Trading Volume Analysis - FARTCOIN's average daily spot trading volume on Coinbase was approximately $495 million, while on HyperliquidX it was about $145 million, a ratio of roughly 1/5th [1] - USELESS averaged about $45 million in daily spot trading volume on Coinbase over the same 60-day period [1] - Hypothetically, if USELESS were listed on HyperliquidX, it could have seen an average of $9-10 million in daily spot trading volume [1] - This translates to about $600 million in total spot volume potentially traded on USELESS on HyperliquidX over 60 days [1] Revenue Implications - An average fee of 0055% (average between 007% taker/004% maker) could have generated approximately $330 thousand in missed fee revenue for HyperliquidX [1] - This missed fee revenue annualizes to about $2 million per year [1] Market Opportunity - The author believes USELESS will trade in the billions and generate far more volume than it currently does in the $250-350 million range, potentially exceeding FARTCOIN's volume when it was in the billions [2] - The author suggests there is significant demand for USELESS, evidenced by its trading volume [2]

Regulatory Landscape - Coinbase CEO 表示，两党对通过比特币和加密货币市场结构法案有强烈的支持 [1] - 目标是在感恩节前完成该法案 [1]

Core Viewpoint - The U.S. crypto market structure debate has intensified, with Democrats and Republicans at odds, leaving the crypto industry caught in the middle [1] Group 1: Political Dynamics - Senate Democrats have accused Republicans of politically exploiting the crypto industry, urging industry leaders not to align with the Republican Party [2] - The divide between the two parties is growing, with both sides expressing a desire for a market structure bill but lacking trust in each other [3] Group 2: Regulatory Control - The primary contention is over regulatory authority: Republicans favor classifying most digital assets as commodities under the CFTC, while Democrats prefer maintaining broad SEC authority [4] - There is disagreement on whether tokens can be treated as non-securities, with Republicans advocating for clear on-ramps and safe harbors, while Democrats prioritize investor protections [4] Group 3: DeFi Regulation - Republicans propose a light-touch regulatory framework for DeFi, whereas Democrats advocate for stricter compliance requirements for front-ends and developers [5] Group 4: AML and KYC Regulations - Republicans support targeted improvements to AML regulations, believing current rules are manageable, while Democrats call for stronger AML/KYC and sanctions controls to be integrated into market structure from the outset [7]

JUST IN: 🇺🇸 Coinbase CEO Brian Armstrong says, “There is strong bipartisan support to get this market structure legislation done.” https://t.co/Z8PI1OXDJc ...

RT Gareth Jenkinson (@gazza_jenks)So how did @cobie manage to score $375M from @coinbase for @echodotxyz and another $25M to revive@UpOnlyTV🤑?Was it a genius PR stunt - or does Coinbase have the best investment playbook in the industry?@rkbaggs & I got the scoop from @_aklil0, head of M&A at Coinbase, on our latest @Cointelegraph #CHAINREACTION show.You can catch the full conversation in the livestream in the comments 👇♥️ & 🔁 ...

Core Insights - Dongfang Hongwan Overseas Fund, managed by Dan Bin, reported a management scale of approximately $1.292 billion in Q3 2025, an increase from $1.127 billion in Q2 2025, with the number of holdings rising from 13 to 17 [1] Holdings Summary - The top ten holdings are primarily in technology, accounting for a total weight of 92.45%, including Nvidia, Google C, 3x Long FANG+ ETN, 3x Long Nasdaq 100 ETF, Meta, Microsoft, Tesla, Apple, Coinbase, and Alibaba [1] - Notable new positions include Alibaba, with a purchase of 221,000 shares, marking its first entry into the top ten holdings, representing 3.06% of the portfolio [2] - New investments in semiconductor companies Broadcom and Astera Labs were made to strengthen the AI supply chain, indicating a shift from core chip leaders to a broader industry chain [5] - A new position in BitMine Immersion Technologies reflects interest in cryptocurrency assets, following the previous quarter's investment in Coinbase [5] Trading Adjustments - Significant reductions were made in Amazon and Netflix, with holdings decreased by 50% and 71.5% respectively, causing both to exit the top ten holdings [5] - Adjustments in leveraged products included a new position in 2x Long GOOGL ETF and the liquidation of 2x Long Nvidia ETF, maintaining a total leverage product allocation of 21% [6] - Dan Bin emphasized that AI is not a short-term trend but a significant technological revolution that could last 10-30 years, guiding the fund's focus on the entire AI industry chain [6]

Core Viewpoint - Dongfang Hongwan Overseas Fund, managed by Dan Bin, reported a significant increase in its holdings and management scale, reflecting a strategic focus on technology stocks and AI investments [1][9]. Group 1: Fund Performance and Holdings - The fund's management scale reached approximately $1.292 billion (about 9.2 billion RMB) in Q3 2025, up from $1.127 billion in Q2 2025 [1]. - The number of holdings increased from 13 to 17, with the top ten positions primarily in technology stocks, accounting for a total weight of 92.45% [1]. - The top holdings include Nvidia, Google C, and other major tech companies, indicating a strong focus on the technology sector [2]. Group 2: Investment Strategy - The fund made three significant purchases, including a first-time investment in Alibaba, acquiring 221,000 shares, which now represents 3.06% of the portfolio [6]. - The fund also expanded its AI industry chain by investing in semiconductor companies Broadcom and Astera Labs, indicating a shift from core chip leaders to a broader industry chain [6]. - A new investment in BitMine Immersion Technologies reflects the fund's interest in the cryptocurrency sector, following a previous investment in Coinbase [6]. Group 3: Adjustments in Holdings - The fund significantly reduced its holdings in Amazon and Netflix, cutting positions by 50% and 71.5% respectively, which led to their exit from the top ten holdings [7]. - The fund adjusted its leveraged products by entering a 2x long GOOGL ETF while liquidating a 2x long NVDA ETF, suggesting a tactical shift in response to market conditions [7]. - The fund's strategy appears to be evolving, with a focus on AI and technology, as evidenced by the increased allocation to Google and the reduction in Nvidia holdings [7]. Group 4: Market Outlook and Future Directions - Dan Bin emphasized the long-term potential of AI, likening its impact to that of the steam revolution, and sees the next decade as a critical period for AI development [9]. - The fund's investment direction will continue to focus on AI, while also exploring quality investment opportunities across A-shares, Hong Kong stocks, and US markets [9].

Industry Innovation - Coinbase introduces Payments MCP, enabling AI agents like Claude, Gemini, and ChatGPT to access onchain financial tools [1] - This access is granted without the need for API keys [1]

Diversity & Inclusion Concerns - A user alleges Coinbase's hiring practices are discriminatory based on race [1] - The user claims to have gone through four interview rounds only to be allegedly denied employment due to being Black [1]

brian armstrong met with senate democrats, republicans and the white house on the same day pushing the digital asset market clarity act. first time coinbase got all three at once. lummis says it passes by year end. coinbase at $180 when regulatory moat becomes law is the easiest trade in crypto. ...