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The growth of tokenized U.S. Treasuries has stagnated, while tokenized stocks have surged: increasing 6.5 times to $1.9 billion in a year and a half. Securitize, Ondo, Robinhood, DTCC, NYSE, Nasdaq, Coinbase—all players are vying for the same piece of the pie, but their paths are different.

The market is stagnant, and Saylor is trapping himself.

Don't pay attention to what those experts and big players say, but rather focus on what the market has done.

In the next cycle of crypto, VCs will disappear, and the predicted market ceiling is far lower than Perp; the industry is moving towards maturity.

The Bitcoin BIP-110 fork has been launched, with a support rate of only 2.53%. The main chain is unaffected, and the execution chain has low computing power and has not yet activated the data restriction rules.

From my perspective, the essence of Coinbase's problem is the issue of opportunity cost.

The renaming event of a leveraged ETF

According to reports, DeepSeek has restarted its second round of financing, aiming to raise 50 billion yuan in this round, with a pre-investment valuation of about 500 billion yuan, and plans to complete the signing by late August. If this round of financing goes smoothly, DeepSeek will have raised over 100 billion yuan in total from the two rounds of financing. Previously, DeepSeek suspended its second round of financing, one reason being that the founder Liang Wenfeng was dissatisfied with the widely circulated comments online.

The essence of Circle's business is essentially no different from BlackRock selling ETFs: it relies on asset scale for revenue, but the unit monetization rate is 9 times that of the latter. However, regulation, interest rates, and channel bargaining are compressing this spread.

A 24-year-old German genius faced a margin call after a 4x leveraged bet on AI was hunted by Wall Street, and after Citadel took over at a discount, the next day the stocks surged by 15%-29%.