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The #Flow Foundation announced it is investigating an incident that could potentially impact cybersecurity.
Instagram influencer Andrew Tate is suspected of involvement in crypto money laundering, having deposited $30 million into Railgun over the past two years.
#Trump : Tariffs are creating enormous wealth for the US, with GDP growth reaching 4.3%.
Bit.com: Will systematically scale back its existing operations and launch a "user asset migration plan."
CBB: Previously misjudged the situation; #Lighter participants may see significant returns.
#CoinRank #GN

Coinbase CEO Brian Armstrong @brian_armstrong said banks are lobbying Congress to amend the GENIUS Act, but Coinbase sees this as a red line and will oppose any changes. He added banks will eventually embrace stablecoins, making current opposition futile. The Act bans issuers from rewards but allows exchanges—changes could hurt innovation.

#Solana co-founder predicts 2026: Stablecoin market capitalization surpasses $1 trillion, 100,000 humanoid robots shipped
Tom Lee: Ethereum price may reach $7,000-$9,000 by early 2026
Analysis: #Strategy's fundraising will prioritize dividends and debt interest payments over purchasing more BTC, indicating a strategic shift towards a defensive model
#Coinbase CEO: The Genius Act will not be amended; this is Coinbase's red line
Solflare launches prediction market functionality, powered by #kalshi

#CoinRank

A former Russian police officer has been sentenced to seven years in prison for stealing Bitcoin worth 20 million rubles after confiscating a detainee’s phone and forcibly transferring the funds to his own account.
According to Russian media http://Bits.media, the ex–traffic police officer committed the crime in 2022. In addition to stealing the Bitcoin, he used violence to coerce the detainee. The court ordered him to serve seven years in a standard prison, strip him of his police rank, and pay 20 million rubles in compensation to the victim.

Pakistan busts transnational cryptocurrency scam involving $60 million
US stocks close slightly lower, spot silver rises 10%
#JPMorgan Chase freezes accounts of several stablecoin startups operating in high-risk countries
Jan3 CEO: 2025 will be a bear market, but Bitcoin will enter a long-term bull market lasting until 2035
#Yuga Labs acquires Improbable Unreal Engine creation platform
#CoinRank #GM

According to Bloomberg, Coinbase Global Inc. CEO Brian Armstrong @brian_armstrong said a former customer support agent has been arrested in India. Months earlier, hackers had bribed support staff to gain access to customer information.

In May, Coinbase disclosed that hackers bribed overseas contractors or employees to steal sensitive customer data and demanded a $20 million ransom. The incident was one of the most high-profile security breaches in the crypto industry, with remediation costs estimated to reach up to $400 million.

#Coinbase #CryptoScam

12/22 - 12/28 | This Week's Top Events: What Did You Miss?

Market Weekend Recap

Here's a quick look at the key headlines from this weekend

#CryptoMarket #CryptoTrading #CoinRank #CryptoNews

Putin: US intends to conduct cryptocurrency mining near Zaporizhia nuclear power plant
#Lighter : ZK Circuits for perpetual and spot trading completes audit and is officially open source
Beware of scams impersonating "Hong Kong Stock Exchanges," which lure deposits only to be unable to withdraw funds
#JPMorgan 's 2026 US Stock Core Recommendation List: Crypto stocks are completely absent, and only Google remains among the seven AI giants
#Kalshi CEO: First Prediction Market Conference to be held in March 2026

#CoinRank #GN

According to Onchain Lens, Circle has just minted an additional $500 million USDC on the Solana blockchain, bringing its total USDC issuance on Solana in 2025 to $55 billion.
#Circle #USDC #Solana

Midnight Network focuses on privacy-preserving, regulatory-friendly Web3 applications using zero-knowledge proofs and a multi-chain strategy.

 

NIGHT is the core utility and governance token, supporting network security, ecosystem incentives, and decentralized decision-making.

 

The dual-token model separates economic value from transaction execution, balancing privacy, transparency, and long-term sustainability.

Midnight Network is a privacy-first blockchain built on Cardano, using zero-knowledge proofs and a dual-token model where NIGHT powers governance, security, and long-term ecosystem growth.

 

 

WHAT IS MIDNIGHT NETWORK?

 

Midnight Network is a next-generation blockchain platform purpose-built for data privacy and regulatory-friendly applications. Its primary focus is protecting sensitive information related to users, enterprises, and transactions—a critical requirement as blockchain technology moves closer to real-world adoption.

 

As a partner chain within the Cardano ecosystem, Midnight Network leverages Cardano’s mature Proof of Stake (PoS) consensus model to ensure a high standard of security, stability, and governance. This foundation allows developers to build compliant decentralized applications more efficiently, without sacrificing privacy or safety. Within this ecosystem, NIGHT plays a central role in supporting network operations and functionality.

 

📌 A Privacy-First Foundation for Web3

 

At its core, Midnight Network is designed to bring practical privacy into Web3. The network enables confidential smart contracts, private data sharing, and more refined data oversight mechanisms—addressing one of the most persistent limitations of traditional public blockchains.

 

Rather than limiting itself to a single ecosystem, Midnight Network follows a multi-chain strategy. While deeply connected to Cardano, it also actively targets users and developers from Ethereum, Bitcoin, Solana, and other major blockchains. This approach positions Midnight Network as a cross-chain privacy layer, with NIGHT supporting a broader, more inclusive privacy-preserving ecosystem.

📌 Zero-Knowledge Proofs: Privacy Without Compromise

 

To achieve strong privacy guarantees without undermining usability, Midnight Network adopts zero-knowledge proofs (ZK Proofs) as a core technology. ZK Proofs make it possible to verify transactions or conditions without revealing the underlying data itself.

 

This allows Midnight Network to deliver real-world functionality while maintaining strict data protection and ownership principles. The result is a blockchain that balances privacy and practicality—one where NIGHT underpins meaningful, real-use scenarios rather than purely theoretical designs.

📌 Designed for Developers, Built for Adoption

 

Beyond privacy, Midnight Network also prioritizes developer experience. The platform introduces an innovative programming model that significantly simplifies the development of privacy-focused decentralized applications.

 

Developers can build using familiar TypeScript libraries alongside Midnight Network’s proprietary contract definition language, reducing friction and lowering the barrier to entry. This design makes it easier for both Web2 and Web3 developers to deploy compliant, privacy-preserving DApps—further expanding the real-world relevance of Midnight Network and NIGHT.

 

>>> More to read: What is Zero-Knowledge Proof(ZKP)?

WHAT IS NIGHT?

 

 

 

Midnight Network adopts a dual-token system designed to clearly separate network utility, privacy protection, and economic incentives. This system consists of the utility token NIGHT and a protected network resource known as DUST.

 

Within this structure, NIGHT serves as the native economic and coordination token of Midnight Network, while DUST is used to power private transactions on the network. The separation between NIGHT and DUST is a deliberate design choice aimed at balancing privacy, transparency, and sustainability.

 

NIGHT is the native utility token of Midnight Network and the core driver of its economic system. It plays multiple critical roles in maintaining the network’s operation, security, and long-term growth.

 

✏️ The primary functions of NIGHT include:

 

✅ Generating DUST Resources

 

One of the most fundamental roles of NIGHT is enabling the continuous generation of DUST. Holders of NIGHT can produce DUST over time, which is required to pay for privacy-preserving transaction activity on Midnight Network.
This design ensures that transaction privacy is preserved while keeping the economic utility of NIGHT clearly separated from transaction execution.

✅ Network Security and Block Production Incentives

 

NIGHT is used to reward participants involved in block production and network security. By incentivizing node participation, NIGHT helps reinforce the decentralized and secure operation of Midnight Network.

✅ Supporting Ecosystem Growth

 

A portion of NIGHT is allocated to fund and incentivize development initiatives within the Midnight Network ecosystem. This includes supporting technical development, applications, and broader ecosystem expansion.

✅ Enabling Decentralized Governance

 

Holders of NIGHT possess on-chain governance rights, allowing them to participate in key decisions related to network upgrades, protocol changes, and other strategic matters. Through governance, NIGHT holders collectively shape the future direction of Midnight Network.

 

For transaction precision and accounting purposes, NIGHT is divisible into smaller units. One NIGHT can be subdivided into one million smaller units known as STAR.

 

It is also important to note that NIGHT itself is not used directly to pay transaction fees. This design differs from traditional gas-token models used by many blockchains.

🪙DUST Overview

 

DUST is a protected network resource used specifically to pay for transaction execution on Midnight Network. It is intentionally separated from NIGHT to ensure that user activity remains private, while the core economic token remains transparent and compliant.

 

🔍 Key characteristics of DUST include:

 

DUST is continuously generated through holding NIGHT

DUST is non-transferable and cannot be traded between users

DUST gradually decays over time

 

This innovative model is designed to support long-term network sustainability, protect user privacy, and reduce the risk of economic manipulation within Midnight Network.

✏️ Closing Perspective

 

The dual-token architecture of Midnight Network, centered around NIGHT and DUST, reflects a deliberate approach to privacy-first blockchain design. By separating economic value, governance, and transaction execution, Midnight Network creates a system where privacy, security, and decentralization can coexist without compromise.

 

Within this framework, NIGHT remains the foundational pillar supporting network security, governance, and ecosystem growth—while DUST quietly powers private activity beneath the surface.

 

>>> More to read: What is Monad? $MON Explained

IS NIGHT WORTH BUYING?

 

When evaluating Midnight Network, the key question is not whether it has an appealing narrative, but whether its privacy-focused infrastructure can translate into sustained adoption and long-term value capture through NIGHT. From an investment perspective, the project presents a mix of compelling strengths and non-trivial risks that should be assessed carefully.

 

Rather than offering a simple “buy or not” conclusion, the following breakdown outlines the conditions under which Midnight Network and NIGHT may appear attractive—and where caution is warranted.

 

ICYMI: @IOHK_Charles laid out the upcoming Midnight ecosystem roadmap in his keynote address, which outlines the delivery of core network capabilities over the coming year, organized into four distinct phases.

Read more 👇https://t.co/AIy1jituKT

— Midnight (@MidnightNtwrk) November 17, 2025

📌 Potential Strengths of Midnight Network & NIGHT

 

🚩Strong Utility and Ecosystem Integration
One of the core advantages of Midnight Network lies in its emphasis on real utility rather than abstract privacy narratives. If its privacy-preserving infrastructure is meaningfully integrated into applications and broader ecosystems, NIGHT benefits from a clearer use-case-driven valuation rather than pure speculation.

 

🚩 Growing Adoption and User Base
In privacy-focused blockchains, adoption matters more than theoretical capability. Continued growth in users and ecosystem participation would strengthen the long-term outlook of Midnight Network, supporting demand expectations for NIGHT as the network matures.

 

🚩 Favorable Token Economics Structure
The dual-token design highlighted in your content positions NIGHT as the core economic and governance asset, separate from transaction execution. This structure is often viewed as a way to reduce value leakage and role confusion, potentially supporting more stable long-term token economics if adoption materializes.

 

🚩 Strategic Partnerships and Strong Backing
Access to strong financial resources and industry partnerships can reduce execution risk. For Midnight Network, this backing improves its ability to support development, ecosystem incentives, and long-term infrastructure growth—factors that indirectly support NIGHT’s investment narrative.

 

🚩 Technical Differentiation in Privacy Infrastructure
Midnight Network positions itself with a distinct approach to privacy-focused blockchain design. If this differentiation proves durable in a competitive environment, it could help the network secure a defensible niche, reinforcing the long-term relevance of NIGHT.

 

Additionally, strong community participation during token distribution phases suggests meaningful market interest, though this should be viewed as a sentiment indicator rather than a guarantee of fundamentals.

📌 Potential Risks to Consider Before Investing in NIGHT

 

❗Dependence on Ecosystem Adoption
The success of Midnight Network is closely tied to continued ecosystem growth. If real-world adoption stalls, market perception may quickly shift, placing downward pressure on NIGHT regardless of technical quality.

 

❗Execution Risk
Delivering on the roadmap—on time and at expected quality—is critical. Delays, underwhelming launches, or weak developer traction can materially affect confidence in Midnight Network and the valuation outlook for NIGHT.

 

❗Competitive Landscape
The privacy blockchain sector is highly competitive. Even with a differentiated design, Midnight Network must continuously defend its position against alternative privacy solutions and emerging technologies.

 

❗Regulatory Uncertainty
Privacy-related technologies often face uneven regulatory treatment across jurisdictions. Regulatory shifts could introduce constraints or compliance challenges that affect adoption and, by extension, NIGHT’s market performance.

 

❗Token Unlock Pressure
Staggered token unlock schedules can create selling pressure, particularly during periods of low liquidity or weak market sentiment. This is a key variable that investors in NIGHT should monitor closely.

 

❗ Market Volatility
Like all crypto assets, NIGHT remains exposed to broader market cycles. Price movements may diverge sharply from fundamentals during periods of heightened volatility or risk-off sentiment.

 

 

 

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〈What is Midnight Network & $NIGHT?〉這篇文章最早發佈於《CoinRank》。

Token Standards act as shared blueprints that allow crypto assets to function consistently across wallets, platforms, and smart contracts.

 

Standards like ERC-20, BEP-20, ERC-721, and ERC-1155 support different asset types while enabling interoperability and developer efficiency.

 

Wrapped tokens and bridges help overcome incompatibility between Token Standards, allowing assets to move across blockchain ecosystems.

Token Standards define how crypto tokens work, interact, and scale across blockchains, enabling interoperability, efficiency, and compatibility in DeFi and multi-chain ecosystems.

 

Despite the existence of thousands of cryptocurrencies, most of them are actually built on a surprisingly similar foundation. These shared blueprints are known as Token Standard, and they define the core functions and properties that blockchain tokens must follow.

 

A Token Standard specifies how a token behaves on-chain—how it can be transferred, how balances are checked, and how it interacts with other applications. Thanks to these shared rules, the crypto ecosystem is able to function smoothly even in a decentralized environment.

 

WHY ARE TOKEN STANDARDS IMPORTANT?

 

✅Interoperability

One of the most critical roles of a Token Standard is enabling interoperability. When tokens are created using the same Token Standard, they can seamlessly interact with existing platforms, wallets, and decentralized applications.

 

For example, ERC-20 tokens are interoperable with other products and services that follow the same Token Standard. This is why you can trade one ERC-20 token for another without needing custom infrastructure or special handling.

 

Without Token Standard, trading multiple cryptocurrencies would become significantly more complex. Each token might require its own dedicated wallet and unique logic, making it impossible to manage many different assets within a single wallet interface.

✅Compatibility

From a development perspective, Token Standard provide a compatible framework that allows developers to reuse existing components instead of rebuilding basic functionality from scratch.

 

By relying on a proven Token Standard, developers can save time on foundational features and focus more on experimentation, optimization, and innovation. This compatibility reduces development friction and helps new projects launch more efficiently.

✅Efficiency

 

Token Standard also improve efficiency at the smart contract level. Once a token is deployed according to a recognized standard, other smart contracts can easily monitor and interact with it.

 

Standards such as ERC-20 and BEP-20 include essential functions like address lookup and balance tracking. These built-in capabilities allow smart contracts to monitor token activity in a consistent and efficient manner.

 

In practice, developers can use standardized interfaces such as the Contract Application Binary Interface (ABI) to track ERC-20 token transfers and retrieve on-chain data, further streamlining integration across the ecosystem.

 

>>> More to read: What is Token Unlock in Crypto? A Complete Guide

COMMON TOKEN STANDARD IN CRYPTO & DEFI

 

In the cryptocurrency and DeFi ecosystem, Token Standard form the technical foundation that allows digital assets to function, circulate, and integrate across different platforms. Each Token Standard is designed for a specific blockchain environment and use case, shaping how tokens are issued, managed, and utilized on-chain.

 

📌 BEP-20

 

BEP-20 is the Token Standard used on the BNB Smart Chain (BSC). It was developed as a technical specification for BSC, enabling developers to issue a wide range of tokens, including pegged tokens, utility tokens, and stablecoins.

 

Compared with earlier standards, BEP-20 introduces additional management features such as blacklisting, minting, and the ability to pause token burning. These functions provide projects with greater operational flexibility and control.

 

The core functions of the BEP-20 Token Standard include:

 

Total Supply: Defines the total number of tokens issued

 

Balance Tracking: Allows querying token balances

 

Transfer: Enables users to transfer token ownership

 

Delegated Transfer: Allows smart contracts to transfer tokens on behalf of users

 

Approval: Sets limits on how many tokens a smart contract can withdraw

 

Allowance: Defines which external addresses are authorized to use tokens

 

These features make BEP-20 a highly practical and widely adopted Token Standard within the BSC ecosystem.

 

>>> Learn more: What is BEP-20 Token? A Comprehensive Guide

📌 ERC-20

 

In 2015, Fabian Vogelsteller proposed ERC-20, a Token Standard that later became the primary guideline for token creation on Ethereum. Today, most cryptocurrencies, staking tokens, and utility tokens on Ethereum are still built around this standard.

 

ERC-20 is a Token Standard designed for fungible assets, meaning each token unit is identical and interchangeable. For example, if you create 1,000 ERC-20 tokens, every unit has the same functionality and value.

 

While BEP-20 and ERC-20 are structurally very similar, they operate on different blockchain networks. ERC-20 is used on the Ethereum blockchain, whereas BEP-20 belongs to the BNB Smart Chain. This distinction is important when managing assets across chains.

 

>>> Learn more: Understanding ERC-20 | A Guide to ERC-20 Tokens

📌 ERC-721

 

Most non-fungible tokens (NFTs) on Ethereum are built using the ERC-721 Token Standard. Whether it is a limited-edition collectible or a Proof of Attendance Protocol (POAP), many NFTs share the same underlying blueprint.

 

What makes ERC-721 unique is its requirement that every token must have a globally unique token ID. This rule ensures that each asset is one of a kind, which is the defining characteristic of NFTs.

 

In terms of functionality, ERC-721 supports token transfers, balance tracking, total supply management, and—most importantly—guarantees the uniqueness of each token under this Token Standard.

📌 ERC-1155

 

As token use cases expanded, the industry began to demand a more flexible Token Standard capable of supporting multiple asset types. ERC-1155 was introduced to meet this need.

 

ERC-1155 is a multi-token Token Standard that allows developers to create different types of digital assets within a single smart contract. These assets can include both fungible tokens and NFTs.

 

One of the most notable advantages of ERC-1155 is its batch functionality, which includes:

 

Batch Transfers: Transfer multiple asset types in a single transaction

 

Batch Balance Queries: Retrieve balances for multiple assets at once

 

Batch Approvals: Approve all tokens for use by a single address

 

NFT Support: When the supply is set to 1, the token is treated as an NFT

 

These capabilities make ERC-1155 one of the most efficient and flexible Token Standard, particularly well suited for gaming, metaverse, and complex asset systems.

 

>>> More to read: What is a Token Generation Event (TGE)?

LIMITATIONS OF TOKEN STANDARD

 

While tokens created under the same Token Standard share consistent core functions and can easily interact with one another, this interoperability usually breaks down when tokens follow different standards. Given that the crypto industry is governed by multiple Token Standards, each with its own rules and design assumptions, it is not surprising that they are not always compatible.

 

In practice, this means tokens built on different Token Standards may not coexist on the same platform, nor be able to communicate or trade directly with one another. If you hold multiple cryptocurrencies, you have likely experienced this limitation firsthand—for example, the frustration of not being able to use BTC directly within the Ethereum ecosystem.

 

To address this incompatibility, the industry introduced a new type of token: wrapped tokens.

 

🔍 Wrapped Tokens

 

Wrapped tokens are cryptocurrencies that are pegged in value to another underlying asset. Typically, the original asset is locked into a digital reserve—often referred to as a wrapper—while a corresponding wrapped version is issued on a different blockchain.

 

This wrapped token functions as a representation, or “avatar,” of the original asset on another network. Through this mechanism, assets that were originally incompatible with a specific Token Standard can be used within ecosystems where they would otherwise be unavailable.

 

>>> Learn more: What Are Wrapped Tokens?

✏️ Summary

 

A Token Standard functions much like a blueprint for designing and issuing blockchain-based tokens. Today’s crypto industry relies on multiple Token Standards, each optimized for different networks and use cases.

 

At the same time, innovative solutions such as blockchain bridges and wrapped tokens have emerged to help mitigate incompatibility between different standards. Together, these tools allow assets to move more freely across ecosystems, reducing the friction caused by fragmented Token Standard and expanding how digital assets can be used..

 

 

 

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〈What is Token Standard? A Beginner’s Guide〉這篇文章最早發佈於《CoinRank》。

The Uniswap protocol fee switch proposal, UNIfication, passed by an overwhelming majority.

Gold-Silver Ratio Hits New Low Since February 2014

Trust Wallet browser extension security incident leads to the theft of over $6 million in user funds

Welcome to CoinRank Daily Data Report. In this column series, CoinRank will provide important daily cryptocurrency data news, allowing readers to quickly understand the latest developments in the cryptocurrency market.

 

Trust Wallet browser extension security incident leads to the theft of over $6 million in user funds

 

According to reports from Trust Wallet officials and blockchain detective ZachXBT, a security vulnerability in Trust Wallet browser extension version 2.68 resulted in the theft of funds from a large number of user wallets in the past few hours.

 

The official recommendation is for affected users to disable version 2.68 and upgrade to 2.69. Mobile and other versions are unaffected. The team is actively investigating and contacting victims to handle follow-up matters.

 

Preliminary estimates indicate that over $6 million was stolen, and hundreds of victims and multiple stolen EVM, Bitcoin, and Solana addresses have been publicly disclosed. Affected users can report the incident through official support channels for assistance.

 

Gold-Silver Ratio Hits New Low Since February 2014

 

The gold-silver ratio is currently down 1.2%, with a year-to-date decline of over 32%, last trading at 61.60, a new low since February 2014.

 

Spot silver opened sharply higher on Friday, breaking through $73/ounce and setting a new all-time high, currently trading at $73.7/ounce. Spot gold has rebounded above $4,500/ounce, with a daily gain of nearly 0.5%.

 

The Uniswap protocol fee switch proposal, UNIfication, passed by an overwhelming majority.

 

The Uniswap protocol fee switch proposal, UNIfication, passed by an overwhelming majority.

 

The voting results show approximately 125 million UNI tokens in favor and 742 against.

 

After a two-day lock-up period, Uniswap Labs will burn 100 million UNI tokens and enable the v2 and v3 fee switch mechanism on the Ethereum mainnet, beginning the burning of UNI and Unichain fees.

〈CoinRank Daily Data Report (12/26)｜Trust Wallet browser extension security incident leads to the theft of over $6 million in user funds〉這篇文章最早發佈於《CoinRank》。

#Yala : YU will no longer be included in product planning, but the redemption channel remains open.
#MEET48 2026 AI Entertainment UGC Platform and Web3.0 Development Strategy Launch Conference Held in Seoul
#Strategy CEO: Bitcoin's fundamentals have remained strong throughout the year, despite a slight decline in prices and market sentiment at the end of the year.
#Matrixport : Bitcoin's downside risk has slowed, and the market may be shifting to a phase of "downside-limited" speculation.
Former Alameda CEO Caroline Ellison to be released approximately 10 months early.
#CoinRank

According to official announcements, the Hyperliquid Foundation (@HyperFND) confirmed that the $HYPE tokens held in the foundation’s assistance fund system address have been permanently burned, accounting for 11.068% of the circulating supply.
🗳 The governance vote was conducted using a stake-weighted consensus mechanism, with the results as follows:
• 85% voted in favor of the burn
• 7% voted against
• 8% abstained

#Hyperliquid

Economist Peter Schiff: One of the smartest trades this year was selling Bitcoin and buying silver.
#Aave brand ownership proposal rejected; over 55% voted against, 41% abstained.
#PeckShield : Over $4 million of stolen Trust Wallet assets transferred to multiple CEXs.
CZ @cz_binance responds to Trust Wallet theft: Losses reach $7 million; user funds will be fully refunded.
#ZachXBT warns: An X account impersonating a female victim is actually a scam account.
#CoinRank #GM

1. Bitcoin’s traditional halving-driven four-year cycle is weakening as institutional ETFs absorb supply shocks early, spreading price gains over longer periods instead of creating parabolic surges.

2. Market drivers shift from halving mechanics to macro liquidity and institutional allocation, showing diminishing marginal returns as Bitcoin’s market capitalization reaches the trillion-dollar scale worldwide.

3. Traditional altcoin seasons unlikely to recur due to excessive token supply; veteran experts recommend defensive positioning with BTC and ETH while liquidating most altcoin holdings.

Seven crypto veterans debate if Bitcoin’s four-year halving cycle still works. ETFs and institutions reshape markets, signaling slow bull over boom-bust cycles.

 

In the eighteen years following Bitcoin’s birth, the “four-year cycle” theory became almost the cornerstone of belief in the cryptocurrency market. Bitcoin halvings, supply contraction, price increases, and altcoin seasons—this narrative not only explains multiple bull and bear market cycles in history but also profoundly influences investors’ position management, project fundraising pace, and even the entire industry’s understanding of “time.”

 

However, after the halving in April 2024, Bitcoin only rose from $60,000 to its all-time high of $126,000, a much smaller increase than in previous halvings. Altcoins were even weaker, and macro liquidity and policy variables became more sensitive anchors for the market. Especially after the large-scale entry of spot ETFs, institutional funds, and traditional financial instruments, one question has been repeatedly discussed:

 

Does the four-year cycle still hold true in the crypto market?

 

To this end, we specially invited seven senior practitioners in the crypto field to conduct a dialogue that transcended optimism and caution, and bull and bear market predictions. They are:

 

Jason | Founder of NDV Fund: Previously responsible for China investments in the family office of Alibaba founder Joe Tsai, involved in both primary and secondary markets. His investment style combines the rigor of the primary market with the liquidity of the secondary market. His first fund achieved an absolute return of approximately 275% within 23 months, has been fully exited, and as an open-ended fund, it ensured that all investors made a profit.

Ye Su | Founding Partner of ArkStream Capital: Over the past eight years, he has invested in more than 100 companies and projects, including Aave, Filecoin, and Ethena, and is a trend-following institutional investor.

Jack Yi | Founder of Liquid Capital: Focusing on real-money positions and trading strategies, he emphasizes the allocation value of mainstream assets, stablecoins, and the exchange ecosystem at different stages of the cycle.

James | Founder of DFG: Currently manages over $1 billion in assets. He was an early investor in companies such as LedgerX, Ledger, Coinlist, and Circle, and is also an early investor and supporter of protocols such as Bitcoin, Ethereum, Solana, and Uniswap.

Joanna Liang | Founding Partner of Jsquare Fund: A post-90s entrepreneur and investor, currently managing over $200 million in assets and operating a dedicated $50 million LP fund; she has invested in several high-profile projects including Pudgy Penguins, Circle, Amber Group, and Render Network.

Bruce | Founder of MSX: With a background in the mining industry, he assesses the long-term profitability and risk boundaries of the crypto market based on mining costs, cyclical returns, and industry maturity.

CryptoPainter | Crypto Data Analyst: Using on-chain data and technical indicators as the main tools, combined with historical cycle characteristics, to quantitatively judge market stages and trend inflection points.

CRYPTO’S TRUE POSITION IN THE RISK ASSET HIERARCHY

 

What exactly is this “four-year cycle” we are talking about?

 

Before discussing whether the cycle has “failed,” we first need to clarify a premise:

 

What exactly does the “four-year cycle” we’re talking about refer to?

 

According to the general consensus among the interviewees, the traditional four-year cycle is mainly driven by the Bitcoin block reward halving, which occurs approximately every four years. Halving means a decrease in new supply, changes in miner behavior, and provides long-term support for the price center. This is the core and most mathematically grounded part of the “four-year cycle” narrative.

 

However, some guests incorporated the crypto cycle into a broader financial framework. Jason, founder of NDV, believes that the four-year cycle is actually a dual-driven model of political and liquidity cycles , rather than simply a halving code pattern. The so-called four years highly overlap with the US election cycle and the pace of liquidity release by global central banks. Previously, people only looked at halving, considering it the only variable, because the number of new Bitcoins added in each cycle was previously very large. But now, with the approval of spot ETFs, Bitcoin has entered the macro asset category. The expansion speed of the Federal Reserve’s balance sheet and the growth of global M2 are the true core defining factors of the cycle. Therefore, the four-year cycle in his view is essentially a cycle of fiat currency liquidity. Simply considering the supply-side impact mathematically, this BTC cycle (2024-2028) will only add 600,000 coins, which is too small for the existing issuance of around 19 million. The additional selling pressure of less than $60 billion will also be easily absorbed by Wall Street.

Why Markets Lag Despite Clear Interest Rate Cuts

 

Regularity, or a self-fulfilling narrative?

 

When a concept is repeatedly validated and widely disseminated, it often evolves from a “rule” into a “consensus,” and further into a narrative. This narrative, in turn, influences market behavior. Therefore, an unavoidable question is: is the four-year cycle an objectively existing economic law, or a market narrative that is collectively believed and thus continuously self-fulfilling?

 

Regarding the causes of the four-year cycle, our interviewees generally agreed that it is the result of the combined effect of objective mechanisms and market narratives, but different dominant forces emerge at different stages.

 

As CryptoPainter points out, the four-year cycle was indeed significant in the early days when miners produced a lot of gold. However, this cycle of supply and demand changes has a clear marginal effect. Theoretically, with each halving, the impact of the supply and demand changes brought about by the halving event itself is also halved. Therefore, the percentage increase in each bull market also shows a logarithmic reduction. It can be predicted that the next halving cycle will have a smaller price impact. Jason also points out that as the market size increases, the impact of simple supply-side changes is decreasing. The current cycle is more based on the self-fulfilling prophecy of liquidity.

 

Joanna Liang, founding partner of Jsquare Fund, added from a market behavior perspective that the four-year cycle is largely self-fulfilling. As the structure of institutional and retail investor participation changes, the relative importance of macroeconomic policies, regulatory environment, liquidity conditions, and halving events is reordered with each cycle. In this dynamic game, the four-year cycle is no longer an “ironclad rule,” but merely one of many influencing factors. In her view, precisely because the fundamentals are constantly evolving, it is not impossible for the market to break the four-year cycle pattern or even surge into a “supercycle.”

 

Overall, the consensus among the guests was that while the four-year cycle did have a solid supply and demand foundation in its early stages, as miners’ influence in the market declined and Bitcoin gradually shifted towards asset allocation, the cycle is transitioning from being driven by strong mechanisms to being the result of a combination of narratives, behaviors, and macroeconomic factors. The current cycle may have gradually shifted from being driven by “hard constraints” to being driven by “soft expectations.”

 

The gains in this round have slowed significantly. Is this a natural decline in the cycle, or has it been “overshadowed” by the power of ETFs and institutional funds?

 

Regarding this issue, almost all the guests gave a relatively consistent directional judgment: this is a natural result of diminishing marginal returns , rather than a sudden failure of the cycle. Any growth market will experience a process of diminishing returns. As Bitcoin’s market capitalization continues to expand, each new “multiple” requires an exponential increase in capital inflows, so a decline in returns is itself a natural law.

 

From this perspective, the fact that “the increase is not as much as before” is actually a result that aligns with long-term logic.

 

But the deeper changes come from the market structure itself.

 

Joanna Liang believes the biggest difference between this cycle and previous ones lies in the early entry of spot ETFs and institutional funds. In the previous cycle, Bitcoin’s record high was mainly driven by marginal liquidity from retail investors; in this cycle, over $50 billion in ETF funds flowed in continuously before and after the halving, absorbing the supply shock before it truly materialized. This spread the price increase over a longer time horizon, rather than concentrating on a parabolic surge after the halving.

 

Jack Yi further added from the perspective of market capitalization and volatility that as Bitcoin reaches the trillion-dollar level, the decrease in volatility is an inevitable result of its mainstream assetization. In the early stages when the market capitalization was smaller, capital inflows could easily lead to exponential growth; however, at its current size, even doubling would require an extremely large amount of new capital.

 

James, founder of DFG, views the halving as a “variable that still exists but is becoming less important.” In his view, future halvings will be more like secondary catalysts , and what will truly determine the trend will be the flow of institutional funds, the realization of real needs such as RWA, and the macro liquidity environment.

 

However, Bruce, founder of MSX, doesn’t entirely agree. He believes that halving increases the production cost of Bitcoin, and that cost will ultimately remain a long-term constraint on price. Even as the industry matures and overall returns decline, halving will still have a positive impact on price through increased costs, just not in the form of dramatic price fluctuations.

 

In summary, the guests did not believe that the “smaller gains” were caused by a single factor. A more reasonable explanation is that the marginal impact of the halving is decreasing, while ETFs and institutional funds are changing the rhythm and pattern of price formation. This does not mean the halving has failed, but rather that the market is no longer focused on a single point of explosive growth centered around the halving.

 

what stage are we currently in?

 

If the previous discussion focused more on whether the cyclical structure still holds true, then this question is obviously more relevant: From the current perspective, are we in a bull market, a bear market, or some kind of transitional phase that has not yet been accurately named?

 

It is precisely on this point that the interviewees had the most obvious disagreements.

 

MSX founder Bruce is rather pessimistic, believing we are currently in the early stages of a typical bear market, though the end of the bull market is not widely acknowledged by most participants. His judgment is based on the fundamental cost-return structure . In the previous cycle, Bitcoin mining costs were around $20,000, with the price peaking at $69,000, resulting in a profit margin for miners approaching 70%. In this cycle, however, the post-halving mining cost is close to $70,000, and even with the price reaching an all-time high of $126,000, the profit margin is only slightly over 40%. Bruce believes that in an industry that has been around for nearly 20 years, declining returns in each cycle are normal. Unlike 2020-2021, this cycle has seen a significant influx of new capital flowing into AI-related assets rather than the crypto market. At least in the North American market, the most active risk-averse funds remain concentrated in the AI sector of US stocks.

 

CryptoPainter’s assessment is clearly biased towards technical and data-driven perspectives. He believes the current market hasn’t entered a true cyclical bear market, but is already in a technical bear market—its key indicator being a weekly break below the 50-week moving average (MA50). The past two bull markets both experienced technical bear markets later on, but this doesn’t necessarily mean the cycle has ended immediately. A true cyclical bear market often requires a synchronized recession in the macroeconomy as confirmation. Therefore, he describes the current phase as a “probationary period”: the technical structure has weakened, but macroeconomic conditions haven’t yet provided a final verdict. He specifically mentions that the total supply of stablecoins is still growing, and when stablecoins also stop growing for an extended period (more than two months), the bear market will be confirmed.

 

In contrast, many guests still lean towards the view that the cycle has become ineffective, and the market is currently in a mid-to-late stage of a bull market correction, with a high probability of entering a period of fluctuating upward movement or a slow bull market. Jason and Ye Su’s judgments are both based on global macro liquidity. In their view, the US currently has almost no other options but to delay the concentrated release of debt pressure through monetary easing. The interest rate cut cycle has only just begun, and the liquidity “tap” has not been turned off. Therefore, as long as global M2 continues to expand, crypto assets, as the most liquidity-sensitive sponge, will not end their upward trend. Furthermore, they mentioned that a true bear market signal is when central banks begin to substantially tighten liquidity, or when a severe recession in the real economy leads to a liquidity crunch. Currently, these indicators do not show any abnormalities; on the contrary, they indicate that liquidity is poised to be released. Moreover, from the perspective of market leverage, if the open interest relative to market capitalization is too high, it is usually a signal of a short-term correction, but not a bear market signal.

 

Jack Yi also believes that Wall Street and institutions are reconstructing the financial system based on blockchain, making the asset structure more and more stable. It is no longer as prone to large fluctuations as it was in the early days when retail investors dominated the market. Moreover, with the change of the Federal Reserve Chairman, the arrival of the interest rate cut cycle, and the most favorable crypto policy in history, the current fluctuations will be considered as wide-range fluctuations in the future, and the medium to long term is a bull market.

 

The disagreements themselves are perhaps the most authentic characteristic of this stage. The judgments of our interviewees constitute a small, albeit imperfect, sample: some have confirmed a bear market, while others are waiting for the data to provide the final answer, but many more likely believe that the four-year cycle theory has essentially become invalid.

 

More importantly, it is no longer the sole, or even the primary, framework for understanding the market. The importance of halving, timing, and sentiment is being reassessed, while macro liquidity, market structure, and asset attributes are becoming more critical variables.

 

The Core Driver of the Perpetual Bull Market: From Sentiment-Driven Bull to Structural Bull

 

If the “four-year cycle” is weakening, and the future crypto market no longer shows a clear bull-bear cycle, but instead enters a state of long-term oscillating upward movement with significantly compressed bear markets, then where does the core driving force supporting this structure come from?

 

Jason believes the rise of Bitcoin is driven by a systemic decline in fiat currency credibility and the normalization of institutional allocation . As Bitcoin is increasingly seen as “digital gold” and enters the balance sheets of sovereign nations, pension funds, and hedge funds, its upward trend will no longer rely on single cyclical events but will be closer to that of gold, a “long-term asset that hedges against fiat currency devaluation.” Its price performance will then exhibit a spiral upward trend. At the same time, he particularly emphasizes the importance of stablecoins . In his view, compared to Bitcoin, stablecoins have a larger potential user base, and their penetration path is closer to the real economy. From payments and settlements to cross-border capital flows, stablecoins are becoming the “interface layer” of the next generation of financial infrastructure. This means that the future growth of the crypto market will not entirely depend on speculative demand but will gradually embed itself into real financial and commercial activities.

 

Joanna Liang’s assessment echoes this view. She believes that a key variable in the future slow bull market comes from continued institutional adoption , whether through spot ETFs or the tokenization path of RWA. As long as institutional allocation continues, the market will exhibit a “compound interest” upward structure—volatility will be smoothed out, but the trend will not reverse.

 

CryptoPainter’s perspective is more direct. He points out that the BTCUSD trading pair is on the right side, which is USD. Therefore, as long as global liquidity remains loose in the long term and the US dollar is in a weak cycle, asset prices will not experience a deep bear market. Instead, they will slowly oscillate upwards in successive technical bear markets. The traditional bull-bear structure will also shift to a pattern similar to gold, characterized by “long-term oscillation – rise – long-term oscillation”.

 

Of course, not everyone agrees with the “slow bull narrative”.

 

Bruce’s outlook is clearly pessimistic. He believes that the structural problems of the global economy remain unresolved: a deteriorating job market, young people becoming complacent, high concentration of wealth, and persistent geopolitical risks. Against this backdrop, the probability of a severe economic crisis in 2026–2027 is not low. If systemic macroeconomic risks do indeed erupt, crypto assets will likely be unable to escape unscathed.

 

To some extent, a slow bull market is not a consensus, but a conditional judgment based on continued liquidity .

 

Is there still a “Shanzhai Season” in the traditional sense?

 

The “copycat season” is almost an integral part of the four-year cycle narrative. However, its absence in this cycle has become one of the most frequently discussed phenomena.

 

The poor performance of altcoins in this cycle is due to several factors. Joanna points out that firstly, Bitcoin’s rising dominance has created a “safe haven” environment within risky assets, making institutional funds more inclined to choose blue-chip assets. Secondly, the maturing regulatory framework makes altcoins with clear utility and compliance more conducive to long-term adoption. Thirdly, this cycle lacks a killer app and a clear narrative like DeFi and NFTs in the previous cycle.

 

Another point of consensus among the guests was that a new altcoin season may emerge, but it will be more selective, focusing only on a few tokens that have real use cases and can generate revenue.

 

CryptoPainter elaborated on the issue more thoroughly. He argued that a traditional altcoin boom is unlikely to recur. The term “traditional” implies that the total number of altcoins was within a reasonable range, but currently, the total number of altcoins has reached unprecedented and continuously new highs. Even with the influx of macro liquidity, the limited supply will prevent a broad-based price surge. Therefore, even if an altcoin boom occurs, it will be extremely rare and localized, driven by sector-specific narratives. Focusing on individual altcoins is meaningless at this point; the focus should be on the underlying sectors and industries.

 

Ye Su used the US stock market as an analogy: the future performance of altcoins will be more like the M7 in the US stock market—blue-chip altcoins will outperform the market in the long run, while small-cap altcoins will occasionally have a breakout, but the sustainability is extremely weak.

 

Ultimately, the market structure has changed. It used to be an attention economy driven by retail investors; now it’s an economic model driven by institutional investors and financial statements.

 

Position Distribution

 

In a market with a blurred cyclical structure and fragmented narratives, we also consulted several guests about their actual position distribution.

 

A striking fact is that most respondents have essentially liquidated their altcoin holdings, and most are only holding half of their holdings.

 

Jason’s portfolio strategy clearly leans towards a “defensive + long-term” approach. He stated that he currently prefers to use gold instead of the US dollar as a cash management tool to hedge against fiat currency risks. Regarding digital assets, he allocates the majority of his holdings to BTC and ETH, but remains cautious with his ETH holdings. They prefer assets with high certainty, namely hard currency (BTC) and exchange equity (Upbit).

 

CryptoPainter strictly adheres to the rule of “cash accounting for no less than 50%”, with its core holdings remaining BTC and ETH, and altcoin positions below 10%. It exited all gold positions after reaching $3500 and has no immediate plans to allocate to gold. Meanwhile, it has placed some short positions with very low leverage on US AI stocks with significant valuation bubbles.

 

Jack Yi has a relatively high risk appetite, and his fund is nearly fully invested, but its structure is also concentrated: ETH is the core, with a stablecoin-based portfolio (WLFI) and supplemented by large-cap assets such as BTC, BCH, and BNB. The strategy is not based on cyclical speculation, but rather on a long-term bet on public blockchains, stablecoins, and exchanges.

 

In stark contrast is Bruce. He has almost completely liquidated his crypto holdings, including selling BTC around $110,000. He believes there will still be opportunities to buy back below $70,000 within the next two years. His US stock holdings are currently mostly defensive/cyclical stocks, and he expects to liquidate most of his US stock portfolio before next year’s World Cup.

 

Is now a good time to buy at the bottom?

 

This is the most actionable of all the questions. Bruce’s attitude is rather pessimistic; he believes we are far from the bottom. The true bottom will appear when “no one dares to buy at the bottom anymore.”

 

CryptoPainter, a cautious firm, also believes the ideal price for bottom-fishing or starting dollar-cost averaging is below $60,000. The logic is simple: buying gradually after the price has halved from its peak has proven successful in every bull market. Clearly, this target won’t be reached in the short term. Their view on the current market is that after a period of large-scale fluctuations in 1-2 months, there’s a possibility of testing the $100,000+ level again next year, but it’s unlikely to reach a new high. Subsequently, the positive effects of macroeconomic monetary policy will have been exhausted, and the market will lack follow-up liquidity and new narratives, officially entering a bear market cycle. Then, one can patiently wait for monetary policy to initiate a new round of easing and aggressive interest rate cuts.

 

Most of the guests held a more neutral stance. They believed that now might not be the time for “aggressive bottom-fishing,” but rather a window of opportunity to begin building positions in batches and gradually allocating capital . The consensus was singular: avoid leverage, avoid frequent trading, and discipline is far more important than judgment.

〈A New Perspective on the Four-Year Crypto Cycle: I Asked Seven Veteran Practitioners What Stage Were We At Now?〉這篇文章最早發佈於《CoinRank》。

Record highs in Japan’s 30-year and 40-year government bond yields indicate a reassessment of long-term sovereign risk premiums rather than a repricing of short-term policy rates.

 

Expectations of fiscal stimulus and increased bond issuance, alongside gradual monetary normalization by the Bank of Japan, form the core backdrop to rising long-term yields.

 

The yen’s continued weakness despite rate hikes highlights growing coordination challenges between fiscal policy, monetary tightening, and exchange-rate stability.

Japan’s 30-year government bond yield has risen to a record high of 3.45%, driven not by a single policy decision or short-term sentiment, but by the combined effects of fiscal expansion expectations, monetary policy normalization, and shifts in long-term risk preferences—signaling a structural repricing of Japan’s long-term interest rate framework.

 

A HISTORIC BREAK IN LONG-TERM YIELDS: STARTING WITH THE 30-YEAR JGB

 

In December, Japan’s government bond market experienced a development with clear structural significance.

 

The yield on Japan’s 30-year government bond rose to approximately 3.45%, marking an all-time high. At the same time, the 40-year yield climbed to around 3.715%. This was not a single-day spike, but the continuation of a steady upward trend that began in early November. As yields rose, prices of ultra-long-dated bonds declined noticeably, and the far end of the yield curve shifted upward.

 

Notably, this adjustment was not concentrated in the short end of the curve. Instead, it was primarily observed in maturities of 30 years and beyond. Under the current policy framework, the Bank of Japan (BOJ) continues to exert strong influence over short-term interest rates. Movements at the long end, however, increasingly reflect market-driven pricing rather than direct policy guidance.

 

This structural pattern suggests that markets are reassessing not the near-term path of monetary policy, but the risk compensation embedded in Japan’s long-term sovereign debt.

 

Figure 1. Japan 30-Year Government Bond Yield Historical Chart, source: TradingEconomics

 

FISCAL CONSTRAINTS AND DEBT SUPPLY EXPECTATIONS

 

A key driver behind the rise in long-term yields lies on the fiscal side.

 

According to publicly available information, Japan plans to issue approximately ¥29.6 trillion in new government bonds in fiscal year 2026 to support its budget. While senior government officials have emphasized fiscal discipline and denied plans for irresponsible bond issuance or tax cuts, the bond market has remained cautious.

 

This caution reflects deeper concerns that extend beyond a single fiscal year. Investors are increasingly focused on Japan’s long-term fiscal trajectory:

 

Japan’s government debt stock is already among the highest globally.

 

Fiscal stimulus has become structurally embedded amid slowing economic momentum.

 

Ultra-long bonds are particularly sensitive to supply dynamics and changes in expectations.

 

Within this context, rising long-term yields should not be interpreted as outright rejection of fiscal policy. Rather, they reflect investors’ demand for additional risk premium to compensate for longer debt cycles and heightened uncertainty surrounding fiscal sustainability.

 

MONETARY POLICY: NORMALIZATION GAINS SUBSTANCE

 

Alongside fiscal developments, changes in the BOJ’s policy stance have played an important role.

 

The BOJ has raised its policy rate from 0.5% to 0.75%, the highest level in nearly three decades. In recent communications, the governor has emphasized that underlying inflation is steadily approaching the 2% target and that monetary normalization still has room to proceed.

 

The significance of this shift lies less in the size of the individual rate hike and more in the direction it signals. For decades, Japanese markets operated under the assumption that ultra-low interest rates were effectively permanent. Current policy signals are gradually eroding that assumption.

 

It is also important to note that while the BOJ continues to use multiple tools to influence the yield curve, its ability to directly control ultra-long maturities is considerably weaker than at the short and medium end. This helps explain why recent volatility has been concentrated in 30-year and longer tenors rather than short-term rates.

 

Figure 2. Japan Government Bond Yield Curve by Maturity, source: Cbonds

 

EXCHANGE RATE RESPONSES AND POLICY COMPLEXITY

 

In theory, higher interest rates tend to support a country’s currency. In practice, however, the yen has remained relatively weak following Japan’s rate hikes.

 

This outcome does not necessarily imply policy failure. Instead, it reflects the interaction of multiple offsetting forces:

 

The pace of rate hikes has been gradual and measured.

 

Fiscal expansion expectations have counterbalanced tightening effects.

 

Higher yields abroad continue to attract global capital.

 

Against this backdrop, Japanese officials have repeatedly stated that they are closely monitoring exchange-rate movements and stand ready to act if volatility becomes excessive. These statements underscore the growing complexity of the current policy environment, where monetary tightening, fiscal expansion, and exchange-rate stability must be managed simultaneously.

 

CONSENSUS AND DIVERGENCE IN MARKET VIEWS

 

While market commentary does not point to a single unified conclusion, several areas of consensus have emerged.

 

First, most analyses agree that the recent rise in ultra-long yields is driven primarily by fiscal expectations rather than monetary tightening alone. Markets are reassessing debt issuance scale and fiscal sustainability more than near-term policy rates.

 

Second, there is broad agreement that the BOJ has entered a phase of genuine—albeit gradual—monetary normalization. The direction of policy is clear, even if the pace remains cautious.

 

Third, linkages between the bond market, foreign exchange dynamics, and policy expectations are strengthening. The yen’s muted response to rate hikes has reinforced investor caution and added complexity to risk assessment.

 

Finally, historical comparisons have begun to surface. Some commentators have drawn parallels with fiscal stress episodes in other advanced economies, not as predictions of crisis, but as reminders that long-term capital is highly sensitive to policy consistency and debt trajectories.

 

CONCLUSION: A CHANGE BEING GRADUALLY PRICED IN

 

Based on currently available information, Japan is not facing an imminent debt or financial crisis. Fiscal and monetary policies remain within established frameworks, and overall market functioning remains orderly.

 

At the same time, it is increasingly clear that the long-standing assumption of a permanently low-interest-rate environment in Japan is being reassessed by the market.

 

Record highs in 30-year and 40-year government bond yields are not isolated anomalies. They represent the pricing-in of longer-term questions by global capital:

 

Can Japan continue to finance its debt at exceptionally low costs over the long run?

 

Can fiscal expansion and monetary normalization coexist sustainably?

 

In a changing global rate environment, does Japan’s sovereign risk premium require adjustment?

 

These questions will not be answered quickly. But they are already being reflected, incrementally and methodically, in asset prices.

 

Read More：

After Japan’s Rate Hike, Crypto Analysts Call the Bottom

Why Japan’s Rate Hike Won’t Derail the Crypto Bull Market

〈Japan’s long-term interest rates hit record highs: a structural repricing underway〉這篇文章最早發佈於《CoinRank》。