“The market's victory or defeat is never determined by ups and downs, but by structure determining fate.”

—— Today, the entire market seems calm, but several major events are profoundly changing the way you participate in the crypto world.

【The main players have shifted from 'making coins' to 'making structures'】

Today, Binance launched AIN and CROSS contracts and opened 50x leverage, which seems to simply give traders two more options.

But the key point I discovered is not the “ups and downs,” but:

👉 The timing of these contracts' launch coincides exactly with Binance's recent adjustment of “Portfolio Margin collateral parameters.”

That is to say:

• It's not about betting on direction, but providing greater leverage arbitrage space for institutions and market makers.

• Retail investors gamble on price, while smart money bets on structural price differences, liquidity curves, and collateral parameter discrepancies.

This is the essential difference between 'making coins' and 'making structures.'

【The decline of NFTs is not a bad thing, but an inevitable revaluation of market value】

In the first half of 2025, NFT trading volume decreased by 4.6% year-on-year. Many people say 'NFTs are cold,' but I actually see this as a good thing.

Because:

• The market is beginning to abandon bubble expectations and return to real value.

• The NFT projects that can truly endure must be bound to off-chain assets and on-chain applications.

I believe the next peak of NFTs will not be profile pictures or art, but rather - NFT derivatives bound to data rights + digital identity + on-chain financial applications.

【Pakistan's entry into BTC reserves is not a joke, but the beginning of the future】

Many people laugh when they see 'Pakistan mining with 2000MW of electricity + buying BTC as reserves,' saying 'Do they still have money?'

But what I see is a national-level fiscal experiment:

• Currently, emerging market foreign exchange reserves are severely depreciated, and the dollar settlement system is heavily controlled.

• BTC and other cryptocurrencies may be the only channel for these countries to break free from dollar dependence and gain sovereign asset pricing power.

Just like El Salvador used BTC for stability, I judge:

👉 After Pakistan, at least three Asian or African countries will follow suit and start national-level BTC reserve routes.

【Funds are becoming smarter, your strategy must elevate】

Today's main funds are not 'buying coins and waiting for a rise,' but rather:

• Put USDT in the stablecoin pool to earn interest arbitrage.

• While going long on AIN contracts, conduct reverse hedging on DEX or ETF channels.

• Keep a close eye on each chain's funding rates and open interest before making an entry.

What about you?

Still waiting for the 'next coin to explode'? When you open Binance each day, is your first action to watch the gainers list, or to monitor contract order book depth and liquidation points?

✅【My Current Strategy】

📣Conclusion: The real opportunity is not in the price candlesticks but in the structural logic.

“You can't earn money beyond your understanding.”

The underlying rules of this market have long changed, from 'betting on coins' to 'rolling structures, competing strategies, and seizing entry points.'

📌 I believe that the biggest dividend in the second half of 2025 will not be in mainstream coins or NFTs, but rather: those who can understand the rhythm of structural adjustments in funds will reap the largest rewards.

Feel free to tell me in the comments:

🧠 Have you also noticed the subtle changes in contracts, collateral, and national-level trends during this round of market activity?

💬 Do you think national reserves of BTC can really become a trend? Or will it be a flash in the pan? #BTC再创新高