The expiration premium rises alongside the profit growth of AI, while tokenization of US stocks expands investment entry points.

The new highs in the US stock market are driven by the AI industry chain and massive capital expenditures, but concerns about high valuations, depreciation pressure, and bubble controversies have also emerged. Investors need to distinguish between the long-term trends of AI and the short-term risks, participating in the market through reasonable positioning and diversified allocation.

The essence of trading is not to precisely predict every rise and fall, but to manage probabilities through repeatable rules, reasonable position sizes, and disciplined management in the face of uncertainty; compared to frequently trying to guess tops and bottoms, it is more important in the long run to control the number of decisions made, to properly allocate core and satellite positions, and to consistently engage in review and risk management.

A few countries have held Bitcoin through proactive purchasing, asset confiscation, or mining, but national holdings of Bitcoin are more related to reserve diversification, asset custody, and policy choices, and do not mean that Bitcoin can replace the dollar.

Gold, oil, the dollar, and U.S. bonds do not operate independently; real interest rates, inflation, energy supply, and dollar liquidity jointly influence global asset pricing. Understanding the relationship among the four helps establish a macro market awareness.

The on-chain dollar initially solved the question of "how to trade," and is now solving the question of "how to pay."

During the National Day holiday, take 3 minutes to clarify the basic concepts of the cryptocurrency world, from virtual currencies, cryptocurrencies, and stablecoins to wallets, networks, spot trading, and contracts, helping newcomers establish a basic understanding and reduce operational risks.

Over the past few years, the way institutions have entered the Crypto space has been changing.

In the past few days, the Crypto ecosystem has seen several signals that are not directly related but are highly consistent in direction: assets are beginning to flow across chains, new applications are continuously entering public chains, and airdrop distributions are still being affected by witch addresses.

Three years later, Aztec brought zk.money back to the Ethereum ecosystem.

Robinhood Chain has just begun to show a growth curve, and another side of the chain is also starting to emerge.

Tokenized deposits are moving from the banking testing ground into the traditional payment infrastructure of the United States.

ZEC breaks through historical highs, institutional products and on-chain privacy demand drive the narrative of privacy coins.