Hedda_

IPO valuation drops by $500 billion, but compute commitments remain rock solid?

Anthropic generated $16.8 billion in revenue in the third quarter, up 45% year over year, and turned a profit. Yet its expected IPO valuation has fallen from $2 trillion to around $1.5 trillion. The contrast raises an intriguing question: why has the valuation been cut despite strong profit growth?

A draft prospectus shows that Anthropic has signed $518 billion in compute contracts, around 80% of which it must pay for even if it doesn’t use the capacity. Do these long-term commitments signal firm confidence in future technological progress?

Although its valuation has declined, Anthropic’s compute commitments seem to be laying the groundwork for its long-term strategy. Could these massive investments give it an edge in the market competition?

Do you think these compute commitments can secure Anthropic’s future market position?

#宏观经济 #Market analysis

This is awkward! MSCI changes its rules, and Strategy only buys 250 $BTC ?

On October 15, MSCI announced new rules under which non-operating companies will be removed from global market indexes after November 30. JPMorgan predicts that Strategy could be excluded, triggering $2.8 billion in market outflows. Worse, if other index providers such as Nasdaq follow suit, passive selling pressure could reach as much as $11.6 billion.

The key point is that Strategy is the world's largest corporate $BTC holder, so the potential impact of this move on the Bitcoin market shouldn't be underestimated. If large amounts of money flow out, market volatility could increase.

Do you think other index providers will follow MSCI's lead? What impact could this have on the long-term trend of $BTC ?

#比特币 #RegulatoryUpdates

$1 billion minted in five days, yet the amount of $USDC circulating on Solana shrank by $150 million?

Circle minted 250 million $USDC on Solana—the fourth mint in five days, bringing the total to a staggering $1 billion. However, the amount actually in circulation on Solana fell instead of rising, dropping from $7.156 billion to $7.004 billion. The contrast makes Circle’s strategy intriguing.

Most of the newly minted $USDC was offset by burns. Only a small portion entered circulation, while the rest remained in Circle’s treasury. This means demand for USDC hasn’t kept pace with the rate of minting, perhaps reflecting shifts in market confidence in stablecoins.

When will these newly minted $USDC actually enter the market? What impact will they have on the Solana ecosystem?

#稳定币 #Cryptocurrency

Lately, apart from making a little money, it’s been one thing after another in my personal life.

I got muted on WeChat for a month because a group I’m in was reported, even though I’m not the group owner and didn’t say a word in it. Just being a member was enough to get me punished too.

Then my usual mainland China phone number got suspended. I tried service centers in Zhejiang and Shanghai, but no luck. The Shanghai branch that handles cross-province issues couldn’t help either because I’m Taiwanese.

So after spending the whole morning in Shanghai, I had no choice but to take the high-speed train to Hangzhou to sort it out. It’s done now, and I’m on my way back to Shanghai (running around nonstop for three hours 😭). I visited three China Mobile stores today.

I don’t get it! For a Hangzhou phone number, I have to go all the way to Hangzhou to deal with it. Even a branch in Zhejiang won’t do—it’s so inconvenient. Fate is messing with this greedy pig!

Thanks to Minara for hosting us for dinner in Singapore during Token. It seems to be the only restaurant in all of Singapore that still preserves the Peranakan style. The steak was tender and delicious 😋

Minara has been very successful in the Korean market. I asked some Korean friends before, and they said it has an excellent reputation in Korea’s trading community. Korea has some of the most competitive traders in the world, so the product must be up to scratch.

@minara can help you research, write strategies, and backtest them with historical data. If everything looks good, you can activate Autopilot with one click and let it execute automatically.

It also has a professional-grade financial harness, so even the same AI model can perform completely differently inside Minara—with much higher accuracy.

You can also put your trading strategies on Minara! I wonder which genius came up with this souvenir—it’s an AI keyboard! I’ll connect it and show you how it works sometime. @0xRocky_eth

They found a handsome Taiwanese guy who’s fluent in five languages (that’s a huge alpha).

This news startled me—I thought $Near intent had partnered with Visa 🫪

Then I rubbed my eyes and looked again: it was saying that Visa had launched stablecoin payments, enabling near-instant cross-border payments.

Still good news!

Lighter is launching options trading soon! Following perpetual contracts and stock trading, this is another major move that signals a new transformation in the on-chain derivatives market.

Unlike perpetual contracts, options involve not only price direction but also factors such as volatility and expiration time. This move by Lighter gives professional traders more strategies to choose from, such as straddles and protective puts, helping them hedge risk and manage returns.

This expansion will also leverage Lighter’s strengths in high-performance order matching and capital efficiency, further advancing the platform’s transition from a perpetuals exchange to a comprehensive derivatives trading platform. With more derivatives tools being added, protocol revenue and trading volume for $LIT may find new avenues for growth.

Can Lighter’s options market successfully attract more attention from institutional investors?

#加密货币 #Market Analysis

Why did Privy’s assets surge 25-fold after joining Stripe?

Over the past year, Privy’s monthly transaction volume has reached $25 billion, its assets have grown 25-fold, and its monthly active developers have tripled. Privy’s programmable wallet features, integrated with Stripe, have clearly benefited more businesses. Stripe chose to acquire Privy for its self-custodial advantages—a design that lets developers handle no funds themselves and expands its reach in global markets.

Stripe has also partnered with Plasma to launch a multi-currency stablecoin card. Powered by Plasma’s Layer 1 technology, it supports payments in multiple currencies. These moves show that Stripe is accelerating its expansion into the global payments market and further strengthening its influence in fintech.

As Stripe steps up its investment, how long can Privy’s growth continue? Share your thoughts.

#加密货币 #Macroeconomics

It’s so easy—just do a little farming and you’re already ranked 32nd. It’s practically free money…

Not many people use the TopNod app, so just earn a few points and you’ll make the leaderboard. You can get a 132u reward.

NeoSoul’s marketing has something going for it—they scooped up the StandX refugees last night

$DNA came out with Binance Alpha and OKX on board, and even gave us a chance to buy in low. Unfortunately, just as it launched, my high-speed train went into a tunnel, so I missed the low

Looks like the selling pressure from the launch airdrop has been absorbed. The team’s tokens aren’t unlocked at TGE, the initial circulating supply is 13%, and they’ve also raised $11M

It’s been a long time since we’ve seen a decent Alpha coin. The @NeoSoulAI team has plenty of experience. Thanks to DNA for reimbursing my train ticket—and the airdrop was a nice bonus

If Tesla can fly, DNA can fly too

Mert Mumtaz Joins the NEAR Foundation—Could This Reshape the Cross-Chain Ecosystem?

Mert Mumtaz, a key figure in the Solana ecosystem and CEO of Helius, has officially joined the NEAR Foundation's board. The tech veteran, who has publicly praised the design of NEAR Intents, will be responsible for product planning and ecosystem development.

Mert's arrival is more than just a career move; it could also help NEAR make new breakthroughs in cross-chain liquidity and infrastructure development. After all, experienced leaders can bring fresh perspectives and strategies.

The NEAR Foundation's board was already a star-studded lineup, and Mert's arrival is sure to make it even stronger. But here's the question: what kind of chemistry will this create for $NEAR and $SOL ?

#加密货币 #Regulatory Updates

Can Solana really turn an entire building purple?

You bet. Last night, the Citibank Tower in Lujiazui was transformed into a purple Solana light show. The spectacular display not only drew crowds of people eager to take photos, but also kicked off the upcoming Accelerate China events in Shanghai, Hangzhou, Shenzhen, and Beijing.

From October 16 to 22, more than 3,000 builders and over 100 fintech companies will gather in these cities. The events will cover hot topics including AI, large language models, on-chain infrastructure, stablecoins, and cross-border payments. Notably, Alibaba's Qwen team and researchers from Fudan University will also be there to share their insights.

Solana's bold move is about more than just promotion—it's also a show of its ambitions in the Chinese market. Could a light show like this signal Solana's strategy for expanding across Asia?

#加密货币 #Macroeconomics

StandX has shut down too. I watched them grow from yield-bearing stablecoins to Perps, and just went on to collect the final interest payment before swapping my DUSD back to USDT. I got almost all of it back with virtually no slippage. DUSD depegged and then repegged pretty quickly, which is nice... That damn Drift letting my money go to zero was way more infuriating.

There are more and more Perp DEXs launching. If you have a conscience, it must be tough to make it work—you need enough market-maker liquidity, and you can't skimp on subsidies, points, airdrops, or interest. The market is K-shaped now: the bigger the wealth effect at the top, the harder it is for mid-tier projects to survive, even if they have revenue. DUSD actually paid out quite a bit of interest before, which was pretty sweet—and it was real money.

I think StandX chose the most dignified way to go. They could've issued a token and made a quick buck. I've experienced how hard it is to get a startup off the ground. StandX hasn't taken VC money yet, so every penny they burned was their own.

A lot of projects, big and small, have shut down recently—from Abstract and Blast to StandX. As crypto becomes more regulated, the options will shrink too, and the big money has all followed the institutions.

I hope the upcoming DUSD airdrop can help the airdrop farmers recoup some of their losses. By comparison, Abstract just shut down without a word and gave us nothing, so this is actually not too bad. Starting a business isn't easy, especially in crypto. Take care, boss @StandX_AG

Download the app

Remember to enter the invite code: PTM2_1JBRX1NB1

It really is free money!

Attention!!! Hyperliquid is giving away money on mobile! Lots of people have been hoping Hyperliquid would get an app, and now your wish has come true.

If you trade perpetuals, you have to take advantage of this!

Trading fees on TopNod @Top_nod are the same as on Hyperliquid, and so is the liquidity. Plus, you can share a $30,000 prize pool.

The top 60 traders all win prizes, and a trading volume of just 40,000 USDT is enough to make the top 60 👀
The first-place prize is up to 4,000 USDC, and the minimum is just $100 in eligible trading volume. Easy! The competition only runs until the 18th, so get trading!

Open the TopNod App and go to Perpetuals. Tap “TopNod Trading Competition Season 2,” then tap “Register Now.” Be sure to enter the invite code: PTM2_1JBRX1NB1

TopNod is a non-custodial, multi-chain wallet. You can sign up with one tap using your Apple ID. Besides perpetuals, you can also buy tokenized gold, silver, U.S. stocks, ETFs, and Treasury bonds. Turn your trading profits into gold bars—all in one app.

Core CPI is only 2.6%, but rate hike expectations are soaring! Markets are on edge over the Fed’s possible moves.

U.S. CPI rose 3.7% year over year in September, above expectations. The surprising driver was a sharp increase in energy prices: gasoline surged 9.1% in a single month. This detail directly affected market expectations for Fed policy.

Data from CME FedWatch show that the probability of a 25-basis-point rate hike jumped from 22.1% a day earlier to 33.2%, with markets reacting quickly. Volatile energy prices have become the biggest source of uncertainty for markets, and investors need to keep a close eye on them.

How will $BTC and other crypto assets respond to the volatility triggered by this CPI data? Could the market be in for another bout of turbulence?

#宏观经济 #Fed

A Saudi engineer suspected of espionage behind the OpenAI eavesdropping case has shocked America!

The U.S. Department of Justice arrested Abdulrahman Alfozan, a 35-year-old Saudi engineer, who is accused of installing recording devices in a conference room used by OpenAI executives. Surveillance footage showed him approaching the device twice and even leaving behind a backpack containing a second device. OpenAI ultimately used its own models to identify him and handed the information over to the FBI.

Surprisingly, the market at one point put the likelihood of the Saudi government being involved in the case as high as 27%. Although there is no evidence that OpenAI's core data was leaked, the incident has already raised national security concerns.

Could an incident like this lead to security reviews of more tech companies?

#监管动态 #Cryptocurrency

Are hardware wallets no longer safe? What’s going on?

Ledger recently asked suppliers in seven markets to delist all products after illegal hardware implants were found in devices, resulting in approximately $93 million in on-chain losses. The incident was not limited to Southeast Asia; problems were also found at points of sale in Singapore and Germany.

Tether has frozen approximately $10 million in $USDT, showing that parties are taking urgent action. However, the speed at which the problem is spreading is concerning, making channel isolation the most important risk-control measure for now.

How much has this incident affected trust in hardware wallets? Could it prompt more brands to conduct security reviews?

#加密货币 #Regulatory Updates

A few days ago, I went to Open Interest, hosted by Ondo in Singapore. As always, they brought in some big names, including @fundstrat.

They also invited Franklin Templeton, SBI, Siam Commercial Bank, and others to discuss how institutional money is moving on-chain.

That day, they held a special Chinese-language AMA. On stage were Ondo’s Head of Business Development, Head of DeFi Matt @fullportmatt, and Asia-Pacific Director Renia @rrah622. They looked like foreigners speaking Chinese haltingly as they answered our questions—a clear sign of how much they value our community.

1️⃣ The question everyone cares about most, of course, is when Hong Kong stocks will come on-chain.

They said they’re interested in both the Hong Kong and China markets, but they can’t simply bring them over the way they did with U.S. stocks. Technically, U.S. stocks can trade 24/7 because of after-hours venues like Blue Ocean ATS, but Hong Kong stocks don’t have that, so liquidity needs to be redesigned. They’ll also need to talk with brokers and regulators.

Ondo is starting with Japanese stocks through SBI in July, and has also signed an MOU with Kakao Pay Securities to work on Korean stocks. These are their first steps in Asia; other initiatives are all moving forward.

2️⃣ Every CEX is pushing stock tokens. What does Ondo think?

Ondo said everyone is talking about similar products, but similar and identical are very different.
Ondo’s prices will always track the underlying off-chain assets—a feat exchanges can’t achieve. The U.S. stock market is worth tens of trillions, and on-chain markets are only just getting started.

3️⃣ Intelligent Portfolios, launched in partnership with BlackRock last month

In short, BlackRock designed several portfolio strategies for Ondo, such as high-yield, steady-growth, and high-growth. Ondo then turned each one into a tokenized strategy.

4️⃣ Finally, we talked about Ondo’s Private Markets.

The first asset is OpenAI $OPAIPon. They emphasized that it’s a tokenized note that tracks the value per share that OpenAI common stock could receive in an IPO or acquisition. It’s also different from pre-IPO products on exchanges.

Thanks to @zolo_gg for the invitation. It was a very rewarding afternoon. Ondo clearly wants to make it possible to do more than just buy a wider range of assets on-chain—they also want people to be able to allocate, trade, and use those assets as collateral, building out the entire capital market.