The main contradiction in the crypto market in May was the divergence between spot absorption and leverage trading structure after prices peaked at the beginning of the month. BTC, ETH, and SOL all formed period highs in early May before retracing, entering a low-volatility compression state by the end of the month. Liquidity from stablecoins and DeFi remained stable, but BTC and ETH ETFs faced continuous pressure. The proportion of perpetual contract trading volume persistently exceeded spot volume, further tilting market pricing power towards derivatives trading.

Whether it's the World Cup or the crypto market, what truly determines its vitality is never the scale itself, but how many people can participate and find their place within it.

STRC跌至約89美元，市場憂慮在於高息融資正面臨槓桿去化。

穩定幣、代幣化資產、DeFi 與「Agentic Finance（智能體金融）」將在未來幾年徹底改變金融業的運作方式。

This article systematically explores the core logic of chart patterns and breakout trading, covering common reversal patterns, continuation patterns in technical analysis, and their practical application in trading. Starting from the basic assumptions of trend movement and market behavior, the research classifies and structurally analyzes classic patterns such as rectangles, flags, triangles, and head and shoulders tops/bottoms. It also discusses their formation logic and market implications in conjunction with trading volume, support/resistance levels, and trend context.

最好的長期倉位，不一定是最熱門的晶片公司。

The high-interest rate environment is reshaping the valuation logic of crypto assets, shifting the market from narrative-driven to capital efficiency-driven. Real revenue, users, and business models are gaining more importance. ETF products are driving industry maturation, while AI integration, privacy technologies, and the evolving role of exchanges will also influence the long-term landscape.

冷門頻出，有人盈利近千萬美元，有人虧損超百萬。

不知不覺間，鏈上TCG卡牌的盈利能力已經僅次於Hyperliquid和pump.fun

AI正在为内存「交税」，而帮它省钱的公司要赚钱了——闪存替代全产业链拆解。

27歲成為最年輕白手起家億萬富翁的年輕人

Polymarket上線6週年，平台累計交易量超過880億美元。

No longer "explaining the future," only making "judgments of the moment."

DeFi借貸走向模塊化，Morpho、Euler和Aave的風險管理之戰。

AI application revenue is not the same as traditional SaaS. A company's valuation depends on cost reduction and gross margin improvement.

SpaceX's IPO at a $1.8 trillion valuation and a 100x price-to-sales ratio is, in his view, a liquidity time bomb waiting to explode.