In the past hour, total liquidations across the network reached $11.56 million, with $9.90 million from long positions, with $1.66 million from short positions. BTC liquidation $270,620.03, ETH liquidation $272,278.98.

According to Huoxun Finance, Fu Peng, the newly appointed chief economist of Xinhuo Group, pointed out in an article that the underlying business model of Bitcoin perpetual contracts is essentially the same as the "deferred fees/overnight fees" of traditional gold and industrial commodity spot exchanges. Fu Peng analyzed that in the early days, gold exchanges settled positions daily through forced liquidation, with long and short positions paying deferred fees to each other. When retail investors held a large number of highly leveraged long positions, deferred fees became the platform's most stable and hidden source of income. Currently, Bitcoin platforms mainly rely on perpetual contracts, with both long and short positions settling funding rates every 8 hours. When the market is dominated by long positions, long-term retail investors continuously pay funding rates to short positions. Although the platform does not directly collect this fee, this model can significantly increase trading activity, open interest, and liquidity, indirectly bringing in substantial transaction fee revenue for the platform, forming a stable and large cash flow. Essentially, it's a business model where large investors/institutions "collect rent" from long-term positions, retail investors pay for leveraged long positions, and the platform indirectly extracts revenue.

According to the latest data from Polymarket, the current market probability for MegaETH's fully diluted valuation (FDV) to exceed $1 billion within one day of its launch is 88%. Specifically, the probability of MegaETH's FDV exceeding $600 million within one day is 97%, exceeding $800 million is 93%, exceeding $1.5 billion is 56%, and exceeding $2 billion is 31%. Previous reports indicated that MegaETH might begin its token generation event (TGE) on April 30th.

According to an article published on the X platform by Fu Peng, chief economist of Newfire Group, published by Odaily Planet Daily, the underlying business model of Bitcoin perpetual contracts is essentially the same as the deferred fees or overnight fees of traditional gold and industrial commodity spot exchanges. Fu Peng pointed out that gold exchanges used to force both long and short positions to pay deferred fees through daily forced liquidation settlements. When retail investors held highly leveraged long positions, these deferred fees became a stable source of revenue for the platform. Now, Bitcoin platforms rely on perpetual contracts to settle funding rates every 8 hours. When long positions are dominant, retail investors continuously pay fees to short positions. Although the platform does not directly collect these fees, it indirectly obtains substantial transaction fees by increasing trading activity, open interest, and liquidity. This model is essentially a business model where large investors or institutions hold long positions and collect rent, retail investors pay fees for leveraged long positions, and the platform indirectly takes a cut.

According to official data, in the past seven days ending April 23, Circle issued approximately 5.1 billion USDC and redeemed approximately 5.8 billion USDC, resulting in a net decrease in circulating supply of approximately 700 million USDC. The current total circulating supply of USDC is 78 billion, with reserves of approximately $78.2 billion, including approximately $47.2 billion from overnight reverse repurchase agreements, approximately $19.4 billion from Treasury bonds with maturities of less than three months, approximately $11 billion from systemically important institution deposits, and approximately $600 million from other bank deposits.