News linked to both this project and an event.
Odaily News Renowned trader Ansem posted on X, stating that buybacks (for token prices) actually don’t have much effect.Ansem further noted that Hyperliquid's annualized revenue is $800 million, while Pump.fun's annualized revenue is $440 million; however, HYPE's FDV is as high as $65 billion, whereas PUMP's FDV is only $1.4 billion. Both teams regularly use a portion of their business profits for buybacks, yet their P/S ratios are vastly different.This disparity doesn't stem from how much revenue the businesses actually generate, but rather reflects the market's "trust premium" for the teams — a trust determined by their actions and decisions in the market. Hyperliquid never over-promises, focuses purely on product delivery, and generously rewards core users who contribute the most to the platform based on established metrics. In contrast, Pump.fun generated $1 billion in revenue, raised another $1 billion in an ICO, and promised users an airdrop, but has yet to deliver. Despite being one of the most successful and profitable businesses in the crypto industry, they lack a social consensus bond with their core user base and thus cannot achieve the trust premium that Hyperliquid enjoys.Therefore, what determines a business's valuation includes not only the "tangible value" derived purely from revenue and other metrics but also "intangible value." Trust, memetics, and attention are all crucial in the market, yet they are currently discussed far too little.
Bitcoin broke through the $64,000 resistance level on Tuesday, reaching a daily high of $65,511 before settling at $64,858, down 0.18% on the day. Chart data indicates that the descending trend channel Bitcoin has been in since approaching $82,000 in May has not yet fully lost its effect. Technical indicators show that Bitcoin's 50-day moving average is below its 200-day moving average, forming what traders call a "death cross." The ADX stands at 23.4, indicating a weakening bearish trend; the RSI is at 55.7, placing it in a neutral to slightly bullish range. Traders on the prediction market Myriad assign a 66.6% probability that Bitcoin will first drop to $55,000, with a 33.4% probability that it will first rise to $84,000. These probabilities have not shifted significantly with recent price fluctuations.
Bloomberg ETF Analyst Eric Balchunas posted on platform X, stating that relevant parties have just submitted approximately 20 ETF applications, including multiple international ETFs and emerging market factor ETFs. Currently, about 350 ETFs have been filed for application, 180 ETFs are listed, bringing the total to over 500—what could be described as "Shock and Awe."
Odaily Odaily News: On-chain analyst Ai Yi posted on platform X, stating that according to Doinb's revelation, LoL S4 World Champion Imp suddenly stopped streaming in March 2026 because he made profits from stock trading and no longer needed to stream. Imp previously mentioned during a livestream that "the money earned from streaming in a month is less than what I earn from stock trading in a day," and that "between March and October 2025, his assets increased tenfold, heavily investing in SK Hynix and buying NVIDIA."Additionally, the timing of Imp's streaming hiatus closely coincides with the rise of South Korean semiconductor stocks. However, Imp himself has not responded to the rumors of achieving financial freedom. Meanwhile, MLXG, who is also known for using his salary to trade stocks, heavily invested in baijiu (Chinese liquor) stocks, and his assets have nearly gone to zero.
Blockchain analysis firm Chainalysis has released a new methodological proposal aimed at establishing a unified on-chain fund tracking standard framework for law enforcement agencies and investigators to identify address clusters and determine their probable control relationships.The proposal defines the on-chain analysis structure in the form of an "ontology," centralizing the systematic decomposition of the currently industry-wide non-standardized concept of "cluster" (address clustering) into wallet segments and functional roles. It describes on-chain relationships through a two-tier structure: the first layer defines the transaction graph structure, and the second layer assesses the inferred confidence level.Chainalysis states that the framework aims to enhance the interpretability and legal applicability of on-chain forensic methods and has been validated through its practical experience in cases related to the U.S. Department of Justice, including analysis applied in the Bitcoin Fog mixing service case. The company's Chief Scientist, Jacob Illum, noted that the proposal's goal is to answer "on what evidentiary basis can these addresses be considered to belong to the same entity," but emphasized that on-chain analysis alone cannot directly identify end-user identities and must still be combined with legal investigative methods involving centralized entities such as exchanges.Chainalysis stated that the standard proposal is currently open for industry discussion, aiming to promote a more unified technical standard for on-chain analysis methods in the fields of law enforcement and compliance. (CoinDesk)
Odaily, "White-Haired Stock Guru" Serenity posted on X, reviewing his past experiences where his investment views faced skepticism. He stated that many original investment ideas initially face strong opposition, but ultimately the market becomes the standard for judging right and wrong. He has faced significant criticism for being bullish on several companies, for example:$AXTI: Early on, it was questioned as a "scam company," and related discussions even led to a ban from Reddit's WSB forum. However, it later received coverage from Reuters, and the performance of the Indium Phosphide (InP) substrate industry company, along with institutional investor validation, confirmed its logic.$RPI: Initially labeled a "meme stock" by the market, analysts believed it lacked fundamentals. However, earnings reports showed the company's future revenue growth expectation reached 58%, and it was subsequently re-evaluated as a high-growth AI hardware company.$SIVE: Once considered a "meme stock" by numerous investors, it later gained institutional buying support, including attention from Fidelity Research, JPMorgan Chase, and others, and announced partnerships with companies like Jabil and GlobalFoundries.Serenity stated, "The market will ultimately decide what is right or wrong, not the angry comments or posts on X (formerly Twitter)." He added that as each investment thesis gets validated one by one, the eventual market performance overshadows the early noise. He also listed several other cases that were initially doubted but later gained market recognition, including:$AAOI: Near $30, management was questioned as "untrustworthy";$LITE: At $300, the photonics industry was considered to be in a bubble;$RKLB: At $20, it was dismissed as just a low-revenue launch company;$HOOD: At $20, it faced negative sentiment due to the GameStop trading restriction incident;$IQE: Considered just a small UK company lacking partnerships in the photonics field;$SOI: Analysts at a European bank considered its valuation too high;$NBIS: Questioned for having no competitive moat;$INTC: The market thought it couldn't compete with TSMC;$MRVL: The market feared its ASIC market share would be taken by Broadcom;$AEHR: The market misinterpreted its earnings report, thinking the company lacked revenue;$EWY: The market believed the South Korean semiconductor cycle was in a bubble.
: According to market sources this evening, a recent report by SemiAnalysis stated that "NVIDIA's next-generation AI server cluster, Rubin NVL72, has made significant adjustments to its memory configuration. To address supply chain constraints and ensure timely delivery of the Rubin racks, the memory capacity per rack has been drastically reduced from the original plan of 55TB to 28TB, a cut of approximately 50%. This involves using a scaled-down 96GB SOCAMM memory module instead of the previously planned 192GB high-end module." Following this news, memory-related stocks including Micron and SK Hynix came under pressure and declined.In response, SemiAnalysis founder, CEO, and Chief Analyst Dylan Patel (@dylan522p) stated, "I love it when people share what we say while missing most of the content in the note. Our original report did not use this clickbait-style headline."
Nasdaq-listed company Bit Digital CEO Sam Tabar stated on X that he has purchased more ETH.Sam Tabar explained: "Many people look at ETH's price performance over the past two years and conclude it's finished. But I believe they are looking for the wrong catalyst. The repricing of ETH was never meant to be built on retail narratives. For an asset backed by such a massive infrastructure, that kind of narrative is simply too fragile. The real catalyst is institutional demand. And the pace of institutional demand never follows the sentiment on social media. It only materializes when compliance frameworks are ready, custody systems are established, and the regulatory environment is stable enough for a CFO to give the green light. And that moment is closer than what market prices reflect."He added: "I hold ETH because I have a fiduciary obligation to make smart capital allocation decisions. And at the price I bought in, ETH meets that standard."
CryptoQuant analyst Axel Adler Jr posted on X, stating that based on the Adjusted Realized Price Bands model calibrated to Bitcoin's current circulating supply, a drop to the key $59,000 range is required for a true mid-to-long term bottoming process to begin. Bottoming is not a short-term process and will not be completed within one to two weeks; the base case scenario estimates it will take approximately six months.Axel Adler Jr emphasized that while Bitcoin has recently seen some increase in price, what truly drives market stabilization is not sentiment recovery or a local rebound, but the return of long-term genuine demand. That is, when the market begins to price in future value again and spot buying continues to recover, the bottom may be truly established.