drops

CryptoQuant analyst Arab Chain stated that Binance's estimated leverage ratio for XRP has dropped to about 0.14, the lowest level in three months.

According to a report by the Science and Technology Innovation Board Daily, there is a significant price disparity in the embodied intelligence data collection industry. For the same 1-hour period, the listed price for high-quality real machine data can reach 300 to 1000 yuan, while the hourly wage for end collection workers is as low as 8 yuan, with some original data transactions even dropping to 3 to 5 yuan per hour.The investigation found that the price difference mainly stems from multi-level subcontracting and the resale of data copies. A hundred-yuan order from the client, after being passed through five or six intermediaries, leaves the grassroots collectors with only about 15 yuan. The baseline remuneration for county-level projects is around 30 yuan/hour; falling below this standard poses compliance or source risks. Additionally, the resale of non-original data three to five times is "very common" in the industry, with some teams monetizing the same material through private copies or additional equipment for simultaneous recording.The report points out that while the industry loudly claims that high-quality data is scarce, data collection service providers are valued at tens of billions; on the other hand, low-priced copies are rampant, and data traceability has failed. Some intermediaries gain pricing power through order control, with domestic data producers averaging a gross profit of about 20% to 30%.

Cryptocurrency analyst Tom Wan posted on the X platform that the market share of Ethereum stablecoins has dropped to 46%, a historic low. Over the past year, the supply of stablecoins on the Ethereum chain has decreased by $32.5 billion, while the total supply of stablecoins in the entire market has only decreased by about $10 billion.During the same period, the supply of Tron stablecoins increased by $16.2 billion, raising its market share to 32%; Hyperliquid and Solana increased by $1.6 billion each. Additionally, the newly launched blockchains this year, including Arc, X Layer, Robinhood Chain, Tempo, and Monad, collectively added about $5.2 billion in stablecoin supply.

CryptoQuant analyst PelinayPA pointed out that the price trend of Ethereum is diverging from staking activity. The staking rate for Ethereum 2 has increased by about 4.32% since May, with approximately 36.32% of the total ETH supply currently staked.Although the price of ETH on Binance has dropped from around $2,800 in October to $2,132, the staking rate continues to rise, indicating that investors have not significantly reduced their staking commitments due to the weak price. Analysts believe that a higher staking participation rate reduces the supply of ETH available for trading, which may provide price support when demand is strong, but staked ETH is not permanently locked, as validators can initiate withdrawals.At the same time, total staking inflows have decreased by 40.11%, highlighting the importance of distinguishing between long-term staking growth and daily inflow activity. Overall, Ethereum maintains a potentially supportive supply-side dynamic in the medium to long term; if the market can absorb selling pressure and attract sufficient demand, ETH may lay the groundwork for a stronger upward trend.

Solana ecosystem wallet and exchange Backpack issued a security alert, warning users to be cautious of fraudulent airdrop activities disguised as tokenized stocks.Backpack stated that scammers may reference real token addresses to make related activities appear legitimate, thereby enticing users to participate. The company advises users to refer to its official Solana minting directory and verify the token addresses before proceeding.

Galaxy Research report shows that the share of Meme coins in Solana's trading volume has dropped from over 50% at the end of 2024 to 15% to 20% in the second quarter of 2026. In addition, SOL has seen a decline of nearly 20% this year, and the U.S.-listed spot and staking SOL ETFs have recorded outflows for two consecutive weeks this month, totaling approximately $50 million.Meanwhile, Solana's share in on-chain perpetual contract trading volume has decreased from 17% to 6%. It is reported that the Solana Foundation has issued a statement indicating that Solana's transformation is underway, attempting to shift from a growth model reliant on Meme coins and speculative trading to more mainstream financial applications such as stablecoins and tokenized assets, in order to attract adoption from Wall Street institutions. However, with the cryptocurrency market in a downturn and competitors like Hyperliquid rising, Solana faces challenges in its growth model transformation. Market analysts point out that Solana's future key lies in its ability to attract stable assets, developers, and users, rather than relying solely on speculative trading to drive growth.

CryptoQuant analyst Axel Adler Jr. stated that the BTC transferred to exchanges by short-term Bitcoin holders is primarily at a loss, with the 24-hour net inflow metric dropping to -18,600 BTC, compared to a positive 10,400 BTC a week ago.This metric fell to -23,100 BTC on October 26, then narrowed somewhat, but remains in negative territory.

Trader Killa posted that he currently still holds a long position in Bitcoin, including long orders established at $62,600 and $76,000, as well as a 10x leveraged long order established at $82,800.If BTC dips down and falls to $74,000, causing the 10x leveraged long order to be liquidated, he plans to re-establish a 10x leveraged long order at the previously set invalidation point, but the position size will be smaller, as he already has significant exposure in that price range.Killa added that if he did not already hold a large number of long positions and spot, he would actively buy at the current price level. Investors with insufficient position allocation can consider gradually buying in over the next few weeks, and he stated that he would rather enter early than miss out on a larger trend later.

The asset management company Bitwise Asset Management and the Hyperliquid Policy Center submitted a comment letter to the U.S. Securities and Exchange Commission (SEC), requesting modifications to the proposed cryptocurrency rules to clarify token classification, airdrops, and secondary market trading rules. The SEC's proposed Regulation Crypto Assets would establish exemptions for eligible cryptocurrency financing and provide a conditional safe harbor for tokens related to investment contracts.Bitwise requested clarification on the standards for investment managers to determine whether tokens are subject to securities laws. The Hyperliquid Policy Center called for an expansion of the safe harbor scope and clarification of the rules for airdrops and token buybacks that reward network participants. The organization also requested that the SEC clarify whether unregistered intermediaries can facilitate token trading and whether tokens can be freely traded through on-chain protocols. Former SEC enforcement official John Reed Stark and Duke University finance scholar Lee Reiners called for the proposal to be withdrawn, arguing that it exceeds the SEC's statutory authority and undermines investor protection. The SEC will decide to amend, adopt, or withdraw the rules after the public comment period ends, and the final rules must be voted on by the commission before taking effect.

The Hyperliquid Policy Center issued a statement urging the U.S. Securities and Exchange Commission (SEC) to exclude airdrops from the definition of securities. The center advocates that the position proposed by the SEC in March 2026 should be written into the rules, stating that free airdrops do not constitute "monetary investment" and therefore do not fall under investment contracts.The center also argues for the extension of the above rules to include announced airdrops, including periodic or regular distributions. Applicable prerequisites include that the network is operational, eligibility is based on usage or contribution, such as trading, validating, providing liquidity, and governance, and that airdrops are not a means of financing.The center believes that investment requires tangible and identifiable consideration, and airdrops are rewards rather than investments. Processes for claiming, such as connecting wallets, signing, paying gas fees, completing KYC/AML, or accepting terms of service, should not be considered as consideration. Furthermore, the rule should be retroactively applicable to past airdrops or cover Hyperliquid's native airdrops.

Analyst Killa posted on platform X, stating that Bitcoin has risen for the past three weekends, followed by a reversal on Monday. When there is greater downward pressure over the weekend, the market typically shows an opposite trend; if Bitcoin rises to a weekly closing, Monday is worth close attention. If it starts to decline over the weekend, a similar situation occurred last time when Bitcoin subsequently rose.

Crypto trader Killa posted on platform X that Bitcoin has once again failed to break through $87,000. The 10x long position established based on the expectation of a breakout from the secondary testing high has been stopped out at breakeven.Due to the failure to break out and the price returning to the entry point, he is currently focusing on the $80,000 to $82,000 range, considering re-establishing a 10x long position. Killa stated that he still holds BTC long positions at $62,600 and $76,400, and there is currently no reason to rush into establishing new long positions. However, he remains bullish and expects the price to rise further. The current market situation is characterized by low cycle fluctuations, while he mainly engages in high cycle trading and emphasizes the importance of risk management.

Cryptocurrency trader Ansem stated that airdrops remain one of the strongest catalysts for driving users and trading activities back on-chain. In the last cycle, trading terminals saw a significant amount of trading volume, but many of those platforms have yet to offer rewards to users.Ansem believes that as competition among platforms for traders intensifies, rewarding early users will become an effective way to build user loyalty and retain liquidity. Past experiences show that timely airdrops can unleash a large amount of on-chain activity, and he expects this strategy to reappear in this cycle.

According to Gate market data, the three major U.S. stock indices opened lower, with the Dow Jones down 0.2%, the S&P 500 down 0.7%, and the Nasdaq down 1.2%. AI giants are calling for a slowdown in development, leading to declines in AI chip stocks, with NVIDIA (NVDA.O) down 3.3%, Intel (INTC.O) down 7%, and AMD (AMD.O) down 5.2%.Micron Technology (MU.O) is down 6.7%, SK Hynix (SKHY.O) is down 7.1%, and SanDisk (SNDK.O) is down 5.8%. Oracle (ORCL.N) is down 5.2%, with reports indicating the company has initiated a new round of layoffs.

Bitfinex Alpha's latest report shows that Bitcoin has recently maintained a range of about 5.5% for over 24 trading days, with a cost basis of approximately 840,000 BTC within this range. As profit-taking has noticeably slowed, the seller risk premium has dropped to 7 basis points, one of the lowest levels in the past year, but insufficient buying pressure still limits a breakout.Meanwhile, leverage has accumulated at the upper and lower bounds of the range, with approximately $1.95 billion in short liquidation risk concentrated around $82,000, while there are large-scale long positions in the $75,000 to $76,000 range, which could amplify price volatility following the Federal Reserve's interest rate decision.Bitfinex further pointed out in the report that rising energy costs, increasing real yields, and weakening consumer confidence have made the macro environment more complex. Whether BTC can break through the current range still depends on the Federal Reserve's policy guidance and the subsequent trends in real yields and energy prices.

Liquid Capital founder Jack Yi stated on the X platform: "As expected, there has been a slight pullback. If it continues to pull back to around $75,500, it will be a great new opportunity, and I remain optimistic about the rise after the slight pullback. Investing and trading are the hardest things. I entered the mining circle in 2015 at a low BTC price and later successfully invested in Quantum and others, catching the crazy bull market of 2017. This was entirely a matter of luck, but at the time, I thought it was skill, as I had previously achieved some success in entrepreneurship and investment in classical industries.Later, I crazily invested in hundreds of projects, most of which failed and a few succeeded. As investment opportunities decreased, I began to work hard on learning trading, which requires even more respect. I succeeded in trading nine times in a row, but the tenth failure brings me back to square one."