Couldn’t sleep, so I took a quick look at the market.
Switzerland approved its first retail-focused spot Bitcoin ETF. Unlike the ones before it, this one uses a regulated fund structure, with custody and disclosures out in the open. The gateway is officially open.
On the same day, Goldman’s risk appetite indicator turned negative for the first time in four months, falling back to where it was when the Iran war began. Money is dumping AI stocks and moving into US Treasuries; South Korea’s index fell 4%, and an AI startup sank more than 30% on its first day of trading.
But there’s one thing I can’t quite figure out.
ByteDance, Alibaba, and Tencent are still placing huge orders—for a combined total of more than $35 billion in compliant GPUs—and even Nvidia can’t guarantee it can deliver the full amount.
The primary market is spending like crazy, while the secondary market has already taken off. That divergence is the most unsettling thing tonight.
$BTC is at $82,316, up a tiny 0.54% over 24 hours—narrow range, no clear direction.
Market makers are quoting both ways: above $87,000 counts as confirmation; a decisive break below $82,500 puts $70,000-and-change in view.
The door’s open, but no one’s walking through. Keep an eye on $82,500.
#监管通道 #一级二级背离 #News
Switzerland approved its first retail-focused spot Bitcoin ETF. Unlike the ones before it, this one uses a regulated fund structure, with custody and disclosures out in the open. The gateway is officially open.
On the same day, Goldman’s risk appetite indicator turned negative for the first time in four months, falling back to where it was when the Iran war began. Money is dumping AI stocks and moving into US Treasuries; South Korea’s index fell 4%, and an AI startup sank more than 30% on its first day of trading.
But there’s one thing I can’t quite figure out.
ByteDance, Alibaba, and Tencent are still placing huge orders—for a combined total of more than $35 billion in compliant GPUs—and even Nvidia can’t guarantee it can deliver the full amount.
The primary market is spending like crazy, while the secondary market has already taken off. That divergence is the most unsettling thing tonight.
$BTC is at $82,316, up a tiny 0.54% over 24 hours—narrow range, no clear direction.
Market makers are quoting both ways: above $87,000 counts as confirmation; a decisive break below $82,500 puts $70,000-and-change in view.
The door’s open, but no one’s walking through. Keep an eye on $82,500.
#监管通道 #一级二级背离 #News