Phyrex

The Iranian rial has fallen below 2 million, and the cost of living for ordinary people has spiraled out of control six months after the start of the war. As of August 25th, the Iranian free market exchange rate had fallen below 2 million rials to 1 US dollar, hitting a record low. Al Jazeera's statistics show that in the six months since the start of the war, the prices of many basic necessities in Tehran have risen significantly. Before the war, tomatoes averaged 550,000 rials per kilogram; now they have risen to 940,000, an increase of 71%. Chicken has risen from 4.2 million to 7.3 million, an increase of 74%. Cooking oil has risen from 2.45 million per liter to 6.8 million, an increase of 177%. Other commodities have seen similar increases. Eggs have risen by 129%, infant formula by 95%, paracetamol by 93%, ordinary shirts by 78%, and jeans by 113%. The most dramatic increase is in insulin, which has risen from 1.2 million to 8.9 million rials, a 642% increase in six months. Before the war, 2 million rials could buy approximately 3.6 kilograms of tomatoes, nearly half a kilogram of chicken, or 0.8 liters of cooking oil. Now, the same 2 million rials can only buy about 2.1 kilograms of tomatoes, 0.27 kilograms of chicken, or 0.29 liters of cooking oil. The US recently launched a new round of large-scale sanctions against Iran, adding nearly 60 entities to the list, hoping to further cut off Iran's oil, shipping, and financial revenues. Iran is now facing a combination of supply chain disruptions caused by the war, long-term financial sanctions, foreign exchange shortages, fiscal pressure, and the continuous depreciation of the rial, all of which are ultimately reflected in the lives of ordinary people. @Gate Crypto, one-stop trading for US stocks, Hong Kong stocks, Korean stocks, gold, CFDs, and prediction markets.

Many of you have probably seen Nvidia's phenomenal earnings report. I didn't stay up until 4:30 AM, but I woke up automatically around 8:00 AM and found that the price of SKHYUSDT was rising, exceeding $164. I figured Nvidia's earnings must be good, and after a quick look, it was indeed phenomenal, driving up AI and semiconductor stocks. Since I mainly trade ADR premium shorts, this wasn't suitable for me, so I placed a short order at $168 and went back to sleep. When I woke up, SKHY was still around $163, so I missed the $168 short order. Seeing that SKHY's gains had fallen back to 1.7%, it seemed like a good time to short. However, considering the US stock market might also see some activity that night, I decided to hold off for now. But if it reaches $168, I think I'll short. #GateCrypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFD, Prediction Market One-Stop Trading

Why are more and more large Bitcoin holders switching from bitcoin:native to IBIT? BlackRock lowered the minimum threshold for directly converting Bitcoin to $IBIT shares from $25 million to $1 million in July of this year. Bloomberg reports that over $5 billion worth of Bitcoin has already been converted into IBIT through this channel. For investors who already hold a large amount of BTC, the most important thing is to reduce custody risk. With tens or hundreds of thousands of dollars worth of BTC, it's relatively easy to store them in a hardware wallet. However, with millions or even tens of millions of dollars, private keys and mnemonic phrases themselves become risks. Device damage, lost mnemonic phrases, hacking, insider leaks, kidnapping and extortion—any problem in any of these areas could lead to the direct loss of all assets, and once an on-chain transfer is completed, it's virtually impossible to recover them. After switching to IBIT, investors don't need to store their private keys themselves; the underlying BTC is held in custody by an institution, while their own assets are held in a securities account. Securities accounts offer features like identity verification, access control, and abnormal transaction monitoring, along with account freezing and identity recovery mechanisms. Forgotten passwords can be re-verified, lost phones can be re-logged in, and even in the event of an accident, inheritance can be secured through trusts, estates, and beneficiary arrangements. Therefore, for investors with substantial assets, converting to IBIT can indeed mitigate many security concerns. Another advantage is improved financing and asset management efficiency. On-chain BTC is difficult to directly access for loans or financing through traditional private banks, family offices, and portfolios, but IBIT, being a standard security, can be held in the same account as stocks, bonds, and cash, and is easier to use for collateral, financing, margin calls, and family wealth management. This is crucial for many investors, allowing them to leverage a portion of their Bitcoin holdings—for example, holding $10 million in IBIT, using only a small portion as collateral, and then choosing a loan in Japanese Yen or Swiss Francs with relatively low interest rates—potentially resulting in significantly lower financing costs than directly borrowing US dollars. The funds obtained can be used for other investments or to provide liquidity. Subject to loan terms, they can also be allocated to assets like US Treasury bonds, VOO, and QQQ, effectively adding an annualized return to BTC. Of course, switching to IBIT isn't necessarily a good thing, but for many traditional investors who don't engage in DeFi, storing IBIT is indeed simpler. @Gate Crypto, one-stop trading for US stocks, Hong Kong stocks, Korean stocks, gold, CFDs, and prediction markets.

In the past two days, those who shorted oil have started to profit. Although the situation is still unstable, it reflects the market's expectations for oil prices. The market's focus is not so much on the war between the US and Iran, but rather on Iran's gradual opening of the Strait of Hormuz. Ultimately, it is very likely that Iran and Oman will operate a toll-based shipping route, with non-blacklisted countries paying a fee to pass. While this won't completely open Hormuz, traffic volume could potentially reach 70% of previous levels. This direction is becoming increasingly realistic. On August 26, Reuters quoted a spokesperson for the Iranian Revolutionary Guard as saying that Iran and Oman had reached an agreement on the control and revenue sharing of the Strait of Hormuz. The Associated Press reported that the plan involves first establishing temporary commercial shipping routes, followed by further discussions on a permanent shipping mechanism within 30 to 60 days. The recent drop in oil prices is also related to the market re-trading of Hormuz to increase traffic volume. For Iran, this plan is actually very advantageous. Continuing the long-term blockade of Hormuz would not bring Iran much revenue, and would also force Gulf countries to accelerate the construction of alternative shipping routes. After some routes are reopened, China, India, Iraq, and other countries not blacklisted by Iran can continue to operate, with Iran and Oman charging fees. The United States, Israel, and some hostile countries will remain restricted. Iran retains the Hormuz trade line as leverage, gains new revenue through shipping, and alleviates its severe domestic economic pressures. If this is the final outcome, my assessment of oil prices won't change significantly. As long as Hormuz can stably restore 60-70% of its current traffic volume, the market won't need to wait until the US and Iran completely cease hostilities before lowering the war premium on oil. Recently, the price of bitcoin:native has been relatively stable. My personal dual-currency investment plan continues, and the low-buying price has risen to $75,000, which is currently the highest price I think is possible. If it goes higher, I'll have to reconsider, as the reasons for Bitcoin's recent surge are still unclear. Another key focus for AI and semiconductors is Nvidia's earnings report this morning. Today's core PCE data was acceptable, meeting market expectations. The remaining focus will be on Nvidia and Walsh's speeches at Jackson Hole. @Gate Crypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-stop Trading

On August 25th, the total holdings of the ETH spot ETF surpassed 6 million ETH for the first time, reaching 6,021,711.89 ETH, with a net increase of 76,723.44 ETH that day. This marks the eighth consecutive trading day of net increases for the ETH ETF, and the inflow on August 25th was significantly larger than the approximately 65,600 ETH on August 24th. Since August, the cumulative net increase in ETH ETF holdings has reached 557,584.08 ETH, with total holdings increasing by approximately 10.20% since the beginning of the month. In other words, in August alone, the total holdings of the ETH ETF have increased by more than 10%, a growth rate significantly higher than the 3.44% increase in BTC during the same period. The cumulative reduction in holdings since 2026 has narrowed to 97,870.07 ETH, a decrease of only about 1.60%. On August 14th, the cumulative reduction in holdings this year exceeded 520,000 ETH. After continuous inflows over the past eight trading days, less than 100,000 ETH are now needed to completely close the year-to-date holdings gap. If this rate of inflows continues for a few more trading days, the cumulative holdings this year are likely to return to positive growth. Currently, ETH's inflow strength is still significantly higher than BTC's. BTC has seen inflows for seven consecutive trading days, while ETH has seen inflows for eight consecutive trading days, with a cumulative increase of over 426,000 ETH in the last seven days. Total holdings growth in August has also exceeded 10%. If the current net increase of tens of thousands of ETH per day continues, the holdings gap since 2026 could soon be completely closed. @Gate Crypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-stop Trading

On August 25th, the total holdings of the US-based bitcoin:native spot ETF continued to increase to 1,254,393.08 BTC, with a net increase of 4,136.62 BTC on the day. This marks the seventh consecutive trading day of net increases for the BTC ETF. Although the daily buying volume has fallen below the peak of nearly 9,000 BTC on August 20th, it has not turned negative in recent trading days, indicating relatively strong liquidity. The first two trading days of this week have already seen a cumulative net increase of 8,384.68 BTC. Extending the timeframe to the last seven trading days, the cumulative net increase has further expanded to 35,572.69 BTC, averaging over 5,000 BTC per trading day. This continuous inflow of funds since August 17th has completely offset the brief period of continuous net outflows in mid-August, and the cumulative increase over the last seven days continues to grow. Since August, BTC ETFs have seen a net increase of 41,679.80 BTC, with total holdings increasing by approximately 3.44% compared to the beginning of the month. From its first day of listing to now, the cumulative net increase has reached 632,042.41 BTC, an increase of approximately 101.56%. Currently, BTC's market has shifted from a cooling trend in mid-August to sustained buying, and this has continued for seven consecutive trading days. @Gate Crypto, one-stop trading for US stocks, Hong Kong stocks, Korean stocks, gold, CFDs, and prediction markets.

At 8:30 PM Beijing time tonight, the Federal Reserve released its most important data: the core PCE. While both the CPI and PPI fell in July, the core PCE remained largely unchanged, with expectations unchanged at 3.3%. This isn't great news for the market, as they generally prefer to see inflation decline. However, maintaining expectations at least doesn't increase the probability of a Fed rate hike. Market expectations for a September rate hike have significantly decreased, currently standing at around 38%, indicating market acceptance of the current inflation data. The Fed's current concern is no longer about inflation suddenly spiraling out of control, but rather about inflation remaining stubbornly above 3%. The July meeting minutes showed several officials supporting a rate hike, with many believing that if inflation doesn't continue to fall towards 2%, further rate increases will be necessary. Two days ago, Boston Fed President Collins even publicly stated again that if subsequent data fails to demonstrate a continued decline in inflation, the Fed may soon need to raise interest rates. So, overall, the core PCE of 3.3% is largely in line with expectations, and the market is unlikely to react significantly. However, if inflation continues to rise, the market will likely still feel the pinch. Moreover, this data may not change the fact that inflation is likely to rise in August, mainly due to oil. Even though crude oil prices have recently begun to decline, the average price of regular gasoline in the US is still about 3% higher in August than in July, a problem reflected in the Cleveland Fed's current forecasts. The overall PCE year-on-year growth rate is expected to be around 3.65% in July, but will rise again to 3.73% in August. The core PCE is expected to rise slightly from 3.29% in July to 3.34%. Therefore, if the Strait of Hormuz truly resumes passage to non-hostile countries and Persian Gulf oil supplies continue to recover, the probability of oil prices and US gasoline prices continuing to decline in September will significantly increase. Only then will the inflationary pressures facing the Fed potentially begin to ease. Otherwise, September will be a real problem. @Gate Crypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-stop Trading

I'm still trading dual-currency tokens, but I'm constantly struggling with the lack of clarity regarding the true reasons behind Bitcoin:native's recent surge. This makes it difficult to predict the price. Currently, hedging seems risky; Bitcoin could still rise, and I'm considering buying on dips. However, there's a lot of recent data releases, and the stock market isn't performing well, making even trading dual-currency tokens quite awkward. My current strategy remains focused on a 5% price fluctuation range, betting against a 5% drop in the short term. A drop beyond 5% yields very little interest, so I've chosen to buy at $75,000 for both my test and main accounts. This is my worst-case scenario, and I can still manage to buy at $75,000. However, a rise above $80,000 would be unsettling. A slight dip and consolidation are less of a concern. This is a very difficult time; my immediate target is between $73,000 and $75,000. @Gate Crypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-stop Trading

I've been lectured by many friends lately about the US-Iran issue. But I still want to share my purely personal opinion. There's no doubt that the US started the war. I've repeatedly stated that Trump should deeply regret the attack on Iran. As a theocratic state, Iran isn't as easily replaced as Venezuela, and the current rise in US oil prices and inflation is entirely its own doing. However, since the start of the war, Iran has occupied the Strait of Hormuz and used its blockade to pressure the US into concessions. In the first and second rounds, I thought Iran was using its natural geographical advantage to increase its bargaining power, which was somewhat understandable. But from the third round of negotiations onwards, it's clear that Iran has elevated the Strait of Hormuz from a bargaining chip to a tool for charging fees. According to the law of the sea, the Strait of Hormuz is free for public passage. Now, Iran is blocking Hormuz and threatening the world, saying that without money, passage is impossible. I consider this behavior to be robbery. From my personal perspective, it's fine for Iran to attack US military facilities or block US cruise ships in the Strait of Hormuz. However, restricting ships, including those from China, that are not involved in the conflict is neither reasonable nor supported internationally. This is essentially no different from a local bully blocking a road and charging a toll. I understand some might say the US started it, and I completely agree. But just because the US acted doesn't mean Iran should threaten the entire world. The Strait of Hormuz doesn't belong to the US, and the US has very little need for it. Blocking the Strait of Hormuz affects not only the US but also users worldwide. For example, after Iran blocked the Strait of Hormuz, global oil prices rose, which was transmitted to China, leading to multiple increases in refined oil prices. Ultimately, it's the ordinary people who pay the price for the Iranian blockade of the Strait of Hormuz. In other words, we have to share the cost with the US. Therefore, to me, Iran's actions constitute robbery, and such robbery should be met with global condemnation. Instead, they are compromising with this behavior. If Iran can charge fees at the Strait of Hormuz, then can't Indonesia, Malaysia, and Singapore also charge fees at the Strait of Malacca? Can't Turkey charge fees at the Turkish Straits? And ultimately, won't we be the ones footing the bill for these fees? #GateCrypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-Stop Trading

Because of my early morning flight, I placed an order at $159.1, the same price I closed last night. Actually, if I hadn't been out today, I wouldn't have placed the order at that price; I would have waited until morning to see the SK price. SK's fluctuation wasn't significant, only rising 0.6%, similar to yesterday's increase. Considering tonight's core PCE data and tomorrow morning's Nvidia earnings report, I personally prefer not to linger today. My current plan is to set a stop-loss at $160, and for profit-taking, I'll see how the PCE data performs. But I will exit before the Nvidia earnings report at the latest, even if it means a loss. #GateCrypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-Stop Trading

The three-day opening has begun. x.com/PhyrexNi/status/20925021…

Nike's stock price has plummeted 77% from its all-time high, and new highs in the US stock market are increasingly failing to represent the lives of Americans. I've stated long ago that I like to use $NKE (Nike) as a gauge of the US economy. Recently, Nike has fallen 77% from its 2021 all-time high, marking its worst decline since its IPO, with its stock price returning to levels seen around 2014. While Nike certainly has issues with its products, distribution channels, and the Chinese market, the fact that a company that once almost represented US consumer power, globalization, and brand premium has fallen so dramatically over five consecutive years is also closely related to the current structure of the US economy. When Nike reached its all-time high in 2021, the US had near-zero interest rates, massive fiscal stimulus had just ended, stocks and real estate were rising, and residents had a lot of cash on hand. Now, although the Federal Reserve has begun cutting interest rates, the federal funds rate remains between 3.5% and 3.75%, and inflation over the past few years has permanently pushed up rents, food, insurance, cars, and various service prices. US residents are currently burdened with nearly $18.8 trillion in household debt, including $1.26 trillion in credit card debt and $1.71 trillion in auto loans. The personal savings rate in June was only 2.7%. For ordinary families, a large portion of their income is eaten up by housing, auto loan payments, credit card interest, and daily living costs; discretionary purchases like Nike shoes costing a couple hundred dollars are naturally the easiest to postpone. However, the US stock market can still continue to rise because the index is now being supported by a different group of companies. Microsoft, Amazon, Google, and Meta invest tens of billions of dollars annually in data centers; Nvidia converts these capital expenditures into chip revenue; and the AI ​​industry chain continues to concentrate revenue and profits in a few large tech companies. Therefore, in the past few years, investors who bought AI, semiconductors, and large tech companies have had excellent returns; those who bought a large amount of traditional consumer goods and ordinary industries have had a completely different investment experience. The S&P 500's record highs largely rely on these increasingly weighted tech companies. This is also where the current US economy is more vulnerable. Ordinary consumer spending hasn't recovered to its previous levels, and many traditional companies haven't benefited from the growth brought by AI. However, AI capital expenditure and the rise in tech stocks have temporarily propped up the index, corporate profits, and asset prices. If AI continues its rapid growth, this structure can be maintained. However, if future AI revenue cannot support the current massive investments in data centers and chips, and tech companies begin to cut capital expenditures while valuations plummet, the impact will spread from tech stocks to chips, electricity, servers, data centers, construction, credit, and household wealth. Nike has fallen 77%, while the S&P 500 is still near historical highs; these two figures together indicate that the US market isn't as rosy as the index suggests. AI has temporarily supported the US stock market, but it has also made the entire market increasingly reliant on AI. @Gate Crypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-stop Trading

I believe I was right to short oil, but I truly didn't expect Iran to achieve a partial victory and gain control of the passage. I've always believed that Iran's blockade of Hormuz is a provocation against global sovereign nations, especially those countries that refuse to bow to evil forces and should unite to demand the restoration of normal navigation. However, I underestimated that most countries, when facing Iran, prioritize their own interests. Iran doesn't need to restore Hormuz to its pre-war state; it only needs to remove enough countries from the blockade list, allowing China, India, Iraq, and some European and Asian countries to continue accessing energy. This would make it difficult for the international coalition demanding a complete resolution of the Hormuz issue to sustain in the long run. The only countries truly restricted are the US, Israel, and those Iran deems hostile. Hormuz could ultimately transform from a global issue into a conflict between the US and Iran. The market doesn't need to see 100% normal navigation restored to Hormuz; it only needs to see a significant recovery in the daily oil volume. So now it's actually the US and countries hostile to Iran that are starting to feel the pinch. I originally thought the US and other countries would force Iran back to the negotiating table, ultimately compelling it to resume air traffic. Now, it seems more likely that Iran will decide to gradually allow passage, pulling out countries willing to cooperate one by one, leaving the US and a few hostile countries to continue the confrontation. From the perspective of international order and freedom of navigation, I don't like this outcome. From a trading perspective, I accept it. After all, we're shorting oil, not seeking justice in the market. Although I've started making money, I've lost interest in discussing Bitcoin. We'll talk about it tomorrow. @Gate Crypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-Stop Trading

Based on current information, Trump's so-called "economic deportation" has not achieved the desired effect. Today, China once again publicly stated that its cooperation with Iran is conducted within the framework of international law and should not be interfered with, emphasizing that it will take all necessary measures to safeguard its legitimate rights and interests. While China's stance is strong, the US has not yet responded, and the so-called increased tariffs on China have not been implemented. The market now sees this as Trump's "impotent rage." Although the US has not benefited, oil prices have indeed fallen. Unfortunately, this decline is not directly related to the US, but rather reflects the market's realization that Iran is preparing to gradually open the Strait of Hormuz to non-hostile countries. Therefore, the selective opening of the Strait of Hormuz, which I have been considering, is now increasingly closer to reality. Iraq, China, India, and other countries that have not participated in military action and economic sanctions against Iran may also receive similar arrangements. As for the US, Israel, and countries deemed hostile by Iran, they will continue to face restrictions. Once this model expands, the restoration of global oil supply will not require waiting for the US and Iran to re-sign a peace agreement. Oil from the Persian Gulf can gradually flow out again, and the war premium previously factored into the market's calculation of a complete blockade by Hormuz will continue to decline. This will actually be very awkward for Trump. Lower oil prices certainly serve US interests, reducing domestic gasoline prices and inflationary pressures. However, the reason driving down oil prices has nothing to do with the US; rather, it's Iran that has become the dominant force. Indeed, in essence, Iran's actions are those of a robber, but unfortunately, the world is unwilling to provoke Iran. For those of us shorting oil, justice may not be as important as practical interests. @Gate Crypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-Stop Trading

On August 24th, the total holdings of the Ethereum:Native spot ETF continued to increase to 5,944,988.45 ETH, with a net increase of 65,633.84 ETH in a single day. Although this is lower than the nearly 88,900 ETH net increase on August 20th and approximately 68,500 ETH on August 21st, it is still at a very high inflow level, and has maintained net inflows for seven consecutive trading days. This round of ETH inflows has shown stronger sustainability than BTC. The cumulative net increase over the past seven trading days reached 352,939.63 ETH, with funds not suddenly entering and then quickly disappearing, but maintaining a relatively long period of high-intensity inflows. Since August, the ETH ETF has accumulated a net increase of 480,860.64 ETH, with total holdings increasing by approximately 8.80% since the beginning of the month, a significantly higher increase than BTC's 3.10% during the same period. Looking at the past week alone, ETH remains the stronger performer among the two types of spot ETFs. While BTC has resumed continuous net inflows, ETH has seen a net increase of over 350,000 coins in the last 7 days, with total holdings increasing by nearly 9% in August, and this high-intensity inflow has continued for several trading days. @Gate Crypto, one-stop trading for US stocks, Hong Kong stocks, Korean stocks, gold, CFDs, and prediction markets.

On August 24th, the total holdings of the US-based bitcoin:native spot ETF increased to 1,250,256.52 BTC, a net increase of 4,248.06 BTC in a single day. This marks the sixth consecutive trading day of net buying for the BTC ETF, and compared to 3,748.94 BTC on August 21st, buying activity rebounded slightly that day. The cumulative net buying over the past seven trading days has reached 30,389.89 BTC, meaning that the continuous selling in mid-August has been largely bought back by funds this week. Since the beginning of August, the BTC ETF has seen a cumulative net increase of 37,543.24 BTC, with total holdings increasing by approximately 3.10% since the beginning of the month. Therefore, the BTC ETF has shifted from a phase of short-term fund withdrawal in mid-August to a period of sustained net buying. The next key question is how long this continuous inflow can be sustained, and whether the cumulative inflow over the past 7 days can remain stable at around 30,000 BTC or even expand further. @Gate Crypto, one-stop trading for US stocks, Hong Kong stocks, Korean stocks, gold, CFDs, and prediction markets.

There are many experts on X. Under their guidance, I've switched from an RTX PRO 6000 Blackwell Max-Q 96GB X 4 to the standard version. Indeed, due to the current memory price increase, the Max-Q and standard versions are now priced the same, but configuring the standard version is much more difficult. It's okay for dual-card setups, but running four cards is very challenging. Additionally, I carefully studied "Huang Guo" (a Chinese tech blogger) and roughly reverse-engineered their methods. I dissected an 8-minute video, excluding the intro and outro, and found approximately 117 shots. The median shot length is about 3.2 seconds, about 72% of shots are no longer than 5 seconds, about 92% are no longer than 8 seconds, and about 95% are no longer than 10 seconds. Analysis revealed traces of the 24fps to 30fps conversion. In some shots, a frame with a similar height to the previous frame appeared every 5 frames, consistent with the characteristic of 24fps footage being converted to 30fps through repeated frames. Furthermore, the positions of these repeated frames varied across different shots, suggesting that these shots were likely generated and processed separately before being placed into the 30fps editing timeline. This indicates that the underlying mechanism likely uses Wan 2.2, but Wan 2.2's official output is 24fps. Considering shot length, character drift, clothing changes, scene structure changes, and the characteristics of image-generated video, Wan 2.1, Wan 2.2, or a model fine-tuned based on Wan are likely the appropriate choice. It's highly probable that Huang Guo (the author) doesn't have a model capable of directly generating an 8-minute adult video. The production process likely involves first writing the script and breaking down the shots using a large language model, then fixing the characters using LoRA or reference images, generating high-quality keyframes one by one using image models, and finally handing them over to an I2V model like Wan to generate 3 to 8 seconds of video. Dialogue shots are then driven by lip-syncing and facial expressions separately, while adult shots use specially fine-tuned models or LoRA. Complex two-person actions may also incorporate reference videos, poses, or video-to-video. Finally, super-resolution, flicker removal, 24fps to 30fps conversion, dubbing, subtitles, system interface, and editing are all done uniformly. It's highly likely that the adult shots weren't generated using Wan, or rather, purely adult shots weren't generated using Wan, because while the single-frame quality of the adult parts is very high, the quality of longer action sequences is generally lower. When extracting a single frame, the character's skin, lighting, body proportions, and composition can be extremely detailed. However, many bugs will be visible when playing continuously. I believe the adult footage likely undergoes three layers of processing. First, keyframes in the adult images use image checkpointing or LoRA trained on adult data to generate relatively accurate static images in terms of pose, characters, and scene. Next, the adult video is fine-tuned using Wan-based or similar video models with adult LoRA, low-rank fine-tuning, or full-scale fine-tuning, allowing the model to understand the less prominent adult movements in the original footage. Finally, motion references are used; some two- or multi-person interactions may have been inputted with motion reference videos, pose sequences, or depth information. The footage is generated, but the motion trajectories may come from live-action footage or other videos. Therefore, the most likely complete production pipeline is: LLM scriptwriting 1. Automatically split shots and dialogue 2. Create character designs for male and female roles 3. Train LoRA for main characters or create a reference image library 4. Create scene templates 5. Generate keyframes for each shot from image models 6. Manually select, refine hands, faces, and text 7. Use Wan I2V or TI2V for regular shots 8. Use Wan S2V or post-production Lip-sync for dialogue shots 9. Use adult-oriented Wan for fine-tuning or LoRA for adult-oriented shots 10. Input some complex movements from live-action motion references 11. Super-resolution, flicker removal, and 24→30fps 12. TTS, music, sound effects, and mixing 13. Subtitles, UI, advertisements, and watermarks 14. Edit into 8 Full 10-minute short drama Welcome to discuss. @Gate Crypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-stop Trading

The US stock market opened as expected. While there was a slight loss at $160 pre-market, I'm now in profit. I noticed many comments still don't understand my short-selling strategy, so I'll reiterate. My shorting of SK Hynix ADRs wasn't because I was bearish on the stock. In fact, I don't care about the ADR's performance; I only care about the price difference between SK Hynix and its ADRs. For example, before the market closed today, SK Hynix's price was 1,678,000 Korean Won, corresponding to a USD price of $121.19. However, the current SK Hynix ADR price is $159, meaning the premium of the US-listed SK Hynix ADR relative to the Korean stock is approximately 31.2%. Therefore, my strategy was that if SK Hynix fell during the day, the probability of the ADR falling at night would be high. And because of the high premium, the probability of the ADR falling might be greater than that of SK Hynix, making shorting the ADR highly profitable. So far, I've made about 20-30 trades. Only twice did the ADR rise when SK fell. In those cases, I just quickly cut my losses and exited. Overall, I've been profitable by sticking to this method. Today, I placed a stop-loss (take-profit) order at $159, and then opened a new order at $161, just in case it rebounds overnight. I also have a pending order at $168; I'll test it out first. If it doesn't work, I'll adjust it tomorrow morning. @Gate Crypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-stop Trading

I went out as soon as I got up this morning and was busy until now before finally getting home. I'm going to Hong Kong for business again tomorrow. Anyway, as I mentioned yesterday, I thought the ADR premium was too high. If SK fell, there was a high probability that ADR would fall even more, and that's exactly what happened yesterday. So I took a shortcut and didn't close my positions yesterday, although I still set a stop-loss (take-profit) at $158. This morning when I woke up, I saw that SK was still falling, so I didn't pay attention. But I was a little worried that if it suddenly rose during the day, I wouldn't have any short positions left, so I placed a short order at $168. But then I felt $168 was too high and I might not be able to get it, so I added another order at $160. That way, if both orders are triggered, the average price would be $164, which is acceptable. Then I went out, and only just got home did I realize that the $158 position had already been closed out for profit, a return of about 60%, which is not bad. I also managed to get in at $160, but currently I'm in a small loss. SK rose 0.42% during the day, not a significant increase, so I think holding the short position for now is fine. However, I will definitely close this short position before Nvidia's earnings report to avoid larger losses if Nvidia's earnings are too good. Currently, this method of trading ADR premiums is quite good; although it's only 10 USDT, the total profit is already quite considerable. @Gate Crypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-Stop Trading

Ahead of Nvidia's earnings report, selling pressure had spread from semiconductor ETFs to hedge funds. As I mentioned earlier, prior to Nvidia's earnings, major US semiconductor ETFs experienced a combined net outflow of approximately $6.3 billion over the past three weeks. Compared to the continuous inflows from December of last year to July of this year, semiconductor trading has begun to cool significantly. Now, data from Goldman Sachs' Prime Book provides another perspective. Over the past 20 trading days, Goldman Sachs Prime Brokerage clients were still net buyers of US stocks overall, with tech stocks also showing a net inflow of approximately 0.7 standard deviations. However, in the last five trading days, the trend suddenly reversed. Overall selling pressure on US stocks has approached -2 ​​standard deviations over the past year, and tech stocks have shifted from net buying to net selling of approximately -1.2 standard deviations. Prime Book primarily reflects the trading behavior of hedge funds and large institutions, so this is not the same money flowing into semiconductor ETFs as seen earlier. Previously, ETF funds began withdrawing from semiconductors; now, hedge funds are also reducing their tech stock positions. Moreover, this selling pressure isn't limited to tech. Industrials, healthcare, real estate, and financials have all seen selling over the past five days, indicating a clear risk contraction in the overall US stock market, with only a few sectors like energy still attracting buying. Therefore, the market environment for Nvidia's earnings report this time is quite different from previous ones. Previously, many funds continued to increase their positions in AI and semiconductors before the earnings report, betting on Nvidia exceeding expectations again. Now, even before the earnings report is released, ETFs have already seen continuous outflows, and hedge funds are selling tech stocks, indicating that some funds are reducing risk in advance. The biggest impact will be whether investors are willing to buy back their money after the earnings report is released. In the past, if Nvidia's revenue exceeded expectations and continued growth in the next quarter, the market was often willing to continue buying. But now, many funds have already left the market, and expectations for Nvidia are naturally higher. Simply being slightly better than expected may no longer satisfy the market. Therefore, if Nvidia continues to deliver strong growth, the money withdrawn earlier may have a chance to come back. However, if growth slows down, or the data for the next quarter isn't as good as expected, the impact could easily spread from Nvidia to the entire semiconductor and AI sector. @Gate Crypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-Stop Trading

The US is using the dollar system to force China to choose sides, and the US-China tariff truce is back on the table. US Treasury Secretary Bessenter just announced the launch of "economic exile operations" against Iran. The US Treasury will focus on Iran's oil exports, shipping, currency exchange, gold, digital assets, aviation, and third-country financial channels, implementing so-called "zero-loophole sanctions." Bessenter stated directly: "Any entity that launders money on behalf of Iran will be removed from the dollar system; the countdown has begun." China is naturally not an exception. China remains one of the most important buyers of Iranian oil. A Reuters reporter directly asked Bessenter on the spot: the US's strongest tool is sanctioning banks that help Iran complete transactions, and Chinese banks have always been considered potential targets. Given the fragile trade and tariff truce between the US and China, will the US hesitate to target Chinese banks to avoid disrupting negotiations with China? Bessenter did not shy away from the question, replying: "No one is above US sanctions." Any financial institution that helps Iran complete transactions and participates in the entire system of turning Iranian oil into funds will become a target of the US. Yahoo Finance followed up again, asking what penalties the US was prepared to impose if Chinese banks and shipping companies didn't cooperate. Bessant reiterated, "Every country and every entity must be prepared to face US sanctions; no one can stand aside." This adds a very troublesome variable to the US-China relationship. While Trump is still dealing with tariffs and trade issues with China, he's also demanding the world sever economic ties with Iran, and China happens to be one of Iran's largest oil buyers. Whether the US will dare to impose secondary sanctions on major Chinese banks if China continues to purchase Iranian oil will directly test whether Trump values ​​zero-loophole sanctions against Iran more, or the current tariff and trade truce with China. Bessant also specifically explained why he didn't immediately implement all secondary sanctions: "Why would I blow up the global financial system?" The US will give countries a period of adjustment, but this period won't be long. If they don't comply with Washington's demands, the US will use secondary sanctions, and even remove relevant institutions from the dollar system. If the issue ultimately targets major Chinese banks, the Iranian problem will become directly intertwined with US-China tariffs, trade negotiations, dollar clearing, and the cross-border financial system. @Gate Crypto, one-stop trading for US stocks, Hong Kong stocks, Korean stocks, gold, CFDs, and prediction markets.

Sometimes I really can't figure out what Trump is trying to do or why he's doing it. Domestically, the issue with Iran has already caused oil prices and inflation to rise, leading to widespread discontent. Now, he's going after Canada again, starting a tariff war, and the economic sanctions against Iran are again dragging China into the conflict, with Trump even threatening to raise tariffs on Chinese goods. I think the Republicans would be better off just abandoning the midterm and the general election. The US has already imposed 50% tariffs on approximately $20 billion worth of Canadian goods, and Canada has decided to retaliate with equal amounts starting September 8th. Trump has even threatened to impose 50% tariffs on Canadian cars, trucks, and auto parts next year. The problem is that the US and Canada's automotive, steel, and energy supply chains are highly intertwined; tariffs on Canada will also increase costs for American businesses and consumers. Meanwhile, the US just announced an expansion of secondary sanctions against Iran. As Iran's largest oil buyer, China is inevitably affected, yet the US is preparing to impose an additional 7.5% tariff on Chinese goods under the pretext of so-called overcapacity. So, what I understand most is how many countries Trump is trying to offend at the same time. The Iranian issue remains unresolved, and oil prices and inflation are already hurting the US itself. While hoping for China's cooperation in sanctioning Iran, the US is also preparing to further increase tariffs on China. Trump's latest approval rating has fallen to 33%, and with only two months left until the midterm elections, continuing to increase energy, trade, and diplomatic risks under these circumstances means the Democrats don't even need to do anything; the Republicans have already practically handed the midterm elections to the party. Bitcoin's stability seems good today, but trading volume isn't very high, and the next three days starting from the 26th will likely see significant pressure. It's unclear whether bitcoin:native will return to moving in sync with the US stock market or develop independently. Frankly, I still don't know the reason for this round of Bitcoin's rise, so it's difficult to determine its future trend, but I'm personally hesitant about an independent upward trend. @Gate Crypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-stop Trading

On August 21st, the total holdings of the Ethereum:Native spot ETF rose to 5,879,354.61 ETH, with a net increase of 68,456.47 ETH that day, continuing to maintain a large net inflow. The cumulative net increase over the past 7 trading days reached 286,870.51 ETH. Compared to the approximately 24,200 BTC inflow into BTC over the past 7 trading days, the capital intensity for ETH remains higher, and the high inflow has been maintained for a longer period. Since August, the ETH ETF has seen a cumulative net increase of 415,226.80 ETH, an increase of approximately 7.60%. Currently, the total holdings in the US market are 5,849,640.19 ETH, and the total holdings in the Hong Kong market are 29,714.42 ETH. Looking at the data from recent days, although the capital inflow into ETH has not increased as much as it did on August 20th, the daily inflow remains at a very high level. @Gate Crypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-stop Trading

On August 21st, the total holdings of the US-based bitcoin:native spot ETF rose to 1,246,008.54 BTC, with a net increase of 3,748.94 BTC on the day, marking the fifth consecutive trading day of net inflows. The cumulative net increase over the past seven trading days reached 24,211.98 BTC. This indicates that the outflows in the latter half of last week have been completely offset by the continuous replenishment in the first five trading days of this week, and the flow of funds has stabilized positive again in the past week. Since August, the BTC ETF has seen a cumulative net increase of 33,295.31 BTC, an increase of approximately 2.75%. In terms of timing, this round of BTC fund inflows peaked on August 20th, and although the daily inflow volume declined on August 21st, it remained at a relatively strong level, and the overall trend this week remains unchanged. @Gate Crypto, US Stocks, Hong Kong Stocks, Korean Stocks, Gold, CFDs, Prediction Markets - One-stop Trading

I stumbled upon this video and thought it was pretty good. At least the host wasn't just spouting nonsense and asked some crucial questions, especially regarding data. Let me try to answer: 1. Although the number of long-term Bitcoin holders has shrunk somewhat since the beginning of August, there are currently 14.762 million bitcoin:native bitcoins that haven't moved in over 155 days. This means that 73.52% of the total circulating supply of BTC is held long-term, and this portion of BTC hasn't moved for over six months. 2. Investors holding more than 10 bitcoins collectively hold 16.633 million BTC, meaning that 82.86% of the total circulating supply of BTC is in the hands of high-net-worth investors. Combined with data 1, it's clear that most high-net-worth investors are long-term investors. 3. As of January 11, 2024, the US Bitcoin spot ETF holds a total of 1,242,260 BTC. BlackRock, the world's largest asset management company, holds 762,287 BTC, and US institutional investors have consistently increased their holdings. 4. Approximately 69 US-listed companies currently hold a total of 1.16 million BTC. Strategy alone holds 840,447 BTC. Furthermore, 13F data shows a continuous increase in BTC holdings by listed companies (including IBIT). 5. Russia has officially allowed exporters and importers to use bitcoin:native for cross-border settlements, and the Russian Finance Minister has confirmed that Russian companies use domestically mined BTC for international trade. Iran has even begun directly accepting Bitcoin and other digital assets in maritime services related to the Hormuz. For these countries, the reason for buying BTC doesn't need to be whether Bitcoin can reach $150,000 next year. Rather, as long as dollar accounts might be frozen or banks might refuse to accept payments, settling with BTC will still not be an obstacle.