The 28 protocols proposed by Trump have put Ukraine in a dilemma, with Zelensky stating that they either lose territorial dignity or lose U.S. support. The situation is stagnant, with Russia controlling about 20% of Ukrainian territory, and Ukraine suffering heavy losses. The United States is using Ukraine to contain Russia, achieving strategic gains, while Europe and Ukraine are the losers, with their economy and security severely impacted. The article emphasizes the collapse of the old international order, suggesting that being strong is the only guarantee of security.

Another country is taking real action on encryption. The Parliament of Trinidad and Tobago has just officially passed the "2025 Virtual Assets and Virtual Asset Service Providers Bill," which was submitted by Finance Minister Davendranath Tancoo in September. This bill aims to impose strict regulations on exchanges, wallet transfers, asset custody, and other encryption-related businesses.
Key action:
- Exchanges, transfer services, and custodians all need to apply for licenses.
- Set a transitional period limit before formal authorization, equivalent to "assess first, then issue a license"
- The strength is indeed considerable.
Opposition voices have emerged: the parliamentary opposition criticized the bill's rules as being too harsh, fearing it will "drive away" local encryption entrepreneurs and developers, ultimately forcing them to flow to neighboring countries with more lenient regulations.
How to view: This is a microcosm of global regulatory trends - from "you come and I go" to "legislating a framework". Strict regulation is a double-edged sword; the benefit is to protect investors and mitigate risks.

The Hong Kong Securities and Futures Commission announced that Margaret Li will continue to serve as the Chief Executive Officer, with her term extended until January 2026. Since her appointment, she has introduced a licensing system for virtual asset trading platforms and a digital asset roadmap. In the future, a regulatory framework with the same business, same risks, and same rules will be implemented to further regulate the encryption industry and attract compliance institutions.

In the crypto world, the M-head (double top) that is often mentioned actually signals that the price repeatedly attempts to rise but fails. Let me break it down simply:
Why is it called the M head? It refers to the appearance of two peaks on the candlestick chart that resemble the shape of the letter M. The first peak has strong volume, and after a pullback, it attempts to peak again, but this time the trading volume is significantly reduced — this is crucial, indicating that there are fewer buyers stepping in.
The most core feature:
- Left peak trading volume > Right peak trading volume, decreasing trading volume = waning popularity
- The two peaks on the left and right are basically level (in fact, the right peak is usually about 3% lower).
- Both pullbacks will touch the same "neckline"; breaking it is a confirmation signal.
When to run? Two key points:
1️⃣ The first escape route - the moment of turning at the right peak. This is the exit point for the fastest responders, also known as the "prophet's insight" operation. At this time, one can still retreat unscathed.
2️⃣ The last escape opportunity - the neckline has been broken. Once the neckline is lost.

The U.S. Department of Labor's withdrawal of the October CPI data has attracted market attention, possibly indicating an initial value lower than expected, statistical anomalies, or institutional build a position opportunities. This move is seen as a rhythm control operation, signaling a downtrend in inflation and an increased expectation of interest rate cuts. Future market sentiment will be highly sensitive, and investors need to patiently wait for the corrected data to be released.

Recently, the strategy leader of MegaETH brought up a poignant topic: if policies start to lean towards centralized L1, what is the point of having Layer 2 built on Ethereum?
This is actually talking about a core paradox —
Why does MegaETH care about the decentralization attributes of Ethereum?
The entire logic chain of MegaETH is as follows:
- MegaETH, as a Layer 2, requires Ethereum as a decentralized settlement layer endorsement.
- If Ethereum is forced towards centralization (due to policy pressure), then MegaETH will become a "centralized system on a centralized system".
- In that case, using a centralized L1 directly is simpler, so why go through the extra effort?
Key point: The value proposition of Layer 2 is "leveraging the security and decentralization properties of L1 while achieving performance upgrades." If the decentralization attributes of L1 are undermined, the entire architecture's

Google is investing $40 billion in Texas to build three super data centers to seize the AI Computing Power competition. The choice of Texas is due to low electricity prices and government support, with completion expected by 2027. In addition to commercial goals, it also strengthens the local political foundation and creates job opportunities.

APR and APY are two concepts of annualized returns. APR is simple interest and does not take into account compound interest, commonly used for credit cards and loans; whereas APY represents real returns and includes the effects of compound interest, applicable to deposits and stake in encryption. APY is typically higher than APR, and understanding the differences between the two can help choose more suitable investment products.

Fun fact: Under the global Central Bank point shaving and interest rate cuts, new funds have not flooded into the crypto market.
According to the latest on-chain data analysis, where has the global liquidity expansion flowed to?
Three directions: Stocks > AI concepts > Prediction market, encryption has been neglected.
The Forgotten crypto market
Interestingly, the supply of stablecoins continues to grow (indicating that off-market funds are preparing), but this money has not pushed up coin prices after entering the market—this is a typical wait-and-see state. This makes it awkward:
- Central Bank interest rate cut✓
- Ample liquidity✓
- Crypto market enthusiasm✗
The 4-year cycle theory is outdated.
There was once a classic theory: Bitcoin prices follow the halving cycle (approximately every 4 years). But now this theory has failed.
What are the new game rules? Liquidity.
It is not the halving of the hash rate that determines the price, but rather: macro liquidity + ETF buying + institutional takeover =

The big dump in Japan's long-term government bond yields signals a rise in transaction costs for carry trades, and global liquidity will be significantly absorbed, putting major pressure on the crypto market. This change could lead to a repricing of global assets, and investors need to respond cautiously to changes in the macro environment.

Cold Wallets are used for offline storage of Private Keys to ensure asset security for encryption. Major brands include Ledger, Trezor, and SafePal. They are suitable for holders with a large amount of coins or long-term holders, but not suitable for frequent traders. Prices range from 50 to 250 dollars, considered an investment in asset protection.