你好 比特币

On March 25, 2025, the Trump family business WLFI launched the dollar stablecoin USD1. With Trump's endorsement and the imminent passage of the U.S. stablecoin legislation, expectations are high.

Today, let's talk about the story behind the presidential stablecoin USD1.

1/ What is USD1?

Trump's son, Donald Trump Jr., publicly stated that USD1 is not only a business attempt by the family but also a strategic asset to support the hegemony of the U.S. dollar. This elevates USD1 to the level of national strategy and showcases the Trump family's consistent ability to 'tell stories.'

GBTC, Grayscale's Bitcoin ETF, held 619,000 Bitcoins in January 2024. Over the next one and a half years, it experienced continuous outflows.

As of now (June 2025), only 185,000 remain, a decrease of about 70%. Is Grayscale's GBTC going to fail?

1/ Grayscale and GBTC

Grayscale (Grayscale Investments) is a digital currency asset management company founded in 2013, and its core product is the Bitcoin Trust GBTC.

GBTC was launched in 2015, providing institutional investors with a convenient way to invest in Bitcoin. As the first institutional product to enter the crypto market, Grayscale seized the market's untapped opportunities and became a major player in Bitcoin investment.

币圈有这么一位女性，没有显赫的背景，但凭着自己的胆识和能力，一步步脱颖而出，在男性主导的加密世界，成为举足轻重的人物。

没错，她就是币安交易所的联合创始人何一。

1/ 早期经历

何一（原名何英），1986年出生于四川农村，父母都是教师。她从小喜欢读书，成绩也不错。

中学时期，她就展现出过人的商业嗅觉和能力。16岁那年，她通过兼职卖饮料，每个月已经能赚1000元，当时中国的人均收入每个月也才700元左右。

Recentemente, a Comissão de Valores Mobiliários dos EUA solicitou que os emissores do ETF de SOL modificassem e reenviassem os documentos de solicitação S-1 em uma semana. O mercado acredita amplamente que o ETF da Solana está prestes a ser aprovado.

Hoje, vamos conversar sobre se a SOL pode replicar o aumento explosivo do BTC se o ETF for realmente aprovado.

1/ A experiência de sucesso do ETF de Bitcoin

Em 11 de janeiro de 2024, o ETF de Bitcoin foi oficialmente lançado, e o preço da moeda experimentou uma breve queda de 10 dias, antes de iniciar um forte modo de alta. Em março, o preço do Bitcoin superou 73 mil dólares, com um aumento de 83%.

Por que o Bitcoin disparou após a aprovação do ETF?

Coinbase, the first stock in the crypto circle, went public in April 2021, dropping from an opening price of $381 to $310 on the first day.

It then fell for over a year to a low of $31, leaving investors in despair.

But this round of cyclical performance and stock prices have started to rise, reaching a peak of $349 by the end of 2024. Today, let's talk about whether Coinbase's stock is worth buying.

1/ Stock Evaluation Framework

Before evaluating Coinbase, we need to understand the framework for assessing a stock—Warren Buffett's value investing system.

Buffett's value investing emphasizes holding quality company stocks for the long term at a reasonable price to achieve compound growth. Specifically, it requires analysis from three dimensions: business model, moat, and management team.

币安（Binance）作为全球第一的加密货币交易所，其发行的代币

自2017年诞生以来，备受市场关注。

截至2025年6月，BNB的市值已达到909亿美元，在所有加密货币中排名第五。

今天我们来看看BNB这个代币是否还值得投资？

1/ 代币情况

BNB的名称源于CZ常说的“Build and Build”，寓意持续建设与创新。它的当前价格约为652美元，距离去年12月的历史高点793美元，有约20%的差距。

从市值看，虽然排第五，但除了比特币和以太坊，跟USDT/XRP/SOL这几个代币的市值都差不多，属于第二梯队的佼佼者。

这一轮周期，$ETH的表现明显不及预期，未能突破2021年11月的历史最高价4891美元，当前价格仅为2500美元，较历史高点下跌近50%。

1/ 本轮价格

在2024年底，以太坊价格曾达到4006美元的本轮高点，但仍比历史高点低18%至20%。

相比之下，比特币在本轮周期中表现亮眼，不仅突破了历史新高，还飙升至10万美元以上。

从ETH/BTC的汇率价格来看，差距更加明显。2021年底，以太坊与比特币的汇率为0.088，但到2025年4月，这一比率跌至0.017，相对比特币的价值下跌了80%。这意味着，从投资角度看，比特币的表现远超以太坊。

On June 5, 2025, Circle, the issuer of the second-largest stablecoin USDC, officially went public. On the first day, the stock price surged by 168%, attracting widespread attention and discussion from investors.

1/ Circle's stock surged upon listing

Just three days later, the stock price further rose to $138, increasing 4.5 times from the issue price of $31, with a market cap approaching $30 billion.

This market cap is already close to half of Coinbase's exchange, exceeding market expectations. Institutional investors are also highly interested in Circle's IPO. For example, BlackRock, as the issuer of the Bitcoin ETF, acquired 10% of the shares in this IPO.

Quem poderia imaginar que, nos últimos anos, a região com o crescimento mais rápido de usuários de criptomoedas no mundo seria a África? Hoje, vamos falar sobre a indústria Web3 na África.
1/ Beleza natural e retrocesso coexistem
A primeira impressão que a África transmite é de pobreza e atraso; além de famintos e refugiados, existem Bill Gates indo ajudar e a Organização Mundial da Saúde indo resgatar.
No entanto, a verdadeira face da África vai muito além disso, com paisagens naturais de tirar o fôlego e uma rica diversidade cultural. O mergulho no Mar Vermelho, passeios de barco no Rio Nilo e as magníficas cenas da travessia do deserto do Saara são inesquecíveis. Perseguir elefantes ao amanhecer e conviver com a vida selvagem, ao chegar na África, a vitalidade mais primitiva da natureza se apresenta de forma avassaladora.

最近著名赌徒James Wynn在链上币安Hyperliquid爆仓之后，币安创始人cz发推文提出了一个暗池DEX合约交易所的想法。

1/ 传统金融的暗池

暗池（Dark Pool）作为一种非公开的交易场所，起源于传统金融市场，与公开交易所形成鲜明对比。

其核心功能在于允许交易者在不公开订单信息的情况下进行大额交易，从而减少大额交易对市场价格的冲击，使交易能够在不显著影响公开市场价格的情况下完成。据统计，截至2025年，美国股票交易中已有51.8%的交易量通过暗池完成。