The current cycle is dominated by institutional capital, with Bitcoin ETFs emerging as the primary investment vehicle, suppressing altcoin performance. Author: Bybit ResearchKey HighlightsOur latest quarterly report reveals a significant deviation from historical crypto market cycles: Bitcoin continues to dominate, and despite multiple all-time highs, it has not triggered the traditional altcoin season. In previous post-halving rallies, capital typically rotated into altcoins as traders sough...

The current cycle is dominated by institutional capital, with Bitcoin ETFs emerging as the primary investment vehicle, suppressing altcoin performance. Author: Bybit ResearchKey HighlightsOur latest quarterly report reveals a significant deviation from historical crypto market cycles: Bitcoin continues to dominate, and despite multiple all-time highs, it has not triggered the traditional altcoin season. In previous post-halving rallies, capital typically rotated into altcoins as traders sough...

Spot Demand Is Rocketing Twelve U.S. spot-BTC ETFs now hold >1 million BTC—5 % of supply—while Strategy (NASDAQ: MSTR) sits on 628 k BTC, only 100 k less than BlackRock’s IBIT. ETFs give pensions a one-click allocation; Strategy offers a leveraged, convertible-bond turbo-charge. Both vehicles are vacuuming coins off the market and concentrating custody in a handful of Wall Street custodians. But Block-Space Demand Is Flat Price is flirting with $125 k, yet blocks are only 60–70 % full and the...

Spot Demand Is Rocketing Twelve U.S. spot-BTC ETFs now hold >1 million BTC—5 % of supply—while Strategy (NASDAQ: MSTR) sits on 628 k BTC, only 100 k less than BlackRock’s IBIT. ETFs give pensions a one-click allocation; Strategy offers a leveraged, convertible-bond turbo-charge. Both vehicles are vacuuming coins off the market and concentrating custody in a handful of Wall Street custodians. But Block-Space Demand Is Flat Price is flirting with $125 k, yet blocks are only 60–70 % full and the...

Blockchain Knight November 10, 2025 --- The Last Bear Capitulates James Chanos—Wall Street’s most visible pessimist—has quietly closed the 11-month pair trade that pitted MicroStrategy (MSTR) against spot bitcoin. The position, structured as a long-bitcoin / short-stock spread, was the loudest institutional bet that “bitcoin-on-the-balance-sheet” companies would implode. Its closure marks the end of the best-known short campaign against the crypto-treasury cohort. --- A Classic Trend-Reversal...

Blockchain Knight November 10, 2025 --- The Last Bear Capitulates James Chanos—Wall Street’s most visible pessimist—has quietly closed the 11-month pair trade that pitted MicroStrategy (MSTR) against spot bitcoin. The position, structured as a long-bitcoin / short-stock spread, was the loudest institutional bet that “bitcoin-on-the-balance-sheet” companies would implode. Its closure marks the end of the best-known short campaign against the crypto-treasury cohort. --- A Classic Trend-Reversal...

Narrative in One Sentence An AI-hardware-backed stablecoin protocol that lets miners mortgage GPUs for dollars, while depositors chase 13 % “real yield,” double-digit Pendle APYs and a ticket to the next 3-billion-dollar ICO.1. 30-Second Recap of the Core EngineCollateral: Bare-metal GPUs, not tokens.Two coins: USDai (redeemable, off-peg at ≈ $1.03) and sUSDai (auto-compounding, 30-day un-stake, 13.22 % APR).Three actors: Depositors mint USDai; Borrowers (= growth-stage AI shops) pledge hardw...

Narrative in One Sentence An AI-hardware-backed stablecoin protocol that lets miners mortgage GPUs for dollars, while depositors chase 13 % “real yield,” double-digit Pendle APYs and a ticket to the next 3-billion-dollar ICO.1. 30-Second Recap of the Core EngineCollateral: Bare-metal GPUs, not tokens.Two coins: USDai (redeemable, off-peg at ≈ $1.03) and sUSDai (auto-compounding, 30-day un-stake, 13.22 % APR).Three actors: Depositors mint USDai; Borrowers (= growth-stage AI shops) pledge hardw...

The crypto industry is facing a "Triple Play" dilemma. The game between exchanges, Wall Street, and retail technical traders is leading to depleted market liquidity, with retail investors becoming the biggest casualties. * Exchange Monopoly Flow: The top ten exchanges have massive trading volume, but overall market liquidity continues to decline. Platforms attract retail users with high leverage, rebate activities, and complex financial products, yet are powerless to withstand on-chain liquid...

The crypto industry is facing a "Triple Play" dilemma. The game between exchanges, Wall Street, and retail technical traders is leading to depleted market liquidity, with retail investors becoming the biggest casualties. * Exchange Monopoly Flow: The top ten exchanges have massive trading volume, but overall market liquidity continues to decline. Platforms attract retail users with high leverage, rebate activities, and complex financial products, yet are powerless to withstand on-chain liquid...

Polymarket is a blockchain-based prediction market platform that allows users to predict future events and profit by buying and selling related contract shares. This article analyzes the risks for Chinese users from a legal perspective: * How Polymarket Works: Users use stablecoins to bet on outcomes of future events like politics or sports, trading shares that represent the probability of a particular outcome. Settlements are executed via smart contracts once the event outcome is determined....

Polymarket is a blockchain-based prediction market platform that allows users to predict future events and profit by buying and selling related contract shares. This article analyzes the risks for Chinese users from a legal perspective: * How Polymarket Works: Users use stablecoins to bet on outcomes of future events like politics or sports, trading shares that represent the probability of a particular outcome. Settlements are executed via smart contracts once the event outcome is determined....

TL;DR A parabolic pump-and-bleed that turned a DEX also-ran into a top-35 coin, vaporised $110 m of shorts in 24 h, then dumped 39 m freshly-unlocked tokens on the FOMO crowd—while the same hands were already short the top. A step-by-step manual in four acts.ACT I – The Rocket0 → $17 in eight weeksJun 25: $0.047, 24-h vol

TL;DR A parabolic pump-and-bleed that turned a DEX also-ran into a top-35 coin, vaporised $110 m of shorts in 24 h, then dumped 39 m freshly-unlocked tokens on the FOMO crowd—while the same hands were already short the top. A step-by-step manual in four acts.ACT I – The Rocket0 → $17 in eight weeksJun 25: $0.047, 24-h vol

After SOL broke back above $240, capital didn’t scatter randomly across Solana — it is piling into three high-conviction tracks. Combining on-chain flows, exchange data and primary-market signals, the hottest tickets sort into four buckets and nine tickers, ranked by the amount of fresh money they’re soaking up.1. Base-Layer “Cash-Cows” – Volume = FeesJupiter (JUP) Routes 62 % of all Solana DEX volume. Net in-flows +18 % in the three days to 16 Sept put annualised fee income at ~$94 M. Price:...

After SOL broke back above $240, capital didn’t scatter randomly across Solana — it is piling into three high-conviction tracks. Combining on-chain flows, exchange data and primary-market signals, the hottest tickets sort into four buckets and nine tickers, ranked by the amount of fresh money they’re soaking up.1. Base-Layer “Cash-Cows” – Volume = FeesJupiter (JUP) Routes 62 % of all Solana DEX volume. Net in-flows +18 % in the three days to 16 Sept put annualised fee income at ~$94 M. Price:...

Event Snapshot On 11 October 2025 the crypto market suffered the largest forced-liquidation in history: roughly 19 billion USD in total margin calls. Decentralised perpetual futures venue Lighter froze for hours, leaving users unable to close or hedge positions. Its liquidity-provider pool (LLP) lost 5.35 %, reigniting industry doubts about whether Perp-DEX architectures can survive violent moves.Tech Blueprint – How Lighter Was Built Lighter runs on zkLight, a bespoke ZK-Rollup Layer-2. Four...

Event Snapshot On 11 October 2025 the crypto market suffered the largest forced-liquidation in history: roughly 19 billion USD in total margin calls. Decentralised perpetual futures venue Lighter froze for hours, leaving users unable to close or hedge positions. Its liquidity-provider pool (LLP) lost 5.35 %, reigniting industry doubts about whether Perp-DEX architectures can survive violent moves.Tech Blueprint – How Lighter Was Built Lighter runs on zkLight, a bespoke ZK-Rollup Layer-2. Four...

Uniswap’s latest governance proposal aims to transition the UNI token into a deflationary model by activating protocol fees and implementing a buyback-and-burn mechanism. These changes could profoundly impact UNI’s long-term value. Core Proposal HighlightsEnable protocol fees and use them to repurchase and burn UNI tokens, transforming UNI from a governance token into a productive asset backed by cash flow.Conduct a one-time burn of 100 million UNI tokens (16% of total supply), immediately bo...

Uniswap’s latest governance proposal aims to transition the UNI token into a deflationary model by activating protocol fees and implementing a buyback-and-burn mechanism. These changes could profoundly impact UNI’s long-term value. Core Proposal HighlightsEnable protocol fees and use them to repurchase and burn UNI tokens, transforming UNI from a governance token into a productive asset backed by cash flow.Conduct a one-time burn of 100 million UNI tokens (16% of total supply), immediately bo...