链上老张

U.S. stocks were relatively strong last night, but the crypto market remained weak, with BTC continuing to trade around $80,000.
Meanwhile, Robinhood reported some very interesting earnings: the company’s overall revenue hit a record high, but revenue from its crypto business fell 55% year over year.
Traditional financial institutions continue to bring assets on-chain, and the Nasdaq-100 has also gained a new tokenized fund.
Here are 4 stories worth following today.
1️⃣ BTC is still hovering near $80,000. Have ETF inflows recovered?
On October 27, Bitcoin briefly fell below $80,000 again before rebounding, but it still hasn’t established a clear direction overall.

The crypto market still hasn’t found a clear direction today, with BTC continuing to fluctuate around $80,000.
However, several noteworthy developments have emerged across the industry.
Here are four things to watch tonight.
1️⃣ BTC continues to battle for $80,000. Will the Fed meeting change the market trend?
On October 27, Bitcoin briefly fell to around $79,500 intraday before continuing to fluctuate around $80,000.
The market has been notably cautious lately.
On the one hand, Bitcoin ETFs saw significant outflows over the previous few trading sessions.
On the other hand, the Fed is holding its policy meeting on October 27–28, and the market is waiting for the latest policy signals.

Why are ordinary people working harder and harder, yet becoming less and less willing to consume?
As children, we fear falling behind in school; as adults, we fear not being able to find a job; in middle age, we fear unemployment and missing mortgage payments; and in old age, we worry that our pension won’t be enough and that medical care will cost too much.
Many ordinary people seem to spend their whole lives working hard, yet rarely truly relax.
Behind this, there is actually an economic issue worth paying attention to.
1️⃣ Why do people work so hard, yet still dare not spend money?
According to data from the National Bureau of Statistics, in the first three quarters of 2026, per capita disposable income of nationwide residents increased by 5.3% year on year in nominal terms, while per capita consumption expenditure increased by 3.6%.

On October 26, BNB treasury company BNB Standard Corporation (Nasdaq ticker: BNC) officially held an opening bell ceremony at the Nasdaq in New York.
Binance founder CZ also attended the event.
This wasn’t BNC’s first listing; the ceremony celebrated the company’s official name change and the appointment of its new CEO.
Notably, BNC has significantly accelerated its recent activity.
From management changes and a brand refresh to plans to operate a BNB Chain validator node, the company is gradually clarifying its future direction.
1️⃣ CZ Appears at Nasdaq—What Signal Is He Sending?

Once a leading decentralized derivatives exchange, dYdX is now in an awkward position.
DYDX has fallen from a 2024 high of about $4.52 to around $0.105 today, a drop of nearly 98%.
Its circulating market cap is now only about $90 million, with a fully diluted valuation of around $100 million.
But it hasn’t stopped operating. It still has trading volume and fee revenue, and 75% of its net protocol revenue is used to buy back DYDX.
More notably, in July 2026, the original development team partnered with Robinhood to launch a new decentralized exchange called Arcus.
The old project is still running, while the development team has launched a new product.

On October 26, U.S. artificial intelligence company Anthropic officially filed an application to go public with the U.S. Securities and Exchange Commission (SEC).
It plans to list on Nasdaq under the ticker symbol ANT.
Anthropic may still be unfamiliar to many people, but it has a very well-known competitor: OpenAI, the company behind ChatGPT.
More notably, when Anthropic raised funding in May this year, its valuation had already reached $965 billion, while recent market discussions have put its potential IPO valuation at as much as around $1.5 trillion.
How can an AI company founded just five years ago command such a high valuation?

U.S. stocks rebounded somewhat last night, but BTC continued to trade around $80,000, and market sentiment showed no clear improvement.
Here are four noteworthy stories today, covering both short-term market movements and developments that could shape the crypto industry over the long term.
1️⃣ BTC is still hovering around $80,000. What exactly is the market worried about?
On October 26, Bitcoin briefly fell to around $79,400 before repeatedly testing the $80,000 mark.
Over the past week, BTC rose to around $84,800, but later gave back those gains.
The main pressure is coming from macro markets.
On the one hand, investors are concerned that AI-related stocks are overvalued, leading to a decline in risk appetite.

The crypto market was generally weak today, with Bitcoin falling below $80,000 intraday again.
But this time, the market is concerned not only about issues within crypto, but also about Fed policy, a pullback in U.S. tech stocks, and shifts in institutional flows.
Keep an eye on four key things tonight.
1️⃣ BTC falls below $80,000 again. Why has the market suddenly weakened?
On October 26, Bitcoin briefly fell below $79,300 intraday before rebounding somewhat and fluctuating repeatedly around $80,000.
Major tokens such as ETH, SOL, and XRP also came under broad pressure.
There was no particularly clear, single negative catalyst behind this decline.

On October 25, technology news outlet Wccftech reported that Chinese memory maker ChangXin Memory Technologies (CXMT) recently not only rejected Apple's procurement offer, but also declined a DDR5 memory order from an overseas server manufacturer.
That's an interesting story.
In the past, many Chinese manufacturers looking to join Apple's supply chain were often willing to cut prices to win orders.
But this time, ChangXin doesn't seem willing to do that.
Why?
Because the situation may have changed: it's not that there are no customers, but that capacity is limited and orders have to be prioritized.
However, it's worth noting that this is still a media report, not an official confirmation from ChangXin that it turned down the orders.

GMX was once a flagship decentralized perpetuals exchange, and its token price peaked at over $90 in 2023.
Today, its price is only around $8, with a circulating market cap of about $88 million—down more than 90% from its all-time high.
But it hasn’t stopped operating. It still has real trading volume and fee revenue, and it has spent more than $20 million on token buybacks over the years.
This makes it worth looking into.
Why has the token price fallen so dramatically for a project with real business activity, revenue, and a buyback mechanism?
I went back through GMX’s official documentation, governance forums, and DeFiLlama data. Here are some of my thoughts.

Good morning. Today is Monday, October 26.
A new week is starting, and BTC is still hovering around $80,000.
This week brings a Fed meeting, U.S. economic data, and earnings reports from several tech giants.
I think the market’s direction from here may depend on more than just the crypto world.
1️⃣ BTC is still hovering around $80,000, and the market seems uncertain
Last week, BTC fell steadily from around $84,000, and at one point over the weekend it dipped below $80,000.
This morning, it was trading sideways around $80,000 again.
This suggests bulls and bears are still divided for now.
Some think it’s fallen quite a bit and that it may be a good time to start buying gradually.

Starting October 28, the official plan is to use the protocol revenue from its Solana operations, after deducting GT buybacks, to buy back GMX.
Meanwhile, GMX and esGMX stakers on Arbitrum and Avalanche may have to wait 180 days to exit in the future.
One is a buyback, and the other is a six-month lockup.
Taken together, these two changes are kind of interesting.
1️⃣ Why buy back GMX?
It’s actually pretty easy to understand.
Suppose you own a successful company that makes a profit every year.
You decide to use part of that profit to buy back your own shares on the market.

The project has just completed a major upgrade.
On October 21, U.S. time, Aerodrome and Velodrome officially merged and launched the new Aero.
Previously focused mainly on the Base and Optimism ecosystems, it has now expanded to seven blockchains.
According to official data, as of October 25, the protocols had generated approximately $581 million in cumulative exchange revenue over their history, with total trading volume exceeding $490 billion.
This is no longer a project with just a concept and no real business.
But after looking into it more deeply, I found a question worth considering:
AERO does generate revenue and has a buyback mechanism, but its token supply is still continuously expanding.

Good morning! Today is Sunday, October 25.
The market has been pretty frustrating lately, and BTC is back near $80,000.
Still, I saw a few sets of data over the weekend that I think are worth discussing.
1️⃣ BTC is testing the $80,000 level again. What’s going on in the market?
On October 24, BTC closed at around $80,200 after briefly falling below $80,000 intraday.
Just a few days ago, it was trading near $84,000. Now it’s fallen back again.
Coinbase’s latest institutional research also specifically highlighted the $80,000–$82,000 range as a price zone worth watching in the near term.
But a support level isn’t a safety net—there’s no guarantee the price will rebound when it hits one.

XRP has a major event coming up next week! Wall Street financial institutions are showing up—what news will come out of it?
Ripple will host the Swell 2026 conference in New York from October 27 to 29.
The lineup is pretty impressive this year.
In addition to Ripple executives, representatives from financial institutions such as BNY, Robinhood, Coinbase, and Barclays will also attend.
According to the official announcement, more than 1,500 attendees and over 100 speakers are expected.
The main topics will include stablecoins, RWAs, cross-border payments, and how traditional finance can use blockchain.
I think there are a few things worth keeping an eye on.

I recently came across some news about Zcash (ZEC) that I thought was worth discussing.
The Zcash development team has set an estimated date for its next major upgrade, NU7: around November 5, 2026.
On October 22, the Zcash Foundation also released official node software supporting the upgrade.
There are two very interesting changes this time.
One is that blocks will be produced three times faster.
The other is that 60% of transaction fees will temporarily be taken out of circulation.
However, the second point is especially easy to misunderstand.
1️⃣ How much faster will ZEC really be after the upgrade?
Previously, Zcash produced a new block on average every 75 seconds.

LINK has landed another major enterprise! This time it’s South Korea’s LG Group, but what I care more about is how much it could actually bring to LINK.
On October 22, Chainlink officially announced a strategic partnership with LG CNS, a subsidiary of South Korea’s LG Group.
I think this is news worth paying attention to.
Because LG CNS isn’t an ordinary Web3 project—it’s a major IT services company serving banks, businesses, and government agencies.
It has also been involved in the Bank of Korea’s digital currency infrastructure project.
The partnership focuses on Korean won stablecoins, cross-chain interoperability, and institutional digital asset platforms.

October 24 Morning Brief | BTC is still near $80,000, US stocks fell again, and next week could be even more important!
Good morning! Today is Saturday, October 24.
US stocks closed lower again last night, and BTC has yet to break out of its recent trading range.
However, I think there are four things worth paying more attention to than short-term price movements.
1️⃣ The three major US stock indexes closed lower again. What is the market worried about?
US market close on October 23:
The Dow Jones Industrial Average fell 1.23%.
The S&P 500 fell 0.52%.
The Nasdaq Composite fell 0.21%.
One notable recent shift in the US stock market is that investors are starting to reassess the huge investments being made in the AI industry.