Crypto_Xincheng

The crypto market has begun to retreat. For Bitcoin, what gets shaken out is often not the end, but an entry position.
Spot prices are still in the $82k–$86k range. Monday’s move toward around $87k was pushed back, the US Dollar Index is around 102.5, Treasury yields are hovering around 5.3%, and ETFs saw net outflows of about $90 million yesterday.
The decline itself is not the opportunity; the opportunity comes when prices fall to levels where people are afraid to buy. Watch three things: whether $82k holds or gets breached, and whether ETF outflows shift from rotational outflows to consecut

In this public-chain cycle, I’ll concentrate my positions in ETH and SOL, with SUI as a satellite position. Most of the rest are rotation trades, not core holdings.
ETH
The deepest capital is in the settlement layer, stablecoins, DeFi, RWA, and ETFs. Its upside may not be the greatest, but it is the hardest to replace. Suitable as a core public-chain holding.
SOL
On-chain activity, fees, consumer applications, and DEX volume are all stronger, while volatility is also higher. In a bull market, its upside is usually greater than ETH’s, but its drawdowns can also be harsher.
SUI
There is still

I think this cycle is essentially a buyback bull market. Put more directly, protocols with real revenue are programmatically channeling cash flow back into their tokens, making buybacks the easiest narrative to price this cycle.
🧐For example, several projects that have performed relatively strongly this year:
UNI: After opening up protocol fees, external seekers can only take the fees by burning UNI
AAVE: Revenue-driven buybacks, later changed to a more automated model
PUMP: Approximately 50% of net revenue is used to buy and burn tokens on the open market; cumulatively, more than $460 millio

$BTC The big players are all falling, but $PUMP keeps surging
Is this the power of buybacks? The tokens involved in this round of buybacks have all performed well
I think it's mainly because Pump has become a rare shovel-seller in crypto
Tokens can be launched in minutes, and you can immediately gamble on a bonding curve, with the barrier to entry cut to almost zero. Its fees don't depend on who wins, only on whether anyone trades
It has nailed the PVP generation: they want instant feedback and little preaching. Even rugs can become memes, while news coins and political coins keep getting lau

September 28 $BTC Market Analysis
Bitcoin's direction remains upward, but as mentioned repeatedly over the past two days, attention should be paid to the risk of bearish divergence on the daily chart. The strength of its rise is gradually weakening at the current level, so going forward, as long as it fails to firmly hold above 86700, attention should be paid to the risk of bearish divergence on the daily chart.
Judging from the current market changes and momentum, I personally believe that short-term risks outweigh opportunities. Therefore, watch whether 82300 can hold. If it fails to hold,

This week, Strategy + Strive bought a combined 2,305 BTC, worth approximately $183 million. After a three-week pause, Saylor made a move again, while Strive bought even more than he did.
My view: This is a recovery, not a climax. Buying remains concentrated among a handful of treasury companies, and listed companies’ overall accumulation is still far below 2025 levels. It adds to market sentiment, but cannot become the main engine. What really matters is whether more companies will follow near the cost basis, rather than repeatedly reposting how much these two bought.

$DOGE I used to look down on Dogecoin, but now I’ve even started researching it.
Dogecoin’s strengths lie in its fast transfers, extremely low fees, strong community recognition, good liquidity, and existing institutional channels such as spot ETFs. Its potential comes from payment use cases, the popularity of Musk/X-related topics, and its high beta in bull markets.
Its shortcomings are also obvious: there is no maximum supply, around 5 billion coins are added annually, and its price relies more heavily on sentiment.
But I think the spot ETF channel and Musk’s influence alone are already eno