Gate Daily (October 14): Hyperliquid exposes massive liquidation reporting failures at Centralized Exchange; U.S. government shutdown triggers halt in encryption ETF approvals.

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

Today's Outlook

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

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

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

4. The unemployment rate in the UK for the three months to August was 4.7%, previous value.

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

6, The seasonally adjusted initial claims for unemployment insurance in the United States last week (in thousands) (as of 1004) were 229, the previous value.

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 was 4.3%.

10. IEA releases monthly oil market report

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

12. US President Trump meets with Argentine President Milei.

13. Federal Reserve Board Governor Bowman delivered a speech.

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

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

Macroeconomic Events & Coin Circle Hotspots

1. Hyperliquid co-founder and CEO Jeff Yan claimed that the way centralized cryptocurrency exchanges report data may underestimate the clearing situation. After U.S. President Trump announced massive tariffs on China, the price of Bitcoin dropped to $102,000 on October 10. CoinGlass data showed that on Friday there were $16.7 billion in long liquidations and $2.456 billion in short liquidations, marking the largest liquidation event in cryptocurrency history. In this week's X post, Yan pointed out the documentation page of the world's top cryptocurrency exchanges and explained that the platform will only include the latest liquidations that occur within the per-second interval of the order snapshot stream. This streaming pushes real-time updates of forced liquidations. A large output can enhance performance, but Yan explained that only reporting the last liquidation might lead to underreporting of large-scale liquidation events, as they handle 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 will be up to 16 exchange-traded funds (ETFs) awaiting approval. On October 1, the Republican and Democratic parties failed to reach a funding agreement, causing most of the U.S. government departments to come to a halt. This has led agencies, including the U.S. Securities and Exchange Commission responsible for approving ETF applications, to rely solely on essential personnel to operate. In October, the cryptocurrency industry will see a large number of ETFs, with the SEC set to make final decisions on at least 16 cryptocurrency ETFs, and having received an additional 21 applications eight days before October, but the shutdown has put everything in limbo, deadlines have passed, and no action has been taken yet.

3. California Governor Gavin Newsom announced that California will establish regulatory safeguards for social media platforms and AI 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, protocols for addressing suicide and self-harm issues, and warnings for companion chatbots. The artificial intelligence bill, named SB 243, was introduced by State Senators Steve Padilla and Josh Becker in January of this year.

Market Trend

1、Bitcoin latest news: $BTC has fallen back from this week's high of 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 market indices surged significantly on October 13, as President Trump signaled a willingness to continue trade negotiations with China, alleviating investors' concerns. Additionally, the easing of tensions in the Middle East contributed to the positive momentum, with artificial intelligence (AI) continuing to rise, led by chip manufacturers like Broadcom. The Dow Jones Industrial Average closed up 587.98 points, an increase of 1.29%, at 46,067.58 points; the S&P 500 index rose by 102.21 points, a gain of 1.56%, to 6,654.72 points; the Nasdaq index surged by 490.18 points, a rise of 2.21%, to 22,694.61 points. The Philadelphia Semiconductor Index skyrocketed by 4.93%, up 315.86 points, to 6,723.46 points.

(Source: Gate)

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

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was 2.89 billion USD, outflow was 3.18 billion USD, with 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 net outflows, indicating trading opportunities.

News Updates

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 cryptocurrency asset bill 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 already opened the airdrop claim in the early morning, previously due to an error in the time zone setting that caused the claim time to be unexpectedly advanced.

6. Daniel Larimer has deposited 6.79 million ASTER into the CEX, 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 acquisition.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "I finished my homework earlier today; the sentiment after the US stock market opened on Monday is much better, and the bleak atmosphere of the weekend is completely gone. The overall trend of cryptocurrency is also acceptable, although it hasn't fully returned to the levels before the US stock market closed last Friday, it's not far off. Users have also recovered from the panic of the weekend's sharp decline. Of course, the main reason is that the trade friction between China and the US hasn't escalated into actual panic. Today, Bessenet mentioned in an interview that it's not really about imposing 100% tariffs on China; the relationship between China and the US is still very good at the moment, and the US has gained greater initiative. Implicitly, the tariffs are just a means to obtain better negotiation conditions, and indeed, China hasn't retaliated significantly regarding tariffs. Only the Ministry of Commerce and the Ministry of Transport have made statements; the Ministry of Foreign Affairs has been silent. After the market opened, the performance of US stocks was quite good, with the Nasdaq up 2% and the S&P up 1.5%. It is estimated that by the end of the week, it can return to the levels before last Friday's decline. Currently, the market's speculation has once again returned to the US government shutdown and the Federal Reserve's monetary policy. Tonight, the Federal Reserve's PAULSON (not a voting member in 2025) will support in the 2025 vote."

Looking at the data for Bitcoin, the turnover rate is not high, maintaining at a normal level. Most of the selling is from investors who bought in at the bottom yesterday, and some investors who are at a loss are also 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 the likelihood of a standstill is high. Tomorrow, there will be a public speech from Powell, but it is still unknown whether it will involve monetary policy. It is worth paying attention to, and everything else seems fine.