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Crypto firms are going public, fast. Here’s what I’m watching:
Despite weak liquidity, public market crypto proxies, especially compliant, cash-flow-generating firms, have outperformed most altcoins. That says a lot.
However, the “crypto treasury” trend seems to be growing too fast. It’s giving SPAC déjà vu. Great narrative, but shaky fundamentals.
My ideal sustainable play would be: stablecoin issuers/exchanges with audited reserves + profits + strong governance + regulatory alignment.
Zooming out, Bitcoin and global risk assets are now in a narrative vacuum. The market lacks fresh catalyst and strong momentum. We’re all waiting on one thing: macro alignment on rate cuts (and Powell is still stalling).
Until then, alpha lives where credibility meets compliance.
Despite weak liquidity, public market crypto proxies, especially compliant, cash-flow-generating firms, have outperformed most altcoins. That says a lot.
However, the “crypto treasury” trend seems to be growing too fast. It’s giving SPAC déjà vu. Great narrative, but shaky fundamentals.
My ideal sustainable play would be: stablecoin issuers/exchanges with audited reserves + profits + strong governance + regulatory alignment.
Zooming out, Bitcoin and global risk assets are now in a narrative vacuum. The market lacks fresh catalyst and strong momentum. We’re all waiting on one thing: macro alignment on rate cuts (and Powell is still stalling).
Until then, alpha lives where credibility meets compliance.
在过去几年，我们习惯了“大饼涨，豪表也涨”的節奏，甚至成了币圈一种默认逻辑。但2025年的这一轮牛市却有点不一样。加密资本的走向、市场的心态、宏观环境的变化，都在重塑整个币圈生态。
昨天我在@CryptoSlate上发表了一篇英文文章，就讨论了这个挺有趣的现象。虽然原文是英文的，但我知道很多华语区用户也关心这个话题，所以特别整理了一个中文摘要，跟大家一起探讨这轮周期不一样的地方。
还记得2021年那会儿，比特币冲上$69,000的ATH，很多人第一反应是去排队买劳力士、PP、甚至Lambo。那时的财富来得快，大家也花得狠，大饼和豪表的价格趋势几乎是正相关的。但到了2025年，尽管BTC突破新高，奢侈品的行情却没跟上。根据WatchCharts数据，高端手表价格从2023年底开始就几乎横盘。我把这种现象称为“比特币与奢侈品的脱钩”。
为什么会这样？我观察到几点趋势：
1. 投资者画像变了
ETF的推出带来了大量机构资金，这些新玩家不是来炒memecoin或买NFT的。他们关注的是配置、风险管理和长线布局。我们平台上的产品使用行为也变了，用户的问题不再是“下一个暴涨币是啥”，而是怎么在TradFi和Crypto之间分散风险。
2. 比特币不再是炫富工具，而是战略资产
如今，赚到钱的投资者更多是把收益放入多签钱包、买节点、配置ETF，而不是冲去买表买车。奢侈品依然有吸引力，但投机泡沫已经被挤出，市场在变得更理性。
3. 宏观环境紧缩，流动性不再泛滥
全球央行还在摸索利率政策，通胀压力仍在，流动性吃紧。在这种环境下，大家更愿意买能保值的资产，而不是高调消费。
4. 比特币越来越像黄金
数据显示，比特币和黄金的走势相关性明显提升。当股市不稳，黄金涨，比特币也开始有类似走势。这说明比特币的角色正从风险资产向对冲工具转变。
我相信这是一种健康而成熟的改变，这代表币圈必须跟上新的节奏。除了做交易，我们也需要面向未来，打造更合规、安全、有长期价值的金融基础设施。
原文 👇
昨天我在@CryptoSlate上发表了一篇英文文章，就讨论了这个挺有趣的现象。虽然原文是英文的，但我知道很多华语区用户也关心这个话题，所以特别整理了一个中文摘要，跟大家一起探讨这轮周期不一样的地方。
还记得2021年那会儿，比特币冲上$69,000的ATH，很多人第一反应是去排队买劳力士、PP、甚至Lambo。那时的财富来得快，大家也花得狠，大饼和豪表的价格趋势几乎是正相关的。但到了2025年，尽管BTC突破新高，奢侈品的行情却没跟上。根据WatchCharts数据，高端手表价格从2023年底开始就几乎横盘。我把这种现象称为“比特币与奢侈品的脱钩”。
为什么会这样？我观察到几点趋势：
1. 投资者画像变了
ETF的推出带来了大量机构资金，这些新玩家不是来炒memecoin或买NFT的。他们关注的是配置、风险管理和长线布局。我们平台上的产品使用行为也变了，用户的问题不再是“下一个暴涨币是啥”，而是怎么在TradFi和Crypto之间分散风险。
2. 比特币不再是炫富工具，而是战略资产
如今，赚到钱的投资者更多是把收益放入多签钱包、买节点、配置ETF，而不是冲去买表买车。奢侈品依然有吸引力，但投机泡沫已经被挤出，市场在变得更理性。
3. 宏观环境紧缩，流动性不再泛滥
全球央行还在摸索利率政策，通胀压力仍在，流动性吃紧。在这种环境下，大家更愿意买能保值的资产，而不是高调消费。
4. 比特币越来越像黄金
数据显示，比特币和黄金的走势相关性明显提升。当股市不稳，黄金涨，比特币也开始有类似走势。这说明比特币的角色正从风险资产向对冲工具转变。
我相信这是一种健康而成熟的改变，这代表币圈必须跟上新的节奏。除了做交易，我们也需要面向未来，打造更合规、安全、有长期价值的金融基础设施。
原文 👇
The GENIUS Act is a pivotal move by the US to institutionalize stablecoins, and by extension, globalize dollar demand.
With strict reserve requirements tied to Treasuries, it reinforces USD dominance and helps stabilize bond market fragility.
In a world craving safety and predictability, this regulatory clarity is a greenlight for institutions and a trust layer for investors.
Assuming optimism holds, we could see USDC/USDT market caps grow 20–30% annually.
Smaller issuers will face compliance hurdles, though. Expect consolidation.
Regulation isn’t always fun. But it’s necessary. 🎤👇
With strict reserve requirements tied to Treasuries, it reinforces USD dominance and helps stabilize bond market fragility.
In a world craving safety and predictability, this regulatory clarity is a greenlight for institutions and a trust layer for investors.
Assuming optimism holds, we could see USDC/USDT market caps grow 20–30% annually.
Smaller issuers will face compliance hurdles, though. Expect consolidation.
Regulation isn’t always fun. But it’s necessary. 🎤👇
Had the pleasure of speaking at a startup comp at @hkust last week. The participating projects were ambitious, especially in AI and life science, but web3 was absent.
It got me thinking: maybe we’re not doing enough to bridge the gap between web3 and universities. Better education, stronger mentorship, and real-world use cases matter.
The next wave of builders is already here. Any bold ideas to bring them into web3?
It got me thinking: maybe we’re not doing enough to bridge the gap between web3 and universities. Better education, stronger mentorship, and real-world use cases matter.
The next wave of builders is already here. Any bold ideas to bring them into web3?
Earlier today, I took part in a media interview that felt a bit off—and this afternoon, I lost access to my Telegram. Some friends also received suspicious DMs from my X account.
We've regained control of this X account, but my Telegram is still in the process of recovery. If you received any strange DMs from me today on X or Telegram, please ignore them and stay alert—do not click on any suspicious links. Apologies for the confusion caused.
This June, Bitget is running its #BitgetAntiScamMonth campaign to raise awareness around security. As hackers and scammers grow more sophisticated, staying safe is an ongoing effort. I’ll be learning and growing with all of you—keep studying, stay safe. 🙏
We've regained control of this X account, but my Telegram is still in the process of recovery. If you received any strange DMs from me today on X or Telegram, please ignore them and stay alert—do not click on any suspicious links. Apologies for the confusion caused.
This June, Bitget is running its #BitgetAntiScamMonth campaign to raise awareness around security. As hackers and scammers grow more sophisticated, staying safe is an ongoing effort. I’ll be learning and growing with all of you—keep studying, stay safe. 🙏
Wciąż jestem optymistyczny co do $ETH. Netto napływ środków do ETF-ów spotowych przez ponad 3 tygodnie to pozytywny sygnał silnego zainteresowania inwestorów. Zatwierdzenie przez SEC stakowania może uruchomić prawdziwy cykl $ETH.
Regulacje się klarują. Ostatnie wytyczne SEC zwiększają optymizm. Czekam z niecierpliwością, jak to się rozwinie.
Regulacje się klarują. Ostatnie wytyczne SEC zwiększają optymizm. Czekam z niecierpliwością, jak to się rozwinie.
During the MIT Sloan reunion last month, I finally got to attend a seminar by Professor Andrew Lo. He's one of the sharpest minds in finance and innovation. I had tried (and failed!) to get into his class during my MBA, so this was a full-circle moment.
His talk on Financing Deep Tech hit home. He spoke about the “valley of death”, the risky gap between breakthrough research and real-world application. It reminded me of what many crypto projects face today: strong tech, but struggling to survive without the right capital, ecosystem, and patient backing.
Whether it’s deep tech or web3, it’s mission-aligned capital and long-term conviction that ultimately bridge the gap.
Grateful to be back at Sloan, still learning from the best.
His talk on Financing Deep Tech hit home. He spoke about the “valley of death”, the risky gap between breakthrough research and real-world application. It reminded me of what many crypto projects face today: strong tech, but struggling to survive without the right capital, ecosystem, and patient backing.
Whether it’s deep tech or web3, it’s mission-aligned capital and long-term conviction that ultimately bridge the gap.
Grateful to be back at Sloan, still learning from the best.
Cudowna niespodzianka od @CoinDesk 🩵 Wdzięczna, że mogę być na tej liście niesamowitych kobiet w web3 i AI.
Przyszłość jest współpraca. Kontynuujmy budowanie. 🌱
https://www.coindesk.com/web3/2025/06/05/top-50-women-in-web3-and-ai
Przyszłość jest współpraca. Kontynuujmy budowanie. 🌱
https://www.coindesk.com/web3/2025/06/05/top-50-women-in-web3-and-ai
Pojedynek Trumpa z Muskiem to tylko kolejny mem. Duże ego i tak będą działać.
Kryptowaluty wciąż są na dobrej drodze. Fundamenty wciąż są bycze.
Kryptowaluty wciąż są na dobrej drodze. Fundamenty wciąż są bycze.
Many in the community are hyped about FTX’s $5B payout tomorrow (May 30).
The number sounds big, but I don’t think it represents a direct, massive capital injection into the market.
To put it in perspective, $5B equals:
📍 0.14% of crypto market cap ($3.5T)
📍 3.97% of daily trading volume ($126B)
📍 2% of circulating stablecoin supply ($250B)
It sounds large, but it won’t move the entire market. That said, liquidity still matters.
I don’t expect a full-on bull breakout, as a significant portion of FTX claims were bought by TradFi funds like Baupost, Oaktree, and Attestor, who are unlikely to ape memecoins, but to exit. Some funds may rotate into crypto, but a good chunk will likely just cash out.
In a very optimistic case, if $2.5B (50%) flows into $BTC (~3.3% of daily volume), that could push $BTC +1–3% to around $109K.
Altcoins may be the wildcard. Smaller caps could see 5–10%+ pops if traders rotate into high-beta narratives, but that depends on retail participation.
While I don’t expect price impact across stablecoins, this liquidity may power DeFi flows, RWA narratives, and passive yield demand (think: #BGUSD).
The payout will take 1-3 days. Watch this weekend and next week for short-term volatility. Keep an eye on on-chain stablecoin flows and exchange inflows to track market direction.
#NFA & #DYOR 👀
The number sounds big, but I don’t think it represents a direct, massive capital injection into the market.
To put it in perspective, $5B equals:
📍 0.14% of crypto market cap ($3.5T)
📍 3.97% of daily trading volume ($126B)
📍 2% of circulating stablecoin supply ($250B)
It sounds large, but it won’t move the entire market. That said, liquidity still matters.
I don’t expect a full-on bull breakout, as a significant portion of FTX claims were bought by TradFi funds like Baupost, Oaktree, and Attestor, who are unlikely to ape memecoins, but to exit. Some funds may rotate into crypto, but a good chunk will likely just cash out.
In a very optimistic case, if $2.5B (50%) flows into $BTC (~3.3% of daily volume), that could push $BTC +1–3% to around $109K.
Altcoins may be the wildcard. Smaller caps could see 5–10%+ pops if traders rotate into high-beta narratives, but that depends on retail participation.
While I don’t expect price impact across stablecoins, this liquidity may power DeFi flows, RWA narratives, and passive yield demand (think: #BGUSD).
The payout will take 1-3 days. Watch this weekend and next week for short-term volatility. Keep an eye on on-chain stablecoin flows and exchange inflows to track market direction.
#NFA & #DYOR 👀
I spoke with @JouaidAbdallah from @CNNBusinessAr about what’s next for crypto in 2025 during @TOKEN2049 Dubai.
My take:
📈 More altcoin spot ETFs will get greenlit in the US
🏦 3x–6x more public companies will hold Bitcoin by end-2025
👀 Dropped a little Bitget alpha too
And yes, I also bet $BTC hits $1M within the next decade 👇
🔗
My take:
📈 More altcoin spot ETFs will get greenlit in the US
🏦 3x–6x more public companies will hold Bitcoin by end-2025
👀 Dropped a little Bitget alpha too
And yes, I also bet $BTC hits $1M within the next decade 👇
🔗
Fitness i spa, miły sposób na rozpoczęcie mojego Dnia 1 w Las Vegas. #Bitcoin2025 #Vegas
Bitget is actively tracking the stolen funds from Sui's @CetusProtocol and coordinating efforts to support the community.
We'll stand with all builders in the space.
We'll stand with all builders in the space.
🚀 Bitcoin just hit a new ATH
🌟 @BitgetWallet dropped a fresh rebrand
🍕 Bitcoin Pizza Day is tomorrow
What a time to be alive!
🌟 @BitgetWallet dropped a fresh rebrand
🍕 Bitcoin Pizza Day is tomorrow
What a time to be alive!
At #AVAXSummit today, and it’s clear Avalanche is building with long-term utility in mind — particularly around asset issuance, infra modularity, and institutional rails.
CEXs, DeFi, L1s and VCs all play a role in onboarding the next wave.
@luigidemeo @perkinscr97
#AVAX #Web3Infra
CEXs, DeFi, L1s and VCs all play a role in onboarding the next wave.
@luigidemeo @perkinscr97
#AVAX #Web3Infra
$40B+ in cumulative flows into spot Bitcoin ETFs. This is shaping up to be the most institutionally anchored and structurally supported cycle in crypto history.
Wielu przyjaciół ostatnio pytało mnie o @MorphLayer. #Bitget był jednym z jego wczesnych inwestorów—zainwestowaliśmy 2 miliony dolarów w 2023 roku za 20% udziałów. Od tego czasu Morph nadal rośnie i przyciąga zainteresowanie zarówno instytucji, jak i inwestorów indywidualnych.
https://t.co/05wJjjR0Kh
Jako jeden z nielicznych L2, w które zainwestowaliśmy, przyciągnęła nas ich wizja budowy blockchaina na poziomie konsumenckim, chociaż nie bierzemy udziału w codziennych operacjach ani podejmowaniu decyzji. Z tego, co widziałem, zespół #Morph jest proaktywny, napędzany technologią i głęboko zaangażowany w długoterminowe cele. Ich mapa drogowa na 2025 rok zawiera kilka kluczowych kamieni milowych—mam nadzieję zobaczyć, jak ich dalsze budowanie może przyczynić się do znaczącego postępu w tej dziedzinie.
https://t.co/05wJjjR0Kh
Jako jeden z nielicznych L2, w które zainwestowaliśmy, przyciągnęła nas ich wizja budowy blockchaina na poziomie konsumenckim, chociaż nie bierzemy udziału w codziennych operacjach ani podejmowaniu decyzji. Z tego, co widziałem, zespół #Morph jest proaktywny, napędzany technologią i głęboko zaangażowany w długoterminowe cele. Ich mapa drogowa na 2025 rok zawiera kilka kluczowych kamieni milowych—mam nadzieję zobaczyć, jak ich dalsze budowanie może przyczynić się do znaczącego postępu w tej dziedzinie.
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