From market darling to panic sell-off, SharpLink Gaming’s (NASDAQ: SBET) recent crash reveals deeper tensions in crypto-linked equities.The Sharp Rise and Sudden FallSharpLink Gaming, dubbed the "Ethereum version of MicroStrategy," saw its stock soar 40x after a $425 million PIPE (Private Investment in Public Equity) financing round in May 2025. The funds were earmarked for Ethereum acquisitions, mirroring MicroStrategy’s Bitcoin treasury strategy. However, on July 13, 2025, SharpLink filed a...

Prologue: The Birth of ETFsIn the late 1980s, Nathan Most worked at the American Stock Exchange. He wasn’t a banker or trader but a physicist with a background in logistics, shipping metals and commodities. Financial instruments weren’t his starting point; practical systems were. At the time, mutual funds were a popular way to gain broad market exposure. They offered diversification but came with delays—orders executed only at market close, a process that remains unchanged today. For traders ...

Unlike past blanket rallies, the next market phase will be driven by core narratives like ETFs, real yield, and institutional adoption. Signs of an Altcoin Season EmergeLast week, Bitcoin hit a record monthly closing high, yet its dominance began slipping. Whales absorbed over 1M ETH (~$3B) in a single day, while BTC exchange reserves dropped to multi-year lows. Retail remains skeptical—ideal conditions for early movers. Key indicators:Altcoin speculation index remains below 20%.ETH/BTC pair ...

This article dissects the algorithmic differences in the core mechanisms of perpetual contracts among the three major platforms and delves into the underlying financial philosophies and risk transmission mechanisms. The asset sedimentation scale of CEX is a hundred times that of DEX, and the trading volume is ten times that of DEX. How does Hyperliquid ensure that it is not led by the nose by Binance? Is it the decentralized structure? Is it the algorithm? When we talk about a "decentralized"...

From market darling to panic sell-off, SharpLink Gaming’s (NASDAQ: SBET) recent crash reveals deeper tensions in crypto-linked equities.The Sharp Rise and Sudden FallSharpLink Gaming, dubbed the "Ethereum version of MicroStrategy," saw its stock soar 40x after a $425 million PIPE (Private Investment in Public Equity) financing round in May 2025. The funds were earmarked for Ethereum acquisitions, mirroring MicroStrategy’s Bitcoin treasury strategy. However, on July 13, 2025, SharpLink filed a...

Prologue: The Birth of ETFsIn the late 1980s, Nathan Most worked at the American Stock Exchange. He wasn’t a banker or trader but a physicist with a background in logistics, shipping metals and commodities. Financial instruments weren’t his starting point; practical systems were. At the time, mutual funds were a popular way to gain broad market exposure. They offered diversification but came with delays—orders executed only at market close, a process that remains unchanged today. For traders ...

Unlike past blanket rallies, the next market phase will be driven by core narratives like ETFs, real yield, and institutional adoption. Signs of an Altcoin Season EmergeLast week, Bitcoin hit a record monthly closing high, yet its dominance began slipping. Whales absorbed over 1M ETH (~$3B) in a single day, while BTC exchange reserves dropped to multi-year lows. Retail remains skeptical—ideal conditions for early movers. Key indicators:Altcoin speculation index remains below 20%.ETH/BTC pair ...

This article dissects the algorithmic differences in the core mechanisms of perpetual contracts among the three major platforms and delves into the underlying financial philosophies and risk transmission mechanisms. The asset sedimentation scale of CEX is a hundred times that of DEX, and the trading volume is ten times that of DEX. How does Hyperliquid ensure that it is not led by the nose by Binance? Is it the decentralized structure? Is it the algorithm? When we talk about a "decentralized"...

From Zero to One Million ETH—A New Titan Is Born On the evening of 11 August 2025, NYSE-listed BitMine Immersion Technologies disclosed that, as of 10:59 pm ET on 10 August, it holds 1,150,263 ETH, worth more than $4.96 billion. With that single filing, BitMine became:the largest corporate ETH treasury in the world, andthe only entity outside the Ethereum Foundation to cross the 1-million-coin threshold.The next evening, an SEC filing revealed that BitMine intends to raise the aggregate amoun...

From Zero to One Million ETH—A New Titan Is Born On the evening of 11 August 2025, NYSE-listed BitMine Immersion Technologies disclosed that, as of 10:59 pm ET on 10 August, it holds 1,150,263 ETH, worth more than $4.96 billion. With that single filing, BitMine became:the largest corporate ETH treasury in the world, andthe only entity outside the Ethereum Foundation to cross the 1-million-coin threshold.The next evening, an SEC filing revealed that BitMine intends to raise the aggregate amoun...

Observation Deck: What Anyone Trading on Solana Has Seen Lately Spend a few weeks on-chain and the pattern is impossible to miss.A token called “N*iggabutt” rockets from a $1 million cap to $8 million on nothing more than a leaked photo of Mike Tyson’s backside.Narratives have narrowed to a single thesis: the only way prices go up is via bundled bullish manipulation.Crypto speculation is mutating in real time.Two Paths to Green Candles Trader Y22, a high-frequency on-chain operator on Solana,...

Observation Deck: What Anyone Trading on Solana Has Seen Lately Spend a few weeks on-chain and the pattern is impossible to miss.A token called “N*iggabutt” rockets from a $1 million cap to $8 million on nothing more than a leaked photo of Mike Tyson’s backside.Narratives have narrowed to a single thesis: the only way prices go up is via bundled bullish manipulation.Crypto speculation is mutating in real time.Two Paths to Green Candles Trader Y22, a high-frequency on-chain operator on Solana,...

Bitcoin—Corporate Treasury’s “Digital New World” When Columbus sighted the Americas, Europe could not yet imagine the vast continent hidden beyond the horizon. Today, corporate CFOs are the modern-day explorers, steering balance sheets into the open ocean of digital assets and planting flags on a new landmass called “Bitcoin.” As BlackRock—the world’s largest asset manager—filed for a spot-BTC ETF, the supertanker of traditional finance finally changed course. Wall Street analysts who once di...

Bitcoin—Corporate Treasury’s “Digital New World” When Columbus sighted the Americas, Europe could not yet imagine the vast continent hidden beyond the horizon. Today, corporate CFOs are the modern-day explorers, steering balance sheets into the open ocean of digital assets and planting flags on a new landmass called “Bitcoin.” As BlackRock—the world’s largest asset manager—filed for a spot-BTC ETF, the supertanker of traditional finance finally changed course. Wall Street analysts who once di...

Japanese corporations are rapidly emerging as key players in global crypto markets. The latest crossover contender? Convano Inc, a Tokyo-based nail salon chain that recently announced aggressive Bitcoin purchases—sending its stock soaring.From Manicures to Bitcoin: Convano’s Bold PivotOn July 17, Convano unveiled its Bitcoin reserve strategy, aiming to accumulate 21,000 BTC (0.1% of total supply) by March 2027. The company, which operates 50+ salons under brands like FASTNAIL and CONST, cited...

Japanese corporations are rapidly emerging as key players in global crypto markets. The latest crossover contender? Convano Inc, a Tokyo-based nail salon chain that recently announced aggressive Bitcoin purchases—sending its stock soaring.From Manicures to Bitcoin: Convano’s Bold PivotOn July 17, Convano unveiled its Bitcoin reserve strategy, aiming to accumulate 21,000 BTC (0.1% of total supply) by March 2027. The company, which operates 50+ salons under brands like FASTNAIL and CONST, cited...

From Tool to Economic Actor Over the past few years AI has leapt from “tool” to “actor.” Large models, autonomous agents, and automated systems now write code, trade assets, and staff customer-service desks. Meanwhile Web3 circles enthusiastically explore “AI + blockchain”: using AI to optimize smart contracts, sharpen on-chain risk models, or parse blockchain data. Yet few ask the reverse question: does AI itself need blockchain? If we treat AI as an increasingly independent participant—one ...

From Tool to Economic Actor Over the past few years AI has leapt from “tool” to “actor.” Large models, autonomous agents, and automated systems now write code, trade assets, and staff customer-service desks. Meanwhile Web3 circles enthusiastically explore “AI + blockchain”: using AI to optimize smart contracts, sharpen on-chain risk models, or parse blockchain data. Yet few ask the reverse question: does AI itself need blockchain? If we treat AI as an increasingly independent participant—one ...

A Regulatory U-TurnThe SEC Chair today launched "Project Crypto", a landmark initiative to support cryptocurrency innovation in the U.S. While hints of thawing enforcement were evident earlier (e.g., Bitcoin ETP approvals, reduced actions against Binance, Coinbase, and others), this move not only reverses years of adversarial policies but lays groundwork for America’s next crypto chapter. Admittedly, reading Chair Paul Atkins’ speech felt surreal—like whiplash from the SEC’s prior crackdown e...

A Regulatory U-TurnThe SEC Chair today launched "Project Crypto", a landmark initiative to support cryptocurrency innovation in the U.S. While hints of thawing enforcement were evident earlier (e.g., Bitcoin ETP approvals, reduced actions against Binance, Coinbase, and others), this move not only reverses years of adversarial policies but lays groundwork for America’s next crypto chapter. Admittedly, reading Chair Paul Atkins’ speech felt surreal—like whiplash from the SEC’s prior crackdown e...