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[Backpack Founder Responds to Recent FUD, Pinpoints Liquidity Shortage as the Core Issue] Backpack founder Armani Ferrante posted on the X platform to address two recent waves of FUD surrounding the platform. He stated that the recent market crash was triggered by the largest liquidation event in history, leading users to question issues such as Auto-Deleveraging (ADL), negative balances, and compensation. Ferrante provided a detailed explanation of the sources of the two waves of FUD: first, around 40 users deposited funds before their negative balances were settled—a real issue but one that is easily resolved, yet it was spread out of context; second, inappropriate content was posted by the Backpack Chinese X account, which is operated by a third party and does not represent the company's stance. Ferrante acknowledged the industry's severe structural deficiencies and pointed out that Backpack's core issue lies in insufficient liquidity and the lack of support from internal market makers. He proposed multiple solutions, including circuit breakers and Vaults, while emphasizing that exchanges, as critical infrastructure for the industry, should accept external scrutiny and view FUD as an opportunity to improve and showcase their strengths.

[Analysis: Bitcoin Whales Continue Accumulating, Market Sentiment Stabilizes] On-chain data analyst Murphy stated that during the rapid decline in Bitcoin prices from October 6 to October 11, the whale cohort continued accumulating, exhibiting a 'buy-the-dip' trend. The pace of capital outflow was slower compared to previous instances, and some indicators showed minor 'bullish divergence.' Market sentiment has become more balanced compared to before, and the foundation of the bull market remains unchanged. The analysis pointed out that the impact of events similar to 'black swan' incidents on the market is gradually weakening, though short-term volatility remains uncertain. The content is for learning and discussion purposes only and does not constitute investment advice.

[Solana Stablecoin Protocol Solstice TVL Surpasses $200 Million] On October 13, the total value locked (TVL) of Solana synthetic stablecoin protocol Solstice surpassed $200 million. Earlier this month, the protocol launched the interest-bearing stablecoin USX and its native staking protocol, achieving delta-neutral returns through arbitrage and staking strategies, fully collateralized by USDT and USDC to maintain its peg. Holders can access the YieldVault protocol to earn yields.

[U.S. Launches $1 Billion Strategic Mineral Reserve Plan] On October 13, according to the *Financial Times*, the U.S. Pentagon launched a $1 billion strategic mineral reserve plan aimed at weakening foreign dominance over critical metal supply chains. Documents from the Defense Logistics Agency show that metals such as tantalum and scandium oxide have been included in the National Defense Stockpile list for the first time. Analysts believe this move signifies the U.S.'s efforts to strengthen technological warfare and autonomy in military supply chains, potentially accelerating global resource restructuring. Bitunix analysts pointed out that this strategy may drive increased demand for resource-based asset hedging while providing opportunities for inflation expectations and dollar flow allocation in the crypto market.