Gate Daily (October 14): Hyperliquid exposes large-scale liquidation reporting issues at Centralized Exchange; US government shutdown triggers halt in encryption ETF approvals.

Bitcoin (BTC) has retreated from its high point earlier this week, currently reported at around $114,766 on October 14. Hyperliquid claims that centralized exchanges are facing large-scale liquidation reporting issues. The U.S. federal government shutdown has entered its third week, and if the shutdown continues into November, there could be up to 16 exchange-traded funds (ETFs) waiting for approval.

Today's Outlook

1. China's M2 money supply (year-on-year) at the end of September was 8.8%.

2. China's foreign exchange reserves at the end of September (billion USD) were 3322.15, previous value.

3. The unemployment rate in the UK for August was 4.42%, previous value.

4. The UK's three-month ILO unemployment rate for August is 4.7%, previous value.

5. Germany's October ZEW Economic Sentiment Index, previous value was 37.3

6. The number of seasonally adjusted initial claims for unemployment benefits in the United States last week (in thousands) (to 1004) was 229.

7, Change in Non-Farm Payrolls in the U.S. for September (thousands), previous value was 22

8. U.S. August Trade Balance (Billion USD), previous value was -78.3

9. The unemployment rate in the United States for September is 4.3%.

10. The IEA publishes the monthly crude oil market report.

11. The IMF published the "World Economic Outlook Report"

12. U.S. President Trump meets with Argentine President Milei

13. Federal Reserve Board Governor Bowman delivered a speech.

14. Federal Reserve Chairman Powell delivered a speech at an event hosted by the National Association for Business Economics.

15. Bank of Japan Governor Kazuo Ueda will visit the United States from October 14 to 19.

Macro Events & Coin Circle Hotspots

1. Jeff Yan, co-founder and CEO of Hyperliquid, claimed that the way centralized cryptocurrency exchanges report data may underestimate the clearing situation. After U.S. President Trump announced large tariffs on China, the price of Bitcoin dropped to $102,000 on October 10. CoinGlass data showed that $16.7 billion in long liquidations and $2.456 billion in short liquidations occurred on Friday, making it the largest liquidation event in cryptocurrency history. In this week's X post, Yan pointed out the documentation pages of the world's top cryptocurrency exchanges and explained that the platform will only include the latest liquidations that occur within the second intervals of the order snapshot stream. This streaming push provides real-time updates on forced liquidations. High output can improve efficiency, but Yan explained that only reporting the last liquidation may lead to underreporting of large liquidation events, as they process over 100 liquidations per pair every second.

2. The U.S. federal government shutdown has entered its third week, and if the shutdown continues into November, there could be as many as 16 exchange-traded funds (ETFs) waiting for approval. On October 1, the Republican and Democratic parties failed to reach a funding agreement, causing most departments of the U.S. government to come to a standstill. This has led to agencies, including the U.S. Securities and Exchange Commission responsible for approving ETF applications, to operate with only essential personnel. In October, the cryptocurrency industry will see a surge of ETFs, with the SEC set to make final decisions on at least 16 cryptocurrency ETFs, having received an additional 21 applications eight days before October, but the shutdown has put everything in limbo, deadlines have passed, yet no action has been taken.

3. California Governor Gavin Newsom announced that California will establish regulatory safeguards for social media platforms and artificial intelligence companion chatbots to protect children. The governor's office stated in a notice released on Monday that Newsom has signed several bills requiring platforms to enhance age verification features, implement protocols to address suicide and self-harm issues, and provide warnings about companion chatbots. This artificial intelligence bill, named SB 243, was introduced by state senators Steve Padilla and Josh Becker in January of this year.

Market Trends

1. Bitcoin Latest News: $BTC has retreated from the peak at the beginning of this week, currently reported at around 114,766 USD, with a liquidation of 53.11 million USD in the past 24 hours, mainly from long positions;

2. The four major U.S. stock indices surged on October 13, as President Trump signaled a willingness to continue pushing for trade negotiations with China, easing investor concerns, and with tensions in the Middle East calming down. The rally in artificial intelligence (AI) stocks continued, with chip manufacturers like Broadcom leading the gains. The Dow Jones Industrial Average closed up 587.98 points, a gain of 1.29%, at 46,067.58 points; the S&P 500 index rose by 102.21 points, up 1.56%, to 6,654.72 points; the Nasdaq index surged 490.18 points, a 2.21% increase, to 22,694.61 points. The Philadelphia Semiconductor Index soared 4.93%, gaining 315.86 points, closing at 6,723.46 points.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 114,921.80 USDT, if it drops to around 113,686 USD, the cumulative liquidation amount for long positions exceeds 359 million USD; if it rises to around 116,571 USD, the cumulative liquidation amount for short positions exceeds 937 million USD. The liquidation amount for shorts is significantly lower than that for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflows were 2.89 billion USD, outflows were 3.18 billion USD, resulting in a net outflow of 290 million USD.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $ETH, $SNX, $H, $BAS, and $XAUT have seen a net outflow, indicating potential trading opportunities.

News Update

1. In September, the combined trading volume of Kalshi and Polymarket reached 1.44 billion USD, setting a new historical record.

2. The Kenyan Parliament passed a bill on cryptocurrency assets to promote investment.

3. BlackRock CEO: Bitcoin and cryptocurrencies "serve the same purpose as gold"

4, Bhutan will migrate its sovereign identity system from Polygon to Ethereum.

5. Aster has opened the airdrop claim early this morning, as the claim time was unexpectedly advanced due to incorrect timezone settings.

6. Daniel Larimer deposited 6.79 million ASTER into the CEX again, worth 9.72 million USD.

7. A hacker again used 39.45 million USDC to purchase 9,240 ETH.

8. Citibank plans to launch cryptocurrency custody services in 2026.

9. The company under the Dogecoin Foundation will go public on Nasdaq through acquisitions.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "I did some homework early today; the sentiment after the US stock market opens on Monday is much better. I can hardly feel the desolation of the weekend. The overall trend of cryptocurrencies is also acceptable. Although it hasn't completely returned to the level before the US stock market closed on Friday, it's not far off. Users have already emerged from the panic of the weekend's drop. Of course, the main reason is that the trade friction between China and the US has not escalated into any real panic. Today, Bessent mentioned in an interview that it's not about actually imposing a 100% tariff on China. The relationship between China and the US is still quite good at this point. The US also has greater initiative, implying that tariffs are just to gain better negotiation conditions. In fact, China has not responded significantly regarding tariffs; only the Ministry of Commerce and the Ministry of Shipping have spoken, while the Ministry of Foreign Affairs has been silent. After the market opened, US stocks performed well, with the Nasdaq up 2% and the S&P up 1.5%. It is estimated that it can rise back to the level before last Friday's drop within the week. Currently, the market's speculation has once again returned to the US government shutdown and the Federal Reserve's monetary policy, with PAULSON from the Fed speaking tonight (non-2025 voting committee supporting in the 2025 vote)."

"Looking back at the data of Bitcoin, the turnover rate is not high, maintaining at a normal level. Most of it is from investors who bought the dip yesterday selling off, and there are also some investors who incurred losses at high prices reducing their holdings, probably worried that the bull market is over. However, as mentioned earlier, the performance of the US stock market is still decent, and no systemic risks have been observed. This week, there should be retail data and PPI data, but now it's likely that there will be no stoppage. Tomorrow, there will be a public speech by Powell, but it's still unclear whether it will involve monetary policy, so it might be worth paying attention to. Other than that, things are relatively good."