Author: 行政
Crypto’s future growth is shifting from political reliance on the Trump administration toward institutional market structures and Bitcoin’s emergence as a gold-like reserve asset. Institutional entry is raising the performance bar for the industry, requiring altcoins to provide genuine utility rather than relying on speculation or political hype. Blockchains are becoming the essential trust layer for autonomous AI systems, while “gamified finance” features are aligning crypto with the cultural preferences of younger users. Animoca Brands chair Yat Siu said crypto’s next leg will be driven less by US politics and more by market structure, as institutional investors reshape how capital…
Trove Markets is shifting its collectibles exchange to Solana after losing access to Hyperliquid due to a liquidity partner withdrawing a required 500,000 HYPE stake. The sudden pivot follows an $11.5 million token sale and has resulted in the delay of the project’s Token Generation Event (TGE) and a revised roadmap. The project faces scrutiny over a volatile rollout and allegations from investigator ZachXBT regarding the movement of fundraising tokens to prediction market platforms. Trove Markets is rebuilding its planned collectibles perpetuals exchange on Solana after losing the arrangement that would have let it launch on Hyperliquid. Notice the reversal…
Vitalik Buterin framed 2026 as the year Ethereum reverses a decade of convenience-first compromises. His thesis: the protocol stayed trustless, but the defaults drifted. Wallets outsourced verification to centralized RPCs.Decentralized applications became server-dependent behemoths that leak user data to dozens of endpoints. Block building is concentrated in the hands of a few sophisticated actors. The base layer held, but the experience became something else entirely.The response is a concrete menu of infrastructure fixes designed to make the trust-minimized path the easy path.Verified RPC clients that turn untrusted providers into locally verifiable endpoints. Private information retrieval to hide what users query…
Gold and copper have moved higher even as the Federal Reserve continues to signal patience on rate cuts, a divergence that shows how markets tend to price liquidity conditions ahead of formal policy shifts rather than wait for confirmation from central banks.These metals are responding to changes in real yields, funding conditions, and forward expectations, and that behavior has often appeared in earlier stages of easing cycles. In previous cycles, Bitcoin reacted later to the same forces, with its strongest advances arriving only after metals had already repositioned for looser financial conditions.The current setup looks familiar. Gold is attracting defensive…
European Central Bank chief economist Philip Lane delivered a warning that most markets treated as European housekeeping: the ECB can stay on its easing path for now, but a Federal Reserve “tussle” over mandate independence could destabilize global markets through higher US term premiums and a reassessment of the dollar’s role.Lane’s framing matters because it names the exact transmission channels that matter most to Bitcoin: real yields, dollar liquidity, and the credibility scaffolding that holds the current macro regime together.The immediate catalyst for cooling was geopolitical. Oil’s risk premium faded as fears of a US strike on Iran receded, pulling…
More than 36 million ETH is now staked in Ethereum’s proof-of-stake system, close to 30% of the circulating supply and worth over $118 billion at recent prices.Graph showing the amount of ETH staked in the Ethereum network from Oct. 16, 2025, to Jan. 16, 2026 (Source: ValidatorQueue)That headline number sounds like a clean vote of confidence: holders are locking up their ETH to secure the network, collect yield, and signal they’re in no rush to sell. The trouble with using “confidence” as a metric is that it counts coins, not motivations, and it treats one whale the same as a…
Bitcoin’s price, and thus the entire crypto market, is increasingly being anchored by flows through regulated wrappers. Crypto is increasingly being subsumed by TradFi rather than offering an alternative to the broken system Satoshi criticized.U.S. spot ETF subscriptions and redemptions are now posting day-to-day swings that increasingly dominate the daily narrative tape.In practice, “priced by ETF flows” means the ETF print has become the cleanest, most legible proxy for marginal U.S.-dollar demand during U.S. hours, often the first number desks check before debating what happened on crypto-native venues.According to Farside Investors’ Bitcoin ETF flow dashboard, the U.S. complex logged a…
By mid-January, open interest in Bitcoin options rose to about $74.1 billion, edging past Bitcoin futures open interest of roughly $65.22 billion.Open interest is the stock of outstanding contracts that have not been closed or expired, so it measures position inventory, not trading activity. So, when options inventory exceeds futures, it often shows a market that’s leaning less on raw directional leverage and more on structured exposure: hedges, yield overlays, and volatility positioning.Futures remain the simplest way to take leveraged exposure to Bitcoin’s direction. However, options let traders and institutions shape risk with much more precision through payoff profiles that…
Corporate credit quality is deteriorating beneath a surface that looks deceptively calm. JPMorgan tallied roughly $55 billion in US corporate bonds that slid from investment-grade to junk status in 2025, the so-called “fallen angels.”At the same time, only $10 billion returned to investment-grade status as “rising stars.” Another $63 billion of investment-grade debt now sits near the edge of junk, up from about $37 billion at the end of 2024.Yet, spreads remain remarkably tight: as of Jan. 15, FRED data shows investment-grade option-adjusted spreads at 0.76%, BBB spreads at 0.97%, and high-yield spreads at 2.71%.Those are levels that suggest investors…
Two senators have introduced a short bill with an unusually big ambition: to stop US law from treating people who write and publish blockchain software as if they were running a shadow payments company.The proposal, titled the Blockchain Regulatory Certainty Act of 2026, aims to clarify that “non-controlling” developers and infrastructure providers (i.e., those who don’t have the legal right or unilateral ability to move other people’s funds) should not be swept into the legal bucket reserved for money transmitters.It’s an argument crypto has been making for years, unfortunately, often in the abstract language of decentralization and autonomy.But the stakes…