Today's $SNDK finally let out the breath it had been holding. A few days ago, when I looked at SanDisk's earnings report, I was honestly a bit stunned. Quarterly revenue was $8.97 billion, a 51% sequential increase; gross margin reached 84.6%, and the data center business doubled, yet the stock price still took a hit after the report came out. My initial feeling was: if this isn't satisfying, what exactly does the market want? Later I realized, what everyone worries about isn't whether SanDisk made money this quarter, but whether the money earned now can be sustained. After all, the storage industry has been too cyclical before—when prices rise, everyone acts like a stock genius, but once capacity comes online, profits can just disappear. So what was truly useful at today's investor day wasn't management repeating "AI" over and over, but that they started answering a more practical question: How can SanDisk stop being just a cyclical stock? Currently, the company has signed new long-term agreements with 8 customers, covering about 50% of shipments expected in fiscal 2027 and about two-thirds in fiscal 2028. Simply put, this means locking in some demand and prices in advance to avoid the "feast one year, famine the next" scenario. More directly, management's targets for fiscal 2028 to 2030 include about 80% non-GAAP gross margin and about 50% adjusted free cash flow margin, and they stated that after completing necessary investments, they plan to return all remaining cash to shareholders. Seeing this, I roughly understand why the market was willing to buy in today. In the past, when people thought of $SNDK, they thought of NAND price increases; now the company wants everyone to believe it’s selling not just storage chips, but the "data warehouse" increasingly needed by AI data centers. Of course, I still dare not shout about the stars and the sea just yet. Long-term goals are still just goals; whether HBF can truly be implemented, whether long-term contracts can sustain profits, and how much gross margin remains after NAND prices fall all need to be verified quarter by quarter in future earnings reports. But at least today, $SNDK showed the market a bit of change: It may still be a cyclical stock, but behind this cycle is an AI engine that keeps generating data nonstop. Compute power makes AI think; storage makes AI remember. People used to only focus on the former; now finally someone is seriously looking at the latter. $SNDK #美股全线走高，加密股领涨 #存储股抛压缓和，AI内存牛市还稳吗？ #海力士推进NAND扩产，存储供给预期上升

SPCX has climbed back above $145! Ten days ago, it was around $105, and now it has rebounded to $146. Why is the overall market quiet while $SPCX is running its own show? SPCX doesn’t follow the usual crypto market logic. It corresponds to SpaceX stock, with each token exchangeable 1:1 for the corresponding security via Backpack Securities. So the core factors affecting it are not just BTC and market liquidity, but also SpaceX’s own performance, valuation, and stock supply and demand. As of August 13, SPCX rose about 9% in the past 24 hours and about 33% over seven days, clearly outperforming the crypto market during the same period. Two negative factors that previously suppressed the price are now being digested by the market. SpaceX’s first quarterly report after going public showed revenue of $7.8 billion, a year-over-year increase of over 90%; although it still posted a loss of $541 million, the loss was less than half of market expectations. At the same time, over 900 million internal shares were unlocked. Everyone expected selling pressure to crash the price, but on the day of unlocking, the stock price actually rose 6.1%. So this rebound, I think, is not just about hyping a new story, but more about the market realizing: the performance isn’t as bad as imagined, and the unlocking pressure isn’t as big as expected. On-chain trading has added another layer of RWA (Real World Asset) heat to SPCX. SPCX can be traded 24/7, self-custodied, wallet-transferred, and converted between tokens and traditional securities via Backpack. Currently, its on-chain 24-hour trading volume has exceeded $6.3 million, up about 267% from the previous day. In other words, the market is trading on two fronts simultaneously: One is the fundamental recovery of SpaceX; The other is the incremental story of US stock assets going on-chain. It took about ten days to go from $105 to $146. But what’s really worth watching next is not whether it can suddenly spike again, but whether it can hold the IPO price of $135 steadily, and whether the newly unlocked shares can continue to be absorbed by the market. If the trading volume holds, this might be more than just an oversold rebound; if volume and price quickly fall back, it remains a highly volatile new stock. At least for now, SPCX has shifted from "everyone waiting for it to drop" to "those out of the market starting to worry about missing out." $SPCX #7月CPI平稳落地，9月加息预期降温 #马斯克称AI将占SpaceX价值99%

After OKB rose to $100, I stared at my account in a daze for a while. Today when I checked the market, OKB had risen again. When the price stood above $100, I watched it for quite some time. It wasn’t as exciting as I imagined, but I couldn’t help but smile slightly. A while ago, it was fluctuating around eighty to ninety dollars; I checked it every day. Sometimes it felt stable, sometimes I doubted if I was being too optimistic. When it was falling, time seemed to pass especially slowly. After it started rising, looking back, it didn’t seem like I waited that long. This is probably the strangest part of holding coins. When it’s red, you think it’s rising too slowly; when it’s green, you hope it doesn’t fall too fast. When it really rises, the first reaction isn’t celebration, but to open the holdings and check several times to confirm if those numbers are real. Then all kinds of thoughts start popping up in my head: I should have bought more. Why was I so hesitant a few days ago? Should I keep going now? Will it fall back after I sleep? That’s just how people are. When it’s not rising, you hope it will. When it really does, you start worrying about losing what you’ve already gained. But today, I don’t want to analyze too much or predict where it will go next. I just want to quietly enjoy this feeling. After all, only I know the struggles of watching the market, the doubts during pullbacks, and the nights I resisted making rash moves. Making money is definitely worth being happy about. But what makes me happier is that the hesitant me back then, who didn’t give up easily, finally got some payoff. Tonight I can check the market fewer times. At least let me be happy for a while. Tomorrow’s volatility can wait until tomorrow. $OKB #OKB #HoldingDiary #CryptoMarket #CryptoLife

Tonight's CPI, what I fear most is not bad data, but my own impatience Tonight is CPI again. At 20:30 Beijing time, the US will release July inflation data. The market roughly expects: overall CPI to rise about 0.1% month-on-month, year-on-year to fall to 3.4%; core CPI year-on-year about 2.5%. On nights like this, the chat groups get especially lively. Some go long in advance. Some go short in advance. And some have already written the script "if below expectations, it takes off immediately; if above expectations, it plunges right away." I used to like guessing too. Before the data release, staring at the K-line, thinking that if I just get one number right, I can catch a big move. Later, after being whipsawed a few times, I realized: CPI's specialty is not telling you the direction, but clearing out the confident ones first. What really matters tonight may not be 3.4% or 3.5%, but whether this number changes the market's expectations for the Fed's next move. If inflation is clearly below expectations, rate cut speculation will heat up again, US Treasury yields and the dollar may weaken, and risk assets will naturally feel better. If core inflation hardens again, the market will have to face a problem again: The economy has started cooling, but the Fed may not dare to ease immediately. This combination of "growth weakening, inflation still present" is what makes the market most uncomfortable. As for just meeting expectations, it doesn't necessarily mean a rise. Because the market trades not only the data itself, but also positions, expectations, and how many have already bet in advance. Sometimes the numbers look good, the market spikes but then retreats. It's not that the data suddenly failed. It's just that those who wanted to buy may have already bought. So tonight I will watch, but I won't fight the first spike. The few seconds right after 20:30 when the data is released is a race of machine speed, not ordinary people's cognitive advantage. Watching later to see if the dollar, US Treasuries, and BTC move in the same direction might mean missing a candle, but also paying less emotional tax. Tonight's CPI has only one certain outcome: The data will definitely be released. As for how the market interprets it, often you have to wait until the first batch of buyers finish their orders to see clearly. Guess one less number. Leave a little more room. Surviving is more important than guessing right. #CPI #Bitcoin #USStock #CryptoMarket #7月CPI符合预期，9月还会加息吗？

I've always had a conflicted feeling about the CRV coin. Saying that no one uses Curve anymore isn't quite right. It still manages over a billion dollars in funds and generated about $2.06 million in fees in the last 30 days. Among a bunch of old coins left with only communities and roadmaps, this counts as a solid business. But to say CRV is severely undervalued, I don't dare to conclude that quickly. CRV is currently around $0.26, up about 27% in a week. Many people see that it used to be over ten dollars and think it's ridiculously cheap now. But a low coin price doesn't equal a low valuation. CRV currently has a circulating supply of about 1.547 billion, a total supply of about 2.409 billion, and a theoretical max supply of 3.03 billion. Comparing today's CRV price directly with historical prices under early supply conditions isn't very meaningful. I think the real problem with CRV has never been whether Curve has business. It's whether the money Curve earns can sustainably translate into CRV's value. Simply holding CRV doesn't automatically grant protocol revenue. You need to lock CRV into veCRV to gain governance rights and corresponding fees; the maximum lock period can be up to four years. The advantage of this design is that those willing to lock long-term are more tightly aligned with the protocol's interests. The downside is obvious: the mechanism is too complex, making it hard for ordinary people to have a "buy and hold" experience. Plus, CRV emissions have always existed; while the protocol generates income, it also needs to incentivize liquidity with tokens, which easily leads to a situation where the business is good but the coin price disappoints. So now when I look at CRV, I'm not too concerned about when it will return to $1. I'm more focused on three things: Whether Curve's real income can continue to grow; Whether crvUSD can become a stable source of business; Whether the growth rate of protocol income can gradually surpass token incentives and supply pressure. Also, security risks can't be ignored. In March 2026, the sDOLA/crvUSD LlamaLend market still experienced an oracle manipulation event, causing about 822,500 crvUSD borrower equity losses. My view is simple: Curve is not a dead protocol, and CRV is not a bargain you can understand at a glance. It has products, users, and income. But it also has emissions, lock-up thresholds, complex governance, and security risks. If in the future Curve can rely less on "issuing tokens for liquidity" and more on trading fees, lending, and crvUSD to sustain itself, CRV might truly see a value reappraisal. Until then, I'm willing to pay attention. But I won't automatically think that the current 26 cents is a golden opportunity just because it was over ten dollars before. The biggest fear for old projects isn't that no one remembers them. It's that everyone remembers how glorious they once were but no one seriously calculates how much they actually earn today. $CRV #Curve #DeFi #Ethereum #CryptoMarket

Brothers Recently, discussions about CORE's price have increased again. Some calculate market cap based on total supply, some benchmark against other public chains, and some have already planned the gains for the next few bull markets. These calculations look very professional, but they all share one common problem: They first decide on the desired price, then look for reasons to support that price. What I care about now are a few other things. First, how much sustained capital can BTC staking actually bring to CORE, not just how much is locked during the activity period. Second, whether the on-chain applications have real users. Not how many wallet addresses have increased, but whether a person will be willing to come back next month after using it once. Third, whether the fees and income generated by the ecosystem can ultimately be converted into actual demand for CORE. If these three questions gradually get answers, the price won't need anyone to predict it; the market will naturally reprice. If these data don't come out for a long time, then shouting $1, $5, or $10 is just giving emotions a number. I'm not pessimistic about CORE. Precisely because I am still paying attention, I am even less willing to numb myself with an exaggerated target price. First, see if the product can retain users. Then see if the capital can form a cycle. Only then is it time to discuss the price. Rising needs time to verify, but falling never needs advance notice. Count a little less on how much you can earn in the future. Think a little more about whether you can bear it if you are wrong. $CORE #CoreDAO #BitcoinEcosystem #CryptoMarket

OKB has risen to around $94 recently. It would be false to say I'm not at all happy. After all, I've been holding it and still slowly dollar-cost averaging. When the price goes up, I feel like my judgment was right; when it falls, I doubt if I was too optimistic. Many holders probably share this feeling. I initially paid attention to OKB because it fixed its total supply at 21 million tokens. This number easily sparks imagination: with such a small quantity, if demand rises, could the price have a large upside? But the longer I hold, the more I feel that 21 million tokens is just the beginning of the story, not the final answer. What truly determines OKB's future value is whether more and more people must use it. Currently, OKB is the Gas token for X Layer. According to Exchange OS's plan, developers who want to create spot, perpetual, or prediction markets on it will also need to stake OKB. If this system can truly take off, the logic is simple: Developers come in and need to stake OKB; More products emerge, users and capital start flowing in; On-chain activity increases, and the real demand for OKB grows accordingly. This is the main reason I am still willing to hold and dollar-cost average. I'm not betting on the fact that there are only 21 million tokens, but on whether OKX can connect the exchange, wallet, payment, X Layer, and OKB into a truly used product suite. Of course, I'm not so optimistic as to think it will only go up. OKB's greatest advantage comes from OKX, and its biggest risk also comes from OKX. If the platform encounters regulatory, credit, or operational issues, it's hard for OKB not to be affected. The governance and upgrade rights of X Layer are not fully decentralized yet; Exchange OS sounds good, but whether third-party developers will really come in and how much OKB they will stake still lacks sufficient data. There is also a very practical issue: Dollar-cost averaging can reduce short-term timing pressure, but if the direction is wrong, it will increase the position size. So I no longer comfort myself with "a dip is an opportunity." My judgment is simple: If more third-party projects appear, actual staking volume grows, and users are willing to stay without subsidies, I will continue observing and investing at the original pace. But if open deployment keeps getting delayed, the ecosystem only has official projects long-term, and the chain looks busy but never forms real demand for OKB, I will pause dollar-cost averaging and re-examine my judgment. As for future profits, it would be false to say I have no expectations. OKB still has a lot of room to grow from its current $94 to the previous high of around $228, a theoretical increase of over 140%. This number is tempting, but the historical high is not a target price, nor a reason to believe the price will definitely return. Meaningful profits should not come from "it once rose there," but from the market re-evaluating OKB after product implementation. So my current mindset is: Keep holding but don't blindly trust. Keep dollar-cost averaging but don't get more impulsive as it falls. Look forward to profits but accept that my judgment might be wrong. I'm not betting on a sudden big bullish candle. What I'm truly betting on is whether OKB can slowly transform from an exchange platform token into an entry point for an on-chain financial system. If the product really gets built, 21 million tokens will be meaningful. If the product doesn't get built, no matter how nice the number is, it's just a story. $OKB #OKB #XLayer #DollarCostAveragingRecord #CryptoMarket

I've been watching SPCX these past few days. Honestly, what surprised me the most wasn't that it went up, but that it didn't get crushed after the lock-up period ended. The market was waiting for this August lock-up release. The logic is simple: It was so hyped at IPO, it surged so much before, and now a large batch of shares can be sold—employees and early investors would want to cash out, right? But the market was expecting fireworks, and it turned out the shorts got blown up instead. SPCX jumped nearly 16% on Friday. I went back and re-read the financials and found this stock quite interesting now. Q2 revenue is about $7.8 billion, with adjusted EBITDA of $3.5 billion. But on the other hand? Net profit is still negative, losing about $540 million. So people buying SPCX now aren't really buying how much it earns today. They're buying the future. Starlink, rockets, satellite communications, plus AI—the market is already pricing it as a super infrastructure company. And that's exactly where the problem lies. I really like SpaceX as a company, but "liking the company" and "liking the price" are two completely different things. At $225, the market basically told all the stories it could. After it dropped to just over $100, people started seriously crunching the numbers. Now that it's pulled back to around $130, I think the truly interesting phase for SPCX is just beginning. Because the most panic-inducing lock-up expectations have passed for now, but valuation issues remain. Going forward, I won't care much if it goes up 10% or down 10% in a day. What I want to watch are three things: Whether Starlink can continue its rapid growth; Whether the AI business can truly contribute profits; And whether such massive capital expenditures can eventually turn into cash flow. If two of these three come through, SPCX might look expensive today but won't be in a few years. But if AI ends up just being a valuation story and Starlink's growth slows, then this price isn't cheap at all. So my current stance on SPCX is simple: I am very optimistic about the company, I'm starting to be interested in the stock, but I won't chase it just because it spikes one day. The biggest mistake SpaceX investors make is forgetting that stocks still need to be accounted for, because Musk, rockets, and Starlink are so sexy. A good company doesn't necessarily mean a good price. But when a good company drops to a good price, I will definitely take a serious look. $SPCX

Climb up step by step $OKB

I reconsidered OKB: 21 million tokens might not be the key point To be honest, the first time I saw OKB's supply fixed at 21 million tokens, I instinctively thought of two words: scarcity. But after calming down, I realized the market might be asking the wrong question. Having a small quantity of something doesn't mean everyone must use it. If we apply Musk's first principles and remove words like "ecosystem," "empowerment," and "value reconstruction," the real question should be: If the name OKX didn't exist, who would actively buy and stake OKB due to business needs? OKB today is no longer just a simple exchange equity token. It is the only Gas token for X Layer. According to Exchange OS's design, developers who want to deploy spot, perpetual, or prediction markets on it will also need to stake OKB first. This route is actually very clear: If someone comes to open a market, they must stake OKB; the more markets, the more users and liquidity; the more on-chain usage, the more stable OKB's demand can be. But the problem is exactly here — this flywheel has not yet been fully proven by data. X Layer has over two million transactions per day, but the actual on-chain Gas fees generated are only about $971. This data shouldn't be simply interpreted as the chain being ineffective, because low cost is part of the user experience. But from the token perspective, it reminds us of one thing: High usage does not equal high value capture for OKB. OKX holds exchange, wallet, payment, X Layer, and OKB simultaneously, and this vertical integration capability is indeed strong. Users, funds, applications, and settlements can cycle within the same system, making it much easier to promote new products than starting a public chain from scratch. But the same advantage is also a risk. If users mainly come from OKX's traffic, liquidity mainly depends on platform incentives, and applications are mainly built by the official team or partners, then whether this ecosystem is an open network or just an on-chain extension of exchange business still needs time to verify. So now when I look at OKB, I don't just focus on the 21 million tokens, nor do I rush to apply a valuation formula based on Gas fees. What I want to see more is: Are there truly independent teams coming in to open markets? How much OKB have they actually staked? Will users stay after subsidies end? Can on-chain revenue grow continuously? Only after these data come out will OKB truly move from "design completed" to "product validated." 21 million tokens only solve supply; who must use it solves demand. Scarcity is industrial design; usage is the product. $OKB #OKB #XLayer #ExchangeOS #Blockchain