No Holiday Break｜What Have Crypto KOLs Been Talking About in the Last 24 Hours?

比推Published on 2026-02-18Last updated on 2026-02-18

Abstract

This article summarizes discussions from crypto KOLs on X (formerly Twitter) over the past 24 hours during the Chinese New Year period. Key topics include: - Reflections on the Spring Festival and the growing role of AI, especially its prominence in the Spring Festival Gala. - Kraken Exchange launching an official Chinese account, with executives greeting the community in Chinese. - An analysis of the evolution of crypto listing cycles, arguing that "narratives are dead, utility prevails." The piece discusses different eras—from early chaos, to IEOs, the rise of Airdrops, and the current balance between VCs, projects, and retail. He Yi from Binance commented on the industry’s maturation and shifting dynamics. - Market sentiment discussions, noting that in a bull market, even unrelated news is seen as positive, while in bear markets, all news is perceived negatively. Some expect Bitcoin to consolidate around $60k–$70k for a while. - Humorous community comments about Justin Sun (often referred to as "Sun Ge" or "Sun Cut"), poking fun at his reputation and anecdotal stories. The article includes multiple screenshots of tweets and disclaims that the opinions expressed are personal and not investment advice.

Dear readers, may the Year of the Horse bring you great fortune!

This Bingwu Spring Festival, we wish you: ever-rising portfolios, a mindset as steady as a galloping horse, and profits racing like a track sprint!

Let’s take a look at what KOLs in the crypto space have been hotly discussing over the past 24 hours—

Note: The following content is compiled from the X platform, representing personal opinions only. It does not represent the stance of this platform and should not be considered investment advice.

New Year Reflections, and When AI Takes Center Stage at the Spring Festival Gala

Kraken Exchange Launches Chinese Account, Executives Extend New Year Greetings in Chinese

The Evolution of Listing Cycles: “Narratives Are Dead, Utility Reigns”

Article link: https://www.bitpush.news/articles/7612622

Author’s note: “As an old-timer in crypto who’s anti-VC, this sentiment really resonates with us—do you know how long it took for the crypto community to reclaim pricing power? So today, from the perspective of a seasoned veteran, I’ve strung together these phases to help newcomers understand the journey. This is a hearty dish for you to savor during boring family visits or while traveling. It’s worth reading again and again.”

He Yi’s repost comment:

“From an exchange’s perspective, the first phase was the wild west era where many projects cashed out and left. Binance began restricting investors & project teams from unlocking tokens based on milestones or timelines.

The second IEO era emerged because liquidity was concentrated, giving Binance more leverage to advise projects on low-price TGEs to benefit retail investors, without charging listing fees—a win-win logic. Coupled with the bear market introducing longs, shorts, and leverage, this became the ‘golden age’ everyone reminisces about.

The third era saw AMMs revolutionize DEXs, the rise of VCs, and the professionalization of industry KOLs and institutions. This diluted CEXs’ pricing power and introduced compliance standards, leading to airdrops.

The fourth era is marked by further institutional professionalization among players. Exchanges evolved from early curation to CEXs integrating wallets and enabling trading of any on-chain token, giving rise to ‘the eggs every generation must claim’—Alpha, intended to balance VC & institutional, project, and retail interests.

For any emerging industry, it’s a process of feeling our way forward. Most people lack faith in the industry’s long-term prospects, hence ‘not looking long-term.’ It’s like many don’t believe we can cross this river, but only those who believe can make it to the other shore.”

Market Discussions

Popular replies:

In a bear market, any news is bearish; in a bull market, even unrelated news is bullish;

When Bitcoin ETFs were approved, the price didn’t rise—it actually dropped from 44k to 38k, but later hit 120k. Probably now it’ll hover around 60k-70k for a long time;

It’s these positive factors that pushed it past 70k; otherwise, it would’ve dropped to 60k already.

The Charm of “Sun Studies”

Popular replies:

A joke: you think he’s just borrowing a pen, but when you look back, your wallet’s gone too. Then Brother Sun invites you to dinner under the pretext of returning it, and you end up losing the meal on top of it;

His never-miss-a-trick nature is etched in his genes;

I heard that last time Sun Cut was interviewed in Hong Kong, he pocketed two glass cups on his way out;

Original article link: https://www.bitpush.news/articles/7612688

Crossing the 'Memory Wall': The Wafer-Level Revolution and Computing Power Routes in the AI Inference Era

In 2026, a historic shift occurred in AI as major cloud providers' inference spending surpassed training spending for the first time, signaling a move from "building large models" to "using large models." This shifts the core challenge from computing power to the "memory wall"—the bottleneck of data movement (model weights, activations, KV Cache) between external DRAM and processors, where energy and latency from data transfer far exceed computation itself. Companies like Nvidia face GPU idle time due to bandwidth limits. In contrast, Cerebras Systems adopts a radical "wafer-scale" approach with its Wafer-Scale Engine (WSE). Instead of cutting a silicon wafer into many chips, Cerebras uses almost the entire wafer as one massive chip (WSE-3). This design provides 44GB of on-chip SRAM, delivering memory bandwidth thousands of times higher than traditional HBM (e.g., 21 PB/s vs. Nvidia B200). For LLM inference, weights are streamed layer-by-layer from external MemoryX storage to the chip, avoiding HBM bottlenecks. This results in token generation speeds 1.5–5 times faster than Nvidia's B200 in some models and significant advantages in first-token latency and long-context tasks. Additionally, Cerebras's architecture offers much lower interconnect power consumption (0.15 pJ/bit vs. GPU's ~10 pJ/bit). However, Cerebras faces challenges: SRAM scaling has slowed with advanced nodes, limiting future capacity gains; the chip requires specialized liquid cooling and custom software stacks; and its external I/O bandwidth (150 GB/s) is low compared to NVLink, hindering multi-system scaling for very large models. Competition is intensifying. Major players are pursuing three paths: 1) Developing proprietary inference ASICs (e.g., Google TPU, Microsoft Maia), 2) Leveraging advanced packaging (e.g., TSMC's SoW) to democratize wafer-scale-like integration, potentially eroding Cerebras's process advantage within a few years, and 3) Exploring optical interconnects for ultimate bandwidth. Commercially, Cerebras is transitioning from a hardware vendor to a service provider, facing the immense challenge of building high-power, specialized data centers to meet large contracts (e.g., 250MW/year from 2026–2028). In conclusion, the AI inference era presents a fundamental architectural trade-off. Cerebras opts for extreme physical optimization for low-latency, single-task performance, while Nvidia prioritizes versatility and massive cluster throughput. The path forward remains uncertain, with technology and business models still evolving in the race toward advanced AI.

marsbit7m ago

Crossing the 'Memory Wall': The Wafer-Level Revolution and Computing Power Routes in the AI Inference Era

marsbit7m ago

Has Bitcoin's 'Rebound Ended', Officially Entering the Late Bear Market Phase?

**Title: Has Bitcoin's Rebound Ended, Entering the Late Bear Market Phase?** **Summary:** Bitcoin's price has declined by 13% this week, signaling a potential return to late-stage bear market conditions. The price fell to around $67k, positioned between the Realized Price and Realized Cap Weighted Average. For the first time since early 2022, the Short-Term Holder cost basis has dropped below this key average, confirming a hallmark of late-cycle bear markets. Profitability metrics have collapsed sharply. The 7-day average of the Realized Profit/Loss ratio plummeted from a local high of 3.16 to 0.29, mirroring the February panic sell-off. Critically, the 90-day average never breached the threshold of 2, indicating the recent rally to $82k was a bear market bounce, not a structural shift. Realized losses surged to $1.35 billion daily, with $770 million coming from Long-Term Holders selling at a loss. This accelerating redistribution of supply from weak to strong hands is a necessary but ongoing process for a market bottom. The rally stalled almost precisely at the aggregate cost basis (~$83k) of US spot Bitcoin ETF investors, turning that level into strong resistance and leaving the average ETF holder underwater again. Spot market flows have turned decisively negative, showing sellers are dominating order books despite the price drop. While a significant futures long liquidation event cleared over $400 million in leverage, providing a potential reset, sustained spot demand is yet to materialize. Options markets continue to price in higher future volatility (Implied Volatility) than recent price action (Realized Volatility) has shown, with a persistent skew towards put options, indicating ongoing demand for downside protection. In conclusion, multiple metrics point to a fragile market structure. Resistance at the ETF cost basis, accelerating realized losses, dominant spot selling, and cautious options pricing all suggest the bear market trend persists. A sustainable recovery likely requires a resurgence of spot demand, ETF holders returning to profit, and a clear reduction in selling pressure.

marsbit8m ago

Has Bitcoin's 'Rebound Ended', Officially Entering the Late Bear Market Phase?

marsbit8m ago

TechFlow Intelligence Agency: Anthropic Calls for Global Pause in AI Development While Preparing for Trillion-Dollar IPO; SpaceX IPO Roadshow Heats Up, But S&P 500 Rejects Fast-Track Inclusion

In today's TechFlow Intelligence Briefing, several major tech stories highlight a growing theme of trust and credibility gaps across AI, crypto, and finance. AI company Anthropic has publicly called for a global pause in AI development, citing risks from Claude's "recursive self-improvement." Ironically, this coincides with reports the company is preparing for a massive IPO targeting a near $1 trillion valuation. This perceived hypocrisy, coupled with widespread user complaints about Claude's declining performance, is sparking debate over whether the safety warning is genuine or a competitive tactic. Meanwhile, in a substantive security move, Anthropic open-sourced a framework for AI-powered vulnerability discovery. In the crypto market, Bitcoin's price drop below $61,000 triggered over $1.16 billion in liquidations, flipping the market into a state where more BTC is held at a loss than at a profit, a historical bearish signal. On the corporate front, SpaceX's highly anticipated IPO is generating immense Wall Street excitement, with Goldman Sachs projecting 100x revenue growth by 2030. However, the S&P 500 has refused to fast-track the company's inclusion post-IPO, potentially limiting immediate institutional demand. Separately, ByteDance's AI app Doubao lost over 6 million monthly active users after introducing a subscription model, highlighting the challenges of AI monetization. Other notable developments include Nvidia certifying HBM4 memory from Samsung, SK Hynix, and Micron; Cloudflare's acquisition of front-end tooling company VoidZero; and its CEO warning that bot traffic now exceeds human traffic online. The underlying narrative connects these events: a trust crisis. From AI firms' contradictory actions and crypto volatility to the clash between SpaceX's hyped narrative and institutional rules, a pattern is emerging where stated intentions and actual practices are increasingly misaligned.

marsbit23m ago

TechFlow Intelligence Agency: Anthropic Calls for Global Pause in AI Development While Preparing for Trillion-Dollar IPO; SpaceX IPO Roadshow Heats Up, But S&P 500 Rejects Fast-Track Inclusion

marsbit23m ago

Dalio Warns: AI Boom Shows Signs of a Bubble, Day of Reckoning Will Be the Time of Burst

Ray Dalio, founder of Bridgewater Associates, warns that the current artificial intelligence investment boom shows classic signs of a bubble, which he expects will eventually burst. In a Bloomberg Television interview, he noted that great technological revolutions often lead to capital inflows that create bubbles, making it difficult for investors and companies to calibrate their spending accurately—either overspending to capture market share or underspending and losing their competitive position. This caution comes amid significant rallies in AI-related assets, particularly chipmakers, driven by soaring demand for data centers and high-bandwidth chips, raising debates about overheating valuations. In contrast, Nvidia CEO Jensen Huang recently asserted that investors embracing the AI wave would see "crazy" returns and dismissed concerns over return on investment for data center spending as outdated. Dalio, however, focuses on the risks in the profit realization phase. He argues that bubbles tend to show signs of破裂 when markets transition from investment to the need for tangible returns, describing the burst as a process of converting paper wealth into cash. While acknowledging AI's intrinsic value, he expressed concern over the future profitability of some AI companies, suggesting the market is repeating a familiar pattern. The 76-year-old billionaire, who fully exited Bridgewater in 2025, has a net worth estimated at $21.5 billion according to the Bloomberg Billionaires Index.

marsbit57m ago

Dalio Warns: AI Boom Shows Signs of a Bubble, Day of Reckoning Will Be the Time of Burst

marsbit57m ago

Privacy Coin Crisis of Confidence! ZEC Plunges Over 56% in a Single Day

Zcash (ZEC), a leading privacy-focused cryptocurrency, experienced a severe crash on June 5th, plummeting over 56% in a single day and erasing nearly two months of gains. The flash crash was triggered by the disclosure of a critical zero-knowledge proof vulnerability within Zcash's Orchard privacy pool, which had existed since the pool's launch in May 2022. The flaw theoretically allowed an attacker to forge unlimited ZEC undetectably due to the pool's privacy features. The vulnerability was discovered on May 29th by independent security researcher Taylor Hornby during a proactive audit commissioned by Shielded Labs, utilizing AI-assisted analysis. The Zcash development team responded swiftly, implementing an emergency soft fork to disable Orchard transactions on June 2nd and executing a permanent hard fork fix (NU6.2) on June 3rd. Despite the technical fix, a major crisis of confidence emerged. The core issue is that Orchard's privacy design makes it cryptographically impossible to prove whether the vulnerability was exploited over the past four years, casting permanent doubt on the historical supply integrity of ZEC. While Shielded Labs argues exploitation was unlikely, the inability to provide definitive proof has severely damaged market trust. This sentiment was exacerbated when BitMEX co-founder Arthur Hayes, a prominent ZEC supporter, announced he was selling his entire position. He stated that privacy assets require "perfect security" rather than "probable safety." The combined effect of the disclosure and Hayes's exit ignited widespread panic selling, leading to massive liquidations and significant price decline. Analysts note the event highlights a fundamental tension within privacy coins: the conflict between verifiable supply and cryptographic privacy.

链捕手1h ago

Privacy Coin Crisis of Confidence! ZEC Plunges Over 56% in a Single Day

链捕手1h ago

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