a huge price revaluation in such a short time?"
The answer is actually very simple:
Small market cap + liquidity + hype + leverage.
These four factors combined can create extremely crazy market moves.
But it also means:
The rise can be very wild, and the fall can be equally brutal.
So for this kind of coin, I wouldn't just assume it will keep rising because it has already gone up several times.
What’s really worth watching is:
Whether funds come back after a crash.
If no new funds enter, then the previous surge might have just been an extreme market driven by sentiment and leverage.
But if AKE can rebuild a bottom after the crash and then break out again with volume, the market needs to reassess its trend. #加密总市值重返2.8万亿美元 $AKE During the closure of a ~38,000 ZEC short at a loss above $35M, ZEC rose about 2.7% from $1,490 to $1,530 in roughly 1.5 hours. Yet the reported ~202,000 ZEC spot position was left intact, making this look less like clean bearish capitulation than a hedge being removed.
With NU7 approaching and funding elevated, positioning may drive the next move more than fundamentals in the near term.
#ZEC38KShortClosed #BTC has returned to the area between the 50-week EMA and SMA, which is exactly where it was suppressed in May.
Testing the same area again indicates that the bulls have not given up yet.
As long as the weekly candle closes above this range, the structure will clearly strengthen, and more upside potential will open up.
The key is how it closes this week.6 million TRUMP tokens, all moved to OKX in two days.
My first reaction wasn’t “bullish,” it was “here we go again.”
Last time I saw the team moving tokens to exchanges, I naively thought it was a liquidity arrangement. What happened? The market stayed flat for three days, then one bearish candle left me stuck at the peak.
This time I’ve learned my lesson: 2.75 million tokens, $5.69 million, just landed 8 hours ago. A total of 12.59 million in two days.
I did a quick calculation: on average, 750,000 tokens are being pushed into OKX every hour. This pace doesn’t look like market making, it looks like moving house.
What do short-term traders fear most? Not a crash, but this kind of “warm water selling pressure.” It doesn’t crash the market, but every day there’s supply drifting onto your head.
The lesson is simple: when the team’s address moves, don’t ask why—first check if your position can hold up.
Who’s catching this wave?
#OKX预言家：来星球玩预测 $TRUMP Don't be fooled by that tower crane still standing in mid-air — the facade of $INJ has already started to peel off, dropping 5.93% in 24 hours. This isn't construction noise; it's the load-bearing structure sending out deformation warnings.
Those of us in design know one thing: whether a building stands or not never depends on how bright the opening day ribbon-cutting is, but on which layer of bedrock the foundation piles reach underground. Now, looking at $INJ's blueprint: the short-term RSI has already collapsed to 32.2. By my reading, this data is just one last pile away from the oversold red line; a nearly 6% drop in 24 hours is equivalent to the entire building losing one basement level's water level in a single day. Looking at the Bollinger Bands — the short-term price is already just 0.8% above the lower band, and the mid-term is even more severe, only 0.2% from the lower band, almost like the structural base plate is touching the ground. What about the upper band? The mid-term upper edge is still +10.2% in the air, indicating the upper space of this building is completely intact; only the emotional support on the current floor has been destroyed.
This is a typical case of "the bottom footing being mistaken for a dangerous building." The long-term RSI is stuck at the neutral axis of 49.7, indicating the foundation rebar stress is still balanced and unbroken. Real designers will tell you that a short-term price hugging the lower band plus a stable long-term neutral axis is a window for backfilling and reinforcement, not a signal to evacuate.
But I won't enter at the current price of 4.92 because construction requires precise entry points — the current price is only 0.2% above the mid-term lower band, and the downward wiggle room hasn't been fully squeezed out yet. I want to wait for the structure to compact the last bit of loose soil itself.
📈 Long:
Entry: 4.76 (current price -3.3%)
Take Profit 1: 5.31 (+8.0%)
Take Profit 2: 5.42 (+10.2%)
Stop Loss: 4.19 (-14.8%)
This position sizing is deliberate: entry is set 3.3% below the current price, waiting for that Bollinger Band lower band pullback; the first take profit at +8.0% corresponds exactly to the mid-term upper edge before expansion; the second take profit at +10.2% is the true roofline of this building. The stop loss at -14.8% is not generous; it acknowledges that below 4.19 means the load-bearing wall has developed through cracks — at that point, it's not a stop loss, it's demolition.
The problem with $INJ now has never been whether the blueprint looks good — anyone can draw a white paper. The issue is whether this round of pouring quality can withstand the weight of the next floor slab pressing down.
The foundation is still there, the rebar is unbroken, and the formwork is intact.Odaily Planet Daily reports that Solana founder Toly posted on X: "AGI (Artificial General Intelligence) is still far away. As for my test project Percolator, if I were coding full-time myself, it should have been released by now. The best performance of AI is in the design and specification research phase, as well as fuzz testing to find bugs. If this approach is adopted, the code quality should be better. But the number of good products actually launched on the market today is unlikely to be more than before the era of large models."
Previously, Toly announced last year that he would launch Percolator, the next-generation decentralized perpetual futures exchange based on Solana. It uses a sharded order book, with execution speed comparable to centralized exchanges (CEX), and is completely open source. $BTC $ETH $ZEC $ETH 2,680, a certain whale bought back 7,567 coins.
What does this mean? This person bought $21 million worth of ETH on July 21, sold it on August 21, making a profit of $3.7 million. Then today, they transferred 40 million USDC into Binance and withdrew 7,567 ETH, worth $20 million.
Selling and then buying back is not the hesitation of retail investors, but a decisive move by large capital.
What’s more worth noting is that he’s not the only one buying. Since September 18, a certain entity has accumulated over $38.61 million worth of ETH, with an average cost of $2,528 and an unrealized profit of $2.11 million. Another whale sold 1,107 BTC within 5 days and swapped for 34,422 ETH, all staked.
Ethereum spot ETF had a net inflow of $144 million on September 18, with BlackRock’s ETHA accounting for $114 million. The staked amount surpassed 41.7 million coins, accounting for one-third of the circulating supply, hitting a record high.
I believe whales are not coming back to bet on a rebound, but to bet on ETH shifting from "following $BTC" to "an independent narrative." The simultaneous occurrence of ETF continuous inflows, staking lock-ups, and BTC swapping to ETH — these three events point to a short-term target of 2,720 to 2,800.
2,550 is the bottom line; if it breaks below, then it means the view was wrong. On Monday morning, ETH and SOL clearly outperformed BTC, with funds willing to take risks, but macro tightening pressure still looms overhead. This is a recovery after a sharp drop, not a trend reversal. --- 🟠 BTC: The golden cross just appeared, but analysts poured cold water on it BTC is currently around $81,600, up slightly 0.39% in 24h, with a market cap dominance of 58.1%. The market is still in a "Bitcoin-led, altcoins partially recovering" pattern. There is a signal heating up the market—the 50-day moving average crossing above the 200-day moving average, a classic "golden cross." But analyst Benjamin Cowen directly poured cold water: the golden cross alone is not enough to confirm a reversal; the key is whether the weekly candle can close above the 50-week moving average. If it can't, this rebound is very likely a repeat of the "lower highs" pattern from 2014-2015. Arthur Hayes is more direct—The CLARITY Act was never the catalyst for this rally; don't forcibly link legislation and price. Key levels: support at 80,300; if broken, look at 81,500–82,833. The daily chart stands above almost all moving averages from 10 to 200 periods, with 13 out of 15 bullish and only the HMA at $81,075 bearish overhead. The moving averages look good, but momentum is waning—RSI at 61, stochastic at 87, neutral zone; MACD and CCI are negative, ADX at 41 with unclear direction, a typical "consolidation below resistance." 🔵 ETH: The real top performer this round, but the market has a#BTC holds at $80,000, crypto market recovery spreads
BTC returns to $80,000; rather than a strong bull run, it's more of a short squeeze after all the negative news has been priced in. The real test isn't the price itself, but the sustainability of ETF inflows.
BTC surged 8% in a single day, breaking through $80,000 and reaching $81,238, closing above the annual moving average for the first time since November 2025. On September 15, the CLARITY Act failed in a Senate procedural vote 49-50. The market initially expected a continued decline but instead rebounded against the trend. The reason is simple—the negative news was already priced in, and the vote result did not trigger additional selling pressure.
The real capital signal lies in ETFs. On September 18, there was a net inflow of $433 million in one day, with Fidelity FBTC contributing $311 million and BlackRock IBIT $108 million, marking the largest single-day inflow since September 3. However, breaking it down, $450 million and $296 million flowed out on Tuesday and Wednesday respectively, so Friday's inflow only made up for the week's outflows.
On the regulatory front, the SEC and CFTC did not wait for legislation. On September 17, the SEC introduced an innovation exemption allowing qualified platforms to trade tokenized stocks via licensed AMMs; the CFTC on the same day granted a no-action exemption to passive software providers.
$80,000 is a psychological barrier, not a trend confirmation. Watch two signals—the ability of ETFs to sustain net inflows in the hundreds of millions continuously, and whether $82,000 can break out with volume. Without either, this rally is just a short squeeze, not a new trend.According to Woofun AI data, spot BTC ETF net inflow on Friday was $433 million, far exceeding Thursday's $133 million; net inflow so far this month is $313 million, with cumulative net inflow reaching $55.1 billion, total net assets at $102.5 billion, with IBIT alone accounting for $63 billion.
Core logic: The clear bill failed on September 15, the Fed raised rates by 25 basis points, theoretically it should have crashed, but the market stubbornly did not break 80,000. Institutions returned on the third day after the bill's failure, indicating that pricing is not by Congress but by CFTC's autonomous regulatory path and ETF buying pressure. The cup-and-handle pattern's handle is consolidating, the 100-day EMA has been firmly held.
Mid-term analysis: The 80,000 bottom has been confirmed by institutions with real money. As long as the ETF weekly net flow does not turn into a large net outflow, the mid-term base position logic is stronger. Watch closely whether the previous high of 82.1K can be broken with volume, hold firmly the mid-term chips!
$BTC $ETH
#美国加密税收与BTC储备法案获推进 #贝莱德推两只基金，专供稳定币储备 During this hour, BTC and ETH were almost neck and neck. In the OKX community's one-hour snapshot at 10:00 China time on September 21, mentions of BTC, ETH, and SOL were 29, 28, and 17; in the same window, BTC was about 59% bullish and bearish about 10%. There was only one volume gap, and attention was almost evenly split. The proportion of bullish shares was just the tone of this discussion, not transactions, and certainly not the next move. SOL was even lower, and the sample was thinner. The numbers were locked in just one hour. If there is a new verifiable message, I'll check again.Those bullish on ETH should actually welcome its repeated trading around 2600.
After a price breakout, many holders hope it will immediately surge to higher levels, and after two days of sideways movement, they feel the market is weakening. But for ETH, which has just experienced nearly a 7% single-day gain, repeated trading around 2600 is not necessarily a bad thing.
A rapid rise accumulates short-term profit-taking and attracts chasing positions. If the price continues to surge straight up, leverage and sentiment become increasingly crowded; once a pullback occurs, everyone exits simultaneously, causing even greater volatility. Sideways movement allows some profits to be realized and lets new buyers establish cost bases.
Healthy consolidation usually shows controlled pullback magnitude, gradually cooling volume, and lows that no longer significantly decline. Dangerous consolidation is characterized by weaker rebounds each time, heavy volume selling at highs, and eventually falling back below the breakout zone.
Long-term bulls need not fear every pullback; what truly needs to be feared is a lack of support. If ETH can stay around 2600 and form a new dense trading area, the next rise will have a stronger foundation. The market doesn’t get better by running faster; what matters is preserving the gains.Last Thursday (9/16), the Fed raised rates by 25 basis points. Rates increased from 3.50–3.75% to 3.75–4.00%, marking the first rate hike since 2023. The dot plot is more hawkish: 16 out of 18 officials expect another hike this year, zero expect a rate cut, and the probability of another hike in October is 55%. According to the script, gold should fall. But it didn't fall—first crashed to 4230, then V reversed, reached a high of 4398, and now closes at 4368 (XAUT 4368 / PAXG 4360, Binance gold perpetual). On the weekly chart, it closed with a long lower shadow bullish candlestick. With rate hikes + hawkish dot plots holding gold, gold prices actually rose. But there's a more crucial signal most people haven't noticed: gold's Bollinger band has been compressed to 0.8%, which is extreme convergence. Convergence isn't stability—it's a sign of a market change. 📊 Let's reconcile: What exactly happened to the FOMC? Looking at this table, the conclusion is 'negative news is coming in, but it's not over': - Interest rates meet expectations—the market already priced in 25bp, so this isn't new negative news; - The dot plot is hawkish—another increase is expected this year, with the US dollar (DXY 100.2) and US Treasury (10Y 5.0%) pushed to highs, both of which are gold's main enemies; - Gold, however, is V-inverted—after dropping to 4230, it was bought back, indicating buying around 4200 is real; - Bandwidth 0.8%—this is the most important red mark in the entire tableBitcoin just settled, and HYPE is also close to the position where I want to exit 😮💨 Long opened at 90.009, screenshot taken at 93.365, single contract floating profit +186.42%, position still open, take profit at 95 unchanged. The closer to the target, the easier it is to say "how about holding a bit more," this habit needs to be controlled.
I continue to lean bullish, still because there is real business behind the buyback. According to DeFiLlama's current statistics, Hyperliquid's protocol revenue in the past 7 days is about 15.02 million USD. According to official rules, trading fees entering the aid fund will be automatically converted into HYPE, and the HYPE in the fund will be burned. At least there are people trading on the platform, generating revenue, so the token demand is not completely disconnected.
But this time I noticed a detail: after some third-party contracts enable "growth mode," trading fees are reduced by at least 90%. Cheaper fees attract users more easily, but a rapid increase in volume does not mean revenue and buybacks can grow at the same pace.
So what I want to see more is whether the users attracted by the low fees can stay, and eventually let the revenue catch up. If yes, I am willing to be optimistic about this kind of growth; if it's just the volume looking better and better but actual revenue doesn't change much, then we can't keep raising valuations just because "new highs again." It's easy to invite people in cheaply, but whether you can retain paying customers continuously is what really matters.
Back to this position, 95 is still the original plan. Now with less than 2% price space to the target, I see no reason to casually change the take profit to 100 just because I have a bit more goodwill towards the platform.Big brother held steady at 80,000, but got weak at the door
Brothers, $BTC is playing dead again near 81,000 today, with just a slight increase of a few tenths in 24h, but the weekly chart quietly rose nearly 5%. The funniest thing is it has failed to break through 82,000-83,000 for the third time, getting weak every time it reaches the door.
But don’t lose heart, institutional dads are strong: Saylor sent another "more orange" hint to keep buying, Strategy holds 845,000 BTC; Fidelity Macro Director said the four-year bull cycle might have started, and the spot ETF had a net inflow of $433 million last Friday.
My understanding: BTC isn’t not rising, it’s waiting for you to get off.
Is digital gold still quietly making money?
The Middle East stirred up trouble again over the weekend, shaking risk assets, and BTC was pressed down but stubbornly didn’t break 80,000, even being called a "digital gold + liquidity asset" dual narrative. Compared to gold, it’s risen about 50% since this round of conflict, definitely tougher than traditional safe-haven assets. But honestly, this way of rising is increasingly like quietly making money—no one is hyping it, and the price is steadier. Derivatives positions of 55B haven’t finished deleveraging yet; to break 83,000, it really depends on whether spot demand can take over.
#加密总市值重返2.8万亿美元 SEC clears tokenized stocks, the market begins to reimagine on-chain finance
The key point of this news is not just short-term price fluctuations.
The SEC has introduced an innovation exemption allowing qualified platforms to explore tokenized stock trading, and the market is refocusing on the big narrative of "traditional assets going on-chain."
Simply put:
In the future, assets like stocks and funds may increasingly enter the blockchain.
What does this mean for Crypto?
Big Brother is responsible for attracting capital.
ETH handles the infrastructure.
DeFi takes on the applications.
But don’t rush to FOMO.
Policy is a catalyst, but what truly determines the market is:
Whether capital flows in and whether the ecosystem takes root.
The market likes to hype expectations, but in the end, it’s about the results.
Opportunities are always there; don’t chase the first emotional candle.
The above is just a personal market record and does not constitute trading advice.
$BTC $ETH #SEC代币化股票创新豁免落地，UNI盘中涨超21% 2. Market Ignition: Sentiment Turning Point, Spot Funds Positioning in Advance, Waiting for the Time Window
Late-night surges rarely happen without any warning.
Before a surge occurs, the market often already shows signals: the consolidation range narrows continuously, short positions in contracts keep accumulating, on-chain whales and off-exchange OTC funds quietly complete spot accumulation at key support levels, and ETF fund flows shift from redemptions to stabilization or even slight net inflows.
The reason large funds are reluctant to act during the day is very practical:
The daytime market depth is thick, making the cost of pushing prices up extremely high; any move is immediately noticed by the market, triggering massive counter selling pressure;
Whereas during the late-night window, liquidity is thin, the cost of pushing prices up is lower, and the time difference is exploited to create FOMO. When Asian traders wake up and social media sentiment intensifies, retail investors follow the buying momentum, continuing the rally.
There are two types of ignition:
1. No sudden news driver: purely technical factors plus position structure, funds choose the nighttime window to actively sweep the market, triggering clustered stop losses;
2. Sudden overseas late-night news: US Treasury data, official statements, regulatory rumors, changes in macro risk appetite, which happen to land during our late-night hours, overseas funds react immediately, directly causing market anomalies.1. This Week's Biggest Theme: The Market Completely Distinguishes Between 'Platform' and 'Coin' The most critical change in the crypto market this week is not BTC returning to $80,000, but the complete segmentation of sector valuations and a comprehensive restructuring of capital logic. On one hand, crypto platform stocks continue to collapse: Gemini's stock price has plummeted over 80% from its IPO peak, with market capitalization down to just $750 million. Rumors of market takeover and operational risks have spread, and crypto platform sectors have collectively slashed valuations. Funds have started to flee frantically from 'main assets of trading platforms,' completely abandoning the old logic of 'exchange positive = crypto sector positive.' On the other hand, BTC has bucked the trend, standing above the 80,000 mark and creating a completely independent spot market. This divergence in price movements has taught the market the most direct lesson: exchanges are risky assets, BTC is a scarce pure spot asset, and their valuations are completely decoupled. The old-fashioned logic of "good news as soon as it goes up, and the platform rises when the coin rises" logic is being completely cleared out. 2. The truth about capital flows: Escaping the platform, clustering spot ETFs Platform stocks are not negative market news, but a massive capital movement within the industry. Funds withdrawing from the crypto platform sector have not left to watch, but have precisely flowed into BTC spot assets. Data verification is very clear: last Friday, the US BTC spot ETF saw a single-day net inflow of $433 million, with Fidelity's FBTC accounting for 70% of the inflows, showing institutional investors' stance is very clear. Funds are actively avoiding the operational risks, compliance, and default risks of exchange entities, and instead embracing decentralized, purely spot, and chip-scarce core BTC assets. This#BTC
$57K might be the bottom, or it might just be a midpoint;
$196K might be the target, or it might just be hype.
What really matters is not whether this chart is right or wrong, but what you will do if $57K is never reached and it goes straight up.$ETH finally showed some real strength this time.
Before this, it was grinding so much that people were almost losing patience. This wave pulled straight from around 2560 up to 2708, with the 4-hour price climbing back above multiple moving averages. The short-term strength is clearly much better than before.
But what really got me paying attention wasn’t just this 100+ dollar gain, it was that ETH/BTC also lifted back to around 0.0327.
This time, ETH isn’t just following Bitcoin’s rise; it’s starting to take the baton on its own.
Now, on the daily chart, ETH/BTC has climbed back above multiple moving averages, and both MA and EMA are showing a clear bullish structure. At least in terms of relative strength, ETH has indeed started to outperform $BTC these past few days.
However, I’m not ready to call a reversal just yet.
Because the real test is still ahead.
ETH/BTC’s high today reached 0.03307, while the previous peak was around 0.03344. So the 0.033 to 0.03344 range is, in my view, the key area to watch next.
If it can break through and hold above this range, then ETH’s current strength won’t just be a catch-up rally. It would be a more credible sign of the market shifting from BTC to ETH.
Conversely, if it gets pushed down again after reaching here, then this wave looks more like a strong catch-up rally after being suppressed for too long.
So when ETH rises to 2660 or 2700, I’m actually not that excited.
What I really want to see now is:
Is the capital truly starting to flow into ETH, or is this just an emotional catch-up rally? To be honest, $ONE looks pretty pitiful right now.
Harmony used to be the narrative public chain with “sharding technology, high TPS, and an Ethereum killer” positioning, hyped up a lot in the early days. So what happened? Security incidents one after another. In 2022, the Horizon cross-chain bridge was hacked and nearly $100 million was stolen, which directly damaged its vitality; then in August 2026, another major problem occurred—the attacker exploited a cross-shard verification vulnerability to illegally mint a massive amount of ONE (initially reported as 400 million tokens, but later reconstruction revealed a much larger scale), directly diluting the supply and causing the price to plummet by more than 30% that day. The team ultimately had to choose to roll back the chain and then simply announced shutting down their own Layer 1, migrating ONE to Ethereum as an ERC-20 token, and pivoting to an AI video “Remix economy.”
This move looks like a surrender. A public chain that can’t even maintain its own mainnet anymore, citing huge security threats (even involving state-level attackers and AI), then turning to ride the AI hype—it's really frustrating for holders. The ecosystem has long been hollowed out by multiple security incidents; developers, liquidity, and user confidence have been hit repeatedly. What’s left now is basically residual speculation and migration expectations. The total crypto market cap reclaiming this level is definitely encouraging, but personally, I’m more interested in what’s underneath the headline number.
Is fresh money actually entering the market? Is strength spreading beyond BTC into ETH and other major assets? Are spot volumes improving? Those signals would make the recovery feel much healthier to me than market cap alone.
I also think this is where things can get tricky. When the market starts recovering quickly, sentiment can flip from fear to FOMO almost overnight. That usually makes me more cautious about leverage and whether prices are running ahead of actual demand.
For me, $2.8T is a checkpoint, not the destination.
If capital continues flowing in and participation broadens across the market, then the bigger story becomes much more interesting.
#CryptoCapReclaims2.8T $BTC BlockBeats news, on September 21, quantitative analyst Beni published an article questioning the prediction market platform Kalshi for artificially inflating crypto trading volume, citing multiple data points as evidence. Beni stated that Kalshi's ETH-PERP currently has an open interest of about $3.1 million, but the 24-hour trading volume reaches $538.6 million, equivalent to the entire open interest turning over about 174 times per day, or an average turnover every 8 minutes and 18 seconds.
Beni also pointed out that Kalshi's position leaderboard shows the largest single ETH-PERP position is only about $17,600, which is significantly different from the above trading volume scale. He also mentioned that Kalshi previously submitted documents to the CFTC showing that qualified self-clearing members (SCM) market makers receive a 0.3 basis point rebate, and takers pay 0.3 basis points, resulting in a total trading cost of 0 basis points for both sides.
Additionally, Beni said Kalshi had reached a cooperation arrangement with Jump Trading to exchange liquidity for equity, thus questioning whether the related trades were motivated to boost the platform's trading volume metrics. Beni also questioned Kalshi's volume calculation method, stating that the platform uses "number of contracts traded" as volume and displays it with a dollar sign on the interface, which may mislead users about the actual trading amount. $BTC $ETH