金色财经_

Author: Yokiiiya
In the past six months, I have moved from being an observer of Web3 to entering the payment industry. And now, I choose to stop and no longer continue with Web3 payments.
This is not a retreat after a failure, but rather a judgment adjustment made after truly getting involved. In the past six months, I have been to Yiwu, Shuibei, Putian, and also to Mexico, to see how payments are actually made in the most bustling places mentioned in those reports. I have also gotten involved, built an MVP for Web3 payments, handled accounts, created Web3 collection tools, and tried to run the imagined path from the first step to the last step.
But as I delved deeper, I became increasingly aware of one thing: this is not an industry where "making a good product guarantees success." The competition in payments is not about functionality, but rather about banking relationships, licenses, capital efficiency, and the long-term ability to manage risks.
Many seemingly "profitable" payments

Author: Shaunda Devens Source: blockworks Translation: Shan Ouba, Golden Finance
In 2025, the valuation of new tokens faced a significant compression, with the declines in infrastructure and gaming sectors being the steepest.
As the end of the year approaches, this article will review the actual flow of capital throughout the year. First, index data shows that funds continue to shift towards large-scale, market-validated crypto infrastructure, while speculative sectors continue to retrench. Subsequently, we will quantify the losses of newly issued tokens in 2025.
Index performance
Over the past week, Bitcoin remained relatively flat (up 0.3%), underperforming traditional benchmark indices — the Nasdaq (up 1.7%), gold (up 1.1%), and the S&P 500 (up 0.9%). Around December 18, this divergence intensified: most cryptocurrency boards...

Author: danny; Source: X, @agintender
The year 2025 is undoubtedly filled with contradictions and controversies for Ethereum. Despite the promotion by influencers, various DATs, numerous technical upgrades, and hacker publicity, the performance in the secondary market has been unsatisfactory: Ethereum finds itself in an "awkward" middle ground: in terms of asset properties, it seems to lack the pure commodity attributes and safe-haven consensus of Bitcoin as "digital gold"; in terms of technical performance and fee capture, it faces fierce competition from high-performance chains like Solana and Hyperliquid, which seem to better align with investor preferences and valuation models in terms of throughput and fee capture. Furthermore, the Dencun upgrade in 2024 did not restore Ethereum's former glory, but rather became a nightmare that consumed the narrative.
This kind of "neither high nor low"

With the Double Dan Festival approaching, the year-end market trend combined with the holiday effect, the crypto market is ushering in an annual peak of trading activity. Huobi HTX will launch a major annual event from December 22, 2025, to January 18, 2026 - "Double Dan Carnival · Trading Festival," releasing a total prize pool of 200,000 USDT for global users.
This event is jointly sponsored by several core projects of the TRON ecosystem, including TRON DAO, SunPump, JUST, AINFT, BitTorrent, WINkLink, steemit, and SunGenX. The event focuses on trading platforms as the core hub, deeply linking the resources of the TRON ecosystem, and through multiple gameplay such as trading incentives, token airdrops, and community interactions, it aims to fully ignite market enthusiasm during the Double 12 and Christmas period.
28 days of uninterrupted red envelope rain, an additional 10,000 U red envelope with no threshold on Christmas/New Year's Day.
As

Author: encryption Veda; Source: X, @thecryptoskanda
I first heard about the "Graham's Law" in middle school:
> Under the condition that the legal exchange rate remains unchanged, currencies with lower actual value (bad money) will drive out currencies with higher actual value (good money) from circulation, causing the market to be flooded with bad money.
> It is what we often refer to as 'bad money drives out good money'.
>
>
But what I was thinking at the time was:
Since the free market emphasizes supply and demand, if bad money can drive out good money, isn't it true that bad money is more powerful?
After work, I realized that this matter is essentially determined by position + microstructure.
In the workplace: In grassroots teams, sycophants and slacker drive away the doers. Because under the microstructure lacking complex KPIs, the management cost for supervisors is the lowest.
In DEX: Speculating on new coins eliminates long-cycle projects. Because for DEX, the fee income is higher than everything, and directly through

Original text: Solus Group; Translated by: CryptoLeo
Editor’s note: Recently, analyst Ash stated in a popular post that among over 100 new tokens with TGE in 2025, 84.7% of the tokens have FDV lower than the FDV at TGE. The median FDV of these tokens has dropped by 71% compared to their issuance (with a median market cap drop of 67%). Only 15% of the tokens saw an increase in FDV compared to their TGE value. Overall, most of the new tokens issued in 2025 belong to the category of "TGE price being the peak."
Following these data, I found a more interesting article (from Solus Group), which also starts from the project token TGE and counts 113 types of tokens after their TGE in 2025.

The Bitcoin ETF fund data presents a stark contrast; some clickbait headlines have exaggerated the coming selling wave, but the core data reveals more of a technical adjustment rather than a long-term withdrawal.
Although the current market is in a phase of cyclical pressure, investors have not realized losses of about $100 billion, miners are reducing their hash power, and the stock prices of treasury companies are below the book value of Bitcoin, the ETF market has not shown signs of an apocalyptic scenario.
According to Checkonchain data, although 60% of ETF capital inflows occurred during price increases, the assets under management of Bitcoin-denominated ETFs only saw an outflow of 2.5% (approximately $4.5 billion), which is relatively small compared to the total fund size.
The key point is that the outflow of these funds is synchronized with the reduction of open interest in CME futures and IBIT options, confirming that it is a structural liquidation of basis or volatility trades, rather than a collapse of market confidence.
Last week, capital flows showed two-way fluctuations, with a net flow between inflows and

Author: Aki, Wu talks about Blockchain
If we had to choose the most representative figure for the Ethereum bull narrative in 2025, Tom Lee, the chairman of BitMine and co-founder and chief investment officer of Fundstrat, would often be placed in the most prominent position. He has repeatedly emphasized in several public speeches that ETH is undervalued, and during the Binance Blockchain Week on December 4, he stated that Ethereum at $3000 is "seriously undervalued," and has given a high target price judgment of "ETH at $15,000 by the end of 2025." As a Wall Street veteran known as the "Wall Street Oracle" and a strategist actively involved in media and institutional roadshows, Tom Lee's views are often regarded by the market as a sentiment barometer.
However, when the market shifts its focus from the front of the lens to internal documents, the situation reverses: in To

Author: Zhang Feng
Artificial Intelligence (AI) is reshaping the global economy and financial landscape at an unprecedented pace. As capital markets continue to be enthusiastic about AI-related companies, an unavoidable question arises: Are we witnessing a speculative frenzy similar to the internet bubble of the late 1990s?
In 2025, Federal Reserve Vice Chairman Philip N. Jefferson systematically elaborated on his comparative analysis of the current AI boom and the internet bubble era at the Financial Stability Conference of the Cleveland Federal Reserve Bank, and proposed four key indicators to determine whether there is a bubble in AI. This speech not only reflects the cautious observation of emerging technologies by the world's most important central banks but also provides market participants with a clear framework for rationally assessing the AI boom.
1. The Federal Reserve's Observational Basis Points: Dual Mandate and Financial Stability
All policies and observations of the Federal Reserve revolve around its statutory "dual mandate" - maximizing employment and

Author: Anthony Pompliano, Founder and CEO of Professional Capital Management; Translated by: Shaw Jincai Finance
Retail investors have been "buying the dip" for many years, and it has proven to be a very effective investment strategy. However, this concept is not new. Decades ago, Jesse Livermore often spoke about the importance of buying the dip during an uptrend. Benjamin Graham pioneered the idea of value investing (i.e., buying at a price below its intrinsic value), while Warren Buffett has taken it to the next level.
The eternal investment principles wrapped in obscure jargon are unlikely to resonate with young people in the social media age. But do you know what spreads like wildfire? Four letters appearing repeatedly on the internet... BTFD (Buy The

In recent years, discussions about "de-dollarization" have become increasingly intense. Some observers view the reduction of U.S. Treasury holdings by foreign investors as a signal of the decline of the dollar's status as the global reserve currency, even predicting that this will lead to the collapse of the dollar. However, from the perspectives of the balance of payments, the Triffin Dilemma, and the "curse" of global reserve currencies, this decrease in foreign capital inflow and the relative weakening of the dollar may actually represent the most positive structural adjustment opportunity for the U.S. economy in decades. It helps to correct issues such as trade imbalances, industrial hollowing, and wealth distribution inequalities caused by the long-term overvaluation of the dollar.
As of October 2025, data from the U.S. Treasury TIC shows that foreign holdings of U.S. Treasury bonds amount to approximately $9.24 trillion, slightly down from previous peak levels. Among them, private investors (including hedge funds, etc.) and official institutions (such as

Headline
▌Insiders: JPMorgan considers offering cryptocurrency trading services to institutional clients.
According to Bloomberg, as major global banks deepen their involvement in the cryptocurrency asset class, JPMorgan Chase is considering offering cryptocurrency trading services to its institutional clients. A source familiar with the matter revealed that JPMorgan is assessing what products and services its markets division could provide to expand its business in the cryptocurrency space. This source stated that these products and services may include spot and derivative trading.
▌Metaplanet has approved the issuance of preferred stock to raise funds from institutional investors.
The Japanese Bitcoin treasury company Metaplanet approved a comprehensive reform of its capital structure on Monday, allowing it to raise funds from institutional investors by issuing dividend preference shares. The approved proposal includes reclassifying capital reserves, doubling the authorized amount of Class A and Class B preference shares, and modifying dividends.

1. Introduction
In the blink of an eye, the author has been cultivating in the wallet space for 4 years. Many people believe that the wallet space will be solidified by 2025, but the reality is not so — it is currently undulating beneath the surface, and this year:
· Coinbase has launched a new CDP wallet, built on TEE technology.
· Binance's MPC wallet introduces key sharding custody into the TEE environment;
· Bitget just released the social login feature last week, which is managed by TEE.
· OKX Wallet launches TEE-based smart account feature;
·

Original author: Eswar Prasad, Professor of Economics at Cornell University
Original translation: Eric, Foresight News
The early revolutionaries of cryptocurrency aimed to break the monopoly of central banks and large commercial lending institutions over financial intermediaries. The grand goal of the original cryptocurrency, Bitcoin, and the blockchain technology behind it is to bypass intermediaries and directly connect the two parties in a transaction.
This technology aims to achieve financial democratization, allowing everyone, regardless of wealth, to easily access a wide range of banking and financial services. Emerging financial institutions will leverage this technology to provide competitive financial services—including customized savings, credit, and risk management products—without the need to establish expensive physical branches. All of this aims to eliminate the old financial institutions that lost public trust during the global financial crisis and to establish a new financial order. In this decentralized new world of finance, competition and innovation will flourish.