The current market situation is really frustrating, with an up-and-down fluctuation of only $2000. I seriously suspect that the current market trends are designed for James; his contract is truly being slaughtered back and forth. As long as a long position is opened, the market must go down, and as soon as a short position is opened, various good news pops up, leading to a price pull-up. This has resulted in the price of Bitcoin remaining unchanged these past two days, with James suffering a loss of over $50 million.
I have almost given back all the money I made on contracts in the past few weeks, and this guy has a huge gambling nature. Even after selling Pepe, he continues to increase his positions in Bitcoin. From last night to today, he has sold nearly $6 million in Pepe alone, and now his Bitcoin position has been increased to $600 million. It looks like he is gearing up for a $1 billion showdown. With such obvious large-scale funds and high leverage, if I were the main player, I wouldn’t want to work for him. Taking him out would not only allow me to scoop up more low-priced chips but also lighten the load significantly. It can be said that the biggest obstacle preventing Bitcoin from breaking a new high may be James. The whale's fall brings life to all things; although every round of the market requires a lot of leverage, such pure gambling behavior at 40x will inevitably become a stepping stone for Bitcoin to rise.
In fact, there were really many positive developments last night. First, it was the 2025 Bitcoin Conference, where Trump's eldest son, crypto czar David Sacks, Senator Lummis, and the head of BlackRock's digital assets all gave speeches. Trump's eldest son revealed why Trump transformed from a crypto skeptic to a staunch supporter: after losing the last election to Biden, the Trump family was blackballed by banks, and they had no choice but to turn to crypto, recognizing its importance. Therefore, both sons persuaded Trump that if he were to return to office, he must strongly support crypto. Crypto czar Sacks also stated at the conference that blockchain, crypto, and Bitcoin are the future financial system. He mentioned the importance of crypto reserves, saying the key point now is how to get the Department of Commerce and the Treasury to provide funding for it. He also revealed that Trump supports this and that the two departments have been authorized, with the crucial task being to find the opportunity to support purchases.
Lummis is the senator who previously drafted the Bitcoin Strategic Reserve Act. This time she revealed that Trump supports a proposal for the government to purchase 1 million Bitcoins over five years, and that the funding may come from the Federal Reserve system or existing Treasury funds. This is just the first day of the Bitcoin conference; tomorrow, Vice President Vance, Trump's second son Eric, MicroStrategy CEO Saylor, and Silk Road founder Ross will also speak. It can be said that the scale of the Bitcoin conference now is completely different from the past decade. As Sun Ge said, in the past, crypto practitioners were like fugitives running around, and these types of conferences were all underground self-entertainment. Now, it feels as formal as a government meeting. Crypto has truly come out of the underground after 16 years of development. The scale of this conference is comparable to our side, with personal participation from prime ministers and ministers, and everyone’s idea is consistent: how to mobilize more money to accumulate more Bitcoin.
Additionally, last night, Trump Media & Technology (DJT) finally announced that it plans to raise $2.5 billion to establish a Bitcoin reserve. This news is a reduction from the $3 billion reported the night before, which may have caused the initial surge in the US stock market yesterday, followed by a retreat after the news was announced. Regardless of DJT's stock performance, this is generally good news. The president personally leading the learning of MicroStrategy to accumulate Bitcoin indicates that this is the trend of the times. Even last night, the Ethereum version of MicroStrategy was announced, with SharpLink Gaming announcing a strategy to reserve Ethereum, planning to raise $425 million to increase its ETH holdings. Its stock price has risen 17.56 times in three days. We in the crypto circle did not expect ETH, which has performed poorly this year, to possess such magic. However, the shareholders of SharpLink seem to be from the crypto capital circle, including Coinsensys, ParaFi, Electric, Pantera, etc. If these few were to announce accumulating ETH in the crypto circle, it probably wouldn't even make the trending searches.
In addition, various listed companies are financing and selling shares to accumulate Bitcoin. Japan's Metaplanet has issued $50 million in bonds to increase its Bitcoin holdings, while US listed companies Semler, Captor, and Jiuzi New Energy, along with London-listed companies Smarter Web and Vinanz, have all started buying. It must be said that MicroStrategy, as a company that was on the verge of collapse, has been revived by Saylor's accumulation of Bitcoin. Saylor can truly be considered a god; he claimed that by 2045, Bitcoin will rise to $13 million each. Additionally, last night, BlackRock's director increased Bitcoin's influence, stating that Bitcoin's upside potential far exceeds that of gold and suggested that institutions allocate over 2% of their assets to Bitcoin. Someone calculated that this 2% could bring trillions of dollars into crypto.
Finally, regarding altcoins, I have always said that if there really are altcoin bulls, then this round is not a universal surge. Crypto has developed to this stage, and both internal and external funds are already quite professional. Projects that simply write a white paper and draw a big pie are basically unable to raise funds. Creating a webpage or an app is also quite challenging now, as there are too many means to detect how many real users you have. Therefore, whether it is creating applications or public chains, there must be a feasible business model to raise funds. Even if it is a resource competition, if you haven't been to Mar-a-Lago or the White House crypto summit, and your project has not collaborated with WLFI, USD1, Trump officials, BlackRock, or Middle Eastern partners, or received attention from CZ or Trump's sons, then basically don’t even talk about resources; you are just an ordinary project, honestly waiting in line for alpha.
In the secondary market, there are basically a few types that can work: those recognized by ETFs, those recognized by WLFI, those recognized by Grayscale, the heads of RWA, DEFI, AI, MEME, or the public chain sectors, or projects that Binance is focusing on. I don’t see any potential in other projects to perform well. On-chain, only platforms, DEXs, memes, or other infrastructure projects with sufficient user base are worth holding long-term; otherwise, they are just short-term PvP opportunities. The biggest test of everyone’s trading strategy in this bull market is cutting losses, taking profits, and switching positions.
