Time is money 美股23 小时交易制
更像是在为 #股票代币化
链上清算与 7×24 全球资产网络铺路
在不推倒既有证券法
与全国市场体系（NMS）的前提下
美股市场正尝试将交易制度、金融基础设施
以及参与者行为
统一拉向「接近链上」的连续运行节奏
这一步的真正意义
让股票最终具备像Token 一样流通、结算与定价的能力

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Time is money. The 23-hour trading system in the US stock market seems to be paving the way for #stocktokeization, on-chain clearing, and a 24/7 global asset network. Without overturning existing securities laws and the National Market System (NMS), the US stock market is attempting to unify its trading system, financial infrastructure, and participant behavior towards a continuous, "near-on-chain" operating rhythm. The true significance of this step is that stocks will ultimately possess the ability to circulate, settle, and price like tokens.

In the crypto world, what truly determines victory is never code, but the interplay between liquidity, power, and regulation. The rise and fall of BUSD is not merely a tragic tale of a stablecoin, but a financial war waged by exchanges attempting to "unify the world."

When BUSD was thrust onto the historical stage, it carried not only a compliance narrative, but also Binance's ambition to reshape the stablecoin order through coercive measures—by manipulating exchange rates and merging trading pairs, directly swallowing competitors' liquidity into its own ledger.

The "automatic conversion" of 2022 was a textbook example of a blitzkrieg; and 2023...

The Rise and Fall of Binance's Dominance: From BUSD's "Unification" to $U's "Conquering the World"—The Stablecoin Wars

Source: Galaxy Research; Translation: Jinse Finance xz
Bitcoin's closing price in 2025 is expected to be roughly the same as the level at the beginning of the year.
The cryptocurrency market experienced a genuine bullish wave in the first ten months of this year. Regulatory reforms continued to advance, ETFs continued to attract funds, and on-chain activity became increasingly active. Bitcoin hit an all-time high of $126,080 on October 6th.
However, the market failed to deliver the expected breakthrough after the initial frenzy; instead, it experienced rotation, repricing, and rebalancing. This was driven by factors such as unmet macroeconomic expectations, a shift in investment narratives, leveraged margin calls, and massive...

Galaxy: 26 Predictions for the Crypto Market in 2026

This article is from Kyle Crypto Hunt.
Compiled by Odaily Odaily(@OdailyChina); Translated by Azuma (@azuma_eth)
Editor's Note: Arthur Hayes, the legendary market predictor, co-founder of BitMEX, is at it again, offering his predictions. In today's episode of the Kyle Crypto Hunt podcast, Hayes discusses macroeconomic liquidity changes, market trends, his personal positions, and trading strategies...

Arthur Hayes' latest podcast: He's got the script for next year and has already fired 90% of the shots.

MSX研究院原文：美股冲刺「永不打烊」：纳斯达克为何推出「5×23 小时」交易实验？https://mp.weixin.qq.com/s/N_mX5XilaLnOV4Fcn_-13Q…

MSX Research Institute Original Article: US Stocks Sprint Towards "Never Closing": Why Did Nasdaq Launch a "5x23 Hour" Trading Experiment? https://mp.weixin.qq.com/s/N_mX5XilaLnOV4Fcn_-13Q…