Analyst: Strategy’s preferred stock financing structure has stabilized, creating conditions for resuming Bitcoin accumulation.

Renowned trader Bonk Guy stated that while BTC has pulled back from $79,000 to $77,000 and many altcoins have also fallen, they have shown relatively better resilience than BTC. He added that Binance appears to have repurchased most of the stolen funds: of the roughly $6.3 billion in stolen assets, around $3 billion has been frozen. He anticipates the frozen assets will be returned, and a significant portion of the remaining stolen assets may also be recovered over time. For the market outlook, Unipcs believes BTC could still dip briefly to form a local low, but he is optimistic about the market in the coming weeks to months. He judges that most of the altcoin correction is already complete, and thinks going long on altcoins at current levels, alongside buying in batches during potential future pullbacks, carries a higher success rate.

Flash news from Dongcha Beating AI: Z Finance’s exclusive report states that Zhou Chang, a core leader of ByteDance’s Seed division, has left to launch a startup focused on Physical AI, and has secured backing from top-tier US dollar funds. On October 26, multiple media outlets including The Paper and Jiemian News received responses from sources close to ByteDance that Zhou Chang had not left the company. Zhou Chang previously served as technical lead of Alibaba’s Tongyi large model, joined ByteDance in 2024, initially in charge of multimodal interaction and world models. In 2025, after Yang Jianchao went on leave and Feng Jiashi departed, visual generation businesses such as Seedream and Seedance were gradually placed under his management. In June this year, the Seed Robotics team, previously led by Li Hang, also began reporting to Zhou Chang; ByteDance was at the time recruiting an embodied intelligence lead to report directly to him. However, Z Finance notes that Zhou Chang’s management scope began contracting in the second half of this year, with more work transferred to Zeng Yan. Zeng Yan is the core R&D lead of Seedance 2.0, who joined ByteDance via campus recruitment in 2021. She persisted in efforts to train a video model with at least 200 billion parameters, and secured internal computing resources with support from Wu Yonghui and Zhou Chang. Physical AI aims to advance AI beyond understanding and generating digital content to perceiving, predicting, and acting on the physical world. The world models, multimodal, and robotics businesses Zhou Chang previously oversaw are all relevant to this. However, it has not yet been disclosed whether the new startup will focus on foundational models, simulation platforms, or robotics hardware.

According to HTX market data, Bitcoin rebounded to break through $78,000, with a 4.2% decline in the past 24 hours.

Breaking news from Dongcha Beating AI: On October 28, renowned open-source developer Huang Fengda (Phodal) announced his departure from Alibaba’s Qoder team. In his farewell post, he remarked, “It’s extremely challenging to build a good product at Alibaba. Technology is only part of the equation; most challenges lie beyond tech.” Huang, who spent over a decade at ThoughtWorks as its China open-source lead and developed open-source projects like AutoDev and ArchGuard, joined Qoder around May this year. There, he focused on Canvas-based Agentic UI architecture design and Agent plugin ecosystem building, enabling AI to not just generate code but also leverage engineering capabilities such as architecture analysis and design reviews. His departure comes amid Qoder’s ongoing product line adjustments: In August, Chen Xin (Shenxiu), product and tech lead of the Tongyi Code project, also left. In September, Qoder disclosed its annual recurring revenue (ARR) hit $100 million, but Alibaba Cloud announced it would phase out QoderWork, directing development and office users to Qoder Desktop Edition and Qianwen Office respectively. Users migrating to Qianwen Office need to re-register, with their original point-based benefits not directly transferable.

Liquid Capital founder Yilihua wrote in an article that trading is no easy feat. Earlier, when he held a bullish stance, the market saw multiple pullbacks; after the price climbed to $86,000, he stuck to his expectation of a pullback, yet the market rebounded several times during this period, even touching $87,000. Over the past month, the price has repeatedly dipped to the $80,000-$81,000 range before quickly bouncing back to the key level of $84,000. He stressed that both rallies and pullbacks are non-linear, so one should not be fixated on trading at all times. Instead, he adheres to the principle of "expecting pullbacks but not shorting", patiently waiting for the optimal bottom-fishing opportunity. He also noted that he founded and manages three funds with distinct focuses: crypto investment, crypto trading, and AI technology. Among these, crypto trading is the most challenging, which he calls "a practice against human nature". He pointed out that it is worth considering whether investors will still have the confidence to bottom-fish amid the upcoming extreme panic. As for the future market, he regards the temporary underperformance of Buffett’s Google investment and Duan Yongping’s holding of POP MART as temporary setbacks. He believes AI will keep creating miracles, monetary expansion will not cease, and high-quality AI stocks and crypto assets remain his favored trend directions.

Binance Co-CEO Richard Teng has issued an update on the exchange’s security incident, confirming the company will cover all stolen losses with its own capital, and has set aside over $6.34 billion in funds. Of that amount, $5 billion is held in the same assets as those affected, including USDC, USDT, BTC, ETH, and BNB; remaining required tokens are being acquired via market and over-the-counter (OTC) channels. Teng stressed that only Binance’s internal hot wallets were compromised, with customer funds untouched. The vast majority of user assets are stored in cold wallets, only transferred to hot wallets for withdrawal purposes. He explained that most of the company’s operating revenue is held in crypto assets, and its long-term holdings and reinvestments enable it to immediately cover such a large loss with its own funds. On the investigation, Teng noted the attack was not carried out by a single individual. Initial probes point to a compromised laptop, but additional breach points have since been uncovered. The attackers also used self-destruct mechanisms to destroy tools and traces, complicating tracking. He added that the attackers exploited EIP-7702 to obtain on-chain execution authorization for hot wallets, with the related delegation not subject to normal approval controls. Binance is currently rebuilding its withdrawal service, which will only be restored after rigorous testing. Teng said he aims to resume user withdrawals within 40 hours, by the Sunday deadline. Meanwhile, the company is conducting a comprehensive security review of endpoints, cloud environments, key management, and signature systems. For proof of reserves (PoR), Binance plans to release a full PoR report on Monday, and will provide preliminary data for public verification ahead of that. The firm is also collaborating with law enforcement agencies, blockchain intelligence companies, token issuers, and other exchanges to continue tracking and recovering stolen funds.