ZZ Heat Wave Observation

"Why can they do it, but we can't?" This rhetorical question not only reveals the anxiety of traditional exchanges but also reflects the subtle and complex game between TradFi and DeFi after perpetual contracts have shifted from being gambling tools to global price discovery infrastructure.

Eight months later, the price of HYPE is approaching its previous high, with institutions like a16z, Goldman Sachs, and Grayscale collectively taking action. What is their intention?

Vitalik's long-term vision is clear, but the realization of that vision requires stable coordination capabilities and continuous experience accumulation, both of which seem to be rapidly diminishing.

In just two quarters, Harvard's public holdings in crypto assets fell from a peak of $443 million to about $117 million.

From the adjustments in holdings by major institutions, it can be seen that their interest in allocating to Ethereum is increasing; strategic differences have led to divergences regarding Bitcoin-related assets; crypto-related stocks are becoming an unavoidable allocation option for institutions.

CRCL captures the overall stable cash flow of the company and the growth of existing businesses, while ARC captures the growth elasticity at the network level, including Gas fee conversion, ecological expansion, and long-term network effects.

The prediction market is essentially a content and operations business, and HIP-4 needs to prove its capabilities in topic supply, credibility building, and user profile adaptation.

Coinbase has a real opportunity to grow into a $300 billion company by 2031, driven not just by its exchange business, but also by its position as the top winner in the stablecoin and payment processing sectors.

As Coinbase faces pressure on its performance in Q1, it simultaneously launches AI restructuring and the layout of on-chain financial infrastructure—this proactive transformation during a downturn remains to be validated.

This round of funding bets on the transition of cryptocurrency from the infrastructure development phase to the phase of real user adoption. Whether focusing on cryptocurrency or crossing over to AI, this real money will only flow to those places that can turn technology into products.