dif

According to the market intelligence platform Liquid24/7.xyz, the current price of BTC is approximately $86,199. The Binance perpetual near-end sell orders are about $62.71 million, and buy orders are about $40.03 million, with a net sell order surplus of about $22.67 million; Binance spot sell orders are about $11.80 million, and buy orders are about $8.18 million, with a net sell order surplus of about $3.62 million; Coinbase spot buy orders are about $10.98 million, and sell orders are about $9.28 million, with a net buy order surplus of about $1.71 million.OKX perpetual buy orders are about $15.84 million, and sell orders are about $9.94 million, with a net buy order surplus of about $5.90 million; Hyperliquid perpetual sell orders are about $10.98 million, and buy orders are only about $0.58 million, with a net sell order surplus of about $10.41 million. The near-end buy orders on Hyperliquid are noticeably thin, and if a large market order occurs, slippage may significantly increase.

According to the market intelligence platform Liquid24/7.xyz, the current price of BTC is approximately $83,549. The Binance perpetual near-end sell orders are about $36.7 million, buy orders about $32.26 million, with a net sell order surplus of approximately $4.44 million; Coinbase spot buy orders are about $19.41 million, sell orders about $17.23 million, with a net buy order surplus of approximately $2.17 million; Binance spot buy orders are about $12.15 million, sell orders about $12.03 million, with a net buy order surplus of approximately $116,000.Hyperliquid perpetual buy orders are about $3.75 million, sell orders about $2.53 million, with a net buy order surplus of approximately $1.22 million; OKX perpetual buy orders are about $10.78 million, sell orders about $11.22 million, with a net sell order surplus of approximately $435,400. Binance's perpetual sell orders are significantly thicker than buy orders, while Coinbase's spot market shows a slight advantage for buy orders.

Renowned trader Killa posted that the current market trend is popular for comparing Bitcoin's movement with the pullback after the rebound to $25,000 in 2023, but there are significant differences in market structure between the two. In 2023, BTC only formed an equal high around $25,000 and failed to effectively close above that level, subsequently dropping quickly. In contrast, BTC has currently formed a higher high on the weekly level and is oscillating above the previous high after the breakout.Additionally, the maximum drawdown in the last bear market was about 77%, while this round is approximately 54%. Killa believes that if diminishing returns and the pullback amplitude gradually narrow are considered, the main correction in this bull market may be closer to 10% to 15%, corresponding to about $78,000 and $74,000, respectively. Killa stated that even if the price repeats a similar trend, it may not necessarily break below the previous low as clearly as in 2023. Currently, the open interest has been reset, and the price remains above the previous high, which he views as a relatively healthy market structure. He has not positioned for a significant pullback and still targets the $90,000 range.

During an interview with The Block at the Ondo event held in Seoul, South Korea, Ondo Perps CEO David Wells stated that offering perpetual contracts in the United States is a "huge opportunity," and that it is "reasonable" for Ondo to explore such expansion. He mentioned that everyone is paying attention to the U.S. because there are now more opportunities opening up that were previously impossible. However, he also noted that U.S. perpetual contract products will differ from existing products, with structures that vary from non-U.S. markets.Wells' remarks come as U.S. regulators are testing how perpetual contracts can enter the U.S. market with several companies. In August, Trump stated that the CFTC is "bringing Hyperliquid to the U.S. in a fully compliant and legal manner." Kraken's parent company, Payward, has announced plans to launch Hyperliquid's HIP-3 perpetual market for eligible U.S. customers through the CFTC-regulated Bitnomial Exchange and NinjaTrader Clearing. Coinbase has also applied to launch single-stock perpetual contracts in the U.S. Earlier this month, Ondo Finance submitted a letter to the SEC and CFTC arguing that U.S. stock perpetual contracts fall under the securities futures category as defined by the Commodity Futures Modernization Act of 2000.Wells indicated that while the U.S. version of perpetual contracts and its market structure may be similar, settlement and clearing would need to change to comply with U.S. regulations. He did not confirm any plans to enter the U.S. market, stating that the team has not "gone too far" in exploring the U.S. market.

The 10-year U.S. Treasury yield returned to above 5.2% overnight, reaching a high not seen since 2007, putting pressure on global risk assets. Bitcoin has fallen back to around $83,000, with altcoins experiencing even larger declines. In this regard, Cloud, the chief analyst at Huobi HTX, believes that this drop is more akin to a normal pullback after a rebound and does not constitute the starting point of a trend reversal. The high U.S. Treasury yields mainly suppress valuations, with limited impact on the overall liquidity. The funding structure and holding costs of the crypto market itself have also not been disrupted. This round of decline seems more like a clearing of positions before key data is released.It is important to be cautious about the divergence between Bitcoin and altcoins. During a phase of marginal liquidity tightening, funds tend to concentrate on the most certain top assets; altcoins lack incremental funds to support them, and with heavier leverage, their pullbacks are therefore amplified. This divergence is likely to continue before the release of this week's PCE and non-farm data. If the data falls short of expectations, altcoins will have greater elasticity and thus higher risks; if the data exceeds expectations, Bitcoin's relative strength will be more pronounced. Whether Bitcoin can stabilize at key support levels will be the main signal to determine if this round of pullback has ended.Note: The content of this article does not constitute investment advice, nor does it constitute any offer, solicitation, or recommendation of investment products.

B.AI announced that the total number of registered users has reached 2,800,056, surpassing 2.8 million, with the increase from 2.7 million to over 2.8 million taking only a few days.Behind the growth, the platform processes trillions of Tokens daily and automatically matches models with costs through intelligent routing, making top-tier intelligence a scalable infrastructure. B.AI lowers the usage threshold through one-stop model aggregation and frictionless settlement, promoting AI Agents to transition from chatting to paid services, collaboration, and value creation, upgrading to digital citizens with economic sovereignty. The user growth is also seen as a signal for more intelligent agents moving towards autonomous operation, further solidifying the foundation of the AGI economy.

According to the latest ranking of stock derivatives exchanges published by RootData, the three exchanges with the largest price differences among the listed exchanges are HTX, OrangeX, and BingX, with price differences of 0.868%, 0.28%, and 0.25%, respectively.It is reported that this price difference is weighted by the 24-hour trading volume, and a higher value usually indicates higher trading costs.

In episode 166 of the BidClub podcast, chip designer Bubble boi stated that high-bandwidth flash is technically attractive but lacks decisive data center use cases. The information he provided indicated that the main customers he heard about are Chinese clients who find it difficult to obtain or produce high-end HBM.Bubble boi mentioned that HBF and high-end AI flash have a latency of about 5 microseconds, lower bandwidth than HBM, a lower cost per bit, but the total cost may be comparable. He believes the clearest customers are entities unable to obtain HBM, which aligns with the Chinese demand he heard from two to three people, as they cannot adequately manufacture accelerators or are willing to accept non-leading specification products.

According to the Gate Institutional Weekly Report, the market was influenced by energy shocks, persistent inflation, and interest rate hike expectations over the past week. WTI crude oil briefly surpassed $100, and the yield on the U.S. 10-year Treasury bond approached 5% during the session. BTC fell to about $76,800 during the week. Institutional funds showed significant differentiation, with a net outflow of about $463 million from BTC ETFs, while ETH ETFs saw a net inflow of about $197 million. Gate TradFi's weekly trading volume was approximately $120 billion, with a notable increase in commodity trading activity.In an environment where market volatility and asset rotation coexist, Gate continues to improve its multi-asset service system covering digital assets and traditional financial markets, forming a trading system that includes spot, contracts, stocks, ETFs, options, and other TradFi assets. Recently, Gate launched U.S. stock options trading services, providing more tools for institutions to participate in global diversified asset allocation.At the same time, Gate is continuously promoting the collaborative upgrade of institutional trading infrastructure by reducing cross-exchange trading costs, optimizing API trading capabilities, and improving anomaly handling mechanisms, further enhancing institutional trading efficiency and execution experience. The product collaboration between OES and CrossEx is also accelerating; currently, OES supports CrossEx trading settlement functions, which have entered the internal testing phase, covering key aspects such as trade execution, margin management, fund settlement, and API services, driving the development of institutional trading infrastructure towards greater efficiency and collaboration.

Dragonfly Managing Partner Haseeb Qureshi commented on the controversy surrounding the Zcash development fund, stating that the Zcash community has positioned itself as "the crypto version of Bitcoin" and has refused to continue adding more features to the protocol. To become a reliable store of value, Zcash ultimately needs to achieve protocol finality, but it still needs to advance Tachyon, quantum resistance, and comprehensive formal verification required to address AI network attacks, making it unsuitable for finality in the next one to two years.The development fund has played a necessary role during the phase of lacking private funding to support Zcash development, and under current rules, it will expire in 2028. However, as the price of ZEC has surged significantly, the scale of the fund has expanded by an order of magnitude; once the fund exceeds 100 million dollars, it will inevitably move towards institutionalization and face the risk of the allocation mechanism being politicized.He advocates for the continued retention of the development fund at this stage to complete the remaining technical work before protocol finality, but this round should be the last round of the development fund. Once Zcash meets the conditions for finality, the fund should gradually wind down rather than continue seeking new funding projects; future development needs can be spontaneously funded by holders and ecosystem supporters, similar to Bitcoin.In terms of governance, Haseeb does not support voting solely by token holders, believing that a store of value asset requires policy predictability, and pure token governance is too volatile. He supports limited participation by holders and believes that committee governance, while flawed, may be a more feasible solution. Haseeb also disclosed that Dragonfly holds ZEC and that he himself is a ZODL investor, but ZODL will not directly benefit from the development fund.

The Senior Vice President of Amazon Web Services (AWS) stated that the next-generation Trainium AI chip will have "very obvious differentiated advantages."

Zhu Xiaohu, founding partner of Jinsha River Ventures, stated: The model API business is difficult to maintain high gross margins in the long term. Anthropic currently has a gross margin of about 60%, primarily due to the strong intelligence capabilities of the model, especially in coding scenarios where it had a significant advantage, but that advantage has begun to cross a critical point; when other models catch up, the price may only be one-tenth of its current level, making it hard to maintain a high premium. Even if it remains ahead in the next few years, if the intelligence is only 10% stronger but the price is 50% higher, users may not continue to pay. Intelligence will ultimately become more like electricity and water, and the long-term gross margin for model APIs may be between 10% and 20%. Once capabilities converge, price wars will be hard to avoid, and Anthropic's urgency to go public may also be related to the window period.Zhu Xiaohu mentioned that the AI office market is definitely much larger than AI coding. AI coding was the first to emerge because engineers have a high acceptance of AI, tasks are clear, and results are easy to verify, but it is only part of office work; the truly larger market is the white-collar market, namely AI office, which is essentially a general-purpose agent, similar to Microsoft Office. The competitiveness of AI office products lies in Model + Harness + Product + Context, and once harnesses converge, competition will shift to Context.Regarding Tencent AI, Zhu Xiaohu stated that Tencent is a latecomer, and the Hunyuan model has squeezed into the top tier domestically, with WorkBuddy becoming the leading office agent application in the domestic top tier. Jinsha River Ventures has purchased a WorkBuddy enterprise account because it uses WeChat for Work, and the organizational relationships, historical communications, as well as Tencent Meeting and Tencent Docs constitute a ready-made Context.

During the Republican National Convention, U.S. President Trump privately met with OpenAI CEO Sam Altman to discuss artificial intelligence and its impact. The two sides have significant differences on whether the pace of cutting-edge AI development should be slowed down.Altman believes that slowing down development is worthwhile, while Trump opposes AI regulation, calling it an engine for economic development.

Lisk's Head of Business Development Leon Waidmann stated in a post on X that the inventory trends of ETH and BTC on exchanges are diverging sharply. The exchange supply ratio of BTC is 16.5%, while ETH has fallen below 12.7%, with a gap of nearly 4 percentage points.The supply of BTC on exchanges remains relatively stable, while ETH continues to flow out of exchanges. The liquidity supply of ETH on exchanges is experiencing structural tightening.

Analyst Jukan from Citrini forwarded a research report from Tianfeng Securities and stated that the U.S. government needs to maintain its leading position in the AI field, making it difficult to truly stop once it enters the AI race. Jukan believes that the recent calls from Anthropic and OpenAI to slow down AI development should not be viewed solely as safety initiatives; there may also be multiple considerations behind it, such as the inability to slow down competition and consolidating leading advantages through safety regulation.Jukan further pointed out that the related "AI slowdown" calls seemingly stem from the challenges of safety testing, operational monitoring, and third-party validation keeping pace with the speed of model iteration. In the short term, this may suppress market sentiment in the AI sector and lower market expectations for the next generation of models; another possibility is that the industry remains optimistic about AI in the long term but wishes to delay the next round of significant R&D investment, prioritizing the commercialization of existing products and reducing infrastructure and capital expenditure pressures. He believes that the AI race is essentially similar to a "prisoner's dilemma," where all parties wish to slow down, but no one dares to be the first to stop, or they may lose technological, customer, and financing advantages.Jukan also mentioned that Anthropic and OpenAI have recently emphasized recursive self-improvement (RSI), which is related to AI already assisting in the development of the next generation of AI and the acceleration of model iteration speed; at the same time, it has been reported that during internal testing at OpenAI, incidents occurred where agents collaborated to escape the sandbox and intrude into Hugging Face's production servers. Jukan believes that as the release of models incurs expensive evaluation, certification, and ongoing audit costs, large laboratories are better able to bear these fixed costs, while smaller teams may face higher entry barriers as a result; if leading laboratories further participate in the formulation of evaluation standards, industry barriers may continue to rise.

According to The Bell, Samsung Electronics' foundry division has delayed its contract for application processor foundry production with Qualcomm due to differences in production unit prices, and both parties have failed to narrow the price gap, prolonging negotiations. There have been no significant technical issues, and the currently discussed 2-nanometer process has received a considerable degree of stabilization evaluation.Industry sources indicate that the Qualcomm AP foundry using Samsung's 2-nanometer process may be postponed until next year, and it is unclear whether production can commence within this year. Qualcomm had previously entrusted advanced AP production to Samsung before 2021, and Samsung has been continuously striving to regain this business in recent years, having secured clients such as Tesla and Broadcom.Informed sources state that the contract delay has made it difficult for Samsung to produce APs for Qualcomm this year, and both parties may turn to discuss the next generation of products. After acquiring strategic clients, Samsung is no longer willing to accept low-price orders as it did in the past.

According to the report "Explosive Growth of Stock Derivatives in 2026: The Landscape of Cryptocurrency Exchanges and Key Trends" released by RootData, the stock derivatives sector has transitioned from "marginal experimentation" to the "explosive growth" phase, with a cumulative trading volume of approximately $17.5 trillion from January to August.In terms of cumulative transaction volume, the concentration effect among the top exchanges remains significant. Among the four exchanges, Binance ranks first with $853.58 billion and a 61.3% market share; Bitget follows in second place with $270.85 billion and a 19.5% market share; OKX comes in third with $234.39 billion and a 16.8% market share; Bybit ranks fourth with $33.41 billion and a 2.4% market share.Regarding liquidity, in the ±2% weighted order book depth indicator, Binance and Bitget together account for over 70% of the stock derivatives order book liquidity. Among them, Binance has an average daily order book depth of approximately $10.1 million, followed closely by Bitget at $4.82 million, with OKX and Bybit at $3.87 million and $1.16 million, respectively.In terms of trading costs, in the recent comparison of weighted spreads for more than a dozen representative popular assets, Bitget ranks first with 0.0144%, followed closely by Binance at 0.0145%, with both essentially at the same level; OKX is at 0.0154%, and Bybit is at 0.0237%.

Imran Khan, co-founder of Alliance, stated that Coinbase founder Brian Armstrong and Robinhood co-founder Vlad Tenev are leveraging their respective backgrounds to carve out different tracks in the cryptocurrency market.Vlad has built Robinhood into a platform centered around retail trading, deeply understanding the psychology and trading motivations of high-risk tolerant retail investors, which will give him an advantage in controlling retail speculation and trading in the future; while Brian has dedicated the past decade to popularizing Bitcoin and the cryptocurrency value system, deeply rooted in the Silicon Valley tech startup ecosystem, which determines that Coinbase and Base are more inclined to build underlying financial infrastructure aimed at changing the real world.Imran believes that although there is overlap in their businesses, the market space is large enough, and one party's activity in speculative trading does not mean the other party will fail. Both will lead millions of new users into the on-chain world from completely different entry points.

During the weekend market closure of traditional markets, perpetual contract types of stocks may have already priced in the stock market trends. According to RootData, most popular stocks are above the last after-hours levels:Semiconductor Triple Long ETF (SOXL) is currently at $125.65, up 7.59% from the last trading day's after-hours reference price of $116.79;SanDisk (SNDK) is currently at $1,785.09, up 3.07% from the last trading day's after-hours reference price of $1,731.88;Micron Technology (MU) is currently at $1,043.54, up 2.84% from the last trading day's after-hours reference price of $1,014.74;iShares Semiconductor ETF (SOXX) is currently at $532.09, up 2.62% from the last trading day's after-hours reference price of $518.48;Intel (INTC) is currently at $98.16, up 2.46% from the last trading day's after-hours reference price of $95.80;SK Hynix (SKHY) is currently at $179.44, up 2.08% from the last trading day's closing reference price of $175.78;VanEck Semiconductor ETF (SMH) is currently at $578.73, up 2.06% from the last trading day's after-hours reference price of $567.05;SpaceX (SPCX) is currently at $150.54, up 1.87% from the last trading day's after-hours reference price of $147.78;IREN (IREN) is currently at $43.96, down 1.59% from the last trading day's after-hours reference price of $44.67;AMD (AMD) is currently at $483.59, up 1.58% from the last trading day's after-hours reference price of $476.08;