熊猫的Web3日记

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🟠"The additional position is not just talk": Strategy (formerly MicroStrategy) once again discloses the purchase of BTC, what does it really indicate?

Recently, Strategy disclosed an increase in its Bitcoin holdings: **purchased approximately 1,229 BTC during the period of 2025/12/22–12/28, costing about 108.8 million USD, with an average price of approximately $88,568/BTC**.
As of 2025/12/28, Strategy **holds approximately 672,497 BTC**, with a disclosed **average cost of approximately $74,997/BTC**.
🔥Is this a signal of being “extremely optimistic about BTC's long-term trend”?

It can be described as a “continuation of a long-term bullish stance”, but a more accurate statement would be: it is continuously executing its established BTC treasury strategy.**

1. It is indeed expressing a long-term stance with “real money”
Strategy's consistent approach is: treating BTC as a core reserve asset for the company, publicly disclosing and continuously buying—this is not the mindset of short-term traders.

2. However, this purchase is also quite “mechanical”: the funds primarily come from selling shares (ATM)
Multiple reports have mentioned: one of the funding sources for this round of purchases is raising funds by **selling Class A shares of the company at-the-market (ATM)**, and then using that money to buy BTC.
Therefore, it resembles a “financing → buying coins” continuous mechanism, rather than a timing signal suggesting that BTC is about to rise.**

---

✅ Bullish Perspective: It acts as an “institutional endorsement of BTC”
- Turning BTC into a core asset on the company's balance sheet
- The narrative will reinforce the confidence anchor of “institutions holding long-term” (especially during low sentiment phases)

⚠️ Risk Perspective: Share dilution + amplified volatility
MarketWatch mentioned: during the period when BTC retraced from its peak, **the volatility of MSTR/Strategy's stock price is often greater than that of BTC**, and the market will also worry about the dilution and downward pressure caused by continuous share selling.

## 💬 What do you think?
Do you tend to interpret Strategy's continued increase in holdings as:
A) A continuation of institutional-level long-term belief
B) “Programmatic buying” driven by a financing mechanism
C) Both, but the main risk lies in dilution/volatility amplification

#strategy增持比特币

Dog thing, are you playing or not???

Tell a cold joke:

If you bought silver yesterday,
your one day profit
will exceed that of someone holding ETH for 4 years. $ETH

🔥BNB Ultimate Debate: Is $840 a Golden Pit or the Calm Before the Collapse? Will it Double or Halve by 2026?

Bullish Nuclear-Level Logic

1. Deflationary Closed Loop Blasting Through the Ceiling: Quarterly burn + real-time Gas burn combined, the 32nd burn eliminated 1.595 million BNB (over $1 billion), total burn exceeds 60 million, target total supply reduced to 100 million, the hotter the ecosystem, the more burned, scarcity index skyrockets.
2. Ecological Blood Generation Capability Crushing: BNB Chain daily active users exceed 58 million, opBNB Layer 2 TPS reaches over 100,000, Gas fees as low as $0.0001, DeFi locked assets + chain games + Greenfield data storage create triple essential needs, each transaction is generating “demand” for BNB.
3. Institutional + ETF Dual Engine Ignition: VanEck has submitted a BNB spot ETF application, Standard Chartered predicts $2775 by 2028 (potential increase of 230%); multiple companies on Nasdaq cumulatively hold 128,000 BNB, traditional funding entry channels are about to open fully.
4. Multichain Hegemony Taking Shape: One BNB integrates BSC + opBNB + Greenfield, cross-chain bridges connect mainstream chains like ETH/Arbitrum/Base, completely upgrading from exchange tokens to full-chain infrastructure, the moat is digging deeper.

Bearish Fatal Strike Points

1. Regulatory Damocles Sword: Compliance pressure from the US and Europe has not eased, China has a comprehensive ban, if global regulation tightens, Binance's business contraction will directly pull away BNB's value foundation, 2026 may become a concentrated outbreak period for regulatory black swans.
2. Centralized Dependency Terminal Illness: Tether-style risks re-emerge—Binance controls the burn rhythm + ecological rules, reserves and decision-making are opaque, if a trust crisis occurs, 70% of circulating chips may collectively stampede, liquidity may freeze instantly.
3. Competitive Strangulation Battle Intensifying: Solana and Aptos are seizing the market with faster speeds and lower costs, ETH Shanghai upgrade + Cancun upgrade continue to divert funds, BNB's performance and cost advantages are rapidly diluting.
4. Technical Vulnerabilities Hidden Risks: Cross-chain bridge historical vulnerability rate is 0.3%, MEV attack risks have not been eliminated, AI proxy trading could trigger uncontrollable on-chain economic models, a single black swan could evaporate hundreds of billions in market value.

Ultimate Soul Question

Now at $840 for BNB, are you betting on the “Deflation + ETF + Ecosystem” triple resonance to hit $1800 in 2026? Or do you believe that “Regulation + Centralization + Competition” triple strikes will bring it down to $400? The battle between bulls and bears is coming next year, which side are you on?

$BNB

🔥The biggest divergence at the end of 2025: Are stablecoins the cornerstone of the crypto ecosystem or a regulatory minefield?

On one side is a $46 trillion annual trading volume and a $300 billion market cap reaching historical peaks, with Visa integrating USDC to disrupt traditional settlement, and BlackRock using it to bridge traditional funds with the digital market, becoming a funding hub in the crypto world; on the other side is China’s complete halt, S&P downgrading USDT's rating, USDe's de-pegging and liquidation warnings, with financial sovereignty disputes escalating under the 99% monopoly of USD stablecoins.

Some say it is a revolution in cross-border payments, with 1-second settlement and near-zero costs solving traditional financial pain points, and Hong Kong's licensing regulation has provided a compliant answer; others criticize it as a centralized trap, with Tether dominating 70% of the market, opaque reserve assets, and anti-money laundering loopholes, which could trigger a liquidity freeze across the entire market at any moment.

The more critical question is—public chain ecosystems like ETH are highly dependent on stablecoin supply, will the regulatory policy rift (US/EU compliance vs. China’s ban) become the biggest black swan in the crypto market of 2026? Do you stand with "stablecoins are the necessary path" or "should be replaced by digital RMB"? Come debate!

Awesome 2902 open position, 2901 liquidation I respect you

Why?

Always talking about some macro knowledge, this time let's talk about myself. I am a student from Henan who was admitted to university in 2020.

What I want to express here is: at that time my understanding was incredibly low. I didn't even have my own mobile phone until I was 20 years old. In other words, my Web3 life basically started when I was 20—before that, I knew almost nothing about this world.

Carrying this state of "not understanding anything," I walked into the university campus. My major was also chosen randomly; I heard the teacher say, "In the future, you can easily earn over ten thousand a month in computing," and in 2020, that was indeed considered true, so I muddled my way into computer science.

It is snowing

It is remembered that people in extremely anxious and unhappy environments will not have any long-term vision, so how can they possibly think about the long-term future?