Original Title: Hong Hao: Using Ether and Bitcoin for Asset Allocation
Original author: Hong Hao

In recent years, cryptocurrencies have begun to quietly rewrite the chapter of global finance. Recently, as the Trump administration accelerated the relaxation of regulations on cryptocurrencies, the revolution of the global financial currency system has started to speed up. The two pillars of cryptocurrency, Ether (ETH) and Bitcoin (BTC), have become the core and foundation of this revolution, beginning to shine in the new global financial system. Recently, the United States passed the "GENIUS Act," which includes stablecoins under the scope of securities regulation. This act finally legalized stablecoins and established the important position of Ether in the promotion and use of stablecoins.
In June, I shared with my exclusive readers my views on how cryptocurrencies will create investment opportunities for investors in the second half of this year in an article titled "Hong Hao: Outlook for the Second Half of 2025 - Cycles and Games."

Original Title: Narrative economics in crypto markets
Original author: jawor
Original compilation: Felix, PANews

"The human brain is naturally good at telling stories. And the economy is built on the foundation of human decision-making." - Robert J. Shiller (American economist, Nobel Prize in Economics laureate)
1. Narrative as a market engine
In December 2017, something strange happened. Friends who had never cared about the crypto market began asking how to buy Bitcoin. Not because they had read the white paper or even understood what blockchain was. They had merely heard a story: someone they knew made life-changing money.
That's enough.
In the narrative economics described by Nobel laureate Robert J. Shiller, cryptocurrency is

Original Title: State of the Dapp Industry Q2 2025
Original author: Sara Gherghelas, DappRadar
Original text compiled by: Tim, PANews

AI agents dominate the market, RWA redefines the value of NFTs, DeFi attracts capital but its momentum is gradually fading, and the $6.3 billion in hacker attacks in the second quarter exposed the vulnerabilities of the industry.
Despite the rebound in crypto market prices and improved sentiment, the DApp ecosystem presents a different picture: AI agents are experiencing explosive growth, the value of NFTs is shifting from ostentatiousness to functionality, and DeFi is navigating between rising TVL and shrinking financing. These data not only showcase market activity but also reveal the true flow of users, the areas that are falling behind, and the key trends that are reshaping the future of DApps.
We are now in an era where, alone

Author: 1912212.eth, Foresight News

"I lost over a million last year," Xiao Su told Foresight News.
As an old veteran in the crypto world, he bought a lot of VC coins during the last bull market cycle. In 2021, Bitcoin once broke through $67,000, reaching an all-time high, and many VC coins rose alongside it, with increases even higher than Bitcoin. This was how Xiao Su made his first bucket of gold.
However, the market is unpredictable. In this cycle, Xiao Su took a hit. Since 2024, several VC coins he heavily invested in have performed poorly, continuously declining. As a reluctant diamond hand, he simply couldn't hold on any longer and had to sell at a loss at the lows. After several such instances, he has already given back more than half of his accumulated profits.
"Why is it so difficult to make money this time? Who has actually made money in the market?" Xiao Su is quite puzzled, as he

BTC price has broken through $110,000, but retail investor participation is low, with large holders driving price fluctuations. The holding structure of retail investors has not increased, and whale wallets are absorbing a large amount of BTC. The market is experiencing a transfer of BTC ownership to institutional investors, with clear allocation intentions. Long-term allocation drives rise, but one must be wary of sudden pullback risks and the losses caused by ignoring warning signals. 【Disclaimer: This article does not constitute investment advice, and trading in digital assets should be done with caution.】

The DeFi sector has recently undergone significant structural changes, with leading protocols beginning to "band together" through cooperation, integration, and interest binding. This is specifically reflected in the integration of lending and trading, the evolution of stablecoins, and the fusion of RWA. Protocols are engaging in deeper cooperation, stablecoins are becoming specialized and tiered, and RWA is becoming an important area of collaboration in DeFi. The overall trend indicates that DeFi is not just a collection of tools operating independently, but is developing towards a direction of interconnection and systemic networking.

Since the price of BTC broke through $85,450, the price of BTC has risen by more than 19%. While alts have shown weak performance, and BTC has reached a historic turning point in global money supply indicators (often signaling a strong pump trend), BTC tested $100,000 again on the 8th and successfully broke through.
Technical indicators: BTC has returned to the 21-week moving average and has broken through the Fibonacci resistance level.
As of April 25, BTC has once again risen above our 21-week moving average of $87,199, providing a reasonable basis for buying call options, especially after BTC broke through the Fibonacci resistance level of $87,045, and following an acceleration in ETF capital inflows. The confirmation of the moving average, the Fibonacci breakout, and the increase in ETF capital inflows all together form a robust signal.

Bitcoin price breaks through $94,000, alts show obvious rise. On-chain data shows volume increase, number of traders fluctuates, Whale holdings total 1,052, with many retail investors in the market. Although market heat has risen somewhat, on-chain volume remains inactive. Future market development may be influenced by policy, regulatory changes, and Whale actions, so investors need to approach with rationality.

The strong cyclicality of BTC is gradually disappearing. Market participants holding for 1 to 3 years perform perfectly in bull and bear cycles. The emergence of the double top in 2021 marks the failure of the "carving the boat to seek the sword" method. The URPD chip structure has undergone a significant change. When future cycles disappear, analysis should be conducted using the deductive method. The AVIV Heatmap can help observe BTC fluctuations. The disappearance of cyclicality is an inevitable process of market maturation. BTC is about to enter a new era, and we are witnesses of history.

Original Title: Tariffs and Turmoil
Original authors: UkuriaOC, CryptoVizArt, Glassnode
Compiled by: Daisy, ChainCatcher

The Trump administration announced the "Liberation Day" tariff policy, leading to severe fluctuations in the financial markets, with major macro indices generally declining, and the digital asset market was no exception, experiencing a comprehensive downturn.
Summary
The news of the United States imposing additional tariffs has severely disrupted the major global financial markets, with several markets experiencing one of their worst trading days since March 2020.
The inflow of funds into digital assets has almost come to a standstill, with liquidity significantly contracting, resulting in strong downward pressure.
However, from the price trends of Bitcoin and Ethereum, as prices decline, the scale of losses and exits is gradually decreasing, which may indicate that the selling pressure in the market is tending to exhaust in the short term.

Original Title: Between Extremes: A Decentralized Finance-Native Blueprint for Sustainable TGEs
Original author: DougieDeLuca, member of Figment Capital
Original translation: Rhythm Little Deep

Editor’s Note: This article reviews the advantages and disadvantages of two TGE models: low circulation/high FDV and fair issuance. It points out that the former allows insiders to cash out quickly, while the latter struggles to sustain due to lack of funding and liquidity. Based on market lessons, it proposes a DeFi-native TGE solution that utilizes on-chain liquidity, phased price unlocking, and a transparent smart contract mechanism to balance the funding needs of the team with the public's true price discovery, while also incentivizing insiders to align with the long-term goals of the project, thus building a more sustainable token.