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The most interesting change in crypto right now:
Altcoins are starting to become more like stocks
Altcoin investing used to be very simple:
Launch a token.
Tell a story.
Get listed on an exchange.
Pump the price.
Now it is becoming increasingly complex.
Some projects are starting to generate protocol revenue.
Some are entering ETFs.
Some are being bought into corporate treasuries.
Some are integrating with stablecoins and RWA.
Some are directly becoming on-chain trading infrastructure.
Robinhood is even starting to include assets such as ADA, LINK, and HYPE in the scope of its future perpetual

XRP is undergoing a very interesting change
Evernorth shareholders have approved a $1 billion XRP Treasury transaction, paving the way for its Nasdaq listing.
What is truly worth watching here is not whether “XRP will rise.”
It is:
Crypto assets are beginning to be packaged as strategic assets on corporate balance sheets.

Solana has a data point that is particularly noteworthy:
The stablecoin supply has reached $17.3 billion!
The more stablecoins there are on a chain,
the more activities that can theoretically take place on that chain:
trading, lending, payments, settlement, and RWA,
will there be.
Therefore, when determining whether a public blockchain has real financial activity,
in the future, you cannot look only at: TVL.
Nor can you look only at: daily active users.
A very important metric is actually:
how many dollars that can truly circulate are there on-chain.

Ethena starts bringing US stock assets into the world of USDe
Ethena has recently further expanded USDe’s backing strategy by incorporating bStocks and perpetual contracts on stocks.
It can actually be understood simply as:
What Crypto used to love playing with was:
Token + leverage + perpetual contracts.
Now:
People are starting to connect this model with traditional stock assets.
As a result, you are seeing an increasingly blurred boundary:
Stocks are no longer as “traditional finance” as before,
and Crypto is no longer as “pure Crypto” as before.
The two sides are meeting in the middle.
The

What’s going on today?
First thing in the morning
Crypto is in the red
A-shares are down (shown in green)
Anyway, everything fell…

BTC is showing a very strange phenomenon right now:
US Treasury yields are so high,
yet it still hasn't collapsed…

I noticed
so many of my Blue Blues’ accounts have “(Thin-Muscle Version)” in them.
Are there really this many Thin-Muscle devotees now?