The country where the world’s second-largest Bitcoin mining power hub is located has already implemented year-round restriction measures by its energy ministry to ease the problem of insufficient power capacity. Due to the continued strain that high-energy-consumption mining facilities place on the regional power grid, mining rigs in the capital area have been forced to shut down. What I care about is that this kind of administrative intervention based on infrastructure carrying capacity is becoming the norm rather than a temporary regulatory measure. Faced with energy constraints, the physical limits of compute distribution are more rigid than market cycles, reminding us that the geographic arbitrage space in mining is being redrawn by real-world conditions.

This quarter, UBS Group significantly adjusted its Bitcoin exposure structure. Its IBIT ETF call options surged by 24 times, while its direct holdings increased by 12%; at the same time, put options fell by about 53%. Meanwhile, Paul Tudor Jones’s investment firm increased its holdings in BlackRock’s Bitcoin ETF after reducing its position over the previous year, but its call options declined by 85.2%. Given the sharply different derivatives positions taken by these two institutions, I won’t rush to conclude that they indicate a unified directional signal; they may only reflect stage-specific differences in their respective risk-control models or hedging needs.

World Liberty, supported by Trump, has received preliminary approval for a conditional banking license from federal regulators. Regarding the technical route debate, some argue that Wall Street’s fixation on private chains is a “race to the bottom.” They believe that while controlled networks have a place in finance, the underlying infrastructure still needs to be transparent and open in order for blockchain to realize its advantages. These developments have evolved independently and do not point to a single industry endgame; rather, they reflect different participants seeking a balance between compliance and efficiency within the existing regulatory rules and technical frameworks.