Counterfeit
1. The so-called super bull market in 2021 was overly狂热 (frenzied). After that, it went through an extremely wide-range consolidation. From a technical perspective, that’s understandable—it needed time to digest the bubble. Given that the previous SEC crackdown on counterfeits was sustained, this走势 (price action) is completely reasonable. Bitcoin’s bull run can’t happen without counterfeits and memes; the two are mutually reinforcing.
2. Counterfeits have already started to show some killer applications—like Polymarket and Hyperliquid. When you have good apps, you also need good value-capture mechanisms. Hyperliquid has done it well—typical examples include repurchasing HYPE using trading fees. Going forward, there will also be things like bringing U.S. stocks on-chain, U.S. stock derivatives, and more…
3. Recently I’ve been seeing all kinds of market sentiment. Some people regret it—why didn’t they buy the dip on counterfeits and memes in June? Others feel like it already rallied too much this time and don’t dare to buy. There are also people who have lost money on this before, and now they’re filled with hostility toward counterfeits and memes.
4. Our view on counterfeits and memes remains neutral. Their prosperity greatly helps the broader Bitcoin ecosystem. Crypto is like Africa’s great grasslands: many people like lions, but hate hyenas and vultures. From an ecosystem standpoint, though, they’re all an indispensable part of the cycle. The market is a cold wealth-allocation machine—it won’t care about anyone’s preferences.
1. The so-called super bull market in 2021 was overly狂热 (frenzied). After that, it went through an extremely wide-range consolidation. From a technical perspective, that’s understandable—it needed time to digest the bubble. Given that the previous SEC crackdown on counterfeits was sustained, this走势 (price action) is completely reasonable. Bitcoin’s bull run can’t happen without counterfeits and memes; the two are mutually reinforcing.
2. Counterfeits have already started to show some killer applications—like Polymarket and Hyperliquid. When you have good apps, you also need good value-capture mechanisms. Hyperliquid has done it well—typical examples include repurchasing HYPE using trading fees. Going forward, there will also be things like bringing U.S. stocks on-chain, U.S. stock derivatives, and more…
3. Recently I’ve been seeing all kinds of market sentiment. Some people regret it—why didn’t they buy the dip on counterfeits and memes in June? Others feel like it already rallied too much this time and don’t dare to buy. There are also people who have lost money on this before, and now they’re filled with hostility toward counterfeits and memes.
4. Our view on counterfeits and memes remains neutral. Their prosperity greatly helps the broader Bitcoin ecosystem. Crypto is like Africa’s great grasslands: many people like lions, but hate hyenas and vultures. From an ecosystem standpoint, though, they’re all an indispensable part of the cycle. The market is a cold wealth-allocation machine—it won’t care about anyone’s preferences.