See some very interesting points, marking them:

1. Circle has already peaked in the short term; this price increase is mainly driven by call options, and IV has started to decline, indicating that a shorting opportunity may have emerged (not investment advice)

2. Borrowing money in the crypto space is absolutely a no-go, especially when leverage blows up; borrowing money is just continuing to gamble, and sooner or later you will lose everything

3. Many people in the crypto space who lend money to others can’t get it back, cannot sue, and are afraid to call the police, as the main targets are stablecoins, no contracts signed, and no legal support, and they fear getting into bigger trouble, so they often just consider themselves unlucky.

4. In the future, the crypto space will consist of spot Bitcoin + mainstream contracts + crypto ETFs + crypto stocks; in the future, altcoins will no longer be played, and on-chain will be full of robots, with very few live people.

5. The valuable targets are just the Top 10 coins + US stocks; everything else is a scam. Mainstream coins are purely speculative, and those small-cap altcoins are just providing liquidity for others to exit.

6. He is not very optimistic about tokenized stocks either; the model of tokenized stocks is too similar to that of offshore brokers. What can be done with tokenized stocks is to pair them with DeFi for APY, which does not match the needs of stock players.

7. The difference between stablecoins and banks is still significant; holders of stablecoins in the crypto space need fixed income. If you have stablecoins, wanting fixed income is easy to understand, but if you have stablecoins and BTC, wanting to play stocks is not the same group anymore.

8. I feel that every round of narratives is siphoning liquidity from the crypto space; only ETFs are increasing the speed at which BTC liquidity is siphoned away > the issuance speed of stablecoins in the crypto space, and much of the issuance of stablecoins is used outside the crypto space.

9. Bn's current thinking is essentially no different from pumpfun; whether it’s Bn’s own equity or BNB, they are looking for Holder, Alpha, all to maximize finding exit liquidity, which is draining the ecosystem's liquidity.

10. Stablecoin companies earn from interest rate differentials, not transaction fees, so although they play the role of Visa, they actually earn from the Bank's business model; traditional Visa earns transaction fees, and Banks earn from interest rate differentials, so there is indeed a differentiation in business models. This is also why Visa welcomes stablecoins, but the banking industry does not like them, because stablecoin companies are actually taking away the income from banks.