1. Is the encryption VC “running out”? Where is the future headed? Summary of industry insider opinions

The latest venture capital report from Galaxy Research shows that in the second quarter of 2025, cryptocurrency and blockchain startups raised a total of $1.97 billion across 378 deals, a decrease of 59% in funding compared to the previous quarter, and a 15% decline in the number of deals. This is the second lowest quarterly total since the fourth quarter of 2020. Click to read.

2. Exclusive Interview with Pendle Founder: The Path to the Empire of Yield Trading

Recently, we interviewed Pendle founder TN Lee. Pendle has become one of the fastest-growing fixed income and yield trading protocols in the DeFi space, with a total locked value (TVL) exceeding several billion dollars, and stablecoins accounting for over 80% of liquidity. By splitting assets into principal tokens (PT) and yield tokens (YT), Pendle has built a bilateral market that satisfies both risk-averse investors seeking certainty in returns and risk-tolerant traders chasing points and excess returns. Click to read.

3.Galaxy: Will “Uptober” continue?

Cryptocurrency flash crash, severely impacting the “Uptober” rally. The flash crash on October 11 resulted in over $19 billion in leveraged positions being liquidated, with some altcoins plummeting by 50% to 75% within minutes, casting a shadow over the bullish sentiment that had characterized the start of the month, where some major assets reached all-time highs. Click to read.

4. Hyperliquid Footpath (Four): Liquidation Not Completed

10.11 is a comprehensive disaster, possessing all the elements of past cryptocurrency catastrophes, the liquidity crisis of FTX, the policy shock from the 9.4 incident, the de-pegging of the UST stablecoin, and the “pulling the plug” deleveraging of 3.12.

5. The Retirement Era of Bitcoin

For most of the 20th century, the answer to this question was simple: it was determined by your employer. Companies provided pensions, managed investments, and took on the risks. If the fund performed well, they kept the extra earnings; if the fund did poorly, they made up the shortfall. You had no say, but you also wouldn't suffer losses. Click to read