Author: 行政

Institutions have learned to live with Bitcoin’s volatility because volatility is measurable and, for many strategies, manageable. What still holds back large allocations is the risk of moving the market while getting in or out.A fund can hedge price swings with options or futures, but it can’t hedge the cost of pushing through a thin order book, widening spreads, and turning a rebalance into visible slippage.That’s why liquidity matters more than most headlines admit. Liquidity isn’t the same thing as volume, and it’s much more than just a general feeling that the market is “healthy.”Put into as few words as…

Makina Finance lost 1,299 ETH, roughly $4.13 million, in a flash-loan and oracle manipulation exploit.The attacker drained the protocol’s funds and broadcast the transaction to Ethereum’s public mempool, where it should have been picked up by validators and included in the next block.Instead, an MEV builder identified by the address 0xa6c2 front-ran the draining transaction, redirecting most of the funds into builder-controlled custody before the hacker could move them off-chain.The hacker’s transaction failed. The funds landed in two addresses associated with the MEV builder.The immediate takeaway is that Makina’s users avoided a total loss. The deeper signal is who ended…

Senate Agriculture Committee Chair John Boozman on Jan. 21 released updated text for a crypto market structure bill and set a committee markup for Jan. 27.The draft bill, titled the “Digital Commodity Intermediaries Act,” would give the Commodity Futures Trading Commission (CFTC) a defined framework to supervise parts of the spot crypto market when activity runs through brokers, dealers, exchanges and custodians.The bill is the AC’s attempt to formalize what happens when something goes wrong. Crypto’s biggest retail pain points often show up as operational failures: account freezes, delayed withdrawals, outages during volatility, unclear complaint paths, and disputes over how…

The Bureau of Economic Analysis (BEA) released its delayed Personal Income and Outlays report on Jan. 22, publishing October and November PCE inflation together.The print put headline PCE at 0.2% month over month in both months, with headline PCE at 2.7% year over year in October and 2.8% in November. Core PCE was also 0.2% month over month in both months, with core PCE at 2.7% year over year in October and 2.8% in November.Chart showing the percent change in PCE indexes from November 2024 to November 2025, Source: (BEA)Bitcoin’s reaction to the news was surprisingly restrained. BTC traded between…

The following is a guest post and opinion from Artemiy Parshakov, VP of Institutions at P2P.org.How the Institutional View of Self-Custody Is ChangingFor years, institutional participants largely equated self-custody with retail risk. Managing private keys, interacting directly with protocols, and relying on personal hardware were viewed as practices better suited to individual users than regulated organizations with fiduciary responsibilities.That perception is evolving.Secure hardware, non-custodial delegation mechanisms, and professional validator operations are converging into participation models that preserve institutional control while supporting performance, reliability, and scale. Self-custody is increasingly evaluated not as a fringe preference but as a serious architectural option…

Crypto’s IPO market is back, but the companies leading the charge aren’t the ones most exposed to token volatility.BitGo priced its initial public offering on Jan. 21 at $18 per share, raising $212.8 million and valuing the custody platform at $2.08 billion. Shares opened the next day at $22.43, a 24.6% jump that pushed the implied valuation to $2.59 billion.Within 24 hours, two more security-focused companies signaled public market ambitions.Ledger, the hardware wallet maker, is reportedly preparing a New York listing targeting a valuation above $4 billion, with Goldman Sachs, Jefferies, and Barclays leading the process, according to the Financial…

Bitcoin’s recent price action had a familiar signature: leverage built on the bounce, funding turned supportive for longs, then the market ran the nearest pockets of fragility until forced selling took over.BTC bouncing up and down in the $80,000 range is a result of futures positioning. Data showed roughly $794 million in Bitcoin long liquidations this week as it touched ~$87,800, with liquidation “hot zones” extending down toward $80,000.Graph showing total Bitcoin liquidations from Jan. 1 to Jan. 23, 2026 (Source: CoinGlass)Framing this around derivatives shows perpetual futures aren’t a side show anymore. Kaiko estimates BTC perps represented around 68%…

If you have ever landed in London, opened your banking app, and felt that tiny jolt of disbelief, you are not alone.One pound shows up as more than one dollar, again, and it feels wrong in the same way a meme coin with eight decimals feels wrong. The U.S. is bigger, the dollar runs the pipes of global finance, half the world prices stuff in USD, so why does a single unit of GBP still “cost” more than a single unit of USD.The first thing to get out of the way is the thing crypto people are trained to care…

Bitcoin price forecasts for 2026 from major banks, asset managers, and market commentators span a wide range, roughly from $75,000 to $250,000, with many targets clustering in the low-to-mid six figures.The wide range reflects uncertainty about whether institutional demand can offset softer retail participation and whether Bitcoin’s macro sensitivity to liquidity conditions reasserts itself during 2026.Standard Chartered cut its 2026 forecast to $150,000 in December 2025, down from a previous $300,000 target.Geoffrey Kendrick, Global Head of Digital Assets Research at the bank, said the pace would be slower than expected, with the bull case increasingly dependent on ETF buying rather…

Bitcoin mining consumed around 171 TWh in 2025, representing 16% of total data center energy use.All traditional data centers worldwide consumed between 448 and 1,050 TWh in 2025, with estimates varying across analysts’ data. Gartner has it at 448 TWh, while Socomec and the IEA cite a range between 600 and 1050 TWh.Gartner projections suggest this will reach 980 TWh by 2030, but IEA data also proposes we’ll break the 1,000 TWh landmark this year (if we haven’t already).AI-focused facilities are officially estimated to have consumed between 82 and 536 TWh in 2025, accounting for 11-40% of all data center…