Trade.xyz: Temporarily cuts maximum leverage for NVDA contracts from 20x to 10x ahead of Nvidia's earnings report.

Beating AI News Flash: The personal AI agent protocol Poppy, co-launched by Meta and Sierra, has released its 1.0 version, marking its shift from draft to large-scale application. Shopify has automatically rolled out onboarding documents for millions of its merchants, with no extra action required from store owners. Meta’s personal AI agent Muse has also fully adopted the protocol, prioritizing Poppy integration whenever accessing websites. Poppy acts as a "merchant pass" for AI agents: merchants only need to publish one onboarding specification, allowing AI to identify callable services, login methods, and required user permissions. Once integrated, AI can directly call merchants’ APIs or communicate with their customer service bots, eliminating the hassle of repeatedly opening web pages and clicking buttons. Shopify has also integrated Poppy with the shopping protocol UCP, where the former handles identity verification and authorization, and the latter manages product search, cart addition, and checkout. Fintech firm Mercury lets AI check bank balances, organize transaction records, and even initiate transfers, though fund transfers still require account approval. Turkish Airlines allows AI to query flights, retrieve booking details, and identify business class upgrade opportunities, completing upgrade payments after user confirmation. Sixty additional companies, including Salesforce, Zoom, and Delta Air Lines, have joined the protocol’s design, bringing the total number of partners to over 100.

Bitwise Chief Investment Officer Matt Hougan wrote that the current crypto market evokes memories of mid-2018: industry morale is low, with many participants exiting the space. He believes the market still needs to digest the long-term impacts of midterm election results, the Binance incident, and monetary policy tightening, adding that the slump could persist for some time. A major buying opportunity will arise in the future, but its timing is hard to determine. Hougan noted that back then, it was the innovative breakthroughs from DeFi that ended the industry slump. He predicts this market cycle may also require new innovations to emerge from the downturn, though the actual breakthrough is difficult to forecast in advance.

On-chain analyst Ai Yi (@ai_9684xtpa) has monitored that amid the crypto market plunge, related entities including "Xian Ding 10 Ge Da Mubiao", 48Clublan, and Bit have seen a cumulative asset drawdown exceeding $230 million. "Xian Ding 10 Ge Da Mubiao" previously held long BTC positions; its cumulative profit stood at over $110 million in early October, but after several rounds of price drops, the profit shrank to around $17.76 million, erasing roughly $93 million in gains. BNB whale 48Clublan reported trading losses of approximately $91.36 million over the past 30 days, with its account assets netting a reduction of about $77.86 million. The Bit-related entity had earned over $67.05 million from long positions between April and August this year. During the current market slump, its 20x-leveraged long positions carry an unrealized loss of around $50.75 million and remained open at the time of statistics.

According to Defillama data, amid the crypto market slump, Hyperliquid generated $3.91 million in revenue over the past 24 hours, ranking third—only behind Tether ($17 million) and Circle ($6.76 million). Hyperliquid’s revenue over the past seven days stood at $18.37 million, marking a 20.37% increase in the period. The sharp crypto market decline drove a surge in Hyperliquid’s perpetual contract trading volume. Per DefiLlama, Hyperliquid’s perpetual contract trading volume hit $71.567 billion over the past seven days, up 14.36% from the prior seven-day window; the perpetual contract business contributed $17.76 million in revenue in the same period, accounting for roughly 97% of total revenue. During periods of extreme price volatility, liquidations, hedging, and forced liquidations can all boost trading activity, generating higher transaction fees.

On-chain analyst Ai Yi (@ai_9684xtpa) monitored that address 0x138…73b4D withdrew 1,292,895 UNI from Binance between October 10 and 13. At an average price of $7.42, the position’s entry cost is roughly $9.59 million. After holding for about a month, the address transferred 592,895 UNI of the holdings to a trading platform in the past 7 hours; this portion of the position is estimated to have incurred a loss of around $1.547 million, with a loss rate of approximately 35.2%. The address’s remaining 700,000 UNI carry an unrealized loss of about $1.673 million.

Coinkarma founder Benson Sun published an article reviewing recent market trends, noting that many traders have given back their earlier profits amid the current downturn, with some accounts suffering drawdowns of millions to tens of millions of dollars, while others have lost all their capital and exited. Based on information available in September, Sun said multiple traders including himself judged the market to be in the "early stage of a bull market"—a view he considers reasonable. However, he added that subsequent events, including the Binance hack, the Democrats securing control of both chambers of the U.S. Congress, and NVIDIA CEO Jensen Huang’s departure, altered the premises under which that original judgment was formed. Trading results falling short of expectations do not mean the reasoning at the time was flawed; but once the premises change, one should not cling to the original judgment or completely dismiss prior analysis. "What should be upheld is the analytical framework, not the conclusions," he wrote.