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10年老韭加密研究中心
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10年老韭加密研究中心

前金融从业者 金融市场策略|数字资产研究 全球宏观 用数据看市场,用事实拆叙事 用金融思维拨开涨跌中的迷雾,穿透盈利的本质 绑定邀请码享21%自动返佣——10205677
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How does the 10-year US Treasury yield connect to the crypto market?The US 10-year Treasury yield has already moved close to 5.3%. On the surface, this news is about bonds, but what really matters is: The US dollar, global liquidity, BTC, and the development of RWA next. First, look at the data. #美国10年期美债收益率逼近5.3% As of October 1, the US 10-year Treasury yield once climbed to 5.31%–5.34%, the highest level since 2002. In September, the one-month rise was about 87 basis points, one of the most intense quarterly increases since 1994. The 30-year Treasury yield has also exceeded 5.6%, similarly approaching the highest levels since 2002. This is no longer ordinary volatility.

How does the 10-year US Treasury yield connect to the crypto market?

The US 10-year Treasury yield has already moved close to 5.3%.
On the surface, this news is about bonds, but what really matters is:
The US dollar, global liquidity, BTC, and the development of RWA next.
First, look at the data. #美国10年期美债收益率逼近5.3%
As of October 1, the US 10-year Treasury yield once climbed to 5.31%–5.34%, the highest level since 2002.
In September, the one-month rise was about 87 basis points, one of the most intense quarterly increases since 1994.
The 30-year Treasury yield has also exceeded 5.6%, similarly approaching the highest levels since 2002.
This is no longer ordinary volatility.
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RWA is moving from “on-chain assets” to “on-chain finance”【Old-Crop Observation】 Recently, this RWA track has begun to show a fairly noticeable change. When people talked about RWA before, it was basically just one sentence: Move traditional assets like stocks, bonds, and funds onto the blockchain. But moving assets onto the chain is actually just the first step. What’s really interesting is that recently, people have started connecting these assets further into DeFi. And this pathway has gradually been connected together. First, look at the asset side. What $ONDO is doing is to turn traditional financial assets like stocks and ETFs into on-chain assets. This year in February, Ondo's SPYon and QQQon have already entered the Morpho lending market and can be used as collateral to borrow other assets.

RWA is moving from “on-chain assets” to “on-chain finance”

【Old-Crop Observation】
Recently, this RWA track has begun to show a fairly noticeable change.
When people talked about RWA before, it was basically just one sentence:
Move traditional assets like stocks, bonds, and funds onto the blockchain.
But moving assets onto the chain is actually just the first step.
What’s really interesting is that recently, people have started connecting these assets further into DeFi.
And this pathway has gradually been connected together.
First, look at the asset side.
What $ONDO is doing is to turn traditional financial assets like stocks and ETFs into on-chain assets.
This year in February, Ondo's SPYon and QQQon have already entered the Morpho lending market and can be used as collateral to borrow other assets.
【Old Leek Observation】$SEI : ETF expectations are heating up, lockup unlock is approaching, what should we watch next? SEI has recently had two developments worth paying attention to. 1. ETF application progress Canary Capital updated its SEI staking ETF application filing, with a plan to use about 90% of the fund’s SEI holdings for staking. If the product is approved and attracts capital inflows, it could increase market demand, but at present, the application progress cannot be equated with actual funds entering the market. 2. Token unlock on October 15 The public unlock calendar shows that SEI is expected to unlock about 55.56 million tokens, accounting for about 0.84% of the circulating supply. An unlock does not necessarily mean immediate selling, but changes in short-term supply may affect price performance. 3. Follow-up focus The ETF approval progress, actual capital inflows, and trading volume and price changes before and after the unlock will determine how much impact these two factors ultimately have on SEI. My view is: SEI has institutional product expectations as a point of attention, but in the short term, the supply pressure brought by the unlock cannot be ignored. {spot}(SEIUSDT) {future}(SEIUSDT)
【Old Leek Observation】$SEI : ETF expectations are heating up, lockup unlock is approaching, what should we watch next?
SEI has recently had two developments worth paying attention to.
1. ETF application progress
Canary Capital updated its SEI staking ETF application filing, with a plan to use about 90% of the fund’s SEI holdings for staking. If the product is approved and attracts capital inflows, it could increase market demand, but at present, the application progress cannot be equated with actual funds entering the market.
2. Token unlock on October 15
The public unlock calendar shows that SEI is expected to unlock about 55.56 million tokens, accounting for about 0.84% of the circulating supply. An unlock does not necessarily mean immediate selling, but changes in short-term supply may affect price performance.
3. Follow-up focus
The ETF approval progress, actual capital inflows, and trading volume and price changes before and after the unlock will determine how much impact these two factors ultimately have on SEI.
My view is: SEI has institutional product expectations as a point of attention, but in the short term, the supply pressure brought by the unlock cannot be ignored.
【Old Leek Watch】 $USUAL Medium-high risk For USUAL, the latest development worth watching is that governance discussions have begun around new growth opportunities. On October 8, a proposal emerged in the community to add tokenized stock assets to Usual V2; on October 9, further proposals were put forward related to treasury marketing budgets and expanding protocol revenue. If these initiatives are approved and implemented, they could bring new growth expectations for the product. However, they should not yet be treated as realized positive catalysts, and the price has not established a clear uptrend. USUAL closed near $0.0118 on October 8, rebounded to $0.0126 on October 10, and then returned to around $0.0124. The key things to watch now are whether it can hold around $0.0120 and whether trading volume picks up again. Entry: $0.0118–$0.0123 Take profit: $0.0132 / $0.0137 / $0.0143 / $0.0150 Stop-loss 1: $0.011 (regular stop-loss) Stop-loss 2: $0.0105 (final line of defense) {spot}(USUALUSDT) {future}(USUALUSDT)
【Old Leek Watch】 $USUAL Medium-high risk
For USUAL, the latest development worth watching is that governance discussions have begun around new growth opportunities.
On October 8, a proposal emerged in the community to add tokenized stock assets to Usual V2; on October 9, further proposals were put forward related to treasury marketing budgets and expanding protocol revenue.
If these initiatives are approved and implemented, they could bring new growth expectations for the product. However, they should not yet be treated as realized positive catalysts, and the price has not established a clear uptrend.
USUAL closed near $0.0118 on October 8, rebounded to $0.0126 on October 10, and then returned to around $0.0124. The key things to watch now are whether it can hold around $0.0120 and whether trading volume picks up again.
Entry: $0.0118–$0.0123
Take profit: $0.0132 / $0.0137 / $0.0143 / $0.0150
Stop-loss 1: $0.011 (regular stop-loss)
Stop-loss 2: $0.0105 (final line of defense)
【Veteran Crypto Trader Watch】 $ARKM ARKM’s recent price action is worth keeping an eye on, but don’t mistake a rebound for a reversal. The price was around $0.122 on October 8 and had recovered to around $0.140 by October 11. Trading volume on October 12 was about $9.1 million, up from approximately $6.54 million the previous day—a sign of improving price and volume. The risk is also clear: the price has already rebounded in the short term, so chasing it at this level may not offer a favorable risk/reward ratio. Next, watch for support on a pullback and whether it can break above the $0.145 area on increased volume. If it pulls back to the watch zone and stabilizes, you can consider an entry. If it surges without volume keeping pace, don’t chase it. Entry: $0.1350–$0.1380 (consider only after a pullback stabilizes) Take profit: $0.1450 / $0.1500 / $0.1560 / $0.1630 / $0.1720 Stop loss 1: $0.1320 (regular stop loss) Stop loss 2: $0.1280 (final line of defense) {spot}(ARKMUSDT) {future}(ARKMUSDT)
【Veteran Crypto Trader Watch】 $ARKM
ARKM’s recent price action is worth keeping an eye on, but don’t mistake a rebound for a reversal.
The price was around $0.122 on October 8 and had recovered to around $0.140 by October 11. Trading volume on October 12 was about $9.1 million, up from approximately $6.54 million the previous day—a sign of improving price and volume.
The risk is also clear: the price has already rebounded in the short term, so chasing it at this level may not offer a favorable risk/reward ratio. Next, watch for support on a pullback and whether it can break above the $0.145 area on increased volume.
If it pulls back to the watch zone and stabilizes, you can consider an entry. If it surges without volume keeping pace, don’t chase it.
Entry: $0.1350–$0.1380 (consider only after a pullback stabilizes)
Take profit: $0.1450 / $0.1500 / $0.1560 / $0.1630 / $0.1720
Stop loss 1: $0.1320 (regular stop loss)
Stop loss 2: $0.1280 (final line of defense)
#代币化股票总市值创39亿美元新高 【Veteran Crypto Investor's Take】$3.9 billion! On-chain players are moving into the stock business Crypto traders used to look down on U.S. stocks, while stock investors weren't necessarily willing to touch crypto assets. Now, the boundaries between these two markets are gradually blurring. The total market capitalization of tokenized stocks and ETFs has reportedly risen to $3.9 billion, a new high. That's still a small figure compared with the overall stock market, but what's notable is that the assets traded on-chain are gradually expanding beyond crypto-native assets to include traditional financial assets. For users, the appeal is straightforward: they want a more flexible way to access stock assets and fewer hurdles when operating across different markets. For the crypto industry, if these products continue to grow, they could bring a new wave of users to on-chain trading—people who didn't previously trade crypto. But there's a key issue: buying a token that represents a stock doesn't necessarily mean you directly own shares in the corresponding company. The legal rights, redemption methods, trading hours, and issuing entities can vary significantly between products. Don't assume that something is an ordinary stock just because its name includes Apple or Tesla. So what matters more to me than whether this $3.9 billion figure keeps rising is whether these products can genuinely lower the barriers to using traditional markets. If buying stocks on-chain becomes increasingly convenient, would you be willing to give it a try? Or, since real assets are involved, would you feel safer using a traditional brokerage? {future}(BTCUSDT) {future}(GTCUSDT) {future}(PYTHUSDT)
#代币化股票总市值创39亿美元新高
【Veteran Crypto Investor's Take】$3.9 billion! On-chain players are moving into the stock business
Crypto traders used to look down on U.S. stocks, while stock investors weren't necessarily willing to touch crypto assets. Now, the boundaries between these two markets are gradually blurring.
The total market capitalization of tokenized stocks and ETFs has reportedly risen to $3.9 billion, a new high. That's still a small figure compared with the overall stock market, but what's notable is that the assets traded on-chain are gradually expanding beyond crypto-native assets to include traditional financial assets.
For users, the appeal is straightforward: they want a more flexible way to access stock assets and fewer hurdles when operating across different markets. For the crypto industry, if these products continue to grow, they could bring a new wave of users to on-chain trading—people who didn't previously trade crypto.
But there's a key issue: buying a token that represents a stock doesn't necessarily mean you directly own shares in the corresponding company. The legal rights, redemption methods, trading hours, and issuing entities can vary significantly between products. Don't assume that something is an ordinary stock just because its name includes Apple or Tesla.
So what matters more to me than whether this $3.9 billion figure keeps rising is whether these products can genuinely lower the barriers to using traditional markets.
If buying stocks on-chain becomes increasingly convenient, would you be willing to give it a try? Or, since real assets are involved, would you feel safer using a traditional brokerage?
10年老韭加密研究中心
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【Veteran Crypto Trader's Watch】 $PYTH
What makes PYTH worth watching this time isn't just its oracle sector positioning, but the increasingly direct link between its revenue and demand for the token.
On October 8, Pyth announced that all revenue the DAO earns from its products will go toward the PYTH reserve. The project disclosed that ARR reached approximately $11.49 million at the end of September, up about 86.5% quarter over quarter.
After the news broke, PYTH briefly rose from around $0.0738 to near $0.0812, with trading volume also increasing significantly. But the price later pulled back, suggesting the market is still digesting the news.
My approach isn't to chase the first move, but to watch how the price holds after a pullback.
Entry: $0.0795–$0.0830 (consider entering only after a pullback stabilizes)
Take profit: $0.0870 / $0.0900 / $0.0940 / $0.0980 / $0.12
Stop loss: $0.0765
The buyback mechanism is a positive, but we'll still need to see how it's implemented and whether revenue can continue to grow.

#比特币期权波动率创五年新低 【Old Leek Watch】BTC is becoming less and less active, making trading even harder Bitcoin options implied volatility has fallen to near a five-year low. That’s not necessarily good news for traders. When the market is highly volatile, it may be hard to tell which way prices will go, but opportunities are obvious. When the market moves sideways for a long time, chasing rallies can leave you stuck holding the bag, while shorting can get you stopped out by a rebound. The worst part is repeatedly entering and exiting positions without a trend ever emerging. Low volatility in the options market reflects lower expectations for future price swings; it doesn’t mean BTC will never make a big move up or down again. So the easiest mistake to make right now is to get bored with the price action and start trying to guess when a major move will happen. I’d rather wait and see whether prices truly break out of their range before deciding whether to follow the move, instead of betting on a breakout just because volatility has hit a new low. {future}(BTCUSDT) {spot}(BTCUSDT)
#比特币期权波动率创五年新低
【Old Leek Watch】BTC is becoming less and less active, making trading even harder
Bitcoin options implied volatility has fallen to near a five-year low. That’s not necessarily good news for traders.
When the market is highly volatile, it may be hard to tell which way prices will go, but opportunities are obvious. When the market moves sideways for a long time, chasing rallies can leave you stuck holding the bag, while shorting can get you stopped out by a rebound. The worst part is repeatedly entering and exiting positions without a trend ever emerging.
Low volatility in the options market reflects lower expectations for future price swings; it doesn’t mean BTC will never make a big move up or down again.
So the easiest mistake to make right now is to get bored with the price action and start trying to guess when a major move will happen.
I’d rather wait and see whether prices truly break out of their range before deciding whether to follow the move, instead of betting on a breakout just because volatility has hit a new low.
【Veteran Crypto Trader's Watch】 $PYTH What makes PYTH worth watching this time isn't just its oracle sector positioning, but the increasingly direct link between its revenue and demand for the token. On October 8, Pyth announced that all revenue the DAO earns from its products will go toward the PYTH reserve. The project disclosed that ARR reached approximately $11.49 million at the end of September, up about 86.5% quarter over quarter. After the news broke, PYTH briefly rose from around $0.0738 to near $0.0812, with trading volume also increasing significantly. But the price later pulled back, suggesting the market is still digesting the news. My approach isn't to chase the first move, but to watch how the price holds after a pullback. Entry: $0.0795–$0.0830 (consider entering only after a pullback stabilizes) Take profit: $0.0870 / $0.0900 / $0.0940 / $0.0980 / $0.12 Stop loss: $0.0765 The buyback mechanism is a positive, but we'll still need to see how it's implemented and whether revenue can continue to grow. {future}(PYTHUSDT) {spot}(PYTHUSDT)
【Veteran Crypto Trader's Watch】 $PYTH
What makes PYTH worth watching this time isn't just its oracle sector positioning, but the increasingly direct link between its revenue and demand for the token.
On October 8, Pyth announced that all revenue the DAO earns from its products will go toward the PYTH reserve. The project disclosed that ARR reached approximately $11.49 million at the end of September, up about 86.5% quarter over quarter.
After the news broke, PYTH briefly rose from around $0.0738 to near $0.0812, with trading volume also increasing significantly. But the price later pulled back, suggesting the market is still digesting the news.
My approach isn't to chase the first move, but to watch how the price holds after a pullback.
Entry: $0.0795–$0.0830 (consider entering only after a pullback stabilizes)
Take profit: $0.0870 / $0.0900 / $0.0940 / $0.0980 / $0.12
Stop loss: $0.0765
The buyback mechanism is a positive, but we'll still need to see how it's implemented and whether revenue can continue to grow.
#fsb警告跨境稳定币监管仍不完善 【Old Leek Watch】Stablecoins are used worldwide, but regulation still hasn’t caught up There is a real-world gap between the scale of stablecoins today and the way they are regulated. Take USDT, for example: a token can move between different countries and exchanges. Users care about how fast transfers are and how convenient it is to transact, but regulators have much more complex questions to answer: Where are the issuer’s reserves held? Who is responsible if redemptions run into trouble? Who investigates after funds cross borders? Can data held by different countries be pieced together? These questions are easy to overlook when markets are calm. But if redemptions surge, reserve assets come under pressure, or risks in one region spread to other markets, information gaps between regulators could become a problem. The FSB’s focus this time is on risk monitoring and regulatory cooperation for cross-border stablecoin arrangements. It is not saying that USDT or USDC have already run into problems. But it does show that regulators do not believe compliance in the place of issuance alone is enough to address risks in global markets. For the crypto industry, this also means that the closer stablecoins get to traditional finance, the harder it will be to sidestep compliance requirements. The most competitive stablecoins in the future may not simply be the ones that make transfers easiest; their reserves, redemption mechanisms, and cross-border compliance will also have to stand up to scrutiny. Of course, tighter regulation does not necessarily mean demand for stablecoins will fall. The question is: will issuers ultimately bear the costs, or will they gradually be passed on to trading platforms and users? {future}(ETHUSDT) {future}(RSRUSDT) {spot}(WUSDT)
#fsb警告跨境稳定币监管仍不完善
【Old Leek Watch】Stablecoins are used worldwide, but regulation still hasn’t caught up
There is a real-world gap between the scale of stablecoins today and the way they are regulated.
Take USDT, for example: a token can move between different countries and exchanges. Users care about how fast transfers are and how convenient it is to transact, but regulators have much more complex questions to answer: Where are the issuer’s reserves held? Who is responsible if redemptions run into trouble? Who investigates after funds cross borders? Can data held by different countries be pieced together?
These questions are easy to overlook when markets are calm. But if redemptions surge, reserve assets come under pressure, or risks in one region spread to other markets, information gaps between regulators could become a problem.
The FSB’s focus this time is on risk monitoring and regulatory cooperation for cross-border stablecoin arrangements. It is not saying that USDT or USDC have already run into problems. But it does show that regulators do not believe compliance in the place of issuance alone is enough to address risks in global markets.
For the crypto industry, this also means that the closer stablecoins get to traditional finance, the harder it will be to sidestep compliance requirements. The most competitive stablecoins in the future may not simply be the ones that make transfers easiest; their reserves, redemption mechanisms, and cross-border compliance will also have to stand up to scrutiny.
Of course, tighter regulation does not necessarily mean demand for stablecoins will fall. The question is: will issuers ultimately bear the costs, or will they gradually be passed on to trading platforms and users?
#以太坊现货etf上周净流出5.42亿美元 【Veteran Investor Watch】Is BlackRock about to pull out? Ethereum spot ETFs saw net outflows of about $542 million last week, marking nine consecutive trading days of outflows and bringing cumulative outflows to about $697 million. More notably, BlackRock’s ETHA alone saw outflows of about $477 million, accounting for nearly 90% of the market’s weekly net outflows. This shows that withdrawals weren’t evenly distributed across all products. But don’t rush to conclude that institutions are all turning bearish: ETF flows reflect the net result of subscriptions and redemptions. They don’t mean that every fund is actively selling its coins, and a single week of data is certainly not enough to determine that Ethereum’s long-term outlook has changed. The two signals I’m watching next are: First, will ETF outflows continue to grow? Second, even if ETFs continue to see outflows, can ETH’s spot price hold steady? If funds keep flowing out and prices continue to weaken, that would suggest buying pressure is under strain. If outflows start to narrow while prices hold steady, the market may already be absorbing some of that selling pressure. {spot}(ETHUSDT) {future}(ETHUSDT)
#以太坊现货etf上周净流出5.42亿美元
【Veteran Investor Watch】Is BlackRock about to pull out?
Ethereum spot ETFs saw net outflows of about $542 million last week, marking nine consecutive trading days of outflows and bringing cumulative outflows to about $697 million.
More notably, BlackRock’s ETHA alone saw outflows of about $477 million, accounting for nearly 90% of the market’s weekly net outflows.
This shows that withdrawals weren’t evenly distributed across all products. But don’t rush to conclude that institutions are all turning bearish: ETF flows reflect the net result of subscriptions and redemptions. They don’t mean that every fund is actively selling its coins, and a single week of data is certainly not enough to determine that Ethereum’s long-term outlook has changed.
The two signals I’m watching next are:
First, will ETF outflows continue to grow?
Second, even if ETFs continue to see outflows, can ETH’s spot price hold steady?
If funds keep flowing out and prices continue to weaken, that would suggest buying pressure is under strain. If outflows start to narrow while prices hold steady, the market may already be absorbing some of that selling pressure.
$FIL The old hand is fine; the trading volume indicator works every time. {spot}(FILUSDT) {future}(FILUSDT)
$FIL The old hand is fine; the trading volume indicator works every time.
10年老韭加密研究中心
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【Veteran Trader Watch】 $FIL
FIL has seen a change over the past few days: trading volume picked up first, but the price has yet to make a decisive breakout. Trading volume was about $63 million on October 5, and had exceeded $210 million by October 9. The price rebounded from around $1.05 to $1.12, but $1.15–$1.18 remains the first resistance zone overhead. The key is not the one-day gain, but whether rising volume can keep pushing the price higher.
On the fundamentals side, Filecoin recently updated its IPFS storage tools, and its long-term direction is increasingly focused on AI data and demand for paid storage. However, a token unlock is expected on October 15, so don’t focus only on the positive news in the short term.
Entry: $1.08–$1.12
Take profit: $1.16 / $1.20 / $1.25 / $1.31 / $1.38
Stop loss: $1.03

$ZRO The old-timer is fine; it broke through several take-profit levels. {spot}(ZROUSDT) {future}(ZROUSDT)
$ZRO The old-timer is fine; it broke through several take-profit levels.
10年老韭加密研究中心
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【Veteran Trader Watch】 $ZRO
ZRO’s rebound is starting to run into resistance.
It was still at $2.19 on October 7, then steadily declined to around $1.96, while trading volume hasn’t cooled off noticeably. The key now isn’t to guess the bottom, but to see whether $1.90–$1.96 can hold. A move back above $2.05 would be the first sign of strengthening.
There are also two dates to keep in mind: approximately 5.92% of the tokens are expected to unlock on October 20, and December 15 is the deadline for exchanging STG for ZRO. There may be short-term trading opportunities, but be wary of selling pressure on any rebound ahead of the unlock.
Entry: $1.90–$1.96 (consider entering only after a successful retest and hold)
Take profit: $2.05 / $2.14 / $2.25 / $2.38 / $2.55
Stop loss: $1.82

#韩国代币化证券拟扩至债券基金 【Old Leek Insights】South Korea Expands Tokenized Securities: Bonds and Funds Are Going On-Chain! When we talked about RWAs before, many people’s first thought was U.S. Treasuries on-chain and earning interest on stablecoins. What South Korea is pushing this time goes beyond traditional fractional investment products such as real estate and art: it plans to bring stocks, bonds, and funds into the tokenized securities framework as well. Traditional finance is trying to move an established asset market onto new infrastructure. Bonds and funds are different from ordinary tokens. Behind them are issuance, registration, custody, investor eligibility, and trading rules. Blockchain can change some processes, but turning an asset into a token doesn’t automatically let it bypass these systems. This also means that the next stage of competition in RWAs may not be about which project issues the most assets, but about who can truly connect with financial institutions, compliant issuance channels, and trading and settlement systems. Still, don’t rush to buy public-chain tokens just because you’ve seen a policy announcement. South Korea’s plan doesn’t specify which chain will benefit, and progress on the regulatory framework doesn’t mean funds will immediately flow on-chain. Here’s something worth considering: if bonds and funds can be tokenized compliantly in the future, who will actually make money—the asset issuers, the institutions providing trading and settlement, or the underlying public chains? The market often lumps these three different propositions together. $ONDO {future}(ONDOUSDT) {future}(LINKUSDT)
#韩国代币化证券拟扩至债券基金
【Old Leek Insights】South Korea Expands Tokenized Securities: Bonds and Funds Are Going On-Chain!
When we talked about RWAs before, many people’s first thought was U.S. Treasuries on-chain and earning interest on stablecoins. What South Korea is pushing this time goes beyond traditional fractional investment products such as real estate and art: it plans to bring stocks, bonds, and funds into the tokenized securities framework as well.
Traditional finance is trying to move an established asset market onto new infrastructure.
Bonds and funds are different from ordinary tokens. Behind them are issuance, registration, custody, investor eligibility, and trading rules. Blockchain can change some processes, but turning an asset into a token doesn’t automatically let it bypass these systems.
This also means that the next stage of competition in RWAs may not be about which project issues the most assets, but about who can truly connect with financial institutions, compliant issuance channels, and trading and settlement systems.
Still, don’t rush to buy public-chain tokens just because you’ve seen a policy announcement. South Korea’s plan doesn’t specify which chain will benefit, and progress on the regulatory framework doesn’t mean funds will immediately flow on-chain.
Here’s something worth considering: if bonds and funds can be tokenized compliantly in the future, who will actually make money—the asset issuers, the institutions providing trading and settlement, or the underlying public chains? The market often lumps these three different propositions together. $ONDO
【Old Leek Watch】#Ledger调查新进展失窃暂集中单一渠道 The supply-chain issue is far too serious. Who would dare buy one after this? Ledger’s latest response says that, based on the information currently available, the theft appears to have been concentrated among devices sold by Southeast Asian distributor CryptoBilis. It also said there is no indication that Ledger’s own security infrastructure, systems, or services were compromised. More notably, Ledger has confirmed that an unauthorized hardware implant was found in a device belonging to an affected user. This shifts the focus of the incident: people were initially concerned that the security mechanisms of hardware wallets might have failed. Now the key question is whether anything was tampered with at any point as the devices moved from production and shipping to delivery by distributors to users. On-chain investigators estimate that the stolen funds may exceed $86 million, but Ledger has yet to confirm the total losses. And finding an anomaly in one device does not mean that all victims were subject to the same attack. This incident is a wake-up call for the entire crypto industry: cold wallets can reduce the risk of online attacks, but they cannot automatically eliminate supply-chain risks. The device’s origin, where it was purchased, and the initialization process can all become security weak points.$BTC $ETH {future}(BTCUSDT) {future}(ETHUSDT)
【Old Leek Watch】#Ledger调查新进展失窃暂集中单一渠道
The supply-chain issue is far too serious. Who would dare buy one after this?
Ledger’s latest response says that, based on the information currently available, the theft appears to have been concentrated among devices sold by Southeast Asian distributor CryptoBilis. It also said there is no indication that Ledger’s own security infrastructure, systems, or services were compromised.
More notably, Ledger has confirmed that an unauthorized hardware implant was found in a device belonging to an affected user.
This shifts the focus of the incident: people were initially concerned that the security mechanisms of hardware wallets might have failed. Now the key question is whether anything was tampered with at any point as the devices moved from production and shipping to delivery by distributors to users.
On-chain investigators estimate that the stolen funds may exceed $86 million, but Ledger has yet to confirm the total losses. And finding an anomaly in one device does not mean that all victims were subject to the same attack.
This incident is a wake-up call for the entire crypto industry: cold wallets can reduce the risk of online attacks, but they cannot automatically eliminate supply-chain risks. The device’s origin, where it was purchased, and the initialization process can all become security weak points.$BTC $ETH
$RAY The veteran retail investor is fine; break through the first take-profit level {spot}(RAYUSDT) {future}(RAYSOLUSDT)
$RAY The veteran retail investor is fine; break through the first take-profit level
10年老韭加密研究中心
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【Veteran Crypto Watch】$RAY
What makes this move in Raydium worth watching isn’t just the price increase, but the link between protocol trading revenue and RAY buybacks. According to Raydium’s official documentation, 12% of trading fees from CLMM and CPMM go toward RAY buybacks, while another 4% goes to the protocol treasury. The more active trading is, the more closely the protocol’s revenue and buyback mechanism deserve attention.
As for the price, RAY recently rose from around $1.87 to about $2.50, gaining nearly 20% in seven days, but has already pulled back after surging. Chasing it at current levels isn’t advisable. In the short term, watch whether it can find support in the $2.27–$2.30 range, and whether trading volume recovers during a rebound.
If buying pressure returns, it may have a chance to challenge the previous high. If support gives way, this rally could turn out to be just a short-term bounce.
Entry: $2.28–$2.35 (after support holds and increased volume confirms)
Take profit: $2.45 / $2.53 / $2.65 / $2.78 / $2.95
Stop loss: $2.18

10年老韭加密研究中心
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【Old Leek Observation】 $APT
APT’s rebound this time has momentum, but it is about to face a supply-side test.
On October 9, APT rose about 10.6% in a single day, rebounding from around $0.74, and on October 10 it once surged to around $0.84, with 24-hour trading volume exceeding $120 million.
However, according to a third-party unlock calendar, about 11.31 million APT are scheduled to be unlocked on October 11, worth about $8.69 million, accounting for about 1.3% of the circulating supply.
An unlock does not necessarily mean the project team will sell tokens, but short-term funds will definitely pay attention to the new supply. It is not appropriate to chase after a big bullish candle right now. Focus on whether it can hold steady when it pulls back to $0.79–$0.81,
Entry: $0.79–$0.82 (after pullback and stabilization)
Take profit: $0.85 / $0.88 / $0.92 / $0.97 / $1.03
Stop loss: $0.75

#sui基金会向datanetwork投资3000万美元 【Veteran Crypto Observer】$SUI pours $30 million into DATA Network! Is it even giving up its own blockchain? The Sui Foundation announced today a $30 million investment in AI training data protocol DATA Network. This partnership goes beyond a simple investment: it’s a deeper ecosystem integration. DATA Network will migrate to Sui, and its original plan to operate an independent blockchain will be shelved. Why is this investment worth paying attention to? 🔥 First, Sui is looking to win more than just users—it wants a stake in AI infrastructure. Trace, a DATA Network product, records the provenance of AI training data, contribution histories, and usage permissions. This enables AI companies to track where data comes from, whether they have the right to use it, and how contributors are compensated. According to figures released by the project, Trace has recorded more than 250 million contributions and processes over 3 million receipts per day. 🔗 Second, DATA is abandoning its independent chain and moving into the Sui ecosystem. Once the migration is complete, DATA Network will operate natively on Sui as a protocol, while Walrus will become the default data storage layer for related applications. For Sui, this means bringing in infrastructure built for AI training data; for DATA, it means reducing the burden of maintaining an independent blockchain. 🪙 Third, token holders should pay closest attention to the migration details. The team says existing DATA tokens will migrate to Sui at a 1:1 ratio, and lock-up and vesting schedules will remain in effect. However, the specific migration timeline has yet to be announced. Token holders should watch for official announcements and beware of unofficial token swap links. The deal sends a clear signal: competition among public blockchains is expanding beyond winning applications to competing for the data, storage, and authorization infrastructure of the AI era. {spot}(SUIUSDT) {future}(SUIUSDT)
#sui基金会向datanetwork投资3000万美元
【Veteran Crypto Observer】$SUI pours $30 million into DATA Network! Is it even giving up its own blockchain?
The Sui Foundation announced today a $30 million investment in AI training data protocol DATA Network. This partnership goes beyond a simple investment: it’s a deeper ecosystem integration. DATA Network will migrate to Sui, and its original plan to operate an independent blockchain will be shelved.
Why is this investment worth paying attention to?
🔥 First, Sui is looking to win more than just users—it wants a stake in AI infrastructure.
Trace, a DATA Network product, records the provenance of AI training data, contribution histories, and usage permissions. This enables AI companies to track where data comes from, whether they have the right to use it, and how contributors are compensated. According to figures released by the project, Trace has recorded more than 250 million contributions and processes over 3 million receipts per day.
🔗 Second, DATA is abandoning its independent chain and moving into the Sui ecosystem.
Once the migration is complete, DATA Network will operate natively on Sui as a protocol, while Walrus will become the default data storage layer for related applications. For Sui, this means bringing in infrastructure built for AI training data; for DATA, it means reducing the burden of maintaining an independent blockchain.
🪙 Third, token holders should pay closest attention to the migration details.
The team says existing DATA tokens will migrate to Sui at a 1:1 ratio, and lock-up and vesting schedules will remain in effect. However, the specific migration timeline has yet to be announced. Token holders should watch for official announcements and beware of unofficial token swap links.
The deal sends a clear signal: competition among public blockchains is expanding beyond winning applications to competing for the data, storage, and authorization infrastructure of the AI era.
【Veteran Crypto Watch】 $T What’s worth watching about Threshold lately isn’t just the price, but its work on BTCFi. On October 8, T closed around $0.00519. On October 9, trading volume rose from about $2.95 million to about $4.16 million, and the price recovered to $0.00534. On October 10, the price continued to recover to $0.00544, but trading volume fell again. Recent developments announced by the team include enhanced tBTC security, FROST/Schnorr signature technology, and Bitcoin product design for institutional investors. These support the medium-term narrative, but don’t prove that news triggered this rebound. In the short term, first watch whether $0.00530 holds, then whether $0.00560 can be broken on strong volume. Without confirmation from volume, don’t chase a sharp rally. Entry: $0.00525–$0.00535 (consider only after a retest and signs of support) Take profit: $0.00555 / $0.00570 / $0.00590 / $0.00615 / $0.00645 Stop loss: $0.00505
【Veteran Crypto Watch】 $T
What’s worth watching about Threshold lately isn’t just the price, but its work on BTCFi.
On October 8, T closed around $0.00519. On October 9, trading volume rose from about $2.95 million to about $4.16 million, and the price recovered to $0.00534. On October 10, the price continued to recover to $0.00544, but trading volume fell again.
Recent developments announced by the team include enhanced tBTC security, FROST/Schnorr signature technology, and Bitcoin product design for institutional investors. These support the medium-term narrative, but don’t prove that news triggered this rebound.
In the short term, first watch whether $0.00530 holds, then whether $0.00560 can be broken on strong volume. Without confirmation from volume, don’t chase a sharp rally.
Entry: $0.00525–$0.00535 (consider only after a retest and signs of support)
Take profit: $0.00555 / $0.00570 / $0.00590 / $0.00615 / $0.00645
Stop loss: $0.00505
【Old-Hand Crypto Watch】$IMX IMX has seen a shift over the past few days: trading volume picked up first, and the price followed. Trading value was about $9.11 million on October 7, rising to around $17.54 million on October 9. The price also rebounded from $0.1756 to around $0.199. The question now isn’t whether it has bounced, but whether this surge in volume can push the price through the resistance above. IMX is backed by gaming infrastructure and an on-chain asset ecosystem, but there’s currently no evidence that this rally was directly triggered by a new announcement. Next, watch for support around $0.19 and see whether it can hold above $0.205 on increased volume. Don’t chase a sharp rally; consider entering only after a pullback stabilizes. Entry: $0.192–$0.198 (consider only after a pullback stabilizes) Take profit: $0.205 / $0.212 / $0.220 / $0.230 / $0.242 Stop loss: $0.185 {spot}(IMXUSDT) {future}(IMXUSDT)
【Old-Hand Crypto Watch】$IMX
IMX has seen a shift over the past few days: trading volume picked up first, and the price followed.
Trading value was about $9.11 million on October 7, rising to around $17.54 million on October 9. The price also rebounded from $0.1756 to around $0.199. The question now isn’t whether it has bounced, but whether this surge in volume can push the price through the resistance above.
IMX is backed by gaming infrastructure and an on-chain asset ecosystem, but there’s currently no evidence that this rally was directly triggered by a new announcement. Next, watch for support around $0.19 and see whether it can hold above $0.205 on increased volume.
Don’t chase a sharp rally; consider entering only after a pullback stabilizes.
Entry: $0.192–$0.198 (consider only after a pullback stabilizes)
Take profit: $0.205 / $0.212 / $0.220 / $0.230 / $0.242
Stop loss: $0.185
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