Kaan Kaya 1

The Ceiling Every In-House Market Maker Eventually Hits Every technical founder has had this thought at least once: "we could just build the market maker ourselves." I get it. I've watched a few teams try it, and the quoting logic really is the easy part – it's what comes after that nobody budgets for. There's a real, defensible case for self-provisioning, and I don't dismiss it. But there's also a specific moment where "just staff it" quietly turns into a permanent headcount problem, and most teams hit it faster than they expect. In my new Medium article, I break down where the self-build case genuinely holds, where it caps out, and how the buy-side options actually differ depending on whether you're the market maker or the one hiring one. 👉 Read the full article: https://medium.com/the-investors-handbook/three-ways-to-buy-back-liquidity-and-who-each-one-is-for-d7023458af26 #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?#

ドージコインETFはすでに停止しつつあります😬 設立から1年も経たないうちに、BitwiseがドージコインETFを閉鎖しています。失敗した仮想通貨ETFは、成功したものと同じくらい面白くなると思います。ETFの承認は、資産の配分を可能にするだけです。需要を生み出すわけではありません。投資家がその商品に十分な資金を投入しないと、存続し続けるための経済性が、いずれ成り立たなくなります。これは、より多くのアルトコインがETFを追いかける中で、役立つ現実確認です。ビットコインは、投資家がブローカー口座を通じた$BTCへのエクスポージャーを求めていることを証明しました。しかし、それが投資家があらゆる仮想通貨資産を同じ形でパッケージ化することを望んでいることを自動的に意味するわけではありません。ETFのラッパーは扉を開きます。そこを実際に歩いて通る必要があるのは誰かです。#Macro Insights# #Altcoin Season#

Stablecoins Could Save Merchants $3.8 Billion a Year South Korea's National Assembly Budget Office estimates stablecoin payments could eventually save domestic merchants as much as $3.8 billion annually, largely by reducing payment-processing costs. That’s probably a more useful stablecoin adoption metric than transaction volume. A merchant doesn't really care that $USDT or another stablecoin settles on a blockchain. They care whether accepting a $100 payment leaves them with $99 instead of $97. If stablecoins genuinely start competing on merchant economics, crypto payments become much less about convincing consumers to “pay with crypto.” They become a question of whether merchants eventually start preferring the cheaper rail underneath the payment. #Macro Insights# #Altcoin Season#

Robinhoodチェーンが突然1日600万ドルの手数料を生み出している Robinhoodチェーンは、DEXの取引量がおよそ2倍になっている一方で、日次の手数料が過去最高となる600万ドルに到達しました。The Blockによれば、同チェーンの手数料生成は最近、SolanaやBNB Chainなどを含むネットワークを上回る水準に移行したとのことです。これにより、Robinhoodのブロックチェーン実験は、単なる別の発表されたL2だった頃よりもはるかに興味深いものになりました。$ETHに連動するレイヤー2にとって、本当の試金石は最終的に、人々が実際に取引し、売買し、ブロックスペースの対価を支払うかどうかです。数百万の口座顧客を抱えていることで、Robinhoodには「新しいチェーンが何年もかけて作ろうとしている」配信・流通網が用意されています。いま、その優位性がどれほど価値のあるものなのかを見られるわけです。別のブロックチェーンを作るのは、もはや特に難しいことではありません。何百万人もの人々にそれを使う理由を与えることこそが難しいのです。 #ETHBlockchain #ETHFoundation

VisaはDeFiのデータを使って誰がクレジットを受けられるかを判断している💳 これは、2つの金融の世界が衝突しているように感じます。Visaは自社の決済データとオンチェーンの貸付情報を組み合わせ、ステーブルコインのカードを使う企業の運転資金の適格性を判断するのに役立てています。企業を従来の銀行の履歴だけで判断するのではなく、オンチェーン上の金融活動が信用判断の別の入力情報になる可能性があります。これは、#AAVE のようなプロトコルにとって重要な第二次的なユースケースになり得ます。パブリックブロックチェーンの履歴は、誰かが資産を持っていることを示すだけではありません。借入行動、担保ポジション、返済履歴、流動性といった、通常は別々の機関の中にある金融情報を示せる可能性があります。ここには明らかなプライバシー上の問題がありますし、ウォレット履歴は自動的に信用力と同じになるわけでもありません。とはいえ、より大きな発想としては興味深いです。DeFiが、従来の貸し手が実際に使いたい金融データを生み出すようになるかもしれません。それは、暗号資産と銀行の間に架かる、まったく別種のブリッジになり得ます。 #Macro Insights# #Altcoin Season#

DeFi Found a Different Way to Handle Liquidations Most lending protocols have a pretty brutal rule: collateral falls far enough, liquidation happens. Curve takes a different approach with soft liquidations, gradually converting collateral as a loan approaches dangerous territory rather than waiting for one hard liquidation threshold. If conditions improve, the process can potentially reverse. I find this interesting for $CRV because crypto lending has spent years optimizing rates and capital efficiency while the actual liquidation experience has remained fairly primitive. Markets don't always move smoothly. A five-minute wick can liquidate someone who would have been perfectly solvent an hour later. Gradual liquidation doesn't eliminate risk, and it introduces its own trade-offs. But it's a good reminder that “your collateral hit X price, therefore sell everything” isn't the only way an on-chain lending market can work. #Macro Insights# #Altcoin Season#

Zcash’s ETF Just Bought 3% of the Entire Supply 👀 This is one of those ETF numbers where the percentage matters more than the dollar figure. Grayscale’s new Zcash ETF has crossed $500 million in assets just two weeks after listing. More interestingly, it now holds over 550,000 $ZEC , roughly 3% of the circulating supply. Bitcoin ETFs can absorb billions without making an enormous dent in available BTC. Smaller assets are different. If an investment product consistently removes even a few percentage points of circulating supply, its flows can become relevant to the actual market structure of the token. Of course, that works both ways. ETF inflows can tighten available supply. ETF outflows can eventually put some of that supply back. For altcoin ETFs, I think “what percentage of the token does the fund own?” might become a much more useful metric than AUM alone. #Macro Insights# #Altcoin Season#

😏 Before Moving VIP Status, I Compared More Than Just the Fees August gave me so many $BTC trading setups that by the end of the month I’d unexpectedly made it into a VIP tier. It actually gave me some great perks like: lower trading fees, higher limits, priority support, better conditions for active trading etc Of course, I was happy with all of that. But I’d also heard that VIP programs can differ quite a lot from one exchange to another, with each platform offering its own extra benefits. So I became curious about what else was out there… 🧐 🔥 For example, a VIP program with 150 sub-accounts on WhiteBIT really caught my attention. But apart from that - it also promised to transfer my current VIP from another exchange without building it from zero: https://bit.ly/4xcKT9d I liked the idea, but still was cautious: what if the tier they gave me would be lower than I expected? ☠️ So before moving my $BTC activity there, I spoke with a VIP manager to compare my existing fees, limits, requirements, and benefits with the WhiteBIT setup. Only after seeing the numbers next to each other did I feel I had enough information to move further, as I could see the conditions and make the decision based on specific facts, not general promises 🤝 At the end of the day, VIP is not about the badge. It’s about whether its conditions actually work better for your trading setup. Disclaimer: This is not financial or investment advice. DYOR before making any decisions. Use at your own risk. #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?#

Bitcoin Is Doing Something It Usually Gets Criticized for Not Doing Oil has moved above $100, equities are falling, and $BTC has actually moved higher alongside gold, reaching around $79,700 today. That’s interesting because Bitcoin's “digital gold” narrative usually gets tested precisely when markets become uncomfortable. During plenty of previous risk-off periods, BTC simply behaved like a high-beta tech asset and sold off with everything else. One day obviously proves nothing. But these are the days worth saving and comparing later. If $BTC increasingly reacts to geopolitical and inflation shocks alongside gold rather than equities, that tells us considerably more about its changing investor base than another “Bitcoin is digital gold” debate ever will. #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?#

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Solana Is About to Make a Transaction 3x Bigger 👀 Solana is increasing its maximum transaction size from 1,232 bytes to 4,096 bytes, giving developers more than three times as much room inside a single transaction. That means things like large cryptographic proofs, complex multisig operations and certain confidential transfers that previously needed several transactions can potentially happen in one. I find this more interesting than another $SOL TPS record because it's a different kind of scaling. Speed tells you how many cars a highway can handle. Transaction size determines what each car can actually carry. As blockchains mature, I suspect the competition moves increasingly from “who processes the most transactions?” toward “what can developers actually fit inside those transactions?” #Macro Insights# #Altcoin Season#

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$AVAX Is Getting a Very Different Kind of Adoption South Korean conglomerate Hanwha has reportedly developed a tokenized-securities platform using Avalanche, as South Korea prepares its regulatory framework for security tokens. This is the type of $AVAX news I find more useful than another partnership announcement because there's a fairly obvious question to ask later: did securities actually get issued and traded on it? Enterprise blockchain projects used to generate impressive lists of pilots that quietly disappeared six months later. Tokenization is reaching a stage where “Company X is experimenting with blockchain” shouldn't be enough anymore. The interesting numbers will be assets issued, investors onboarded, settlement volume and whether anyone is still using the infrastructure a year later. Production is a much higher bar than partnership. #Macro Insights# #Altcoin Season#

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OpenSea は 4 年後に Solana に戻ってきました OpenSea は Solana NFT の取引を追加しました。ネットワーク対応を初めて試してから 4 年以上が経過しています。 タイミングが興味深いのは、NFT が 2021 年の瞬間をいまや「楽しんでいる」とは言いにくいからです。 しかし、だからこそ $SOL にとって重要になり得ます。 NFT ブームの間、別チェーンの対応は主に取引量を追いかけることが目的でした。今日では NFT インフラは、はるかに静かな市場でユーザーの獲得競争をしなければならず、適切な配信、手数料、トレーダー体験を備えているかどうかが、以前にも増して大きな意味を持ちます。 さらに暗号資産プロダクトには、チェーン対応を「恒久的な決定」として扱う癖があります。つまり一度統合してチェックを入れ、次へ進む。 しかし実際にはエコシステムは変化します。流動性は移動します。ユーザーベースも移ります。4 年前には優先する価値がなかったチェーンが、今日ではまったく別の姿に見えることもあります。 あるいは、採用が「最初であること」ではない場合もあります。 企業が改めて見直しに戻ってきたときも、なお関連性を保っていること——それが大切なのです。 #Macro Insights# #Altcoin Season#

ロンドン証券取引所が少しだけ暗号資産取引所みたいになりつつある 🔥 ロンドン証券取引所は、Krakenの親会社Paywardと協力して、5年前ならかなり奇妙に聞こえたであろう取り組みを進めています。それは、デジタル資産と並んで取引できるように設計された「トークン化された英国株」。新市場は規制当局の承認を前提に、2027年を目標としています。トークンは実際の株式に対して1:1で裏付けられることが見込まれ、小口単位で世界中に提供される予定です。 私の関心を引いているのは、もはやトークン化そのものではありません。ブロックチェーン上のレールに株式をラップすることが技術的に可能なのは、トークン化株を見て十分に分かっています。 問題は「市場の営業時間」です。クリプトは、投資家の世代全体に対して、市場はただ……開いているものだと期待させました。土曜の夜、クリスマスの朝、3 a.m.――$ETH は気にしません。 一方で従来の株式は、寄り付き（オープニングベル）や引け（クローズオークション）、週末、そして別の技術時代から引き継がれてきた決済インフラを中心に動いています。 そして今、大手取引所は、暗号資産の投資家に昔のスケジュールへ適応させようとするのではなく、その市場時間を延長する実験を始めています。 私は、すべての株が24/7で取引される必要はないと思っています。でも、投資家がそうした「いつでも取引できる資産」に慣れてしまうと、「ナスダックのNvidiaはニューヨークでは午後4時だから、必ず取引を止めなければならない」という話を説得して通すのが、どんどん奇妙に聞こえてきます。 #ETHBlockchain #ETHFoundation

$SOL Fees Just Hit a Record, Which Changes the Conversation a Bit 👀 For years, one of the easiest criticisms of Solana was that activity was cheap precisely because blockspace wasn't particularly valuable. Now $SOL network fees have hit a record, at the same time validators have voted to accelerate the decline in token inflation. Those two things are interesting together. Proof-of-stake networks need to pay validators somehow. If issuance falls faster, transaction fees eventually become more important to the economics of securing the network. So I’d watch fees for a different reason now. Not simply “is Solana busy?” but “can real network demand gradually replace inflation as part of the validator business model?” That's a much more important test than another transaction-per-second record. #Macro Insights# #Altcoin Season#

A DeFi Token Went 100x. Then Someone Borrowed $75M Against It... This might be one of the clearest examples I've seen of why liquidity matters more than the price displayed on your screen. An attacker allegedly manipulated TONIC, a thinly traded token used as collateral on Tectonic, by roughly 100x in about 20 minutes. The inflated tokens were then deposited into the lending protocol and used to borrow real assets. The exploit has been estimated at around $75 million, and Cronos ultimately halted the entire network. Here's the part worth understanding. Before the attack, TONIC reportedly had only about $1.34 million in liquidity and around $11,000 in daily trading volume. A lending protocol nevertheless had to assign a dollar value to those tokens when deciding how much someone could borrow against them. And that's where DeFi gets tricky. An oracle can accurately report the current market price and still produce a terrible representation of what an asset is actually worth at scale. If I push an illiquid token from $1 to $10, technically the market price is $10. But that doesn't mean I could sell 100 million tokens for $1 billion. A lending protocol accepting that valuation as collateral effectively turns a thin market into borrowing power. We've spent years talking about smart-contract risk in DeFi. Illiquid collateral might deserve just as much attention. #Macro Insights# #Altcoin Season#

⏱️ Speed to Market Is the One Crypto Advantage That Expires I've sat in enough board meetings to notice this: when a $BTC feature comes up, timing gets treated as the flexible part of the plan. "We'll get to it next quarter" sounds harmless in the room. But in an adoption race, the window to be early is finite. Ship two quarters late, and a competitor doesn't just get a head start, they often become the default option users associate with the category. 📊 Base case: integrating now captures demand while it's fresh. Bull case: launching early makes you the go-to option in your niche before rivals respond. Bear case: racing to ship without validating demand first just gets you a feature that launches fast and lands flat – speed isn't the strategy, it's the execution once the strategy is confirmed. 🤔 Boards tend to confuse "we could build this" with "people are asking for this." Once demand is validated, the variable left on the table is how long it takes to launch – and that's where a multi-quarter build starts to look expensive. An integration like WhiteBIT Crypto-as-a-Service could compress that timeline: wallet creation and management, buy/sell functionality, custody, and liquidity are already handled on the provider's side, along with the compliance groundwork. https://institutional.whitebit.com/crypto-as-a-service?utm_source=coinmarketcap&utm_medium=caaas_kaaan&utm_campaign=post The launch becomes an API integration rather than a from-scratch build – support for 330+ cryptocurrencies across 80+ blockchain networks comes with it. That turns go-live into weeks rather than the quarters a custom build usually takes. So has your board validated the demand, or just assumed the timeline is all that stands between you and shipping? Disclaimer: This is not financial or investment advice. Do your own research before making any decisions. Use at your own risk. #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?#