大晖哥

Faced with Binance's sweep and bloodbath, compliant (onshore) trading platforms can only watch helplessly.
As for other offshore platforms, there aren't many effective response plans available.
Chinese people emphasize 'timeliness and trends'; the only thing offshore platforms can do is meticulous operation, honing their internal skills, and looking for those niche opportunities that Binance does not want to pursue, is unwilling to pursue, or has temporarily overlooked.
Fortunately, the exchange industry is somewhat like securities companies— as long as users continue to trade, they can survive long-term and continue to make profits.
Having dozens or even hundreds of platforms coexisting is the norm.
But now, the scale of Binance and #BNB is already ten times larger than that of all other offshore platforms combined.
The industry concentration has reached a historical record, known as 'one super and many strong'.
In fact, Binance's journey to today is certainly not due to luck; once, around 2023, at the Binance Chinese meeting in Dubai, He Yi mentioned the transition from 'good to great'. I also discussed this issue with Yi Jie, asking how to achieve the transition from 'good to great'; currently, Binance has achieved this 100%.
Since its founding, Binance has made the right choices at almost every key juncture and executed them nearly perfectly:
Founder CZ is a Canadian-Chinese engineer, and co-founder Yi Jie is a marketing expert deeply connected with CZ;
At the end of 2017, decisively went overseas, rising to industry leader from spot trading;
Acquired the old team of OKX, quickly filling the contract gap;
Launched the BNB public chain, turning the platform token into a public chain ecosystem;
Headquarters relocated to Dubai, securing investment and protection from the Abu Dhabi Sovereign Fund;
Attracting traditional financial institutions and listed companies to include BNB in their treasury, further expanding the BNB ecosystem.
Now, Binance and BNB only need to be accountable to Middle Eastern investors (Dubai, Abu Dhabi);
They neither need to heed the U.S. nor the Chinese government's opinions—of course, excluding counter-terrorism and anti-money laundering regulations.
Other offshore platforms, however, are still being pursued and blocked by regulators from various countries.
The 'destructive power' of Crypto is too great; aside from the U.S. and China, even Singapore and Hong Kong find it difficult to fully digest.

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A-shares, Hong Kong stocks, US stocks, and Crypto are all rising

The profit effect of the A-shares has outperformed all markets

Currently, Crypto has surprisingly become the laggard

Exchange layoffs
More certain news
First is MEXC, then JU
Followed by KuCoin, Lbank
Welcome to add more～

Aster had an accident
It is said that the team from Vietnam was kidnapped
As early as when ASTER was above 2 dollars, family members of the core group were shorting.

There has always been a theory that during China's holiday period

The Crypto market tends to experience a surge

Among the selected options, PEPE had the largest increase, soaring nearly 60% in just a few days, completely surpassing DOGE to become the king of memes

It can be considered as everyone received a moderately sized red envelope.

Meta purchased the AI Agent platform Manus for $2.5 billion
Meta's acquisition of Manus is valued at approximately $2.5 billion, which includes long-term retention incentives for the core team.
Interestingly, Manus only completed its Series B financing in May 2025, led by Benchmark, raising $75 million, with a valuation of only $500 million at that time.
This means that in just half a year, Manus's valuation has multiplied several times.
Early investors such as ZhenFund, HongShan Capital, and Tencent have become the biggest winners, achieving returns of several tens of times.
Manus focuses not on chatbots, but on AI Agents that can perform tasks directly:
conducting research, writing code, analyzing data, screening resumes, leaning towards the category of "digital employees", charging enterprises on a subscription basis.
Even more astonishing, shortly after the product launch, it has already achieved an annualized revenue of over $100 million.
From this deal, it is clear that:
Large companies are no longer buying just a "concept", but AI capabilities that can already create value for people.
AI is transitioning from a tool to a true productivity driver.

On December 24, 2025, the wallet address of Multicoin Capital transferred 30 million USDC to the Worldcoin (World) team wallet.
On December 25, the wallet address of Multicoin Capital received 60 million WLD from the World team wallet.
The average price at which Multicoin Capital purchased WLD was $0.5.
In May 2025, Worldcoin (World) affiliate World Foundation's subsidiary World Assets sold WLD tokens at an average price of $1 to Andreessen Horowitz (a16z), Bain Capital Crypto, and Mirana Ventures, obtaining $135 million in cash.
As of the end of December 2025, the price of WLD was approximately $0.5, with a circulating market value of about $1.28 billion and an FDV value of approximately $4.98 billion.
The valuation (FDV) of the last round of financing in the primary market for Worldcoin (WLD) was $3 billion, meaning the unit price was $0.3.

Ten-year veteran Traditional Chinese Medicine practitioner Xiao Huihui observes the celestial phenomena

The new round of crypto bull market has officially begun
The increase may not be very high, but the odds should be good

For stable players, the first choice is to configure BTC and ETH
For those looking to pursue high returns, HYPE can also be configured

Looking ahead, I still have confidence in Perps DEX, prediction markets, and all related upstream and downstream tracks of everything on the blockchain.

The average holding cost of the US spot Bitcoin ETF is around $83,000, currently holding about 1.33 million coins, which accounts for approximately 6% of the total supply.
The three major players: BlackRock (IBIT); Fidelity (FBTC); Grayscale (GBTC)
The US-listed company with the largest number of holdings, Strategy (MSTR), has a holding cost of about $74,000, currently holding around 660,000 coins, which accounts for approximately 3% of the total supply.

In this round of the Crypto cycle, institutions are entering, and the play has changed
JPMorgan's latest report: Crypto has entered the "post-retail era"
Key points:
Cryptocurrency is bidding farewell to the "venture capital" model and evolving into a formal macro trading asset dominated by institutional liquidity
Early projects relied on private financing to drive growth, and retail investors always came in at high valuations. Now, institutions are becoming the main force in the market
Institutional funds entering the market stabilize liquidity + reduce volatility, providing a long-term price "anchor"
Where are the opportunities? JPMorgan believes: The structural inefficiencies in the Crypto market + uneven liquidity distribution = opportunities hidden in the volatility
The pricing logic of Crypto has changed: previously focused on the "four-year halving cycle," now it is more influenced by macro trends (interest rate hikes/inflation/policies…)

As of November 24, the Nasdaq-listed company BitMine BMNR holds 3.6297 million pieces #ETH , accounting for 3% of the total supply of Ethereum.

This means that BitMine has officially surpassed BlackRock's Ethereum ETF ETHA holdings of approximately 3.5 million pieces, becoming the largest single holder of ETH in the world.

Core indicators have experienced a major reversal, and there is no need to be pessimistic in the short term.
In the past two days, there has been a very key change in macro sentiment:
The probability of the Federal Reserve cutting rates by 25bp in December has risen from 29.8% to 71% (this is a significant reversal).
Assets sensitive to interest rates, especially #ETH , reacted most directly.
Xiao Huihui's operational rhythm is also shared with everyone (not a suggestion, just personal notes):
In early November 2025, a position was taken in the range of 3200–3300, betting on the Federal Reserve's rate cut in December, and then some was added near 3000.
Currently at 2700–2800, starting to go long in ETH.
From late October 2024 to early December 2024, basically sold all ETH positions in batches within the price range of 2600–4100.
Next, below 2600, only buying and not selling (this is a personal operational record).
The whole logic can actually be summed up in one sentence:
The bearish factors have been mostly priced in, while the expectation of rate cuts is rising again.
There is no need to be too pessimistic in the short term.
When the market is cold, it is actually the clearest time to make plans.
When the sentiment is hot, often no one sees the logic.

Institutions and listed companies are just big retail investors. As the market declines,
Holding 649,870 BTC of Strategy MSTR, with an average purchase price of $74,433, the return rate is +12%.
Holding 3,559,879 ETH of Bitmine BMNR, with an average purchase price of $4,010, the return rate is -31.67%.
Holding 6,834,506 shares of SOL of Forward FWDI, with an average purchase price of $232, the return rate is -44.85%.

Recently, the recent pullback of Ethereum has been largely influenced by macro factors, primarily the continuous lowering of interest rate expectations by the Federal Reserve for December 2025.

I remember bottom-fishing around 3300 in early November, and the logic was quite simple:

U.S. government shutdown crisis resolved → Market sentiment improves → ETH rebounds.

Indeed, there was a return of over 10%.

But the situation has changed recently; the market's expectation for a rate cut in December is weakening, #ETH once dropping below the 2900 mark.

The latest data also confirms this:

The U.S. unemployment rate in September was 4.4%, higher than the expected 4.3%, reaching the highest level since October 2021.

CME's "Fed Watch" indicates that the probability of a rate cut in December is only 29.8%.

However, the good news is that the negative news has basically been priced in.

It now feels more like a "calm emotional period," just waiting for the next catalyst.

It's not surprising that crypto centralized exchanges are laying off employees.

First there was MEXC, then JU, and next, more exchange layoff news will come out.

The false prosperity brought by the bull market will lead to a temporary expansion of personnel, and layoffs in recruiting and positions related to coin listings and contract business development are the hardest hit.

These positions are essentially sales roles; during market downturns, poor performance of exchanges will lead to layoffs, and these specific roles' layoffs will not have much impact on the exchanges' overall business.

If exchanges start to lay off product managers, technical developers, and other key positions on a large scale, it’s time to be cautious about the platform's operational situation, including risks of bankruptcy, and whether users' funds on the exchange are safe.

Hyperliquid, ASTER, and other on-chain decentralized exchanges (DEX) are a dimensionality reduction attack on centralized exchanges (CEX), with efficiency ratios differing by dozens to hundreds of times.

Currently, the top DEX teams have no more than 100 people, while CEXs often have thousands or even several thousand. For example, Hyperliquid's contract business volume already accounts for 10% of Binance, highlighting its efficiency ratio.

A true story: a friend once received a reimbursement for a flight and hotel in a Southeast Asian country from JU and ended up investing 70,000 USD in JU, which is currently only worth around 5,000-7,000 USD.

Nasdaq-listed company, the world's only WLD strategic reserve Eightco ORBS announced that as of November 17, it holds 272 million WLD, calculated at $0.67, approximately $182 million, accounting for 10% of the circulating supply and 2.722% of the total supply.
In addition, Eightco also holds 11,068 ETH, calculated at 3100, approximately $34 million.

BTC fell below 90,000, ETH fell below 3,000, SOL fell to 130.
These three major assets have all been underwater in terms of returns in 2025:

BTC has fallen 5% from 2025 to now
ETH has fallen 11% from 2025 to now
SOL has fallen 30% from 2025 to now

As for the other two:

BNB fell below 900, but still increased 26% in 2025
HYPE fell below 38, but still increased 51% in 2025

As we reach 2025, one realistic truth emerges:
Investing in Crypto this year has proven to be quite difficult for achieving positive returns.

This is not a market where everyone profits together.
Did everyone really make money?

This is a bit awkward—Even Silicon Valley guru Peter Thiel is playing 'short'?\nHis fund Founders Fund has recently been going crazy with sales:\nBitmine BMNR has cut its holdings by half, now only 2.547 million shares left\nETHZilla ETHZ holdings are also quietly decreasing, with 928.3 thousand shares held on September 30, accounting for 5.6%; it accounted for 7.5% on August 4\nIn other words, Peter Thiel has reduced his holdings of ETHZilla stock by 1.9% in two months.\nAs of now, BitMine holds 3.505723 million #ETH ; ETHZilla holds 102.273 thousand ETH.

This sentence might be a bit heart-wrenching:
1783DAO was established in the second half of 2022, many people got to know it during the bear market of 2022. By the end of 2025, the bull market will have lasted more than 3 years...
If you didn't make money in these three years, then you'll really have to wait for the next cycle while also working hard to earn fiat currency.
Looking back at the entire cycle:
Second half of 2022: telling everyone to buy assets; at that time, Bitcoin #BTC was at its lowest at 16,000, and Ethereum #ETH was at its lowest at over 800 USD (back then, no one was willing to listen).
By the end of 2024 and all of 2025: continuously urging everyone to cash out (back then, everyone wanted to jump in).
If most people didn't cash out during this wave,
then now in this "bull market roller coaster," you've really ridden it from start to finish.
But that said—
we're still in a rate-cutting cycle, theoretically, the market hasn't finished yet.
The truly most pessimistic, most desperate, and most bear-like moments
are definitely not now.
Don't be too quick to draw conclusions about this round.
We're only just getting started.