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BTC | ETH
Opinion on my own

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@amyincrypto @lifesinger Youmind 用著效果不錯，就是燒token極快。不到幾天用完，最後還是要回歸ChatGPT 訂閱，耐用很多，ChatGPT最近也多次給用戶重置額度，而現在Luna也大幅減價，更令我感覺用不起YouMind，每次想用也不太敢...

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@D2_Finance Legendary 🏆

[Makima @0xMakima_]

oh @CapApp points program is only going to give out the full airdrop to YT holders because "we have to make YT holders whole"?

https://t.co/OCgODbVkWg

let's see who is their largest YT buyer.. ah its 0x23d0f8944468F79FB06850c136a0E6B3Ee4a450F! 19m YTs bought over 21-28 dec

which turns out to be "@QiDaoProtocol Working capital account 2" aka founder @Benjamin918_

this is pathetic, you have got to cover your tracks much more thoroughly. i am happy to offer you a lesson for $4.2m cUSD

i typically am only slightly suspicious of projects buying their YTs but basically pocketing the whole airdrop is actually a first

@apyx_fi watch and learn since you have such a massive supply of YTs

ICO committers really just put $ in the @CapApp team's hands (@Benjamin918_ and @defidave, surprised at the latter who i thought was upright, guess not)

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@D2_Finance @joejoedefi @arkham 😅 fade D2 at ur own risk

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https://t.co/s3bifiFUxQ

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@leto_bao 此策略有2點要注意

https://t.co/LrsGMpctPA

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https://t.co/sTd3hdQsTR

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@leto_bao Mark Spitznagel 的 Universa 尾部风险对冲策略

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探究字節3000萬哥的期權玩法，大家只著重末日期權的一部份，其實他還有不少其他期權策略。

Universa 是他的另一招:

https://t.co/Zi7fAQAFvn

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https://t.co/sTd3hdQsTR

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https://t.co/sTd3hdQsTR

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@degennQuant @norbertbodziony @Cbb0fe @hyperbeat Is it 1:1 no slippage for USDC to USD?

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For investors:
$STRC looks like a stable, high-yield (~11.5%) asset that trades near its $100 par value.

For the issuer:

It’s a powerful perpetual capital-raising tool.

They raise $100 with no obligation to repay principal,

pay only a variable non-guaranteed dividend,

and use the funds to buy more Bitcoin.

The entire purpose of $STRC is to take money from investors to fuel Strategy’s Bitcoin accumulation strategy, not to give money back via redemptions or heavy price support.

Expecting the company to consistently buy back shares to defend the peg goes against the original design.

It’s flexible funding for them, not a traditional fixed income product for you.

NFA

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$STRC 不是債，是股。

Strategy 沒有任何義務去贖回$STRC或保證它價格$100，也不需要去還由此而籌到的錢。

持有者用$100 買 $STRC, 它每年派11.5%利息。

但這11.5%的利息錢從何來？

可以是由新的$STRC買家所付的錢而來(ponzi ?）

可以是由賣$MSTR普通股而來，

也可以由賣持有的$BTC而來。

但 $MSTR 普通股怎樣來的？
印出來的，免費

Strategy持有的 $BTC 怎樣來的？

由賣$MSTR普通股所籌的錢而買來的。

由賣$STRC股(及一眾其他相關的優先股)所籌的錢而買來的。

由發行低息可換股債券所籌的錢而買來的。

這個Flywheel真是...
像極了幣圈的所有Flywheel

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Below $80 in previous trading day

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$STRC will go below $80?

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https://t.co/xC2lDIyEhp

We keep seeing the same mental shortcut in crypto:

"If you're bullish on BTC, you should be bullish on XXX BTC derivatives."

This logic has cost people more Bitcoin than bear markets ever did.

My thought why the cleanest trade is often the one sitting right in front of you:

bitcoin:native

If you believe in Bitcoin, buy spot BTC and hold it.

Not BTCFi.
Not inscriptions.
Not BTC-backed unstable stablecoins.
Not wrapped yield-bearing synthetic versions of wrapped synthetic versions.

Just cold, boring, self-custodied spot BTC.

Here's why the alternatives keep failing the risk/reward test.

We've now run the full cycle on BTC yield strategies:

BTCFi lending → protocol exploits
Inscriptions → liquidity dried up
BTC-backed stables → depeg events

Every single one asked you to take on smart contract risk, operational risk, and counterparty risk...
all for a non-guaranteed yield.

The asymmetry is backwards.

$STRC is not a bond.
It is equity.

There is no guaranteed redemption.
There is no floor.
The only way out is finding someone willing to buy your bag at $90, $80, $70, or $50.

You are handing over your principal,
your scarce, hard-earned Bitcoin exposure
in exchange for a yield promise that can disappear overnight.

The uncomfortable truth:

You don't need to outsmart Bitcoin.
You just need to not lose it.

Every layer between you and your spot BTC is a layer of risk you are being undercompensated for.

Sometimes the alpha is doing nothing.

Not financial advice. DYOR.

[Apyx @apyx_fi]

$STRC is going higher and there is nothing you can do about it.

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@einser @YouAreMyYield @D2_Finance @einser Absolute legends for spotting this with details back in Apr 🫡

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Shoutout for being the first to flag this on my timeline. Thank you @YouAreMyYield

[USD Denominated @YouAreMyYield]

Exit Alpha USDC Delta V2 on Morpho immediately! It has 17M exposure to the msY (Main Street Yield) market. This market is fully utilized for a couple of days already, with borrowers paying 100% apy. Strangely, big borrowers aren't repaying. msY is an off-chain strategy that promises 12% doing a 'box spread'. No way to check under the hood here. Take the liquidity and leave, ask questions later.

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$BTC 11、12萬時Strategy有超過70年BTC儲備去支付$STRC利息，怎麼現在只有32年？

再跌一半時，那時候就要說有16年了。

問題是，你老哥持幣那麼多，怎樣一次過卸那麼多貨呢？

你賣那麼一點兒，市場已經嚇到滿頭大汗了...

你還是盡快想想辦法如何令$STRC回歸或貼近$1吧

[Strategy @Strategy]

We have 32 years of dividend coverage through our $BTC Reserve.

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幣圈最常見的劇本：
低流通量 → FOMO 拉盤 → VC 解禁 → 散戶接盤

$SPCX SpaceX IPO 完全一樣：
• <5% 流通量
• Nasdaq 為它刪掉指數門檻
• QQQ 被動基金被迫追買
• 10 天漲 30% 觸發解禁

自以為穩健投資的Index ETF investors，成了 Exit Liquidity。

最大的 Memecoin 不在 Solana，它在 Nasdaq。

https://t.co/bABOzw3nlx

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https://t.co/gpfK13uns0