林克Clean

I have held Bitcoin for 10 years, and this Binance account is the same age as Binance itself. I registered in July 2017 when Binance launched. Today, I found a post from 2016 when I bought Bitcoin for over 524,649,986,103,000 RMB. At the end of that year, Trump was elected as the President of the United States for the first time, and the price of Bitcoin surged to over 7,000 RMB. I sold off more than half, making a profit of more than double. That was the time I sold the most Bitcoin. Low cost but unable to hold, the limitation of understanding is just the surface. The deeper reason is that Bitcoin has become a container for consuming imagination, carrying a future narrative far beyond my initial understanding.
Observing the Bitcoin whales around me, most of them earn Bitcoin through work. The cost is not the fiat currency used to buy it, but the realization of abilities and resources. Therefore, the cost of fiat currency is original sin, and anchoring prices is a mental demon. The best way is to make your abilities and value become mining machines, directly exchanging labor value for Bitcoin. Without buying points or selling points, one can traverse bulls and bears and stand firm in the torrent of time.

Bitcoin can’t really rise right now—the biggest problem isn’t that nobody is buying.
It’s that once people buy it, they just hold it with no real use. This story is too unsexy. 😅
Why is gold valuable? Not only can it be stored, it can also be used for jewelry, industrial raw materials, and even worn to look cool.
What about Bitcoin? Most people only do three things: buy, hold, and wait to get rich.
But BTC has the strongest global consensus and the highest security—yet most of this huge value hasn’t truly flowed into the on-chain economy.
That’s what the Bitcoin ecosystem has been trying to solve: how to turn BTC from “digital gold that can only be stored” into “a financial asset that can actually be used.”
If this succeeds, Bitcoin can reach $200,000.

Previously, to get BTC into DeFi, you needed wrapping, cross-chain solutions, and trust in third-party custody—trust costs were too high. <c-1/>@BabylonLabs_io <c-1/> Babylon Trustless Bitcoin Vaults (TBV) is trying a new path:
Use native BTC directly as collateral, and bring it into on-chain applications. No wrapping, no cross-chain, and no trusting centralized intermediaries. With TBV, you can lock up native BTC as collateral and borrow money in DeFi to perform all kinds of financial operations. Now TBV has already launched native Bitcoin lending tests related to Aave v4, connecting BTC liquidity to the Ethereum ecosystem for real.
The changes TBV brings are very direct:
BTC is no longer just an asset lying idle—it can also be used as financial infrastructure;
It uses native BTC, not wrapped tokens;
Self-custody—your keys, and the coins are yours;
Not relying on centralized intermediaries—over the past decade-plus, Bitcoin has turned the “digital gold” consensus into reality.
The key for the next stage is: with so much BTC value, how can it truly participate in the global on-chain economy? This may be the biggest imagination space for the future of the BTC ecosystem—and also where <c-1/>$BABY <c-1/>#BABY really has a story.

The long-versus-short game in the post-90s dating and romance market is far more brutal than in the capital markets.
If we treat post-90s boys as a kind of financial asset, the main force shorting you is post-90s girls.
But now there’s an additional variable on the long side: post-00s girls.
They keep entering the market, which is essentially new buying demand, providing price support for post-90s boys.
The short side suppresses the price to profit from the decline; however, the long side keeps accumulating shares and locks up liquidity.
As the number of shares available for trading keeps shrinking, the shorts can’t close their positions—eventually leading to
a short squeeze.

More importantly, time is on the side of the longs:
Every year, more post-00s entrants come into the market, continuously bringing in fresh capital flows; as the shorts keep refusing to close, the holding costs for their positions keep rising.
Of course, post-90s girls can also choose to go long on post-00s boys—as long as you don’t mind the other party’s “market value” being too low.
A post-90s boy earning 10,000–20,000 per month might be looked down on in the dating market; but if you go out to date a post-00s person, the other party may actually think you’re pretty good—there’s a valuation gap between the two.
Now this market has no information asymmetry; everyone is smart.
Regardless of gender, when facing an asset that keeps depreciating, they know renting is more cost-effective than long-term holding.

Mining this content in the square is truly a genius design 🙃
I’ve been sharing purely at my own pace—occasional viewpoints. If someone follows along and even participates in trades, that’s also a kind of acknowledgement of the content.
When Binance Square first started, it was precisely the period when the X KOL boom was at its peak. Trying to get them to move their posts to other platforms—well, that would have meant groveling, but the results would be minimal.
I remember there were people back then who, after being invited by the Square BD to create content, didn’t keep coaxing them and they ended up flying into a rage—saying they would keep making complaints, and even try to smash others’ livelihoods. 😂

So for Square to grow to its current scale, it really has been built step by step, overcoming one hurdle at a time. There’s a saying for it—what is it again? “Hard work makes success possible.”

Now seeing everyone on X at @Yi He , @CZ , giving Square requirements and suggestions—no matter how harsh the words may be, I still think it’s a good thing.

Praise isn’t necessarily real recognition—making suggestions is.
That means they’re truly using it, and that they genuinely hope Binance Square can become even better.

You don’t hate the mouse-trading (pre-funded order) scheme—you hate that there isn’t one for you inside it.
On the surface, you shout for fairness, protection of retail investors, and Web3 ideals; then you turn around and see others getting twice as fat by eating from mouse-trading, and suddenly you feel envious, resentful, and hateful.
So what exactly has caused the current situation? Isn’t blockchain supposed to reduce information asymmetry—to make rules public, processes transparent, and results verifiable?
Instead, it turns out that when retail investors come in now, they’re just taking the bag: one batch gets wiped out, then another.
“Mouse-trading” is a derogatory term, yet everyone is fighting to be the one who does it—truly, society mocks poverty but celebrates prostitution.

$SPCX that has already fallen by half from its peak—after the lockup ends, will it keep crashing?
From what we can see, there will definitely be pressure in the short term, but it’s not “unlock = collapse.”
A big reason SPCX surged earlier is that the available shares were limited; funds rushed in to accumulate, pushing the valuation higher.
After the lockup ends, early investors’ and employees’ shares can be traded, so sell pressure will certainly increase.
However, the market has already priced in this expectation in advance. The fact that the stock price has dropped sharply from the high point is essentially digesting this risk.
What will truly determine SPCX’s future is whether SpaceX’s growth can match the current valuation.
If Starlink growth and commercialization come in better than expected, the unlock may only mean more turnover;
if the earnings report misses expectations, the high valuation will keep getting hammered, and the unlock could become a catalyst for further downside.
So the unlock is short-term pressure; valuation is the long-term risk.
Even a great company can be bought at too high a price. Some KOLs say things like “buy SpaceX with all the money you’ve earned,” which is nonsense.
But at this point, it’s already in a relatively cost-effective zone. If the unlock still causes a deeper drop, I’m planning to add a larger position.
#加密市场24小时清算3.3亿美元

Let me tell you how you can make money in the US stock market.
The 30-year U.S. Treasury yield hit a 19-year high—this is the real test.
Forget the index’s ups and downs. What determines the next phase of the market is the bond market.
As the 30-year U.S. Treasury yield continues to rise, it shows the market is starting to worry that:
U.S. interest rates may not fall as quickly as previously expected, and future funding costs will remain high for the long term.
So what does this mean for U.S. stocks?
It’s not that there’s no opportunity anymore—it’s that the market logic has changed.
In the past, driven by stories and liquidity, many stocks could rally.
But in the high-interest-rate era, the market will become increasingly realistic:
Companies without profits will be abandoned, companies with overvalued valuations will be re-examined, and companies that truly make money and have industry moats will receive more capital.
Look at last week’s U.S. stocks—this signal is already showing:
Even though the index is still at a high level, capital is becoming more concentrated in AI, leading tech companies, and high-cash-flow firms.
For what comes next, focus on three lines:
First, AI infrastructure.
Watch:
$NVDA Nvidia
$AVGO Broadcom
$MU Micron
Second, cash-flow powerhouses.
Watch:
$MSFT Microsoft
$GOOGL Google
$AMZN Amazon
Third, wait for opportunities in growth stocks after the interest-rate turning point.
Watch:
$META
$TSLA
In the future, U.S. stocks can still go up—but they won’t all rise together anymore.
Capital will become more selective, moving from “buying dreams” back to “buying performance.”
In the next stage, the key to watch is:
AI computing power + real profitability + strong cash flow.
That’s the most certain direction in a high-interest-rate era.

At this point, the crypto market simply doesn’t need all these exchanges.
The owners of small exchanges are just assholes. The money you rush in with is basically his money—so small exchanges should have long since gone extinct.
The survival environment for tier-two exchanges is also worrying. Not many can withstand a wave of withdrawals, and the issue of users being hacked still isn’t resolved, nor is there any straightforward explanation.
Once the slogan “Why run all over the place—Binance has everything” is out there, where is the room for small exchanges to survive through differentiation?
Unless you’re a platform that has private-domain traffic.

At this stage, only a few leading players are enough.
Their owners are also respectable people. While they’re safe, you also know they have the capability to backstop your assets. Second, they’ve also proven they’re entrepreneurs—at least they’re all pushing forward, unwilling to lose,
for the sake of face too, they wouldn’t do things that go against public opinion.
As for the rest? They’re just there for a common-sense intelligence test. Now that you still put your money in small exchanges, if something goes wrong, there’s no one left to sympathize with you.

Brother Feng truly followed the words he always said:

“In the end, there’s only one thing people will regret: living with not enough courage.”

Failing at all isn’t something to regret, because it means you lack the ability—failures are something you face every day in life. But if you had the chance to invest and still chose not to act, then that’s the biggest loser of all. That’s essentially betting that you’re destined to be mediocre.

So Brother Feng lost a lot—but he lost in a way that was brave enough.

The biggest irony of these past six months is this:
Many people have always thought that crypto carries higher risk—yet what actually knocked a lot of people off balance was, ironically, the U.S. stock market.
Everyone in crypto knows volatility is high, so you inevitably manage your position size to some extent—you also have expectations in your mind.
But when it came to U.S. stocks, especially hot sectors like AI and technology blue chips, many people actually let their guard down instead.
They think it’s a tailwind from the times, a certain opportunity—so much so that they even dare to go all-in, dare to use large leverage.
Market makers won’t become gentle just because it’s called a “stock.”
When valuations are stretched, stocks can fall even harder than small-cap projects.
And when market sentiment cools off, no matter how good the story is or how strong the fundamentals are, it still can’t withstand a valuation wipeout.
So the real risk has never been whether it’s crypto or U.S. stocks.
The biggest risk is when everyone thinks, “This time is different.” #纳斯达克反弹2.8%结束六连跌

I know that being overly candid will lose its appeal.
Audiences like fictional stories: flaunting wealth, making a fortune, losing everything...
But I have no intention of playing games with others—I just want to be myself.
Free, straightforward, and graceful.

Only a little over a month, and the wind and water turn.
I don’t know, teachers—
do you now remember the goodness of your original family?
Do you miss this shit pit?

Let’s look at Micron $MU ’s trend and you’ll know how brutal the market is right now.
Yesterday, how many people thought they could buy the bounce?
Ahead of the open it surged to 830, thinking the panic had already been flushed out and that the opportunity was here.
But at the open, it immediately sold off hard.
You think 760+ is the bottom—then the market pushes it down to 706.
If you dare to reach out and catch it, it just keeps smashing lower.
This is the most painful stage of deleveraging:
It’s not that the fastest drop is the most terrifying,
but that every rebound reignites hope in people—then they get trapped again.
Once the “light of America,” it’s now also close to a 50% haircut.
The market’s real bottom isn’t about how much it’s fallen.
It’s when the selling pressure drives it so far that even the people trying to bottom-fish start doubting themselves.
Only when nobody wants to buy might the selling pressure finally truly end.

Most people’s life main threads are just two things:

Being afraid of being laughed at; and laughing at others.

So many traders have fallen—there’s a reason the timeline is filled with cries of anguish.

Bitcoin fell 50% from its peak in just a little over four months.

SanDisk and Micron (SK Hynix), within a single month, they managed a brutal cut in half.

Everyone in the crypto world can’t seem to adjust to this pace.

So who exactly is the high-risk asset??

They always say the real knockoff season happens in the US stock market, and honestly, they weren't wrong. When it drops, it feels even more like it.

This is the largest IPO in the STAR Market’s history.
If you understand the broader context of competition between China and the U.S., you don’t really need to worry about whether CXMT has HBM.
Just look at the overwhelming wave of news and the policy positioning.
And if someone is still willing to go short while shouldering their own transaction costs—that’s effectively betting against the entire ideological establishment.
Whoever can actually do it with a steady hand may be paid as General Pan Feng.