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Opinion: USDT Negative Premium, Holding Stablecoins Still Losing Money — How Should We View and Address This?

5h ago

Author: @Web3Mario
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Disclaimer: This article is a reprint. Readers can obtain more information through the original link. If the author has any objections to the reprint, please contact us, and we will make modifications according to the author's requirements. Reprints are for information sharing only and do not constitute any investment advice or represent Wu Shuo's views and positions.
Why the Renminbi is entering an appreciation phase, and why USDT is experiencing negative premiums
First, I would like to discuss why the Renminbi is currently entering an appreciation phase. Regarding this, let's return to a fundamental economic concept: GDP. Generally speaking, although the GDP indicator has some shortcomings, it remains the simplest and most effective measure for assessing the overall state of a country's economy. The composition of GDP is:
GDP =

DYDX-0,1%

RWA1,28%

XAUT0,15%

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Hut 8 announces partnership with Coinbase to expand Bitcoin-backed credit limit to $200 million

7h ago

Hut 8 announces an extension of its Bitcoin collateralized loan facility with Coinbase to $200 million, with the additional funds already drawn down. The agreement, signed in 2025, loans are collateralized by Coinbase's Bitcoin, with an outstanding balance of $130 million and an annual interest rate of approximately 9%.

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9h ago

In 2025, cryptocurrency phishing attack losses decreased significantly by 83%, down to $83.85 million, far below nearly $494 million in 2024. The number of victims also dropped markedly to 106, a 68% decrease year-over-year. In Q3 2025, Ethereum's strong rebound led to phishing losses reaching a record high of $31 million for the year, accounting for nearly 29% of the total annual losses. The report also pointed out that EIP-7702-based malicious signature attacks began to appear after the Pectra upgrade on Ethereum, indicating that attackers are quickly adapting to protocol-level changes. (Coi

ETH-0,25%

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9h ago

Wu reported that Jupiter co-founder SIONG proposed to stop the JUP buyback, stating that the company spent over $70 million on buybacks last year, but the price did not increase significantly. He suggested using this funds to provide growth incentives for existing and new users and to seek community feedback. Solana co-founder Toly commented that capital accumulation is very difficult, as traditional finance requires an investment cycle of over 10 years, and he believes that mimicking this setup rather than buybacks might be more effective. He recommended encouraging holders to lock their toke

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12h ago

Wu says that, according to Onchain Lens monitoring, a whale has transferred a total of 20,000 ETH from multiple CEXs including Galaxy, Coinbase, FalconX, and Cumberland in the past 12 hours, worth $62.3 million.

ETH-0,25%

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12h ago

Wu said that according to cryptodiffer data, in 2025, among DeFi protocols ranked by total generated fees, Meteora ranks first with $1.25 billion, while Jupiter and Uniswap are second and third with $1.11 billion and $1.06 billion respectively.

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UNI-2,31%

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Ethereum validator node queue approaches 1 million ETH, with the current wait time for new validator nodes approximately 17 days.

12h ago

BitMine recently added 82,560 ETH to the Ethereum staking system, bringing the total staked amount to 544,064 ETH, valued at $1.62 billion. The total Ethereum staked has reached 35 million ETH, accounting for 29% of the total supply, with an annualized yield of 2.54%.

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Wu said that on January 3rd, Glassnode posted on social media stating that the slowdown in capital inflow is occurring simultaneously with long-term holders accelerating realization of losses. This market structure has gradually become apparent as the price oscillates within a narrowing range, reflecting the increasing fatigue among investors over time— a typical characteristic of a prolonged bear market phase.

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Wu said that Jupiter co-founder SIONG posted a message asking for opinions on whether to suspend JUP buybacks, stating that the funds used for buybacks last year exceeded $70 million, but the token price performance did not significantly improve; in contrast, the relevant funds could potentially be redirected toward growth incentives for existing and new users. He stated that the decision to stop buybacks and switch to an incentive mechanism still requires further discussion and decision-making by the community.

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Wu says that according to SoSoValue data, yesterday (Eastern Time January 2) the total net inflow of XRP spot ETFs was $13.59 million. The XRP spot ETF with the highest single-day net inflow yesterday was Franklin XRP ETF XRPZ, with a single-day net inflow of $9.72 million, bringing the total net inflow to $243 million.

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Wu said that according to SoSoValue data, yesterday (Eastern Time January 2) the total net inflow of Ethereum spot ETFs was $174 million. The Ethereum spot ETF with the highest single-day net inflow yesterday was Grayscale Ethereum Trust ETF ETHE, with a single-day net inflow of $53.6861 million. Currently, ETHE's total net outflow in history has reached $4.996 billion.

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Wu said that according to SoSoValue data, yesterday (January 2nd, Eastern Time), the total net inflow of Bitcoin spot ETFs was $471 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was Blackrock (Blackrock) ETF IBIT, with a single-day net inflow of $287 million. Currently, IBIT's total net inflow in history has reached $62.38 billion.

BTC0,59%

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Wu Shuo learned that crypto user Matt Batsinelas stated that compared to stock research regulated by MiFID II and other regulations, most US crypto research institutions exhibit "paid research and insufficient disclosure." In response, Galaxy Research analyst Alex Thorn said that Galaxy Research has never accepted compensation from any external company, project, or agreement, and fully discloses interests in all reports, communications, and podcasts.

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Coinbase executive John D'Agostino recently stated in an interview with CNBC that the slow progress of the "Digital Asset Market Clarity Act" (CLARITY Act) is "understandable" because it is foundational legislation for the crypto market structure, with a complexity higher than the already passed stablecoin bill, the "GENIUS Act." He believes that global regulatory developments and the pressure of talent outflow from the US may push the bill through by 2026; however, market participants point out that its passage may have limited direct impact on Bitcoin prices. (cointelegraph)

BTC0,59%

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Wu said that Scam Sniffer released the "2025 Anti-Fraud Report," stating that losses caused by crypto phishing in 2025 decreased by approximately 83% year-on-year, from $494 million to $83.85 million, with about 106,000 victims, a 68% decrease year-on-year. However, the report pointed out that risks still fluctuate with market conditions, with the highest losses during the market rebound in the third quarter, and new attack methods targeting EIP-7702 emerged after Pectra's upgrade.

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Wu Shuo learned that, according to Bloomberg ETF analyst Eric Balchunas, the global ETF net inflow in 2025 reached a record high of 1.48 trillion USD, about 28% higher than the record high in 2024, with an average daily inflow close to 600 million USD. BlackRock's Bitcoin ETF IBIT has an asset management scale of approximately 248.44 billion USD, ranking sixth. However, due to Bitcoin's overall poor performance last year, BlackRock IBIT is the only ETF among the top 15 with a negative annual return, at -6.41%.

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Wu says that according to Globenewswire, stablecoin giant Tether has disclosed an investment in real-time cross-border QR code payment platform SQRIL. The specific investment amount has not been disclosed yet. SQRIL currently mainly targets markets in Asia, Africa, and Latin America, and can integrate with traditional banks (such as Barclays or Bank of America), Venmo, Revolut, or Cash App APIs. The new funds will support its exploration of better stablecoins and QR code cross-border scan-to-pay methods.

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