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K1ko妹妹的爸比

X: @lilk1kopops
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Why can exchanges be compliant in China, but have failed?Everyone is talking about OKX and Coinbase's compliance and the expulsion of unqualified customers, forgetting the path they took. Let me say this: Crypto exchanges can be compliant in China. RMB subscription/redemption, overseas asset net value settled in RMB, no physical delivery is allowed. In simple terms, it means using RMB to participate in crypto investments and earn profits, but you cannot take the spot assets out. QDII, RQDII, and cross-border ETFs all use this scheme; I have bought E Fund's QDII for many years. According to the current regulatory framework, it is completely possible to establish a closed entry and exit model for crypto exchanges that is the same as QDII funds and RMB-denominated cross-border ETFs.

Why can exchanges be compliant in China, but have failed?

Everyone is talking about OKX and Coinbase's compliance and the expulsion of unqualified customers, forgetting the path they took.

Let me say this: Crypto exchanges can be compliant in China.

RMB subscription/redemption, overseas asset net value settled in RMB, no physical delivery is allowed.

In simple terms, it means using RMB to participate in crypto investments and earn profits, but you cannot take the spot assets out.

QDII, RQDII, and cross-border ETFs all use this scheme; I have bought E Fund's QDII for many years.

According to the current regulatory framework, it is completely possible to establish a closed entry and exit model for crypto exchanges that is the same as QDII funds and RMB-denominated cross-border ETFs.
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Ethereum exceeds expectations, how much longer can it rise?If we use the deflation rate to price Ethereum, the current ETH is definitely high, having preemptively realized the price from a few years later. It is hard to say whether Ethereum will be worth this money in the future. Re-evaluating the pricing of ETH relative to BTC from a deflation/net supply perspective: > After BTC's fourth halving in April 2024, BTC's dilution rate is significantly compressed, and ETH has not shown a significant, sustained deflationary premium basis. > The supply path of BTC is deterministic and independent of demand, while ETH's net supply is issuance (staking rewards) – burning (activity intensity), thus ETH's deflation is conditional, it is an option that needs to be discounted with probability and intensity.

Ethereum exceeds expectations, how much longer can it rise?

If we use the deflation rate to price Ethereum, the current ETH is definitely high, having preemptively realized the price from a few years later.

It is hard to say whether Ethereum will be worth this money in the future.

Re-evaluating the pricing of ETH relative to BTC from a deflation/net supply perspective:
> After BTC's fourth halving in April 2024, BTC's dilution rate is significantly compressed, and ETH has not shown a significant, sustained deflationary premium basis.
> The supply path of BTC is deterministic and independent of demand, while ETH's net supply is issuance (staking rewards) – burning (activity intensity), thus ETH's deflation is conditional, it is an option that needs to be discounted with probability and intensity.
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From the perspective of asset allocation for hedge funds, fund of funds, and family offices, let's take a look at Hyperliquid's LP pool - HLP as a product managed by a fund manager. The article mentions: (HLP) In addition, its risk-adjusted performance is strong, with a Sharpe ratio of 2.89 (in comparison, Bitcoin is 1.80), and it has a -9.6% negative correlation with Bitcoin. What does a Sharpe ratio of 2.89 for HLP and 1.80 for BTC indicate? > Looking solely at absolute returns, BTC is certainly higher, but in terms of return per unit of volatility, HLP has surpassed it, which can be understood as HLP having a steeper slope, theoretically producing a higher expected Alpha under the same risk budget. > In the world of fund asset allocation, a Sharpe ratio greater than 1 is considered respectable, and greater than 2 is exceptionally rare. > High Sharpe ratios can also be misleading; factors such as high leverage, a short data period, valuation smoothing, and return smoothing can produce falsely high Sharpe ratios, so it's essential to examine the data source and statistical range. What does a -9.6% correlation indicate? > -9.6%, or -0.096, is a slight negative correlation and does not indicate a strong inverse Beta. > Generally, around -0.10 can be considered essentially uncorrelated, with a slight inverse tendency, limiting actual diversification effects, but when paired with high Sharpe strategies, the marginal efficiency of the portfolio can improve. > Correlations between assets can change during macroeconomic conditions, liquidity shocks, and shifts in risk preference, and negative correlation premiums may evaporate instantly. I found a five-year data reference for top hedge funds from 2017 to 2021. > Well-known top quant hedge funds like Renaissance and Two Sigma have negative Sharpe ratios. > Sharpe ratios greater than 2 are only found in Capula, Millennium, and DE Shaw, all of which share the common characteristic of being multi-strategy. > Funds with high Sharpe ratios typically have low volatility. > HLP achieved a Sharpe ratio of 2.89 in a single asset class and single strategy; Jeff Yan is a genius. @chameleon_jeff In Initial D, the character Takumi often says: A genius is actually just a person who has accomplished what others cannot, thus becoming a genius. Hyperliquid.
From the perspective of asset allocation for hedge funds, fund of funds, and family offices, let's take a look at Hyperliquid's LP pool - HLP as a product managed by a fund manager.

The article mentions:
(HLP) In addition, its risk-adjusted performance is strong, with a Sharpe ratio of 2.89 (in comparison, Bitcoin is 1.80), and it has a -9.6% negative correlation with Bitcoin.

What does a Sharpe ratio of 2.89 for HLP and 1.80 for BTC indicate?
> Looking solely at absolute returns, BTC is certainly higher, but in terms of return per unit of volatility, HLP has surpassed it, which can be understood as HLP having a steeper slope, theoretically producing a higher expected Alpha under the same risk budget.
> In the world of fund asset allocation, a Sharpe ratio greater than 1 is considered respectable, and greater than 2 is exceptionally rare.
> High Sharpe ratios can also be misleading; factors such as high leverage, a short data period, valuation smoothing, and return smoothing can produce falsely high Sharpe ratios, so it's essential to examine the data source and statistical range.

What does a -9.6% correlation indicate?
> -9.6%, or -0.096, is a slight negative correlation and does not indicate a strong inverse Beta.
> Generally, around -0.10 can be considered essentially uncorrelated, with a slight inverse tendency, limiting actual diversification effects, but when paired with high Sharpe strategies, the marginal efficiency of the portfolio can improve.
> Correlations between assets can change during macroeconomic conditions, liquidity shocks, and shifts in risk preference, and negative correlation premiums may evaporate instantly.

I found a five-year data reference for top hedge funds from 2017 to 2021.
> Well-known top quant hedge funds like Renaissance and Two Sigma have negative Sharpe ratios.
> Sharpe ratios greater than 2 are only found in Capula, Millennium, and DE Shaw, all of which share the common characteristic of being multi-strategy.
> Funds with high Sharpe ratios typically have low volatility.
> HLP achieved a Sharpe ratio of 2.89 in a single asset class and single strategy; Jeff Yan is a genius.

@chameleon_jeff In Initial D, the character Takumi often says: A genius is actually just a person who has accomplished what others cannot, thus becoming a genius.

Hyperliquid.
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I hope everyone makes more money on ETH, because profits from ETH won't flow into altcoins—they'll return to BTC and HYPE.
I hope everyone makes more money on ETH, because profits from ETH won't flow into altcoins—they'll return to BTC and HYPE.
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Zhang San bought a Patek Philippe watch, and Li Si bought a Gucci watch. Li Si's investment logic is as follows: > BTC is Patek Philippe, ETH is Vacheron Constantin, SOL is Rolex, and SUI is Audemars Piguet. > The entire watch market has recovered, and watch-playing will definitely take off. > The market recovery has increased the demand for Patek Philippe. Zhang San's Patek Philippe's market price has doubled, and Li Si thinks his Gucci watch should also increase in price. > Another reason to buy Gucci watches is that celebrities Yang Mi and Yi Yang Qianxi also wear Gucci watches. With the blessing of celebrities, the value must be higher, and this kind of rare joint model has greater room for speculation. Patek Philippe cannot increase tenfold, but Yang Mi's version of Gucci can increase tenfold if it becomes popular. Who do you think is stupid, Zhang San or Li Si?
Zhang San bought a Patek Philippe watch, and Li Si bought a Gucci watch.

Li Si's investment logic is as follows:
> BTC is Patek Philippe, ETH is Vacheron Constantin, SOL is Rolex, and SUI is Audemars Piguet.
> The entire watch market has recovered, and watch-playing will definitely take off.
> The market recovery has increased the demand for Patek Philippe. Zhang San's Patek Philippe's market price has doubled, and Li Si thinks his Gucci watch should also increase in price.
> Another reason to buy Gucci watches is that celebrities Yang Mi and Yi Yang Qianxi also wear Gucci watches. With the blessing of celebrities, the value must be higher, and this kind of rare joint model has greater room for speculation. Patek Philippe cannot increase tenfold, but Yang Mi's version of Gucci can increase tenfold if it becomes popular.

Who do you think is stupid, Zhang San or Li Si?
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Bullish
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CZ is calling for a 10,000x surge on $HYPE. CZ 为 $HYPE 打了call,一万倍。
CZ is calling for a 10,000x surge on $HYPE.

CZ 为 $HYPE 打了call,一万倍。
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In the past, the people of the cryptocurrency world looked up to Sam Bankman-Fried, as if perceiving a purple aura rising from the east, believing that this young man would hold the divine list and lead the masses into the mainstream. However, unbeknownst to them, his intentions were not just, and he ultimately became the Daji of the Yin and Shang dynasties, causing chaos in the court and leading to the loss of people's investments. Then came Su Zhu and Do Kwon, who appeared together, claiming to be divinely appointed, yet their proclamations were hollow, and their titles were treated as child's play, leaving nothing but a mess behind. Until the truth gradually became clear, Jeff Yan arrived, stepping on clouds, holding the true list with a grand demeanor. He used an iron fist to cleanse the malevolent atmosphere and reestablish the rightful positions, ultimately allowing the cryptocurrency world to see a bright and clear future. It turned out that @chameleon_jeff was the world leader the people were searching for, long hidden among the grass and weeds.
In the past, the people of the cryptocurrency world looked up to Sam Bankman-Fried, as if perceiving a purple aura rising from the east, believing that this young man would hold the divine list and lead the masses into the mainstream.

However, unbeknownst to them, his intentions were not just, and he ultimately became the Daji of the Yin and Shang dynasties, causing chaos in the court and leading to the loss of people's investments.

Then came Su Zhu and Do Kwon, who appeared together, claiming to be divinely appointed, yet their proclamations were hollow, and their titles were treated as child's play, leaving nothing but a mess behind.

Until the truth gradually became clear, Jeff Yan arrived, stepping on clouds, holding the true list with a grand demeanor.

He used an iron fist to cleanse the malevolent atmosphere and reestablish the rightful positions, ultimately allowing the cryptocurrency world to see a bright and clear future.

It turned out that @chameleon_jeff was the world leader the people were searching for, long hidden among the grass and weeds.
K1ko妹妹的爸比
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$HYPE's terminal valuation starts at $4 trillion.

> NVIDIA is the foundation of the AI era, Hyperliquid will become the foundation of global asset trading.
> NVIDIA uses Windows/Mac systems for development, yet its market cap surpasses MSFT and AAPL.
> Hyperliquid started by building on Ethereum, destined to leave ETH's market cap behind.

$HYPE's terminal valuation starts at $4 trillion.

> NVIDIA is the foundation of the AI era, Hyperliquid will become the foundation of global asset trading.
> NVIDIA uses Windows/Mac systems for development, yet its market cap surpasses MSFT and AAPL.
> Hyperliquid started by building on Ethereum, destined to leave ETH's market cap behind.
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$HYPE's terminal valuation starts at $4 trillion. > NVIDIA is the foundation of the AI era, Hyperliquid will become the foundation of global asset trading. > NVIDIA uses Windows/Mac systems for development, yet its market cap surpasses MSFT and AAPL. > Hyperliquid started by building on Ethereum, destined to leave ETH's market cap behind. $HYPE's terminal valuation starts at $4 trillion. > NVIDIA is the foundation of the AI era, Hyperliquid will become the foundation of global asset trading. > NVIDIA uses Windows/Mac systems for development, yet its market cap surpasses MSFT and AAPL. > Hyperliquid started by building on Ethereum, destined to leave ETH's market cap behind.
$HYPE's terminal valuation starts at $4 trillion.

> NVIDIA is the foundation of the AI era, Hyperliquid will become the foundation of global asset trading.
> NVIDIA uses Windows/Mac systems for development, yet its market cap surpasses MSFT and AAPL.
> Hyperliquid started by building on Ethereum, destined to leave ETH's market cap behind.

$HYPE's terminal valuation starts at $4 trillion.

> NVIDIA is the foundation of the AI era, Hyperliquid will become the foundation of global asset trading.
> NVIDIA uses Windows/Mac systems for development, yet its market cap surpasses MSFT and AAPL.
> Hyperliquid started by building on Ethereum, destined to leave ETH's market cap behind.
K1ko妹妹的爸比
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上帝已经降下了伟大的神谕,
天启的钟声响了。

> Pump盘前OI:Hyperliquid反超Binance
> Phantom钱包集成Hyperliquid作为Perps底层基建

下一站NYSE/NASDAQ/CME全线接轨Hyperliquid基建。

God has already delivered the oracle, the apocalyptic bells are ringing.

> Pre-pump OI: Hyperliquid has surpassed Binance
> Phantom Wallet has integrated Hyperliquid as its perps backbone

Next stop: NYSE/NASDAQ/CME will all connect to Hyperliquid’s infrastructure.
上帝已经降下了伟大的神谕, 天启的钟声响了。 > Pump盘前OI:Hyperliquid反超Binance > Phantom钱包集成Hyperliquid作为Perps底层基建 下一站NYSE/NASDAQ/CME全线接轨Hyperliquid基建。 God has already delivered the oracle, the apocalyptic bells are ringing. > Pre-pump OI: Hyperliquid has surpassed Binance > Phantom Wallet has integrated Hyperliquid as its perps backbone Next stop: NYSE/NASDAQ/CME will all connect to Hyperliquid’s infrastructure.
上帝已经降下了伟大的神谕,
天启的钟声响了。

> Pump盘前OI:Hyperliquid反超Binance
> Phantom钱包集成Hyperliquid作为Perps底层基建

下一站NYSE/NASDAQ/CME全线接轨Hyperliquid基建。

God has already delivered the oracle, the apocalyptic bells are ringing.

> Pre-pump OI: Hyperliquid has surpassed Binance
> Phantom Wallet has integrated Hyperliquid as its perps backbone

Next stop: NYSE/NASDAQ/CME will all connect to Hyperliquid’s infrastructure.
K1ko妹妹的爸比
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Hyperliquid将成为人类资产交易的核心基础设施。

未来NYSE、CME和NASDAQ的系统升级都将基于Hyperliquid完成。

HIP-3是为传统交易所升级基建而生,而不是为了散户部署赌台。

全球一共有900万亿资产,尽数在Hyperliquid交易。

Hyperliquid的市值将会超过今天最高点的Binance,会超过4万亿的英伟达。

人类资产交易的基建该值多少钱呢?

Hyperliquid will become the core infrastructure for human asset trading.

In the future, system upgrades for NYSE, CME, and NASDAQ will all be completed based on Hyperliquid.

HIP-3 was born to upgrade infrastructure for traditional exchanges, not to deploy gambling tables for retail investors.

There are a total of 900 trillion in global assets, all of which will be traded on Hyperliquid.

Hyperliquid's market cap will surpass Binance at its peak and exceed Nvidia's 4 trillion.

How much should the infrastructure for human asset trading be worth?
Hyperliquid将成为人类资产交易的核心基础设施。 未来NYSE、CME和NASDAQ的系统升级都将基于Hyperliquid完成。 HIP-3是为传统交易所升级基建而生,而不是为了散户部署赌台。 全球一共有900万亿资产,尽数在Hyperliquid交易。 Hyperliquid的市值将会超过今天最高点的Binance,会超过4万亿的英伟达。 人类资产交易的基建该值多少钱呢? Hyperliquid will become the core infrastructure for human asset trading. In the future, system upgrades for NYSE, CME, and NASDAQ will all be completed based on Hyperliquid. HIP-3 was born to upgrade infrastructure for traditional exchanges, not to deploy gambling tables for retail investors. There are a total of 900 trillion in global assets, all of which will be traded on Hyperliquid. Hyperliquid's market cap will surpass Binance at its peak and exceed Nvidia's 4 trillion. How much should the infrastructure for human asset trading be worth?
Hyperliquid将成为人类资产交易的核心基础设施。

未来NYSE、CME和NASDAQ的系统升级都将基于Hyperliquid完成。

HIP-3是为传统交易所升级基建而生,而不是为了散户部署赌台。

全球一共有900万亿资产,尽数在Hyperliquid交易。

Hyperliquid的市值将会超过今天最高点的Binance,会超过4万亿的英伟达。

人类资产交易的基建该值多少钱呢?

Hyperliquid will become the core infrastructure for human asset trading.

In the future, system upgrades for NYSE, CME, and NASDAQ will all be completed based on Hyperliquid.

HIP-3 was born to upgrade infrastructure for traditional exchanges, not to deploy gambling tables for retail investors.

There are a total of 900 trillion in global assets, all of which will be traded on Hyperliquid.

Hyperliquid's market cap will surpass Binance at its peak and exceed Nvidia's 4 trillion.

How much should the infrastructure for human asset trading be worth?
Translate
朋友圈一位基金经理说过一段话,引发对投资的思考: 周杰伦,说实话,只能说明他老妈牛b,重仓梭哈了他一个关键技能,个人来说,真的很普通。
朋友圈一位基金经理说过一段话,引发对投资的思考:

周杰伦,说实话,只能说明他老妈牛b,重仓梭哈了他一个关键技能,个人来说,真的很普通。
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Pump.Fun and Goldman Sachs are killing you retail investorsMany people are discussing how Pump Fun treats Asia like a slaughterhouse. Even if you go in, you wouldn't dare to go short with a full funding rate. The market makers can even control you by keeping the price steady, making it impossible for you to profit regardless of your long or short position. Why is the price dropping right after the token is launched, and who exactly is shorting? In this cycle where tokens are being launched and immediately dropping in price, the real selling pressure and shorting activities are mostly coming from institutions rather than retail investors. Their reasons for shorting are not just for hedging. As a former hedge fund trader, I primarily dealt with Global Equities and frequently interacted with sell-side trading desks such as Goldman Sachs, Morgan Stanley, CICC, CITIC, CLSA, etc.

Pump.Fun and Goldman Sachs are killing you retail investors

Many people are discussing how Pump Fun treats Asia like a slaughterhouse.

Even if you go in, you wouldn't dare to go short with a full funding rate. The market makers can even control you by keeping the price steady, making it impossible for you to profit regardless of your long or short position.

Why is the price dropping right after the token is launched, and who exactly is shorting?

In this cycle where tokens are being launched and immediately dropping in price, the real selling pressure and shorting activities are mostly coming from institutions rather than retail investors.

Their reasons for shorting are not just for hedging.

As a former hedge fund trader, I primarily dealt with Global Equities and frequently interacted with sell-side trading desks such as Goldman Sachs, Morgan Stanley, CICC, CITIC, CLSA, etc.
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108,000 entered BTC, writing a note for myself for future review The U.S. stock market's crypto sector is undergoing internal rotation > The recent crypto market in U.S. stocks is focused on the significant rise of ETH and SOL, while the Strategy remains relatively stagnant, fluctuating within a daily range of 1%. Once the pricing of ETH and SOL in U.S. stocks is completed, there may be a rotation back to Strategy. > On one hand, Strategy will stop buying at the end of the quarter. Once the rotation settles, and the new 4.2B fundraising plan is implemented, buying BTC will resume, and changes in intrinsic value may trigger a new round of dual increases in BTC and stock prices. > The Hong Kong stock market benefits from the expectations of license approvals and scarcity, keeping the crypto sector vibrant. Guotai Junan International is set to break previous highs, while the 600% single-day surge from Jinyong Investment continues to ignite sector enthusiasm. BTC is in a narrow range of fluctuations > BTC has support around 107,000, having dipped below several times but bounced back. There is significant selling pressure at 109,500, seemingly with institutions and whales concentrating on selling. > To summarize the logic of BTC's range: there is strong selling pressure, but it decreases near 107,000, rather than support being strong. > The bottom reached on July 2 at 105,000 was the largest impact from tariffs recently; this week, the market seems immune to tariffs, and support at 107,000 is solid. > The last bottom was on June 23, when it fell below 99,000 due to negative news from the Israel war, and it is nearly impossible to see a repeat in the short term. I expect to probe 110,000 again within this week, with 112,000 as the profit-taking point > The interest rate cut in September is likely to be anticipated by the market. > MACD shows multi-level resonance on the 4-hour and 6-hour charts. > The K-line is gradually forming a bullish arrangement, currently in the 'waiting for the line to arrive' stage, expecting the moving averages to approach the price to form support, having already formed a 'tongue kiss', about to show a 'flying kiss'. > The gains during the Asian session may be wiped out before the European and American markets open at 9:30. If there is a surge during the Asian session this week, it is advisable to take profits, as the European and American sessions may not necessarily see a rebound. > The gains on July 7 benefited from Musk's pessimism towards fiat currency and optimism towards $BTC , while after multi-level resonance in the Asian market, funds are preemptively speculating on futures, but there has not been a noticeable increase in spot buying. > A significant breakthrough in the market requires resonance between spot and futures, and it is unlikely to see a pullback below 117,000, with lower liquidity ranges being far and not necessitating liquidation; it is more about short-squeeze upward.
108,000 entered BTC, writing a note for myself for future review

The U.S. stock market's crypto sector is undergoing internal rotation
> The recent crypto market in U.S. stocks is focused on the significant rise of ETH and SOL, while the Strategy remains relatively stagnant, fluctuating within a daily range of 1%. Once the pricing of ETH and SOL in U.S. stocks is completed, there may be a rotation back to Strategy.
> On one hand, Strategy will stop buying at the end of the quarter. Once the rotation settles, and the new 4.2B fundraising plan is implemented, buying BTC will resume, and changes in intrinsic value may trigger a new round of dual increases in BTC and stock prices.
> The Hong Kong stock market benefits from the expectations of license approvals and scarcity, keeping the crypto sector vibrant. Guotai Junan International is set to break previous highs, while the 600% single-day surge from Jinyong Investment continues to ignite sector enthusiasm.

BTC is in a narrow range of fluctuations
> BTC has support around 107,000, having dipped below several times but bounced back. There is significant selling pressure at 109,500, seemingly with institutions and whales concentrating on selling.
> To summarize the logic of BTC's range: there is strong selling pressure, but it decreases near 107,000, rather than support being strong.
> The bottom reached on July 2 at 105,000 was the largest impact from tariffs recently; this week, the market seems immune to tariffs, and support at 107,000 is solid.
> The last bottom was on June 23, when it fell below 99,000 due to negative news from the Israel war, and it is nearly impossible to see a repeat in the short term.

I expect to probe 110,000 again within this week, with 112,000 as the profit-taking point
> The interest rate cut in September is likely to be anticipated by the market.
> MACD shows multi-level resonance on the 4-hour and 6-hour charts.
> The K-line is gradually forming a bullish arrangement, currently in the 'waiting for the line to arrive' stage, expecting the moving averages to approach the price to form support, having already formed a 'tongue kiss', about to show a 'flying kiss'.
> The gains during the Asian session may be wiped out before the European and American markets open at 9:30. If there is a surge during the Asian session this week, it is advisable to take profits, as the European and American sessions may not necessarily see a rebound.
> The gains on July 7 benefited from Musk's pessimism towards fiat currency and optimism towards $BTC , while after multi-level resonance in the Asian market, funds are preemptively speculating on futures, but there has not been a noticeable increase in spot buying.
> A significant breakthrough in the market requires resonance between spot and futures, and it is unlikely to see a pullback below 117,000, with lower liquidity ranges being far and not necessitating liquidation; it is more about short-squeeze upward.
See original
Don't take yourself too seriously; the cryptocurrency world is just a financial testing ground.The biggest problem in the cryptocurrency world is that people take themselves too seriously. In short: the cryptocurrency industry is just a testing ground for the financial industry, nothing more. The cryptocurrency world is a niche culture; can you please take a moment to reflect on what you really are? > It's already impressive if there are 300,000 active Mandarin users in the cryptocurrency world. > Among Chinese users in the US stock market, there are probably 10 million users, from citizens, green card holders, H1B visa holders to students. Not to mention how many Chinese users in Singapore, Hong Kong, Taiwan, Malaysia, Thailand, and Europe are trading US stocks. This doesn't even count mainland residents.

Don't take yourself too seriously; the cryptocurrency world is just a financial testing ground.

The biggest problem in the cryptocurrency world is that people take themselves too seriously.

In short: the cryptocurrency industry is just a testing ground for the financial industry, nothing more.

The cryptocurrency world is a niche culture; can you please take a moment to reflect on what you really are?
> It's already impressive if there are 300,000 active Mandarin users in the cryptocurrency world.
> Among Chinese users in the US stock market, there are probably 10 million users, from citizens, green card holders, H1B visa holders to students. Not to mention how many Chinese users in Singapore, Hong Kong, Taiwan, Malaysia, Thailand, and Europe are trading US stocks. This doesn't even count mainland residents.
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The crypto space is a testing ground for financial innovation; it is not Web3, but Fin2.The crypto space is a testing ground for financial innovation; I believe the crypto space is not Web3, but Fin2. The tokenized US stock products emerging from the mature testing ground are immediately adopted in the U.S. The U.S. continues to solidify its financial hegemony in the Fin2 era. On-chain US stocks have dismantled three things from traditional capital markets: Barriers + Time zones + Regulatory isolation Funds will flow faster into U.S. core assets and BTC, further compressing the survival space for Altcoins and EM Equity. U.S. core assets are open to black and gray markets, reshaping the pathways to global core assets. > In the past, only compliant KYC accounts could purchase U.S. core assets, but now anyone can anonymously acquire US stocks on-chain with 1 USDT, such as AAPLx, NVDAx, TSLAx.

The crypto space is a testing ground for financial innovation; it is not Web3, but Fin2.

The crypto space is a testing ground for financial innovation; I believe the crypto space is not Web3, but Fin2.

The tokenized US stock products emerging from the mature testing ground are immediately adopted in the U.S.

The U.S. continues to solidify its financial hegemony in the Fin2 era.

On-chain US stocks have dismantled three things from traditional capital markets:

Barriers + Time zones + Regulatory isolation

Funds will flow faster into U.S. core assets and BTC, further compressing the survival space for Altcoins and EM Equity.

U.S. core assets are open to black and gray markets, reshaping the pathways to global core assets.
> In the past, only compliant KYC accounts could purchase U.S. core assets, but now anyone can anonymously acquire US stocks on-chain with 1 USDT, such as AAPLx, NVDAx, TSLAx.
See original
Cryptocurrency finance practitioners possess a holistic vision that no other industry can provide. Cryptocurrency practitioners have the composite ability that spans the entire financial chain, including PE/VC, hedge funds, asset management, OTC trading, banking, derivatives design, asset issuance, payment clearing, and digital asset custody. This panoramic professional experience, compared to that of TradFi practitioners who are limited to a single business line, fosters systematic financial thinking and cross-market arbitrage capabilities. Some of my peers who followed conventional career paths after graduation, such as those in public offerings, private equity, and asset management, are constrained by linear divisions of labor. They find it difficult to break through the limitations of their professional fields and lack opportunities to participate in strategic decision-making within their companies, let alone engage in the higher-level politics of large state-owned or foreign institutions. More critically, they often lack the ability to independently operate business entities, cannot leverage labor forces, lack leadership, and have limited understanding of the operational mechanisms of financial markets in terms of professionalism. Everything is a game, everything is a makeshift platform. Every industry has its own strategies and survival tactics. Only from the perspective of a manager can one truly see this. Leaving the workplace early, entering society, and shifting to a managerial mindset is the greatest leap in life. Private equity profits from information asymmetry in non-public markets, public funds rely on beta exposure to earn management fees, and stablecoin issuers exploit regulatory arbitrage to earn interest spreads. Web3 has its bubbles, but underneath it still harbors historical opportunities for the reconstruction of financial infrastructure. Now is a transformative period at the historical intersection of Web3 and TradFi; tell me how you want to play?
Cryptocurrency finance practitioners possess a holistic vision that no other industry can provide.

Cryptocurrency practitioners have the composite ability that spans the entire financial chain, including PE/VC, hedge funds, asset management, OTC trading, banking, derivatives design, asset issuance, payment clearing, and digital asset custody.

This panoramic professional experience, compared to that of TradFi practitioners who are limited to a single business line, fosters systematic financial thinking and cross-market arbitrage capabilities.

Some of my peers who followed conventional career paths after graduation, such as those in public offerings, private equity, and asset management, are constrained by linear divisions of labor. They find it difficult to break through the limitations of their professional fields and lack opportunities to participate in strategic decision-making within their companies, let alone engage in the higher-level politics of large state-owned or foreign institutions.

More critically, they often lack the ability to independently operate business entities, cannot leverage labor forces, lack leadership, and have limited understanding of the operational mechanisms of financial markets in terms of professionalism.

Everything is a game, everything is a makeshift platform. Every industry has its own strategies and survival tactics. Only from the perspective of a manager can one truly see this.

Leaving the workplace early, entering society, and shifting to a managerial mindset is the greatest leap in life.

Private equity profits from information asymmetry in non-public markets, public funds rely on beta exposure to earn management fees, and stablecoin issuers exploit regulatory arbitrage to earn interest spreads.

Web3 has its bubbles, but underneath it still harbors historical opportunities for the reconstruction of financial infrastructure.

Now is a transformative period at the historical intersection of Web3 and TradFi; tell me how you want to play?
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HSK Surge ReviewToday's surge of $HSK seems to others to be a result of favorable timing, location, and human factors. In my intensive research and monitoring over the past few days, I felt the turbulent waves and hidden currents beneath the surface. Today's rise is not that simple; who exactly is behind it? Mysterious control situation - HSK's current circulation is 133 million coins, only accounting for 13% of the total, with a circulating market value of 100 million USD; FDV is about 740 million USD. Market makers estimate that around 10 million USD is sufficient to operate. - The official launch time of $HSK is June 20 at 17:00. Previously, the depth on the 15-minute level was extremely poor, and a few thousand USD could create a gap.

HSK Surge Review

Today's surge of $HSK seems to others to be a result of favorable timing, location, and human factors.

In my intensive research and monitoring over the past few days, I felt the turbulent waves and hidden currents beneath the surface.

Today's rise is not that simple; who exactly is behind it?

Mysterious control situation
- HSK's current circulation is 133 million coins, only accounting for 13% of the total, with a circulating market value of 100 million USD; FDV is about 740 million USD. Market makers estimate that around 10 million USD is sufficient to operate.

- The official launch time of $HSK is June 20 at 17:00. Previously, the depth on the 15-minute level was extremely poor, and a few thousand USD could create a gap.
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Recently, there has been a lot of high-intensity investment, observation, and research on RWA projects. RWA should first identify potential buyers before proceeding, rather than the project party issuing assets just because they can. The core value of RWA lies in serving the needs of buyers, rather than simply providing convenience for asset issuers. Thanks to blockchain technology, asset issuance can be extremely convenient, but buyer liquidity is the real scarcity. Therefore, RWA is essentially about serving buyers, not about serving sellers or issuers. RWA projects should first lock in the target buyer group, then design asset issuance plans in reverse, rather than blindly going on-chain. Buyers have a demand for investing in quality assets, but equity and debt assets have trading barriers, or traditional trading models such as bulk transactions have high transaction costs. This is the real pain point that RWA addresses. Is it possible to design an information aggregation platform, or a reverse investment bank for RWA, where buyers can express what quality assets they want to invest in, and the platform can then find the assets on-site and put them on-chain for investors to purchase, charging a fee between both the investors and the asset parties? This fee should be shared by both buyers and sellers, which would help reduce the compliance costs for RWA issuance.
Recently, there has been a lot of high-intensity investment, observation, and research on RWA projects.

RWA should first identify potential buyers before proceeding, rather than the project party issuing assets just because they can.

The core value of RWA lies in serving the needs of buyers, rather than simply providing convenience for asset issuers.

Thanks to blockchain technology, asset issuance can be extremely convenient, but buyer liquidity is the real scarcity.

Therefore, RWA is essentially about serving buyers, not about serving sellers or issuers.

RWA projects should first lock in the target buyer group, then design asset issuance plans in reverse, rather than blindly going on-chain.

Buyers have a demand for investing in quality assets, but equity and debt assets have trading barriers, or traditional trading models such as bulk transactions have high transaction costs. This is the real pain point that RWA addresses.

Is it possible to design an information aggregation platform, or a reverse investment bank for RWA, where buyers can express what quality assets they want to invest in, and the platform can then find the assets on-site and put them on-chain for investors to purchase, charging a fee between both the investors and the asset parties? This fee should be shared by both buyers and sellers, which would help reduce the compliance costs for RWA issuance.
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I was the first to call $HSK on the entire network, with a cost of 0.28. In just 7 days, the K-line pattern has changed significantly: > A bottom reversal pattern has appeared, with bearish strength weakening, completely bottoming out and forming a bottom range > During the rebound, trading volume has moderately increased, with strong bullish momentum > The MACD golden cross and RSI rebound create indicator resonance, with 15-minute, 1-hour, and 4-hour moving averages forming a bullish arrangement > After the first wave of upward adjustment, it has stabilized above all levels of the 365-day line (orange line) > If it breaks through 0.392 with volume, there are no obstacles above > The resistance level from the 4-hour and daily perspective is around 0.46-0.5 According to internal information I have learned about HashKey, the increase on the first day came from buying by large off-market players, not from active market-making by the project party or testing by third-party market makers. This bottoming process has new capital entering the market to take over.
I was the first to call $HSK on the entire network, with a cost of 0.28. In just 7 days, the K-line pattern has changed significantly:

> A bottom reversal pattern has appeared, with bearish strength weakening, completely bottoming out and forming a bottom range
> During the rebound, trading volume has moderately increased, with strong bullish momentum
> The MACD golden cross and RSI rebound create indicator resonance, with 15-minute, 1-hour, and 4-hour moving averages forming a bullish arrangement
> After the first wave of upward adjustment, it has stabilized above all levels of the 365-day line (orange line)
> If it breaks through 0.392 with volume, there are no obstacles above
> The resistance level from the 4-hour and daily perspective is around 0.46-0.5

According to internal information I have learned about HashKey, the increase on the first day came from buying by large off-market players, not from active market-making by the project party or testing by third-party market makers. This bottoming process has new capital entering the market to take over.
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Investment and speculation are different; these two are verbs, stemming from your motivation. Markets and casinos are indistinguishable; these two are nouns, and capital markets should be neutral, third-party, and decentralized. Your intent will determine whether you are trading in the market or gambling in the casino. This also directly affects the results you achieve. Investment and speculation are verbs defined by your motives. Market and casino are neutral nouns – a true capital market should be decentralized and impartial. Your intent determines whether you’re trading in a market or gambling in a casino. And that intent dictates your outcome. Hyperliquid.
Investment and speculation are different; these two are verbs, stemming from your motivation.

Markets and casinos are indistinguishable; these two are nouns, and capital markets should be neutral, third-party, and decentralized.

Your intent will determine whether you are trading in the market or gambling in the casino.

This also directly affects the results you achieve.

Investment and speculation are verbs defined by your motives.

Market and casino are neutral nouns – a true capital market should be decentralized and impartial.

Your intent determines whether you’re trading in a market or gambling in a casino.

And that intent dictates your outcome.

Hyperliquid.
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