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Crypto market ETH smart money position core data analysis: Longs' losses intensify, shorts are about to break even!!!
ETH current price 2322, slightly down 0.61%, current funding rate 0.0046%.
Smart money total positions 1.74B USDT, total traders 2361, nominal long-short ratio 23.70%.
Longs (885 traders)
Current position 333.53M USDT, average entry price 2874.44, unrealized floating loss 79.2097M USDT, profit ratio only 33.33%, most longs are in loss, cost far above current price.
Shorts (1476 traders)
Current position 1.40B USDT, average entry price 2306.97, unrealized floating loss 9.5897M USDT, profit ratio 61.58%. Shorts hold a larger position size, current price slightly above their average entry price, also experiencing slight floating loss.
Current price 2322 is stuck in the middle range between the cost bases of longs and shorts, longs' cost is high, shorts' cost is low, the market is tugged back and forth, a double kill pattern for longs and shorts.
Market observation reference only, does not constitute any investment advice #本周将公布10月FOMC利率决议 #SK海力士Q3财报在即，HBM4能否提振盈利？ #BTC现货ETF资金反复，市场买盘能否企稳？ $BTC $ETH $SOL $ARB
Arbitrum’s biggest long-term challenge is turning Ethereum scaling into sustainable economic activity. Lower transaction costs can attract users, but lasting demand depends on what those users actually do: trade, borrow, lend, or interact with applications regularly. Ecosystem growth matters most when it creates repeat usage rather than temporary incentive-driven traffic. The distinction between activity and durable demand will shape ARB’s fundamental outlook.$RENDER
Decentralized GPU infrastructure has a compelling use case: connecting computing demand with distributed hardware resources. Render’s long-term relevance depends on whether creators and other compute-intensive users continue finding value in its network. Yet demand for rendering services should not automatically be confused with demand for the token itself. Understanding how network usage translates into token utility is essential when evaluating this AI infrastructure narrative.Cutting water with a knife only makes it flow more, a thousand meters rushing nonstop
The FOMC is very likely not to raise rates this week, but the issue in the crypto world has never been "whether to raise or not," but "whether the money is still there." I believe the real focus of this meeting is the wording, not the decision itself.
CME data shows a 90% probability of no change in October, but the probability of a rate hike in December has soared to 68.9%. It's like the teacher not calling roll today doesn't mean there won't be a final exam.
$BTC is repeatedly testing between $79,500 and $80,000, with four consecutive daily declines and trading volume shrinking like my weekend wallet. It can't break above 81,000 or fall below 79,000; both bulls and bears are waiting for a single sentence.
$ETH is even worse at $2,320, with over $1 billion net outflow from ETFs in October. Ethereum is like a leaking ship; others are bailing water out, but it keeps sinking.
I find watching $ZEC's market most interesting—$1,188, funding rate still positive at +0.01%, price slowly declining, bulls still paying to hold on. My $500 short position is still open; watching these bulls feels like watching myself a few months ago.
I think this FOMC won't provide answers; the real signals are: can BTC break back above 81,000 with volume, and when will $ZEC bulls stop paying funding fees. Until then, watching the show is cheaper than betting.
#本周将公布10月FOMC利率决议
@你的爱播Misa @毓鑫YuXin @中确幸（Bch是世界上最有价值的币） @bilibili交易姬 Everyone is bullish, so why isn't the market rising?
The most dangerous market pattern: overheated sentiment, price stagnation
Recently, many have noticed an abnormal phenomenon:
The entire network is unanimously bullish, leveraged longs are piled up, borrowing to go long is continuously soaring,
but BTC remains stuck at the 80,000 level without breaking through or gaining momentum.
This is a typical divergence between sentiment and the market, and it is the stage where shakeouts most easily Energy turmoil rises again! Crypto faces increased pressure!
European natural gas prices have surged to a four-year high, breaking through €97/MWh. This signal should not be underestimated.
Behind this are two overlapping pressures:
✅ On one hand, winter is approaching, and heating demand in Europe is set to rise. Forecasts predict colder temperatures next week, prompting the market to stock up in advance;
✅ On the other hand, the Middle East conflict continues to escalate, raising concerns about disruptions to the energy supply chain, with expectations for short-term easing weakening.
Global gas supply is already tight, and buyers in Europe and Asia are competing for resources, further driving up prices.
Many may ask, what does this have to do with the crypto world?
The core issue is inflation.
Natural gas is a fundamental energy source, and its sustained price increase will raise inflationary pressures in Europe and globally.
Once inflation rebounds, it will tightly constrain the Federal Reserve's monetary policy. Expectations for rate cuts will be delayed further, or even strengthen the outlook for maintaining high interest rates, which is unfavorable for risk assets like BTC.
Although current prices are still far from the peak of the 2022 energy crisis, this round of increases is already sounding an alarm for the market.
Energy price hikes → inflation rebound → central banks hesitant to ease. Once this transmission chain is established, risk assets will struggle to experience a comfortable bull market.
In the short term, two variables need close monitoring:
Whether the Middle East situation deteriorates further, and the actual winter temperatures in Europe. The market is too lazy even to set up positions. BTC is hovering around 79,800, rubbing back and forth, while ETH broke below 2,350 and can't even muster a decent rebound. As of 3:56 PM, ETH is at 2,315, falling more aggressively than BTC. Moving averages are in a bearish alignment, MACD green bars are expanding—rebound? That's just handing you an entry ticket for $ETH.
The most ironic thing is that the big client data shows the market-wide long-short ratio soaring from 1.55 a week ago to 2.2. Logically, the bulls should be strong—but in 24 hours, 670 million was liquidated, with bulls losing 457 million, accounting for 68%. To translate: the long crowd is packed into the carriage, but the train is heading toward a cliff. On the other side, whale short positions hold 4.28 billion, accounting for 53.4%. OKX data is even clearer—big players' long-short ratio is 0.83 bearish, small players 0.5187 bullish. Big players are sharpening their knives, retail investors are bottom fishing $BTC.
News also adds to the pressure: US-Iran conflict risk flares up again, oil price inflation expectations are weighing down risk assets, the Federal Reserve FOMC meeting is this week, ETFs have had net outflows of 773 million USD over two consecutive days, institutions have long been waiting at the door for a smoke break.
I'm set. BTC at 80,500 and ETH at 2,380 are the starting lines for the bears. The first targets are 79,200/2,350; if broken, look to 78,000/2,300. Set your stop losses well, manage your positions, and leave the rest to the trend. Retail investors are still waiting for the “bull comeback,” but I’ll short first—relentlessly forward, no turning back.#本周将公布10月FOMC利率决议 🌤️ 10.26 Afternoon Setup
$SNDK
The order was already set before the open: SNDK long position, 3x isolated margin, holding 0.638 units, average entry price 1230.7.
The logic is in three points: First, 1229-1230 is the support zone where the 1-hour and 15-minute Bollinger lower bands overlap, and the price held here; second, the 15-minute KDJ has reached an extremely low level (J is only 1.3), indicating short-term oversold conditions, so a rebound is due; third, the daily 200-day moving average around 1236 is just overhead, current price 1232.5 is close to it, after a month of decline, expect a technical rebound first.
Take profit set at 1249, stop loss at 1223. The 1249-1251 range is the resistance zone where the 1-hour and 4-hour Bollinger middle bands overlap, so exit once the rebound reaches this area, no greed; 1223 is below the support zone, breaking it means the support is invalid, accept the loss and exit, no holding on.
To be clear: this is a short-term rebound trade, the 4-hour trend is still down, so this counter-trend position should not be treated as a trend trade. After the US market opens tonight, decide the direction within half an hour; if the direction is wrong, cut losses. Exit before Thursday's post-market earnings report, no gambling on earnings.
Current price 1232.5, floating profit +1.14U. The order is set, see you at the open. (Must use small leverage to test)#中东原油运输恢复，油价为何仍居高位？
Although Middle East crude oil transportation is gradually recovering, the core reason oil prices remain high is that the risk premium has not disappeared.
My judgment basis is:
1. The flow through the Strait of Hormuz has rebounded to about 70%-80% of pre-war levels, and Middle East exports are close to normal levels, but they rely on U.S. military escort and detours through pipelines, making passage fragile and reversible at any time.
2. The Houthi forces continue to attack Saudi energy facilities and east-west oil pipelines. Saudi Arabia intercepts some missiles, but actual damage is yet to be verified. Concerns over facility security directly push up the premium.
3. In terms of cost structure changes, VLCC freight and war insurance have soared to historic highs, accounting for a significant proportion of cargo value. Even if flow recovers, the landed cost remains high.
4. On the diplomatic front, Trump said the conflict may end, and Iran is willing to communicate, but without an agreement, with midterm elections and military risks coexisting, the market is unwilling to prematurely price in uncertainty.
Oil price trend analysis:
Last Friday Brent $BZ closed at $116.72, and although it has retreated somewhat this week, it remains high.
In the short term, if there are no major attacks and diplomatic easing signals are clear, the risk premium may ease and prices will be under pressure;
If facilities suffer substantial damage again or shipping is interrupted, prices are likely to surge again.
The medium-term trend depends on whether the risk truly cools down, rather than simply the recovery of transport volume.Sisters, the key thing to watch in this ETH wave is not the drop percentage, but the simultaneous appearance of “weak price, close support, and crowded bulls” 😮💨
In the past two days, ETH slid from 2368 down to around 2291. There were rebounds in between, but none managed to reverse the downtrend structure. Now it’s back around 2312, seemingly stabilizing on the surface, but I want to ask: is someone really taking over the position, or is this just a breather in the downtrend? 🤔
Looking at the data, 71.52% of accounts are long, 28.48% are short, with a long-short ratio of 2.51. Sentiment is clearly bullish, but more long accounts don’t equal strong capital, and certainly don’t guarantee price must rise. The worst is everyone waiting for a rebound while the price drags slowly upward; once disappointed sellers emerge, the market could look even worse 😣
So my view remains bearish: the trend is weakening, key support is right ahead, but bulls are getting more crowded. From now on, don’t listen to who shouts loudest, just watch which way the price breaks. Don’t rush to short before support breaks, and don’t blindly bottom-fish after it breaks—first see if the absorption is real or fake 👀
$ETH $BTC
#本周将公布10月FOMC利率决议 #SKhynixQ3HBM4Earnings The valuation dilemma of $FIL service tokens: tokens are tickets to consume services.
Users want services, not tokens. After payment, service providers mostly immediately liquidate to cover costs.
More orders = more revenue, which also means increased selling pressure.
Staking can only delay selling pressure, not solve it fundamentally.
Only by forming an ecosystem where spontaneous token hoarding for settlement and locked token demand continuously exceed unlocking.Big Brother Maji really got completely wiped out this time.
According to the recent on-chain data, his 25x Ethereum long position was completely liquidated by the system. The cumulative loss reached $35.37 million. Now, there’s only $5,357 left in his account.
What does just over 5,000 dollars mean? In today’s crypto world, it’s not even enough to push a mediocre altcoin. Looking at these numbers really gives you chills.
But the most surreal thing isn’t how much he lost, it’s his reaction after being liquidated.
Without even catching his breath, he immediately opened another 25x ETH long position, this time with 115 ETH.
What exactly is he thinking?
Does he really have no bullets left and wants to use this last $5,000+ to try a comeback against the odds?
Or is it the classic gambler’s fallacy, thinking, “After losing so many times, this time it must hit bottom and rebound”?
He’s not just fearless like a dead pig in boiling water; he’s truly blinded by rage.
Looking at him, then looking at ourselves.
We retail investors lose tens of thousands and can’t sleep at night. He loses over thirty million and doesn’t even frown, just keeps trading.
In this leverage meat grinder, whether you’re a billionaire or a retail trader with a few thousand U.S. dollars, once you get hooked, the outcome is the same—until you lose your last bullet.
Do you think his last $5,000+ can hold out until ETH’s big rebound?
Or will he wake up tomorrow morning with even that $5,000 gone?
The above is compiled from on-chain data and does not constitute any trading advice.
$ETH $BTC To pour some cold water first, the rapid growth of tokenized stock deposits does not mean this business has already been proven. According to Cryptopolitan, Token Terminal data shows that tokenized stock deposits in DeFi protocols have surpassed $300 million, up from $262 million last month and about $11.8 million a year ago, a year-over-year increase of 2451.5%. What concerns me more is that the market directly equates deposit growth with mature demand.
I have two reasons. First, the base is low, so the growth rate easily grabs attention; deposit size can indicate asset accumulation but cannot alone determine how many people are trading, borrowing, or continuously using it. Second, these deposits are spread across 20 issuers and 10 blockchains, and coverage does not equal liquidity interoperability. My guess is that if funds are dispersed and difficult to use across platforms, then even if the book size expands, it may not improve the trading experience for ordinary users.
But I don't want to nitpick just to be bearish; the increase in deposits itself is progress. If subsequent data can show that usage frequency and trading depth improve accordingly, and growth is not concentrated on just a few platforms, I will admit I underestimated it. For now, my judgment is: this is a signal of assets entering DeFi, not yet evidence of a mature business model. I will be watching closely what exactly the money is doing after it comes in.Got the script "A trader who can't trade coins isn't a good hacker" again?😐
▶︎ 2026.01: Sold at $3109
▶︎ 2026.09: Sold again at $2679
▶︎ 2026.10: Bought back at $2353
A mysterious entity with funds sourced from Tornado has cumulatively purchased 3000.5 $ETH (7.06 million USD) since 10.23, then swapped it to $BTC via the cross-chain protocol THORChain; this entity had previously sold ETH in batches at price peaks and recently bought back at lows#SKhynixQ3HBM4Earnings $ETH 以太坊 2286 这个位置太悬了。
之前下探，全靠一个巨鲸独力塞保证金硬生生把爆仓线拉低，强行把盘面吊着。
但下方可悬着 6.76 亿美元的密集多单清算断层。
防线就一个人在死守，只要这单一买单被砸穿，底下就是连环多头踩踏。
这位置多头纯属硬扛，真以为庄家救了一次还会救第二次？
#ETH
$ETH
👇Many people shout that oil prices will fall when they see Middle East crude oil exports resume, but the market tells you with real money: don't be naive.
The rebound in export figures is a fact, Saudi Arabia is desperately filling the gap, and some shipping routes even briefly exceed pre-war levels, yet Brent does not fall; instead, it repeatedly surges higher. Why? Because the market trades not "loading volume," but "delivery cost and sustainability."
Freight is the real killer. VLCC freight rates from the Middle East to Asia have peaked at nearly $37 per barrel, insurance costs have soared to 10% of the vessel's value, ship-to-ship transfers have become routine, voyage times have lengthened, and effective capacity has been severely diluted. Although oil-producing countries have shipped out oil, the cost buyers pay already includes a hefty premium. Asian refinery profits are largely eaten up by freight costs, suppressing processing willingness, which in turn affects the actual demand elasticity for crude oil.
More critically, on the refined products side: crude oil has recovered to 70%, 80%, or even 90%, but refined products are only about half. Diesel prices remain high for a long time, keeping industrial and transportation costs elevated. Inventories are thin, so even slight disturbances can be amplified.
Geopolitical premiums have not disappeared either. The Houthis continue to harass Saudi facilities and ports, oil tanker attacks occur frequently, and the market constantly worries about a post-election escalation. This expectation that "things could worsen at any time" supports prices more than actual shortages.
On the trading front, it is no longer a simple logic of shorting supply recovery. High freight, low inventories, tight refined products, and risk premiums—these four factors have raised the oil price baseline. #中东原油运输恢复，油价为何仍居高位？ Middle East crude oil transportation appears to have resumed, but oil prices remain difficult to decline, and the underlying logic is much more complex than the surface numbers.
Recent data shows that Persian Gulf crude oil exports have rebounded to 90% or even higher levels compared to pre-conflict, with Saudi Arabia partially compensating for the zero Iranian exports through increased production and the East-West pipeline (Yanbu port).
The flow through the Strait of Hormuz has also significantly recovered. On the surface, supply is being restored, but Brent crude oil continues to fluctuate above $110, even once surging to the $116-117 range.
The core reason is not "whether oil is coming out," but "whether oil can be delivered to buyers at low cost and stably."
Transportation costs have exploded. Freight rates for ultra-large crude carriers from the Middle East to Asia once soared to $35-37 per barrel, surging several to more than ten times compared to pre-conflict levels, and the global average freight rate also rose from about $3 to over $20. War risk insurance fees, ship-to-ship transfers, route detours, and crew bonuses have directly raised the landed cost. Refinery profits, especially for Asian refineries, have been severely squeezed, with losses occurring during some periods.
Refined product recovery is much slower than crude oil. Crude oil export figures look good, but the transportation volume of refined products such as diesel and gasoline has only recovered to about half of pre-conflict levels. Damage to refining capacity in the Gulf region and mismatched transport capacity have caused global diesel wholesale prices to remain nearly double the pre-crisis level for a long time. The "scissors difference" between crude oil and refined products is transmitting to end energy prices. #中东原油运输恢复，油价为何仍居高位？ $UNITREE A few days ago, I wanted to go long on it, firstly because you can earn funding fees after hours, and secondly because it really seemed like a trend reversal was coming. Unitree is considered the first domestic robotics stock. The main reason for the continuous decline after listing was that the IPO price was too high. It doubled on the first day, fulfilling all future expectations within a few days. My previous view was that it would drop to $50 and return to a value low, but it stopped falling at $60, so I perfectly missed this wave! No doubt, the embodied intelligence sector will definitely be the main theme in the coming years, just like chips and storage are now. Demand will eventually explode, and this sector will multiply many times in the future. Back to the market, after Unitree rose to $100, it clearly showed signs of weakening momentum, with selling pressure clearly outweighing buying. A major short-term correction may be coming, but looking at the funding rate, wow, the annualized rate is over -1000%, so wouldn't you want to earn some funding fees after hours?US Treasuries above 5% + oil at $103, Ethereum is the most vulnerable among the "high beta" assets
From a macro perspective, this is the gravitational pull all risk assets face, but ETH bears it more heavily.
The 10-year US Treasury yield remains near 5%, the dollar is relatively strong, and oil prices are above $103. Capital prefers to stay in the dollar and US Treasuries. Ethereum is a high beta smart contract platform—when portfolio managers decide to reduce risk exposure, ETH is among the first assets to be sold.
High Treasury yields keep real yields attractive, prompting portfolio managers to cut risk exposure to high beta smart contract platforms and shift toward cash and sovereign bond instruments.
What’s more troublesome is the correlation. Bitcoin’s correlation coefficient with Nasdaq, Nvidia, and the Philadelphia Semiconductor Index is above 0.9, and Ethereum’s volatility is even greater than BTC’s. With AI trading cooling off and tech stocks being sold off, ETH has fallen harder than BTC. BTC dropped 3%, ETH dropped 6%; BTC struggles around 80,000, ETH broke below 2,300 directly. $BTC $ETH $ZEC #本周将公布10月FOMC利率决议 #SK海力士Q3财报在即，HBM4能否提振盈利？ #中东原油运输恢复，油价为何仍居高位？ On the earnings report day of August 4th, $PLTR surged 29.45% in one day.
Now, there is one week left until the next earnings report (early morning November 3rd, Beijing time), and the stock price is hovering around 196.75 (last Friday's close) without a clear direction.
I am personally watching just two lines: the upper side around 209, which is the new closing high in October; the lower side at 184, which held during last Friday's pullback. Most likely, the stock will consolidate between these levels before the earnings.
Interestingly, the valuation is already quite high, with the market expecting Q3 revenue around $2.16 billion. For stocks like this around earnings, price swings of up or down can happen within a day. I personally prefer not to take heavy positions before the earnings.
#EarningsSeason #USStocks #USEarnings $PLTR $NVDA
Do you think this earnings day will be +10% or -10%? Place your bets in the comments.
This is my personal opinion, not financial adviceFriends who have been following the official BNB Chain documentation should have noticed that BNB Chain is developing a high-performance L1 running parallel to BSC, using BNB for gas, staking, and governance, without issuing new tokens, equipped with a native cross-chain bridge. The testnet target is the end of 2026, and the mainnet is early 2027. CZ also directly said, "Multiple chains, one coin." In Ajian's impression, this should be a rare non-inflationary approach in the L1 wars. It channels the valuation of the new chain entirely back into $BNB instead of diluting it. No wonder BNB has been getting stronger in this market trend; the market is already pricing in this design.
Of course, this choice, while avoiding community forks, has obvious downsides: without independent incentives, the new chain's cold start will be slow. It must have sufficient cash flow and existing demand to get going, and it seems these two points can be well supported by relying on a big tree to enjoy the shade 😀I have been shorting $BTC, $ETH, and $ZEC? I'm not focused on the immediate bullish candle, but on the macro risks that may arise after the midterm elections. If Trump chooses to escalate military actions against Iran after the midterms, once geopolitical conflicts intensify, oil prices, inflation, and Federal Reserve policies could all become sources of market pressure again, and risk assets might face a new round of sell-offs. Of course, war is not an inevitable scenario, and the market might have already priced in the negative factors. But I prefer to study the risks in advance rather than react only after a black swan event occurs. BTC, ETH, ZEC — I'm not shorting the faith, but making a judgment based on risk-reward ratio. The market can continue to rise, but as long as the logic hasn't been falsified, I will maintain my viewpoint. The above is only my personal opinion and does not constitute investment advice. That makes timing past cycles even less reliable. What matters more is whether BTC can complete its correction, hold its broader structure, and regain bullish momentum.
If the pattern continues, another major move higher could follow. If the structure breaks, the comparison loses its strength.
History gives us a framework, not a guarantee. Price confirmation still comes first.No need to spend money to buy data; these things on-chain are originally public, it's just that no one tells you where to look.
If you want to know whether a whale is buying or running, the first step is not to look at the K-line, but to check the wallet first. Among free tools, arkm can tag wallets, and the institutional holdings section can show if this person is one of their own; debank breaks down the holdings of any EVM address thoroughly, making it clear at a glance which coin accounts for 80%.
The biggest pitfall of Meme coins is not the drop, but buying in and not being able to sell. Before entering a position, spend two minutes to test the token transfer permissions, then review the token distribution. If the top ten addresses were all created within a week and have transfer records among each other, just abandon this trade.
The unlock schedule is more important than any positive news. What the project team says about lock-up and the on-chain release schedule are often two different stories. Look at the release pace daily; a rally one week before unlock is mostly to provide liquidity for the unlock.
Don't overlook liquidation data either. If the funding rate has been positive for several days and the open interest is still rising, it means the bulls are overcrowded. At such times, a single bearish candle can trigger a chain liquidation of a large area, which can be seen on the liquidation heatmap where the clusters are.
One last honest truth: all tools are free, but if you look in the wrong direction, you will still lose money. Data only helps you know what the opponent is doing; it does not guarantee you will win.
$BTC#Strategy财报前瞻：BTC账面收益大幅反弹
$20.9 billion is the accounting legacy left by Strategy as the last full profitable quarter of the “Bitcoin premium carrier.”
After the earnings report, the market’s pricing logic for MSTR will inevitably shift from “how much accounting profit it made this quarter” to “under an mNAV environment of about 1x, what tools Saylor can still use to create incremental BTC exposure per share.”
$132-$135 is the first real test level for whether this new logic is accepted by the market;
$153-$156 is the touchstone for whether the old narrative still has any residual vitality.Samsung's Q3 profit is expected to increase nearly 8 times, with the recovery in storage and foundry market sentiment boosting the mood in the compute chip sector where AMD operates. However, short-term funds have not clearly followed suit; I judge this more as high-level rotation rather than an acceleration of the trend. Looking at the market, the price has fallen from 524.84 to 512.2, down 1.1%, still in a four-hour downtrend structure, 16.49% below the high. Although the one-hour chart shows a slight rebound, it is only 1.10% above the low, indicating weak bullish support. The turnover is 41.72 million, leaning bearish, and the funding rate of 0.0130% shows bulls are paying a small premium. Open interest at 7,791 shows no increase; among the top ten, there are 17 buy orders and 2 sell orders, with a strength ratio of 7.82. The buy orders are thick but appear more defensive. Strategically, lightly go long at 513.6 with a stop loss at 508.9 and a target of 521.7; if it rallies to 522.4 and stalls, consider reversing to a short position with a stop loss at 526.8 and a target of 514.2, with a single position not exceeding 20%.
— This is only a personal opinion and does not constitute investment advice. Wishing you successful trading. —
$AMD#SK Hynix Q3 earnings are coming, can HBM4 boost profitability?
#Samsung Q3 profit expected to increase nearly 8 times, full earnings report coming soon
$AMD A report claims that apart from the Mag 7 (the Big Seven tech giants), AI has not brought any financial returns to other U.S. companies.
The basis given is that companies outside the Big Seven have shown no significant growth in profit margins or per capita income.
However, this conclusion has a key problem: overall data not increasing does not mean AI has not created value.
A more reasonable way to measure AI's contribution is to compare companies with different levels of AI usage: what differences exist in productivity, costs, and profits between companies that use more AI and those that use less?
Looking only at the overall average of all companies makes it difficult to discern AI's actual contribution. Factors such as interest rates, energy costs, wages, and demand changes can all affect the final results.
The grouping method is also debatable. The Mag 7 are not only AI users but also important suppliers of cloud services, chips, models, and AI infrastructure; many other companies are primarily AI buyers. The business models and revenue structures of the two groups are inherently different, so directly comparing profit margins makes it hard to isolate the effects brought by AI alone.
The original text also mentioned the economic pressures at the time: rising interest rates, oil prices reaching $116 per barrel, high inflation, and consumer confidence at historic lows.#SK海力士Q3财报在即，HBM4能否提振盈利？
It’s basically a given that Hynix’s earnings report will exceed operating profit expectations. Last month, the market expectation was only 74.1 trillion won, but now it has risen to 76.96 trillion won, reflecting optimism about Hynix’s Q3 operating profit.
However, with inflation rising and AI valuations shrinking these days, I suggest not getting too carried away or betting on the stock price going up.
Because the positive news of operating profit exceeding expectations is already priced into the stock. DRAM ASP rose 21%, NAND rose 17%, and it would be hard for operating profit to fall below 76 trillion won. The core focus of this earnings report is actually on the situation with HBM4.
But this is where I’m pessimistic, mainly because Nvidia Rubin’s delay and extended mass production debugging.
Moreover, data shows that Hynix’s $SKHYNIX HBM market share is being closely challenged by Samsung, and JPMorgan already expects it to drop from 60% to 41% next year.
Now the macro policy for the Korean won is also unfavorable. I suspect that if the Q4 guidance is weak, Hynix’s stock price may experience a slow decline where good news turns into bad news.#谷歌云业务增长82%，AI投入回报如何？
Google Cloud's 82% growth is not a bubble; the $514 billion backlog of orders represents solid future revenue.
However, the return on AI investment is unfolding in a way of "revenue certainty, cash uncertainty, and profit yet to be verified."
If the Q3 earnings report only confirms the former without signaling marginal improvements in profit margins and cash burn rate, then the 82% growth itself could become the starting point for the market to reprice "whether this bill is really worth it."SPX OPTIONS RADAR: CALM MARKET, RISING RISK?
SPX closed Oct 23 at 7,623.68 (−0.47% weekly), while VIX stood at 19.45.
CAPITAL EX options snapshot (Oct 25):
• 7D IV: 15.5%, up 1.9 percentage points
• Put skew: 3.5%, down from 4.1%
Short-term options are pricing greater uncertainty ahead of the Oct 27–28 Fed meeting. That does not necessarily predict a selloff.
Will volatility fade after the Fed, or spread into November?
BitChoice | Satya · Educational analysis.For outbound payments, I used to just check if there was money in the wallet. Recent events have changed my order: first check the coin, then make the payment. Step one, first ask about the pegged currency: what exactly is the money you are paying out? Today (October 26) is a perfect example: Coinbase stopped transfers of the Japanese yen stablecoin GYEN starting today, and the remaining balance will be automatically converted to USDC at market price between October 26 and 30. According to reports, the issuer GMO’s direct redemption will not be available until November 11, with the rate being 1 GYEN to 1 Japanese yen. The same amount of money, one is "converted to USD Coin at market price," the other is "redeemed at face value in Japanese yen," and the results are completely different. My lesson is: whether the coin name includes "dollar" is not important; what matters is whether it is pegged to the US dollar, Hong Kong dollar, or Japanese yen, as that determines the currency you ultimately spend. Step two, then ask if the other party can receive it. HSBC’s Hong Kong dollar stablecoin RedCoin was launched on PayMe on October 23, allowing over 3.3 million users and more than 100,000 merchants to transfer and pay within the app—but the premise is that the other party is also in this ecosystem. Conversely, Anchorpoint, led by Standard Chartered, was reported the same week that the retail version is not urgent to launch, the institutional version was launched in August, and the personal version’s timeline was not reiterated. Also, Visa’s statement last week regarding the Philippines: there is no clear timetable for stablecoin remittances; it depends on local institutions, regulations, and user readiness. My approach is #三星Q3利润预增近8倍，完整财报即将揭晓 Samsung's Q3 "profit record high" does not mean its business mix has become healthier; on the contrary, it reveals a structural systemic loss of profitability in its non-memory business.
The volume increase of HBM4 pushed DS to an extreme on the report, while highlighting the issues in DX and foundry even more starkly. If there is a risk worth pricing in the full financial report, it is this: Samsung's current profit resilience is almost entirely based on the assumption that memory prices will not experience a meaningful decline; meanwhile, its non-memory segment has yet to prove it can take over the profit baton when memory market conditions peak.Is SatPay a remedy or a poison? Core DAO fundamental analysis
SatPay is the core blood-generating engine of the Core 2026 roadmap, ideally positioned as a new Bitcoin bank: users stake BTC to earn yield and lend stablecoins, consume via debit cards, with staking asset yields automatically repaying loans, and generated fees used for CORE buybacks, connecting BTCFi on-chain assets with offline consumption to build a token value flywheel.
But currently, it resembles a double-edged sword hanging over fundamentals: if it can successfully resolve compliance card issues and achieve large-scale commercial use, SatPay will be the catalyst activating the ecosystem, bringing real fee income, realizing the buyback narrative, and driving long-term CORE demand.
In reality, it is closer to a potential poison: partner Mobilum is a micro-outsourced fintech without a banking license, lacking payment licenses in core UK and US markets, the underlying card issuing chain once faced license crises, the product launch originally scheduled for early 2026 has been repeatedly delayed, currently only a waitlist and a very limited beta exist, with no real large-scale transaction volume.
Adding other fundamental shortcomings: Core lacks primary VC capital backing, official validator nodes continue to withdraw, and the August vulnerability left ghost tokens pressuring the market. The entire ecosystem’s buyback expectations are heavily bet on SatPay; if the project is delayed long-term, market confidence in Core’s entire BTCFi revenue narrative will continue to collapse, becoming a poison dragging down the coin price.#GENIUS Act detailed rules released, stablecoin reward limits adjusted, $SNDK faces short-term pressure as a compliance narrative target, but signs of buying support appear after a deep drop. I judge this as a repair window within weakness rather than a trend reversal. The market contradiction lies in: 1-hour and 4-hour trends both downward, 1-hour is -8.42% from the high, 4-hour is -23.6% from the high, yet both are only 0.60% from the low, showing obvious dulling at the end of the decline; current price 1231.8, 24-hour drop 0.7%, turnover only 177,000, insufficient momentum in volume-shrinking sell-off, and the top 10 order book buy/sell ratio of 1.57 shows buyers dominate, funding rate 0.023% is relatively high indicating longs are still crowded, with 84,000 coin-margined positions hiding squeeze risk. Strategically, aggressive traders can place longs at 1229.6, stop loss at 1218.7, target 1257.3; conservative traders wait for a rebound to 1259.8 to lightly short, stop loss 1271.5, target 1233.4, single position no more than 20%, exit when funding rate turns negative.
——For personal opinion only, not investment advice, wish you smooth trading.——
$SNDK#GENIUS法案细则发布，稳定币奖励限制调整
#GENIUS法案细则发布，稳定币奖励限制调整
$SNDK 【Market Quick Notes】The 80,000 level has been lost, don't rush to be a hero
This wave of decline is not just testing patience, it's a direct table flip. BTC volume surged on the 4-hour chart, breaking below 80,000, with a wick down to 79,700; ETH dropped sharply with a big bearish candle to 2,308 and is hovering around 2,320; SOL retreated to 101, with the 100 level dangerously close. MACD green bars are expanding simultaneously, selling pressure is accelerating, this is not a simple shakeout.
More importantly, after the breakdown, the market has not stabilized on the right side: BTC failed to reclaim 80,000, stop-loss and liquidation levels below are likely to trigger layer by layer; if ETH loses 2,300, liquidation pressure will intensify; SOL is highly volatile, with higher risk of leveraged liquidations during the downtrend. Although long-short positions remain close to even (BTC shorts 50.3%, ETH shorts 51.4%), the price has already given a direction, and position ratios cannot save the breakdown.
At this moment, the worst thing is to "buy just because it's cheap." The first rebound after a volume surge and sharp drop is often a bull trap; without volume contraction and a return above key levels, catching a falling knife is equivalent to buying into selling pressure. Control your hands, wait for signals, this is more important than rushing the rebound.
$BTC $ETH $SOL
#本周将公布10月FOMC利率决议 Fantasy time: Bought 100,000 $ETH 11 years ago at a cost of $0.31 each, how many are left now?
Answer: Half left 🤠
Address 0x6C6…d2941 sold 50,000 at an average price of $5.47 in February 2016 (the return was already as high as 1664% at that time).
He held onto the remaining half for a full 9 years—until 4 hours ago when he deposited 1,500 coins (3.46 million USD) to an exchange, with a return rate soaring to an astonishing 744,017%!
Currently, the wallet still holds 48,500 ETH.
What does it mean to survive bull and bear markets? This is the confidence of an OG. 💎🙌"Bearish Script Timeline"
October 26, 08:00: The second weekly candle closes below 83,000, confirming a false breakout
Following days: Retrace to the bull market support zone (just above 70,000 to 75,000), sweep the September 15 low, then rebound
October 29, 02:00: Federal Reserve meeting; if no rate hike but PCE is hotter that day, long-term yields may rebound, with the 10-year US Treasury returning near 5.3%
November 3: US midterm elections
Mid-November: Stock market decline drives BTC lower, long-term yields peak, forming Q4 lows
There is also a timing reference: local highs in July, August, September, and October all appeared around the 21st, except August extended to September 3. Based on this, the current cycle’s high is estimated between October 21 and November 3. However, with only four samples, this is for reference only.
The only condition to invalidate the entire script is if the weekly candle on October 26 closes back above 83,000.
#本周将公布10月FOMC利率决议 The moment the 80,000 mark was broken, the most panicked were not the leveraged bulls, but the companies that included BTC in their financial reports. Middle-aged people held hostage by institutional cost prices
$BTC at $80,078, down 0.89% in 24 hours. 80,000 is the average cost line for ETFs and corporate treasuries, calculated by Glassnode; breaking it means an overall unrealized loss. 404M long positions were liquidated in 24 hours, perpetual open interest at 68.45B, funding rate only +7.9% annualized, RSI 36. If it holds 79,800, look for 81,200; if it breaks, look for 77,876. The trigger point is very clear: the ETF redemption data during the first hour of Monday's US stock market open.
The only one daring to raise a glass is $ZEC at $1,206.61, down 0.15% intraday but up 7.51% weekly. The logic is solid: NU7 upgrade scheduled around November 5, block time cut from 75 seconds to 25 seconds, 60% of fees locked until February 2031. 1,048 is the floor; if it falls back there, it means the upgrade expectations have been fully priced in.
$ETH is being redeemed while moving, at $2,325.79, down 1.35%. On October 22, 170,000 ETH exited, the largest single-day outflow in three months, yet the ETF still had a net outflow of 221M that week. If it can't reclaim 2,400, this outflow is a move, not a bottom fishing.Be cautious about the optimistic outlook for OKB regarding major positive developments landing
22 US-listed companies unite in resistance, OKX and ICE stock tokenization projects cool off
The tokenized stock plan of the joint venture platform OKXICE by OKX and ICE**. Most companies have not publicly explained the reasons; the core concerns focus on four issues:
- **Price may disconnect**: On-chain trading is available around the clock, but when liquidity is fragmented, token prices tend to deviate from the main markets of NYSE or NASDAQ.
- **Shareholder rights hard to synchronize**: Dividends, voting, stock splits, and mergers need to be consistent with traditional securities records; otherwise, holders’ rights may be compromised.
- **Brand and reputation risks**: Tokens issued by third parties may lead investors to mistakenly believe the listed company is involved or endorses them; disputes could still implicate the company.
- **Who controls the rules**: The platform uses a "30 days objection after notification" mechanism. Companies worry about being passively pushed into off-exchange trading pools, losing control over their stock trading venues.
Applied Optoelectronics has publicly mentioned concerns about stock price volatility, liquidity, and brand confusion. These 22 companies are targeting third-party tokenization arrangements on specific platforms, which does not equate to a wholesale rejection of blockchain finance.BTC is currently stuck oscillating around the $80,000 mark, testing both up and down but refusing to give a clear direction.
In the past week, it broke below 79,500 twice, only to be pulled back above 81,000, while trading volume has actually been shrinking. This kind of tug-of-war usually doesn't last long; Wednesday's FOMC and the subsequent PCE data will basically be the referees.
Personally, I’m watching three numbers: 80,000 is the weekly lifeline, 78,000 is the last support level for this bull run, and only a break above 83,500 counts as a true breakout.
On the macro side, there’s another line easily overlooked: SpaceX just completed a $40 billion debt financing specifically to buy GPUs. Musk himself said the debt market is almost closed to companies without independent AI data center revenue, and over 200 new cloud providers will face consolidation.
In plain terms: the era of raising money by storytelling is closing, and next we’ll see who really has cash flow. This is not good news for the crypto narrative related to computing power.
So my approach this week is simple: no position increase, wait for Wednesday’s results before making moves. If I do act, it will be after $80,000 holds and volume returns, not by guessing the direction now. The Ethereum Glamsterdam upgrade was originally scheduled to activate at 1:42 AM Beijing time tomorrow on the Hoodi testnet, but developers pulled it early, and the new date is not set 🤔
Reason: On October 22, the core developer meeting decided to pause first. EIP-8037 changed the gas charging for storage writes. Audits found it might intentionally interact with contracts already deployed on the mainnet. Failures that used to roll back might now be permanently recorded under the new rules. The original plan to raise Hoodi's gas limit to 200 million was also canceled.
Sepolia already ran this upgrade on October 6; this time only future configurations were withdrawn, Hoodi's historical blocks will not roll back; the mainnet date was never set, and the Foundation says ordinary token holders don't need to do anything.
My view: The testnet delay isn't a bad thing; better to be slow than to have issues on the mainnet. But with ePBS and gas repricing as scaling narratives, the hope for mainnet deployment within the year has diminished. $ETH was already weak around 2300, and with this week's rate decision, it's a short-term negative factor but unlikely the main cause of a sell-off.
With the upgrade being postponed repeatedly, can you still hold ETH?
Sources: Ethereum Foundation blog, The Defiant, TokenPost
Just personal opinion, not investment advice, DYOR
#Ethereum #Glamsterdam #ETH The pause itself in this October meeting is no longer news: according to CME, the probability of an immediate rate hike is only about 10%, and 94% of surveyed economists also expect no change. The real drama lies elsewhere — in the dot plot, 12 members still believe there should be another tightening within the year. If several hawkish members bring their dissent into the vote, the market will clearly see for the first time: this is not the end, just a breather.
Therefore, the weight of Powell's speech is very high. If his wording is a bit tougher, expectations for a December hike will be reignited; if he avoids or softens his tone, assets have reason to rebound on the "bad news priced in" narrative. Currently, the rate market clearly leans toward the former: pricing for a 25 basis point hike in December has surged close to 68%.
On-chain/market side, $BTC is stuck near 80,000. The frustrating part is not the price but the rhythm. In the past 24 hours, total liquidations across the network were about $670 million, with long positions accounting for about $457 million, indicating that every time someone tries to break above the round number, liquidity quickly pushes back; but contract open interest is still rising, meaning this is not a simple long vs. short death match, but longs repeatedly paying tuition while shorts wait for confirmation.
The more likely scenario this week: after the decision, there will be a brief emotional pulse, but smart money won’t rush to judge a bull return; instead, they will watch Powell’s press conference. As long as he doesn’t close the door on December, or even hints at "one more hike" in line with the dot plot, the space $BTC has painfully squeezed out above 80,000 will most likely be pushed back into the range. Conversely, if the hawks only talk tough without voting or wording escalation, short-term recovery will have sustainability.
In short: the pause is not good news, it’s a test; Powell’s answer will decide whether 80,000 is a floor or a ceiling.Capital Market Observation: The rebound remains a weak recovery
Short-term inflows have already receded, and mid-term funds are still exiting; today's outlook remains bearish.
$BTC 4-hour spot net outflow is about $19.56 million, contract outflow $257 million; 24-hour spot and contracts outflow $64.86 million and $385 million respectively, with 30-day contract outflow expanding to $7.71 billion. Price hovers below $80,000, and 15-minute fund replenishment looks more like short covering and low-level rebound buying, insufficient to confirm a reversal.
$ETH structure is weaker: 4-hour spot outflow $31.32 million, contract outflow $192 million; 24-hour spot shows a slight inflow of $1.72 million, but contracts still outflow $166 million, with 30-day contract outflow at $8.46 billion.
$SOL 24-hour spot inflow of $8.86 million, but contract outflow of $24.01 million, 30-day contract outflow $2 billion, indicating spot support but leveraged funds unwilling to stay, limiting rebound sustainability. ZEC 24-hour spot and contract outflows are $3.4 million and $34.43 million respectively, with 30-day contract outflow of $1.04 billion, showing clear withdrawal after strong retreat.
Unless 24-hour and 30-day funds simultaneously turn, BTC rebound is unlikely to drive contract fund inflows; ETH, SOL, and ZEC still face downward pressure.
#本周将公布10月FOMC利率决议 Bitcoin at 80,000 is currently a tug-of-war between bulls and bears. I know many people are focused on the 75K mark, which is widely recognized in the market as the next key support level, and some analysts have mentioned it. But you have to understand that between 80,000 and 75,000 there is no decent support gap. Once 80,000 truly breaks, the decline in this range will be very rapid because there are no chips to hold in the middle. The resistance above has shifted down to 81,000 to 82,000, and only reclaiming 83,000 will mark the end of this wave. My view is very clear: before Wednesday's FOMC, the battle between bulls and bears at the 80,000 level is meaningless because whichever direction it goes will be reversed after the news is released. What you really should do is wait for the FOMC to reveal the direction. One detail worth noting is that Bitcoin's hash rate is still hitting new highs, but miner revenue has dropped to the low point of the market cycle. This divergence indicates that miners are using scale to dilute costs rather than surrendering and exiting. This is a common characteristic of historical bottom areas, but it does not mean the bottom has arrived; it only means the bottom is not far away.Fantasy time: If you bought 100,000 $ETH 11 years ago at a cost of $0.31 each, how many would you still have now?
—— The answer from this OG is: half left 🤠
The ICO ancient whale 0x6C6…d2941 allegedly sold 50,000 ETH at an average price of $5.47 in February 2016 (worth $273,000), with a return rate of 1664% at the time; however, half remained until now, and as recently as 4 hours ago, it deposited 1,500 ETH (worth $3.46 million) to exchanges. If sold, the return rate would reach an astonishing 744,017%. Currently, 48,500 ETH remain…
Suspected selling address 0x0980B34aDE9476Dba81BCDB0F865a333793Ad1c2Amazon's strong demand for computing power reflects the resilience of tech capital expenditure. If risk appetite recovers, it could provide a floor effect for BTC, but in the short term, the coin price is desensitized from the US stock market, and I judge the weak consolidation remains unchanged. The four-hour downtrend has fallen 5.35% from the high, currently priced at 79982.5, close to the intraday low. A 24-hour drop of 0.8% and a trading volume of only 4.773 million indicate light support, with an order book buy-sell ratio of 0.22 showing obvious selling pressure. The funding rate of 0.0098% is relatively neutral, and 31,000 coin-margined positions show no panic liquidation. 79322.9 is the last line of defense; if broken, it opens the downside space. Strategically, lightly short near 80785 on a rebound, stop loss at 81365, target 79355; if volume breaks below 79322.9, short to 78480, stop loss at 79890. Position control within 20%, strict stop loss on breakout.
— This is only a personal opinion and does not constitute investment advice. Wishing you successful trading. —
$BTC #SK Hynix Q3 earnings are coming, can HBM4 boost profitability?
#AWS strong computing power demand, what are the highlights of Amazon's Q3 earnings?
$BTC Looking at Amazon, it's easiest to get carried away by a particularly large net profit figure.
The company disclosed in Q2 that the net profit includes the impact of investment-related gains; other non-operating income for the quarter reached $53.4 billion, mainly related to the Anthropic investment. This is a pre-tax item and cannot simply be subtracted from the after-tax net profit, but it is enough to remind us that the group's profit surge may not all come from selling goods and cloud services.
So this time, when looking at AWS, I will first look at segment revenue and operating profit, then go back to the group's net profit. Changes in investment valuation can make the financial statements look good, but the operational performance of the cloud business more directly reflects customer demand and service efficiency.
I do not reject investment income. Investing in the right company is certainly a skill, but it is a different kind of achievement from AWS receiving orders, delivering computing power, and receiving customer payments.
What really excites me is if AWS growth can continue, the increased revenue can retain reasonable profits; meanwhile, construction investment gradually transforms into usable capacity.
If you only focus on whether earnings per share beat expectations, it's easy to miss the most important divergence: whether the company is actually making money from its business or just happened to catch an investment revaluation this quarter. AI is already hot enough, so when reading financial reports, it's best to keep a cool head.
#AWS算力需求旺盛，亚马逊Q3财报有哪些看点？ In the past few days, Bitcoin, gold, and the Nasdaq have all been declining together. Many people's first reaction is interest rate hikes. But the expectation for a rate hike in October has actually cooled significantly; the market is basically waiting for December or even January next year, so you can't simply explain it with "rate hikes." $BTC $ETH $ZEC So what are the real moving variables? One is the Middle East situation pushing up oil prices, with Brent crude briefly surging above $112. When oil prices rise, inflation worries can't be suppressed, and capital becomes more cautious about interest-free assets. Another is that AI capital expenditure and profit realization are being re-evaluated. After tech stock sell-offs, margin pressure will force capital to sell more liquid assets, affecting both gold and Bitcoin. There's also an easily overlooked point: this time, safe-haven funds prefer U.S. Treasuries and U.S. dollar cash rather than gold. So when U.S. Treasury yields fall, gold may not immediately rebound. Why is Bitcoin more sensitive to the drop? Because it is more sensitive to leverage and capital flows. A decline in U.S. Treasury yields doesn't mean selling pressure disappears immediately; the key is whether new buying supports it and whether ETFs and contracts are still experiencing net outflows. When watching the market, don't get stuck on "why is it falling." First, look at several variables: whether oil prices continue to hold up, how U.S. Treasury yields and the dollar move, whether tech stock selling pressure eases, and whether Bitcoin and gold diverge. If Bitcoin spikes up but gold doesn't react at all, don't rush to go long; if the macro environment starts to ease, with the Nasdaq stabilizing first, then gold, and then Bitcoin following, the resonance signal is more reliable. Ultimately, when buying exceeds selling, prices rise; when selling exceeds buying, prices fall. Macro fundamentalsThe 80,000 level has been tested for the third time today. There was a wick in the morning that was pulled back, and then it dropped again in the afternoon, indicating this is not a one-time dump but that the buying pressure near this threshold is indeed unable to hold.
$BTC is currently around 79,907 USD, down 0.81% in 24 hours, with the daily low near 79,368 USD; $ETH is about 2,313 USD, down 1.32% in 24 hours, also hovering around the 2,300 mark.
What’s more noteworthy is the capital flow: the US Bitcoin spot ETF saw a net outflow of approximately 773 million USD combined on October 22 and 23, and institutional buying has yet to return.
Losing the threshold itself isn’t scary; what’s scary is that each recovery is getting weaker — before the ETF sees net inflows again, the time spent consolidating below 80,000 might be longer than expected. $BTC Contract Performance Over the Past Week
The contract market overall shows characteristics of "high leverage inventory, mild bullish bias, and liquidations mainly on the long side."
1️⃣ Open Interest (OI) changed little over the week, with a high of about $39.25 billion, a low of about $35.14 billion, and currently around $36.78 billion. OI did not sharply contract in sync with the price decline, suggesting some shorts were adding positions or hedging at lower levels, with the overall structure leaning neutral to slightly bullish.
2️⃣ Funding rates remained positive, with OI-weighted rates around +0.006% to +0.008% per 8 hours, annualized about 7%-9%. This means longs continuously pay fees to shorts, indicating a market sentiment biased toward bullishness. The long-to-short account ratio is about 2.1-2.3 (approximately 68%-70% of accounts are long), further confirming a retail and small-to-medium account structure biased toward longs.
3️⃣ Liquidation data is the most notable feature this week. On the 24th, nearly $196 million in liquidations occurred in a single day, with about $179 million on longs, a recent peak; on the 22nd about $129 million (mainly longs); and on the 23rd about $89 million. Long liquidations throughout the week significantly exceeded shorts, indicating that the price pullback in the $80,000-$84,000 range mainly hit highly leveraged longs. On the 21st, there were more short liquidations, corresponding to a brief rebound.
4️⃣ Comprehensive judgment: When the price hovers below $80,000, short-term support is insufficient and mid-term capital has not clearly returned. If OI continues not to increase and funding rates remain mildly positive, rebounds are more likely short-covering rather than trend reversals.