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This is a long-term fan benefit post: #新手必看：这里有你需要的一切
👉🏻 What can you do?
❶ Follow @OKX Growth Academy
❷ Leave a comment or ask a question in the comment section of this post:
• It can be a term you are familiar with but haven't fully understood yet
• Or a question you still don't quite get so far
👉🏻 What can you get?
🎁 The Growth Academy will periodically select "questions" or "terms" from the comments, and users whose submissions are successfully selected will receive a trading gift pack
🎁 Extra benefits: Whenever the number of fans reaches a whole number, a lucky user will be randomly selected in the comments to receive fan benefits (peripheral items or random USDT of choice)
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OKX Growth Academy | Curated Guide Collection
Getting Started ➊ If you were "recommended" here, first read this 🔗https://oyidl.net/ul/ACkbC01 ➋ Complete Guide to Scam Prevention in Crypto 🔗https://oyidl.net/ul/BmEpi6n ➌ Explore the OKX APP 🔗https://oyidl.me/ul/Fckjid1 Spot Trading ➊ Understand the coins you buy 🔗https://oyidl.net/ul/WHmwagq ➋ Why sometimes you can't beat time 🔗https://oyidl.me/ul/N0xEL4O ➌ From placing orders, position management to exit 🔗https://oyidl.me/ul/2ilRBXE Futures Trading ➊ Are you earning coins or money 🔗https://oyidl.net/ul/LWFgdPq ➋ Besides candlesticks, what else to watch 🔗https://oyidl.net/ul/fbGRWMV ➌ Correct understanding of profit and loss 🔗https://oyidl.net/ul/anam6xp ❹ Cross-margin mode: how to use, who it's suitable for 🔗https://oyidl.net/ul/1LjdiYF Daily Futures Tip ➊ Latest price, index price, mark price 🔗https://oyidl.net/ul/nsf1UdH
📌 S-1, F-1, 424B4, 10-K, 8-K... There are so many disclosure documents for US-listed companies, but what exactly are the differences?
#AnthropicIPO进展：获数倍超额认购，估值或上调
You can start with the following five questions👇🏻
❶ Is the company preparing to go public?
Check the IPO application through 【S-1 / F-1】 to understand the company's business, finances, equity structure, and risks. Filing the document does not mean approval to list.
❷ Are there any new changes in the IPO application?
Look at the prospectus amendments through 【S-1/A / F-1/A】, focusing on financial data, issuance size, price range, and risk changes.
❸ Has the IPO final pricing been set?
Check the final prospectus through 【424B4】, paying attention to the issue price, number of shares issued, fundraising scale, and company valuation.
❹ How did the company perform over the full year?
Review the annual performance, cash flow, and operational risks through 【10-K / 10-K/A】, noting whether amendments involve significant changes.
❺ Has the company suddenly experienced any major events?
Look at 【8-K / 8-K/A】 for earnings releases, major contracts, mergers and acquisitions, financing, and executive changes, focusing on the event's impact and follow-up progress.
💡 When reviewing SEC filings, the key is to first determine what stage the company is at and what new information has been disclosed. S-1 focuses on the listing application, S-1/A on application changes, 424B4 on final issuance terms, 10-K on annual operational performance, and 8-K on major events. Filing a document does not necessarily mean new market catalysts have appeared; what truly matters is the incremental information contained within.
🔎 <Term Explanation> U.S. Treasury Yield
“#美联储12月加息预期升温，紧缩周期或延续至2027年 ”
"Dollar strengthens, U.S. Treasury yields rise, market expects further monetary policy tightening"
👉🏻 U.S. Treasury yield refers to the yield formed in the market trading of U.S. government bonds. Simply put, it is the return level that the market demands for holding U.S. Treasuries.
📊 Since U.S. Treasuries have different maturities, each maturity has its corresponding yield:
2-year → More sensitive to Federal Reserve policy rate expectations in the coming years
5-year → Mid-term, influenced by policy, economic, and inflation expectations
10-year → One of the most commonly cited benchmarks, reflecting expectations on economic growth, inflation, and interest rates
30-year → Longer term, more influenced by long-term growth, inflation, and term premium factors
👀 U.S. Treasury prices and yields usually move inversely
• Treasury prices rise → yields fall
• Treasury prices fall → yields rise
❓Why should crypto users pay attention?
U.S. Treasury yields are an important interest rate reference in global financial markets, affecting funding costs, asset valuations, and investors’ capital allocation. They may also further impact assets like U.S. stocks, gold, and BTC.
However, it should not be directly interpreted as "yield up = BTC down, yield down = BTC up."
When observing changes in Treasury yields, it is more important to focus on: which maturity is changing? Why is it changing? What changes are occurring behind inflation, economic conditions, interest rate expectations, or Treasury supply and demand.
🔎 <Term Explanation> Basis Point (BP/BPS)
#非农与CPI均超预期，美联储12月加息或提速
A 25 basis point rate hike does not mean a 25% increase in the interest rate, but an increase of 0.25 percentage points.
👉🏻 Basis points (Basis Point, BP/BPS), frequently appearing in financial news, are common units used in financial markets to describe changes in interest rates, bond yields, and similar metrics.
📐 How to convert? Just remember this:
1 basis point = 0.01 percentage points (0.01%)
❓ Why not use percentages and insist on saying "basis points"?
Because "percentage change" and "percentage point change" are not the same. For example, if the interest rate rises from 4% to 5%,
this means the interest rate level increased by 1 percentage point = 100 basis points,
but the relative increase compared to the original 4% is 25%.
✅ Using "basis points" allows for a more direct expression of how much the interest rate has changed, avoiding confusion~
How many digits of the address are checked during a transfer? Beware of address poisoning attacks
Recently, a long-dormant Ethereum wallet encountered an address poisoning attack just before making a large transfer. The attacker sent multiple small amounts of ETH to the wallet within minutes, attempting to lure the holder into transferring funds to a forged address. Fortunately, the transfer of about 2,155 ETH ultimately went to the correct address. 🔎 What is address poisoning? Address poisoning is a scam technique that exploits similar wallet addresses and fake transaction records. Attackers generate a wallet address that looks very similar at the beginning and end to the real recipient address, then use small transfers to make this fake address appear in the user's transaction history. If the user copies the address directly from the history or only checks the first and last few characters during the next transfer, they might mistakenly send assets to the attacker. ⚠️ Why is this attack so effective? Because wallet addresses usually consist of a long string of characters, many wallets and block explorers omit the middle characters and only show the beginning and end. For example: Correct address: 0x1321beb8…1A44 Forged address: 0x1321fff0…1A44 (illustration) The two addresses look very similar but are actually completely different wallets. What’s more concerning is that attackers don’t need to hack the wallet or obtain private keys. They just wait for the user to copy the wrong address and actively transfer funds. 🛡️ How to avoid address poisoning? Do not directly copy addresses from unfamiliar transaction records. History records may be mixed
#美国10月CPI今晚公布，加息预期能否改变？
Previously, although the October nonfarm payroll data exceeded expectations, the latest survey from the New York Fed shows that consumers believe the probability of a rise in the U.S. unemployment rate over the next year has increased, while inflation expectations remain stable.
❓ Why is the unemployment rate rising even though nonfarm payrolls increased?
A common reason is that the number of people entering the labor market to look for jobs is growing faster.
For example, companies may have added many new positions, but at the same time, more people have started looking for work. If the new jobs are not enough to absorb these new job seekers, the unemployment rate can still rise even if employment numbers increase.
Secondly, the two data sets come from different surveys: nonfarm employment mainly counts "jobs" through surveys of businesses and government agencies, while the unemployment rate counts "people" through household surveys, so short-term trends may differ.
💡 Therefore, "strong nonfarm payrolls and rising unemployment" are not contradictory. One looks at new job additions, the other looks at unemployment within the labor force population. Combining these two data sets provides a more complete view of the job market.
👀 When encountering such data divergence in the future, you can judge as follows:
❶ First, see why the unemployment rate is rising: is it because more people are entering the labor market to look for jobs, or is job growth slowing down?
❷ Then see if the divergence continues: if the unemployment rate keeps rising while nonfarm employment also starts to weaken, it is more worth paying attention to whether the job market is clearly cooling down.
🔎 <Term Explanation> Initial Jobless Claims｜Why does everyone watch it every week?
#非农在即，就业数据能否强化12月加息预期？
Nonfarm payrolls and unemployment rate are released monthly, but how does the market observe changes in the US labor market more timely between the two monthly employment reports?
👉🏻 Initial Jobless Claims is one of the higher-frequency observation windows.
It counts the number of people filing for unemployment insurance benefits for the first time within a week, released weekly, helping the market observe recent layoffs and labor market changes more promptly.
📌 For example:
Suppose a tech company downsizes its team, and some employees become unemployed and file for unemployment benefits for the first time; these claims will be counted in that week's initial claims. If such cases increase, initial claims may continue to rise, indicating possible increased layoffs and signs of cooling in the labor market.
❓ When encountering initial claims data, what should you focus on?
❶ Actual value vs. market expectations: Is it significantly higher or lower than expected?
❷ Continuous trend: A sustained rise 📈 may indicate increased layoffs and a cooling labor market; a sustained decline or low level 📉 may indicate the labor market remains resilient.
❸ Combine with other employment data: Does it point to the same trend as nonfarm payrolls, unemployment rate, etc.?
💡 Nonfarm payrolls and unemployment rate provide employment clues monthly, while initial jobless claims update weekly. Because weekly data can be volatile, the market usually pays more attention to the trend over several consecutive weeks rather than a sudden rise or fall in a single week.
🔎 <Term Explanation> Performance 🆚 Performance Guidance｜Confused?
#AMD data center revenue nearly doubled, revenue and guidance both exceeded expectations
#Apple Q4 revenue exceeded expectations, next quarter gross margin guidance under pressure
—— They look very similar, but one looks at the past, the other looks to the future.
📊 Performance (Results) looks back
Refers to the company's achieved operating results, such as revenue, net profit, EPS, gross margin for the just-ended quarter.
👉🏻 Answers: How did the company actually perform during this past period?
🔭 Performance Guidance looks forward
Refers to the company's management expectations for operating and financial performance over a future period, commonly next quarter or full year revenue, EPS, margins, CapEx, etc. The company may provide specific numbers, ranges, or trend assessments.
👉🏻 Answers: How does the company expect to perform going forward?
👀 Whether it’s performance or guidance, it needs to be viewed in the context of market expectations: Did past results exceed expectations? Does future outlook meet market anticipation?
▪️ Both performance and guidance exceed expectations
▪️ Performance exceeds expectations, guidance falls short
▪️ Performance falls short, guidance exceeds expectations
▪️ Both performance and guidance fall short
⚠️ Meeting expectations does not necessarily mean the stock price won’t react. The market often focuses on the "gap between actual results and prior expectations." If prior expectations were already very high, merely meeting expectations may lack new positive surprises.
🔎 #美国中期选举在即，哪些结果值得关注？
The U.S. president serves a 4-year term, and halfway through the presidential term, the U.S. holds a nationwide congressional election, known as the midterm election.
🗳️ Midterm elections do not elect the president but do reelect:
▪️ House of Representatives: all 435 seats are up for election
▪️ Senate: about 1/3 of the 100 seats are up for election
👉🏻 House members serve 2-year terms, with all seats up for election every two years; Senators serve 6-year terms with staggered elections, about 1/3 of seats contested every two years.
🌟 Election results can change the majority party makeup of both chambers of Congress:
U.S. federal legislation usually requires approval from both the House and Senate⬇︎
• If the president's party controls the majority in both chambers, some policy agendas are generally easier to advance;
• If control of Congress changes, or a "divided government" forms, the policy advancement and negotiation environment may also change.
🌟 In this midterm election, political action committees (PACs) related to the crypto industry have invested heavily in congressional elections, with the three major industry super PACs spending about $170 million, reflecting the industry's focus on future digital asset legislation and regulatory environment.
🧐 What the market truly cares about is not "who wins and whether BTC will rise or fall," but rather:
Election results → changes in congressional power structure → possible changes in legislative environment for fiscal, tax, financial, and digital asset policies → market reassessment of future policy expectations
OKX Orbit
📅 What are the important dates in November?
📌 Highlights this month: #美国中期选举在即，哪些结果值得关注？ Non-farm payrolls and CPI reports come in quick succession, AI earnings and crypto events happen simultaneously. All key dates to watch this month are organized in 👉 "November Financial Calendar"
Bookmark the calendar first, so you can focus on market expectations and the latest developments before key dates arrive.
🧐 Which event are you most interested in this November? Feel free to share in the comments below ⬇︎ (Download to get the original image)
📌 Comparison｜CPI & PCE — Both are inflation indicators, but what’s the difference?
▪️ CPI (Consumer Price Index) mainly tracks the price changes of a basket of goods and services purchased by consumers, such as food, housing, gasoline, transportation, etc., which is closer to the intuitive feeling of "how much more expensive living costs have become."
▪️ PCE (Personal Consumption Expenditures Price Index) also measures changes in consumer prices but covers a broader range and uses different weights and calculation methods, allowing it to more flexibly reflect changes in consumer spending patterns. #美国9月核心PCE升至3.1%，加息预期仍高
❓ Why does the market look at both?
Because their statistical scope, weights, and calculation methods differ, the inflation levels they reflect for the same round of price changes may not be exactly the same.
📌 For example:
Suppose beef prices rise significantly, and some consumers start buying less beef and switch to chicken.
➡️ CPI is less flexible in reflecting such short-term changes in consumption habits, so the impact of beef price increases will still be more noticeably reflected in the data.
➡️ PCE adjusts the weights of different consumption items more flexibly and reflects the shift from beef to chicken more promptly.
Therefore, the market often looks at CPI first, then waits for PCE to further observe inflation trends. If the two sets of data diverge, other data such as employment and wages are also considered for further judgment.
💡 Simply put:
CPI → More intuitive observation of the price changes consumers face
PCE → Observes consumer prices from a broader scope and more flexibly reflects changes in consumption structure
Both are inflation indicators, but their statistical scope, weights, and calculation methods are not exactly the same.
🔎 <Term Explanation> PCE 🆚 Core PCE
#美国9月核心PCE升至3.1%，加息预期仍高
Looking at US inflation, what is the difference between PCE and CPI? — PCE, or Personal Consumption Expenditures Price Index, is also used to observe changes in consumer prices, but differs from CPI in terms of statistical scope and consumption weights.
❓ Why look at PCE if we already have CPI?
Compared to CPI, PCE covers a broader range of consumer expenditures and its weights adjust according to actual consumer spending patterns. For example, if the price of a certain product rises, consumers may switch to other products, and PCE more flexibly reflects this change in actual purchasing behavior.
Both CPI and PCE are published monthly, reporting price changes from the previous month. Usually, CPI is released earlier and PCE later, so the market observes inflation changes through these two sets of data sequentially.
❓ What is Core PCE?
Similar to Core CPI, Core PCE excludes volatile food and energy prices, focusing more on observing relatively persistent inflation trends.
❓ Why does the market pay special attention to PCE?
The Federal Reserve’s long-term 2% inflation target is measured by the PCE price index, so the market watches changes in PCE and Core PCE to judge whether inflation trends are shifting and to further anticipate future interest rate paths.
🌟 Both CPI and PCE track inflation but use different statistical methods; PCE covers a wider range and adjusts weights more flexibly. The PCE price index is also the indicator used by the Federal Reserve for its 2% long-term inflation target.
