Author: 行政
Over the past quarter, the most notable market signal from Japan-based Metaplanet was not a single Bitcoin purchase, but a pause.The Tokyo-listed firm, which spent much of 2025 aggressively acquiring Bitcoin, has not issued a “Notice of Additional Purchase” since Oct. 1.Metaplanet’s Last Bitcoin Purchase. (Source: Metaplanet)While retail observers feared a loss of conviction, the silence masked a critical financial dislocation that had seen Metaplanet’s Market Net Asset Value (MNAV) briefly dip below 1.0.For a corporate treasury vehicle, an MNAV below 1.0 signals a fundamental inefficiency. It means the company’s stock is trading at a discount to the raw value…
The fund targets infrastructure and scalable blockchain use cases, with a focus on emerging markets. Market makers have reduced activity since the Oct. 10 crash, while ETF flows signal lower institutional participation. The raise follows HashKey’s $206 million IPO on the Hong Kong stock exchange. Institutional capital is taking a longer view of crypto markets as short-term liquidity thins out. That shift is reflected in the first close of a new fund by HashKey Capital, which has secured $250 million in commitments despite choppier trading conditions. The rise highlights how large investors are repositioning after a volatile period marked by…
More than 80% of the tokens launched this year are trading underwater, marking a definitive shift in the market’s appetite for venture-backed cryptocurrency projects.Data from Memento Research showed that it tracked 118 major token generation events in 2025 and found that 100 of them, or 84.7%, are trading below their opening fully diluted valuations. At the same time, the median token in that cohort is down 71% from its launch price.Crypto TGEs Breakdown in 2025 (Source: Memento Research)According to the firm:“TGE in 2025 often signalled the top for most projects, with price discovery already happening pre-TGE. If you’re buying at…
The International Monetary Fund confirmed that El Salvador is moving toward selling its government-run Chivo wallet as part of a $1.4 billion loan agreement. Conflicting reports exist regarding the country’s Bitcoin purchases, with the IMF claiming buying paused in 2024 while the Salvadoran government reports ongoing daily acquisitions. Despite IMF pressure to scale back crypto activities, El Salvador recently passed new laws to expand Bitcoin banking services for qualified investors and institutional clients. The International Monetary Fund (IMF) said El Salvador is close to selling Chivo, the government-run Bitcoin wallet, and that talks on the country’s Bitcoin policy are still…
DWF Labs completed its first physical gold trade by settling a 25-kilogram bar through traditional bullion clearing systems instead of using blockchain technology. Gold has significantly outperformed Bitcoin in 2025 with a 70% return compared to Bitcoin’s negative 6.7% leading the firm to target silver and cotton next. The move marks a broader strategy for crypto firms to diversify revenue into physical commodities and traditional finance amid fluctuating digital asset trading volumes. DWF Labs said it has completed its first physical gold deal, settling a trade for a single 25-kilogram bar. The crypto market maker framed the transaction as a…
Bitwise CIO Matt Hougan predicts Bitcoin will reach new record highs in 2026 driven by institutional adoption from major wealth platforms like Morgan Stanley and JPMorgan. He argues the traditional four-year halving cycle is weakening because supply cuts are becoming less impactful and macroeconomic conditions like falling interest rates have shifted. Future price action is expected to show lower volatility and a reduced correlation with the stock market as Bitcoin matures into a more independent asset class through ETFs. Bitwise CIO Matt Hougan said he expects Bitcoin to hit new all-time highs in 2026, while becoming less volatile and less…
Franklin Templeton’s XRP spot ETF exceeded 101 million tokens in holdings, crossing the $190 million valuation mark for the first time since its launch. XRP ETFs have outperformed Bitcoin and Ethereum funds in recent months, accumulating over $1 billion in total assets through consistent net inflows. Growing demand for the asset is being driven by its role in cross-border payments and the increasing preference among traditional investors for regulated exchange-traded products. Franklin Templeton’s XRP spot ETF has reported holdings of more than 101.55 million XRP, valued at about US$192.7 million (AU$294 million). It is the first time the ETF has…
JPMorgan rejects trillion-dollar stablecoin forecasts, projecting a US$500–600bn market by 2028 aligned with crypto growth. Most stablecoin expansion remains driven by crypto trading, particularly derivatives and DeFi activity. Payments growth alone is unlikely to push supply higher due to competition from tokenised deposits and CBDCs. JPMorgan has reiterated its position that the stablecoin sector is unlikely to approach a US$1 trillion (AU$1.51 trillion) valuation within the next few years, pushing back against projections that assume rapid decoupling from broader crypto market growth. Instead, the bank expects total supply to reach approximately US$500–600 billion (AU$755–907 billion) by 2028, consistent with earlier…
Tether CEO Paolo Ardoino warned that a potential “AI bubble” burst in 2026 could trigger a stock market sell-off that drags Bitcoin down due to its correlation with traditional capital markets. Ardoino anticipates a shift away from Bitcoin’s historical 80% drawdowns, citing increased stability from institutional adoption by pension funds and governments. While optimistic about the growth of real-world asset tokenisation, Ardoino criticised European innovation and the MiCA regulatory framework. Paolo Ardoino, Tether’s CEO, said he sees one main risk for Bitcoin by 2026: a possible “AI bubble” in US markets that could spill over into crypto. Speaking on the…
The ECB has completed all technical and preparatory work for the digital euro, with President Christine Lagarde confirming that issuance now depends on the European Parliament and Council passing the necessary legislation in 2026. While rates were left unchanged and inflation is projected to return to the 2% target by 2028, Lagarde stressed the digital euro as a strategic priority to anchor financial stability in the digital age. Its development faces a shifting global landscape marked by the U.S. GENIUS Act supporting dollar stablecoins and President Trump’s active opposition to CBDCs. At the ECB’s final press conference of the year,…