# Finance Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Finance", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Lost in Hong Kong

"Lost Hong Kong" explores the city's profound economic and social fragmentation, caught between its storied past and an uncertain future. Despite strong macroeconomic indicators—such as 3.2% GDP growth and a booming stock market—the reality for many residents is starkly different. Rising unemployment, widespread retail closures, and an exodus of locals seeking affordable services in mainland China reveal a deep divide between financial elites and ordinary citizens. This duality stems from Hong Kong’s "muscle memory" of past crises—the 1997 Asian Financial Crisis and 2008 Global Financial Crisis—which entrenched a regulatory obsession with stability. This cautious approach has stifled innovation, particularly in fintech and Web3. Initiatives like virtual banks and crypto ETFs have struggled under heavy compliance burdens, while legacy systems like HSBC’s PayMe and the government-backed FPS dominate digital payments. The city’s economy is fractured along three lines: finance vs.实体经济, elites vs. the public, and asset accumulation vs. innovation. While wealth management flourishes, R&D investment lags behind peers like Singapore and Shenzhen. Hong Kong’s attempt to embrace disruptive technologies like Web3 has been half-hearted, favoring controlled, institutional adoption over genuine decentralization. Ultimately, Hong Kong’s reliance on outdated models hinders its ability to adapt. The article concludes that without bold structural changes, the city risks being left behind as a new era of global innovation accelerates.

marsbit02/13 08:42

marsbit02/13 08:42

a16z Crypto Founder: Web3's WhatsApp Moment Has Arrived

Chris Dixon, a general partner at a16z Crypto, argues that stablecoins are ushering in Web3's "WhatsApp moment" by revolutionizing global payments, similar to how messaging apps eliminated SMS costs. These dollar-pegged cryptocurrencies processed over $12 trillion in transactions last year (excluding non-human activity), nearing Visa's volume but at a fraction of the cost. Stablecoins are making financial transactions nearly free, fast, and programmable, embedding the internet's openness into finance. While currently used mostly in crypto-native and global commerce, adoption is expanding as integration with traditional finance improves. Major companies like Stripe, Fidelity, and SpaceX are already using them to cut fees, facilitate cross-border payroll, and operate in regions with fragile banking systems. Importantly, stablecoins are reinforcing the dollar's dominance, with issuers like Circle and Tether now holding nearly $140 billion in U.S. Treasuries, potentially becoming top holders. With clear regulations, such as the proposed Clarity Act, stablecoins could form the backbone of a new, open global financial system.

marsbit02/13 07:12

a16z Crypto Founder: Web3's WhatsApp Moment Has Arrived

marsbit02/13 07:12

Bitcoin Buying Spree May Continue With New Preferred Stock Plan: Strategy CEO

Strategy Inc. is intensifying its Bitcoin strategy by expanding its perpetual preferred stock offering, branded as STRC, to fund further cryptocurrency acquisitions without diluting common equity. These shares trade near $100 and currently offer an 11.25% annualized reset dividend, targeting income-focused investors. CEO Phong Le emphasized relying more on preferred capital rather than common stock for Bitcoin purchases. Executive Chair Michael Saylor reaffirmed the company’s commitment to continuously buy and hold Bitcoin, regardless of price volatility. This approach aims to stabilize the stock by separating crypto-driven swings from the common share price, though it shifts certain risks to preferred shareholders. With a vast Bitcoin reserve already in place, Strategy’s balance sheet increasingly resembles a crypto fund, raising questions about traditional valuation metrics.

bitcoinist02/12 19:09

Bitcoin Buying Spree May Continue With New Preferred Stock Plan: Strategy CEO

bitcoinist02/12 19:09

Thailand links crypto & carbon credits to derivatives market: Details

Thailand has officially integrated digital assets and carbon credits into its regulated derivatives market under the Derivatives Trading Act. This allows cryptocurrencies and carbon credits to serve as underlying assets for futures and options trading on the Thailand Futures Exchange, shifting their status from speculative instruments to regulated investment products. The move enables institutional investors to manage risk more effectively and supports market diversification. Stricter licensing and supervision rules are being implemented to ensure stability. This development is part of Thailand’s broader strategy to position itself as a digital economy leader in Southeast Asia, with plans to introduce Bitcoin ETFs by 2026. The policy follows years of regulatory evolution, including earlier exchange licensing, a ban on crypto payments, and recent tax incentives.

ambcrypto02/12 19:03

Thailand links crypto & carbon credits to derivatives market: Details

ambcrypto02/12 19:03

Traditional Gambling Companies Enter Prediction Markets, Aiming for a 'Dimensionality Reduction Strike' Against Wall Street Traders

Traditional sports betting giants DraftKings, Fanatics, and FanDuel are entering the prediction market space, leveraging their expertise in odds-making to compete with Wall Street trading companies. These firms are establishing or planning associated market-making entities to provide liquidity and set odds on prediction platforms, viewing their experience in pricing complex, interconnected outcomes as a key advantage. On the other side, Wall Street firms like Susquehanna and Jump Trading are expanding into sports prediction markets, though they face challenges due to limited experience in sports event pricing. Sports betting involves dynamic risk factors such as injuries or weather changes, requiring sophisticated models and data analysis—areas where traditional bookmakers excel. However, Wall Street firms are actively hiring sports specialists to bridge this gap. Competition is intensifying as both sides vie for market share, which may compress profit margins due to narrower spreads. Despite this, betting companies remain confident in their ability to succeed, citing their deep industry knowledge. Over time, the competitive strengths of both groups may converge as talent and strategies blend.

比推02/12 15:05

Traditional Gambling Companies Enter Prediction Markets, Aiming for a 'Dimensionality Reduction Strike' Against Wall Street Traders

比推02/12 15:05

AI is Red-Hot, Crypto is Left in the Cold

The article discusses the significant shift of venture capital investments from the crypto sector to AI, as observed in the strategies of major firms like Sequoia, a16z, Lightspeed, and Y Combinator. Many early Web3 adopters are now leaving for AI or prediction markets. The author argues against two extreme reactions: dismissing departures as a lack of faith or abandoning crypto for AI. Instead, he asserts that blockchain-driven finance is inevitable, citing cryptocurrencies' potential to serve as a superior, trust-minimized, and cost-effective global monetary system. He highlights the efficiency of decentralized systems like Uniswap, which operates with drastically lower overhead than traditional exchanges, and emphasizes the importance of censorship-resistant financial infrastructure, particularly for underserved regions. While acknowledging AI's value as a tool, the author believes crypto represents a larger, transformative opportunity for building equitable and efficient financial systems globally.

marsbit02/12 10:38

AI is Red-Hot, Crypto is Left in the Cold

marsbit02/12 10:38

The 'True and False Prosperity' of Perpetual Contracts: Can You See Through It?

Perpetual futures (perps) have become a dominant force in crypto trading, with volumes surging to about 75% of spot trading activity. While cumulative perp trading volume doubled to $14 trillion in just the past six months—exceeding the total volume of the previous four years—this growth occurred even as the total crypto market cap fell nearly 40%. However, volume alone can be misleading. To better understand market depth and trader conviction, Open Interest (OI) is a critical metric. OI has tripled from ~$4B last February to ~$13B now, indicating increased capital commitment. The OI-to-volume ratio rose from 0.33x to 0.49x over the past year, though it fluctuated significantly—peaking at ~0.72x mid-year before dropping after a major liquidation event in October. At the protocol level, platforms like Hyperliquid show strong capital efficiency, converting over 45% of daily volume into open positions and generating a take rate of ~3.2 bps. Others, like Aster, prioritize capital retention over fee maximization. The key takeaway is that sustainable growth in perp markets depends not just on high volume, but on growing OI and converting trading activity into sticky, confident capital.

marsbit02/12 03:11

The 'True and False Prosperity' of Perpetual Contracts: Can You See Through It?

marsbit02/12 03:11

Tom Lee: From Wall Street Strategist to Ethereum's Biggest Bull

Tom Lee, a former Wall Street strategist and co-founder of Fundstrat Global Advisors, has become one of the most prominent voices bridging traditional finance and the crypto market. Known for his macro-driven, bullish outlook on assets like Bitcoin and Ethereum, he translates complex economic variables—such as monetary policy, liquidity, and institutional adoption—into actionable investment theses. Lee began his career at J.P. Morgan, where he developed expertise in equity strategy and macro analysis. After founding Fundstrat, he gradually shifted focus toward crypto, framing Bitcoin as a hedge against monetary uncertainty and a risk asset correlated with macro liquidity. While often perceived as perpetually bullish, Lee’s approach is narrative-driven and long-term. He views Ethereum not as a speculative token but as a productive financial infrastructure asset—akin to a digital commodity—powering decentralized finance, stablecoins, and real-world asset tokenization. Key to his ETH thesis are its deflationary mechanism (via burning), staking yield, and role as the settlement layer for on-chain activity. Lee emphasizes that Ethereum’s value capture resembles that of cash-flow-generating assets, making it more palatable to institutional investors. As crypto becomes more regulated and institutionalized, he believes ETH’s economic model and utility will drive sustained demand. His influence lies in applying Wall Street frameworks to crypto, offering a macro perspective often absent in retail-driven markets.

marsbit02/12 01:18

Tom Lee: From Wall Street Strategist to Ethereum's Biggest Bull

marsbit02/12 01:18

Robinhood Layer-2 goes live as its crypto revenue drops 38%

Robinhood has launched a public testnet for its Ethereum-based Layer-2 blockchain, Robinhood Chain, built on Arbitrum. The announcement was made at Consensus Hong Kong, marking the first public rollout since its initial reveal last year. The testnet offers developers access to documentation and compatibility with standard Ethereum tools, with infrastructure partners like Alchemy and LayerZero already building on it. Despite reporting record Q4 net revenue of $1.28 billion—a 27% year-over-year increase—the figure fell short of Wall Street expectations. Crypto revenue declined by 38% to $221 million, though crypto trading still saw a 3% quarterly volume increase to $82.4 billion. Net income dropped 34% to $605 million, though earnings per share slightly exceeded forecasts. For the full year 2025, Robinhood posted record net revenue of $4.5 billion, up 52% from 2024, with annual net income rising 35% to $1.9 billion. Revenue from prediction markets and futures surged 375% year-on-year to $147 million, surpassing equity-trading revenue for the first time. Following the earnings report, HOOD’s stock price declined.

ambcrypto02/11 21:02

Robinhood Layer-2 goes live as its crypto revenue drops 38%

ambcrypto02/11 21:02

Ray Dalio Warns CBDCs Threaten Financial Privacy — Former Trump Adviser Claims Zcash Is the Fix

Ray Dalio warns that central bank digital currencies (CBDCs) will lead to a significant loss of financial privacy, as all transactions would be visible to authorities, enabling potential government overreach such as taxation, asset seizure, and sanctions. He expressed skepticism about CBDCs' attractiveness if they don't offer interest, suggesting people might prefer traditional savings vehicles. In response, former Trump adviser Thor Torrens proposed Zcash as a solution, highlighting its privacy features through shielded transactions using zero-knowledge cryptography. Despite internal challenges, Zcash developers continue to advocate for its use. Dalio also discussed broader concerns about the breakdown of the global monetary system, noting shifting capital flows and potential "capital wars" as countries grow wary of holding each other's debt, which some believe could drive interest in Bitcoin amid fiat uncertainty.

ccn.com02/11 11:26

Ray Dalio Warns CBDCs Threaten Financial Privacy — Former Trump Adviser Claims Zcash Is the Fix