Polymarket sparked controversy due to a double-counting bug in its on-chain data. After being reposted by Paradigm co-founder Matt Huang, the issue stirred heated discussion and raised questions about his motives. Polymarket stated that the problem originated from data aggregators and emphasized the transparency of its data. This incident highlights the importance of data reliability in crypto markets but did not result in a major crisis.

Author: Bull Theory, Crypto Analyst; Translation: Jinse Finance
Today, Bitcoin erased 16 hours of gains in just 20 minutes after the US stock market opened.
Since early November, Bitcoin has almost always dropped after the US stock market opens. The same pattern occurred in Q2 and Q3 as well.
Zerohedge has pointed this out multiple times, believing that Jane Street is the most likely manipulator behind the scenes.
If you look at the charts, you'll find this pattern is too consistent to ignore: a sharp price drop within an hour after the open, followed by a slow recovery. This is typical high-frequency trading behavior.
It also fits their profile:
- Jane Street is one of the largest high-frequency trading firms in the world.
- They have the speed and liquidity to move the market within minutes.
Their operation seems simple:
1. Sell off at the open

Author: Cathy
Bitcoin has dropped from $126,000 to the current $90,000, a plunge of 28.57%.
The market is in panic, liquidity has dried up, and the pressure of deleveraging is suffocating everyone. According to Coinglass data, there was a significant wave of forced liquidations in the fourth quarter, and market liquidity has been severely weakened.
But at the same time, some structural positives are gathering: the US SEC is about to introduce “innovation exemption” rules, expectations for the Fed entering an interest rate cutting cycle are growing stronger, and global institutional channels are rapidly maturing.
This is the biggest contradiction in the current market: things look grim in the short term, but the long-term outlook seems promising.
The question is, where will the money for the next bull market come from?
Retail investors’ money is no longer enough
Let’s start with a myth that is being shattered: Digital Asset Treasury companies (DATs).
What are DATs? Simply put, they are public companies that issue stocks and debt

Author: Anthony Pompliano, Founder & CEO of Professional Capital Management; Translated by: Shaw, Jinse Finance
The US economy is currently being hit by multiple deflationary factors at the same time. These interwoven trends are forcing the Federal Reserve to lower interest rates and increase the money supply.
First, we know that artificial intelligence and robotics are dramatically increasing efficiency throughout the system. Today, companies can generate more profit with fewer employees, a phenomenon often referred to as "benign deflation." Benign deflation means that the rate of supply growth exceeds the rate of demand growth.
So, where can we see this happening in today's economy? We see countless examples of surging productivity, compressed costs, and improved quality. This has led to a "deflationary boom" in which the prices of goods and services fall, enhancing consumers' purchasing power.

Author: Matt Hougan, Chief Investment Officer at Bitwise; Translation: Jinse Finance
The interesting thing about this industry is that many people you meet are absolutely convinced about everything:
“Ethereum is better than Solana; it will ultimately dominate.”
“Solana is stronger than Ethereum and will definitely crush its competitors in the long run.”
“Only Bitcoin truly matters.”
I always find this incredible.
I've been working full-time in the crypto industry for eight years, surrounded by about 140 colleagues who share ideas with me. I also frequently communicate with top venture capitalists, project founders, researchers, and foundations, giving me deep insights into these network ecosystems.
But even so, I still can’t confidently tell you which public chain will ultimately win out, or how things will precisely unfold.
At the current stage of cryptocurrency development, I believe the ultimate outcome is unpredictable.

Author: Zhang Feng
Recently, discussions about the regulation and development path of stablecoins have been heating up among China’s industry, policy, and academic circles. Wang Yongli, former Vice President of Bank of China, publicly stated that China should be wary of the risks posed by stablecoins, emphasizing that it is “not advisable to vigorously develop stablecoins pegged to fiat currency.” His views have attracted attention within the industry.
In today’s rapidly evolving global digital currency landscape, understanding stablecoins solely from the perspective of risk prevention may cause us to miss a critical strategic window. In light of the recent inter-ministerial coordination meeting on virtual currencies involving thirteen ministries and the logic behind related policies, China’s approach to the stablecoin issue may require a more comprehensive, flexible, and forward-looking perspective.
I. The Potential for Developing Non-USD Stablecoins: Focus on Ecosystem, China Still Has Advantages
Wang Yongli believes that the stablecoin market is already dominated by USD stablecoins, leaving limited space for non-USD stablecoins. However, this assessment overlooks the “ecological” aspect of stablecoins.

The Fed's monetary policy shift will lead to renewed inflation and high debt pressure in 2026, with the expectation that the US stock market bubble will burst. Investors should pay attention to changes in money supply and adjust their portfolios in a timely manner to cope with upcoming risks.

I've seen many people reposting that "I've wasted 8 years in crypto" post. I relate to it deeply, but I also feel it's a bit too pessimistic, so I'd like to add a few objective thoughts:
1) I also entered the space in 2017, which makes it exactly 8 years for me as well. Although the journey has had its ups and downs, I believe joining the crypto industry has been the greatest opportunity of my life. In terms of personal growth, wealth accumulation, resources, and networking, it has far surpassed my previous 10+ years of experience in the internet sector.
This is an absolute fact—my gratitude for crypto will always remain.
2) To be honest, from a purely experiential perspective, the crypto industry has become more mature over the past 8 years, but it has also gotten worse. The original pure cypherpunk spirit is gone, the holder faith is gone, the motivation for continuous learning and technological innovation is gone, and the persistent belief that crypto will change the internet is also gone.

Author: Luca Prosperi
Translated by: TechFlow
When I graduated from university and applied for my first management consulting job, I did what many ambitious yet timid male graduates often do: I chose a company that specialized in serving financial institutions.
In 2006, the banking industry was the epitome of “cool.” Banks were usually located in the most magnificent buildings on the most beautiful streets in Western Europe, and at the time, I was eager to seize the opportunity to travel around. However, no one told me that this job came with a more hidden and complicated condition: I would be “married” to one of the largest yet most specialized industries in the world—the banking industry, and for an indefinite period. The demand for banking experts has never disappeared. During economic expansion, banks become more creative and need capital; during economic contraction, banks need restructuring, and they still need capital. I once tried to escape this vortex, but just

Editor's Note: The following information was published on the U.S. Securities and Exchange Commission website and is the speech delivered by its Chairman, Paul Atkins, at the Investor Advisory Committee. This article is translated by the Asia-Pacific Institute of Future Finance.
Full Text:
The full speech is as follows:
Ladies and gentlemen, good afternoon.
I am pleased to participate in the fourth and final Investor Advisory Committee meeting of 2025. Before I share some reflections, I must clarify that the views I express today are my own and do not necessarily represent those of the SEC or other commissioners. Of course, I also want to thank each of you for the time, expertise, and passionate commitment you have brought to the Committee this year. Your work is vital—our markets flourish when investors trust that our rules are fair, our processes are predictable, and regulators do not stifle innovation out of fear. I express and share my agency’s gratitude for your dedicated service, and would like to especially thank C