Institutional sources: Pingtouge valued at $20 billion to $30 billion

After last week’s tech stock sell-off, concentration risks in the U.S. equity market have likely not been fully eliminated. New data shows that while retail investors and some hedge funds have sharply reduced positions, global macro funds have largely maintained their existing stock exposure, emerging as the next potential market risk for institutions. According to a Bloomberg report on Tuesday, Goldman Sachs’ prime brokerage data indicates that amid the S&P 500’s worst weekly performance since 2025, global macro hedge funds did not meaningfully cut their stock holdings. These funds primarily express views on macroeconomic and market directions via stock index futures, exchange-traded funds (ETFs), and swap contracts. Given their trades often involve large-scale index exposure, a rush to adjust positions if market sentiment worsens further could amplify volatility in major indices. Goldman’s data shows that last week, hedge funds’ net selling of individual stocks hit a four-month high, with tech stocks being the most heavily net-sold sector in both global and U.S. markets. Meanwhile, macro products including stock indices and ETFs recorded net buys. Besides global macro funds, systematic trading strategies may also be a key source of market volatility. Goldman’s tracked models show around 60% of global equity markets currently have negative trading signals. Per model estimates, S&P 500 futures could face ~$28 billion in potential selling pressure over the next week, rising to $45 billion over the next month. The options market’s positioning structure also adds to risks: SpotGamma data shows the S&P 500 has broad negative gamma exposure in the 7,000–7,550 point range. In this environment, option dealers, to hedge their positions, may sell more stocks when the market falls and buy more when it rises, amplifying short-term price swings.

According to official news, Helius has launched Privacy Rings, a zero-knowledge proof-based programmable privacy feature for the Solana network. The tool brings on-chain confidential transfers to Solana while preserving the network’s native transaction performance. Privacy Rings hides transaction asset types and transfer amounts, though sender and receiver addresses remain public. All privacy transactions can be settled in a single Solana transaction. Operating on a non-custodial model, the feature requires asset owner signatures for all transfers and supports SOL, SPL Tokens, and Token-2022 tokens. Developers can integrate confidential transfers into Solana programs via APIs to enable programmable functions such as on-chain private custody. Furthermore, Privacy Rings supports the creation of custom Privacy Rings, allowing enterprises to configure anonymity levels and compliance rules based on their specific needs.

Anthropic expects its operating margin to exceed 35% after long-term adjustments.

According to data from BIT Stock Platform, U.S. October inflation rose more than expected, fueling expectations of a significant interest rate hike by the Federal Reserve. The three major U.S. stock indexes opened lower across the board: the Dow Jones Industrial Average fell 0.4%, the S&P 500 dropped 0.6%, and the Nasdaq Composite declined 0.8%. Most leading tech stocks were lower, with Nvidia (NVDA.O) down 2.6%, Intel (INTC.O) down 2%, Micron Technology (MU.O) down 2.2%, while Apple (AAPL.O) rose 0.4%. Alibaba (BABA.N) fell 0.3% and plans to spin off its Tingtou Semiconductor unit for an independent listing on the Hong Kong Stock Exchange.

CryptoQuant has released a report indicating that the contraction pace of USDT supply is faster than levels seen after the FTX collapse. Over the past 60 days, USDT’s market capitalization has shrunk by $6.6 billion, a decline more than double that of the same period in December 2022. Stablecoin growth has been a major funding source driving market rallies in the current crypto cycle, and this liquidity support is now gradually fading.

According to monitoring by Onchain Lens, the Binance hacker has transferred or laundered nearly $900 million in stolen funds. Of the total estimated stolen funds of $6.34 billion: $891.37 million has likely been transferred or laundered; $2.85 billion remains under the hacker’s control; and $2.6 billion has been frozen. Over the past 2 to 3 days, the hacker has been actively moving funds via THORChain and Chainflip.