This article is based on the transcript of Space voice recordings, covering market trend reviews, industry policy dynamics, the grievances in the Chinese cryptocurrency community, as well as the logic of self-media individuals stepping out and long-term positioning thoughts.

Good evening, friends. Welcome to tonight's #心学Space .

Let's first review the #每日币圈热点综述 on April 10th (original text directly accessible):

1. Market trend review

Traditional capital markets

Today, the Nikkei 225 index surged by 1.84%, closing at 56,924 points. It is expected to challenge a new high within this month.

The US stock market is strong in pre-market trading, consistent with the morning assessment, with an accuracy rate of about 90%. The US-Iran negotiations are taking place in Pakistan, and although differences remain, the market is optimistic about achieving lasting peace after the 14-day ceasefire, which boosted all three major US stock indices yesterday.

Cryptocurrency market

The cryptocurrency market as a whole has seen a moderate rise, but momentum is limited, contrasting with the strong stock market. Bitcoin gradually climbed during European and American trading hours, with the market focusing on whether it can effectively break through the $73,000 mark.

Currently, my personal strategy is primarily to hold Bitcoin in spot, with about 10% allocated to fixed-income financial products, maintaining a stable position in an uncertain environment.

Two, industry policy dynamics

Hong Kong: Stablecoin licenses officially issued

The Hong Kong Monetary Authority announced today that it has granted the first batch of stablecoin issuer licenses to Hongkong Shanghai Banking Corporation Limited and Anchor Financial Technology Limited (jointly established by Standard Chartered Bank, Hong Kong Telecommunications, and ANX Group). The licenses take effect immediately.

HSBC plans to launch a Hong Kong dollar stablecoin in the second half of 2026, integrating with PayMe and HSBC Hong Kong's mobile finance app, supporting scenarios such as person-to-person and person-to-merchant payments. Anchor Financial will also issue Hong Kong dollar stablecoins in phases.

This move marks a key step in Hong Kong's compliant stablecoin ecosystem, which is expected to further facilitate the inflow and outflow of funds in the Chinese-speaking crypto community.

Hong Kong will also host a Web3 summit at the end of the month, where industry exchanges will become more intensive.

Japan: Cryptocurrency regulation and tax rate optimization

The Japanese cabinet today passed amendments to the Financial Instruments and Exchange Act, officially bringing cryptocurrencies into the regulatory framework for financial assets, and plans to lower the income tax rate from a maximum of 55% to 20%, which is consistent with the capital gains tax on securities.

This move represents a significant benefit for Japanese Web3 practitioners.

Three, the grudges in the Chinese-speaking crypto community

Event origin

In the new book by Binance founder CZ (the e-version is now available on Amazon and Kindle), a sensitive detail is mentioned: it indirectly refers to OKX founder Xu Mingxing reporting former Huobi founder Li Lin to the authorities, which indirectly led to Li Lin's troubles in 2017 and subsequent events such as the sale of Huobi. This content quickly fermented in the Chinese-speaking crypto community.

Event process

Xu Mingxing immediately retaliated strongly, responding to CZ's relevant past events during his tenure at OKX (about a year) one by one. The conflict escalated as both sides exchanged insults. Subsequently, CZ's wife, Li Yijie, and related personnel from OKX joined in, escalating the situation from business grievances to personal matters.

Three observation dimensions

1. Perspective shift: Regardless of the truth of the reporting details, being publicly roasted is a provocation that is difficult for the parties involved to accept. Xu Mingxing's intense response was expected.

2. The gains and losses of CZ's actions: Publishing a book is a personal choice, but including old grievances within it is unnecessary. Given CZ's wealth level, the royalties are negligible, and the book would be hard to sell in mainland China. A more likely scenario is that insufficient attention to detail during ghostwriting led to a ripple effect.

3. Pattern comparison: Back then, Liu Xiaoqing published a book exposing Chen Guojun, who did not immediately retaliate but instead took time to respond with (The Stories Liu Xiaoqing and I Have to Tell), which resonated widely, showing more grace and empathy. This confrontation, charged with emotion and intense language, left many observers feeling a 'shock to their worldview.'

Four, the way for self-media people to break out

The conflict among Chinese-speaking crypto community leaders has become a rare traffic hotspot. How self-media practitioners can capitalize on this will test their choices:

➡️One type is to unconditionally stand with one side and trample the other;

➡️Another type is to play both sides on different platforms, saying contradictory things.

This type of content has considerable short-term traffic but can easily create a cheap brand, causing long-term damage to personal IP.

Fundamental changes in streaming logic in the AI era

➡️The self-media ecosystem is undergoing a deep transformation: The old logic relied on platforms to sell traffic, while creators relied on keywords and clickbait titles to gain traffic;

➡️Under the new trend, AI can now directly understand video and article content, assess quality, and accurately match interested users—a dual-directional precise streaming era is upon us.

"Good wine is afraid of deep alleys" will become history. The quality of content itself will determine the breadth of dissemination, and high-quality content, no matter where it is hidden, will reach the target audience.

Commercial monetization will also transform: shifting from selling traffic/advertising to facilitating real transactions, similar to a gradually weakening intermediary model of live streaming sales. Brands and producers can reach consumers directly through high-quality content.

Conclusion: Survive first, or live long?

For self-media practitioners, there is no standard answer, only paths that suit them:

➡️Short-term strategy: Align with emotional hotspots, quickly harvest traffic, and address survival pressure—this is understandable;

➡️Long-term strategy: Clearly define positioning, adhere to values, sacrifice short-term traffic, and accumulate IP assets.

The key is to clearly understand what you truly want and then take responsibility for your choices.

In the world of fame and fortune, the overall pattern is often more important than momentary wins or losses.

Additional note: #心学Space Exchange at 8 PM Beijing time every day.

Feel free to share your anxieties, confusions, and coping insights in the comments section, and let’s build this in-depth, warm discussion space together!