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Dogecoin in September turned a phrase into reality: ETFs will die, but coins won't.
On September 10, Bitwise announced the liquidation of its Dogecoin ETF (BWOW), a product that had been listed for less than ten months, with net assets remaining only $687,000 and continuous net outflows. Eleven days later, DOGE surged from $0.087 to above $0.10, rising about 14% in a single day, with trading volume expanding to $3.2 billion, roughly three times the usual.
This scenario is hard to imagine happening with Bitcoin. BTC's pricing power hangs on institutional channels, and ETF subscription and redemption data can rewrite the market; whereas all DOGE spot ETFs combined have only attracted about $10 million cumulatively, so whether they liquidate or not has no weight on the market. The spark on September 21 was not from Wall Street either—Platform X launched cashtag trading functionality, community sentiment warmed up, and spot ETFs saw net inflows of about $900,000 that day, not even a fraction.
$DOGE's value anchor is not in institutional hands. Its foundation consists of three things: a community built over twelve years, liquidity depth on mainstream exchanges, and Elon Musk as a fuse that can ignite at any time. Institutional channels are a bonus for it, not a lifeline. A coin that can self-sustain through community and liquidity, without relying on institutions, is not at risk but resilient.Another altcoin ETF is just one step away.
The NYSE Arca segment has approved Bitwise's NEAR spot ETF listing. This asset management company completed its share registration on September 24, leaving only the final step before the official launch. If successfully launched, it will be the first spot ETF linked to NEAR in the United States.
The ETF trend is replicating from Bitcoin and Ethereum to smaller market cap public chains. For capital, it means an additional compliant entry channel; for NEAR, the real test is whether the approval benefit can turn into sustained buying pressure. The approval is just a ticket; a ticket does not equal buying pressure, which depends on subscription data in the first few weeks after listing. $CL Post｜Understanding the US approach to dealing with Middle Eastern adversaries through a major Syrian criminal case, and also understanding the US-Iran game. The Los Angeles Federal Court sentenced Alsheikh from Syria to 60 years in prison. The most special aspect of this case is not the length of the sentence, but the way the arrest and trial were conducted. There was no Syrian extradition, no international special tribunal. This person stumbled simply because he lied on the US immigration naturalization form. The US prosecutor seized this immigration fraud to directly initiate the trial and impose a heavy sentence. This logic applies not only to Syria but also to individuals related to Iran. This is the US's long-arm jurisdiction: no need for war, no need for negotiation, as long as individuals related to the Iranian camp want to apply for US visas, green cards, or citizenship and conceal their past records, they will leave criminal liabilities. The biggest difficulty in US-Iran negotiations has never been a single event but structural contradictions. Nuclear issues, regional proxy confrontations, and huge differences in demands between the two sides. Besides economic sanctions, the US now adds personal judicial accountability as a card. Continuous targeted deterrence constantly raises the risks of overseas activities for individuals related to Iran, further compressing the space for mutual trust. This means: the probability of US-Iran talks failing remains high. The Middle East geopolitical risk premium will continue to exist, and as long as subsequent frictions escalate, oil prices have potential upward pressure. Individual cases will not immediately trigger conflict, but they clearly show that besides war and sanctions, the US also has the weapon of law for long-term strategic competition. #Trump reportedly rejects the 7-day plan, Hormuz reopening again 🏦 $BTC | FOLLOW THE FLOW
ETF demand is still positive — but the momentum is slowing.
$999M → $715M → $347M → $191M
Four straight sessions of declining inflows.
That doesn’t mean buyers are gone.
It means the next move needs fresh liquidity to keep expanding.
If flows accelerate again → 🔥
If they keep fading → ⚠️
Price gets the headline.
Flows reveal the fuel.
#BTC #Bitcoin #DailyOrbit #OKXOrbit Keep the noise coming — I’ve already held through $2,800. If you’re long, there’s no need to mock those who are short. Everyone has their own positioning. The market is still overheated, and at some point, it needs to cool down. My $ETH short from $2,640 remains open, with ETH now back around $2,680. The toughest part of the move has already passed for now. On the 1H chart, MA5, MA10 and MA20 are gradually converging near $2,690. ETH keeps testing $2,700, but hasn’t been able to establish a cleaCrypto assets stolen? Which exchange is the safest?
The most common reason revealed in public post-mortems is the compromise of hot wallet private keys or signing permissions. Coincheck lost about $530 million in 2018, KuCoin about $280 million in 2020, and Bitmart about $150 million in 2021, all pointing to the compromise of online hot wallet keys.
Another category involves bypassing multisig and signing interfaces: Bitfinex in 2016 was related to the multisig scheme at the time; WazirX in 2024 experienced multisig control being altered; Bybit was hacked in February 2025, among others. Additionally, there are breaches in supply chain and operations, such as compromised signer devices, wallet service providers, or internal permissions being exploited.a16z: 86% of RWA perpetual contract volume has been completed on-chain. The latest data from a16z gives an interesting signal for RWA: in August, the trading volume of RWA perpetual contracts reached $117.3 billion, a 44-fold year-on-year increase, of which 86% has already moved on-chain, about $101 billion; open interest also reached $4.8 billion.
Personally, I think the truly important part of this news is not the $117.3 billion, but the "86% on-chain".
This means RWA is moving from simple asset tokenization to real on-chain trading. Previously, discussions about RWA focused more on tokenizing government bonds, gold, and stocks; now the market is beginning to directly trade on-chain derivatives of these assets.
The transmission logic is: traditional assets tokenized on-chain → perpetual contracts emerge → trading demand grows → liquidity migrates on-chain → demand for on-chain derivatives infrastructure increases → DEXs, public chains, oracles, and stablecoins gain incremental growth.
More notably, early RWA perpetual contracts were mainly concentrated on CEXs, but by August this year, on-chain platforms accounted for 86% of the trading volume. a16z believes this shift corresponds clearly in timing with infrastructure upgrades like Hyperliquid's HIP-3.
My personal judgment is that the real second phase of RWA may not be "more assets tokenized on-chain," but "assets being traded, staked, and composited after being tokenized." This is the key step for RWA to move from asset digitization to financial infrastructure.
In trading, I will focus on: RWA trading volume → on-chain ratio → open interest → DEX flow *Bitcoin Latest News September 26 Evening Chinese Version*
*Current Price $84,132 | Range $83,174 - $84,715 | Today +0.03%*
*1. ETF Funds: Bought $2.84 billion in 6 days, pulling the full year into positive*
From September 21-25 this week, US spot ETF inflows were *$2.39 billion*, IBIT $1.16 billion, FBTC $701 million, all positive for 5 days
But on September 25 yesterday, there was an outflow of *$11.8 million*, ending the 4-day winning streak, so it couldn't break through $87,399, returning to $84,132 to fluctuate
From a deficit of -$5.8 billion in July to now a full year *+$800 million*, the 6-day inflow is the strongest this year
*2. Why didn't it crash?*
US 10-year Treasury yield *5.22%* at a 19-year high, Japan 30-year *4.223%* record high, normally money should go buy government bonds
BTC still holds at $84,132 because leverage washed out $1.7 billion, OI dropped from $72 billion to $47 billion, the market is very clean
*3. Technicals*
$74,955 → $87,399 finished rising, now below MA5 $84,650, above MA10 $82,963, above MA20 $80,172
Volume shrank to 1.0k pullback, not distribution, standing back above $84,650 can retest $87,399, breaking below $82,963 looks at $80,172 A few days ago, US-Iran contacts had moved into more technical discussions, and the market immediately priced in the possibility of a reopening of the Strait of Hormuz. Oil reacted first. $CL WTI dropped toward the $93–94 area, while $BZ Brent fell below $100 at one point as traders priced in the possibility of a diplomatic breakthrough. USO also got some relief. But now the story has turned again. Reports today say Trump rejected Iran's proposed 7-day framework, although Tehran is still waitingMany people think the hardest part of the altcoin season is buying coins, but the real difficulty is selling them.
Last year I made a mistake: with a 100% floating profit, I thought it could still rise; at 200% floating profit, I started fantasizing about financial freedom; finally, when it retraced by half, profits shrank and my mindset collapsed.
This round, I set three rules for myself.
First, don’t predict the top, just execute take-profit. When profits reach the target, sell a portion and pocket the gains.
Second, sell in batches, not all at once. When the market is crazy, always keep some position and some cash.
Third, don’t chase highs out of FOMO. The fastest rises are often the riskiest phases.
In a bull market, making money depends on holding; in altcoin season, preserving wealth depends on discipline. Many make a million, but not so many leave with a million.
In this cycle, I’d rather earn 20% less at the end than experience a 50% drawdown.
When are you planning to start taking profits? Or do you intend to hold until the cycle ends?
Follow me, I will share more practical trading content.$ETH — Short Setup 👀📉 The size of the current long exposure is definitely eye-catching: around $1.29B in total long positions, with roughly $55.07M in unrealized profit. At first glance, $55M sounds enormous. But the percentage tells a completely different story. Against a $1.29B position, that paper profit works out to only around 4.3%. In other words, the absolute profit looks huge because the position itself is huge — the actual cushion is relatively thin. The numbers also line up closely w$USELESS has been stuck around $0.30 for nearly two weeks—and that weakness is telling.
After topping at $0.31377, it slipped to $0.28098. EMA5/10/20 are all pointing down, while volume keeps fading.
My short is already +78.98%, with liquidation at $0.54111. I’m holding for a possible move toward $0.10.
$BTC $ZEC
#美债长端利率持续攀升 #融资压力升温
#BTCETF2.8BInflowStreak #USLongTermYieldsRise #StrategyDailyDividends Will this weekend’s sideways market suddenly choose a direction when Monday arrives? My $ETH short has been hanging around for almost a week. Average entry was around $2,562, while ETH is now hovering near $2,685, leaving the position with a floating loss of roughly 5,000U+. The frustrating part isn't even the price going up anymore. It’s the indecision. Every day gives the shorts a little hope, then takes it away again. ETH keeps bouncing inside the range without giving either side a clean brea30-year US Treasury yield breaks 5.5%, but BTC stays flat at 84,000 — don’t be scared
No market action over the weekend, but there’s explosive data: the 30-year US Treasury yield broke 5.5%, hitting a 22-year high since 2004.
According to the usual script, with risk-free rates this high, risk assets should crash. But BTC? 83,988, steady.
Why no crash? Three reasons:
First, on 9.24 there was a $1.9 billion liquidation, so leverage has been cleared out; those wanting to sell have no positions left. Second, on Friday $15.6 billion in options expired, removing market makers’ Gamma squeeze pressure. Third, **32,700 BTC flowed out of exchanges in the past two days, worth $3.3 billion** — institutions are buying.
Looking at the structure: BTC’s market cap dominance dropped to 58.15%, ENA rose 15% in one day, and XRP and SOL continue to catch up. This is a typical mid-bull market feature — BTC takes a breather, funds look for elasticity.
My judgment: 83,000-85,000 is a bottoming range, after which it will go up. The 5.5% Treasury yield is scary, but subtracting 4.6% inflation expectations, the real rate is under 1%. Institutions aren’t dumb; their buying at this level shows 83,000 isn’t expensive.
Next Tuesday Trump will launch America.gov, with Huang Renxun and Musk attending — AI + government narrative is coming. Don’t trade recklessly over the weekend, wait for direction.*Bitcoin Latest Today September 26 Chinese*
*Price $84,132*
*1. ETF Inflows Stopped*
Weekly inflow $2.39 billion, IBIT $1.16 billion, FBTC $701 million, but yesterday outflow $11.8 million, ending 4 consecutive days of gains, so it couldn't break above $87,399 and fell back to the $84,715-$83,174 range
*2. US Treasury 5.22% Caps but BTC Holds*
US 10-year at 5.22% hits highest since 2007, Japan 30-year at 4.223% record high, but BTC holds above MA10 $82,963, indicating institutions are still in
*3. You Can See the Market*
After a big rise from $74,955 → $87,399, now $84,132 is below MA5 $84,650, above MA10 $82,963, volume only 1.0k, volume contraction pullback, trend still bullish
*4. Key*
Hold above $84,650 to retest $87,399, break below $82,963 to watch $80,172
Tonight $15.9 billion options expiry will decide the direction.$BTC 🐻 Honestly, that doesn’t bother me. The market is still carrying a strong bullish sentiment, and that’s exactly why I’m watching for a possible pullback rather than blindly chasing the upside. Why am I shorting? BTC pushed above $87K, but failed to sustain the breakout and quickly returned below $85K. The rally also coincided with heavy short liquidations, so I’m treating part of that move as a possible squeeze rather than assuming it was the beginning of another straight-line rally. Now B$META
Why can META remain relatively strong in a high interest rate environment?
The market is raising revenue expectations for AI agents, ad conversions, and business collaborations. Compared to pure infrastructure investments, improvements in advertising efficiency are more likely to impact the profit and loss statement.
If user engagement, revenue per user, and profit margins rise simultaneously, the investment will form a closed loop; if costs grow faster than revenue, I would revise my judgment downward. In the last altcoin season, altcoins just withered; there was no real breakout throughout the entire cycle.
BTC is the anchor of the crypto world, no dispute there, but personally, I think the red flowers also need green leaves to complement them. Without new things coming in, the enthusiasm dissipates. For the crypto space to develop well, it ultimately needs a continuous influx of newcomers and fresh capital; without attractiveness and wealth-creating ability, it will slowly wither.
This cycle, everyone has lost hope, yet the index has quietly reached 74, just one breath away from 75 (meaning many altcoins have recently significantly outperformed BTC, which also implies the altcoin market is entering a risk zone). Of course, the preset value of 75 may not be entirely reasonable, but at least it indicates: the market is starting to come alive in areas everyone least expected.
Now the fear is that it will be the same old script as last time—the altcoin index heats up, BTC sucks the blood, or directly slashes it. Whether this time will be different, I’m not sure. My own altcoin allocation is very small, but I still hope for an altcoin season breakout. BTC shouldn’t dance alone; everyone should make money. Let’s just watch for now. Stablecoin new regulations advance, accelerating payment and settlement implementation. On September 24, the Federal Reserve announced two stablecoin regulatory proposals, beginning further implementation of the GENIUS Act, focusing on reserve assets, capital requirements, risk management, and the specific process for banks to apply for issuing payment stablecoins.
I believe the truly important aspect this time is not just another set of regulatory rules, but that stablecoins are gradually moving from "crypto market trading tools" into the traditional payment and banking settlement systems.
The transmission logic is very clear: regulatory framework clarified → clear threshold for banks to issue stablecoins → institutional compliance participation → stablecoins enter payment and settlement → increased on-chain fund flows → increased demand for payment infrastructure.
This trend has already begun to materialize. Recently, SoFi has used SoFiUSD on the Mastercard network for credit and debit card transaction settlements, with an expected annualized transaction volume exceeding $25 billion.
Therefore, what I care about more is not the short-term issuance volume of any single stablecoin, but whether the "payment and settlement scale" can continue to rise.
If bank stablecoin issuance increases, enterprises start using stablecoins for settlement, and cross-border payment scale expands, then the beneficiaries will not only be USDC and USDT, but the entire stablecoin payment infrastructure, including public chains, wallets, custody, compliance, and PayFi.
My personal judgment is that stablecoins are entering an important stage: in the past, exchanges and DeFi were the main demand, now payment and settlement may become new incremental sources.
Transaction sequence: regulatory implementation → bank issuance → payment and settlement → stableAs you get older, the feelings become stronger. Even if you buy $QQQ and $BTC, the closer you are to short-term market fluctuations and the more market information you receive, the worse your happiness experience becomes. Don't bring trouble upon yourself.$BTC In 2013, when BTC was only $25, someone drew a trend line on Bitcointalk using Excel. He never changed it again. Thirteen years later, this line still hasn't been broken. Let's see what it predicts next.
On February 13, 2013, a user named dacoinminster input all available price data into a spreadsheet, letting Excel fit a power trend line:
Price = 4.42 x 10^-17 x (days since January 3, 2009)^5.6
He wasn't building a currency theory at the time, just arguing that 2011 was the bubble year, not 2013. That line pointed to about $27 back then, while the price was $25.
No one has refitted it or "updated it by cycle." The same set of numbers has been used for 13 and a half years.
Now let's look at what this formula predicts for recent BTC prices. No matter how magnificent a building's facade is, it can't save a foundation built with shortcuts. $UMA's current cross-section is a typical case of excessive cantilevering at the top—the exterior keeps rising, but the load-bearing system is neglected.
First, look at the load. It only rises 1.96% in 24 hours, an increase too small to even support the weight of a single floor slab, yet it pushes the short-term relative strength index to 68.0, nearing the overbought red line. Meanwhile, the long-term cycle is only 45.8, still below the midpoint of the floor. This is not a healthy seismic structure; the upper frame is idling while the foundation remains immovable. When the upper and lower parts of a building are out of sync, the first cracks always appear at the joints, not on the facade.
Next, look at the Bollinger Bands cross-section, which is even more straightforward. The short-term price has surged to 118% of the band width, with the entire building poking above the upper band, leaving only -0.3% margin to the upper band; meanwhile, there is still a +2.0% corridor to the lower band. The mid-term position is at 80%, with +0.8% margin to the upper band. Translated into construction terms: the vertical components have started eccentric compression, and the center of gravity is pressing on the eaves. The white paper is just a conceptual rendering; what really determines whether this building can stand is the reinforcement ratio, the thickness of the shear walls, and whether the development team has completed the basement. The drawings lack depth, the pouring quality is insufficient, and the building sways with the wind.
So my strategy is not to chase the facade upwards but to wait until the last segment of the inflated formwork is poured, then dismantle the supports.
📉 Short:
Entry: 0.38 (current price +3.2%)
Take Profit 1: 0.34 (-5.4%)
Take Profit 2: 0.35 (-3.0%)
Stop Loss: 0.42 (+15.2%)
The entry point deliberately reserves 3.2%, equivalent to a post-pour zone, allowing sentiment to pour the last layer of concrete before sealing. The stop loss is set at +15.2%, not out of conservatism, but because projects with such unstable underlying structures must maintain sufficient structural redundancy; otherwise, a single abnormal fluctuation causes overall settlement. The two take profit levels dip 5.4% and 3.0%, corresponding to reasonable static balance points near the mid-term moving average.
Truly great projects grow on solid foundations, but for this one, I couldn't see anything below zero on the drawings.
With this kind of structure, I wouldn't even sign the acceptance certificate.Vitalik said PeerDAS has been running steadily and quickly for almost a year, with hardly any issues.
My first reaction wasn’t about how impressive the technology is, but that the market maker logic can finally breathe a sigh of relief.
Previously, nodes had to process the entire block of data, like market makers holding full inventory, everyone had to stock up sufficiently. Now consensus can be reached without replicating the full data, which means inventory pressure is directly lifted.
In the past, it was "whoever has the largest inventory speaks," now it’s "whoever verifies cleverly speaks."
This change is good for liquidity, at least nodes no longer need to act as warehouses.
But don’t get excited too quickly; stable operation for a year doesn’t mean the stress tests are complete. The real test is whether this mechanism can hold up under extreme market conditions.
I’ll be watching closely how it performs during the next network congestion.
#BTC现货ETF连续6日吸金超28亿美元
#美债长端利率持续攀升，融资压力升温 #稳定币新规推进，支付结算加速落地 $ETH $ETH 🔥 I’m keeping a bullish bias while the broader trend remains intact, but I’m not going to chase a breakout before confirmation. ETH is currently around $2,685, with the recent 24H range roughly $2,667–$2,740. For my 70 ETH long, accumulated around the $2,400 area, the floating profit remains close to 20,000U. A 15-minute shakeout is not enough reason for me to abandon the bigger setup. Key ETH levels: • $2,740 → first breakout • $2,775–$2,825 → next resistance zone • $2,900 → psychological🚨 81% of $BTC has been dormant for over 6 months!
According to the latest data from River, about 81% of the Bitcoin supply, approximately 16.3 million BTC, has not moved for at least 6 months.
This does not necessarily mean a lack of market activity; rather, it may indicate that a large amount of BTC is being held long-term, and the truly freely circulating supply in the market is decreasing.
🔥 Even more noteworthy is the recent significant inflow of US spot BTC ETF funds. From September 21 to 24, ETFs saw a total net inflow of about $2.25 billion, with continuous capital inflows further strengthening market demand for BTC.
Meanwhile, BTC briefly surged to around $87K this Monday before retreating to about $84K, indicating clear selling pressure at high levels.
📊 My observations: • Long-term holders locking up large supply
• ETF funds re-entering the market
• Tradable supply relatively shrinking
• BTC consolidating at high levels, awaiting the next directional move
If this supply tightening continues while new funds keep flowing in, the market may experience greater volatility.
$BTC $ETH
What truly matters is not just the price, but how much BTC is actually willing to be sold. 👀 🔥ETF wildly pulls in 2.8 billion to cover the “gap”! BTC stuck at 84,000, mid-term funds haven’t withdrawn, short-term leverage is being shaken
📊 【Marginal buying cools down】
▶ Nearly 1 billion inflow on Monday, dropped to 191 million on Thursday, marginal buying clearly cooling off.
▶ $BTC price stuck between 84,000–87,000, ETF providing support, macro interest rates pressing down, a typical case of “mid-term funds haven’t withdrawn, short-term leverage is being shaken.”
💡 【How to view the current tug-of-war】
The underlying tone of this round of market action is institutions continuously locking positions through ETF channels and treasury strategies. Although short-term inflow speed has slowed, the structure of underlying spot holdings has fundamentally changed. The price repeatedly pulls within the range, essentially high-leverage floating positions being forced to clear under the pressure of high macro interest rates, rather than institutional funds retreating.
🎯 Mid-term bullish bias remains intact; only a break below 83,000 plus ETF turning to net outflow signals a trend reversal.
(Source: OKX Planet 09/26 )
#BTC现货ETF连续6日吸金超28亿美元 #美债长端利率持续攀升，融资压力升温 #特朗普据悉拒绝7天方案，霍尔木兹重开再生变 Hashrate ≠ Orthodoxy! The 8.31 Hard Fork Tears Apart the Faith Rift Between CORE and Bitcoin Core
⚠️ This article is only an on-chain ideological review and does not constitute any investment advice
Many people have long confused two names: Bitcoin Core (the Bitcoin client development team) and the CORE public chain (Core DAO).
The CORE community has long propagated a narrative: relying on Bitcoin's hashrate, inheriting Satoshi Nakamoto's spirit, it is an evolved BTCFi version of Bitcoin.
Until the 8.31 reward contract vulnerability outbreak and the emergency v1.0.26 hard fork landing, this narrative was torn apart by a huge faith rift.
In short, the core conclusion: hashrate is only a shield for outsourced security and does not equal Bitcoin orthodoxy.
1. Two "Cores," completely different underlying beliefs
Bitcoin Core is the reference client of the Bitcoin mainnet and the code maintainer of the Bitcoin network.
Its underlying beliefs:
1. The right to define Bitcoin does not belong to developers or miners, but to countless independent full-node users worldwide;
2. Major underlying rule changes must gain broad consensus; controversial hard forks are firmly rejected;
3. The monetary supply rules are fixed and cannot be arbitrarily changed by a small circle;
4. The ledger's immutability is the bottom line; on-chain assets cannot be easily tampered with by humans.
CORE public chain is an independent new public chain adopting Satoshi Plus hybrid consensus:
- Borrowing Bitcoin POW hashrate to resist external 51% attacks;
- On-chain transaction packaging, protocol upgrades, and hard fork decisions are led by 21 DPoS validator nodes.
The CORE community fundamentalist logic: as long as the hashrate comes from Bitcoin, it inherits Bitcoin's security and spirit.
The 8.31 incident directly proved this logic has a huge loophole. Hashrate can be rented and delegated, but Bitcoin's distributed checks and balances system cannot be simply copied.
2. The 8.31 vulnerability incident: a direct clash of two governance philosophies
On August 31, a few validator nodes exploited a reward contract vulnerability to over-mint a large amount of CORE tokens. Then the v1.0.26 hard fork went live: patching the vulnerability, destroying over 150 million excess tokens at the protocol level, without rolling back user transactions, ordinary user assets were unaffected, and staking rewards were restored within 48 hours.
Key distinction: rollback means undoing already occurred transfers and rewriting historical ledgers; this hard fork destruction directly removed excess tokens minted by the vulnerability within protocol rules, without altering ordinary user transaction records.
✅ CORE's trade-off:
Without rolling back ordinary transactions, destroy excess tokens via hard fork to block future inflation vulnerabilities.
From the project side, this is a compromise: maintaining the narrative of ledger non-rollback while cleaning excess supply to reduce market selling pressure.
❌ But from Bitcoin Core fundamentalists' perspective, this exposes a fundamental difference:
The entire chain's crisis handling power is held by a small circle of 21 validator nodes.
If a contract vulnerability occurs, a few nodes negotiate and modify token supply rules via hard fork.
In Bitcoin's system, monetary supply rules are hardcoded and will not be adjusted by a small group of nodes through hard forks due to a single vulnerability.
Bitcoin's logic: code vulnerabilities should be avoided in advance; once on-chain, token supply will not be arbitrarily increased or decreased by a small circle via hard forks.
CORE's logic: when upper-layer contract vulnerabilities occur, validator consensus can hard fork to modify supply as a crisis management measure.
Core divergence:
CORE supporters: hashrate provides security; hard forks fix vulnerabilities and destroy excess coins without tampering with ordinary user transactions, consistent with blockchain principles.
Bitcoin Core fundamentalists: hashrate is only an external defense force; if monetary supply and protocol rules can be changed by a few nodes voting, it departs from Bitcoin's underlying spirit.
3. Hashrate is just a mercenary, not a complete checks and balances system
CORE's BTC hashrate role is very clear: only responsible for defending against external hashrate attacks.
Miners delegate hashrate but do not participate in contract governance, node elections, or hard fork voting, and have no right to constrain validator node misconduct.
Analogy:
Bitcoin: a people's militia, massive independent full nodes + miners + developers mutually check and balance, no party can unilaterally change the monetary base rules.
CORE: pays to hire BTC hashrate as border mercenaries, defending against external invasion; but internal laws, reward distribution, and crisis decisions are made by a 21-person council.
No matter how strong mercenaries are, that does not make the city-state system Bitcoin.
Hashrate can be borrowed, but distributed full-node checks and balances cannot be transplanted.
This is the fundamental reason why "hashrate ≠ orthodoxy."
4. This hard fork solved the supply problem but amplified faith divergence
✅ Problems solved
1. Reward contract vulnerability permanently closed, preventing similar over-minting in the future;
2. 150 million excess tokens destroyed at protocol level, permanently removed, greatly reducing long-term selling pressure;
3. Insisted on not rolling back user transactions, preserving the bottom line of "immutable historical ledger," without directly rewriting ordinary user transfer records.
⚠️ Faith rifts that cannot be eliminated
1. Governance power unchanged: major network protocol changes still concentrated in a few validator nodes;
2. Underlying contradictions unchanged: BTC hashrate can only defend against external attacks, cannot protect upper-layer smart contracts or constrain internal node behavior;
3. Precedent formed: in major contract vulnerabilities, governance circles can adjust token supply via hard fork. To Bitcoin fundamentalists, this is unacceptable rule intervention.
Bitcoin Core camp resists controversial hard forks, fundamentally rejecting the precedent that "a small circle can modify monetary rules."
CORE has already made hard forks a routine crisis management tool.
5. Summary
The 8.31 hard fork is not a simple bug fix but a watershed between two blockchain philosophies.
Hashrate can be outsourced, security can be borrowed; but Bitcoin's soul is multi-party checks and balances, fixed monetary rules, and a full-node system independently verifiable by ordinary people.
CORE borrows Bitcoin hashrate to build the BTCFi narrative, taking an efficiency-first path; Bitcoin Core upholds decentralized checks and balances, maintaining monetary rule stabilityThis move was mostly fueled by the strong market sentiment. I threw a few gold coins into the trade, and somehow they landed right on my head. 😂💰 While everyone was chasing the pump, I was watching the $0.0515 area. The move started losing volume, selling pressure was building, and the risk/reward on the short side began to make sense. Then I stepped away for a moment… came back and saw AKE around $0.0329. 😳 From my entry, that turned into roughly +723% ROI. I honestly froze for a second. I’vEveryone has been asking about my ZEC position, and some even say I’m gambling. Honestly, these past 10 days have tested my mentality more than I expected. At dawn, I finally cut the position and accepted a 3,916U loss. I’m not admitting defeat. I’m acknowledging my mistake. The important thing is what comes next: no revenge trading, no chasing, no trying to win it all back in one move. I’m resetting, protecting my remaining capital, and saving bullets for better setups. ZEC is still a very acti$PONS
#美债长端利率持续攀升，融资压力升温
The pressure is real, but it’s not yet a “story collapse,” more like a 0.64–0.66 supply zone + a secondary repricing after the launch fee retreat.
CoinCodex 9/26 data: current price about 0.6411, 7-day -4.56%; short-term model is bearish, next few days target 0.6456→0.5801→0.5339→0.5109→0.4980;
Watch:
1) 0.59–0.62 volume contraction stop decline, EMA21/0.60 psychological level holds;
2) Robinhood chain launch fees and launch counts stop falling;
3) BTC don’t dump at this time.
On the left side, just wait for 0.53–0.56 fee data to stop falling; on the right side, only recognize recovery above 0.73. Not investment advice.US long-term Treasury yields surge again🔥, pressure on BTC arrives
10-year at 5.2%, 30-year breaks 5.5%, hitting a new high since 2004
This rise is no longer just about rate hike expectations; term premium is rising, capital starts to shun Treasuries, demanding higher risk compensation
Triple pressure resonance:
✅ US total debt exceeds 40 trillion, interest payments surpass defense spending
✅ AI giants aggressively issuing bonds, competing for market funds
✅ Oil prices break 100, inflation stickiness strong, Fed officials collectively hawkish, 70% chance of rate hike in October
Risk-free rates rise, opportunity cost of holding BTC increases
BTC falls from 87,000 to around 83,000, capital continuously withdrawn by Treasuries
#美债长端利率持续攀升，融资压力升温
$BTC $ETH $ZEC #BTC现货ETF连续6日吸金超28亿美元 Just imagine this scenario: What if institutions are pouring billions into spot BTC ETFs, but instead of simply betting on higher prices, they are simultaneously using derivatives to build large short positions? On the surface, the headline looks extremely bullish—more than $2.8 billion flowing into spot Bitcoin ETFs over six consecutive sessions. But imagine the opposite interpretation: institutions accumulate spot exposure while using futures or other derivatives to hedge$ETH
ETH is at a pretty interesting position right now.
The daily trend hasn't broken, but the 4-hour chart has already been compressed into a line, with 2645 holding the bulls' lifeline and 2740 pressing down the bears' head.
The longer it consolidates, the bigger the subsequent volatility tends to be.
I'm still leaning bullish, but not chasing.
Waiting for a pullback or a breakout.
The most costly mistake in crypto is never missing out,
it's getting the direction right but dying at the position.Been holding this one for more than 2 years. Bought near the $3 zone, kept averaging through the brutal drawdown, and finally brought my average down to around $0.52. Now FET is showing signs of life again 👀 — recently climbing from roughly $0.15 to $0.24, with strong volume returning to the market. The bigger story is still AI. The Artificial Superintelligence Alliance is building decentralized AI infrastructure around agents, compute, developer tools and open-source development. There was alsCircle's cirBTC issuance surpasses 5,000 tokens, a hundredfold increase in two months Circle's cirBTC issuance has already surpassed 5,000 tokens. Public data previously showed that in mid-August, there were only about 40 cirBTC tokens, a hundredfold increase in just two months. Supported 1:1 by BTC, cirBTC essentially transforms native BTC into an asset that can be integrated into on-chain lending, trading, and settlement systems.
What truly deserves attention in this news is not the 5,000 tokens, but the growth rate.
The propagation logic is: BTC is custodial→ minted as cirBTC→ enters on-chain DeFi→ → BTC can be used as collateral to borrow USDC. BTC can release liquidity without selling→ improving institutional BTC capital efficiency.
Circle has recently further integrated this chain, allowing eligible institutions to deposit BTC and mint cirBTC through Circle Mint, and obtain USDC liquidity through supported lending markets.
But here, it's also important to distinguish between "issuance growth" and "real demand." If cirBTC is only minted and on-chain lending, trading, and collateral scale hasn't grown in tandem, then 5,000 more coins represent product adoption, not necessarily DeFi funds have fully entered.
In my personal judgment, I focus more on three indicators for the next phase: whether cirBTC issuance can continue to grow, whether lending and collateral scale can expand, and whether liquidity on Arc and Ethereum can continue to improve.
If the issuance volume is high⚠️ $ZEC Traders, Be Careful $ZEC has been trapped between 1500–1700 for nearly two weeks, repeatedly defending the 1450 support zone. The trend looks bearish, but every dip is being aggressively bought. $ZEC is around 1532, with bulls and bears almost balanced. My short from 868.79 is still under pressure, despite the recent drop from 1601 to 1532. Why is the downside so difficult? 1️⃣ ETF accumulation is reducing available supply. 2️⃣ Negative funding suggests heavy short positioning, creating#US long-term Treasury yields continue to rise, financing pressure intensifies
US long-term Treasury yields continue to rise, financing pressure intensifies
The 30-year US Treasury yield once touched 5.446%, a new high since 2004; the 10-year yield rose above 5.15%, the highest since July 2007. The sell-off in US Treasuries has spread globally, with Japan's 10-year government bond yield rising to the highest since 1996, and UK and German government bonds simultaneously hitting multi-year highs.
Financing pressure is being transmitted from two directions. The US federal debt has surpassed $40 trillion, and high interest rates are gradually passing through to interest expenses as debt rolls over, increasing refinancing pressure on existing debt. Meanwhile, AI giants are issuing large amounts of bonds to compete for capital, and foreign demand is shifting toward US risk assets rather than government bonds, further pushing up term premiums.
For the crypto market, risk-free rates above 5% continue to suppress valuations. BTC is currently around 83,900, having retreated this week from a high of 87,374, fluctuating between 83,000 and 85,500. ETH is about 2,690, showing weaker correlation.
Two operational tips: If you have a position, set a stop loss below 83,000; if you are out of position, wait for a pullback to stabilize between 83,000-83,500 before entering. In a high interest rate environment, do not chase highs. $BTC $ETH $SOL Oil prices plunge, is the tightening spell on ETH loosening?
Today, international oil prices fell about 2.3%, with WTI approaching $92. Progress is reported in US-Iran negotiations over the Strait of Hormuz, shifting the market from supply panic to easing expectations.
Core transmission chain: Oil prices → Inflation → Interest rate hikes → ETH. High oil prices push up inflation and tightening expectations, suppressing crypto assets; a drop in oil prices alleviates macro pressure. Previously, when oil prices fell, ETH surged 1.21% in 15 minutes, jumping from $2608 to $2807.
Currently, ETH is around $2689, up 2.39% for the week, combined with lower US Treasury yields and ETF inflows, easing pressure for now. Tom Lee remains optimistic about ETH challenging previous highs within the year.
Next, watch if oil prices continue to weaken. If negotiations advance, ETH may receive sustained support; if geopolitical tensions fluctuate, pressure may return. What do you think? Discuss in the comments.
⚠️ For market analysis only, not investment advice. Lessons Learned from New DEX Coins (Part Seven)
Originally thought that new coins just launched on the $PUMP platform, within two hours, are easily drained of liquidity and instantly go to zero, so I specifically chose new coins from $PONS v2, like the two below.
As a result, one ELITZA is a Pixiu coin (can only buy, cannot sell), and one XPAD instantly plummeted to 5 zeros; invested 19u and got back 1u, losing 18u.
A slight consolation is that the $PUMP #Strategy proposal to issue daily dividends for preferred shares led to a surge in the platform's YAP; sold 12,000 to recover 50u, continuing to look for suitable targets to speculate on.
This YAP has already recovered the principal and 50u profit, with 5,000 remaining. Originally didn't want to sell, hoping to gamble on Golden Dog? But I am unwilling to invest more principal in DEX. The only one bought these two days gave excess returns, basically breaking even for these two days' earnings.
Please continue to follow and feel free to comment and discuss.
#特朗普据悉拒绝7天方案，霍尔木兹重开再生变 At 8 PM on Saturday, Bitcoin is currently quoted at about $83,950, down slightly by around 0.3% for the day, basically moving sideways within a narrow range between 83,800 and 84,200 all day with little significant movement.
Today's market is "looking okay during the day, but sentiment is a bit tense at night." During the day, ETFs still reported net inflows; the US spot Bitcoin ETF has attracted funds for six consecutive trading days, totaling over $2.8 billion, with BlackRock's IBIT remaining the main buyer. The institutional line remains intact, which is the most solid foundation of the market. But the Bitget hack incident is fermenting at night. The exchange confirmed that its hot wallet was attacked, involving about $350 million. On-chain analysts point to North Korea's Lazarus Group, and the CEO just announced a bounty recovery plan tonight. Such news definitely suppresses short-term sentiment, especially since weekend liquidity is thin, which tends to amplify volatility.
On the macro side, there is no easing either. The 10-year US Treasury yield remains near 5.2%, the highest since 2007. The opportunity cost of holding non-interest-bearing assets is evident, severely limiting Bitcoin's upside potential.
My personal view tonight is cautious. The support zone between 83,600 and 83,000 held throughout the day, but given poor weekend liquidity, a nighttime spike test cannot be ruled out. The resistance zone between 84,680 and 84,950 is short-term pressure; until there is a breakout with volume, I will not consider the rebound a reversal. ETF inflows are a slow variable; they can provide a floor but cannot support a sharp rise. $BTC $ETH $XAUT BTC stealthily ate the good news at midnight, pushing all the way to 85224, up 1.96%, with 84000 holding steady for a rebound. If it holds above 85000, it aims for 87000; if it can't break 86000, it will still pull back to 84000. It is the anchor of the whole market; when it coughs, all the old coins catch a cold. 😅
As for some DeFi old coins, when they rise, they claim to have a narrative; when they fall, they say they are shaking out weak hands. The most volatile one rose 3%, looking fierce, but behind it carries unlocked sandbags, gasping at every resistance. The most stable one has moderate volatility, neither falling deep nor rising sharply; if volume increases but key levels aren't broken, it's just accompanying the big brother for a walk. The rest? Just ask—they're in recovery.
Summary: If BTC doesn't hold steady, all old coins are just running alongside. Don't get itchy-handed if resistance isn't broken; wait for a pullback before getting on board. Don't get excited when green, and don't play dead when red. $BTC #FederalReserveResumesRateHikes, why does BTC still show resilience?
$BTC $ETH $SOL
#BTCSpotETFAttractsOver$2.8BIn6Days
#USLongTermBondYieldsKeepRising, FinancingPressureHeatsUp 50x short on ZEC, got a harsh lesson from the independent rally of privacy coins
Brothers, I thought BTC was consolidating and altcoins wouldn't have big moves, so I reversed to short ZEC. But privacy coins directly broke away from the main market with a sharp rally, giving me a harsh lesson.
Position data
Two 50x short positions on ZEC perpetual contracts
Isolated short: entry price 816.16, unrealized loss -1009.39 USDT
ZEC cross margin short: entry price 816.99, unr#GoldVsHighRates You’ve captured the most contradictory point in the current market perfectly.
*The data is indeed bearish:*
Below $80K-$85K there’s $5.2B in liquidations, while above $87K-$90K there’s only $2B. The normal logic is: the whales go for the long liquidity, so pushing down is the most profitable move. That’s why everyone writes the “downside script” with a target of $80K-$82K.
*But your latter point shows expert thinking: when everyone is watching the same script, the script becomes a trap 👀*
1. *Who is shorting now?* $15.9B in options expire today, $85K is the biggest support, and there’s a $226M sell wall at $88K-$90K. If there’s $5.2B below, smart money will first push up to $87K-$90K, eat that $2B short liquidity + trigger the stop losses at $88K-$90K, then turn around to eat the $5.2B below. This is called *eating both ways*, professionally known as long squeeze then short squeeze.
2. *Why can $84,583 hold?* BlackRock IBIT was still net inflow yesterday +1,155 BTC ($97M), with $2.84B inflow over 6 days. If they really wanted to take the $5.2B liquidity below, IBIT’s spot buying should have stopped yesterday, but it didn’t, it kept buying. This shows big money doesn’t want it to go down now. "3 AM, K-line keeps me awake"
$BTC hovers around 84,104, rising hesitantly. Last night it just touched 85,258, then immediately dropped to 83,174; I hesitated for a second, it turned hostile, just as I was about to sell, it climbed back to 84,000. It's like someone is watching my small stake, drawing gates back and forth, both bulls and bears getting slapped.
$ETH is even more tormenting, at 2,693, slightly up. It can't break 2,742, nor fall below 2,700, holding it feels like being imprisoned, afraid to short, afraid to go long. It plays dead every day, and I find excuses for it every day.
Only $BCH feels like suddenly sobering up, at 345.6, up 3.59%. The 327 position was trapped, but it was pulled past 346 in the middle of the night, finally showing profit in the account. But once profit appears, the mind gets even more chaotic: sell, afraid it will soar; don't sell, afraid it will crash. The mindset and taking profits, two little devils fought all night.
Later I thought, the market never takes responsibility for resolving indecision. Set your take-profit and stop-loss, and leave the rest to discipline. Coming out in the green is already a dignity earned through tuition. Trade rationally, don't get emotional.
#BTC现货ETF连续6日吸金超28亿美元 #美债长端利率持续攀升，融资压力升温 After counting everything, this short position is currently down 200+ U net. That’s exactly why I’m still holding it. My bearish view on $ETH hasn’t changed — I believe the downside can still come, but the market decides the timing. The short was opened around $2,640 and is currently showing nearly 800 U floating loss. However, I previously reduced the position and realized around 544 U in profit, bringing the effective drawdown to just over 200 U. ⚠️ Previous profits can cushion the drawdown, b$LTC is really frustrating
Watching too much makes it hard to keep up
Otherwise, 58 is a good position to open a trade
A single wrong trade not only drains mental energy
But also causes missed opportunities due to capital being tied up $ZEC is attracting another big player. 🐋 Fresh capital appears to have entered the market again, and this time the position is reportedly a large short worth around $44 million. According to the position data, the trade was opened around the 24th, with an entry near 1468 and roughly 29,000 ZEC in size. At the current price, the position is reportedly sitting on an unrealized loss of around $2 million. What makes this interesting is that the three largest visible positions are currently shorts. 😮💨 It's really exhausting, clearly breaking through but not pulling up for a long time.
Sideways back and forth repeatedly washing out, rising a little then dropping sharply, easily wearing out the patience of those who just turned bullish. Looking back at many big moves, before the start and acceleration, there is always this stage of chip turnover.
Now I no longer worry about how long the grind will last, focusing on observing the support strength at the lower boundary of the range 👀
Every dip is met with buying, the lows don’t continue to move down, chips are slowly exchanging hands. Coupled with continuous ETF capital inflow and the earlier leverage mostly cleared, the gold content of this consolidation range is getting higher and higher.
What I look forward to most is the moment of a volume breakout above the upper boundary 🔥
If we can endure this torturous consolidation and BTC can successfully break through resistance, all the current suffering is just building momentum for the next move. The only fear is that when everyone is worn out and leaves, the market suddenly takes off.
#BTC现货ETF连续6日吸金超28亿美元 $BTC $ETH This is not a phase of chasing gains, but more like a game of narrative repricing. Have you ever suddenly found yourself unsure of what you're buying while watching the market? In the past two days, I revisited the underlying logic of BTC, FIL, and SOL, and suddenly realized that the market has been trading three completely different things. BTC is priced for scarcity and security; the supply contraction after halving makes it more like a macro risk appetite thermometer. FIL trades on the real demand for decentralized storage, but there's a neglected point: competition in the storage sector and the token release schedule make its narrative easily dragged down by weak actual usage. SOL stands on the other side; its high throughput and low fees make it a proxy for on-chain activity—the hotter the ecosystem, the more risk appetite leans toward it. But what the market is really trading now may not be technological differences, but differences in expectations. BTC's safe-haven attributes have been partially priced in advance, and the capital structure has changed after ETFs. SOL's strength hides concerns about network reliability; every congestion or outage causes some hesitation. FIL's problem is more direct: the story is attractive, but the demand curve hasn't caught up with supply release, and this mismatch easily causes impatience during volatility. My own feeling is that FOMO and fatigue are happening simultaneously. The call for an altcoin season is loud, but funds haven't been fully deployed; instead, they keep jumping back and forth among several narratives, which is typical narrative fatigue. The more bullish path is that after BTC stabilizes, risk appetite spills over, SOL absorbs active funds, and FIL relies on real storage demand I’ll say it clearly: chasing $ZEC at these levels could leave late buyers trapped near the top. My $ZEC shorts have already moved from break-even into profit. Zooming out to the weekly chart, the need for a healthy pullback looks increasingly obvious—not just for ZEC, but also for $BTC and $ETH . That’s why I’m watching the weekly structure closely. If BTC loses the $79K area, I’d consider taking profit on my longs even with a smaller gain. A deeper correction could then bring $BTC below $78K