Howard Marks says a real bubble requires investors to be "oblivious," and typically requires several conditions to be met simultaneously: market valuations clearly detached from investors' rational judgment, risk appetite severely disconnected from reality, and investor sentiment completely out of control. Valuation data supports his assessment: the forward P/E ratio of the top five tech stocks currently stands at about 23x, far below the 65x at the 2000 peak.

Fee erosion even exceeded trading losses.

He is bullish on three major directions.

Over $1.1 trillion in "off-balance-sheet leases" are effectively disguised debt, and 2027 will be the year with the largest free cash flow shortfall; the risk of simultaneous declines in both volume and price is being significantly underestimated by the market.

Driving Out "Pure Financial Operations," Defending "Operating Assets."

Iran's Foreign Minister: Plan to "Reopen the Strait of Hormuz Within 7 Days" Remains Valid.

In the first half of 2026 alone, Coinbase and others took more than $800 million, but Circle doesn't seem to regret it.

When PAPER is no longer the main reason to attract users, is Papertrade itself still a trading platform worth using?

Solana will activate the Alpenglow upgrade on October 21, reducing finality from 12.8 seconds to 150 milliseconds.

Several projects have major unlocks this week, including ZRO, SOON, SOSO, H, XPL, and others.

The BTT from the first round of decentralized business profit buybacks has been fully burned, and BitTorrent is comprehensively transitioning to Web3 and AI infrastructure powered by its new architecture.

High-quality in-depth analysis articles and a weekly roundup of top hot topics.

Up 600% in 2 months, this year's hottest mining coin.

"We're not trying to replace anything. On the contrary, this technology can benefit institutions that operate markets in traditional ways."

The "veteran meme coin" INJ's White House makeover story.

For Meme coins, it still comes down to Solana and BSC; the bullish momentum also spread to related stock tokens.