New Wallet Opens 25x Short on 13,826 $ETH ($33.5M), Partially Liquidated as Price Rebounds

According to Bitget market data, Changxin Technology (688825) saw its stock drop more than 8% at the opening, touching a recent low of 41 yuan. As of press time, the stock is down 6.5% at 42.1 yuan. On the news front, Changxin Technology announced on October 16 that it expects its first three-quarter revenue to reach 265 billion to 270 billion yuan, a year-on-year increase of 232.916 billion to 237.916 billion yuan. It also projected net profit attributable to parent shareholders to be between 131 billion and 132.5 billion yuan, up 136.28 billion to 137.78 billion yuan year-on-year. For the same period last year, Changxin Technology (688825) posted revenue of 32.084 billion yuan and a net loss of 5.28 billion yuan attributable to parent shareholders. The company further announced that its chairman Zhu Yiming has proposed a share buyback worth 10 billion to 20 billion yuan, to be used for employee equity incentives, employee stock ownership plans, or registered capital reduction.

China's Ministry of Commerce and 8 other departments have issued the Opinions on Accelerating the Advancement of Technology-Driven Commerce. The document proposes promoting the iterative upgrading of commodity supply, in-depth implementing the "AI + Manufacturing" special initiative, accelerating the deep integration of artificial intelligence technology with product R&D, design, manufacturing and marketing, and enriching the supply of smart commodities including smartphones, computers, home appliances, wearables and robots. It also encourages the R&D and application of smart products based on secure and reliable open-source operating systems, accelerates the transformation and upgrading of time-honored classic industries to develop renowned high-quality products, builds a contingent of Chinese consumer renowned products by tapping into consumer goods with independent innovation and high quality, vigorously develops technology-driven agriculture to improve the quality and efficiency of high-quality characteristic agricultural products, and promotes the development of time-honored brands through upholding their core values and pursuing innovation, supporting such enterprises to use modern production technologies for product innovation.

US Ambassador to the European Union Andrew Puzder has warned that if the EU moves forward with plans to restrict U.S. competitors such as SpaceX from accessing certain European markets, European firms will face "devastating" retaliation from Washington. The remarks follow the European Commission's earlier proposal to reserve some spectrum resources for domestic European enterprises for smartphone direct satellite connectivity — a move that would limit frequencies available to SpaceX (operator of the Starlink network) and some Chinese companies. Puzder noted that given the sheer size of the U.S. market, European companies "should be alert to this scenario unfolding, as it would be devastating for them. You cannot make European firms more competitive by undermining the competitiveness of U.S. companies."

Strategy CEO Michael Saylor outlined his vision for a "perfect" digital currency at ParaFi Investor Day: a dollar-pegged stablecoin backed by Bitcoin that would generate roughly 6% to 8% returns. He noted this would be the next step for digital capital and digital credit products.

Papertrade (PAPER) perpetual contract has been listed on Hyperliquid’s HIP-3 market for 11 hours, hitting a peak of $0.035 and currently trading at $0.025. Over this period, the contract’s trading volume surpassed $12.9 million, with open interest totaling $4.58 million. The contract has generated over $6,000 in fee revenue for Paragon, the deployer of HIP-3, representing more than 5% of Paragon’s total income. According to Paperdash data, PAPER’s current total supply is roughly 8.65 billion tokens, of which approximately 8.58 billion are staked. At the current price of ~$0.025, its fully diluted market cap stands at around $212 million. The token remains non-transferable; it can only be staked to earn protocol USDC yields, with a total of ~$54.02 million distributed to stakers so far. Papertrade is an on-chain synthetic perpetual contract trading platform built on HyperEVM, offering up to 1000x leverage. Its PAPER token is minted from users’ realized trading losses, with no pre-mining, team or venture capital allocations.

Lending protocol Secured Finance announced it has completed its recovery and reopened on Ethereum, Arbitrum, and Filecoin. The project’s officials stated that no user funds were lost, assets have been replenished, and contracts, balances, positions, and order books have all been repaired and verified. The Secured Finance lending market was targeted in an attack on September 5, resulting in losses of approximately $104,000.