On October 27, the U.S. Treasury executed a liquidity support repurchase operation, purchasing the full $6 billion cap of long-term Treasuries (20- to 30-year bonds maturing between 2046 and 2056). This was a routine move following the August increase in the repurchase cap to $6 billion by U.S. Treasury Secretary Scott Bessent. In simple terms: the Treasury is using new money to buy old debt—issuing short-term bonds to purchase long-term ones. By spending money to repurchase these long-term bonds from institutions, the Treasury directly injected $6 billion in cash into the financial system. Theoretically, this newly released cash will seek returns, potentially benefiting risk assets. The air is once again filled with cheerful vibes around CX $BTC.

Another admirer of DeepSeek has joined the ranks, such as Illia @ilblackdragon, co-founder of NEAR. In an interview, he stated that the team successfully tackled extremely complex code formal verification by equipping DeepSeek with a customized toolchain. When performing high-difficulty mathematical logic deductions, its rigor matches that of Claude 3.5 Sonnet and top-tier ChatGPT. Even more impressive: DeepSeek is 100 to 200 times cheaper than leading proprietary models—research tasks that once cost tens of thousands of dollars can now be completed for just a few hundred dollars, while completely avoiding the heavy-handed censorship of proprietary giants. It’s not that proprietary models are unaffordable—it’s just that open source offers far better value 😏.

Today, Alex Thorn, Head of Research at Galaxy, has sparked significant buzz in the English-speaking crypto community with this in-depth article—their thesis is clear from the title alone: Now is the best time to accumulate and hold BTC. Unlike purely emotional calls or subjective speculation, the article presents multiple data points from both current and historical cycles, pointing to a classic “cycle bottom confirmation + accumulation phase,” backed by solid reasoning. Here’s a condensed summary: First, on the technical side: - The 200-week moving average has held as a historical bear market support level—a reliable anchor in crypto history. The 50-week moving average reasserted itself in late September and has closed above it for five consecutive weeks. - Historical cases of prolonged breaks followed by a reclamation of these levels have typically led to strong performance over the following year, with few subsequent major breakdowns. - The number of days since the halving has now surpassed the historical bottom window (this cycle’s low occurred ~802 days post-halving; current date is ~916 days; previous lows were near 777, 889, and 912 days respectively). - Additionally, this has been the shallowest bear market on record, with a peak-to-trough decline of only ~53%—compared to previous cycles that saw drops of -77% and -93%. BTC addresses inactive for over five years are now selling at a significantly slower pace. Second, on the capital side, short-term traders have exited: - Macro and arbitrage traders have sharply reduced their ETF and futures exposure; asset managers have cut net long positions by ~57%, and leveraged funds have significantly narrowed their net short positions. - ETF holdings have declined only ~11% from their peak, while Bitcoin’s native price fell much more sharply during the same period—yet net buying resumed after the June low. Non-institutional holders (advisors, family offices, individuals) have seen limited outflows. This suggests that the “tourist capital” that drove the 2025 highs has largely exited, leaving behind a more directional, long-term-oriented holder base. It also explains why recent market shocks this year have failed to trigger major BTC sell-offs. Third, on the fundamental side, the case for monetary debasement continues to strengthen: - U.S. debt stands at ~$40 trillion; the 2026 fiscal deficit is projected at nearly $2 trillion (~6.2% of GDP); interest payments are ~$1.28 trillion; the 10-year Treasury yield briefly exceeded 5%. - AI infrastructure development itself is debt-driven—ultimately financed either through credit expansion or socialized losses—both of which favor fixed-supply hard assets. Fourth, on the sentiment side, we’re back to the familiar refrain: “Talk about innovation, not Bitcoin.” 2015–2016 → “Blockchain, not Bitcoin” 2018–2019 → “Chains, not crypto speculation” 2026 → “Stablecoins and RWA, not Bitcoin” After each major BTC downturn, mainstream institutions and media shift focus away from Bitcoin as an asset toward “safer,” “more legitimate,” and “less scary” technological applications—creating a recurring new narrative. - Search interest remains low; Fear & Greed Index hit extreme lows; ETF inflows this month have been flat—yet BTC price has rebounded ~39% from its low. Stablecoin supply has surged dramatically. Finally, the author notes potential risks that could invalidate this thesis: - Weekly close below the 50-week MA without a swift recovery - ETF holdings breaking below prior lows - A credible quantum computing threat emerges - Major U.S. fiscal consolidation occurs (Our editorial note: You could track these indicators with an AI monitoring system for easier research and investment analysis 😏)

Recently, while browsing NEAR’s GitHub, I came across something interesting: The NEAR AI team has open-sourced a test in which they successfully solved 672 extremely challenging mathematical proof problems using the Chinese open-source large model DeepSeek. After asking the AI, I learned these problems are called PutnamBench—some of the most difficult questions from North America’s premier undergraduate mathematics competition. In simple terms, passing this test demonstrates that an AI possesses highly rigorous logical reasoning capabilities. According to @MSBIntel, NEAR’s solution completed all 672 problems at an average cost of just $0.17 per question, totaling slightly over $110. By comparison, other solutions achieving perfect scores used OpenAI models at an average cost of $44.50 per question, while Claude required $3.52 per question. Why would a blockchain focus on such advanced mathematical problems? The real goal behind investing significant effort into having AI solve mathematical proofs is smart contract security auditing—technically known as formal verification. For example, using mathematical logic to inspect code line by line for vulnerabilities; if low-cost, open-source AI compute power can reduce the cost of verification to just a few dimes— in the future, even projects and individual developers might affordably secure and audit their contracts against safety failures. While this has no direct link to the price of near:native, it does signal that the project team is actively building meaningful technology.

Solana’s expansion in the Asia-Pacific region is accelerating. Following the launch of its developer-focused website in Shanghai and the illumination of the SOLANA logo on buildings in Hongqiao and Lujiazui, a Nasdaq-listed Solana-related company has recently received official recognition from the Hong Kong government. The company, Solana Company ($HSDT), is a publicly listed firm specializing in SOL custody, staking validation, and institutional consulting. The Hong Kong government has included it in its list of strategic enterprises through its mechanism for attracting key businesses; public records show that, this year, it is the only blockchain infrastructure company on this list. The company has already established its Asia-Pacific headquarters in Hong Kong and plans to deploy Solana validation nodes locally as part of its ongoing development of a low-latency Asia-Pacific network. Previously, a node in Tokyo has already been operational; Hong Kong is likely the next step. Currently, the pace appears to be such that foundations and ecosystem teams in mainland China are focusing on AI, robotics, and developer tools, deliberately avoiding any narrative tied to token trading; whereas in Hong Kong, the listed entity is bringing its headquarters and node operations onshore. Though the approaches differ, both sides are actively advancing ecosystem initiatives and infrastructure development.

Don’t go work at McDonald’s if you’ve lost everything, because McDonald’s is a bull market signal 🤡 According to USA Today, McDonald’s McRib is set to return and will be available temporarily in select U.S. cities, including Los Angeles, Chicago, Miami, Atlanta, Philadelphia, and Dallas. Historically, each return of the McDonald’s McRib has been followed by a significant surge in Bitcoin. Some members of the crypto community have even urged investors not to short the McRib.

Hold to like, waiting for you to see. Elon Musk announced that X will introduce a long-press like feature to tip creators, supporting $1 tips via X Money. For high-quality content creators, this further bridges the gap between being seen and receiving real financial support. Regular likes cost almost nothing, but a long-press sends $1 directly—low barrier, yet imbues genuine appreciation with tangible value. This is especially favorable for smaller creators or those who occasionally go viral. They no longer need to set up subscriptions or wait for platform payout cycles to earn income from long-press likes. More broadly, this leverages frequent social interactions to build user habits around X Money. X Money has already launched in the U.S. (primarily for eligible U.S. users, supporting instant P2P transfers, interest-bearing deposits, and Visa debit cards). Elon Musk has repeatedly stated his vision of transforming X into an all-in-one app similar to WeChat; this long-press feature appears to be one step toward that goal. However, this update offers limited benefit to users in Chinese-speaking regions, as X Money is currently available only to U.S. residents—non-U.S. users without accounts cannot yet participate.

In the past year, have you seen news like this? Many crypto mining companies that once focused on mining have shifted toward AI, now offering computing power services. While the transition of mining firms is indeed a trend, it can create a misleading impression: As if, once these large miners leave, the Bitcoin network will collapse and no one will be left to mine. But data shows that if you stop mining, others will step in—and they’re mining aggressively. According to data from Look Into Bitcoin, Bitcoin’s 7-day average hash rate has rebounded to approximately 1 ZH/s (1,000 EH/s), the highest level since March 3, 2026. Additionally, the orange line representing hash rate has consistently risen sharply over the past few years; after the latest fluctuation, it’s climbing again, indicating a far stronger overall mining trend than in earlier periods. Meanwhile, mining difficulty increased by about 5.92% on October 16, and is expected to rise again next time—cumulatively nearing 11.4% across both adjustments. Some publicly traded miners have seen their actual hash rate drop by around 23% due to their AI transition, with AI-related revenue showing clear quarterly growth. Yet, Bitcoin’s total network hash rate has rebounded sharply from its July low—by roughly 45%. Many assume that when large miners exit, the remaining ones will find it easier. But difficulty continues to rise. Profit pressure on remaining miners hasn’t noticeably eased, indicating that new entrants and expanding operators are actively competing—making the space even more intense. On a positive note, miners are still fiercely competing to mine the remaining BTC and maintain the network by earning block rewards and transaction fees. Even with price volatility, miners continue deploying more hashing power. Until AI breaks cryptography—a hypothetical variable—the Bitcoin network continues to demonstrate remarkable resilience and openness.

If you’re exactly 18 today, how do you break through in the age of AI? Marc Andreessen, head of a16z, referenced science fiction writer Douglas Adams’ famous “Three Laws of Technology” in a recent conversation: “Any technology that existed before you turned 15 seems like a natural part of the world; any technology developed between ages 15 and 35 is an exciting, cutting-edge frontier where you can build a lifelong career; any technology created after you turn 35 appears to older generations as a heretical disruption of tradition.” Today’s 18-year-olds are at the golden age of embracing technology. While older generations still resist and criticize cloud computing, and schools are still trying to guard against large models, the more schools ban AI, the more it becomes a secret superpower of the younger generation. Meanwhile, Chris Dixon and Ben Horowitz shared blunt advice in their interview: Humans have unlocked the secret of turning sand into intelligence—transforming silicon into smart systems. True revolutions always occur at the unknown frontiers where disciplines intersect, not in crowded, mature, and safe lanes. This is precisely why a16z has officially expanded its crypto fund into “a16z Frontier”: to break down all industry barriers and fully back the adventurers exploring the uncharted deep seas.

Yesterday, media reports stated that a16z planned to remove “Crypto” from the name of its cryptocurrency fund; Today, Chris Dixon, the founder of a16z’s crypto business and the institution’s most prominent public face in Web3 over the past several years, formally responded to this change with a detailed post. He argued that this adjustment represents an expansion, not an exit from Crypto. a16z’s fund will now cover a broader range of “frontier startups”—companies developing new technologies and opening new markets, which may take years to mature—hence the name change from a16z Crypto to a16z Frontier. Dixon further explained that early-stage crypto was once a relatively isolated world, but as blockchain adoption has grown more widespread, infrastructure is receding into the background. Wall Street and fintech companies now frequently build products on blockchain, making the distinction of “whether a company is crypto” increasingly irrelevant. Crypto will still play a key role in areas such as stablecoins, programmable finance, and machine-to-machine transactions, but it is no longer a standalone, heavily promoted vertical. He also framed this shift within his consistent investment philosophy: Since joining a16z in 2013, he has worked simultaneously on new computing devices and crypto; now, with the rise of AI, the most valuable opportunities may lie at the intersection of crypto and broader technological waves—not in continuing to tell a standalone “Crypto” story.