📌 本周Santiment周报已送达订阅者：

🔐 PHP安全漏洞引发关注，资金远离风险资产但流向隐私币。$XMR +6.6%，$ZEC +6.2%，成为本周表现最好的两大主流币，而BTC和ETH小幅下跌。
🐋 鲸鱼并未退缩。持有10-10,000 BTC的钱包一个月内增持约11万枚，创下2026年最快积累速度。最小规模钱包也在持续买入。
📤 10月22日约17万枚ETH离开交易所，为三个月来最大单日流出量，恰逢市场恐惧情绪达到峰值。
😬 散户情绪波动。正负面帖子比例降至0.96后一天内反弹至1.08。
📰 其他本周热点：Strategy回购支出约为BTC购买支出的9倍、Solana Alpenglow升级、OCC首次GENIUS法案规则、瑞士首只零售现货BTC ETF等。

完整回顾 ↓

📩 希望每周收到？请在Sanbase账户的邮件偏好设置中开启Weekly newsletter。

“卖飞比套住更难受”，此刻似乎具象化了🤪

还记得从 08.09 起重仓押注 $XMR 的聪明钱吗，他的 3.6 万枚 XMR 在 10.20 已清仓止盈，最终获利 344.1 万美元，从 $383.23 拿到 $513，已经非常超神了

然而今日门罗币大涨 12% 创三个月以来新高，他却因提前两天平仓错失了 477 万美元的潜在利润，不知道现在的心情是否能平静啊…

$XMR期货未平仓合约是否创纪录？Santiment的数据并非如此。
📊 10月20日未平仓合约收于1.98亿美元，低于9月5日的2.088亿美元日均收盘，仅为过去一年中第五高的日均收盘。
🧭 按代币计算，10月20日约有32.9万枚XMR处于未平仓状态，而9月2日约为40.2万枚，大致与7月17日至21日的水平持平。
📈 重建确有其事：从10月15日到10月20日，以代币计价的未平仓合约上升了约22%，而价格仅上涨了约9%。
🔀 资金费率的7日平均值在9月28日至10月4日期间达到峰值，约为6月23日至10月13日平均值的2.7倍，随后在10月14日至20日冷却至约0.9倍，这一周也是未平仓合约重建的时期。
本周杠杆回归，资金费率运行在其平均水平之下，相比10月初，局势更为冷静。
🔗 在Sanbase上追踪XMR的未平仓合约和资金费率：

🚨 隐私币飙升，而模因代币开始回调！

🎭 加密领域最大规模的动向正集中在特定板块。$XMR在过去7天内上涨17%，而$ZEC今日涨幅为5%。与此同时，$PEPE在短短24小时内飙升9%，$M上涨14%。

🕵️ 隐私币的上涨背后有强有力的叙事支撑。Monero的隐私升级和Zcash即将到来的网络改进重新吸引了关注，而模因代币在经历近期抛售后才出现剧烈的投机性反弹。这些是集中的资金轮动，而非全面走强的信号。

🌡️ 当前市场正在奖励特定的叙事和高波动性交易，而许多大盘币相对平静。交易者可以将这些异常波动视为风险偏好依然存在以及资金追逐狭窄动能区间的证据。但在参与度扩大之前，不应将选择性走强误认为是全面的山寨币爆发。

🔗 我们的实时数据筛选器：

刚刚：Arthur Hayes质疑门罗币的隐私性，而Zcash正受到关注
据报道，Hayes声称政府已找到去匿名化$XMR的方法，并认为对隐私币的兴趣 renewed 可能成为$ZEC的潜在催化剂。

NEW: 💸 传奇交易员 @PeterLBrandt 本周瞄准了 $XRP 的大幅反弹，但表示 $XMR 的图表是他最喜欢的。

“注意 XRP 有大量的上方供应需要消化。这对 XRP 来说是一个利空因素，”Brandt 说。

获取详情：🗞️

$XRP 请原谅我即将宣泄的牢骚。我相信“测量运动”这一概念。目标或预期并非神圣不可侵犯。图表往往无法兑现我们最初识别的内容，并演变成其他形态。我在 XRP 上识别出了一个杯柄形态。在更大的时间框架上，这个杯柄形态可能是头肩顶的右肩。测量运动的价位将是倒置头肩顶的高度（收盘价，日线）向上投影至 2.16。图表发生变化。一个模式被识别后却变成了另一种形态。右肩形成不佳且缩短——这表明进一步形成右肩是可能的，但并非必要。请注意，XRP 上方有大量供应需要消化。这对 XRP 不利。请注意，我对 XRP 或其他任何币种的基本面都不关心，我只关心 BTC。XRP 粉丝请不要将此视为冒犯。我交易价格。价格对我来说就是一切。看看其他一些币种的图表——使用相同的时间段。$XRP 有大量的上方供应，但看看 $XMR——所有供应已被吸收。前方航道畅通无阻。或者 $SOL。这是一个比 XRP 更高水平的杯柄形态。或者 ETH——存在大量拥堵，但没有我们在 XRP 中发现的那种类型的上方供应。或者 XLM - 有上方供应，但不如 XRP 那么大规模。其中，我最喜欢的无疑是 XMR。我不知道其基本面叙事。我不需要知道。我撰写这些内容是我对 @BitcoinLive1 协作服务的贡献。目前提供价值 97 美元的试用会员资格。这比你下次亏损交易的损失要少。通过在这里给予 BitcoinLive 一次试用，你将获得一切。此销售即将结束

Privacy sector explosion: In-depth review of related bullish tokens 🔥

Simultaneously holding huge spot and short positions of $ZEC, the "10.11 insider whale" Garrett Jin @GarrettBullish has cut off floating losses of $30 million in $ZEC shorts! Is this a strong bullish signal for the future of $ZEC? 🤯

Indeed, $ZEC has surged nearly 100 times from the bottom, with ATH approaching $1600, making it a star token in this round of rallies, while also driving Fomo in the market for the privacy sector. Vitalik @VitalikButerin also said in a recent interview: "I will not give up privacy."

So, we have sorted out the capital rotation path of the privacy sector and the relevant beneficiary tokens! 👇

🚀 I. Four-step quick overview of core capital rotation in the privacy sector

1⃣ First buy tradable privacy assets ($ZEC)
2⃣ Then buy routers that make privacy a default experience ($NEAR)
3⃣ Then buy infrastructure for encrypted computing on public chains ($ZAMA)
4⃣ Finally, it's the turn of application plugins and old coins Beta ($RAIL / $ZEN / $DASH)

💡 II. Sharp comments on bullish tokens from "夯" to "拉"

👑 [Heng] $ZEC & $NEAR —— Pricing core and traffic entry point

$ZEC (Zcash) | The first choice for large capital in this round, the king of compliant privacy coins
Core data: Current price $1,508.87 | 7d +42.20% | Fully diluted valuation (FDV) ~$25.55 billion
💡 Core highlights:
👉 Compliant audit compatibility: Supports View Key, meets regulatory anti-money laundering requirements, and has a Grayscale trust channel, which is the only compliant channel for large capital to configure the privacy narrative.
👉 Clear chip structure: Circulation rate is close to 100%, without large-scale VC unlock selling pressure, and secondary market buying resistance is small.
👉 Strong capital bearing capacity: Market cap and liquidity rank high in the privacy sector, capable of effectively receiving hundreds of millions of funds in and out.

$NEAR (NEAR Protocol) | Chain abstraction router compatible with ZEC
Core data: Current price $4.19 | 7d +81.20% | Fully diluted valuation (FDV) ~$5.47 billion
💡 Core highlights:
👉 Seamless privacy experience: Through chain abstraction and multi-chain signatures, de-sensitized interactions are embedded as underlying routes. Users do not need to switch to dedicated wallets when operating on Ethereum or Solana, directly intercepting cross-chain interaction traffic.
👉 Both fundamentals and liquidity: As public chain infrastructure, it enjoys the support of AI, chain abstraction, and privacy narratives simultaneously, absorbing large amounts of capital, with a 7-day increase of 81.20%.
👉 "Futures airdrop" gameplay ignites the market (NEAR@3.33): NEAR's NEAR@3.33 (mailto:NEAR@3.33) first pushed the airdrop TVL to $70 million, triggering the first snapshot; the qualification is to keep NEAR privacy accounts over $100 and have made at least one privacy swap. Tokens are locked until NEAR three-day VWAP stands above $3.33 to be redeemed into circulating NEAR. Currently, NEAR price has far exceeded 3.3.

🥈 [Superior] $ZAMA / $RAIL —— Hardcore infrastructure and pure-blood plugins, high elasticity targets

$ZAMA (Zama) | Public chain fully homomorphic encryption (FHE) computing infrastructure
Core data: Current price $0.0862 | 7d +83.20% | Circulating market cap ~$213 million | Fully diluted valuation (FDV) ~$973 million
💡 Core highlights:
👉 Ciphertext computing generational upgrade: Leading the development of fhEVM, breaking through the limitation of ZK only being able to "verify", solving the pain points of MEV resistance and confidential DeFi.
👉 First-mover advantage in the track: Top project in the FHE track, high technical barriers, broad narrative space.
👉 High elasticity and odds: Circulating disk is about 21.8%, small market cap, high elasticity in the main rising wave (7d +83.20%); however, note the rhythm of later token unlocks.

$RAIL (Railgun) | EVM native smart contract privacy plugin
Core data: Current price $3.04 | 7d +52.20% | Fully diluted valuation (FDV) ~$182 million
💡 Core highlights:
👉 EVM native no cross-chain: Directly deployed as contracts on Ethereum mainnet and major L2s, users can complete zero-knowledge private transfers without bearing cross-chain bridge risks. Vitalik has publicly used and recommended it multiple times.
👉 100% fully circulated without selling pressure: Market cap is only around 182 million, light chip structure, is an excellent application layer Beta during capital overflow stage.

⚖️ [NPC] $XMR —— Top anonymity, but severely limited liquidity

$XMR (Monero) | Fundamentalist anonymous currency, trapped by compliance reviews
Core data: Current price $571.95 | 7d +9.20% | Fully diluted valuation (FDV) ~$10.75 billion
💡 Core pain points and current situation:
👉 Extremely strong anonymity mechanism but cannot comply: Default mandatory anonymity and hidden addresses across the network, top anti-censorship capabilities; but due to non-compliance with FATF travel rule, delisted by most mainstream CEXes globally.
👉 Severe liquidity discount: Entry and exit blocked by DEX and OTC over-the-counter markets, institutional funds cannot enter on a large scale, resulting in only a 9.20% increase in 7 days against the backdrop of a sector-wide rally, lacking price elasticity in the secondary market.

🪨 [Done pulling] $ZEN /$DASH —— Old coins whose mechanisms have been de-sensitized and technology has become outdated

$ZEN (Horizen) | Old coin catch-up after stripping privacy pools
Core data: Current price $7.70 | 7d +23.90% | Circulating market cap ~$141 million | Fully diluted valuation (FDV) ~$162 million
💡 Core pain points and current situation:
👉 Native privacy functions removed: To avoid the risk of exchange delisting, the official has actively abandoned Shielded Pools, essentially transforming into a general modular EVM chain, lacking native privacy competitiveness.
👉 Purely driven by emotion: Circulation rate reaches 87.3%, recent increases mainly driven by low market cap rebound and sector memory, lacking independent fundamental support.

$DASH (Dash) | Payment token with outdated architecture
Core data: Current price $56.60 | 7d +6.00% | Circulating market cap ~$726 million | Fully diluted valuation (FDV) ~$726 million
💡 Core pain points and current situation:
👉 Outdated mixing mechanism: Still adopts CoinJoin scheme based on master nodes, lacking cryptographic technical advantages compared to modern ZK and FHE, easily tracked by on-chain analysis, and facing CEX censorship pressure.
👉 Bottom of capital attention: Only increased slightly by 6.00% in 7 days, severely lagging behind in the sector-wide explosion, low capital recognition, typical marginalized old coin.

一个针对Revolut的黑客组织以出售窃取的客户数据为威胁，索要价值300万美元的Monero (#XMR)。

为什么$XMR如此吸引我们的注意力？只接受错误答案。 ♥️

我发布了一份新的山寨币观察列表🔥

我在6个山寨币上分享我的图表和分析

这些山寨币是$LIT $ENA $ARB $ASTER $XMR $TIA

我每周三都会分享这样的山寨币观察列表

注册并在此处阅读：

#BTC bitcoin:native

一只大户刚刚做多$XMR，目标明确。一个新钱包向Hyperliquid存入356万$USDC，并开了36000枚$XMR（价值$14.33M）的4倍多头。止盈订单已设置在$475到$516之间。信念加上明确的计划。

🔗 实时仪表盘（已启用信息图）： 📊 加密货币市场近期横盘整理，但特定项目表现良好。$WLD 仅在过去24小时内上涨10%，而 $XMR 日涨幅4%，周涨幅10%。$TAO、$OKB 和 $MNT 也是本周的突出表现者，而 $CRO、$CC 和 $DEL 则是7天内跌幅较大的滞后币种。 🌍 Worldcoin 受益于人类注意力证明、World ID集成、伦敦旗舰店开业以及7月份代币经济学里程碑——将WLD的解锁率降低了43%。 🧑‍💻 Bittensor 和 OKB 的上涨背后有真实的实用价值故事。Bittensor 的 V440 升级改变了子网排放并收紧了激励措施，而 OKB 仍然是 OKX X Layer 的 Gas 代币和核心资产，同时 OKX 不断推出新的交易和链上产品。 📉 CRO 在特朗普媒体和约克维尔终止了其计划的CRO策略交易后，出现了更明显的看跌催化剂。

一条鲸鱼在做多$XMR，目标价$475–$516！一个新创建的地址向Hyperliquid存入了356万$USDC，并开了一个4倍杠杆的多单，做多36,000个$XMR（1433万美元）。然后这条鲸鱼在$475到$516之间设置了止盈订单。

手握 $XMR 10.5% 的 OI 持仓，新地址正看多隐私币龙头💁‍♀️

新地址 0x615…d69d5 转入 200 万枚 USDC 保证金后，已开出 10,962.78 枚 XMR 的 4x 多单，价值 418 万美元，开仓价 $383.23，成为 Hyperliquid XMR 第二大头寸

此外他还在 [$378.2, $381.4] 区间挂了价值 108.2 万美元的限价买单，若下跌将进一步加仓

传送门 👉

最新：美国当局从Angelo Martino处扣押了830万美元的加密货币。资产包括90 $BTC、近8000 $XMR、超过56000 $XRP和39000 $XLM

🧑‍💻 以下是按开发活动排名的加密货币隐私币项目前十名。方向指示器表示每个项目自上次更新以来的排名变动：

➡️ 1) @chainlink $LINK 🥇
📈 2) @zama $ZAMA 🥈
📉 3) @aztecnetwork $AZTEC 🥉
➡️ 4) @dashpay $DASH
📈 5) @zcash $ZEC
➡️ 6) @hoprnet $HOPR
📉 7) @nym $NYM
➡️ 8) @duskfoundation $DUSK
➡️ 9) @monero $XMR
📈 10) @firoorg $FIRO

📖 了解 @SantimentData 用于过滤项目仓库中显著GitHub活动数据的方法，以及为何它对加密货币交易如此有用：

🧐 在此追踪我们的隐私项目观察列表，并分析哪些项目基于开发活动和其他关键指标脱颖而出：

✅ 行为分析，由Santiment提供。

欢迎新的交易对：• $XMR/$USDC: • $1INCH/$USDC: • $AWE/$USDC: 请持续关注，成为第一个了解最新动态的人！

刚刚：美国财政部制裁了100多个与ISIS-K相关的加密地址，这些地址涉及通过$TRX、$XMR和$BTC转移的140万美元资金。

我发布了一份新的山寨币快讯 🔥

我分享了对6种山寨币的图表和分析

这些山寨币是 $DOGE $NEAR $PEPE $SOL $SUI $XMR

我每周五都会发布这样的山寨币快讯

在此处注册并阅读：