何居上

2026-10-25 Market Morning Brief

BTC briefly fell below 80,000 USDT last night, then recovered to around 80,600 this morning. Information is current as of 7:00 a.m. Beijing time. Securities markets are closed; figures below use the latest close on October 23.

【Top Stories】
① Electrum disclosed a high-severity vulnerability affecting versions earlier than 4.8.3. A malicious server could tamper with how unconfirmed transactions are displayed in a wallet. If users manually increased the transaction fee, they might sign a transaction sending funds to an attacker. The official team said it had received two reports, one of which involved a loss of funds. The issue has been fixed in 4.8.3. Users should upgrade through official channels and verify the full address and amount before signing—especially, never rely only on the last few characters of an address.

② On the 24th, Initia disclosed the cause of the attack the previous night: a MoveVM script-cache vulnerability was exploited to bypass checks and forge balances. The project said about $2.7 million was transferred out before the chain was halted, and stressed that no new INIT was issued and the total supply was unchanged. At the time of the update, the network remained paused while the team worked on a fix and asset recovery. Watch for audit findings, a restart announcement, and the actual amount recovered.

③ On October 23 U.S. Eastern Time, publicly reported figures for U.S. spot Bitcoin ETFs showed combined net outflows of about $138 million, with some individual fund figures still pending. Watch whether outflows continue on the next trading day; the current figure may also be supplemented or revised.

【Hong Kong Stocks】
Latest trading day, October 23: the Hang Seng Index closed at 23,093, up 0.69%; the Hang Seng Tech Index closed at 3,871, up about 2.1%, with main-board turnover of about HK$249.8 billion. MINIMAX rose nearly 17% and Zhipu gained more than 8%, while most bank and Chinese telecom stocks fell. Despite Friday’s rebound, the Hang Seng Index was still down 4.52% for the week, and the Tech Index fell nearly 6%. It is worth monitoring whether technology stocks can sustain their recovery.

【Securities Markets】
On October 23, China’s A-share market closed with the Shanghai Composite at 3,690, up 0.89%; the Shenzhen Component at 11,673, up 2.79%; and the ChiNext Index at 2,684, up 4.16%. Humanoid robotics stocks rose, semiconductors stabilized, and bank stocks weakened.
In the U.S. on October 23 local time, the Dow closed at 52,215, down 1.2%; the S&P 500 at 7,623, down 0.5%; and the Nasdaq at 25,955, down 0.2%. AT&T and T-Mobile both fell nearly 8%, while Chevron rose nearly 3%. Next week, watch the Federal Reserve’s policy meeting on October 27–28 U.S. local time; the policy decision has yet to be announced.

【Trending Tokens】
Binance spot prices sampled at 07:00:20 Beijing time, in USDT; changes are rolling 24-hour figures:
$BTC 80,630.04, -0.30%;
$ETH 2,348.29, -0.85%;
$ZEC 1,204.72, +2.76%;
SOL 101.63, -0.76%;
NEAR 4.472, -3.75%.
Among the five high-volume samples this round, ZEC rose, while NEAR had the largest decline. Continue watching trading volume and volatility over the weekend.

$SOL This hour, let’s start with the actual data in front of us.

Binance Spot, Oct. 24, 20:05–21:05 (Beijing time): up 0.31%, with a trading volume of 3.7146 million USDT, 1.21 times that of the previous hour. The closing price for the period was 101.73 USDT.

Trading volume was higher than in the previous hour, but an increase in volume alone can’t identify who was participating or prove that the price will continue to rise. Price movements and trading volume answer different questions, so let’s look at the figures alongside the time period.

What will you watch first in the next hour: price movement or trading volume?

#SOL #MarketWatch

$GSB For this hour, let’s first look at the actual data in front of us.

Binance Spot, 10/24 18:30–19:30 (Beijing time): up 0.14% over the hour, with a trading volume of 295.13 USDT, 2.1 times that of the previous hour. The closing price for the period was 876.97 USDT.

These figures describe this spot trading pair on Binance. They cannot directly represent trading across the entire market, nor can they alone explain the reasons for the change.

Trading volume was higher than in the previous hour, but the increase alone cannot identify who participated or prove that the price will continue in the same direction. What other verifiable data should we watch next? Let’s first be specific about the conditions we’ll monitor.

#GSB #Market Watch

For $SECZB ’s market action, it’s a good chance to talk about “not mixing up the units for trading volume and trading value.”

Trading volume can be expressed as the quantity of the base asset, while trading value is measured in the quote asset of the trading pair. The two records for the same trade describe the same thing, but use different numbers and units. An increase in the quantity of a coin traded does not necessarily mean that its value in the quote asset has increased by the same proportion. You also can’t directly compare the number of coins traded across different cryptocurrencies to gauge trading size.

Here are the actual figures for comparison: Binance spot, 10/24 17:00–18:00 (Beijing time): down 0.26% over the hour, with a trading value of 246.39 USDT, or 0.84 times that of the previous hour. The closing price for the period was 7.81 USDT.

When you see “high trading volume,” first check the units: is it the number of coins, or the value in the quote asset? Is the time period the same?

#SECZB #CryptoChatter

$CBRSB This hour, let's first look at the actual figures.

Only by aligning the two consecutive time windows can we tell which period the change came from; rolling statistics are not the same as performance since the start of today.

Binance Spot, 10/24 15:30–16:30 (Beijing time): down 0.09% this hour, with a trading volume of 52.72 USDT, 0.006774338223 times that of the previous hour. The closing price for the period was 110.27 USDT.

Trading volume during this period was lower than in the previous hour. Look at the actual amount first, then compare it with the next complete data period. You can't judge trading activity based on price movements alone. When you make comparisons like this, do you usually note both the time window and the absolute trading volume?

#CBRSB #MarketWatch

Hey everyone, let’s talk about “what market orders and limit orders each constrain,” using this data for $NOKB as a reference.

Binance Spot, 10/24 14:00–15:00 (Beijing time): down 0.12% over the hour, with a trading volume of 2,107.91 USDT, 9.92 times that of the previous hour. The closing price for the period was 8.14 USDT.

Market orders generally prioritize execution at available quotes; the final price depends on the actual matching process. Limit orders constrain the acceptable execution price, but may not be filled immediately after being placed, and may be only partially filled. A price limit and a completed trade are not the same thing. Whether a specific order is accepted and how it is executed also depends on the trading venue’s rules and the order type.

When reviewing order results, check the order price, filled quantity, and remaining quantity separately. Don’t mistake “order placed” for “order completed.”

#NOKB #CryptoChitChat

$TQQQB For this hour, let’s first look at the actual data in front of us.

Binance Spot, 10/24 12:30–13:30 (Beijing time): down 0.09% over the hour, with a trading volume of 4,017.68 USDT, 2.11 times that of the previous hour. The closing price for the period was 66.55 USDT.

These figures describe this spot trading pair on Binance. They cannot directly represent trading across the entire market, nor can they alone explain the reasons for the change.

Trading volume was higher than in the previous hour, but the increase alone cannot identify who participated or prove that the price will continue in the same direction. What other verifiable data should we watch next? Let’s make the conditions for observation more specific first.

#TQQQB #MarketWatch

Let’s talk about something that’s easy to confuse: the spread between the best bid and best ask.

The highest bid and lowest ask in the order book are usually different. The difference between them is called the bid-ask spread. The latest traded price records only the most recent trade; it doesn’t guarantee that another trade can be completed at the same price right now. Quotes also change as orders are added, canceled, and filled. Understanding the difference between these three prices is key to making sense of the seemingly different numbers on the page.

When checking quotes, look at the latest traded price, the best bid, and the best ask separately, then confirm which one the page is displaying.

#CryptoBasics

When you see a large multiple in trading volume, do you first look at how small the baseline was, or at how much was actually traded in the current period?

First, let’s look at the data in front of us: $RPL Binance spot, 10/24 09:30–10:30 (Beijing time). The price rose 0.59% over the hour, with a trading volume of 3,876.81 USDT, or 1.79 times that of the previous hour. The closing price for the period was 1.523 USDT.

The multiple of the previous trading volume depends on both the current volume and the baseline volume. If the previous period was particularly quiet, the multiple can still be high even if the amount traded in the following period wasn’t large. If the baseline is zero, the multiple cannot be calculated by division, so it should not be described as infinite growth in volume. Relative multiples and absolute amounts should be recorded separately.

#RPL #CryptoChatter

$AMZNB For this hour, let's first look at the actual data.

Binance Spot, 10/24 07:55–08:55 (Beijing time): down 0.09% over the hour, with a trading volume of 1,548.92 USDT, 0.36 times that of the previous hour. The closing price for the period was 248.75 USDT.

Trading volume was lower than in the previous hour. Look at the actual amount first, then compare it with the next complete set of data; don't judge trading activity based on price movements alone. Price changes and trading volume answer different questions, so look at the figures alongside the time period.

For the next hour, which will you watch first: the price movement or the trading volume?

#AMZNB #MarketWatch

2026-10-24 Market Morning Brief

Hong Kong and A-shares rebounded on Friday, while the three major U.S. stock indexes closed lower. Oil prices rose more than 3%, and BTC was trading around 80,900 USDT this morning. News is current as of 7:00 a.m. Beijing time. Weekend securities market data uses the October 23 close.

【Top Stories】
① Bitcoin Core has merged changes to its security disclosure policy, adding a category for vulnerabilities that are “easy to rediscover.” Issues in this category will be fixed as soon as possible in major versions that are still maintained, with security advisories issued at the same time. Node operators should watch for the official patched release. This policy change is not itself a report of a new vulnerability.

② On October 22 U.S. Eastern time, U.S. spot Bitcoin and Ethereum ETFs saw net outflows of approximately $636 million and $111 million, respectively. These figures are for a verified trading day; data for October 23 is not yet complete. Watch whether redemptions continue, but a single day's fund flows cannot be taken as a direct indication of the next day's crypto price direction.

③ Japan released its September CPI data on the 23rd: both headline inflation and inflation excluding fresh food were 2.1% year over year, while inflation excluding both food and energy was 2.4%. The next focus is how the central bank assesses price changes, and what policy decisions it makes going forward.

④ On October 23, Brent crude futures settled at $116.72 per barrel, up 3.1%, while WTI crude futures settled at $103.27 per barrel, up 3.8%. Energy costs are once again in focus. Watch whether oil's rally continues and whether it feeds through to business costs.

【Hong Kong Stocks】
On October 23, the Hang Seng Index closed at 23,093, up 0.69%; the Hang Seng Tech Index closed at 3,871, up about 2.1%, with main-board turnover of approximately HK$249.8 billion. Zhipu rose more than 8%, MINIMAX gained nearly 17%, and BYD rose more than 6%. However, the Hang Seng Index was still down 4.52% for the week, so one day's rebound has yet to erase the week's losses.

【Securities Markets】
On October 23, the Shanghai Composite closed at 3,690, up 0.89%; the Shenzhen Component closed at 11,673, up 2.79%; and the ChiNext Index closed at 2,684, up 4.16%. Humanoid robotics stocks rose, semiconductors stabilized, and bank stocks fell.
U.S. market close on October 23 local time: the Dow closed at 52,215, down 1.2%; the S&P 500 at 7,623, down 0.5%; and the Nasdaq at 25,955, down 0.2%. AT&T and T-Mobile both fell nearly 8%, while Chevron gained nearly 3%, with sharp divergence across sectors continuing.

【Popular Tokens】
Sampled from Binance spot at 07:03:47 Beijing time. Prices are in USDT; changes are rolling 24-hour figures:
$BTC 80,891.10, -0.58%;
$ETH 2,370.57, -0.60%;
$PEPE 0.00000456, +3.87%;
ZEC 1,177.57, -2.71%;
SOL 102.39, -0.95%.
Among the five actively traded samples, PEPE rose while the other four fell. Over the weekend, watch whether this divergence continues and whether trading volume increases alongside it.

$LITEB This hour, let's first look at the actual data in front of us.

Binance spot, 10/23 20:05–21:05 (Beijing time): down 1.48% over the hour, with a trading volume of 46,700 USDT, 2.41 times that of the previous hour. The closing price for the period was 769.16 USDT.

These figures describe this spot trading pair on Binance. They do not directly represent trading across the entire market, nor can they on their own explain the reasons for the change.

Trading volume was higher than in the previous hour, but the increase alone cannot identify who was trading or prove that the price will continue in the same direction. What verifiable data should we watch next? Let's first be specific about what to look for.

#LITEB #MarketWatch

$ACT This hour, let’s first look at the actual data in front of us.

We’ll keep waiting for a complete window so we can compare it later. Would you rather check the process, or see the results for the period first?

Binance Spot, 10/23 18:30–19:30 (Beijing Time): price rose 0.22% this hour, with a trading volume of 9,047.36 USDT, 1.17 times that of the previous hour. The closing price for the period was 0.00891 USDT.

The start and end points of this hour can only summarize the change over the period; more detailed data is needed to show the fluctuations in between. Trading volume was higher than in the previous hour, but the increase alone cannot identify who participated, nor does it prove that the price will continue in the same direction.

#ACT #Market Watch

When looking at a "latest" market update, besides the page update time, also check the data cutoff time to confirm whether they come from the same window.

First, let’s look at this set of data $EWYB : Binance spot 10/23 17:00–18:00 (Beijing time), during which this hour fell 0.65%, with trading volume of 29.7 thousand USDT, 2.01 times that of the previous hour. The closing price for the period was 151.01 USDT.

A freshly refreshed page does not mean every number on it was just generated. Data may have separate statistical cutoff, publication, and collection times, each describing a different stage. Re-fetching old data only updates the retrieval action; it does not turn the original market data into new data. When citing real-time numbers, you should first confirm until when they actually cover.

#EWYB #crypto chat

$ROBO This hour, let’s start with the actual data in front of us.

Binance Spot, 10/23 15:30–16:30 (Beijing time): down 0.82% this hour, with a trading volume of 7,183.96 USDT, 0.87 times that of the previous hour. The closing price for the period was 0.00608 USDT.

Trading volume was lower than in the previous hour. Look at the actual amount first, then compare it with the complete data for the next period. Don’t judge trading activity based solely on price movements. Price changes and trading volume answer different questions, so let’s look at the figures alongside the time period.

Which will you focus on first in the next hour: price movements or trading volume?

#ROBO #MarketWatch

When looking at $BMNRB , let’s talk not only about the numbers themselves, but also how to read them.

Binance spot, 10/23, 14:00–15:00 (Beijing time): over this hour, the price rose 0.26%, with a trading volume of 20,600 USDT, 1.17 times that of the previous hour. The closing price for the interval was 22.82 USDT.

There’s no guarantee that trades will occur at every price between two levels: market prices are formed by actual order matching, and the visible price levels and quantities are constantly changing. When prices move quickly, consecutive trades may skip some prices. Even when a chart connects the points, that doesn’t mean trades could have occurred at every price in between. Imagining the actual execution process as a continuous price curve can make it easy to overlook the constraints of the order book and the sequence of events over time.

When discussing whether the “price passed through” a certain level, first distinguish between a line on a chart, a quoted price that appeared, and an actual trade—then consider the time interval involved.

#BMNRB #CryptoChatter

$MRVLB For this hour, let’s first look at the actual data available.

We’ll continue waiting for a complete window before comparing. Would you rather check the process or see the results for the period first?

Binance Spot, 10/23 12:30–13:30 (Beijing time): up 0.14% over the hour, with a trading volume of 30,700 USDT, 0.83 times that of the previous hour. The closing price for the period was 226.61 USDT.

The starting and ending points of this hour can only summarize the change over the period; more detailed data is needed to understand the fluctuations in between. Trading volume was lower than in the previous hour. Let’s look at the actual amount first, then compare it with the next complete set of data. We can’t judge trading activity based on price movements alone.

#MRVLB #MarketWatch

When checking a transfer, review the networks supported by both parties and the recipient’s requirements one by one. Don’t judge based only on the asset name or how the address looks.

This question is about checking the network even when transferring assets with the same name.

The same asset name does not mean that it can be transferred across any network or payment method. A transfer involves the sending network, the networks supported by the recipient, the address format, and any additional information that may be required. A balance shown on one platform does not replace the deposit instructions provided by the other party. Checking these details is part of confirming the transfer destination; it is separate from assessing whether the asset’s price will rise or fall.

#CryptoKnowledge

Guys, let’s talk about “reviewing the reasoning process separately from the individual outcome,” using this data from $COINB as a reference.

Binance spot, 10/23 09:25–10:25 (Beijing time): it rose 0.07% over the hour, with a trading volume of 18,700 USDT, 1.07 times that of the previous hour. The closing price for the period was 169.09 USDT.

A good outcome doesn’t mean every step in the reasoning process was well-founded; a poor outcome doesn’t automatically mean that none of the observations were valuable. Markets are uncertain, so evaluating the process should involve looking back at the information, assumptions, and verification criteria available at the time. Recording the outcome and the process separately helps clarify whether the reasoning needs to be revised or whether the expectations were simply too certain to begin with.

When reviewing, try making two columns: what the judgment was based on at the time, and what actually happened afterward. Fill out both columns before drawing a conclusion.

#COINB #CryptoChatter

$PENDLE For this hour, let’s first look at the actual data.

Binance Spot, 10/23 08:00–09:00 (Beijing time): up 0.64% over the hour, with a trading volume of 46,700 USDT, 0.75 times that of the previous hour. The closing price for the period was 2.06 USDT.

These figures describe this spot trading pair on Binance. They do not directly represent trading volume across the entire market, nor can they explain the reasons for the change on their own.

Trading volume during this period was lower than in the previous hour. Let’s look at the actual amount first, then compare it with the next complete set of data. We can’t judge trading activity based on price movements alone. What verifiable data should we look at next? Let’s be more specific about what to monitor.

#PENDLE #Market Watch