BTC $82,237.61 +0.88%
ETH $2,430.75 +0.15%
BNB $731.85 +0.54%
XRP $1.33 +0.49%
SOL $105.44 +1.38%
TRX $0.3310 -0.65%
DOGE $0.0808 -1.77%
ADA $0.2288 +0.62%
BCH $274.74 +2.24%
LINK $12.45 +0.02%
HYPE $81.15 +2.22%
AAVE $155.52 -0.65%
SUI $1.02 +0.91%
XLM $0.1842 +0.71%
ZEC $1,178.23 +2.63%
AAPL $344.29 -0.28%
AMZN $253.15 -0.69%
GOOGL $347.60 -1.11%
MSFT $539.99 +0.60%
META $734.12 -0.25%
NVDA $216.56 -2.32%
TSLA $360.61 -1.15%
SNDK $1,353.76 -4.37%
INTC $93.96 -4.58%
SPCX $145.66 -5.05%
MU $911.19 -1.27%
AMD $547.53 -3.68%
BTC $82,237.61 +0.88%
ETH $2,430.75 +0.15%
BNB $731.85 +0.54%
XRP $1.33 +0.49%
SOL $105.44 +1.38%
TRX $0.3310 -0.65%
DOGE $0.0808 -1.77%
ADA $0.2288 +0.62%
BCH $274.74 +2.24%
LINK $12.45 +0.02%
HYPE $81.15 +2.22%
AAVE $155.52 -0.65%
SUI $1.02 +0.91%
XLM $0.1842 +0.71%
ZEC $1,178.23 +2.63%
AAPL $344.29 -0.28%
AMZN $253.15 -0.69%
GOOGL $347.60 -1.11%
MSFT $539.99 +0.60%
META $734.12 -0.25%
NVDA $216.56 -2.32%
TSLA $360.61 -1.15%
SNDK $1,353.76 -4.37%
INTC $93.96 -4.58%
SPCX $145.66 -5.05%
MU $911.19 -1.27%
AMD $547.53 -3.68%

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Flash

Analyst Murphy: The swing chips are gradually being cleared, Bitcoin has retraced three times near $81,000

Analyst Murphy posted on platform X, stating that as of October 15, 2026, Bitcoin has fallen to around $81,000 on October 9, 12, and 15, repeatedly testing the same support area. The latest round of declines, combined with U.S. inflation exceeding expectations, rising market concerns about the Federal Reserve tightening monetary policy further, and weakening U.S. stocks, has put overall pressure on risk assets.Murphy noted that from the on-chain adjusted realized loss data, the scale of losses corresponding to the three dips shows a decreasing trend: the loss on October 12 was less than that on October 9, and while the loss on October 15 was larger than on October 12, it was still lower than on October 9. October 9 appears to be a peak where short-term price-sensitive chips concentrated their exit; during the second dip, market sentiment was more cautious, and the willingness to sell was not strong; the third decline, under macroeconomic negative influences, again forced some swing chips to stop-loss and exit. Therefore, the current market is closer to a gradual clearing of swing chips rather than a full-blown panic sell-off. If the proportion of short-term holders' losses remains around 31%, below the historical cumulative average of 42.7%, it indicates that the clearing of chips may not be sufficient, and further volatility and selling pressure may still occur. Next, it should be observed whether the scale of realized losses continues to converge: if the price maintains near the current support area and the release of losses gradually weakens, it indicates that passive selling is decreasing, and a phase adjustment may be nearing its end; if the scale of losses expands significantly again, it indicates that the market still needs to undergo a more thorough turnover of chips.

first_img On-chain options protocol Derive this year transacted 14.2 billion USD, accounting for nearly 75%

OAK Research researcher Lilian Aliaga wrote that the on-chain options protocol Derive (formerly Lyra) has a nominal trading volume of $14.22 billion since January this year, approximately 2.6 times that of the entire year of 2025, accounting for nearly 75% of the on-chain options nominal trading volume and 88.1% of the paid premiums. The nominal trading volume in September was $3.43 billion, and it has exceeded $1 billion in the first week of October.The article states that Derive completed its V3 migration on October 6, 2026, abandoning its own chain and opting for zero-knowledge applications to settle directly on Ethereum, planning to become an options engine accessible to other applications. V3 introduces mutually isolated risk domains, including Prime covering BTC and ETH, an independent HYPE domain, an Alt domain covering SOL, XRP, ZEC, and DOGE, and an RWA domain covering tokenized gold.According to the article, Derive launched V2 in December 2023, replacing automated market makers with an order book as the main source of liquidity, and will launch portfolio margin in February 2024; Lyra will be renamed Derive in August 2024, and DRV will be launched in January 2025. In October 2025, FalconX became the publicly confirmed institutional market maker quoting on Derive, with collateral retained on its own side and positions represented on-chain in fxUSDC.

The success rate of the Zhipu legal model is nearly three times higher, and the testing cost is about one-seventieth of that of its competitors

The artificial intelligence company Zhipu released a legal-specific model GLM-Legal, which is further trained based on GLM-5.3-Flash. In the Harvey LAB evaluation covering 24 categories of legal services, the task pass rate increased from 6.7% to 19.2%, nearly tripling the original version, surpassing models like Kimi K3 and Claude Fable 5, and ranking seventh on the Vals AI leaderboard.When reviewing software service contracts, GLM-Legal suggested shortening the termination notice period from 60 days to 30 days and required service providers to offer up to 90 days of handover support. In another software project dispute involving 40 documents, it found that the company reported to the client that the project was 60% complete, while internal records indicated only about 41%. It also identified emails from the CEO requesting to conceal risks and continue charging, and analyzed potential legal liabilities in conjunction with contract terms.According to independent evaluations by Vals AI, the cost for GLM-Legal to complete a test is $0.15, while the closely performing Gemini 4 Argon costs $10.55, a cost difference of about 70 times. GLM-Legal took an average of 72 minutes, while the latter took 44 minutes. Zhipu stated that the model was trained specifically on legal data and conducted reinforcement learning in tens of thousands of simulated legal environments. Currently, GLM-Legal requires an API trial application.
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