Half an hour into the US session, the sell-off is still continuing. But tonight, something happened that has nothing to do with the market: the first staking-based INJ ETF (INJC) has just been listed on Nasdaq. Seyffart says at least 90% of the INJ in the fund will be staked directly. Its debut coincided with Nasdaq’s biggest one-day drop in 19 months—about as bad a time as you could imagine. But look at it another way: the issuer is betting that the regulatory door will keep opening wider, not on this week’s candlesticks. The approval process follows its course; the ETF lists regardless of how badly the market is falling. That alone is a signal.

There’s also an interesting story in the earnings. Cloudflare reported during the crash: Q3 revenue came in at $783 million, beating expectations, while Q4 guidance of $845 million blew past the $798 million consensus. Its full-year guidance was raised across the board, too. AI and crypto traffic both run through its pipes. The market is cutting valuations, but orders are telling a different story.

Meanwhile, BTC is hovering around 75,810, with more than $1 billion in liquidations across the market. Tonight also brings two more risks: US-Iran talks and a potential weekend gap. Position size matters more than opinions.

My take: price is sentiment; infrastructure is fact. The ETF lists as planned, earnings keep beating, and the network keeps being built. When prices fall, pay more attention to execution and less to quotes.

The first hour of the US session will set the direction. Keep positions light over the weekend. NFA DYOR

#比特币 #美股 #ETF #AI #Cryptocurrency