bens

Cryptocurrency KOL and former FTX community partner Benson Sun stated that he expects the current Bitcoin market to show a gradual new high slow bull trend, rather than forming a clear top after a rapid short-term rise like in 2013 and 2017. Before the true cycle top arrives, the market may experience multiple local top signals. He believes that after 2021, the main buyers of BTC have gradually shifted from retail investors to institutions such as publicly listed companies, spot ETFs, and corporate treasuries.Since institutions mainly buy spot, some funds will also use Delta Neutral strategies for arbitrage, and traditional indicators such as funding rates and MVRV Z-Score may not rise to extreme levels again at the cycle top. Recently, the cycle top is more likely to manifest as institutional funds losing momentum rather than retail sentiment becoming overly heated. The Institutional Liquidity Index (ILI) mainly references overall dollar liquidity, the mNAV of Strategy, and the net flow of Bitcoin ETFs to determine whether institutional funds follow up when BTC reaches new highs. When BTC sets a new rolling 30-day high while ILI does not rise simultaneously, it constitutes a yellow divergence; when BTC breaks historical highs while ILI diverges and is below 50, it constitutes a red divergence.Benson Sun indicated that he would use the frequency of yellow divergences as a reference for judging the cycle process: each occurrence would lead to a proper reduction in altcoin positions and leverage; as the market enters the later stages, he would gradually increase the proportion of BTC and ultimately retain only spot. If a red divergence occurs, he would stop participating further.

U.S. Treasury Secretary Steven Mnuchin stated that China and the United States have agreed to extend the trade truce agreement until January 10 of next year.Foreign Ministry spokesperson Geng Shuang suggested inquiring with the relevant Chinese authorities about the status of China-U.S. economic and trade consultations.

Cryptocurrency KOL and former FTX community partner Benson Sun posted that Bitcoin experienced an extreme drop this morning. Calculating with a 200-day lookback period, BTC's decline reached -5.65 standard deviations (σ). The Six Sigma standard in manufacturing allows for only 3.4 defects per million occurrences, which defines "almost impossible" in human industrial civilization. Yesterday's BTC volatility was just 0.35 standard deviations away from this "industrial-grade impossibility."A -5.65σ occurrence has a theoretical probability of about one in ten million under normal distribution. Despite the fat tail effect in financial markets, this level of volatility has only occurred 4 times since BTC began trading in July 2010, accounting for about 0.07% of all trading days. Even during the deep bear phases of 2018 and 2022, such a rapid decline had not occurred within a rolling 200-day period. This poses a severe challenge to quantitative strategies.Currently, most quantitative models are built on data after 2015, and historical samples exceeding 5.65σ, apart from the anomalous "312" flash crash in 2020, occurred before 2015, leaving almost no reference precedent.CoinKarma's quantitative strategy has shown a paper loss in this round of market conditions, but due to maintaining low leverage (about 1.4 times) over the long term, it remains manageable, with a maximum drawdown of about 30%. While extreme market conditions are an expensive "tuition," contracts and on-chain data will become important nutrients for future risk control models.

Crypto KOL and former FTX community partner Benson Sun stated, "Bitfinex whales have significantly accelerated their accumulation recently. They are building positions of about 400 to 600 BTC daily, while the OTC desk has injected approximately 300 million USDT into Bitfinex recently. This marks the most aggressive accumulation record for Bitfinex since the market bottomed out on November 20 last year. Historically, such a pace of accumulation usually indicates two things: · The current market selling pressure is sufficient, allowing for large-scale accumulation without causing a significant impact on prices; · The capital side believes the market has entered a new phase—previously around the $88,000 mark, there was no accumulation of the same intensity. Although it is unclear what specific signals these funds are seeing, it is certain that they clearly believe that accumulating at the current price level is reasonable and cost-effective."

ChainCatcher message, encrypted KOL and former FTX community partner Benson Sun posted on social media that Bitcoin has returned above $66,000, but the total open interest of altcoin contracts is still lower than when Bitcoin was at the $40,000 level. After a significant drop in recent days, the leverage of altcoins in this bull market may have been thoroughly cleaned out, and the altcoin season may be approaching.

ChainCatcher news, OKX Ventures Partner Benson spoke at the "Yield on $BTC" event co-hosted by OKX Ventures and DLC.Link during TOKEN2049 in Dubai, stating that OKX has long protected user asset security through legal compliance and security technology, and obtained a VASP license in the Middle East at the beginning of the year. The Middle East market is full of enthusiasm and innovation.As the investment arm of OKX, OKX Ventures will continue to support the BTC ecosystem construction, focusing on the development of L2 technology and how to bring secure Yield returns to BTC.

ChainCatcher news, OKX Ventures Partner Benson was invited to attend the Parallel EVM Day hosted by ABCDE Labs and delivered a speech. Benson stated that Ethereum remains one of the investment focuses of OKX Ventures, and the next phase of the core narrative is how to enhance the data availability of ETH. Regarding parallel blockchains, OKX Ventures has already invested in core projects such as Sei and MegaETH, and is relatively more optimistic about parallel rollups.It is reported that the Parallel EVM Day event is organized by ABCDE Labs, primarily targeting practitioners and developers of Ethereum and other blockchain protocols, focusing on discussions around scalability solutions for EVM-based execution layers. OKX Ventures is the official strategic partner of this event.

ChainCatcher message, the Scroll inscription project Bens has completed minting, with the number of holding addresses exceeding 13,000 and total interactions surpassing 210,000.It is reported that BENS-20 is dedicated to standardizing the creation and trading process of inscription tokens, enabling users to create, manage, and trade digital assets securely and transparently.