GasFeeCryer

2025年開局，加密財庫概念（DAT）曾被視為下一個風口，但如今局面已大不相同。隨著比特幣與以太坊近期調整，許多布局較早的融資公司遭遇估值與持倉雙重打擊。最扎心的數據擺在眼前——超過12家頭部DAT公司的mNav已跌破1，其中甚至包括這個賽道的「教父」Strategy。
From Glory to Shadow: Why Did 12 Companies Fail Collectively
mNav is the core indicator to measure the health of crypto treasury companies, calculated as the company's market value divided by the value of its held crypto assets. When mNav is below 1, it indicates that the market valuation of the company is lower than the value of its held assets—this is a dangerous signal in financing logic.
BTC Treasury's Predicament First Emerged
Strategy currently holds 641,692 BTC, with an asset value of 6

Bitcoin (BTC) has demonstrated resilience in this week's trading, currently stabilizing above $90,000, with a clear rebound from the $80,600 low at the weekend. However, this upward movement is not solely driven by buying pressure within the cryptocurrency market itself but is closely related to the abnormal performance of the US Dollar Index (DXY) in traditional markets. As the dollar firmly holds the 100 level and approaches a six-month high, traders need to assess whether this rebound is truly a sign of recovery or a "false prosperity" under the strength of the dollar.
Strong Non-Farm Payroll Data and the Uncertain Outlook for Federal Reserve Policies
The key trigger for the dollar index's strength appeared on November 20th with the release of the US Non-Farm Payrolls (NFP) data. The report showed an increase of 119,000 jobs, far exceeding the market expectation of 53,000. This data immediately shook global financial markets upon announcement.
On the surface, the strong employment figures

Grayscale launches Zcash trust product $ZCSH, providing a compliant Zcash investment option for US investors. The fund focuses on privacy-focused digital assets, managing assets worth $190.7 million, but shares are often traded at a discount. ZCSH represents a bridge between traditional finance and blockchain, attracting investors interested in privacy digital assets and potentially reducing the risks associated with holding cryptocurrencies.

Last January in Washington, a shocking scene unfolded at a cryptocurrency party. When the elected president announced on social media the launch of a meme coin named after himself, its price skyrocketed to astronomical levels within hours, only to crash 90% within a few days, leaving hundreds of thousands of retail investors with nothing. Even more outrageous, no one was willing to admit they were the masterminds behind this "legal harvest."
The Birth of Meme Coins: From Jokes to Value Extraction Machines
To understand this scandal, we must first look at the origins of Meme coins. In 2013, two engineers created Dogecoin, a cryptocurrency featuring the popular Shiba Inu meme, originally as a parody of the rampant proliferation of various tokens during the Bitcoin boom. Unexpectedly, it sparked an investment frenzy. Over the past decade, these "no real application, purely hype" meme tokens have not disappeared; instead, they experienced an explosive growth phase in 2024.
Why did Meme coins become so popular? A certain popular issuing platform's

Recently, large holders with 1,000 to 10,000 BTC have increased their Bitcoin holdings amid market fear, indicating a contrarian move compared to small and retail investors. Retail investors continue to sell off, while large holders are adding positions at low levels, reflecting different investor sentiments. The market sentiment is currently in a tug-of-war state, but the increase in holdings by large investors may signal a market bottom.

The cryptocurrency derivatives market is experiencing an unprecedented stress test. The options settlement event this Friday (December 26) will be a critical moment to assess market resilience.
Record-breaking position sizes are converging
The options contracts expiring on December 26 involve approximately 300,000 Bitcoin options, with a notional value of up to $23.7 billion, accounting for more than half of the open interest on the world's largest options exchange, Deribit. After including Ethereum options, the total notional value of contracts expiring this cycle reaches $28.5 billion—setting a new record for single-day cryptocurrency options settlements.
To understand what this scale signifies, let's review some benchmark data from this year:
- August options settlement volume was $14.5 billion
- March options settlement volume was approximately $14.3 billion
- The current $28.5 billion is nearly double that of the same period last year
From $5.8 billion, $14.3 billion to $28.5 billion

Bitcoin faces a critical technical test this week. According to the latest research by crypto analyst Gamza Khanzadaev, if Bitcoin cannot close above $90,000 on the weekly chart, it will confirm a bearish death cross pattern—an important signal of a market sentiment shift.
As of the latest market data, BTC is fluctuating around $90.83K, with minimal movement in the past 24 hours. This low-volume consolidation increases technical risks. Analysts warn that if the key support at $86,000 is not maintained, the market may be forced to test the psychological level of $80,000, the Fibonacci retracement zone at $74,111, and potentially drop to $67,000.
What is a death cross, and why is the market paying close attention?
In simple terms, a death cross is a technical pattern where the short-term moving average (50-week) falls below the long-term moving average (200-week).

The recent sharp fluctuation in the digital asset market has once again sparked in-depth reflections among market participants on the price discovery mechanism. On December 17, Bitcoin (BTC) experienced extreme volatility within just two hours, reflecting structural issues present in the current leveraged trading environment and provoking strong reactions from all involved parties.
Leverage Out of Control Creates Market Anomalies
According to The Kobeissi Letter's monitoring, Bitcoin rapidly surged about $3,000 within one hour on December 17, breaking through the $80,000 mark to exceed $90,000. This rapid increase led to the liquidation of large-scale short positions, with losses exceeding $120 million.
What followed was a reversal: Bitcoin quickly turned downward, retreating to the mid-$80,000 range. The Kobeissi Letter pointed out that this entire process triggered approximately

Have you often heard the term "maintenance margin" but never quite understood what it means? Simply put, the maintenance margin requirement is the minimum amount of principal you must keep in your account when trading on leverage or trading derivatives. This is not a suggestion; it is a strict regulation—you must comply.
The Unspoken Rules of Leveraged Trading
Suppose you have only $5,000 USD but want to buy stocks worth $10,000 USD. The broker lends you an additional $5,000 USD, which is margin trading. The question is: what is your minimum principal?
The broker will set an initial margin requirement (usually around 50%) and also a maintenance margin requirement (commonly 30%). For example:
- You open a position with a 50% initial margin requirement: investing $5,000 USD principal
- The broker stipulates a 30% maintenance margin
- This means that your equity in the account must remain at $3,000 USD

A 20-year-old internet cultural icon becoming a blockchain investment legend
The performance of 114514 coins after launching in January 2026 is astonishing. In just 11 days, an initial investment of $321 skyrocketed to $2.18 million, with a return of 6800 times. Even more incredible, the coin's price surged 597% within 24 hours, and its market cap once broke through $40 million. Behind these magical numbers lies a bizarre story spanning two centuries, connecting East Asian internet culture with crypto finance.
From Japanese ACG culture to global Meme symbols
To understand the explosion of 114514, we must trace back to 2001. In a Japanese adult video released that year, an actor uttered the Japanese phrase "いいよ!こいよ!" ("Sure! Come on!"). The pronunciation of this phrase coincidentally sounds like "114514"—a seemingly random combination of numbers, but one that...

Bitcoin is currently stable around $90.44K, with a slight increase of 0.22%. Discussion centers on the impact of a potential drop to $74K on major holder Strategy. Despite potential risks, experts highlight Strategy's strong balance sheet and lack of secured debt, indicating low bankruptcy risk. Concerns about liquidity and stock price performance arise due to market conditions and regulatory changes, but excessive stock issuance could dilute shareholder value, raising long-term challenges.

The NT dollar to Japanese Yen exchange rate has reached 4.85, and the demand for travel to Japan and Yen investments is heating up. If you're also considering exchanging for Yen, the key isn't "whether to exchange" but "how to exchange most cost-effectively." We have compiled the latest 4 Yen exchange channels, cost comparisons, and selection frameworks to help you get it all done at once.
Why is now a good time to pay attention to Yen exchange?
The Yen is not just pocket money for travel; its role in the daily lives and investment portfolios of Taiwanese people is changing.
Daily consumption: travel, purchasing agents, studying abroad
Most shopping streets in Tokyo and Osaka still primarily use cash transactions (credit card penetration is only 60%). From skiing in Hokkaido, vacations in Okinawa, to purchasing demand for Japanese cosmetics, clothing, and anime merchandise, Taiwanese demand for Yen cash remains strong. Additionally, those planning to study or work in Japan usually exchange Yen in advance to avoid costs increased by sudden exchange rate fluctuations.

How Does the US Dollar Index Influence Your Investment Portfolio?
Whenever financial markets experience volatility, the most common terms investors hear are "US Dollar Index strengthening" or "US Dollar Index weakening." But what does this number actually represent? Why can it impact the performance of your US stocks, gold, and even Taiwan stocks?
In fact, the US Dollar Index (USDX or DXY) is simply a measure of the dollar's strength relative to a basket of major international currencies, but its influence far exceeds what many investors imagine. Since the US dollar is the world's primary settlement currency for transactions—ranging from crude oil and gold to various commodity futures—any fluctuations in the dollar index can trigger a chain reaction across global financial markets.
Understanding the Essence of the US Dollar Index: What Is It Really Measuring?
Unlike other indices (such as the S&P 500 or Dow Jones Industrial Average) that track stock performance, the US Dollar Index measures the strength of the dollar against six major international currencies.

Inflation is coming, and bank interest rates can't keep up with rising prices. Relying solely on salary makes it difficult to accumulate wealth. But there are thousands of investment tools available, such as stocks, funds, foreign exchange, cryptocurrencies, and fixed deposits. Which one should you choose? Many people fail in investing not because they pick the wrong tools, but because they don't understand their own investment personality and goals. This article will help you clarify the characteristics of five common investment tools, allowing you to quickly find the investment path that suits you best.
Three Things You Must Clarify Before Choosing an Investment Tool
First: Recognize Your Risk Tolerance
The most common mistake among novice investors is not understanding how much volatility they can withstand. Some people cannot tolerate asset declines and watch daily fluctuations with anxiety. These individuals should choose tools with lower volatility and more stable returns. Conversely, if you can accept short-term asset fluctuations and have the time to accompany your investments for long-term growth, you might consider higher-potential assets.

Why should you pay attention to the Philadelphia Semiconductor Index?
AI is booming, chip prices are rising steadily, and more investors want to capitalize on this wave of benefits. However, selecting individual stocks carries high risks and the potential to fall into traps. At this point, the Philadelphia Semiconductor Index (SOX) becomes the preferred choice for many.
Compared to betting on a single company, tracking the entire semiconductor industry is more reliable. The Philadelphia Semiconductor Index includes 30 US-listed semiconductor companies, covering the full industry chain from chip design, manufacturing, to sales, providing a comprehensive reflection of industry trends.
Data speaks: From June 2008 to June 2022, over 14 years, the SOX index delivered a return of 637.9%, far surpassing the S&P 500's 209.6%. By May 2024, SOX even hit a record high of 40,077.4 points.
What is the Philadelphia Semiconductor Index?
Simply put, SOX is a jointly launched index by NASDAQ and the Philadelphia Stock Exchange.

Why do investors need to master technical indicators?
In stock investing, the core challenge investors face is: how to accurately grasp the timing of entry and exit? Fundamental analysis tells you whether a stock is worth buying, but technical analysis reveals the best time to buy.
Technical indicators are the solution to this problem. They analyze historical price data and present market patterns in the form of lines or curves, helping investors identify trends, discover turning points, and assess market heat. Compared to candlestick pattern analysis, technical indicators have the advantages of low entry barriers and straightforward interpretation, allowing beginners to get started quickly.
Detailed explanation of the four commonly used indicators: from basic to advanced
The first line of defense: Moving Average (MA)
The Moving Average (MA) is the most frequently used technical indicator in the market and also the easiest to understand.
The calculation method is very simple:
N-day moving average

The Renminbi ushers in a reversal cycle; what is the future outlook for appreciation?
2025 can be considered the turning point for the Renminbi exchange rate. After depreciating against the US dollar for three consecutive years from 2022 to 2024, the Renminbi has finally reversed its downward trend. The USD to Renminbi exchange rate fluctuated between 7.04 and 7.3, appreciating approximately 3% over the year, a rare positive performance in recent years.
Most notably, on December 15, the Renminbi against the US dollar broke through the 7.05 level strongly, then continued to rise to 7.0404, hitting a new 14-month high. The offshore market performed even better, with USD to offshore Renminbi fluctuating between 7.02 and 7.4, making it more susceptible to international factors compared to the onshore market.
This wave of appreciation was not accidental. Although in the first half of the year, due to global tariff policy uncertainties and a strengthening dollar, offshore Renminbi temporarily broke below 7.40, reaching a new low since the 2015 exchange rate reform. However, in the second half of the year, as