Many people see IREN and their first reaction is still “Oh, that one that mines Bitcoin”
Now take a look at the current profitability rankings of crypto stocks, IREN has a 66% profit margin over the past 3 months, while MSTR is at -44%
The biggest story for IREN right now is not Bitcoin (although BTC is also appealing), but AI. Just recently (November 2025), IREN secured a $9.7 billion AI cloud service contract with Microsoft, fully transforming its business
I estimate that once large mining companies can no longer sustain their operations, they will also pivot to AI data centers Using the quick money earned from mining to support this long-term and challenging AI sector
——————
If we discuss fundamental analysis, the recently released Q3 financial report, although the revenue slightly fell short of the wild expectations of Wall Street analysts, the EBITDA (set a new high, reaching $83 million)
✅ Bull Case (Reasons to be bullish)
IREN is currently the most determined company in the mining sector to transition to AI, with the strongest orders in hand. There is short-term financing pain, but long-term potential for exponential growth; just yesterday they issued convertible notes. They are likely aiming to expand their scale.
Aster has already fallen to the buying price of Big Brother, probably around 0.9 something.
If there is a guiding line expected by the market, it is very likely to be broken.
If the repurchase cannot bring absolute information and price fluctuations, it can only indicate that there were too many scattered chips in the early stage, and more time will be needed to collect them back.
The previous bear chain was too complicated. To be honest, the POL mechanism is actually inspired by OHM and can be considered one of the most important branches in the field of liquidity (proof of liquidity). Essentially, it transforms users' liquidity into the protocol's liquidity.
From the perspective of liquidity, Berachain: the entire chain is a PoL super liquidity pool, where everyone is focused on accumulating or reducing returns based on this liquidity, and @InfraredFinance is the hand that 'smooths' this pool.
It has done a few things: Using PoL Vaults to help you access PoL with one click, without having to figure out the rules yourself.
Using iBGT / iBERA to activate BGT and BERA: gaining both returns & governance while still being able to continue engaging with DeFi.
Using iVaults to package strategies like PoL + LP/Pendle/compound interest, similar to the YFI of the past.
The same chips are repeatedly cycled through multiple positions: PoL returns, DeFi returns, governance rights, you can enjoy them all, and the benefit here is the compounding around liquidity.
Of course, this is not without risks. The risk is whether you think BERA will continue to decline. It is known that the BERA team's large unlock is next year. I estimate that after a potential drop, it may really hit the bottom. For POL to take off, it definitely needs price momentum; otherwise, this pool cannot operate like a flywheel.
Okay, back to Infrared. It is currently the default entry point for Berachain: PoL vault coverage exceeds 80%, controlling over 35% of BGT emissions, approximately 1/3 of BERA staked, with a peak TVL exceeding 2 billion USD; it has secured Framework as an investor, integrated BitGo with iBERA, and is also in talks with institutions like PayPal for cooperation.
You can abstract Infrared as the infrastructure of this pool, comparable to the front-end operations of basedapp and hyperliquid. If BERA is to rise, keep a close eye on Infrared's data.
"Huion Bank's business license has been revoked by Cambodia" -- Huione Countdown
Huione "run away", which is a severe blow to various types of operators / dog pushers / parks in Southeast Asia on the payment infrastructure level.
- Short-term extreme chaos, settlement difficulties, profits swallowed significantly - In the medium to long term, there will definitely be a pile of substitutes emerging, but they will be more decentralized, more underground, and costlier - There will be some negative impact on TRON's revenue, but due to path dependence, it's still manageable for now - In terms of the overall crypto price, it can only be considered a small fluctuation on the emotional level.
88k empty, is there a problem? 4-hour FVG gap, no issues. After the breakthrough, we can no longer continue to look, so after half an hour, just look at the daily line for a rebound.
Trading is about flexibility; it requires judging direction based on price and volume.
You may not have a concept of huione's delay, or you may not have much concept of huione
Manwu has an article "The Payment Behind Over 55 Billion"
Here are some data points
1. From 2024 to June 2025, huione on tron had a total deposit of 54.4 billion and a total withdrawal of 57.2 billion, with multiple instances of weekly recharge exceeding 1 billion
2. The total number of addresses grew from 30,000 to 80,000
3. The total transaction amount on the platform is at least 24 billion USD; related entities of Huione have received at least 89 billion USD in crypto assets (don’t say it’s impossible to crash the market)
4. It can basically achieve an average daily turnaround of 200 million USD + give Brother Sun from tron at least 1 million USD in fees per month, which is the impressive aspect of Brother Sun establishing himself in Southeast Asia
I don’t know if huione will collapse, but if huione is gone, the underground ecosystem will be rewritten, and it is highly likely that tron will also be unused (a bit difficult)