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The Trump vs Musk fight is just another meme. Big egos are gonna ego anyway.
Crypto’s still on track. Fundamentals are still bullish.
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Crypto firms are going public, fast. Here’s what I’m watching: Despite weak liquidity, public market crypto proxies, especially compliant, cash-flow-generating firms, have outperformed most altcoins. That says a lot. However, the “crypto treasury” trend seems to be growing too fast. It’s giving SPAC déjà vu. Great narrative, but shaky fundamentals. My ideal sustainable play would be: stablecoin issuers/exchanges with audited reserves + profits + strong governance + regulatory alignment. Zooming out, Bitcoin and global risk assets are now in a narrative vacuum. The market lacks fresh catalyst and strong momentum. We’re all waiting on one thing: macro alignment on rate cuts (and Powell is still stalling). Until then, alpha lives where credibility meets compliance.
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在过去几年,我们习惯了“大饼涨,豪表也涨”的節奏,甚至成了币圈一种默认逻辑。但2025年的这一轮牛市却有点不一样。加密资本的走向、市场的心态、宏观环境的变化,都在重塑整个币圈生态。 昨天我在@CryptoSlate上发表了一篇英文文章,就讨论了这个挺有趣的现象。虽然原文是英文的,但我知道很多华语区用户也关心这个话题,所以特别整理了一个中文摘要,跟大家一起探讨这轮周期不一样的地方。 还记得2021年那会儿,比特币冲上$69,000的ATH,很多人第一反应是去排队买劳力士、PP、甚至Lambo。那时的财富来得快,大家也花得狠,大饼和豪表的价格趋势几乎是正相关的。但到了2025年,尽管BTC突破新高,奢侈品的行情却没跟上。根据WatchCharts数据,高端手表价格从2023年底开始就几乎横盘。我把这种现象称为“比特币与奢侈品的脱钩”。 为什么会这样?我观察到几点趋势: 1. 投资者画像变了 ETF的推出带来了大量机构资金,这些新玩家不是来炒memecoin或买NFT的。他们关注的是配置、风险管理和长线布局。我们平台上的产品使用行为也变了,用户的问题不再是“下一个暴涨币是啥”,而是怎么在TradFi和Crypto之间分散风险。 2. 比特币不再是炫富工具,而是战略资产 如今,赚到钱的投资者更多是把收益放入多签钱包、买节点、配置ETF,而不是冲去买表买车。奢侈品依然有吸引力,但投机泡沫已经被挤出,市场在变得更理性。 3. 宏观环境紧缩,流动性不再泛滥 全球央行还在摸索利率政策,通胀压力仍在,流动性吃紧。在这种环境下,大家更愿意买能保值的资产,而不是高调消费。 4. 比特币越来越像黄金 数据显示,比特币和黄金的走势相关性明显提升。当股市不稳,黄金涨,比特币也开始有类似走势。这说明比特币的角色正从风险资产向对冲工具转变。 我相信这是一种健康而成熟的改变,这代表币圈必须跟上新的节奏。除了做交易,我们也需要面向未来,打造更合规、安全、有长期价值的金融基础设施。 原文 👇
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The GENIUS Act is a pivotal move by the US to institutionalize stablecoins, and by extension, globalize dollar demand. With strict reserve requirements tied to Treasuries, it reinforces USD dominance and helps stabilize bond market fragility. In a world
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Had the pleasure of speaking at a startup comp at @hkust last week. The participating projects were ambitious, especially in AI and life science, but web3 was absent. It got me thinking: maybe we’re not doing enough to bridge the gap between web3 and universities. Better education, stronger mentorship, and real-world use cases matter. The next wave of builders is already here. Any bold ideas to bring them into web3?
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Earlier today, I took part in a media interview that felt a bit off—and this afternoon, I lost access to my Telegram. Some friends also received suspicious DMs from my X account. We've regained control of this X account, but my Telegram is still in the process of recovery. If you received any strange DMs from me today on X or Telegram, please ignore them and stay alert—do not click on any suspicious links. Apologies for the confusion caused. This June, Bitget is running its #BitgetAntiScamMonth campaign to raise awareness around security. As hackers and scammers grow more sophisticated, staying safe is an ongoing effort. I’ll be learning and growing with all of you—keep studying, stay safe. 🙏
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