# You Don't Need to Believe to See It Author: Luo Yihang, Silicon-based Stance > The token you used to see because you believed in it, you can now see without belief. It is the next one after Watt, Ampere, and Bit. In January 2009, an anonymous person invented something called a "token." You invested computational power, obtained tokens, and tokens circulated, were priced, and traded within a consensus network. The entire crypto economy was born from this. More than a decade has passed, and people are still debating whether this token actually has value. In March 2025, a man in a leather jacket redefined another kind of thing called a token. You invest computational power, output tokens, and tokens flow within an AI inference (inference &

# Author: Chen Mingkun Macro Observation > This article mainly answers five questions: > > First, when war arrives, what does the market re-price first; > > Second, why different wars correspond to different asset narratives; > > Third, four types of war dynamics, each rewriting which layer of variables; > > Fourth, which modern war asset samples are most worth repeatedly reviewing; > > Fifth, how to translate war judgments into methodology and positioning. > > If you care more about investment positioning, you can go directly to the fifth section. > Many people look at wars and first see the news. But what macro investors often look at is not the news itself, but rather: the beginning of asset ordering changes. Over the past month, fighting has erupted again in the Middle East. At my desk in Tsinghua Purple荆园, I have repeatedly reviewed the historical records of modern wars in...

Author: Zui Feng Trading Platform When discussing AI, most people are still worried about "jobs being taken away." But Deutsche Bank believes that this perspective might be a bit narrow. According to Zui Feng Trading, in a recent report by George Saravelos, Head of Global Foreign Exchange Research at Deutsche Bank, two extreme scenarios of AI development are explored: The first scenario is "complete replacement." Similar to Marx's prophecy over 180 years ago and Elon Musk's current vision: in the economic factors of production, "capital" itself becomes "labor," rendering the value of labor zero, and capitalism becomes obsolete. AI massively replacing human jobs would lead to wealth and income being highly concentrated among a few capital owners, while ordinary people's income and demand are weakened, causing the economy to fall into a dilemma of "many goods, but no one can afford to buy." > > Did Marx predict artificial intelligence? About 200 years ago, he wrote a book about "machines

Gate Research Institute: On February 27, BTC rapidly declined to $62,501 before rebounding. It is now consolidating above $67,000; ETH rebounded from a low near $1,800 and is maintaining a high-level consolidation around $2,020; GT shows a rebound from a low followed by a shock correction pattern; POWER leads the market with a +113.53% increase, while small-cap tokens like DENT and RAVE also surged significantly. Suspected insider trading on Polymarket involved ZachXBT's accusation that Axiom profited over $410,000, drawing attention; Jane Street was accused of "manipulating Bitcoin to drop 10 points" without supporting data, with analysis suggesting that the ETF authorization participation mechanism may be the main reason; Circle's stock price broke through $90, and analysts say it has "significantly decoupled" from the crypto market. Applications like Polymarket are seen as new growth engines for USDC.

Author: Zui Feng Trading Desk As AI products become easier to replicate, the market is beginning to reprice "hard-to-copy tangible assets" such as power grids, pipelines, infrastructure, and long-term capacity. On February 24, Goldman Sachs Global Investment Research released its latest report, "The HALO Effect: Heavy Assets, Low Obsolescence in the AI Era," which states: Under the combined effects of higher real interest rates, geopolitical fragmentation, supply chain restructuring, and a wave of AI capital expenditures, the core valuation logic of the stock market is shifting from an "expandable light-asset narrative" to "buildable, hard-to-replace tangible capacity and networks." Goldman Sachs summarizes this change as a "repricing of scarcity." > > "Higher real yields, geopolitical fragmentation, and supply

Just last week, Bitcoin experienced a thrilling "Raging Bull" rally, dropping over 10% in a single day and nearly breaching the $60,000 mark. Although it then rebounded strongly back to around $70,000, has this rapid sell-off already constituted a so-called "capitulation sell-off"? That is, investors panic and sell at a loss, completely releasing selling pressure and paving the way for the next bull market. However, from the perspective of the derivatives market, the answer is probably no. According to Amberdata Derivatives Director Greg Magadini's observations, the signals from the futures market suggest that Bitcoin may still have further downside potential. In his market report on Monday, Greg Magadini pointed out that during this decline, the futures basis (the difference between futures and spot prices) reacted noticeably cold, without the sharp changes often seen in bear markets. He said: <continue with the rest of the translated content>

Under the wave of global digital currencies, Singapore is becoming the "launchpad" for international crypto institutions. Whether it’s stablecoin issuance, digital asset trading, or institutional-level custody and payment clearing, global fintech companies are seeking compliant and stable pathways here. Behind this is the systematic regulatory framework established by the Monetary Authority of Singapore (MAS): clear legal structures, comprehensive licensing systems, and a risk- and innovation-friendly supervisory approach, making Singapore stand out among major jurisdictions worldwide. Unlike the fragmented regulation in the U.S. and the high compliance costs in Europe, Singapore offers predictable and actionable compliance pathways. This series of reports will systematically analyze Singapore’s digital asset ecosystem from five dimensions: regulatory framework, licensed institutions, practices of financial institutions, international cooperation, and institutional advantages. It will help you understand how its system attracts global organizations and provide insights for the Asia-Pacific and global markets. > Regulation

The Private Hunter Program Phase 2 is back, featuring a free prediction mechanism and multiple ways to earn prediction opportunities, enhancing the activity's depth and challenge. By submitting predictions for the Top 3 in the event, users can earn points, which can be accumulated and used across periods. The event offers a rich reward system, including digital assets and physical prizes, but participation is limited to compliant VIP 5 and above users. Important rules emphasize identity verification and the compliance of participation behavior.