链上数据 · 3522

Analysis: This round of BTC's rise is accompanied by a decline in OI, and spot demand is showing for the first time

Comparing news, on-chain data analyst Murphy wrote that this round of BTC's rise was “a bit different”: the scale of futures liquidation reached a record, but unclosed positions (OI) declined at the same time. The price increase was mainly driven by short stop-loss or liquidated purchases to close positions. It was a liquidated stock position rather than a net exposure to newly opened leveraged positions. If it is driven only by liquidation, the price often falls back after being inserted; after this increase, the price stagnates, indicating that other spot funds have taken over. Murphy pointed out that if contract bulls lead, OI usually rises and rates rise, but this round of OI has almost completely declined, and no new leverage has entered the market on a large scale. The exchange's spot relative volume (SRV) reached 2.94 from August 19 to 20, which is about 3 times the average for nearly 30 days. Similar volumes in the past two years have mostly occurred during a downturn or a bull market. This is different from the situation where leverage was dominated by the rebound to about 96,000 US dollars in January and the rebound to about 82,000 US dollars in May. He stressed that spot demand is only the first potential sign since entering a bear market. Combined with price challenges to the short-term holder cost line (STH-RP) and the sellers' exhaustion index entering an extreme zone, it is not enough to determine a trend reversal.

17h ago

SAND is suspected to have experienced an infinite minting vulnerability, and attackers have minted over 500 million tokens

Comparatively, according to market news, The Sandbox's native token SAND on the Base network is suspected to have had a serious security flaw. Attackers have obtained permission to mint tokens and can arbitrarily issue additional SAND tokens. According to on-chain data, the vulnerability incident has now minted more than 500 million pieces of SAND, and the attack continues. The market is concerned that a large amount of new supply may impact the price of SAND. Currently, The Sandbox has yet to release an official response to this incident, and the cause of the vulnerability, the source of the attackers' permissions, and the whereabouts of the new tokens are yet to be further confirmed. Infinite Mint Attack (Infinite Mint Attack) is usually caused by smart contract permission control flaws or minting logic flaws. Attackers can bypass restrictions to generate large numbers of tokens, which in turn causes supply loss of control and market value dilution.

19h ago

Analysis: Behind PUMP's monthly doubling, positive ecological feedback is the main driver

Comparing news, PUMP has continued to rebound since hitting a low of $0.001 at the end of June. It has risen about 19% in the past 24 hours and is close to $0.004, up 36% on the 7th, 98% on the 30th, and about 116% on the 90th. The crypto market has picked up in the past two days. Bitcoin once surpassed 79,000 US dollars. Some meme coins, such as PEOPLE, NEIRO, and BOME, are on the Binance rise list, which is in line with the common rhythm of market recovery and memes taking the lead. However, PUMP's rise was significantly earlier than the current market round, starting about two months earlier. PUMP's strong rise this time is driven by its fundamentals: Pump.fun is forming a positive feedback cycle of revenue, buyback, and traffic. On-chain data shows that in the past 30 days, the platform's processing fee was about US$38.15 million and revenue was about US$29.19 million, second only to Tether, Circle, and Canton, surpassing agreements such as Hyperliquid, Polymarket, GMGN, and Tron. The window that appeared in Gold Fork coincided with the re-acceleration of revenue, the continuous repurchase and destruction of PUMP, and the return of users trading on the platform. Pump.fun uses 50% of revenue to buy back and destroy PUMP. The recent weekly fee revenue surpassed $10 million (one of the best levels since the end of January), corresponding to potential buyback pressure of around $5 million. The platform recently launched Callout Rewards and reduced Solana transaction fees to 0% and cross-chain fees to 0.1%, using revenue advantages to subsidize traffic and compete with users of imported products such as GMGN and Fomo. If active weekly and daily active trading users continue to reach new highs, PUMP's market narrative may shift from a simple meme platform coin to a trading portal with high cash flow. Overall, this round of growth was driven by technical signals and positive feedback from fundamentals, with revenue scale and repurchase mechanisms being the core supporting factors.

1d ago

Data: Circle mints an additional 500 million USDC on the Solana chain

Comparing news, on-chain data shows that stablecoin issuer Circle has just minted 250 million USDC each on the Solana chain twice, for a total of 500 million USDC. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

1d agoburnking#On-chain dynamics

With a total profit of about US$4.1 million, Big Brother Ma Ji holds more than US$81.5 million in orders

In comparison, according to on-chain data, Big Brother Ma Ji currently holds multiple orders of ETH, HYPE, BTC, and PUMP, with a total position value of about US$81.5 million. Among them, 25 times more ETH is worth about $43.65 million, with a floating profit of about $3.496 million; 10 times HYPE multiple orders worth about $17.98 million, with a floating profit of about $237 million; 40 times more BTC worth about $13.18 million, with a floating profit of about $195 million; and 10 times more PUMP worth about $7.19 million, and floating profit of about $176,000. The total profit of the four positions was approximately $4.1 million.

1d ago

On-Chain Detective Specter: 73 BTC worth $4.6 million originally came from the Whirlpool coin mixer

In comparison, according to on-chain detective Specter monitoring, the victim claimed to have transferred funds from Bitcoin to Ethereum due to a Coldcard hacker attack. However, on-chain data shows that 73 BTC (worth $4.6 million) originally came from the Whirlpool coin mixer two weeks ago, some of which were cross-chain to Ethereum, and then deposited through a phishing Tornado Cash interface. Two coin mixers were used in the relevant fund transfer process. The person was also spotted appearing in a Telegram group involving private key searches and brute-force cracking. On-chain detective Specter said the victim may have been a threatening actor, and her funds may have been stolen by another threatening actor.

2d ago
Is “Cow Lai” really here? Bitcoin skyrocketed, and $2,743 billion bears were brutally liquidated

Is “Cow Lai” really here? Bitcoin skyrocketed, and $2,743 billion bears were brutally liquidated

Source: PanNews Author: Nancy Original title: Is “Cow Coming” Really Here? Bitcoin changed overnight, and bears hit the main points of the biggest liquidation day in history: Bitcoin rebounded strongly on August 19, with an intraday increase of more than 7.4%, once approaching 70,000 US dollars, a new high since the beginning of June; Ethereum simultaneously broke through 2,300 US dollars. Over the past 24 hours, the entire network closed out more than 2,986 billion US dollars, of which short liquidations reached 2,743 billion US dollars, setting a new record for short liquidation in a single day. The recovery in the market was driven by multiple factors: the US Treasury expanded the scale of long-term treasury bond repurchases to improve liquidity; the SEC proposed new crypto asset issuance rules to exempt some registration requirements; and Trump met with crypto business executives and made supporting remarks, urging Congress to pass the Clarity Act. Furthermore, the net inflow of Bitcoin spot ETFs has exceeded US$480 million in the past two days, causing large-scale short liquidation effects. On-chain data shows that spot demand is about to improve, with a median increase of about 18.1% over the next 60 days. However, Glassnode pointed out that high real interest rates are still a suppressing factor, the market is still bottoming out, and the capitulation is not completely over. VanEck believes that 8 of the 12 capitulation indicators have been triggered, but this is not a sign of bottoming out. The potential cumulative window may be from September to November. Standard Chartered Bank expects Bitcoin to rise to 100,000 US dollars by the end of 2026. If it effectively breaks through $65,500, it may confirm the low in the cycle. CEO Strive believes that the long-term downward trend in the US dollar may bring the strongest macro tailwind to Bitcoin. Overall, there are positive signs in the market, but continued strengthening still requires verification of demand, liquidity, and macro environment, and investors should maintain reasonable positions. While the movie “Cow Lai” continues to be popular, the market's expectations for a “return to the bull market” are also constantly being ignited. Coincidentally, the crypto market also suddenly ushered in a long-lost “bull attack”. Bitcoin's strong counterattack overnight led to a collective recovery of the market. For the crypto market, which has been dormant for a long time, this surge not only means a breakthrough in price, but also a return to market volatility. After the market heated up rapidly, market sentiment was instantly ignited, and coin industry players even ridiculed that “native families are finally getting better.” Meanwhile, this sudden strong rebound also simultaneously triggered a single-day liquidation wave of bears on an astonishing scale. Bitcoin fought back strongly. On the evening of August 19, the bears experienced the biggest wave of liquidation in history. On the evening of August 19, Bitcoin broke out of a long-lost positive line and strongly broke through the consolidation range that continued for several months. According to CoinGecko data, Bitcoin suddenly experienced a strong rebound, with an intraday increase of more than 7.4%, once approaching 70,000 US dollars, a new high since the beginning of June. Ethereum strengthened at the same time. At one point, the price broke through 2,300 US dollars, reaching a new high of nearly three months. Mainstream assets rose collectively, rapidly driving the overall recovery of the crypto market. Over the past 24 hours, the total crypto market capitalization has risen by around 7.5%, recovering to around $2.46 trillion. However, this sudden surge also turned into a large-scale bear slaughter. According to CoinGlass data, the total amount of online liquidations in the past 24 hours has exceeded 2,986 billion US dollars, and more than 175,000 traders have been forced to close their positions. Among them, the biggest single liquidation occurred in the BTC-USD contract on the Hyperliquid platform, which amounted to about US$48.8 million. Judging from the historical scale, this wave of liquidations has surpassed the single-day liquidation record of about 2.23 billion US dollars during the “tariff shock” in February 2025, ranking the eighth largest liquidation event in crypto history. What is more noteworthy is that this liquidation almost showed a one-sided pattern of bears squeezing. According to CoinGlass data, in the past 24 hours, the amount of short liquidation reached US$2,743 million, far exceeding the liquidation scale of about US$243 million for longs. This figure even surpassed the scale of short liquidations of about 2.46 billion US dollars on the largest settlement date in history on October 10, 2025, setting a new record for the scale of short liquidations in a single day in the crypto market. The crypto market welcomed multiple benefits. Trump's bullish remarks ignited optimism behind the collective reversal of the crypto market's decline, mainly driven by multiple factors such as improved macro liquidity, bearish shortfall, regulatory optimism, and the return of ETF funds. At the macro level, the US Treasury expanded the scale of long-term treasury bond repurchases, which became the core trigger for this round of market recovery. The Ministry of Finance announced that it will double the maximum limit of liquidity support repurchases of 10-year to 30-year treasury bonds from at least US$2 billion to US$4 billion. The measures will be implemented on September 9 and will continue until November 4. The market generally interpreted this as strong support for the liquidity of the treasury bond market, which effectively lowered long-term yields. The yield on 30-year treasury bonds declined markedly from a high level of about 5.33% to 5.34%. And the decline in US bond yields...

2d ago22#Blood washes empty heads

Pension-USDT.etheth's empty order was liquidated, with a loss of about $26.66 million

According to Onchain Lens monitoring, Hyperliquid trader Pension-123t.eth's short ETH position was liquidated, involving approximately $108.1.8 million in exposure. According to on-chain data, the trader achieved a loss of approximately US$26.66 million in this liquidation, but his historical cumulative earnings were still positive, with a total profit of US$17.76 million. Previously, the address held about 50,000 ETH empty orders worth around $85 million. This trader's address is: 0x0ddf9bae2af4b874b96d287a5ad42eb47138a902

2d ago

Analysis: Bitcoin soared to an 11-week high, or as the US Treasury increased treasury buybacks

According to comparative news, Bitcoin rose sharply after the opening of US stocks on Wednesday, driven by the US Treasury's expansion of the scale of treasury bond repurchases and improvements in market liquidity expectations, reaching the highest level since June 2. Earlier, the US Treasury Department announced that it will expand the scale of long-term treasury bond repurchase operations starting September 9, and that the upper limit of a single repurchase will be raised from 2 billion US dollars to at least 4 billion US dollars. The move is viewed by the market as providing more liquidity support to the long-term bond market and driving a general rise in risk assets. Affected by the news, the yield on US 30-year Treasury bonds fell rapidly, down about 9 basis points to 5.19% from the previous 20-year high. The US Treasury Department said that the purpose of expanding the scale of repurchases is to meet the continuing needs of investors in the long-term treasury bond market and increase market liquidity. However, analysts pointed out that this buyback did not reduce US debt, but rather adjusted the treasury bond maturity structure. As the US government debt approaches $40 trillion, the market remains concerned about fiscal pressure and the risk of rising interest expenses. Bitfinex said that despite Bitcoin's recent rebound, the upside is still limited by insufficient stablecoin liquidity. The data shows that since May, the supply of stablecoins in exchanges has been reduced by about $14 billion. Furthermore, on-chain data shows that the stablecoin supply ratio (SSR), which measures the relationship between the market value of Bitcoin and the total market value of stablecoins, has continued to rise recently, rising from 9.82 to 11.69 on June 30, indicating that the liquidity environment in the market is still tight. Analysts believe that improvements in US fiscal liquidity expectations may provide short-term support for Bitcoin and risky assets, but stablecoin capital has not clearly returned, which means that subsequent increases will still require more capital confirmation.

3d ago