鏈上視角 Onchain View
#鏈上一分鐘：每日一分鐘，快速掌握鏈上數據與市場動態。
#幣圈速報：即時追蹤幣圈新聞與熱點，讓你掌握市場先機。
#新手路徑圖：專為零基礎設計，提供簡單易懂的幣圈教學。
11 Following
49 Followers
50 Liked
0 Shared
See original
#On-chain One Minute | Signal Conflict: Whales inject selling pressure into exchanges, but the macro outflow trend in the market has not changed
📊 Key Data
On-chain data is presenting a complex and contradictory set of signals.
Micro (Selling Pressure): According to tracking, a 'whale' address has cumulatively transferred about 600 BTC to the exchange Kraken in batches over the past two weeks (Source 2).
Macro (Outflow): However, from the macro data of exchanges across the network (Source 3 & 4), the net flow of Bitcoin has not shown large-scale panic deposits, but rather continued to remain in a relatively balanced state or even a slight net outflow.
Institutions: Meanwhile, the flow of Bitcoin spot ETFs in the U.S. (Source 1) has recently been stable, with neither large-scale inflows nor panic outflows occurring.
On-chain data is presenting a complex and contradictory set of signals.
Micro (Selling Pressure): According to tracking, a 'whale' address has cumulatively transferred about 600 BTC to the exchange Kraken in batches over the past two weeks (Source 2).
Macro (Outflow): However, from the macro data of exchanges across the network (Source 3 & 4), the net flow of Bitcoin has not shown large-scale panic deposits, but rather continued to remain in a relatively balanced state or even a slight net outflow.
Institutions: Meanwhile, the flow of Bitcoin spot ETFs in the U.S. (Source 1) has recently been stable, with neither large-scale inflows nor panic outflows occurring.
See original
#Crypto Circle Quick Report｜Is the 'Musk Effect' Rising Again? SpaceX Transfers $120 Million in Bitcoin, Market Holds Its Breath Speculating the Motive
⚡ Event News
The aerospace giant SpaceX, associated with Elon Musk, was recently found to have made a large-scale Bitcoin transfer on-chain. Data shows that a known SpaceX company wallet transferred 1,977 BTC (worth approximately $121.5 million to $133 million, depending on market prices at the time of valuation) to a brand new unknown address. As the official party has not provided any explanation for this move, this 'silent transfer' has generated significant uncertainty and widespread speculation in the market.
🔍 Core Interpretation
The core issue of this transfer lies in the ambiguity of its intent. In the cryptocurrency market, any on-chain operation involving substantial assets executed by Musk's companies is scrutinized under a microscope (i.e., the 'Musk Effect') and is viewed as a potential market signal.
The aerospace giant SpaceX, associated with Elon Musk, was recently found to have made a large-scale Bitcoin transfer on-chain. Data shows that a known SpaceX company wallet transferred 1,977 BTC (worth approximately $121.5 million to $133 million, depending on market prices at the time of valuation) to a brand new unknown address. As the official party has not provided any explanation for this move, this 'silent transfer' has generated significant uncertainty and widespread speculation in the market.
🔍 Core Interpretation
The core issue of this transfer lies in the ambiguity of its intent. In the cryptocurrency market, any on-chain operation involving substantial assets executed by Musk's companies is scrutinized under a microscope (i.e., the 'Musk Effect') and is viewed as a potential market signal.
See original
#Crypto Circle News｜Hong Kong Approves First Spot Solana ETF, Milestone in Altcoin Regulatory Competition
⚡ Event news
Hong Kong's regulatory authority, the Securities and Futures Commission (SFC), made a milestone decision today by officially approving the world's first spot Solana (SOL) ETF. This is the first mainstream altcoin spot ETF product approved by Hong Kong following the Bitcoin and Ethereum ETFs, marking Hong Kong's continued leadership in regulatory innovation for crypto assets.
🔍 Core interpretation
The core significance of this approval lies in its formal recognition of Solana as an 'institutional-grade investable asset' at the regulatory level, alongside Bitcoin and Ethereum. This not only opens a compliant investment channel for institutions and high-net-worth investors in Asia but also represents a key step for Hong Kong to solidify its status as a global crypto hub, racing against the US SEC in regulatory innovation. This move greatly enhances the legitimacy of Solana's assets and may reshape the landscape of crypto investment in the Asia region.
Hong Kong's regulatory authority, the Securities and Futures Commission (SFC), made a milestone decision today by officially approving the world's first spot Solana (SOL) ETF. This is the first mainstream altcoin spot ETF product approved by Hong Kong following the Bitcoin and Ethereum ETFs, marking Hong Kong's continued leadership in regulatory innovation for crypto assets.
🔍 Core interpretation
The core significance of this approval lies in its formal recognition of Solana as an 'institutional-grade investable asset' at the regulatory level, alongside Bitcoin and Ethereum. This not only opens a compliant investment channel for institutions and high-net-worth investors in Asia but also represents a key step for Hong Kong to solidify its status as a global crypto hub, racing against the US SEC in regulatory innovation. This move greatly enhances the legitimacy of Solana's assets and may reshape the landscape of crypto investment in the Asia region.
See original
#Crypto Circle News | Regulatory Winds Shift? New October Policies from the U.S. SEC and CFTC Aim to 'Loosen' Cryptocurrency Adoption
⚡ Event Bulletin
In October 2025, the regulatory landscape in the United States is undergoing a significant adjustment. According to Phemex, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have launched a series of new regulatory strategies aimed at clearing the way for Bitcoin and broader cryptocurrency adoption. The new strategies include providing exemptions for innovative projects, lowering barriers for institutional participation, and significantly enhancing regulatory clarity and market trust.
🔍 Core Interpretation
The core of this new regulatory trend is the shift from past 'blockade' to 'guidance.' SEC Chairman Paul Atkins and CFTC Acting Chair Caroline D. Pham have both publicly stated that their agencies are committed to re-evaluating cryptocurrency regulations to adapt to technological developments. The most critical impact of this shift is:
In October 2025, the regulatory landscape in the United States is undergoing a significant adjustment. According to Phemex, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have launched a series of new regulatory strategies aimed at clearing the way for Bitcoin and broader cryptocurrency adoption. The new strategies include providing exemptions for innovative projects, lowering barriers for institutional participation, and significantly enhancing regulatory clarity and market trust.
🔍 Core Interpretation
The core of this new regulatory trend is the shift from past 'blockade' to 'guidance.' SEC Chairman Paul Atkins and CFTC Acting Chair Caroline D. Pham have both publicly stated that their agencies are committed to re-evaluating cryptocurrency regulations to adapt to technological developments. The most critical impact of this shift is:
See original
#Crypto Circle News｜Huobi Founder Li Lin Returns with $1 Billion, New Fund Heavily Invests in Ethereum Ecosystem
⚡ Event News
Li Lin, the OG figure in the cryptocurrency world and founder of Huobi exchange, is dramatically returning to the center stage. According to Bloomberg, after selling his shares in the exchange last year, Li Lin is now leading a newly established investment company. The company's core strategy is to manage a fund of up to $1 billion, primarily investing in the Ethereum ecosystem. This move has the support of several pioneers in the Asian cryptocurrency sector, marking a significant influx of focused capital into the ETH ecosystem.
Li Lin, the OG figure in the cryptocurrency world and founder of Huobi exchange, is dramatically returning to the center stage. According to Bloomberg, after selling his shares in the exchange last year, Li Lin is now leading a newly established investment company. The company's core strategy is to manage a fund of up to $1 billion, primarily investing in the Ethereum ecosystem. This move has the support of several pioneers in the Asian cryptocurrency sector, marking a significant influx of focused capital into the ETH ecosystem.
See original
#OnChainMinute｜Supply Alert: Massive Bitcoin Continues to Withdraw from Exchanges, Is Market Selling Pressure Bottoming Out?
📊 Key Data
The core on-chain indicators from the past 24 hours show that a clear and strong signal is emerging. According to data tracking from CryptoQuant and Glassnode, Bitcoin is experiencing a large-scale net outflow from exchanges. This means that the amount of BTC withdrawn from centralized exchanges (CEX) to private wallets far exceeds the amount deposited into exchanges, resulting in a significant supply contraction trend.
💡 Data Interpretation
Net outflow from exchanges is a key leading indicator for measuring market sentiment and future selling pressure. When a large amount of Bitcoin leaves exchanges, the most direct interpretation is that these tokens have transitioned from the 'hot' state, readily available for trading, to the 'cold' state of long-term holding. This greatly reduces the circulation of Bitcoin available for sale on the open market in the short term, thus significantly alleviating potential selling pressure in the market.
The core on-chain indicators from the past 24 hours show that a clear and strong signal is emerging. According to data tracking from CryptoQuant and Glassnode, Bitcoin is experiencing a large-scale net outflow from exchanges. This means that the amount of BTC withdrawn from centralized exchanges (CEX) to private wallets far exceeds the amount deposited into exchanges, resulting in a significant supply contraction trend.
💡 Data Interpretation
Net outflow from exchanges is a key leading indicator for measuring market sentiment and future selling pressure. When a large amount of Bitcoin leaves exchanges, the most direct interpretation is that these tokens have transitioned from the 'hot' state, readily available for trading, to the 'cold' state of long-term holding. This greatly reduces the circulation of Bitcoin available for sale on the open market in the short term, thus significantly alleviating potential selling pressure in the market.
See original
#Crypto Circle News｜Security Paradox: Industry-wide hacker losses hit a four-year low, while Japanese financial giant suffers heavy losses
⚡ Event Flash News
This week, the digital asset security sector has shown dramatic polarization. On one hand, there are positive signals regarding the overall security situation in the industry. According to a report by blockchain security company PeckShield, losses due to hacking and fraud dropped to $22.127 million in September 2025, the lowest monthly record since 2020. However, in stark contrast to this positive trend, Japanese traditional finance (TradFi) giant SBI Holdings has been revealed to have its cryptocurrency trading subsidiary, SBI Crypto, suffer a massive hacking attack, resulting in stolen amounts as high as $21 million.
This week, the digital asset security sector has shown dramatic polarization. On one hand, there are positive signals regarding the overall security situation in the industry. According to a report by blockchain security company PeckShield, losses due to hacking and fraud dropped to $22.127 million in September 2025, the lowest monthly record since 2020. However, in stark contrast to this positive trend, Japanese traditional finance (TradFi) giant SBI Holdings has been revealed to have its cryptocurrency trading subsidiary, SBI Crypto, suffer a massive hacking attack, resulting in stolen amounts as high as $21 million.
See original
#Crypto Circle Express | Battle of 'Uptober': 16 Crypto ETFs Await Final Decision, Market Holds Its Breath
⚡ Event News
October 2025 is rapidly becoming one of the most critical months of the year for the cryptocurrency market. The U.S. Securities and Exchange Commission (SEC) will face the final decision deadline for at least 16 applications for cryptocurrency exchange-traded funds (ETFs) this month. This series of upcoming decisions involves spot and futures products for Bitcoin and Ethereum and will directly impact whether trillions of dollars in potential institutional capital can flow into the crypto market in compliance.
🔍 Core Interpretation
The core focus of this round of ETF decisions lies in spot products. Unlike the already approved futures ETFs, spot ETFs require fund issuers to directly purchase and hold Bitcoin or Ethereum as the underlying assets. Therefore, the SEC's approval not only means providing a regulated and convenient investment channel for large institutional investors, pension funds, and asset management companies, but also represents official recognition of cryptocurrency as a legitimate asset class. The general market expectation is that once the spot ETFs are approved, it will greatly enhance market liquidity and depth, potentially initiating a new bull market led by institutions.
October 2025 is rapidly becoming one of the most critical months of the year for the cryptocurrency market. The U.S. Securities and Exchange Commission (SEC) will face the final decision deadline for at least 16 applications for cryptocurrency exchange-traded funds (ETFs) this month. This series of upcoming decisions involves spot and futures products for Bitcoin and Ethereum and will directly impact whether trillions of dollars in potential institutional capital can flow into the crypto market in compliance.
🔍 Core Interpretation
The core focus of this round of ETF decisions lies in spot products. Unlike the already approved futures ETFs, spot ETFs require fund issuers to directly purchase and hold Bitcoin or Ethereum as the underlying assets. Therefore, the SEC's approval not only means providing a regulated and convenient investment channel for large institutional investors, pension funds, and asset management companies, but also represents official recognition of cryptocurrency as a legitimate asset class. The general market expectation is that once the spot ETFs are approved, it will greatly enhance market liquidity and depth, potentially initiating a new bull market led by institutions.
Translate
#币圈速报｜宏观阴云笼罩市场，美国政府停摆风险加剧比特币下行压力
⚡ 事件快讯
当前，加密货币市场正面临显著的宏观经济逆风 。随着美国政府可能在本周末因预算僵局而陷入停摆的风险加剧，市场避险情绪升温，对比特币等风险资产构成潜在下行压力 。尽管比特币价格在近期表现相对稳定，但分析师警告称，这种宏观不确定性可能很快打破市场的平静 。与此同时，行业的监管环境仍在缓慢演进，美国证券交易委员会（SEC）的议程与关键法律案件的进展，共同构成了市场的另一条主线 。
🔍 核心解读
美国政府的潜在停摆是市场的核心焦点 。历史上，此类事件通常会导致传统金融市场的短期抛售，并可能蔓延至加密领域 。Bitfinex的分析师在一份报告中指出，停摆可能会影响流动性并削弱投资者的风险偏好，从而给比特币带来波动 。这种外部压力，在短期内已超过了加密行业内部的基本面发展，成为交易者定价的首要因素 。
⚖️ 观点碰撞
在当前的复杂环境下，市场形成了多方观点：
宏观悲观派 (Bitfinex)：该交易所的分析师明确警告，政府停摆构成了显著的下行风险 。他们认为，尽管比特币在9月份表现出韧性，但宏观经济的冲击可能会抹去这些涨幅 。监管现实派 (DLA Piper & Troutman)：法律和金融服务公司指出，监管依然是“执法式监管” 。SEC针对Coinbase和Kraken等平台的诉讼仍在继续，这表明监管机构的强硬立场并未改变 。虽然SEC在其春季议程中提到了对加密货币的规则制定，但这将是一个漫长的过程，短期内难以提供明确的法律框架 。长期乐观派 (Binance Square & DLA Piper)：尽管存在短期风险，但行业发展的长期信号依然存在。例如，SEC近期批准了以太坊期货ETF，以及灰度（Grayscale）在针对SEC的诉讼中取得的标志性胜利，这些都被视为机构接受度和监管成熟度提升的积极迹象 。币安广场上的内容也反映出，尽管宏观环境不佳，但加密原生社区对Web3和去中心化金融的长期建设热情并未消退 。
👀 後續追蹤
市场的短期走向将高度依赖于华盛顿的政治博弈结果。未来几天，所有目光都将聚焦于美国国会是否能达成预算协议以避免政府停摆 。在行业内部，市场参与者将持续关注Coinbase和Ripple与SEC之间法律战的任何新进展，这些案件的判决将对美国加密市场的未来监管框架产生深远影响 。
面对迫在眉睫的宏观不确定性（如政府停摆）和漫长而模糊的监管道路，你认为哪一个因素将对未来一个季度的加密市场产生更决定性的影响？
当前，加密货币市场正面临显著的宏观经济逆风 。随着美国政府可能在本周末因预算僵局而陷入停摆的风险加剧，市场避险情绪升温，对比特币等风险资产构成潜在下行压力 。尽管比特币价格在近期表现相对稳定，但分析师警告称，这种宏观不确定性可能很快打破市场的平静 。与此同时，行业的监管环境仍在缓慢演进，美国证券交易委员会（SEC）的议程与关键法律案件的进展，共同构成了市场的另一条主线 。
🔍 核心解读
美国政府的潜在停摆是市场的核心焦点 。历史上，此类事件通常会导致传统金融市场的短期抛售，并可能蔓延至加密领域 。Bitfinex的分析师在一份报告中指出，停摆可能会影响流动性并削弱投资者的风险偏好，从而给比特币带来波动 。这种外部压力，在短期内已超过了加密行业内部的基本面发展，成为交易者定价的首要因素 。
⚖️ 观点碰撞
在当前的复杂环境下，市场形成了多方观点：
宏观悲观派 (Bitfinex)：该交易所的分析师明确警告，政府停摆构成了显著的下行风险 。他们认为，尽管比特币在9月份表现出韧性，但宏观经济的冲击可能会抹去这些涨幅 。监管现实派 (DLA Piper & Troutman)：法律和金融服务公司指出，监管依然是“执法式监管” 。SEC针对Coinbase和Kraken等平台的诉讼仍在继续，这表明监管机构的强硬立场并未改变 。虽然SEC在其春季议程中提到了对加密货币的规则制定，但这将是一个漫长的过程，短期内难以提供明确的法律框架 。长期乐观派 (Binance Square & DLA Piper)：尽管存在短期风险，但行业发展的长期信号依然存在。例如，SEC近期批准了以太坊期货ETF，以及灰度（Grayscale）在针对SEC的诉讼中取得的标志性胜利，这些都被视为机构接受度和监管成熟度提升的积极迹象 。币安广场上的内容也反映出，尽管宏观环境不佳，但加密原生社区对Web3和去中心化金融的长期建设热情并未消退 。
👀 後續追蹤
市场的短期走向将高度依赖于华盛顿的政治博弈结果。未来几天，所有目光都将聚焦于美国国会是否能达成预算协议以避免政府停摆 。在行业内部，市场参与者将持续关注Coinbase和Ripple与SEC之间法律战的任何新进展，这些案件的判决将对美国加密市场的未来监管框架产生深远影响 。
面对迫在眉睫的宏观不确定性（如政府停摆）和漫长而模糊的监管道路，你认为哪一个因素将对未来一个季度的加密市场产生更决定性的影响？
See original
#On-Chain in One Minute｜A Tale of Two Cities: Institutional Funds Flow Back to Bitcoin ETF, While Ethereum Faces Massive Sell-off
📊 Key Data
On-chain and institutional traffic data show that the market is experiencing a significant capital rotation. In September, the U.S. Bitcoin spot ETF reversed the downward trend of August, welcoming a net inflow of $246 million. Among them, BlackRock's IBIT and Fidelity's ETF performed particularly strongly. Meanwhile, the situation for Ethereum ETFs was completely opposite, recording a massive net outflow of $788 million in September after a $3.95 billion inflow in August, setting a record for the largest scale since its issuance.
💡 Data Interpretation
This juxtaposition of positive and negative data clearly reveals the differentiated attitudes of institutional investors between the two major mainstream crypto assets. Bitcoin is regaining the favor of 'smart money', as institutions leverage the compliant channel of ETFs to re-establish or increase their positions at the current price level. In contrast, the previously enthusiastic institutional funds for Ethereum are rapidly retreating, indicating their concerns over its short-term growth potential or intentions to take profits. This is no longer a case of a universal market rise or fall, but a strategically targeted rebalancing.
On-chain and institutional traffic data show that the market is experiencing a significant capital rotation. In September, the U.S. Bitcoin spot ETF reversed the downward trend of August, welcoming a net inflow of $246 million. Among them, BlackRock's IBIT and Fidelity's ETF performed particularly strongly. Meanwhile, the situation for Ethereum ETFs was completely opposite, recording a massive net outflow of $788 million in September after a $3.95 billion inflow in August, setting a record for the largest scale since its issuance.
💡 Data Interpretation
This juxtaposition of positive and negative data clearly reveals the differentiated attitudes of institutional investors between the two major mainstream crypto assets. Bitcoin is regaining the favor of 'smart money', as institutions leverage the compliant channel of ETFs to re-establish or increase their positions at the current price level. In contrast, the previously enthusiastic institutional funds for Ethereum are rapidly retreating, indicating their concerns over its short-term growth potential or intentions to take profits. This is no longer a case of a universal market rise or fall, but a strategically targeted rebalancing.
See original
#OnChainInAMinute｜Whales Emerge: $1.4 Billion ETH Migration, Will the Market Landscape Be Reshaped?
📊 Key Data
Over the past 24 hours, on-chain data has revealed an astonishing signal: more than $1.4 billion worth of Ether (ETH) has flowed out of centralized exchanges (CEX) on a large scale. This is a core indicator that all market participants should pay close attention to, as it clearly depicts the latest movement of capital.
💡 Data Interpretation
The most straightforward interpretation of such a large-scale ETH withdrawal is the significant decline in market selling pressure. When substantial assets are transferred from the exchange's hot wallet, which is readily tradable, to investors' private cold wallets or DeFi protocols, it usually indicates that holders' intentions have shifted from short-term speculation to long-term storage or deep participation in the on-chain ecosystem. This batch of $1.4 billion worth of ETH is unlikely to pose a direct threat to the secondary market price in the short term.
Over the past 24 hours, on-chain data has revealed an astonishing signal: more than $1.4 billion worth of Ether (ETH) has flowed out of centralized exchanges (CEX) on a large scale. This is a core indicator that all market participants should pay close attention to, as it clearly depicts the latest movement of capital.
💡 Data Interpretation
The most straightforward interpretation of such a large-scale ETH withdrawal is the significant decline in market selling pressure. When substantial assets are transferred from the exchange's hot wallet, which is readily tradable, to investors' private cold wallets or DeFi protocols, it usually indicates that holders' intentions have shifted from short-term speculation to long-term storage or deep participation in the on-chain ecosystem. This batch of $1.4 billion worth of ETH is unlikely to pose a direct threat to the secondary market price in the short term.
See original
#Crypto Quick Report｜Is 'Smart Money' Quietly Positioning? Whale Addresses Recently Aggressively Accumulating DeFi Blue-Chips
⚡ Event News
Based on on-chain data tracking from Nansen and DefiLlama, in the past week (August 19 - August 26), multiple whale addresses marked as 'smart money' have been continuously withdrawing ETH from exchanges and significantly increasing their on-chain holdings of top DeFi blue-chip tokens such as AAVE, UNI, and LDO.
🔍 Core Interpretation
This is not a scattered individual behavior, but a macro trend worth noting. When experienced and well-capitalized 'smart money' starts to concentrate and quietly accumulate, it usually conveys two signals:
Based on on-chain data tracking from Nansen and DefiLlama, in the past week (August 19 - August 26), multiple whale addresses marked as 'smart money' have been continuously withdrawing ETH from exchanges and significantly increasing their on-chain holdings of top DeFi blue-chip tokens such as AAVE, UNI, and LDO.
🔍 Core Interpretation
This is not a scattered individual behavior, but a macro trend worth noting. When experienced and well-capitalized 'smart money' starts to concentrate and quietly accumulate, it usually conveys two signals:
See original
#OnChainInAMinute | The Strongest Purchasing Power Ever Gathered? The ‘Bullish Divergence’ of Stablecoin and Bitcoin Flows
📊 Key Data
According to comprehensive data from DefiLlama and Glassnode, the market has shown two key trends in the past 24 hours:
“Ammunition depot” continues to expand: The total market capitalization of stablecoins across the network has surpassed $270 billion, setting a historic high, showing that a large amount of off-exchange funds is still flowing into the crypto ecosystem.
“Spot” continues to leave the market: Bitcoin is experiencing a sustained net outflow from exchanges, with a large amount of BTC being withdrawn from trading platforms to private wallets.
💡 Data Interpretation
These two seemingly independent indicators together form a strong ‘bullish divergence’ signal. On one hand, the market's potential purchasing power (stablecoins) is reaching unprecedented levels; on the other hand, the available spot Bitcoin (exchange reserves) for sale is continuously decreasing. This indicates that new incoming funds are not in a hurry to chase prices, while existing holders are more inclined to convert assets for long-term storage rather than selling.
According to comprehensive data from DefiLlama and Glassnode, the market has shown two key trends in the past 24 hours:
“Ammunition depot” continues to expand: The total market capitalization of stablecoins across the network has surpassed $270 billion, setting a historic high, showing that a large amount of off-exchange funds is still flowing into the crypto ecosystem.
“Spot” continues to leave the market: Bitcoin is experiencing a sustained net outflow from exchanges, with a large amount of BTC being withdrawn from trading platforms to private wallets.
💡 Data Interpretation
These two seemingly independent indicators together form a strong ‘bullish divergence’ signal. On one hand, the market's potential purchasing power (stablecoins) is reaching unprecedented levels; on the other hand, the available spot Bitcoin (exchange reserves) for sale is continuously decreasing. This indicates that new incoming funds are not in a hurry to chase prices, while existing holders are more inclined to convert assets for long-term storage rather than selling.
See original
#Crypto Circle News｜Powell's 'Dovish' Tone? Crypto Market Soars, $320 Million in Shorts Liquidated
⚡ Event Flash
On August 22, 2025, U.S. time, at the globally watched Jackson Hole annual meeting, Federal Reserve Chairman Powell delivered a key speech on monetary policy. The market widely interpreted it as a more 'dovish' signal than expected, hinting at the possibility of future rate cuts, instantly igniting the risk asset market, with Bitcoin and Ethereum surging in response, leading to over $320 million in short positions being liquidated in the crypto derivatives market in a short period.
🔍 Core Interpretation
This event is a perfect case of how macroeconomics directly manipulates crypto market sentiment.
On August 22, 2025, U.S. time, at the globally watched Jackson Hole annual meeting, Federal Reserve Chairman Powell delivered a key speech on monetary policy. The market widely interpreted it as a more 'dovish' signal than expected, hinting at the possibility of future rate cuts, instantly igniting the risk asset market, with Bitcoin and Ethereum surging in response, leading to over $320 million in short positions being liquidated in the crypto derivatives market in a short period.
🔍 Core Interpretation
This event is a perfect case of how macroeconomics directly manipulates crypto market sentiment.
See original
#Crypto Circle Express | Is a Regulatory Storm Coming to Hong Kong? The Stablecoin Sandbox and the Deadline for VASP License Applications Arrive Simultaneously
⚡ Event News
On August 19, 2025, Hong Kong's cryptocurrency regulation witnessed two milestone events: The Hong Kong Monetary Authority (HKMA) officially released legislative proposals for the regulation of stablecoin issuers and launched a 'sandbox' arrangement; at the same time, the transitional period for license applications set by the Hong Kong Securities and Futures Commission (SFC) for virtual asset service providers (VASP) is also coming to an end.
🔍 Core Interpretation
These two seemingly independent events together form a clear macro signal: Hong Kong is accelerating the construction of a comprehensive, clear, and internationally aligned cryptocurrency regulatory framework.
On August 19, 2025, Hong Kong's cryptocurrency regulation witnessed two milestone events: The Hong Kong Monetary Authority (HKMA) officially released legislative proposals for the regulation of stablecoin issuers and launched a 'sandbox' arrangement; at the same time, the transitional period for license applications set by the Hong Kong Securities and Futures Commission (SFC) for virtual asset service providers (VASP) is also coming to an end.
🔍 Core Interpretation
These two seemingly independent events together form a clear macro signal: Hong Kong is accelerating the construction of a comprehensive, clear, and internationally aligned cryptocurrency regulatory framework.
See original
#Beginner's Pathway Map | (1) The History of Money: From Shells to Bitcoin, Why Do We Need a New Currency?
🎯 Core Question: In today's world where mobile payments are so convenient, we seem to have no shortage of payment tools. So why do we still need a brand new, intangible 'digital currency' like Bitcoin?
📚 Key Knowledge Points:
Key Point One: [The Essence of Money]
Regardless of whether the form is shells, gold, or paper currency, the core functions of money always remain three points:
Store of value
(can save money),
Medium of exchange
(can spend money) and
Unit of account
(can price). The evolution of money is the process by which humanity seeks better mediums to achieve these three functions. Paper money (fiat money) has prevailed in modern times due to its portability and standardization, but it also brings a fatal weakness.
📚 Key Knowledge Points:
Key Point One: [The Essence of Money]
Regardless of whether the form is shells, gold, or paper currency, the core functions of money always remain three points:
Store of value
(can save money),
Medium of exchange
(can spend money) and
Unit of account
(can price). The evolution of money is the process by which humanity seeks better mediums to achieve these three functions. Paper money (fiat money) has prevailed in modern times due to its portability and standardization, but it also brings a fatal weakness.
See original
#One Minute On Chain｜Is the Market Ammunition Depot Full? Total Market Capitalization of Stablecoins Surpasses $270 Billion, Setting a Historical Record
📊 Key Data
According to DefiLlama and MEXC Global data, as of August 18, 2025, the total market capitalization of stablecoins has surpassed $270 billion, setting a historical record.
💡 Data Interpretation
Stablecoins are the 'dollars' of the crypto world, and the growth of their total market capitalization directly reflects how much 'offshore capital' is flowing into this market. This represents the ongoing strengthening of the market's potential purchasing power (commonly known as 'ammunition'), reaching unprecedented levels of underlying liquidity and absorption capacity.
🤔 Potential Impact
This enormous amount of funds parked in stablecoins is like 'gunpowder' for the market. Once there are clear bullish signals in the market, this purchasing power could surge into Bitcoin, Ethereum, or other mainstream assets, providing strong fuel for the next upward movement. It indicates that despite price fluctuations, the long-term trend of capital entering the crypto space has not changed.
According to DefiLlama and MEXC Global data, as of August 18, 2025, the total market capitalization of stablecoins has surpassed $270 billion, setting a historical record.
💡 Data Interpretation
Stablecoins are the 'dollars' of the crypto world, and the growth of their total market capitalization directly reflects how much 'offshore capital' is flowing into this market. This represents the ongoing strengthening of the market's potential purchasing power (commonly known as 'ammunition'), reaching unprecedented levels of underlying liquidity and absorption capacity.
🤔 Potential Impact
This enormous amount of funds parked in stablecoins is like 'gunpowder' for the market. Once there are clear bullish signals in the market, this purchasing power could surge into Bitcoin, Ethereum, or other mainstream assets, providing strong fuel for the next upward movement. It indicates that despite price fluctuations, the long-term trend of capital entering the crypto space has not changed.
See original
#Weekly Highlights | Song of Ice and Fire: Seeking Next Week's Script Amidst the Greed of 'Old Money' and the Fear of 'New Regulations'
🎯 Core Argument of the Week
This week, the market staged a song of ice and fire amid the steady layout of 'old money' and the accelerated implementation of 'new regulations.' On one hand, seasoned capital represented by long-term holders is aggressively accumulating against the trend, injecting underlying confidence into the market (fire); on the other hand, the continuous tightening of regulations and the exposure of vulnerabilities in public chain security models bring an unshakeable chill to the market (ice).
📊 Argument Support
Flame: Counter-Trend Layout of Seasoned Capital
Key Data 1 (Glassnode): Long-term holders (LTH) of Bitcoin have net accumulated over 167,000 BTC in the past 30 days. This indicates that during the market pullback, 'smart money' is firmly buying the dip and accumulating structurally.
This week, the market staged a song of ice and fire amid the steady layout of 'old money' and the accelerated implementation of 'new regulations.' On one hand, seasoned capital represented by long-term holders is aggressively accumulating against the trend, injecting underlying confidence into the market (fire); on the other hand, the continuous tightening of regulations and the exposure of vulnerabilities in public chain security models bring an unshakeable chill to the market (ice).
📊 Argument Support
Flame: Counter-Trend Layout of Seasoned Capital
Key Data 1 (Glassnode): Long-term holders (LTH) of Bitcoin have net accumulated over 167,000 BTC in the past 30 days. This indicates that during the market pullback, 'smart money' is firmly buying the dip and accumulating structurally.
See original
#Crypto Circle News｜Regulatory Turnaround? The Federal Reserve Officially Dissolves Its Core Cryptocurrency Regulatory Task Force
⚡ Event Overview
On August 15, 2025, U.S. time, the Federal Reserve (The Fed) officially announced that it would dissolve its special task force established for overseeing cryptocurrency and digital asset issues, with its functions being integrated into the existing banking regulatory department of the Fed.
🔍 Core Interpretation
This move does not represent a relaxation of regulation, but rather a symbolic strategic shift. It conveys two core signals:
From 'special' to 'regular': This indicates that in the eyes of the Federal Reserve, cryptocurrency assets are no longer 'marginal matters' that require a special team for isolated study, but are being formally included in the macro framework of traditional financial regulation. This marks a significant step forward in the 'mainstreaming' process of cryptocurrency assets at the regulatory level.
On August 15, 2025, U.S. time, the Federal Reserve (The Fed) officially announced that it would dissolve its special task force established for overseeing cryptocurrency and digital asset issues, with its functions being integrated into the existing banking regulatory department of the Fed.
🔍 Core Interpretation
This move does not represent a relaxation of regulation, but rather a symbolic strategic shift. It conveys two core signals:
From 'special' to 'regular': This indicates that in the eyes of the Federal Reserve, cryptocurrency assets are no longer 'marginal matters' that require a special team for isolated study, but are being formally included in the macro framework of traditional financial regulation. This marks a significant step forward in the 'mainstreaming' process of cryptocurrency assets at the regulatory level.
Translate
#新手路径图｜区块链的魔法与诅咒：为何去中心化这么慢？
欢迎来到新手村的第二堂课。今天，我们来聊聊加密货币的基石——区块链（Blockchain）。
简单来说，区块链就是一个公开、去中心化、且不可篡改的数位帐本。它由一连串的「区块」相连而成，每个区块都记录着交易资讯。这种设计的巧妙之处在于，帐本的副本分散在全球成千上万的电脑上，没有任何单一机构可以控制它，从而保证了安全与透明。
但你可能会问：如果区块链这么厉害，为什么我们平时用加密货币转帐，感觉比刷信用卡慢得多？
这就触及到了区块链的核心设计。为了达到极致的「去中心化」与「安全」，每一笔交易都必须被网路上大量的电脑（节点）共同验证和记录。这个过程被称为「共识」，它确保了没有人能作弊。然而，让全球成千上万的节点达成共识，就像开一场全球股东大会，需要耗费大量的时间和计算资源，这自然就牺牲了「效率」。
这便是著名的「区块链不可能三角」：一条区块链很难同时在「去中心化」、「安全性」和「可扩展性（效率）」三个方面都做到顶级，往往只能取其二，舍其一。比特币和以太坊选择了极致的去中心化与安全，因此在效率上有所妥协。这也引出了一个贯穿整个加密世界的核心矛盾：为了让加密支付能像刷信用卡一样快，我们是否就必须接受一个「不那么去中心化」的未来？这笔交易，你觉得值吗？
#新手路径图 #区块链超话 #不可能三角
名词注解：
区块链不可能三角 (Blockchain Trilemma): 由以太坊创办人 Vitalik Buterin 提出，指一个区块链专案无法同时兼顾「去中心化」、「安全性」和「可扩展性」，最多只能满足其中两项。
简单来说，区块链就是一个公开、去中心化、且不可篡改的数位帐本。它由一连串的「区块」相连而成，每个区块都记录着交易资讯。这种设计的巧妙之处在于，帐本的副本分散在全球成千上万的电脑上，没有任何单一机构可以控制它，从而保证了安全与透明。
但你可能会问：如果区块链这么厉害，为什么我们平时用加密货币转帐，感觉比刷信用卡慢得多？
这就触及到了区块链的核心设计。为了达到极致的「去中心化」与「安全」，每一笔交易都必须被网路上大量的电脑（节点）共同验证和记录。这个过程被称为「共识」，它确保了没有人能作弊。然而，让全球成千上万的节点达成共识，就像开一场全球股东大会，需要耗费大量的时间和计算资源，这自然就牺牲了「效率」。
这便是著名的「区块链不可能三角」：一条区块链很难同时在「去中心化」、「安全性」和「可扩展性（效率）」三个方面都做到顶级，往往只能取其二，舍其一。比特币和以太坊选择了极致的去中心化与安全，因此在效率上有所妥协。这也引出了一个贯穿整个加密世界的核心矛盾：为了让加密支付能像刷信用卡一样快，我们是否就必须接受一个「不那么去中心化」的未来？这笔交易，你觉得值吗？
#新手路径图 #区块链超话 #不可能三角
名词注解：
区块链不可能三角 (Blockchain Trilemma): 由以太坊创办人 Vitalik Buterin 提出，指一个区块链专案无法同时兼顾「去中心化」、「安全性」和「可扩展性」，最多只能满足其中两项。
Login to explore more contents
Explore the latest crypto news
⚡️ Be a part of the latests discussions in crypto
💬 Interact with your favorite creators
👍 Enjoy content that interests you
Email / Phone number
Trending Topics
BTCVSGOLD
8.8M views
63,180 Discussing
#BTCVSGOLD
$BTC Bitcoin — as of this writing — is trading around ≈ $90,300.
Gold(XAU) — per ounce — has surged in 2025, hitting record high prices.
In 2025 year-to-date, gold’s return significantly outperforms Bitcoin’s: gold has gained strongly, while Bitcoin has experienced a rough patch.
🔎 Reasons for Diverging Trends
Gold’s strength:
Gold benefits from its longtime reputation as a “safe-haven” asset — especially amid global economic uncertainty, rate volatility, and inflation fears.
Central bank purchases and demand for traditional value stores have boosted gold’s appeal recently.
Its historical supply and market size remain massive compared to crypto — gold’s market cap still far exceeds Bitcoin’s, giving it structural stability.
Bitcoin’s appeal and volatility:
Bitcoin offers a capped supply (max 21 million coins), making it “digital gold” — scarce, portable, divisible. That scarcity remains a core advantage over traditional assets.
However, Bitcoin remains highly volatile: while it delivered massive long-term gains over years, its short-term swings are steep and unpredictable.
Some financial institutions argue there’s still upside: with volatility-adjusted gold comparison, Bitcoin might be undervalued, suggesting room to rise if confidence returns.
#TrumpTariffs #cryptouniverseofficial #CryptoNewss #BTCVSGOLD
Nova 97
2 Likes
469 views
BinanceBlockchainWeek
31M views
101,923 Discussing
BTC86kJPShock
10.4M views
73,449 Discussing
