唐华斑竹
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币乎大V（推特X：@uniswap12），2025全球区块链百强创作者，独立研究员。在微博、推特、币乎、力场、币快报、向北社区、币车、财路、链书、八宝饭、链节点、巴比特、陀螺财经等币圈媒体拥有数十万粉丝。
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Fortunately, today’s Valentine’s Day didn’t turn into a lovers' disaster, the market rebounded! Just a little bit more to reach 70,000, hope is right in front! Sending out a round of red envelopes to boost morale, wishing everyone a happy Valentine’s Day! Let’s welcome the wild bull market together! As long as you leave a comment in the comment section saying 'Old Tang wishes everyone a happy Valentine’s Day', you can receive an airdrop token red envelope, starting with 1888 units, and if that’s not enough, I’ll add more, ensuring everyone gets a share! Let’s get excited! $BNB
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So excited, this article was shared by CZ on X, I believe everything will be fine in 2026! Thank you CZ for the encouragement
唐华斑竹
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From $10.7 billion trading volume to BTC's sharp drop: Uncovering the possible 'liquidation chain' behind IBIT
There was no black swan event, Bitcoin suddenly plummeted, and the market is looking for reasons. The charts show that BTC and SOL dropped almost in sync, but the liquidation volume on-chain and on centralized exchanges isn’t that exaggerated. This is interesting, suggesting that the selling pressure may not be coming from the usual crypto capital players.
I just happened to see an analysis by Parker White from DeFi Dev Corp, which I found quite enlightening. He mentioned that yesterday the trading volume of the BlackRock IBIT spot ETF surged to $10.7 billion, almost double the previous record, while the options premium also soared to $900 million, both historical highs. Data doesn’t lie; such unusual activity usually corresponds to a significant level of position changes.
I just happened to see an analysis by Parker White from DeFi Dev Corp, which I found quite enlightening. He mentioned that yesterday the trading volume of the BlackRock IBIT spot ETF surged to $10.7 billion, almost double the previous record, while the options premium also soared to $900 million, both historical highs. Data doesn’t lie; such unusual activity usually corresponds to a significant level of position changes.
Today WeChat has remarkably opened a 520 yuan red envelope! Only available for one day! Old Tang is also keeping up with the trend and sent one to his little lover, receiving praise! The cover is also nice; it's strange why major institutions in the crypto space don't develop Valentine's Day covers? That would definitely go viral. Today, Bitcoin is also performing well, quickly rebounding back to 7, not turning into a Valentine's disaster! Alright everyone, hurry up and send the 520 red envelopes; it's only available this one day a year, which is very meaningful! $BNB
CZ rebuts Fortune's report: contradictory and taking things out of context, Binance is merely upgrading its talent
On February 14, CZ responded on social media to Fortune's report titled 'Binance fires senior investigator who exposed over $1 billion USDT related to Iran' by stating:
I do not know the specific details or the parties involved, but from the article itself, there are contradictions. No matter how this matter is reported, there are points to be made. If this news is true, it also means that third-party tools (the same ones used by law enforcement) also did not detect it. As long as you find a 'dissatisfied' or bribed 'anonymous source' to spread panic, the media can label anything negatively.
Binance CEO He Yi also stated that any compliant employee would handle various cases. The fact is that Binance has been proactively initiating criminal investigations, submitting the results to law enforcement, and helping users prevent potential fraud losses. However, we also need to continuously upgrade our talent; it is precisely because of greater investment and higher standards in the compliance field that these achievements can be realized.
BlockBeats previously reported that Fortune stated Binance recently fired multiple compliance investigators. Internal documents showed that these investigators had reported internally that between March 2024 and August 2025, entities associated with Iran received over $1 billion in funds through Binance, with the relevant transactions using the stablecoin Tether (USDT) and settled on the Tron network, potentially involving violations of U.S. sanctions. $BNB
On February 14, CZ responded on social media to Fortune's report titled 'Binance fires senior investigator who exposed over $1 billion USDT related to Iran' by stating:
I do not know the specific details or the parties involved, but from the article itself, there are contradictions. No matter how this matter is reported, there are points to be made. If this news is true, it also means that third-party tools (the same ones used by law enforcement) also did not detect it. As long as you find a 'dissatisfied' or bribed 'anonymous source' to spread panic, the media can label anything negatively.
Binance CEO He Yi also stated that any compliant employee would handle various cases. The fact is that Binance has been proactively initiating criminal investigations, submitting the results to law enforcement, and helping users prevent potential fraud losses. However, we also need to continuously upgrade our talent; it is precisely because of greater investment and higher standards in the compliance field that these achievements can be realized.
BlockBeats previously reported that Fortune stated Binance recently fired multiple compliance investigators. Internal documents showed that these investigators had reported internally that between March 2024 and August 2025, entities associated with Iran received over $1 billion in funds through Binance, with the relevant transactions using the stablecoin Tether (USDT) and settled on the Tron network, potentially involving violations of U.S. sanctions. $BNB
The floral arm is really stylish
CZ
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Bumped into this guy at a restaurant. Maybe I should go workout with him. If you know him, you, like me, probably spend too much time on social media.
Will she become a big player in the cryptocurrency world?
Gu Ailing will join Benchmark as a Senior Investment Manager
On February 13th, X user Erika revealed that Gu Ailing will join Bill Gurley's Benchmark as a Senior Investment Manager after the Winter Olympics. This news has been confirmed by Bill Gurley himself.
Benchmark is a well-known venture capital firm in the United States, having invested in unicorns such as Uber, Zillow, and Nextdoor. Additionally, Benchmark also led the investment in the AI company Manus, which was previously acquired by Meta. $ETH
Gu Ailing will join Benchmark as a Senior Investment Manager
On February 13th, X user Erika revealed that Gu Ailing will join Bill Gurley's Benchmark as a Senior Investment Manager after the Winter Olympics. This news has been confirmed by Bill Gurley himself.
Benchmark is a well-known venture capital firm in the United States, having invested in unicorns such as Uber, Zillow, and Nextdoor. Additionally, Benchmark also led the investment in the AI company Manus, which was previously acquired by Meta. $ETH
Masayoshi Son is really impressive! I didn't expect him to ultimately achieve great success by "trading cryptocurrency" through investing in Binance! Old coin holders still remember that in 2018, Masayoshi Son suffered huge losses when he traded Bitcoin and had to sell at a loss of over a hundred million dollars! It caused a sensation.
At the beginning of 2017, after Bitcoin's price broke through $1,000, it surged, especially accelerating after November, peaking at nearly $20,000 in mid-December (looking back, how cheap it seems now!). At the peak of the Bitcoin craze, SoftBank entered the market. Unfortunately, Bitcoin then plummeted, falling to $6,600 in early February 2018. Masayoshi Son sold his Bitcoin at the beginning of 2018, suffering a loss of $130 million (approximately 874 million yuan).
I thought Masayoshi Son would be disheartened by investing in the crypto space after leaving, but unexpectedly he made a comeback. Last year, he participated in the investment in Binance Japan, acquiring a 40% stake in Binance Japan through PayPay, a national-level payment software in Japan supported by the SoftBank consortium (the Japanese version of Alipay). PayPay is a national-level payment software in Japan, with over 70 million users, capturing about 70% of the mobile payment market in Japan.
PayPay officially announced plans to go public in the U.S. The company's target market capitalization is expected to be 3 trillion yen, and with a 40% stake in Binance Japan, it can be considered the first stock related to Binance. The parent company, SoftBank consortium, is very reluctant to sell and will only sell 10% of the shares.
At the beginning of 2017, after Bitcoin's price broke through $1,000, it surged, especially accelerating after November, peaking at nearly $20,000 in mid-December (looking back, how cheap it seems now!). At the peak of the Bitcoin craze, SoftBank entered the market. Unfortunately, Bitcoin then plummeted, falling to $6,600 in early February 2018. Masayoshi Son sold his Bitcoin at the beginning of 2018, suffering a loss of $130 million (approximately 874 million yuan).
I thought Masayoshi Son would be disheartened by investing in the crypto space after leaving, but unexpectedly he made a comeback. Last year, he participated in the investment in Binance Japan, acquiring a 40% stake in Binance Japan through PayPay, a national-level payment software in Japan supported by the SoftBank consortium (the Japanese version of Alipay). PayPay is a national-level payment software in Japan, with over 70 million users, capturing about 70% of the mobile payment market in Japan.
PayPay officially announced plans to go public in the U.S. The company's target market capitalization is expected to be 3 trillion yen, and with a 40% stake in Binance Japan, it can be considered the first stock related to Binance. The parent company, SoftBank consortium, is very reluctant to sell and will only sell 10% of the shares.
CZ's AMA live broadcast attracted nearly 90,000 listeners! I listened to it twice in a row.
CZ @CZ The information from this AMA is extensive; I listened to it twice in a row. Not because he revealed any insider information, but because many of the judgments he discussed are precisely what we often need to think about repeatedly during our investment research.
CZ said, "No one can predict bull and bear markets." This cycle may no longer strictly follow the four-year cycle. In the past few cycles, the U.S. either stood by or suppressed, while this U.S. government has explicitly supported cryptocurrency assets for the first time, with legislative progress on stablecoins and RWA being substantial. It is only a matter of time before other countries follow suit. This macro-level structural change brings positive expectations. However, how things will unfold in the short term, truly no one knows—long-term positivity and short-term unpredictability are not contradictory.
CZ said, "No one can predict bull and bear markets." This cycle may no longer strictly follow the four-year cycle. In the past few cycles, the U.S. either stood by or suppressed, while this U.S. government has explicitly supported cryptocurrency assets for the first time, with legislative progress on stablecoins and RWA being substantial. It is only a matter of time before other countries follow suit. This macro-level structural change brings positive expectations. However, how things will unfold in the short term, truly no one knows—long-term positivity and short-term unpredictability are not contradictory.
Binance will gradually convert AZTEC pre-market contracts to standard perpetual contracts
On February 12, according to official news, Binance contracts will gradually convert the AZTECUSDT perpetual contract from pre-market trading status to standard U-based AZTECUSDT perpetual contracts starting from 15:00 (Beijing time) on February 12, 2026. The conversion period may take up to 3 hours, with the specific duration depending on price volatility and the availability of the stability index price. During the conversion period, trading functions will not be affected, and unfilled orders and open positions will not be canceled. $AZTEC
On February 12, according to official news, Binance contracts will gradually convert the AZTECUSDT perpetual contract from pre-market trading status to standard U-based AZTECUSDT perpetual contracts starting from 15:00 (Beijing time) on February 12, 2026. The conversion period may take up to 3 hours, with the specific duration depending on price volatility and the availability of the stability index price. During the conversion period, trading functions will not be affected, and unfilled orders and open positions will not be canceled. $AZTEC
Replacing 45 billion a year in stock, this is the story that stablecoins should tell.
The $45 billion in cross-border remittances flowing out of the Middle East every year mostly goes through the inefficient traditional clearing network. High costs and slow arrival times, in simple terms, mean that the financial infrastructure cannot keep up with the pace of trade. The Central Bank of the UAE has clearly seen this gap and approved last year the DDSC initiated by International Holding Company (IHC) and First Abu Dhabi Bank (FAB), which directly runs the dirham stablecoin settlement on the ADI Chain. This is the first time sovereign credit has been embedded in a programmable blockchain in this form.
Don't underestimate this action. In the past, institutional funds have taken a wait-and-see attitude towards stablecoins, lacking compliance endorsement and real reserves. DDSC perfectly meets both of these points: fiat reserves are fully custodied, the central bank license is held in hand, and the partners are local leading consortiums and commercial banks. Once the infrastructure is laid out, the next step is the natural process of liquidity sedimentation—this is not a guess, but the basic logic of the flow of institutional funds.
Don't underestimate this action. In the past, institutional funds have taken a wait-and-see attitude towards stablecoins, lacking compliance endorsement and real reserves. DDSC perfectly meets both of these points: fiat reserves are fully custodied, the central bank license is held in hand, and the partners are local leading consortiums and commercial banks. Once the infrastructure is laid out, the next step is the natural process of liquidity sedimentation—this is not a guess, but the basic logic of the flow of institutional funds.
The strangest thing about this round of the bitcoin bear market is that the people rushing in and those fleeing are not the same group.
The strangest thing about this round of the bitcoin bear market is that the people rushing in and those fleeing are not the same group.
In the past week, on-chain data shows that wallets holding over 1,000 bitcoins purchased 53,000 in one go. At current prices, that's over four billion dollars. This was the strongest buying momentum from large holders since last November. Just a few weeks ago, these wallets were frantically offloading.
This abrupt change in direction directly pulled the price back from the 60,000 mark to around 70,000. On Wednesday's Asian early session, bitcoin hovered around 69,100 dollars, neither up nor down.
In the past week, on-chain data shows that wallets holding over 1,000 bitcoins purchased 53,000 in one go. At current prices, that's over four billion dollars. This was the strongest buying momentum from large holders since last November. Just a few weeks ago, these wallets were frantically offloading.
This abrupt change in direction directly pulled the price back from the 60,000 mark to around 70,000. On Wednesday's Asian early session, bitcoin hovered around 69,100 dollars, neither up nor down.
Compound interest has been over-discussed, but Sun Yuchen indeed articulated a more thought-provoking understanding.
Recently, many people have been studying Sun Xu, reading his new book.
Sun Yuchen is a highly controversial name in the cryptocurrency field.
But it cannot be denied that he has completed multiple rounds of asset leaps in a highly volatile and strongly confrontational cryptocurrency market environment.
Looking back at his successful footprints, it feels like every step was strategically planned in advance and executed with strict self-discipline. Most of us rarely conduct a 10-year life strategy plan and have the perseverance to follow through, while Sun Yuchen indeed did it.
Not discussing his position, nor evaluating his path.
Sun Yuchen is a highly controversial name in the cryptocurrency field.
But it cannot be denied that he has completed multiple rounds of asset leaps in a highly volatile and strongly confrontational cryptocurrency market environment.
Looking back at his successful footprints, it feels like every step was strategically planned in advance and executed with strict self-discipline. Most of us rarely conduct a 10-year life strategy plan and have the perseverance to follow through, while Sun Yuchen indeed did it.
Not discussing his position, nor evaluating his path.
Trump praises the non-farm data, urging the Federal Reserve to lower interest rates to 'the lowest in the world'
On February 11, U.S. President Trump stated on social media, 'The employment data is excellent, far exceeding expectations! The U.S. should pay much lower interest on borrowing costs (bonds!)! We have once again become the world's top power, so we deserve to enjoy the lowest interest rates to date. This will bring at least one trillion dollars in annual interest expense savings—allowing the budget not only to balance but also to run a large surplus. Wow! The golden age of America has arrived!!!' $BNB
On February 11, U.S. President Trump stated on social media, 'The employment data is excellent, far exceeding expectations! The U.S. should pay much lower interest on borrowing costs (bonds!)! We have once again become the world's top power, so we deserve to enjoy the lowest interest rates to date. This will bring at least one trillion dollars in annual interest expense savings—allowing the budget not only to balance but also to run a large surplus. Wow! The golden age of America has arrived!!!' $BNB
This is the real expert!
"Cry, this isn’t even a masterpiece," X million long article champion Beaverd remained calm after being accused of issuing tokens to make money in the crypto space.
On February 11, Bubblemaps released an analysis indicating that Beaverd, the winner of the million-dollar X long article competition, had issued more than a dozen Meme tokens using a public address, profiting over 600,000 dollars. Among them, a token named SIAS plummeted to zero shortly after issuance, and the official SIAS account was subsequently deactivated. Previously, its market value had briefly soared to about 6 million dollars, causing significant losses for users. SIAS was not the first Meme token that Beaverd inflated and sold; it had previously issued tokens that went to zero over a dozen times.
Beaverd replied under Bubblemaps' tweet, "Cry, this doesn’t even count as one of my five masterpieces."
Earlier, on February 4, the X platform officially announced the results of the long article creation competition, with the million-dollar grand prize going to Beaverd (@beaverd). His award-winning long article was titled "Deloitte, a 74 billion dollar cancer, has spread to various parts of the United States," discussing the role of large government consulting firms in federal and state IT systems. The article received 44.71 million views, 29,000 likes, and 7,700 shares. $BNB
"Cry, this isn’t even a masterpiece," X million long article champion Beaverd remained calm after being accused of issuing tokens to make money in the crypto space.
On February 11, Bubblemaps released an analysis indicating that Beaverd, the winner of the million-dollar X long article competition, had issued more than a dozen Meme tokens using a public address, profiting over 600,000 dollars. Among them, a token named SIAS plummeted to zero shortly after issuance, and the official SIAS account was subsequently deactivated. Previously, its market value had briefly soared to about 6 million dollars, causing significant losses for users. SIAS was not the first Meme token that Beaverd inflated and sold; it had previously issued tokens that went to zero over a dozen times.
Beaverd replied under Bubblemaps' tweet, "Cry, this doesn’t even count as one of my five masterpieces."
Earlier, on February 4, the X platform officially announced the results of the long article creation competition, with the million-dollar grand prize going to Beaverd (@beaverd). His award-winning long article was titled "Deloitte, a 74 billion dollar cancer, has spread to various parts of the United States," discussing the role of large government consulting firms in federal and state IT systems. The article received 44.71 million views, 29,000 likes, and 7,700 shares. $BNB
Michael Saylor: Strategy will not sell Bitcoin, performance in the next 4 to 8 years will outperform traditional assets
Strategy Executive Chairman Michael Saylor stated in an interview with CNBC that concerns about the company being forced to sell its holdings due to the decline in Bitcoin prices are unfounded. He reiterated that the company has no plans to stop increasing its Bitcoin holdings and expects to continue buying quarterly in the future. Michael Saylor pointed out that Bitcoin, as digital capital, has volatility as one of its characteristics, and it is expected that the performance of Bitcoin in the next 4 to 8 years will be 2 to 3 times that of the S&P 500 index.
Currently, Strategy holds 714,644 Bitcoins, with a total acquisition cost of approximately 54.35 billion USD, and an average holding cost of 76,056 USD. Although currently facing paper losses, Michael Saylor emphasized that there is no credit risk on the company's balance sheet and that cash reserves are sufficient to cover dividends and debt expenses for the next two and a half years. Last week, the company purchased 1,142 Bitcoins again at a price of approximately 90 million USD. $BTC
Strategy Executive Chairman Michael Saylor stated in an interview with CNBC that concerns about the company being forced to sell its holdings due to the decline in Bitcoin prices are unfounded. He reiterated that the company has no plans to stop increasing its Bitcoin holdings and expects to continue buying quarterly in the future. Michael Saylor pointed out that Bitcoin, as digital capital, has volatility as one of its characteristics, and it is expected that the performance of Bitcoin in the next 4 to 8 years will be 2 to 3 times that of the S&P 500 index.
Currently, Strategy holds 714,644 Bitcoins, with a total acquisition cost of approximately 54.35 billion USD, and an average holding cost of 76,056 USD. Although currently facing paper losses, Michael Saylor emphasized that there is no credit risk on the company's balance sheet and that cash reserves are sufficient to cover dividends and debt expenses for the next two and a half years. Last week, the company purchased 1,142 Bitcoins again at a price of approximately 90 million USD. $BTC
UNI briefly surpassed $4.5, rising over 24% in 24 hours
On February 11, according to HTX market data, UNI briefly surpassed $4.5, currently priced at $4.18, with a rise of over 24% in 24 hours.
Previously reported, Uniswap Labs partnered with Securitize to provide liquidity support for BUIDL, a subsidiary of BlackRock. After BlackRock announced the deployment of BUIDL on the DeFi platform Uniswap, it stated it would purchase Uniswap tokens UNI, but did not disclose the specific amount. $UNI
On February 11, according to HTX market data, UNI briefly surpassed $4.5, currently priced at $4.18, with a rise of over 24% in 24 hours.
Previously reported, Uniswap Labs partnered with Securitize to provide liquidity support for BUIDL, a subsidiary of BlackRock. After BlackRock announced the deployment of BUIDL on the DeFi platform Uniswap, it stated it would purchase Uniswap tokens UNI, but did not disclose the specific amount. $UNI
The greatest investment in human history, bar none.
In 2001, South Africa's Naspers/Prosus invested $34 million in Tencent, and by the end of 2025, the investment return reached 7100 times, with earnings exceeding $240 billion and an annual compound return rate of 55.8%.
Tencent went public in 2004, and it wasn't until 2018 that South Africa's Naspers reduced its holdings for the first time, by 2%. In 2021, they announced a second reduction, still by 2%, and remained steadfast in holding during all other times. $BNB
In 2001, South Africa's Naspers/Prosus invested $34 million in Tencent, and by the end of 2025, the investment return reached 7100 times, with earnings exceeding $240 billion and an annual compound return rate of 55.8%.
Tencent went public in 2004, and it wasn't until 2018 that South Africa's Naspers reduced its holdings for the first time, by 2%. In 2021, they announced a second reduction, still by 2%, and remained steadfast in holding during all other times. $BNB
Duan Yongping posted a long message on Xueqiu, directly advising ordinary people not to touch stocks.
He said he has been playing for more than twenty years, and looking back, for most people the best investment is simply not to participate.
The comments below exploded, with some feeling he was speaking from a position of comfort while others applauded him.
I noticed his account is certified as an early investor in OPPO, with over a million followers, so he is indeed not just talk.
The last sentence of the post, "Without a path in mind, saying anything is useless," is quite harsh, essentially denying both the technical and news-driven approaches.
Some shared his history of buying NetEase and making a hundredfold return, while others brought up old issues saying he missed out on Tesla.
Arguments aside, the most liked comment is still the one that says, "If you don't understand it, don't touch it," which seems like nonsense, but very few can actually do it.
Veteran investors fell silent after reading, while new investors were unconvinced.
The market is never short of smart people; what it lacks are those who know they are foolish. $BNB
He said he has been playing for more than twenty years, and looking back, for most people the best investment is simply not to participate.
The comments below exploded, with some feeling he was speaking from a position of comfort while others applauded him.
I noticed his account is certified as an early investor in OPPO, with over a million followers, so he is indeed not just talk.
The last sentence of the post, "Without a path in mind, saying anything is useless," is quite harsh, essentially denying both the technical and news-driven approaches.
Some shared his history of buying NetEase and making a hundredfold return, while others brought up old issues saying he missed out on Tesla.
Arguments aside, the most liked comment is still the one that says, "If you don't understand it, don't touch it," which seems like nonsense, but very few can actually do it.
Veteran investors fell silent after reading, while new investors were unconvinced.
The market is never short of smart people; what it lacks are those who know they are foolish. $BNB
Binance's latest fiat partner, Singapore Gulf Bank (SGB), announces the launch of the SGB virtual account service. This service provides corporate clients with automated solutions for payment collection and fund management. The service combines collection (COBO) and disbursement (POBO) functions, supporting the generation of independent structured account identifiers for different payers, invoices, or business units, and enables instant identification and real-time settlement to reduce reconciliation delays and manual operations. $BNB
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