Jiaqi Wu

Senior Partner, INERI; Board Advisor, @RWA_LTD. Fellow, MIT, Stanford & LBS Global Sloans. Warwick Executive MBA with Distinction and Exchange at SDA Bocconi.

[Jiaqi Wu @jwusln]

Bitcoin’s Nightmare: the next big winner in crypto is reletive stability, because the chart screams risk‑beta is rolling over while Bitcoin is stretched and primed for mean reversion.
比特币的噩梦：下一轮加密世界里最可能胜出的，是“相对稳定性”——全球金融风险的β正在回落，而被极度拉伸的比特币极易走向均值回归。

Look first at the white line on the left axis—the S&P 500 divided by US nominal GDP, a Buffett‑style valuation lens—which is curling down from historically elevated territory; when market value outruns the economy and then rolls over, multiples compress and the “easy beta” regime fades.
先看左轴的白色曲线——标普500相对美国名义GDP的比值，可视为“巴菲特指标”的近亲——它正从历史高位回落；当市值与宏观脱节后掉头，估值通常收缩，“躺赢的β时代”随之退潮。

Then read the orange line on the right axis—the S&P 500 total return versus gold—which has plateaued and started to roll; when this ratio stalls, leadership migrates from risky growth to a monetary haven, a classic sign that portfolios prefer ballast over thrust.
再看右轴的橙色曲线——标普500总回报相对黄金——已在高位平台后回落；这类停滞意味着市场领导权从高风险成长切换到货币型避险资产，典型地说明组合更偏好“压舱石”而非“加速器”。

Against that backdrop, the magenta curve—Bitcoin on the far‑right scale—goes near‑vertical, the textbook geometry of “stretched”; parabolic slopes rarely resolve sideways, they usually mean‑revert, and the chart’s message is blunt: a reversion magnet sits far below, around the $10,000 neighbourhood.
在这样的背景下，最右轴的紫色曲线——比特币——几乎垂直上冲，这是“拉伸过度”的教科书图形；抛物线很少靠横盘化解，通常以均值回归结束，而图中给出的锚��很直接：更低的吸引力区在约1万美元附近。

Why does this threaten Bitcoin’s franchise? Because the market’s problem is not scarcity of upside but scarcity of relative stability; portfolios need a crypto instrument that can sit alongside gold when beta fades, not one that amplifies whiplash just as equities underperform hard money.
这为何会动摇比特币的“招牌”？因为当下市场缺的不是上涨故事，而是相对稳定性——当β退潮时，投资组合需要一种能与黄金并肩而非在股市跑输、货币资产领跑之际加剧“过山车”的加密工具。

History also stacks the odds: born in the wake of the Great Recession, Bitcoin evolved into the market’s high‑beta weather vane; and as cryptocurrencies mushroomed into the tens of millions of listings across aggregators, the asset class now includes a long tail whose very existence underlines a simple point—investors will eventually discriminate in favour of the instruments that deliver stability.
历史亦在同一方向上加码：比特币诞生于“大衰退”之后，很快成了市场高β的风向标；而后加密资产以爆炸式增生至数以千万计的条目与代币，整个赛道形成漫长的“长尾”，这恰恰凸显一个朴素事实——资本最终会偏向能兑现稳定性的工具。

Tie the signals together and the strategic implication is unavoidable: with valuations rolling over versus GDP and equities ceding momentum to gold, the demand curve shifts toward relative low‑volatility crypto—fiat‑pegged, rules‑anchored, commodity, RWA‑linked—while Bitcoin, still behaving like the apex risk proxy, faces a mean‑reversion tax precisely when portfolios are shopping for hedges.
当估值相对GDP回落、股票把动能让给黄金时，需求曲线会迁移到相对低波动的加密工具——无论是锚定法币、规则约束，与大宗商品挂钩，还是以其他现实世界资产作为底层——而仍以“风险之王”姿态运行的比特币，恰在组合寻求对冲之际要为均值回归“缴税”。

The counter‑case is narrow and observable: only if the orange ratio decisively re‑accelerates in favour of equities and the white GDP‑anchored gauge inflects higher—signalling re‑levered growth—does a renewed Bitcoin surge avoid the gravity of mean reversion; short of that, the parabolic arc is not a moat but a mirage.
反方论证空间很窄且可被图形直接检验：只有当橙色比值明确再度加速、股票重新压倒黄金，同时白色的GDP锚定指标同步拐头向上——意味着增长再加杠杆——比特币才可能摆脱均值回归的“地心引力”；否则，抛物线的弧度不是护城河，而是海市蜃楼。

So the viral takeaway fits the picture: the cycle is telling us to prize steadiness over sizzle; if crypto is to earn a permanent seat in diversified portfolios, the instrument that wins will be the one that behaves like a hedge when beta rolls over—and that is exactly the nightmare for a still‑stretched Bitcoin.
因此，当下周期在呼唤加密货币投资组合的“稳”而非“猛”；若加密资产要在多元化组合中获得永久席位，胜者必然是能在β回落时像对冲品一样表现的那一种——这，正是仍处高位拉伸的比特币的噩梦。

[RWA.LTD @RWA_LTD]

The Consumer RWA Alliance Launch Ceremony concluded with great success. Thank you to all guests, partners, and friends who joined us and marked this milestone together. This was more than a ceremony — it was an important step forward for the consumer RWA ecosystem. https://t.co/GCvSt29xXC will keep building, connecting, and driving adoption with our partners.

#RWA #Web3Festival #HongKong
消費品RWA聯盟成立儀式圓滿成功！感謝所有到場嘉賓、夥伴與朋友共同見證這一刻。這不只是一次開幕式，更是消費品 RWA 生態向前邁出的重要一步。https://t.co/GCvSt29xXC 將持續攜手各方，推動產業連結、生態共建與應用落地。
#RWA #Web3Festival #HongKong

[RWA.LTD @RWA_LTD]

Thrilled to join Hong Kong Web3 Festival 2026 as an Exhibition Sponsor. Thank you @festival_web3 for the opportunity.
Through https://t.co/GCvSt29084, we are leading non-financial RWA and consumer goods tokens, which provides Web2 brands with a direct and easy way to enter Web3, more importantly, an unprecedented liquid and interactive brand ecosystem.
From Genius Coffee Token to TOP100 Utility Token, we are not only tokenizing the rights to consumer goods and services, but the very essence of a brand-new consumer models. The future of RWA is bound to walk beyond financial and the first station will be the consumer industry.
Hong Kong is where we build, grow, and scale. See you at #Web3Festival2026.
@festival_web3 #RWA #RWALTD #Web3 #HongKong #Tokenization #RealWorldAssets #ConsumerGoods #DigitalAssets #BrandTokenization

非常荣幸成为香港 Web3 Festival 2026 的展位赞助商，感谢主办方 @festival_web3 的认可与支持！
通过 https://t.co/GCvSt29084，我们正在引领非金融类 RWA 与消费品代币，为 Web2 品牌提供一条简单、直接进入 Web3 的路径，并打造一个前所未有的流动且可互动的品牌生态。从 Genius Coffee Token 到 TOP100 Utility Token，我们不仅在代币化消费品与服务的权益，更在重塑全新的消费模式。RWA 的未来，必将走出金融领域，而第一站，就是消费行业。
立足香港，连接全球。2026 香港 Web3 Festival 见！
@festival_web3 #RWA #RWALTD #Web3 #HongKong #Tokenization #RealWorldAssets #ConsumerGoods #DigitalAssets #BrandTokenization

非常榮幸成為香港 Web3 Festival 2026 嘅展位贊助商，��謝主辦方 @festival_web3 嘅認可同支持！
透過 https://t.co/GCvSt29084，我們正引領非金融類 RWA 與消費品代幣，為 Web2 品牌提供一條簡單、直接進入 Web3 的路徑，並打造一個前所未有的流動且可互動的品牌生態。
從 Genius Coffee Token 到 TOP100 Utility Token，我們不僅在代幣化消費品與服務的權益，更在重塑全新的消費模式。RWA 的未來，必將走出金融領域，而第一站，就是消費產業。
香港係我哋立足同加速成長嘅重要市場，亦係我哋連接全球嘅起點。今次同 @festival_web3 一齊站上香港 Web3 Festival 2026，對我哋嚟講別具意義。
2026 香港 Web3 Festival 見！
@festival_web3 #RWA #RWALTD #Web3 #HongKong #Tokenization #RealWorldAssets #ConsumerGoods #DigitalAssets #BrandTokenization

[Jiaqi Wu @jwusln]

大家好，请注意我公司最近动向。
我们rwa的全球购买力会不断增强。
请注意持续关注：
0x1E2729eC7543728AbC4ffD99A61909503D35Ae13

[Jiaqi Wu @jwusln]

Web 4概念再怎么把AI和FinTech结合起来，也和Web 3 概念一样，是伪概念而已。它依然一样，会是小众的，弥细创新者的，小圈子里的自嗨。因为它的体系依旧是隔绝封闭的，没有脚踏实地为币圈和现实世界建立大规模的互联互通桥梁。而且，依旧是以“研发自动化的割韭菜和套利工具”，这些继续助长“脱实向虚”的庞氏体系为初心和真实面目。从底层上说，与区块链技术有关的，无论是第3代还是第4代互联网，���要他们无法成为主流世界的，大量的大规模商业模型的，主导性的基础设施与核心生产资料（敲黑板，这里要注意：大部分生产力工具，大概率不是生产资料）——那么，就从本质上决定了，这样的互联网络，就从根本上并不能成为代际级别的互联网。

[Jiaqi Wu @jwusln]

去年春夏，我预判比特币将突破12万美金诱多，后续将迎来暴跌，而且DAT和微策略模式将走入泥潭。另一面，一路积极看好黄金与白银，多次专栏强调黄金将大幅战胜电子黄金。一语成谶。但为什么呢？

近期，币圈的主要交易所和平台开始推出黄金rwa，或者黄金ETF的购买接口。再次让我大跌眼镜。

买卖黄金、纸黄金与ETF，或类似资产，在传统平台，交易成本极低、时效极快、流程极简单、信用系统极其可靠与稳定。

Web 3和币圈的领导者，居然推出了学习成本更高、交易更麻烦、费用更高、时效没有太大优势、流程更烦琐、信用系统可疑的方案。

一群所谓创业创新极客大佬，一天到晚，不想着舒缓社会痛点、解决行业问题和攻克全球经济瓶颈……

——反而背道而驰，一天到晚心里只想着割韭菜、分蛋糕、抢客户，标榜与众不同、显示我更聪明，并与Web 2和传统金融以及争权夺利……

这样你们的生意会好、会长远，会赢得民心，才怪！

[RWA.LTD @RWA_LTD]

The latest @rwa_xyz update is in — RWAs keep climbing.

RWA on-chain: $36.08B (+0.77%)
Asset holders: 553,745 (+6.21%)
Stablecoin value: $300.73B (+1.11%)
Where the value sits today (Dec 1, 2025):
• Private Credit — $18.8B
• US Treasuries — $9.2B
• Commodities — $3.1B
• Alt Funds — $2.9B

Private credit still dominates, but the bigger trend continues:
Financial RWAs built the base layer.
Consumer & product-backed RWAs will drive the next adoption wave.
Users trust what they can redeem, not just what yields.

RWAs aren’t just growing —
they’re becoming the backbone of Web3’s real economy.

[Jiaqi Wu @jwusln]

When it comes to Bitcoin ETFs, majority of the investors are still from the retail cohort, according to an analysis by Bernstein. That said, institutional ownership has climbed to 28% from 20% last year as more large money managers pile in.

[Jiaqi Wu @jwusln]

我警告比特币有问题的时候，没有人理我。推特X是疯了。结果市场从12万美金跌到8万美金。

[DIMD💎 @DIMD_HK]

想要購入DIMD，先懂怎麼註冊平台
一圖搞懂充值提現！非金融RWA平台就是這麼順手💸
✅ 充值：港幣選現金資產、USDT選數字資產，1-3分鐘秒到賬
✅ 提現：綁定賬戶就能提，港幣/USDT雙通道靈活操作
合规還能兌實物，和空氣幣交易所徹底區分開～
#RWA_LTD #非金融RWA #充值提現指南 #香港合規Web3

https://t.co/7izWuFWjwb Deposit & Withdrawal Made Easy! 💸
This compliant non-financial RWA platform lets you:
✅ Deposit HKD (cash asset) or USDT (digital asset) — funds arrive in 1-3 mins
✅ Withdraw via HKD/USDT after binding your account
No "asset custody" fluff — it’s fully compliant & ties to real asset redemptions!

蹲住等下一篇鑽石幣購買攻略💎
#RWA_LTD #NonFinancialRWA #DepositWithdrawalGuide #HongKongCompliantWeb3q

[RWA.LTD @RWA_LTD]

In a recent speech, SEC Chairman Paul Atkins outlined a clearer token taxonomy under “Project Crypto.”
Full speech → https://t.co/uvIPzYW7nd

His message: most tokens are not securities when their value comes from utility, not investment promises.

Atkins highlighted that:
• Digital tools and commodities can operate outside securities rules
• Investment contracts have a lifecycle — they can end
• Regulation should follow economic reality, not labels

Why this matters for RWAs:
Clearer rules support models built on real-world utility, verified inventory, and non-financial use cases.
Not every token is a financial instrument — and regulators are acknowledging that distinction.

Our view:
https://t.co/GCvSt29xXC’s model aligns with this direction:
• Non-financial, inventory-backed tokens
• Real redemption and product utility
• No profit-sharing or equity rights
• A structure based on function, not speculation
As tokenization matures, transparency and utility will define the next wave of adoption — and compliant RWA ecosystems will be at the center of it.

[RWA.LTD @RWA_LTD]

🌍 Tweet: “The Next Market Is Real”
The future of digital trade isn’t built on speculation — it’s built on reality.
At https://t.co/GCvSt29xXC, we connect physical assets like jewelry, coffee, art, and collectibles to the blockchain economy.
💠 Real assets. Real value. Real opportunity.
Because the next digital market — is real.
🌍推文："下一个市场是真实的"
��字贸易的未来并非建立在猜测之上——而是建立在现实之上。
在 https://t.co/GCvSt29xXC，我们将珠宝、咖啡、艺术品和收藏品等实物资产连接到区块链经济。
💠 真实的资产，真实的价值，真实的机遇。
因为下一个数字市场——是真实的。
🌐 https://t.co/wQp3UuQ0kC | #RWARevolution #TokenizeYourBusiness #RealWorldAssets

[Jiaqi Wu @jwusln]

@cz_binance 在说非金融rwa没有流动性的时候他忘了一点，他自己就是最大的流动性。

那么他为什么非得这么说？因为他的脑袋正在被屁股所决定，而没有办法真的去思考，对他和币安来说，有什么可持续的、负责任的，几十万亿单位起跳的，Web 3.1 的区块链蓝海可以被探索和称霸。

MEME币对币安来说，韭菜割得快，割得爽，为什么要搞RWA？搞RWA当然要搞金融类RWA，因为这样既可以讨好Web 2世界的金融官僚和财阀，还能不损失给自己带来暴利的流动性。继续支持空气币和山寨币，还能收项目方大量保证金去产生无数孽息，又能收项目方20%到30%的币权一起���庄。

敲黑板，CZ在说非金融rwa没有流动性的时候他忘了一点：他自己就是最大的流动性。如果他愿意商业向善的话，使用区块链和Web 3去支持实体经济和全球贸易的话——他一开口，哪个黄金RWA流行不起来？

要库存？他多的是朋友可以低价卖给他。但是，治理立场上，他不想受制于任何其他中心化体系。商业立场上，又不愿意把蛋糕分给其他具有独特不可模仿的核心竞争力的利益相关方，构建新的生态将盘子一起往几十万亿和百万亿级别去做。

为什么？一涉及到实物，对于币安和CZ来说，以他们为起点，直到韭菜端之前的商业暴利链条就全没了！

[Jiaqi Wu @jwusln]

@Jiaowobaobao123 @Ruraah 真正的机会在我们公司

[Jiaqi Wu @jwusln]

Unless the Bitcoin–gold cross climbs back above the broken trendline and holds ~30 with improving crypto breadth, gold remains in charge. If the ratio keeps slipping, expect further rotation toward quality (Bitcoin over alt‑coins) and toward gold; if it reclaims the line, that would invalidate the signal and restore the possibility of crypto leadership.

除非比特币/黄金比率重返并站稳被击穿的趋势线、并在约30上方配合更广的加密内部广度改善，否则黄金仍将主导。若该比率继续下滑，资金或将进一步从山寨币回流至高质量资产（比特币）以及黄金；若其收复趋势线，则本次信号失效，加密重新夺回主导权的可能性才会重开。

[Jiaqi Wu @jwusln]

When Doge Breaks, Gold Takes the Crown—Why a Snapped BTC/Gold Trendline Signals a Regime Shift
当狗狗破位、金冠加身——被折断的比特币/黄金趋势线正在预示资金格局更替

The uptrend in the Bitcoin–gold ratio has snapped—and Dogecoin’s simultaneous break in trendline support confirms a risk‑off rotation that favors gold over crypto into year‑end unless the ratio is quickly reclaimed.
比特币/黄金比率的上升趋势已被打破，而狗狗币同时跌破趋势线支撑，双重信号显示资金正转向避险，除非该比率迅速收复失地，否则年内黄金大概率将继续跑赢加密资产。

[Jiaqi Wu @jwusln]

Bitcoin is down roughly 22% versus gold in 2025 and argues the cracked uptrend opens risk that the ratio falls toward the mid‑teens if volatility returns. The chart’s failed highs, broken support, and Dogecoin’s rollover are consistent with that warning.

2025年至今比特币相对黄金约下跌22%，而上升趋势被打破意味着一旦波动回归，该比率可能下探至“十几”的区间。图上高点反复失败、支撑破裂，以及狗狗币转弱的同步性，都与这一警示相吻合。

[Jiaqi Wu @jwusln]

When Doge Breaks, Gold Takes the Crown—Why a Snapped BTC/Gold Trendline Signals a Regime Shift
当狗狗破位、金冠加身——被折断的比特币/黄金趋势线正在预示资金格局更替

The uptrend in the Bitcoin–gold ratio has snapped—and Dogecoin’s simultaneous break in trendline support confirms a risk‑off rotation that favors gold over crypto into year‑end unless the ratio is quickly reclaimed.
比特币/黄金比率的上升趋势已被打破，而狗狗币同时跌破趋势线支撑，双重信号显示资金正转向避险，除非该比率迅速收复失地，否则年内黄金大概率将继续跑赢加密资产。

[Jiaqi Wu @jwusln]

U.S. spot Bitcoin ETFs just printed some of the biggest daily net inflows of 2025 in early October, yet the ratio still rolled over—meaning crypto inflows aren’t outpacing the bid for gold.

尽管10月初美国现货比特币ETF录得今年罕见的大额单日净流入，但比特币/黄金比率仍然走弱——这表明加密资金流入的速度并未超过黄金的吸筹力量。

[Jiaqi Wu @jwusln]

When Doge Breaks, Gold Takes the Crown—Why a Snapped BTC/Gold Trendline Signals a Regime Shift
当狗狗破位、金冠加身——被折断的比特币/黄金趋势线正在预示资金格局更替

The uptrend in the Bitcoin–gold ratio has snapped—and Dogecoin’s simultaneous break in trendline support confirms a risk‑off rotation that favors gold over crypto into year‑end unless the ratio is quickly reclaimed.
比特币/黄金比率的上升趋势已被打破，而狗狗币同时跌破趋势线支撑，双重信号显示资金正转向避险，除非该比率迅速收复失地，否则年内黄金大概率将继续跑赢加密资产。

[Jiaqi Wu @jwusln]

Gold has surged to fresh records above $4,000+ as haven demand intensifies, while official sector buying remains robust and even re‑accelerated late summer. Easing expectations from the Fed lower real‑yield headwinds for bullion, adding fuel to gold’s leadership.

黄金因避险需求而创出4000美元的新高，官方部门采购依旧强劲并在夏末重启加速；而美联储的降息预期降低了黄金面对的实际利率阻力，进一步巩固其相对优势。

[Jiaqi Wu @jwusln]

When Doge Breaks, Gold Takes the Crown—Why a Snapped BTC/Gold Trendline Signals a Regime Shift
当狗狗破位、金冠加身——被折断的比特币/黄金趋势线正在预示资金格局更替

The uptrend in the Bitcoin–gold ratio has snapped—and Dogecoin’s simultaneous break in trendline support confirms a risk‑off rotation that favors gold over crypto into year‑end unless the ratio is quickly reclaimed.
比特币/黄金比率的上升趋势已被打破，而狗狗币同时跌破趋势线支撑，双重信号显示资金正转向避险，除非该比率迅速收复失地，否则年内黄金大概率将继续跑赢加密资产。

[Jiaqi Wu @jwusln]

The orange Bitcoin/gold cross had respected a rising support since 2022, but it has now slipped below that line near ~27–28 after failing twice around ~34. The grey Dogecoin market cap—roughly $28B on a log scale—has also sliced through its own rising base. In classic technical terms, a broken ascending trendline tends to flip into resistance; without swift closes back above it, the next magnet is the mid‑20s on the ratio, with tail risk of mean‑reversion toward the teens.

橙色的比特币/黄金交叉自2022年以来沿着一条上升支撑运行，如今却在约27–28附近下破，此前在约34附近两次受阻。灰色的狗狗币市值（对数刻度，大约280亿美元）同样跌破了自身的上升基线。按照技术分析，被破坏的上升趋势线往往转化为压力位；若不能迅速站回其上，该比率的下一个吸引点在中20区间，并存在回归到“十几”水平的尾部风险。

[Jiaqi Wu @jwusln]

When Doge Breaks, Gold Takes the Crown—Why a Snapped BTC/Gold Trendline Signals a Regime Shift
当狗狗破位、金冠加身——被折断的比特币/黄金趋势线正在预示资金格局更替

The uptrend in the Bitcoin–gold ratio has snapped—and Dogecoin’s simultaneous break in trendline support confirms a risk‑off rotation that favors gold over crypto into year‑end unless the ratio is quickly reclaimed.
比特币/黄金比率的上升趋势已被打破，而狗狗币同时跌破趋势线支撑，双重信号显示资金正转向避险，除非该比率迅速收复失地，否则年内黄金大概率将继续跑赢加密资产。

[Jiaqi Wu @jwusln]

When Doge Breaks, Gold Takes the Crown—Why a Snapped BTC/Gold Trendline Signals a Regime Shift
当狗狗破位、金冠加身——被折断的比特币/黄金趋势线正在预示资金格局更替

The uptrend in the Bitcoin–gold ratio has snapped—and Dogecoin’s simultaneous break in trendline support confirms a risk‑off rotation that favors gold over crypto into year‑end unless the ratio is quickly reclaimed.
比特币/黄金比率的上升趋势已被打破，而狗狗币同时跌破趋势线支撑，双重信号显示资金正转向避险，除非该比率迅速收复失地，否则年内黄金大概率将继续跑赢加密资产。