steven_research
554,098 views
143 Discussing
Hot
Latest
See original
RUG PULL POLY HEDRA #ZKJ
Yesterday, 15/06/2025, Token $ZKJ dropped 87%, from 2.00 USD to 0.25 USD in 24 hours, with liquidations of 99 million USD on Binance.
- Suspected rug pull: Internal wallets (including 0x558e6b) liquidated 40 million USD, combined with the unlocking of 15.53 million $ZKJ, causing a liquidity crisis.
- The event occurred on the day, shocking the crypto community. Detailed analysis
- Over 99 million USD was liquidated, mainly on the ZKJ/USDT pair.
- In addition, the unlocking event of 15.53 million $ZKJ led to a sudden increase in supply, resulting in selling pressure and liquidity crisis, consistent with on-chain data from 15/06/2025.
- There was no trading volume before the price drop, suggesting the price was artificially suppressed in preparation for a sell-off.
- 0x558e6b sold 40 million USD $ZKJ, while 6 whale wallets sold 5.23 million $ZKJ (9.66 million USD), supporting the hypothesis of coordinated selling.
- This is an intentional exit plan, with large wallets withdrawing liquidity before the price collapse.
#steven_research
Yesterday, 15/06/2025, Token $ZKJ dropped 87%, from 2.00 USD to 0.25 USD in 24 hours, with liquidations of 99 million USD on Binance.
- Suspected rug pull: Internal wallets (including 0x558e6b) liquidated 40 million USD, combined with the unlocking of 15.53 million $ZKJ, causing a liquidity crisis.
- The event occurred on the day, shocking the crypto community. Detailed analysis
- Over 99 million USD was liquidated, mainly on the ZKJ/USDT pair.
- In addition, the unlocking event of 15.53 million $ZKJ led to a sudden increase in supply, resulting in selling pressure and liquidity crisis, consistent with on-chain data from 15/06/2025.
- There was no trading volume before the price drop, suggesting the price was artificially suppressed in preparation for a sell-off.
- 0x558e6b sold 40 million USD $ZKJ, while 6 whale wallets sold 5.23 million $ZKJ (9.66 million USD), supporting the hypothesis of coordinated selling.
- This is an intentional exit plan, with large wallets withdrawing liquidity before the price collapse.
#steven_research
See original
#Ethereum has just exited the sw range for a month.
The cost base distribution shows that an accumulation movement has formed with 1.3m $ETH holding around the price of $2.70K and $2.74K and 800K #ETH at $2.76K.
These investors accumulated during the consolidation process and will now likely create a strong support area.
If the support range of $2.70K to $2.76K is maintained, the possibility of reaching a price of up to $3.42K is still technically feasible.
#steven_research
The cost base distribution shows that an accumulation movement has formed with 1.3m $ETH holding around the price of $2.70K and $2.74K and 800K #ETH at $2.76K.
These investors accumulated during the consolidation process and will now likely create a strong support area.
If the support range of $2.70K to $2.76K is maintained, the possibility of reaching a price of up to $3.42K is still technically feasible.
#steven_research
See original
A VERY SIGNIFICANT DAY FOR DEFI
SEC Chairman Paul Atkins spoke at the panel discussion “DeFi and the American Spirit” on June 10, 2025, these statements are revolutionary for the upcoming Defi, many DeFi-related tokens are being established.
1. Legalizing and “normalizing” DeFi
- The SEC Chairman's recognition of DeFi reflects the American spirit as a step of “implicit legislation”. It helps eliminate doubts about the legality of DeFi.
- This paves the way for institutions (large financial organizations) to participate in DeFi safely and legally.
1. Legalizing and “normalizing” DeFi
- The SEC Chairman's recognition of DeFi reflects the American spirit as a step of “implicit legislation”. It helps eliminate doubts about the legality of DeFi.
- This paves the way for institutions (large financial organizations) to participate in DeFi safely and legally.
See original
AN INTERESTING REPORT ON US TREASURY BILLS AND STABLECOINS
The chart from the US Treasury (updated 04/17/2025) analyzes the impact of stablecoin growth on the US Treasury bond market (T-Bills)
- Over $120 billion in T-Bills are held by stablecoin issuers.
- USDT (Tether): holds $94.5B (65.7%) → accounts for the majority of reserves in T-Bills. (According to this report, this amount is quite high compared to what I knew before, I was also surprised)
- USDC (Circle) and PYUSD (PayPal) have a smaller proportion but still rely heavily on MMFs (I checked Circle's treasury reserve report in April and they hold $31 billion in treasury bonds, accounting for over 50% of reserves)
- Over $120 billion in T-Bills are held by stablecoin issuers.
- USDT (Tether): holds $94.5B (65.7%) → accounts for the majority of reserves in T-Bills. (According to this report, this amount is quite high compared to what I knew before, I was also surprised)
- USDC (Circle) and PYUSD (PayPal) have a smaller proportion but still rely heavily on MMFs (I checked Circle's treasury reserve report in April and they hold $31 billion in treasury bonds, accounting for over 50% of reserves)
See original
We are witnessing this season's DeFi develop in a different way
- Although the current total TVL is still far from the peak of the previous season (146B$ compared to 230B$ last season)
- But the amount of Stablecoins has reached 250B$ , which is much higher than the peak of 187B$ from the previous season
- And the DEX volume (excluding perp) this season at the moment is already much higher than the peak of the previous season (currently at 14B$/day compared to 8B$/day last season)
*DeFi (Decentralized Finance) is a decentralized financial system, when talking about finance, the easiest visualization is a bank, they accept deposits for interest, conduct buying and selling transactions, transfer money back and forth, lend for interest...
- Here we see that currently DeFi is developing the expected products, stablecoins are gradually becoming an accepted method of payment/transfer, or buying and selling transactions on DEX are being executed more skillfully and accessibly. At this point, DeFi is almost like a financial system with a very large number of real users
- This DEX volume largely comes from @PancakeSwap, which has doubled the daily volume of @Uniswap and has become the number 1 DEX in the current market by volume, primarily developed thanks to Binance's Binance Alpha campaign
- Of course, at the moment, the cash flow is going into "using DeFi products" rather than buying DeFi tokens, so prices have not seen positive changes
- Like the valuation of companies, when a product has many users, the company operates profitably, and has development potential, then one can invest value into it
- But with crypto projects, does the value of the DeFi project correspond to the products? What are your opinions?
#steven_research
- Although the current total TVL is still far from the peak of the previous season (146B$ compared to 230B$ last season)
- But the amount of Stablecoins has reached 250B$ , which is much higher than the peak of 187B$ from the previous season
- And the DEX volume (excluding perp) this season at the moment is already much higher than the peak of the previous season (currently at 14B$/day compared to 8B$/day last season)
*DeFi (Decentralized Finance) is a decentralized financial system, when talking about finance, the easiest visualization is a bank, they accept deposits for interest, conduct buying and selling transactions, transfer money back and forth, lend for interest...
- Here we see that currently DeFi is developing the expected products, stablecoins are gradually becoming an accepted method of payment/transfer, or buying and selling transactions on DEX are being executed more skillfully and accessibly. At this point, DeFi is almost like a financial system with a very large number of real users
- This DEX volume largely comes from @PancakeSwap, which has doubled the daily volume of @Uniswap and has become the number 1 DEX in the current market by volume, primarily developed thanks to Binance's Binance Alpha campaign
- Of course, at the moment, the cash flow is going into "using DeFi products" rather than buying DeFi tokens, so prices have not seen positive changes
- Like the valuation of companies, when a product has many users, the company operates profitably, and has development potential, then one can invest value into it
- But with crypto projects, does the value of the DeFi project correspond to the products? What are your opinions?
#steven_research
See original
After a short period leaning towards distribution, the largest holding wallet groups $BTC have now returned to accumulation.
All wallet groups show varying levels of buying, with the strongest activity in the group 10–100 #BTC and < 1 $BTC , both reaching a score of 1.0 - the highest possible level.
#steven_research
All wallet groups show varying levels of buying, with the strongest activity in the group 10–100 #BTC and < 1 $BTC , both reaching a score of 1.0 - the highest possible level.
#steven_research
See original
THE TRUTH ABOUT MCAP X2 X3 ON BINANCE?
On February 14, 2025 (3 days ago), Binance made a very clear announcement about changing the way to calculate and display Mcap, as well as the way to calculate the circulating supply of projects on @Binance
*Here, Binance updated 2 things, one is the way to calculate market cap and the other is the circulating supply of projects
- Previously, Binance displayed the circulating supply including tokens with liquidity in transactions, meaning that there were tokens that were unlocked but not being traded, so they were not counted. And Market Cap was calculated by multiplying the price by this amount of tokens.
=> In fact, the old calculation method will be less than the circulating supply according to tokenomics, for example, the $WLD project according to tokenomics has a circulating supply of about 29% plus token inflation, which is about 300 million tokens. Multiply by price 1.2 then cap 3.3B$ is correct, but Binance and CGK both updated wrongly before so now update it correctly. This is normal, there is nothing natural x2 x3 Mcap guys? Other projects are similar
- Currently the new calculation method will calculate all unlocked tokens - of course it will exclude tokens that are no longer accessible (like burned,...)
*Conclusion
- Actually, Binance's calculation method has always been done like this in my research articles, so I think the update is correct, nothing strange, should have done it a long time ago
- Read carefully before panicking guys, the information is very basic
#steven_research
On February 14, 2025 (3 days ago), Binance made a very clear announcement about changing the way to calculate and display Mcap, as well as the way to calculate the circulating supply of projects on @Binance
*Here, Binance updated 2 things, one is the way to calculate market cap and the other is the circulating supply of projects
- Previously, Binance displayed the circulating supply including tokens with liquidity in transactions, meaning that there were tokens that were unlocked but not being traded, so they were not counted. And Market Cap was calculated by multiplying the price by this amount of tokens.
=> In fact, the old calculation method will be less than the circulating supply according to tokenomics, for example, the $WLD project according to tokenomics has a circulating supply of about 29% plus token inflation, which is about 300 million tokens. Multiply by price 1.2 then cap 3.3B$ is correct, but Binance and CGK both updated wrongly before so now update it correctly. This is normal, there is nothing natural x2 x3 Mcap guys? Other projects are similar
- Currently the new calculation method will calculate all unlocked tokens - of course it will exclude tokens that are no longer accessible (like burned,...)
*Conclusion
- Actually, Binance's calculation method has always been done like this in my research articles, so I think the update is correct, nothing strange, should have done it a long time ago
- Read carefully before panicking guys, the information is very basic
#steven_research
See original
SPECIFIC ABOUT BINANCE'S "VOTE TO LIST"
In my opinion, this is a purely community event with a playground, as there is no information about incentives for voters yet. Specifically, like this, folks
- Start time: The first event was announced and launched on March 19, 2025, with voting starting approximately 30 minutes after the official announcement from Binance.
- Duration: The first voting round lasts from March 20, 2025, to March 27, 2025.
- Participation requirements: Users need to log in to their verified Binance account (KYC) and hold at least 0.01 BNB in their main account throughout the voting period.
*Operating mechanism:
- There are 9 token projects participating, all belonging to the BNB Smart Chain ecosystem.
- Users can vote for a minimum of 1 and a maximum of 5 projects.
- The two tokens receiving the highest votes and passing Binance's verification process will be listed.
- Voting location: Conducted via Binance Square (access from Binance > Square > Binance Square Official).
*Is there a reward for voting?
- This seems to be a test of the community, where the project with more holders has a higher chance of being listed => catering to the majority of fans. And of course, if listed, the holders of those projects will also benefit.
- I don't hold many of these projects but still vote for fun, what about you?
#steven_research #VoteToListOnBinance
In my opinion, this is a purely community event with a playground, as there is no information about incentives for voters yet. Specifically, like this, folks
- Start time: The first event was announced and launched on March 19, 2025, with voting starting approximately 30 minutes after the official announcement from Binance.
- Duration: The first voting round lasts from March 20, 2025, to March 27, 2025.
- Participation requirements: Users need to log in to their verified Binance account (KYC) and hold at least 0.01 BNB in their main account throughout the voting period.
*Operating mechanism:
- There are 9 token projects participating, all belonging to the BNB Smart Chain ecosystem.
- Users can vote for a minimum of 1 and a maximum of 5 projects.
- The two tokens receiving the highest votes and passing Binance's verification process will be listed.
- Voting location: Conducted via Binance Square (access from Binance > Square > Binance Square Official).
*Is there a reward for voting?
- This seems to be a test of the community, where the project with more holders has a higher chance of being listed => catering to the majority of fans. And of course, if listed, the holders of those projects will also benefit.
- I don't hold many of these projects but still vote for fun, what about you?
#steven_research #VoteToListOnBinance
See original
The OCC allows national banks and federal savings associations in the U.S. to engage in activities related to cryptocurrency without needing special approval. This decision has revoked previous restrictions outlined in interpretive letters from 2020-2021.
- Permitted activities: The announcement allows banks to perform certain specific activities with cryptocurrency, including:
- Acting as validators on blockchain networks like Ethereum.
- Holding and managing stablecoins.
- Providing custody services for cryptocurrencies like Bitcoin.
In other words, banks can now integrate digital assets into their traditional business operations without prior approval from regulators.
- Implications of the change: This decision marks a significant shift in U.S. regulatory policy towards cryptocurrency, reflecting a trend of acceptance and encouraging the participation of traditional financial institutions in this sector. This change has been driven by recent developments, such as President Donald Trump's executive order on March 7, 2025, establishing a strategic reserve for bitcoin and hosting a cryptocurrency summit at the White House.
Additionally, the White House also tweeted… $BTC $ETH
#steven_research
- Permitted activities: The announcement allows banks to perform certain specific activities with cryptocurrency, including:
- Acting as validators on blockchain networks like Ethereum.
- Holding and managing stablecoins.
- Providing custody services for cryptocurrencies like Bitcoin.
In other words, banks can now integrate digital assets into their traditional business operations without prior approval from regulators.
- Implications of the change: This decision marks a significant shift in U.S. regulatory policy towards cryptocurrency, reflecting a trend of acceptance and encouraging the participation of traditional financial institutions in this sector. This change has been driven by recent developments, such as President Donald Trump's executive order on March 7, 2025, establishing a strategic reserve for bitcoin and hosting a cryptocurrency summit at the White House.
Additionally, the White House also tweeted… $BTC $ETH
#steven_research
See original
The rate of having Bitcoin reserves $BTC in the United States in 2025 on Polymarket is reaching 65%, an increase of over 20% in just the past week.
Polymarket also has many fairly accurate predictions such as the election period,...
#steven_research
Polymarket also has many fairly accurate predictions such as the election period,...
#steven_research
See original
The 4th Binance Megadrop is the project @kernel_dao ($KERNEL)
- KernelDAO is a restaking protocol supporting Kernel, Kelp, and Gain.
- The total supply of KERNEL tokens is 1 billion, of which 40 million (accounting for 4% of the total supply) will be released as Megadrop rewards, and another 40 million will be used for other marketing activities every 6 months after launch.
- The initial circulating supply at launch is 162,317,496 (accounting for 16.23% of the total supply).
- The specific time and mission will be announced later, folks; there is currently no additional information.
- Is this a token lock action to reduce the amount of sell-off 93,602,027,193 before a (possible) market fluctuation, folks?
58,514,088,007
- KernelDAO is a restaking protocol supporting Kernel, Kelp, and Gain.
- The total supply of KERNEL tokens is 1 billion, of which 40 million (accounting for 4% of the total supply) will be released as Megadrop rewards, and another 40 million will be used for other marketing activities every 6 months after launch.
- The initial circulating supply at launch is 162,317,496 (accounting for 16.23% of the total supply).
- The specific time and mission will be announced later, folks; there is currently no additional information.
- Is this a token lock action to reduce the amount of sell-off 93,602,027,193 before a (possible) market fluctuation, folks?
58,514,088,007
See original
The 7D volume of @BNBCHAIN $BNB has surpassed to become the top 1 market, reaching over 14B$, more than double Solana's over 7B$
Additionally, the volume on @PancakeSwap $CAKE reached 14B$ and surpassed @Uniswap $UNI with only 8B$
I don't know how you all feel, but the feeling of 2021 is coming back to me, it feels somewhat like around July 2021, back then I was also into memes a lot, but now I'm too old to keep up 😂
#steven_research
Additionally, the volume on @PancakeSwap $CAKE reached 14B$ and surpassed @Uniswap $UNI with only 8B$
I don't know how you all feel, but the feeling of 2021 is coming back to me, it feels somewhat like around July 2021, back then I was also into memes a lot, but now I'm too old to keep up 😂
#steven_research
See original
A16Z has invested an additional $55M in LayerZero $ZRO with a lock period of 3 years
*In the past, a16z has invested in LayerZero multiple times:
- Series A+ Round (March 2022): a16z led a Series A+ fundraising round worth $135 million for LayerZero Labs, with a company valuation of $1 billion
- Series B Round (April 2023): a16z continued to lead a Series B round worth $120 million, raising LayerZero Labs' valuation to $3 billion
- Token investment #ZRO (April 2025): This is the latest investment announced in a post on X on April 17, 2025, with $55 million into LayerZero's ZRO token, along with a 3-year lock commitment. It is unclear whether this is part of a new fundraising round or a direct token purchase (OTC).
*In my personal opinion, this latest round may be an OTC token purchase, and the purchase price could be much lower than the market price
- With the current market capitalization, LayerZero is currently valued lower than the Series B fundraising valuation (April 2023)
#steven_research
*In the past, a16z has invested in LayerZero multiple times:
- Series A+ Round (March 2022): a16z led a Series A+ fundraising round worth $135 million for LayerZero Labs, with a company valuation of $1 billion
- Series B Round (April 2023): a16z continued to lead a Series B round worth $120 million, raising LayerZero Labs' valuation to $3 billion
- Token investment #ZRO (April 2025): This is the latest investment announced in a post on X on April 17, 2025, with $55 million into LayerZero's ZRO token, along with a 3-year lock commitment. It is unclear whether this is part of a new fundraising round or a direct token purchase (OTC).
*In my personal opinion, this latest round may be an OTC token purchase, and the purchase price could be much lower than the market price
- With the current market capitalization, LayerZero is currently valued lower than the Series B fundraising valuation (April 2023)
#steven_research
See original
RWA + PAYMENT + STABLECOIN THIS SEASON IS GROWING STRONGLY
With the gradual formation and openness of the legal framework, as well as the high likelihood of support from the US Government for crypto development, the RWA sector has great potential to grow this season.
Regarding tradfi, there are clear products like Stablecoin and Payment that are very close to what individuals can use immediately.
- Currently, there are 3 types of stablecoins: Crypto Native, Fully-Banked, and Under-Banked: Crypto Native is understood as stablecoin money within crypto, Fully-Banked is USD circulating in countries & organizations using it, while Under-Banked is fiat currency in secondary areas (I will talk about this later).
Regarding tradfi, there are clear products like Stablecoin and Payment that are very close to what individuals can use immediately.
- Currently, there are 3 types of stablecoins: Crypto Native, Fully-Banked, and Under-Banked: Crypto Native is understood as stablecoin money within crypto, Fully-Banked is USD circulating in countries & organizations using it, while Under-Banked is fiat currency in secondary areas (I will talk about this later).
See original
The "whales" are quietly accumulating
The chart from Glassnode (as of 19/05/2025) shows that accumulation is occurring across most wallet groups, including smaller wallets (<1 BTC) with a slight accumulation score (~0.55). Larger wallet groups like 100–1K BTC (0.9) and 1K–10K BTC (0.85) are also accumulating strongly. Only the 1–10 BTC wallet group is still net selling.
1. Large wallet group:
* 100–1K BTC: Accumulation score ~0.9
* 1K–10K BTC: Accumulation score ~0.85
→ Accumulating very strongly, continuously since December 2024 until now.
2. Retail group:
* <1 BTC: Shifted from net selling to slight accumulation (~0.55)
→ Retail is "getting back in" as prices rise from $60K → $90K
3. The only group still selling is 1–10 BTC.
* BTC price has increased by 50% since August 2024
→ Accumulation behavior is increasingly widespread, including from small wallets.
4. Positive signals, but note: the 1–10 BTC group is usually retail that has made a profit.
So:
Whales accumulating → Preparing for a breakout?
Retail taking profits → Risk of correction?
- What are your thoughts?
The chart from Glassnode (as of 19/05/2025) shows that accumulation is occurring across most wallet groups, including smaller wallets (<1 BTC) with a slight accumulation score (~0.55). Larger wallet groups like 100–1K BTC (0.9) and 1K–10K BTC (0.85) are also accumulating strongly. Only the 1–10 BTC wallet group is still net selling.
1. Large wallet group:
* 100–1K BTC: Accumulation score ~0.9
* 1K–10K BTC: Accumulation score ~0.85
→ Accumulating very strongly, continuously since December 2024 until now.
2. Retail group:
* <1 BTC: Shifted from net selling to slight accumulation (~0.55)
→ Retail is "getting back in" as prices rise from $60K → $90K
3. The only group still selling is 1–10 BTC.
* BTC price has increased by 50% since August 2024
→ Accumulation behavior is increasingly widespread, including from small wallets.
4. Positive signals, but note: the 1–10 BTC group is usually retail that has made a profit.
So:
Whales accumulating → Preparing for a breakout?
Retail taking profits → Risk of correction?
- What are your thoughts?
See original
WHAT ARE THE HACK INCIDENTS OF LAYER 1 BLOCKCHAINS?
Many people ask me, "Why do we hear that blockchains are very secure but there are hacks all the time?" especially after the incident of $CETUS out of $SUI yesterday:
1. Ethereum (06/2016)
– The DAO hack lost 150 million USD due to a reentrancy bug in the smart contract.
– Caused controversy throughout the ecosystem, leading to a hard fork into $ETH and $ETC.
2. Sui (22/05/2025)
– Cetus Protocol exploited liquidity pool, losing 200–260 million USD.
– 162 million was frozen, the rest flowed to Ethereum.
3. Binance Smart Chain (10/2022)
– PancakeBunny & Venus encountered contract bugs and oracle issues, losing 60 million USD.
– At that time, BSC was suspected of having general security quality issues.
4. Solana (08/2022)
– Slope Wallet was hacked for 9 million, plus 5 million from a staking bug.
– Did not affect Layer 1, but caused panic among users.
5. Avalanche (12/2021)
– Platypus Finance was hacked for 8.5 million USD, contract bug on the DeFi app.
– Avalanche core remained safe.
6. Polygon (08/2021)
– PolyNetwork was drained of 600 million USD through a bridge.
– Not a fault of Layer 1, but the bridge was the critical weak point.
7. Tezos (09/2020)
– ICP staking pool had a bug, losing 20 million USD.
– Core chain was not affected.
8. Cardano (12/2022)
– MuesliSwap (Layer 2 DEX) was hacked for 3 million USD.
– Still not the fault of the chain, but it affected users in the ecosystem.
8. NEAR (08/2021)
- In August 2021, Ref Finance was hacked, with an estimated loss of about 3 million USD.
- The project compensated, recovered assets, and implemented a Frozen List.
*The truth behind it:
- In fact, these hacks are NOT HACKS OF BLOCKCHAIN, but rather: Hack of dapps, AMM/DEX, bridge, staking infrastructure, wallet hacks.
=> Layer 1 blockchain is only indirectly affected, but trust is shaken directly.
#steven_research
Many people ask me, "Why do we hear that blockchains are very secure but there are hacks all the time?" especially after the incident of $CETUS out of $SUI yesterday:
1. Ethereum (06/2016)
– The DAO hack lost 150 million USD due to a reentrancy bug in the smart contract.
– Caused controversy throughout the ecosystem, leading to a hard fork into $ETH and $ETC.
2. Sui (22/05/2025)
– Cetus Protocol exploited liquidity pool, losing 200–260 million USD.
– 162 million was frozen, the rest flowed to Ethereum.
3. Binance Smart Chain (10/2022)
– PancakeBunny & Venus encountered contract bugs and oracle issues, losing 60 million USD.
– At that time, BSC was suspected of having general security quality issues.
4. Solana (08/2022)
– Slope Wallet was hacked for 9 million, plus 5 million from a staking bug.
– Did not affect Layer 1, but caused panic among users.
5. Avalanche (12/2021)
– Platypus Finance was hacked for 8.5 million USD, contract bug on the DeFi app.
– Avalanche core remained safe.
6. Polygon (08/2021)
– PolyNetwork was drained of 600 million USD through a bridge.
– Not a fault of Layer 1, but the bridge was the critical weak point.
7. Tezos (09/2020)
– ICP staking pool had a bug, losing 20 million USD.
– Core chain was not affected.
8. Cardano (12/2022)
– MuesliSwap (Layer 2 DEX) was hacked for 3 million USD.
– Still not the fault of the chain, but it affected users in the ecosystem.
8. NEAR (08/2021)
- In August 2021, Ref Finance was hacked, with an estimated loss of about 3 million USD.
- The project compensated, recovered assets, and implemented a Frozen List.
*The truth behind it:
- In fact, these hacks are NOT HACKS OF BLOCKCHAIN, but rather: Hack of dapps, AMM/DEX, bridge, staking infrastructure, wallet hacks.
=> Layer 1 blockchain is only indirectly affected, but trust is shaken directly.
#steven_research
See original
BTC AND CRYPTO ARE IN A HISTORICAL PERIOD
You guys reading the news will see that recently a lot of organizations, companies or countries are buying $BTC, so why do many big places announce buying but the price still hasn't increased much? You guys can refer to the information I've painstakingly compiled (long article)
1. Institutions are fomo $BTC
- Currently, there are 123 countries and companies that have announced holding $BTC, holding more than 3 million #BTC, or nearly 15% of the total Bitcoin supply. Of which, public companies hold a total of 622,735 bitcoins, accounting for 2.965% of the total supply,...
1. Institutions are fomo $BTC
- Currently, there are 123 countries and companies that have announced holding $BTC, holding more than 3 million #BTC, or nearly 15% of the total Bitcoin supply. Of which, public companies hold a total of 622,735 bitcoins, accounting for 2.965% of the total supply,...
*In this seasons, we had:
- $BTC new ATH 108K$
- Stable coins supply ATH >200B$
- Biggest airdrop ever: $HYPE airdrop value flip $UNI airdrop in the past
- Black Swan tariff same as Covid-19
- M2 supply new all time high
- US's Stock Market new ATH
- Bitcoin & Altcoins ETF
- ...
*And now we expect so far...
- Countries Strategic Bitcoin Reserve Asset
- Crypto Reverse Asset
- US's monetary easing (QE)
- Trump roll in money
- FED cuts interest rates
- Altcoins season!
*It will be in the near future...
Your wait is worth it!
#steven_research
- $BTC new ATH 108K$
- Stable coins supply ATH >200B$
- Biggest airdrop ever: $HYPE airdrop value flip $UNI airdrop in the past
- Black Swan tariff same as Covid-19
- M2 supply new all time high
- US's Stock Market new ATH
- Bitcoin & Altcoins ETF
- ...
*And now we expect so far...
- Countries Strategic Bitcoin Reserve Asset
- Crypto Reverse Asset
- US's monetary easing (QE)
- Trump roll in money
- FED cuts interest rates
- Altcoins season!
*It will be in the near future...
Your wait is worth it!
#steven_research
Steven_Research
--
BTC AND CRYPTO ARE IN A HISTORICAL PERIOD
You guys reading the news will see that recently a lot of organizations, companies or countries are buying $BTC, so why do many big places announce buying but the price still hasn't increased much? You guys can refer to the information I've painstakingly compiled (long article)
1. Institutions are fomo $BTC
- Currently, there are 123 countries and companies that have announced holding $BTC, holding more than 3 million #BTC, or nearly 15% of the total Bitcoin supply. Of which, public companies hold a total of 622,735 bitcoins, accounting for 2.965% of the total supply,...
1. Institutions are fomo $BTC
- Currently, there are 123 countries and companies that have announced holding $BTC, holding more than 3 million #BTC, or nearly 15% of the total Bitcoin supply. Of which, public companies hold a total of 622,735 bitcoins, accounting for 2.965% of the total supply,...
See original
Crypto and Ethereum have experienced the worst Q1 in 6 years
- After a Q1 decline of 45.41%, $ETH continued into Q2 with an additional decrease of 12.54%. If this situation does not improve soon, we may be witnessing the worst first half of 2025 in crypto history
- The average Ethereum network fee has dropped to just $0.168 per transaction, reaching a 5-year low according to Santiment. This fee is much lower than during the bear market of 2022 and 2023
- With $BTC : From January 2025 to now, #Bitcoin has the worst performance among asset classes, with GOLD being the asset with the best growth.
- One correlation is that the decline of BTC is quite similar to NASDAQ, indicating a significant relationship between the US financial market and Bitcoin. At this point, many believe Bitcoin is more like a tech stock, and the theory of "digital gold" is severely flawed
- Interestingly, the DXY index has also decreased significantly (in the past, this index often moved in the opposite direction of BTC and US Stocks), indicating an inconsistency with the theories that have occurred in the past
- We may be in an irrational market, or it is building a new reasonable setup - different from the old rationalities we have known
- This article is a compilation of information, not bearish or bullish. What are your thoughts?
#steven_research
- After a Q1 decline of 45.41%, $ETH continued into Q2 with an additional decrease of 12.54%. If this situation does not improve soon, we may be witnessing the worst first half of 2025 in crypto history
- The average Ethereum network fee has dropped to just $0.168 per transaction, reaching a 5-year low according to Santiment. This fee is much lower than during the bear market of 2022 and 2023
- With $BTC : From January 2025 to now, #Bitcoin has the worst performance among asset classes, with GOLD being the asset with the best growth.
- One correlation is that the decline of BTC is quite similar to NASDAQ, indicating a significant relationship between the US financial market and Bitcoin. At this point, many believe Bitcoin is more like a tech stock, and the theory of "digital gold" is severely flawed
- Interestingly, the DXY index has also decreased significantly (in the past, this index often moved in the opposite direction of BTC and US Stocks), indicating an inconsistency with the theories that have occurred in the past
- We may be in an irrational market, or it is building a new reasonable setup - different from the old rationalities we have known
- This article is a compilation of information, not bearish or bullish. What are your thoughts?
#steven_research
Steven_Research
--
OVERVIEW OF EUROPEAN, CANADIAN, AND HONG KONG ETFs
Although Europe is considered a region not very friendly to crypto, especially with the move to deny $BTC into the reserves of central banks (following the U.S. reserve establishment move), data shows that ETPs (similar to U.S. ETFs) are quite diverse and still operate steadily.
- From May 2024 to March 2025, the AuM of ETPs in the EU increased from 10 billion USD to a peak of 22.5 billion USD (November 2024), before sharply declining to 13.317 billion USD in March 2025.
- In which AuM #Bitcoin: 62.2% (8.283 billion USD), holding an absolute advantage. #Ethereum: 13.5% (1.797 billion USD), in second place. Altcoins such as: Solana (5.7%), SUI (4.9%), Cardano (3.1%), and other coins like XRP, Avalanche, Polkadot occupy smaller proportions.
*Additionally, the status of ETF Staking:
- In Canada, ETF $SOL with staking was approved on April 16, 2025.
- Staking services for $ETH ETF have been approved by the SFC in Hong Kong, with the first case being Bosera HashKey Ether ETF on April 11, 2025.
- The Ethereum spot ETF of China Asset Management (Hong Kong) has been approved to provide staking services.
- It can be seen that outside of the U.S., many countries are also moving quite quickly on cryptocurrency services; the SEC may soon have clearer regulations, and the extension of ETH ETF Staking in the U.S. will likely coincide with new regulations.
- What do you all think?
#steven_research
Although Europe is considered a region not very friendly to crypto, especially with the move to deny $BTC into the reserves of central banks (following the U.S. reserve establishment move), data shows that ETPs (similar to U.S. ETFs) are quite diverse and still operate steadily.
- From May 2024 to March 2025, the AuM of ETPs in the EU increased from 10 billion USD to a peak of 22.5 billion USD (November 2024), before sharply declining to 13.317 billion USD in March 2025.
- In which AuM #Bitcoin: 62.2% (8.283 billion USD), holding an absolute advantage. #Ethereum: 13.5% (1.797 billion USD), in second place. Altcoins such as: Solana (5.7%), SUI (4.9%), Cardano (3.1%), and other coins like XRP, Avalanche, Polkadot occupy smaller proportions.
*Additionally, the status of ETF Staking:
- In Canada, ETF $SOL with staking was approved on April 16, 2025.
- Staking services for $ETH ETF have been approved by the SFC in Hong Kong, with the first case being Bosera HashKey Ether ETF on April 11, 2025.
- The Ethereum spot ETF of China Asset Management (Hong Kong) has been approved to provide staking services.
- It can be seen that outside of the U.S., many countries are also moving quite quickly on cryptocurrency services; the SEC may soon have clearer regulations, and the extension of ETH ETF Staking in the U.S. will likely coincide with new regulations.
- What do you all think?
#steven_research
See original
Kyberswap $KNC has updated its algorithm, reducing costs for a trade by 15%-40%
@KyberNetwork is still a beloved DEX aggregator, with monthly volume in the top 5 markets
Currently, in addition to common chains, KyberSwap has supported Berachain, Sonic, Bnbchain, and most recently, Ronin.
Kyber Earn has also just announced additional support on Uniswap v2, Camelot, Kodiak, Thena, QuickSwap v3
The current action to reduce transaction fees may reflect the continuous effort of the Kyber team, still working hard and improving.
Additionally, the KyberSwap aggregator API is still rated as stable, finding assets/liquidity quickly, low API costs, and optimized algorithms for partner use
*Traders on DEX may refer to using Kyberswap regularly for better cost optimization, our team members also use it frequently and quite like it
#steven_research
@KyberNetwork is still a beloved DEX aggregator, with monthly volume in the top 5 markets
Currently, in addition to common chains, KyberSwap has supported Berachain, Sonic, Bnbchain, and most recently, Ronin.
Kyber Earn has also just announced additional support on Uniswap v2, Camelot, Kodiak, Thena, QuickSwap v3
The current action to reduce transaction fees may reflect the continuous effort of the Kyber team, still working hard and improving.
Additionally, the KyberSwap aggregator API is still rated as stable, finding assets/liquidity quickly, low API costs, and optimized algorithms for partner use
*Traders on DEX may refer to using Kyberswap regularly for better cost optimization, our team members also use it frequently and quite like it
#steven_research
Login to explore more contents