Una繁星

E is getting tough, $ETH at this moment! It has rebounded from around 2700 to over three thousand, with a weekly increase of more than 10%-12%. This surge is not an isolated event:

1. Fusaka upgrade activation significantly enhances network efficiency.

This is the next hard fork after Pectra. It introduces the PeerDAS mechanism, expanding the data blob capacity from 6 to 48 per block, with Layer 2 (L2) fees expected to decrease by 95%, and transaction throughput increasing by 8-20 times.

Lower gas fees (from $1-5 down to a few cents) and higher TPS (thousands of transactions per second) have attracted more DeFi, NFT, and stablecoin applications. After the upgrade, the ETH price immediately surged by 8.7%, returning to the $3,000 mark. The usage rates of L2s like Arbitrum and Optimism have reached record highs, processing over 60% of Ethereum transactions, further reducing the main chain load and burning ETH (deflationary effect).

2. Large-scale institutional funds are flowing in, with ETF and staking driving demand.

ETFs can stake ETH, yielding 4-5% APY, attracting TradFi funds (for the first time achieving institutional-level liquidity + yield). 29% of ETH (over 35 million coins) has been staked and locked, reducing circulating supply and creating a supply shock. Corporate treasuries (like Bit Digital) are also accumulating ETH, similar to MicroStrategy's BTC strategy.

3. Regulatory clarity + stablecoin/RWA ecosystem explosion.

Each stablecoin transaction burns ETH, driving deflation (Jevons Paradox: efficiency improvements actually increase demand). Ethereum is the preferred chain for RWA and DeFi (Ondo, Franklin Templeton have already tokenized stocks/bonds). Developer activity is leading, with 16,000 new developers expected by 2025.

$ETH is very likely to break through $4,000 this month. If $BTC holds at ninety-three thousand, the ETH/BTC ratio may break the 8-year trend line, triggering altcoin season.

Top 10 On-chain Protocols Earning in the Last 7 Days

The top 4 remain unchanged, they are:

1. Tether @Tether_to ( $USDT )

2. Circle @circle ( $USDC )

3. Hyperliquid @HyperliquidX ( $HYPE ), main source of income is transaction fees.

4. Pump @Pumpfun ( $PUMP ), main sources of income are transaction fees/bond curve fees.

5th place: edgeX @edgeX_exchange. Perp DEX, no tokens issued, has points and EpicSer NFTs, main source of income is transaction fees.

6th place: Fragment, NFT trading market on TON. All fees are sources of income.

7th place: Axiom @AxiomExchange. DEX on SOL, no tokens issued, but trading and invitations can earn points, points can be exchanged for future tokens.

8th place: Sky @SkyEcosystem. Involved token: $USDS $SKY . The main source of income is stability fees, interest paid by users when lending USDS.

9th place: Jupiter @JupiterExchange ( $JUP ). DEX aggregator on Solana, the main source of income is swap fees/aggregation fees.

10th place: Lighter @Lighter_xyz. Perp DEX, no tokens issued, has trading points, points can be exchanged for TGE airdrops.

Circle has obtained the financial services license in Abu Dhabi.
This means $USDC can now operate as a legitimate compliant currency service provider in the Middle East.

At the same time, they have also recruited a powerful woman from Visa, who will directly take charge of the Middle East + Africa.
She does not come from a cryptocurrency background; she is a local executive with long-term experience dealing with governments, banks, and payment systems.

This actually speaks volumes.
Circle is now targeting the wallet access for central banks, commercial banks, and sovereign funds.
Essentially, it is a battle for the national-level funds flow infrastructure.

Don't think that understanding clearly is very important.

People who think too clearly generally haven't started doing.

As long as you haven't done it, that means you haven't understood.

The Binance employee who leaked the insider meme has been identified and suspended, and 5 individuals who made valid reports in the first round have been rewarded with $100,000, each receiving $20,000. Reports made on Twitter do not count; only reports made through Binance's official reporting channel are valid: audit@binance.com

This time the response was very fast, a textbook example of damage control.

As the saying goes, what alpha wants is information asymmetry, but this time the cost has been publicly priced.

$BNB Binance is generous when it comes to public relations.

zkSync Lite $ZK will be closed in 2026, although no specific date has been mentioned, but those with $ETH should withdraw as soon as possible.

It seems to be a breach of permissions at the hot wallet level, allowing the selection of which coins to transfer first, controlling the transfer pace, and completing major actions before risk control is triggered.

Why is it almost entirely BONK? BONK has a large enough volume but is not sensitive to single selling pressure, making it easy to slowly unload in cross-routing without triggering market-wide alert by crashing the price all at once. The hacker understands the liquidity structure of $SOL .

In general, when faced with such a situation, exchanges have two choices. Either stabilize emotions and handle it internally, or acknowledge the loss of control and engage externally at the first opportunity. It is clear that this time Upbit chose the former.

This does not mean Upbit is unsafe, but when a platform is large enough to absorb a loss of 240 million RMB with its own funds while maintaining silence during the most critical 6 hours, you should realize that the risk you are assuming is far beyond what you think it is.

Don't say that during the bear market phase the community is all hiding.
It's just that when there are no money dogs, everyone is pretending not to play with coins.

A certain user opened a long position of 3 million U on $HYPE with 10x leverage.

Many friends around also have been gradually entering $HYPE recently.

After listening to Teacher Murad share 116 reasons in a recent podcast, he believes that the current cryptocurrency bull market has not yet ended and may continue until 2026.

Teacher Murad's core points and reasoning are as follows:

Core Conclusion: This bull market cycle may break the traditional 4-year pattern, extending to 2026. $BTC is expected to initiate a parabolic rise after a correction, targeting between $150,000 and $200,000.

Market Condition Analysis: Recently, Bitcoin has dropped from $125,000 to $80,000, primarily due to short-term traders selling off, macro uncertainty caused by the U.S. government shutdown, and some early holders engaging in 'protest selling.' However, multiple indicators show that the market has begun to signal capitulation, and it may be forming a mid-term bottom.

Bullish Reasons Summary:

Technical Indicators Oversold: The weekly and daily RSI are at multi-year lows, the MACD indicator shows historical lows, and prices are testing long-term ascending channel support.

On-Chain Signals Positive: Short-term holders are suffering significant losses, historic large outflows of funds from exchanges have occurred, and the net profit and loss indicators have bottomed out, indicating that selling pressure may be exhausted.

Derivatives and Sentiment: Liquidations are mainly short positions, funding rates have turned negative, the fear and greed index has dropped to 10, and market sentiment is extremely pessimistic, which is often a precursor to a reversal.

ETF and Institutional Behavior: Among Bitcoin ETF holders, 98% are 'diamond hands,' with strong confidence in long-term holding; the proportion of Bitcoin supply held by ETFs continues to rise, bringing sustained potential for fiat inflows.

Macroeconomic Policy Support: The Federal Reserve has initiated a rate-cutting cycle, the U.S. government has a friendly attitude, and potential fiscal stimulus (such as issuing checks) may inject liquidity into the market.

JPMorgan Analysis: Still bullish on Bitcoin to $170,000, Strategy to hold and not sell coins is key in the near term.

Waiting for $BTC to break new highs again

In 2014, Star signed a borrowing agreement with Li Feng, borrowing 1500 units of $BTC from Li Feng. The agreement, signed on December 17, 2014, stipulated that the repayment deadline was before December 16, 2016. Later, due to personal reasons, Li Feng needed to extend the borrowing period, so on March 30, 2017, the agreement was renewed, extending the borrowing period to December 31, 2017.

In 2018, Star posted on social media saying that Li Feng had not returned the borrowed amount on time and had gone missing. Legal proceedings were initiated in both China and the United States to apply for asset preservation. Until now, there has been no clear outcome.

As for why this old matter is being brought up again, it is because Moore Threads is set to debut on the Chinese Sci-Tech Innovation Board on December 5, 2025, and the identity of being the first domestic GPU stock, along with a surge in stock price on its first trading day, has attracted significant attention. Coincidentally, this Li Feng is said to be a co-founder of Moore Threads, which has led to scrutiny over the matter of making money but not repaying it. However, Li Feng's name does not appear in the current list of senior management personnel at Moore Threads.

Made a bottle of fruit wine in just 15 minutes 😂

First, lay a layer of dried fruit, then a layer of rock candy, followed by another layer of dried fruit, and then pour in the white wine.

It needs to ferment for a month. Just don't know if my skills will make it moldy and undrinkable.

Now $BTC is 90,000 US dollars, $ETH is 3,000 US dollars.

There is still 3x and 7x space respectively before Tom Lee's 2026 price target of 300,000 US dollars for Bitcoin and 20,000 US dollars for Ethereum 🤫

Can the long position reach the other side?

Because Japanese regulations state that yen stablecoins cannot freely cross borders and cannot circulate globally on a large scale.

How can you have a company with two hundred million players use a settlement tool that cannot cross borders?

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Maximum position $SOL

Just watched the latest warning from Slow Fog about the serious phishing attack on the Solana ecosystem. Signing with your wallet can lead to theft. It's too technical for me to understand, so I'll summarize how we retail investors can prevent being stolen from:

If you see unfamiliar permissions, cancel them immediately. The following keywords, once they appear, mean you should 100% stop signing:
1. assign (Solana modifies Owner's instructions)
2. SetAuthority / Set Owner (modifying account control)
3. Approve unlimited (unlimited authorization)
4. delegate / permission / authority
5. Program Upgrade / Program Interaction (suspicious contract operations)

Then, I suggest everyone properly isolate their wallets, which is the simplest way to reduce risk:

Sub wallet: daily interactions, completing tasks for rewards
Main wallet: only store coins, no interactions
Cold wallet: store large amounts, do not participate in any DApp

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Longest holding $SOL

Retail investors are not making money, most project teams are failing, who is making money in Web3 👇 in the last 7 days

1st: Tether @Tether_to, issuer of the stablecoin USDT.
Source of income: All earnings generated from the USDT reserve assets (mainly US Treasuries) are collected by Tether.

2nd: Circle @circle, issuer of the stablecoin USDC.
Source of income: All investment earnings from USDC reserve assets (mainly cash equivalents and US Treasuries) are owned by Circle.

3rd: Hyperliquid @HyperliquidX, $HYPE currently the hottest track PerpDex.
Source of income:
HLP: No income.
Perps (perpetual contracts): 99% of the fees flow into the Assistance Fund to purchase HYPE tokens (excluding builders fees).
Spot Orderbook: 99% of the fees flow into the Assistance Fund to purchase HYPE tokens (excluding Unit Protocol fees).

4th: Pump @Pumpfun, $PUMP Launchpad platform.
Source of income:
pump.fun: Fees for trading and creating tokens are paid by users.
Swap: Income is retained by the protocol, which is 0.05% protocol fee per transaction.
Padre: All fees are charged by the Padre protocol.

5th: Fragment, NFT trading market.
Source of income: All fees are protocol income.

6th: edgeX @edgeX_exchange, derivatives.
Source of income: Treasury and token holder income / Treasury and holder earnings.

7th: Tron @trondao, $TRX a blockchain.
Source of income: Total fees from burning TRX.

8th: Axiom Pro @AxiomExchange, trading platform, use this for meme, main market is in Europe and America.
Source of income:
Axiom: Users will share part of the fees, so platform income is lower than total fees.
Axiom Perps: Fees charged by Axiom from Hyperliquid’s perpetual contracts.

9th: Lighter @Lighter_xyz, Perp DEX.
Source of income: All fees are protocol income.

10th: GODL protocol, a lesser-known reserve currency.
Source of income: All GODL fees collected are counted as income.

Coinbase follow-up.

Shareholders have sued the management in Delaware, accusing them of driving up the stock price and then collectively cashing out $42 billion while being aware of compliance failures, system vulnerabilities, and regulatory investigations regarding these critical issues.

This derivative lawsuit actually had signs of emergence back in 2023. At that time, shareholders claimed that the company's decision to go public directly was to provide liquidity for insiders. The board, on the other hand, wanted to suppress the case through a special committee, but this was questioned due to potential conflicts of interest in the investigation itself. The case is still under review.

In 2023, they paid $100 million to New York State to resolve anti-money laundering issues. By 2025, it was reported that data from tens of thousands of users had been leaked, but they had known about this situation months earlier and couldn't handle it anymore, so they decided to relocate directly..

Mainly, they also dare not say they are compliant; they can only say that this place is not suitable for them.

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My largest position: $SOL

Call me Judy today 🐰