On-chain data shows a massive Bitcoin transfer from BlackRock to the exchange, sending shockwaves through the market, yet little do they know this is the tail end of a sell-off, not the beginning. Recently, a series of large Bitcoin transfers from BlackRock to Coinbase have attracted widespread attention from cryptocurrency investors, many of whom interpret it as a signal of institutional dumping. Evgeny Gaevoy, founder of market-making giant Wintermute, pointed out that this is actually a highly lagging indicator. The real sell-off...

Polymarket has been approved to return to the U.S. market through a compliant intermediary, marking an important breakthrough in the compliance of the cryptocurrency market. This return not only injects new liquidity into traditional financial capital but also provides institutions with new event hedging tools. This move is expected to stimulate a reevaluation of the value of underlying infrastructures such as Polygon and UMA, and may drive a rebound in the DeFi and Layer 2 sectors.

Bitcoin quickly fell from its historical high of $125,000 in October 2025, dropping below $90,000 in just a month. The more than 25% deep pullback has led investors to question: is the familiar four-year cycle still valid? From the halving in April 2024 to the new high of $120,000 in October 2025, Bitcoin has gone through nearly 18 months. If we only look at this path, it seems to still be operating according to the cycle. Halving hits the bottom, peaks within a year, and then enters a correction. But what truly confuses the market is

The crypto people who no longer dare to flaunt their wealth.

The sudden shift in market sentiment coincided with a rare counterattack from a giant. Nvidia's stock price experienced a thrilling roller coaster on Tuesday, plummeting over 7% in early trading, with a market value evaporating by nearly $350 billion, ultimately closing down 2.6%, marking a new low in over two months. Meanwhile, Google's parent company Alphabet saw its stock price rise against the trend by 1.6%, reaching a record closing high for the third consecutive trading day, with its market value approaching the $4 trillion mark. This dramatic fluctuation in the capital market stems from a brewing situation.

Market declines are often accompanied by panic, but it is during the downturn that multiple signals may reveal turning points for future trends. Welcome to the live broadcast to discuss together.

Recently, global technology stocks have collectively pulled back, and concerns about an AI bubble have resurfaced. The current market may resemble the situation from 1996 to 1998, far from a bubble burst. Recently, AI-related stocks in the global market have significantly retraced, with the MSCI Global Index dropping about 2.1% last week, the "Seven Sisters" of U.S. stocks falling by 6%, and the Hang Seng Tech Index plummeting by 7%. This round of decline has triggered widespread investor concerns about the bursting of the AI bubble. Meanwhile, the U.S. government shutdown and liquidity in the repurchase market...

BBX disclosed that yesterday the global listed companies' single-day Bitcoin-related allocation exceeded 130 million USD, and the trend of Bitcoin treasury management is deepening simultaneously in the Hong Kong stock market, Japan, and Europe.

Value capture is undergoing a transition from the foundational layer → application layer → user aggregation layer, which is beneficial for users, but they should not pay a premium for this in advance.

Interpreting the settlement process during the bloodletting of ETFs from the perspective of market makers.

The Federal Reserve may cut interest rates in December, increasing market volatility; BlackRock deposits 4,471 BTC into Coinbase; U.S. lawmakers propose using Bitcoin to pay taxes and build reserves; Binance is accused of assisting the flow of funds for terrorist organizations and is facing a lawsuit.

Special thanks to Alex Hoover, Keewoo Lee and Ali for feedback and review One underrated form of privacy, that is not well satisfied by ZK-SNARKs, traditional versions of FHE or other commonly talke

Saudi Arabia has entered the global quantum computing race. Saudi Aramco, the government-controlled energy and chemicals company, said Monday it has installed the Kingdom’s first quantum computer, in