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🚨 THIS IS WHY BITCOIN KEEPS CRASHING BELOW $67,000 If you still think Bitcoin trades like an asset whose price is determined purely by spot supply and demand, you need to read this carefully. Because that market no longer exists. What you’re watching right now is NOT normal price action. This isn’t just an AI stock sell-off. This isn’t just hotter inflation. And this definitely isn’t retail suddenly deciding to dump Bitcoin at the exact same time. Most people have no idea what is actually happening. And by the time it becomes obvious, the damage is usually already done. This didn’t start today. It has been building underneath Bitcoin for YEARS. And now it’s accelerating. Here’s the truth: Bitcoin still has a hard cap of 21 MILLION coins. But Wall Street can create almost unlimited financial EXPOSURE around those coins. That distinction changes everything. Because once derivatives dominate short-term price discovery... Bitcoin stops trading purely on who wants to own the actual coins. It starts trading on: 1) LEVERAGE. 2) HEDGING. 3) MARGIN. 4) LIQUIDATIONS. 5) FORCED SELLING. And that is exactly what is happening right now. It’s the same mechanism that repeatedly drives violent moves in: → Gold → Silver → Oil → Stocks Once derivatives become large enough, spot buyers are no longer the only force setting the price. And this is the part almost nobody understands: Bitcoin’s scarcity didn’t disappear. But scarcity alone no longer controls the SCREEN PRICE. Wall Street built an entire financial layer on top of Bitcoin: → Cash-settled futures → Perpetual contracts → Options → ETFs → Broker lending → Swaps → Wrapped BTC The 21 million cap controls the COINS. It does NOT cap the amount of leveraged exposure that can be created around them. And once that leverage starts unwinding... The market doesn’t care what the long-term thesis is. It SELLS. Look at what just happened: Over $1.9 BILLION in leveraged crypto positions wiped out in 24 hours. More than $1.1 BILLION liquidated in Bitcoin alone. Spot Bitcoin ETFs have already seen roughly $1.9 BILLION in outflows this month. Once leveraged selling overwhelms real buyers, price stops responding only to long-term demand. It starts responding to positions. Hedging. Margin calls. And cascading liquidations. Wall Street does not need to own millions of physical Bitcoin to push the market around. It only needs enough derivatives exposure and enough leverage sitting in the wrong place. The playbook is brutally simple: 1st: Build enormous leveraged exposur 2nd: Push price through obvious liquidity 3rd: Trigger stops and liquidations 4th: Forced selling pushes price even lower 5th: Buy back into the panic 6th: Repeat THIS is why Bitcoin can lose thousands of dollars while the number of coins on-chain barely changes. The coins didn’t suddenly disappear. The PRICE DISCOVERY mechanism changed. That’s what people are missing. Bitcoin is still scarce. But the financial claims built around Bitcoin are NOT. And when leverage controls the marginal trade... 21 million coins can behave like a market with FAR more supply than 21 million coins. That’s not the Bitcoin market retail thinks it is trading. That’s a WALL STREET PRICING SYSTEM built on top of Bitcoin. You can choose to ignore it. But don’t pretend nobody warned you. Bitcoin is now trading around $66,600, its lowest level since August and roughly 48% below the $126,200 high. If $65k breaks, the next level I’m watching is $62k. Reminder: I called the Bitcoin top at $126,000 and told you to start buying again around $60,000. The next call will matter even more. When I EXIT the markets completely, I’ll post it here publicly like I always do. Turn notifications on. If you’re not following yet, you’ll understand why that was a mistake later.

Beta Updates Surge Engine • Added VLESS Encryption (mlkem768x25519plus), including share-link import and proxy editor controls. • Added VLESS XHTTP transport with stream-one, stream-up and packet-up modes over HTTP/1.1, HTTP/2 or HTTP/3, including VLESS Encryption and Vision. • Reduced memory retained after QUIC downloads on lossy networks. • Improved QUIC upload performance and reduced CPU usage when chained through a proxy's UDP relay. • Fixed established VLESS gRPC, HTTP/2 CONNECT and TrustTunnel connections being incorrectly counted as connection setup failures when they ended with an error. • Fixed WebSocket policies failing to connect when their ALPN list included h2 and the server selected it. • Fixed Tailscale connections staying on a relay after a peer restarted because updated peer information was not applied. Surge iOS • The proxy editor now imports share links for all supported proxy protocols, as well as proxy lines copied from Surge profiles; unsupported settings are reported instead of silently omitted. • Reorganized the proxy editor with an Advanced page that indicates settings in use, and added controls for more protocol, TLS, WireGuard, Tailscale and testing settings. • Fixed Always use CONNECT not being saved for HTTPS policies, and corrected when TLS and Block QUIC settings appear. • Updated list layouts and badges, and added member counts for policy groups in the proxy list. Surge Mac • The proxy editor now imports share links for all supported proxy protocols, as well as proxy lines copied from Surge profiles; unsupported settings are reported instead of silently omitted. • Reorganized the proxy editor with a remembered Show Advanced Settings option and controls for more protocol, TLS, WireGuard and Tailscale settings.

🚨 HERE’S WHY BITCOIN IS NONSTOP DUMPING RIGHT NOW It's NOT because of the stock market AI bubble. It's NOT because of the rising inflation. It's NOT because of retail panic selling. Bitcoin no longer trades like a supply-and-demand asset. The crypto market has changed FOREVER. And what we're seeing right now is not ordinary price action. It’s not weak hands, changing sentiment, or retail panic. Something much bigger is happening behind the scenes, and most people haven't even realized it yet. By the time the crowd catches on, it'll already be too late. This didn't happen overnight. The structural shift has been developing for YEARS, and now we're seeing its consequences. Here's what nobody wants to acknowledge: The moment synthetic supply enters the equation, genuine scarcity loses its meaning. And once scarcity stops determining price, the market no longer discovers value through actual ownership. Price discovery moves into derivatives. That's precisely what has happened to Bitcoin. We've already witnessed this exact transformation in: → Gold → Silver → Oil → Equities Once derivatives became dominant, the underlying market structure changed permanently. Bitcoin is now facing the same reality. The entire original investment thesis was based on 2 fundamental principles: 1. A fixed maximum supply of 21 million BTC. 2. No rehypothecation. Both principles lost their effectiveness once Wall Street built an entire financial system around Bitcoin: → Cash-settled futures → Perpetual swaps → Options markets → ETFs → Prime broker lending → Wrapped BTC → Total return swaps And from that moment onward, synthetic Bitcoin exposure became effectively UNLIMITED. Not in actual blockchain supply. But in the financial markets that determine the price. Synthetic Float Ratio (SFR). This is the missing metric most people aren't aware of. When synthetic exposure exceeds the available real supply, price stops following demand. It becomes driven by positioning, hedging, and liquidation cascades. Wall Street now has the ability to manufacture Bitcoin exposure and trade against the underlying asset. Their playbook is really simple: 1. Manufacture unlimited paper BTC 2. Short aggressively into rallies 3. Trigger cascading liquidations 4. Cover positions at lower prices 5. Take profit and repeat This isn't simple speculation. It's financial inventory manufacturing. A single real BTC can simultaneously support: → An ETF share → A futures position → A perpetual swap → An options delta → A broker loan → A structured note ALL AT THE SAME TIME. 6 separate financial claims backed by one actual on-chain Bitcoin. That's NOT the decentralized free market people believe they're participating in. That's a new financial system operating under the Bitcoin name. You can ignore this reality, but you cannot escape its consequences. Quick reminder I’ve successfully called every major Bitcoin top and bottom for the past 10+ years. I publicly called the $17K BTC bottom in 2022 and the $126K top in 2025. Then, I called the $57K local bottom in 2026. Missed those calls? Don't worry, you'll get another chance soon. If you haven’t followed yet, now is the best time.

🚨 SlowMist TI Alert 🚨 After receiving user reports of stolen funds, we looked into @PennysiaLabs. The Settlement contract on Ethereum was exploited through an arbitrary external call, which let the attacker spend users’ leftover token approvals. 🔧 ⚠️ Anyone who ever approved tokens to the Settlement contract should revoke now 👇 0x3aad97e5a91b8e43b7dc830aceb004307678795e Attacker: 0x813a5ab666adeba907548235fbac087642878300 Attack tx:

Ainge and Ryan Smith being so cheap that they let Walker Kessler walk over a mere $4M difference ($32M vs. $28M), settling for worthless picks that may never convey, is one of the dumbest moves imaginable for a team supposedly trying to win this season. It killed all momentum.

Monad最近有个进展，比单纯的生态合作更值得关注。 Visa已经把Monad加入稳定币结算网络选项。 这意味着参与Visa项目的发卡机构和收单机构，可以选择在Monad上结算稳定币相关款项。 为什么这件事有意义？ 传统银行卡结算依赖银行营业时间，周末和节假日也会带来资金周转限制。链上结算可以让资金转移不再被传统银行营业时间卡住。 Monad还计划推出Private Settlement，让机构隐藏商业敏感交易细节，同时保留向审计方和监管方披露的能力。 但这里有个边界必须说清楚： 这不是Visa所有银行卡交易都迁移到Monad，也不是普通用户现在就能用MON获得Visa支付收益。 真正值得跟踪的是：后续有多少机构实际接入、结算量能不能增长，以及隐私结算功能能否落地。 合作名单很好看，真实资金流才是下一步的考题。 来源：

Rust 1.100.0 has been released! 🦀💯🌈🎈 This bigger-than-usual Rust release adds the never type (`!`), the Allocator api, DropGuard, Box::map, Vec::from_fn, and more! Cargo now warns for unused dependencies, rebuilds less often, and adds the min-publish-age setting!

Trade your shielded $ZEC for confidential USDC on Ethereum, without ever unshielding it. No bridge. No custodian. No wrapped ZEC. And the amount never shows up on chain. I connected @zama and @Zcash to make it work. Live on testnet 👇 What it is ZEC Desk is a small trading desk on Zama's FHEVM, on Ethereum Sepolia. On one side there's cUSDC, a dollar token whose balances are encrypted. On the other side there's shielded ZEC on Zcash testnet. You can trade either way. Built on Zama's model Zama's Confidential RFQ is already live on Ethereum mainnet, open to everyone: It runs confidential swaps with encrypted quotes, a sealed-bid pick on chain and a hidden floor. ZEC Desk takes that same model and extends it to native shielded ZEC. Zama's swap settles both legs on one chain, inside its own contract, so a Zcash leg can't plug into it directly. Here that leg lives on Zcash and settles minutes later with a proof, so the mechanics run in my own contract. It's a sketch of how native ZEC could sit next to Zama's swaps one day, with no wrapped token. How a trade works (buying ZEC) 👇 1️⃣ You lock cUSDC in the desk. The amount is encrypted. 2️⃣ Makers send encrypted quotes. Nobody sees anyone else's price, or the minimum you'll accept. 3️⃣ The contract picks the best one under FHE. 4️⃣ The winning maker sends shielded ZEC to your Zcash address, with the order's reference in the memo. 5️⃣ A zero-knowledge proof shows that payment happened, and the contract releases your cUSDC to the maker. If no proof arrives in time, your cUSDC comes back to you. Selling is the same in reverse: the maker locks cUSDC, you pay the ZEC, and the proof releases the cUSDC to you. Why these pieces Each piece does one job. Zcash keeps the payment private. Zama keeps the amounts encrypted and can still compute on them. Seam, the Zcash light client I built last month, connects the two: a contract checks every Zcash block header itself, and a RISC Zero proof shows a shielded payment reached the right receiver. The transaction, the note and the address never touch the EVM chain. The masked amount This was the hard part. Seam's proof used to write the paid amount in the clear, and ZEC amount × price gives away the dollar amount. So the amount is masked. The contract adds an encrypted one-time mask to the encrypted amount and reveals only the sum, which looks random to everyone else. The mask comes from a secret that the side receiving the ZEC hands to the payer. The proof checks that the payment was at least the sum minus the mask, and never states the amount. One-time pads are old, and Zama's RFQ uses one too. Using one to hand a value from FHE to a ZK proof is the part I haven't seen before. If you have, please send it my way. No vault, no signers Seam can read Zcash, but it can't take ZEC from anyone. So the design never needs someone to pay ZEC on someone else's behalf. Whoever pays, pays from their own wallet, and the escrow on the EVM side enforces the deal. The side that paid the ZEC can prove it itself, so nobody depends on the other side's goodwill. Seam does more than this Any EVM app that needs to know a shielded payment happened can use Seam: pay-with-ZEC checkouts, escrows, payouts, cross-chain orders. This desk is one example. Where it stands ↓ Testnet only, unaudited. On 12 November 2026 I ran a Buy end to end: ➡️ Settled with a proof: ➡️ One proof: 2 minutes on a rented RTX 4090, about $0.25 for the whole session ➡️ Gas per Buy on Sepolia: about 7.6M, in six transactions ➡️ A Sell also ran on Sepolia, up to the maker locking its cUSDC; it settles through the same proof step ➡️ Seam's light client is now deployed on Ethereum Sepolia too, next to Base Sepolia Where it can go ↓ → The desk only needs Zama's FHEVM and a cUSDC. Both already run on Polygon, where following Zcash costs a fraction of Ethereum mainnet. → Zama keeps adding chains. On any cheap EVM chain it reaches, the same desk can run, and if it comes to Base, Seam's relay already runs on Base Sepolia. → Zama's roadmap also goes beyond the EVM, to chains like Solana. Seam's verifier would need a port there. → On Ethereum mainnet, following Zcash header by header would cost over 2B gas a day, so batched header proofs are next for Seam. What it can't do yet - Settlement takes minutes, not seconds. Zcash confirmations set the pace, not the GPU. - Right now I'm the only maker, and a maker needs ZEC, cUSDC and a GPU. - Amounts are hidden, but EVM addresses are public. Read more ↓ Seam on Seam: ZEC Desk: