Author: 行政

Two years ago, Bitcoin gained something it had chased for a long time: a place in the tradfi default menu.Plenty of people could get exposure to Bitcoin in 2023, as anyone with an exchange account and a tolerance for operational risk could click “buy.” Yet most capital in the US moves through brokerages, retirement accounts, advisory platforms, model portfolios, and compliance checklists.For that money, Bitcoin needed to arrive in a form that looked and felt like the rest of a portfolio.On Jan. 10, 2024, the SEC approved the listing and trading of spot Bitcoin exchange-traded products. A day later, the…

Banks are fighting stablecoin rewards to protect a secret $360 billion revenue machine.When Coinbase chief policy officer Faryar Shirzad posted a thread on Jan. 8 warning that stablecoin rewards “remain under debate” as Congress marks up market structure legislation, he attached numbers that banking groups would rather keep quiet.US banks earn $176 billion annually on roughly $3 trillion they park at the Federal Reserve, and they collect another $187 billion from card swipe fees, nearly $1,400 per household.That’s over $360 billion in revenue from payments and deposits alone, and stablecoins with competitive yields threaten both streams at once.The GENIUS Act,…

BlackRock is telling clients to stop looking at artificial intelligence as software and start treating it as energy.In its 2026 Global Outlook, the BlackRock Investment Institute argued that the AI buildout is pushing against physical limits and highlighted electricity as the constraint investors are underpricing.The report’s headline-grabber is its warning that AI-driven data centers could consume as much as 24% of US electricity by 2030, a scale that would reorder everything from utility capex to industrial siting.That kind of forecast lands with an obvious follow-on question in crypto: if grid access becomes the scarce asset, what happens to the industry…

Tokenized real-world assets reached $19.72 billion on Jan. 9, the closest the market has come to the $20 billion threshold.That figure measures distributed assets, which are tokens that circulate on-chain and can be transferred between user wallets. As a result, it excludes another $19.78 billion in active private credit loans, which are tracked as represented assets on-chain for recordkeeping but don’t enable open transfers.The distributed RWA market splits into three segments. US Treasuries and money market funds dominate, accounting for $8.86 billion in on-chain collateral. Tokenized commodities, led by gold, sit near $4 billion.The remainder, consisting of institutional funds at…

Stablecoins used to be a crypto convenience, a way to park dollars between trades without touching fiat. However, the industry has matured enough that BlackRock now treats them as foundational rails for the market.In its 2026 Global Outlook, the BlackRock Investment Institute argued that stablecoins are widening beyond exchanges and becoming integrated into mainstream payment systems. It also said they could expand in cross-border transfers and day-to-day use in emerging markets.That framing matters because it shifts the question investors ask, especially when it comes from a name as big as BlackRock.The point here isn’t whether stablecoins are good for crypto.…

Chainalysis recorded $154 billion in illicit inflows, driven largely by sanctioned entities. Russia’s ruble-backed A7A5 token processed over $93.3 billion in transactions within a year. Illicit transactions remain under 1% of total on-chain activity despite rapid growth. Illicit cryptocurrency activity expanded rapidly in 2025, not because of a sudden spike in everyday crypto crime, but due to a structural shift in how sanctioned states and entities are moving money. As global financial restrictions widened, blockchain networks increasingly became an alternative channel for cross-border transfers that are harder to block or monitor through traditional systems. A new report from Chainalysis shows…

A few years ago, the easiest way to explain Bitcoin to a newcomer was to keep it simple, slow, and sturdy.Ten-minute blocks. Limited space. Everyone checks everything. Nobody gets special treatment.That design is a feature. It is what makes Bitcoin feel like bedrock.It is also why every bull market ends up replaying the same argument. Block space gets tight, fees jump, users complain, and builders promise solutions that live somewhere above the base layer.This week, Vitalik Buterin showed up with a very different claim about Ethereum’s future, one that lands directly on Bitcoin’s turf.In a post on X, he argued…

The first thing you learn when you spend too long around Bitcoin is that everyone has a chart that “always works”, and everyone has a scar from the last time it didn’t.This week’s chart is making the rounds again, it’s the one that tracks Bitfinex margin longs, and it’s flashing a familiar change in body language. After climbing to a fresh peak, the longs line is starting to tip over, the kind of subtle rollover that looks boring until you remember how much money sits behind it.The social version of the story writes itself, whales are closing longs, Bitcoin rallied…

Bitcoin currently trades in a tight range near $90K amid a 3-day streak of ETF outflows. The current market consolidation mirrors pre‑2025 surge patterns with low volatility. The key levels to watch include the support at $90K, the immediate resistance at $95K, and $100k in case of a breakout. Bitcoin (BTC) price has remained stuck in a narrow trading range around $90,000. The cryptocurrency is showing signs of consolidation after a volatile start to 2026. Bitcoin ETF flows and macroeconomic uncertainties are playing a key role in the price movement. Bitcoin ETF outflows weigh on BTC price In early January,…

The crypto market is flashing early signals of a first-quarter recovery as the dust finally settles on December’s sharp sell-off.According to a new analysis from Coinbase, four structural indicators suggest the correction was a temporary setback rather than a regime shift. Fresh inflows into spot ETFs, a drastic reduction in systemic leverage, improved order book liquidity, and a rotation in options sentiment all point to a stabilizing market.While traders remain cautious, these metrics indicate the ecosystem is significantly less fragile than it was weeks ago, clearing the path for a potential bounce.Cautious re-risking via ETFsThe first and perhaps most visible…