Max_S
Max专注传统金融与web3的融合，坚持以实战视角复盘市场热点，分享兼具全球化视野与前沿体感的Web3商业观察 。
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The freshly released non-farm data is simply a booster shot for the bulls!
Tonight #非农数据 Review:
Non-farm employment: Actual recorded 130K, far exceeding the expected 66K. Although the data itself doubled, let’s not forget that the 2025 benchmark was significantly revised down by 862,000, which means that the past job market is actually “weaker” than we imagined.
Unemployment rate: Actual 4.3%, better than the expected 4.4%.
Wage growth: Hourly wage increased by 0.4% month-on-month, higher than the expected 0.3%, indicating that inflationary pressures are still present, and the Federal Reserve may not lower interest rates as much as expected.
What does this mean for the cryptocurrency market?
Short-term volatility: At the moment the data was released, BTC showed a significant spike. On one hand, better-than-expected employment is good for the dollar (bad for cryptocurrencies), while on the other hand, the significant downward revision of the benchmark weakens the dollar's strength.
“Digital gold” logic: Combined with #黄金白银反弹 , the market is digesting a logic of “the economy is resilient but long-term inflation is hard to reduce.” This is a long-term positive for BTC as an anti-inflation asset.
Tonight #非农数据 Review:
Non-farm employment: Actual recorded 130K, far exceeding the expected 66K. Although the data itself doubled, let’s not forget that the 2025 benchmark was significantly revised down by 862,000, which means that the past job market is actually “weaker” than we imagined.
Unemployment rate: Actual 4.3%, better than the expected 4.4%.
Wage growth: Hourly wage increased by 0.4% month-on-month, higher than the expected 0.3%, indicating that inflationary pressures are still present, and the Federal Reserve may not lower interest rates as much as expected.
What does this mean for the cryptocurrency market?
Short-term volatility: At the moment the data was released, BTC showed a significant spike. On one hand, better-than-expected employment is good for the dollar (bad for cryptocurrencies), while on the other hand, the significant downward revision of the benchmark weakens the dollar's strength.
“Digital gold” logic: Combined with #黄金白银反弹 , the market is digesting a logic of “the economy is resilient but long-term inflation is hard to reduce.” This is a long-term positive for BTC as an anti-inflation asset.
Currently, spot gold in London has stabilized at $5100 per ounce, with an intraday increase of over 1.5%; silver performed even better, soaring 6% towards the $86 mark. The core logic behind this rebound is very clear: the U.S. retail data for December was far below expectations, and concerns about an economic recession have directly raised expectations for the Federal Reserve to cut interest rates within the year.
What signal does this send to us cryptocurrency traders?
Return of liquidity expectations: The major rebound in gold and silver is essentially a pre-pricing of 'dollar interest rate cuts'. As long as the expectations for Federal Reserve easing remain, the confidence in risk assets remains strong.
Correlation linkage: Although Bitcoin fluctuated around $69,000 today, historical experience tells us that when gold and silver first break through resistance levels, digital gold (BTC) usually follows closely behind.
Switch in risk aversion logic: Currently, the market is not only trading on interest rate cuts but also on long-term concerns about the credit system of the dollar. This narrative of 'de-dollarization' serves as a common engine for the rise of gold, silver, and cryptocurrencies.
#黄金白银反弹
What signal does this send to us cryptocurrency traders?
Return of liquidity expectations: The major rebound in gold and silver is essentially a pre-pricing of 'dollar interest rate cuts'. As long as the expectations for Federal Reserve easing remain, the confidence in risk assets remains strong.
Correlation linkage: Although Bitcoin fluctuated around $69,000 today, historical experience tells us that when gold and silver first break through resistance levels, digital gold (BTC) usually follows closely behind.
Switch in risk aversion logic: Currently, the market is not only trading on interest rate cuts but also on long-term concerns about the credit system of the dollar. This narrative of 'de-dollarization' serves as a common engine for the rise of gold, silver, and cryptocurrencies.
#黄金白银反弹
Option data from February 27: Both bulls and bears are engaged in a battle at the $70,000 level. 3,320 put options are like a ticking time bomb; once exercised, they will have to sell spot to hedge delta. The feeling at the end of the month is that it will be bouncing around in a range.
Bitcoin maintains a high position, why is it not rising or falling? Is the double bottom difficult to form? It seems calm on the surface, but it has actually reached a critical point!
【Hot Topics】U.S. Retail "Stalling", Is Bitcoin Ready to Soar? 🚀
Last night, the U.S. December retail data (terrible data) was only 0.0%, far below the expected 0.4%. This indicates that Americans are "unable to buy", and weak consumer spending has become a fact.
💡Opinion: Bad news is good news!
Interest rate cut expectations rise: A soft economy forces the Federal Reserve to "dove", and the expectation of liquidity release is a strong support for $BTC .
U.S. Treasury Bonds Plunge: Safe-haven funds are looking for an exit, and the attractiveness of crypto assets has risen again.
Operational Advice: There will be short-term fluctuations, but "liquidity return" is the major trend. Don't be scared away by the data; as long as inflation doesn't rebound, this could be a good opportunity to position for interest rate cut expectations. Keep a close eye on support levels and avoid high leverage!
#美国零售数据逊预期
Last night, the U.S. December retail data (terrible data) was only 0.0%, far below the expected 0.4%. This indicates that Americans are "unable to buy", and weak consumer spending has become a fact.
💡Opinion: Bad news is good news!
Interest rate cut expectations rise: A soft economy forces the Federal Reserve to "dove", and the expectation of liquidity release is a strong support for $BTC .
U.S. Treasury Bonds Plunge: Safe-haven funds are looking for an exit, and the attractiveness of crypto assets has risen again.
Operational Advice: There will be short-term fluctuations, but "liquidity return" is the major trend. Don't be scared away by the data; as long as inflation doesn't rebound, this could be a good opportunity to position for interest rate cut expectations. Keep a close eye on support levels and avoid high leverage!
#美国零售数据逊预期
According to the latest Binance options chain data (contracts expiring on February 27), the market is releasing strong hedging signals:
📊 Core Observations:
1️⃣ Huge Put Barrier: The open interest for puts at $70,000 has surged to $9.3M, with a Delta absolute value of 0.54. This indicates that large capital has established a tight "defensive position" or hedging protection at this price level. 2️⃣ IV is at a relatively high level: ATM IV remains around 53%. Although price volatility has narrowed, option premiums are not cheap, reflecting the market's high expectations for a breakout within the next 16 days. 3️⃣ Gamma squeeze risk: Once BTC stabilizes above $70,000, the market makers originally protecting bearish positions will be forced to close their positions, potentially triggering a explosive rise towards $75,000 (the maximum holding area).
💡 Actionable Suggestions:
Conservative: Consider constructing a Bull Put Spread (sell $68k / buy $66k). Capitalize on high IV to earn premiums while leveraging the dense support levels below.
Aggressive: If BTC breaks above $69,500 with volume, a small position can be taken in a Call calendar spread to capture Gamma gains targeting $75,000.
Risk Warning: Be aware of the accelerated Theta decay brought by the 16-day expiry, and non-trend players should avoid naked buying of OTM Calls.
#期权分析 #TradingSignals
📊 Core Observations:
1️⃣ Huge Put Barrier: The open interest for puts at $70,000 has surged to $9.3M, with a Delta absolute value of 0.54. This indicates that large capital has established a tight "defensive position" or hedging protection at this price level. 2️⃣ IV is at a relatively high level: ATM IV remains around 53%. Although price volatility has narrowed, option premiums are not cheap, reflecting the market's high expectations for a breakout within the next 16 days. 3️⃣ Gamma squeeze risk: Once BTC stabilizes above $70,000, the market makers originally protecting bearish positions will be forced to close their positions, potentially triggering a explosive rise towards $75,000 (the maximum holding area).
💡 Actionable Suggestions:
Conservative: Consider constructing a Bull Put Spread (sell $68k / buy $66k). Capitalize on high IV to earn premiums while leveraging the dense support levels below.
Aggressive: If BTC breaks above $69,500 with volume, a small position can be taken in a Call calendar spread to capture Gamma gains targeting $75,000.
Risk Warning: Be aware of the accelerated Theta decay brought by the 16-day expiry, and non-trend players should avoid naked buying of OTM Calls.
#期权分析 #TradingSignals
Crypto.com豪掷7000万拿下AI.com，ERC-8004助力AI Agent基础设施
Crypto.com 的 CEO Kris Marszalek 计划在Super Bowl超级碗的中场广告打出一张价值 7000 万美元的王炸 — — AI.com。
这一消息在过去 48 小时内迅速席卷了金融与科技圈。这不仅是一次打破历史记录的域名收购（超越了 Voice.com 的 3000 万美元记录），更是一次极具象征意义的“宣誓”：这家曾经靠赞助体育馆和邀请好莱坞巨星打响知名度的加密巨头，正在将其庞大的资本与流量机器，从服务“人类散户”全面转向服务“AI 智能体”。
如果说过去的加密牛市是由人类的贪婪与恐惧驱动的，那么 Kris Marszalek 正在押注下一个周期将由算法、代码和自主代理（Autonomous Agents）主导。
这不仅是一次品牌重塑，这是 DeFAI（Decentralized AI Finance，去中心化人工智能金融）时代的“诺曼底登陆”。
在过去十五年里，加密货币行业的所有基础设施 — — 从钱包的助记词用户体验，到交易所的 K 线图界面 — — 都是为人类设计的。我们讨论的是如何让“人”更方便地使用 USDC 支付，如何让“人”理解复杂的 DeFi 收益率。
然而，AI.com 的收购案撕开了行业的一个新切口：未来的主要金融用户，可能根本不是人。
根据 Forbes 和 The Block 的最新披露，Crypto.com 计划利用 AI.com 构建一个“去中心化的自我进化智能体网络”。这是一个关键的信号。传统的 Web2 AI 模型（如 OpenAI 或 Google 的 Gemini）是中心化的、孤岛式的；而 Web3 的叙事正在转向赋予这些 AI 智能体“主权”。
这里必须提到一个在技术圈引发热议的新标准 — — ERC-8004。就在上个月，以太坊社区开始密集讨论这一协议，旨在为 AI 智能体在链上赋予可验证的身份与声誉系统。
为什么这很重要？
在 Web2 的世界里，一个 AI Agent 如果要订酒店、买股票，它需要绑定每个人的银行卡，以通过人类的身份验证，这个时候AI Agent只是人类的“附属品”。 但在 Web3 的愿景中，通过 ERC-8004 这样的协议，AI Agent 可以拥有自己的“灵魂绑定代币”（SBT）作为身份证，拥有自己的钱包地址。它不再是谁的副驾驶，它就是驾驶员。
Crypto.com 买下 AI.com，并非只是为了卖一个类似 ChatGPT 的聊天机器人。它的野心在于成为这些数以亿计的“硅基金融用户”的入口。当你的个人 AI 助理需要通过 API 调配资金、进行套利或支付服务费时，它需要一个极度高效、低摩擦且合规的金融层。Crypto.com 试图通过掌握 AI.com 这个顶级入口，定义这一层的标准。
在 DeFAI 的架构中有两个核心问题，支付与身份，至今未被 Web2 巨头完美解决，而这正是加密技术的杀手锏。
支付问题：
为什么 AI 必须用加密货币？ 想象一个场景：一个负责为你优化投资组合的 AI Agent，发现了一个稍纵即逝的套利机会。如果它使用传统的银行系统，它需要面对 T+1 的结算周期、跨境汇款的繁琐验证以及可能被冻结的风控限制。
AI 的运行速度是毫秒级的，它不能容忍“碳基金融”的低效。 Stablecoins是 AI 的原生货币。它们 24/7 在线、可编程、即时结算。Crypto.com 此次全额使用加密货币支付 7000 万美元购入域名，本身就是一场巨大的“实战演示”。未来，AI Agent 之间的协作 — — 例如一个“数据分析 Agent”向一个“存储 Agent”购买数据 — — 将完全通过链上微支付完成。
身份问题：
如何信任一个没有肉体的交易对手？ 这是 DeFAI 最迷人也最危险的地方。在互联网上，你不知道对面是不是一条狗；在未来的元宇宙中，你不知道对面是人还是 AI，或者是伪装成正义 AI 的恶意代码。 传统的 OAuth 登录（如“使用 Google 登录”）是将控制权交给大公司。而加密技术提供的 DID（去中心化身份）和零知识证明（ZK-Proofs），让 AI Agent 可以证明以下几点，而无需通过中心化服务器：
“我是由某个经过审计的代码库生成的。”“我拥有足够的算力或资金来支付这次服务。”“我过去的行为记录良好（基于链上信誉）。”
ERC-8004 等协议的出现，正是为了构建这种无需许可的信任。Crypto.com 的布局暗示了他们不仅想做交易所，更想做 AI Agents 的“身份注册局”和“结算中心”。
花费 7000 万美元买一个域名，在传统金融看来或许是疯狂的，但在加密行业的语境下，这是对“注意力经济”的终极收割。
随着 LLM（大语言模型）的普及，互联网的入口正在发生根本性转移。用户不再去 Google 搜索，而是直接问 AI。用户不再去交易所手动下单，而是让 AI 帮其配置资产。 谁控制了 AI 的对话框，谁就控制了流量的分发权。
传统的加密交易所（特别是CEX）正面临严重的同质化竞争。费率战已经打到底，上币效应在减弱。Kris Marszalek 敏锐地意识到，如果未来的交易指令大多来自 AI，那么传统的 App 界面将不再重要，重要的是 API 的接入能力和域名的品牌信任度。
AI.com 是一个无需解释的品牌。对于试图进入 Web3 世界的“圈外人”来说，它是最直观的入口。而对于 AI Agents 来说，它可能成为一个通过自然语言指令即可调用复杂金融服务的超级聚合器。
这是一场关乎生存的竞争。如果 Coinbase、Binance 依然停留在服务“人类交易员”的思维定势中，而 Crypto.com 成功转型为“AI 的金融服务商”，那么在下一个由机器主导流动性的牛市中，现有的巨头可能会像当年的诺基亚一样被降维打击。
如果Crypto.com成功重新定义市场，DeFAI将迎来一个爆发式的飞轮增长：更多的 AI Agent 使用加密货币 -> 加密货币的流动性增加 -> 基础设施更加完善 -> 吸引更多传统 AI 公司接入。这是一个正向循环。7000 万美元的豪赌，赌的就是这个飞轮的启动。
人类交易员受贪婪与恐惧支配，这造就了市场的波动率和通过“收割情绪”获利的可能性。但 AI Agent 是冷酷的。它们基于数据、概率和预设的效用函数进行交易，这可能导致市场变得极度活跃且有效。阿尔法（Alpha）收益将变得极难寻找，除非你在算法或信息获取速度上拥有绝对优势。散户的生存空间将被进一步挤压，不得不将资金委托给 AI Agent 管理。
未来的交易不仅是数字的交换，更是语义的交换。一个 AI Agent 可能会阅读一篇关于美联储政策的新闻，理解其语义，并在毫秒级内调整其持仓。AI.com 可能会成为这种“语义金融”的指挥塔，让普通用户只需输入一句“帮我根据最新的宏观局势对冲风险”，背后的 Agent 就能自动调用链上协议完成操作。
Crypto.com 收购 AI.com，在 2026 年的这个初春，看起来像是一场昂贵的营销秀。但如果我们把时间拉长到十年，这可能被视为加密货币历史的分水岭。它标志着我们正在从“互联网金融”（FinTech）迈向“智能体金融”（Agentic Finance）。
这场豪赌的输赢尚未可知，但 Crypto.com 已经率先把筹码推到了桌子中央。正如 Kris Marszalek 所暗示的：在 AI 的洪流面前，要么成为它的基础设施，要么成为它的过时注脚。
这一消息在过去 48 小时内迅速席卷了金融与科技圈。这不仅是一次打破历史记录的域名收购（超越了 Voice.com 的 3000 万美元记录），更是一次极具象征意义的“宣誓”：这家曾经靠赞助体育馆和邀请好莱坞巨星打响知名度的加密巨头，正在将其庞大的资本与流量机器，从服务“人类散户”全面转向服务“AI 智能体”。
如果说过去的加密牛市是由人类的贪婪与恐惧驱动的，那么 Kris Marszalek 正在押注下一个周期将由算法、代码和自主代理（Autonomous Agents）主导。
这不仅是一次品牌重塑，这是 DeFAI（Decentralized AI Finance，去中心化人工智能金融）时代的“诺曼底登陆”。
在过去十五年里，加密货币行业的所有基础设施 — — 从钱包的助记词用户体验，到交易所的 K 线图界面 — — 都是为人类设计的。我们讨论的是如何让“人”更方便地使用 USDC 支付，如何让“人”理解复杂的 DeFi 收益率。
然而，AI.com 的收购案撕开了行业的一个新切口：未来的主要金融用户，可能根本不是人。
根据 Forbes 和 The Block 的最新披露，Crypto.com 计划利用 AI.com 构建一个“去中心化的自我进化智能体网络”。这是一个关键的信号。传统的 Web2 AI 模型（如 OpenAI 或 Google 的 Gemini）是中心化的、孤岛式的；而 Web3 的叙事正在转向赋予这些 AI 智能体“主权”。
这里必须提到一个在技术圈引发热议的新标准 — — ERC-8004。就在上个月，以太坊社区开始密集讨论这一协议，旨在为 AI 智能体在链上赋予可验证的身份与声誉系统。
为什么这很重要？
在 Web2 的世界里，一个 AI Agent 如果要订酒店、买股票，它需要绑定每个人的银行卡，以通过人类的身份验证，这个时候AI Agent只是人类的“附属品”。 但在 Web3 的愿景中，通过 ERC-8004 这样的协议，AI Agent 可以拥有自己的“灵魂绑定代币”（SBT）作为身份证，拥有自己的钱包地址。它不再是谁的副驾驶，它就是驾驶员。
Crypto.com 买下 AI.com，并非只是为了卖一个类似 ChatGPT 的聊天机器人。它的野心在于成为这些数以亿计的“硅基金融用户”的入口。当你的个人 AI 助理需要通过 API 调配资金、进行套利或支付服务费时，它需要一个极度高效、低摩擦且合规的金融层。Crypto.com 试图通过掌握 AI.com 这个顶级入口，定义这一层的标准。
在 DeFAI 的架构中有两个核心问题，支付与身份，至今未被 Web2 巨头完美解决，而这正是加密技术的杀手锏。
支付问题：
为什么 AI 必须用加密货币？ 想象一个场景：一个负责为你优化投资组合的 AI Agent，发现了一个稍纵即逝的套利机会。如果它使用传统的银行系统，它需要面对 T+1 的结算周期、跨境汇款的繁琐验证以及可能被冻结的风控限制。
AI 的运行速度是毫秒级的，它不能容忍“碳基金融”的低效。 Stablecoins是 AI 的原生货币。它们 24/7 在线、可编程、即时结算。Crypto.com 此次全额使用加密货币支付 7000 万美元购入域名，本身就是一场巨大的“实战演示”。未来，AI Agent 之间的协作 — — 例如一个“数据分析 Agent”向一个“存储 Agent”购买数据 — — 将完全通过链上微支付完成。
身份问题：
如何信任一个没有肉体的交易对手？ 这是 DeFAI 最迷人也最危险的地方。在互联网上，你不知道对面是不是一条狗；在未来的元宇宙中，你不知道对面是人还是 AI，或者是伪装成正义 AI 的恶意代码。 传统的 OAuth 登录（如“使用 Google 登录”）是将控制权交给大公司。而加密技术提供的 DID（去中心化身份）和零知识证明（ZK-Proofs），让 AI Agent 可以证明以下几点，而无需通过中心化服务器：
“我是由某个经过审计的代码库生成的。”“我拥有足够的算力或资金来支付这次服务。”“我过去的行为记录良好（基于链上信誉）。”
ERC-8004 等协议的出现，正是为了构建这种无需许可的信任。Crypto.com 的布局暗示了他们不仅想做交易所，更想做 AI Agents 的“身份注册局”和“结算中心”。
花费 7000 万美元买一个域名，在传统金融看来或许是疯狂的，但在加密行业的语境下，这是对“注意力经济”的终极收割。
随着 LLM（大语言模型）的普及，互联网的入口正在发生根本性转移。用户不再去 Google 搜索，而是直接问 AI。用户不再去交易所手动下单，而是让 AI 帮其配置资产。 谁控制了 AI 的对话框，谁就控制了流量的分发权。
传统的加密交易所（特别是CEX）正面临严重的同质化竞争。费率战已经打到底，上币效应在减弱。Kris Marszalek 敏锐地意识到，如果未来的交易指令大多来自 AI，那么传统的 App 界面将不再重要，重要的是 API 的接入能力和域名的品牌信任度。
AI.com 是一个无需解释的品牌。对于试图进入 Web3 世界的“圈外人”来说，它是最直观的入口。而对于 AI Agents 来说，它可能成为一个通过自然语言指令即可调用复杂金融服务的超级聚合器。
这是一场关乎生存的竞争。如果 Coinbase、Binance 依然停留在服务“人类交易员”的思维定势中，而 Crypto.com 成功转型为“AI 的金融服务商”，那么在下一个由机器主导流动性的牛市中，现有的巨头可能会像当年的诺基亚一样被降维打击。
如果Crypto.com成功重新定义市场，DeFAI将迎来一个爆发式的飞轮增长：更多的 AI Agent 使用加密货币 -> 加密货币的流动性增加 -> 基础设施更加完善 -> 吸引更多传统 AI 公司接入。这是一个正向循环。7000 万美元的豪赌，赌的就是这个飞轮的启动。
人类交易员受贪婪与恐惧支配，这造就了市场的波动率和通过“收割情绪”获利的可能性。但 AI Agent 是冷酷的。它们基于数据、概率和预设的效用函数进行交易，这可能导致市场变得极度活跃且有效。阿尔法（Alpha）收益将变得极难寻找，除非你在算法或信息获取速度上拥有绝对优势。散户的生存空间将被进一步挤压，不得不将资金委托给 AI Agent 管理。
未来的交易不仅是数字的交换，更是语义的交换。一个 AI Agent 可能会阅读一篇关于美联储政策的新闻，理解其语义，并在毫秒级内调整其持仓。AI.com 可能会成为这种“语义金融”的指挥塔，让普通用户只需输入一句“帮我根据最新的宏观局势对冲风险”，背后的 Agent 就能自动调用链上协议完成操作。
Crypto.com 收购 AI.com，在 2026 年的这个初春，看起来像是一场昂贵的营销秀。但如果我们把时间拉长到十年，这可能被视为加密货币历史的分水岭。它标志着我们正在从“互联网金融”（FinTech）迈向“智能体金融”（Agentic Finance）。
这场豪赌的输赢尚未可知，但 Crypto.com 已经率先把筹码推到了桌子中央。正如 Kris Marszalek 所暗示的：在 AI 的洪流面前，要么成为它的基础设施，要么成为它的过时注脚。
迎来黎明的曙光了~
Will Japan's Lost 30 Years Come to an End?
The "King of Budget Alternatives" in the Weight Loss Drug Market Has Fallen? 📉 $HIMS's stock price faced a bloodbath today, plunging 23% at one point!
Just last week, Hims & Hers officially announced the launch of the oral Wegovy combination drug for only $49, which was thought to be a positive development for the masses, but instead drew a double whammy of "regulation + legal" challenges:
1️⃣ FDA Warning: Clearly stated that it will take "decisive action" to limit the large-scale sale of unapproved GLP-1 combination drugs.
2️⃣ $NVO (Novo Nordisk) Lawsuit: Countering patent infringement, vowing to kick $HIMS out of the market.
Although $HIMS responded that this is the giants "weaponizing the judicial system" to deprive patients of their choices, the market has already given an answer: short sellers are flooding in, and multiple investment banks have downgraded their ratings.
Just last week, Hims & Hers officially announced the launch of the oral Wegovy combination drug for only $49, which was thought to be a positive development for the masses, but instead drew a double whammy of "regulation + legal" challenges:
1️⃣ FDA Warning: Clearly stated that it will take "decisive action" to limit the large-scale sale of unapproved GLP-1 combination drugs.
2️⃣ $NVO (Novo Nordisk) Lawsuit: Countering patent infringement, vowing to kick $HIMS out of the market.
Although $HIMS responded that this is the giants "weaponizing the judicial system" to deprive patients of their choices, the market has already given an answer: short sellers are flooding in, and multiple investment banks have downgraded their ratings.
Crisis or Feast? A Perspective on the Risks of Japanese Bonds and New Logic of Global Asset Allocation under Nikkei 57,000
Written by: Max.S & 章魚同學Nikki
Just 24 hours ago, Japan's financial history was rewritten. The Nikkei 225 index surged violently by more than 2,700 points, standing at a historic high of 57,000 points. This is not just a numerical breakthrough but a direct pricing of the results of the shortest alternative period (16 days) since the end of World War II for the House of Representatives election— the ruling coalition of the Liberal Democratic Party and the Japan Innovation Party secured an absolute majority of two-thirds in the House of Representatives.
However, while stock traders were popping champagne, bond trading desks were on high alert. Japanese government bonds (JGB) faced a fierce selling wave, with the 30-year government bond yield soaring to 3.615%, which is akin to a tsunami in a country like Japan, known for its long-term low interest rates.
Just 24 hours ago, Japan's financial history was rewritten. The Nikkei 225 index surged violently by more than 2,700 points, standing at a historic high of 57,000 points. This is not just a numerical breakthrough but a direct pricing of the results of the shortest alternative period (16 days) since the end of World War II for the House of Representatives election— the ruling coalition of the Liberal Democratic Party and the Japan Innovation Party secured an absolute majority of two-thirds in the House of Representatives.
However, while stock traders were popping champagne, bond trading desks were on high alert. Japanese government bonds (JGB) faced a fierce selling wave, with the 30-year government bond yield soaring to 3.615%, which is akin to a tsunami in a country like Japan, known for its long-term low interest rates.
I heard that Michael Saylor was laughed at 😂 Forced liquidation is impossible, it's just that the difficulty of making promises will be slightly greater.
Binance News
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Everyone, don't confuse "liquidation panic" with "valuation pullback"! The debt structure of MSTR determines that there is no chain liquidation in the short term, but the repricing pressure caused by the disappearance of the premium is real.
Analyzing the x402 Protocol: A Technological Revolution Reshaping Future Payments
On October 25, 2025, the cryptocurrency market witnessed a phenomenal event. The x402 protocol, developed primarily by Coinbase, saw its daily trading volume exceed 150,000 transactions, an astonishing increase of 492.63% compared to the previous week. This payment protocol, based on the HTTP 402 status code, attracted the participation of tech giants like Visa, Google, and Cloudflare within just six months, and even gave rise to the PING token, which has a market value of over $20 million. This raises the question: how could an apparently ordinary technical protocol create such a massive upheaval in the industry in such a short time?
The unfulfilled dream of internet payments
The story begins in 1997. When the HTTP/1.1 protocol was established, engineers reserved a special status code - 402 "Payment Required". Their vision was simple: the future internet should facilitate payments as easily as transmitting information. However, this forward-thinking idea had to be shelved due to the technological conditions at the time. Credit card processing fees reached as high as $0.3, making it impossible to support micropayments of just a few cents; there was a lack of global digital payment infrastructure; and more importantly, there was no urgent demand for automated payments at that time.
The unfulfilled dream of internet payments
The story begins in 1997. When the HTTP/1.1 protocol was established, engineers reserved a special status code - 402 "Payment Required". Their vision was simple: the future internet should facilitate payments as easily as transmitting information. However, this forward-thinking idea had to be shelved due to the technological conditions at the time. Credit card processing fees reached as high as $0.3, making it impossible to support micropayments of just a few cents; there was a lack of global digital payment infrastructure; and more importantly, there was no urgent demand for automated payments at that time.
Meme Coin: Why Cultural Identity is the Core Code for Price Increase
In May 2021, a 'joke coin' that was born in 2013 suddenly surged into the top ten of the cryptocurrency market capitalization. The explosive rise of Dogecoin left countless people dumbfounded and made even more people puzzled: why is this token, with a Shiba Inu avatar, worth billions of dollars?
The answer lies in every forwarded meme, in every comment of "To the Moon," and even more in the cultural identity spontaneously formed by millions of holders.
Today we will unveil the true value logic of Meme Coin and tell you why spreading culture is more important than urging project teams to 'pump' the price.
The answer lies in every forwarded meme, in every comment of "To the Moon," and even more in the cultural identity spontaneously formed by millions of holders.
Today we will unveil the true value logic of Meme Coin and tell you why spreading culture is more important than urging project teams to 'pump' the price.
In-depth Analysis of Token Destruction: Mechanisms, Cases, and Market Impact
Insights from the OKB destruction event that sparked market interest
OKX officially destroyed 65.25 million OKB tokens in a single event, leading to a swift and strong market reaction. CoinMarket Cap data shows that OKB's price soared to $142.88 on August 13, with a single-day increase of over 232%. This immediate price surge highlights the market's positive reception of OKX's strategy and reaffirms the common market pattern after significant token destruction announcements—when token supply is intentionally limited, investors often show stronger confidence in its long-term potential.
In the turbulent waves of the cryptocurrency market, 'token destruction' has become an important tool for project parties to adjust supply and demand relationships and stabilize market confidence. This mechanism attempts to simulate scarcity value logic in the digital economy by permanently reducing the number of circulating tokens, but its actual effectiveness remains highly controversial.
OKX officially destroyed 65.25 million OKB tokens in a single event, leading to a swift and strong market reaction. CoinMarket Cap data shows that OKB's price soared to $142.88 on August 13, with a single-day increase of over 232%. This immediate price surge highlights the market's positive reception of OKX's strategy and reaffirms the common market pattern after significant token destruction announcements—when token supply is intentionally limited, investors often show stronger confidence in its long-term potential.
In the turbulent waves of the cryptocurrency market, 'token destruction' has become an important tool for project parties to adjust supply and demand relationships and stabilize market confidence. This mechanism attempts to simulate scarcity value logic in the digital economy by permanently reducing the number of circulating tokens, but its actual effectiveness remains highly controversial.
From DOGE to PEPE, the Path to Creative Empowerment of Memecoin
In the wild world of cryptocurrency, nothing is more dramatic than meme coins - they are born out of jokes, but can skyrocket a thousand times in a week; they tout "fair launches," but leave countless retail investors in tears. In April 2023, PEPE coin swept the market with a "no pre-sale, no pre-mining" fair stance, with 93.1% of the tokens directly injected into the liquidity pool and permanently destroyed. This almost paranoid transparency attracted 400,000 holders in two weeks. But few people noticed that behind this seemingly perfect fair model lies the most cruel truth of the meme coin industry: when the technical threshold is smoothed out by no-code platforms, when "decentralization" becomes a marketing rhetoric, what kind of "equality" are we pursuing?
Ethereum's Next Decade: Technological Innovation and Unresolved Challenges
Yesterday marked Ethereum's tenth anniversary. When the genesis block went live in 2015, it was just an "experimental project". Now it manages over 44 billion US dollars in Layer 2 locked value and serves as one of the infrastructures supporting global cryptocurrency ETFs. The first decade of Ethereum wrote one of the most dramatic evolutionary histories in blockchain, from DAO forks to the merge upgrade, from high gas fees to rollup promotion, with each crisis becoming a stepping stone for technological leaps.
However, at the beginning of the second decade, Ethereum's "coming of age" is not easy. After account abstraction was implemented, security vulnerabilities emerged, and the Layer 2 ecosystem is experiencing a "fragmentation war." MEV erodes fairness, and global regulation is a "double-edged sword." These four core challenges are like the sword of Damocles hanging over its head. Institutional funds are flowing in through ETFs, while ordinary users are looking for better interaction experiences. Ethereum must find a new balance between technological ideals and real-world compromises.
However, at the beginning of the second decade, Ethereum's "coming of age" is not easy. After account abstraction was implemented, security vulnerabilities emerged, and the Layer 2 ecosystem is experiencing a "fragmentation war." MEV erodes fairness, and global regulation is a "double-edged sword." These four core challenges are like the sword of Damocles hanging over its head. Institutional funds are flowing in through ETFs, while ordinary users are looking for better interaction experiences. Ethereum must find a new balance between technological ideals and real-world compromises.
MicroStrategy (MSTR) premium rate has slightly decreased, closing at 62.54% as of last weekend. Previously, the company announced it would raise $736.4 million through the common stock 'ATM' mechanism to purchase Bitcoin (BTC). According to the filing, the company currently has $17 billion of common stock ATM, $20.4 billion of STRK ATM, $1.9 billion of STRF ATM, and $4.2 billion of STRD ATM available for issuance. Strategy has also launched a new derivative product - Stretch perpetual preferred stock (STRC), aiming to raise up to $2.474 billion. The company is scheduled to announce its financial report after the market closes on July 31, 2025.
AI Trading Bots: From Wealth Myths to Regulatory Games in Industry Turbulence
The news of Musk's xAI team's MEV arbitrage bot turning 0.1 ETH into 47 ETH in 12 hours sent the crypto community into a frenzy. At this point, AI crypto trading bots had evolved from marginal tools to core market participants. QYResearch data shows that the global market size for AI crypto trading bots was $0.22 billion in 2024 and is expected to grow to $1.12 billion by 2031 at a compound annual growth rate of 26.5%. This algorithm-driven trading revolution has created 'ever-restless arbitrageurs' but also buried the hidden dangers of technological loss of control, with the $1.46 billion ETH theft from Bybit in February 2025, the 100-fold surge of GrokCoin in two hours in March, and the regulatory restructuring after the implementation of the US (GENIUS Act) in July, all painting a complex picture of the intertwining of AI and cryptocurrency.
Let's not worry about the Shaolin matters in our Beggar's Sect😂
Traditional payment systems and existing financial infrastructure have long faced efficiency bottlenecks and inclusivity flaws. The traditional cross-border payment network represented by SWIFT requires a settlement cycle of 3-4 days, along with high fees and cumbersome processes.
International students and cross-border e-commerce business owners must have a strong aversion to SWIFT.
Mainstream DeFi protocols generally rely on an excessively collateralized risk control model, excluding individuals and small to medium-sized enterprises without crypto asset reserves, creating a "liquidity gap" in financial services.
At this moment, the world's first decentralized PayFi network @Huma Finance 🟣 makes its grand debut!!!
Huma Finance's core positioning lies in building an open ecosystem that deeply integrates payment and financing. This protocol transforms real-world income streams (such as salaries, invoices, cross-border remittances) into on-chain trusted collateral through an innovative model of "income as collateral."
Congratulations! You can now participate in Huma's savings activity with $USDC to earn an annualized return of 10% (amounts over 500U in exchanges typically yield only single-digit returns) along with additional rewards from Feathers!
As an innovative paradigm that integrates payment and financing functions, #humafinance effectively addresses both the inefficiencies of traditional finance and the inclusivity limitations of DeFi through blockchain technology and stablecoin efficiency. As a symbol of efficient blockchain, #solana gives Huma the wings to soar, making mass adoption possible.
Follow me, and in the next issue, we will analyze Huma's user incentive mechanism: the balance of liquidity supply and token distribution~
International students and cross-border e-commerce business owners must have a strong aversion to SWIFT.
Mainstream DeFi protocols generally rely on an excessively collateralized risk control model, excluding individuals and small to medium-sized enterprises without crypto asset reserves, creating a "liquidity gap" in financial services.
At this moment, the world's first decentralized PayFi network @Huma Finance 🟣 makes its grand debut!!!
Huma Finance's core positioning lies in building an open ecosystem that deeply integrates payment and financing. This protocol transforms real-world income streams (such as salaries, invoices, cross-border remittances) into on-chain trusted collateral through an innovative model of "income as collateral."
Congratulations! You can now participate in Huma's savings activity with $USDC to earn an annualized return of 10% (amounts over 500U in exchanges typically yield only single-digit returns) along with additional rewards from Feathers!
As an innovative paradigm that integrates payment and financing functions, #humafinance effectively addresses both the inefficiencies of traditional finance and the inclusivity limitations of DeFi through blockchain technology and stablecoin efficiency. As a symbol of efficient blockchain, #solana gives Huma the wings to soar, making mass adoption possible.
Follow me, and in the next issue, we will analyze Huma's user incentive mechanism: the balance of liquidity supply and token distribution~
A Song of Ice and Fire: What Insights Can the Trendy Toy Bubble Bring to the Recovery of the NFT Market?
When Labubu dolls are speculated to a million in the trendy toy market, we can't help but recall the similarly crazy Bearbrick a few years ago. The once top trendy toy is now seeing most models halved in price and in a state of being priced yet unsold. This reminiscent situation brings to mind the current recovery of the NFT market. Since the bubble burst in 2022, the NFT market has seen a strong recovery, with a counter-trend growth of 78%, reaching a transaction volume of 14.9 million. Are we witnessing the formation of another bubble, or is the market undergoing a structural shift from 'high prices with few transactions' to 'inclusive participation'? Is the momentum behind this a resonance effect formed by institutional funds re-entering the market alongside retail user returns? Let's discuss.
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