BlockBeats will organize the key industry news content of the week (6.23-6.29) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
Important News Review
Iran and Israel announced a formal ceasefire, and the United States was convinced that Iran's nuclear facilities had been completely destroyed; the crypto market temporarily recovered
On June 23, according to CNN, White House Press Secretary Carolyn Levitt reiterated on the show that the United States is convinced that Iran's nuclear facilities have been completely destroyed, and is highly confident that the attack took place at the storage site of Iran's enriched uranium. The next day, Iran and Israel announced a formal ceasefire. Influenced by this news, Bitcoin rose 8% overnight that night. On the 25th, Bitcoin rebounded and broke through $108,000. The market may be gradually getting rid of the panic caused by geopolitical wars. Related reading: "There is hope for a ceasefire between Israel and Iran, the Federal Reserve turns dovish, and BTC rises 8% overnight" , "The market will soon get out of the geopolitical crisis, but weakening BTC demand may lead to a larger pullback"
Xiao Feng: Hong Kong's stablecoin license will not be limited to Hong Kong dollar stablecoins, and the deployment of the network can be decided by the issuer
On June 24, Xiao Feng, chairman of HashKey Group, recently accepted an interview with BlockBeats and said that after the Hong Kong stablecoin license application is approved, stablecoins of various currencies can be issued, not just Hong Kong dollar stablecoins. At the same time, the blockchain network required for the deployment of the stablecoin issued will be determined by the issuer, that is, it can be Ethereum, Solana and other networks, or it can be a self-operated blockchain network.
Guotai Junan International and other Chinese securities firms have been approved to provide virtual asset trading services; all use HashKey Exchange's Omnibus service
On June 24, Guotai Junan International announced that Guotai Junan International Holdings Co., Ltd. (stock code: 1788.HK), a subsidiary of Guotai Haitong Group, was officially approved by the Hong Kong Securities and Futures Commission on June 24 to upgrade its existing securities trading license to provide virtual asset trading services and provide opinions on the basis of providing virtual asset trading services. After the upgrade, customers can directly trade cryptocurrencies such as Bitcoin and Ethereum and stablecoins such as USDT on its platform. On the 25th, the Hong Kong stock Guotai Junan International rose by more than 180%. According to people familiar with the BlockBeats who revealed to BlockBeats, leading brokerages including Guotai Junan, Tiger, and Futu have reached cooperation with HashKey Exchange. The cryptocurrency trading services recently added by these brokerages all use HashKey Exchange's Omnibus service. On the 26th, according to industry insiders who are directly involved in the application for virtual asset licenses and system docking, many local Hong Kong brokerages (such as Victory Securities, Aide Securities, etc.) have completed the No. 1 license upgrade. Guotai Junan International is not the only Chinese brokerage to apply for a license, and more institutions may join in the future. Related reading: "Guotai Junan soared 190%, and Hong Kong stocks are also welcoming the "crypto-stock" wave?" , "What are "crypto-stocks" speculating on? Sorting out the hottest cryptocurrency concept targets in the US stock market" , "The wind of compliance blows at both ends: Why did Guotai Junan International and HSK both soar? "
Trump plans to create a "shadow Fed chairman" first
On June 26, the Wall Street Journal reported that Trump was increasingly dissatisfied with the Fed's inaction on the issue of interest rate cuts, which prompted him to consider announcing the next Fed chairman in advance. Currently, the current chairman Powell has 11 months left in his term. According to people familiar with the matter, in recent weeks, Trump has been considering whether to select and announce Powell's successor in September or October this year. The candidates Trump is considering include former Federal Reserve Board member Kevin Warsh and National Economic Council Director Hassett. In addition, Treasury Secretary Bessent was also recommended as a potential candidate by their supporters. Other possible nominees include former World Bank President Malpass and current Federal Reserve Board member Waller. This early announcement allows the nominee to influence the market's expectations of the future interest rate path in advance. Related reading: "The Fed is about to change its coach, and the market has already bet on "big easing" in advance?" "Trump has called Powell 17 times, why is the Fed not in a hurry to cut interest rates?"
The Federal Housing Finance Agency is considering including cryptocurrencies in mortgage assets
On June 26, Pulte, director of the Federal Housing Finance Agency (FHFA), posted on social media: "After research, and in line with President Trump's vision of making the United States the capital of cryptocurrency, today I ordered Fannie Mae and Freddie Mac to prepare their businesses to include cryptocurrency as a recognized asset for mortgage applications." Related reading: "Bitcoin loan to buy a house? The US FHFA is considering incorporating cryptocurrency into the mortgage system"
The community revealed that Humanity may be a "domestic project shell", and palm print collection caused concerns; Humanity responded: No private information will be collected
On June 23, according to several KOLs on the X platform, Humanity Protocol (H) may be a "domestic project shell", and pictures of Shenzhen access control manufacturer Zhangteng Information are left in the APP code material library. Some netizens also said that the popularity of its social platform is mostly directed and performed by the project's small account, and the actual user participation is questionable. On the same day, the founder of Humanity Protocol responded in a statement, "An old version of the Humanity application (v1.0.2) accidentally included some legacy image resources that are not related to the official system when it was packaged. These are only residual files from the early testing phase and are not actually called by the application. We have now removed the relevant files and pushed clean version updates to major app stores. The "Zhangteng Information" mentioned in the article is our technical partner in the early hardware evaluation and infrastructure construction process. The founder of the company was a senior engineer at Tencent and has been recognized by the industry for the stability and security of its technology. This cooperation is limited to the technical level. Humanity will not collect original palm print images or any personally identifiable information. "
Kaspersky reveals a new virus that specializes in encrypting user seed phrase screenshots; Coin responds: User data is always safe
On June 24, cybersecurity company Kaspersky said that malware called SparkKitty has been active since at least early 2024 and may be related to a similar malicious program called SparkCat. SparkKitty specializes in stealing photos from infected devices in order to find seed phrase for encrypted wallets. Kaspersky found that two applications used to spread the malware were related to cryptocurrency. One of the applications, called "Coin", was disguised as an encrypted information tracker and was listed on the App Store. On the same day, Coin responded to this: it admitted that it had accessed a third-party SDK provided by a trading platform, but the high-risk functions involving album permissions and image uploads in the SDK were disabled from beginning to end, never activated or triggered, and user data was not affected in any way.
Glue founder accuses Across team of manipulating DAO votes and stealing $23 million from the treasury; Across co-founder denies the allegations
On June 27, Glue founder Ogle posted on social media accusing the Across Protocol team of manipulating DAO votes through privacy and embezzling approximately $23 million from the protocol treasury. Ogle said that the Across team launched multiple votes in 2023 and 2024, proposing to transfer a total of 150 million ACX to Risk Labs, a for-profit company established by the Across team, in the name of "strategic investment" and "retroactive funding", and then use other addresses that can be traced back to the associated traces to manipulate the vote. On the same day, Across co-founder Hart Lambur issued a statement denying the two allegations. Hart said that Risk Labs is a non-profit foundation subject to Cayman law and that the funds are used for protocol development. In response to the accusation that "the governance process was manipulated by insiders", Hart said that team members were free to use the tokens they purchased to vote, the proposal was passed without a dissenting vote, and the process was transparent. Related reading: "Across Protocol governance scandal: the team manipulated DAO governance votes and misappropriated $23 million from the treasury"
Kraken moves headquarters to Wyoming, a state with a long history of supporting crypto policies
On June 20, cryptocurrency trading platform Kraken is moving its headquarters from San Francisco to Cheyenne, Wyoming. The move reflects Kraken’s confidence in Wyoming’s leadership in digital asset policy and builds on its collaboration with the state over the past four years - including providing a $300,000 crypto education grant to the University of Wyoming and co-hosting the first Wyoming Blockchain Symposium in Jackson Hole. Wyoming has become a gathering place for crypto companies due to its low tax environment, liberal tradition, and bipartisan support for crypto legislation. Related reading: "Moving the capital to Wyoming, can Kraken take over from Circle and create the next billion-dollar IPO?"
China Renaissance Capital Holdings plans to invest $100 million in Web3 business and crypto assets
On June 26, China Renaissance Capital Holdings (01911.HK) announced that the board of directors decided to enter the Web3.0 and cryptocurrency asset fields while consolidating China Renaissance's existing business, and approved a total budget of US$100 million to be used for the group's development of Web3.0 business and investment in cryptocurrency assets over the next two years. Previously, the group's fund had successfully invested in Circle, and completed listings and multiple rounds of financing for many leading cryptocurrency companies. In the future, the group will increase its investment and development efforts in stablecoins, RWA, and the entire cryptocurrency chain ecosystem, and actively expand the application and upgrade of related business licenses. Influenced by this news, on the 27th, China Renaissance Capital Holdings rose by more than 30%.
The Hong Kong Digital Asset Development Policy Declaration 2.0 was released, and the Hong Kong government is committed to making Hong Kong a global innovation center in the field of digital assets.
On June 26, Hong Kong released the "Hong Kong Digital Asset Development Policy Declaration 2.0", reaffirming the government's commitment to building Hong Kong into a global innovation center in the field of digital assets. The "Policy Declaration 2.0" sets out the government's vision of building a trustworthy and innovative digital asset ecosystem, with risk management and investor protection as the top priority, while striving to bring substantial benefits to the real economy and financial markets. The new policy declaration focuses on: optimizing laws and regulations, expanding the types of tokenized products, promoting application scenarios and cross-sector cooperation, and developing talents and partners.
YZi Labs announces investment in decentralized entertainment platform MEET48
On June 26, according to official news, YZi Labs announced its investment in MEET48, a decentralized entertainment platform from the BNB Chain MVB (Most Valuable Builder) accelerator, which aims to address challenges in fan interaction through token-driven solutions. This round of financing will accelerate the development of MEET48 and further enrich its Web3 fan experience through virtual performances, idol development games and real-world activities.
Galaxy's new fund successfully raised $175 million, marking its first external capital
On June 26, Fortune reported that Galaxy is expanding its venture capital business through a $175 million fund. On the same day, Galaxy announced the completion of the final fundraising, which exceeded the initial target of $150 million. It is reported that this is the first time Galaxy has accepted external capital, but the company still serves as an anchor investor in the fund through its own funds, while serving as both a limited partner of the fund and holding general partner interests. As a company listed on Nasdaq in May, Galaxy's new fund also provides retail investors with a rare opportunity to participate in crypto venture capital portfolios.
The Cork Protocol attacker transferred more than 4,500 ETH to Tornado Cash along with a donation. The Tornado Cash co-founder said it would return the money to the Cork team.
Previously (May 28), Cork Protocol was attacked and lost about $12 million. On June 25, according to Paidun monitoring, the address marked as "Cork Protocol Exploiter 2" has transferred 4,520 ETH (worth about $11 million) to Tornado Cash and donated 10 ETH to the Tornado Cash Developer Legal Aid Fund. On the 26th, Tornado Cash co-founder Roman Storm posted on the X platform: "My defense lawyer cannot accept these funds, and these funds will be returned to the Cork team."
Since June, US crypto stocks have significantly outperformed the alt market, and crypto treasury companies have performed well.
On June 25, according to market information, most US crypto stocks have seen significant gains since June. During the same period, the total market value of Altcoin excluding Bitcoin (total2) has risen from $1.231 trillion at the beginning of the month to the current $1.304 trillion, an increase of 5.93% since June. The Altcoin market has widened the gap with crypto stocks this month. Crypto stocks such as Circle, Coinbase, Riot Platforms, and Hut 8 Corp have performed well. At the same time, many US-listed companies that announced crypto reserves have risen by more than 50%. Related reading: "US-listed companies are flocking to "buy coins", how effective is the second growth curve?"
Source: OKX is considering an IPO in the United States
On June 23, according to Yueqi Yang, a crypto reporter from The Information, cryptocurrency trading platform OKX is considering an initial public offering (IPO) in the United States after returning to the U.S. market in April this year. Influenced by this news, OKB rose by more than 4% in the past hour. Related reading: "OKX hits the U.S. stock market, will the CEX industry usher in a new turning point in the "listing boom"? " , "Binance's capital chess game: What impact will the restart of IPO have on the crypto? "
Texas state government to allocate $10 million to buy Bitcoin
On June 24, it was reported that Texas became the first state in the United States to establish an independent Bitcoin reserve backed by public funds after the governor of Texas signed Senate Bill No. 21 last weekend. The bill requires the state government to establish a Bitcoin reserve that is managed independently of the main fiscal system. Unlike Arizona and New Hampshire, which have only passed similar legislation, Texas not only authorized the establishment of this reserve, but also actually provided financial support. The state government will allocate $10 million to purchase Bitcoin to enrich the reserve. Related reading: "Interpreting the Texas Bitcoin Reserve Act: $10 million allocated, independent of the state fiscal system"
Celestia founder responds to community questions: The team now has over $100 million in cash reserves, and cash flow can support over 6 years of operations
On June 23, Twitter user 0xCircusLover broke the news that "Celestia's senior management team will unlock all tokens in October 2024. In addition, Celestia founder Mustafa Al-Bassam sold more than $25 million worth of TIA tokens through OTC and moved to Dubai." In response, Mustafa posted a message on the 24th saying, "I have been involved in the cryptocurrency field since 2010. I know that to survive in this industry, you must have perseverance and be able to withstand various tests, because all tokens will experience a 95% drop at some stage in their life cycle. We have more than $100 million in reserves and cash flow can support more than 6 years of operations, so we are ready for a protracted war, no matter how long it takes." Related reading: "A 92% drop, Celestia's new proposal to revolutionize "POS""
Nano Labs raised $500 million in private placement for BNB reserve strategy; CZ: Did not participate in this round of financing, but gave strong support
On June 24, Nano Labs Ltd (NASDAQ: NA) announced that it had signed a convertible bond subscription agreement. The agreement issued convertible promissory note bonds with a total principal of US$500 million through convertible bonds and private placements to purchase BNB worth US$1 billion. On the same day, Nano Labs' US stock rose by more than 170%. The long-term goal is to hold 5% to 10% of the total circulation of BNB. Binance founder CZ posted a message on the same day saying, "Nano Labs Ltd in the US stock market has become a strategic reserve listed company that only holds BNB. We (my affiliated entities) did not participate in this round of financing, but still give strong support." CZ also said that several companies are currently trying to "BNB version of Micro Strategy".
Circle (CRCL) has risen by more than 740% since its listing, and its market value has reached 103.6% of USDC
On June 24, stablecoin issuer Circle Internet Group (CRCL) continued its upward trend, with a market value of over $63.89 billion. Based on the stock price of the day, it has risen by more than 749% compared with its IPO price (US$31 per share), and its total market value has reached 103.6% of its USDC market value. However, in the following two days, Circle's stock price fell slightly, but remained stable at a high level. Related reading: "Who captured the economic value of USDC behind the CRCL pullback?" , "USDC supply and Circle valuation: Is the $58 billion market value a bubble or undervalued?"
DeFi protocol Resupply suffered an attack, losing $9.6 million; Onekey founder spoke out, demanding a fair solution
On June 26, a security breach occurred in the wstUSR market of the decentralized finance (DeFi) protocol Resupply, resulting in a loss of approximately $9.6 million in crypto assets. Blockchain security company Cyvers said the attack was triggered by a price manipulation attack involving the protocol's integration with a synthetic stablecoin called cvcrvUSD. The next day, Onekey founder Yishi published a post on the incident, demanding that Curve provide a fair solution to every investor and return user funds lost due to the project's mistakes.
Bloomberg: GF Securities (Hong Kong) launches interest-bearing tokenized securities backed by offshore RMB
On June 27, Bloomberg reported, citing people familiar with the matter, that the Hong Kong subsidiary of GF Securities Co., Ltd. began offering tokenized securities with interest in currencies such as the U.S. dollar, Hong Kong dollar and offshore renminbi. The person said that the company's daily interest-bearing, daily redeemable tokenized securities are called "GF Token". Among them, the U.S. dollar token is based on the Secured Overnight Financing Rate (SOFR), while the interest rates of the Hong Kong dollar and RMB products are not yet clear. The person said that this token is only available to institutions and professional investors. It can generate interest on short-term idle funds and can also be used to convert between other tokenized assets. The token is issued on the chain and will be traded on Hashkey, a licensed cryptocurrency trading platform in Hong Kong. GF Securities (Hong Kong) did not immediately respond to this.
U.S. Senate Banking Committee Chairman: Crypto Market Structure Bill Will Be Completed Before September 30
On June 27, U.S. Senate Banking Committee Chairman Tim Scott reportedly said that the crypto market structure bill will be completed by September 30, which is beyond the August deadline previously set by Trump.
Curve Ecosystem DeFi Protocol Resupply suffered a price manipulation attack and lost $9.6 million. Onekey founder Yishi tweeted to demand Curve to provide a solution
On June 26, a security breach occurred in the wstUSR market of the decentralized finance (DeFi) protocol Resupply, resulting in a loss of approximately $9.6 million in crypto assets. The attack was triggered by a price manipulation attack involving the integration of the protocol with a synthetic stablecoin called cvcrvUSD. Subsequently, Onekey founder Yishi, as one of the three largest investors in Resupply, called on Curve to provide a fair solution to every investor and return the user funds lost due to the project's mistakes.
Yishi said that he was one of the three largest investors in Resupply, and the loss of this attack involved millions of dollars, which not only caused significant economic losses but also brought tremendous psychological pressure. His main position for defending his rights is: many investors, including him, made large investments based on the fact that Resupply was considered to have the credibility of Curve; the loss was not caused by market fluctuations or bad debt events, but a technical failure - the ERC4626 inflation vulnerability, because the team failed to destroy the initial share when deploying the new vault; the Resupply team lacked a sense of responsibility in shifting the losses to the insurance pool depositors. The purpose of the insurance pool is to cover black swan events and market risks, not internal negligence. The Resupply team also did not state in advance in the agreement that the insurance pool could bear the losses caused by the team's errors; Curve and crvusd have gained substantial benefits from Resupply, and they should not be allowed to give up. The vulnerability is not a market problem but a design and deployment flaw. The responsibility lies with the team rather than the users, and the treasury of Convex or Yearn should share the responsibility.
On June 27, Tim Shekikhachev, a member of the Resolv team, posted that Resolv has released more than 15% of its token supply to the market, including airdrops, market maker inventory, and incentive budgets. Most of it went to early users. Some investors short the tokens in anticipation of a sell-off in the open market and planned to buy them back at a low price. Considering the aggressive sell-off that usually occurs after an airdrop, this strategy makes sense. Smart investors will want to re-enter the market at a lower valuation to get greater returns. Tim added: "The Resolv Foundation did not sell any tokens during this period. In fact, we are firm buyers at the current price - purchasing 1.6 million RESOLV at an average price of about $0.15 in the past 24 hours."
Onekey founder Yishi's remarks on defending his own rights and interests in the Resupply incident (including calling on Curve to bear certain responsibilities for Resupply) attracted opposition from many developers. He was banned from the official Discord of Resupply for making remarks that "threatened the team". What's worse, some people sent racially insulting insults to Yishi through private messages (it is not clear whether they were from the project staff).
Binance Alpha continues to launch high-density airdrops this week, but the average daily trading volume has dropped significantly compared to previous weeks
The airdrop details are as follows:
June 23: 250 CARVs; Phase 1: Points ≥ 247; Phase 2: Points ≥ 198, first come first served, claiming costs 15 points.
June 24
· 1,666 MGOs. You can participate if you have ≥210 points. First come, first served. 15 points are required to apply.
· 4,800 DMCs; Phase 1: Points ≥ 248; Phase 2: Points ≥ 210, first come first served, claiming consumes 15 points;
· 125 NEWTs; Phase 1: Points ≥ 241; Phase 2: Points ≥ 180, first come first served, claiming consumes 15 points;
June 25: 1,600 H; Phase 1: Points ≥ 230; Phase 2: Points ≥ 180, first come first served, claiming consumes 15 points;
June 26
· 3125 XO; Phase 1: Points ≥ 239; Phase 2: Points ≥ 198, first come first served, claiming consumes 15 points;
· 1,000 SAHARA; Phase 1: Points ≥ 223; Phase 2: Points ≥ 180, first come first served, claiming consumes 15 points;
June 27
· 400 MORE, you can participate if you have ≥170 points, first come first served, and it costs 15 points to apply;
· 10,000 CESS. You can claim if your points are ≥170. It costs 15 points to claim.
Binance Alpha's daily trading volume is around $500 million, continuing last week's downward trend and down more than 70% from its peak of $2.04 billion.
The US FBI arrested the Dark Web hacker "IntelBroker" who sold stolen data through a $250 Bitcoin sting operation
On June 26, it was reported that a British man was charged with selling stolen data while using the alias "IntelBroker" on cybercrime forums, resulting in losses of more than $25 million. The U.S. Attorney's Office for the Southern District of New York announced the indictment of Kai West. According to the indictment, an undercover law enforcement officer sent a private message to "IntelBroker" to purchase a victim's data for $250 worth of Bitcoin (BTC). The other party provided an address belonging to West, and after the payment was completed, the other party delivered the data, which allegedly included three administrator-level usernames and passwords. West and his online partners had listed the illegally obtained data for sale for more than $2 million. He was subsequently arrested in France in February of this year, and the United States is currently seeking his extradition.
Iranian Cryptocurrency Exchange Nobitex Releases Service Restoration Plan
On June 24, Nobitex, an Iranian crypto trading platform that suffered a loss of about $100 million after being attacked by a pro-Israel hacker group, released a service recovery plan. Platform services will be gradually restored in stages: the first stage will start on June 25, and all users will need to re-authenticate through the web version to ensure account security. Most platform functions will remain closed during the verification period; the second stage is expected to start on June 28, and users who have completed the verification will regain account access rights; the third stage will start on June 30, and the platform will gradually open withdrawal, recharge and trading functions, and specific details will be announced in subsequent updates.
This week's big rounds: Veda, Digital Asset, Polymarket, Zama, Kalshi, OpenRouter
On June 23, DeFi infrastructure company Veda announced the completion of US$18 million in financing, led by CoinFund.
On the 24th, Digital Asset, the developer of the privacy blockchain network Canton Network, completed a $135 million financing, led by DRW Venture Capital and Tradeweb Markets.
On the 24th, Polymarket is about to complete nearly US$200 million in financing, with a valuation of over US$1 billion.
On the 26th, Zama, a provider of fully homomorphic encryption, completed a $57 million Series B financing round, led by Blockchange Ventures and Pantera Capital. This financing will bring Zama's total capital raised to more than $150 million, with a valuation of more than $1 billion, making the company the first unicorn company to participate in FHE.
On the 26th, Paradigm will support the compliance prediction market Kalshi to complete a $100 million financing with a valuation of more than $1 billion. Related reading: "Silicon Valley vs. Washington, Polymarket and Kalshi fight for life and death"
On the 27th, AI model market platform OpenRouter completed a $40 million seed round and a Series A round of financing, with a valuation of approximately $500 million. This round of financing was led by Andreessen Horowitz and Menlo Ventures, with participation from Sequoia and several well-known industry investors.
This week's hot articles
"On the 154th day after taking office, Trump paid off more than $100 million in debt"
On the 154th day of his second term, Trump shocked the market by spending $114 million in cash to repay a high-risk loan at 40 Wall Street in Manhattan. This money may have come in part from his vast wealth network built through cryptocurrencies, brand licensing, and media platforms, including huge USDT redemptions on the TRON chain, cashing out Meme coins issued by his family, and Trump Media's equity realization. After six corporate bankruptcies and mainstream bank cuts, he turned to shadow banking financing to rebuild his business empire. This "all-cash repayment" not only demonstrated his amazing ability to mobilize funds, but also triggered widespread doubts about the source of his wealth, market operations, and political and financial relations.
"Female Buffett made 200 million from CRCL. Short Circle now?"
Circle's stock surge triggered a market frenzy, and its market value once surpassed its issued USDC, becoming the focus of capital narrative in the stablecoin track. Although institutions such as ARK Invest have begun to realize their profits, the market still maintains a one-sided bullish sentiment against the backdrop of high short costs and small circulating stocks. US stock investors are keen on grand narratives, while crypto traders have serious differences in fundamental valuations. This compliant stablecoin craze, supported by giants such as BlackRock, may have just begun.
"CRCL hits new high, Circle executives and VCs collectively sell $2 billion"
Circle's stock price has continued to soar since its listing. CRCL has soared from its issue price of $29.30 to $300, becoming one of the biggest winners at the intersection of Wall Street and the crypto circle. However, in this equity feast of the leading stablecoin, the earliest executives and venture capitalists have become the "losers" who missed the main uptrend. Many of them chose to reduce their holdings on the day of the IPO, missing out on potential gains of billions of dollars in just two weeks. This not only reveals a serious misjudgment of market expectations, but also reflects the cognitive gap between the primary and secondary markets in the new era of crypto finance. When even the founders cannot predict the true value of their own stocks, we may have to rethink: In this era full of narrative drive and emotional leverage, who is the real smart money?
"Having missed Circle's 7-fold increase, is it too late to long on Coinbase now?"
Recently, Circle’s strong performance since its listing has made investors who missed the opportunity feel excited. Many miss the pump who missed the opportunity are actively looking for alternatives to Circle. Among them, Coinbase has the highest voice. After all, it has a close business relationship with USDC. Investors widely believe that the market’s future expectations for Circle and USDC can also be premium to Coinbase’s stock price.
Is pump.fun worth $4 billion now?
As the meme coin craze recedes, pump.fun, which is valued at $4 billion, is facing a liquidity recession, market doubts and transformation pressure. It is no longer just a fast-paced coin issuance platform, but is trying to turn to building a "decentralized media" and reshape its influence by cultivating live streaming influencers and community culture. Although the coin issuance plan has sparked controversy over whether to draw blood, its content strategy and creator incentive mechanism centered on the aesthetics of Generation Z show the potential to regain its dominant position in the next round of meme craze. Meme coins will not die, because young people still need a narrative stage to change their destiny.
The tokenization of private equity is becoming a new narrative beyond stablecoins. Projects such as Jarsy, Republic, and Tokeny are trying to break the high threshold, low liquidity, and institutional monopoly of the traditional private equity market. Through blockchain technology, the equity assets of unlisted star companies such as SpaceX and Stripe are put on the chain, allowing retail investors to participate in the growth dividends of the primary market with a threshold as low as $10. Although this trend shows great potential for reshaping financial access and asset liquidity, it still faces multiple challenges such as legal compliance, structural design, and trust mechanisms. The real test of RWA has just begun.
An ordinary person who used to be the deputy director of a state-owned enterprise was deeply mired in the high-leverage transactions in the crypto. His cumulative losses from cryptocurrency trading reached 3 million. He borrowed money four times but failed to make a comeback. Eventually, he had to drive an online car-hailing service to pay off his debts. His family broke up, his parents severed ties with him, and his life was a mess. He personally recounted the whole process from "cutting meat with a blunt knife" to psychological loss of control, and also revealed the deep dilemma of ordinary people in the crypto who are caught up in information asymmetry and greed. Under the illusion of getting rich quickly is the price and downfall of countless ordinary people after their dreams are shattered.
Under the premise that holding mainstream coins such as BTC, ETH, and SOL is not allowed, many people in the crypto industry shared their investment targets in the long-term cycle of 3-5 years: the head of Base is optimistic about Coinbase stocks, Ansem chooses Worldcoin related to decentralized identity, Auri recommends Starknet, which has privacy and decentralization advantages, and Fishy Catfish supports Chainlink, which is leading in RWA and data services; others are optimistic about Jito, Zcash, AAVE, MKR and other projects with long-term potential and income capabilities, and even regard SPX as a "sports meme coin" with cultural narrative value. These views reflect the long-term beliefs and risk aversion strategies of current market participants in various tracks.
"WLFI is about to go public: What is its valuation? Will it become the next TRUMP?"
The news that the Trump family's crypto project WLFI will soon open transfers has attracted strong market attention. The over-the-counter price of the token has risen to US$0.12, ten times the first round of pre-sale price; three rounds of pre-sales have raised a total of more than US$550 million. Current holdings are highly concentrated in large investors, with Trump himself holding 15.75% and Justin Sun holding 3%. If there is no limit on the release in the future, there will be a huge risk of selling pressure from large investors; if calculated at US$0.12, WLFI's circulating market value is approximately US$3.12 billion, and the optimistic price is expected to hit US$0.5 to US$1, but due to concentrated holdings and market trust, future market fluctuations may be severe.
"Why did Meta, Amazon, and Microsoft collectively "ignore" Bitcoin?"
Bitcoin is still a radical strategy for a minority of companies as a reserve asset. Most technology giants such as Meta, Amazon, and Microsoft have explicitly refused to adopt it due to price volatility, regulatory uncertainty, and shareholder value risks, emphasizing financial stability and core business priority. Strategy has become an alternative representative by purchasing large amounts of Bitcoin to achieve a surge in stock prices, but it is also exposed to the high risks brought by the volatility of the crypto market. Overall, companies are still carefully weighing the balance between innovation and risk, and the Bitcoin reserve strategy is unlikely to become mainstream in the short term.
In his speech in 2014, Mai Gang systematically expounded his deep understanding and high recognition of Bitcoin, believing that Bitcoin not only surpasses traditional currencies such as gold in technology, but also has new-age characteristics such as low cost, high security, and decentralization. He emphasized that Bitcoin simulates the essence of "perfect currency", is a trustless, automatically operated clearing network, and is also a key tool in the international currency game. Mai Gang reminded Chinese society to face up to the global power reconstruction behind Bitcoin, be wary of the United States recreating financial hegemony by controlling its computing power, reserves and pricing power, and called on entrepreneurs and the public to deeply understand and actively participate in the game of the Bitcoin era, and should not miss the opportunity to transform the global monetary system again.
Tim Draper, as the heir of a three-generation investment family, is famous for his early bets on Baidu, Skype, Tesla and Bitcoin, and is one of the most determined evangelists of Bitcoin. He became a creditor as early as the Mt. Gox era due to the loss of 40,000 Bitcoins, but he still bought Bitcoin auctioned by the US government at a high price and continued to invest in blockchain talent training and infrastructure construction. Draper firmly believes that Bitcoin will replace the US dollar as the global reserve currency, and predicts that the price of Bitcoin will reach 250,000 US dollars in 2025. He emphasized that investment should focus on mission and passion rather than short-term data, and support technological change in a 5 to 10-year cycle, encouraging innovators to seize the opportunity of global financial reconstruction during the regulatory transition period.
From a Crypto Quantitative Giant to an Infrastructure Hermit, Jump Crypto's "Atoning" Transformation
Jump Crypto, once a high-frequency trading giant, withdrew from the market in a low-profile manner after the collapse of Terra, the hacking of Wormhole, and the bankruptcy of FTX. Recently, it announced a high-profile return as a "crypto infrastructure builder" in an attempt to get rid of old controversies and rebuild market trust. It not only emphasizes its core technical contributions in projects such as Pyth, Wormhole, and Firedancer, but also rarely discloses its participation in US crypto policy lobbying and launches a new round of investment layout, indicating that it is seeking role transformation with the help of policy recovery and technology investment, and regaining a key position in the on-chain ecosystem.
Roman Storm faces up to 45 years in prison for developing the decentralized privacy tool Tornado Cash, and his case has become the focus of the game between technological freedom and government regulation. Although the tool is designed to protect user privacy, it has been accused of facilitating money laundering, especially after North Korean hackers used it to transfer stolen funds, triggering a regulatory storm. Storm insisted on technological neutrality and emphasized that he had no right to control the flow of funds. The crypto community and the Ethereum Foundation have expressed their support and regarded his trial as a key case to determine whether software developers are responsible for user behavior. This lawsuit not only concerns his personal destiny, but also affects the definition of privacy rights and freedom of innovation in the entire digital age.
Solana treasury concept stock Upexi suffered a flash crash due to investors' concentrated resale of stocks, plummeting by more than 60%, exposing the high risk of the so-called "on-chain micro-strategy" model; although it was previously favored by institutions and raised $100 million to hoard SOL, almost all of its initial circulating shares were registered for resale, and the value was quickly lost. Other similar companies such as DeFi Development, Sol Strategies, and SharpLink Gaming are also in a similar predicament. Although a new round of coin stock craze is still spreading, including BNB and Hype concept players have appeared one after another, the plunge of early players has revealed that the "hoarding coins to prolong life" model is difficult to support the company's fundamentals in the long run.
Under the pressure of sanctions, large-scale Bitcoin mining led by the Iranian government has become an important means to bypass financial blockades. However, due to the abuse of subsidized electricity and the proliferation of secret mines controlled by the Islamic Revolutionary Guard Corps, the power grid is overloaded, power outages are frequent across the country, and people's livelihood and economy are severely damaged. Although the authorities have cracked down on scattered illegal mining machines, the real power black holes are hidden in large facilities protected by power, forming a corrupt "crypto monopoly group" that continues to devour national energy resources, triggering social anger and a crisis of trust in the system.
"Betting $50,000 against Aave, can Polygon's new coin KAT support its dual-currency ambitions?"
The public bet between Aave core members and Polygon CEO on the market value prospects of the new coin KAT reveals not only the disagreement on the token economy, but also the deep doubts about Polygon's multi-coin strategy and governance philosophy. KAT is a key move for Polygon to reshape the DeFi ecosystem. It aims to repair the ecological bleeding after the withdrawal of Aave and Lido, and reconstruct the liquidity foundation through airdrops, incentives and independent infrastructure; but the dual-coin structure may dilute the value of POL and intensify governance uncertainty. Behind the bet is a contest of ecological transparency, protocol collaboration and user trust. Whether KAT can carry the new narrative of Polygon still needs to be verified by the market and time.
The next stop for stablecoins: international payments, U.S. stock tokenization, and AI Agents
Stablecoins are moving from marginal assets to the core of financial innovation, and the two emerging application scenarios of US stock tokenization and AI Agent have become the driving force: the former has rekindled the RWA craze and expanded the demand for stablecoins under the promotion of institutions such as BlackRock, Coinbase, and Kraken; the latter makes AI automatic payment possible through smart contracts and light account systems, improving the convenience of use. Combined with global payment landing scenarios and policy support, stablecoins are expected to become a key tool for attracting global liquidity, but their large-scale popularization is still limited by blockchain performance bottlenecks and fierce market competition.
《Pantera Capital: Why did we invest in Worldcoin?》
Against the backdrop of the rapid popularization of AI content and agents, World is committed to building a global "human proof" network that verifies unique real identities through biometric means such as iris scanning, and implements a privacy-protected and censorship-resistant identity system based on Worldchain. Founded by OpenAI CEO Sam Altman, World has certified more than 12 million people, covering key scenarios such as games, dating, social networking, and advertising. At the same time, it is accelerating the distribution of hardware devices and global expansion, aiming to verify 5 billion humans, build a decentralized digital identity infrastructure, and release huge commercial and strategic value in the future on-chain economy and digital society.
Which Web2 businesses are more suitable for the rapid introduction of stablecoins?
With the advancement of supervision and the accelerated layout of payment giants, stablecoins are moving from concepts to practical applications. Their instant settlement, low cost, global access and programmable features are redefining business models such as cross-border remittances, corporate settlements, payroll and card issuance. This article systematically sorts out how To C financial technology, B2B commercial banks, payroll platforms and card issuers can specifically introduce stablecoins to achieve round-the-clock settlement, liquidity optimization and global expansion, and points out that companies that take the lead in deploying stablecoin strategies will gain significant cost advantages and market leadership.
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