# Сопутствующие статьи по теме Capital

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Capital", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

The Life-and-Death Game of Large Models: From the 'Six Dragons' to the Dual Giants Going Public — The Bubble, Breakthrough, and Endgame of AI Entrepreneurship

The Chinese AI large model startup landscape has undergone a drastic reshuffle in just two years. The initial "AI Six Dragons" quickly narrowed to the "Four Strong," and by early 2026, only Zhipu AI and MiniMax had successfully listed on the Hong Kong Stock Exchange, becoming the first independent large model companies to go public. The industry has shifted from a technology and capital-driven frenzy to a focus on commercial viability and sustainable business models. Zhipu AI and MiniMax, though now publicly traded, face immense pressure with significant losses, high valuations, and challenges in achieving profitability. Zhipu relies heavily on enterprise customization projects, while MiniMax depends on overseas consumer products with limited monetization. In contrast, non-listed companies like DeepSeek and Kimi have thrived by focusing on technical excellence and niche markets. DeepSeek targets global users with cost-efficient operations, and Kimi dominates long-text processing for professional use cases. Meanwhile, former contenders like Baichuan AI and 01.AI have shifted to vertical sectors, struggling against tech giants and thinner margins. The industry is governed by three key realities: only a few players can compete in the general-purpose large model space; public listings bring heightened scrutiny and inevitable valuation corrections; and vertical markets are highly competitive, not a safe retreat. The sector is expected to consolidate within one to two years, with a stable structure emerging—led by major tech firms, a few top independent companies, and specialized vertical players. Listing is not an exit but a rite of passage, separating those that can achieve profitability from those that cannot. The era of speculation is over; survival depends on technology, product strength, and sustainable business models.

marsbit04/03 04:31

The Life-and-Death Game of Large Models: From the 'Six Dragons' to the Dual Giants Going Public — The Bubble, Breakthrough, and Endgame of AI Entrepreneurship

marsbit04/03 04:31

Manhattan Private Credit Launches Network to Connect Investors With Private Credit Markets as Bank Lending Continues to Contract

Manhattan Private Credit has launched a private capital network to connect investors with the growing private credit market, which has expanded into a multi-trillion-dollar sector as traditional bank lending contracts. The platform serves as an infrastructure layer, facilitating deal origination and capital matching across private credit, litigation funding, structured lending, asset-backed finance, and special situations. It connects investors, borrowers, developers, and legal firms who previously relied on fragmented, relationship-driven networks. The company emphasizes that its model resembles a platform business, matching supply and demand without originating deals itself. The growth of private credit is driven by banks retreating from areas like property development lending and bridge finance due to post-GFC regulations. Manhattan targets time-sensitive, event-driven opportunities where traditional banks are slow or disinterested. Access is provided through a membership structure, offering platform and network access rather than an investment product. The launch bets on the sustained structural gap between private lending demand and traditional bank supply.

TheNewsCrypto04/03 04:05

Manhattan Private Credit Launches Network to Connect Investors With Private Credit Markets as Bank Lending Continues to Contract

TheNewsCrypto04/03 04:05

How This Development Just Unlocked A $100 Billion Market For XRP

Crypto pundit Diana highlights plans by Evernorth to introduce native XRP lending on the XRP Ledger through the proposed XLS-66 amendment. This development aims to unlock up to $100 billion in idle capital by allowing investors to earn yield directly on the Ledger without bridging or wrapping XRP. The feature includes single-asset vaults, fixed-term loans, automated repayments, and enhanced confidentiality via zero-knowledge proofs. Currently in the validator voting phase, the amendment requires an 80% supermajority to pass. Once activated, it is expected to attract institutional investors by eliminating custody risks, avoiding taxable events from bridging, and leveraging the Ledger's native security. XRP is trading at around $1.34 at the time of writing.

bitcoinist04/02 00:32

How This Development Just Unlocked A $100 Billion Market For XRP

bitcoinist04/02 00:32

Why Does Saylor Always Buy The Bitcoin Top? Expert Explains

Michael Saylor's tendency to buy Bitcoin near local highs is not a timing mistake but a result of the pro-cyclical nature of the Bitcoin treasury model, explains Dylan LeClair of Metaplanet. Capital markets are most accessible when Bitcoin is strong, making it easier for companies like MicroStrategy to raise funds through equity issuance. LeClair clarifies that purchases occur when financing windows are open, not because of a desire to chase peaks. He highlights the growing use of alternative instruments like preferred equity (such as STRC) to raise capital regardless of market conditions, allowing continuous Bitcoin accumulation. Saylor is now seen as a major marginal buyer, acquiring more BTC than all ETFs combined, while also optimizing the company's capital structure.

bitcoinist03/30 16:02

Why Does Saylor Always Buy The Bitcoin Top? Expert Explains

bitcoinist03/30 16:02

Ethereum secures 58% of $16.5B RWA market – Will ETH prices follow?

Ethereum is consolidating its role as a capital and settlement hub, with $163.3 billion in stablecoin supply and a dominant 58% share of the $16.5 billion RWA market. While user activity is fragmenting across L2s—evidenced by a declining L2-to-L1 daily active user ratio—liquidity remains strongly anchored to the base layer due to its superior security and finality. This is further reinforced by institutional demand, as seen in substantial ETF inflows and growing RWA adoption. However, softer fee generation and minimal ETH burn suggest that if capital remains passive and user activity continues migrating to L2s, it may not directly translate to stronger ETH price performance.

ambcrypto03/28 19:02

Ethereum secures 58% of $16.5B RWA market – Will ETH prices follow?

ambcrypto03/28 19:02

Zoomex Launches Earning Initiative as Inflation Drives Shift Toward Capital Efficiency in Crypto Markets

Rising inflation and interest rate uncertainty are driving a shift toward capital efficiency in crypto markets, prompting Zoomex to launch a new user initiative focused on its earning products. The platform highlights that idle capital has become a key concern, as traders increasingly look beyond market timing to keep assets productive across varying conditions. Zoomex addresses this with a multi-layer capital deployment system integrating trading, automated strategies, and yield generation within a single interface—eliminating the need to transfer funds across platforms. The approach also extends to real-world use via the Zoomex Card, enabling seamless spending of digital assets. This reflects a broader industry evolution where platforms are now evaluated on capital utilization, yield accessibility, and strategic flexibility, not just trade execution. Zoomex’s campaign aims to simplify user onboarding into yield-generating tools as macro uncertainty makes capital efficiency central to investment decisions.

TheNewsCrypto03/27 12:09

Zoomex Launches Earning Initiative as Inflation Drives Shift Toward Capital Efficiency in Crypto Markets

TheNewsCrypto03/27 12:09

What’s Really Going On With Ripple’s XRP Ledger And Are Investors Coming Back?

While retail attention remains focused on XRP's spot price, significant capital movement is occurring at the network level. The stablecoin supply on the XRP Ledger has doubled since December 2025, reaching $568.89 million—a 100.3% increase in roughly three months. This growth, though gradual at first, accelerated notably in February, breaching the $600 million threshold before settling near $569 million. This surge in stablecoin liquidity signals investor intent to actively use the network, suggesting a move from speculative trading to longer-term capital positioning. Although not directly causing a price rally, it reflects growing confidence in the XRP ecosystem, indicating that investors are preparing for sustained activity behind the scenes.

bitcoinist03/26 01:02

What’s Really Going On With Ripple’s XRP Ledger And Are Investors Coming Back?

bitcoinist03/26 01:02

The CLARITY Act Could Kill Stablecoin Yield – Here Is Where the Money Goes Instead

The CLARITY Act's proposed ban on stablecoin yield is causing significant market shift, as evidenced by Circle's (USDC) 18% value drop, erasing $4.6 billion. This legislative move aims to separate stablecoins' dual functions—yield generation and utility—by restricting passive returns. The report argues this won't eliminate yield demand but redirect it to DeFi, tokenized Treasuries, or offshore markets. Meanwhile, stablecoins may evolve into pure utility tools for payments, settlement, and collateral, with on-chain data showing active addresses at all-time highs, indicating sustained capital movement and usage.

bitcoinist03/25 22:01

The CLARITY Act Could Kill Stablecoin Yield – Here Is Where the Money Goes Instead

bitcoinist03/25 22:01

Bittensor [TAO] explodes 90% as AI narrative pulls capital from Bitcoin

Bittensor (TAO) has surged 90% in a rally primarily driven by the growing artificial intelligence (AI) narrative, pulling significant capital away from Bitcoin. This isn't a typical short-term rotation; data shows the TAO/BTC ratio is up 78%, indicating that approximately 70% of the inflows into TAO came at Bitcoin's expense. While similar capital shifts have occurred before and subsequently cooled, this rally is distinguished by strong fundamental support. Key metrics, including record-high monthly trading volume exceeding $5.7 billion and increased activity across Bittensor's AI subnets, suggest the move is backed by genuine network usage and adoption, not just hype. This positions TAO as a potential bellwether for a structural capital shift into AI-related crypto assets heading into Q2.

ambcrypto03/25 20:02

Bittensor [TAO] explodes 90% as AI narrative pulls capital from Bitcoin

ambcrypto03/25 20:02

Overseas Funds Accelerate Withdrawal, U.S. Bonds Face Largest Selling Pressure in Six Years

Overseas official investors are accelerating their withdrawal from U.S. Treasuries, with foreign official accounts at the New York Fed shedding $75 billion over the past four weeks—the largest monthly decline since the COVID-19 pandemic hit in March 2020. According to Deutsche Bank research, this implies net sales of approximately $60 billion, marking the most significant sell-off since the pandemic began. The sell-off is particularly concentrated in the mid-term segment of the yield curve, contributing to recent rapid yield rises. Unlike in March 2023, the drawdown was not offset by increased use of the Fed’s FIMA repo facility, indicating outright sales or non-reinvestment of maturing securities. The drop in custody holdings aligns with observed FX intervention by Asian central banks and a broader slowdown in foreign purchases of dollar assets. Historical correlation suggests custody data explains about 50% of the variation in official net flows reported in TIC data. Deutsche Bank warns that sustained foreign selling could erode the “convenience yield” advantage enjoyed by U.S. debt due to its reserve currency status. Estimates suggest the 10-year yield may be suppressed by 90–100 basis points due to dollar dominance. A continued retreat of foreign demand could push long-term yields significantly higher, increasing refinancing costs and affecting global financial conditions.

marsbit03/25 02:59

Overseas Funds Accelerate Withdrawal, U.S. Bonds Face Largest Selling Pressure in Six Years