"Weekly Editor's Picks" is a "functional" column of Odaily Planet Daily. Based on the extensive coverage of real-time information each week, the Planet Daily also publishes many high-quality in-depth analysis articles, but they may be hidden among the information flow and trending news, passing you by.
Therefore, our editorial team will select some quality articles worth spending time reading and saving from the content published in the past 7 days every Saturday, providing you with new insights from the perspectives of data analysis, industry judgment, and opinion output, as you navigate the crypto world.
Now, let's read together:
Investment and Entrepreneurship
Long-term holders taking profits, is there a "top escape" signal after Bitcoin's new high?
Many historical accumulation areas have turned into selling zones, putting pressure on price trends. Recent support levels are around $103,700 and $95,600, with resistance at $114,800. Groups holding positions for over a year have dominated recent selling, reflecting a mature capital rotation.
Public companies are buying crypto assets, who is actually making money?
MicroStrategy's sole goal has shifted to increasing its Bitcoin reserves, and in this process, all participants benefit: holders of convertible bonds and preferred stocks are essentially playing a "cheap volatility" game, profiting from the volatility of MSTR stock and Bitcoin prices; direct debt holders only care about fixed income returns, which is easy given the EBITDA that MSTR can still generate through its old core business; equity investors profit from the premium of MSTR stock, which is far higher than the net asset value (NAV) of Bitcoin on its balance sheet—everyone wins.
Who hasn't made money? — New investors.
As a result, the voices of skeptics are growing louder; imitators are emerging one after another.
If these stocks continue to trade at a significant premium to NAV after new investors unlock, we will see more similar transactions emerge. But if these stocks start to decline sharply, even falling below NAV, the game will end. It may take us a few more months to know how the market will react when these shares are unlocked.
These shell companies may also maintain a premium above NAV in the long term, but the conditions are stringent. Perhaps one day, MicroStrategy (MSTR) will become the Berkshire Hathaway of the crypto space. At that time, Bitcoin may become an extremely scarce and sought-after asset, and the company might even accept a lower acquisition offer from Michael Saylor simply because he can pay with precious Bitcoin.
Another potential way for shell companies to maintain a premium is by becoming more creative in choosing underlying assets. For example, they could hold high-quality tokens like HYPE, which are currently not listed on any centralized exchanges, thus providing new investors with access to HYPE. This scarcity and uniqueness may attract investors willing to pay a premium. However, these scenarios are merely long-term possibilities.
Public companies following the trend to buy coins, what are the potential returns and risks?
Investors can capture opportunities through the following framework: team influence, asset quality, sustainability of crypto premiums, and in-depth analysis of specific projects.
However, when strategies involve tokens outside the top 20 by market capitalization, extreme caution is necessary. These tokens not only lack the hard asset properties of Bitcoin but often also lack sustained net buying demand.
Overview of roles in the crypto dark forest
In the current crypto industry, the core is not about making products but about crafting stories—telling a narrative of "high illusionary yields" to entice others to buy a certain token. Focusing on product development has become an unencouraged behavior (though this is slowly changing).
The entire token valuation system has become completely distorted, no longer based on fundamentals but relying on "market cap benchmarking" for horizontal comparisons. The core question of projects has shifted from "What problem does this token solve?" to "How much can it rise at most?" In this environment, projects are almost impossible to price or evaluate reasonably. What you are buying is not a company in development but a lottery ticket; this must be recognized when investing in cryptocurrencies.
The script for selling narratives is very simple: just concoct a story that "sounds reasonable but is actually unpriceable."
YZi Labs takes action, betting twice in seven years, is the hardware wallet still a good business?
Hardware wallets have always been a business that is "hard for newcomers to enter and difficult for established brands to grow." High barriers to entry, significant educational costs, thin hardware profits, and long user conversion cycles are inherent structural challenges in this field.
What truly brought hardware wallets back to the core of user attention were two unexpected industry events:
The outbreak of on-chain Summer in 2020 catalyzed a batch of on-chain Degen users to start using hardware wallets for secure signing and contract interaction, completing a critical step in user education from 0 to 1;
The FTX collapse in 2022 led to a trust crisis due to the collapse of centralized exchanges, prompting many users to reassess private key management. "Not your keys, not your coins" transformed from an idealistic slogan into a real pain point, significantly increasing attention on hardware wallets.
Among Chinese-speaking users, besides the two established overseas brands Trezor and Ledger, the most recognized and actively iterated products are OneKey and SafePal.
The competitive dimension of hardware wallets is extending from "security capability" to "service capability."
Also recommended: 《SEC's new chairman issues multiple "get out of jail free" cards, is another spring for DeFi coming?》《Spot ETF may land as early as July, can Solana replicate Bitcoin's explosive growth?》。
Airdrop Opportunities and Interaction Guide
Huma launches the second staking event, is it still worth storing?
Meme
Exit the liquidity machine: Unveiling the internal sniper arbitrage of Pumpfun token issuance
This report reveals a continuous, structured, and high-profit extraction strategy for Solana token issuance: block-level sniping funded by deployers. By tracking direct SOL transfers from deployers to sniper wallets and locking in a batch of insider-style behaviors, it utilizes Solana's high throughput architecture for collaborative extraction.
Although this method only captures part of the block-level sniping, its scale and pattern indicate that this is not sporadic speculation but operators with privileged positions, repeatable systems, and clear intentions.
To alleviate this issue, passive defense is not enough; better heuristics, front-end warnings, protocol-level safeguards, and ongoing mapping and monitoring of collaborative behaviors are needed. Detection tools already exist—the question is whether the ecosystem is willing to truly apply them.
P Marshals who can break out of the golden dog market have several key characteristics: binding KOLs to maintain heat with traffic; spontaneous projects with clear rhythms, the first round of pumping attracts attention, the second round washes out short-term traders, and the third round raises prices for selling; highly toolized processes, with chain monitoring and deployment robots in one go; working together with clear goals and precise division of labor, completely like professional traders.
Tracking these P Marshal-level addresses is one of the best ways to enter the game. Their on-chain address behavior is the best MEME compass.
Ethereum and Scaling
Revisiting Ethereum: What are the bullish reasons?
Multi-Ecosystem and Cross-Chain
"QQ Show" reborn: Telegram "Gift" NFT ignites the TON ecosystem
In terms of transaction volume, Telegram's "Gift NFT" officially started gaining momentum around mid-May and has recently seen explosive growth.
Compared to traditional NFTs, TON NFTs differ in main project types, trading modes, and usage methods.
If Telegram executes well, this model has great potential and the opportunity to directly attract Web2 users, as "gifts" can be sent directly to friends within Telegram without requiring the recipient to have a crypto wallet from the start.
Currently, in the secondary market, series that are relatively few in number and visually appealing have generally risen. If the creator ecosystem can be opened up later, the heat may increase even more.
Plasma, Tether's trillion-dollar stablecoin ambition
Plasma is not trying to "reinvent the wheel." What it does is leverage USD₮—the world's largest and most liquid dollar stablecoin—and promote its global dissemination and adoption through a zero-fee transfer mechanism. The aggregation and dissemination of USD₮ on Plasma will not only enhance the distribution efficiency of USD₮ but also bring significant secondary and tertiary impacts, injecting vitality into further on-chain innovation and economic activities.
Plasma has two main core value capture mechanisms: issuance and issuer incentives, DeFi + MEV (maximum extractable value).
Plasma needs to prove its security and reliability in large-scale usage scenarios, attracting widespread validator participation, not limited to current crypto users but also including new user groups—whether individual users, fintech companies, or large institutions. At the same time, Plasma will face competition from existing mainstream platforms such as Tron, Solana, and various Ethereum Layer 2 networks, as well as new chains specifically designed for payment scenarios.
CeFi & DeFi
Those making money don't want to go public, and those that do may not share the profits. "Profit" is actually unrelated to retail investors. However, Usual provides retail investors with the possibility of gaining exposure to Tether's profit model through the USUAL token.
Cracking Circle's Hundredfold Valuation: Why Issuing Stablecoins Isn't a Good Business?
Circle's core profit model mainly consists of two parts: interest margin and payment and clearing fees.
As much as 58% of Circle's revenue needs to be distributed as "distribution and transaction costs" to channel partners, with Coinbase being the largest beneficiary.
For most businesses and institutions, relying solely on "issuing tokens" for revenue is not a wise move. The real opportunity lies in leveraging stablecoins as an efficient financial tool to empower their business scenarios.
Web3 & AI
Web3 Beginner Series: Complete Transactions with MCP in One Sentence
In the Web3 space, MCP can provide rich blockchain interaction capabilities for large language models.
The article guides readers in building a simple Web3 MCP service using nodejs and typescript to better understand how MCP works and best practices.
Meta's Sky-High Acquisition of Nearly Half of Scale AI, How Can Web3 AI Overcome Bias?
Data labeling is a more valuable track than decentralized computing power aggregation. Scale AI's success exposes a neglected truth: computing power is no longer scarce, model architectures are becoming homogenized, and what truly determines the upper limit of AI intelligence is the carefully "tuned" data. Meta didn't buy an outsourcing company; it acquired the "oil rights" of the AI era. Whether in Web3 AI or Web2 AI, the focus has shifted from "competing on computing power" to "competing on data quality."
Weekly Hotspot Recap
In the past week, BTC briefly broke the $110,000 mark again; military conflicts erupted between Israel and Iran, severely impacting the crypto market; Trump's birthday parade took place on Saturday, with protests against "no kings" erupting in 2,000 cities across the U.S. “No Kings” Protests; international oil prices saw the largest single-day increase in years; CoinDesk's parent company Bullish has secretly submitted an IPO application (Interpretation);
Additionally, in terms of policy and macro markets, the U.S. digital asset market has released the CLARITY Act as a replacement amendment; the SEC chairman stated that they are formulating "innovation exemption" policies for DeFi platforms (DeFi Policy); the GENIUS stablecoin bill has passed a vote in the U.S. Senate; the SEC has officially rescinded the harsh proposals regarding DeFi and custody put forth during Gary Gensler's era; the IRS may classify Metaplanet as a "passive foreign investment company"; South Korea's new president has fulfilled campaign promises, greenlighting stablecoin issuance; Japan's Prime Minister plans to propose a joint response to North Korea's theft of crypto assets at the G7 summit (G7 Proposal);
In terms of opinions and statements, Musk expressed regret over some posts about U.S. President Trump from last week, stating that the content was excessive, and Trump declared "relationship over"; Vance expressed hope for Musk's return; Trump stated that creating a Bitcoin strategic reserve is not enough, and the U.S. needs a clear and simple crypto market framework; Uber CEO stated that Bitcoin is a proven commodity, and stablecoins can facilitate international trade; James Wynn mentioned that he had contacted HyperLiquid twice to seek cooperation, and when CZ launched the dark pool perpetual contract DEX, HyperLiquid would be terminated; James Wynn went from a whale to an ant; the vice president of the OCEAN mining pool announced that due to OP_RETURN changes, he would liquidate Bitcoin and exit the industry; LD Capital's founder stated that approximately $5 billion in ETH short positions could trigger a short squeeze, and Ethereum is expected to reach $3,000; ARK Invest stated that stablecoins will become the U.S. government's most resilient financial ally; VanEck's investment manager noted that altcoins are still severely overvalued, with future trends leaning towards tokenized equity; Kong Jianping stated that the Hangzhou police department has not conducted special actions against blockchain practitioners; several KOLs in the crypto industry and official project X accounts have been frozen, with the reasons still unclear;
In terms of institutions, large companies, and leading projects, SharpLink Gaming fell by 66.34%; Walmart and Amazon are brewing to issue their own stablecoins; Ant International responded to its application for a stablecoin license in Hong Kong: it will submit as soon as the relevant channels are opened; Ethereum developers and foundation directors had a dispute, with EF being accused of offering $5 million to divest the Geth development team (Interpretation); Plasma opened an additional $500 million after the first round of deposits was quickly filled;
In terms of data, Forbes' billionaire list shows that CZ has once again become the richest Chinese person, with assets reaching $65.7 billion;
In terms of security, Alex Protocol was attacked, resulting in a loss of $8.3 million, with a promise of full compensation… Well, it has been another eventful week.
Attached is the portal for the "Weekly Editor's Picks" series.
See you next time~
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