MindsetExpander

Ethereum co-founder Vitalik Buterin stated that the core paradox of blockchain has been broken through. Ethereum achieves a balance of decentralization, security, and scalability through layered architecture and new technologies such as PeerDAS and ZK-EVM. Although market reactions still vary, it is expected that by 2026, these technologies will significantly improve Ethereum's operational efficiency.

"Triple Witching" is a major financial market event that occurs in specific months each year, involving the expiration of a large number of derivatives, with the most recent record reaching $6.5 trillion. During this time, trading volume and volatility significantly increase, affecting both stock and cryptocurrency markets. Experts predict that there will be intense price fluctuations, and investors are advised to implement risk management measures to cope with potential market turbulence.

The RWA (Real Asset Tokenization) field is ushering in a major institutional-level competition. Over the past six months, the market size has surged from $6-8 billion at the beginning of 2024 to nearly $20 billion. This is not a speculative bubble but the result of genuine institutional capital deployment on the chain. In this competition, five key players have emerged: Rayls Labs, Ondo Finance, Centrifuge, Canton Network, and Polymesh. They are not traditional competitors vying for the same piece of the pie but are instead offering differentiated solutions tailored to different institutional needs.
Rapid Expansion of the Institutional RWA Market: The Battle Among Competitors
According to a market snapshot from early January 2026, the institutional RWA market shows three distinct segments:
The treasury and money market fund sector holds the largest share of the market, accounting for approximately $8-9 billion.

CryptoQuant warns that Bitcoin demand momentum is waning, and the market may enter a bear market. The report indicates that the demand wave since 2023 has diminished, with a key support level at $70,000. If the weakness continues, it could drop to $56,000. Meanwhile, data showing capital outflows, slowing growth of new large holder positions, and cooling derivatives markets suggest a shift in investor sentiment. Market opinions are divided, with traditional financial institutions still optimistic about future prices.

The New York Stock Exchange (NYSE) announced last month that it is developing a trading and settlement platform for tokenized securities utilizing blockchain technology. This decision is not merely an upgrade of a technological platform but a move to fundamentally reconstruct the rules of securities trading, which has a 200-year history. However, this entry into the market could be a double-edged sword for the financial industry. While it promises innovative efficiency, it also has the potential to introduce unpredictable risks to existing players and market participants.
The participation of the world's largest exchange in the tokenized securities market clearly signals that this domain is no longer the sole activity of crypto startups but has become a battleground for mainstream financial infrastructure.

On December 11, the 0G Foundation suffered a targeted attack that compromised a rewards contract, resulting in significant asset theft including 520,010 0G tokens, 9.93 ETH, and $4,200 USDT. The attack exploited a vulnerability in Next.js, allowing the attackers to access multiple services. Although several services were affected, the core blockchain infrastructure and user funds remained secure, underscoring the importance of security measures in blockchain development.

On-chain data shows that the account "0xBd8" suffered a loss of $7.18 million on the HyperLiquid platform due to high leverage trading, with total losses exceeding $8.09 million. Subsequently, the address completely withdrew funds, indicating an intention to reassess trading strategies. The current HYPE price is $20.87, down 8.89% in the past 24 hours, warning of the risks of high leverage trading.

Michael Saylor emphasizes that Bitcoin's true success lies in institutional adoption rather than short-term price fluctuations. He outlines transformative developments anticipated by 2025 that will redefine success for the industry, highlighting regulatory shifts, corporate strategies, and the emergence of a digital credit market. This perspective advocates for a long-term view, underscoring Bitcoin as a digital capital tool for economic growth.

The essay analyzes the legal complexities surrounding personal currency exchange, highlighting the risks individuals face regarding administrative and criminal penalties based on exchange amounts and intent. Legal ambiguities lead to inconsistent judicial interpretations, complicating the boundaries of legality in currency transactions.

Recent views compare Bitcoin's trend to the 2022 bear market, but the current macro environment, technical patterns, and investor structure have changed significantly. With inflation easing, interest rate cuts beginning, and institutional participation increasing, market stability has improved. The conditions for a repeat of the bear market are not present, indicating that Bitcoin may enter a different phase in the future.

The mastermind of Singapore's largest money laundering case, Wang Shuiming, has been arrested in Montenegro and faces extradition risks. He and his partner Su Weiyi jointly control a transnational criminal network involved in illegal gambling and money laundering through scams. In 2023, Singapore police conducted a raid that arrested multiple suspects, revealing their extensive assets and the trend of using cryptocurrencies for money laundering, warning that global regulation needs to be strengthened.

Strategy unexpectedly received an exemption in the Nasdaq 100 annual rebalancing, but its existence has raised market doubts as the company has gradually transformed into a Bitcoin asset treasury. The rise and fall in stock prices reflect investors' skepticism about its traditional corporate identity and the threat of potential removal by MSCI. In response, Strategy actively clarifies that it is a collection of financing tools and plans to strengthen market confidence. Whether it can successfully reshape its image in the future will determine its fate.

The Sharpe Ratio, introduced by William F. Sharpe in 1966, helps investors evaluate risk-adjusted returns by comparing excess returns to volatility. It facilitates portfolio optimization but has limitations, including assumptions of normal distribution and challenges with negative values.

Bitcoin faces self-identity controversy. Although it is positioned as a "peer-to-peer electronic cash system," it has fallen into an identity paradox due to its egalitarian information storage design. The number of decentralized nodes has significantly decreased, and human tendencies toward centralization may affect its attributes. Meanwhile, governance vacuum and the four-corner dilemma have intensified internal conflicts. Future risks also stem from the conflict between the convenience of human choices and the values of decentralization.

The article discusses the leverage effect in crypto investing, pointing out that as leverage multiples increase, risk rises non-linearly while returns diminish. A five-year backtest shows that a 3x leverage results in a drawdown of 95.9%, almost causing investors to face "mathematical bankruptcy." Spot investing, although with lower returns, offers relatively controllable risk. Ultimately, the article recommends reducing leverage and extending the investment period to achieve more stable wealth growth.