#GateOctTransparencyReportReleased

The transparency report for October has been released, and I believe that these types of reports are one of the things we need most when reading the market, especially during this period. Because trust is the most critical issue in every cycle. How much assets does each person hold, how are the reserves managed, what is the condition of the system's carrying capacity... everything becomes visible in one place.

When I looked at this report, a few things particularly caught my attention.

• Reserve ratios are still at strong levels. The stability of the corresponding ratios, especially on the BTC and ETH side, allows me to see the difference between institutional flows and individual movements. Although the market is volatile, the order in the reserves indicates that the infrastructure is solid.

• The distribution of off-chain/on-chain assets is quite healthy. I like this because as traceability increases, risk decreases. Reports like this are actually like the "blood pressure of the market"—you can clearly see where there is a squeeze and where there is relief.

• The segregation of user funds has become a significant factor of trust, especially after many incidents that occurred this year. The absence of any flexibility in this matter is a good sign.

My perspective is this: Transparency reports do not solely determine the price, but they generate very clear signals about the "solidness of the ground." The October report has done exactly that. Although technical movements can be complex during such periods, this type of stability in the infrastructure is a reassuring factor in long-term risk management.

The market is a bit turbulent these days, but seeing this order in the background always drives me to read it in a healthier way.