Steven_Research
Long-term investor
Founder SR INVEST, holder $BNB
Top 14 independent Researcher at @Binance The Blockchain 100 | 2025
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Thank you @Binance Square Official and the title independent Researcher 2025
Thank you to the bosses @CZ @Yi He @Richard Teng
Thank you to the bosses @Daniel Zou (DZ) ๐ถ and Francis, and @Nyan 7
It has been a memorable year 2025 with many emotions related to crypto and Binance!
Made many new friends, effective investments, gained more insights into the industry, and found reliable partners and colleagues!
Let's look forward to 2026 with new forecasts! We will be even more dynamic! Very bullish on Binance! ๐
Happy new year 2026!
Thank you to the bosses @CZ @Yi He @Richard Teng
Thank you to the bosses @Daniel Zou (DZ) ๐ถ and Francis, and @Nyan 7
It has been a memorable year 2025 with many emotions related to crypto and Binance!
Made many new friends, effective investments, gained more insights into the industry, and found reliable partners and colleagues!
Let's look forward to 2026 with new forecasts! We will be even more dynamic! Very bullish on Binance! ๐
Happy new year 2026!
REPORT ON BIG MINERS $BTC Q1/2026
The largest miners
are separating into two groups, the strategic differentiation of these groups and Bitcoin's mining capabilities also make us reflect a bit, please refer, everyone
1. Overview of Hashrate and Mining Capacity
- The total mining capacity of the top 5 companies has reached 251 EH/s, marking an 18% growth compared to the previous quarter.
- Bitdeer (BTDR) is currently the leader in self-mining hashrate with 68 EH/s, thanks to the advantage of technology autonomy with the SEALMINER chip line (this line achieves mining efficiency
are separating into two groups, the strategic differentiation of these groups and Bitcoin's mining capabilities also make us reflect a bit, please refer, everyone
1. Overview of Hashrate and Mining Capacity
- The total mining capacity of the top 5 companies has reached 251 EH/s, marking an 18% growth compared to the previous quarter.
- Bitdeer (BTDR) is currently the leader in self-mining hashrate with 68 EH/s, thanks to the advantage of technology autonomy with the SEALMINER chip line (this line achieves mining efficiency
Hanoi identifies key economic sectors from Blockchain, digital assets, cryptocurrency ๐ป๐ณ
According to the newly issued plan for technological innovation in the key economic sectors of Hanoi by 2035 on March 16, Hanoi identifies the digital technology industry as one of the three key economic sectors.
Among them, the core technologies that can create breakthroughs for key economic sectors include Blockchain technology, and products: Digital assets, digital currency, cryptocurrency; Blockchain network infrastructure; Source tracing systems.
Along with Blockchain, there are other core technologies such as: Artificial intelligence, digital twins, virtual/augmented reality; Cloud computing technology, quantum, big data; Robotics and automation technology; Aerospace technology.
Source: Tien Phong Newspaper
According to the newly issued plan for technological innovation in the key economic sectors of Hanoi by 2035 on March 16, Hanoi identifies the digital technology industry as one of the three key economic sectors.
Among them, the core technologies that can create breakthroughs for key economic sectors include Blockchain technology, and products: Digital assets, digital currency, cryptocurrency; Blockchain network infrastructure; Source tracing systems.
Along with Blockchain, there are other core technologies such as: Artificial intelligence, digital twins, virtual/augmented reality; Cloud computing technology, quantum, big data; Robotics and automation technology; Aerospace technology.
Source: Tien Phong Newspaper
AN OVERVIEW OF TRADFI IN CRYPTO - A RARE SPOTLIGHT OF THE MARKET
According to CoinMarketCap (as of March 16, 2026), Binance leads the market with perpetual trading volumes of gold and silver in 24 hours of 851 million USD and 988 million USD respectively - nearly 15 times and 5.2 times higher than the next crypto platform.
=> Gold and silver dominate, reflecting strong demand from TradFi traders using the crypto platform to access the market 24/7 even when traditional markets are closed.
*The accumulated trading volume has exceeded 153 billion USD with more than 114 million orders.
- Investors can access precious metals (gold, silver, copper, palladium, platinum) and major stocks ($AMZN , COIN, HOOD, INTC, $MSTR , $PLTR , TSLA) => all can be traded 24/7 on a single platform.
*Tokenized Stocks: The market for tokenized stocks has recently surpassed 1 billion USD, with Ondo and xStocks leading this explosive growth (as of March 2026), with potential projected to exceed 1 trillion USD as organizations adopt it more widely in the future.
According to CoinMarketCap (as of March 16, 2026), Binance leads the market with perpetual trading volumes of gold and silver in 24 hours of 851 million USD and 988 million USD respectively - nearly 15 times and 5.2 times higher than the next crypto platform.
=> Gold and silver dominate, reflecting strong demand from TradFi traders using the crypto platform to access the market 24/7 even when traditional markets are closed.
*The accumulated trading volume has exceeded 153 billion USD with more than 114 million orders.
- Investors can access precious metals (gold, silver, copper, palladium, platinum) and major stocks ($AMZN , COIN, HOOD, INTC, $MSTR , $PLTR , TSLA) => all can be traded 24/7 on a single platform.
*Tokenized Stocks: The market for tokenized stocks has recently surpassed 1 billion USD, with Ondo and xStocks leading this explosive growth (as of March 2026), with potential projected to exceed 1 trillion USD as organizations adopt it more widely in the future.
SMART EXIT - OPTIMIZATION SOLUTION FOR LIQUIDITY PROVISION EXIT POINT
In DeFi, providing liquidity (Liquidity Provision - LP) is often seen as a profit optimization problem based on transaction fees.
=> However, the biggest challenge is not in depositing capital but in withdrawing capital (Exit). An inaccurate exit strategy can cause LPs to face significant impermanent losses or miss opportunities for capital reallocation.
has introduced Smart Exit, a tool based on the Intent-based model (execution according to intent), aimed at solving the problem of position management automatically and disciplined. I will analyze this model in more detail for you to refer to for your LP strategy:
=> However, the biggest challenge is not in depositing capital but in withdrawing capital (Exit). An inaccurate exit strategy can cause LPs to face significant impermanent losses or miss opportunities for capital reallocation.
has introduced Smart Exit, a tool based on the Intent-based model (execution according to intent), aimed at solving the problem of position management automatically and disciplined. I will analyze this model in more detail for you to refer to for your LP strategy:
THE DEFI DATA IS CLEARLY DECLINING
It can be seen that the market is undergoing a strong "cleansing" phase after the peak in October 2025
- The crypto lending market is shrinking. Total deposits have decreased from 125 billion USD to 79.6 billion USD, equivalent to a decrease of 36%.
1. The sharp decline in the Lending sector
*This decline is mainly concentrated in 5 major protocols, accounting for up to 40 billion USD of the total 45 billion USD lost:
- Aave: The steepest decline with 27.6 billion USD (from ~75 billion to ~47.4 billion USD).
- Spark: A decrease of 5.4 billion USD (from ~11 billion to ~5.6 billion USD).
- Euler: A decrease of 2.6 billion USD (from ~4 billion to ~1.4 billion USD).
- Fluid: A decrease of 2.4 billion USD (from ~3.5 billion to ~1.1 billion USD).
- Compound: A decrease of 2.0 billion USD (from ~4.5 billion to ~2.5 billion USD).
- Other protocols: A total decrease of about 5.4 billion USD.
2. Comparison of DeFi indicators (October 2025 vs. March 2026)
- Total TVL of the entire DeFi industry: Decreased from 171 billion USD to 96 billion USD (a decrease of 44%).
- Total Lending deposits: Decreased from 125 billion USD to 79.6 billion USD (a decrease of 36%).
- Market capitalization of Stablecoins: Slightly increased from 314 billion USD to 316 billion USD (an increase of 0.6%).
- Monthly DEX trading volume: Sharply decreased from 613 billion USD to about 207 billion USD (a decrease of 66%).
3. Important additional information
- TVL Restaking: Decreased from about 24 billion USD at the beginning of 2025 to 11.8 billion USD currently.
- EigenLayer: Currently holds only about 9 billion USD in TVL.
- TVL Liquid Staking: Decreased by 50% from 80 billion USD to about ~40 billion USD currently.
- Ethereum's market share: Still maintains a leading position, accounting for 50-60% of the total TVL of the entire ecosystem.
It can be seen that the market is undergoing a strong "cleansing" phase after the peak in October 2025
- The crypto lending market is shrinking. Total deposits have decreased from 125 billion USD to 79.6 billion USD, equivalent to a decrease of 36%.
1. The sharp decline in the Lending sector
*This decline is mainly concentrated in 5 major protocols, accounting for up to 40 billion USD of the total 45 billion USD lost:
- Aave: The steepest decline with 27.6 billion USD (from ~75 billion to ~47.4 billion USD).
- Spark: A decrease of 5.4 billion USD (from ~11 billion to ~5.6 billion USD).
- Euler: A decrease of 2.6 billion USD (from ~4 billion to ~1.4 billion USD).
- Fluid: A decrease of 2.4 billion USD (from ~3.5 billion to ~1.1 billion USD).
- Compound: A decrease of 2.0 billion USD (from ~4.5 billion to ~2.5 billion USD).
- Other protocols: A total decrease of about 5.4 billion USD.
2. Comparison of DeFi indicators (October 2025 vs. March 2026)
- Total TVL of the entire DeFi industry: Decreased from 171 billion USD to 96 billion USD (a decrease of 44%).
- Total Lending deposits: Decreased from 125 billion USD to 79.6 billion USD (a decrease of 36%).
- Market capitalization of Stablecoins: Slightly increased from 314 billion USD to 316 billion USD (an increase of 0.6%).
- Monthly DEX trading volume: Sharply decreased from 613 billion USD to about 207 billion USD (a decrease of 66%).
3. Important additional information
- TVL Restaking: Decreased from about 24 billion USD at the beginning of 2025 to 11.8 billion USD currently.
- EigenLayer: Currently holds only about 9 billion USD in TVL.
- TVL Liquid Staking: Decreased by 50% from 80 billion USD to about ~40 billion USD currently.
- Ethereum's market share: Still maintains a leading position, accounting for 50-60% of the total TVL of the entire ecosystem.
A TRADER LOST NEARLY 50 MILLION USD DUE TO SLIPPAGE
A user attempted to swap 50 million $USDT for $AAVE on Cowswap but encountered extremely high slippage (around 99.9%), resulting in receiving only a small amount of AAVE, estimated to be worth only about 36,200 USD
=> This person lost nearly all of their 50M$ immediately
- This has been compared to "losing 50M in an instant" and is believed to be due to MEV (Miner Extractable Value) or bots taking advantage.
- Aave's founder, Stani Kulechov, confirmed that the interface had warned of slippage and requested further confirmation, but the trader still proceeded with the transaction.
=> Aave has committed to refunding approximately 600,000 USD in transaction fees to the affected users, considering this a goodwill gesture even though slippage is a normal market risk.
=> Stani Kulechov emphasized that the system functioned correctly by providing a warning, and does not consider this a technical fault of the protocol, but rather a user negligence.
A user attempted to swap 50 million $USDT for $AAVE on Cowswap but encountered extremely high slippage (around 99.9%), resulting in receiving only a small amount of AAVE, estimated to be worth only about 36,200 USD
=> This person lost nearly all of their 50M$ immediately
- This has been compared to "losing 50M in an instant" and is believed to be due to MEV (Miner Extractable Value) or bots taking advantage.
- Aave's founder, Stani Kulechov, confirmed that the interface had warned of slippage and requested further confirmation, but the trader still proceeded with the transaction.
=> Aave has committed to refunding approximately 600,000 USD in transaction fees to the affected users, considering this a goodwill gesture even though slippage is a normal market risk.
=> Stani Kulechov emphasized that the system functioned correctly by providing a warning, and does not consider this a technical fault of the protocol, but rather a user negligence.
AI AGENT ROME AUTONOMOUSLY MINING CRYPTOCURRENCY? - RELATED TO ALIBABA
An AI agent has autonomously performed "rebellious" actions, including illegally mining cryptocurrency during its training process.
1. The entity responsible for the incident
- This AI system is called ROME, an autonomous AI agent developed by research teams affiliated with Alibaba's AI ecosystem.
- ROME is designed not only to converse but also to interact with tools, software environments, and execute system commands to complete tasks.
1. The entity responsible for the incident
- This AI system is called ROME, an autonomous AI agent developed by research teams affiliated with Alibaba's AI ecosystem.
- ROME is designed not only to converse but also to interact with tools, software environments, and execute system commands to complete tasks.
Gold and silver, currently heading towards a price increase in oil, and then it will be the turn of various foodstuffs (I have analyzed this in the previous article)
If this situation continues for a long time, we will have to face a synchronized global price increase, of course high inflation is unavoidable
Anyone who has been following the market for many years will see that consumer goods, once increased in price, are very hard to decrease, just like we can see the prices of gold and silver decrease over a certain period, but the price of a bowl of pho or a loaf of bread that has increased will be very hard to decrease
- We will have to face a longer-term phase of price increases, which will directly affect our wallets in the future
If this situation continues for a long time, we will have to face a synchronized global price increase, of course high inflation is unavoidable
Anyone who has been following the market for many years will see that consumer goods, once increased in price, are very hard to decrease, just like we can see the prices of gold and silver decrease over a certain period, but the price of a bowl of pho or a loaf of bread that has increased will be very hard to decrease
- We will have to face a longer-term phase of price increases, which will directly affect our wallets in the future
On March 3, 2026, South Korea's KOSPI benchmark index fell by 7.24%, marking the worst one-day decline in 19 months and wiping out approximately 390 trillion won (about 270 billion USD) in market value.
This sharp decline triggered a sell circuit breaker (also known as "sidecar") by the Korea Exchange (KRX), temporarily halting program trading for five minutes when the KOSPI 200 futures index dropped more than 5% (specifically 5.09% to 890.05).
The sidecar is designed to control panic selling and volatility, and this is the first activation since January 6, 2026.
This sharp decline triggered a sell circuit breaker (also known as "sidecar") by the Korea Exchange (KRX), temporarily halting program trading for five minutes when the KOSPI 200 futures index dropped more than 5% (specifically 5.09% to 890.05).
The sidecar is designed to control panic selling and volatility, and this is the first activation since January 6, 2026.
In recent days, the amount of cryptocurrency flowing out of exchanges in Iran has surged suddenly, trading has dropped sharply, and Iran's cryptocurrency ecosystem is worth about 7.8-11 billion USD annually
#creatorpadvn @Binance Vietnam $BNB
#creatorpadvn @Binance Vietnam $BNB
7 AI Agent Skills of Binance
Binance launches Skills Hub as an open marketplace where skills are security-tested before listing, allowing natural language interaction with crypto functions like CEX trading, DEX swapping, wallet tracking, and DeFi interaction. These skills support crypto activities 24/7, from market analysis to trade execution.
1. crypto-market-rank (binance-web3)
Description: Provides rankings and leaderboards for the crypto market.
1. crypto-market-rank (binance-web3)
Description: Provides rankings and leaderboards for the crypto market.
Too many tokens launched without revenue, users, or use cases
Most layer2s are hitting a dead end and gradually disappearing from the market
#Creatorpadvn @Binance Vietnam $BNB
Most layer2s are hitting a dead end and gradually disappearing from the market
#Creatorpadvn @Binance Vietnam $BNB
Bitcoin Bear Market Dynamics: Identifying the Bottom and 'Killing' the Bear
Market Supply Mechanism in Bear Market
Price decline is not just about falling prices but also reshaping ownership: speculative capital drives prices up, then capitulation cleans out short-term holders.
Coin Movement: From peak buyers to patient accumulation, through indicators like Realized Price (average cost basis $BTC ) or STH Cost Basis (coin @155 days).
Capitulation and Pain: Starting with 'price pain' (sell-off), followed by 'time pain' (prolonged sideways, testing resolve).
Price decline is not just about falling prices but also reshaping ownership: speculative capital drives prices up, then capitulation cleans out short-term holders.
Coin Movement: From peak buyers to patient accumulation, through indicators like Realized Price (average cost basis $BTC ) or STH Cost Basis (coin @155 days).
Capitulation and Pain: Starting with 'price pain' (sell-off), followed by 'time pain' (prolonged sideways, testing resolve).
SILVER PRICE CYCLE ANALYSIS 2025-2026
After reaching an all-time high (ATH) of $121.67/oz at the end of January 2026, the silver price is currently adjusting to the level of $94/oz (as of March 1, 2026).
Following an explosive growth of +320% during the period of 2025-2026, the market structure is revealing significant signals:
Trend and Indicators: The price is maintaining above the EMA50 line, indicating that the medium-term uptrend has not been broken. RSI is currently above 50 and has not entered the overbought zone, providing room for recovery movements.
Resistance Level: The level of $100 is a major psychological barrier. If surpassed, the price could regain control of the $110-$121 range.
Support Level: The $85-90 zone is an important support point. If this level is broken, the price risks retreating to the long-term support range of $70-75.
#creatorpadvn @Binance Vietnam $BNB
After reaching an all-time high (ATH) of $121.67/oz at the end of January 2026, the silver price is currently adjusting to the level of $94/oz (as of March 1, 2026).
Following an explosive growth of +320% during the period of 2025-2026, the market structure is revealing significant signals:
Trend and Indicators: The price is maintaining above the EMA50 line, indicating that the medium-term uptrend has not been broken. RSI is currently above 50 and has not entered the overbought zone, providing room for recovery movements.
Resistance Level: The level of $100 is a major psychological barrier. If surpassed, the price could regain control of the $110-$121 range.
Support Level: The $85-90 zone is an important support point. If this level is broken, the price risks retreating to the long-term support range of $70-75.
#creatorpadvn @Binance Vietnam $BNB
ANALYSIS OF INDEX $BTC REALIZED PRICE (EXCLUDING RESERVE SUPPLY >7 YEARS)
After applying the filter above, the average cost of all investors is currently around 72,700 USD.
BTC has maintained trading below this cost price for nearly a month. According to historical statistical rules, whenever the Bitcoin price breaks and stays below this important technical support level sustainably, the market often enters a distinct Bear Market phase.
Similar downturn phases in the past typically lasted from 6 to 12 months. To re-establish a growth position (bullish), Bitcoin must successfully reclaim the level of 72,700 USD. Bringing a large number of investors back to a profitable state is a crucial factor in reducing selling pressure and strengthening long-term holding sentiment.
#creatorpadvn @Binance Vietnam $BNB
After applying the filter above, the average cost of all investors is currently around 72,700 USD.
BTC has maintained trading below this cost price for nearly a month. According to historical statistical rules, whenever the Bitcoin price breaks and stays below this important technical support level sustainably, the market often enters a distinct Bear Market phase.
Similar downturn phases in the past typically lasted from 6 to 12 months. To re-establish a growth position (bullish), Bitcoin must successfully reclaim the level of 72,700 USD. Bringing a large number of investors back to a profitable state is a crucial factor in reducing selling pressure and strengthening long-term holding sentiment.
#creatorpadvn @Binance Vietnam $BNB
THE CORRELATION BETWEEN GLOBAL LIQUIDITY (M2) AND THE PRECIOUS METALS GROUP (XAU)
Historical data and current volatility indicate a notable structural shift in the global financial system. As liquidity is pumped out, scarce assets tend to be the final funnel for cash flow.
ABSOLUTE M2 VOLATILITY ANALYSIS
Based on the growth chart from 2021 to early 2026, we observe an irreversible progressive trajectory of currency:
ABSOLUTE M2 VOLATILITY ANALYSIS
Based on the growth chart from 2021 to early 2026, we observe an irreversible progressive trajectory of currency:
Week 2 - I continue to buy 1u $BTC more because the price is still around 6x
In terms of psychological factors, it generally looks quite bad, and most people are still waiting for even lower prices this year. Bitcoin has also decreased for 5 consecutive months, which has never happened before.
Everyone thinks that further decline is reasonable because all factors indicate it could happen, but if the price rebounds, the sentiment will change immediately, and the first thing I do is stick to my plan, putting emotions aside.
A bear market has never been quick and easy, but every bear season has notable rebounds, what I'm aiming for is the next few years, so let's just chill, folks.
#creatorpadvn @Binance Vietnam $BNB
In terms of psychological factors, it generally looks quite bad, and most people are still waiting for even lower prices this year. Bitcoin has also decreased for 5 consecutive months, which has never happened before.
Everyone thinks that further decline is reasonable because all factors indicate it could happen, but if the price rebounds, the sentiment will change immediately, and the first thing I do is stick to my plan, putting emotions aside.
A bear market has never been quick and easy, but every bear season has notable rebounds, what I'm aiming for is the next few years, so let's just chill, folks.
#creatorpadvn @Binance Vietnam $BNB
Since 2015, Bitcoin and the global M2 money supply have undergone 23 directional divergences โ defined as periods in which M2 continues to rise while BTC declines.
Historically, each issue has been resolved on average within one to two months, as liquidity expansion permeates through the risk asset hierarchy and ultimately finds its way into BTC.
The current divergence has broken this historical pattern, exceeding any previous phase in both duration and intensity. This is not a statistical anomaly that can be distilled into a single variable; rather, it may be the product of three mutually reinforcing structural distortions converging simultaneously for the first time in the history of the dataset.
- The article also contributes to the program #CreatorpadVN @Binance Vietnam $BNB
Historically, each issue has been resolved on average within one to two months, as liquidity expansion permeates through the risk asset hierarchy and ultimately finds its way into BTC.
The current divergence has broken this historical pattern, exceeding any previous phase in both duration and intensity. This is not a statistical anomaly that can be distilled into a single variable; rather, it may be the product of three mutually reinforcing structural distortions converging simultaneously for the first time in the history of the dataset.
- The article also contributes to the program #CreatorpadVN @Binance Vietnam $BNB
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