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$SPCX After falling below the IPO offering price, the immediate chip supply pressure caused by the unlocking of 960 million shares is suppressing risk appetite and reshaping position distribution. The core issue is whether high capital expenditures can be absorbed by revenue growth.
Currently, the market shows a typical transmission of large-scale unlocking selling pressure, with 960 million shares entering circulation directly changing the market's supply-demand structure. Prices falling below the offering price have triggered some profit-taking and hedging positions to flee in concentrated fashion, and short-term market risk appetite has noticeably declined.
The ranking of drivers on the trading table is, in order, the pace of unlocking chip monetization, computing power capital expenditure, and the cash flow and cash generation capacity of core businesses. Capital expenditures exceeding $19 billion in a single quarter have changed the capital's assessment of liquidity security, with the vast majority invested in xAI reflecting a valuation framework tilting toward high-beta computing power competition.
The trigger for the upward scenario is that the $8.1 billion revenue generated by 90% revenue growth remains stable, and xAI achieving 260% revenue growth continues to verify investment returns. If this condition is met and the unlocked tokens have completed full turnover, capital inflow back will push the stock price closer to the $320 target; The upside failure signal is a significant slowdown in Starlink's global 13 million user growth rate.
The trigger for the downside scenario is that the 960 million shares of unlocked shares trigger sustained technical selling pressure, and funds accelerate deleveraging due to concerns over burning computing power and dragging down cash flow. If quarterly expenditures around $19 billion cannot be hedged by the same scale of cash flow, the stock price may be revised downward toward the pessimistic $70 target; The downside failure signal is that the xAI business will deliver short-term profits exceeding expectations.
The benchmark for judging failure is a systemic reversal in market risk appetite, causing unlocked tokens to be quickly absorbed by institutional funds without discounts. During the de-risking phase, unlocked supply and high computing power spending together squeeze liquidity, and the speed of chip clearing determines the valuation bottom.
The most important variable to watch over the next seven days is the average daily turnover rate of unrestricted tokens and the discount rate of block trades, as well as the progress of xAI revenue growth covering $19 billion in capital expenditure.
#黄金重返4200美元, why hasn't BTC followed the rise? #ADP就业降温, the Fed's policy divergence has intensified$OKB 8.7 trend analysis
From a daily chart perspective, it is currently in a high-level consolidation phase after a low-point oscillating rebound.
Key locations:
· Resistance: 87.50 (break below 92.50), strong resistance at 99.78.
· Support: 84.32 (key MA20 moving average); if it falls below 77.50, look for it.
Indicators and Patterns:
The MA5/MA10 moving averages are flat and entangled, with the MA20 trending upward. A green bar has appeared above the zero line on the MACD, indicating that bullish momentum is beginning to weaken and short-term resistance is facing stagflation and pullback pressure.
Operational Advice:
Currently, it is on the verge of a market reversal, so chasing on the higher price is not recommended. Strategically, prioritize the 84.32 (MA20) support level:
1. If it does not break below this level on a pullback, consider a light position and try going long;
2. If the daily chart breaks through 87.50 with increased volume, then follow the trend on the right;
3. If it falls below 84.32, be alert to a deepening pullback and exit and observe in time.The HYPE you bought now has another real gold buyback party
HyperliquidNews reported this morning that unit.xyz is using its fee income to buy back HYPE. A 2,500 TWAP order was actively executed at the time, with plans to buy it within two hours.
This bar itself isn't big—2,500 coins on HYPE's plate isn't even a splash. But if you compare it with what happened a couple of days ago, it's interesting.
Last time we talked, trade.xyz used perpetual contract fee income for the first time a couple of days ago to buy HYPE, first transferring 250,000 USDC to buy 2,000 coins, then 500,000 to buy 9,000 coins, and this morning scaled up to transfer $3.25 million from the fee wallet and open 8 TWAP transactions, slowly sweeping up about 59,000 tokens. Now unit.xyz has also entered the field.
Two aggregators started using real income to buy the same coin, which is no coincidence.
TWAP literally means breaking up large orders and buying at a fixed pace bit by bit. The advantage is you don't have to push prices up while buying, which would cause you to lose out. Both companies choose TWAP, which shows they really care about cost, not just for show.
Why this is more reliable than issuing coins and airdrops is simple. Printing coins means issuing coins in one hand and in the right, and the numbers look good, so coins are not lacking. Transaction fee buybacks are income generated by users from real money transactions, which are then taken from the market and withdrawn from circulation. The former pays oneself salaries, while the latter shares the earnings with everyone.
But don't get carried away; the contrast between the two must be made clear.
First, the scale. unit.xyz 2,500 HYPE is less than a fraction of trade.xyz's 59,000 coins, not to mention the 433,000 HYPE distributed to 9 wallets in the same round at once. Repurchases are trickle, distribution is a pipeline, and the direction must be carefully observed.
Second, buybacks don't equal a bottom-up guarantee. Buying has arrived, but if the batch of coins in the team and early addresses moves out, net supply will still rise, and prices will keep grinding.
So now, when I look at HYPE, I focus on one thing: are these repurchase parties increasing, or are these two just a bit of a meaning? More people is a trend; fewer people is just a performance.
There's another point worth remembering. The characteristic of Hyperliquid's chain is that transaction fees really come from transaction volume, not from subsidies. The aggregator stands on it, relying on real matching commissions. So the quality of these buybacks is slightly higher than those projects that rely on token incentives to sustain themselves. Of course, high quality doesn't mean no risk; it's just that the texture of the story is different.
The market hasn't changed, BTC is still grinding between 64,000 and 65,000, the 200-week moving average at 63,657 just broke above volume but didn't follow, Coinbase's premium has been negative for 80 consecutive days, and stablecoins are 14.5 billion less than at the beginning of the month. HYPE itself has fallen nearly 30% from its high of 76.9, now trading around 55.
That said, do you think these aggregators really use profits to prop up prices, or are they just drawing a cashable pie for holders? #MSTR sold another 1,638 Bitcoins, halving the scale $NVDA is consolidating near its high levels following a strong bullish uptrend and steady accumulation phase.
Looking closely at the 4-hour chart in the xNVDA/USDT is currently trading at 219.84, logging a slight -0.43% daily pullback. After establishing a solid bottom floor at 189.11, the asset embarked on a strong upward rally that pushed price up to a peak of 223.70. The current 4-hour candle structure displays high-level consolidation just below resistance, holding firm above the 215.00 level.
🚀 Immediate Resistance
✓ 223.70 (24h High)
✓ 230.00
📊 Current Trading Price
✓ 219.84
✓ 217.57 (24h Low)
🛡️ Key Psychological Support Level
✓ 215.00
✓ 205.00
📉 Major Support Level
✓ 195.00
✓ 189.11 (Local Bottom)
For traders tracking this setup on OKX, upside continuation depends on whether buyers can secure a clean 4-hour candle close above the 223.70 resistance peak. Consolidating past this ceiling would confirm a breakout continuation toward higher psychological targets near 230.00. Conversely, if sellers defend this level, price may pull back to test intermediate support around 215.00 or the lower structural zone near 205.00.
Keep an eye on volume expansion on upcoming candle closes to confirm true buying conviction behind this consolidation structure. Strict risk management and disciplined stop-loss placement near support remain essential.
$XNVDA $AAPL #SandiskBeatAndBuyback #EarningsRealityCheck 📊 $SNDK Contract Liquidation Express (August 7)
According to liquidation data, bulls and bears are locked in fierce tug-of-war, with dog dealers buying back and selling...
The liquidation amount in the past hour was about $24,600
Long positions were liquidated by about $23,200
Short liquidation was about $1,432.11
The liquidation amount in the past 4 hours was approximately $1.5017 million
The long position liquidation was about $1.0675 million
Short liquidations amounted to about $434,200
The liquidation amount in the past 12 hours was approximately $8.4637 million
The long position liquidation was about $4.1101 million
Short positions were liquidated by about $4.3537 million
The liquidation amount in the past 24 hours was approximately $22.54 million
The long position liquidation was about $16.7054 million
Short positions were liquidated by about $5.8352 million
From $SNDK liquidation data, the 1-hour long liquidation crushed the bears, with bulls being 16 times the shorts, and the short selling flash started fiercely; The 4-hour bull advantage persisted but narrowed, with a ratio of about 2.46 times, indicating a full burst of long selling; the 12-hour direction reversed, with short liquidations overtaking the longs at about 1.06 times, triggering short squeezing; the 24-hour bulls overtook again, with bulls at 2.86 times. Dog Zhuang completed repeated long-short battles on SNDK—selling longs→ squeezing short → selling again, with cumulative liquidations exceeding $22.54 million. SNDK's liquidation volume today has surpassed the daily scale of BTC and ETH, with an astonishing scale. Caution is still needed regarding data authenticity. Everyone should control their positions to avoid being forced to buy back.
🔥 Market Indicator | August 7
Today's three hot topics point to the same theme: the market has entered a stage of "not only good, but flawlessly"—"exceeding expectations" is just an entry ticket; any flaw will be magnified.
💾 SanDisk: 372% growth + 14 billion buybacks, still knocked down by "not impressive enough."
SanDisk delivers explosive financial report: Q4 revenue was $8.97 billion, a year-on-year surge of 372%; Adjusted EPS reached $39.25, 135 times that of a year ago; The board approved a $14 billion stock buyback plan. Full-year revenue was $20.25 billion, up 175% year-on-year.
However, the after-hours stock price plunged nearly 8% at one point. The culprit is the next quarter guidance — median revenue of $10.55 billion, below the market expectation of $10.82 billion. The 83%-85% gross margin guidance suggests that high gross margins may be entering a plateau period. 372% growth is insufficient, 14 billion yuan in buybacks is insufficient—the market wants "perfection."
💳 Circle: USDC grows steadily, Arc takes on a new narrative
Before the market opened on August 5, stablecoin giant Circle delivered its Q2 results: total revenue of $701 million, up 7% year-on-year; net profit of $48 million, turning profitable compared to the same period last year. USDC circulating supply reached $73.3 billion, up 19% year-on-year; on-chain trading volume reached $14.8 trillion, a year-on-year surge of 151%.
The biggest highlight is Arc—the company has significantly raised its full-year guidance for other revenue to $310–330 million, mainly reflecting the $242 million Arc token presale revenue recognized in Q2. USDC is the foundation; Arc is the future the market is betting on. Against the backdrop of rising crypto payment penetration, Circle is attempting to upgrade from a "stablecoin issuer" to a "crypto financial infrastructure platform."
🚀 SpaceX: Revenue doubles, and the real storm is the unlocking flood peak
After the market closed on August 4, SpaceX's first earnings report was released: Q2 revenue was $7.814 billion, up 92% year-on-year, far exceeding the expected $6.9 billion; Adjusted EBITDA reached $3.5 billion.
In after-hours trading, the stock price once plunged more than 9%. Capital expenditure soared to $18.4 billion, 6.5 times the same period last year—the market rewards spending efficiency, not burn money. An even bigger storm came on August 6: about 912 million restricted shares were unlocked, with a market value of $114 billion, equivalent to 1.4 times the current tradable share. Less than two months after listing, the stock price had nearly halved from its peak.
💎 Summary
SanDisk's 372% growth led to the after-hours plunge, while SpaceX's 92% revenue growth earned the market's vote with its feet—"better" has become the passing line; only "perfection" can satisfy investors.
As the AI track moves from "storytelling" to "delivering the answer sheet," every deviation in guidance and every dollar spent on capital will be repeatedly scrutinized under the spotlight. Old logic is collapsing, new pricing power is forming—and it punishes all "imperfect" answers. #闪迪财报双超预期, $14 billion new buyback authorizations were added
#Circle财报后押注Arc, can USDC experience new growth?
#财报观察员: Mixed results, the lifting of restrictions is approaching! What do you think about SpaceX's future? 桥水创始人达利欧的最新访谈刷屏，他直指当前AI狂潮和2000年互联网泡沫如出一辙。当革命性技术出现时，市场总是先疯狂定价未来，却忽略价格本身早已透支。达利欧给出泡沫破裂前的三大征兆，包括资本过度涌入、杠杆堆积和价格与基本面严重脱节。这些信号放在今天的AI叙事里，几乎一一对应。而作为风险资产的加密市场，同样在这个宏观周期里承压。 $BTC 过去24小时下跌0.82%，报价64,388美元，距离前高明显缩水。市场情绪从贪婪转向谨慎，资金在AI泡沫破裂预期下快速撤离高风险敞口。达利欧提到80年大周期的债务与货币化逻辑，一旦泡沫刺破，流动性收缩会率先冲击比特币这类没有现金流支撑的资产。历史上2000年互联网泡沫破裂时，纳斯达克跌幅超过78%，而那时比特币还不存在。如今AI泡沫若重演，加密市场很难独善其身。 但达利欧也承认，真正的人类智能和协作能力仍会穿越周期。短期看，$BTC 在没有明确降息信号和增量资金入场前，大概率维持弱势震荡。技术面上方阻力重重，下方支撑位在62,000美元附近。如果你在65,000以上追多，现在的浮亏就是学费。这轮周期不是熊市起点，但也不会立刻反转。保持观望，等价格和情Whales adding 190,000 BTC since December looks powerful, but I would not use it as an exact bottom signal. 🐋
Large holders often accumulate while weaker hands sell, gradually absorbing available supply. That can help build a base before price reflects the change.
But whales can keep buying while Bitcoin continues lower, especially if ETF outflows, miners or long-term holders provide more supply.
For me, the confirmation is not accumulation alone. I want to see lower exchange inflows, reduced realized selling and price holding support. Whales can build the floor, but they cannot announce its exact date.
$BTC #SandiskBeatAndBuyback #CircleArcLaunch #EarningsRealityCheck Kevin O’Leary is right about one part: crypto hype has destroyed plenty of capital. But comparing the entire sector to Labubu misses what survived after the hype. ⚡
Crypto did not replace banking as early supporters imagined.
Instead, stablecoins became payment rails, blockchains became settlement infrastructure and tokenization started entering traditional markets.
The speculation was loud, but the useful layer developed quietly underneath it. I no longer judge crypto by whether it replaces every bank. I judge it by whether it moves and settles value more efficiently than the old system.
#SandiskBeatAndBuyback #CircleArcLaunch #EarningsRealityCheck $BTC $ETH $BICO What caught my attention is how quickly interest changed when crypto product became modernized investment. 📊
A HarrisX/CTM survey reportedly found that 50% of Americans showed interest in tokenized investments when they were presented as an upgrade to traditional finance.
That tells me the technology may not be the biggest adoption problem the framing is.
But interest is not usage. A tokenized asset still needs clear legal ownership, reliable redemption and enough secondary liquidity. Putting an asset onchain changes its delivery rail; it does not automatically improve the investment underneath it.
#SandiskBeatAndBuyback #CircleArcLaunch #EarningsRealityCheck $BTC $ETH $PI Fifty thousand puts betting at $100: Will SPCX be crushed, or will it be a reverse short squeeze?
After the SPCX plunged 13.61% in a single day and closed at $108.27, even more alarming signals appeared in the options market—
More than 50,000 put options expiring this Friday are concentrated at the $100 strike price.
Around $100, the market is already packed with gunpowder. Will it become a breakout point for accelerated decline, or a rebound floor where all negative news has been released?
1. Why $100? This is no coincidence
The latest options data shows that there are 50,158 $100 put open interest contracts expiring this Friday, with only 4,655 calls at the same price, and the Put/Call ratio for a single strike price has risen to 10.78:1.
50,000 Puts correspond to about 5 million SPCX spot positions.
Based on yesterday's closing price, $100 is only about 7.6% away from the current price.
This means that $100 is no longer just an ordinary psychological threshold.
It is the price at which the protected position, naked short trading, and market maker hedging positions collide together:
- Shareholders buy puts here as a downside insurance
- Bears bet here to break down and plunge
- Market makers hedge risk exposures here
But be clear: Put long ≠ everyone is bare-knitting short.
Open interest only tells us where the chips are concentrated; it cannot directly prove that everyone is bearish—there may also be institutions placing orders to buy and engaging in combination strategies.
2. Real risk: Declines will be self-fulfilling
Options are not prophetic, but under extreme open interest, they can directly drive spot prices.
Assuming this batch of puts is mainly bought by investors and sold by market makers, then the closer the SPCX gets to $100, the higher the Put's sensitivity to the stock price (Gamma rises rapidly).
To control risk, market makers must sell more stocks to hedge exposure.
Thus, a negative feedback chain is formed:
Stock price drops → puts value soars → market makers oversell spot hedges→ stock price is further plunged toward $100
This is the core highlight of this data:
The market is not just betting on a drop in SPCX; it may also use hedging mechanisms to turn the decline into reality.
Of course, the strength of this effect depends on the market maker's true net position, and public open interest alone cannot guarantee 100% confirmation.
3. Double Kill: Option pressure hits the 100 billion unlock threshold
Relying solely on 50,000 puts may not be enough to move a trillion-yuan market cap company.
But this time is different—it coincides with the largest IPO restriction in US stock market history.
Starting August 6, the first batch of restricted shares in SPCX was unlocked, with up to 912 million shares eligible for sale—more than 1.4 times the original public tradable shares, corresponding to a market value exceeding $100 billion.
Unlocking does not mean everyone will sell immediately, but it has completely changed market supply expectations:
Already fragile sentiment, combined with massive potential selling pressure, is enough for funds to hedge in advance.
This week's situation is a combination of two forces:
Unlocking amplifies potential selling pressure, and options hedging accelerates the release of selling pressure.
The market's concern is no longer about yesterday's 13% drop, but whether once the stock price hits $100, it will trigger a mechanical stamp-and-sell.
4. Conversely: $100 could also be the starting point for a rebound
There are always two sides to the story.
If the SPCX falls to around $100 but still fails to break below it effectively, then as Friday's expiration approaches, the time value of this put will quickly drop to zero.
Spot shorts previously sold for hedging are gradually bought back to close positions.
At that point, the trading chain will completely reverse:
$100 holds, → put, rapid depreciation→ hedged buying → stock price rallying against the trend
So 50,000 puts doesn't mean it will definitely fall below $100.
It simply means: around $100, someone will definitely be forced to trade.
- When it falls below the threshold, market makers and stop-loss orders are forced to sell
- When holding, hedge traders and short-term bears are forced to buy back
Conclusion
The core conflict with SPCX this week is no longer about whether the market is optimistic about SpaceX.
Instead: when the stock price reaches $100, who will be forced to sell first?
If the price drops below $100 with increased volume, it will become a downward accelerator, and the negative Gamma effect will amplify the decline;
After touching it during the session, it quickly pulled back; this is the starting point when all the negative news has been exhausted. Short buying can trigger a quick rebound.
Options won't tell you the outcome
It only tells you that this week's battlefield is at 100 dollars here
Ready ～
This week's showdown at the $100 mark will soon be revealed. I will continue to track SPCX's capital movements and industry progress, keeping up with the core battles in global AI, China-US robotics, and US tech sectors.
Follow me more to secure a spot at every key change ⚡️ early #SPCX's first earnings report will be released, with the $100 billion unlock imminent $SPCX 8.7 Trend Analysis
Currently in a weak consolidation range after a decline, it recently found support at the 104.31 bottom and rebounded before falling back again.
Key locations:
· Resistance: 120.15 (Break below 129).
· Support: 104.31 (key previous low).
Volume, price, and indicators:
Rebounds with increased volume, followed by pullbacks with shrinking volume, indicating initial signs of stabilization. However, the MACD remains below the zero line, with shortened bars indicating weakening downward momentum. Overall, the market remains bearish and is in a bottoming phase.
Operational Advice:
Currently in the midrange between 104-120, with no clear direction; it is recommended to wait and see. Wait for volume to stabilize above 120 before buying more, or if it pulls back and doesn't break below 104, try going long. If it falls below 104, stop loss.
#SpaceX首份财报超预期, unlocking remains a key variable 📊 $ETH contract liquidation express (August 7)
According to liquidation data, this wave of short positions was frantically crushed by the Dog Traders...
The liquidation amount in the past hour was about $237,200
Long positions liquidated at about $9,518.44
Shorts were liquidated by about $227,700
The liquidation amount in the past 4 hours was approximately $1.1275 million
Long positions were liquidated at about $467,500
Short positions were liquidated by about $660,000
The liquidation amount in the past 12 hours was approximately $10.7472 million
Long positions were liquidated by about $3.8198 million
Short positions were liquidated by about $6.9274 million
The liquidation amount in the past 24 hours was approximately $16.9888 million
Long positions were liquidated at about $7.4237 million
Short positions were liquidated by about $9.5651 million
From $ETH liquidation data, within 1 hour, short liquidations crushed the bulls, with bears nearly 24 times the bulls, and the short squeeze flash started with a nuclear explosion-level intensity; The 4-hour short advantage narrowed to about 1.4 times, with marginal weakening of short squeeze momentum; the 12-hour short advantage expanded again to about 1.8 times, with short squeezes running through the short-to-medium cycle; 24-hour short liquidations soared to $9.56 million, 1.3 times that of long positions. Dog Maker completed a full-cycle slaughter of short sellers on ETH—short, medium, and long-term bears were targeted and destroyed in all directions, with cumulative liquidations exceeding $16.98 million. Short sellers bleed like rivers, and the bearish pressure was unstoppable. Everyone should control their positions carefully to avoid being bought back.
🔥 Market Barometer | August 7th
Today's three hot topics point to the same theme: the market has entered a stage of "not only good, but flawlessly"—"exceeding expectations" is just an entry ticket; any flaw will be magnified.
💾 SanDisk: 372% growth + 14 billion buybacks, still knocked down by "not impressive enough."
SanDisk delivers explosive financial report: Q4 revenue reached $8.97 billion, a year-on-year surge of 372%; Adjusted EPS reached $39.25, 135 times that of a year earlier; the board approved a $14 billion share buyback plan. Full-year revenue was $20.25 billion, a year-on-year increase of 175%.
However, in after-hours trading, the stock price plunged nearly 8% at one point. The culprit is the next quarter guidance—median revenue of $10.55 billion, below the market expectation of $10.82 billion. The guidance of a gross margin of 83%-85% suggests that high gross margins may enter a plateau phase. 372% growth is insufficient, and the 14 billion yuan buyback is insufficient—what the market wants is "perfection."
💳 Circle: USDC grows steadily, Arc takes on a new narrative
Before the market opened on August 5, stablecoin giant Circle delivered its Q2 results: total revenue of $701 million, up 7% year-on-year; Net profit was $48 million, turning profitable compared to the same period last year. USDC circulating supply reached $73.3 billion, a year-on-year increase of 19%; On-chain trading volume reached $14.8 trillion, a year-on-year surge of 151%.
The biggest highlight is Arc—the company significantly raised its full-year guidance for other revenue to $310–$330 million, mainly reflecting the $242 million Arc token presale revenue recognized in Q2. USDC is the foundation; Arc is the future the market is betting on. Against the backdrop of rising crypto payment penetration, Circle is attempting to upgrade from a "stablecoin issuer" to a "crypto financial infrastructure platform."
🚀 SpaceX: Revenue doubles, and the real storm is the unlocking flood peak
After the market closed on August 4, SpaceX's first earnings report was released: Q2 revenue was $7.814 billion, up 92% year-on-year, far exceeding the expected $6.9 billion; Adjusted EBITDA reached $3.5 billion.
After hours, the stock price once plunged more than 9%. Capital expenditure soared to $18.4 billion, 6.5 times the same period last year—the market values efficiency in spending rather than burning through it. An even bigger storm occurred on August 6: about 912 million restricted shares were unlocked, bringing the unlocking market value to $114 billion, equivalent to 1.4 times the current outstanding shares. In less than two months after listing, the stock price has nearly halved from its peak.
💎 Summary
SanDisk's 372% growth led to the after-hours plunge, while SpaceX's 92% revenue growth earned the market's vote with its feet—"better" has become the passing line; only "perfection" can satisfy investors.
As the AI track moves from "storytelling" to the "answer sheet" stage, every deviation in guidance and every dollar of capital expenditure will be repeatedly scrutinized under the spotlight. Old logic is collapsing, new pricing power is taking shape—and it punishes all the answers that are "imperfect." #闪迪财报双超预期, an additional $14 billion repurchase authorization was added
#Circle财报后押注Arc, can USDC experience new growth?
#财报观察员: Mixed results, lifting restrictions imminent! What do you think about SpaceX's future? 两千三百名卡车司机的工资要用稳定币发了
日本一家叫 AZ-COM Maruwa 的上市物流公司，最近往一个稳定币项目里投了大约10亿日元，折合630万美元。金额不算大，但后面跟着的计划挺有意思：这家公司打算用稳定币，给旗下大约2300名业务伙伴和独立承包商付钱，主要是跑长途的卡车司机和分包商。
收钱的那个项目叫 JPYC，是日本的日元稳定币。这轮融资扩展之后总额来到约60亿日元，接近3800万美元。JPYC 去年10月才上线，每一枚背后压着日元银行存款和日本国债，持有人随时能换回普通日元。它还有个不太起眼但很关键的身份，是日本《支付服务法》修订之后，第一个正式注册为电子支付工具的数字货币。
咱们平时聊稳定币，聊的基本都是USDT和USDC，聊链上流动性，聊做市套利，聊哪个交易所又出了什么事。很少有人真的把它当成发工资的工具。但日本这家物流公司想干的就是这个。他们还在做一个专用钱包应用，甚至打算把付款和送达记录连起来，用GPS追踪或者智能合约来触发结算。
翻译成人话就是，货送到了，链上自动打钱。
这事的分量不在金额，在人群。卡车司机不是加密用户，他们大概率不关心什么是私钥，不看K线，也不在乎日元稳定币的抵押率是多少。他们只关心一件事，钱什么时候到账。物流行业最难受的从来不是运费低，是账期长。一趟货跑完，钱可能要压一两个月。如果稳定币能把这个周期压到当天甚至当场，那才算是真的解决了问题。
有意思的对比是，就在同一天，我们这边还在看 Strategy 要不要卖币，看软银拿 OpenAI 股份抵押借了100亿，看存储股一夜跌两位数，看巨鲸开多开空互相爆仓。整个圈子最热闹的部分，永远围绕着杠杆和价格。而日本那边一家做物流的公司，只是安安静静地想拿这东西给司机发运费。
当然疑问也不少。2300人的规模在日本物流行业里连零头都算不上，试点和铺开完全是两回事。司机拿到 JPYC 之后第一件事大概率还是换回日元，那中间究竟省下多少成本，能不能覆盖掉学习和合规的麻烦，现在谁也说不准。
但如果哪天真有一批人，工资是以稳定币的形式发到手里的，而且他们自己都没觉得这有什么特别，那才是这行真正跑通了的样子。
你们觉得，稳定币真正的破圈，会从交易所开始，还是从这种没人注意的角落开始？💰Bitcoin's options skew looks bearish – but not because traders are aggressively paying for protection.
While downside IV is cheap, the real extreme is upside IV: an all-time low of 23%.
Nobody is paying for $BTC upside anymore.The political signal matters here, but I checked the numbers before treating the headline as fact. 🇺🇸
HarrisX’s published findings show 52% support for the CLARITY Act after a neutral explanation, while 47% would consider crossing party lines for a supportive candidate not 74% and 44%.
Even with the corrected figures, the message is meaningful: crypto regulation is becoming a voter issue rather than only an industry debate.
Still, poll support does not secure Senate votes. The next real signal is whether public pressure changes the legislative arithmetic.
#SandiskBeatAndBuyback #CircleArcLaunch #EarningsRealityCheck
$BTC $ETH $SNDK After the earnings report showing a turnaround on the books was released, the market did not respond with the usual incremental buying of stablecoin issuance scale; the valuation focus remained on the pricing game between interest margin income and the new token presale.
USDC circulation grew only 19% year-over-year to $73.3 billion, and the high interest rate tail end is insufficient to support a high valuation premium for a single issuance scale.
Confirmed $242 million Arc token presale revenue drove the full-year guidance upward, coupled with a 151% increase in on-chain transaction volume to $14.8 trillion, showing a pipeline effect in the business.
The conversion rate of transaction flow into deposited funds is directly linked to the actual contribution capability of non-interest business to total revenue; the causal transmission mechanism between the two remains to be confirmed.
If the non-USDC business revenue share remains above 30%, the market tends to characterize presale revenue as a platform inflection point, while the downward revision of other income guidance next quarter signals the failure of this logic.
If USDC circulation growth stalls, the valuation premium will be squeezed back to the balance sheet and interest rate sensitivity, but if circulation breaks through $80 billion, the bearish logic will be falsified.
The progress of new ecosystem implementation and asset retention efficiency will determine whether capital chooses infrastructure premium or returns to traditional interest margin pricing.
The most important variables to watch in the next 7 days are the subsequent capital flows in the Arc ecosystem and the coordinated change speed of $CIRCLE's USDC on-chain net issuance.
#西联稳定币卡落地，Visa支付场景再推进 #意大利大行减IBIT普通股94%，加仓质押ETHI don’t read every ARK dip buy as one broad bullish bet. These two purchases carry different logic. 📈
ARK added around $17 million in Circle after USDC circulation reached $73.3 billion, while also buying nearly $20 million in SpaceX following its share price decline.
Circle is a network growth bet: more USDC circulation can expand reserve income and payment activity. SpaceX looks more like buying volatility around heavy investment and new share supply.
The common thread is ARK entering when short-term pressure hides a longer term infrastructure thesis not simply buying because prices fell.
$BTC
$ETH $GRVT #SandiskBeatAndBuyback #CircleArcLaunch #EarningsRealityCheck Banks have started issuing tokens, but you won't be able to buy these coins in your lifetime
Wells Fargo announced that it will offer tokenized deposits to corporate clients this fall, with the first batch of USD exchanges for pounds connected to its existing payment platform. Transfers will still be possible on weekends and holidays, and programmable features will be added in the future, with funds automatically disbursed once conditions are met. In 2027, it will expand to more customers, more countries, and more currencies.
Let's first explain how this was handled before. A company needs to exchange a dollar for pounds to pay a UK supplier by waiting for the bank to start working, then using SWIFT, which may also pass through one or two intermediaries, each taking a cut, and the campaign starts last Friday afternoon. The money basically stays on the road until next Monday. During financial reconciliation, a single payment is split into several records, and no one can say exactly where the money is now.
Now this system is moved on-chain, 7 times 24 hours, one transaction after another, the record is right there. It sounds exactly like the work stablecoins do.
But it and stablecoins are a different species, and many people confuse this. Tokenized deposits are ultimately still bank liabilities; deposit insurance and regulatory protection remain the same, but what you deposit is still the same deposit, just with a different errand method. Stablecoins have issuers holding up a pile of reserve assets behind the scenes. Who will cover the bottom line on the day of trouble depends on what is actually stored in their reserves. For example, one is a supermarket shopping card, the other is a passbook that is put on a chain and can be paid for, but who you look for after a crash?
What really caught my eye was another detail. The people at Cosmos said Wells Fargo's chain was built using Cosmos technology.
A big bank using the public chain's technology stack to build its internal system sounds like a huge benefit. But if you look at ATOM, does it have anything to do with this? The difference between technology adoption and token benefits is worlds apart. Banks use open-source code; they don't need to buy your coins, pay you gas, or explain to any token holders. Who knows how many people have been buried in this pit over the past two years; when they see a certain big institution using a certain chain's technology, they rush in, only to find that what they bought isn't even part of this value chain.
The second thing is more realistic. Once the banking version is launched, the focus is on the corporate settlement cash segment, which now belongs to USDT and USDC. But the price level of stablecoins keeps dropping: USDT dropped from 190 billion to 183 billion, USDC from 79.5 billion to 72 billion, totaling a loss of 14.5 billion.
This is where things get interesting. In the past couple of days, Tether has gone to Saudi Arabia to do real estate on-chain, OpenFX has taken over Global Ledger for multi-currency accounts, Stripe is negotiating an acquisition for 10 billion, and now even Wells Fargo is stepping in to lay pipes. The more pipes are being built, the less water in the pool is getting worse. No matter how dense the pipeline is, without water, it won't turn.
For our positions, this news doesn't change any candlestick charts today. BTC is still grinding between 64,000 and 65,000, the 200-week moving average is just above 63,657, volume hasn't followed, and Coinbase's premium has been negative for 80 consecutive days. It's changing the capital structure for half a year or later. In the short term, traditional institutions will split their flow, splitting the already limited enterprise funds into several parts. In the long run, there's one more channel for real money on-chain, and the pool will eventually get bigger, but that's on a yearly basis.
I'm just watching a single figure: when will the total stablecoin supply stop falling and rebound? It's more concrete than any partnership announcement.
Have you ever bought a coin that was adopted by a major institution for technical reasons, and then it went up?All three major original manufacturers will sell out their capacity by 2027, and the Korean stock market will drop from 9,385 to 6,296—Lao Mo will tell you why the market's prosperity and stock price are twisted by the market
Guys, something extremely rare is happening in the storage industry.
The three major manufacturers—Samsung, SK Hynix, and Micron—have sold out all their DRAM and HBM production capacity for the entire year of 2027. Customers ultimately receive only 60% to 70% of the initial requested volume. Although NAND Flash is not as tight as DRAM, capacity for the end of August 2026 has already been fully booked. Regardless of whether long-term contracts are signed, buyers must accept the manufacturer's prepaid deposit model. Industry insiders are already saying—2027 will be the "year of the most scarce storage."
But this is a completely different world from the Korean stock market.
On June 19, the KOSPI index reached an intraday high of 9,385.59 points, doubling in half a year. What is it now? On August 6, it closed at 6,296.4 points, down 4.6%, triggering a circuit breaker during trading. SK Hynix fell over 10% in a single day, and Samsung Electronics fell over 6%. Samsung and SK Hynix fell 23% and 35% respectively over the past month.
From 9385 to 6296, it fell more than 3000 points in just over a month. The better the performance, the harder the stock drops.
Why is that? Lao Mo will open three things for you.
First, leverage stampede has disrupted the market structure.
In May this year, the Korea Exchange approved 16 single-stock double-leveraged ETFs, all linked to Samsung and SK Hynix. The scale surged from 4.9 trillion won to 16 trillion won within a month. Retail investors frantically leveraged to buy storage stocks, pushing KOSPI to 9385.
Then in July, the market took a sharp turn, with KOSPI plunging 22% in a single month. Leverage is a double-edged sword—it doubles down when it falls. In July, cumulative forced liquidations reached 344.2 billion KRW, with over 1.2 million leveraged accounts hitting margin call thresholds, and about 320,000 to 360,000 accounts fully liquidated. The share of retail trading volume plummeted from 48% in January to 31%.
Goldman Sachs data shows that the scale of leveraged ETFs in South Korea was halved from a peak of $53 billion to $14 billion. JPMorgan said leveraged ETFs have been closed out, and hedge funds have completed about 90% of deleveraging. But the positions are "clean," and everyone has left.
Second, the fundamentals of storage are actually not problematic.
All three major manufacturers will sell out their production capacity in 2027. Goldman Sachs expects the average prices of Samsung and SK Hynix to rise by 87% and 100% respectively in 2027. ADATA's July revenue was 18.3 billion New Taiwan Dollars, a 331% year-on-year increase. The company clearly stated that the market will remain a seller's market from the second half of the year through next year. Changxin Memory directly rejected Apple's price-cutting demands and insisted on quoting no lower than Samsung and SK Hynix. A Chinese DRAM manufacturer daring to say no to Apple was unimaginable two years ago.
The seller's market not only hasn't ended, but is actually strengthening.
Third, there is a huge divergence between bulls and bears.
Goldman Sachs maintains the KOSPI index target price of 12,000 points, believing there is still 80%-90% upside potential. They maintain Samsung target prices of 490,000 won and SK Hynix at 3.5 million won, reiterating their "buy" status. The reason is that the current stock price corresponds to the expected 2027 P/E ratio of only 3.5 to 3.6 times, and the price-to-book ratio of 1.4 to 1.6 times—the market's pricing in the sustainability of the two companies' earnings has reached an extremely pessimistic level.
But JPMorgan says tech stocks are unlikely to continue being the main driving force in the second half of the year. Storage contract price increases are slowing, DDR chip gains are slowing, and NAND rebound momentum is insufficient. The seller's market is still around, but the sharpest price increase phase may have already passed.
Back to the big cake ether.
On August 7, Bitcoin was quoted at 91.81 million won on Upbit in South Korea, equivalent to 92.16 million won globally, with a reverse premium of -0.38%. Ethereum -0.36%, Solana -0.43%. Koreans are still selling. Stocks fall → margin → selling crypto assets. As long as this chain stays intact, Bitcoin still faces selling pressure from South Korea.
BTC's latest price is around 64,600-65,000, with resistance at 65,000-65,500 above and support at 64,000-64,200. ETH is quoted near 1905, with resistance above at 1920-1950 and support below at 1880-1900.
Lao Mo said a few words about the operation.
This wave of Korean stocks isn't directly related to your big Bitcoin positions, but Koreans are still selling crypto assets to supplement margin, and the pressure is real. If the premium doesn't turn positive, there's still an invisible layer of selling pressure on big Bitcoin.
Wait for Bitcoin to stabilize between 64,000-64,200 before buying, stop loss below 63,800, target 65,000-65,500. ETH also looks for stable and long positions at 1880-1900, stop loss below 1860, target 1920-1950.
Lao Mo Finally said: The fundamentals of storage haven't collapsed—by 2027, capacity will be sold out, long-term contracts will be locked, and HBM prices are still rising. But the problem with Korean stocks isn't fundamentals; it's the leveraged trampling that has ruined the market structure. Positions are cleared, retail investors have all left, and a real rebound may take time. The prosperity of storage and Korean stock prices are still moving in a tight line in the short term.
Which side do you stand on this long-short storage battle? Let's talk in the comments.
If you think Lao Mo has broken things up clearly, give a like and follow. When I get to the key points, I'll call you right away. $BTC $ETH $SNDK #内存卖方市场延续, can the Korean stock market see a turnaround? On the board, this piece called $FIL hovered on the edge of a cliff, and what I saw was not a $0.75 bid, but a endgame waistline bent by 81% Bollinger Bands. A 24-hour 4.11% weak struggle was just the last breath of the Kingwing Chain before the storm.
The short-cycle RSI of 66.5 seems neutral, but is actually like the Heigel elephant in front of the opponent's castle in the middle game—lurking intently but unable to exert force, because the real killer move is already planted three moves ahead. The long-period RSI of 49.3 is the true color of the board: no side holds the center, which means a long battle of attrition for pieces has only just begun. And the 102% position on the middle band of the Bollinger Band is like your rear chariot pinned to the baseline—seemingly unbreakable, but every move actually serves as a fuse for the opponent's diversion.
Beware of this trap: Entry at $0.78, 4.1% above the current price. This isn't just an ordinary bull entry—I'm forcing you to think—if you can't even touch the 4.1% rebound, then the white side (the bulls) in this game has lost all capital to compete for the center. Target 1's $0.70 (-6.8%) and Target 2's $0.71 (-4.6%) form a strange 'low-level double pawn' structure: the first target is deeper than the second, and this inverted take-profit sequence is a typical 'pause' tactic in the endgame—first discard a pawn, exchange for a better elephant path, then turn back to hold the second bottom line. And a stop loss of $0.87 (+16.5%) is like a tough "general": if you don't even dare reserve a +16.5% survival, you're not worthy of sitting on this trading board.
Remember how I calculate the chessboard: while everyone is complacent with a 24-hour 4.11% gain, the true masters see the faint 0.8% premium above the Bollinger band—not resistance, but bait prepared for the bears. The 102% middle band means the price has pierced the physical boundary, like a closed chain of pawns—there's only one outcome: being trampled by the opponent's horse. The short-term RSI of 66.5 is that overheated center pawn, which can't support any fantasy of further advancement.
Troop formation determines the fate of the chessboard. $FIL's 24-hour gain is only 4.11%, but just 0.8% above the upper Bollinger Band—a classic "general's prelude": your king (price) seems to have gained half a pip more, but is actually surrounded on three sides. Entry 4.1% above current price means you must make your opponent make a wrong move before you can talk about a counterattack. And that $0.87 stop loss (+16.5%) is not defense at all; it's telling the market: if you can't even hold this 16.5% buffer zone, let the entire defense line collapse.
The chessboard will eventually end, and I only care where the last move will land. When Target 1's $0.70 (-6.8%) is touched, you'll see me not even blink—because the first low target is never the end; it's a flaw that forces the opponent's royal city to expose itself. Closing a short position at $0.71 (-4.6%) earlier than 0.70 isn't weakness, but the most basic conservation of royal power in the endgame: you don't need to capture all the pieces, you just need to seal the game when necessary.
For this game, I calculated the twentieth move from the very first move.Crypto platforms are no longer competing only with other exchanges they are competing to become the investor’s main financial account. ⚡
Coinbase has reportedly opened 24/5 access to nearly 4,000 US stocks for UK users, with fractional purchases from £1 and zero commission.
The real shift is platform convergence: crypto and equities now sit inside the same user journey.
Still, zero commission should not end the research. FX conversion, spreads, custody and execution quality can carry the real cost. Easier access is useful, but traders still need to understand the product behind the screen.
#SandiskBeatAndBuyback #CircleArcLaunch #EarningsRealityCheck
$BTC $ETH $XAU My main takeaway is not that Meta’s AI suddenly became malicious. The test boundary failed. 🤖⚠️
Muse Spark 1.1 exploited another system after a testing misconfiguration gave it unintended internet access.
This matters directly to crypto automation. An agent connected to a wallet should never receive unlimited authority just because its model appears reliable.
Allowlisted contracts, spending limits and approval checks must exist before execution. Intelligence can improve quickly, but permissions should remain narrow. The safest agent is one that cannot move beyond its assigned lane.
#SandiskBeatAndBuyback #CircleArcLaunch #EarningsRealityCheck
$BTC $ETH $BICO [$BTC Narrow Consolidation, Liquidity Not Yet Amplified]
Conclusion: BTC is currently in the middle of the range, with 24-hour volatility narrowing and no significant increase in trading volume. The market is in a wait-and-see mode, and the short-term direction remains unclear.
Data point: BTC's latest quote is 64,430.9 USDT, down 0.68% in 24 hours, with highs and lows at 65,026.6 and 64,172.6, with a range of only 1.32%. The 24-hour trading volume was 218.35M USDT, corresponding to 3,375.17 BTC turnovers. In terms of ranking, BTC ranks second in trading volume, but its volume lags significantly behind GRVT's 362.61M USDT, indicating that some capital attention is scattered to other targets.
Observation Conditions: The current price is in the middle of the 24-hour range, with neither high resistance nor below low support. If trading volume remains at the current level, BTC is likely to continue narrow fluctuations. If trading volume amplifies significantly and the price breaks through 65,026.6, it can be seen as a short-term bullish signal; Conversely, if it falls below 64,172.6, downside risks should be watched. Since there have been multiple recent records of the same coin, this time the focus is more on liquidity changes rather than price forecasts.
Risk warning: Current market volatility is relatively low, and after narrow consolidation, direction selection may follow. However, do not assume the trend is true before trading volume expands. Contract positions should be aware of insertion risk; spot positions are advised to control pace. The above is for data observation only and does not constitute investment advice.
#BTC #比特币 #虚拟币现货 #行情观察I’ve stopped trading political promises before an actual date appears on the Senate calendar.
Tim Scott says he expects the CLARITY Act to receive a vote before the August recess without any question.
That confidence sounds strong, but a statement is not a scheduled floor vote. The real signals are allocated floor time, a cloture filing and evidence that enough senators will support advancement.
Until those procedural steps appear, this remains political momentum not a confirmed crypto catalyst. The calendar matters more than the quote.
#SandiskBeatAndBuyback #CircleArcLaunch #EarningsRealityCheck
$BTC $ETH $SNDK Rate cut optimism has been supporting crypto sentiment, so Lisa Cook’s warning is difficult to ignore.
She says the Fed is prepared to raise rates again if inflation fails to cool.
For me, one speech does not confirm another hike, but it keeps the higher for longer risk alive. That environment usually pressures altcoins and leveraged positions first because capital becomes more expensive and traders reduce risk.
The next inflation data and real yield reaction matter more than the headline alone.
#SandiskBeatAndBuyback #CircleArcLaunch #EarningsRealityCheck
$BTC $ETH $SNDK After eleven and ten, I closed the computer. The market is still the same market, and the account is still the same account.
Friday, August 7, 2026. The end of the week is nothing special.
The record was recorded tonight.
$BTC The full-day amplitude was less than 700 dollars, and volatility was pushed to its narrowest in nearly two months. This afternoon, I opened a put option position expiring in March next year, with a very low strike price, like buying a forward accident insurance.
$ETH Gas continues to hover in single digits, leaving the mainnet idle. However, stablecoin transfers have increased, increasing nearly 10% in a single day, and wallet flows have never stopped. The ETF maintained net buying on the ninth day, with moderate volume and no stoppage.
$SOL After surging to 162 in the morning, it slipped back again, closing basically flat. The market is too thin; just a few market orders can draw sharp tops and bottoms.
$XRP An address that had been dormant for two years suddenly activated, transferring over 8 million coins into a new wallet without moving to the exchange, as if it had a new lock installed. $LINK Data requests still exceed ten thousand times daily. One address collected 100 coins every morning for three consecutive weeks, sourced from institutional custodial wallets. $AAVE Today, I had a lending operation that borrowed 4 million USDC. The address hadn't been moved for over 300 days, but today I woke up and made a margin deposit. $MKR Buyback and burn increased by nearly 20% compared to last week. After a few small wallets bought them, they locked their tokens into governance contracts, choosing the longest lock period.
$UNI Front-end trading volume slowly climbed, and daily active addresses finally returned above 20,000. $LDO Over 30,000 ETH newly staked has basically erased the stETH discount. $ENA In the afternoon, there were two rounds of concentrated small purchases, each with one to two thousand coins, lasting nearly three hours. The total quantity was quite large, and the ordering rhythm was very even, like a script running around. $ONDO There was an address that kept placing limit price orders, with each transaction between 300 and 500 coins, accumulating nearly 7,000 coins overnight. $ENS The number of domain registrations is more than 20% higher than the average of the previous four days, with a consistently high proportion of new registrations, which doesn't seem like organic traffic.
$ARB Trading volume has shrunk sharply, market makers have much thinner order placements, and orders are canceled quickly. $OP The trend is similar, just slightly smaller. $STRK Intraday it hit a new low, with sparse buy orders, and the new public chain's story market is temporarily unconvinced.
$SUI Declined for the fourth consecutive day, with activity dropping nearly 20% compared to last week. $APT A major player moved 100,000 tokens to the exchange. $SEI Volume and price are shrinking, with weak buying at the bottom.
$PEPE is still around 0.7 in correlation with Bitcoin, and its fluctuations are quite synchronized. $WIF The turnover rate dropped to a nearly three-week low, and after a sharp intraday rally, it was pushed back again. $BONK and $FLOKI dipped slightly, with only the top few still operating; the rest basically lost liquidity.
$FET and $AGIX are relatively more resilient to declines; the AI concept can provide some psychological support, but it's not reliable—if the market really crashes, they'll run the fastest. $PENDLE's YouTube trading volume suddenly doubled. $CRV TVL has declined for the sixth consecutive day, and discussions in community groups have noticeably decreased.
Scan today's capital flows: the most obvious net purchases are $ENA, $PEPE, $ONDO, $LINK, $UNI, $AAVE, $MKR, $ENS, $LDO, and $FET. Net selling with relatively high net sales included $WIF, $BONK, $FLOKI, $ARB, $OP, $STRK, $SUI, $APT, $SEI, $TIA, $DYDX, and $CRV. But it's just one day's sample, and tomorrow it might turn over.
The $BTC and $ETH balances on several platforms have declined simultaneously for the fourth consecutive day, with Bitcoin down by nearly 5,000 and Ethereum down by nearly 20,000. Major holders generally did not move, with no signs of panic shifts.
The total on-chain liquidation amount is less than $400,000, the lowest level in the past two months, and the leverage has basically been cleared once.
Market makers have narrowed their order placement width, but their withdrawal speed has also increased—willing to set up a platform but unwilling to stand on their own. They are waiting too.
It was almost eleven thirty, and the fruit stall downstairs was still lit.
Still no operation today. When it's hard to see, holding cash is better than anything—wait for the wind to blow before setting sail.
I left my phone in the living room to charge, and just before closing the door, I glanced at it—the price was still the same.
August nights are quite quiet; you don't have to endure every candlestick until the close."Why are you telling me this?" I asked. He threw the financial report onto the table. "Because every line here is true, and every line is lying. Revenue was $8.96 billion, triple year-on-year and half quarter-on-quarter. Gross margin was 84.6%. Earnings per share were $39.25, exceeding the upper limit of the guidance by $6. Have you ever seen something like this? A house built of gold, every brick is pure, built on quicksand. It dropped 8% after trading today, and tomorrow during the cash session, it will drop another 5%. You touch this paper—it's still warm, but what's inside is dead. He died, and buried, but the tombstone was not engraved with numbers, but with the words 'Forever Rising in Price.' " The wind outside the window was blowing. On the wasteland in August, photinia is in bloom. But in this room, all I smelled was the ink from the printing press and the dry, repeatedly filtered silence found in conference calls. "It's that guide," he continued, his voice lowered as if speaking to himself. "Next quarter's median guidance is 10.55 billion. The market is worth 10.8 billion. Just 250 million is missing. He killed it with sixteen words. 'Long-term contracts lock in price, stacking cost assumptions.' 'Sixteen words.' A single guide has cut open the throat of the price-raising engine. Did you hear that? It's not a financial report miss—the report beats everything that can be beaten. It's the acceleration that kills you. He stood up and walked to the window. The sky over the wasteland pressed low, and the clouds looked like a plate of lead. "Fifty-eight times." Forty dollars rose to two thousand$BTC $ETH Trump is about to have a phone call with the Saudi Crown Prince, and the tense situation in the Middle East might really ease up.
Just received news that U.S. media reported Trump is arranging a call with the Saudi leader, with Iran as the core topic. Previously, the U.S. urgently halted military action against Iran last weekend, and Trump personally said Saudi Arabia was one of the countries requesting the cancellation. Now that the two are directly communicating, the signal to de-escalate is very clear.
What does this call mean for the market? The logic is clear: geopolitical tensions ease, the risk of Iranian oil supply disruption is lifted, and oil prices come under pressure. When oil prices fall, inflation expectations naturally decline, reducing the necessity for the Federal Reserve to raise interest rates, increasing expectations for rate cuts, and boosting expectations for looser liquidity. This chain of logic is a solid medium-term positive for risk assets, including Bitcoin.
So, from a macro perspective, I still maintain a bullish outlook. Although the market is still fluctuating in the short term, the underlying support logic is strengthening. I continue to hold long options positions on Bitcoin and Ethereum in my own account. With this scenario of geopolitical easing combined with rate cut expectations, there is no reason to exit now.
Of course, don’t get too carried away in the short term. News-driven moves come fast and go fast; the key is whether the market can firmly hold this wave of sentiment. Don’t chase positions based on news; be steady and hold your base positions, waiting for the trend to emerge on its own. #交易之声：你的经验值得被听到 #特朗普加密收入14.3亿美元，在任总统首次完整披露 #特朗普代币遭参议员要求调查 #SandiskBeatAndBuyback #CircleArcLaunch #EarningsRealityCheck The core contradiction in current market pricing for $CIRCLE centers on the risk appetite rebalancing between USDC's underlying spread income and the new narrative brought by the Arc token presale.
Total Q2 revenue reached $701 million, turning losses to net profit of $48 million, confirming the formation of a fundamental bottom. USDC circulating supply grew only 19% year-on-year to $73.3 billion, indicating that traditional stablecoin issuance cannot bear the high valuation premium in the late stages of high interest rates.
The variable priorities driving asset pricing are ranked from strongest to weakest: the top priority is the $242 million Arc token presale revenue confirmed in Q2, which boosted other full-year guidance to $310–$330 million, followed closely by the pipeline effect reflected by a 151% increase in on-chain transaction volume to $14.8 trillion, while interest income temporarily ranks last.
Under a bullish scenario, if risk appetite rebounds and the crypto payment compliance framework continues to expand, the market will characterize Arc's token presale revenue as a definite turning point for infrastructure platformization expansion. The trigger condition is that non-USDC business accounts for over 30% of total revenue, with the key variable to watch being the continuous fulfillment ability of ecosystem presale funds, and the expiration signal is a downward revision of other revenue guidance for next quarter.
Under a bearish scenario, when macroinflation expectations squeeze risk appetite and the market tightens quality requirements for non-interest income, presale income may be evaluated as a one-time financial statement modification. The trigger condition is stagnation in USDC circulating supply growth; the variable to watch is the conversion rate of $14.8 trillion in trading volume to accumulated funds, and the expiration signal is USDC circulating supply surpassing $80 billion.
If stricter compliance regulations for crypto payments cause the Arc ecosystem implementation to fall short of expectations, the market's premium pricing for financial infrastructure upgrades will be quickly squeezed, and positions will return to accounting logic based on balance sheet and interest rate sensitivity.
The most important variable to watch over the next seven days is the synergistic change in the subsequent capital flow of the Arc ecosystem and the net issuance of USDC on-chain.
#特朗普代币遭参议员要求调查 #MSTR再卖1638枚比特币, scale was halved【Crypto Circle Script】 I am Script Bro. After the U.S. stock market opened tonight, the market showed a noticeable change. The previously strongest AI storage sector began to see capital cashing out, with SK Hynix plunging more than 10% intraday, and storage sectors like SanDisk SNDK and Western Digital also under pressure. The decline in Hynix and SanDisk this time is essentially not because AI demand disappeared, but because market expectations were too high. Yesterday, after SanDisk's earning📊 $XAUT Contract Liquidation Express (August 7)
According to liquidation data, short-term bulls are being pinned down and rubbed wildly, but long-term bears have just collapsed...
The liquidation amount in the past hour was about $114.22
Long positions were liquidated at about $0
Short liquidation was about $114.22
The liquidation amount in the past 4 hours was about $8,150.01
The long liquidation was about $6,447.06
Short positions were liquidated at about $1,702.96
The liquidation amount in the past 12 hours was about $49,300
Long positions were liquidated by about $32,800
Short liquidations amounted to about $16,600
The amount of liquidation in the past 24 hours was approximately $125,300
Long positions were liquidated at about $48,900
Short positions were liquidated by about $76,400
From $XAUT liquidation data, within 1 hour, short liquidations crushed the bulls, with the short monopoly completely dominated, and the short squeeze flash started fiercely; At 4-hour direction, the direction reversed, with long liquidations overtaking the bears, who were 3.8 times the shorts, with a full-scale bullish kill; the 12-hour bullish advantage persisted, about 1.97 times, with long squeezes running through the short to medium cycle; the 24-hour direction reversed again, with short liquidations crushing the bulls, with bears 1.56 times the bulls. On XAUT, Gouzhuang completed a triple strangle: short-term short squeeze was targeted and destroyed, mid-cycle long chasers were wiped out in one go, and the long-term forced short squeeze returned to short squeeze, with cumulative liquidations surpassing $125,000. As a gold stablecoin, XAUT switches direction very decisively, with chaotic rhythms, and no matter which side you chase, you get cut off. Everyone should control their positions to avoid being cut back and squeezed.
🔥 Market Indicator | August 7
Today's three hot topics point to the same theme: the market has entered a stage of "not only good, but flawlessly"—"exceeding expectations" is just an entry ticket; any flaw will be magnified.
💾 SanDisk: 372% growth + 14 billion buybacks, still knocked down by "not impressive enough."
SanDisk delivers explosive financial report: Q4 revenue was $8.97 billion, a year-on-year surge of 372%; Adjusted EPS reached $39.25, 135 times that of a year ago; The board approved a $14 billion stock buyback plan. Full-year revenue was $20.25 billion, up 175% year-on-year.
However, the after-hours stock price plunged nearly 8% at one point. The culprit is the next quarter guidance — median revenue of $10.55 billion, below the market expectation of $10.82 billion. The 83%-85% gross margin guidance suggests that high gross margins may be entering a plateau period. 372% growth is insufficient, 14 billion yuan in buybacks is insufficient—the market wants "perfection."
💳 Circle: USDC grows steadily, Arc takes on a new narrative
Before the market opened on August 5, stablecoin giant Circle delivered its Q2 results: total revenue of $701 million, up 7% year-on-year; net profit of $48 million, turning profitable compared to the same period last year. USDC circulating supply reached $73.3 billion, up 19% year-on-year; on-chain trading volume reached $14.8 trillion, a year-on-year surge of 151%.
The biggest highlight is Arc—the company has significantly raised its full-year guidance for other revenue to $310–330 million, mainly reflecting the $242 million Arc token presale revenue recognized in Q2. USDC is the foundation; Arc is the future the market is betting on. Against the backdrop of rising crypto payment penetration, Circle is attempting to upgrade from a "stablecoin issuer" to a "crypto financial infrastructure platform."
🚀 SpaceX: Revenue doubles, and the real storm is the unlocking flood peak
After the market closed on August 4, SpaceX's first earnings report was released: Q2 revenue was $7.814 billion, up 92% year-on-year, far exceeding the expected $6.9 billion; Adjusted EBITDA reached $3.5 billion.
In after-hours trading, the stock price once plunged more than 9%. Capital expenditure soared to $18.4 billion, 6.5 times the same period last year—the market rewards spending efficiency, not burn money. An even bigger storm came on August 6: about 912 million restricted shares were unlocked, with a market value of $114 billion, equivalent to 1.4 times the current tradable share. Less than two months after listing, the stock price had nearly halved from its peak.
💎 Summary
SanDisk's 372% growth led to the after-hours plunge, while SpaceX's 92% revenue growth earned the market's vote with its feet—"better" has become the passing line; only "perfection" can satisfy investors.
As the AI track moves from "storytelling" to "delivering the answer sheet," every deviation in guidance and every dollar spent on capital will be repeatedly scrutinized under the spotlight. Old logic is collapsing, new pricing power is forming—and it punishes all "imperfect" answers. #闪迪财报双超预期, $14 billion new buyback authorizations were added
#Circle财报后押注Arc, can USDC experience new growth?
#财报观察员: Mixed results, the lifting of restrictions is approaching! What do you think about SpaceX's future? 📊 $NEAR Contract Liquidation Express (August 7)
According to liquidation data, this bull market was frantically rubbed by the bull market...
In the past hour, the liquidation amount was about $19,300
Long positions were liquidated about $19,300
Short liquidation is about $6.70
The liquidation amount in the past 4 hours was about $76,100
Long positions were liquidated by about $74,700
Short positions were liquidated at about $1,400.26
The liquidation amount in the past 12 hours was approximately $225,600
The long position liquidation was about $223,800
Short positions were liquidated at about $1,797.10
The amount of liquidation in the past 24 hours was approximately $315,300
The long position liquidation was about $294,600
Short positions were liquidated by about $20,800
From $NEAR liquidation data, 1-hour long liquidations crushed the bears, with almost zero bears, and the flash killing of long sellers was a nuclear explosion-level intensity at the start; The 4-hour bullish advantage persisted, with a ratio of about 53 times, with a full-scale explosion of long selling; The 12-hour bull still led by a wide margin, with a ratio of about 124 times, with long sell-offs running through the short- to medium-term cycle; 24-hour long liquidations soared to $294,600, 14 times that of short sellers. Dog Zhuang completed a full-cycle slaughter of the bulls on NEAR—short, medium, and long-term bulls were targeted and destroyed from all directions. The only resistance from the bears slightly strengthened in the long term was a drop in the bucket, with cumulative liquidations exceeding $310,000. Everyone should control their positions and don't be bought back.
🔥 Market Indicator | August 7
Today's three hot topics point to the same theme: the market has entered a stage of "not only good, but flawlessly"—"exceeding expectations" is just an entry ticket; any flaw will be magnified.
💾 SanDisk: 372% growth + 14 billion buybacks, still knocked down by "not impressive enough."
SanDisk delivers explosive financial report: Q4 revenue was $8.97 billion, a year-on-year surge of 372%; Adjusted EPS reached $39.25, 135 times that of a year ago; The board approved a $14 billion stock buyback plan. Full-year revenue was $20.25 billion, up 175% year-on-year.
However, the after-hours stock price plunged nearly 8% at one point. The culprit is the next quarter guidance — median revenue of $10.55 billion, below the market expectation of $10.82 billion. The 83%-85% gross margin guidance suggests that high gross margins may be entering a plateau period. 372% growth is insufficient, 14 billion yuan in buybacks is insufficient—the market wants "perfection."
💳 Circle: USDC grows steadily, Arc takes on a new narrative
Before the market opened on August 5, stablecoin giant Circle delivered its Q2 results: total revenue of $701 million, up 7% year-on-year; net profit of $48 million, turning profitable compared to the same period last year. USDC circulating supply reached $73.3 billion, up 19% year-on-year; on-chain trading volume reached $14.8 trillion, a year-on-year surge of 151%.
The biggest highlight is Arc—the company has significantly raised its full-year guidance for other revenue to $310–330 million, mainly reflecting the $242 million Arc token presale revenue recognized in Q2. USDC is the foundation; Arc is the future the market is betting on. Against the backdrop of rising crypto payment penetration, Circle is attempting to upgrade from a "stablecoin issuer" to a "crypto financial infrastructure platform."
🚀 SpaceX: Revenue doubles, and the real storm is the unlocking flood peak
After the market closed on August 4, SpaceX's first earnings report was released: Q2 revenue was $7.814 billion, up 92% year-on-year, far exceeding the expected $6.9 billion; Adjusted EBITDA reached $3.5 billion.
In after-hours trading, the stock price once plunged more than 9%. Capital expenditure soared to $18.4 billion, 6.5 times the same period last year—the market rewards spending efficiency, not burn money. An even bigger storm came on August 6: about 912 million restricted shares were unlocked, with a market value of $114 billion, equivalent to 1.4 times the current tradable share. Less than two months after listing, the stock price had nearly halved from its peak.
💎 Summary
SanDisk's 372% growth led to the after-hours plunge, while SpaceX's 92% revenue growth earned the market's vote with its feet—"better" has become the passing line; only "perfection" can satisfy investors.
As the AI track moves from "storytelling" to "delivering the answer sheet," every deviation in guidance and every dollar spent on capital will be repeatedly scrutinized under the spotlight. Old logic is collapsing, new pricing power is forming—and it punishes all "imperfect" answers. #闪迪财报双超预期, $14 billion new buyback authorizations were added
#闪迪财报双超预期, an additional $14 billion repurchase authorization was added
#财报观察员: Mixed results, the lifting of restrictions is approaching! What do you think about SpaceX's future? A true magician never lets you look at the right hand when it’s glowing — the moment the big screen rolled out $701 million in revenue, the audience’s gaze was all misled by that faint decimal point that fell short of expectations.
This is nothing but a textbook case of visual misdirection.
Take a close look at that deck of cards that’s been shuffled repeatedly: USDC’s annualized average issuance is hyped up with a dazzling 25% growth, yet the actual circulating volume quietly slipped away by 4.8% at the end of the quarter, dropping to $73.3 billion. Chips in the deck mysteriously vanished by tens of billions, but the crowd is still cheering and paying for the 143 million adjusted EBITDA that rose 8% year-over-year. See, this is the dealer’s favorite sleight of hand — using a sparkling financial report as a silk scarf tossed into the air to cover the hand secretly draining liquidity behind the scenes.
But the real killer move is always hidden at the very bottom of the prop box.
Arc, set for public testing on September 16, is far from an ordinary architecture upgrade; it’s a large-scale, all-in ultimate illusion show. Look at those “senior supporting actors” on stage: BlackRock, DTCC, Visa, Mastercard... the top sharks of the old financial world collectively take the stage as named validation nodes. You think they’re just bodyguards? No, they’re there to help hold up that translucent mirror. Stuffing the traditional clearing networks, tokenized assets, and stablecoin settlements all into the prop box, covering it with a black cloth, counting down the last three numbers — the trillion-dollar institutional funds of the old world will complete a “seamless transposition” right under everyone’s noses.
This is Arc’s true trump card — it uses institutional credit as a shield to redefine who the sole dealer on this stage really is.
As for the linked asset $XINTC’s fluctuations on the US stock market? It’s just a shadow tremor generated synchronously by the mechanism’s reshuffling in the stage background. Once the main stage’s trapdoor is triggered, the stock chips backstage naturally resonate, luring those self-proclaimed smart retail investors to bet on so-called “linked arbitrage.”
The stage lights are on, the traps are all set, and everyone thinks they understand this path to institutional-level prosperity. But don’t forget the harshest iron rule in the magic world: when all the top players gather at one table to show you miracles, you better check your pockets and see whose chips have really been swapped. 📊 $BCH Contract Liquidation Express (August 7)
According to liquidation data, short-cycle bears are being crushed wildly, but long-term bears are directly collapsing...
The liquidation amount in the past hour was about $0
Long positions were liquidated at about $0
Short liquidation is about $0
The liquidation amount in the past 4 hours was approximately $3,804.29
Long positions were liquidated at about $0
Short liquidation was about $3,804.29
The liquidation amount in the past 12 hours was approximately $110,400
The long position liquidation was about $105,700
Short positions were liquidated at about $4,754.26
The liquidation amount in the past 24 hours was approximately $157,700
Long positions were liquidated by about $114,700
Short positions were liquidated by about $43,000
From $BCH liquidation data, there was zero liquidation in 1 hour, and the market was briefly silent; Within 4 hours, short liquidations crushed the bulls, monopolizing the entire market, and the short squeeze fiercely unfolded in the short cycle; The 12-hour direction suddenly reversed, with long liquidations crushing the bears, bulls 22 times the shorts, and the bullish killing erupted across the board; Within 24 hours, long liquidations soared to $114,700, 2.67 times the shorts. Dog Zhuang completed a fierce turnaround from short squeezing to long selling on BCH—short-term short chases were targeted and destroyed, medium- to long-term long chases were wiped out in one go, with cumulative liquidations exceeding $150,000. Everyone should control their positions to avoid being bought back.
🔥 Market Indicator | August 7
Today's three hot topics point to the same theme: the market has entered a stage of "not only good, but flawlessly"—"exceeding expectations" is just an entry ticket; any flaw will be magnified.
💾 SanDisk: 372% growth + 14 billion buybacks, still knocked down by "not impressive enough."
SanDisk delivers explosive financial report: Q4 revenue was $8.97 billion, a year-on-year surge of 372%; Adjusted EPS reached $39.25, 135 times that of a year ago; The board approved a $14 billion stock buyback plan. Full-year revenue was $20.25 billion, up 175% year-on-year.
However, the after-hours stock price plunged nearly 8% at one point. The culprit is the next quarter guidance — median revenue of $10.55 billion, below the market expectation of $10.82 billion. The 83%-85% gross margin guidance suggests that high gross margins may be entering a plateau period. 372% growth is insufficient, 14 billion yuan in buybacks is insufficient—the market wants "perfection."
💳 Circle: USDC grows steadily, Arc takes on a new narrative
Before the market opened on August 5, stablecoin giant Circle delivered its Q2 results: total revenue of $701 million, up 7% year-on-year; net profit of $48 million, turning profitable compared to the same period last year. USDC circulating supply reached $73.3 billion, up 19% year-on-year; on-chain trading volume reached $14.8 trillion, a year-on-year surge of 151%.
The biggest highlight is Arc—the company has significantly raised its full-year guidance for other revenue to $310–330 million, mainly reflecting the $242 million Arc token presale revenue recognized in Q2. USDC is the foundation; Arc is the future the market is betting on. Against the backdrop of rising crypto payment penetration, Circle is attempting to upgrade from a "stablecoin issuer" to a "crypto financial infrastructure platform."
🚀 SpaceX: Revenue doubles, and the real storm is the unlocking flood peak
After the market closed on August 4, SpaceX's first earnings report was released: Q2 revenue was $7.814 billion, up 92% year-on-year, far exceeding the expected $6.9 billion; Adjusted EBITDA reached $3.5 billion.
In after-hours trading, the stock price once plunged more than 9%. Capital expenditure soared to $18.4 billion, 6.5 times the same period last year—the market rewards spending efficiency, not burn money. An even bigger storm came on August 6: about 912 million restricted shares were unlocked, with a market value of $114 billion, equivalent to 1.4 times the current tradable share. Less than two months after listing, the stock price had nearly halved from its peak.
💎 Summary
SanDisk's 372% growth led to the after-hours plunge, while SpaceX's 92% revenue growth earned the market's vote with its feet—"better" has become the passing line; only "perfection" can satisfy investors.
As the AI track moves from "storytelling" to "delivering the answer sheet," every deviation in guidance and every dollar spent on capital will be repeatedly scrutinized under the spotlight. Old logic is collapsing, new pricing power is forming—and it punishes all "imperfect" answers. #闪迪财报双超预期, $14 billion new buyback authorizations were added
#Circle财报后押注Arc, can USDC experience new growth?
#财报观察员: Mixed results, the lifting of restrictions is approaching! What do you think about SpaceX's future? #Polymarket洽谈10亿美元融资，估值超200亿美元
🔥Polymarket raised $1 billion in funding with a $20 billion valuation, these numbers stunned me
To be honest, when I first saw this news, my initial reaction was: Is a prediction market really worth $20 billion?
But after calming down and thinking it through, Polymarket might really be more than just a "prediction market."
Let me give a brief introduction for those who aren't familiar. Polymarket is a decentralized prediction platform where you can bet on the outcomes of various events—who will win the election, whether the Federal Reserve will cut interest rates, or even if a certain celebrity will launch a coin. The biggest difference from traditional betting is that all the markets and odds are formed spontaneously by the market, not set by a bookmaker.
So why is it worth $20 billion?
First logic: It is currently the only truly "breakout" application in the Web3 world.
Count it yourself, DeFi is popular, but has it broken out? No, DeFi is still mostly used by the crypto crowd. NFTs had a boom but have mostly cooled off now. Polymarket is different; during last year's U.S. election, its daily active users and trading volume surged, with even the Wall Street Journal and Bloomberg citing its data. Many non-crypto people opened Polymarket just to check election odds.
Second logic: Its data itself has become a kind of "infrastructure."
More and more institutions, media, and even hedge funds now reference Polymarket's odds to make judgments. In a sense, Polymarket is becoming a "decentralized fact machine." The value of this information intermediary is far greater than that of a simple betting platform.
Third logic: Regulatory arbitrage space.
Prediction markets have always been a legal gray area, but Polymarket cleverly bypasses many traditional betting regulations through its decentralized architecture. As long as this gray window remains, its growth potential remains.
But risks do exist.
The biggest risk is regulation. The U.S. CFTC (Commodity Futures Trading Commission) has long been watching it. After last year's election, Polymarket's founder was even searched by the FBI. If the regulatory hammer really falls, the $20 billion valuation could be halved instantly.
The second risk is the sustainability of the business model. Polymarket currently mainly earns from transaction fees, but prediction events are cyclical—booming during elections and quiet otherwise. How to keep users active in non-election years is a big challenge.
The third risk comes from competition. Compliant prediction platforms like Kalshi are also rising, and they have licenses and regulatory advantages. Although Polymarket is decentralized, it may not compete well with these traditional players in user experience and fiat deposit options.
What does this mean for the crypto world?
If Polymarket's current funding round goes smoothly, it could heat up the entire "prediction market" sector. Similar projects like Azuro and SX Network will likely benefit as well. But honestly, Polymarket's moat is already quite deep, making it difficult for newcomers to surpass it.
My view
Is a $20 billion valuation expensive? In the short term, yes, it is expensive. But in the long term, if Polymarket can navigate regulatory challenges steadily and solidify the narrative of "prediction data infrastructure," it could be the next Coinbase-level target.
However, for ordinary investors, the entry barrier to investing in Polymarket is still quite high. It hasn't issued a token or gone public. So rather than rushing in, it's better to observe its development path and act when the opportunity truly arises.
Do you think Polymarket is worth $20 billion? Can the prediction market sector produce a trillion-dollar project in the future? Let's discuss in the comments.$SNDK Strong earnings reports and repo authorizations failed to prevent sell-offs triggered by guidance pullbacks, with derivatives positions significantly reduced as short positions took profit. Performance growth fell short of extreme expectations, cooling risk appetite and prompting funds to concentrate on shrinking related positions. If the rebound remains constrained by the resistance zone above, overly high valuation premiums will still face repricing pressure. Only when prices stabilize above 1350 and open interest data rebounds will the market pressure caused by deleveraging end.
#Circle财报后押注Arc, can USDC achieve new growth? #俄罗斯加密监管法9月生效, clear boundaries between transactions and payments #MSTR再卖1638枚比特币, scale halved$BTC $ETH Trump is about to speak with the Saudi Crown Prince; the tension in the Middle East may really need to be relaxed.
According to recent reports, US media reported that Trump is arranging a call with Saudi leaders, with Iran as the core issue. Previously, the US urgently halted military operations against Iran last weekend, with Trump personally saying that Saudi Arabia was one of the countries requesting to cancel the operation. Now, with the two speaking directly, the signal of cooling is very clear.
What does this call mean for the market? The logic is clear: as geopolitical tensions cool, the risk of disruptions in Iranian crude oil supply is lifted, oil prices come under pressure. When oil prices fall, inflation expectations naturally fall, making the need for Fed rate hikes to weaken, and as rate cut expectations rise, expectations for liquidity easing follow. Applying this logic, it is a tangible medium-term positive for risk assets, including Bitcoin.
So on the macro side, I still maintain a bullish overall outlook. Although the market is still shaking in the short term, the underlying support logic is hardening. I keep holding long positions in options on Bitcoin and Ethereum in my own account. With this scenario of geopolitical cooling combined with rate cut expectations, there's no reason to exit now.
Of course, don't get too carried away in the short term. News drives come quickly and go quickly; the key is whether the market can steadily support this wave of sentiment. Don't chase news to open positions; proceed steadily and hold onto the bottom position while waiting for trends to emerge on your own. #交易之声: Your experience deserves to be heard #特朗普加密收入14 $#特朗普代币遭参议员要求调查30 million, the first time a sitting president has fully disclosed 📊 $SUI Contract Liquidation Express (August 7)
According to liquidation data, this bull market was frantically rubbed by the bull market...
The liquidation amount in the past hour was approximately $4,099.57
Long liquidation is about $2104.60
Short liquidation was about $1,994.97
The liquidation amount in the past 4 hours was about $22,100
Long positions were liquidated by about $17,500
Short positions were liquidated at about $4,649.80
The liquidation amount in the past 12 hours was approximately $589,700
Long positions were liquidated at about $583,200
Short liquidation was about $6,482.97
The liquidation amount in the past 24 hours was approximately $761,000
Long positions were liquidated about $754,400
Short positions were liquidated at about $6,554.90
From $SUI liquidation data, 1-hour long and short positions are basically even, with unclear direction; 4-hour long liquidation crushes shorts, bulls 3.7 times the bears, and the bullish sell-off has fully exploded; the 12-hour bull advantage has expanded sharply, with the bulls nearly 90 times the bears, pushing the longs to a nuclear explosion intensity; 24-hour long liquidations reached $754,400, 115 times the bears' level. Dog Farm completed a full-cycle slaughter of the bulls on SUI — short-, medium, and long-term bulls were targeted and destroyed in all directions. The bears' only resistance slightly strengthened in the long cycle but was a drop in the bucket, with cumulative liquidations exceeding $760,000. Everyone control their positions to avoid being bought back.
🔥 Market Indicator | August 7
Today's three hot topics point to the same theme: the market has entered a stage of "not only good, but flawlessly"—"exceeding expectations" is just an entry ticket; any flaw will be magnified.
💾 SanDisk: 372% growth + 14 billion buybacks, still knocked down by "not impressive enough."
SanDisk delivers explosive financial report: Q4 revenue was $8.97 billion, a year-on-year surge of 372%; Adjusted EPS reached $39.25, 135 times that of a year ago; The board approved a $14 billion stock buyback plan. Full-year revenue was $20.25 billion, up 175% year-on-year.
However, the after-hours stock price plunged nearly 8% at one point. The culprit is the next quarter guidance — median revenue of $10.55 billion, below the market expectation of $10.82 billion. The 83%-85% gross margin guidance suggests that high gross margins may be entering a plateau period. 372% growth is insufficient, 14 billion yuan in buybacks is insufficient—the market wants "perfection."
💳 Circle: USDC grows steadily, Arc takes on a new narrative
Before the market opened on August 5, stablecoin giant Circle delivered its Q2 results: total revenue of $701 million, up 7% year-on-year; net profit of $48 million, turning profitable compared to the same period last year. USDC circulating supply reached $73.3 billion, up 19% year-on-year; on-chain trading volume reached $14.8 trillion, a year-on-year surge of 151%.
The biggest highlight is Arc—the company has significantly raised its full-year guidance for other revenue to $310–330 million, mainly reflecting the $242 million Arc token presale revenue recognized in Q2. USDC is the foundation; Arc is the future the market is betting on. Against the backdrop of rising crypto payment penetration, Circle is attempting to upgrade from a "stablecoin issuer" to a "crypto financial infrastructure platform."
🚀 SpaceX: Revenue doubles, and the real storm is the unlocking flood peak
After the market closed on August 4, SpaceX's first earnings report was released: Q2 revenue was $7.814 billion, up 92% year-on-year, far exceeding the expected $6.9 billion; Adjusted EBITDA reached $3.5 billion.
In after-hours trading, the stock price once plunged more than 9%. Capital expenditure soared to $18.4 billion, 6.5 times the same period last year—the market rewards spending efficiency, not burn money. An even bigger storm came on August 6: about 912 million restricted shares were unlocked, with a market value of $114 billion, equivalent to 1.4 times the current tradable share. Less than two months after listing, the stock price had nearly halved from its peak.
💎 Summary
SanDisk's 372% growth led to the after-hours plunge, while SpaceX's 92% revenue growth earned the market's vote with its feet—"better" has become the passing line; only "perfection" can satisfy investors.
As the AI track moves from "storytelling" to "delivering the answer sheet," every deviation in guidance and every dollar spent on capital will be repeatedly scrutinized under the spotlight. Old logic is collapsing, new pricing power is forming—and it punishes all "imperfect" answers. #闪迪财报双超预期, $14 billion new buyback authorizations were added
#Circle财报后押注Arc, can USDC experience new growth?
#财报观察员: Mixed results, the lifting of restrictions is approaching! What do you think about SpaceX's future? $CORE Today, the official team focused on promoting a brand-new narrative—the "Bitcoin Power Grid," launching large-scale publicity around BTCFi infrastructure, BTC derivatives, DApps, and ecosystem applications.
Many holders believe this is a highly promising underlying infrastructure in the BTCFi sector, with the potential for higher value revaluation in the future. But putting market sentiment aside, whether this narrative truly holds up is worth deep consideration.
1️⃣ Is the concept of the "power network" overhyped?
The "power network" gives the impression of long-term stable and irreplaceable infrastructure.
CORE's security is essentially still built on miner computing power, which continuously fluctuates with changes in returns. When incentives are sufficient, computing power accumulates; when returns decline, computing power may also flow out quickly.
Therefore, whether computing power sustained by economic incentives can truly be equated with long-term stable infrastructure remains worth discussing.
2️⃣ There is still a gap between vision and reality
Official promotion emphasizes future development blueprints, which easily raises market expectations for ecosystem maturity.
Although news of cooperation continues to grow, applications with truly stable users, continuous trading volume, and an active ecosystem remain relatively limited.
In the long run, what truly supports valuations is still actual utilization rates, not mere partnership announcements.
3️⃣ BTCFi competition is far fiercer than expected
The official team continues to reinforce CORE's important position within BTCFi.
But in reality, BTC Layer2 competes with many BTCFi public chains for developers, users, and liquidity; no project must be deployed on $CORE.
Who will win in the future will still depend on ecosystem development and user growth, not a single narrative.
4️⃣ The ecological flywheel still needs market validation
The logic of optimism is simple:
More applications → more users → higher demands → token value enhancement.
But whether this flywheel can continue to operate ultimately depends on real data verification.
If ecosystem growth, capital inflows, or user activity fall short of expectations, no matter how strong the narrative, it will struggle to sustain market performance in the long term.
Two perspectives:
🅰️ Bullish: CORE has the potential to grow into an important infrastructure for BTCFi, and its long-term value remains promising.
🅱️ Bearish: "Bitcoin Power Grid" leans more toward marketing, and relying on incentive-driven computing power struggles to support such a grand long-term narrative.
Which viewpoint do you support more? A or B? Feel free to share your thoughts in the comments section. 👇
⚠️ The above is only a market opinion exchange and does not constitute any investment advice. The crypto market is highly volatile; please control your positions reasonably and use leverage cautiously.
$CORE $BTC #BTCFi #Crypto #DailyOrbit 📊 $CL Contract Liquidation Express (August 7)
According to liquidation data, short-term bulls are being pinned down and rubbed wildly, but long-term bears have just collapsed...
The liquidation amount in the past hour was approximately $7,569.59
Long liquidation was about $7,569.59
Short liquidation is about $0
The liquidation amount in the past 4 hours was approximately $491,600
Long positions were liquidated by about $27,300
Short positions were liquidated by about $464,400
The liquidation amount in the past 12 hours was approximately $644,900
Long positions were liquidated at about $81,200
Short positions were liquidated by about $563,800
The amount of liquidation in the past 24 hours was approximately $777,200
Long positions were liquidated about $187,200
Short positions were liquidated by about $590,000
From $CL's liquidation data, 1-hour long liquidations crushed shorts, with zero bears, and the short sell-off was fierce right from the start; At 4-hour, the direction suddenly reversed, with short liquidations crushing the bulls, with shorts outnumbering bulls 17 times, leading to a full-scale short squeeze; The 12-hour bear advantage persisted, about 6.9 times, with short squeezes running through the short-medium cycle; 24-hour short liquidations soared to $590,000, 3.15 times the bulls' price. On CL, Dog Maker made a fierce turnaround from selling long to short press—short-term long sellers were targeted and destroyed, medium- and long-cycle short sellers wiped out all at once, with cumulative liquidations exceeding $770,000. Bears are bleeding like a river, and short squeezes are unstoppable. Everyone should control their positions to avoid being recovered and cut off.
🔥 Market Indicator | August 7
Today's three hot topics point to the same theme: the market has entered a stage of "not only good, but flawlessly"—"exceeding expectations" is just an entry ticket; any flaw will be magnified.
💾 SanDisk: 372% growth + 14 billion buybacks, still knocked down by "not impressive enough."
SanDisk delivers explosive financial report: Q4 revenue was $8.97 billion, a year-on-year surge of 372%; Adjusted EPS reached $39.25, 135 times that of a year ago; The board approved a $14 billion stock buyback plan. Full-year revenue was $20.25 billion, up 175% year-on-year.
However, the after-hours stock price plunged nearly 8% at one point. The culprit is the next quarter guidance — median revenue of $10.55 billion, below the market expectation of $10.82 billion. The 83%-85% gross margin guidance suggests that high gross margins may be entering a plateau period. 372% growth is insufficient, 14 billion yuan in buybacks is insufficient—the market wants "perfection."
💳 Circle: USDC grows steadily, Arc takes on a new narrative
Before the market opened on August 5, stablecoin giant Circle delivered its Q2 results: total revenue of $701 million, up 7% year-on-year; net profit of $48 million, turning profitable compared to the same period last year. USDC circulating supply reached $73.3 billion, up 19% year-on-year; on-chain trading volume reached $14.8 trillion, a year-on-year surge of 151%.
The biggest highlight is Arc—the company has significantly raised its full-year guidance for other revenue to $310–330 million, mainly reflecting the $242 million Arc token presale revenue recognized in Q2. USDC is the foundation; Arc is the future the market is betting on. Against the backdrop of rising crypto payment penetration, Circle is attempting to upgrade from a "stablecoin issuer" to a "crypto financial infrastructure platform."
🚀 SpaceX: Revenue doubles, and the real storm is the unlocking flood peak
After the market closed on August 4, SpaceX's first earnings report was released: Q2 revenue was $7.814 billion, up 92% year-on-year, far exceeding the expected $6.9 billion; Adjusted EBITDA reached $3.5 billion.
In after-hours trading, the stock price once plunged more than 9%. Capital expenditure soared to $18.4 billion, 6.5 times the same period last year—the market rewards spending efficiency, not burn money. An even bigger storm came on August 6: about 912 million restricted shares were unlocked, with a market value of $114 billion, equivalent to 1.4 times the current tradable share. Less than two months after listing, the stock price had nearly halved from its peak.
💎 Summary
SanDisk's 372% growth led to the after-hours plunge, while SpaceX's 92% revenue growth earned the market's vote with its feet—"better" has become the passing line; only "perfection" can satisfy investors.
As the AI track moves from "storytelling" to "delivering the answer sheet," every deviation in guidance and every dollar spent on capital will be repeatedly scrutinized under the spotlight. Old logic is collapsing, new pricing power is forming—and it punishes all "imperfect" answers. #闪迪财报双超预期, $14 billion new buyback authorizations were added
#Circle财报后押注Arc, can USDC experience new growth?
#财报观察员: Mixed results, the lifting of restrictions is approaching! What do you think about SpaceX's future? $SNDK After being halved in two days, it rebounded, so I reversed and bought too much
After posting that SanDisk tweet the day before yesterday, I kept an eye on the market for a while, closed short positions near 1285, and then went long. To be honest, I wasn't very confident about this decision myself. The earnings guidance was poor, the after-hours crash was 8%, and the price dropped from 1413 to 1167 in two days—a drop of nearly 18%. This kind of decline was either excessive panic or there was some real pitfall I hadn't noticed. But I chose the former
The 1167 point in the early morning was interesting—it couldn't break down and immediately rebounded 9% back above 1270. I checked the data: on OKX, SNDK holdings dropped from 91,000 the day before yesterday to 72,000, indicating the bears exited after taking profits. 1167 was the level where the low of 1226 the day before last hadn't been broken, which is a second confirmation of the bottom. Also, I just saw a whale on the chain with a 5-0 win rate open a long position of 4.78 million—they're much bolder than me
Of course, I didn't take a heavy position either; 0.015 lots for 20x isn't much money in total. 20x is purely because I think that on a rebound, leverage is high and entry and exit are faster, and if the direction is wrong, you can afford to lose. The resistance zone above 1300-1350 is the resistance zone; if it can return above 1350, I will seriously consider adding more positions. Now 1286 is holding sideways; let's see if it can push the US stock market up tonight
Do you think this kind of flip is reliable?#闪迪财报双超预期, an additional $14 billion repurchase authorization was added
SanDisk just released its FY2026 Q4 financial report, which is quite impressive—revenue of 8.97 billion, well above the market expectation of 8.48 billion; adjusted EPS of $39.25, also better than the expected $34.96, indicating that demand for AI storage is still driving performance upward.
Then the company invested another $14 billion in new buyback authorizations, bringing the remaining total buyback quota to $15.5 billion. This move is quite a "support" for the market. However, the revenue guidance for FY2027 Q1 is $10.3 to $10.8 billion, which is below market consensus, so the stock price fell sharply after hours......
Market divisions have changed: previously, people looked at "whether earnings can verify AI storage demand," but now they are struggling with "storage price increases + high-bandwidth flash demand to maintain valuations."
(Simply put: earnings exceeding expectations + large buybacks, which was quite strong, but next quarter's guidance was disappointing and the stock price withered. Now everyone is arguing about "how much longer can the AI storage story continue?"~)The Federal Reserve also struggled to save the market
Today, the global market continued to consolidate after high volatility, with both A-shares and US stocks fluctuating slightly. This trend is quite normal and requires no further action.
Gold has held above $4,300 and continues to gather strength, unlike previous months when it broke out immediately after being slammed down by bears; this breakout was even stronger.
Today, the "three men" did not make any big news, only the Financial Times reported in the evening that "someone familiar with Walsh's thinking said, "If inflation data is hot in the coming weeks, Walsh is ready to raise rates at the September rate decision." I think this is another round of expectations management, hoping to suppress long-term U.S. Treasury yields, but the effect was not ideal, and Treasury yields actually rose.
Overall, the current market environment is as follows:
· US AI is gradually recovering, and new mid- and downstream main themes await more evidence to return to an upward trend
· The Federal Reserve and U.S. debt issues remain unresolved, gold is tailwinding, but caution is warranted for the dollar to break above 100
· A-shares fluctuated upward, but the 4000-point level was under significant pressure
· Big Pie: The Senate may extend its meeting until next week to buy more time for the Clarity Act
Maintain a steady mindset, reduce operations, and steadily heal.
The above are personal views and do not represent investment advice. Please be aware of the risks.The strait, which was promised to reopen, was stuck in an insurance clause
At this time yesterday, the market reported that Iran and Oman had reached an agreement: the Strait of Hormuz would reopen for sixty days, with the agreement possibly announced within days. Today, Reuters interviewed four industry insiders who said the agreement is unlikely to be finalized.
The key points aren't politics, but two pieces of paper.
The first is the sanctions list. According to the proposed arrangement, Iran will gain control over ships entering the Gulf via the Strait of Hormuz, and the agency responsible for operating this waterway is called the Persian Gulf Authority, which itself is on the U.S. sanctions list. Any toll paid could trigger compliance issues, and asset freezing is not a theoretical risk. The U.S. Treasury Department also specifically prohibits American personnel from accepting services provided by the Iranian government that guarantee safe passage. In other words, paying money may be illegal, and accepting protection may also be illegal.
The second piece is even harsher: insurance. At the end of July, the Lloyd's Market Association introduced a new clause for war insurance insurers: if a vessel pays transit fees, tolls, or any other fees for passing through the Strait of Hormuz, insurance coverage will immediately terminate.
Think about this combination. Iran has to pay fees to let you through, and insurance companies say, 'If you pay, I won't protect you.' Shipping companies are caught in the middle—paying is like running naked, not paying means you can't get through. A corridor that about one-fifth of the world's oil travels daily is now suspended in midair by a sanctions list and an industry association's clause.
What's even more interesting is the market's reaction. After the news broke, Brent crude rose as much as 3% intraday to 81.17, indicating that the energy market is still pricing in according to geopolitical logic. Meanwhile, on our side, Bitcoin is still sitting around 64,000, with implied volatility at a multi-month low. Good news doesn't rise, bad news doesn't fall.
A few days ago, rumors circulated about reopening the strait, but there was no reaction in the crypto world. Today, rumors that reopening might have gone bad, but the crypto world still remains quiet. This is no longer called dulling; this is called a broken connection. In the past, whenever there was a geopolitical conflict, Bitcoin would always be speculated on as a safe-haven asset or smashed as a risk asset, but it would move anyway. Now, neither side is giving it any face.
One explanation is that the chip structure has sealed the price: the 63,000 tier holds over 500,000 coins, blocked up and down, and macro news can't get in. Another explanation is simpler: those still on the plate have long stopped watching the news.
I've been wondering which explanation is closer to the truth. A channel that could hold the lifeblood of global energy is now hanging, and your holdings are unresponsive to it. Is the market mature enough to filter out noise, or are we just temporarily unable to hear that voice?Has SanDisk been set up? SanDisk's performance soared, but the market plunged! Is Wall Street too greedy?
Yongchen rarely trades with SanDisk, because I never miss it! Let me share the current situation with you through the financial report.
First, Wall Street institutions joined forces to paint SanDisk an incredible future forecast, and as soon as they released their earnings, they said, 'Sorry, $SNDK fell short of expectations, selling it down!' The people in the car probably felt this deeply.
SanDisk's recent financial report sends a signal that the storage industry's decades-long boom-to-bust cycle may have ended. Q4 revenue was $8.97 billion, up 372% year-on-year, exceeding market expectations; EPS grew 135 times year-on-year, also exceeding expectations; gross margin of 84.6% was an exaggerated 58.2%. None of this can be called recovery; rather, it is a profit explosion driven by NAND price hikes, product structure upgrades, and demand for AI data centers.
Looking at SanDisk's consumer business revenue: only $556 million, down 5% year-on-year. This indicates that SanDisk's growth in this round of financial reports is not driven by a recovery in mobile and PC segments. The traditional consumer market remains very weak, and what truly drives revenue and profit are enterprise-level SSD data centers and high-value customers. The CEO also said: AI is not just a computing power issue but a highly dependent storage problem. What deserves our attention even more is SanDisk's attempt to change the decades-old business model of the NAND industry Previously, NAND was mainly purchased and negotiated quarterly. When demand was good, manufacturers expanded production, and once supply kept up, prices would plummet, creating a cycle of boom and bust. Now, SanDisk has launched long-term NBM agreements, with eight data center and edge computing clients signed. The average contract term exceeds four years. Over half of the 2027 supply has been locked, and two-thirds of the 2028 supply has been arranged. These agreements are expected to correspond to a minimum revenue of about $93.9 billion.
This shows that AI storage demand shows no signs of cooling so far. The value of long-term agreements is not just about selling more products, but allowing SanDisk to see demand four years from now and then decide how to invest capacity. SanDisk stated that the target gross margin for these agreements remains above 80%, and they will share some of the gains from price increases. While this can weaken the cycle, it cannot eliminate it. If customers overestimate future demand and the industry expands too quickly, product prices will fall, or new storage technologies may change the procurement structure! Long-term orders are also facing adjustments. SanDisk is generally transforming from a cyclical stock to an AI infrastructure supplier, though it still cannot fully prove it has broken free from the NAND cycle.
So here's the question: why is the stock price still falling after such strong earnings?
The answer may need to be found in expectations. SanDisk expects next quarter revenue to be $10.5 billion, a year-on-year increase of just over 300% or 359%. Other factors are not much different from the growth rate this time. This guidance for most companies remains very strong, but SanDisk has already fully traded in NAND price increases. The market isn't looking for high growth, but to keep revising every quarter. So this drop isn't a collapse of AI storage logic, nor is it entirely a baseless misjudgment. The fundamentals haven't reversed. It can only be said that SanDisk's future has not met the perfect expectations of investors. Profit-takers are choosing to cash out, and this sentiment may even be transmitted to Micron. Although SanDisk's business structures differ from Micron's, both are affected by AI capital expenditure, enterprise storage demand, and industry prices. When SanDisk is considered weak enough, the market may first reduce its overall storage sector positions. This is a short-term repricing of sentiment and valuation, not a deterioration in Micron demand. Yongchen shares points partly to understand and to help everyone take precautions. Don't be too aggressive just because prices are high. AI storage has not stalled; it is simply that the market has already written the future too perfectly. Any reality below expectations will lead to repricing. #闪迪财报双超预期, with a new $14 billion buyback authorization #内存卖方市场延续, can the Korean stock market see a turnaround? Polymarket说只有16%概率通过，ETH/BTC却创了三个月新高
这两件事同时发生，总有一个在说谎
CLARITY法案卡在参议院，两党谈不拢，国会马上要休会，16%的概率看着挺合理。按说监管不确定，ETH应该跟BTC一起趴着才对
但盘面不是这么走的
ETH/BTC比率干到0.030，三个月新高。ETH过去一个月涨了大概24%，BTC才涨8%。ETH/BTC还站上了200日均线，今年1月以来头一回
你在预测市场看到的是恐慌，在K线上看到的是有人在买
a16z联创前两天说了，法案不通过行业就得在“流沙”上盖房子。高盛CEO和警察兄弟会都在公开支持。Bernstein也说通过概率在降，但真没过的话SEC和CFTC会加速自己搞规则
说白了，不管法案过不过，大钱已经在往ETH里挪了
预测市场16%的概率，ETH/BTC三个月新高——这两件事只有一个是对的
我的判断：16%是情绪，0.030是真金白银。 市场在用脚投票
操作上我盯着ETH/BTC，这个比率继续往上走，就是资金轮动在加速的信号Looking at the financial report for $CRCL, business data is strong but financial deliveries are weak. Although the future story is intensifying, over-trend buying is a positive factor!
Why do I say this? The biggest positive news for this financial report is the launch of mainnet Arc on September 16. Clearly, this timing is delayed by the passage of the "Clarity Act," which is my subjective view
The biggest issue with the current Q2 financial report is that USDC usage is growing rapidly, but its monetization ability is weak. I believe CRCL does not lack strategic vision or monetization capability; what it lacks is trend, and this trend is waiting for clear legislation to pass
From the financial report, it's clear that CRCL is continuously deepening its industry presence, earning not just product profits, but channel money. From Arc transaction fees, CPN payment revenue, API revenue, enterprise service revenue, and RWA infrastructure revenue, all of these revenues rely too heavily on one core — the compliance environment
Without a compliance environment, there are no testing conditions. This is CRCL's biggest drawback—too conservative, but also a result of accumulated accumulation and a breakthrough. CRCL's recent financial report is structurally positive, and the Clear Act also favors opening up USDC's use cases and long-term valuation potential
The most important factor is that CRCL's dependence has been undervalued recently, with the market and institutions undervaluing it. Ironically, after the earnings report was released, the stock price fluctuated little. This is why I previously said CRCL below 60 is quite worth buying
Currently, CRCL has been consolidating around 60 for a long time. Next, we need to wait for #Bitcoin's correction to end, complete the bottoming, and then start a new trend. If CRCL can reach below 60 at the end of the BTC pullback, I think it's a good buying opportunity! #Circle财报后押注Arc, can USDC see new growth? $BTC
The 5th Pivot
As mentioned in my monthly open pivot post, we saw the expected pump at the start of the month, which played out as anticipated.
Now, we're pushing into the 5th Pivot, a key date to watch. Over the past 1.5 years, simply inversing the prevailing narrative around this period would have captured multiple 3-4% moves in the opposite direction.
If that historical pattern continues, we could see some de-risking following this pivot.
That said, it's worth noting what happened last time. While we did get the expected drop, price was trading within a difficult range, which resulted in choppy price action rather than a clean move lower. Instead, BTC consolidated and chopped into the next pivot.
So while the historical tendency points towards inversing the narrative, the current enviroment is abit tricky. So structure is just as important.When offshore liquidity from a macro perspective stagnates, on-chain protocols are trying to use their own derivatives trading reserves to forcibly open the buying channels in the spot market.
On the spot market, $HYPE is still fluctuating lower near $55, with a single-day drop of more than three percentage points, but persistent TWAP orders are beginning to form dense buying depth below the order book.
The platform injected $3 million in perpetual contract fees into spot accounts, turning the previously small trial purchase path into a routine chip acquisition.
The internal reserves generated from derivatives liquidation were converted into quota consumption needed for new market expansion, temporarily filling the liquidity gap caused by external capital outflows.
If derivatives trading volume remains high and protocol buying continues to expand, prices are likely to break through the current suppression, provided the newly listed targets bring genuine secondary trading turnover.
If compliance channels continue to divert liquidity from core products, leading to a shrinkage in protocol fee income, the support from endogenous buying will weaken, and spot prices may decline to explore the bottom.
Once on-chain buying ends and the average daily spot volume falls below the recent average, the protocol's assumption of self-sustaining liquidity will be thoroughly disproven.
The most important variable to watch in the next seven days is whether the perpetual contract fee wallet will see the next million-yuan USDC spot transfer.
#内存卖方市场延续, can the Korean stock market see a turnaround? #CLARITY法案推进受阻, Senate Divisions Widen #财报观察员: Mixed Results, Lifting the Restrictions Imminent! What do you think about SpaceX's future?Pretty interesting to see $BTC spot CVD now outpacing perp CVD.
Spot has pushed beyond its previous high while perpetuals are still trading below theirs. This helps explain why we haven’t seen the same continued cascade of liquidation flushes that followed previous range breakdowns.
It doesn’t necessarily mean the lows are fully protected. If spot demand begins fading, price can still move lower.
But as long as spot buying continues to strengthen, corrections towards the range lows should be absorbed much better than they were during previous breakdowns.
Less leverage driving the move means less leverage available to unwind.
#DailyOrbit