6月25日加密市场关键信息差：比特币强国梦与矿企困境并存 | Alpha早报

Market Pulse: The Day Everything Moved

It’s 7:00 AM Pacific, and the crypto markets are already on fire. Just as I was sipping my third coffee, CoinDesk dropped the news: Guotai Junan International has officially received approval to offer virtual asset trading services—a quiet but seismic shift for Asian institutional access. Meanwhile, Coinbase’s stock jumped 10% mid-day, pushing its market cap past $860 billion. That’s not just growth—it’s validation.

Let me be clear: this isn’t hype. It’s structural change. We’re not just seeing more players; we’re seeing legitimization. And yes, I’m still skeptical about how much of it is fueled by FOMO versus fundamentals.

The Trump Paradox: Bitcoin Nation or Miner Apocalypse?

Trump’s return to power brings back his signature slogan: “Make Bitcoin Great Again.” He’s appointed a so-called ‘Crypto Czar,’ axed aggressive regulators, and pushed for a national Bitcoin reserve—all textbook bullish signals.

But here’s the irony: he’s also imposing tariffs that could raise mining costs by up to 20%. So we have a president who wants to build a Bitcoin nation… while slowly strangling the engine that powers it.

I call it The Mining Dilemma: if you can’t mine cheaply, even the most patriotic hash rate dies in silence.

Hidden Gems in Plain Sight

Beyond BTC and ETH—what should you be watching over the next three to five years? A recent thread asked investors to pick one non-BTC/ETH/crypto with strong liquidity and long-term potential.

My answer? SOL-based protocols with real utility—not just another meme token riding on hype. Projects like WIF validator nodes launching via DDC show promise. They’re building infrastructure where rewards are shared with the community—not extracted from it.

It’s not about chasing FUD or FOMO anymore—it’s about finding projects where code speaks louder than slogans.

Sentiment Shifts: From Fear to Greed?

The fear & greed index has climbed back to 66—pushing us into ‘greed’ territory again after months of caution. That means traders are getting excited—and possibly reckless.

Look at funding rates: they’ve spiked upward across major derivatives markets. Long positions are inflating fast. And when leverage grows too fast without fundamentals backing it… well, history repeats itself.

I’ve seen this dance before—from 2017 to 2021—and every time someone says “this time is different,” I check my watch and start preparing for volatility.

Final Thought: Data Over Drama

In this noise-filled ecosystem, staying alert isn’t optional—it’s survival.

Whether it’s NY Mayor unveiling plans for crypto-powered municipal payments or new token unlock schedules hitting Coinglass data feeds, each piece matters—but only if you filter through logic first.

So take today seriously:

• Watch for regulatory momentum (especially in APAC).
• Question political promises with engineering-level scrutiny.
• Prioritize projects with transparent incentives over viral narratives.
• And remember—if something feels too good to be true… it probably is—especially when wrapped in patriotic rhetoric or algorithmic promises.