#Tether储备结构争议 Regarding the recent controversy over the USDT reserve structure, it reminds me of similar debates during past bull and bear cycles. Whenever market sentiment is high, people tend to ignore risks; during bear markets, various FUD (Fear, Uncertainty, Doubt) issues emerge one after another. The recent doubts raised by Arthur Hayes and S&P about Tether's reserves have indeed sparked some concerns. However, after careful analysis, I believe the likelihood of such extreme scenarios occurring is quite low. First, the probability of gold and Bitcoin simultaneously dropping by 30% is ve

#代币经济模型变化 Looking back at the development history of blockchain projects, the evolution of token economic models is indeed quite revealing. Hayes's suggestion to Monad reminds me of those ambitious "Ethereum killers" in the early days. At that time, many projects adopted high FDV and low circulating token models, which could attract attention in the short term but were often unsustainable in the long run.
Now it seems that such models essentially transfer the risk to retail investors. I have personally witnessed many projects experiencing fierce sell-offs after insiders' tokens are unlocked,

#Tether储备资产风险 Reflecting on the fluctuations in the cryptocurrency market over these years, it’s hard not to notice that USDT’s reserve structure has once again become a focal point. Seeing Tether increase its holdings in Bitcoin and gold clearly indicates a bet on the arrival of an interest rate cut cycle. While this approach could potentially bring substantial returns, it also significantly increases risk. It’s important to remember that the collapse of Terra/LUNA back then served as a wake-up call — the importance of a stablecoin’s reserve structure should not be underestimated.
Now, S&P h

#比特币价格分析 Looking back at Bitcoin's trend, this round of market movement is truly astonishing. From historical experience, the combination of current market sentiment and technical indicators often signals the formation of a phase-specific bottom. RSI approaching 30, major players starting to build long positions—these are typical signals of a bottom in past cycles.
However, we also need to be cautious; a short-term rebound does not mean a long-term trend reversal. Reflecting on late 2018 and March 2020, similar situations occurred then as well, but the true bull market had to wait a while. Th

#币安Alpha积分计划 Seeing this news, I can't help but marvel at how quickly the times are changing. Looking back, when we first entered the market, we were still studying the Bitcoin whitepaper, and now we are learning Chinese just to trade coins. The Chinese meme coin craze sparked by Binance has not only attracted a large number of overseas investors but also ignited a wave of cross-cultural交流. From the data, the transaction volume on the BSC chain has surged dramatically, and new users are increasing rapidly. Behind this are not only speculative enthusiasm but also a reflection of the collision

#加密货币市场趋势 Reviewing the recent cryptocurrency market, it is not hard to notice some familiar cyclical features. The Bitcoin spot ETF IBIT under BlackRock experienced a massive outflow of funds in November, with a net outflow of up to $2.34 billion in a single month. This phenomenon is not uncommon in the multiple bull and bear cycles I have experienced. Usually, during price corrections, especially in investment tools with a high proportion of retail investors, such fund flows tend to occur.
Interestingly, despite the large-scale outflows, BlackRock remains optimistic about the long-term pros

Looking back on these years of airdrop projects, I can't help but feel a lot. Binance Alpha's this airdrop event reminded me of the wave of airdrops in the Ethereum ecosystem in 2017. At that time, everyone was frantically collecting various ERC20 tokens, hoping to catch the next 100x coin.
Now it seems that the Alpha points threshold of 252 points is indeed set quite high, clearly to filter out truly active users. This approach is commendable, as the original intention of airdrops is to reward community contributors, not short-term speculators who swoop in for quick gains.
However, the rule t

Looking back at the token sale strategies of crypto projects, it can be said they've experienced a rollercoaster journey. From the initial ICO frenzy, to the emergence of various innovative models, and now to stricter regulations—each step has left a deep mark.
Seeing Vitalik’s concerns about Zcash’s token voting mechanism, I can't help but recall Ethereum’s ICO years ago. At that time, token sales were still a brand-new concept, full of opportunities and challenges. Ethereum chose a public, transparent crowdfunding model, which was a bold attempt at the time and set a precedent for future pro

#Layer-1网络发展 Reflecting on the development of Layer-1 networks over the past decade, I can't help but feel a mix of emotions. From the dawn of the Ethereum era and its smart contract revolution, to the emergence of numerous "Ethereum killers," and now to the rise of new contenders like Monad, this space has been full of ups and downs. Every bull and bear cycle brings new public chain projects claiming to be the next Ethereum. But history has repeatedly shown that only a few can survive long-term.
Watching the exchange between Arthur Hayes and the Monad team, I am reminded of the glorious mome

#稳定币市场发展 Looking back at the development of the stablecoin market, it always feels like history is repeating itself. As early as 2018, I witnessed the first trust crisis of USDT, which was also triggered by reserve issues causing market panic. Now, Arthur Hayes has once again warned that USDT might be insolvent, which naturally makes me think of the scenes from back then.
Although Tether's size and influence are now vastly different, the core issues seem to remain unresolved. From S&P's downgrade and Hayes's analysis, Tether has increased its holdings in high-risk assets such as Bitcoin and g

Reflecting on these years in the cryptocurrency market, I can't help but feel emotional. From the earliest days of Bitcoin to the countless new projects emerging today, the rapid pace of market change is dizzying. The recent explosion of $CHOG within the Monad ecosystem once again proves the crucial role of technology in investing. I remember when OCR technology was first introduced to the crypto world, many people were skeptical. Now, it has become an essential tool for top players. From $YZY to $CHOG, the power of OCR is becoming increasingly evident.
This reminds me of the ICO boom in 2017,

#比特币价格走势分析 Looking back at the price trajectory of Bitcoin, it has truly been a rollercoaster journey. From initial obscurity to now being globally recognized, so many people's dreams and setbacks have been embedded in this curve. Now it seems that 2026 may become another turning point. Forbes predicts that the four-year cycle pattern might be broken, replaced by more stable and sustained growth. This reminds me of the early frantic predictions, which now seem somewhat naive. But on the other hand, market maturity often comes with reduced volatility, which may not be a bad thing for long-term

#加密市场投资策略 Looking back at history, I have witnessed the rise and fall of countless crypto projects. QwQiao from Alliance DAO shared insights on L1 token investments that made me reflect deeply. He mentioned that L1 tokens are not necessarily bad investments and that he wouldn’t short them, which indeed reflects the current market’s complexity.
Back in the 2017 ICO boom, many believed that various public chain tokens would shine brightly. However, over time, we saw different outcomes. Some L1 projects achieved great success, but many others faded into history.
QwQiao’s point about seeking the

#比特币现货ETF市场表现 Seeing Nasdaq's full-scale promotion of the tokenized stock initiative makes me think of the difficult journey of Bitcoin ETF applications over ten years ago. Back then, everyone was eagerly awaiting, but regulators were cautious and delays lasted for years. Now, Bitcoin ETFs have become a reality, and market performance has lived up to expectations, setting a benchmark for the integration of traditional finance and crypto assets.
Nasdaq's move is undoubtedly laying out for the next decade. If tokenized stocks can be implemented successfully, they will bring revolutionary change

#Layer-1网络发展 Looking back over many years of Layer-1 network development, it has to be said that current projects are increasingly resembling the old套路 from back in the day. Seeing Arthur Hayes comment that Monad could plummet 99%, I feel deeply. This kind of high FDV and low circulating supply token structure—isn't it the same套路 often seen during the ICO boom? Early rapid gains, then brutal sell-offs once insiders unlock, ultimately turning into a "bear chain."
From historical experience, most new Layer-1 networks do not escape failure. Those that survive through multiple cycles are usually

#稳定币市场风险 Reflecting on past stablecoin storms always evokes a sense of the market's cyclical nature. The 2026 forecast reminds me of the time during the LUNA collapse in 2022, when the entire industry was plunged into panic. But now it seems that crisis laid the groundwork for the regulation of the stablecoin market. Forbes predicts that by 2026, stablecoins will be ubiquitous, which aligns with my observations. The expansion of use cases for USDC and USDT indicates that stablecoins are gradually penetrating traditional finance. However, I believe market consolidation is inevitable. Just as t

#加密货币市场分析 Looking back on past cryptocurrency market cycles, it is not hard to see that the relationship between price and value is always complex and ever-changing. CZ's recent insights are quite perceptive—short-term price fluctuations may disconnect from actual value, but in the long run, the two will eventually converge. This reminds me of the early development of Bitcoin. At that time, many people only focused on short-term price movements, neglecting the importance of underlying technology and ecosystem development. The fact has proven that projects focused on long-term value creation a

Looking back at the development of crypto finance, another wave of innovation seems to be brewing. On-chain options are moving from the periphery to the core, reminiscent of the rise of DeFi back in the day. However, history has shown us that new things always advance through twists and turns. The internet bubble in the 1990s and the ICO craze in 2017 served as lessons learned. Currently, infrastructure is improving steadily, and user demand continues to upgrade. On-chain options might truly become the next hot spot. But we must remain vigilant: innovation is important, but risk control is ind