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#新手成长营 😄 Preface: This is the last article in the on-chain indicators series, saving the very old but ever-present narrative topic of BTC halving for last, although I know, the bosses all know! 🧩 On-Chain Indicators Series · Article 9 ❚ Bitcoin Halving 🤔 We know that Bitcoin produces a block every 10 minutes. In the first four years after Bitcoin's birth, the number of new bitcoins issued every 10 minutes was 50. After that, every four years, this number is halved. The day of halving is called "Bitcoin Halving" or "Bitcoin Halving Event." ⌚️ Historical Bitcoin halving times are as follows (Beijing Time UTC+8): 🔹 2012-11-28 23:24:38 The first "halving" event occurred. After completing 210,000 blocks on the Bitcoin blockchain, the mining reward was halved from 50 BTC to 25 BTC, and the inflation rate dropped from 12.5% to 8.3%. 🔹 2016-07-10 00:46:13 The second halving took place at block height 420,000, with the block reward dropping from 25 BTC to 12.5 BTC, and the inflation rate falling to 4.17%. 🔹 2020-05-12 03:23:43 The third halving occurred at block height 630,000, reducing the reward by 50%, from 12.5 BTC to 6.25 BTC, and lowering the inflation rate to 1.79%. 🔹 2024-04-20 08:09:00 The fourth halving happened at block height 840,000, cutting the reward by 50%, from 6.25 BTC to 3.125 BTC. 🔹 The fifth Bitcoin halving block height is 1,050,000; expected halving details can be checked on the corresponding website. 📈📉 "Bitcoin Halving" can demonstrate the cyclical changes in the crypto industry from a macro perspective. Generally, a reduction in supply tends to lead to price increases. In Figure 1, vertical blue lines indicate the first three halvings (2012-11-28, 2016-07-10, and 2020-05-12). Figure 2 shows the second, third, and fourth halving charts. 📌 Summary 🔹 The "Altcoin Season Index" measures the relationship between the price gains of the top 50 altcoins by market cap during altcoin booms and Bitcoin's price. 🔹 The "RHODL Ratio" can relatively accurately identify the price highs and lows of each Bitcoin macro cycle. 🔹 "Whale Bitcoin Wallet Sizes" reflect the market's smartest crypto capital sentiment by monitoring changes in the number of whale wallets. 🔹 "CFTC Asset Management Institutional Position Trends" clearly show changes in large institutional crypto trading positions. 🔹 "Bitcoin Halving" can demonstrate the cyclical changes in the crypto industry from a macro perspective.

#CFTC Historic Approval of BTC Perpetual Contracts #NewbieGrowthCamp 📖 After the launch of regulated perpetual contracts, how will BTC's price discovery mechanism change? 💰 Price discovery is essentially a question of "who sets the price." 📅 In recent years, the pricing power of BTC perpetual contracts has mainly been concentrated on offshore platforms— 🔸 Fluctuations in funding rates 🔸 Changes in large positions 🔸 Whale entries and exits These have been key drivers of short-term price movements. The entry of compliant perpetual contracts into the U.S. market is changing the fundamental conditions of this landscape. ⚠️ There are two structural limitations in offshore market pricing ❶ Lack of transparency Offshore platforms have disparate position data, liquidation rules, and funding rate calculation methods, lacking unified disclosure standards, making it difficult for market participants to fully assess risks. ❶ Single counterparty structure On-chain whales and retail investors form the main participant groups, lacking professional market makers with sufficient hedging capabilities to continuously provide liquidity, so large orders have a relatively greater impact on price. 🔄 After the compliant market matures, three changes may occur ❶ Market maker structure tends to professionalize Traditional financial institutions’ professional market makers have stronger compliance willingness and capital strength; their entry will provide more stable bilateral quotes, theoretically helping to narrow spreads and smooth short-term volatility. ❷ The reference benchmark for funding rates may shift When the compliant market liquidity is sufficiently deep, its funding rates—backed by clear regulatory endorsement and standardized calculation rules—will gradually carry more weight in institutional investors’ decisions—but this depends on actual liquidity accumulation, which still requires time to verify. ❸ The pricing influence of single large holders tends to decline Continuous liquidity provision by market makers means thicker bid-ask books, increasing the market impact cost of large trades, thereby narrowing whales’ room to influence prices through large operations. ⏳ A transition period that requires sober awareness The above changes all depend on the maturity of compliant market liquidity, which requires years of accumulation. Until then, the offshore market remains the main venue for price discovery. The price difference between the two markets will instead generate substantial arbitrage trading, which itself is an important price transmission mechanism during this period. The shift in pricing power is not something that happens the day regulatory approval is granted. It is a curve jointly determined by liquidity, institutional trust, and product depth. 🤔 Do you think that after institutional market makers enter, BTC’s volatility will systematically narrow, or will only the triggers of volatility change?

#新手成长营 📢 OKX TradFi Stock Contracts｜Beginner's Guide & Frequently Asked Questions 🚀 Get Started in One Minute: App / Web Access ▸📱App: Log in to OKX App → Click 【TradFi】 on the homepage to enter the stock contracts section; to see more trading pairs, click 【View more / 查看更多】. ▸💻Web: Click 【Trade】→【Contracts】→ Select any contract trading pair → Choose 【TradFi】 in the contract type. 🔸Order Process: Select trading pair → Choose order type (Limit / Market) → Enter opening price, quantity, confirm leverage → Optionally set take profit/stop loss → Submit order → Wait for execution ❓✦ 🔹 ✦ TradFi Frequently Asked Questions 🟦 Q1. Is the stock contract price equal to the US stock price? No. TradFi operates an independent trading market with its own index pricing mechanism. Specific index components can be viewed under "Asset → Overview → Index Samples." 🟦 Q2. How does the platform price fluctuate during stock market weekends when markets are closed? OKX has set specific mechanisms for index and mark prices to ensure fair and continuous pricing during traditional market trading hours: ▸ Index Calculation: Consistent with regular indices, multiple price providers supply real-time quotes, with some components smoothed by EMA. ▸ Price Protection: Index prices are restricted within ±10% of the traditional market stock price; during weekend closures, the last stock price update is used to limit the index price. 🟦 Q3. Will holding a position through the dividend date receive dividends? ▸ Currently, TradFi does not support dividend processing. 🟦 Q4. How are fees calculated? TradFi contracts use an independent fee schedule; For full fee details, visit the OKX fee page →【Contracts】→【TradFi】. 🧮 Formula: Fee = Transaction Amount × Applicable Rate 📌 Example: Regular user trading AAPL perpetual contract (each contract represents 1 AAPL) Current price 300 USDT, buying 50 contracts → Transaction amount = 300 × 50 = 10,000 USDT ▸ Taker fee 0.05% → Fee 5 USDT ▸ Maker fee 0.02% → Fee 2 USDT For VIP 3 users, same trade: ▸ Taker fee 0.028% → 2.8 USDT ▸ Maker fee 0.010% → 1 USDT 📌 VIP level is determined by asset or trading volume over the past 30 days and applies to the highest level achieved across all trading types. Market maker (DMM/MM/TMM) exclusive discounted rates require separate application. 🟦 Q5. Is TradFi a security? Does it have authorization from the corresponding stock companies? ▸ TradFi is not a security and does not constitute beneficial ownership of any equity or equity-linked instruments; it is essentially a financial derivative based on reference prices. ▸ The contract underlying is not directly linked to a single company but is an index generated from a weighted average of the stock market prices. Index components and price sources are transparent and can be viewed in real-time under 【Index Components】 on the contract trading page. ▸ Stock contracts track stock asset prices, allowing users to trade based on price fluctuations without directly holding the stock assets. The trading market is independent; prices are generated by real trades among platform users, with dealers also being platform users. ✦ 🔹 ✦ ⚠️ Risk Warning Contracts are high-risk derivatives with potentially large price swings that can amplify gains and losses. Please participate prudently according to your financial situation and risk tolerance, and pay attention to official OKX announcements and index sample descriptions for each contract. This content does not constitute any investment advice.