Damn, $DOGE really keeps bleeding: the strongest single-day ETF inflow this month was only $1.17 million, but now its daily new on-chain issuance is 13.53 million coins (about $1.32 million/day). That means, throughout September, even at the peak day when institutions bought the most, no one was printing more than it was issued in a single day. Including Grayscale GDOG's monthly net inflow hitting a record high since launch, but that's only $2.6 million. The institutional channel is open, but the flow is still very thin. So $DOGE's recent story isn't sexy anymore. For the position I failed to add to the day before yesterday, I decided to cancel the order. I'll keep a base position and watch the story unfold.

A couple of days ago, it was said that the neighboring $BNB had listed $HYPE spot, which meant the support for $ASTER weakened, but today Aster's OI actually hit a new high. The monopoly of Hyperliquid's market is being genuinely challenged for the first time. Fortunately, HYPE's buyback has always been strong and hasn't slowed down at all: yesterday alone, 10,400 tokens were burned (about $957,000), and the protocol revenue in the past 30 days is close to $60 million, the buyback engine keeps running as usual. This is the ballast stone of its fundamentals; even with competitors coming, it won't stop. Everyone dares to hold on continuously. This week, HYPE has been hovering near the previous high of 97.24 for a week, RSI at 62.6 is healthy—volume shrinking at the top, the direction choice will be in the next few days, everyone please pay close attention

$OKB has been sideways for two weeks, and it's unclear if there will be any opportunities at the Singapore event on the 6th next week. The market for platform tokens basically doesn't rely on technical analysis; everyone knows the actual revenue, and it depends on new features and new developments. For this Singapore OKX NOW event, it's uncertain whether they will announce benefits related to market making, staking, or new on-chain scenarios. Just like a few days ago when $BNB invested $100 million in Circle and signed a five-year USDC distribution agreement, leading platforms are all trying to upgrade their ecosystems. If the Singapore event brings positive news tied to OKB, there should be an official announcement-driven price jump, which would be a plus for OKB's long-term logic. After two weeks of sideways movement, the 24h trading volume is only $7.85 million, and the RSI is 59.7, indicating calmness. It is recommended to hold your base position before the event, and if there is an official announcement and price jump, consider taking profits.

I seem to have misjudged, $ZEC has such a high turnover rate, could it be that institutions are accumulating? According to CMC data, the spot ZEC ETF had a net inflow of 284 million dollars in September, with holdings accounting for 3.82% of the circulating supply. A product launched just last month has already taken nearly 4% of the market, ranking among the fastest among all new ETFs. The technical spillover narrative is also upgrading: CoinDesk reported yesterday on the "Shielded Bitcoin" paper, which uses Zcash's zero-knowledge proofs to add privacy to Bitcoin. ZEC's tech stack is beginning to benefit Bitcoin, evolving the story from a privacy coin to encrypted privacy infrastructure. But this differs quite a bit from my previous judgment; I have already sold all my main positions, so now I'll just observe and don't plan to buy back. After all, its leverage is a bit too high now: futures weekly trading volume is 7.4 billion dollars, open interest hit a new high at 3 billion dollars, and this week also saw the first weekly bearish reversal signal in this cycle.

The big positive news for $ETH has finally arrived: Yesterday, the SEC's Division of Corporate Finance released 11 staking Q&As, clarifying that staking $ETH and liquid staking tokens are not considered securities issuance. This is an administrative rescue route after the CLARITY Act failed. So today the staking queue exploded: queued ETH surged to 1.68 million tokens (about $4.5 billion), with only 150,000 tokens exiting the queue, an in-out ratio of 11 to 1. New stakers have to wait nearly a month to enter. According to Bitwise's report, the total staked amount on the network is 40.2 million tokens, accounting for 33% of circulating supply, with the annual increase mainly from institutional staking. Treasury companies must stake when buying coins, and this cycle will self-reinforce. The staking queue is a slow variable, so ETH did not surge yesterday. It will definitely gradually reflect in the coin price, so holders of spot ETH should just hold on.

A dormant on-chain whale that hadn't moved for 4 years woke up early this morning and transferred 4,500 $BTC to a new address at once, possibly preparing to sell! For old coin fluctuations, first check the destination, don't rush to call the top: #BTC现货ETF连续7日净流入近30亿美元 1. Institutions are withdrawing coins from exchanges: Coinbase outflow of 613, Kraken outflow of 930. When coins leave exchanges, selling pressure actually eases. 2. The whale from early morning hasn't entered exchanges yet, just switched to a different wallet address, which looks like a trust or asset planning move. 3. ETF volumes are still net inflows: although daily inflows have dropped by an order of magnitude from the peak, last week the direction was still net inflow. $BTC has been hugging the MA7 these days; the calm period after options expiration the day before yesterday could be broken anytime by data on the 30th. During this consolidation period, it's most comfortable to hold your base position; avoid opening new positions before next Wednesday.

$XRP was also one of the victims of yesterday's BG hacker attack. The hackers haven't sold yet, so they might offer everyone a good price: Yesterday, BG's hot wallet was stolen of $350 million, with XRP being the largest stolen asset: about 103 million tokens split into 5 wallets, and so far only 400,000 tokens have been moved as a test. The XRPL freeze tool can't control the XRP itself; no one can hold back this batch — it's a supply bomb hanging overhead. Of course, the demand is real: the spot ETF has had net inflows for 11 consecutive weeks, today Bitwise and Franklin are still increasing, on-chain wallets are also accumulating, and addresses holding from hundreds of thousands to tens of millions of tokens increased their holdings by 470 million tokens in 5 days. So the price that panicked and dropped due to the theft has already recovered. Interested friends can keep an eye on the hacker wallets' moves; maybe they'll create a small dip for everyone.

$OKB recently launched a batch of Pre-IPO perpetuals and hundreds of tokenized stocks in Europe. After the MiCA transition ended, the volume of perpetuals in the European region tripled. Tokenized stocks have become a compliance moat product, with settlements running on the X Layer, directly driving traffic to the OKB ecosystem. Moreover, real money is being used to attract users: in Europe, exchanging USDT for USDC offers an 8% reward, targeting the relocation wave after competitors exit Europe. Real money is being spent to capture market share. Despite the booming European market, the price of OKB hasn't risen much, indicating that the positive factors have not yet been fully realized, so it can still be held steadily. Especially with Exchange OS requiring OKB staking to deploy trading venues—the market is betting on an official announcement between the end of the month and early October. Once implemented, OKB will gain another rigid demand scenario.

From stocks to gold, while other CEXs compete for the track, Uniswap $UNI directly acts as the landlord. All tokenized assets want to pass through here for liquidity: 1. Paxos's tokenized gold places its main liquidity on Uniswap, officially announced as the top on-chain tokenized gold venue. RWA funds are converging towards v4, which is a long-term story of capture rate. 2. There's a warning on the chip side: 6.3 million UNI tokens were transferred to exchanges this week, with exchange holdings near a 60-day high. Especially the 8.87-9.29 range is crowded with leveraged long positions; once a pullback occurs, these longs will serve as fuel. 3. Historical patterns suggest: before CME launched ADA and LINK futures, there were preemptive sell-offs. Now with CME futures launch countdown underway, the surge in exchange holdings might be a "retreat before good news" scenario. Therefore, chasing highs is not recommended. RSI at 80 makes the entire pool very hot; entering now risks being left hanging at the peak.

Damn, $ONE actually managed to resurrect? Just to slap my face purely. A coin whose project team has abandoned it and whose fundamentals are gone still managed to rally 20% against the trend, even pushing the price gap on several exchanges to 33% at one point... If it was because no one was playing and some big whale forcibly pumped it, I could understand. But the nearly $6 million trading volume on OKX in the past 24 hours is clear. Still, I suggest not touching it: there's a 40% knife hanging over its head, one address can single-handedly crash the entire market, and the funding rate for derivatives has plunged deeply negative. I suspect today's surge was engineered to trigger short squeezes.