5 must-read articles for the evening | Grayscale: Market forecast after the US election

1. The second wave of policy spring breeze: the "Trump-style revival" of the old public chain

Recently, the price of XRP soared to $2.84, and its market value exceeded $146 billion, becoming the world's third largest crypto asset. This phenomenon is mainly driven by the following factors: new product layout: Ripple actively launched ETFs and stablecoins to attract more institutional investors; favorable policy expectations: the new US government will adopt a more friendly crypto regulatory policy; market capital inflow: whale accounts are active, driving market sentiment. Click to read

2. The Wall Street Journal: How the "2X MSTR ETF" affects MicroStrategy's stock price under the BTC craze

Investors have flocked to a pair of turbocharged ETFs to take advantage of Bitcoin's momentum, but they contain hidden risks that are not widely understood. The ETFs are designed to amplify the daily returns of MicroStrategy, a software company that has turned itself into a Bitcoin buying machine. They use complex derivatives bets designed to provide double the daily returns of stocks - whether they go up or down. These ETFs, managed by asset management companies Tuttle Capital Management and Defiance ETFs, are inherently risky. MicroStrategy itself is a leveraged bet on Bitcoin, holding about $35 billion in the cryptocurrency. But bullish investors have pushed its market value to nearly $90 billion, more than twice the value of its Bitcoin holdings. Skeptics say this is unsustainable. Click to read

3.Arthur Hayes: Meme+ICO will make ICO great again

Since the ICO craze stopped in 2017, capital formation has become less pure and deviated from the purpose of arousing community greed. In their place are high fully diluted value (FDV), low circulating supply, or VC-backed tokens. So far, VC tokens have performed terribly in this bull cycle (2023-present). In my article “PvP”, I noted that, on a median basis, legacy coins in 2024 underperformed the major tokens (Bitcoin, Ethereum, and/or Sol) by about 50%. Retail investors can eventually purchase these projects through major centralized exchange (CEX) listings, but they are unwilling to pay such high prices. As a result, exchanges’ internal market making teams, airdrop recipients, and third-party market makers dump tokens into illiquid markets, resulting in dismal performance. Why have we as an industry forgotten the third pillar of the crypto value proposition…making retail investors rich? Click to read

4. Hyperliquid TGE and the current status of decentralized perpetual contract protocol

Recently, Hyperliquid TGE and airdropped to the community, and its token HYPE rose from $2 per swipe to a maximum of $9.8, with an FDV of nearly $10 billion. Currently, HYPE is fluctuating around $8.3. This article reviews Hyperliquid's TGE event and the current status of the decentralized perpetual contract DEX. Click to read

5. Grayscale: The US election has become a turning point for the encryption industry. 2025 market forecast

The results of the US election pushed Bitcoin to a record high. Although cryptocurrency is a bipartisan issue, Grayscale Research expects that unified Republican control of the White House and Congress should lead to legislation and regulatory oversight that is more conducive to industry innovation. President-elect Trump's nominations for key cabinet positions appear to be consistent with a pro-crypto policy agenda. 2024 is a favorable period for cryptocurrency returns, and Grayscale Research believes the bull run could continue next year. 点击阅读