bitwise

#Bitwise has registered a "Bitwise Uniswap ETF" in Delaware.
The UK has banned #Coinbase from publishing advertisements that downplay cryptocurrency risks.
Vitalik @VitalikButerin : My biggest concern about ETH is application-layer risk; I hope developers focus on three types of applications, including DeSOC.
Social #NFT platform Rodeo announces closure, becoming the second NFT platform to shut down in a week.
#DefiLlama acquires OTC data platform #Bulletin to supplement valuation data for private crypto companies.

The Regulatory Maze: A Watershed Moment
Washington’s attempt to provide "clear rules of the road" for crypto is hitting unexpected friction. The Digital Asset Market Clarity Act, once seen as a high-probability win, has seen its passage odds on prediction markets tumble to 50% following industry pushback. This "fork in the road" represents a shift from bipartisan optimism to a complex debate over consumer protection and competition. 🏛️

Why the Clarity Act Matters
This legislation is designed to move the industry away from "regulation by enforcement" toward a predictable framework. By distinguishing between securities and commodities, the Act aims to greenlight institutional liquidity and provide a "green light" for builders. For investors, it represents the potential transition of crypto from a speculative asset to a permanent, legally cemented fixture of the U.S. financial system.

The Bitwise Signal: A Three-Year Clock
Bitwise CIO Matt Hougan suggests that if the bill stalls, the market enters a grueling "show me" phase. Bitwise warns the industry has a roughly three-year window to become "indispensable" through mass adoption in stablecoins and tokenization. The goal is to follow the "Uber model": becoming so integrated into the economy that favorable regulation becomes a necessity rather than a political favor. ⏳

Adoption, Innovation, and the Yield Conflict
A primary sticking point is stablecoin yield. The current draft reportedly restricts issuers from paying interest directly to holders—a move seen as protecting traditional banks from "narrow bank" competition. While the bill offers wins for self-custody and DeFi developer protections, these restrictive yield provisions could cap the U.S. market’s potential or force innovation into regulatory loopholes.

Conclusion
The stalling of the Clarity Act isn't necessarily a death knell, but it is a wake-up call. The path forward suggests that real-world utility and "indispensable" adoption will be the ultimate drivers of crypto's survival, regardless of the legislative timeline in Washington. 🌐

#CryptoRegulation #CLARITYAct #Web3 #Stablecoins #Bitwise

家人们，来看这一波终极“缝合怪”操作。Bitwise 刚刚推出了一个叫 BRGX 的主动管理型 ETF，把比特币和黄金这两样东西硬生生地塞进了一个篮子里。这操作简直让我想起了某些相亲市场上的精致利己主义者：既想要 18 岁精神小伙的激情（比特币），又想要 80 岁拆迁户的稳重（黄金）。嘴里喊着“对冲货币贬值”，手里却握着镰刀准备收割那些既想暴富又怕死、犹豫不决的中间派韭菜。醒醒吧，真正的避险是把私钥缝在裤衩里，而不是去买这种包装出来的纸面合同。

这个所谓的“Bitwise Bitcoin and Gold Strategy ETF”（代码：BRGX）到底是个什么货色？说白了，它不是让你直接持有大饼，也不是让你去金库搬砖。它是通过比特币期货、黄金期货以及其他的 ETP 和现金来进行所谓的“主动管理”。Bitwise 的逻辑很简单：比特币是“数字金”，黄金是“真·黄金”，把它们放在一起，就能抵御法币烂大街带来的通胀风险。听起来是不是特别高大上？但在老油条眼里，这就是典型的“既要又要”逻辑，试图用一种平庸的组合来掩盖对市场判断的无能。

咱们来拆解一下这个所谓的“主动管理”。在币圈，主动管理往往意味着两个字：磨损。机构告诉你他们会根据市场波动自动调整比例，实际上就是在拿着你的管理费去练习怎么当“高位接盘侠”和“低位割肉狗”。比特币和黄金的属性根本就是南辕北辙：一个是波动率拉满的投机之王，一个是几千年都不怎么挪窝的防御之盾。把它们强行配对，就像让一个极客少年和一个清朝遗老合租，除了让手续费和管理成本飙升，我想不出对普通散户有什么实质性的收益提升。如果你真想避险，直接买现货不香吗？非要给基金经理送点酒钱？

再说说这个“货币贬值”的叙事。现在所有的机构都在利用大家对法币超发的恐惧。Bitwise 说这种组合能在通胀周期中提供更好的抗风险能力。拜托，如果美元真的崩了，你觉得那几张代表期货合约的电子凭证还有用？到时候你手里拿的是纸，人家大户手里拿的是真正的资源。这种 ETF 的本质，是给那些有“合规洁癖”的传统资金提供一个心理安慰剂。散户凑什么热闹？你是怕自己的钱多得没处花，还是觉得自己的本金太硬，需要这种磨损严重的金融产品来“降降火”？

讽刺的是，比特币当初诞生的使命就是为了“干掉”黄金这种落后的资产形式，实现纯粹的去中心化价值传输。结果呢？现在这帮西装革履的机构硬是把比特币又拉回了旧时代的怀抱，非要给它套上一个“传统金融接盘侠”的马甲。这种所谓的创新，本质上是对加密精神的一种回滚。对于真正的加密信徒来说，这就是在给茅台兑自来水——既毁了茅台的口感，也没让自来水变高级。最可笑的是，这种产品还要收你一笔不菲的管理费，美其名曰“专业理财”，实则是“合法抢劫”。

总结一下：Bitwise 这种 ETF 就是专门为那些“想吃肉又怕咬牙”的中产阶级设计的。它提供了一种虚假的平衡感，让你觉得自己在配置高端资产，其实你只是在为一个平庸的投资策略支付昂贵的门票。如果你是冲着比特币的暴利来的，直接梭哈现货，别看这些弯弯绕；如果你是冲着黄金的稳健来的，去买金条压箱底。这种“缝合怪”产品，最终只会让你的账户在磨损中慢慢归零。一句话：别在金融机构的叙事里寻找安全感，那是这世界上最贵的幻觉。看好你的本金，少碰这些乱七八糟的创新盘子。
$BTC $ETH $SOL #Bitwise #比特币ETF