Currency Stability - South Korea's state-run pension fund 将在确保货币稳定方面发挥更大的作用 [1] - 韩国正在与韩元疲软作斗争 [1]

Bitcoin Market Analysis & Outlook - Bitcoin's potential to reach \$200,000 within the next 6-12 months due to ETF and corporate treasury demand exceeding new coin issuance [5] - Bitcoin's supply-demand imbalance suggests it is undervalued at \$108,000-\$109,000 [5] - Bitcoin's market capitalization is small compared to the \$900 trillion global asset market, indicating significant growth potential [5] - Bitcoin pullbacks are getting shallower as its market cap increases, implying potentially muted upside returns [6] - A punitive tax policy (70%-90%) by the U S taxing authority represents a significant bearish risk for Bitcoin [5] Institutional Adoption & Investment Strategies - Pension funds are increasingly interested in Bitcoin, with BlackRock's ETF launch and Trump's stance as key catalysts [6] - Institutions are still in the early stages of Bitcoin adoption, with investment teams becoming familiar but institutional investment lagging [6] - Bitcoin is viewed as a diversifier with a low correlation to other assets and a positively skewed return distribution [6] - A 1% to 3% Bitcoin allocation is considered manageable for pension funds, balancing risk and potential asymmetric upside [3][5] - Blockstream's new funds target different investor profiles: yield fund (2-4% return) for hodlers, alpha fund for active management around passive Bitcoin exposure, and income fund for unlocking wealth creation [7][18][19][24] Blockstream's Business Model & Bitcoin Ecosystem - Blockstream is focused on building technology solutions for the Bitcoin ecosystem, including the Liquid Network for faster and confidential transactions [54][55] - Blockstream is open to extracting value from altcoins like Ethereum and Solana to increase Bitcoin holdings [33][34] - Blockstream's Liquid Network has \$3.2 billion in assets, facilitating tokenization and democratization of access to capital [56][57] - Inefficiencies in the Bitcoin options market and inter-exchange arbitrage opportunities exist [21][22] - The Bitcoin credit market is underdeveloped, with only approximately \$5 billion of hedge fund money focused on Bitcoin [31][32]

Market Integration & Regulatory Landscape - US allows Bitcoin inclusion in pension funds, potentially injecting trillions of dollars into BTC [1] - Pension fund is $12.5 trillion, compared to BTC market cap of $2.3 trillion [2] - Trump nominated pro-crypto Dr Stephen Miran to the Federal Reserve Board [2] - Executive order prohibits unlawful debanking of Bitcoin users [2] - US integrates Bitcoin through regulations and systemic inclusion [2] Technical Analysis & On-Chain Metrics - Bitcoin's mid and high time frame charts show extreme bullishness [3] - Liquidity pools sit around $112,000 [3] - Near-term target is $122,000, with mid-term targets at $130,000-$135,000 [3] - On-chain metrics show aggressive whale accumulation [3] Market Sentiment & Influences - Retail investors are slowly returning to the market [3] - BlackRock inflows remain robust [3] - Key CPI data dropping Tuesday and PPI figures on Thursday may cause volatility [3]