Warehouse God 2026 First Order

In late December 2024, the on-chain funding and ecological narrative surrounding **BNB Chain** was once again brought to the forefront: on one hand, its TVL, daily active users, and contract interaction data maintained a high level amidst multi-chain competition; on the other hand, new and old narratives such as derivatives, Restaking, and RWA began to intensively overlap on this chain. Accompanied by the cross-chain deployment of emerging derivative protocols like **Hyperliquid** and **Aevo**, as well as **BNB** itself consistently ranking high in market capitalization.

On January 3, 2025, at 8 AM UTC+8, Bitcoin (**BTC**) market capitalization share once again broke through the **60%** mark after three years, reaching nearly **62%** during the day, a significant increase compared to the approximately **48%–50%** level at the beginning of 2024. With the continuous influx of capital into spot ETFs, rising expectations for halving, and fluctuating expectations for interest rate cuts by the Federal Reserve, funds are accelerating their return from high-risk narratives to mainstream assets. BTC's pricing power over the entire cryptocurrency market has significantly strengthened, while the rotation in the altcoin sector is...

In the early hours of September 18, Eastern Daylight Time, the Federal Reserve initiated its first rate cut of this round as the market expected. However, unlike the past when the "tap was fully opened," this time it only chose to slightly lower the federal funds rate by 25 basis points, sending a clear signal of caution in its policy path. Among the three major U.S. stock indices, **the S&P 500 and Nasdaq both reached historic highs during the session**, with heavyweight stocks like Apple and Tesla leading the way. In contrast, crypto assets, which are highly correlated with risk appetite, struggled to maintain momentum after the news broke and subsequently turned.

At the beginning of 2026, an overall judgment and deduction of this round of Bitcoin market trends.

Eastern Eight Time Zone On January 1, 2025, the OECD-led Crypto-Asset Reporting Framework **CARF** enters a countdown to intensive implementation, with approximately **75 countries and regions committing to adopt it**, of which **48 countries have announced they will initiate the first exchanges by the end of 2027**. This progress marks a shift in the regulatory landscape for crypto assets from "each fighting their own battles" to "global collaboration," with cross-border reporting,

On December 29, Eastern Standard Time, **the Hong Kong Securities and Futures Commission and the Monetary Authority** were reported to be studying new regulations that would allow retail investors to directly buy and sell **cryptocurrency spot ETFs**. The related consultations and discussions on the details have entered a substantive stage. This signal is seen as another advancement for Hong Kong in the securitization and regulatory framework of virtual assets, potentially reshaping the flow of funds and product structure in the Hong Kong and global cryptocurrency trading markets in 2024. Once the policy is implemented, Hong Kong may transition from "professional investor trials."

On December 30, Eastern Standard Time, **PENDLE** has seen a continuous price correction over the past week, with a noticeable cooling from its recent highs. On-chain trading and governance participation have weakened simultaneously, drawing the market's concentrated attention to the sources of selling pressure and emotional turning points. This change marks the entry of sentiment surrounding yield splitting and yield derivatives into a new phase, with funds beginning to withdraw from the previously crowded trades, showing clear signs of profit-taking and position reduction.

On January 3, 2025, Eastern Standard Time, the U.S. **SEC** escalated its regulatory actions surrounding the **Bitcoin spot ETF**. From the disclosure of Grayscale's spot ETF products to BlackRock's new round of material supplements, combined with the latest changes in futures ETF positions and on-chain funds, this round of ETF competition has once again become the main narrative in the crypto market. The process of ETFs gradually moving towards compliant assets is seen as one of the most critical bridges between traditional finance and crypto assets, while regulation

On March 19, in the East 8 Time Zone, the Solana ecosystem MEME token **Slerf (SLERF)** experienced extreme market conditions, completing a dramatic reversal from "accident token" to "sentiment leader" in just 24 hours. The project's earlier mistake of burning all private placement and liquidity tokens was reinterpreted by the market as a narrative of scarcity and speculative chips. Coupled with the high-frequency rotation of funds on the Solana chain, Slerf became the core of a new round of MEME sentiment.

Digital Renminbi 2.0: The Leap from Digital Cash to Interest-Bearing Strategic Assets

If you feel that this letter is not well written enough, or that Binance can do better - that's great, we just need someone like you. Come on, let's do it together!

On December 31st, in the East 8 Time Zone, Bitcoin experienced an extreme market situation within 48 hours, first surging and then plummeting sharply. The maximum intraday drop exceeded $3,000 at one point, with short-term longs and shorts continuously being liquidated. The repeated expectations of the Federal Reserve's policies and the accumulation of leverage in the market became key catalytic factors for this round of turbulence.