比特币百舸争流

$BTC The mountain pass stands firm as iron, but now we stride forward and cross it anew. Running an exchange isn’t easy—once you start making money, hackers will come to steal it 🌚 Exchanges should stay vigilant and take precautions before trouble strikes.

$BTC MVRV (Market Value / Realized Value): Simply put, it means “current price ÷ their average cost.”
MVRV > 1: Short-term holders are collectively in profit (price is above cost).
MVRV = 1: Exactly at breakeven (neutral).
MVRV < 1: Collectively in loss.
📊 Short-term holder (STH) profits surged yesterday, with their average cost basis near $76,000. Bitcoin (BTC) is now testing their confidence in holding.

The short-term holder MVRV (the ratio of market value to realized value) climbed above 1.18 in late September, its highest level since July 2025. It is now falling back toward the neutral level of 1.

Short-term holders’ average cost basis is around $76,000. They were sitting on substantial profits recently (MVRV reached 1.18), but those profits have narrowed rapidly, and the price has returned to around their cost basis. The market is watching to see whether they will start selling as their profits shrink or potentially disappear, and how that could affect Bitcoin’s price.

$BTC 🔼 Short-covering zones:
• $77,600–$78,000 —— Nearest zone (+1.4%–1.9%).
• $79,700–$80,100 —— Major concentration zone (+4%).
• $81,100–$81,600 —— Next zone (+6%).

🔽 Long liquidation zones:
• $76,750–$76,790 —— Local concentration zone, essentially around the current price.
• Below $76,000 —— Some scattered concentration zones, but no particularly significant dominant price level.

$BNB The official announcement about this Binance theft came out 19 hours ago, which means withdrawals should be restored in about 30 hours or less. There's no need to panic—panicking won't help. Have faith in the world's number one exchange.

$BTC 📊 Yesterday, $280 million worth of Bitcoin futures long positions were liquidated.

Since the beginning of this year, there have been only 5 trading days with liquidations exceeding this amount.

$ETH Came to crypto trading hoping to get rich? In the end, discovered that hackers are the ones getting richest 😂🌝🙄

$BTC Summary of the causes behind three exchange hacks (in none of these cases were private keys directly stolen; all involved deception or intrusion into the signing approval process)

1. Bybit (2025-02, approximately $1.46 billion lost, Ethereum multisig cold wallet)

✅ Key point: The multisig wallet’s frontend interface was tampered with
Hackers compromised a developer’s computer at Gnosis Safe, the multisig wallet service provider, and injected malicious JavaScript code.
When Bybit employees were making routine fund transfers from the cold wallet, the screen UI showed a normal transfer. But the actual transaction data behind the scenes had been secretly altered: instead of transferring funds, the signature transferred control of the entire multisig wallet to a contract controlled by the hackers.
The signers signed using hardware wallets. By the time they discovered what had happened, all the assets in the cold wallet had been transferred out.

Key takeaway: The cold wallet’s private keys themselves were not leaked. People were deceived by the interface into signing a malicious transaction. The FBI attributed the attack to North Korea’s Lazarus (TraderTraitor) hacking group.

2. Bitget (2026-09, approximately $387 million lost, hot and warm wallets)

✅ Key point: A supply-chain vulnerability in third-party security software
Hackers exploited a zero-day vulnerability in a third-party security component purchased by Bitget to break into the exchange’s internal network and obtain high-privilege backend credentials.
They then forged fake withdrawal instructions and tricked the platform’s internal risk-control approval system, causing the exchange’s internal signing system to automatically approve the hackers’ withdrawal transactions.
The cold wallets were untouched, and no private keys were leaked. The hackers had only taken control of the backend approval pipeline, enabling them to move assets in bulk from hot wallets across multiple chains.

3. Binance (2026-10, approximately $6.3 billion lost, multi-chain hot wallets; preliminary investigation findings, full report not yet released)

✅ Key point: A DevOps engineer’s laptop was compromised + the EIP-7702 contract delegation mechanism
Entry point: Hackers compromised a DevOps engineer’s laptop, gained access to internal service containers, and were able to submit withdrawal transaction requests.
On-chain method: They used Ethereum’s new EIP-7702 feature to delegate authorization from Binance’s hot wallets to a sweeping contract deployed by the hackers.
There was no need to steal private keys; the wallets themselves authorized the hackers’ contract to automatically transfer out all the assets.
The cold wallets remained intact; only hot wallets were affected. The same North Korean hacking group is also strongly suspected.
✍✍✍✍

$BTC Latest news: 🇺🇸 Binance says it is working with the FBI and the U.S. Secret Service to investigate a hack involving $6.3 billion in cryptocurrency.

$BNB hacker attack... This shock is the bottom of the cryptocurrency market. Hang in there.

$GOOGL.US #GOOG fell for the same reason as META after its earnings report: free cash flow deteriorated further
Alphabet, Google's parent company, reported third-quarter revenue of $127.58 billion, up 25% year over year but below the market forecast of $128.22 billion. Earnings per share were $2.12, well below the market forecast of $2.99–$3.02. Free cash flow plunged to negative $9.07 billion in the third quarter, far worse than the market forecast of negative $3.5 billion. Capital expenditure was $51.36 billion, below the market forecast of $55.78 billion, raising a warning signal for the AI trade. Cloud revenue beat expectations, growing 103% year over year, but both search and advertising revenue fell short. Google shares dropped more than 10% after hours, giving back gains made over more than six months.

$BTC 📈 Bitcoin is once again outperforming the S&P 500.

In recent weeks, Bitcoin has had more winning days than losing days. In June, Bitcoin was profitable only one day out of every five—the worst performance in more than five years.

This outperformance over other assets could become the norm, as investors gravitate toward the best-performing asset classes.

$BTC Take a walk after dinner—who cares if it goes up or down?

$BTC Before Brazil’s election, markets expected Lula to lose for sure, and American capital had already started positioning itself in Brazil. For example, in the fourth quarter of 2025, Kevin Warsh’s mentor Stanley Druckenmiller had his family office quietly buy 3.5 million shares of a Brazil ETF in one go... and also bought call options on the fund.
Before that, Druckenmiller and Peter Thiel had already bet on Argentina’s oil and gas assets. After Trump announced his new Monroe Doctrine, America’s top circles expected that South America really would become the backyard of the United States and international Jewish capital.
Brazil’s Bolsonaro, like Milei, is a loyal supporter of Israel and a Zionist.
In January 2026, Brazil ETFs surged. The US-listed EWZ gained 17% in a single month, its strongest January performance since 2020. The China-listed ChinaAMC Brazil ETF (159100) and E Fund Brazil ETF (520870) also triggered temporary trading halts several times because of their high premiums.
In the first round of elections, from August to early October, Bolsonaro won, and Brazil ETFs surged again.
Since Brazil restored elections in the 1980s, no one has ever lost the first round and then gone on to win.
Today, Lula won decisively, Brazil’s stock market plunged, and China’s Brazil ETFs hit their lower price limits, leaving investors trapped....

$ETH 📈 ETF recap for last week

Bitcoin ETFs saw a strong rally, ending their sustained decline, while Ethereum funds continued to face significant selling pressure.

This week, spot Bitcoin ETFs recorded positive net inflows totaling +$442.67 million.

By contrast, spot Ethereum ETFs showed a clear downward trend, with net outflows of $224.96 million this week (the longer red bar on the right side of the chart). Against this backdrop, total cumulative assets under management fell to $14.57 billion.

$ETH Ethereum $ETH remains the leading real-world asset (RWA) chain, accounting for over 40% of market share, but its dominance has declined by nearly 30 percentage points over the past year.

Competitors such as Solana, BNB, Stellar, and Avalanche have capitalized on this shift, each gaining an average of 6 percentage points in market share over the same period.

$BTC 💰 Now we're approaching another interesting area: $82,000 and $80,000.

But it's worth noting that I don't think the entire range will be broken through all at once.

I think we may see another small pullback before the price reverses and continues to fluctuate. At the moment, I don't see any reason or momentum suggesting that the price will break out in either direction.

$BTC 💰 Companies with Bitcoin reserves are profitable, but are buying very little.

These companies hold Bitcoin at an average cost of around $80,000, and since September 18, Bitcoin’s price has risen above that level.

When they’re in profit, buying can become self-reinforcing: purchases push prices higher, rising prices boost the value of their shares, and those shares can then fund further purchases.

Visa and Mastercard’s stablecoin payment race:
Recently, Visa has been in talks to acquire crypto custody firm Fireblocks for about $2.5 billion.

Mastercard’s strategy:
Mastercard is taking an asset-heavy approach: “buy the infrastructure outright + build its own network”:

Acquired BVNK for $1.8 billion, buying a stablecoin infrastructure company outright and integrating its capabilities into its own network

Secured a New York BitLicense, obtaining a license to operate in the crypto asset business

Built its own Multi-Token Network to help financial institutions issue and manage stablecoins

Launched the Global Money Platform, where a single API handles conversions between fiat and stablecoins, card payments, and money transfers

Already supports multiple stablecoins, including USDC, PYUSD, FIUSD, and USDG, with stablecoin cards available in over 130 countries
Core idea: Own the pipes and set the rules.

Visa’s advantage: Easier integration
Visa is taking a lightweight approach based on an “open ecosystem + low barriers to entry,” making it more partner-friendly:
Core idea: Don’t build the pipes yourself; make it easy for everyone to connect to your network.

So why are most of the U-cards available on the market that we use Mastercard cards?
First-mover advantage: Chinese banks got in early
Visa’s U-card products got off to a late start, with fewer card issuers, so users naturally gravitated to Mastercard first.
In mainland China, Mastercard U-cards have a “first-mover advantage + network effects,” making it difficult for Visa to catch up later.

$BTC Visa wants to spend $2.5 billion to buy Fireblocks, a crypto custody company, aiming to keep control of the stablecoin settlement pipeline. Its valuation has fallen from $8 billion in 2022 to $2.5 billion—not because the business has changed, but because the market no longer buys into the “crypto narrative.”

Strategic intent: Visa isn’t speculating on crypto; it’s buying the pipes. This year, its stablecoin settlement volume has surpassed $20 billion on an annualized basis, up 15-fold year over year. Acquiring Fireblocks’ 1,800 institutional clients and MPC custody technology would complete the final link in its on-chain clearing infrastructure.

Industry impact: Traditional payment giants are treating “on-chain clearing” as infrastructure to acquire. Mastercard has already bought BVNK for $1.8 billion, and Stripe bought Bridge for $1.1 billion—the battle for stablecoin pipelines is heating up, and crypto-native companies’ moats are narrowing.

A reality check: The talks haven’t been confirmed, and Fireblocks has publicly denied them. $2.5 billion isn’t a huge sum for Visa; the real leverage is whether those 1,800 clients will connect to Visa’s settlement network after the acquisition.