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The article analyzes the underlying reasons why the duopoly of Circle (USDC) and Tether (USDT), which still dominate about 85% of the stablecoin market, is beginning to break down. It points out that various structural changes are driving the stablecoin market toward "substitutability," challenging the core advantages of the existing giants.
Public blockchains centered on stablecoins have already achieved the necessary scale and stability. To become everyday currencies, they still need: a consumer-grade user experience, programmable compliance, and transactions with imperceptible fees.
Enterprises are increasing their investments in bitcoin and ethereum, with DAT strategies setting a new paradigm in the capital market.
Can Tether evolve from an offshore issuer to a multi-chain, compliant infrastructure provider without compromising its core advantages in liquidity and distribution?
Based on multiple historical and on-chain indicators, the article's author Michael Nadeau conducts a scenario analysis of the potential peak price of Ethereum in the current bull market, aiming to provide a quantitative reference for Tom Lee's "supercycle" hypothesis. By tracking the 200-week moving average, price-to-realized price ratio, MVRV Z-score, Ethereum-to-Bitcoin market cap ratio, and its ratio to the Nasdaq Index, the article presents a range of specific potential price targets, mainly concentrated in the $7,000 to $13,500 range.
It may not be as exaggerated as Tom Lee’s $60,000 prediction, but can we look forward to $8,000?
- 07:30Data: A trader paid over $6,000 in tips to buy 2.55 million DOYR, incurring a loss of $17,400.ChainCatcher News, according to monitoring by Lookonchain, trader 0xa7b5 paid an extra 6.8 BNB (about $6,074) as a tip, spending 44.8 BNB to buy 2.55 million DOYR, and later sold them for 32.12 BNB, resulting in a total loss of $17,400. Meanwhile, trader 0x8A70 paid only 0.794 BNB in gas fees, spent 239 BNB (about $213,800) to buy 28.8 million DOYR, and later sold them for 282.5 BNB (about $252,000), making a profit of $38,000 (a return rate of 15%). Although 0xa7b5 paid a higher tip, their purchase was still 1 second later than 0x8A70.
- 07:25A total of 1.007 million UNI were transferred to a certain exchange, worth approximately $5.658 million.According to Jinse Finance, Arkham data shows that at around 15:12 (UTC+8), a certain exchange received two large UNI transfers, totaling 1,006,835.83 UNI (with a total value of approximately $5.658 million), both from anonymous addresses. 416,577.03 UNI (valued at approximately $2.341 million); 590,258.8 UNI (valued at approximately $3.317 million).
- 06:59Michael Saylor: Major banks such as BNY Mellon and JPMorgan have started issuing loans collateralized by bitcoin.Jinse Finance reported that Michael Saylor, founder and executive chairman of Strategy, stated that several major banks, including BNY Mellon, Wells Fargo, Bank of America, Charles Schwab, JPMorgan, and Citigroup, have begun issuing credit backed by bitcoin as collateral.