$BTC is going crazy, with 2.73 million BTC chips already gathered between 60,000 and 65,000, accounting for 14% of the total supply. Especially between 63,000 and 64,000, there are already 1.06 million BTC. Historically, such a dense concentration of cost has rarely appeared. It's hard to imagine what kind of positive or negative news could push $BTC out of this range. The upcoming volatility is likely to be recorded in BTC's price history, just like previous major events such as the Mentougou crash, FTX collapse, and spot ETF approval. Bitcoin's average trend index has reached the lowest point of this cycle, indicating a big wave of volatility is coming soon. Maintain a 65% position to avoid missing the opportunity to get in if it rises; keep 35% in USDT and patiently wait for a lower point to go all in, lowering the entry cost.

1. Among the friends who bought $BTC during last year's bull market, only 4.77 million remain; 41.5% have already cut their losses 😂😂 2. The average trend index for Bitcoin has reached its lowest point in the past two days, indicating a new direction will be chosen soon. Personally, I lean towards a decline. 3. At the 2022 bear market bottom, 51% of retail investors fled; at the 2018 bear market bottom, 62% fled; this year, only 41% have left, so there should be another drop. But I feel it won't fall much because the bottom-fishing crowd now is making me a bit anxious. I plan to start adding positions when it drops to 56,000.

Regulators Begin Cracking Down on Prediction Markets: Kalshi Sued for $36 Billion New York strikes at prediction markets with a triple blow: ① The New York Attorney General sues Kalshi for illegal gambling operations, seeking at least $36 billion in damages (fines + illegal gains) — the largest fine in history. ② The New York City Council investigates four major platforms: Kalshi, Polymarket, Coinbase, Gemini Titan, focusing on misleading marketing targeting young people and fake order/fake profit promotional videos. ③ The CFTC issues new guidelines: platform incentives may encourage wash trading and market manipulation, urging the industry to strengthen compliance. ④ The most subtle: while investigating, the CFTC urgently orders Kalshi to continue operations — citing that forcibly liquidating $BTC positions could trigger systemic risk. This shows regulators acknowledge its functional value; this is incorporation, not suppression. What this means: short-term customer acquisition and retail marketing will be suppressed, growth will plateau; mid-to-long term will move toward compliant growth, with leading compliant platforms gaining a moat and providing compliance benchmarks for DeFi. Prediction markets are a pioneering testbed for DeFi; if they move too fast, regulators will catch up. The second half of the game is about compliance, not traffic. Projects must prioritize compliance, and users should choose leading compliant platforms. No matter how fast the wild routes run, they cannot outrun the net of rules.

Miners are no longer competing on computing power; they've started courting electricity prices! Riot Platforms surged 83% this year, then turned around and sold 4,300 $BTC (about $270 million) to expand production. This isn't a betrayal of BTC; it's the mining industry adapting. ① Event: After selling coins, Riot still holds 11,380 BTC, injecting funds into expanding its Rockdale, Texas facility—no debt, no equity dilution, resulting in a cleaner balance sheet. ② Role shift: From hoarding coins to becoming agile asset managers, locking in profits to hedge downside while retaining upside from BTC appreciation. ③ Industry logic rewrite: Maartunn from CryptoQuant puts it plainly: the core competition for miners has shifted from ASIC efficiency to electricity procurement, grid access, and data center operations. AI companies need power and computing; miners have both ready, transforming directly into AI power + data center suppliers. ④ Marathon and Core Scientific are also selling coins to pivot. The industry is moving from a computing power race to refined asset management. ⑤ Risks: Building data centers, obtaining permits, signing long-term contracts with tech giants is more complex than running mining farms; regulators are also monitoring energy consumption. The valuation logic for mining stocks has changed—from Bitcoin beta to AI infrastructure alpha. To evaluate mining stocks, consider two pillars: BTC holdings + AI implementation. Riot's 11,000 $BTC is their trump card.

$ETH Ethereum can be bought, and this round of movement will be a bit stronger than BTC: 1. Since July, Ethereum's spot ETF has basically been in net inflow, with only occasional days of outflow. Retail investors have basically been scared off by the weakness in previous months, and now institutions are leading the bottom-fishing. 2. Moreover, institutions are not just bottom-fishing; Fidelity, Morgan, and others are applying for staking to earn some interest. This indicates they are mid-to-long-term investors bottom-fishing, and in the short term, they won't become potential selling pressure. 3. Why do I say retail investors have left? Because the ETH balance on exchanges has hit a new low. Also, institutions are quietly accumulating through ETFs, pulling the ETH/BTC ratio from 0.024 in May back to 0.030 (+25%), clearly strengthening. My view is to remain bullish. If the uptrend starts, because there are fewer retail investors, it should be one of the cleanest long-term assets. #CPI与PPI同步降温，加息分歧扩大

Yesterday $OKB was amazing, surging up to 10% at its peak and finally firmly holding above the psychological 100 mark, even reaching as high as 105 at one point. 1. The main point is that this breakout is very solid. Yesterday's daily trading volume rose from last week's average of 16 million to 39.1 million, an increase of 1.5 times. This indicates a volume-driven rise, supported by real buying pressure, not a thin-volume pump. 2. Moreover, this wasn't a sudden spike but a steady daily increase. This kind of capital structure is very healthy, showing sustained buying pressure rather than speculative control or manipulation. It means buyers are not just speculating and can support the trend. 3. Last week I thought OKB would be strong and could have an independent rally, but I expected it to struggle after breaking 100 and likely fall back. I didn't expect it to rise 15% in just one week and firmly hold above 100, proving me wrong. I really like being proven wrong like this and hope OKX continues to release ecosystem benefits without stopping, using the gains to keep proving me wrong. 4. The next resistance level is the psychological 110 mark. As long as it doesn't fall below 100, the uptrend remains intact and it will challenge that level.