Indepth Research

Provide in-depth research reports and independent analysis, leveraging data, technology, and economic insights to deliver a comprehensive examination of the blockchain ecosystem, project potential, and market trends.

Global Shift Towards Easing, ETH May Have Taken the 'Best Offensive Position'

Global monetary policy is shifting towards easing, creating a favorable environment for risk assets. Despite a significant market decline in October, the long-term trend of crypto integration with traditional finance continues. A key narrative is emerging: U.S. political and economic elites are building a capital network connecting U.S. Treasury bonds, stablecoins, and Ethereum-based RWA (Real World Assets) protocols. This chain funnels dollar credit into assets ultimately settled on Ethereum and its Layer 2s. Ethereum's recent Fusaka upgrade is a milestone, addressing the issue of L1 value capture diminished by L2 growth. By introducing a dynamic floor price for data blobs (EIP-7918), it ensures L2 activity consistently contributes to ETH burning. Post-upgrade, blob fees have become the primary source of ETH burn, potentially returning ETH to a deflationary state. Technically, ETH appears strong. Leverage in the market is at historically low levels (~4%), and the Long BTC/Short ETH trade has been failing since November. ETH exchange reserves are at a multi-year low, suggesting a potential short squeeze. With anticipated friendly monetary policy from both the U.S. and China, ETH is positioned in a favorable accumulation zone.

比推12/12 06:09

Global Shift Towards Easing, ETH May Have Taken the 'Best Offensive Position'

比推12/12 06:09

Yilihua | Trend Research Latest Report: Wall Street Has Secretly Built Positions, Is Your ETH Still on Board?

Following the market crash in October, the crypto sector has been subdued, but institutional momentum—particularly from Wall Street—is accelerating. U.S. SEC Chair Paul Atkins recently stated that the entire U.S. financial market could migrate on-chain within years, highlighting benefits like transparent ownership and T+0 settlement. A clear narrative is emerging: U.S. political and financial elites are driving a flow of capital from Treasury bonds → stablecoins → Ethereum and RWA protocols → ETH and L2 networks. Ethereum dominates RWA TVL, accounting for 64.5% of the total. The Fusaka upgrade represents a major step in improving Ethereum’s value capture. By introducing a dynamic base fee for blobs (EIP-7918), it ties L2 transaction costs to L1 fees, ensuring more consistent ETH burning. Blob fees now contribute 98% of burn volume, potentially returning ETH to a deflationary model as L2 activity grows. Technically, ETH appears stronger: leverage is near historic lows at 4%, exchange reserves are down, and the ETH/BTC ratio has held steady since November, reducing the effectiveness of popular short-ETH strategies. With anticipated monetary easing in both the U.S. and China, along with supportive regulation, ETH may be entering a favorable accumulation zone.

marsbit12/12 05:05

Yilihua | Trend Research Latest Report: Wall Street Has Secretly Built Positions, Is Your ETH Still on Board?

marsbit12/12 05:05

Trend Research: Why We Remain Bullish on ETH?

Despite the market downturn following the 10/11 crash, Trend Research remains optimistic about Ethereum (ETH). Key factors supporting this view include: 1. **Wall Street Consensus Strengthens**: U.S. SEC Chair Paul Atkins recently highlighted the inevitability of tokenizing traditional financial assets on blockchain, emphasizing benefits like transparency, T+0 settlement, and reduced systemic risk. A clear capital flow has emerged: U.S. dollar credit → U.S. Treasuries → stablecoin reserves → crypto treasury/RWA protocols → ETH/L2. ETH dominates RWA sector with 64.5% of total TVL, recovering swiftly post-crash. 2. **Value Capture Mechanism**: The Fusaka upgrade introduced EIP-7918, linking blob base fees to L1 execution fees, ensuring L2 activity consistently contributes to ETH burning. Blob fees now account for 98% of ETH burned, potentially returning ETH to a deflationary model as L2 activity grows. 3. **Technical Strength**: ETH futures leverage is at a low 4%, indicating reduced speculative risk. The Long BTC/Short ETH trade has underperformed, and ETH exchange reserves are at historic lows (~10% of supply), suggesting potential for a short squeeze. With anticipated monetary easing in both the U.S. and China, ETH presents a favorable buying opportunity in a subdued market.

深潮12/12 04:00

Trend Research: Why We Remain Bullish on ETH?

深潮12/12 04:00

The Illusion of Zero Fees: How Lighter Extracts Costs Through High Latency

"The Illusion of 'Zero Fees': How Lighter Uses High Latency to Hide Costs Lighter DEX promotes 'zero-fee' trading for retail traders, but this comes with a hidden cost: high latency. The platform offers two account types—standard (0% fee) and premium (low fee)—with the standard account imposing a 200–300ms delay on transactions. In crypto markets, where prices move rapidly, this delay allows faster traders to exploit price movements and trade against slower users. Academic research suggests the actual cost due to adverse selection and slippage ranges from 6–12 basis points per trade for standard accounts, compared to just 0.2–2 basis points for premium accounts. This makes the 'free' account effectively 5–10 times more expensive. The model resembles payment for order flow practices seen in traditional finance, where platforms like Robinhood profit by routing orders to market makers. While Lighter discloses latency data, it emphasizes 'zero fees' in marketing while burying latency details, knowing most users won’t understand the implications. For all traders—especially small retail investors—the premium account is unequivocally the better choice."

marsbit12/12 02:57

The Illusion of Zero Fees: How Lighter Extracts Costs Through High Latency

marsbit12/12 02:57

USDT Rating Controversy: S&P's 'Stability Scale', Tether's 'Market Debate', and the 'Shadow Central Bank' Transformation

The recent S&P Global downgrade of USDT's stability rating from "constrained" to "weak" has ignited a significant debate between traditional finance (TradFi) and the crypto ecosystem. S&P's decision was primarily based on concerns over Tether's reserve composition—now comprising ~24% in higher-volatility assets like Bitcoin and gold—and a perceived lack of governance transparency, fearing these assets could not be liquidated quickly in a mass redemption scenario. Tether countered by emphasizing its proven market resilience, having maintained its peg through multiple past crises, and its real-time reserve reporting. The core of the article identifies a fundamental clash in risk assessment frameworks: TradFi prioritizes redeemability and capital adequacy in extreme stress, while the crypto market's stability is underpinned by 24/7 on-chain liquidity and automated清算 mechanisms. The report further analyzes Tether's strategic shift from a simple stablecoin issuer to a "shadow central bank," diversifying its reserves into assets like BTC and gold for inflation hedging, yield generation, and de-dollarization. This strategy, while profitable in a bull market (e.g., $10B profit in 2025), introduces cyclical risks if asset prices fall. Looking forward, the article suggests the need for a dual-rating system: a traditional stability rating for redeemability and a new investment risk rating for收益 sustainability and exposure management, reflecting the evolving and divergent needs of the market.

marsbit12/12 02:17

USDT Rating Controversy: S&P's 'Stability Scale', Tether's 'Market Debate', and the 'Shadow Central Bank' Transformation

marsbit12/12 02:17

Crypto Morning Brief: US Initial Jobless Claims Surge, Do Kwon Sentenced to 15 Years in Prison

Crypto Morning Brief: U.S. initial jobless claims surged to 236,000, exceeding expectations. Terraform Labs founder Do Kwon was sentenced to 15 years in prison for fraud related to the $40 billion Terra-Luna collapse. In other news, the SEC's crypto working group will hold a roundtable on financial regulation and privacy. Former President Trump launched a "Gold Card" program offering legal residency for investments. Coinbase expanded DEX support to all Solana tokens, enabling trading without traditional listing. Ant International highlighted AI and blockchain's role in transforming global payments. Meanwhile, RWA tokenization services faced a sharp decline in interest from mainland Chinese companies following a regulatory warning. Additional updates include e& piloting a dirham stablecoin and Jupiter Exchange acquiring RainFi to develop Solana's credit markets.

深潮12/12 01:19

Crypto Morning Brief: US Initial Jobless Claims Surge, Do Kwon Sentenced to 15 Years in Prison

深潮12/12 01:19

The Evolution of Latin America's Stablecoin Market: From Survival to Growth

Latin America's stablecoin market is evolving from a survival tool into a growth engine, driven by hyperinflation, financial exclusion, and inefficient remittances. With Argentina's 178% inflation and Brazil's $300B crypto trading volume, stablecoins like USDT and USDC are becoming essential for value storage and daily transactions. The region is witnessing the rise of Crypto Neobanks, which leverage zero-fee networks (e.g., Tether’s Plasma) and DeFi yields to offer dollar-based accounts with higher returns, challenging traditional fintech giants like Nubank. Brazil leads in institutional adoption, with 90% of crypto flows in stablecoins, while Argentina shows retail-driven growth. Key trends include the emergence of local currency-pegged stablecoins, integration of yield-bearing assets, and regulatory divergence across countries. The market, valued at $1.5T in trading volume, presents a significant alpha opportunity, with Crypto Neobanks poised to capture market share by offering faster settlements, dollar-denominated accounts, and superior yields. The window for investment and innovation is narrow, with the next 12-18 months critical for dominance.

marsbit12/11 22:40

The Evolution of Latin America's Stablecoin Market: From Survival to Growth

marsbit12/11 22:40

From Content Creation to Business Operations: Five Pitfall Avoidance Guides for Crypto KOLs

"The article 'From Content Creation to Business Operations: Five Pitfall Avoidance Guides for Crypto KOLs' outlines key mistakes crypto influencers make and how to overcome them. The first error is treating content creation as a hobby rather than a business, emphasizing the need to shift from chasing engagement to building a sustainable monetization strategy. The second pitfall is lacking a clear niche; the author advises focusing on a specific, profitable area that combines personal passion, expertise, and market demand. The third mistake is using low-quality branding materials, which can undermine credibility. Instead, creators should use professional visuals and clear bios to enhance their perceived value. The fourth error is creating content without a monetization funnel, leading to high visibility but low income. The solution is to build a structured ecosystem that converts followers into customers. Finally, the fifth pitfall is stagnating after choosing a niche. Continuous learning and staying updated with industry trends are crucial to maintaining authority and growth. The article stresses that avoiding these traps can help crypto KOLs transform their content into a long-term, profitable business."

比推12/11 20:21

From Content Creation to Business Operations: Five Pitfall Avoidance Guides for Crypto KOLs

比推12/11 20:21

The Game Between Tokens and Equity: Revealing the Fundamental Conflict Behind Token Economics

The article "The Dark Side of Altcoins" by Crypto Dan explores the fundamental conflict between company equity and token holders in crypto projects. It argues that most projects are essentially companies with tokens, creating a structural conflict where equity (backed by VCs and boards) inevitably captures value at the expense of token holders. This leads to tokens trending toward zero despite project success. Hyperliquid is highlighted as an exception because it avoided VC equity financing, directing all economic value to the protocol instead of a corporate entity. The piece explains that tokens cannot legally function like stocks without being classified as securities, triggering regulatory issues. The ideal structure involves no company revenue capture, value accrual to token holders via mechanisms like buybacks, and DAO-controlled economic decisions. However, true alignment requires no corporate structure at all, akin to Bitcoin or Ethereum. The core issue is structural: tokens fail due to design flaws like VC funding, private sales, unlock schedules, or company revenue retention. Solutions require investors to stop funding flawed models and support projects like Hyperliquid that prioritize tokenholder alignment through thoughtful design.

比推12/11 19:00

The Game Between Tokens and Equity: Revealing the Fundamental Conflict Behind Token Economics

比推12/11 19:00

On the Night of the Fed Rate Cut, the Real Game Is Trump's 'Monetary Power Grab'

Tonight marks the Federal Reserve's most anticipated interest rate decision of the year. While a 25-basis-point cut is widely expected, the key variable for risk assets is whether the Fed will restart liquidity injections, potentially through a $45 billion monthly short-term debt purchase program starting in January. This signals a stealth return to quantitative easing. The larger tension stems from an unprecedented shift in monetary power. President Trump is rapidly reshaping the Federal Reserve, not just by replacing its chair but by redrawing the boundaries of monetary authority. The long-held principle of central bank independence is being eroded as the Treasury Department seeks to reclaim control over long-term interest rates, liquidity, and the balance sheet. This transition to a "fiscally dominated monetary era" is the underlying logic connecting recent market events. Despite a 40 billion outflow from Bitcoin ETFs, analysis suggests this was not panic selling but the unwinding of leveraged basis trades, leaving a healthier, less leveraged market. Meanwhile, led by Michael Saylor, made its largest Bitcoin purchase in months ($963 million), and Tom Lee's BitMine significantly increased its Ethereum holdings, signaling strong institutional conviction during the downturn. The macro shift implies higher market volatility as the old order fractures. While improved liquidity may provide a floor for Bitcoin, its longer-term trajectory awaits clarity within this new monetary framework, where Treasury, not the Fed, may ultimately dictate key financial conditions.

marsbit12/11 10:18

On the Night of the Fed Rate Cut, the Real Game Is Trump's 'Monetary Power Grab'

marsbit12/11 10:18

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