Bloomberg ETF analyst Eric Balchunas stated that Bitcoin should not be compared to the 17th-century tulip bubble, arguing that Bitcoin has survived and risen after multiple downturns. Despite recent pullbacks, its long-term annualized return is around 50%, which is markedly different from the tulip bubble.

PANews, December 5—According to CoinDesk, James Butterfill, Head of Research at crypto asset management firm CoinShares, stated in a report that the Digital Asset Treasury (DAT) bubble has largely burst. By the summer of 2025, some companies that were trading at 3 to 10 times their market value net asset value (mNAV) have now fallen back to around 1x or even lower. This trading model, which once regarded token treasuries as a growth engine, has undergone a sharp correction. The next move depends on market behavior: either prices fall further, triggering disorderly sell-offs, or companies hold their positions and wait for a rebound. Butterfill said he is more inclined toward the latter, citing an improving macro environment and a possible interest rate cut in December, which would support cryptocurrencies. Butterfill pointed out that the bigger challenge lies in structural issues. Previously, a group of companies...

ChainCatcher news, the topic of comparing the valuations of Ethereum and Amazon is causing heated discussion on X. Santiago, founder of Inversion Capital, believes that Ethereum is overvalued. He stated that ETH's price-to-sales ratio (valuation of $380 billion, annual revenue of $1 billion) is much higher than Amazon's; even during the internet bubble, Amazon's price-to-sales ratio never exceeded 28 times. The price Ethereum holders pay for every $1 of revenue is about 146 times what Amazon investors paid back then. He believes Amazon is also a successful network. Whether it's a company or a network, its pricing depends on the economic benefits it generates (revenue and cash flow), and TVL, collateralized assets, or settlement volume are not revenue. Ethereum treasury company SharpLink, on the other hand, stated that traditional valuation models do not apply to Ethereum: Ama

According to a report by Jinse Finance, HSBC Bank emphasized that the latest research shows 74% of companies have received positive returns from generative AI, contradicting previous claims that 95% of companies had not seen any investment returns. Analysts at the institution stated that the widely cited July MIT NANDA report was based on insufficient data and exaggerated concerns about an AI bubble. HSBC pointed out that measuring the success of AI is a complex task that requires rigorous methodology. The study, jointly conducted by Wharton School and GBK, is now in its third phase and provides more reliable evidence that AI investments are delivering tangible productivity and performance improvements for many enterprises.

"Big Short" Michael Burry once again criticized Bitcoin on a podcast, claiming it is worthless and that its price is absurd, even worse than tulip bulbs, emphasizing that Bitcoin fuels criminal activity. He warned back in 2021 that Bitcoin is a speculative bubble.

Odaily News DAT provides investors with exposure to underlying digital assets by packaging crypto assets in securities regulated by the SEC, aiming to outperform the performance of the underlying assets through a strategy that maximizes returns. A key metric for measuring the performance of DATs is the market net asset value (mNAV), which compares the company's enterprise value to its digital asset holdings. Investment bank Macquarie points out that the viability of DAT is closely related to the equity premium relative to net asset value. If this premium erodes or turns into a discount, the model will face significant challenges. When the crypto market experiences a pullback, mNAV may fall below 1, indicating that the company's trading price is below the value of its crypto asset holdings, which may force DATs to sell some tokens to obtain liquidity. Sussex University finance professor Carol A

PANews, December 2nd news, according to Cointelegraph, the price of Bitcoin has currently dropped 31.4% from the historical high of $126,000 reached on October 6th. This pullback has caused the BTC price to fall below its network value (Metcalfe's value) for the first time in two years. Economist Timothy Peterson states that historically, this often indicates a recovery for Bitcoin. Metcalfe's Law indicates a positive correlation between BTC price and the rise in active addresses and volume (i.e., network value); the more wallets and transactions there are, the higher the fair price. This divergence between price and network value indicates that Bitcoin is undervalued relative to the continuously expanding network, a situation that usually occurs after excessive speculation. Peterson posted on X platform on Tuesday, stating that while it does not mean the price has hit bottom, it indicates that most of the leverage has been cleared and the "bubble" has burst. He also added that the Metcalfe price

Crypto KOL Lark Davis posted on platform X, saying: "Oh my gosh!! The Fed just injected $13.5 billion into the market through overnight repurchase operations. This is one of the largest liquidity injections since the COVID-19 pandemic, exceeding the scale of any overnight repurchase operation during the dot-com bubble."

The Fed recently injected Liquidity into the banking system through a $13.5 billion overnight repurchase operation, which is the largest repurchase operation since 2020, even exceeding the scale of operations during the burst of the tech bubble in the early 2000s. This surge in repurchase reflects the rising demand from banks for short-term dollar Liquidity, while also raising concerns in the market about financing pressures and potential chain reactions in the asset markets. The repurchase market allows financial institutions to obtain overnight cash by collateralizing U.S. Treasury bonds, supporting banks' daily cash flow and balance sheet management. Financial analysts point out that when banks are in urgent need of Liquidity, repurchase demand typically increases, which may indicate a tightening credit environment or increased collateral pressure. Similar situations occurred in September 2019 when repurchase market activity surged and during the pandemic in 2020.

Arthur Hayes expressed concerns about the Monad Token model, calling it a high FDV and low Circulating Supply, with extremely high risks that could lead to a brief market bubble followed by a rapid sell-off. He is bearish on the project, believing that most emerging L1 projects, including Monad, will struggle to survive.

Bitcoin experienced significant fluctuations in November: it reached as high as $110,000 at the beginning of the month, and a few weeks later fell to a low of $80,600, possibly marking the largest monthly drop since 2018. However, in the past week, the market has shown signs of recovery, with Bitcoin rising 10.6% and returning to the $90,000 level, bringing a glimmer of optimism to the market. Market analysis indicates that trading volume significantly decreased this week due to the Thanksgiving holiday in the United States. Wall Street was closed all day on Thursday and only opened for half a day on Friday, with limited liquidity being a key factor. Meanwhile, concerns over the artificial intelligence sector bubble are gradually dissipating, while investor expectations for a rate cut by the Federal Reserve in December continue to heat up. The CME FedWatch tool shows that the likelihood of a 25 basis point rate cut on December 10 is as high as 84.7%, with only 15.3% believing that rates will remain between 3.75% and 4%. A decrease in interest rates often boosts risk assets, and Bitcoin is expected to benefit.

BlockBeats reported that on November 27, the renowned economist Nouriel Roubini has carried the nickname "Dr. Doom" for nearly two decades. This economist believes that after a brief period of cooling growth, a strong rebound driven by technology and capital expenditure will follow, allowing the U.S. to maintain its leading position in the world. He pointed out that, first, market discipline, rational advisors, and the independence of the Fed protected the worst policies after the "Day of Liberation." Due to a rapid and substantial adjustment in the market, Trump had to concede and negotiate a more reasonable trade protocol. The current popular view—that the U.S. stock market is in a massive bubble destined to burst—is incorrect in the medium term. Roubini noted that increased GDP growth may lead to rising real bond yields, but a massive positive total supply shock driven by technology could.

BlockBeats news, on November 27, ARK Invest founder Cathie Wood stated that the current liquidity tightening impacting the artificial intelligence and Crypto Assets sectors will reverse in the coming weeks, and the market seems to agree with this view, noting that artificial intelligence is not in a bubble.

Golden Finance reports that Zhang Jun, chief economist at China Galaxy Securities, pointed out in an investment strategy meeting that the AI bubble exists but has not yet evolved into a crisis. Currently, the overall economic resilience is lower than during the internet bubble period, policy risks are controllable, but careful assessment is still needed.

Golden Finance reports that Alibaba's CEO stated that it is unlikely that an artificial intelligence bubble will emerge in the next three years.

BlockBeats news, on November 24, well-known investor Duan Yongping stated during his interaction with netizens this weekend that he does not think Nvidia is a bubble and will continue to sell put options (indicating his belief that Nvidia will not experience a big dump in the long term and is willing to continuously collect option premiums). Earlier this month, when Duan Yongping discussed why he invested in Nvidia, he mentioned that AI is something that must be involved at least a bit, so as not to miss out, and he greatly admires Jen-Hsun Huang, who has been working towards the product direction he promised more than a decade ago.

CITIC Securities pointed out that the decline of the US stock market on November 20 was mainly driven by macro factors rather than a collapse of the AI bubble. Profit-taking and the Fed's hawkish statements triggered a pullback, and the market may focus on Trump's nomination of a new Fed chairman in the future. At the same time, the fundamentals of the AI zone are solid, and the possibility of a bubble burst in the short term is low.

The Fed Vice Chairman Jefferson believes that the development of artificial intelligence is significantly different from the internet bubble of the late 1990s, and that the current valuations of AI companies are lower than the peak values of internet companies at that time. He pointed out that it is still too early to judge the impact of AI on monetary policy, and that the financial system remains robust.

BlockBeats news, on November 21, Fed Vice Chairman Jefferson: Unlike the internet bubble period, the rise in AI-related stocks is mainly due to the fact that AI companies actually have real earnings. The current market's differences from the internet bubble period make it unlikely that we will witness a repeat of the late 1990s. It is still too early to determine how AI will affect the labor market, inflation, and monetary policy. (Jin10)

Ray Dalio stated that although there is a bubble in the stock market, investors should not be in a hurry to exit the artificial intelligence sector. He believes that the current conditions do not support bursting the bubble, and there may be significant rises in the future. He mentioned that Fed interest rate hikes or a wealth tax could trigger a dumping, but it is unlikely to happen in the short term.

Nvidia announced a revenue of $57 billion for Q3 of fiscal year 2026, exceeding market expectations, and expects Q4 revenue to be $65 billion. The company's CEO stated that there is no sign of an artificial intelligence bubble, and the market is rebounding, with the probability of a Fed rate cut in December expected to decrease to 31.6%. The meeting minutes show that there are differences among officials regarding the rate cut issue.

PANews, November 20 news, NVIDIA (NVDA.O) has just announced its Q3 fiscal performance, with chip sales at the core of the AI boom growing faster than Wall Street expectations. The company also provided a strong revenue forecast for the quarter, leading investors to believe that the AI investment frenzy will continue. Its Q3 financial report shows that the company's revenue in the third quarter was $57 billion, a year-on-year increase of 62%. Among them, data center revenue was $51.2 billion, exceeding the expected $49 billion. Additionally, its revenue outlook for the fourth quarter is about $65 billion, far higher than the analysts' average estimate of $61.6 billion. After the financial report was released, NVIDIA (NVDA.O) saw its stock price rise over 4% in after-hours trading. NVIDIA CEO Jen-Hsun Huang stated, "Blackwell's sales are off the charts, and cloud GPUs are completely sold out." Previously, Huang had downplayed concerns about an AI bubble.

Golden Finance reported that Nvidia stated, I have not seen an artificial intelligence bubble.

According to ChainCatcher news and Jin10 reports, a survey of global fund managers by American Bank shows that 54% of respondents believe that the "Big Seven" in the US stock market is the most crowded trade currently, while 45% of respondents think that the AI bubble is the biggest tail risk.

Nvidia will release its third-quarter financial report on November 18, and the market is following its impact on the AI industry, especially as concerns about the AI bubble intensify. Nvidia's market capitalization is 4.53 trillion, and its stock price has fallen over 11% from its peak, with several institutions recently reducing their holdings in the stock.

Billionaire Peter Thiel has completely liquidated his holdings in Nvidia, selling approximately 537,742 shares for nearly $100 million. He has also significantly reduced his stake in TSL while increasing his investments in Apple and Microsoft. Concerns over a technology stock bubble are intensifying.

Alliance DAO co-founder QwQiao is uneasy about the crypto market, believing that despite macro factors supporting the market, the overall trend suggests it may be coming to an end. He sees AI as a dominant factor in the U.S. stock market and warns that if the AI bubble bursts, the market will face the risk of collapse. At the same time, he is optimistic about the rise potential of stablecoin startups.

CreditSights analyst Mary Pollock warns that SoftBank bonds may be affected by AI market sentiment, despite strong second-quarter performance driven by OpenAI valuation increases. She emphasizes that AI valuations carry bubble risks and advises investors to be patient for a better entry point.

The Korean exchange reported that during the first week of November, foreign investors sold a record 7.26 trillion won worth of stocks, due to profit-taking and concerns over an AI stock bubble, leading to a market decline. This selling volume exceeded the record set in August 2021.

Macro analyst Mel Mattison believes that if Bitcoin rapidly rises to $250,000, it could lead to a bubble, followed by sharp surges and crashes as investors rush to profit, triggering a price decline. He noted that Bitcoin is currently experiencing a healthy rotation.

On November 5, Jin10 reported that the market capitalization of global chip manufacturers has sharply declined, as investors' concerns over the high valuations of tech stocks deepen. The selling wave led to a combined evaporation of about $500 billion in market capitalization for the Philadelphia Semiconductor Index on Tuesday and the index tracking Asian chip stocks on Wednesday. This big dump highlights that the rise of semiconductor stocks driven by the AI boom has been excessively overdrawn. Since the low point in April, as investors bet on a surge in AI computing demand, the market capitalization of chip manufacturers has increased by several trillion dollars. However, the current pullback reflects the market's growing concerns about the industry’s earnings prospects and excessively high valuations, especially against the backdrop of interest rates potentially being 'higher for longer.' Chris Weston, the research director at Pepperstone Group, stated: 'The entire market is a 'sea of blood,' presenting a gloomy and dull risk landscape. We must keep an open mind and acknowledge that this adjustment may further expand. Currently, there is almost no reason to buy.'

Gate News bot message, BUBBLE is now live on Alpha.

The Indian stock market lags behind the global trend due to a lack of pure AI concept stocks and needs to rely on the global AI bubble bursting to attract capital again. Investors have doubts about the high valuation of AI stocks, and although a market correction Consensus has not yet been reached, funds may flow into those Indian companies that are growing quickly but have weak cash flow.

The introduction of policies has triggered a more intense Bull vs Bear Battle in the gold market, and rising tax costs may lead to increased short-term selling pressure. Investors should be cautious; holding long-term or using gold ETFs can help avoid some tax burdens. The policy aims to regulate investment paths, which is beneficial for deflating the market bubble, and funds will be more concentrated in high Liquidity standard gold and gold ETFs.

According to BlockBeats, on October 30, Fed Chairman Powell stated: Artificial intelligence is different from the 1990s bubble; companies are already profitable. Investment in artificial intelligence is clearly one of the important sources of rise. (Jin10)

Jin10 Data, October 29th – Jen-Hsun Huang, CEO of NVIDIA (NVDA.O), dismissed concerns about an AI bubble on Tuesday, stating that the company's latest chips will generate $500 billion in revenue over the next five quarters. At the GTC conference held in Washington, Huang pointed out that the Blackwell processors and the new generation of Rubin models are driving unprecedented sales growth. The conference highlighted the company's collaborations with enterprises such as Uber, Palantir, and CrowdStrike to integrate AI into various products. NVIDIA also introduced a new system that connects Quantum Computers with AI chips. "We have reached a turning point in a virtuous cycle," Jen-Hsun Huang told thousands of attendees at the conference center near the White House, "This is indeed extraordinary." Huang's speech focused on the turning point in the AI industry, arguing that current AI models are powerful enough for customers to be willing to pay for their use, which will lead to.

PANews, October 16 news, according to Fortune, BitMine Chairman Tom Lee stated in the Crypto Playbook that several DATs (digital asset treasury companies) have fallen below net asset value, indicating that the bubble may have burst. BitMine is transforming into a public vehicle primarily holding Ethereum, with a market capitalization exceeding $15 billion and holding over 3 million ETH (approximately 2.5% of total supply), aiming to increase this to 5%, while earning returns through staking and being included in major indices. Lee stated that Ethereum remains the "blockchain of Wall Street," with BitMine acting as a bridge for institutions to understand Ethereum's upgrades; however, he warned of more DATs entering the market, covering alt assets such as Dogecoin and Worldcoin, exacerbating valuation discounts and risks.

BlockBeats news, on October 16, CryptoQuant analyst Axel released data on social media indicating that the current "Bitcoin Comprehensive Sentiment Index" has fallen into the extremely pessimistic range. Although the Bitcoin price still hovers near cycle highs, investors generally adopt a defensive posture, and market participation is sluggish, with risk appetite continuing to shrink. It is reported that the Bitcoin Unified Sentiment Index captures overall market psychology through three main components: · Fear and Greed Index (reflecting macro sentiment and volatility) · CoinGecko rise and fall voting (reflecting retail investor sentiment) · Rolling normalization layer (aligning and calibrating the first two over a one-year window) The index scale ranges from -100 to +100, with extreme negative values indicating market collapse and panic, while extreme positive values signify a frenzied bubble.

Pepperstone analyst Ahmad Assiri stated that gold is experiencing a strong bull run, having risen about 15% over the past month. Concerns over the high valuations of the US stock market and the tech bubble have pushed gold to become a core component of diversified investments and a safe haven for anxious investors.

According to ChainCatcher news and Jin10 reports, the International Monetary Fund (IMF) stated that U.S. stock market valuations are approaching the high range since 1990, but still below the bubble period at the beginning of 2000.

Odaily News BlackRock CEO Fink stated that the biggest risk faced is the deficit of the U.S. economy. If the annual economic growth rate in the U.S. does not reach 3% over the next 10 years, the fiscal deficit will completely collapse the economy. Artificial intelligence is not a bubble, but there will still be failures in the future. AI is the most worthy capital to invest in. (Jin10)

German startup n8n successfully raised $180 million in funding, reaching a valuation of $2.5 billion, aiming to compete with companies like OpenAI. This financing was led by Accel, with participation from NVIDIA, reflecting the investment boom in the AI industry, while also raising concerns about a bubble.

BlockBeats news, on October 7, Fed's Daly stated that the AI bubble will not threaten financial stability. (Jin10)

The Chief Investment Officer of the Government of Singapore Investment Corporation warned that venture capital in artificial intelligence is forming a "hype bubble" and pointed out that the technology has failed to keep up with high market expectations, which could lead to financial risks. He emphasized that the global economy is facing massive debt, and the difficulty in government spending cuts and tax increases could result in market volatility and a decline in monetary confidence.

Despite the recent signs of a bubble in Enterprise Digital Asset Treasuries (DATs), TON Strategy CEO Veronika Kapustina remains optimistic about their long-term prospects, believing that DATs serve as a bridge between TradFi and Crypto Assets, and she does not think they will crash, although consolidation may occur.