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Norges Bank updated its holdings data from Norges Bank Investment Management yesterday.
As of June 30, the sovereign fund's indirect Bitcoin exposure has increased by about 62% compared to the end of 2024.
The amount of BTC bought directly on the open market was not large; the main increase was in MicroStrategy and Marathon Digital stocks.
Norwegian sovereign wealth funds are among the largest sovereign wealth funds in the world. What they do is not bet on Bitcoin's short-term price fluctuations but gain exposure to crypto assets using traditional financial instruments. Norwegians have taken this path, and Abu Dhabi's Mubadala has followed the same path. Sovereign funds hold Bitcoin indirectly through stocks and ETFs, avoiding the regulatory and custody issues associated with direct cryptocurrency holdings. This trend has clearly accelerated in the first half of 2026. Norwegian sovereign wealth fund rebalancing is usually quarterly and does not change direction due to short-term price fluctuations $BTC Matt Hougan from Bitwise talked about something on a podcast last week.
He said the number of financial advisors they met with in the past month is three times that of the same period in 2025.
Advisors are entering the market faster but still small in scale, with an average allocation size between 1% and 3%.
A family office managing $1 billion, with a 2% allocation, would be $20 million, which would be a buying price of several thousand BTC on the market.
A triple number of inquiries means institutional advisors are accelerating their learning about crypto asset allocation.
At the 62,000 level, Bitcoin is already nearly 50% cheaper than this year's high.
The job of institutional advisors is long-term allocation, not short-term trading. They learn at this level not because they think prices are about to rise, but because prices have already fallen to a level they can explain to clients $BTC On-chain data signals faster than the market itself. In the past 24 hours, LINK had 246 large transfers, hitting a five-month high. Among the single movements exceeding 100,000, 213,800 were withdrawn from trading platforms to Gnosis Safe. This kind of custodial outflow is usually not typical of short-term sales. After the whale surged 5% above 9, it did not pull back; instead, the circulating order closed even tighter. The current price on the market is at 9.038, hovering at the upper boundary, with a large number of short stop losses piled up between 9.17 and 9.35. Once volume breaks out, it signals a short squeeze; the downward 8.6 to 8.8 is the recent bullish liquidation zone. Just hiding outside the rider station to wipe sweat, my phone was so hot I didn't dare touch my ear, almost missing the defensive level. Not chasing the rally here; short-term overbought requires pullbacks to digest. If it pulls back to 8.72 to 8.85 and holds hold, enter long, stop loss below 8.56, target 9.32 first, then 9.45; if it rises directly above 9.18 with volume following, chase long and defend below 9.02, targeting 9.45 to 9.60. If it falls below 8.6, give up; bull liquidation will accelerate the decline.
$LINK
#CPI与PPI同步降温, the rate hike divide widened
@OKX planet Bitcoin has returned to this level around 62,900 today.
Last night, it surged above 64,000, then dropped like a needle, and now it's shaking at 62,900.
How many times has the 63,000 threshold been touched?
Going back and forth, getting caught going up and then being picked up by someone else when you come down.
Over the past week, it has repeatedly fluctuated between 62,000 and 64,000, with a weak sense of direction.
Today's drop is not closely related to macro factors. The People's Bank of China injected $51.7 billion into the banking system this morning, which should be a positive for loose liquidity. But BTC didn't follow suit and instead fell. $51.7 billion flowing into the banking system is different from flowing into the crypto market—there's a layer of capital controls in between. Not all liquidity flows to the same place.
In the past 24 hours, $88 million was liquidated across the network, with BTC accounting for 31.84 million, long positions blowing up 54 million, and short positions 34 million. Both sides are bleeding $BTC The pressure on the miners' side is still building.
At the beginning of the year, listed mining companies held about 127,000 BTC, but now only 99,000 remain, having sold 28,000 BTC, valued at $1.78 billion.
Miners' reserves dropped 22%, but this was not panic selling; they continued monthly sales.
Some mining companies have already converted their mines into AI data centers, with miners transforming and computing power moving toward AI.
Sellers didn't disappear, just replaced a batch. ETFs were injecting money, miners were selling off. From August 3 to 7, ETFs bought 850 million, the price jumped from 63,000 to 65,000, then stopped. On August 13, ETFs saw another 61.16 million outflows, with BlackRock and Fidelity running simultaneously. Buyers and sellers competed at the same price, unable to push the other. ETF direction was changing, but the momentum wasn't strong enough to form a trend.
If the 62,000 level can't be held, it may go down to 60,000 or even lower. If it holds, 65,000 will be the next hurdle. Spot trading volume has shrunk to its lowest level since 2019; no one is buying or selling, and the market is stuck here. Wait for a catalyst to push buyers out or exhaust the last batch of sellers $BTC Glassnode released data today, and the options market is quite interesting.
Short-term implied volatility has dropped to 26%, but the 6-month term is still at 39%.
No one expects a major market rally in the short term, but long-term uncertainty is still pricing in.
Gamma exposure signals are more direct—negative Gamma is concentrated near $60,000, while positive Gamma is piling up near $70,000. This means that if prices go down, market makers' hedging will accelerate the decline; If prices rebound to around 70,000, market makers will actually stabilize the market. Between 62,000 and 70,000 is almost a vacuum zone; once the price effectively breaks through 63,000, resistance above may be weaker than expected. The current market structure favors bears, but not enough for bears to buy positions with confidence.
AI stocks have already surpassed Bitcoin's volatility; SOXX's 60-day volatility has surged to 70%, while BTC is only about 30%. Funds flowing out of AI may flow toward BTC. But this logic hasn't materialized on the market yet. The direction hasn't been decided yet; wait until 62,000 is broken or 63,000 rises above before talking $BTC BTC reserves on exchanges saw their first net increase in three months in mid-August, adding about 12,000 BTC.
Previously, exchange balances had been declining, which the market generally interpreted as supply tightening. Now, this trend has temporarily stopped.
These 12,000 BTC may not be intended to be dumped. Galaxy Digital transferred 600 BTC to exchanges, most likely for over-the-counter settlement, not directly to the market. But the shift in reserve direction itself is worth noting—at least it shows some people have chosen to move coins from cold wallets back into the trading environment. FTX losses are still ongoing, with about 2,000 to 3,000 BTC flowing into the market each week. This selling force is slowly being absorbed by the market. Increasing reserves does not necessarily lead to price drops, but it changes the previous narrative.
$BTC Sell positions in Broadcom and Apple, buy Nvidia, UAE sovereign fund reallocates holdings!
According to the latest 13F filing, UAE sovereign investment institution Mubadala has cleared out $AVGO, $CRM, and $AAPL, while also creating new $NVDA positions to increase holdings in $MU and $PLTR.
If you only look at the sell list, it's easy to assume that big money is pulling out of tech stocks.
But considering the newly increased holdings, a more accurate judgment is that AI-related stocks are being reselected.
Mubadala shifted funds to NVIDIA and Micron, which are more directly connected to computing power and storage needs.
However, its simultaneous reduction of holdings in ARM and GLOBALFOUNDRIES shows that it is not a full bet on semiconductors, but rather a trade-off among individual stocks.
The fund also bought Ford, Phillips 66, and United Health, and increased holdings in financial and healthcare stocks such as AIG and CVS.
These positions can reduce portfolio volatility during tech pullbacks.
It should be noted that 13F discloses holdings at the end of the previous quarter, which is lagging and cannot show all assets held by the fund through other entities.
Some of the signals sent here are: big money is no longer blindly buying most tech leaders.
It can be seen that in the upcoming market, companies with AI concepts that can fulfill orders and profits are more likely to attract capital.
#标普收盘再创新高, the 8,000-point level is expected to heat up 币天销毁数在过去一周出现了明显上升，大约是前一周的两倍。
这个指标上升意味着长期未动的比特币正在重新移动，通常出现在市场结构发生变化的时候。
长期持有者开始动了，这些地址在过去几个月一直在锁仓，最近开始把币分批次转出，部分流向了交易所。他们还没大规模出货，但方向已经变了。一个2017年就建仓的地址，上周转了大约500枚BTC到新地址，然后又转了一部分进交易所。这类动作在近两周变得越来越多。长线筹码在松动，市场底部区域的筹码换手正在发生。$BTC The spread between the Asian and New York sessions has recently narrowed.
In recent months, buying interest during the US trading session has been noticeably stronger than in the Asian session, and this spread has basically disappeared recently.
The gap between selling pressure in the Asian session and buying in the US session is narrowing, and the forces on both sides are moving toward balance.
The sell order wall above 64,000 is indeed slowly being eaten, but the pace is very slow. A small platform formed near 63,000, stabilized here after a sharp drop, with no significant increase in volume nor further decline. It seems more like natural trading is happening, not someone forcibly trying to stabilize the market.
The market has entered a new equilibrium—buyers are weak, and sellers are not in a hurry. The 62,000-64,000 range is wearing down the patience of both bulls and bears. Waiting for a catalyst to break this balance. This catalyst may come from macro data or regulatory levels. Before a catalyst appears, prices are likely to continue rubbing repeatedly within this range. This sideways movement is not easy for short-term traders; the space is too small and stop-loss settings are difficult $BTC Grayscale started moving this week.
It's not the usual GBTC redemption process; it's a cold wallet address transferring old BTC on-chain in batches.
These addresses were never sold when they were $120,000 in 2021, but now they're starting to move.
It may not be mass selling; at the bottom, loosening old money is normal for chip turnover. But the direction has indeed changed. From "stagnant holding" to "rotating outward in batches," this difference is more meaningful than how much was transferred.
The 63,000 level has been worn down for almost a month. BTC inflows to exchanges have dropped to their lowest level in nearly three months; no one is depositing coins to sell, and sellers are shrinking. When prices move sideways, neither buyers nor sellers move, but if sellers exit first, buyers move slightly and the price rebounds.
On the miners' side, hash rate continues to decline. It dropped from 1,150 EH/s to 886, a 23% decrease. Core Scientific and TeraWulf are already shifting toward AI data centers. Miners are transforming, selling isn't over yet, but selling power is gradually depleting. Spot trading volume has shrunk to its lowest level since 2019. Extreme contraction itself is a signal, at least indicating that selling pressure is about to dry up $BTC The SEC's Reg Crypto meeting scheduled for Friday was abruptly halted.
The reason was "scheduling conflicts," and the new date had not yet been set.
Last week, Paul Atkins just said that if the CLARITY Act doesn't work, the SEC will make its own rules.
Before he could finish, the meeting was canceled.
The chairman threatened to act, but the department immediately pressed pause. The SEC's path is now unclear; the CLARITY Act has been pushed until after September. The longer regulatory games drag on, the less institutional funds dare to move.
CryptoQuant released a report yesterday stating that BTC inflows to exchanges have dropped to their lowest level in nearly three months.
No one is depositing coins to sell; sellers are actively shrinking.
Grayscale's old money is starting to loosen, and FTX still maintains a weekly supply of 2,000–3,000 BTC. FTX's $2.2 billion compensation is also being reflowed, but the speed and direction of the reflow are unclear.
Long-term holders are starting to lose money.
In 2015, 2018, and 2022, every time long-term holders lost money, the market was at the bottom. This time, it's not exactly the same as the previous three times, but the direction is the same.
At this level, there's no rush to add or reduce positions. Wait for the direction to come out before moving; these few days won't matter. If 63,000 breaks, look at 62,000; if 62,000 breaks, look at 60,000. If you hold on, keep holding; nothing complicated $BTC Yesterday, the minutes of the Federal Reserve meeting were released: among the 12 policymakers at the July FOMC, 3 advocated for rate hikes.
For the first time since 2016, three opposing votes appeared, all advocating a 25 basis point rate hike.
BTC hasn't crashed, and 62,000 is still there. Judging by the reaction, the market's "words" about the Fed have already become dulled.
The first time this news came out, it dropped; the second time it dropped a bit; the third time, there was basically no response.
If hawkish rhetoric weakens its impact on the market, then what truly drives the market shift must be real liquidity changes, not policy statements themselves.
The fact that prices do not react is itself a signal that the market is gathering strength $BTC MicroStrategy's mNAV is now around 0.98, and its stock price is even cheaper than the Bitcoin it holds.
A company holding 840,000 BTC is valued lower by the market than its coin.
The longer this situation continues, the more limited Saylor's financing capacity will become.
mNAV falling below 1 means the pattern of buying coins through additional stock issuance has been broken. Previously, the market gave MicroStrategy a premium because it provided a "leveraged Bitcoin buy" channel; now, the discount indicates the channel itself is depreciating.
The discount itself weakens the company's financing capacity, which in turn diminishes its ability to continue increasing its Bitcoin holdings.
The question now is: when will this discount be erased—either Bitcoin rises, or the market re-prices the company's operating segment. Until the discount returns above 1, MicroStrategy's coin buying engine is stalled $BTC The largest BTC short on the chain increased their positions again today.
A whale had just added 258 BTC short positions five minutes ago, bringing the total position to 1,900 BTC, $125 million, with an average opening price of $63,582.
This guy started building short positions in early August and has been increasing them all the way to now, with a current unrealized profit of $1.79 million.
63,582 is the opening price, current price is around 62,900, a difference of 700 dollars, unrealized profit of 1.79 million. The 125 million position earned less than 2 million, indicating low leverage and a wide stop-loss setting.
There are many shorts at this position, but very few actually dare to sell their positions down to 125 million $BTC Santiment released data today saying that the narrative "Crypto is Dead" is spreading rapidly among investors.
Whenever "Crypto is Dead" becomes a mainstream narrative, it often becomes one of the bottom's features.
This narrative appeared at the end of 2018, in March 2020, and after the FTX collapse in 2022, and then the market rebounded.
Now, at 63,000, down 50% from its all-time high, the "Crypto is Dead" rhetoric is back. The market at the bottom is often accompanied by the most desperate voices.
No one knows the true nature of this story, but this narrative itself is a signal.
$BTC 1）盘面有没有回答？美元指数跌至99.471，创一周低位，美国两年期债息一度跌破4.1厘，反映短期利率预期走软。这可能让资金从高息资产流出，转向流动性更宽松的亚洲市场，但恒生指数开盘前仍需看南向资金动向。
2）真正影响在哪里？零售销售数据下滑，直接拖累美元走弱，商品货币走强，显示全球风险偏好或有松动。日本央行可能在9月加息，若市场预期转向宽松，港股作为亚洲资产可能获得支撑。但这一路径仍需验证，尤其在美债利率未明确转向前。
3）两面都要看；偏积极的信号是美元走弱，可能降低海外资金对港股的估值压力；不利的一面是若美国经济数据持续疲软，市场可能转向避险，港股核心公司估值或被重新定价。
仅作信息与市场情景分析，不构成投资建议。加密资产波动较大，请独立研究并控制风险。Shorting a coin that is being lifted by emotions is like swimming against the waves during a receding tide—the more you try, the futile it becomes. Have you ever had that moment—when you logically think you're right, but the market just doesn't give you any face? $SNDK Before the market opened, it broke through 1600. I stared at the 1515 short position, with only one thought in mind: this isn't a technical issue—funds simply don't intend to give the bears any way out. On the surface, CPI and PPI cooled simultaneously, rate hike disagreements were put on the table, the S&P hit new highs, and a peaceful scene of "risk appetite warming." But the real structure at the bottom is: the funds aren't casting a wide net; they're just precisely and stubbornly flowing to a few corners with the strongest narrative. - FlashDisk's rise isn't due to fundamentals, but the market's greed for "scarcity." It doesn't need positive news; it is itself an emotional amplifier. - The more people want to wait for a pullback to get on board, the less likely a pullback will come. Short sellers keep adding positions, which ironically becomes fuel and pushes prices even higher. - Talking about "whether to cut losses" at this time is actually asking the wrong question. The real question is: why would I bet on a stock with such obsessive funds and suddenly become rational? I understand the torment of holding positions. If you don't watch the market, you fear it might sneak you up; if you do, you feel like you're being toyed with by the market again and again. But to be honest, in this kind of market, the counterpart to the short position isn't your own judgment, but the fear of the entire short-selling group. They aren't afraid of chasing highs; what they fear is never getting on board again. They've seen a lotThe market is in a weak and divergent state, there is no sign of confirming a new uptrend. 1. BTC is still the focus of Bitcoin around the $63,000 area, after failing to maintain the momentum of breaking above $64,000–65,000. Notably, recent US economic data is quite favorable for risk assets: the CPI in July fell to 3.4%, the core CPI was 2.5%, while the PPI also cooled. However, the organizers have not yet reacted strongly. 👉 This shows that the current problem does not simply lie in inflation. Cash flow and investor sentiment$ETH In the early hours of the U.S. stock market close, many expected the storage sector to take off collectively, but reality turned into a stark contrast. Let's first review the overall market landscape: the three major indices fluctuated and tug-of-war throughout the day, with the S&P steadily holding its high range, the Nasdaq under pressure and slightly retreating, and the Philadelphia Semiconductor Index surging before quickly retreating, with the internal gap between strength and weakness widening wide.
With the CPI data coming in line with market expectations, most funds expect the Fed to keep the current interest rate level unchanged. The market has not experienced a full-blown bull market; incremental funds are reluctant to spread across the board, with a large number of tokens flocking into the AI storage niche. On the other hand, capital flows are worth noting: BTC spot ETFs recorded a net outflow of $131 million that day, with funds continuously withdrawing from crypto assets and shifting direction into US tech assets.
The internal hierarchical gap in the sector is obvious. Let's first focus on this round's absolute leader, $SNDK SanDisk. The stock closed up 7.39%, with a single-day turnover reaching 33.8 billion yuan. Trading volume continued to expand throughout the day, reaching an intraday high of 1667 and closing steadily at 1641. In just five trading days, the cumulative increase exceeded 35%, making it the undisputed core main theme in the storage sector. After a rapid and continuous surge, the short-term market has entered a severely overbought state. Short-term key support is at 1565, with resistance at the previous high of 1667. A reminder not to blindly chase highs; it is better to wait for prices to retest support levels before looking for opportunities to gain positions.
#AMD完成历史最大美元债发行: Raised $4.75 billion BTC retests direction after failing to recapture 65K... The market is still in a defensive phase. What has already been reflected in prices, and what variables have yet to be introduced? As of the 14th, BTC was the central hub of the market. After BTC's attempt to break through 65K failed, it retreated to around 63.5K, and the Fear and Greed Index fell to 37, indicating weakened investor sentiment. This price level and sentiment figures are essentially interpreted as reflecting market participants' stance that "confirmation is needed for further gains" in the price. On the other hand, there are two variables that have yet to be reflected. One is the recovery of risk appetite, which could turn into an altcoin when BTC reclaims the 65.5K to 67K range, and the other is a liquidity revaluation when U.S. spot ETF flows expand again. In the period where BTC determines market direction, the relative strength of altcoins is significant. BNB and SOL showed relatively solid momentum among large-cap stocks. In particular, BNB Chain holds about a 33.6% share in the tokenized securities market.The two spots I waited for yesterday were both tried on Friday, but I couldn't hold on.
SPY $XSPY reached 778.80 intraday, closed at 776.34, but still couldn't break above 779.37; QQQ reached 734.39, closed at 731.07, 734 only showed up during the session. VIX, however, dropped to 14.25.
Given this situation, the market does not intend to go short.
Trading volume is somewhat thin: SPY and QQQ are only 64% and 60% of the 20-day average, respectively.
For now, I won't treat this as a bearish turn; I'll treat it as a high-level consolidation.
Next week, I'll first look at SPY's 774–776 and QQQ's 728–731.
Hold on, just wait for the next breakthrough;
PS: Cun, Guang, Yun—the direction doesn't seem bearish yet.Here's a less-than-expected capital perspective: this year, IPO financing in the AI sector has reached $256.4 billion, the highest since 2021, and the enthusiasm for AI in the secondary market is obvious. Where did this money come from? A large portion of it was transferred from crypto and other risk assets. This also explains why the recent $BTC has been shifting macro and easing rate hike expectations, yet it just can't rise—not because there's no good news, but because marginal funds in the market have been drawn away by the more attractive AI main line. Hot topics are limited, and attention and money are even more so. If BTC wants to regain control, it needs to wait for a story that belongs only to itself. Let's see.This post shares news unrelated to the crypto world but especially illustrates how the narrative can be reversed: after this US-Iran war, the US exposed a shortage of Patriot interceptor missiles—an advanced interceptor costs over $4 million and takes years to build, but drones costing tens of thousands each end end up losing more and more with each interception. Now the Pentagon has issued a final ultimatum: "Redo or obsolete," forcing giants like Boeing and Lockheed Martin to acquire cheap munitions worth two million or even less. You see, no matter how high the technical barrier, once cost efficiency can't be counted, the narrative flips in an instant. It's the same in transactions—don't fall in love with any "expensive is good" story. Those who know, understand.#AMD完成历史最大美元债发行: Raised $4.75 billion
Have you heard? AMD has $4.75 billion, the largest dollar bond in the company's history. The four maturities range from 3 to 10 years, with a 10-year coupon rate of 5.5%, narrowing by 25 basis points from the initial guidance. Sixteen Wall Street institutions underwrote and oversubscribed, directly pushing the interest rate down.
With $13.1 billion in cash on hand and only $3.2 billion in debt, AMD is not short of cash. But with $875 million in bonds maturing next month and the $5 billion investment promised to Anthropic, AMD is essentially holding back its ammunition in advance.
Nvidia just issued $25 billion in June, and Google did $25 billion in early August. On this road, everyone is running; no one wants to fall behind. AMD chose to issue bonds instead of stocks, not dilute shareholders, and used leverage to bet on AI chip shares.
The bond market's willingness to offer AMD such low interest rates is itself a signal—institutions believe AMD's AI story is worth betting on. But debt is debt; during economic downturns, leverage backfires even more. The $4.75 billion bet has already been placed; now it depends on whether the MI series can tear a piece of meat from Nvidia.Hormuz has another incident: Abu Dhabi's national oil company ADNOC confirmed that one of its vessels was attacked while sailing the strait on August 14, but fortunately there were no casualties and the situation is under control; Almost simultaneously, Iran's foreign minister stated that negotiations with the US have not yet been decided, only saying that Qatar and Pakistan are mediating messages. On one end is a shipping channel that could easily cause further conflict; on the other is a negotiation table that refuses to sit down—this tension will not loosen in the short term. The implications for the market are very direct: if the risk premium on oil prices cannot be removed, the tail end of inflation cannot be shaken off, and it will not be easy for rate hike expectations to completely die off. Let's wait and see.Good morning, BTC is currently fluctuating around 63,000, basically unchanged for 24 hours. The intraday high was 63,618, the low was 62,521, with a fluctuation of 1,100 dollars, but it still stayed the same price.
The macroeconomic data is actually quite good. US July CPI rose 3.4% year-on-year, core 2.5%, PPI cooled simultaneously, the probability of rates holding steady in September rose to 67.6%, and the probability of a rate hike dropped to 32.4%. Oil prices also fell from a high of $100 to around $80. The data was clearly positive, but BTC just couldn't rise.
The ETF outflow isn't great. Yesterday, spot Bitcoin ETFs saw a net outflow of $131 million. Fidelity's FBTC saw a net outflow of $55.1 million, ARKB saw $58.8 million, and GBTC saw a net outflow of $36.3 million. Although there was still a net inflow of $521 million for the month, the total outflow over four consecutive days was $332 million, which has already given back 38% of the previous rebound. The feeling of positive news being exhausted is growing stronger.
From a technical perspective, the 63,000 level is very critical. Whether the August monthly closing can hold above 63,000 may determine whether it marks the bottom of the bear market. Below, 62,000-62,600 is the near-term core support zone; if broken, 60,000 or even 57,500 should be considered. The upper 65,000-66,000 is a strong resistance zone. Currently, the price is fluctuating in the middle, with no clear direction.
Historical data also reminds us to be cautious. August was the worst month in Bitcoin's history, with a median return of -7.87% over the past 15 years and nine negative closes. In both 2022 and August 2024, it fell 14% and 8.73%. It's not that this year will definitely fall, but we do need to be cautious.
To be honest
The data is positive, but the market just isn't buying it. I'm torn between moving around 63,000 and not holding a heavy position. I'll wait until the direction is clear. Acting now is just gambling, no need.
Personal views and do not constitute any investment advice.
$BTC $ETH $OKB Last night, the US stock market basically hit the brakes at a high level.
The S&P fell 0.17%, the Nasdaq dropped about 0.3%, not panic, just everyone hesitating a bit after hitting new highs.
Retail data was weak, oil prices pushed up again, so funds naturally weren't so eager to rush into tech.
Applied Materials had decent earnings but still fell 5%. AI stocks are really hard to please now: it's not enough to have good earnings, they have to beat the market's hype.
$BTC $ETH $OKB Let's talk about tough industry signals: Anthropic's preliminary Q2 revenue surged to $11.5 billion, at least 14 times year-on-year, annualized revenue has reached $47 billion, surpassing OpenAI, and has turned adjusted operating profit positive. So far this year, AI sector IPOs have raised $256.4 billion, the highest since 2021. Those who know—real cash revenue is here, and the AI main line shows no signs of falsification in the short term. The question has never been whether AI is good or not, but how high the secondary market has set expectations and whether there's still room for it. Mapping to crypto: AI concept coins wanting to ride the wave first need to ask themselves if they have real cash flow or just a name to ride the hype.At the close of the U.S. stock market in the early morning, many expected the storage sector to take off collectively, but reality was a stark contrast. First, let's review the overall market landscape: the three major indices fluctuated and tuged throughout the day, with the S&P firmly holding its high range, the Nasdaq under pressure and a slight retreat, and the Philadelphia Semiconductor Index surging but quickly retreating, with the internal gap between strength and weakness widening wide.
With the CPI data in line with market expectations, funds generally expect the Fed to keep interest rates unchanged. The market has not experienced a full-blown bull market; incremental funds are reluctant to spread across the board, with large amounts of chips clustering into the AI storage niche. On the other side, capital flows are worth noting: BTC spot ETFs recorded a net outflow of $131 million that day, with funds continuously withdrawing from crypto assets and shifting direction into US tech assets.
The internal hierarchy gap in the sector is obvious; let's first focus on the absolute leader this round, $SNDK. The stock closed up 7.39%, with a single-day turnover reaching 33.8 billion yuan. Trading volume continued to expand throughout the day, reaching an intraday high of 1667 and closing steadily at 1641. In just five trading days, the cumulative gain exceeded 35%, making it the undisputed core main theme in the storage sector. After a rapid and continuous rally, the market has entered a severe overbought state in the short term. The key short-term support is at 1565, with resistance at the previous high of 1667. A reminder not to blindly chase highs; it is better to wait for prices to test support levels before looking for opportunities to enter the market.
Looking at $MU Micron Technology, although it has risen in sync with the sector's atmosphere, its upward momentum has lagged behind SanDisk, and its performance has been lukewarm, failing to break through key resistance levels with increased volume. The stock's support range is 935, with resistance at 1000. It's clear that the main direction of capital is concentrated on SanDisk, while Micron is merely a catch-up target. To open up a new round of upward space, effectively breaking through resistance levels is a necessary prerequisite.
Finally, $SKHY Hynix became the weakest link in the sector, closing nearly flat and significantly lagging behind its peers. After fully digesting the positive news, buying interest following the trend continued to dry up, and its trend can serve as a sentiment indicator for the entire storage sector. Short-term support is at 161, resistance locked at 172.
This rally has taught everyone an important lesson: the storage sector has long since moved past the era of broad price increases, with funds concentrating only on leading stocks. Once SNDK's upward trend turns downward, trend-following stocks like Micron and SK Hynix are likely to come under pressure simultaneously. In a structural market, avoid blindly allocating evenly; position management must be strictly controlled. #闪迪投资者日后股价大涨, long-term goals to be verified #闪迪投资者日后股价大涨, long-term goals to be verified #财报观察员: AI infrastructure earnings report relay $BTC $ETH $SNDK 👁️Weekly Summary (8/10-14)
US Stocks: Broad rally, second consecutive week of gains. S&P 500 closed at a historic high of 7,758, up 3.6% for the week. Nasdaq +5.2% (led by chips), Dow +3%. Core drivers: July nonfarm payrolls showed unexpected layoffs, CPI/PPI below expectations, boosting rate cut expectations. Fed kept rates unchanged (9:3 vote). 30-year US Treasury yield hit 5.244% (highest since 2007). S&P technical breakout above 7,620, next target 7,833, but RSI shows negative divergence, caution for short-term pullback to 7,570.
Asia Session: Significant divergence. Nikkei strongest, approaching 69,000; A-shares and Hong Kong stocks weaker (tariffs + Middle East pressure); Australian ASX fell below 9,150; India fluctuated narrowly.
Outlook for next week:
US Stocks — Inflation data digestion period, soft data could push to 7,833, stubborn core inflation may cause pullback;
Asia Session — Middle East situation (Hormuz blockade) is the biggest variable, improvement benefits importers, deterioration continues pressure;
Tariffs — US crackdown on re-export trade continues to disrupt China/Southeast Asia. Key trends for next week's US US storage + SanDisk:
This week, it rebounded violently by 35%+, relying on AI long-term contract lock-in + institutional rating upgrades, fully solidifying the long-term cyclical logic.
However, short-term sentiment is overdrawn and profit-taking is overflowing, so there will be no consecutive rallies or short-selling next week!
Overall trend: Trend is strong, oscillation at high levels, intense shakeout, structural divergence
Trading principle: Don't chase after highs; buy on pullbacks on dips. Strong leaders, weak followers.
The storage supercycle isn't over yet; it's just shifting from a mindless rally to a swing-level market.Anthropic's Q2 revenue exceeded $11.5 billion, at least 14 times year-on-year, with an annualized return of $47 billion, leaving OpenAI far behind—this shows AI is truly making money, and this industry is real. But I want to pour cold water: AI fundamentals making money are two different things from whether AI concept stocks or AI coins are worth their price. If you see explosive earnings reports and rush in to chase stocks and coins that have already multiplied, you're betting not on whether they make money, but on whether someone more impulsive than you will take over. Don't treat narrative as valuation; this is the kind of IQ tax retail investors love to pay.$TMX TGE scheduled for August 25, the core issue is whether the new liquidity lending demand brought by the integration of tokenized US stock collateral pools can absorb the selling pressure expected from a total supply of 1 billion tokens.
Currently, the TVL of the EVM ecosystem has surpassed $90 million, indicating that capital accumulation in the fixed-rate market has reached a basic scale. Robinhood Chain has integrated NVDA, SPY, and QQQ tokenized US collateral, expanding the lending asset pool from native tokens to traditional equity assets, directly changing the market's assessment of the turnover efficiency of fixed-term lending funds.
The liquidity drivers are ranked by priority as follows: the liquidation efficiency of US-listed tokenized asset collateralization, the ability to absorb spot selling pressure after TGE unlocking, and the net inflow of multi-chain capital pools.
The trigger for the upward scenario is that the daily average trading volume of the Robinhood Chain US collateral lending pool continues to grow, and spot buying continues to digest circulating tokens after TGE. If staking and governance incentives lock in a large proportion of the total supply of 1 billion tokens, the rising capital accumulation rate will push up the token's liquidity premium; If the cross-chain oracle price feed delay causes liquidation delays, this upward logic immediately fails.
The downside scenario triggers the concentrated realization of historical incentives after August 25, triggering a one-sided sell-off of derivatives positions and the spot market. If collateral retreats from tokenized stocks to stablecoins, TVL will fall more than 20% from the $90 million high, and liquidity withdrawal will suppress the lending market's fund-matching efficiency; If the official launch of a high-yield lock-in pool is quickly launched, this downward trend will be interrupted.
The core variables to watch over the next 7 days are the frequency of US collateral liquidations on Robinhood Chain, the utilization rate of the USDG lending pool, and the matching depth of buy-sell trading in the $TMX spot pool.
#财报观察员: AI infrastructure financial reports debut in succession; #闪迪投资者日后股价大涨, long-term goals await verification #Tether首次完整审计: Transparency becomes the focusNote the strength of the cross-legged stock: among today's three main legs, $ETH was the relatively firmest, basically flat intraday and able to close with a small red; $BTC was grinding close to the flat line inside the box range; $SOL was actually the weakest, dropping just over 1% in 24 hours. A few days ago, SOL was the most resilient to declines, but today the order has changed—this is a typical characteristic of a market without a main theme: no one has an independent narrative, funds move back and forth between several legs, and none can break the trend. At times like this, the comparison isn't about which leg to choose, but whether you can resist getting slashed in every turnover.$SNDK Current price is about $1650. Wall Street's 12-month institutional target price is $1999. Lowest is $322, highest is $3050
Near-term resistance range: $1750-1850, with significant stagnation and profit-taking pressure here, making a one-time breakout difficult. There is strong willingness for a pullback. Bulls may consider taking partial profits
#闪迪投资者日后股价大涨, long-term goals remain to be verified Looking beneath the surface of the $BTC: the funding rate has remained mildly positive over the past 24 hours, and the bulls are still paying small amounts to the bears, indicating that leverage sentiment hasn't reached the point where it should reverse; And the liquidation bill still mainly involves the bulls, and OI hasn't shown obvious deleveraging. To put it plainly—this is a structure where the bulls account for a slight portion of the numbers, but are immediately named and liquidated at the slightest dip. The worst part of this structure isn't direction, but grinding: the back-and-forth shake scrapes away leverage layer by layer, and when the real market reversal comes, there aren't many bullets left in the market. Don't rush to bet on direction; first see if the structure gives you an opportunity.Here's a market structural signal: According to the Financial Times, quantitative giant Jane Street lost about $15 billion in July alone—its first monthly loss since 2016, revenue down about 25% from its June peak, and it has closed most risk positions in problematic areas. Note the last half: the first reaction of real top players after losing money is to "cut exposure and reduce risk," rather than doubling down to break even. When even Jane Street is actively contracting, it means the volatility and crowding of this market are far more difficult to manage than the candlestick appears. Look at the position.Zero-threshold allocation to US stocks? The journey 📈 of RWA real-world assets on-chain for ACO-native DEX
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#RWA #美股通证 #ACO #DEX #去中心化金融 📊 $KAITO Contract Liquidation Express (August 15)
According to liquidation data, KAITO shows a pattern of long liquidations crushing short positions across all cycles, with long sell-offs running throughout, and momentum continuously strengthening with each cycle:
· Short cycle (1H/4H): 1-hour long liquidation $2,143.70, short $4,982.71, bears crushing bulls 2.32 times, short squeeze briefly dominates within 1 hour, forming a brief divergence from subsequent cycles but on a smaller scale; 4-hour long $6,873.88, short $13,800, short crushing bulls 2.01 times, short squeeze continues, liquidation volume slightly larger than 1 hour. Although short pressure dominates the short-term direction, the multiple is moderate.
· Mid-cycle (12H): Long positions liquidated $106,200, short positions $25,300, bulls crushed short positions by 4.2 times, direction reversal, and long selling surged concentrated at the 12-hour level, with liquidation volume about 6.4 times higher than 4 hours.
· 24-hour cycle: Long positions liquidated $403,800, short positions $46,700, bulls crushed short positions by 8.65 times, cumulative liquidations broke $450,500, long positions accounted for nearly 89.6%, and the momentum for selling long positions increased significantly compared to the 12-hour period. Bulls were in a bloodbathing river, and the bullish momentum was unstoppable.
⚠️ Risk warning: KAITO briefly deviated from the 1H/4H direction (short squeezing), but the 12H/24H quickly rebounded and the momentum continues to grow, so caution is needed regarding the drastic direction switch; 24-hour long positions account for nearly 90%, with highly consistent directions but caution against pullback risk after extreme convergence. Leverage is recommended to be compressed to within 3x; do not blindly bottom-fish, strictly control positions, and wait for clear direction.
🔥 Market Barometer | August 15
Today's three hot topics point to the same theme: the macro window is opening, and industry leaders are pricing storage demand in the AI era with unprecedented long-term goals.
💾 SanDisk Investor Day: Long-term Targets Become the Focus, Stock Price Soars Nearly 14%
On August 13, storage giant SanDisk announced its long-term financial model covering fiscal years 2028 to 2030 at its Investor Day, with targets far exceeding market expectations: maintaining mid-to-high double-digit revenue growth, non-GAAP gross margin of about 80%, operating margin of about 75%, and adjusted free cash flow margin of about 50%. The company has committed to returning 100% excess free cash flow to shareholders through buybacks. Additionally, eight core customers have signed long-term agreements covering about two-thirds of its Bitcoin shipments in fiscal year 2028; By 2030, the potential market size for enterprise data center flash is expected to expand to 1.2ZB.
Boosted by this, SanDisk's stock price surged nearly 14%, and Goldman Sachs reiterated its "Buy" rating, setting a target price of $2,200, implying about 44% upside potential.
📊 CPI and PPI cooling simultaneously: probability of rate hikes drops to 35%
U.S. July inflation data continuously signaled a cooling down. CPI year-on-year was 3.4%, core growth was 2.5%; PPI year-on-year dropped sharply from 5.5% in June to 4.7%, remaining flat month-on-month.
After the data was released, the probability of a rate hike in September dropped from about 55% a week earlier to 35%. Former Kansas City Fed President George said the July data "did not show accelerated inflation." But core CPI's year-on-year growth of 2.5% was still well above the 2% target—cooling is real, and being close to the target is real.
📈 S&P closed at another high: expectations for 8,000 points heated
On August 14, the S&P 500 closed at 7,798.99 points, up 0.65%, breaking above 7,800 for the first time. Inflation data moderately dampened rate hike expectations, while falling oil prices provided additional support. JPMorgan has raised its year-end target to 8,000 points; Forecast market Kalshi data shows traders believe the probability of the S&P breaking above 8,000 points this year has risen to about 66%.
💎 Summary
Three events paint the same picture: the Fed is losing its unilateral control over market direction, corporate earnings expectations and long-term industry goals are taking over pricing power.
The simultaneous cooling of CPI and PPI has pushed the probability of a rate hike in September down to 35%, but the market no longer sees "betting on rate hikes" as the core contradiction—the index is still hitting new highs because capital has found a new anchor: the long-term profit trajectory of industry leaders. SanDisk drew an unprecedented high with an 80% gross margin and a 50% free cash flow margin, while the S&P 500 repriced its growth expectations for the AI era above 7,800 points.
As the macro window opens, indices hit new highs, and industry leaders chart three-year growth curves—the market is pricing storage demand in the AI era in a record way. From "betting on policy" to "calculating growth," pricing power is now being handed over. #闪迪投资者日后股价大涨, long-term goals await verification
#CPI与PPI同步降温, the rate hike divide widened
#标普收盘再创新高, the 8,000-point level is expected to heat up $BTC Currently around 63,000. It feels like support below 62.5-63k is decent; if it goes any further, we need to be cautious. The resistance above is still around 65k; if it can't be broken, it will continue to hold sideways.
I've been lightly testing around 63k a bit more, setting stop-loss below 62k, and taking profit, first looking at 64.5-65k. Exit if it breaks, don't hold it hard.
Weekend liquidity is poor, don't get carried awayThe latest CME pricing makes it even clearer: the probability of keeping rates unchanged in September rose to 67.5%, and a 25 basis point hike left only 32.5%; Looking further into October, the probability of no change is also over half. With several sets of inflation and retail data cooling off, the market has almost put the 'rate hike within the year' on hold. For $BTC, the ebb of rate hike expectations should have been tailwinds, but look at it—it rubs back and forth along the sidelines of the box with reasons for a rise on the table, but it doesn't. Data won't play along: rate expectations are one thing, but whether prices accept them is another. Which do you believe more?BTC Community Temperature Update: 1.22x is just attention, not buying
OKX Onchain OS recorded 73 mentions of BTC in one hour at 05:00 on August 15, including 58 times in X and 15 in the news.
Compared to the 24-hour hourly average, this round is 1.22 times faster, which is considered "slightly faster"; The tone is 26% bullish and 30% bearish. There's no need to force the same conclusion between the two lines: how many people are talking about the heat response, and which side the tone response text leans to; neither can directly replace transactions or capital flow.
If the next round continues with speed, news sources, and actual market transactions, confidence in judgment will be further boosted; If it quickly returns to the mean, this change will resemble short-window noise.🔥 The tone changed dramatically—Bitcoin ETFs saw a net outflow of 329 million in four days
Last week, it set a single-week inflow record of 850 million, and since August 10, it has been net outflows for four consecutive days. IBIT dominates alone; once it stops, the entire category turns red—this has already been proven. The price hasn't dropped much, which means someone is taking over, not panic selling.
Ethereum ETFs as a whole remain weak. After the ETH narrative has diversified into L2s and yield-type alternatives, the appeal of passive ETFs is declining.
In the short term, institutions have not formed a synergy, but medium- to long-term fundamentals are improving. Inflows in the first two weeks of August are nearly five times that of the entire month in July; CLARITY is delayed, but institutional account opening speed can no longer keep up with demand. Sentiment swings, fundamentals remain intact; this disconnect is often an opportunity.
👇 Do you think this wave of outflows is a profit-taking or institutions reducing their positions? Let's discuss in the comments.$BTC Miners stop mining BTC and instead power AI instead—just how profitable is the business behind this?
A few months after the Bitcoin halving, a dramatic collective defection occurred within the North American crypto mining community.
Those listed mining giants who once fought desperately to buy mining machines and compete on hash rates have recently begun subletting their factories and substations to AI giants like Anthropic and Microsoft, transforming into landlords of high-density AI computing centers.
Many people initially don't understand and wonder if mining companies are forced to transform because they can no longer continue mining.
But if you look deep into the extreme bottlenecks facing AI computing power in the physical world, you'll find that what mining companies hold is not scrap metal at all, but the most scarce hard currency in the entire AI industry.
People often discuss how highly sought-after Nvidia's GPU chips are, but few realize that buying a graphics card is only the first step. In North America, thousands of top-tier graphics cards are connected to the grid, and the biggest enemy is the power grid queue.
In today's developed countries in Europe and America, building a new large-scale data center requires a lengthy approval cycle of four to seven years—from land application, environmental assessment, to finally obtaining the approval rights for several hundred megawatts of high-voltage grid access from power companies.
Bitcoin mining companies have already built ready-made substations, high-voltage transmission lines, and large-capacity transmission contracts in major energy states like Texas in recent years. #Strategy再卖1690枚BTC, corporate financial pools are diverging Bitcoin (BTC) is priced at $62,890.70, down 0.91% over the past 24 hours. The intraday movement showed a narrow range, fluctuating between $62,700 and $63,999, with market trading sentiment remaining cautious.
Key market data
- Current price: $62,890.70
- Market capitalization: approximately $1.26 trillion
- 24-hour volatility: Minimum $62,700 | Maximum $63,999
- Market sentiment: Recently in the "extreme fear" zone, reflecting insufficient investor confidence
Trend Analysis: Why Can't Prices Rise?
Currently, the market is in the "late bear market" bottoming phase, lacking clear upward momentum, mainly suppressed by the following factors:
- Institutional "barometer" loosens: Institutions once seen as staunch holders (such as MicroStrategy) have recently broken the "stock-only, not sell" routine and started small-scale sell-offs. This signal has sparked market concerns about shaken institutional confidence.
- Capital Divergence: Hot money in the market is flowing massively from cryptocurrencies into popular tech stocks like AI. Bitcoin and US tech stocks show a clear divergence, with the Nasdaq surging while Bitcoin comes under pressure.
- ETF outflows: In June, spot Bitcoin ETFs saw record outflows (over $4.5 billion). Although there was some inflow in July, overall buying pressure remains fragile.
Market outlook
In the short term, Bitcoin still faces the test of the $60,000 round number. Although some analysts believe the market has entered the late bear phase and extreme panic often signals a bottom, in the absence of new positive catalysts (such as regulatory breakthroughs or improved macro conditions), prices are likely to remain range-bound and unlikely to see a trend reversal.
Investors are advised to closely monitor the support level around $62,700; if this range is broken, it may further decline to seek support near $60,000.OKB's latest market analysis today
As of August 15, OKB was priced at 107.9, reaching a 24-hour high of 108.17 and a low of 98.35. Technically, OKB has maintained a steady upward trend recently, holding firmly above the psychological 100 level. However, the daily RSI indicator has climbed to the extreme overbought area of 85, indicating severe short-term buying pressure and the risk of technical pullbacks and fierce bullish tug-of-war.
Key locations:
Resistance above: If the current overbought zone can be effectively broken, the primary upper target will be near 111 (127.2% Fibonacci extension).
Support below: Short-term strong support is at 91.16 (78.6% Fibonacci retracement level). As long as this level is not broken, the previous oscillation upward structure remains intact.
Operational Advice:
Recently, OKB has been supported by fundamentals (empowered by X Layer public chains and the scarcity narrative of 21 million tokens locked in total), but short-term overbought signals are evident. It is recommended to adopt a strategy of "following the trend and guarding against pullbacks":
1. Short-term traders: Avoid blindly chasing highs. It is recommended to patiently wait for the price to stabilize within the 95-98 range before considering a light position to try long; If the surge to the 108-111 range is blocked, it is recommended to take profits in batches.
2. Risk control: Currently in an overbought state, making it very likely to trigger spike rallies. Be sure to strictly set stop-losses and control your position; do not blindly chase gains or sell losses.
$OKB ，$BNB ，$AEON Why is $SNDK surging? Is it really a permanent reserve shortage?
The current surge in SanDisk is essentially a combination of several logics:
1. AI is devouring massive storage
Previously, AI training mainly required GPUs and HBM.
But after entering 2026, the market began to discover:
* GPT-level model parameters are getting larger
* Inference traffic surged
* AI Agents have increased long-term memory requirements
* Video AI and robot AI are beginning to be implemented
All of these require large amounts of SSD and $NVDA Flash.
Companies like Nvidia, Microsoft, and Meta are all expanding their AI data centers, which require not only GPUs but also massive storage.
2. NAND prices enter an upward cycle
SanDisk's largest source of income is:
* SSD
* NAND Flash
In 2023-2024, the industry experienced large-scale production cuts.
As a result, AI demand will suddenly explode in 2026.
Emergence: Demand growth rate > new capacity growth rate
As a result, NAND prices continue to rise. Multiple institutions expect supply and demand to remain tight in the short term.
3. The market expects shortages to persist through 2027-2028
This is the most important logic recently.
Morgan Stanley, SK Hynix, and others hold the view:
* Tight in 2026
* 2027 may be even tighter
* Only in 2028 will supply and demand gradually balance out
As a result, funds begin to trade profits for the coming years ahead of time.
4. SanDisk Investor Day completely ignited the mood
The biggest direct reason for this week's surge is not shortages.
Instead, the company set very aggressive long-term goals on Investor Day:
* Maintain medium-to-high double-digit growth from 2028 to 2030
* Extremely high profit margin expectations
* The AI storage market has huge potential
* 100% excess cash return to shareholders
The market believed the management was very confident, so funds rushed to raise funds.
But will prices really keep rising?
I think: short-term (next 1-3 months)
Relatively high
Because:
* AI narratives are heating up again
* The storage sector rebounded collectively
* SanDisk is one of the leading players
Midterm (before 2027)
Still optimistic.
If AI capital spending continues to grow:
* SanDisk
* Micron
* Hynix
Earnings may continue to exceed expectations.
Long-term risk
Historically, the storage industry has had a characteristic:
No economic cycle lasts forever.
When prices surge:
* Manufacturers expanding production
* New capacity release
* Supply exceeds demand
Prices then plummeted.
So the market is currently trading with:
"Storage shortage in the coming years"
Instead of:
"There will always be a shortage of storage for decades to come." #闪迪投资者日后股价大涨, long-term goals remain to be verified The market closed on August 14 Eastern Time (morning of August 15, Beijing time), with a focus on the analysis of the storage industry chain. 1. Overnight Overview of U.S. Stocks The three major indices closed slightly lower, ending a daily winning streak, but the weekly chart still recorded three consecutive gains. The market showed extreme divergence: consumer data fell short of expectations, suppressing overall market sentiment, while semiconductor equipment and large tech stocks experienced slight pullbacks; The energy sector remains strong due to geopolitical tensions, while the storage sector stands out as the sole main theme across the market. • Dow Jones Industrial Average: -0.20%, closed at 53,732.41 points, down 107.58 points for the day • S&P 500 Index: -0.17%, closed at 7,785.76 points; Eleven sectors rose six out of five, energy led with a 1.36% gain, while technology and healthcare sectors led the declines. • Nasdaq Composite: -0.28%, closed at 26,729.16 points, down 73.87 points for the day; heavyweight stocks like Broadcom and Applied Materials dragged down the index, Storage stocks rise against the trend, forming a hedge • Fear Index VIX: edged up to 15.3, overall remains at low levels for the week, market risk appetite remains stable • Trading characteristics: Market trading volume shrank slightly week-on-week, with funds flowing out from high-end tech and semiconductor equipment stocks, concentrating into the storage sector; SanDisk's single-day trading volume once topped the entire U.S. stock market, showing a significant capital concentration effect. Core features of the market: indices remain calm, sectors are highly differentiated. The storage sector became the strongest main theme across the market, surging across the board against the backdrop of a broader market correction, with SanDisk's weekly cumulative gain exceeding 35%; And semiconductorsIf BTC breaks 62,000: mainstream CEX long order liquidation strength is 803 million, below is a leveraged graveyard
• BTC fell below $62,000 → major CEXs accumulated long liquidation strength of $803 million
• If the reverse breaks below $64,000→ short liquidation strength is $888 million
Currently, many bulls holding the 63,000–64,000 level have their stop-losses piled just below 62,000. Once a bearish candlestick hits 62k during the US night session or macro headlines, it's not "falling to 62k," but "aiming to sweep the bulls to cut losses"—inserting → strong → selling pressure→ then inserting again, a typical negative feedback.
Three types of people should keep an eye on the market:
1. Full leverage: 62k isn't support—it's your Thanos snapping fingers
2. Spot Lock: Inserting a needle won't instantly blow you up, but emotional killing will help you wash out
3. Trying to buy the dip: Don't catch a falling knife; wait for a fake break at 62k to buy back before talking
Symmetrically, above 64k, short positions of 888 million are also denser than long positions. If volume really increases and 64k is recovered, short cover will be more aggressive than selling more. Now it's 62k–64k sandwich cookies, both sides are in turmoil.
Don't force yourself to hold on to high leverage; liquidation strength is not a prediction price, but a warning of "where will acceleration be" $BTC