交易员良哥

I once thought that as long as I learned to read candlestick charts, understood white papers, and followed the 'smart money' to strategize, I could carve out my share in this glittering new world. Now, after experiencing two total asset losses and countless sleepless nights of tossing and turning, I realize: the crypto market is not a fertile land waiting to be cultivated, but a burning 'value furnace.' Here, what is being melted and refined is not code and assets, but the raw humanity of each participant.

My first lesson was taught by a 'victory'.

In that crazy summer of 2021, I heavily invested in a shanzhai coin that claimed to 'reshape social networking.' In three days, my assets multiplied fivefold. That feeling wasn’t joy; it was a near-divine dizziness. I watched the rising and falling numbers on the screen, as if I could hear fate whispering: Look, you are the chosen one. I boasted in the community, mocking those who missed out, completely unaware that what I was emitting was the last cry of prey before falling into a trap.

Behind the 29 million BTC theft by the South Korean prosecution: Is frequent crypto theft the original sin of decentralization or the industry's growing pains?

The South Korean prosecution has taken a huge fall! 320 BTC, equivalent to 29 million dollars in crypto assets, fell into the trap of phishing during the asset handover stage. Five investigators are under internal review, and the official stance insists it was the work of external hackers, yet it does not quell the doubts within the industry. However, this incident is hardly new in the crypto world - in 2025, the scale of global crypto asset theft soared to 3.4 billion dollars, with an average recovery rate of stolen assets at only 3.7%, which is far below the 42% recovery rate of traditional financial assets.

BTC broke through the 87,000 mark within an hour, and the entire network saw a collective liquidation of 25 million USD in leveraged positions. Many long positions' stop-loss orders were wiped out, waking several people up in the early morning with liquidation text messages. They had to cut losses and exit. The trigger for this plunge was neither the Federal Reserve's interest rate hike nor a whale's sell-off, but rather a 'false ball' from the US government—planning to build a 2.8 billion USD BTC strategic reserve, resulting in the theft of 40 million USD from a contractor's managed seized wallet, exposing a huge security vulnerability in the decentralized custody system.

The market instantly voted with its feet: if even the US government, which holds regulatory power, cannot protect BTC, what assurance do ordinary investors have for the safety of their assets? Panic selling followed in droves. However, as investors deeply involved in the crypto market, we must remain clear-headed: this plunge is not a collapse of fundamentals, but an emotionally driven correction sensitive to policy; the short-term panic releases risk, but in the long run, the incident may instead accelerate the compliance process of the crypto industry, creating a trillion-dollar bonus for institutional custody. Today, we will discuss the real impact of this event on coin prices and investments from four dimensions: market data, underlying logic, policy linkage, and practical suggestions—it's all hardcore market analysis, without a single wasted word.

In the recent cold market, a hard data point has finally emerged: BNB Chain officially announced that the cumulative trading volume of the prediction market has surpassed 20 billion USD!
Some may think it's just a number, but those in the crypto space understand that the crypto prediction market is not a hot track. In previous years, it was labeled as 'marginalized' and 'more gambling than value.' Ethereum and Solana struggled for years without significant progress, while BNB Chain surged to 20 billion. This is not just luck; it has created a closed loop of traffic, infrastructure, and scenarios in the crypto space. It has also taught all public chains a lesson: the current competition among public chains is no longer about TPS or technical gimmicks, but about who can truly meet user demand and ground the industry.

As soon as I heard 'Korean Won Stablecoin Dongbaekjeon', my first reaction was to mock: 'The Korean Won doesn't even have the hegemony of a fraction of the US Dollar; it falls whenever the international market says so. Where can this stablecoin find stability?'

Indeed, compared to the absolute hegemony of the US Dollar in global trade and as a reserve currency, the international influence of the Korean Won is negligible—by 2025, the volatility of the Korean Won against the US Dollar will reach 8.3%, while the Dollar Index will only fluctuate 2.1% throughout the year. However, if you only judge the value of stablecoins based on the 'hegemonic position of anchor currencies', it can only be said that you still don't understand the deeper logic of the crypto industry: Dongbaekjeon is not trying to compete with USDT for the 'global payment hegemony', but rather it exposes USDT's 'pseudo-stability' lie using a 'local sovereignty logic', and it further indicates a major shift in the global stablecoin landscape from 'Dollar dominance' to 'coexistence of multiple sovereignties'.

When He Yi casually mentioned in a tweet that 'editors face fishing, extortion, insults, monetary temptations, and requests for help' every day, I suddenly felt a lump in my throat.

Those young people hidden behind the label 'Binance editors' have once again become invisible figures in public opinion.

Everyone only sees the anger when the MEME coin crashes, only the doubts when the 'wordplay' project is launched, yet no one asks: What are those young editors, who have become the 'scapegoats,' actually experiencing?
1. A doubt you express is the malice they have to bear.

This morning, I opened the market software, and the red was glaring—BNB fell below 880, ETH approached 2900, and 'Binance life' halved by 17.94% in a single day. The sea of red percentages reminded me of that winter in 2022.

When the market gives everyone a risk lesson in the most brutal way, what we really need to think about is not 'how much did we lose today,' but how to survive in the ruins of the crash and catch the next round of cycle dividends.
1. Survive: The survival iron law in a crash

I have seen too many people fall in the dark before dawn, not because they weren't smart enough, but because they didn't hold on to the most basic survival bottom line.

In the cryptocurrency contract market, 90% of liquidations are not due to mistakes in market judgment, but rather a lack of understanding of the dual attributes of 'high leverage + high volatility'. When Bitcoin's daily volatility can reach 15% and altcoins often experience over 30% 'spike markets', the essence of leveraged trading has far exceeded the scope of a 'profit amplification tool', evolving into a comprehensive game that tests risk pricing capability, human restraint, and system-building ability. Those traders who can navigate bull and bear cycles and achieve compound growth are all internalizing the following iron rules into their trading beliefs, maintaining their survival bottom line in the whirlpool of greed and fear.

1. 90% of trading losses stem from 'emotional overload' rather than technical issues.

Last week, I had tea with an experienced trader who has been in the field for 8 years. He said something that made me instantly wake up: 'Novices look at indicators; experienced traders focus on risk control; and experts focus on mindset—but experts are not without emotion; they can make fear and greed 'punch out on time'.

This statement strikes at the pain point of all traders: we have all experienced the luck of 'holding onto a signal that clearly wasn't right', the impulse of 'recklessly increasing our position after profits retract', and the self-doubt of 'questioning the system after consecutive stop losses'. These are not 'poor mindsets', but human instincts evolved—aversion to loss, desire for certainty, and obsession with control, all magnified in the trading market.

When Trump threw out the "annexation hint" regarding Greenland on social media, and spot gold broke through 4700 dollars per ounce in a single day, setting a historical high, and the commodity index skyrocketed by 3.28% in a week, breaking through 7400 points—the global financial market in 2026 is no longer a speculative playground of "betting big or small." Citigroup's CEO urgently calls for the Federal Reserve to maintain independence, the CFTC initiates a regulatory reform for cryptocurrencies, predicting that the market will rake in 2,700,000 dollars in fees in a single week. All signals are screaming: the speculative logic of the old era has completely failed, and the wealth code of the new era lies in "compliance" and "certainty"!

Tonight in the crypto circle, it's a slaughterhouse pressed down by panic! I watched the market chart until dawn, my eyes were glazed over:
BNB dropped 2.23%, BTC broke 92,000, ETH spiked 3.35%, Solana directly crashed 5.75%, SUI went down to -12.15%! The entire market was drenched in blood red for 24 hours, retail investors were cutting losses to the point of questioning their lives, with friends' circles filled with cries of liquidation.

But in this "thousand coins limit down" bloodbath, DUSK staged a miraculous comeback: soaring 38.51% in a single day, going from $0.03698 directly to $0.22912, with a 24-hour trading volume exploding to 1.135 billion USDT, and a market capitalization reaching 115 million, turning a bear market into a bull market!

After staring at the market for two sleepless nights, I dare say: this round of correction in the crypto market is not a washout at all, but a full-scale assault by the bears! When the perpetual contract funding rates of mainstream CEX have been in the red for 48 hours, when liquidity pools on DEX are crazily flowing out, and when altcoins are collectively crushing Bitcoin - a cruel truth is unfolding: the 'garbage time' in the crypto world is over, and the bear market party has officially begun!

1. The funding rate has long sounded the death knell.

If you are still fantasizing that 'a correction is a buying opportunity', please immediately open the contract market and take a look at this shocking set of data - the perpetual contract funding rate for BTC on mainstream CEX like Binance has dropped to -0.08%, and ETH has even touched a two-week low of -0.12%. This means that bears are spending money to subsidize bulls, and the consensus on bearish sentiment in the market has become so strong that there is no need for games!

Few people know that Binance, this cryptocurrency empire with 300 million users, is not a myth built on luck, but rather a foundation strengthened by countless unknown stories of perseverance, sacrifice, and mutual success. Its success has never been a synonym for 'barbaric growth,' but rather embodies the passion of top talents, the glimmer of developers, and the essence of industry responsibility—these stories behind it are more moving than the 125 trillion transaction data and better explain why it can transcend cycles than its scale of 300 million users.

1. Life-and-death Test: The former federal agent who 'risked his life' for Binance's security

Recently, Meta was exposed for a $312,500 vulnerability revealed by Slow Fog Technology, which caused the seemingly sophisticated technical term 'XSS' to become popular. Many people are curious: what exactly is this vulnerability? Why could it make a trillion-dollar giant fork out money? In fact, XSS is not mysterious at all; it's like a 'stealthy thief' hiding in a web page, quietly causing trouble while you browse the site — from stealing your account passwords to hijacking the entire site's user data, the harm is far more serious than you might think. Today, let's break down XSS in plain language, explaining 'what it is, how it steals, how to prevent it' so that ordinary people can understand it instantly!

When gold prices surged by 7% in 2026, drawing global investors into a frenzy of hoarding, Howard Marks, co-founder of Oaktree Capital, doused the market with cold water: 'The idea of gold as a 'store of wealth' is self-deception, nothing more than a collective delusion akin to the Emperor's New Clothes!' This legendary investor managing $190 billion in assets directly exposed gold's fatal flaw—no cash flow, no fundamental basis for pricing. Even amid geopolitical turmoil and rampant central bank gold buying, the entire phenomenon is ultimately just a bubble propped up by faith.

Who would have thought that gold, revered as the 'safe haven' by many, is seen by experts as so unimpressive? Mark's criticism is not alarmist but hits at the core paradox of gold investment: stocks can generate dividends, bonds can yield interest, real estate can produce rental income—these assets have their value precisely calculated through cash flows; but what about gold? Aside from looking nice on display, it neither generates interest nor creates value, and its price depends entirely on the subjective perception of 'how valuable it is.' As he said: 'You can never calculate the fair price of a gram of gold—it's no different from guessing the value of a stone.'

Who would have thought the new rising star in the DeFi space would be 'on-chain government bonds'? Ondo Finance's TVL has surged past $2 billion this week, setting a new all-time high! Ethereum alone captured $1.5 billion, while Solana and BNB Smart Chain together managed only about $370 million. And its flagship product, OUSG, holds over $820 million in U.S. Treasury bonds—this isn't just a DeFi protocol; it's essentially bringing Wall Street's 'stable investment' products onto the blockchain!

This surge is definitely no coincidence—it's a landmark signal that the RWA (Real World Assets) sector has moved from 'concept hype' to 'real money coming in.' The truth is, Ondo isn't playing the old DeFi game of high-yield mining. Instead, it precisely targets a global pain point: traditional U.S. Treasury bonds require a $1,000 minimum investment, come with complicated cross-border account setup, slow redemption processes, and are completely out of reach for average retail investors. But Ondo has tokenized U.S. Treasuries into OUSG—only 10 USDC to get in, with 7×24 trading available on DEXs, slippage as low as 0.1%, effectively turning 'Wall Street investment products' into a 'crypto-based money market fund' accessible to everyone.

January 16, when Cathie Wood spoke up, global investors all perked up—this 'Queen of Wood' who became legendary by betting on tech stocks boldly declared that the next three years will be a 'strengthened version of Reaganomics,' and the U.S. stock market is set to enter another golden era! She also brought up the past: the same policies of deregulation, tax cuts, and sound monetary management back then made the dollar strong and gold stagnant, and she just happened to start her career during that great time.
But wait—can today’s U.S. truly replicate the glory of the 1980s? Reaganomics is an 'old prescription,' and can the 'AI chips' added by Wood really double the effectiveness? Let's break it down thoroughly—don't let the slogan of a 'golden era' cloud your judgment.

As the crypto community eagerly anticipates a breakthrough in U.S. regulation, a sudden cold shower has arrived — the U.S. Senate Banking Committee has abruptly canceled the scheduled review of the cryptocurrency market structure bill set for tomorrow. The trigger? Industry giant Coinbase has suddenly 'backed down': officially withdrawing its support for the bill, stating the current draft is 'worse than the status quo.' This seemingly hasty policy halt conceals a fierce clash of interests worth $6.6 trillion between the crypto industry and traditional banking, revealing the fatal flaw of ongoing internal conflicts in U.S. crypto regulation. The global crypto market now stands at a crossroads between 'regulatory vacuum' and 'innovation breakthrough.'

When the draft text of a bill from the U.S. Senate leaked unexpectedly, the entire crypto community was instantly stirred—XRP, Solana, Dogecoin, Litecoin, Hedera, and Chainlink, the six major tokens, are surprisingly set to receive the same regulatory status as Bitcoin and Ethereum, completely exempting them from SEC's securities identification and information disclosure requirements! This is not a fantasy, but a clear answer based on the stringent standards for "ETP listing," marking a historic turning point in U.S. crypto regulation from "enforcement suppression" to "categorical compliance." A frenzy of trillion-dollar institutional funds may have already entered the countdown.