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#美伊恢复接触，风险溢价会降吗？
The US-Iran talks really treated oil prices like a monkey, jumping all over the place.
Let's break this down. On September 22, both sides found a middleman in Qatar in New York to relay messages, and talked for three hours. What did they discuss? Ceasefire, navigation through the Strait of Hormuz, lifting blockades, freezing assets—tough issues all around. After the talks, Trump came out saying the communication was "productive." Once that statement was out, the market immediately pushed down geopolitical risk, and Brent crude oil dropped below 100, hitting a low of 98. Just as the short sellers started to laugh, bam, Iranian President Raisi came out and declared—"We will not surrender to the US." Then oil prices immediately reversed, shooting back up to 103. Falling then rising, it was a real rollercoaster.
What impact does this have on the crypto space?
First layer: Oil prices are the switch for inflation. When it dropped to 98, inflation expectations cooled, rate cuts seemed possible, and risk assets could catch a breath. Bouncing back to 103, inflation rose again, the Fed’s rate cuts are nowhere in sight, and high interest rates are suppressing Bitcoin’s upward momentum. The main reason Bitcoin is fluctuating now is that macro funding costs remain high.
Second layer: Funds are now like a startled bird. When there’s a hint of negotiation, money flows out of safe-haven assets; when talks collapse, it immediately rushes back. In this environment, Bitcoin can’t have an independent rally and just jumps around with the news.
The Middle East situation is always more talk than bullets. One day talks go well, the next day the table can be flipped. If you try to bet on direction by watching the news, a few slaps back and forth can knock you out. Don’t bet on the outcome; just go with the flow. Not bad, not bad,
After I operated fiercely like a tiger,
making 2.5 profit per trade,
with some reckless operations,
I finally recovered the losses caused by the one-character broken soul knife.
1. $ONE is no longer my brother,
what kind of good brother would stab you in the kidney with a 40cm knife?
Two days of 40% waterfalls,
stabbing the kidney with a knife each time,
who can withstand that?
Fortunately, I took out two more kidneys from my pocket,
just to cover the losses.
Hope it keeps going up,
to earn back all the losses.
Can we have a piercing arrow that goes through the clouds,
pulling from underwater directly to above water?
You did that in the past couple of days,
where did your previous recklessness go?
Could it be that just because it dropped 50% yesterday,
you lost all your spirit?
For the follow-up operations,
I currently have three long strategies in hand,
one of which is already profitable,
the other two are deeply trapped,
and can't be freed anytime soon.
The profitable one might close the position at any time,
the other two strategies can only be cut and run depending on the situation,
can't hold on at all.
I also have a $ONE hedge position,
which is a short position taken at highs,
already added once,
if it continues to rise,
probably won't add more,
if it hits the stop loss, this position will be handed over to the market makers,
if it turns downwards,
I have set take profit below,
any profit is better than none. Just saw Citi's forecast for the Federal Reserve, and it left me with mixed feelings.
Citi says it's very likely that rates will remain unchanged in October to first observe the impact of the last 25 basis point hike. December will also hold steady because inflation data will show cooling by then. Then, rates won't be cut until June 2027.
To translate: high interest rates will have to be endured for another year and a half. It's not a question of whether rates will be cut, but that there is no plan to cut them in the short term.
What does this mean? Without new liquidity coming in, the market can only play with existing funds. Why did Bitcoin rally from 76,000 to 84,000 and then drop back, moving back and forth? Because there is no incremental capital in the market, it's all a game of existing funds. Whoever has more money calls the shots, and retail investors are just being squeezed back and forth.
But I also see another side. If December really holds steady, it means inflation is indeed cooling, and the Fed just wants to observe a bit more. The market always prices in advance; if rate cuts really come in June 2027, prices then will be very different from now.
Looking at on-chain data: addresses holding 100 to 1,000 BTC have bought nearly 114,000 BTC since mid-July. What are these people betting with real money? They're betting that high interest rates will eventually end, betting on the next round of liquidity release.
My strategy is simple. Buy spot in batches, avoid contracts. If Bitcoin dips back to 83,500–84,000, I keep buying, with a stop loss below 83,000. Buy Ethereum at 2,650–2,670, stop loss at 2,620. Buy SOL at 113–114, stop loss at 112. ETH is still around 2,690 today, while Base's Cobalt testnet upgrade has quietly concluded.
The official Base status page shows that maintenance on the Sepolia testnet was completed at 4 AM Beijing time, with no incident reports currently. The mainnet window is still scheduled from 2 AM to 4 AM on October 1st, and node operators need to upgrade to v1.4.2 or higher.
The smooth completion of this testnet indicates that the engineering schedule has moved forward. It is still some distance from the mainnet environment that ordinary users will actually encounter. Bridges, withdrawals, RPC, and application compatibility will have to wait for the mainnet window to undergo real traffic testing.
ETH's lowest in the past 24 hours was 2,635, now back to 2,690, and it has not shown independent strength just because the testnet finished. I will not use this engineering progress as a reason to increase ETH holdings. Before and after the mainnet window, just watch the status page and actual services; if any related components degrade, first calculate the risks clearly.
#ETH触及2500美元后震荡 📊 【$BTC Mid-term Structure Intact, Key Support Levels】
From a mid-term perspective, BTC's structure remains intact: ETFs still have net inflows, and the spot bottom holds.
🟢 As long as 82,000 is not broken, it's a high-level consolidation and accumulation.
🔴 A real bearish turn depends on breaking 82,000, then looking down to 78,000.
💡 【Rotation Has Indeed Started, But It's Just a “Coin Selection Market,” Not an “Altcoin Bull Market”】
Money is flowing out of BTC into high beta/narrative-driven coins. However, BTC dominance remains stuck at 57%–60%, indicating institutional funds haven't truly exited into altcoins but are just reallocating within existing holdings.
🎯【Watch These Three Major Signals for a Market Shift】
To see if rotation can upgrade into a trend, watch for:
1. Does BTC close above and hold 82,000?
2. Has ETH/BTC turned upward?
3. Is the total stablecoin supply continuing to increase?
Only if all three signal yes can rotation be called a trend!
(Source: OKX Planet 09/24 )
#BTC冲高回落，市场轮动开始了吗？ #美伊恢复接触，风险溢价会降吗？ #财报观察员：好市多Q4财报即将公布 #BTC rallies then falls back, has market rotation started? #美伊恢复接触，风险溢价会降吗？
BTC surged to 87,000, and the total crypto market cap returned to 3 trillion. A ZEC whale closed 38,000 short positions, losing 35 million USD — the market is showing with real money how costly it is to go against the trend.
I only do right-side dip buys. No bottom fishing, no top guessing, no arm wrestling with the market.
Wait for BTC to pull back to key moving averages, wait for a stop-fall signal. Then find the leading one from strong sectors. Don’t chase emotional highs, don’t pre-position, act only after confirmation.
Watch previous highs, watch dense chip zones, watch if BTC starts to stagnate. Take profits in batches, don’t take the last bite.
What if I’m wrong?
If it breaks the support corresponding to the entry logic, admit the mistake. Or if BTC breaks key levels, exit. Don’t stubbornly hold on, don’t fantasize.
Some observations:
SOL and LINK have institutional accumulation expectations supporting them this round, stronger than the market. SOL’s pullback is shallow and recovers fast, completely different from the previous "rally then fall" pattern. LINK shows clear catch-up intentions, funds are flowing in, continue to follow.
Macro data is coming soon, sentiment is cautious, short-term sharp drops for shakeouts can’t be ruled out. But I don’t short, only consider buying after stabilization post-sharp drop. Defense is more important than offense.
Holding long positions stubbornly in a bull market mostly helps to break even, but opening trades recklessly wastes time and energy even if you break even. Reducing ineffective trades — this is the most practical lesson I learned from bit浪浪. Better to stay out and wait than to trade casually. $BTC $ETH $ZEC #BTC pullback after rally, has market rotation started?
$BTC $ETH
On September 24, BTC faced resistance above 87,000 USD and pulled back, dropping below 85,000 at the lowest, currently around 84,300, down 2.5% in 24 hours; total market cap also fell 2.76% to about 2.86 trillion USD. In the previous six days, it rose from 74,912 to 87,397 (+17%), but two trading days accounted for 95% of the total gain.
Evidence suggesting rotation:
ETH rose nearly 10% in seven days, ETH/BTC broke through a long-term descending channel, hitting a seven-month high of 0.0334.
SOL broke a seven-month high to 112 USD, ecosystem coins like Jupiter and Raydium surged 15%–20% in a single day; NEAR rose nearly 80% in a week, ZEC up over 260% in 90 days.
BTC dominance remains stuck near 59%, not falling below the trigger line of 58%; Altcoin Season Index is still in the 30–40 range, far from the 75 needed to confirm altcoin season.
This is a high-beta market driven by short squeeze spillover. To determine if rotation has truly started, altcoins need to hold up during BTC's pullback and ETH/BTC must stabilize above 0.0334. Until all three conditions are met, chasing low-liquidity small coins at highs carries much greater risk than reward.Yesterday (September 23), Bitwise released a report that may explain why ETH is struggling to rise better than any on-chain data. First, the core finding: institutions treat ETH and SOL as "early-stage tech investments," not "digital gold." Yahoo Finance fully reprinted Bitwise's "Institutional Crypto Adoption Report," based on in-depth interviews with 15 institutions (conducted March-April 2026). The report's key conclusion is: Bitcoin is the only asset on which institutions have reached consensus—as "digital gold" for long-term holding. But ETH and SOL are treated under a completely different framework: institutions see them as early-stage tech bets, with smaller holdings, shorter holding periods, and clear exit conditions. Bitwise research director Ryan Rasmussen summarized: "Bitcoin is the anchor, usually held alongside gold; Ethereum and Solana are fighting for their own place." Second, "sell if it doesn't rise"—this is the biggest structural risk ETH faces. The most unsettling passage in the report states: "Some institutions that have held crypto assets for ten years told Bitwise: 'Something has to work. If it doesn't, we will exit.'" Specifically, these institutions are tracking stablecoin transaction volumes, DeFi activity, and whether network fees truly flow back to the ETH token. If usage grows but the token price does not rise Last night (Eastern Time, September 23), a data point more deadly than oil prices quietly landed. First, the yield on the U.S. 5-year Treasury note broke through the 5% threshold, reaching a new high since 2007. Sina Finance confirmed overnight: the benchmark 5-year U.S. Treasury yield surged 20 basis points in a single day to 5.03%, surpassing the previous high of 4.99% set during the 2023 Federal Reserve rate hike cycle. On the same day, the winning yield on 5-year Treasury notes issued by the U.S. Treasury reached the highest level since 2006. The 10-year Treasury yield simultaneously rose to 5.112% (+15 basis points), and the 30-year rose to 5.397%. This is not an ordinary data fluctuation—5% is the "gravitational constant" of global asset pricing. When the risk-free rate breaks this threshold, valuation models for all risk assets are recalibrated. The $50 trillion U.S. stock market, $5 trillion crypto market, global real estate, and private equity all use this yield curve for discounting. Second, driving this breakthrough is a set of "unignorable" hard data. The U.S. September S&P Global Composite PMI rose to a five-year high (both services and manufacturing exceeded expectations), directly shattering the narrative of "economic slowdown → Fed forced to cut rates." The market's probability of a 25 basis point rate hike in October surged from 53% to 75%. Federal Reserve Vice Chair Barr explicitly stated that "further rate hikes are needed to lower inflation." Even more frightening: U.S. diesel prices broke through $6.50/gallon, setting a historic record—diesel is the lifeblood of transportation, agriculture, and heating, and its price is directly#BTC surged then pulled back, has capital rotation really started?
BTC retraced to around $84,000, with about 72.5% of altcoins outperforming BTC over the past week.
The total market cap of altcoins rose to approximately $1.19 trillion, up about 33% since August 19. Notably, altcoin contract open interest has not significantly expanded in the past 30 days, indicating this rally may be driven more by spot capital rather than high leverage.
Glassnode's 7-day indicator on 9/22 has risen to 81.25, but the CMC Altcoin Quarterly Index is still only at 54, leaving room before the key 75 level.
BTC previously touched $87,374 before pulling back below 84K, with market dominance still around 59%.
The key question now is not whether rotation has occurred, but whether it can sustain. Will you wait for the index to break above 75 to confirm, or position yourself in advance?
#BTCTreasuryFundingRise #StrategicBTCBillHearing #CryptoTreasuryDivides $BTC has plunged again, now at 84025.9, down nearly 3% in 24 hours. Let me tell you something, I previously lost 200,000 U because I held positions during times like this, thinking it would rebound, but ended up getting deeper in the red. Now I've learned my lesson: I open small positions of 5000 U, never hold without stop-loss. Current support is at 84000, resistance at 84976; if it breaks below 84000, I will lightly short with a stop-loss at 84300 and a target of 83500. If it holds 84000, I'll wait and watch, no rush to enter. What do you think? $ #BTC冲高回落，市场轮动开始了吗？ Brothers, I'm back again.
When DOGE surged and then fell earlier, I had actually already exited. I originally planned to wait and watch for a few days, but seeing it drop steadily from the highs, I couldn't resist—0.093, I bought back in again.
Why DOGE again?
Because I increasingly feel that DOGE isn't something you can judge just by the current candlestick. Its real interest lies in the fact that whenever the market starts to stir up speculation again and funds begin searching for high-volatility targets, DOGE is often present.
At this point, the hardest thing isn't the drop, but the sideways grinding. Many people start doubting if they bought in too early when they see the price not moving. But for me, what really deserves attention is whether there are still funds willing to buy DOGE after this market sentiment cools down.
I can't say for sure that it will take off directly this time, but since 0.093 is already a re-entry point, I'm ready to hold on for a while longer.
DOGE's craziest moments have never been when everyone was optimistic about it, but when most people started thinking it was boring.
This time, I'm back on DOGE's side again. #BTC冲高回落，市场轮动开始了吗？ The rebar isn't even tied yet, and the client already wants to change the load-bearing wall—this was my first reaction to #USAIRegulationSplit.
On September 22, Trump proposed at the United Nations General Assembly to rename artificial intelligence as "superintelligence," opposing the establishment of a global regulatory framework, wanting to leave ample room for the US's own development. The next day, Sanders and Casar submitted a bill demanding a permanent ban on superintelligence and a pause on advanced model development until federal rules are in place. Jensen Huang stands in the middle, supporting model testing and safety accountability, opposing one-size-fits-all regulation.
Three people, three blueprints, one construction site.
I've been doing structural design for twenty years, and what I fear most is never budget overruns, but the client, the review agency, and the general contractor all coming to the site with three different sets of blueprints simultaneously. You just finished pouring the foundation slab, and over there they say the grid needs to shift three meters; you designed shear wall reinforcement for seismic intensity level 8, but the review agency demands rechecking for level 9. This isn't optimization; it's treating already solidified concrete like putty.
Computing power is like the concrete grade of this building, capital expenditure is the tower crane and scaffolding, and model development is the climbing formwork of the core tube. Regulatory uncertainty is essentially the inability to approve the seismic fortification intensity. Would you dare to build several more floors on a project without a defined seismic intensity? It's not that institutions and funds don't see the vision of supertall buildings; it's that no one wants to pile foundations on a site without fortification standards.
So for the price fluctuations of US stock proxies like $xAVGO, what I see is not good or bad news, but whether "construction approval is paused." When rules are undecided, the market pricing is not about growth potential but waiting costs. All funds stand by the foundation piles, watching the results of the tripartite review.
What truly determines whether a building can stand is never how beautifully the renderings look. The white paper is the design drawing; anyone can draw it. What decides the project's life or death are the geological survey report, the concealed works acceptance records, and the steel reinforcement inspections before each pour. Whether it's superintelligence or general models, without a stable set of regulatory standards as a foundation, the higher you build, the more uncontrollable the lateral displacement under wind load becomes.
I'm not afraid of strict standards; I'm afraid the standards change every day. A project that passed the over-limit review under the old code suddenly being told the code has been upgraded and must be recalculated entirely—that's the real cost black hole. The current split is not the risk itself; the risk is how long the split lasts.
The first principle of structural design is always: define the system first, then the components. Without a defined system, how can you talk about optimizing reinforcement. $BTC — The move above $87K is losing momentum. After hitting a new high, BTC quickly pulled back toward $84K, while volume and momentum weakened.
Short-term structure is turning bearish, with divergence showing on lower timeframes. If $84K fails, the next key area to watch is around $82K.
#BTCTreasuryFundingRise #StrategicBTCBillHearing Today's pullback, the real weakness isn't in BTC, but in the speculative altcoins that were the craziest a few days ago.
I just reviewed the market again. BTC is around 84,100, down about 2.7% in 24 hours; ETH is around 2,686, down about 2.5%. The market looks rough, but it currently seems more like mainstream assets giving back gains at high levels. On the other hand, ZEC is back near 1,519, down over 6%. The sharper the earlier rise, the harsher the sell-off today.
This indicates that funds are not fully fleeing yet, but are first cutting high-volatility positions. If it were a systemic shift to bearish, BTC wouldn't just drop this little, and ETH wouldn't still hold around 2,660. The biggest risk now is mistaking the sharp drop in speculative altcoins as a bargain and rushing to catch the falling knife.
My approach is clear: if BTC doesn't reclaim 84,700, I won't chase the rebound; if it breaks below 83,500, the next target is around 81,700. ETH can hold at 2,660 and consolidate, but only reclaiming 2,710 counts as recovery. I won't touch ZEC unless it firmly holds above 1,550.
Today isn't about guessing the bottom, but about seeing who stops falling first. If the mainstream holds and speculative coins stop bleeding, the market can have a second leg up; if BTC breaks down further, the current drop in altcoins might just be an appetizer.
$BTC $ETH $ZEC #BTC冲高回落，市场轮动开始了吗？ #OracleAdobeToday STABLECOIN SURPASSING CRYPTO: WHEN USD RUNS ON THE BLOCKCHAIN, WHO WILL CONTROL THE MONEY FLOW? Sometimes the crypto market looks very simple on the chart, but the real story lies in the money flow behind it. Stablecoins are turning USD into an internet-native asset: able to move 24/7, programmable, and with near-instant settlement. The battle is no longer just USDT vs USDC but banking rails vs blockchain rails. What I want to watch is not just a green candle or a red one Right now, there's only one thought
Reduce positions near the cost price on the dip!
It seems there's no strength left to push the price up now
The $ETH short at 2640 is still open, and the price is fluctuating around 2680. After dropping from 2806 earlier, a good portion of the unrealized loss has been recovered.
The 1-hour MA5, MA10, and MA20 are basically squeezed together; several rebounds have failed to reopen the trend. The short-term trend has clearly shifted from a one-sided rise to a high-level tug-of-war.
The 2685–2700 range now looks more like a short-term dividing line.
The rebound is consistently capped below this range. I will continue to wait for 2660; if it approaches the 2640 cost zone again, I will reduce my position. If it really drops near 2660, I will consider closing part of the position early instead of stubbornly waiting for a full break-even.
$SNDK is even weaker here
After dropping from 1908, it has returned near 1778, with all short moving averages pressing from above. If 1758 is broken again, there is still room to give back the previous sharp rally.
$LTC, on the other hand, is the strongest today, with gains exceeding 14%, reaching a high of 69.48.
The market is still clearly diverging, so I won’t add to this ETH short. Before the overall trend fully turns bearish, position size is more important than opinion.
Holding this position until now, the goal is no longer to make more profit. If I can continue to reduce the unrealized loss and conveniently unload part of the position, this round will be considered a regain of initiative.
#BTC冲高回落，市场轮动开始了吗？ Arthur Hayes stated on X that regulation has never been a catalyst for the crypto market. The Fed's rate hike to 3.75%-4% increases interest income for the wealthy, directing funds toward financial assets. Breaking down the data, $BTC surged to an 8-month high of $87,397, directly driven by ETF net inflows of about $2.3 billion over four days, combined with over $650 million in short liquidations in a single day. The overlooked downside: rate hikes also raise the opportunity cost of holding coins; Wednesday's short liquidations were only $48 million, with trading volume down 36%, indicating the short squeeze fuel has diminished. The "interest spillover" remains a hypothesis rather than a proven causal factor. Points to watch: whether ETFs can maintain daily net inflows of $500 million without a short squeeze, and whether the $87,200-$87,800 resistance zone can hold; if both fail, this round looks more like position-driven. The above is a personal opinion record and does not constitute any investment advice.That sudden 5-minute sharp drop just now was really disgusting, Bitcoin directly smashed through 84k, and altcoins were howling in chaos.
Glanced at the market, the small 5-minute RSI is almost all oversold, SOL even dropped to just above 20. But at this position, I really dare not move recklessly—there's short-term support holding at 83.7k-83.8k, chasing shorts easily gets squeezed; but the larger 1-hour cycle is still suppressed tightly below the 84.4k moving average, catching a falling knife on the left side can bury you anytime. I'd rather stay out than be cannon fodder, so I'll hold my hands and watch the show first.
Guys, you weren't trapped in this move just now, right? Do you dare to catch this kind of needle?
$BTC $ETH $SOL If on-chain US stocks really enter the next phase, who profits the most?
Issuing platforms?
Oracle?
DEX?
Or trading platforms?
If on-chain US stocks truly enter a large-scale phase: who profits the most?
① Issuing platforms: earn "asset issuance fees + management fees + ecosystem control"
② Oracle: earn "the fees all on-chain finance must pay"
③ DEX: earn "money from every single transaction"
④ Trading platforms: directly capture the value of trading volume and liquidity
So it's not simply about who profits the most, but rather:
Issuing platforms capture asset scale, Oracle captures infrastructure, DEX captures liquidity, trading platforms capture trading volume.
1. ONDO: easiest to capture asset scale
2. LINK: the most easily underestimated layer. On-chain finance needs data infrastructure. The more on-chain financial assets, the greater the demand for reliable data.
3. UNI: worth noting is the "secondary market" earning "money from every single transaction"
4. HYPE: easiest to capture "explosive trading volume"
$UNI $ONDO $LINK
#BTC冲高回落，市场轮动开始了吗？ Last night at 6 PM, $ZEC surged to $1680, but at 10 PM, a single 1-hour volume of 320 million U smashed through it directly. Today, the lowest price hit $1477 — a drop of over 5% in 24 hours.
Interestingly, sentiment-wise: 61% in the community are bullish, 10% bearish, making it the most optimistic across the board.
A bit of cold water: contract open interest has been shrinking steadily over the past 5 days, dropping from a peak of 140,000 coins (about $213 million) on the 19th to 108,000 (about $165 million) now, a 20% reduction; last night's sell-off also came with a decline in OI — this is bulls retreating, not bears attacking. Funding rates also tell the story: on the 18th, sentiment hit a low with -0.0425%, now back to neutral at +0.01%, with neither side overly dominant.
Price is currently sitting in the densest 5-day trading range of 1500-1520. Today it dipped to $1477 but recovered; whether this line holds is a matter of life and death. The first resistance on the rebound is $1540 (the level where today's rally was pushed back), and only by truly reclaiming above $1600 — the pre-dive level from last night — can we talk about a trend.
Sentiment is one-sided and price is pulling back, which historically is often not a good sign. But this time bears only make up 10%, which side are you on?
Not investment advice, DYOR. #美伊恢复接触，风险溢价会降吗？ $ZEC A wave of positive news for ZEC is on the way: Fortitude Mining has increased DCG's credit line from $26M to $50M, with about $31M available for ZEC-related financing, planning to support approximately 9,000 Zcash miners and infrastructure expansion. According to Ajian, although the credit expansion increases debt and price volatility risks while growing funds, it also broadens the $ZEC rally narrative from privacy and ETFs to mining capital expenditure and corporate treasury. Revise it to sound more like Chinese financial news + market observation, reducing repetitive expressions from the original text, while adding the insight that "new index highs ≠ a full bull market":
Divergence Behind the Nasdaq's New High
🔥 The Nasdaq has hit record highs for two consecutive days, but this rally is not broad-based.
While the Nasdaq continues to set new highs, suggesting strong risk appetite on the surface, a closer look at the market reveals that the gains are still concentrated in AI, semiconductors, and the computing power industry chain.
Micron surged about 5% in a single day, and SanDisk rose nearly 7%, indicating that capital remains focused on storage, AI infrastructure, and computing power sectors.
Meanwhile, the Dow Jones fell about 0.36%, with banks, software, and some internet consumer sectors showing weakness.
This signals an important point to watch:
The index is hitting new highs, but the profit-making effect within the market is not spreading broadly.
Capital is not fully betting on the US stock market; instead, it is seeking relatively certain growth logic amid a high interest rate environment. AI remains the main theme attracting capital attention currently, but as funds concentrate increasingly on a few sectors, the market's reliance on a single narrative also rises.
If AI and semiconductors continue to drive rotation across more sectors, the index's strength may be further validated; conversely, if core tech stocks cool down significantly and other sectors fail to attract capital, the fragility behind the index's new highs will become more apparent.
📌 Looking at the crypto market:
Currently, BTC is oscillating around $86,000 and has not clearly followed the Nasdaq's strength.
This indicates that recent US tech stocks...Today BTC dropped to around 84,000, with a total liquidation of 1.9 billion across the network. Everyone is discussing whether this is the peak. But there is one data point more worth paying attention to than liquidations: tomorrow, Friday, $1.59 billion worth of Bitcoin options will expire. This is not an ordinary expiration. What does $1.59 billion mean? It will directly reduce 37% of all open Bitcoin contracts on Deribit. In other words, on this one day tomorrow, one-third of BTC options positions will be closed. The 85,000 level has become the focal point of the battle between bulls and bears. Today's article breaks down this matter thoroughly. 01 Tomorrow, Friday, $1.59 billion BTC options expire—what does this mean? Let's lay out the numbers: Expiration scale: $1.59 billion Bitcoin options; Proportion: this batch alone will reduce about 37% of all BTC open contracts on Deribit (Deribit currently has about $43.5 billion open contracts); Call/Put ratio: 0.69—call contracts are fewer than put contracts; Bull-bear focus: the 85,000 USD level. Why is this expiration so important? On options expiration day, market makers have to close positions. They hold a large number of hedged positions that must be closed at expiration. This closing process directly pushes the price up or down. That is why BTC experiences a big fluctuation around options expiration every month—not a coincidence, but market makers closing positions. And this expiration scale is several times that of a normal month. Because this September round rose from 74,000 to 87,000ZEC surged 10% in one day, with volume and price in sync
Current price is 1625, in the past 24 hours it climbed from 1490 to a high of 1653
This is not a fake rally
The 4-hour chart shows consecutive bullish candles, the last one with a high of 1631 and low of 1597, close to the day's high
The upper boundary of the 60-period range is exactly 1654, today's 1653 is basically hitting the historical ceiling
The daily candle is a big bullish bar from 1496 to 1654, with volume near 30,000, a volume breakout after a period of consolidation with reduced volume
The fee rate is only 0.0089%, long positions are not yet crowded, so a leveraged breakout has room to continue
Risks must also be clarified
Current price is pressing against 1630 resistance, with support at 1597 and 1586 below
It's rare to hold above a round number on the first test; breaking below 1597 means the breakout failed
So my judgment is, the breakout is real, but the first target has been reached; next, we’ll see if it can hold above 1600 for turnover
$ZEC $BTC #ZEC #volumeprice$ZEC dropped 2.68% in one hour, while $BTC only 0.53%
That midnight spike, $BTC plunged to 83,439.
I was watching the 15-minute chart, it climbed back to 84,400, like someone just got beaten and was leaning against the wall.
The data looks like this: $ZEC jumped straight from 1,680 down to 1,511.
On the same chart, $BTC only dropped 0.53%, $ETH dropped 0.71%.
The one that fell the hardest, no one even caught it.
Follow or not: 83,000 is the lifeline for $BTC.
$ETH looks at 2,650; if it breaks, it’s the next level down.
Spot can still play dead, but chasing longs on contracts is just giving away money.
I suspect this recovery is fake.
Most likely it will plunge once more before it stops.
I'm empty-handed waiting, a tough survivor.
#BTC冲高回落，市场轮动开始了吗？
#21Shares推出欧洲首只ZcashETP #CME拟推BCH与UNI期货 $ZEC $BTC BTC determines the overall liquidity direction, ETH is used to observe market participation breadth, and ZEC reflects high-beta funds and rotation sentiment. 📊 Latest prices BTC ≈ $83.9K ETH ≈ $2.67K ZEC ≈ $1.50K In the past 24 hours, all three have declined, but the 7-day performance remains positive: BTC +10.5%, ETH +10.7%, ZEC +11.2%. Short-term cooling does not equate to a complete breakdown of the mid-term structure. 🔥 1H core observations BTC holds key areas + ETH trading activity rebounds + ZEC continues to attract capital → 🚀 Market participation is expanding BTC remains relatively strong + ETH / ZEC start to weaken → ⚠️ Rising concentration of gains, market breadth narrows BTC, ETH, ZEC simultaneously lose momentum + OI and volume decline in sync → 🟡 Leveraged funds may be starting to withdraw, risk exposure needs to be reduced 📰 Latest market catalyst The US September PMI preliminary reading reached 58.4, one of the strongest expansion readings since 2021, leading the market to raise expectations for further interest rate hikes. US Treasury yields rose rapidly, putting pressure on non-yield assets like BTC. Meanwhile, ZEC has continued to attract market attention recently. On September 23, its market cap reached about $27.6B, significantly up from about $13.8B at the beginning of September; on September 24 $LINK
When core assets attract capital, what is the most important observation point for LINK?
BTC and ETH have received large ETF inflows, improving the overall funding environment of the crypto market. However, institutional allocation to core assets does not necessarily mean funds flow into infrastructure tokens.
If LINK strengthens relative to ETH, with oracle and cross-chain usage growing simultaneously, capital spillover becomes more credible.
If ETH continues to receive inflows while LINK consistently lags, it indicates the market only recognizes core exposure. There still needs to be a value capture connection between ecological importance and token price performance.More than thirty thousand ETH have left exchanges
This is not an action to be ignored
Recently, there was a large transfer on-chain that attracted market attention
Multiple addresses withdrew nearly thirty-two thousand ETH from exchanges
Based on the price at that time
The value exceeded eighty-five million US dollars
Many people's first reaction to large transfers is that whales are about to push the price up
But professional traders don't jump to such simple conclusions
Withdrawing coins from exchanges
May represent long-term holding
It could also be preparation for staking
Or it might just be institutional wallets reallocating assets
Its significance needs to be judged in conjunction with subsequent on-chain actions
What really deserves attention is
ETH's recent price performance has been stronger than BTC
In the past thirty days, ETH's gains have surpassed BTC
Market sentiment has also returned to the greed zone
If large amounts of funds continue to flow out of exchanges
While spot funds do not show obvious retreat
That indicates the tradable chips in the market may be decreasing
But this does not necessarily mean the price will rise immediately
Because whales may also be trading off-exchange
They might even use market sentiment to create misjudgments
So large transfers are more like an observation signal
Rather than a direct buy signal
Regarding BTC
Recent data also shows
The number of wallets holding between one hundred and one thousand BTC continues to increase
This indicates some medium to large funds are still accumulating
And have not completely exited due to short-term fluctuations
The most interesting part of the market now lies here
$BTC's chip structure is relatively stable
$ETH's price elasticity is stronger BTC remains the core anchor of the current market structure, ETH is used to observe the degree of mainstream coin follow-through, and ZEC can serve as a reference for high volatility and high beta capital participation. 📊 Current key data BTC ≈ $84.1K ETH ≈ $2.67K ZEC ≈ $1.50K All three experienced a pullback in the past 24 hours, but still maintained positive returns over the past 7 days, indicating that while short-term profit-taking occurred, the overall momentum has not completely disappeared. 🔥 1H key observations: Price + Volume + OI BTC holds the key area, while ETH and ZEC volume and open interest rise simultaneously → 🚀 The market may re-enter a broader expansion phase BTC remains strong, but ETH / ZEC follow-through is insufficient → ⚠️ Market gains may be concentrated in a few assets, with weak breadth BTC breaks support, while ETH / ZEC OI drops rapidly → 🟡 Leveraged funds begin to withdraw, caution needed for further volatility 📰 Latest market background The US September PMI preliminary rose to 58.4, one of the fastest expansion rates since 2021, while market expectations for further rate hikes increased, pushing US Treasury yields higher, causing BTC to fall back from recent highs to around $84K. Meanwhile, ZEC has recently performed outstandingly, with its market cap significantly increasing from early to September 23; additionally, the Zcash community is advancing the NU7 upgrade expected in NovemberThis profit is currently saved in the photo album
In the crypto world, there are trading experts whose accounts are still on a roller coaster, but their photo albums have already started a celebration party. Every time there is unrealized profit, the first reaction is not to manage the position, but to quickly take a screenshot, fearing that the money won't stay on the phone for more than three seconds.
The following process is quite professional: cut the position, amplify the rate of return, adjust the brightness, then add a caption like "Patience will be rewarded." Just as the copy is finished, the market has already taken back your reward for you.
The most awkward moment is when a friend sees the screenshot and asks, "Dinner on you since you made money?" You can only explain, "You can choose the meal first, the money is still in the transaction history."
Thus, a spectacle appears on the phone: the photo album is responsible for profits, the account is responsible for fluctuations, and the chat history is responsible for stubbornness. Each department does its own thing, and at the end of the month when reconciling accounts, you find only the storage space has steadily decreased.
If there were a "Best Top Exit Award," the screenshot button should get a lifetime achievement award. It always accurately records the highlight moment, then leaves the rest of the story to the person involved.
Next time someone says, "Let me show you my record," remember to first confirm: are they opening the trading app or a photography portfolio?
Do you have a profit screenshot you can't bear to delete, but when you open the account, you can't bear to look a second time?
#CryptoDaily #TradingMindset #ScreenshotTakeProfit Just saw BTC surge to 87000, I didn’t even have time to be happy before the market turned sour. Have you noticed that the sharpest drops are exactly in those that rose the fastest before? Let's review this moment. BTC fell back from the high point, MACD crossed below the zero line, green bars expanded, OBV turned downward. The previous rally was too fast, high-level support didn’t keep up, short-term profit takers chose to cash out. Without new macro catalysts, the price needs time to digest the gains and find support again. ETH dropped even deeper; its previous high elasticity turned into a high drawdown, technical indicators weakened simultaneously, and signs of capital outflow are obvious. Although there are positives like Layer 2 acquisitions in the ecosystem, under the pressure of the overall market adjustment, independence is hard to maintain, the upper moving averages have become resistance, and the trend needs to regroup. ZEC is even more typical, after continuous big gains it finally faces a decent correction. 21Shares launched an ETP in Europe, a positive development, but ironically it became a perfect reason to take profits. Buying the expectation and selling the fact is especially clear in privacy coins; the short-term upside has been overextended, and the current adjustment is a process of squeezing out the bubble. I think this is more like the first divergence after a trend starts, rather than directly entering distribution. The market is trading a re-pricing of previous gains, not the end of the trend. What has been priced in early are rate cut expectations and the ETF narrative; the unseen risk is that if BTC can’t hold around 86000, the catch-up drop in altcoins may just be beginning. Conversely, if it can hold and digest here, the rotation window for ETH and quality altcoins will reopen. What we should focus on now is I reorganized the original text into a style more like crypto market flash news + capital rotation observation in Chinese, reducing repetitive descriptions while adding information density on "strength and weakness comparison, capital preference, key positions":
Market downturn, who is resisting the fall?
📉 The market retraced nearly 3%, but capital has not fully withdrawn.
BTC once dropped about 2.66%, and market risk appetite clearly cooled.
However, there are still several small-cap tokens showing relative resilience on the market, worth noting whether capital is rotating locally.
Let's first look at these four:
🟢 $HYPE｜around 93.75
Only fell about 1.18% in 24 hours, clearly outperforming the market.
Hyperliquid itself has real protocol revenue, and market focus has always been on the buyback mechanism and platform fundamentals.
The key is still around 90.
Whether it can hold will directly affect the short-term structure; if the market continues to drop but HYPE remains strong, it indicates that supporting capital may still be present.
🟠 $BICO｜around 0.0214
Dropped about 4.42%, weaker than BTC.
Biconomy focuses on account abstraction and other infrastructure directions; the sector logic remains, but from short-term price performance, current capital attention is not high.
This kind of trend is better observed; no need to rush to chase just because of sector narrative.
🟡 $BEAT｜around 0.088
Contrary to the trend, it rose about 3.82%, but special attention is needed here:
Rising ≠ capital is conducting healthy accumulation.
After experiencing a very deep retracement, it appears...#美债收益率全面走高，高利率为何难降？
The 5-year U.S. Treasury yield breaking 5% was not driven up in the market but was set at the auction.
▪️ $70 billion awarded at 5.033%, the highest since 2006, 64 basis points higher than last month
▪️ Bid-to-cover ratio 2.21, lowest since December 2018, previous six averages 2.33
▪️ Primary dealers forced to take 15.8%, about $11 billion; foreign buyers dropped from 61.5% to 54.3%
▪️ The 11th consecutive weak auction; September PMI at 58.4, highest since July 2021
The disagreement is not whether inflation will fall, but who set this 5%.
If it doesn't sell, the price must be lowered, and the price given becomes the starting point for the next auction. This time it is 64 basis points higher than last month, meaning an extra $450 million in interest paid annually on $70 billion; on the $40 trillion outstanding, mortgage rates follow downstream.
Treating the long end as a shadow of inflation is misleading — what pushes it up is the supply's asking price, not the price index reading; when inflation cools, it may not necessarily ease. Watch the dollar, not just the CPI.
If the 5% is set by the sellers, can rate cuts really push it back down?Looking at the ETF flow and $ETH on this 1H chart together, it's a bit confusing.
On 9/23 Eastern Time, the spot ETH ETF recorded a net inflow of about $105 million, marking the fourth consecutive trading day of positive inflows—ETHA absorbed roughly $50.8 million, and FETH also saw just over $41 million. Funds are still coming in.
But on the market side, $ETH dropped overnight from nearly 2760 to 2635, with OKX's current price hovering around 2688. The 24h low is stuck around that area. Funds are flowing in, yet the price weakened first—short term, it looks more like positions and volatility are catching up; don't take inflows as an immediate signal for a price surge.
First, let's see if the 2650/2635 support holds, then whether the 2700–2750 range can be reclaimed.
$ETH $BTC #ETH #Ethereum #BTC #DataAnalysis #ETF #CapitalInflow #2650Level #ThursdayAfternoon #RiskWarning
The above is only personal observation and does not constitute investment advice. Contracts carry risks; please be cautious when entering the market. PMI data rebound sparks inflation concerns, Bitcoin falls below 84000, WLD and PEPE both drop double digits, Binance account migration and USDC supply on Hyperliquid surpasses Solana, indicating hot money is reallocating. NOM pulls up strongly against the trend on the four-hour chart, MACD golden cross upward, Bollinger Bands widening, RSI entering overbought zone, short-term momentum is strong but a pullback could happen anytime.
Just sent an order to an old rundown building on the seventh floor with no elevator, catching my breath while reviewing liquidation data. CoinGlass shows a large accumulation of long liquidations around the current price of 0.00265; after a breakout, short liquidation pressure decreases, but the current concentrated long liquidation risk is also rising, chasing highs is risky.
Locked in NOM for the trade, current price 0.002649, no chasing. Light long positions can be added on pullbacks between 0.00245 and 0.00255, defense at 0.00236, take profit first target at 0.00275, second target at 0.00290. If volume increases and price holds above 0.00265, follow up on the right side, stop loss at 0.00258, target 0.0030. Do not hold if defense breaks; in this market, staying alive is the only chance to recover.
$NOM
#美债收益率全面走高，高利率为何难降？
@OKX星球 During consecutive loss phases with $BCH, the worst thing is to stubbornly fight the market. When facing several consecutive losses and continuous account drawdowns, confidence easily takes a hit, leading to compulsive trading in an attempt to reverse the situation. The more anxious and chaotic you get, the more likely you are to repeatedly fall into traps, creating a vicious cycle. Now, when I encounter consecutive losses, I proactively reduce my position size or even pause trading for a few days to step away from the market and calm down. Consecutive losses often indicate that the current market style does not match your trading system or that your own condition has deteriorated. There is no need to force a fight in an unfavorable environment. Pausing is not admitting defeat; it is protecting your mindset and capital. Wait until your mindset stabilizes and the market returns to a mode that suits you before re-entering. Knowing when to rest is also part of trading skill.The recent core focus of GRAM lies in its expected connection with the TON ecosystem and the imaginative potential brought by Telegram's traffic entry point. Today, with the overall market weakening, it indicates that the market temporarily values overall liquidity more than individual project stories. As a relatively new and highly watched asset, GRAM's chip structure and sentiment changes will amplify intraday volatility, and active trading does not necessarily confirm a trend. Going forward, it will depend on whether the ecosystem integration, user growth, and application scenarios show continuous progress; if there is only traffic expectation without actual data, the market is prone to fluctuations. $GRAMSUI experienced a significant pullback today, typically reflecting the pressure on high Beta public chain assets during market cooling. The Sui ecosystem previously attracted considerable traffic through DeFi, gaming, and consumer-grade applications, but whether the token price can continue to strengthen ultimately depends on on-chain active users, stablecoin scale, and real application transaction volume. The current market is more stringent in screening new public chains, and relying solely on technical narratives is difficult to sustain long-term hype. If on-chain data can still maintain growth during the correction phase, it indicates the ecosystem is still holding; if transactions and activity weaken simultaneously, short-term funds may continue to stay on the sidelines. $SUI"Grinding around 84,000 all morning, the afternoon might be the time to choose a direction"
This morning's move was basically still mainly a consolidation, BTC is now grinding near 84,000.
It fell from 87,245 down to a low of 83,439. Although there has been a rebound, the price is still below EMA60 and EMA200, so it can't be considered truly strong in the short term yet.
This afternoon, focus on two key levels:
Whether it can hold above 84,500 again;
Whether it can defend around 83,400 below.
On the news front, tomorrow BTC and ETH have about $18.1 billion in options expiring, along with US durable goods orders and Federal Reserve officials speaking, so volatility might be more noticeable.
No rush to guess bullish or bearish now, first watch which key level breaks first.
#BTC冲高回落，市场轮动开始了吗？ #美伊恢复接触，风险溢价会降吗？ $BTC $ETH $ZEC $DOT short-term trading tests execution skills the most. During my short-term trading phase, opportunities vanish in an instant. Even though I had plans made in advance, I hesitated at the entry points and didn’t dare to enter; or I was reluctant to exit at stop-loss points, subjectively fantasizing about a market reversal. When planning and execution are disconnected, even the best strategies fail to perform. After repeatedly missing opportunities and enlarging losses due to hesitation, I began training my execution skills. Once a plan is set, I act decisively when conditions are met, without subjective fantasies. Execution is not recklessness; it is firmly implementing the trading plan after preparing contingencies in advance. Knowing what to do is only the first step; being able to execute flawlessly is the key that sets traders apart. The Nasdaq hit record highs for two consecutive days, the scene is lively, but internally the index levels don't look as relaxed.
This round of gains is mainly driven by chip and AI companies, also benefiting from a temporary drop in oil prices and bond yields. In other words, behind the index's new highs are several quite stringent conditions: energy pressure must not worsen, long-term interest rates must not continue to surge, and tech giants must maintain capital expenditure and profit expectations.
The most worrisome thing is that the index's rise can easily mask the real experience of ordinary stocks. A few mega-cap companies rising can lift the entire index; if equal-weighted indexes, market breadth, and small to mid caps do not improve simultaneously, this looks more like a celebration by the leading companies rather than a spring for all assets.
I don't want to rush to be bearish just because of new highs; a strong market can indeed be stronger than imagined. But the more it gets to this point, the more we need to ask: is the market really rising, or are a few companies carrying the market on their shoulders? The risks of these two scenarios are completely different.
#纳斯达克指数连续两日创历史新高 🔷 U.S. Tiger: $BTC target $250k by 2029
• Broker maintained "buy": BTC in a new bull phase
• Bo Pei: above cost basis — bear rating withdrawn
• ETF: +$4.20B from 08/17 to 09/21, offsetting $8.42B outflow
• 09/21: $937.3M — best day since October 2025
• $250k = $5.25T network = 16.9% of gold market cap
🧠 The target is not from thin air, but an anchor to gold with 21 million coins. The firm publicly withdrew the bear rating — that's how adults operate
⚠️ Cycle targets are accurate to the first −30%
❓ $250k — map or marketing?👇 Recently, the amount of funds has been stagnant, still far from having over ten thousand US dollars available. Sometimes when the coin surges, my position is too small; other times when I shouldn't add to my position, I go heavy.
There are also times when I lack confidence and don't trust the inspiration that comes to mind. For example, yesterday, the whole network was showing off profitable trades, and at that moment, I already felt danger. It even felt like the extreme market conditions at the end of 2019 and the beginning of 2020.
Even at night, I suddenly opened the Bitcoin liquidation map and saw the short positions suddenly strengthening. Most likely, it will move in the direction with the least resistance.
From sensing danger to actually seeing it, I still did nothing. Thinking, seeing, and finally doing are really as far apart as Mount Everest. The core point is still to believe in yourself!
Currently, my operational approach remains unchanged: creating content, contracts, and meme.
Strategically, I still use the barbell strategy, doing mainstream top assets on one side and pure meme on the other.
Currently, I still hold $BNB spot; long Bitcoin $BTC positions, continuing to hold and watching for when it breaks 90,000; $PONS fundamentals have been poor recently.
During pullbacks, I look for strong coins. Besides UNI and HYPE, I feel I should seriously study ENA. XRP options show rare bullish demand
Options are showing unusually strong demand for upside exposure
The one-week 25-delta call skew has risen to 9.3 volatility points. This means traders are paying more for similar XRP call options than put options, favoring upside exposure.
This reading is at the 95th percentile, making the current positioning relatively unusual. This skew often falls below -10 points at the end of 2025 and early 2026.
$XRP has risen about 15% in the past seven days.According to TradingBeats monitoring, 5 addresses collectively started unlocking 983,600 HYPE, about 90.44 million USD, which will only be unlocked on October 1st.
Hyperliquid staking requires unlocking first and then waiting 7 days to transfer to spot, so not a single coin can be sold right now. In my opinion, nearly a million coins lining up at the door—is it really urgent or just putting on a show?😇
$BTC $ETH $HYPE21Shares' physically backed Zcash ETP matters less as a one-day catalyst than as a new access route: it lets brokerage users gain ZEC exposure without handling tokens. With NU7 milestones still ahead, the real test is whether product demand persists after the initial move, rather than merely amplifying it.
Not advice, just analysis.
#21SharesZcashETP ⚠️ $BTC / $SOL｜Don't rush to go long
Today BTC quickly dropped from near $86,800 to around $83,700, with short-term volatility significantly increasing. Bulls who chased the rally a few days ago are now easily trapped at high levels.
This correction may not complete in one go.
What needs more caution is:
📉 Decline → rebound → retest again
📈 A rebound does not mean the trend has restarted
⚠️ Before the key level is firmly held again, recklessly going long is not cost-effective.
$SOL briefly retested the $112–113 area today, and dropping a few more dollars is not far off. Previously, SOL surged quickly, so short-term profit-taking and market volatility need attention.
🚨 Also, this Friday about $18B worth of BTC + ETH options expire, which may further amplify short-term volatility.
So the most important thing now is not to guess the rise or fall, but to wait for confirmation:
BTC holds $84K → observe rebound strength
Breaks $83K → beware of further retest at $80K–81K
Reclaims $87K → then observe if the breakout is supported by volume
When the market is unclear, staying out of positions is also an option.
Don't rush to chase longs just because you see a rebound candlestick. 👀
#BTC #Bitcoin #SOL #Crypto #BTCPullback #CryptoTrading David's Trading Notes
2026.9.24 $ETH
1. Review
Currently, the small-scale has already entered an adjustment phase. Looking at Ethereum's candlestick chart now, will the adjustment expand further?
(Figure 1) "Carving a mark on a boat to find a sword" — historically, every time the market reaches 2800, there is a significant reaction. Let's see how far this reaction can go this time;
From a macro perspective, the main factors influencing the US Dollar Index, inflation, US-Iran relations, and interest rates are: oil prices. Once oil prices stabilize, everyone benefits.
Today intraday: mainly short on rallies, supplement with long on dips.
(Figure 2) Going long:
1. Watch 2675: enter long when a bullish engulfing signal appears on the 5-minute chart.
Going short:
1. Watch 2714: enter short when a bearish engulfing signal appears on the 5-minute chart.
2. After breaking 2742, support-resistance flips to resistance; consider shorting again when the 5-minute chart gives a signal.
2. About the structural market itself
After scanning the market, Ethereum's movement and trend can be considered the most standard. Volatility, patterns, and position experience make it a rewarding focus for current trading efforts. Focus mainly on Ethereum, then Bitcoin, and altcoins (altcoins only for one wave, no chasing).
#BTC冲高回落，市场轮动开始了吗？
#美伊恢复接触，风险溢价会降吗？ Is DeepSeek starting to make crazy money? Annualized revenue hits $1 billion, API price increased 4.5 times and customers haven't left
On September 24, according to two insiders, DeepSeek's current annualized revenue run rate has reached $1 billion. A few months ago, this figure was less than $500 million, meaning it doubled in just a few months.
What’s even more noteworthy is that this growth is not solely due to a surge in "user numbers," but also a very direct reason—DeepSeek raised its API prices. According to insiders, last month some model call prices increased to 2.3 to 4.5 times the original price. Normally, such a sharp increase would scare customers away, but Liang Wenfeng told investors that after the price adjustment, user demand remains strong, and there has been no significant customer loss.
This is actually more important than pure revenue growth. Anyone in the AI industry can burn money, but the real challenge is turning models into products that customers are willing to pay for continuously. Being able to raise prices and still have demand shows that DeepSeek has at least some pricing power in the eyes of certain customers.
Moreover, DeepSeek clearly has not made making money its top priority yet. According to disclosed information, the company currently invests over 70% of its computing power back into model training, leaving less than 30% for inference on existing models. Simply put: this machine is already starting to make money, but the company is still using most of the "fuel" to build the next-generation engine.