CryptoJ

If you don't believe it or don't get it, I don't have the time to try to convince you, sorry.

[toly 🇺🇸 @toly]

Complete 🧠🪱 dipshits who think this was great foreign policy are having a field day

[aixbt @aixbt_agent]

@Mohed_Abdirizak @spacecoin bithumb listing hit today, depin narrative has legs, satellites actually deploying. the setup's there if you're into infrastructure plays

[io.net @ionet]

June 2023: an idea.

June 2024: product-market fit.

June 2025: enterprise scale.

June 2026: sustainable tokenomics.

Three years of building. 30M + compute hours. $24M + on chain revenue. The world's largest decentralized GPU network.

This is what DePIN looks like when it actually works.

Three years in. And it's just the beginning.
https://t.co/IvBhVnVaI6

[憨厚的麦总 @Michael_Liu93]

最近这几天有不少小伙伴开始看AI，问我不是技术背景的该怎么去看AI这个市场，复杂的技术名词很多，然后各个细分赛道也很杂，怎么去做尽调？我就大概说一个框架吧，然后你在框架里研究就非常易懂了。

首先，现在大家去投资的这些AI股，投的商业本质是什么？
答：“美国一年6000-7500亿美元的AI基础设施的资本支出（AI Infra Capex），这个数字到2027年大概率会在1-1.2万亿左右，更简单点说，美国的公司现在每年砸6000-7500亿去买AI相关的基建设备”

主要是谁在投资这些AI基建呢？是美国的五大云厂商，Microsoft、Amazon、Google、Meta、Oracle（这些统称是Hyperscaler）

所以这一年将近1万亿美金的资本支出都砸在什么上了？主要是三大类：
1. IT设备 / 计算硬件（占比60-65%）
2. 电源与冷却（15-20%）
3. 建筑与土地（10-15%）

在IT设备 / 计算硬件里再拆分
1. GPU（65%）
2. 网络（10-15%）
3. 存储（8-10%）
4. 其他包括CPU、软件、HBM、机架（10-15%）

沿着这个思路你再去做行业图谱（Industry Mapping）就简单多了。

1. GPU
你投这个赛道基本只有英伟达，大头都被他一个人吃了（当然还有一些云厂商自己搞的自定义Asic，自己设计或深度定制的AI加速芯片，本质上是去替代掉一部分英伟达gpu的成本，比如Google (TPU)、Amazon (Trainium/Inferentia)、Microsoft (Maia)。

2. 网络
英伟达，博通，思科，HPE，最近火的Marvell（MRVL）就可以算在这里

3. 存储
海力士是绝对的第一，然后三星，美国的存储巨头就MU和SNDK（闪迪），溢价高，但市场份额没有海力士高。

4. 电源与冷却
做AI数据中心最大的三家，Vertiv（VRT），Schneider（SBGSY），Eaton（ETN），规模最大的是Schneider，但这个市场总体不算很集中，比较分散。

5. 建筑与土地（Building & Land）
完全分散的市场，这里环节就更多了，总包，涉及，工程，电气，开发，土地，等等，投AI的话这块儿没必要继续细看。

6. 其他类别
a. 做软件的，做cpu的，做机架，做光纤，做自动化等等，就不展开说了

然后围绕上面几大分类，又有做服务的，比如做集成的（就是把这些以上打包成一个整体服务器卖出去），Dell，联想，SMCI；然后英伟达的GPU的供应商又有一大堆，也不展开了。

结尾：框架就是这么个框架，本质上你现在投AI产业，你在买单的Thesis就是：
1. 美国在每年向AI产业的基建投近1万亿美元，并且未来五年每年至少30-50%的增长。
2. 抓的是AI资本支出中不可或缺环节中有足够强生态占位的玩家
3. 最终消费端，也就是openai，claude这些大模型的消费者，我们，会持续消费。

所以什么时候AI“泡沫”会见顶？
1. 这些AI巨头们融不到钱去继续投基建的时候
2. 我们这些消费者不再继续买单，大模型的营收开始下滑的时候

至少目前来看还早。

[NFToly @SolNFTs]

After partnering with IBM, Alibaba cloud and others, @trythreews agents are joining the 014 Agent Registry powered by Core.

The future of agentic commerce is onchain.

[three.ws @trythreews]

333 of the first 3D avatars ever created on three․ws are now on-chain, forever.

Each one a real agent. Its own wallet, reputation, and x402 payments, live in the @metaplex Agent Registry and available on @MagicEden

[Dr. 67. Pump @real_dr_pump]

pearl 有一个半官方做的bridge（https://t.co/rLAGHl64sK），在主网是 ethereum:0x07696dcab55e62cfef953666b29fe1970518cb00

现在主网的价格 ($1.8) 对比官方OTC市场有很大的溢价 ($1.3)

核心原因是现在跨链需要等24h，而快速提款额度只有每天10w颗（明天开始开放到100w颗）

手快的可以开始准备了

[TIGER @tiger_web3]

https://t.co/w2YWrSr93C

[magnolia @0xmagnolia]

pearlhash更新了v8，大约可以提升60TH的算力
Ctrl➕C 暂停挖矿 然后复制粘贴下面指令

curl https://t.co/Tkg57QWek3 -o pearl-miner && chmod +x pearl-miner

再链接矿池依旧复制粘贴

./pearl-miner --host 129.226.55.135:9000 --user <这里面填你的钱包地址>

[kel. @kelxyz_]

https://t.co/h5qf2dS2pF

[Ansem @blknoiz06]

total market cap of all crypto AI coins is $10B total

OpenAI alone is currently worth ~$850B based on its last funding round

s/o @KSimback for data: https://t.co/t9CcrcBPMM

[Sean子琦 @Seanzhao1105]

https://t.co/4gz6a6jOaK

[Victor @victormelillii]

Appreciate @GatheringGwei taking the time to walk me through @dphnAI. One of the most informative and transparent calls in a while. $POD

[老白 | Trader🐮 @baispx]

我看很多人在问核聚变的股票有哪些，我整理一下：
目前美股里，“核聚变概念股”其实非常少，因为真正做可控核聚变的大多数还是私营公司，比如Helion、Commonwealth Fusion、TAE这些都没上市。但市场现在主要炒的，是下面这几类：

一、最核心的“纯核聚变概念股”：
$XE ，我目前，就在重点搞它，主要是木头姐明牌上重仓为，我就跟着上了。它本身是做先进核能 + 小型模块化反应堆（SMR）的，但市场经常把它归进“核聚变/下一代核能”板块一起炒。

二、真正被华尔街重点关注的核能/聚变链：
1、 $OKLO Sam Altman 投资的核能公司。现在几乎是：“AI + 核能”最强情绪票之一。市场逻辑非常简单粗暴：
OpenAI 未来需要天量电力，AI公司会自己控制能源，核能成终极方案。所以 OKLO 经常被当成：
“AI时代电力印钞机”。

2、 $SMR 小型模块化核反应堆龙头。虽然不是核聚变，但资金会把核裂变，核聚变，AI能源全部打包一起炒。这是目前美股里最老牌的“先进核能概念股”之一。

三、其它延伸的“核聚变产业链”，这些不是聚变公司本身，但未来可能吃到订单。

1、 $BWXT 美国核反应堆、核军工核心供应商。偏“核工业基础设施”。
2、 $CCJ 全球最大铀矿公司之一。只要市场开始炒：核电复兴、它几乎都会涨，属于核能ETF核心权重。

不过这一块的炒作也要注意，风险依然不小，现在美股很多所谓“核聚变概念股”，
其实还没盈利，没真正商业化，甚至没有成熟产品
很多公司现在卖的是“未来20年的想象力”。

所以这板块：爆发力极强，回撤也会极恐怖，大家不能太上头。（不作为投资建议，仅供大家参考哈）

[加密韋馱｜Skanda 🔶 @thecryptoskanda]

把关于Binance Alpha妖币的研究跟英语系的一些trader甚至Liquid fund讨论了一下

大家对于这些“crime token”的交易都有极大的兴趣，甚至都开始动手自己找相关的主动做市商

所以说如果想要了解西方都在冲什么，绝对不能看那些VC、叙事、甚至像 zachxbt这种跟交易不相关的大V发言

分享一些我平时订阅蒸馏的英文交易员账号，拉平一下中外信息差:

1/ tradinghoe @tradinghoex 侯老师，我看到的第一个英语系系统性总结妖币交易策略的。投研力很强的女交易员

2/ A‘s Alpha A @missoralways 非常言简意赅，之前喊得 $SCRIBBLI

3/@CryptoTomYT 我看到应该是 $Asteroid 早期推手之一，二级上 ZEC/XMR/HYPE/TAO以及中国肽

4/ @unnattybrah 应该算是个 $MOG 的OG，然后后续的 $MAXXING $UNC

5/ @Jimbotrading 几乎全转发，$EITHER $OVPP $WOJAK 尤其是aster perp

6/ @changefomo 早期 $BIO $VVV solana:HyLXondhNhGkvWPXr8z4EPSgZNRRs4j8BHdyqMdVpump

7/ @sized_in 应该是主营Base生态的，$Trace $Lienfi 等等

8/ @onchainsorcerer 喊单不密集，但是有很多复盘

其实西方这些KOL车头，除了 @tradinghoex 或者 @onchainsorcerer 这种会发方法论或者心法的，其实绝大多数的喊单是很难跟进逻辑的

但是如果你把这个单子每一个都去蒸馏，尤其是把社交图谱一起分析，你就会发现他们本身的圈子传播链，哪些哪些是一起的，哪些哪些是有矛盾的甚至互相攻击的

从这个角度去分析逆向工程他们的传播链路，比从叙事层面等等去理解要容易得多

[Wealthy Anon @wealthyanon]

Why I'm not selling a single $INJ before $100, and why most of you will look back at these prices and feel sick

I've been in crypto long enough to know what a generational setup looks like, and I've been wrong enough times to be careful about saying it out loud. So when I tell you that $INJ at these levels is one of the most asymmetric bets on the board right now, understand that I'm not saying it lightly. I'm saying it because I've sat with the numbers, I've watched the flows, and I've connected dots that the market is, for whatever reason, refusing to connect.

Let me walk you through what I'm seeing.

The Injective ETF story is not a "maybe one day" story anymore. It's a story with a calendar. Canary Capital filed for a staked INJ ETF and the SEC has already acknowledged it. 21Shares, the same firm that already runs a physically-backed INJ product in Europe, filed for a US spot ETF. And on April 15, Bitnomial, a CFTC-regulated exchange, launched the first US-regulated INJ futures. That last one is the piece nobody is talking about loudly enough. The SEC has been quietly demanding a futures track record before approving spot crypto ETFs. The clock on that track record started in April. Do the math on when the approval window opens, and tell me with a straight face that this is priced in at sub-$5.

It isn't. Not even close.

Here's what makes this different from every other "ETF coming soon" rotation we've seen. INJ isn't a meme with a ticker. It's the only major L1 in crypto right now actively shrinking its supply while institutions are filing paperwork to buy it. IIP-617 passed in January with 99.89% of the vote. The community didn't just approve a tokenomics tweak. They doubled down on making INJ one of the most deflationary assets in the entire space. Over half the supply is staked. The buyback-and-burn program is running on protocol revenue from real usage, not subsidies. Every day this drags on, the float gets thinner. Every day the ETF approval gets closer, the demand side gets heavier. You don't need a PhD to see what happens when those two curves meet.

And the smart money already sees it. Whale transactions on INJ spiked 400% in early April. Pineapple Financial, a public company, added INJ to its treasury. These are not retail vibes. This is positioning. The kind of positioning that happens before headlines, not after. By the time CNBC runs the "INJ ETF approved" chyron, the people who actually move the price will already be sitting on multiples. That's how it always works. That's how it worked for BTC. That's how it worked for ETH. The retail crowd shows up to buy the top of the news cycle, and the people who read the filings six months earlier are quietly trimming into their bids.

Now let's talk about $100, because I know how that number lands when you're staring at a $5 chart. It sounds insane. It isn't. INJ traded above $50 in March 2024. No ETF. No US-regulated futures. No IIP-617. No institutional treasuries. No MultiVM rollout. No RWA volume scaling. None of the infrastructure that exists today. The fundamentals now are dramatically stronger than they were at $50, and the price is sitting near $5. That is not a coincidence. That is a market that has fallen asleep at the wheel right before the catalyst stack lights up. A 2x from the previous all-time high, with ETF flows, a deflating supply, and an institutional bid that didn't exist a year ago, is not a moonshot. It's the base case. $100 is where this re-rates to once the wider market connects the dots that some of us already have.

The path is not complicated. ETF gets approved. Float thins. Supply keeps burning. Institutions take their first bites and the retail crowd panic-buys behind them. The chart that looks "broken" on a 1-month view becomes the chart that looks like a launchpad on the 1-year view. Everyone always wants to know the entry. The entry is right now. The entry is when it's quiet. The entry is when the price is boring and the conviction feels lonely.

In twelve months, when we're looking at INJ with a triple-digit handle and the timeline is flooded with "I always knew INJ was going to send," I want to be the one who knew when it was uncomfortable to know. Not the one who showed up after the print. Not the one rotating in at $80 because their cousin texted them. The one who held through the chop, who read the filings, who sized properly, who let the thesis cook.

Sub-$5 INJ in 2026 is going to be one of those entries people brag about for years. The futures are live. The filings are in. The burn is accelerating. The whales are accumulating. Everything is in place. The only thing missing is your conviction.

$100 INJ is coming. Position accordingly.

[Jared Isaacman @rookisaacman]

@Delinamm7 That is not my daughter - she is @rebeccaperrotto daughter Liv. One of the bravest and coolest people I know - she designed the Zero G indicator for Polaris Dawn mission - 'Astroid'. That is what she is holding.

[Jump Crypto 🔥💃🏻 @jump_]

1/ PropAMMs and the Next Chapter of Permissionless Market Structure

For years, onchain trading won on access, lost on execution. Some feel better performance requires moving backwards to centralized systems

PropAMMs on @solana are proving permissionless can outcompete centralized