Analysts say final approval of an Ethereum-collateralized ETF could be brought forward to October 2025; the total market capitalization of cryptocurrencies has increased by $1.6 trillion since April.

“I’m going to be frank. I was forced to do so by the situation before, but now I’m very optimistic about DeFi and I want to make money from it.”

From a macro perspective, this round of treasury allocation marks the intersection of three important trends: the maturity of the regulatory environment - companies dare to disclose their crypto asset holdings in public documents, indicating that a compliance framework is being established; the concretization of application scenarios - no longer an abstract "blockchain revolution", but quantifiable business needs such as AI training, DeFi returns, and cross-border payments; the institutionalization of capital structure - from retail investor dominance to corporate participation, which means longer holding periods and more rational pricing mechanisms.

数字资产金库（Digital Asset Treasury，DAT）近年来成为资本市场与加密市场交汇的一种全新现象。

我们是否为加密资产的惊人回报付出了对等的、甚至超额的风险代价？

The dot plot reveals: There are serious disagreements within the Federal Reserve, and the number of interest rate cuts in 2025 remains a mystery.

Why Ethereum could become one of the most strategic assets of the next decade? Why DATs offer a smarter, higher-yielding, and more transparent way to invest in Ethereum

OpenSea: The final rewards phase before the TGE is now live.

本报告将以专业投资视角，围绕市场信号、资金流向、核心板块、风险与策略展开，重点回答三个问题：山寨季是否真正启动？资金在流向哪里？投资者应如何布局？

上周是引人注目的一周，股市与固定收益市场各自演绎不同走势——前者全周持续攀升至历史新高，后者则因经济资料疲软导致收益率跌至周期低位附近。

稳定币正是在这样的环境中成长为最受关注的资产类别之一——它们承担着结算、支付、储值等基础功能，是DeFi的血液，

Expectations for a rate cut in September are clearer, with the market even betting on the possibility that the Federal Reserve may announce a 50 basis point rate cut this week.

Yala: The protocol suffered an attempted attack, YU was temporarily unpegged, and the security of user assets was not affected.

Amidst the competition among stablecoin public chains, will Ethereum and Solana be marginalized? Where are the opportunities for retail investors?

Yi Lihua: The investment target is transferred back to ETH. It is better to concentrate on investing in ETH than to diversify investment.

The BTC and ETH markets are already saturated, while SOL is about to reach a critical moment, and altcoins are on the rise.