On the evening of May 23, 2025 at 19:30, the eleventh episode of "Unguarded Crypto" was held as scheduled, hosted by Techub News and Chinese Web3.0 professional host Brother Qie. The guests of this episode included Mike, the community manager of BitHotpot, Meg, the Shenzhen business manager of Mankiw Law Firm, and Keaton Hu, the growth manager of HashKey chain. The program discussed the latest developments in the crypto market, and the first topic focused on the reasons for Bitcoin's new highs and market trends. The following is a summary of the content shared by BitHotpot.
Macroeconomic factors drive Bitcoin to a new high, Altcoin rebound and Ethereum breaks through
Bit Hotpot believes that the record high price of Bitcoin is mainly driven by macro factors, such as the easing of the trade war and the positive US stock market, which has led to the overall rise of the crypto market. The Altcoin and native crypto assets other than Bitcoin have performed well, and about 90% of the Altcoin have bottomed out and are showing a short-term upward trend. Ethereum has performed outstandingly, nearly doubling, leading the Altcoin, but is currently facing a daily pressure level (about $2,700) and needs to break through to confirm the medium-term trend. The market sentiment is optimistic, and the retracement is controllable. It is recommended to operate with a light position and build positions in batches. In terms of fundamentals, Ethereum needs to be applied or attractive narratives to drive the big market. The progress of stablecoins and regulatory frameworks is a positive signal, but there is no major breakthrough in the application level. Overall, the market is in a transition stage from short-term to medium-term trends.
Bitcoin's record-breaking market and compliance trends from a legal perspective
Meg analyzed the new high of Bitcoin from a legal perspective, pointing out that the RWA (real world asset) craze is driving market development and consulting demand is strong. She mentioned the political height of the United States' inclusion of Bitcoin in the national strategic reserve, as well as signs of loosening domestic regulation, indicating that the market has entered the "red light to green" window. In the secondary market, Bitcoin's breakthrough of $110,000 was driven by micro-strategy and ETF buying, but the source of incremental funds was unknown, which exceeded its investment logic and led to miss the pump. The current liquidity recovery and short-term market stability provide room for Altcoin to rise. She believes that the market is in a transition period from yellow light to green light, and opportunities are emerging, but it needs to be judged with caution.
Bitcoin hits new high and opportunities for stablecoin regulation in Hong Kong
Keaton Hu analyzed Bitcoin's new high and believed that the current market may form a Double Top. The selling of long-term holders and the low balance of miners show pressure, but the daily trading volume of 60 billion shows that the market recognizes its value. Institutional holdings account for a high proportion. Unlike previous cycles, short-term fluctuations may provide space for Altcoin. Ethereum has reduced gas fees due to Cancun and Partem upgrades. The second-layer ecology is active and the value is stable, making it difficult to be suppressed to a low level. The third reading of the Hong Kong Stablecoin Bill strengthens supervision and provides endorsements. For example, the Hong Kong dollar stablecoin (Zada, Animochka, JD.com, etc.) has a high degree of trust. RWA projects (such as funds and prospecting rights on the chain) attract capital, and compliant exchanges are more secure than personal wallets. Offshore RMB stablecoins are not prioritized due to volatility risks, and US dollar and gold-related products have more potential. (149 words)
Trump's dinner menu revealed and the mini-coin market hotly discussed
The guests had a relaxed discussion around the Trump dinner, focusing on the menu and the impact of the event. Meg did not pay much attention to the details of the dinner, but mentioned that the menu circulated on the Internet was suspected to be a joke. The dishes were simple and might not be "full", and they focused more on the photo effect. Keaton Hu shared the details of the menu, including appetizers (Trump organic salad, including cucumbers, carrots, pickled red onions, cherry tomatoes, honey vinegar sauce), main dishes (fillet steak with cherry sauce or pan-fried flounder with citrus sauce), side dishes (garlic mashed potatoes, seasonal vegetable assortment) and desserts (lava cake). He believed that the price was estimated at about $100-200 based on Washington prices, which was relatively simple and inconsistent with the rumored cost of $37.7 million, questioning the degree of luxury. The guests believed that the dinner was hosted by World Liberty Financial (WLFI) and targeted the top 220 holders of $TRUMP coins. The specifications were not low but not exaggerated. The discussion mentioned that the price of $TRUMP coins fell after the dinner, which may be due to the selling of holders, but the market may absorb funds and pull up the market later. The guests expressed optimism about the energy of the Meme Coin sector and paid attention to its market potential.
Pepe craze and Trumpcoin's innovative gameplay
Bit Hotpot has limited attention to PEPE, but recognizes its strong performance, large trading volume, strong liquidity, and recent doubling. He made a profit through contract swing trading. For Trump Coin ($TRUMP), he believes that it has set a precedent for the monetization of celebrity effect, combining Trump's Internet celebrity and presidential status to create a new mini coin (Meme Coin) gameplay, which is groundbreaking. News shows that Chinese companies have invested $300 million in Trump-related projects, highlighting his influence. However, he pointed out that Trump Coin's subsequent performance was mediocre due to legal and ethical issues, and the ceiling of the celebrity effect may limit other similar projects from surpassing it. He did not chase high to buy Trump Coin because he was cautious and missed the best buying point. Bit Hotpot also shared quantitative trading strategies, using CoinMarketCap, exchange API and Nansen's smart money data to monitor capital flows, wallet holdings and contract interaction heat, find trading opportunities, and emphasize the transparent advantages of blockchain data, which is suitable for the short-term characteristics of mini coins.
USD1’s compliance advantages and political risk insights into the RWA track
Keaton Hu said that USD1, as a stablecoin issued by World Liberty Financial, is backed by the Trump family and was born with a "golden spoon". It was supported by multiple platforms such as Binance and OKX within 10 days, with rapid circulation and high market value, which is enviable. It has extremely high compliance, adopts BGO custody, and is audited by the Big Four accounting firms. It supports US tax payment and has huge potential usage. Hong Kong's issuance of stablecoins (such as the original currency) requires HK$25 million in actual payment, SFC review, independent custody and monthly audit, which has a very high threshold. USD1 quickly achieved compliance, showing the policy advantages of the Trump family and the strength of the Web3 team. However, it is too closely tied to the Trump family and faces the risk of political uncertainty, such as elections or black swan events that may cause price shocks. For WLFI tokens, Keaton believes that it is similar to political donations, lacks a clear profit target, and its long-term halo may fade. Regulatory patches may weaken scarcity. The RWA track has broad prospects due to compliance and institutional participation, but political risks need to be vigilant.
The ToC revolution of U.S. stocks on the blockchain and new opportunities for the integration of crypto finance
Meg shared the trend of U.S. stocks on the blockchain from a legal perspective, pointing out that it is a foregone conclusion and that T+0 or 24-hour trading may be achieved. She said that in 2019, innovations such as STO only remained at the idea of traffic acquisition due to the lack of supervision, but now the combination of traditional finance and crypto finance has deepened, and the improvement of supervision has led to a "marriage" situation. She believes that the listing of U.S. stocks on the blockchain, especially the listing of U.S. bonds on the blockchain, will change from a ToB structure to a ToC structure, and will be sold to global retail investors, breaking the institutional-dominated model, and the market sentiment will be stronger. Taking Hong Kong RWA as an example, the assets on the chain are subject to sandbox supervision and have limited impact, while the listing of U.S. stocks on the blockchain will significantly improve liquidity and global participation. She emphasized the importance of the right time, right place, and right people. The current mature market soil provides opportunities for listing on the blockchain, but the specific legal details are not discussed in depth because they are not her professional field. Overall, she is optimistic about the trend.
Market enthusiasm and risks coexist, rational investment welcomes new opportunities
This issue of "Unguarded Crypto" reveals the macro drivers behind Bitcoin's record highs, the potential of minicoins, the compliance progress of RWA and stablecoins, and the revolutionary trend of U.S. stocks on the chain through the wonderful sharing of the guests. The host, Brother Qie, reminds investors to pay attention to the opening of U.S. stocks and the inflow of ETF funds, be wary of the blood-sucking effect of Bitcoin and the high volatility risk of contracts, and recommends rational control of positions and seizing the opportunity of Altcoin to make up for the rise. As a Hong Kong Web3 media, Techub News will continue to provide the latest information through APP and communication groups. Welcome to participate in the blind box draw activity. Next week, "Tradingxing" will continue to explore market conditions and macro data, and look forward to bringing more insights to the audience.
