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‘Softcore Gambling’ such as blind boxes and lotteries locks in consumers by providing low-risk, ritualistic random rewards, replacing monetary wins and losses with emotional satisfaction, fostering a highly addictive business model with remarkable retention and repurchase rates. This article is sourced from an article by John Wang, a crypto KOL, and is organized, translated, and written by PANews. (Background: False Prosperity? The U.S. July non-farm employment is far below expectations, revised down by 258,000 for May and June, Trump criticizes Powell and dismisses the Labor Secretary) (Background context: Why has Wall Street polluted Bitcoin to the point where '1BTC≠1btc', and why is native Bitcoins the next holy grail?) A girl bought 3 Pop Mart blind boxes and filmed a cozy unboxing video on TikTok. She softly said, 'I hope I get the sleepy bear... but honestly, anything cute will do.' A boy tore open a $500 Pokémon booster box during a live stream, his eyes fixed on the camera. 'If I don't pull a PSA 10 Charizard, this whole box is worthless,' he muttered. Gambling doesn't always look like poker chips and slot machines. Sometimes it resembles pink bunnies, blind boxes, and whispering TikTok videos. Between shopping therapy and roulette, a new behavioral habit targeting female consumers is starting to emerge. The same random reward mechanism, but with completely different stakes, atmosphere, and psychology. 'Softcore Gambling' is becoming a gentle casino aimed at coziness rather than conquest. 1. Women are the primary target audience Look at the user composition of the largest 'softcore gambling' brands: Pop Mart blind box toys: 75% are female, with a repurchase rate of 50% (simply insane) Cross-border e-commerce platforms Shein and Temu: Women account for 63% - 66%, while Amazon is predominantly male Social casino app Slotomania: 72% of active players are female, mainly concentrated in the 35 to 55 age range. In contrast, the proportion of female participants in the 2025 World Series of Poker is only 4%. The further away from real money gambling, and the more inclined towards pure surprise, the larger the female audience. 2. What does 'softcore gambling' look like? Pop Mart. Each series has 12 cute dolls, with one or two being 'hidden' versions. Each box costs $10, and there are guaranteed prizes inside, but not necessarily the one you want. Collectors film unboxing videos, exchange duplicate styles, and keep repurchasing. According to the company, nearly half of customers will make a repeat purchase within a year. E-commerce platforms Shein and Temu. Lottery boxes are spinning wheel coupons or time-limited flash sales. Shopping turns into an electronic game loop like (Candy Crush): click to draw, reveal results, stimulate dopamine release, and repeat. Social casino apps (like Slotomania or Bingo Blitz) press the same digital buttons (free spins, confetti rewards, zero actual risk), earning billions of dollars through in-app purchases of virtual items. All three follow a variable reward mechanism familiar to casino designers, but the stakes are emotional rather than monetary. Unlike poker or slot machines, these systems rarely disclose odds, creating a softer atmosphere. This is a low-risk, soft feedback loop of gambling, designed to cultivate habitual participation rather than seeking thrills. 3. Why are the effects so significant? You won't completely lose out. Whether it's a bunny doll or a $2 lipstick, you always gain something. This sense of security drives participation. Rituals outweigh high risks. Opening boxes, spinning wheels, showcasing gains: these small rituals punctuate the day. A Pop Mart fan might quietly say while unboxing to the tune of TikTok music, 'I hope it's that sleepy bear...'. Compare this to GTO expected value calculations and high-stakes gambling in poker. The former is self-soothing, while the latter is a zero-sum game. Aesthetics trump conquest: the reward lies not in resale value but in how well the item fits the atmosphere, shelf, or mood. Pop Mart fans don't flaunt prices but instead decorate scenes with playful LaLaBoo and Sanrio plush toys. Male collectors often chase the power of a specific item (I pulled a pocket rocket!), while female collectors tend to look for a complete set that reflects personal taste (I finally got the pink bunny, completing my zodiac collection). Sharing joy rather than player competition: Memecoin traders flaunt images of 1000% profits. Pokémon unboxers showcase rare items worth $400. Pop Mart unboxers display duplicate items on TikTok and ask, 'Does anyone want this pink bunny?' The former is about comparison, while the latter is about sharing and resonance. Saving money trumps making money: Shein shoppers spin the wheel for a 20% discount and invite friends to unlock coupons. The thrill lies in the dopamine rush from unlocking offers rather than beating the market. The apps of Temu and Shein are half about shopping and half about 'social gambling' mini-games that can unlock product discounts. It's real and easy to get addicted. 4. Gambling motivations Academic research confirms this behavioral difference: A study in the 2024 (Addictive Behaviors) journal found that men gamble more for money and competition, while women do so for escape, emotional regulation, and social connection. Another study shows that women respond more strongly to low-risk reward loops, while men participate more under higher risks and potential rewards. Men gamble for glory; women gamble for joy. 5. The business model of insane retention rates Low prices and high sales are the driving force. Pop Mart's gross margin is about 60%; Shein gets users to open the app over 100 times a month. This casino doesn't need big players but rather billions of $10 bets. User lifetime value is not driven by jackpots or leaderboards. It is built on emotional attachment, soft rituals, and the desire to complete a collection. That's why Pop Mart's retention rate far exceeds that of traditional toy brands and mainstream retail. 6. Shopping has now become gambling Whether you call it blind box retail, fashion-style lotteries, or gentle slots, its mechanism has gambling elements, just lacking the wildness of gambling. Shein, Temu, and TikTok Shop all employ the same dopamine-stimulating framework and expand it into a complete retail ecosystem: Shein: Daily spinning wheel lotteries, app-exclusive flash sale gifts, recommendation pushes instead of searches, with over 100 app opens per month. Temu: Limited-time flash sales, social invitation coupon wheels, first-day 'spinning wheel lottery' mechanism (women's clicks are 1.4 times that of men). TikTok Shop: Unboxing videos labeled with 'mystery gifts', with engagement 2-4 times that of regular products. This 'surprise premium' is real. Each platform has turned shopping into a gamified loop: check → draw → possible gain → repeat. Contrary to intuition, the prize is not the product itself but the dopamine rush that comes from opening the box. 7. Conclusion For women who seldom appear at the poker table, these softer venues offer...

The decline of Bitcoin continues, with BTC falling below $112,000 this morning. Ethereum also dipped to a low of $3,355, and Bitcoin spot ETF recorded the largest net outflow in half a year on the 1st. (Background: False prosperity? U.S. non-farm employment in July far below expectations, with May and June revised down by 258,000. Trump criticizes Powell and fires the labor secretary.) (Supplementary background: After Wall Street polluted Bitcoin, '1BTC≠1btc', why are native Bitcoins the next holy grail?) The U.S. non-farm payroll numbers released on Friday ignited market fears of an economic recession, with May revised from 144,000 to 19,000 and June from 147,000 to 14,000. The unusual degree of revision led both stock and cryptocurrency markets to face selling pressure. Bitcoin (BTC) fell below $112,000 this morning (3) and hit a low of around $111,903 around 8:30, temporarily rebounding to $113,430 at the time of writing, with a nearly 24-hour decline of 0.45%. As the second-largest cryptocurrency, Ethereum experienced an even sharper decline, dropping to a low of $3,355 this morning, the lowest in two weeks. At the time of writing, it was temporarily at $3,440, with a nearly 24-hour decline of 2.3%. CMC data indicates that the cryptocurrency fear and greed index fell below 50 for the first time in the past month, indicating a decrease in market enthusiasm. The net outflow of Bitcoin spot ETF reached a six-month high, and Ethereum's record of continuous inflows was broken, reflecting the market exit. The flow of Bitcoin and Ethereum spot ETFs in the U.S. also hints at panic. According to Sosovalue data, U.S. Bitcoin ETFs experienced a net outflow of $810 million on August 1, marking the highest record in nearly six months. Ethereum also saw its nearly month-long record of continuous net inflows broken, recording an outflow of $150 million on the 1st. Total liquidation across the network reached $390 million. According to Coinglass data, in the past 24 hours, impacted by the market decline, a total of 118,000 people were liquidated, with the total liquidation amount reaching $390 million. Related reports: After Wall Street polluted Bitcoin, '1BTC≠1btc', why are native Bitcoins the next holy grail? Bitcoin reserve companies: Why spend $2 to buy $1 of BTC? Will the $10 billion selling pressure shake Bitcoin? Is BTC's next target to surge to $140,000?" This article was first published on BlockTempo (the most influential blockchain news media).

Cheung Kong Holdings, owned by the Li Ka-shing family, has launched about 400 residential units for sale in the Guangdong-Hong Kong-Macao Greater Bay Area through Hutchison Whampoa Property, sparking heated discussions among Chinese netizens. What kind of future does Superman Li, who "does not make the last penny", foresee? (Previous story: Hong Kong (Stablecoin Ordinance) takes effect today, Standard Chartered Bank: Apply to become an issuer as soon as possible) (Background supplement: Direct coverage of the implementation of Hong Kong's stablecoin policy, all you need to know is this) Recently, Cheung Kong Holdings, owned by the family of Hong Kong's richest man Li Ka-shing, has launched about 400 residential units in the Guangdong-Hong Kong-Macao Greater Bay Area through Hutchison Whampoa Property. The total price of a property is as low as RMB 400,000 (about NT$1.6 million), which can be said to be a clearance sale, which immediately sparked heated discussions among Chinese netizens. Detailed information on properties for sale Public information shows that these properties are distributed in Huizhou, Guangdong (Longpo Garden, about 300 units), Zhongshan (Longpo Garden), Guangzhou (Yicui Manor) and Dongguan (Haiyi Mansion). The price of a 51-square-meter one-bedroom unit at Huizhou's Longpo Garden has dropped from an earlier range of 10,400 to 14,000 yuan per square meter to approximately 8,632 yuan per square meter, for a total price of approximately 443,000 yuan. The price of villas at Dongguan's Haiyi Mansion has plummeted significantly, from 44,000 to 68,000 yuan per square meter in 2023 to 18,000 to 36,000 yuan per square meter. This low-price strategy has already attracted a significant number of Hong Kong buyers to the mainland, with nearly 600 units sold at the Huizhou project. Meanwhile, unconfirmed rumors are circulating online that Li Ka-shing plans to sell his historic residence at 79 Deep Water Bay in Hong Kong for HK$5 billion. If this landmark luxury residence were sold, it would mark a significant restructuring of the Li family's assets in Hong Kong. What's behind Li Ka-shing's asset liquidation? As Hong Kong's richest man, he holds a profoundly important position in the hearts of mainland Chinese. This series of cashing out has undoubtedly sparked widespread discussion online in China, with netizens speculating about the motivations behind Li Ka-shing's eagerness to cash out, given that Hong Kong is a crucial political and economic stronghold of mainland China, and Li Ka-shing is Hong Kong's most prominent business figure. Furthermore, what has Li Ka-shing, Hong Kong's richest man, foreseen in the future?The Li family has a long-term bearish outlook on the Chinese real estate market. In recent years, the Li family has been continuously reducing its holdings in mainland China real estate, selling off commercial properties in Shanghai and Guangzhou since 2013 and shifting investment to the European market. The recent low-price liquidation of properties in the Greater Bay Area has been widely interpreted by netizens as a reflection of Li Ka-shing's pessimistic outlook for the Chinese real estate market. The Chinese real estate market has been facing high inventory, weak demand, and regulatory pressure in recent years. Many of the projects in Huizhou and Dongguan were developed by the Li family years ago, acquiring land at low prices (for example, the Haiyi Mansion in Dongguan, acquired in 1999). The current low-price sales may be an attempt to quickly recoup funds and mitigate risk. The Panama Port Sale Has Provoked Chinese Discontent. Some netizens also speculate that due to the geopolitical sensitivity of the Panama Canal and the strategic competition between China and the United States in the region, Cheung Kong Holdings' planned sale of its Panama Port assets this year (comprising 43 ports and logistics networks in 23 countries worldwide, and having reached an in-principle agreement with a consortium led by BlackRock) has sparked discontent in China, impacting the Li family's political and business relationships in Hong Kong and mainland China. Netizens speculate that the failure of Li Ka-shing's eldest son, Li Zeju, chairman of Cheung Kong Holdings, to continue his term as Chief Executive's Advisor, announced by the Hong Kong SAR government on June 27th, is a continuation of this conflict. Market analysts believe Li Zeju's removal may be related to the port transaction. Although this has not been officially confirmed, it has offended Chinese authorities, and Li Ka-shing may face subsequent liquidation, leading him to rush to sell off mainland assets to escape control. Further reading: Is the Panama Canal truly controlled by the United States? BlackRock acquires Li Ka-shing's port company, Cheung Kong Hutchison, for $22.8 billion, increasing the risk of war. Furthermore, some netizens are concerned that Sino-US relations have remained tense in recent years, with repeated reports of escalating conflict in the Taiwan Strait. Potential geopolitical risks will undoubtedly deal a further blow to the already sluggish Chinese real estate market, so the Li family's asset adjustments may also be related to geopolitical uncertainty. Chinese political pressure is intervening in the Li family. Finally, some netizens implicitly raised the worst-case scenario: Chinese political forces may be attempting to influence the Li family's business empire. The reason is that Hong Kong's political and economic environment has changed significantly in recent years, and the background has had a greater impact on Hong Kong's business community.The Li family's large-scale energy and infrastructure investments in the UK and other places have created potential disagreements with the central government's economic policy. Netizens pointed out that with China's economic development under pressure in recent years, it's not surprising that the authorities are targeting business tycoons like Jack Ma and Li Ka-shing, attempting to redirect or relocate their assets. Li Ka-shing's investment philosophy: Never profit from the last penny. Li Ka-shing has always adhered to this investment philosophy, excelling at cashing out at market highs and investing at market lows. His success lies in accurately judging market cycles, maximizing wealth through long-term holdings and timely exits. Chinese netizens commented on this, saying, "Li Ka-shing never misses a beat; his vigilance against the economic environment is worth learning from." Others lamented, "Don't doubt the richest man's instincts; by the time ordinary people realize it, they're already behind." While it's unclear what Li Ka-shing's vision behind this massive sale of mainland real estate is, netizens suggest that reality may one day confirm one of the four predictions mentioned above. Related reports: Hong Kong Securities and Futures Commission warns: FoFund, Fo Coin, and Taohuayuan NFT are "suspicious products" and investors should be cautious. Hong Kong Stablecoin Ordinance takes effect on August 1: licensing, supervision, bank custody... Key points: Hong Kong Customs cracks HK$1.15 billion money laundering case! Two men used stablecoins to launder large amounts of cash abroad. "Li Ka-shing sells off 400 properties in the Greater Bay Area at low prices. What does Li Ka-shing, who "doesn't make a penny", foresee? "This article was originally published on BlockTempo (Dongqu Trends - the most influential blockchain news media).

Cryptocurrency VC is using reverse mergers to transform US companies on the brink of delisting into crypto asset reserve companies (DAT), linking the fundamentals of listed companies to cryptocurrencies. This move not only skyrocketed the company's stock price but also successfully conveyed the $2 trillion story of the crypto world to Wall Street. (Background: Bitcoin Reserve Companies: Why spend $2 to buy $1 worth of BTC?) (Supplementary Background: Sun Yuchen appeared at the TRON. Inc. name change bell-ringing ceremony, TRX reserve strategy opens a new era of crypto assets) Suddenly, it seems that the most eye-catching aspect of the US stock market is no longer AI, but a bunch of near-delisting junk companies. In recent months, the US capital market has been experiencing unprecedentedly large-scale reverse mergers at an increasing dollar amount. Public companies have completely abandoned their original main business, turning cryptocurrencies into their fundamentals, resulting in stock prices soaring several times or even dozens of times in a short period. Now, the US stock market has become a playground for the crypto world to conduct financial experiments. This time, crypto VC has really told the story to Wall Street. In the US stock market, the 'firestarter' is setting off DAT fireworks. Three months ago, when investing in Sharplink, Primitive Ventures had no idea that this new crypto track in the US stock market would become so crowded in such a short time. 'At that time, not many people were discussing these investment cases, and it was nothing compared to the current market heat, but it was actually just a month or two ago,' said Primitive partner Yetta. In June this year, Sharplink Gaming announced the completion of $425 million in financing, becoming the first Ethereum reserve company in the US stock market. After the news was announced, the company's stock price soared, once increasing by more than 10 times. Primitive, as the only fund participating in this investment case in the Chinese circle, has attracted attention within the community. 'Because we found that the liquidity in the crypto market is not good, but the purchasing power on the institutional side is very strong, the Bitcoin ETF volume has been very good, and the OI of Bitcoin options on CME even exceeds that of Binance.' In April last year, Primitive held an internal meeting for a major review and thereafter set a new investment direction of 'the integration of CeFi (centralized finance) and DeFi (decentralized finance)'. Now, they have become one of the busiest VCs in the crypto world. Nowadays, Primitive receives emails from investment banks every day, inviting the fund to participate in investments in crypto reserve companies. In this wave of investment, investment banks serve as intermediaries, responsible for finding and coordinating all investors for the project parties, and assisting teams in conducting roadshows for the investors. In the past month, Primitive has talked to no less than 20 cryptocurrency reserve projects. But currently, the only projects they are publicly participating in investments are Sharplink and another company, MEI Pharma, which does Litecoin reserves. This cautious investment action stems from concerns about the overheated market; since May of this year, the team has begun closely monitoring various top signals. 'We do feel that the degree of market bubble is significantly higher than it was a few months ago,' Yetta told Dongcha Beating, saying the team now produces daily market reports and judges suitable exit strategies based on the situation, 'Crypto reserve companies are financial innovations; you can be bullish on their underlying assets in the long term, but there are also risks of severe deleveraging and bubble bursting when the market declines.' Unlike Primitive, Pantera is rolling up its sleeves and preparing for a major endeavor. This established crypto VC with a 12-year history even created a new term for this field—DAT (Digital Asset Treasury). At the beginning of July, Pantera established a new fund and named it the DAT Fund. In the fundraising memorandum, Pantera partner Cosmo Jiang wrote: 'As an investor, it is very rare to find yourself at the starting point of a new investment category; recognizing this and responding quickly to seize early investment opportunities is crucial.' The story that Pantera tells investors is very simple: if a company holds an increasing amount of Bitcoin per share each year, owning shares in that company will give you more and more Bitcoin. The underlying logic of Bitcoin reserve companies led by MicroStrategy and other crypto reserve companies is to leverage financial instruments such as directed share issuances, convertible bonds, and preferred stocks to raise funds from the market when there is a premium on the value of crypto assets compared to its market capitalization, thus enabling them to accumulate more crypto assets at a lower cost. Investors generally use the mNav indicator (Market Cap To Net Asset Value) to measure their premium multiples to assess the company's financing capabilities. 'The stock market is obviously volatile; sometimes the market overestimates certain assets, and activating financial instruments to raise funds is essentially selling this volatility. From this perspective, the premium can actually be maintained in the long term,' Cosmo told Dongcha Beating. In April this year, Pantera invested in Defi Development Corps (DFDV), which reserves Solana's public chain token SOL; this is the first company in the US stock market to use cryptocurrencies other than Bitcoin as reserve assets, with its stock price having increased more than 20 times in the past six months. However, for Pantera, this was definitely a counter-consensus investment, as no one was willing to invest in the project at the beginning, and almost all of the company's $24 million financing came from Pantera. Most of the DFDV team members come from senior ranks at Kraken, and the CFO has operated Solana validation nodes; the team's deep understanding of Solana and their expertise in traditional finance became key factors that impressed Pantera. 'Even so, we still set some downside protection measures in the trading structure, but DFDV's astonishing success was something we completely did not anticipate.' 'I believe the real catalyst was Coinbase being included in the S&P 500 index, which forced fund managers around the world to consider crypto.' Since Trump's election, the crypto industry has been advancing rapidly in traditional capital markets, with Circle's IPO attracting global attention to stablecoins, and Robinhood's entry into RWA further propelling the tokenization of securities. Now, DAT is becoming a relay concept. Less than a month after investing in DFDV, Cantor Equity Partners also came knocking. DFDV's success accelerated SoftBank and Tether's plans for a Bitcoin reserve company, ultimately raising about $300 million in external funding through CEP's private placement, with Pantera again becoming its largest external investor. Investments in DFDV and CEP came from Pantera's flagship venture fund and liquid token fund, and the team initially thought these would be the only two investments the fund would make in this field. But the market's development is very...

Ethereum reserve company SharpLink Gaming has increased its holdings by 14,933 ETH through Galaxy Digital starting from today (2nd) early morning, worth approximately $53 million. According to on-chain data analyst Ai Yi's monitoring, an on-chain whale also received 16,495.15 ETH from Galaxy Digital this morning, amounting to about $58.5 million. (Background: Arthur Hayes sold $13.35 million worth of cryptocurrencies: Bitcoin will test $100,000, Ethereum will drop to $3,000) (Background: Massacre! Bitcoin fell below $113,000, Ethereum lost $3,500, with a total liquidation of $1 billion across the network) Affected by the latest non-farm data from the U.S., the cryptocurrency market collectively dropped this morning (2nd), with Bitcoin dipping below $113,000 and Ethereum losing $3,500, reaching a low of $3,430. However, during the market decline, on-chain data shows that institutions and whales continue to accumulate Ethereum. SharpLink Gaming has increased its holdings by 14,933 ETH. According to Ember's monitoring, Ethereum reserve company SharpLink Gaming has again increased its holdings through Galaxy Digital, acquiring 14,933 ETH worth approximately $53 million. At the same time, after receiving these tokens, SharpLink Gaming transferred $55.56 million USDC back to Galaxy Digital to continue purchasing ETH. Over the past 7 hours, SharpLink Gaming deposited $108 million USDC and transferred it to Galaxy Digital, and has now purchased 14,933 ETH (worth $53 million). They transferred $53 million USDC to Galaxy Digital 7 hours ago and received 14,933 ETH 2 hours ago, with a purchase price of $3,550. After receiving the ETH, they transferred another $55.56 million USDC to Galaxy Digital to continue buying ETH. Since early June, SharpLink Gaming has been accumulating ETH in a micro-strategy operational model, purchasing a total of 464,000 ETH to date, currently valued at $1.62 billion. The average purchase price is approximately $3,029, with an unrealized profit of $214 million. @SharpLinkGaming has deposited 108 million USDC and transferred it to Galaxy Digital in the last 7 hours, currently having bought 14,933 ETH (worth $53 million). They transferred $53 million USDC to Galaxy Digital 7 hours ago, then received 14,933 ETH 2 hours ago, with a purchase price of $3,550. After receiving the ETH, they transferred $55.56 million USDC back to Galaxy Digital… https://t.co/Z0cwbRkuwM pic.twitter.com/tPRV3HMY9F — Ember (@EmberCN) August 2, 2025 On-chain whales are accumulating against the trend. Beyond institutions, the whales' actions are even larger. According to on-chain data analyst Ai Yi's monitoring, an on-chain whale (wallet address 0xdf0…e2EF3) has accumulated 79,461.38 ETH in three days, costing about $299 million, though currently showing a paper loss of $22.06 million. Part of this accumulation came from this morning when the price of Ethereum dropped to a critical support level, with the address receiving 16,495.15 ETH from Galaxy Digital, amounting to about $58.5 million, reducing the average holding price to $3,763.53. This reflects that large capital is absorbing ETH amid the fluctuations. The more it drops, the more they buy, a ruthless accumulation machine. The new address 0xdf0…e2EF3 has accumulated a total of 79,461.38 ETH ($299 million) over the past three days, currently showing a paper loss of $22.056 million! Among them, just 3 hours ago, during the drop, they received 16,495.15 ETH from Galaxy Digital (about $58.5 million), reducing the overall position's average price to $3,763.53. Wallet address https://t.co/UpRLRWiCjO… https://t.co/3Vg7ycp5KK pic.twitter.com/Br268QMqIp — Ai Yi (@ai_9684xtpa) August 2, 2025 Related reports: Will Ethereum almost never be born? Brian Armstrong revealed: once invited Vitalik to join Coinbase, but missed due to U.S. visa issues. Looking ahead to the next decade: Ethereum still has 100 times the growth potential. The Ethereum Foundation releases a blueprint for the next 10 years: unlock ETH million TPS, create a quantum security line, and implement three upgrades to the protocol. "Ethereum Buy Orders: SharpLink Gaming increased its holdings by 14,933 ETH, with on-chain whales spending $300 million on purchases." This article was first published on BlockTempo (the most influential blockchain news media).

Despite the risk of capital misallocation, historical experience shows that such speculative bubbles typically do not spill over into the broader market. This article is sourced from an article written by Wall Street Insight and organized and written by Deep Tide TechFlow. (Background: Coinbase will launch tokenized stocks, prediction markets, and IEOs in the United States: Moving towards a universal exchange) (Supplementary background: Popular Science | How to assess how much your crypto stocks are worth using 'NAV net asset value'?) Despite the risk of capital misallocation, historical experience shows that such speculative bubbles typically do not spill over into the broader market. Meme stocks are making a comeback, with retail investors' speculative enthusiasm igniting a market frenzy in July, which has raised concerns about a stock market bubble. However, analysts believe that this round of speculation has relatively limited spillover effects on the overall market. Analysts believe that, unlike the 2021 meme stock craze dominated by GameStop and AMC Entertainment, the current speculative activity is mainly concentrated in small-cap and low-priced stocks, with negligible impact on major indices like the S&P 500. Despite the risk of capital misallocation, historical experience shows that such speculative bubbles typically do not spill over into the broader market. Low-priced stocks have become the new favorites for speculation, with trading volumes reaching record highs. The most significant feature of the July market was the frenzied pursuit of low-priced stocks. Data shows that the bottom tenth of stocks by price at the beginning of the month saw a median increase of 16% by July 23, when a new round of meme stocks peaked, far exceeding the 1.4% increase of the highest-priced stocks. The starting price of stocks has become the best predictor of performance for the month. This investment logic, based on stock price rather than company fundamentals, seems quite absurd to institutional investors. Companies can easily change their stock price through simple stock splits or reverse splits without affecting shareholders' actual ownership ratios or profit distributions. Unless a stock price remains below $1 for an extended period facing delisting risk, the absolute stock price itself has no practical significance. However, a large number of retail investors either do not understand this basic principle or choose to ignore it. In the frenzy of trading in July, these investors' strategies did indeed work, while the rational analysis of professional investors failed. When the speculative frenzy reversed at the end of the month, the cheapest stocks experienced the largest declines, reaching 6%. Concerns about capital allocation have emerged, and historical lessons are worth heeding. Excessive speculation can lead to capital misallocation, and the meme stock craze in 2021 has provided a clear example. At that time, companies like GameStop and AMC took advantage of high stock prices to issue billions of dollars in new shares, but stock prices subsequently fell sharply. GameStop and AMC have since fallen 74% and 99% from their peaks, respectively. Economist Keynes warned in 1936 that when 'real industries become bubbles in a speculative vortex,' capital will flow to the wrong companies, harming growth and employment. This concern is equally applicable in the current environment, especially when speculative funds flood into fundamentally weak companies. However, the impact of current speculative activities is relatively limited. There are no low-priced stocks in the S&P 500 index, and cheaper stocks among large companies did not show obvious performance patterns in July. When retail investors pushed up green stocks, SPACs, and loss-making tech stocks in 2021, the impacts of these bubbles bursting on the broader market were similarly minimal. Market sentiment is tending towards rationality, and overall risks are controllable. Long-term sentiment surveys by the American Association of Individual Investors and Investors Intelligence show that while current investor sentiment is more positive than at the beginning of the year, it has not yet reached excessive optimism levels. Futures traders tend to favor call options, but to a much lesser degree than in 2021. Analysts estimate that retail investors may have boosted the S&P 500 index with their dip-buying since April, but the impact in July was relatively limited. The new round of meme stocks, referred to as DORK stocks (named after the company codes of Krispy Kreme, Opendoor Technologies, Rocket, and Kohl’s), is merely a public manifestation of the private traders' speculative frenzy this summer. While investors have reasons to worry about high stock prices, the impact of tariffs on earnings, potential economic weaknesses, and excessive enthusiasm for artificial intelligence, the prosperity and decline of meme stocks and low-priced stocks have relatively limited spillover effects on the rest of the market. Historical experience shows that such speculative activities are more of a marginal phenomenon in the market rather than a significant source of systemic risk.

BitMEX exchange co-founder Arthur Hayes sold a large amount of cryptocurrency today. He later explained that the cryptocurrency pullback may not be over, with Bitcoin potentially dropping further to $100,000 and Ethereum possibly falling to $3,000. (Background: Is the act of shouting while selling a tactic commonly used by Arthur Hayes?) (Additional context: Arthur Hayes' latest prediction: Bitcoin at $250,000, Ethereum at $10,000 by the end of the year) According to on-chain data monitoring platform Lookonchain, earlier today (2nd), BitMEX co-founder Arthur Hayes sold a significant amount of cryptocurrency, including $8.32 million worth of Ethereum (2,373 ETH), $4.62 million worth of ENA (7.76 million), and $414,700 worth of PEPE (3.886 billion), totaling approximately $13.35 million in funding. Arthur Hayes openly bearish Amid community speculation on why long-term bullish cryptocurrency investor Arthur Hayes sold off a large amount of his holdings during today’s market downturn, Arthur Hayes addressed this around 1 PM, stating that the cryptocurrency pullback may not have ended, with Bitcoin possibly dropping further to $100,000 and Ethereum potentially falling to $3,000: Why? The US tariff bill is due in Q3... at least the market believes so after the non-farm payroll data was released. No major economy is generating enough credit fast enough to boost nominal GDP. Therefore, $BTC will test $100,000, and $ETH will test $3,000. Come see my @WebX_Asia Tokyo keynote on August 25 for more info. Back to the beach. https://t.co/zuHlwgQKC7 — Arthur Hayes (@CryptoHayes) August 2, 2025 Arthur Hayes: Bitcoin expected to reach $250,000 by year-end, Ethereum to surge to $10,000. Notably, just last month in July, Arthur Hayes stated in a lengthy article that the upcoming Ethereum bull market will completely ignite the market. He advised people to "not fear tariffs, not fear war, and not fear random social issues" and predicted Bitcoin would reach $250,000 by year-end and Ethereum would rise to $10,000: The upcoming Ethereum bull market will completely ignite the market. Since Solana surged from $7 to $280 in the ruins of FTX, Ethereum has been the least favored among large cryptocurrencies. But now it’s different; Western institutional investors, led by cheerleader Tom Lee, are very fond of Ethereum. Buy first, ask questions later. Or don’t buy, and sit in the corner of the club drinking terrible light beer while a group you think is less intelligent than you buys champagne at the adjacent table. My year-end targets: Bitcoin = $250,000 Ethereum = $10,000 Related reports Arthur Hayes latest interview: Bitcoin and Ethereum have completed bottoming out, where will new liquidity come from? How to select targets at this stage? Arthur Hayes again predicts: Ethereum will break through $5,000, SOL will subsequently reach $300. Arthur Hayes warns: Bitcoin reserves could become a political nuclear weapon. A Democratic victory could lead to liquidation sales. "Arthur Hayes sells $13.35 million in cryptocurrency: Bitcoin will retrace to $100,000, Ethereum will fall to $3,000" This article was first published on BlockTempo (the most influential blockchain news media).

After ten years, the veteran public chain IOTA welcomes its ecological evolution. This article will delve into its new technology stack after the Rebased mainnet upgrade, its digital trade collaborations with governments from various countries, and how its internal and external dual-circulation ecology connects with the real world, creating sustainable value and revenue. (Background: IOTA announces the largest upgrade plan in history 'Rebased': introducing MoveVM, EVM, and staking features... key points at a glance) (Supplementary background: IOTA launches a $100 million ecological fund, becoming the first DLT foundation in the Abu Dhabi global market) Coinciding with the tenth anniversary of the Ethereum mainnet launch, the long-established public chain project IOTA also celebrates its tenth year of existence. Ten years ago, when someone proposed to build a decentralized infrastructure to attract users, developers, and even large enterprises and governments to collaborate in creating a completely revolutionary digital world, many considered it far-fetched, as blockchain was still a niche term among a few geeks; Today, ten years later, blockchain has gradually evolved into a cornerstone for driving financial innovation, data security, supply chain optimization, and the digitization of global trade. As tech giants embark on a new round of layout, governments around the world are riding the wave of crypto frenzy. The once ambitious blockchain dreams have turned into significant opportunities within reach. Ten years ago, in the same year that the Ethereum mainnet officially launched, IOTA was born with its unique focus on large enterprises and governments, aiming to create real value by solving real problems, accelerating the penetration of decentralized power, and bringing about paradigm-level innovations of blockchain applications in the real world; Today, ten years later, with the Rebased mainnet upgrade, the launch of the decentralized digital trade infrastructure TWIN, and the establishment of deep collaborations with government departments from multiple countries including Kenya, the Netherlands, and the UK, IOTA is once again active in the forefront of the crypto landscape. Over the course of ten years, from IoT to DeFi, RWA to the global digital trade foundation, what is the evolutionary path of IOTA, once a top ten on Coinmarketcap, as a veteran in the blockchain space? Facing a sustainable development ecological blueprint composed of real users, real landing scenarios, and real revenue, what participation opportunities does IOTA hold? Internal and external dual circulation: sustainable ecological benefits in real assets and scenarios The key advantage of a veteran public chain lies in accumulation. After ten years of meticulous cultivation, from Web3 native DeFi to large-scale landing of blockchain in real-world scenarios, IOTA has built a clear internal and external dual-circulation system based on pursuing compliance. Internal circulation: a diverse ecological landscape throughout the entire asset life cycle The IOTA ecological landscape encompasses multiple modules such as DeFi, RWA, NFT, GameFi, and Meme, forming a complete closed loop from asset issuance, trading to revenue management, providing users with multi-layered and multi-dimensional financial services and innovative experiences. It is well known that DeFi is the financial pillar of the public chain ecology, and the three driving forces behind DeFi are: DEX, lending, and stablecoins. As the first DEX deployed after the IOTA Rebased upgrade, Pools aims to achieve seamless exchange of on-chain assets, with high liquidity and low-cost trading experience being an important milestone in IOTA’s ecological infrastructure. Deepr is IOTA's secure and efficient lending platform, providing digital asset lending services and offering users efficient leverage to unlock higher returns. Just launched on July 14, Virtue is the first native stablecoin protocol of the IOTA ecosystem, allowing users to mint over-collateralized stablecoins vUSD by locking IOTA or stIOTA, featuring unified stable pool design, fixed-rate lending, and supporting flash loans/flash minting, and has been deeply integrated with ecological protocols such as Swirl Stake and Pools Finance. Beyond the three driving forces, around the native token $IOTA, the IOTA ecosystem has also developed diverse liquidity and yield-generating strategies. Swirl is a liquidity staking protocol supported by the IOTA Foundation, allowing users to stake IOTA to earn stIOTA, gaining staking rewards and richer DeFi returns through stIOTA. Meanwhile, LiquidLink recently launched the IOTA on-chain points system: as a one-stop platform, LiquidLink aims to simplify Web3 participation experience through intuitive portfolio management, points system, and customized on-chain identity, achieving real-time community participation management and fair and transparent incentive distribution. Currently, the IOTA on-chain points system has established cooperation with Swirl, and the Swirl LST points system is about to go live, allowing users to earn points by staking IOTA tokens through Swirl, with each stIOTA held in the wallet earning 1 point per hour, points will enjoy various ecological benefits in the future. In the future, LiquidLink will promote integration with protocols like Pools and Virtue to provide more ways to earn points. In addition, the IOTA ecosystem also has multiple modules such as token asset issuance platforms and asset tokenization: the token issuance platform provides comprehensive support for projects within the IOTA ecosystem from community building to token issuance, helping quality projects grow rapidly; the asset tokenization solution provides an efficient and convenient channel for bringing quality assets from the real world onto the chain, offering users more diverse investment options, while promoting deep integration of traditional assets with blockchain technology. The internal circulation of the ecosystem under a diversified pattern not only lays a solid foundation for the high activity of the IOTA ecosystem but also empowers IOTA to continuously explore outward, extending from a single financial service to more diversified socio-economic fields through the synergistic effect among various modules. External circulation: connecting real-world scenarios to create sustainable value IOTA focuses on providing landing solutions for real-world scenarios, empowering cross-border trade, supply chain management, and asset tokenization through technology, bringing larger-scale users and capital into the ecosystem, and creating real value in real scenarios, providing ecological participants with sustainable returns backed by real assets. The most vivid case is the decentralized global digital trade system TWIN, officially launched on May 8, 2025, in Lusaka, Zambia, and its applications in countries such as the UK, Poland, Netherlands, and Kenya. As the next-generation digital infrastructure, TWIN stands for Trade Worldwide Information Network, leveraging open modular infrastructure and decentralized ledger technology (DLT) to facilitate trust and transparency, and secure, decentralized data exchange, open source and compliance, achieving powerful interoperability, scalability, and traceability, bringing real-time, verifiable data sharing to the global supply chain, significantly enhancing the transparency, trust, and efficiency of international trade. Based on the TWIN technology framework, IOTA collaborated with the UK Cabinet Office to create a border trade demonstration project, efficiently tracking over 900 batches of poultry shipments from Poland to the UK between 2024 and 2025, promoting real-time and secure data sharing between global supply chains, showcasing...

Trump stated that Washington had instructed two nuclear submarines to head to 'appropriate areas' in response to the 'extremely provocative' remarks made by Dmitry Medvedev, Deputy Chairman of the Security Council of the Russian Federation. (Background: Trump threatened Russia: If there is no ceasefire in Ukraine in 50 days, the U.S. will impose 100% 'secondary tariffs'!) (Additional context: Is it for real? Putin suddenly announces a '30-hour Easter ceasefire' in the Ukraine war! Bitcoin breaks $85,000) On August 2, local time, U.S. President Trump posted on his social media platform Truth Social, stating that he had instructed two nuclear submarines to head to 'appropriate areas' in response to the 'extremely provocative' remarks made by Dmitry Medvedev, Deputy Chairman of the Security Council of the Russian Federation: Based on the highly provocative comments made by Dmitry Medvedev, former President of the Russian Federation and current Deputy Chairman of the Security Council, I have ordered two nuclear submarines to be deployed to appropriate areas to prevent these foolish and incendiary remarks from becoming a reality. Words are extremely important and often lead to unintended consequences; I hope this will not become one of those cases. The community's response escalated into nuclear deterrence. The trigger for this incident can be traced back to July 28. At that time, Medvedev warned Trump on X platform, 'Don't forget that Russia has powerful capabilities,' and stated that each ultimatum 'is a step toward war.' Furthermore, Medvedev hinted at the Soviet Union's nuclear retaliation system during the Cold War, known as 'Dead Hand.' Trump is playing the ultimatum game with Russia: 50 days or 10 days... He should remember two things: 1. Russia isn't Israel or even Iran. 2. Each new ultimatum is a threat and a step toward war. Not between Russia and Ukraine, but with his own country. Don't go down the Sleepy Joe road! — Dmitry Medvedev (@MedvedevRussiaE) July 28, 2025. A magnifying glass on the Ukraine war situation. The background of the event cannot be separated from Ukraine. Trump previously issued an ultimatum, demanding that Russian forces ceasefire within two weeks after July 29, or face comprehensive sanctions. In contrast, Medvedev's hardline response can be seen as a direct challenge to the deadline set by Trump. Regarding the Russia-Ukraine war, Trump also commented on Truth Social, saying that he only wants to stop this war: I have just learned that nearly 20,000 Russian soldiers have died in the ridiculous war with Ukraine this month. Since the beginning of this year, Russia has lost 112,500 soldiers. This is a large number of unnecessary deaths! However, Ukraine has also suffered great losses. Since January 1, 2025, approximately 8,000 Ukrainian soldiers have died, not including those missing. Ukrainian civilians have also suffered casualties, but the numbers are lower, as Russian rockets have attacked Kyiv and other regions of Ukraine. This is a war that should never have happened — this is Biden's war, not 'Trump's.' I am just here to see if I can stop this war! The fragile test of global order. As the world's two major nuclear powers, the dialogue between Trump and Medvedev undoubtedly adds a layer of unease to the already tense global political and economic order. Although the outside world generally predicts that the conflict between the two sides is likely to remain at the level of warnings and threats and will not evolve into actual conflict in the short term, the standoff between the U.S. and Russia, along with the subsequent evolution of the Russia-Ukraine war, if it leads to new conflicts, will undoubtedly be a sword hanging over the current stock market and cryptocurrency market.

OpenAI recently completed a round of financing totaling $8.3 billion, with a valuation of $300 billion, exceeding its initial target of $7.5 billion and finishing the round months ahead of schedule. (Background: Anthropic is facing a trillion-dollar copyright lawsuit for using 7 million books to train Claude! The mad rush of AI giants and the legal boundaries.) (Additional context: Meta's revenue exceeded expectations, increasing investments in AI, with stock surging 12%, while Microsoft's Azure cloud profits reached new highs, putting its market value at $4 trillion.) Artificial Intelligence (AI) has once again ignited global capital enthusiasm! According to a report by the New York Times, OpenAI recently completed a financing round of $8.3 billion, exceeding its original target of $7.5 billion by five times and finishing the round months ahead of schedule. Fundraising Scale and Market Reaction OpenAI initially planned to raise $7.5 billion by the end of 2025 as part of its $40 billion financing plan announced in March this year. Previously, SoftBank had committed to providing OpenAI with $30 billion in funding by the end of the year. This round of financing was led by Dragoneer Investment Group, contributing $2.8 billion, which is one of the largest single venture capital investments to date. Additionally, this financing attracted numerous new investors, including private equity firms Blackstone and TPG, as well as mutual fund management company T. Rowe Price. Other participants included Fidelity, Sequoia Capital, Andreessen Horowitz, Coatue Management, Altimeter Capital, and D1 Capital Partners, among other well-known investors. Market analysis indicates that by completing an astonishing fundraising round ahead of schedule, OpenAI is setting a new benchmark for capital operations for other AI startups, raising the valuation threshold for subsequent projects. Growth Flywheel: Revenue and Users Soar Simultaneously Reports indicate that OpenAI's rapid accumulation of revenue and user data has significantly contributed to its $300 billion valuation. Data shows that this AI giant's annual recurring revenue (ARR) has reached $13 billion, a substantial increase from the $10 billion reported in June, with an official goal to exceed $20 billion by the end of 2025. Additionally, the number of paid commercial ChatGPT users increased from 3 million a few months ago to 5 million; the number of weekly active users rose from 100 million at the end of 2023 to 800 million at the beginning of 2025, making a comeback after temporarily dropping to 500 million in April, as it races toward the goal of 1 billion users by year-end. Experts liken this rapid cycle to a 'dual growth flywheel of revenue and users'; through model upgrades like GPT-4o, pricing strategies, and collaboration with Microsoft Azure cloud, OpenAI is continuously expanding its subscription scale and reducing marginal costs. Opportunities and Challenges It is worth mentioning that the enormous GPU computing demand and customer acquisition costs remain pressure points that OpenAI must control; at the same time, intensifying AI competition and future regulatory uncertainties may also affect OpenAI's profitability curve. While OpenAI is on a rapid growth path, how it balances cost control, technological moat, and compliance challenges will determine its ability to maintain its position as an industry leader in the long term. Related Reports Backed by the soaring stock of Fat Penguin $PENGU, can Abstract Chain break through among the L2s? FinTech × Blockchain ecosystem co-construction: Taiwan's three major forums focus on building a digital financial and supply chain hub in September. AI privacy crash 'ChatGPT conversations' exposed in front of the law; Altman: I'm afraid to input personal data, hard to know who will get the information. "OpenAI's valuation of $300 billion exceeds financing of $8.3 billion! Annual revenue of $13 billion, weekly active users break 800 million" This article was first published by BlockTempo (BlockTempo - the most influential blockchain news media).

The latest data from the U.S. Bureau of Labor Statistics shows that non-farm employment growth in July was far below expectations, with employment data for May and June revised down by a total of 258,000, revealing signs of fatigue in the labor market. (Background: Powell insists on no rate cuts! But there are already policy disagreements within the Fed, Bitcoin rebounded after dropping below $116,000, and Ethereum returned to $3,800) (Context: Mass slaughter! Bitcoin fell below $113,000, Ethereum dropped below $3,500, resulting in $1 billion in liquidations across the network) According to data released by the Bureau of Labor Statistics (BLS) last night (1), non-farm employment in the U.S. in July increased by only 73,000 jobs, far below the market expectation of 110,000, with the previous value revised to 139,000. The unemployment rate remained at 4.2%, in line with market expectations, but slightly up from the previous value of 4.1%. Notably, this non-farm employment report revised employment data for May and June down to 19,000 and 14,000, respectively, a total downward revision of 258,000 positions, highlighting the weakness in the labor market and reflecting the challenges facing the U.S. economy under high interest rates and Trump’s tariff policies, which the market considers the main reason for the recent collapse of the cryptocurrency market. Expectations for a September rate cut have surged significantly. This non-farm data confirms the concerns expressed earlier by Fed Governor Christopher Waller and Michelle Bowman. At the end of the FOMC meeting at the end of July, both voted against the Fed's decision to maintain the benchmark interest rate (4.25%-4.50%) unchanged and emphasized in a post-meeting statement that signs of weakness in the labor market have emerged, contrary to the views of Chairman Jerome Powell and other policymakers. Waller pointed out: 'The current wait-and-see attitude is overly cautious and fails to balance economic prospects with risks, which may lead to policy lag.' He specifically noted that frequent data revisions in the past and stagnation in private sector employment growth have long indicated that the risks of a downturn in the labor market will increase. Bowman stated: 'The vitality of the labor market is weakening, with increasing signs of fragility.' After the non-farm data was released, market expectations for a Fed rate cut in September significantly increased. According to the Chicago Mercantile Exchange (CME) FedWatch tool, the market now estimates an 80.3% chance of a 25 basis point rate cut in September, up sharply from 37.7% the previous day. Trump lashes out at Powell and the Labor Secretary. The latest non-farm data results ignited U.S. President Donald Trump's dissatisfaction. Trump, who has publicly emphasized that the Fed should cut rates as soon as possible, launched a fierce attack on Fed Chairman Powell and Bureau of Labor Statistics Director Erika McEntarfer on his social platform, Truth Social. Trump first referred to Powell as a 'disaster,' accusing the Fed of 'cutting rates significantly twice' before the 2024 election to help Democratic candidate Kamala Harris gain votes, and stated that Powell 'should retire.' Regarding Erika McEntarfer, Trump accused her of 'falsifying' employment data to increase Harris's chances of winning, claiming that previous employment data was 'manipulated.' In response, Trump announced that he had instructed his team to fire McEntarfer, emphasizing that America and its people need 'fair and accurate' data. I have just learned that our country's 'employment data' is compiled by Biden-appointed Labor Statistics Director Dr. Erika McEntarfer, who falsified employment data before the 2024 election in an attempt to increase Harris's chances of winning. The Bureau of Labor Statistics overestimated approximately 818,000 job growth data in March 2024, and again overestimated 112,000 in August and September before the 2024 presidential election, setting a record — how could such an outrageous error occur? We need accurate employment data. I have instructed my team to immediately fire this Biden-appointed political appointee, who will be replaced by a more competent and qualified candidate. Such important data must be fair and accurate, and cannot be manipulated for political purposes. She claimed that only 73,000 jobs were added in July (shocking!), and more importantly, the data for the previous two months was revised down by 258,000. Similar situations also occurred in the first half of this year, and were always negative adjustments. Although the Fed is also playing games — this time with interest rates, they significantly cut rates twice before the election, presumably hoping to get 'Harris' elected — what happened? Under 'Trump's' leadership, the economy is thriving. Jerome, 'too late'! Powell should also be 'removed from the Fed.' The U.S. stock market was in the red. Affected by the non-farm data, the U.S. stock market also suffered heavy losses. According to data from Google Finance, all four major U.S. stock indexes fell, specifically: Dow Jones Industrial Average: down 1.23%, or 542.4 points, closing at 44,130.98 points. S&P 500 Index: down 1.6%, or 101.38 points, closing at 6,339.39 points. Nasdaq Index: down 2.24%, or 472.32 points, closing at 21,122.45 points. Philadelphia Semiconductor Index: down 1.43%, or 80.31 points, closing at 5,607.92 points. Related reports: Deloitte survey: 99% of CFOs will long-term adopt cryptocurrencies, with stablecoins and Bitcoin in focus. Bitcoin Reserve Company: Why spend $2 to buy $1 worth of BTC? The Fed's July rate cut is unlikely, what other points are noteworthy at the FOMC meeting? Internal disagreements within the Fed, Powell against Trump.. 'False Prosperity! U.S. July non-farm employment far below expectations, revisions in May and June down by 258,000, Trump slams Powell and fires Labor Secretary.' This article was first published on BlockTempo (the most influential blockchain news media).

Bitcoin and Ethereum suddenly plummeted at the start of August, with Bitcoin briefly falling below $113,000 this morning and Ethereum dropping to a low of $3,430, leading to a total liquidation of $1 billion across the network. (Background: Powell insists on not lowering interest rates! However, there are already decision-making differences within the Federal Reserve. Bitcoin rebounded after breaking $116,000, and Ethereum regained $3,800.) (Additional background: After Wall Street polluted Bitcoin, '1BTC≠1btc', why are native Bitcoins the next holy grail?) Cryptocurrency faced severe impacts entering August, with a fierce sell-off in the market! Bitcoin (BTC) briefly fell below $113,000 this morning (2), hitting a low of around $112,724 at approximately 6:50, and has temporarily rebounded to $113,460 at the time of writing, with a nearly 24-hour decline of 2.1%. Bitcoin trend. Source: OKX As the second-largest cryptocurrency, Ethereum's decline was even more severe, also hitting a low of $3,430 around 6:40 this morning, and currently reported at $3,485, with a nearly 24-hour decline of up to 5.6%. Ethereum trend. Source: OKX As Bitcoin and Ethereum led the decline, the overall cryptocurrency market also fell across the board. According to CoinGecko data, the overall market capitalization of the cryptocurrency market dropped by 6.9% in the past 24 hours, reaching a total market value of $3.7 trillion. Total liquidation of $1 billion According to Coinglass data, in the past 24 hours, due to the market downturn, a total of 217,000 individuals experienced liquidations across the network, with a total liquidation amount reaching $1 billion. Related reports: After Wall Street polluted Bitcoin, '1BTC≠1btc', why are native Bitcoins the next holy grail? Bitcoin Reserve Company: Why spend $2 to buy $1 of BTC? The billion-dollar selling pressure has not shaken Bitcoin, is BTC's next target to surge to $140,000? "Massacre! Bitcoin falls below $113,000, Ethereum loses $3,500, with total liquidation of $1 billion" This article was first published on BlockTempo (BlockTempo - the most influential blockchain news media).

Bridgewater founder Dalio officially bids farewell, ending his half-century legend. From a rebellious youth to an investment giant, he honed his principles through failures, establishing two machine-driven systems at Bridgewater, leaving behind the ultimate self-validation challenge for the firm. (Background: Bridgewater's Dalio "officially retires": liquidates last holdings, resigns from board) (Additional Context: Bridgewater's Dalio: America is on the brink of civil war! A ten-thousand-word analysis of the breakdown of order behind the Los Angeles riots) Today (1), Ray Dalio, founder of the world's largest hedge fund Bridgewater, dropped a bombshell on the market, officially announcing the sale of his last batch of Bridgewater shares and resigning from the board, marking the end of the "Dalio era" spanning half a century. The market continues to pay attention to whether this finely-tuned machine he built over a lifetime can operate independently and even evolve after his departure. However, before that, many young readers may not be familiar with him, so let's take a moment to review his legendary life. Son of a jazz musician and a Wall Street rebel, Ray Dalio was born in 1949 in a middle-class family in Queens, New York, with a father who was a jazz musician. This upbringing laid the groundwork for his later unorthodox thinking. Unlike the improvisation and flexibility of jazz, he faced a rigid education that required rote memorization, which led to his early disillusionment. What truly fascinated him was the dynamic changes in the market: the vast puzzle filled with logic, causality, and human nature. The spark of passion ignited when he was 12 years old. Working as a caddy at a golf course, he used the $300 he earned to buy shares of Northeast Airlines, which were trading at a very low price at the time. Soon, the company was acquired, and his investment tripled. This early taste of success taught him two lessons that would guide him throughout his life: first, the most valuable perspective in the market is the one you have when you are right, and most people are wrong; second, to validate yourself, you must find the smartest opponents for a pressure test. In 1971, while working as a clerk on the New York Stock Exchange, Dalio witnessed the "Nixon Shock" when the President of the United States announced the decoupling of the dollar from gold. This real-world macroeconomic lesson deepened his understanding that changes in macro policy are the underlying currents driving market tides, while most people only see the surface waves. This insight became the cornerstone of Bridgewater's future macro strategies. The prologue to an empire struck with a punch. Every entrepreneurial story needs a catalyst, and Dalio's "call to adventure" was highly dramatic. In 1974, while already a trader at Shearson Hayden Stone, he had a heated argument with his boss at a New Year's Eve party over differing views, and in a fit of rage, Dalio threw a punch... The outcome was predictable; he was fired. This impulsive event, which could have been a stain on his career, instead set him on a destined path. Exiled by the system, he was forced to embark on an entrepreneurial journey. In 1975, in his two-bedroom apartment in New York, Bridgewater Associates was founded. This seemingly reckless punch inadvertently shattered the shackles of his traditional finance career, setting the stage for an empire that would soon disrupt Wall Street. Classic battle: assisting McDonald's in launching "McNuggets." In its early days, Bridgewater's business was not managing large sums of money but providing risk consulting for companies. One of its most classic battles was paving the way for McDonald's "McNuggets" to go public. At the time, McDonald's faced a tricky problem: the severe fluctuations in chicken prices made it impossible to set a stable pricing strategy for this promising new product, causing the project to stall. Dalio's response strategy perfectly displayed the prototype of all his future thoughts: deconstructionism. He did not attempt to predict the seemingly unpredictable variable of chicken prices. Instead, he deconstructed the problem into its most basic driving factors: the cost of a chicken primarily comes from its feed cost, namely the prices of corn and soybean meal. These two commodities have established futures markets. Dalio then designed a synthetic futures contract for McDonald's, successfully locking in the approximate future cost of chicken by hedging against the price risks of corn and soybean meal. This brilliant operation allowed McDonald's to confidently launch this product, which would later become a global sensation. More importantly, it revealed the core of Bridgewater's methodology: when facing complex systems, rather than predicting the overall direction, it is better to break it down into understandable and manageable components and then control risks from the ground up. This was a victory for the business model and a triumph for the way of thinking. Born from the ruins of bankruptcy (Principles). If the success of McNuggets defined Bridgewater's "art," then the catastrophic failure in 1982 forged its "way." At that time, Dalio confidently predicted that Mexico's debt default would trigger a global depression. He placed heavy bets to short the market. However, reality dealt him a crushing blow; the market not only did not collapse but instead marked the beginning of a historic bull market. This disastrous misjudgment brought Bridgewater to the brink of bankruptcy. Dalio not only lost all of his clients' money but also his own, ultimately having to fire all employees and embarrassingly borrow $4,000 from his father to make ends meet. This failure was like a controllable nuclear test explosion, destroying Dalio's proud self, but it also released a tremendous energy that would change the financial world. In painful reflection, he realized how fragile relying solely on personal intelligence and conviction can be. He began to repeatedly ask himself a fundamental question, which also became the cornerstone of Bridgewater's philosophy: "How do I know I’m right?" To answer this question, he started systematically recording the lessons he learned from each mistake. This habit eventually evolved into a 123-page document considered the Constitution of Bridgewater (Principles). From the ashes of failure, he distilled his core algorithm: Pain + Reflection = Progress. Navigating the perfect storm of 2008 (Principles) is not just a philosophy on paper; it was transformed by Dalio into an executable system—a double helix "machine" composed of investment strategies and corporate culture. This machine faced its most severe test during the 2008 global financial crisis, showcasing its most brilliant victory. As early as 2006, the "Depression Gauge" established within Bridgewater was frequently sounding alarms. This system was the product of Dalio deconstructing and quantifying the scripts of all major debt crises in history. While Wall Street was still immersed in the subprime frenzy, Bridgewater had already warned clients in advance and quietly adjusted its investment portfolio to prepare for the impending storm. When the 2008 financial crisis fully erupted, Lehman Brothers collapsed, and the global market was in turmoil, with the hedge fund industry averaging a nearly 19% loss, Bridgewater's flagship fund "Pure Alpha" instead saw an impressive gain of 8.7%. This elegant navigation through the perfect storm firmly established Bridgewater's position as a leader in the global asset management industry. The media hailed Dalio as the "sage of the market," and the funds from large global institutions surged in. From $36 billion at the beginning of 2008 to a peak of $160 billion in 2015, Bridgewater...

The U.S. announced a 20% trade tariff on Taiwan on the 1st, but the technology industry is waiting for the upcoming announcement of the 'Section 232' investigation, which may impose additional semiconductor taxes, to truly determine whether they will suffer significant losses. (Background: The U.S. imposes a 20% tariff on Taiwan, higher than Japan and South Korea! Lai Ching-te emphasizes it is temporary; the Taiwanese stock market declines amid industry pressure and analysis of negotiation prospects) (Context: The U.S. reaches into offshore exchanges: taxpayers must declare 'overseas account encrypted assets') At TSMC's headquarters in Hsinchu and in the boardroom of Electronic Five Brothers in Taipei's Neihu Technology Park, everyone is holding their breath, waiting for a report that is about to come from Washington, D.C. The content of this report could trigger a seismic shift in the global technology supply chain, with Taiwan at the epicenter. Why did the U.S. initially announce a 20% tariff on Taiwan, yet the tech industry is waiting for 'Section 223'? This section, commonly referred to as the semiconductor tax, originates from a U.S. trade law that is over sixty years old, known as the Trade Expansion Act of 1962, Section 232. Why has this seemingly outdated law become the most important industry in Taiwan and the most dreaded black swan for the global tech industry? Section 232: The Trade Weapon of the U.S. President To understand the power of Section 232, one can imagine it as a long-dormant yet incredibly powerful 'family heirloom sword' in the U.S. president's trade arsenal. This sword originates from the Cold War era between the U.S. and the Soviet Union, granting the president unique powers: if any imported product is deemed a threat to 'U.S. national security', the president can bypass the lengthy legislative process of Congress and the framework of the World Trade Organization (WTO), unilaterally and swiftly implement trade restrictions, such as imposing tariffs or quotas. The process to activate this sword is both rapid and forceful; investigations can be initiated by industry requests, government agencies, or by the Secretary of Commerce himself. Once activated, the Department of Commerce must complete the investigation and submit a report to the president within 270 days; the president then has 90 days to decide whether to accept the recommendations and take action. This '270+90 days' timeline brings significant uncertainty to the market. The core power of Section 232 lies in the virtually limitless expansion of the definition of U.S. national security. Initially, its legislative spirit aimed to ensure the uninterrupted supply of materials needed for U.S. defense industries, such as tanks and airplanes. However, in recent years, its definition has been greatly expanded to cover 'national economic welfare' and even to protect domestic industries from unfair foreign competition. This means that Section 232 has effectively become a blank check for geopolitical maneuvering. The U.S. can repackage any economic dependency on foreign supply chains as a 'national security threat'. This allows the U.S. to bypass WTO's time-consuming dispute resolution mechanisms and swiftly gain absolute dominance in trade negotiations. Now, this sword is pointed at Taiwan's semiconductor industry. A History Written in Steel In 2018, the Trump administration invoked Section 232 to impose tariffs of 25% and 10% on imported steel and aluminum, respectively, catapulting this law from obscure legal text to global headline news. This incident offers two key lessons: First, exemptions are political bargaining chips, not permanent shields. Initially, key allies like Canada, Mexico, and the European Union received tariff exemptions. However, these exemptions were ultimately revoked or converted into restrictive quotas. This proves that diplomatic relations and ally status cannot guarantee permanent immunity under Section 232. For Taiwan, this is a severe warning: even if TSMC makes significant investments in the U.S., any exemption will result from negotiations and may be temporary. Second, the scope of tariffs will expand. The steel and aluminum tariffs initially targeted raw materials but later expanded to include 'derivative products' that use these materials, such as steel nails and aluminum wire. This precedent is crucial as it lays the groundwork for the potential scope of the current semiconductor investigation. The economic consequences of the steel and aluminum tariffs are a double-edged sword. While it protected U.S. steel mills, it severely harmed downstream industries that use steel and aluminum, such as automotive, construction, and even beverage can manufacturers. Why has semiconductors become the new battlefield? On April 1, 2025, the U.S. Department of Commerce officially initiated a Section 232 investigation into semiconductors and related products. The scope of this investigation is unprecedented. It covers various chips from mature processes to advanced processes, as well as semiconductor manufacturing equipment (SME) and, most critically, 'derivative products' containing semiconductors. The documents soliciting public opinion from the U.S. Department of Commerce reveal Washington's greatest concerns: Supply chain over-concentration: The report explicitly points out that 'U.S. semiconductor imports are concentrated in a few manufacturing facilities,' undoubtedly referring to TSMC in Taiwan. Foreign government subsidies: 'The impact of foreign government subsidies and predatory trade practices,' primarily targeting China's industrial policy. Supply chain weaponization: 'The potential for foreign entities to weaponize their control over the semiconductor supply chain.' Among these, the 'derivative products' clause is a hidden landmine for Taiwan's entire tech ecosystem. According to analyses from the National Development Council, this could impact major Taiwanese exports such as servers, graphics cards, and network switches. This means that the impact of the Section 232 investigation will extend far beyond TSMC and UMC to potentially threaten the entire electronics outsourcing and brand industry chain, including Quanta, Wistron, and Hon Hai. This clause, originally aimed at chips, could become a massive cannon targeting nearly 70% of Taiwan's exports to the U.S. Speculation: Three Scenarios for Taiwan's Tariffs Facing the imminent revelation of the Section 223 investigation results, Taiwan's tech industry may confront three distinctly different scenarios. Table 1: Structure of Products Exposed to the 232 Investigation for Taiwan's Exports Worst-case scenario: Comprehensive high tariffs (25% to 50%) In this scenario, the U.S. imposes indiscriminate high tariffs on all imported semiconductors and related products. This would be a devastating blow to Taiwan, directly eroding corporate profits and forcing manufacturers to make painful choices between 'absorbing costs themselves' and 'passing them on to American clients like Apple and Nvidia', ultimately undermining the global competitiveness of Taiwanese products. Targeting mature processes This is a more sophisticated strategy. The U.S. may impose high tariffs on mature process chips of 28nm and above, while granting exemptions or lower tax rates for advanced process chips of 7nm and below. This scenario reflects the U.S.'s dual objectives: to counter China while managing dependency on Taiwan. The U.S. is well aware that Taiwan (especially TSMC) holds an irreplaceable position in the advanced process field, which is the heart driving the U.S. AI and high-performance computing industries. At the same time, the U.S. is concerned about China's rapid expansion in the mature process field and its national subsidies, as these chips are widely used in automotive, industrial, and defense sectors. Therefore, by precisely targeting mature processes, the U.S. can simultaneously curb its greatest strategic competitor, China, while ensuring that its most critical advanced technology supply chains remain undisturbed. In this scenario, TSMC's advanced process business might be spared, but Taiwanese manufacturers like UMC and Powerchip, which primarily focus on mature processes, will face immense pressure. Negotiated concessions in exchange for threats In this most likely scenario, the threat of Section 232 becomes the most powerful bargaining leverage for the U.S., with the final outcome not being simply tariffs, but a complex agreement. Taiwan's bargaining chips are very clear: The irreplaceability of technology: TSMC holds an overwhelming market share in the global foundry market, especially in advanced processes. The sincerity of investment in the U.S.: TSMC's massive investment in Arizona is a concrete response to U.S. industrial policy. There may also be undisclosed details of U.S.-Taiwan trade negotiations regarding this investment. The value of a strategic partnership: Taiwan collaborates with the U.S....

When Wall Street giants replaced early believers, Bitcoin seemed to welcome a golden age. However, behind the power transfer in finance, there has been a subtle qualitative change in its core value. In the context of financialization, how will the future give birth to a more scarce and purer asset—'Native Bitcoin'? (Background: Deloitte survey: 99% of corporate CFOs will adopt cryptocurrencies in the long term, with stablecoins and Bitcoin receiving much attention) (Additional context: The selling pressure of tens of billions has not shaken Bitcoin, is BTC's next target soaring to $140,000?) When the market cheers for the exit of early Bitcoin whales, seeing it as a healthy signal of 'market maturity', I seem to see the familiar script of past capital markets playing out again: a carefully packaged transfer of power, quietly playing the essence of an old game in the name of 'mainstreaming'. Extended reading: He sold out! The ancient whale with 80,000 Bitcoins 'completely shipped' cashing out $9 billion, Galaxy celebrates its largest customer ever. Seeing news headlines shouting 'The guardians of the old era are being replaced by titans of the new era', Wall Street institutions and ETFs are like thirsty sharks, eagerly devouring the chips thrown by early believers, and cryptocurrency users and Wall Street are making various strange analytical claims that this is the arrival of a new era. On the surface, it appears to be a win-win feast, OG Bitcoiners have achieved astonishing financial freedom, while Bitcoin has gained a ticket to enter the global financial system, and the price seems to have a more solid support. However, as I peel away this layer of fog woven from liquidity and institutionalization, what I see is not a simple asset turnover but a profound value split, a conflict is unfolding between the Bitcoin network and the essence of commercial packaging. This seemingly healthy rotation is invisibly giving birth to an asset that is scarcer than Bitcoin itself and closer to its original ideal—'Native Bitcoin'. Wall Street's embrace may not be a coronation, but a dose of sweet poison. The dual universe of Bitcoin: 'Financial Bitcoin' vs 'Native Bitcoin'. Let's first establish a core understanding: The financialization of Bitcoin, the oft-heard '1 million dollars in 20xx', does not mean that all Bitcoins will have the same appreciation price in the future; it is merely a vaguely describable vision, behind which the actual real value levels may split at different tiers: The first split universe is 'Institutional BTC', these Bitcoins exist under Wall Street's game rules, they are held in ETFs' custodial wallets, traded on compliant exchanges, and every movement is subject to strict KYC (Know Your Customer) and AML (Anti-Money Laundering) scrutiny. They not only have a clear traceable history on-chain, like financial statements laid out in the sunlight, but among various institutions, their clients' data is even more sparse. For institutional investors, this type of Bitcoin is perfect—it is safe, compliant, and highly liquid. Its value is primarily reflected in its market price, a digital commodity that has been domesticated and included in regulatory frameworks. However, institutionalized Bitcoin is increasingly being packaged in ways such as financial derivatives, and in trading, it is gradually being detached from the original network. Institutional Bitcoin is heading towards the extreme of the centralization phenomenon that has occurred since Bitcoin was created, that is, a large number of trades will be replaced by off-chain exchanges, and the Bitcoin native network seems to have become a path limited to 'whale and institutional' trading. As the centralized network is gradually undermined, this may not be a healthy indicator. The second split universe is 'Native BTC', which I believe is where true scarcity lies in the future. 'Native' refers to those Bitcoins that have just been mined and have not gone through multiple circulations, like 'Virgin Bitcoin', or those with extremely simple transaction histories that have never been associated with any sanctioned addresses or high-risk platforms (like anonymous mixers) and high-volume custodial cold/hot addresses. They are like brand new banknotes that have not circulated, free from historical burdens. Their value is not only market price but more importantly their 'attribute value'—absolute privacy, strong anti-censorship ability, and the potential to flow freely outside the global regulatory network, and regardless of the regulatory audits of any exchange or country, they can flow globally as real value. OTC market verification. This value layering is not alarmist; it has long become a reality in the high-end over-the-counter (OTC) market. In fact, institutional buyers are willing to pay a 'Purity Premium' to purchase Bitcoins with clear provenance to ensure compliance, which is already a public fact. They hire on-chain analysis companies (like Chainalysis) to conduct 'asset due diligence', ensuring that the Bitcoins they buy are not 'tainted assets' from hacker attacks or dark web markets, while clean Bitcoins can save on this cost and are stacked to purchase pure Bitcoins at a premium, and exchanges may separate these clean Bitcoins for cold wallet custody to avoid contamination. This logic is similar to that of the art market. Both are Picasso paintings; one has a clear lineage and was once collected by the Rockefeller family; the other is of unknown provenance. Even if it is an authentic piece, its market value and acceptance will be greatly diminished because every subsequent holder must bear a huge endorsement cost for its background. The value of 'Native Bitcoin' is built upon this 'purity of source'. When one Bitcoin no longer equals one Bitcoin: fungibility is collapsing. Behind the value layering is a deeper crisis that directly points to the most fundamental attribute of currency—loss of fungibility. Fungibility means that each unit of currency should be identical and interchangeable. The hundred dollars in your pocket is equivalent to the hundred dollars in my pocket; you need not worry about who the previous holder of my bill was. This is the cornerstone for currency to circulate smoothly. However, Bitcoin's transparent ledger is leading it to face a silent collapse of fungibility. Since every transaction is permanently recorded on the blockchain, through increasingly advanced on-chain analysis technology, the 'past and present' of any Bitcoin can be traced. This creates a dangerous precedent: Bitcoin begins to be assigned 'identities' by various countries' regulations and KYC. When a Bitcoin has interacted with an address marked as illegal, it may be labeled as 'tainted'. Compliant exchanges may refuse to accept this Bitcoin, and users holding it may find their accounts frozen. In this case, one Bitcoin is clearly no longer equal to another Bitcoin. A 'clean' Bitcoin and a 'tainted' Bitcoin have vastly different purchasing power and liquidity. Some may argue that this only affects a very small number of funds involved in illegal activities. But this notion is overly naive. As global regulations tighten, the definition of 'taint' will only continue to expand. Today, an address involved in dark web transactions is tainted; tomorrow, interacting with a wallet that has not undergone KYC verification may become tainted; the day after tomorrow, any Bitcoin that has gone through privacy mixing protocols may be considered a 'high-risk asset'. The spread of this 'contamination' will ripple outward, and ultimately, only those Bitcoins with clear sources and simple histories, 'Native Bitcoins', will be regarded as absolute safe havens. The greatest price of Bitcoin being accepted by mainstream finance is precisely the sacrifice of its 'anonymity'. As it continues...

The well-known figure in Taiwan's cryptocurrency circle, MachiBigBrother, has seen his floating losses balloon to nearly 12 million USD due to leveraged trading amid sharp fluctuations in ETH and PUMP. (Background: MachiBigBrother and Jing Ying's return, is the NFT market really going to revive this time?) (Background supplement: PUMP fell below the public offering price) MachiBigBrother's 5x long position has suffered a 'catastrophic loss of 3.86 million USD'. Well-known cryptocurrency investor MachiBigBrother has quietly returned to trading, suffering floating losses. On-chain data shows that his high-leverage long positions in Ethereum (ETH), HYPE, and PUMP have a total market value of about 148 million USD, but as ETH prices weakened, his floating losses have approached 12 million USD. In particular, the meme coin PUMP has a single token floating loss of 6.82 million USD. High leverage According to community member Ai Yi, MachiBigBrother is aggressively leveraging 5x on PUMP and ETH, with long positions still reaching 13.3 million USD. ETH has fallen over the past three days, amplifying overall position pressure, ultimately causing floating losses to exceed 10 million USD. Related reports Coinbase will launch tokenized stocks, prediction markets, and IEOs in the United States: Moving towards an all-purpose exchange. The US reaches into offshore exchanges: Taxpayers must report 'overseas accounts and crypto assets'. Japan's largest Osaka Exchange plans to launch cryptocurrency derivatives, and JPX is also considering launching crypto ETFs. "MachiBigBrother is still holding a 5x long position! Floating losses have reached 12 million USD (PUMP and ETH continue to fall)" This article was first published on BlockTempo (the most influential blockchain news media).

The cryptocurrency bull market has paused, and selecting outstanding performing altcoins requires more caution. This article shares four key considerations for filtering potential projects: narrative heat, growth indicators, sound tokenomics, and community-first characteristics. This article is adapted from a piece by The DeFi Investor, organized, translated, and written by Tim, PANews. (Background: Can Solana's success be replicated? The market focuses on four potential altcoins) (Supplementary Background: ChatGPT's in-depth analysis: Who are the next potential coins before the altcoin bull market arrives in August?) The cryptocurrency bull market has returned, at least for now. The question is: which altcoins will deliver performance that exceeds the market? During the 2021 bull market, almost all altcoins saw surges. But the situation has changed since then, and there are now millions of new altcoins to choose from, making it necessary to filter carefully to achieve outstanding performance. In this article, I want to share my list of crypto projects and the main considerations when filtering. Let's get started: 1. Narrative Heat and User Mindshare Think about the best-performing tokens over the past 12 months. The first ones that come to mind are HYPE, VIRTUAL, and meme coins. Do they all have strong fundamentals? Platforms like HYPE do, but most of the top performers listed below certainly do not. Source: Coingecko's 2024 top cryptocurrency gains article They all share a common trait: high user mindshare on social media and a loyal group of fans tirelessly promoting them on the X platform. Moreover, the success of most top performers is also related to a strong narrative. With the popularity of AI concepts, Virtual continues to soar. Due to the viral nature of internet memes, meme coins saw their values rise dramatically from Q4 2024 to early Q1 2025. My advice is to identify currently popular narratives, search for them, and then choose tokens that have a highly active community on Twitter. 2. Growth Indicators In a bull market, market hype (unfortunately) is far more important than fundamentals. But the good news is that some projects have achieved both high visibility and strong product-market fit. If a project possesses both qualities, it could be a great investment, especially if its key indicators have recently seen explosive growth. For example, the total locked value (TVL) of the stablecoin protocol Ethena surged by 50% in the past 30 days. Meanwhile, many users and analysts on Twitter are focusing on and analyzing this project. The result? Ethena's token ENA has increased by 154% in the past month. By betting on those early projects that consistently show growth indicators (like TVL, revenue, and fees) and have significant community interest, you can make a substantial profit. I often use DeFiLlama to identify the fastest-growing projects. 3. Sound Tokenomics If you only plan to hold tokens for a few days, tokenomics won't matter much; however, if you're investing for the medium to long term, the situation is entirely different. For instance, due to early investors dumping heavily after each token unlock, the TIA token has plummeted over 90% in the past 17 months. This is why it's crucial to understand tokenomics before purchasing tokens. Key points I focus on when researching tokens: Token unlock schedule Tokenomist can track the tokenomics and unlock history of many popular tokens. Generally, I look for tokens with at least 30% circulating supply and an annual token release (i.e., inflation) capped between 20%-35%. Additionally, if there are any significant upcoming token unlocks (for example, unlocking more than 20% of the current circulating supply), I prefer not to buy that token. Token utility I always ask myself two questions: Will the token I consider purchasing benefit from the success of the protocol? Why would someone be willing to pay a higher price for it than I would? Dividend mechanisms or token buyback programs are the best options I can think of. While strong token utility is a huge advantage, it is not essential. I've seen many tokens with almost no utility perform exceptionally well. 4. Community-First A community-first project is now more important than ever. More and more people are unwilling to invest in vague, uninspiring projects and are more willing to support community-centric teams. This is one of the reasons I believe tokens like HYPE and PENGU have performed so well recently. Some characteristics of community-first cryptocurrency projects: Massive airdrops Teams consistently underpromise and overdeliver. Team-driven marketing: the team is very active on the X platform and continuously interacts with the community. Most of the token supply is allocated to the community. These are the main factors I consider when choosing tokens. Another potentially important factor that could drive up token prices is the upcoming major benefits that have yet to be reflected in the current price. Possible positive catalysts include upcoming protocol upgrades, improvements to token economic models, or the release of new products that can significantly increase project returns. Even the best assets can be a poor investment if priced too high. Be patient and wait for the right opportunity, and take appropriate action to avoid fear of missing out (FOMO) and chasing heights. Related Reports Bitcoin looks to reach $150,000, 6 potential low-priced altcoins brewing for an explosion Binance CZ predicts: FOMO season is coming! Advises investors to keep a close eye on the 'altcoin index' The death spiral peaked at the opening: A Delta neutral perspective on the inevitability of altcoins' liquidity depletion "Bull market pauses, filtering four key factors for potential altcoins in 2025" This article was first published on BlockTempo (the most influential blockchain news media).

Falcon Finance has released a strategic blueprint for the next 18 months, marking its goal of transforming from a synthetic dollar protocol into a full-fledged financial institution. (Related Supplement: A consortium of several U.S. banks launches USDF stablecoin) (Related Supplement: Deutsche Bank's 'EURAU' euro stablecoin goes live: Is the European payment landscape set to be rewritten with MiCA and dual certification from Germany?) (This article is a sponsored piece, written and provided by Chainwire, and does not represent the stance of BlockTempo, nor is it investment advice, purchasing or selling recommendations. See the end of the article for the disclaimer.) Dubai, UAE, July 29, 2025, Chainwire – Falcon Finance today released its strategic blueprint for the next 18 months, marking the process of its transformation from a synthetic dollar innovator into a full-fledged financial institution, seamlessly connecting traditional banking, centralized cryptocurrency, and decentralized finance. Since its launch earlier this year, Falcon has achieved a circulating supply of USDf exceeding $1 billion, making it one of the top ten stablecoins by market capitalization on Ethereum, completing the industry's first live mint of USDf for a tokenized U.S. Treasury fund for Superstate, and receiving a 116% over-collateralization audit from ht.digital. These milestones establish Falcon's reputation for institutional rigor and transparent risk management. Based on this foundation, Falcon's priorities for the remainder of 2025 include opening regulated fiat channels in Latin America, Turkey, the Eurozone, and other dollar markets to ensure 24/7 liquidity for USDf and providing sub-second settlement service level agreements (SLA). Multi-chain deployment will bring USDf to leading Layer 1 and Layer 2 networks, maximizing cross-chain capital efficiency, serving corporate finance, and institutional trading desks. At the same time, Falcon will work with licensed custodians and payment agents to introduce bank-accepted USDf products, overnight yield cash management solutions, tokenized money market funds, and physical gold redemption services. Synchronization discussions with U.S. and international regulatory bodies aim to obtain compliance licenses under the GENIUS and CLARITY Acts and align Falcon's products with Europe's MiCA framework. Looking ahead to 2026, Falcon will deploy a modular real asset engine capable of introducing corporate bonds, private credit, and securitized USDf funds through structures supported by special purpose vehicles (SPV). The protocol will expand to on-chain tokenized stocks and USDf-centered investment tools while developing licensed channels for bank-grade securitization and automated yield distribution, providing institutional-grade reporting. Falcon will also roll out enhanced physical redemption services covering gold and other high-value assets in major financial centers including the UAE, MENA, and Hong Kong. Andrei Grachev, managing partner of Falcon Finance, stated: "With a USDf supply exceeding $1 billion, verified by third-party audits of our reserves, and the delivery of the first RWA live mint, these initiatives demonstrate our ability to combine compliance with innovation. Now, by expanding our fiat channels to every major market, modularizing real asset tokenization, and achieving seamless interoperability between traditional finance and centralized and decentralized finance, we are creating the connective tissue of the financial system of tomorrow. Falcon is building a single, programmable liquidity layer that serves institutional finance and the next generation of decentralized applications." About Falcon Finance Falcon Finance is building the capital, collateral, and composability infrastructure layer that connects on-chain and off-chain financial systems. Our mission is to create a unified framework that enables institutions, protocols, and capital allocators to transform assets into usable liquidity, while being transparent, secure, and strategically flexible. We allow the use of any yield-generating, custody-ready asset—whether crypto-native, real-world tokenized assets, or fiat-pegged assets—as executable collateral for issuing on-chain liquidity and unlocking value across different financial domains. By combining legitimate structures, composable minting/redemption logic, and modular liquidity pathways, Falcon allows capital to move between forms and environments, supporting on-chain strategies, institutional deployments, and real-world settlements. Learn more: falcon.finance (Sponsored Disclaimer: The content of this article is a promotional piece provided by the contributor, who has no relationship with BlockTempo, and this article does not represent BlockTempo's stance. This article does not intend to provide any investment, asset recommendations, or legal advice, nor should it be viewed as an offer to purchase, sell, or hold assets. Any services, solutions, or tools mentioned in this promotional piece are for reference only, and the final actual content or rules are subject to the contributor's announcements or explanations. BlockTempo is not responsible for any potential risks or losses, and readers are advised to conduct their own due diligence before making any decisions or actions.) Related Reports Deloitte Survey: 99% of corporate CFOs will adopt cryptocurrency long-term, with stablecoins and Bitcoin being of particular interest. The False Promises of Stablecoins: The Next Time Bomb for the U.S. Financial Crisis. JPMorgan: Stablecoins' market cap in three years 'reaching $2 trillion' is too optimistic; $500 billion is more realistic. Tether CEO: We will return to the U.S. market, providing efficient stablecoin trading and bank settlement for institutions; USDT directly competes with USDC.

The SEC has accepted the application for the Canary PENGU ETF, marking the first time Meme coins and NFTs are included in a traditional ETF structure. (Background: Can Abstract Chain break through the competition among various L2s backed by the soaring $PENGU?) (Background information: The Pudgy Penguins are flooding the crypto social circle: a victory for elite culture in the crypto world.) The U.S. Securities and Exchange Commission (SEC) officially accepted the application for the Canary PENGU ETF from Canary Capital on August 1. This is the first spot ETF that packages the Meme coin PENGU and Pudgy Penguins NFTs together, knocking on the door of mainstream investment. The ETF proposal for the Canary PENGU ETF was submitted on March 20 this year. According to the application, this ETF primarily holds PENGU tokens, with a weight allocation of approximately 80%-95%; the remaining 5%-15% is allocated for top Pudgy Penguins NFTs. According to the application, fund managers plan to adjust the NFT holdings based on rarity, visual appeal, and market price rotation, while also holding a small amount of Solana and Ethereum native tokens to ensure liquidity. By ETF-ifying 'on-chain operations', investors can buy and sell high-volatility meme coin mixed NFT digital assets in familiar securities accounts. The price of the PENGU token has increased by 132% over the past 30 days, with a market capitalization exceeding $2 billion. Regulatory challenges The SEC's subsequent review will face three major issues: asset classification, price manipulation prevention, and investor protection. Are NFTs classified as securities, commodities, or an independent asset class? Do meme coins meet the Howey Test? These undefined areas will affect disclosure obligations and custody regulations. Furthermore, since NFTs cannot be settled using traditional standardized units, how the fund values and rebalances is an unprecedented technical challenge. The fragmentation of global regulation and the anonymous nature of on-chain transactions also increase the difficulty of anti-money laundering (AML) compliance. The SEC's acceptance is just the beginning, and final approval will still require multiple rounds of consultations and modifications. If the Canary PENGU ETF can pass the review, it will undoubtedly provide new allocation options for traditional capital and may lead to more 'token + NFT' hybrid products being released. However, keep in mind that due to Canary Capital's frequent submissions of altcoin ETF applications (including AXL, SUI, LTC, etc.), some in the community believe this may be a marketing tactic, and it is recommended that you maintain rational thinking when considering this information. Related Reports: U.S. Cryptocurrency ETFs receive regulatory green light: Universal listing standards may be implemented within 60 days; which projects will be winners? Japan's largest Osaka Exchange plans to launch cryptocurrency derivatives, and JPX is also considering launching crypto ETFs. Rich Dad warns 'ETFs are just wallpaper scams': Owning physical gold, silver, and Bitcoin is the true way to wealth in turbulent times. 'SEC accepts the application for the Pudgy Penguins PENGU ETF: The first mixed index fund of Meme coins and NFTs' was first published in BlockTempo (the most influential blockchain news media).

XYZVerse token adopts a deflationary mechanism, combining the passion of sports fans with the community culture of meme coins, successfully breaking the $15 million milestone in its presale fundraising. (Background: How do the rich get richer in the cryptocurrency world without leveraging and meme coins?) (Background supplement: Solana founder criticizes meme coin NFTs as 'digital garbage', community in conflict: but income accounts for 62%) (This article is a promotional piece, written and provided by XYZverse, and does not represent the position of BlockTempo. This article involves meme coins related tokens, which may carry extremely high volatility risk and is not investment advice. See the end of the article for responsibility warnings.) Many meme coins are driven by speculation, but rigorous token economic design may change the game. XYZVerse officials state that their smart contract is designed to reduce supply with each transaction through a deflationary mechanism, meaning increased scarcity, which sharply contrasts with competitors that mint tokens infinitely. Below we will detail the current status of the XYZVerse project, the token burning mechanism, and future prospects. $XYZ aims for G.O.A.T. status, early investors could reap high returns XYZVerse ($XYZ) brings a whole new concept to the memecoin space, combining the enthusiasm of sports fans with the rapid changes in cryptocurrency. Designed for passionate fans of football, basketball, MMA, and esports, this project is not just a token but a growing community built around the passion for competition. The project claims that XYZVerse aims for the grand vision of Greatest of All Time (G.O.A.T.), not just as an ordinary meme coin. People have taken notice, and the project recently won the title of Best New Meme Project. The uniqueness of $XYZ lies in that it is not a fleeting hype but has a clear roadmap and a loyal community focused on long-term growth. Inspired by the spirit of sports, the $XYZ token is set to become the ultimate competitor to beat rivals and step onto the victory podium, becoming a badge of honor for those who love sports and cryptocurrency. $XYZ has shown potential $XYZ's presale is ongoing, offering the opportunity to acquire tokens at a special pre-listing price. Issuance price: $0.0001 Current price: $0.005 Next stage: $0.01 Final presale price: $0.02 The officials state that after the presale ends, $XYZ tokens will be listed on major centralized and decentralized exchanges, with a target listing price of $0.10. If the project raises enough funds to support this valuation, early investors could potentially achieve returns of up to 1,000 times their investment during the presale. Currently, over $15 million has been invested, reflecting strong market interest. Notably, acquiring tokens at the lower presale price offers the potential for higher investment returns upon listing. Demand for $XYZ has surged, driving rapid progress in the presale. Early buyers can purchase at the lowest price, thus maximizing their potential returns. $XYZ Presale Official Website PEPE: The meme coin that ignited the crypto frenzy PEPE is a popular meme coin on the Ethereum network, paying tribute to Matt Furie's Pepe the Frog, a playful cartoon character from early internet forums. PEPE has a burning rule that reduces supply over time, but does not charge any taxes on transactions. It also does not make grand promises for applications or tools; fun is its only goal. This straightforward style quickly won fan support. From April to May 2023, the coin's market cap skyrocketed to $1.6 billion, making early buyers overnight sensations and igniting a frenzy of 'meme coin season'. Supporters believe this journey is just getting started. The team has a clear three-phase plan: trending on social media, listing on major exchanges, and then aiming for a comprehensive 'Meme Takeover'. Compared to older meme coins like Dogecoin or Shiba Inu, PEPE is younger and more streamlined, with each token still relatively inexpensive, attracting wallet observers hoping to see their dreams come true before the next Bitcoin halving. It lacks deep technical allure, but the passion of its community may be enough to support its long-term development. For thrill-seeking traders, this green frog remains vibrant. Shiba Inu: Aiming for a piece of the crypto market pie Shiba Inu, or SHIB, was born in August 2020 as a playful response to Dogecoin. The anonymous creator Ryoshi minted one quadrillion tokens and sent half to Ethereum co-founder Vitalik Buterin. V God later donated most of it to charity and burned 40% of all tokens, launching Shiba Inu into the spotlight. Unlike Dogecoin, SHIB operates on the Ethereum network. This connection allows it to collaborate with many applications within the Ethereum ecosystem, including wallets to swaps, laying the groundwork for practicality beyond a joke. The SHIB project is developing three tools: ShibaSwap, focusing on convenient trading, an art marketplace for digital collectibles, and a community voting system for decentralized governance, all running on Ethereum, so developers do not have to start from scratch. In the current market, tokens associated with clear use cases and strong narratives often lead rebounds, as demonstrated by the recent jumps in large blockchain ecosystem tokens. SHIB combines both: a viral meme brand and a growing utility. Although SHIB's price volatility remains extreme, its upgrades and large holder community keep it active on many watchlists. Conclusion PEPE, SHIB, and MOG have rebounded this month, following the overall market uptrend, while XYZVerse, as a sports-themed meme coin, combines a token deflationary mechanism with the passion of sports fans, rapidly progressing in its presale and poised to break through in the 2025 bull market. You can find more information about XYZVerse ($XYZ) at the following links: XYZVerse Official Website Twitter Account (Promotional Disclaimer: The content of this article is a promotional piece provided by the contributor, and the contributor has no relationship with BlockTempo. This article does not represent the position of BlockTempo. This article does not intend to provide any investment, asset advice, or legal opinions, and should not be considered an offer to buy, sell, or hold assets. Any services, programs, or tools mentioned in the promotional content are for reference only, and the final actual content or rules are subject to the announcement or explanation by the contributor. BlockTempo is not responsible for any potential risks or losses, and readers are reminded to conduct their own due diligence before making any decisions or actions.) Related Reports Meme coins for shopping! PayPal opens 'cryptocurrency payments' for US merchants: supports 100+ coins, cheaper than credit cards Ethereum returns to $3,000, ETH ecosystem meme players are raking it in Binance Wallet launches 'Meme Rush List': Discover meme coin release hotspots and trade quickly "From meme hype to deflationary design: A comparative outlook on PEPE, SHIB, and XYZVerse" was first published in BlockTempo (the most influential blockchain news media).