GracyBitget

Crypto firms are going public, fast. Here’s what I’m watching:

Despite weak liquidity, public market crypto proxies, especially compliant, cash-flow-generating firms, have outperformed most altcoins. That says a lot.

However, the “crypto treasury” trend seems to be growing too fast. It’s giving SPAC déjà vu. Great narrative, but shaky fundamentals.

My ideal sustainable play would be: stablecoin issuers/exchanges with audited reserves + profits + strong governance + regulatory alignment.

Zooming out, Bitcoin and global risk assets are now in a narrative vacuum. The market lacks fresh catalyst and strong momentum. We’re all waiting on one thing: macro alignment on rate cuts (and Powell is still stalling).

Until then, alpha lives where credibility meets compliance.

In the past few years, we have become accustomed to the rhythm of "when Bitcoin rises, luxury watches also rise," which has even become a default logic in the crypto space. However, this round of the bull market in 2025 is a bit different. The direction of crypto capital, market sentiment, and changes in the macro environment are all reshaping the entire crypto ecosystem.

Yesterday, I published an English article on @CryptoSlate discussing this interesting phenomenon. Although the original text is in English, I know that many users in the Chinese-speaking region are also concerned about this topic, so I specially organized a Chinese summary to discuss the differences in this cycle.

Do you remember back in 2021 when Bitcoin surged to an all-time high of $69,000? Many people's first reaction was to queue up to buy Rolex, Patek Philippe, or even a Lamborghini. Wealth came quickly back then, and people spent extravagantly; the price trends of Bitcoin and luxury watches were almost positively correlated. However, by 2025, despite BTC reaching new highs, the luxury goods market has not followed suit. According to WatchCharts data, the prices of high-end watches have been almost flat since the end of 2023. I call this phenomenon "decoupling of Bitcoin and luxury goods."

Why is this happening? I have observed a few trends:

1. The profile of investors has changed
The launch of ETFs has brought in a large amount of institutional funds. These new players are not here to speculate on memecoins or buy NFTs. They focus on allocation, risk management, and long-term planning. The usage behavior of products on our platform has also changed; users are no longer asking "What is the next skyrocketing coin?" but rather how to diversify risks between TradFi and Crypto.

2. Bitcoin is no longer a tool for flaunting wealth; it is a strategic asset
Nowadays, investors who make money are more likely to place their earnings into multi-signature wallets, buy nodes, or allocate ETFs, rather than rushing to buy watches or cars. Luxury goods still have their appeal, but the speculative bubble has been squeezed out, and the market is becoming more rational.

3. The macro environment is tightening, and liquidity is no longer abundant
Global central banks are still exploring interest rate policies, inflation pressures remain, and liquidity is tight. In this environment, people are more willing to buy assets that can retain value rather than engage in ostentatious consumption.

4. Bitcoin is increasingly resembling gold
Data shows that the correlation between Bitcoin and gold prices has significantly increased. When the stock market is unstable, gold rises, and Bitcoin also begins to show similar trends. This indicates that Bitcoin's role is shifting from a risk asset to a hedging tool.

I believe this is a healthy and mature change, representing that the crypto space must keep pace with the new rhythm. Besides trading, we also need to look to the future and build more compliant, secure, and long-term valuable financial infrastructure.

Original text 👇

Had the pleasure of speaking at a startup comp at @hkust last week. The participating projects were ambitious, especially in AI and life science, but web3 was absent.

It got me thinking: maybe we’re not doing enough to bridge the gap between web3 and universities. Better education, stronger mentorship, and real-world use cases matter.

The next wave of builders is already here. Any bold ideas to bring them into web3?

Earlier today, I took part in a media interview that felt a bit off—and this afternoon, I lost access to my Telegram. Some friends also received suspicious DMs from my X account.

We've regained control of this X account, but my Telegram is still in the process of recovery. If you received any strange DMs from me today on X or Telegram, please ignore them and stay alert—do not click on any suspicious links. Apologies for the confusion caused.

This June, Bitget is running its #BitgetAntiScamMonth campaign to raise awareness around security. As hackers and scammers grow more sophisticated, staying safe is an ongoing effort. I’ll be learning and growing with all of you—keep studying, stay safe. 🙏

During the MIT Sloan reunion last month, I finally got to attend a seminar by Professor Andrew Lo. He's one of the sharpest minds in finance and innovation. I had tried (and failed!) to get into his class during my MBA, so this was a full-circle moment.

His talk on Financing Deep Tech hit home. He spoke about the “valley of death”, the risky gap between breakthrough research and real-world application. It reminded me of what many crypto projects face today: strong tech, but struggling to survive without the right capital, ecosystem, and patient backing.

Whether it’s deep tech or web3, it’s mission-aligned capital and long-term conviction that ultimately bridge the gap.

Grateful to be back at Sloan, still learning from the best.

A lovely surprise from @CoinDesk 🩵 Grateful to be among this list of incredible women in web3 & AI.

The future is collaborative. Let’s keep building. 🌱

https://www.coindesk.com/web3/2025/06/05/top-50-women-in-web3-and-ai

The Trump vs Musk fight is just another meme. Big egos are gonna ego anyway.

Crypto’s still on track. Fundamentals are still bullish.

Many in the community are hyped about FTX’s $5B payout tomorrow (May 30).

The number sounds big, but I don’t think it represents a direct, massive capital injection into the market.

To put it in perspective, $5B equals:
📍 0.14% of crypto market cap ($3.5T)
📍 3.97% of daily trading volume ($126B)
📍 2% of circulating stablecoin supply ($250B)

It sounds large, but it won’t move the entire market. That said, liquidity still matters.

I don’t expect a full-on bull breakout, as a significant portion of FTX claims were bought by TradFi funds like Baupost, Oaktree, and Attestor, who are unlikely to ape memecoins, but to exit. Some funds may rotate into crypto, but a good chunk will likely just cash out.

In a very optimistic case, if $2.5B (50%) flows into $BTC (~3.3% of daily volume), that could push $BTC +1–3% to around $109K.

Altcoins may be the wildcard. Smaller caps could see 5–10%+ pops if traders rotate into high-beta narratives, but that depends on retail participation.

While I don’t expect price impact across stablecoins, this liquidity may power DeFi flows, RWA narratives, and passive yield demand (think: #BGUSD).

The payout will take 1-3 days. Watch this weekend and next week for short-term volatility. Keep an eye on on-chain stablecoin flows and exchange inflows to track market direction.

#NFA & #DYOR 👀

Fitness and spa, a nice way to kick off my Day 1 in Las Vegas. #Bitcoin2025 #Vegas

Bitget is actively tracking the stolen funds from Sui's @CetusProtocol and coordinating efforts to support the community.
We'll stand with all builders in the space.

🚀 Bitcoin just hit a new ATH
🌟 @BitgetWallet dropped a fresh rebrand
🍕 Bitcoin Pizza Day is tomorrow

What a time to be alive!

At #AVAXSummit today, and it’s clear Avalanche is building with long-term utility in mind — particularly around asset issuance, infra modularity, and institutional rails.
CEXs, DeFi, L1s and VCs all play a role in onboarding the next wave.
@luigidemeo @perkinscr97
#AVAX #Web3Infra

$40B+ in cumulative flows into spot Bitcoin ETFs. This is shaping up to be the most institutionally anchored and structurally supported cycle in crypto history.

Many friends have recently asked me about @MorphLayer. #Bitget was one of its early investors—we invested $2 million in 2023 for a 20% equity stake. Since then, Morph has continued to grow and attract interest from both institutions and individual investors.

https://t.co/05wJjjR0Kh

As one of the few L2 we’ve invested in, we were drawn to their vision of building a consumer-grade blockchain, though we’re not involved in daily operations or decision-making. From what I’ve seen, the #Morph team is proactive, tech-driven, and deeply committed to long-term goals. Their 2025 roadmap includes several key milestones—hope to see how their continued building can drive meaningful progress in the space.