Host: Arain, ChainCatcher
Organizer: Scof, ChainCatcher
On January 20, seven Chinese-speaking crypto KOLs, investors, and project representatives discussed the theme "What does the inauguration of the first crypto president in the United States mean for the Chinese-speaking crypto community" in a space. They explored the potential market impacts of Trump as the first "crypto president," especially on the Chinese-speaking crypto community.
The following content is a summary of the relevant dialogue, you can also click here to listen to the full content.
ChainCatcher:* I am very glad that we can** witness together** the inauguration of the new U.S. president, Trump. As the first "crypto president" of the United States, Trump is officially taking office today. From the market trends in recent days, BTC has not shown the bottoming situation that investors are worried about. Trump has made several crypto commitments; which do you think are most likely to be fulfilled? How will the market trend in the future?*
Lucio* (BTX* capital): Hello everyone, I am Lucio, the operations head of BTX capital. Regarding the first question, Trump has made several commitments to the crypto market, including making the U.S. the global cryptocurrency capital, reducing regulation, supporting domestic energy production growth, firing SEC Chairman Gary, preventing the U.S. from selling its Bitcoin holdings and establishing a Bitcoin strategic reserve, stopping the crackdown on the cryptocurrency industry, promoting the industry's vigorous development, using cryptocurrency to resolve U.S. debt, reducing the sentence of the Silk Road founder, and appointing officials who support cryptocurrency as the new SEC chairman.
Among these commitments, I believe the most reliable ones are creating a global cryptocurrency capital and supporting energy production growth. Currently, the U.S. is relatively supportive of the underlying mining business for cryptocurrencies, especially in Texas, which has a large number of compliant mining farms and listed mining companies. These farms can not only provide blockchain computing power but also support the layout of AI computing power facilities. As for other commitments, such as establishing a Bitcoin strategic reserve and reducing sentences, Trump has the authority to implement them, but the idea of using cryptocurrency to resolve U.S. debt remains unrealistic. The scale of U.S. national debt is too large, and relying solely on the government's current crypto assets is insufficient to resolve the debt; it will require more capital market power.
Andrew* (IoTeX):* Hello everyone, my name is Andrew, and I am the head of IoTeX for the Asia-Pacific region. I mainly lead the development of AI + DePin, and IoTeX is committed to bridging the data connection between smart devices and blockchain, promoting more data landing applications, and creating an open ecosystem.
I find Trump's crypto policies to be more lenient compared to Biden's era. Trump promised to support the crypto industry before taking office, which means we are entering an era of relatively lenient crypto policies. There are many high-level supporters of crypto within the Trump administration; for example, many key figures from the crypto field attended the dinner yesterday, including executives related to AI policy.
In the future, Trump may establish a crypto committee to help promote policy implementation. This committee could include about 20 members responsible for formulating and promoting updates to crypto policies. If he does this, it would be a positive move. At the congressional level, Trump faces certain challenges, but he still has significant decision-making power. In the short term, he will further promote relevant policies in the blockchain and crypto fields. In the medium to long term, he may focus on how assets like Bitcoin can be integrated into the U.S. financial system, especially considering the possibility of using Bitcoin as a reserve asset.
Overall, Trump has the potential to advance the legalization process of cryptocurrencies, and if these policies can be implemented, they will have a significant impact on the global crypto market.
JOSIE (GMGN): Hello everyone, I am JOSIE, the CMO of GMGN, and I am glad to be invited to participate in this space today. Regarding the previous guests' sharing, I would like to add a point. Recently, Trump has made some moves on the Solana chain, where he and his wife issued meme coins, which led to a surge in Solana's price and caused significant fluctuations in Bitcoin's price. From GMGN's on-chain data, the number of holders of Trump coins has exceeded 800,000, and many new wallets have joined, indicating that under the guidance of a national leader, more and more outsiders are beginning to participate in the cryptocurrency market.
From this on-chain data, it appears that Trump is actually testing the crypto market's support for him through the issuance of coins. By issuing coins and observing the market's reaction, he can gauge the crypto industry's attitude towards him and the positive response to his statements and policies in the crypto field.
Trump's actions demonstrate the support of the cryptocurrency industry and the high expectations people have for the promises he has made. For instance, his increasing holdings in cryptocurrencies and the potential for Bitcoin to be used as a national strategic reserve are very likely to be fulfilled. Although he may need time to transition in adjusting regulatory platforms and changing regulatory personnel, overall, these commitments are achievable.
As for the upcoming market trends, I personally believe it is a very favorable state. As everyone has noticed, the recent market fluctuations have been very intense, especially after Trump issued coins, leading to more outsiders joining the market, suggesting that the bull market of 2024 is nearing its end. However, due to Trump's policy commitments, 2025 may trigger an even larger bull market. I am very optimistic about future market trends, especially in the context of his promotion of cryptocurrency development and policy support. Currently, Bitcoin's price fluctuates between $10,700 and $10,800, and I believe there is still room for growth. Of course, this is not investment advice, but I believe the market will continue to develop positively.
Phyrex: From a fundamental perspective, Trump's interest in cryptocurrencies is very high. The new leaders of the CFTC, SEC, and other regulatory agencies have a strong interest in cryptocurrencies, many of whom have previously participated in crypto projects, exchanges, or have relevant experience. This is different from the previous administration, as Trump's team has extensive experience in the cryptocurrency space, which raises high expectations for Trump's future policies and actions.
From the perspective of market cycles, the three months following the U.S. elections are usually a peak period for the market, not only due to the presidential inauguration speech and the heat of taking office but also including some emotions and market fluctuations after the election. If we disregard other factors, the heat during this phase itself may bring some benefits to the entire crypto market.
Additionally, Trump's own coin issuance event is also worth noting. Although some people have made money from Trump and his family's coin issuance, this may not necessarily be a good thing for the entire ecosystem. Especially, some legal professionals in the U.S. are not optimistic about the Trump family's coin issuance. I personally believe that Trump may avoid discussing or involving himself in his family's coin issuance issues, possibly allowing his son and wife to participate in such matters. If his family indeed wants to make certain adjustments through cryptocurrencies, it could trigger new changes in the market. As the cryptocurrency industry becomes increasingly complex, Trump, as a businessman, is likely to leverage this situation to extract more benefits.
Moreover, some lawmakers have proposed that the U.S. government purchase Bitcoin as a strategic reserve. I personally believe this is unlikely to be realized. If a certain amount of Bitcoin is purchased each year, the likelihood is very low, as the funds for U.S. oil reserves and gold reserves have already consumed a large amount of resources, leading to significant pressure for further purchases of cryptocurrencies.
Of course, the U.S. government has publicly stored tens of thousands of Bitcoins, and the undisclosed portion could also reach hundreds of thousands. If Trump can indeed make the U.S. adopt Bitcoin as a strategic reserve, it may not directly impact the market, but if other countries see the U.S. doing so, they may follow suit, encouraging more countries to join the ranks of Bitcoin reserves, which would have a positive impact on the market. This also brings about a trend: more and more countries, like El Salvador, are starting to include Bitcoin in their national reserves. If this trend can continue, it may encourage more countries to hold Bitcoin, further enhancing its value and market influence.
From the perspective of the three major market tracks, the current market distribution is also quite interesting. First is the Bitcoin-related ecosystem, including Bitcoin itself and related mining companies, ETFs, etc. As Bitcoin's price rises, these companies and projects will also experience growth. The second track is Ethereum and its derivative altcoin ecosystem. Currently, although Ethereum has shown some performance, the inflow of funds is relatively low, and market sentiment has not fully exploded. The third track consists of emerging projects primarily based on Solana, which have attracted a lot of funds, especially in the wave of decentralized exchanges, where market participants are more inclined to invest in these emerging chains.
Overall, the current market still lacks its own driving force. While the trends of Bitcoin and Ethereum are indeed important, without policy or external factors driving the market, it is difficult for the market to develop solely based on its own liquidity and trends. The current market sentiment relies more on external factors, especially the acceptance of cryptocurrencies by policies and the market. If liquidity is insufficient, the market may become a typical PVP (player versus player) market.
Therefore, expectations for Trump are very high, especially if he mentions cryptocurrency-related content in his inauguration speech, even if it's just a sentence or two, it could have a significant impact on market sentiment. Particularly, if Trump can release relevant laws or policies after taking office, it will further boost market confidence. If these things happen, market sentiment may continue for weeks or even months, and regarding subsequent developments, we still need to observe the procurement season and other policy dynamics. In short, Trump's actions after taking office will be one of the market's focal points.
Kiwi* (OKX Ventures)*: I think Ni Da has already spoken very well. Trump's policies are no longer the key; what matters is the impact of the digital currency he and Menila launched on the industry. One possible trend is the decline of altcoins. This means that assets previously supported by VCs and others may lose their actual value, and we may see a compliant asset issuance model in the future, where anyone can issue coins. Recently, I have heard friends from JPMorgan and Goldman Sachs asking how to purchase related assets, and even some government officials have consulted me for buying advice. This reflects the high attention of emerging markets to digital assets.
If we look at it from a cyclical perspective, the strong will become stronger, and many altcoins without institutional support, funding, or government backing are destined to disappear. For certain assets, we may need to abandon our fantasies. Another interesting trend is that after Trump launched the digital currency, people from all walks of life globally, including large companies and well-known figures, can boldly issue assets and raise funds for new projects under the new regulatory framework. This indicates that a new asset issuance paradigm is being born.
In addition, there is a noteworthy piece of data. The status of exchanges is changing, and the pricing power on-chain is gradually shifting. For example, the trading volume of Trump coins has reached 10% of the daily trading volume of Nasdaq, marking a gradual transfer of pricing power from traditional exchanges to the blockchain. While the market may welcome a new bull market, VCs need to think carefully about how to participate in this wave of asset creation. For every participant, it is important to engage correctly in the market, but I personally hold a cautious attitude towards the recent market trends; risk control remains the top priority.
Ducking (DUCKCHAIN): Thank you for the host's invitation. The previous speakers have already provided very detailed insights on both macro and micro levels, so I won't repeat them. Through this iconic event with Trump, the industry is filled with confidence for the future. At DuckChain, we are primarily focused on building an AI-supported EVM-compatible chain based on the Telegram and Tom ecosystems, aiming to provide a smoother and more user-friendly experience for on-chain interactions, especially for novice users. We believe that with the help of AI technology, interactions on-chain can become more efficient and convenient across DeFi, gaming, and other fields. Additionally, we recently successfully completed a round of strategic financing, with OKX joining as a strategic investor, and we are very grateful for this support. Finally, regarding future market trends, we maintain a very positive outlook and look forward to continuing in-depth exchanges and learning with all of you.
ChainCatcher:* Everyone has talked about** Trump's official memecoin; when did you first pay attention to this matter? Did you participate? Then, can you summarize your view on this meme** in one sentence?*
Yuyue: I saw the tweet at 10:15 and participated immediately, then I shared it in the group and threw the CA in the group, and then I rushed in. Looking at the future market, I think it looks very good and is going to new highs.
JOSIE: First of all, I want to especially thank everyone for the successful launch of TRUMP by GMGN. Due to the high market heat, the entire technical platform faced tremendous pressure, but we expanded the server capacity tenfold in advance to ensure we could handle the traffic pressure brought by the launch of Trump coins.
The issuance of Trump coins not only ignited the market but also brought considerable returns. According to current data, the number of Trump coin holders has approached 850,000, and many early investors have achieved good returns. Some who got in early have seen significant profits, and the wallets I am watching have also yielded very good results, reaching a small target. This is because there is such a market trend, with a new narrative like meme emerging, regardless of whether there are any underlying application scenarios or so-called value investments; the meme season has arrived and is continuously expanding, with market capitalization also growing.
In the future, we will launch a series of new features, such as monitoring information on Twitter to promptly push updates on Trump or related family members' dynamics, helping users follow market hotspots more quickly and achieve precise trading. Additionally, we are developing features like automatic selling and phased profit-taking and stop-loss to further optimize the trading experience. We remain optimistic about future market trends, especially regarding potential actions from the Trump family, which we will closely monitor and provide relevant features and services at the appropriate time.
Phyrex: Regarding memes, I may still be in the beginner stage compared to some seasoned experts like Yuyue and Andrew, who have conducted in-depth research in areas like AI. My focus is more on trend analysis, particularly making reasonable predictions about the overall market development trends, so I do not have particularly clear expectations regarding specific prices.
From my trading philosophy, I place more emphasis on changes in trends, so I tend to observe and study the overall direction of the market. The event of Trump issuing coins, regardless of its specific application scenarios, has actually opened new avenues for many politicians, entrepreneurs, and even some influential figures. In the past, many may have refrained from attempting to issue their own coins due to moral or legal constraints, but if this path can be successfully navigated, more political figures may participate in the future.
For example, if a historic figure like Obama were to initiate a digital currency supporting the Black community, it would undoubtedly attract significant attention and support; similarly, female political figures like Harris might seize this opportunity to promote more women's rights. The participation of politicians in these potentially lucrative market tracks will greatly advance the further development of this field.
In my view, the meme* track has strong resilience whether in a bull or bear market*. Even in uncertain market conditions, as long as the correct angle is found, it can still maintain strong growth. Therefore, I believe the meme track and the Solana chain will still have great potential in future market developments, especially under the guidance of user sentiment and market demand. In contrast, BTC, as a mainstream digital asset, although it has certain supportive strategies, presents a higher barrier to entry for most ordinary investors. The cost of buying BTC is high, and purchasing U.S. stocks also poses natural obstacles for many. In comparison, the meme track provides more opportunities for participation and is easier to popularize, especially among retail investors.
Moreover, the liquidity issues currently faced by altcoins are also a significant challenge that may be difficult to resolve in the short term. Therefore, the true revival of altcoins may have to wait until 2026 or later, when global monetary policies begin to shift towards easing and interest rates decline, potentially ushering in a new cycle.
Overall, the current market cycle may primarily focus on the BTC and meme tracks. Regarding the future, I believe we need to better understand these trends and prepare in advance to respond to the arrival of the next cycle.
Kiwi: I completely agree with your point. The compliant forms of coin issuance you mentioned for the future, as well as the maturity of on-chain assets, are indeed very important trends. The event of Trump issuing coins is not merely a market craze; it signifies the emergence of more compliant coin issuance and legal forms. The "compliant fair launch" model you mentioned is essentially an upgrade to the existing market, allowing more traditional investors, institutions, and projects to enter the blockchain world with greater peace of mind, thereby driving more capital and innovation into the space.
In this regard, those VC projects you mentioned or those that have previously raised funds on platforms like Binance may indeed consider issuing coins directly on-chain in the future, avoiding cumbersome intermediary steps and compliance issues. Moreover, on-chain asset launches are no longer exclusive to a small circle but are gradually evolving into a public, transparent, and compliant asset issuance channel, similar to Nasdaq or traditional stock markets, where investors can enjoy higher transparency and liquidity. The rise of this trend will undoubtedly lead more projects towards openness and compliance, further promoting the maturity of the entire market.
Regarding market participants, this cycle is indeed completely different from previous cycles. In the last cycle, those who made money were primarily players engaged in mining and trading K-lines, while the winners in this round are mainly those P small and P large players, whose preferences and trading patterns have actually driven different rhythms in the market. Especially as the dominance of the Asian market becomes increasingly prominent, for instance, the time period from 6 to 10 o'clock is entirely led by Asian investors. This also indicates that the structure of global investors has fundamentally changed.
Not only that, but as these players accumulate wealth, their models and strategies will also influence more new entrants, gradually forming a virtuous cycle. This means that the future market will no longer be limited to being hot only during "bull markets," but rather, on a more stable basis, on-chain trading volumes and market activity will continue to be sustained.
The forms of on-chain asset issuance and trading are becoming increasingly mature, attracting and retaining sufficient participants whether in bull or bear markets. Moreover, the influx of these new players and capital means that the market will continuously be driven by innovative and diversified demands, and future cycles may see a more diverse range of asset types and trading methods.
In summary, I am also very optimistic about the trend of on-chain asset launches, especially under the dual impetus of compliance and innovation, the future on-chain market will be healthier, more transparent, and will attract more players to enter.
Ducking: The changes in the meme ecosystem and community culture are indeed a major highlight of the current crypto market. Memes have transcended the simple zoo or "chaotic rush" of the 1.0 stage, gradually entering a more mature and systematic 2.0 stage. Now, memes are not just an IP symbol; they carry immense community power and cultural value, becoming one of the core driving forces of the entire ecosystem.
Especially in the current crypto market, the power of the community has become increasingly important. People's understanding and emotions towards memes have surpassed mere trading behavior, forming a stronger consensus and sense of belonging. This "faith value" is actually very crucial; it determines the behavior habits of holders and their loyalty to projects—when a community member resonates sufficiently with a project or asset, they are less likely to easily sell their tokens and are more willing to participate, driving project growth.
Additionally, as community culture matures, the perspectives of project parties and institutions are also changing. In the past, many project evaluation criteria may have focused more on technology and market indicators, but now, community activity, emotional changes, and user participation have also become very important evaluation factors. Especially this "emotional value" is increasingly seen as one of the key points for a project's success. Investors and institutions are not just looking at numbers and data; they are also sensing the enthusiasm and driving force hidden behind the community. This change indicates that the crypto market is moving towards a more mature and healthy direction.
The evolution from animals to celebrities to AI also fully illustrates that the market's understanding of IP is continuously deepening. From the duck IP on Telegram to the broader elements of celebrities and AI today, the cultural attributes of memes and the range of participants are constantly expanding. This diversification trend will greatly enhance the recognition and acceptance of memes in the global market.
With the integration of these emerging community cultures and values, the market potential of memes is enormous. Moreover, as more project parties and VCs begin to pay attention to the influence of communities, the market's liquidity and the direction of capital flow will also become more stable and healthy. As these trends continue to deepen, I believe more interesting and meaningful innovations and opportunities will emerge.
Andrew: I would like to share my thoughts from the perspective of product issuance. Recently, during a business trip, I noticed some dynamics in the market, especially the price fluctuations of certain coins, which initially caught my attention when the price was around $20, immediately triggering an impulse to invest. Unlike the previously discussed logic of the crypto market, this new perspective made me reassess the changes in the market.
Especially with the recent widespread discussions about memes, I believe they represent an asset form in the market that can accommodate diverse consensus. They act like a container that can reach a broader cognitive field. The success of this project is not limited to a specific region; it resonates in both the East and West. Taking "president issuing coins" as an example, it is not only an innovative move but also breaks the boundaries of the traditional financial system, allowing global users to participate. This sense of global participation and creativity makes this phenomenon very interesting.
From a trend perspective, I believe the logic and market dominance of meme coins are constantly changing. In addition to meme coins, AI is gradually becoming an important driving force in the market. Therefore, we are also trying to combine low-frequency trading with AI to explore new gameplay and scenarios. We are continuously learning how to engage new user groups and integrate them into this trend. At the same time, we are focusing on how to leverage existing capital and user attention to promote the sustainable development of new projects. Moving forward, we will continue to explore this field and provide relevant explanations. I remain optimistic about the future market, especially regarding the trends in the crypto market.
Lucio: Although there are many optimistic voices in the current market, I believe the situation is not as optimistic as it seems. Specifically, I bought in when the market cap was around 20 billion and the price was over $20. At that time, I expected the price to rise to around $50, but unexpectedly, the price quickly approached $80, even trending towards $100. However, I do not think this is a good thing.
The issuance of coins by Trump makes me uneasy. He quickly attracted a large number of new users and market funds by leveraging his influence and fan base, especially through this "market penetration" approach. However, market liquidity is limited, and this practice is not healthy. By issuing new coins, he attracted a lot of funds, but the flow paths of these funds are also clear—most of the funds may remain on-chain or flow into areas he controls, rather than entering other ecosystems.
Especially after he launched the new coin, tokens in other areas generally fell, except for those related to Solana. This makes me feel that some believe he has a longer-term plan, but I think most may be overthinking it. Then, his spouse also launched a new coin, and subsequently, relatives and friends around him, even people within the government, may follow suit and extract funds from the market. This behavior gives me a glimpse of a "Trump family launchpad," even becoming a token issuance platform for the "American government." This is clearly not a positive signal.
What is most concerning is that these new users are entering the market late, and as the heat gradually fades, they will face losses, especially when market liquidity struggles to expand further; these users' funds may find it difficult to yield returns. We can refer to the previous round of hype around Musk's Dogecoin, especially at the peak of the historical price of Bitcoin. This time, I believe the decline in Bitcoin will not be as severe, but the performance of other altcoins will stabilize, with most likely hovering in place, waiting for the next wave of market activity.
ChainCatcher: The next question revolves around what trading opportunities still exist regarding meme, such as in wallets and launch platforms. We hope everyone can expand on this discussion.
Yuyue: I believe that, aside from meme coins, there are indeed some secondary market opportunities worth paying attention to. As the teachers mentioned, in the context of consensus formation, the market will not be as simple as expected, so it is necessary to explore other potential opportunities. For example, Radium, as a basis for distributing liquidity pools, has shown alpha returns far exceeding the overall market as the market rises, which is a clear opportunity for the secondary market.
Another example is Jupiter. Jupiter is the exchange rate node platform used by almost all BOTs and has gained considerable revenue through e-commerce transactions. Its advantage in mastering trading discourse power allows it to perform well in the market, making it worth watching.
If we talk about opportunities beyond meme coins, we can focus on projects like Radium and Jupiter. Additionally, I am very optimistic about the Solana coin. From the perspective of the competitive landscape in the supply chain, I believe liquidity will concentrate on chains with stronger performance in the future.
From this perspective, certain chains may face liquidity issues, especially those at a disadvantage in competition. In this market round, although they may enter exchanges through various means, their coin prices may not be ideal and could even be eliminated. I think these possibilities exist. Ultimately, after the dust settles, what remains will still be those projects with practical applications that provide stable income. Especially, it may be said that only through expectations like ETFs can they survive.
JOSIE: I believe that, aside from meme coins, opportunities on the blockchain are also constantly changing. For example, the current on-chain PVP gameplay is no longer suitable for all users, especially for phenomenon-level projects like TRUMP, which can weaken the impact of PVP, allowing more ordinary users to participate in on-chain trading and lowering the entry barrier. Future projects that can reduce the presence of such gameplay may benefit more users, especially newcomers to the market.
In addition, I also suggest paying attention to some practical applications related to blockchain, especially in the AI agent field. In the process of combining blockchain and AI, underlying technologies and applications may yield significant results. The blockchain industry is essentially a rapidly developing field, and we need to adopt a more positive attitude towards these changes rather than harboring biases. For the entire CEX exchange, integrating many coins to launch projects is essential. For DEX, on-chain trading competition will not be about resources but about product experience.
For example, certain trading platforms provide better services by integrating various resources, and this model may drive the value growth of platform coins, similar to the early development of Binance and OKX. Early participants in these platforms may receive relatively stable returns later on.
Overall, the value of on-chain trading platforms far exceeds the benefits that a single project can bring. By participating in these platforms, users can gain more opportunities, especially early supporters of some platforms may receive additional rewards. For instance, the Fat Penguin NFT airdrop is an example that rewarded users who had traded on-chain.
Finally, as more young users join, the market's demand for fresh blood and new gameplay will continue to increase. In the past, many people looked down on meme coins, but today's market hotspots often lie in these areas. The younger generation of users is more focused on whether they can make money from it rather than being overly concerned about the underlying logic. Therefore, we need to adopt a more open mindset to embrace new changes and opportunities, especially early participation, which often leads to unexpected returns.
Andrew:
Regarding market opportunities surrounding memes, I think we can focus on several directions. First, ICOs and other similar asset issuance methods, such as reissuing assets through new methods, bring new opportunities and gameplay to the market. Especially the issuance of assets through DApps can issue new contracts more quickly; although this method carries higher risks, it can also generate significant market reactions in a short time. I look forward to seeing more innovative issuance methods that can provide opportunities for different market groups, particularly in the DApp ecosystem. Additionally, regarding the infrastructure development of the crypto market, investments in infrastructure made by some platforms are also key areas we need to pay attention to. We should maintain an open mindset to explore different gameplay and models, as new opportunities arise in the market every day, and the key is whether we can seize these opportunities.
Overall, the current market is full of changes, and opportunities are everywhere. As long as we maintain flexible thinking and seize the moment, we can gain an advantage in the competition.
Lucio: Regarding whether Trump's issuance of coins can open a new super cycle, I personally think it is unlikely. This seems more like a peak of a cycle rather than the beginning of a new one. New cycles are usually driven by new technologies or trends, similar to the rise of AI and other fields. Trump's issuance of coins feels more like a large-scale market event rather than the start of a long-term trend.
However, if the market continues to improve, it would certainly be good for everyone. In the current market, users with a certain sensitivity to on-chain operations can still profit by following projects like meme coins. As market enthusiasm increases, many new projects will also emerge, providing new opportunities.
With Trump's administration gradually relaxing regulations, some RWA projects may also see opportunities, especially as some teams are quietly preparing such projects. I believe the potential of these projects is worth paying attention to.
Finally, tools and platforms related to cryptocurrencies, especially those that combine AI for on-chain data scraping and analysis, will also have significant development space. Opportunities in these areas should not be overlooked.
ChainCatcher: Trump's issuance of coins* is** a very out-of-the-box event, often able to drive new funds and market sentiment. However, the wave of opposition has been even louder, ***for example, **on-chain trading has drained liquidity, putting pressure on other coins. What do you think are the reasons for this polarization?
JOSIE: I personally believe that Trump's rise to power will not directly open a super cycle but will bring compliance challenges to the entire cryptocurrency market. As the market gradually becomes compliant, this process is inevitable, especially as the Trump administration's friendly attitude towards cryptocurrencies gradually becomes apparent. I believe this will spur a new bull market in 2025. In 2024, aside from Bitcoin's halving cycle, the overall market lacks more supporting factors, and changes in Trump's policies may become an important factor driving market growth.
For users in the crypto industry, especially practitioners in the Chinese-speaking community, this process is full of challenges. Although the market will develop rapidly under U.S. policy support, keeping pace with the U.S. market has become a significant challenge for Chinese-speaking users. However, this also brings more opportunities, especially as compliance advances, which may provide new policy support and development space for entrepreneurs in the Chinese-speaking community.
For investors who have already gained from the crypto industry, I advise them to pay more attention to risk management and avoid overly relying on leveraged trading as in the past. While contract leverage can amplify returns, it also easily leads to risks like liquidation. For new users, aside from understanding market trends, the most important thing is to learn the basics of WEB3 and security measures. For example, how to prevent phishing attacks and ensure asset security. Recently, there was a case where a user lost assets due to an operational error by sending funds to the wrong contract address. This incident reflects the lack of security knowledge among new users and reminds everyone that basic security awareness is essential during trading.
At the same time, in recent years, security incidents like FTX have highlighted the importance of security issues on crypto platforms. The GMGN platform has prioritized security to ensure the safety of user funds during transactions. We have also strengthened risk control measures and made significant optimizations in product innovation and user experience, enhancing trading speed and accuracy. Overall, the future crypto market will place greater emphasis on compliance and security. In this process, not only do market participants need to enhance their security awareness, but platforms themselves must also continue to innovate in risk control and technology to ensure the safety of user funds and trading processes.
Lucio: BTX Capital conducted an analysis of the holdings of TRUMP holders, including market makers, whale wallets, and wallets related to Trump. We found that the token holdings are highly concentrated. Additionally, based on trading behavior analysis, traders are divided into three categories: small traders, medium traders, and large traders. Among them, medium players dominate over 5% of the trading volume, but according to the frequency of on-chain operations analysis, the overall trading volume is still concentrated in a smaller range.
Despite some whales buying in at this time, many whales have also begun to execute their selling plans. Overall, these operations have affected market liquidity. We also analyzed the addresses with the most dividends and the top holders. Although some liquidity has been injected on-chain, this has not changed the dominant market structure. Many over-the-counter investors often start to incur losses after entering and ultimately choose to cut their losses and exit. Only a small number of investors will continue to research other projects and tokens.
Every round of liquidity injection seems to bring some hope; however, the reality is that large holders and whales use this time to sell off their tokens, further undermining market stability. Therefore, although the market appears to welcome liquidity injections, this liquidity is often ultimately controlled by large holders.
As for the Trump administration's support for the crypto market, although his policies may sometimes fluctuate or his statements may be somewhat vague, I believe his support for the market still has a certain positive effect. Although the policies are not clear enough, they still have some influence in the long run.
ChainCatcher: The last question. Although the Trump administration's friendly attitude towards crypto will act as a catalyst for the entire industry, there are indeed certain peculiarities in the Chinese-speaking crypto community. Let's look ahead to what opportunities and challenges the Chinese-speaking crypto community will face in the future. We especially hope you can share some insights from the perspective of Chinese entrepreneurs/participants.****
JOSIE: Regarding this question, from the perspective of Chinese entrepreneurs, the Trump administration's policies are relatively friendly, which is positive for some industry practitioners. However, Chinese entrepreneurs still face the challenge of how to promote development within the industry. Although the current policies led by the Trump administration seem beneficial for industry development, as Chinese practitioners, we cannot rely entirely on external forces; instead, we must ensure that the industry develops in a direction that aligns with the interests of Chinese entrepreneurs through individual or organizational efforts. Therefore, the Chinese-speaking community needs to assess the current situation more rationally and respond accordingly when facing industry challenges.
Currently, there is still a certain disconnect between the Chinese-speaking market and overseas markets. Chinese users tend to support Chinese projects, while overseas markets have formed different circles with little overlap between the two. Only projects with strong market certainty can create some penetration between the two. The Trump administration's policies have indeed played a role in promoting compliance in the crypto industry, which we have long anticipated. However, from the perspective of Chinese practitioners, we should not rely entirely on U.S. policy direction, especially not allow the U.S. government to dominate the development of the global crypto industry.
Regarding the policies of the Hong Kong government, we are relatively optimistic. The Hong Kong government has consistently held a positive attitude towards the capital market, and it is expected that in the coming years, the Hong Kong government may introduce more friendly policies, especially regulatory measures targeting the crypto industry. Therefore, the Hong Kong government may attract more Chinese practitioners, and even some regions in Southeast Asia, such as Singapore and Dubai, have become focal points. In the future, the Chinese-speaking crypto industry may form a relatively independent circle, which is particularly evident during bear markets, as practitioners tend to support each other more during market downturns.
Overall, although the policy changes from the Trump administration bring certain opportunities, Chinese practitioners still need to rely on their own efforts to find paths that align with their interests. I am optimistic about the possibility of the Hong Kong government introducing more friendly policies by 2025 and look forward to these policies creating more opportunities for Chinese practitioners.
Lucio: The two scenarios you mentioned regarding the Chinese-speaking crypto community after regulatory relaxation are indeed important issues currently facing the crypto industry. On one hand, regions like Southeast Asia, Hong Kong, and Singapore are gradually embracing the crypto market, which undoubtedly provides a positive environment for the long-term development of the crypto industry. The relaxation of regulations helps attract more projects and capital into the market, while also increasing liquidity and market depth, which are crucial factors for the sustained growth and maturity of the crypto industry.
However, on the other hand, with the relaxation of regulations and the gradual opening of the market, the emergence of "meme coins" and some projects launched solely for short-term profit can indeed impact the reputation and sustainable development of the entire industry. The occurrence of this phenomenon often makes the market more bubble-like and may even attract some irresponsible developers and investors, leading to the neglect or marginalization of valuable projects within the industry. The disappearance of the "original intention of the crypto community" is, in fact, a risk that cannot be ignored, as more developers shift towards short-term profit projects, posing certain challenges to the healthy development of the entire industry.
However, this is unavoidable. Every industry experiences certain ups and downs during its development, and truly valuable projects and teams will ultimately stand out through the market's scrutiny. The industry needs the strength of teams that persist in supporting quality projects, injecting liquidity, and improving implementation management. Maintaining the original intention and continuing to grow alongside major projects is crucial, as it not only helps inject long-term stability into the market but also aids in the sustainable development of the industry.
Looking to the future, continuing to focus on and support truly valuable and promising projects while avoiding blind following is a core mindset that every industry practitioner needs to maintain. As for in-depth research reports and testing releases, they are also excellent ways to provide investors and industry participants with more professional perspectives and decision-making support.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
