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逐浪币圈，穿越牛熊。链上世界，自由探索。X：@jackyshu777
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Why is the world embracing stablecoins while the domestic scene is going in reverse? (Transferred from X)
The characterization of the 28th has shattered all the illusions about stablecoins in the industry over the past few years.
On the surface, it is a regulatory policy, but in reality, it is a statement about monetary power.
The United States has turned stablecoins into an extension of digital dollars with the (GENIUS Act). Domestically, this characterization has classified stablecoins as illegal.
Both sides are very clear about what they are doing.
01 | 'Stablecoins are a form of virtual currency.'
This is not the first time virtual currency has been mentioned, but it is the first time the authorities have explicitly equated stablecoins with Bitcoin and Ethereum.
In the past few years, many projects have bet on the assumption that 'stablecoins are not considered virtual currency.' They believe that as long as there are dollar reserves and no volatility, they can tell a story to regulators.
On the surface, it is a regulatory policy, but in reality, it is a statement about monetary power.
The United States has turned stablecoins into an extension of digital dollars with the (GENIUS Act). Domestically, this characterization has classified stablecoins as illegal.
Both sides are very clear about what they are doing.
01 | 'Stablecoins are a form of virtual currency.'
This is not the first time virtual currency has been mentioned, but it is the first time the authorities have explicitly equated stablecoins with Bitcoin and Ethereum.
In the past few years, many projects have bet on the assumption that 'stablecoins are not considered virtual currency.' They believe that as long as there are dollar reserves and no volatility, they can tell a story to regulators.
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12.1 Daily Report
1. The People's Bank of China has defined stablecoins for the first time, emphasizing risks and combating illegal activities. Thirteen departments subsequently united to combat illegal activities related to virtual currencies and further emphasized the risks of stablecoins.
The People's Bank of China recently held a meeting to coordinate actions against the speculation in virtual currency trading, clarifying for the first time that stablecoins are a form of virtual currency. It pointed out that stablecoins cannot effectively meet customer identification and anti-money laundering requirements, posing risks of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers, and emphasized the continued crackdown on illegal financial activities related to virtual currencies. Industry insiders believe that this meeting will not affect the layout of stablecoins in Hong Kong, but speculation on stablecoins in mainland China will be severely cracked down, and the space for domestic entities to lay out stablecoins in Hong Kong will be more limited to practical application scenarios such as cross-border payments and supply chain finance.
The People's Bank of China recently held a meeting to coordinate actions against the speculation in virtual currency trading, clarifying for the first time that stablecoins are a form of virtual currency. It pointed out that stablecoins cannot effectively meet customer identification and anti-money laundering requirements, posing risks of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers, and emphasized the continued crackdown on illegal financial activities related to virtual currencies. Industry insiders believe that this meeting will not affect the layout of stablecoins in Hong Kong, but speculation on stablecoins in mainland China will be severely cracked down, and the space for domestic entities to lay out stablecoins in Hong Kong will be more limited to practical application scenarios such as cross-border payments and supply chain finance.
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November 28 Report
1. The probability of the Federal Reserve cutting interest rates by 25 basis points in December is 85.1%.
On November 27, according to CME 'FedWatch' data, the probability of the Federal Reserve cutting interest rates by 25 basis points in December is 85.1%, while the probability of maintaining the current rate is 14.9%.
2. Eric Trump claims Bitcoin can transfer 500 million USD without fees.
Eric Trump stated that Bitcoin allows for transfers of 500 million USD on Sunday nights without transaction fees, which he believes intimidates large institutions.
3. Gold prices broke through 2800 USD/ounce, reaching a historic high as risk aversion sentiment rises.
In response to Tether purchasing more gold than several central banks in the last quarter, Tether CEO Paolo Ardoino retweeted a post from Sam Callahan, Strategic and Research Director at Bitcoin Treasury Company OranjeBTC, on the X platform, clarifying the market's misunderstanding that Tether prefers gold over Bitcoin, stating, "Tether still loves Bitcoin." It is reported that Tether currently holds about 87,475 BTC and has used about 15% of its profits since 2023 to increase its Bitcoin holdings. The purchase of gold indicates that Tether has developed into a global corporate group, not just a stablecoin issuer.
On November 27, according to CME 'FedWatch' data, the probability of the Federal Reserve cutting interest rates by 25 basis points in December is 85.1%, while the probability of maintaining the current rate is 14.9%.
2. Eric Trump claims Bitcoin can transfer 500 million USD without fees.
Eric Trump stated that Bitcoin allows for transfers of 500 million USD on Sunday nights without transaction fees, which he believes intimidates large institutions.
3. Gold prices broke through 2800 USD/ounce, reaching a historic high as risk aversion sentiment rises.
In response to Tether purchasing more gold than several central banks in the last quarter, Tether CEO Paolo Ardoino retweeted a post from Sam Callahan, Strategic and Research Director at Bitcoin Treasury Company OranjeBTC, on the X platform, clarifying the market's misunderstanding that Tether prefers gold over Bitcoin, stating, "Tether still loves Bitcoin." It is reported that Tether currently holds about 87,475 BTC and has used about 15% of its profits since 2023 to increase its Bitcoin holdings. The purchase of gold indicates that Tether has developed into a global corporate group, not just a stablecoin issuer.
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NVIDIA vs Bitcoin vs Gold
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11.27 Report
1. Trump: I only care about whether the U.S. can be first in the crypto space.
U.S. President Trump stated that his only concern is whether the U.S. can rank first in the cryptocurrency space.
2. Initial jobless claims in the U.S. decreased, with disagreement on the Fed's rate cut in December.
The number of initial jobless claims in the United States unexpectedly fell last week, reaching the lowest level since mid-April, remaining at a relatively low level. However, data shows that it is becoming more difficult for the unemployed to find new jobs. Federal Reserve officials have lowered interest rates in the last two policy meetings to support the slowing labor market, but there is disagreement on whether to cut rates again at the last meeting in December, as they seek to balance a weak labor market with high inflation.
U.S. President Trump stated that his only concern is whether the U.S. can rank first in the cryptocurrency space.
2. Initial jobless claims in the U.S. decreased, with disagreement on the Fed's rate cut in December.
The number of initial jobless claims in the United States unexpectedly fell last week, reaching the lowest level since mid-April, remaining at a relatively low level. However, data shows that it is becoming more difficult for the unemployed to find new jobs. Federal Reserve officials have lowered interest rates in the last two policy meetings to support the slowing labor market, but there is disagreement on whether to cut rates again at the last meeting in December, as they seek to balance a weak labor market with high inflation.
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11.24 Report
1. The number of addresses holding at least 10,000 BTC has increased to 90, setting a new high in 5 months.
The number of addresses holding at least 10,000 BTC has increased to 90, reaching a new high in 5 months.
2. The probability of a 25bp rate cut by the Federal Reserve in December is 69.4%, and the cumulative probability of a 50bp cut is 22.3%
CME 'Federal Reserve Watch' data shows that the probability of a 25 basis point rate cut by the Federal Reserve in December is 69.4%, while the probability of maintaining the current rate is 30.6%. By January next year, the cumulative probability of a 25 basis point cut is 56.9%, the probability of maintaining the current rate is 20.8%, and the cumulative probability of a 50 basis point cut is 22.3%.
3. The Linea mainnet has bridged over 1.22 million ETH, with interactive addresses reaching 420,000.
The number of addresses holding at least 10,000 BTC has increased to 90, reaching a new high in 5 months.
2. The probability of a 25bp rate cut by the Federal Reserve in December is 69.4%, and the cumulative probability of a 50bp cut is 22.3%
CME 'Federal Reserve Watch' data shows that the probability of a 25 basis point rate cut by the Federal Reserve in December is 69.4%, while the probability of maintaining the current rate is 30.6%. By January next year, the cumulative probability of a 25 basis point cut is 56.9%, the probability of maintaining the current rate is 20.8%, and the cumulative probability of a 50 basis point cut is 22.3%.
3. The Linea mainnet has bridged over 1.22 million ETH, with interactive addresses reaching 420,000.
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11.20 Report:
1. BlackRock reduced its holdings by 12,000 BTC and 172,000 ETH
According to Lookonchain monitoring, BlackRock has reduced its holdings by 12,097 BTC (approximately $1.11 billion) and 172,049 ETH (approximately $533 million) in the past 3 days.
2. The Federal Reserve's meeting minutes may reveal December rate cut stance
Federal Reserve officials are concerned about persistent inflation and are cautious about further rate cuts, as U.S. Treasury yields remain within a narrow range while traders await new market catalysts. Michael Lorizio, head of U.S. rates and mortgage trading at Manulife Investment Management, stated that the lack of top-tier economic data makes it difficult to assess the current state of the U.S. economy. The upcoming release of the Federal Reserve's October meeting minutes may reveal policymakers' stance on a December rate cut and help shape market expectations.
3. Spot gold breaks $4,120 per ounce, daily increase of 1.3%
4. Polymarket: Probability of 2 rate cuts by the Federal Reserve in 2025 rises to 65%
Polymarket data shows that the probability of "the Federal Reserve cutting rates 2 times in 2025" has risen to 65%, with a trading volume of $24.38 million for the related prediction event.
5. Trump says stock market growth is boosting the U.S. economy
U.S. President Trump stated that stock market growth is boosting the U.S. economy.
6. Suspected Bitmine address increases holdings by over 24,800 ETH, valued at $72.52 million
On November 20, according to Lookonchain monitoring, a wallet address possibly related to Bitmine, 0x748d, received 24,827 ETH from BitGo, valued at approximately $72.52 million.
7. Czech central bank will not sell Bitcoin for the next three years, first central bank to buy BTC
The governor of the Czech central bank confirmed that there are no plans to sell its holdings of Bitcoin for at least the next three years, making the Czech central bank the first central bank to purchase Bitcoin.
8. Era Lend suffers $3.4 million loss from re-entrancy attack
Era Lend, based on the zkSync Layer 2 network, suffered a re-entrancy attack, resulting in a loss of $3.4 million. The hacker exploited a read-only re-entrancy vulnerability to steal funds through repeated calls in the transaction.
1. BlackRock reduced its holdings by 12,000 BTC and 172,000 ETH
According to Lookonchain monitoring, BlackRock has reduced its holdings by 12,097 BTC (approximately $1.11 billion) and 172,049 ETH (approximately $533 million) in the past 3 days.
2. The Federal Reserve's meeting minutes may reveal December rate cut stance
Federal Reserve officials are concerned about persistent inflation and are cautious about further rate cuts, as U.S. Treasury yields remain within a narrow range while traders await new market catalysts. Michael Lorizio, head of U.S. rates and mortgage trading at Manulife Investment Management, stated that the lack of top-tier economic data makes it difficult to assess the current state of the U.S. economy. The upcoming release of the Federal Reserve's October meeting minutes may reveal policymakers' stance on a December rate cut and help shape market expectations.
3. Spot gold breaks $4,120 per ounce, daily increase of 1.3%
4. Polymarket: Probability of 2 rate cuts by the Federal Reserve in 2025 rises to 65%
Polymarket data shows that the probability of "the Federal Reserve cutting rates 2 times in 2025" has risen to 65%, with a trading volume of $24.38 million for the related prediction event.
5. Trump says stock market growth is boosting the U.S. economy
U.S. President Trump stated that stock market growth is boosting the U.S. economy.
6. Suspected Bitmine address increases holdings by over 24,800 ETH, valued at $72.52 million
On November 20, according to Lookonchain monitoring, a wallet address possibly related to Bitmine, 0x748d, received 24,827 ETH from BitGo, valued at approximately $72.52 million.
7. Czech central bank will not sell Bitcoin for the next three years, first central bank to buy BTC
The governor of the Czech central bank confirmed that there are no plans to sell its holdings of Bitcoin for at least the next three years, making the Czech central bank the first central bank to purchase Bitcoin.
8. Era Lend suffers $3.4 million loss from re-entrancy attack
Era Lend, based on the zkSync Layer 2 network, suffered a re-entrancy attack, resulting in a loss of $3.4 million. The hacker exploited a read-only re-entrancy vulnerability to steal funds through repeated calls in the transaction.
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11.19 Report
1. Federal Reserve's Barkin states that a rate cut in December is not a certainty
Federal Reserve's Barkin expressed agreement with Powell's view that a rate cut in December is not a certainty.
2. Trump hopes Powell resigns and states that the new chairman candidate has been determined
U.S. President Trump stated that he hopes Powell resigns now and mentioned that he knows the candidate for the new Federal Reserve Chairman.
3. International spot gold rebounds to 4000 USD/ounce, paying attention to the impact of non-farm data
The market is focused on the impact of this week's non-farm data, as international spot gold quickly rebounded from the 4000 mark, and the dollar's upward momentum being hindered is considered one of the reasons.
Federal Reserve's Barkin expressed agreement with Powell's view that a rate cut in December is not a certainty.
2. Trump hopes Powell resigns and states that the new chairman candidate has been determined
U.S. President Trump stated that he hopes Powell resigns now and mentioned that he knows the candidate for the new Federal Reserve Chairman.
3. International spot gold rebounds to 4000 USD/ounce, paying attention to the impact of non-farm data
The market is focused on the impact of this week's non-farm data, as international spot gold quickly rebounded from the 4000 mark, and the dollar's upward momentum being hindered is considered one of the reasons.
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11.17 Report
1. Tom Lee: BTC has increased 100 times, ETH may welcome a super cycle
Tom Lee, Chairman of Bitmine's Board, stated that Bitcoin is a highly volatile asset. When he first recommended Bitcoin to Fundstrat clients in 2017, the price was around $1,000, with an allocation suggestion of 1%-2%. Over the past 8.5 years, Bitcoin has experienced 6 declines of over 50% and 3 declines of over 75%. By 2025, Bitcoin's price has risen 100 times compared to the initial recommendation. Tom Lee believes that to profit from this super cycle, one must hold on, and he indicated that Ethereum may be entering a similar super cycle.
Tom Lee, Chairman of Bitmine's Board, stated that Bitcoin is a highly volatile asset. When he first recommended Bitcoin to Fundstrat clients in 2017, the price was around $1,000, with an allocation suggestion of 1%-2%. Over the past 8.5 years, Bitcoin has experienced 6 declines of over 50% and 3 declines of over 75%. By 2025, Bitcoin's price has risen 100 times compared to the initial recommendation. Tom Lee believes that to profit from this super cycle, one must hold on, and he indicated that Ethereum may be entering a similar super cycle.
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Bear Market Begins! This Week's BTC ETH Prediction Analysis
Now let's review that when Bitcoin was at 120,000, it was already showing signs. The increase of 25 years has returned to zero, indicating that the Bitcoin bull market has ended. Friends familiar with the crypto circle know that each halving will lead to a wave of bull market, and the end of a bull market is usually followed by a sharp decline. Therefore, once Bitcoin breaks below 90,000, we need to pay attention, and further declines may expand to around 75,000. Currently, although the price is much lower compared to previous levels, it is still not the time to buy the dip and expect a rise in coin prices; the short to medium-term trend still appears weak.
From a technical perspective, the current trend shows that the daily level indicates a continuous decline in price, forming a series of bearish candles, presenting an overall weak pattern. At the hourly level, the price has retreated from a high level and is consolidating; the current candlestick is in a small fluctuation range, with no obvious reversal signal. The MACD indicator on the hourly chart shows that both DIF and DEA are negative and gradually declining, and the MACD histogram's green bars are expanding, indicating that bearish forces are dominant. The RSI on the hourly chart is at 32, close to the oversold area, but has not yet entered an extreme oversold state, indicating a short-term technical rebound demand. The EMA on the hourly chart shows a bearish arrangement for the 7, 30, and 120 moving averages, with the price operating below EMA7, indicating a downward trend. The EMA at the daily level also shows a bearish arrangement, further confirming the overall weakness, and this week's operations will continue to focus on shorting rebounds.
From a technical perspective, the current trend shows that the daily level indicates a continuous decline in price, forming a series of bearish candles, presenting an overall weak pattern. At the hourly level, the price has retreated from a high level and is consolidating; the current candlestick is in a small fluctuation range, with no obvious reversal signal. The MACD indicator on the hourly chart shows that both DIF and DEA are negative and gradually declining, and the MACD histogram's green bars are expanding, indicating that bearish forces are dominant. The RSI on the hourly chart is at 32, close to the oversold area, but has not yet entered an extreme oversold state, indicating a short-term technical rebound demand. The EMA on the hourly chart shows a bearish arrangement for the 7, 30, and 120 moving averages, with the price operating below EMA7, indicating a downward trend. The EMA at the daily level also shows a bearish arrangement, further confirming the overall weakness, and this week's operations will continue to focus on shorting rebounds.
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The survival rules for ordinary people: gold tokens, ETFs, or gold bars? (Transfer)
Digital gold frenzy: Tether hoarding 1 ton of gold bars every week, retail investors expect a surge of 6%! A great migration of wealth under a $38 trillion debt crisis
——From the USDT treasury to the central bank selling U.S. bonds, understanding the only truth about asset allocation for the next 10 years
When the world's most aggressive 'gold digger' is no longer Middle Eastern tycoons or central banks, but a company issuing digital currency—Tether's gold reserves have soared to $12.9 billion (104 tons), buying gold bars at a crazy pace of 'one ton per week'. This USDT issuer has converted 7% of its reserve assets into gold, behind which is a gamble against the credit risk of the dollar:
——From the USDT treasury to the central bank selling U.S. bonds, understanding the only truth about asset allocation for the next 10 years
When the world's most aggressive 'gold digger' is no longer Middle Eastern tycoons or central banks, but a company issuing digital currency—Tether's gold reserves have soared to $12.9 billion (104 tons), buying gold bars at a crazy pace of 'one ton per week'. This USDT issuer has converted 7% of its reserve assets into gold, behind which is a gamble against the credit risk of the dollar:
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OKX's move is an important step in bridging the gap between CEX and DeFi, focusing on enhancing user convenience and providing cross-chain functionality. Simplifying the trading process and providing incentives help attract both new and experienced cryptocurrency users.
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alpha event is very good
币安中文社区
--
🎉 #币安 will accompany you for Double Eleven, community benefits delivered to your home 🎉
🚀 Follow @币安中文社区 and @新手学堂天使自治社区 , leave any feedback on Binance products in this comment area, as long as there are two consecutive digits '1' in your UID, you have a chance to win:
🎁 100 USDT * 10 people
📅 Event time: November 11 - November 30
*Winning users will receive a notification from the Square Assistant within 5 working days after the event ends
🚀 Follow @币安中文社区 and @新手学堂天使自治社区 , leave any feedback on Binance products in this comment area, as long as there are two consecutive digits '1' in your UID, you have a chance to win:
🎁 100 USDT * 10 people
📅 Event time: November 11 - November 30
*Winning users will receive a notification from the Square Assistant within 5 working days after the event ends
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Weekly Preview
Macroeconomics:
Due to the U.S. government shutdown, the October CPI report originally scheduled for release on November 13 may not be published on time; the October PPI data will be released on November 14.
Policy Regulation:
The UK plans to start consultations on stablecoin regulations on November 10;
The U.S. SEC will decide on November 13 whether to add staking features to Franklin's spot Ethereum ETF;
The final ruling deadline for Grayscale's spot HBAR ETF is November 12;
The Canary XRP spot ETF is expected to be listed on November 13.
Exchange Dynamics:
CBOE plans to launch Bitcoin and Ethereum continuous futures contracts starting November 10;
Binance will delist FLM, KDA, and PERP on November 12;
Coinbase may launch the Launchpad platform on November 10;
Bybit and Binance Alpha will list new tokens.
Project and Token Dynamics:
Linea will unlock approximately 2.88 billion tokens on November 10;
Yuga Labs' metaverse Otherside will launch on November 12;
Circle, SharpLink, and ETHZilla will announce Q3 financial reports;
BOB and Immunefi will start token public sales;
Curve Finance's emergency multi-signature proposal voting ends on November 12.
Other Events:
Reddit avatar store will close on November 11;
Solana hackathon submission deadline is November 11;
El Salvador will hold Bitcoin events from November 12 to 13;
Berachain plans to launch a funding application page and perform a hard fork early next week.
Macroeconomics:
Due to the U.S. government shutdown, the October CPI report originally scheduled for release on November 13 may not be published on time; the October PPI data will be released on November 14.
Policy Regulation:
The UK plans to start consultations on stablecoin regulations on November 10;
The U.S. SEC will decide on November 13 whether to add staking features to Franklin's spot Ethereum ETF;
The final ruling deadline for Grayscale's spot HBAR ETF is November 12;
The Canary XRP spot ETF is expected to be listed on November 13.
Exchange Dynamics:
CBOE plans to launch Bitcoin and Ethereum continuous futures contracts starting November 10;
Binance will delist FLM, KDA, and PERP on November 12;
Coinbase may launch the Launchpad platform on November 10;
Bybit and Binance Alpha will list new tokens.
Project and Token Dynamics:
Linea will unlock approximately 2.88 billion tokens on November 10;
Yuga Labs' metaverse Otherside will launch on November 12;
Circle, SharpLink, and ETHZilla will announce Q3 financial reports;
BOB and Immunefi will start token public sales;
Curve Finance's emergency multi-signature proposal voting ends on November 12.
Other Events:
Reddit avatar store will close on November 11;
Solana hackathon submission deadline is November 11;
El Salvador will hold Bitcoin events from November 12 to 13;
Berachain plans to launch a funding application page and perform a hard fork early next week.
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SWFT Blockchain, a global leader in cross-chain technology innovation, has established a strategic partnership with the renowned cryptocurrency wallet MetaMask for its cross-chain bridge product, Bridgers, which will be integrated into the MetaMask wallet to provide global users with more convenient and secure cross-chain services.
Cross-Chain Bridge Bridgers: Creating a Seamless Cross-Chain Experience
SWFT Blockchain's Bridgers cross-chain bridge product enables fast and low-cost asset transfers between different blockchains. Users can freely transfer digital assets across multiple public chains through Bridgers, breaking down barriers between blockchains and enhancing asset liquidity. Bridgers supports not only major public chains and Layer2 solutions but is also deeply integrated with multiple decentralized finance (DeFi) protocols, providing users with diverse cross-chain options.
MetaMask Wallet: The "Digital Key" to the Crypto World
As one of the most popular cryptocurrency wallets globally, MetaMask boasts over 100 million users. It not only supports the management of digital assets on Ethereum and its compatible chains but also provides users with a simple and secure way to interact with decentralized applications (dApps). MetaMask plays a pivotal role in the blockchain industry, becoming the "digital key" for users to access the Web3 world.
Strategic Cooperation: More Convenient Cross-Chain Experience
Through this collaboration, Bridgers will be embedded into the MetaMask wallet, offering users a more convenient cross-chain asset transfer experience. MetaMask users will be able to access the cross-chain bridge functionality of Bridgers directly within the wallet, without leaving the MetaMask environment, easily achieving asset transfers between different chains, whether they are mainstream chains like Ethereum, Binance Smart Chain (BSC), Polygon, or other popular public chains, allowing users to seamlessly cross-chain.
This move not only enhances the user experience but also further promotes the interoperability development of blockchain technology, providing a more solid foundation for the prosperity of the Web3 ecosystem.
Cross-Chain Bridge Bridgers: Creating a Seamless Cross-Chain Experience
SWFT Blockchain's Bridgers cross-chain bridge product enables fast and low-cost asset transfers between different blockchains. Users can freely transfer digital assets across multiple public chains through Bridgers, breaking down barriers between blockchains and enhancing asset liquidity. Bridgers supports not only major public chains and Layer2 solutions but is also deeply integrated with multiple decentralized finance (DeFi) protocols, providing users with diverse cross-chain options.
MetaMask Wallet: The "Digital Key" to the Crypto World
As one of the most popular cryptocurrency wallets globally, MetaMask boasts over 100 million users. It not only supports the management of digital assets on Ethereum and its compatible chains but also provides users with a simple and secure way to interact with decentralized applications (dApps). MetaMask plays a pivotal role in the blockchain industry, becoming the "digital key" for users to access the Web3 world.
Strategic Cooperation: More Convenient Cross-Chain Experience
Through this collaboration, Bridgers will be embedded into the MetaMask wallet, offering users a more convenient cross-chain asset transfer experience. MetaMask users will be able to access the cross-chain bridge functionality of Bridgers directly within the wallet, without leaving the MetaMask environment, easily achieving asset transfers between different chains, whether they are mainstream chains like Ethereum, Binance Smart Chain (BSC), Polygon, or other popular public chains, allowing users to seamlessly cross-chain.
This move not only enhances the user experience but also further promotes the interoperability development of blockchain technology, providing a more solid foundation for the prosperity of the Web3 ecosystem.
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Weekly News Digest
Headline
📢DASH breaks through $95, reaching a new high since May 2022
The market shows that DASH briefly rose to $96.67, reaching a new high since May 2022, currently reported at $91.56, with a 24-hour increase of 50.0% and a 7-day increase of 102.6%. The market is quite volatile, please manage your risk accordingly.
📢Garden Finance co-founder: Approximately $11,000,000 lost due to attack, user funds unaffected
Jaz Gulati, co-founder of Garden Finance, confirmed on the X platform that approximately $11,000,000 was lost due to an attack on the solver, and an investigation into the root cause is currently underway in collaboration with security partners to track the incident. Jaz Gulati also stated that there was no loss of user funds, and this incident was limited to a single solver, with no impact on the protocol itself.
📢DASH breaks through $95, reaching a new high since May 2022
The market shows that DASH briefly rose to $96.67, reaching a new high since May 2022, currently reported at $91.56, with a 24-hour increase of 50.0% and a 7-day increase of 102.6%. The market is quite volatile, please manage your risk accordingly.
📢Garden Finance co-founder: Approximately $11,000,000 lost due to attack, user funds unaffected
Jaz Gulati, co-founder of Garden Finance, confirmed on the X platform that approximately $11,000,000 was lost due to an attack on the solver, and an investigation into the root cause is currently underway in collaboration with security partners to track the incident. Jaz Gulati also stated that there was no loss of user funds, and this incident was limited to a single solver, with no impact on the protocol itself.
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Today's Morning Report
Headline
📢Vitalik: A 51% attack cannot rewrite blocks, but off-chain trust will bring new risks
Ethereum co-founder Vitalik Buterin emphasized in a post that the key security attribute of blockchain is that, even in the event of a 51% attack, invalid blocks cannot be made valid. Therefore, collusion among 51% verifiers or software failures cannot steal user assets. However, he warned that if reliance begins on verifiers to perform off-chain tasks that the chain itself cannot control, then 51% verifiers might collude to provide incorrect results, causing users to lose their protection mechanism.
📢SoftBank Group approves $22.5 billion investment in OpenAI
📢Vitalik: A 51% attack cannot rewrite blocks, but off-chain trust will bring new risks
Ethereum co-founder Vitalik Buterin emphasized in a post that the key security attribute of blockchain is that, even in the event of a 51% attack, invalid blocks cannot be made valid. Therefore, collusion among 51% verifiers or software failures cannot steal user assets. However, he warned that if reliance begins on verifiers to perform off-chain tasks that the chain itself cannot control, then 51% verifiers might collude to provide incorrect results, causing users to lose their protection mechanism.
📢SoftBank Group approves $22.5 billion investment in OpenAI
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🚀 Stake TRX at Bridgers! 🚀
Bridgers now offers $TRX staking services, with a fixed annual return of up to 13%🔥
✅ Non-custodial, assets controlled by you
✅ Simple, secure, on-chain execution
✅ Earn stable returns while maintaining complete decentralization
Start staking now and let your $TRX work for you!
Bridgers👉：https://dapp.bridgers.xyz/
Bridgers now offers $TRX staking services, with a fixed annual return of up to 13%🔥
✅ Non-custodial, assets controlled by you
✅ Simple, secure, on-chain execution
✅ Earn stable returns while maintaining complete decentralization
Start staking now and let your $TRX work for you!
Bridgers👉：https://dapp.bridgers.xyz/
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Core Views on Cycles and Drawdowns: Market cycles typically experience three stages: "Bubble Peak, Violent Clearing, Differentiated Recovery." Drawdowns are a true reflection of asset risk and also the starting point for cycle restarts.
Global Market Cycle Review 2021-2025:
Q4 2021: Global liquidity drives risk assets to historical highs, Bitcoin, US stocks NASDAQ and S&P 500 reach new highs, while A-shares are at the end of a structural market. 2022-2023: Rapid interest rate hikes by the Federal Reserve lead to liquidity tightening, the market experiences violent clearing, Bitcoin's drawdown exceeds 77%, US stocks draw down approximately 27-38%, and A-shares have a maximum drawdown of nearly 30%.
2023-2025: Inflation peaks, the AI wave, and interest rate cut expectations drive differentiated recovery, US stocks and Crypto reach historical highs, while A-shares recover slowly, only reaching 3800 points by 2025.
Cross-Market Comparison and Insights:
US Stocks: Relying on corporate profits and institutional advantages, the recovery speed is fast, exemplifying a "liquidity-profit" dual-cycle market.
Crypto: High-elasticity assets, with extreme volatility, driven by liquidity and narratives, but differentiation intensifies, with mainstream assets (like Bitcoin) benefiting from ETF compliance.
A-shares: Driven by policies and confidence, the recovery is tortuous, representing a structural market.
Investment Strategy Suggestions:
Consider US stocks as the base asset, view Crypto as a cyclical offensive tool, and A-shares as structural strategy targets, emphasizing the importance of understanding drawdown risks for long-term investment.
Global Market Cycle Review 2021-2025:
Q4 2021: Global liquidity drives risk assets to historical highs, Bitcoin, US stocks NASDAQ and S&P 500 reach new highs, while A-shares are at the end of a structural market. 2022-2023: Rapid interest rate hikes by the Federal Reserve lead to liquidity tightening, the market experiences violent clearing, Bitcoin's drawdown exceeds 77%, US stocks draw down approximately 27-38%, and A-shares have a maximum drawdown of nearly 30%.
2023-2025: Inflation peaks, the AI wave, and interest rate cut expectations drive differentiated recovery, US stocks and Crypto reach historical highs, while A-shares recover slowly, only reaching 3800 points by 2025.
Cross-Market Comparison and Insights:
US Stocks: Relying on corporate profits and institutional advantages, the recovery speed is fast, exemplifying a "liquidity-profit" dual-cycle market.
Crypto: High-elasticity assets, with extreme volatility, driven by liquidity and narratives, but differentiation intensifies, with mainstream assets (like Bitcoin) benefiting from ETF compliance.
A-shares: Driven by policies and confidence, the recovery is tortuous, representing a structural market.
Investment Strategy Suggestions:
Consider US stocks as the base asset, view Crypto as a cyclical offensive tool, and A-shares as structural strategy targets, emphasizing the importance of understanding drawdown risks for long-term investment.
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Turn Gold Finance: Review of the '1011' Largest Liquidation Event in History
The cryptocurrency market experienced the largest liquidation event in history on October 11, with 1.6 million traders liquidated. Within 24 hours, over $19 billion in leveraged cryptocurrency positions were liquidated, nine times the previous record.
Why did this happen? Let us explain.
Objectively speaking: The liquidation events we saw in the past 24 hours are approximately $17 billion higher than the scale of the collapse in February 2025, and more than 19 times larger than the scale of the FTX collapse in March 2020. Such a large-scale event has never been seen in history.
During the liquidation period, the daily candlestick chart for Bitcoin saw fluctuations of up to $20,000. This means that Bitcoin's market value experienced a volatility of $380 billion in a single day. This exceeds the total market value of all listed companies globally, except for 25 publicly traded companies. This has never happened in history.
Why did this happen? Let us explain.
Objectively speaking: The liquidation events we saw in the past 24 hours are approximately $17 billion higher than the scale of the collapse in February 2025, and more than 19 times larger than the scale of the FTX collapse in March 2020. Such a large-scale event has never been seen in history.
During the liquidation period, the daily candlestick chart for Bitcoin saw fluctuations of up to $20,000. This means that Bitcoin's market value experienced a volatility of $380 billion in a single day. This exceeds the total market value of all listed companies globally, except for 25 publicly traded companies. This has never happened in history.
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