OxDegen

When you buy an ETF, you trade at the market price, which may not exactly match the net asset value per share. A market price above NAV is called a premium; below NAV, a discount.
The SEC reminds investors that this gap is also a cost factor to consider when trading. When comparing two products that track similar assets, look beyond management fees and also consider the bid-ask spread and any premium or discount.
#新人宝典：从零了解TradFi

One share is split into two, doubling the number of shares, with the price per share adjusted accordingly. Seeing the number of shares in your account increase can easily create the illusion that you've gained something, but the total value of your holdings doesn't automatically increase because of the split.
That's also what the SEC's explanation means. A lower post-split share price may make the stock more affordable to buy, but it doesn't mean the company's profits, assets, and competitiveness have doubled overnight.
#新人宝典：从零了解TradFi

Suppose the amount of ETH in a pool stays the same. If the price of ETH rises, the TVL in dollar terms will rise too. The reverse is also true.
So an “increase in value locked” cannot be directly interpreted as “that much new money has come in.” When looking at DeFi data, separate price movements from deposit amounts, and many charts that seem contradictory will make sense.
$ETH
#defi

When looking at token unlocks, simply remembering “how much is released on what day” isn’t enough. Whether tokens are released to the team, early investors, or for ecosystem use, different vesting arrangements can lead to different behavior down the line.

An unlock means transfer restrictions have changed; it doesn’t mean all those tokens are sold that day. Consider the recipients, the share of the supply, and the release schedule together so you don’t get swayed by a big headline.

A contract can be traded back and forth many times, creating plenty of trading volume, without necessarily increasing the number of open contracts left at the end. Volume measures how much trading took place over a period of time; OI shows how many contracts are still open at this moment.

When discussing BTC leverage crowding, it’s best to look at these two figures together. Frequent trading and newly opened positions are not the same thing.

The on-chain transaction failed, so why was I still charged a fee? On Ethereum, transactions that execute and then fail still consume computing resources. Gas pays for that work.

Check the transaction status and the actual fee separately in a block explorer. Especially when you see a failure message, check the cause before trying again. Clicking several times in a row may simply mean paying the fee several times.

Closing a webpage and disconnecting your wallet may not revoke the token approvals you previously granted to a contract. MetaMask makes a clear distinction between these two actions: disconnecting and revoking approvals are not the same thing.

When cleaning up old apps, it’s worth checking both your connected sites and your on-chain approvals. Don’t assume that closing a webpage automatically expires the permissions it was granted.

Checking only the first and last few characters of an address before transferring is a bit risky. Address poisoning deliberately creates records that resemble addresses you've used before, hoping you'll copy one from your history next time.

MetaMask has issued a specific warning about this tactic. Verify the full address, and whenever possible, get it from a source the recipient has confirmed. Don't treat “looks familiar” as verification.

Both products say 10%, so they look the same, but the three letters beside the number can make a difference. APR excludes compounding, while APY includes it. You should also check how often returns are paid, whether they can be reinvested, and whether the rate can change.

Make sure you’re comparing like with like before deciding which is higher. Annualized figures are just a convenient way to compare; holding for one month won’t earn you a full year’s worth.

For the same coin, both circulating market cap and FDV may appear on the page. The former is based on the amount currently in circulation, while the latter is estimated using the total or maximum supply. When the two differ significantly, it’s worth checking the future supply schedule.

FDV also comes with an assumption: it multiplies the current price by the future supply. It is not a promise that the market will assign that valuation in the future.

When a coin sells for just a few cents, it’s easy to think, “It’s still cheap.” But if the circulating supply is especially large, the project’s overall valuation could still be very high. Circulating market cap is calculated by multiplying the price per coin by the number of coins in circulation.

Focusing on how many zeros come after the decimal point as a measure of upside can make you overlook the most important number: exactly how many coins there are.

Galaxy listed $4.9 billion in “cash, stablecoins and U.S. Treasuries” in its Q3 report on October 27.

Broken down, that’s about $1.325 billion in cash and cash equivalents, $812 million in stablecoins, and $2.756 billion in U.S. Treasuries.

When you see a big “cash reserves” headline, it’s worth reading the footnotes. Assets grouped in the same category may not be exactly alike in nature or how they can be used.

$GLXY.US #新人宝典：从零了解TradFi

Looking back at Coinbase’s third-quarter earnings report on October 29, subscription and services revenue accounted for 49% of net revenue.

Its revenue mix can no longer be explained by crypto price movements alone. Trading activity still matters, but stablecoins, custody, and paid services are also helping smooth out the ups and downs.

When evaluating publicly traded exchanges, breaking down revenue sources is more reliable than watching BTC and guessing how earnings will turn out.

$COIN.US #新人宝典：从零了解TradFi

6.07 million ETH—a striking figure.

In an announcement on November 9, Bitmine disclosed that it held 6,070,092 ETH as of November 8, approximately 4.97% of the total supply it cited.

This is a snapshot of the company's holdings at a particular point in time. To determine whether it continued buying or raised funds afterward, we need to wait for new disclosures; we shouldn't use an old filing to fill in its subsequent actions.

$ETH #新人宝典：从零了解TradFi

Circle disclosed in its November 4 earnings report that it had signed an agreement to acquire Tazapay.

The company has local payment channels covering more than 100 markets. The deal is expected to close in 2027, subject to regulatory approval.

For stablecoin cross-border payments to reach the final mile, they need to solve how recipients can get their money in local currency. Filling this gap is closer to real business needs than simply adding another blockchain.

$USDC #新人宝典：从零了解TradFi

Riot announced an AI lease on November 4, worth approximately $28 billion over 15 years.

The first 400 MW is scheduled for delivery in September 2027, with subsequent phases rolling out through 2028. The major contract is certainly worth watching, but treating the entire contract value as annual revenue would greatly exaggerate the story.

Data center delivery and the start of rental payments are the key milestones to watch going forward.

$RIOT.US #新人宝典：从零了解TradFi

IREN’s latest earnings report shows that its business mix has changed.

Of the quarterly revenue announced on November 5, AI cloud services contributed $200 million, while BTC mining revenue was $28 million. AI revenue grew 182% quarter over quarter, but the company still posted a quarterly net loss of $263 million.

The shift from a mining company to a computing power company is evident in its revenue mix; profitability will require a different report card.

$IREN.US #新人宝典：从零了解TradFi

A look back at Robinhood’s third-quarter results released on October 27: total revenue grew 12% year over year, while crypto revenue fell 55% and options revenue grew 31%.
Different business lines within the same company can move in completely different directions. Treating a brokerage stock as a direct stand-in for BTC can make you overlook what really drives its earnings.
$HOOD.US
#新人宝典：从零了解TradFi

Coinbase launched an account security score on November 10, bringing together the protection status of logins, transfers, device sessions, and linked apps.
It’s a practical idea: beyond passwords, you also need to know which devices are still online and which apps still have access. You can check the market tomorrow, but unused permissions won’t disappear just because you don’t open the app.
$COIN.US
#加密安全

After selling coins, Hut 8 used the proceeds to buy back its own shares. A November 4 announcement disclosed that it repurchased $74.7 million worth of shares in the third quarter, followed by another $175.3 million after the quarter ended, funded by BTC sales.
When you see “miners selling coins,” you need to look further into how the money is being used. Paying down debt, building data centers, and buying back shares reflect very different strategies.
$HUT.US
#新人宝典：从零了解TradFi