Bitget UEX Daily Report | Bitcoin falls below $80,000; tech stocks pull back dragging down the Nasdaq; U.S. growth and inflation remain strong (October 30, 2026)

I. Selected Hot News

U.S. Economy｜Q3 GDP Growth Accelerates, Resilience Continues

The preliminary value of the U.S. Q3 real GDP grew at an annualized rate of 3.4%, up from 2.2% in Q2. Growth in investment, consumption, and government spending provided support, while a decline in exports partially offset this.

Market Impact: The economy still has expansion momentum, which helps corporate demand expectations; however, strong growth also reduces the necessity for a rapid shift to accommodative policies. Future observations should focus on the structure of growth and corporate profit realization, as GDP growth rates cannot be directly equated with the prosperity of all industries.

Inflation｜Core PCE in September Rises to 3.1% Year-on-Year

The U.S. PCE price index rose 0.5% month-on-month and 3.6% year-on-year in September; the core PCE, excluding food and energy, rose 0.3% month-on-month and 3.1% year-on-year. Real consumption expenditure grew by less than 0.1% month-on-month.

Market Impact: Nominal spending and price pressures remain strong, but the actual increase in consumption is relatively limited. Both growth and inflation data indicate that the market still needs to face constraints from high interest rates, and consumer companies must distinguish between price and volume contributions in sales growth.

European Central Bank｜Maintains Interest Rates, Energy Shock Remains a Policy Constraint

On October 29, the European Central Bank maintained its three key interest rates, with the deposit facility rate remaining at 2.50%. The central bank emphasized the impact of energy shocks on inflation and growth and continues to adopt a data-dependent, meeting-by-meeting decision-making approach.

Market Impact: Europe also faces an environment where price pressures and growth risks coexist. For multinational companies, financing costs, energy costs, and regional demand need to be assessed together, and one cannot infer that a loosening cycle has begun solely based on the pause in interest rate adjustments.

II. Market Review

Commodity and Forex Performance

Variety Reference Price Data Source

|-------------|---------------|-----------------| | Gold | $4,015.50/ounce | December Futures, 09:02 Beijing Time | | Silver | $51.555/ounce | December Futures, 09:02 Beijing Time | | WTI Crude Oil | $102.58/barrel | December Futures, 09:02 Beijing Time | | Brent Crude Oil | $111.29/barrel | December Futures, 09:02 Beijing Time | | U.S. Dollar Index | 101.722 | 09:02 Beijing Time | | U.S. 10-Year Treasury Yield | 4.989% | Reference at the end of trading on October 29 U.S. Time |

U.S. Treasury yields fell below 5%, and tech stocks remain under significant pressure, indicating that corporate performance and capital expenditure returns are also important factors in this pricing cycle. Oil prices remain high, and the impact of energy costs on inflation and profit margins still needs to be monitored; commodities are reported using intraday snapshots without mixing settlement prices for calculations.

Cryptocurrency Performance

• BTC: Approximately 77,184.70 USDT, down 4.68% in 24 hours.
• ETH: Approximately 2,219.28 USDT, down 5.47% in 24 hours.
• Total Cryptocurrency Market Cap: Approximately $2.61 trillion, down 7.13% in 24 hours; this update time is 09:09 Beijing Time.

BTC｜Liquidation Zone Observation

The upper significant potential liquidation zone for shorts is around $79,200---$79,900, approximately 2.77%---3.68% away from the current price; the lower potential liquidation zone for longs is around $76,100---$76,800, approximately 0.34%---1.25% away. Currently, it is closer to the lower zone, and if it continues to fall, attention should be paid to the volatility brought by the unwinding of long leverage.

ETH｜Liquidation Zone Observation

The upper significant potential liquidation zone for shorts is around $2,275---$2,295, approximately 2.67%---3.58% away; the lower potential liquidation zone for longs is around $2,160---$2,195, approximately 0.94%---2.52% away. The lower end is closer, and in the short term, observe the support and leverage pressure near this area.

Institutional Holding Cost｜BTC

Glassnode released an estimated comprehensive cost for the U.S. spot BTC ETF on October 28, approximately $81,500, with the current coin price below this reference by about 5.45%. This represents the unleveraged difference between the coin price and the comprehensive holding cost, not reflecting the actual returns of every ETF investor.

Market Summary in One Sentence

BTC first looks at the lower liquidation zone near $76,800, and ETH first looks at the lower liquidation zone near $2,195; if a rebound occurs, then observe around $79,200 and $2,275 respectively. The ETF cost reference for BTC is at a higher position and does not overlap with the current lower liquidation zone; before delivery, one should distinguish between short-term leverage volatility and cost recovery.

Options Expiration Reminder

At 16:00 Beijing Time today, approximately $10.41 billion in BTC options and $770 million in ETH options will expire on Deribit, totaling about $11.18 billion; the maximum pain points corresponding to the 09:13 snapshot are $78,000 and $2,400 respectively. Pay attention to the volatility brought by hedging adjustments before and after delivery, as the maximum pain point does not predict the actual delivery price.

Major U.S. Stock Index Performance

Index Closing Level Change

|----------|-----------|--------| | Dow Jones Industrial Average | 52,342.56 | -0.25% | | S&P 500 Index | 7,720.39 | -0.30% | | Nasdaq Composite Index | 26,184.72 | -1.38% |

The Nasdaq's decline is significantly greater than that of the Dow and S&P 500, with tech-weighted stocks under more pressure. While the indices fell, healthcare and some other sectors still saw gains, indicating that market performance is closer to a divergence in industry and profit expectations.

Performance of the Seven Tech Giants

Company Closing Price (USD) Change

|----------------|--------|---------| | NVIDIA NVDA | 213.66 | -0.80% | | Apple AAPL | 348.91 | +1.48% | | Microsoft MSFT | 530.14 | -0.16% | | Alphabet GOOGL | 283.82 | -12.64% | | Amazon AMZN | 243.79 | -4.25% | | Meta META | 624.52 | +1.96% | | Tesla TSLA | 403.30 | -0.23% |

The seven giants collectively had 2 gains and 5 losses, with Alphabet experiencing the largest decline, while Apple and Meta saw increases. Amazon's earnings report was released after the above closing, and the 4.25% decline in the table cannot be interpreted as a complete reaction to that report.

Sector Movement Observation

Technology and Storage: Alphabet fell 12.64%, Micron fell 4.98%, Oracle fell 3.45%; Vertiv rose 1.23%. AI-related stocks continue to diverge internally, requiring separate observation of orders and cash flow from cloud platforms, chip manufacturers, and equipment suppliers.

Healthcare and Industrials: Eli Lilly rose 6.63%, Caterpillar fell 9.25%. Both had earnings report catalysts during the same period, reflecting that the market not only trades on current profits but also reassesses future growth and guidance.

Cryptocurrency-Related Stocks: Coinbase fell 1.07%, Strategy fell 2.44%, Robinhood rose 0.17%. The regular stock closing and the cryptocurrency market snapshot this morning belong to different time periods and cannot be directly viewed as a synchronous reaction.

III. In-Depth Analysis of Key U.S. Stocks

Alphabet｜Significantly Under Pressure on the First Full Trading Day After Earnings Report

Event Overview: Alphabet closed at $283.82 on October 29, down 12.64%. The previously announced Q3 revenue grew 25% year-on-year, with Google Cloud revenue growing 103%, but the free cash flow for the quarter was negative $9.065 billion.

Market Interpretation: High growth and cash expenditure pressures coexist, and Cloud growth also includes TPU system sales. The stock price reaction indicates that revenue expansion needs to be assessed alongside investment returns and cash recovery, and cannot solely rely on cloud growth rates to judge the quality of the earnings report.

Investment Insight: Future attention should focus on capital expenditures, cloud revenue structure, and paths for improving free cash flow. A single-day drop does not independently prove a long-term demand reversal; the key is whether subsequent financial realization improves.

Amazon｜AWS Growth Accelerates, Capital Expenditures Continue to Squeeze Cash Flow

Event Overview: Amazon closed at $243.79, down 4.25%, and subsequently released its Q3 results. Net sales were $201.9 billion, a year-on-year increase of 12%; AWS sales were approximately $46 billion, a year-on-year increase of 39.3%.

Market Interpretation: As of the end of September, the net outflow of free cash flow over the past twelve months was approximately $42.4 billion, mainly affected by increased investments in AI-related equipment. The Prime Day was moved from Q3 last year to Q2 this year, which also affected the year-on-year comparability of retail revenue.

Investment Insight: Focus on the conversion of AWS growth to cash returns, the pace of equipment spending, and retail performance during peak seasons. The aforementioned free cash flow is based on the past twelve months and should not be misrepresented as a single-quarter outflow.

Coinbase｜Returns to Profitability, Need to Distinguish Between GAAP and Adjusted Performance

Event Overview: Coinbase closed at $160.59, down 1.07%, and disclosed Q3 total revenue of approximately $1.2 billion and a net profit of $719 million. The adjusted net profit was $78 million, and the adjusted EBITDA was $333 million.

Market Interpretation: There is a significant difference between GAAP net profit and adjusted profit, and one cannot view all net profit as sustainable earnings from trading activities. Subscription and service revenue accounted for 49% of net revenue, indicating that the business structure is expanding to more revenue sources.

Investment Insight: Future attention should focus on the continued contributions of trading revenue, stablecoins, and subscription services, and compare adjusted profitability with expense growth. After-hours performance should correspond separately to subsequent market reactions.

IV. Market and Project Dynamics

Local E-commerce｜DoorDash Signs Agreement to Acquire Instacart

DoorDash and Instacart announced on October 29 that they have reached a final agreement, with the transaction corresponding to $65 per share, valuing the equity at approximately $17 billion, with at least 75% of the consideration in cash. The transaction is expected to be completed by the end of 2027 or the first half of 2028, pending approval from shareholders and regulators.

The deal will combine delivery networks, grocery fulfillment, and retail technology, but the closing has not yet been completed. Future attention will focus on approvals, financing, and integration realization; synergies should not be assumed as already realized profits.

Transaction Platform Dynamics | Official Response

Binance officially stated that it is aware of reports regarding potential security issues and is actively investigating, ensuring user fund safety; verified information will be released through official channels in the future.

Five, Today's Market Calendar

All times are in Beijing time; attention level is assessed by the editor.
Beijing Time Country/Region Event Market Attention Level

|-------------|--------|-----------------------|-------| | October 30, 16:00 | Global Crypto Market | Deribit BTC, ETH Monthly Options Expiration | ★★★★★ | | October 30, 18:30 | United States | ExxonMobil Q3 Earnings Report | ★★★★☆ | | October 30, 20:30 | United States | Q3 Employment Cost Index (ECI) | ★★★★★ | | October 30, 21:30 | United States | ExxonMobil Earnings Conference Call | ★★★★☆ |

Key Event Outlook: The ECI will supplement information on wages and benefits costs, helping to assess whether inflationary pressures are being transmitted to labor costs. Energy earnings reports will focus on production, profits, and cash returns in the context of oil price environments; the crypto market will pay attention to fluctuations before and after the 16:00 expiration.

Institutional Viewpoint: Baird investment strategy analyst Ross Mayfield pointed out on October 29 that while tech stocks are under pressure, small-cap stocks remain relatively strong, indicating that concerns about AI trading have not yet spread to all sectors. Future observation can focus on the range of increases and differences in corporate earnings to determine whether this round of adjustment is sector rotation or a broader risk contraction.

This article provides market information and research observations and does not constitute investment advice.