PseudoIntellectual

This week, the cryptocurrency market faces technical adjustments and geopolitical risks. Bitcoin (BTC) repeatedly tests around $90,000, with increased short-term downward pressure; Ethereum (ETH) remains relatively resilient. The meme coin craze has subsided, and a "sell the news" trend has emerged in the market, leading to poor performance of new coins. Investors should closely monitor the Middle East situation and the upcoming non-farm payroll data this weekend to guard against potential market volatility.

Satoshi Nakamoto's farewell email in 2011 marked a significant turning point for Bitcoin. His original intention was to address fundamental issues in the monetary system, rather than simply disrupting the banking industry. Research shows that after facing a major technical crisis, Satoshi Nakamoto changed his leadership style, emphasizing decentralized governance. As the community's attitude shifted, he chose to gracefully exit as Bitcoin matured, becoming a symbolic figure in the history of cryptocurrency.

Ark Invest analyst David Puell pointed out that Bitcoin has entered the institutional maturity stage, with the market focus shifting from "whether to invest" to "how much to invest." With the rise of Bitcoin spot ETFs, institutional funds are holding Bitcoin through major channels, increasing market liquidity. Bitcoin volatility has dropped to historic lows, indicating more rational market participants. Ark Invest remains optimistic about Bitcoin's long-term prospects and believes that Bitcoin has transitioned into a mature asset, marking its entry into the institutional capital era.

Funding rate arbitrage provides stable returns in the crypto market, but retail investors face slim profits due to limited technical execution and risk management capabilities, as well as the significant advantage of institutional players. Arbitrage strategies include single exchange, cross-exchange, and multi-asset, but the difficulty increases step by step. For general retail investors, it is recommended to participate in compliant institutional asset management products to reduce risks and costs.

Saudi Aramco deploys its first quantum computer, raising concerns about quantum threats. Experts believe this poses a long-term risk to cryptocurrencies, but the actual threat will take time to develop. Currently, Bitcoin faces more urgent issues such as capital outflows and market pressure, and recent challenges in the crypto market are more severe. The balance between quantum computing threats and current market pressures will influence the future development of crypto assets.

In the past 24 hours, the crypto futures market experienced significant liquidations, with over $19 million concentrated in long positions. Total liquidations reached $236 million, indicating a potential trend reversal as long positions outpaced shorts, highlighting active asset repositioning.

Decentralized order book exchange Lighter has attracted attention due to large transfer events. Founder Vladimir Novakovski clarified that these transfers are for fund custody purposes, not airdrops. Lighter plans to launch new features such as a universal margin system and a mobile app, and has announced a token generation event to boost market confidence. Currently, the LIT token is priced at $1.67, up 8.04% in the past 24 hours.

Oxfam's report reveals wealth concentration among billionaires has reached a record $18.3 trillion, attributing this to self-serving power strategies. While billionaires thrive, poverty reduction efforts stall, exacerbating inequality as wealth and political power intertwine.

Gareth Soloway, a trader with 27 years of experience on Wall Street who has lived through the dot-com bubble and the 2008 financial crisis, is issuing a serious warning about the current market situation. According to his analysis, the market valuation driven by the AI concept is significantly ahead of future profits, and the market is facing a critical turning point. Of particular concern is the point that the current correction phase is "just the beginning," and a 10% to 15% decline is merely the start. From his perspective, which is informed by past bubble collapse cycles, the structural vulnerabilities of the AI bubble and the dangerous aspects of market psychology are coming to light.
The triple structure of the AI bubble: valuation metrics, capital circulation, data center

In 2026, the Bitcoin market focuses on structural advancements rather than short-term price fluctuations. Michael Saylor emphasizes long-term fundamentals and institutional adoption, with over 200 companies holding Bitcoin, signaling its strategic significance for asset allocation. He advocates viewing Bitcoin as a productive tool rather than mere speculation, alongside shifts in regulation and financial infrastructure that indicate growing institutional support and market maturity.

Gavin Wood, co-founder of Ethereum and designer of Polkadot, reflects on his challenging upbringing, the spontaneous nature of idea generation, the cultural nuances of humor, and the need for clear communication in technology. He emphasizes deep intellectual understanding for solving complex problems and driving innovation forward.

Ayaka Miyaguchi transitioned from being a passionate high school teacher in Japan to the Executive Director of the Ethereum Foundation, applying her educational values in the cryptocurrency sector and advocating for decentralization and governance transparency.

The Indian Ministry of Finance has implemented a new excise tax on cigarettes starting February 1st. The tax rate is graded based on cigarette length, causing a sharp market reaction, with ITC and Marlboro distributors' stock prices falling significantly. The new tax will increase the price of 75-85mm cigarettes by 2-3 rupees, raising the overall burden by 22%-28%. This policy aims to reduce tobacco consumption and enhance health warnings, potentially impacting the profits of listed companies and consumer demand.

Wormhole is a decentralized interoperability platform designed to break down barriers between different blockchains and enable seamless transfer of assets and data. Since 2020, Wormhole has supported asset transfers across multiple chains, attracting many project users such as Uniswap, and has been rated as a top protocol. Through a decentralized governance structure and innovative messaging protocols, Wormhole promotes multi-chain connectivity within the Web3 ecosystem. In the future, it will continue to develop tools and technologies to foster innovation.

According to Foresight News, recent market surges have caused the total liquidation amount across the network to exceed $87 million, with forced liquidations of short positions approaching $70 million. Bitcoin experienced the largest liquidation amount, reaching $48.16 million, while Ethereum and Solana also reached $19.13 million and $8.56 million respectively. This reflects a market with dense leveraged positions, where price volatility has triggered a large number of short positions being liquidated.

Headline Highlights:
The cryptocurrency industry is facing a serious trial in 2025. According to Chainalysis data, the total stolen funds this year have exceeded $3.4 billion, with a single major incident accounting for $1.5 billion. Even more shocking is that attack methods are becoming increasingly sophisticated, making defenses more difficult.
The most concerning phenomenon is that, despite a decrease in the number of confirmed attacks, the amount stolen per incident has surged dramatically. The ratio of losses from the largest attacks to average incidents has surpassed 1,000 times for the first time, exceeding even the 2021 bull market.
North Korea's thefts hit record highs: $2.02 billion

The November 21 Black Friday market crash was a collective panic affecting risk assets globally. Key factors included a sharp decline in expectations for December rate cuts and multiple market pressures, leading to significant losses across sectors, especially in cryptocurrencies, which now serve as a barometer for overall market sentiment. While the bull market isn't over, a transition to a high-volatility phase is evident, prompting investors to reassess risk assets.