# Investors Related Articles

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

Bitcoin Retail Demand Turns Positive Again: Is The Crowd Coming Back?

Bitcoin retail demand has turned positive again, with its 30-day change surging to +4.38% after plunging into negative territory in March. This metric tracks transaction activity for transfers under $10,000, indicating renewed interest from small-scale investors. While this marks a significant improvement from last month's low of -8.2%, overall retail transaction volume remains below February levels. Concurrently, the recent price recovery has improved the situation for short-term holders (STHs), with the percentage of their supply in loss dropping to 38%. Bitcoin is currently trading around $80,700. The key question is whether this positive shift in retail sentiment will continue and lead to a full-scale return of small investors.

bitcoinist05/13 19:36

Bitcoin Retail Demand Turns Positive Again: Is The Crowd Coming Back?

bitcoinist05/13 19:36

Wall Street Capital Enters ARC, Circle Sparks a System-Level Competition for Stablecoins

Wall Street Capital Enters the ARC Arena as Circle Launches a System-Level Battle for Stablecoin Dominance On May 11, Circle successfully raised $222 million in a pre-sale funding round for its new blockchain and native token, ARC, giving the network a fully diluted valuation of $3 billion. The investor lineup, featuring Wall Street giants like BlackRock and Intercontinental Exchange alongside top-tier venture capital firms such as a16z and ARK Invest, signaled a collective strategic bet on future financial infrastructure. This move marks Circle's significant evolution from a stablecoin issuer (notably USDC) to a designer of financial systems. While USDC operates on external blockchains like Ethereum, making Circle dependent on their performance, ARC aims to create a dedicated infrastructure for the circulation, payment, and clearing of stablecoins. This would integrate currency issuance and circulation into one system, potentially shifting Circle's business model from asset management to infrastructure provision. The convergence of traditional finance and crypto-native capital in this funding round underscores a broader industry shift: stablecoins are transitioning from being mere trading tools to becoming core components of financial infrastructure. By controlling both the issuance (via USDC) and the流通 pathway (via ARC), Circle could establish a closed-loop system from issuance to settlement. If successful, this infrastructure could optimize costs, lower barriers for institutional adoption, and promote standardization in on-chain finance. Ultimately, it has the potential to challenge traditional systems like SWIFT in areas such as cross-border payments, representing a possible step toward the重构 of global financial infrastructure.

marsbit05/13 14:54

Wall Street Capital Enters ARC, Circle Sparks a System-Level Competition for Stablecoins

marsbit05/13 14:54

Circle's Three-Dimensional Valuation Framework: Where Is the Bottom, Where Is the Top

"Circle's 3D Valuation Framework: Where is the Bottom, Where is the Top?" - Article Summary The article analyzes Circle's valuation following its Q1 2026 earnings. While its core business generates substantial interest income from USDC reserves ($6.53B in Q1, up 17% YoY), this revenue is highly sensitive to interest rates and shared significantly with Coinbase. The author proposes a three-dimensional valuation framework: 1. **Interest Business (The Floor):** Valued like a bank (8-15x P/E) on net interest income after Coinbase's share. This provides a conservative valuation baseline. 2. **Payment & Platform Business (The Inflection Point):** Includes CPN (Circle Payments Network) and "Other Revenue" (transaction, integration services). This high-growth segment, not shared with Coinbase, is valued on a platform/network model (higher P/S multiples), similar to Visa/Mastercard. It represents Circle's shift beyond pure interest income. 3. **Arc Network & ARC Token (The Future / Optionality):** Arc is an institutional-focused, EVM-compatible L1 blockchain where USDC is the native gas token. A $222M ARC token pre-sale at a $3B FDV attracted major traditional finance players (BlackRock, Apollo, ICE). While Circle holds 25% of ARC tokens, their value is separate from CRCL equity. This dimension represents the long-term, high-upside bet on Circle becoming an "economic operating system." Current market cap (~$30B) prices in significant future growth beyond the sum-of-the-parts valuation derived from current earnings. The investment thesis hinges on believing in Circle's transition from a "stablecoin issuer" to a broader financial infrastructure and network platform. Key variables for the future include USDC adoption growth, CPN network effects, Arc's success, and potential renegotiation of the Coinbase revenue-sharing agreement.

marsbit05/13 13:56

Circle's Three-Dimensional Valuation Framework: Where Is the Bottom, Where Is the Top

marsbit05/13 13:56

How the $900 Billion Anthropic Was Built?

Anthropic, the AI startup behind Claude, is reportedly in early talks to raise at least $30 billion in new funding, targeting a valuation exceeding $900 billion. This would propel it past OpenAI's recent $852 billion valuation. The funding round is expected to close by late May 2026. The company's valuation surge is driven by extraordinary revenue growth, reportedly reaching an annualized $30 billion by March 2026 from $1 billion in December 2024. However, OpenAI questions this figure, suggesting a net revenue closer to $22 billion after cloud platform fees. Despite high revenue, Anthropic's gross margin is reportedly around 40%, and it is not yet profitable, with breakeven projected for 2028. A significant portion of the new capital would fund massive, pre-committed computing infrastructure with partners like Amazon, Google, and Microsoft. This highlights a new AI financing model where high valuations fuel compute spending, which in turn requires even higher future valuations to sustain. Notably, many early-stage investors are reportedly sitting out this round. Bankers privately estimate a potential IPO valuation between $400-500 billion, creating a rare scenario where the final private funding round valuation ($900B+) could far exceed the expected public market debut. Anthropic is targeting an IPO between October 2026 and the first half of 2027. Its public listing is poised to be a critical test for the entire AI sector's valuation logic, potentially validating or challenging the high-stakes "valuation-compute-valuation" cycle that has defined private market investments.

链捕手05/13 02:42

How the $900 Billion Anthropic Was Built?

链捕手05/13 02:42

OpenAI's Largest Internal Wealth Creation: 600 Individuals Cash Out $6.6 Billion Combined, 75 Take the Full $30 Million Cap

OpenAI conducted its largest-ever internal stock sale in October, allowing over 600 current and former employees to collectively cash out approximately $6.6 billion. About 75 individuals sold the maximum allowed amount of $30 million per person, a limit tripled from $10 million due to high investor demand. The tender offer was based on a $500 billion company valuation. President Greg Brockman confirmed in court that his OpenAI stake is worth around $30 billion. Employees collectively own about 26% of the company, with average paper wealth per employee around $1 billion, far exceeding pre-IPO norms at other major tech firms. Following a recent funding round at an $852 billion valuation and with monthly revenue reaching $2 billion, OpenAI is reportedly preparing for a potential trillion-dollar IPO in late 2026.

marsbit05/11 03:46

OpenAI's Largest Internal Wealth Creation: 600 Individuals Cash Out $6.6 Billion Combined, 75 Take the Full $30 Million Cap

marsbit05/11 03:46

Crypto Traders In South Korea Face 22% Tax Starting January 2027

South Korea's five largest crypto exchanges are collaborating with the National Tax Service to implement a new 22% tax on cryptocurrency trading profits, effective January 2027. The Ministry of Economy and Finance confirmed the policy will proceed as scheduled, applying to annual profits exceeding 2.5 million won (approximately $1,800). Gains beyond this threshold will face a 20% national tax plus a 2% local income tax. The tax covers profits from transfers and lending, classified as "other income," and is estimated to affect about 13.26 million investors. Authorities are addressing concerns over tracking overseas transactions, referencing international reporting frameworks like CARF, and denying claims of double taxation with existing VAT. Separate guidelines for newer income types such as staking rewards and airdrops are still pending. The move underscores crypto's deep integration into South Korea's financial landscape, with a firm deadline now set for the long-debated tax.

bitcoinist05/09 11:02

Crypto Traders In South Korea Face 22% Tax Starting January 2027

bitcoinist05/09 11:02

2026 Crypto Financing Reshuffle: Gaming and DePIN Are Dead, Two Prediction Market Deals Gobble Up 18% of Yearly Funding

Crypto Funding Shakeup in 2026: Gaming & DePIN Fade, Prediction Markets Dominate Analysis of crypto funding from January 1 to May 6, 2026, reveals a major sectoral shift. The industry raised $8.65 billion across 305 deals. However, a March surge to $4.57 billion was largely due to two mega-deals: BVNK's $1.8 billion acquisition and a $1 billion raise by Kalshi. Excluding these, monthly funding is a sluggish ~$1 billion. Capital concentration is extreme. The Payments ($3.74B) and Consumer ($2.48B) sectors absorbed 72% of all funds. Within Consumer, prediction markets were dominant: Kalshi's $1B and Polymarket's $600M raises together accounted for 18% of the year's total, surpassing all 47 DeFi deals combined ($1.06B). In contrast, Gaming and DePIN sectors saw funding nearly vanish. A strategic pivot is underway. Merger & Acquisition (M&A) activity reached 48 deals, nearly matching the 57 seed-stage rounds. This indicates capital is increasingly flowing toward acquiring established leaders rather than betting on new ideas. The most active investors so far in 2026 are Coinbase Ventures (18 deals), Tether (13 deals), Animoca Brands (11 deals), and GSR (11 deals). Notably, a16z's pace has slowed significantly compared to its 2021-2026 average.

marsbit05/09 00:08

2026 Crypto Financing Reshuffle: Gaming and DePIN Are Dead, Two Prediction Market Deals Gobble Up 18% of Yearly Funding

marsbit05/09 00:08

Bitcoin Rallies, But Traders Still Realizing $479M In Losses Daily

Despite Bitcoin's recent rally to around $80,100, on-chain data reveals that investors are still realizing significant losses. The Bitcoin Realized Loss indicator, which measures the total loss from coins sold below their previous purchase price, has remained elevated at approximately $479 million per day. This level is about 140% above the typical baseline of $200 million seen in stable market periods. Notably, this spike in realized losses occurred even as Bitcoin's price increased, contrasting with previous loss spikes that happened during major price crashes. This pattern suggests that some investors are choosing to exit their positions at a loss during the rally, possibly due to a lack of confidence in its sustainability. Analysts suggest that for a healthier market regime to be confirmed, the daily realized loss would need to compress and sustain below the $200 million level, indicating selling exhaustion and a shift towards stronger underlying demand.

bitcoinist05/08 16:41

Bitcoin Rallies, But Traders Still Realizing $479M In Losses Daily

bitcoinist05/08 16:41

South Korea's Crypto Tax Countdown Begins: Escalating Three-Way Game Between CEXs, Retail Investors, and Regulators

South Korea's National Tax Service has initiated final preparations to implement a virtual asset tax starting January 2027, with reporting for comprehensive income tax due by May 2028. The tax applies a 22% rate on annual profits exceeding 2.5 million KRW from transfers and leasing, affecting an estimated 13.26 million people. To enforce this, authorities plan to collect data from major domestic exchanges like Upbit and Bithumb and launch a comprehensive virtual asset analysis system. This move follows two previous postponements and signifies a shift towards institutionalized management. The plan also involves international data sharing under the OECD's CARF framework from next year to curb capital flight. However, tensions exist between regulators and exchanges over data sharing and new anti-money laundering rules. The industry, represented by DAXA, opposes proposed regulations requiring the reporting of all cross-border transfers over $6,800 as suspicious, arguing it renders AI risk systems useless and creates an impractical administrative burden. Given Korea's market—comprising 30% of global volume with 85% in altcoins and dominated by retail speculation—the tax could reduce short-term speculative trading and stabilize the domestic market by limiting capital outflows. Its implementation may also influence global crypto regulatory and taxation models, serving as a significant case study for other jurisdictions.

marsbit05/08 14:32

South Korea's Crypto Tax Countdown Begins: Escalating Three-Way Game Between CEXs, Retail Investors, and Regulators

marsbit05/08 14:32

2026 Crypto Funding Reshuffle: Game and DePIN Are Dead, Prediction Market Duo Takes 18% of All Year's Funding with Two Deals

Cryptocurrency Funding in 2026: Gaming & DePIN Falter as Prediction Markets Dominate Data from the first four months of 2026 reveals a stark shift in crypto venture funding. The gaming and DePIN (Decentralized Physical Infrastructure Networks) sectors have seen capital nearly dry up. In contrast, the "Consumer" category, led by two massive deals for prediction market platforms Kalshi ($1B) and Polymarket ($600M), captured a significant share. These two deals alone accounted for 18% of the year's total $8.65 billion raised and exceeded the combined funding of all 47 DeFi projects. Overall, the $8.65B across 305 deals is misleading. A March surge to $4.57B was largely due to two major acquisitions (BVNK at $1.8B and Kalshi). Excluding these, the underlying monthly funding rate is approximately $1B, indicating continued softness. The "Payments" and "Consumer" sectors together consumed 72% of all capital. Another notable trend is the rise of mergers and acquisitions (M&A), with 48 deals nearly matching the 57 seed-round investments. This signals a market pivot from funding new ideas to consolidating around established leaders. The most active investors so far in 2026 are Coinbase Ventures (18 deals), Tether (13 deals), Animoca Brands (11 deals), and GSR (11 deals). Notably, a16z's pace has slowed significantly compared to previous years.

marsbit05/08 04:57

2026 Crypto Funding Reshuffle: Game and DePIN Are Dead, Prediction Market Duo Takes 18% of All Year's Funding with Two Deals