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加密货币市场在过去24小时内上涨2.9%，扭转了此前30天的下跌趋势（-10.44%），并延续了过去7天温和上涨的趋势（+2.13%）。主要因素： 1.美联储降息预期——投资者在今天的联邦公开市场委员会 (FOMC) 会议前预期美联储将降息 25 个基点，这支撑了风险资产。 2.空头挤压——比特币空头头寸被清算（与前 24 小时相比增长了 341%），加速了比特币的上涨行情。 3.受交易所主导地位和 BNB Chain 合作消息的影响，代币大涨。 4.Layer 1 突破——以太坊（周涨幅 8.88%）和 Solana 的 EVM 侧链提振了跨链乐观情绪。 爆仓警报： 24小时全网共有112,592人被被爆仓，总额4.20亿美元，其中多头惨遭血洗（$1.09亿），空头也难幸免（$3.11亿）。 主流币表现： 1.比特币（BTC）：价格约92485，24小时涨2.65% 今天重点 91900 这个关键位，1-2 小时内踩稳不崩，行情就能接着往上冲，上方闯关路线：93500（小压力）、94530、96450、98160，一步一个台阶！ 要是 1-2 小时直接跌破 91900，那回调就得安排上，下方防线依次看 90 ...

Core Insights - South Korean retail investors are shifting their capital from the cryptocurrency market to traditional stock markets, leading to a significant decline in cryptocurrency trading volumes [1][4][6] - The KOSPI index has seen a remarkable increase of nearly 65% this year, driven by the AI boom, attracting substantial retail investment [1][5] Cryptocurrency Market Decline - The trading volume of South Korea's largest cryptocurrency exchange, Upbit, has plummeted from $9 billion in December last year to $1.78 billion in November this year, marking an 80% decrease [4] - The overall trading volume in the cryptocurrency market has decreased by nearly half since the beginning of the year, with the combined daily trading volume of the top five exchanges on November 3 being approximately 5.5 trillion KRW, only 16.37% of KOSPI's daily trading volume [1][4] Stock Market Surge - The KOSPI index's daily trading volume has more than doubled since the beginning of the year, reaching over 34 trillion KRW, with a total trading amount of 29.11 trillion KRW on November 5, a near two-year high [1][5] - As of November 6, total investor deposits in South Korea reached 88.27 trillion KRW, reflecting a 55% increase since the beginning of the year and indicating strong confidence in the traditional market [1][5] Shift in Investor Behavior - The shift in investment behavior among South Korean retail investors, who previously played a significant role in the cryptocurrency market, is expected to have a notable impact on global cryptocurrency dynamics, potentially leading to reduced trading volumes and price momentum [6] - Analysts suggest that the cryptocurrency market may need either a cooling off of current stock market enthusiasm or a compelling new narrative in the digital asset space to rekindle investor interest [6]

Core Insights - A significant portion of the cryptocurrency market consists of "dead tokens," which are projects that have ceased development but still exist and trade [1][7]. Group 1: Definition and Characteristics of Dead Tokens - A "dead token" refers to a crypto project where development has stopped, and there is no practical use case, yet the tokens remain tradable due to active smart contracts [3]. - Trading of dead tokens is primarily driven by speculators rather than genuine investors [4]. Group 2: Statistics on Dead Tokens - Over half of all cryptocurrencies launched since 2021 have failed, with approximately 3.7 million out of nearly seven million projects considered failures [5]. - The number of dead coins launched in recent years includes 2,584 in 2021, 213,075 in 2022, 245,049 in 2023, and projections of 1,382,010 in 2024 and 1,821,549 in 2025 [6]. Group 3: Market Dynamics - The influx of new tokens, particularly from low-effort projects, has contributed to a market filled with lifeless tokens that remain tradable [8]. - Some once-prominent projects, like LUNA, continue to trade despite their significant failures and halted development [9].

Investment Strategy - Suggests limiting investment in LUNA to 30% due to lack of understanding of its mechanism [1] - For those with expertise, shorting LUNA is the recommended strategy [1] Risk Management - Highlights the importance of understanding investment mechanisms before investing [1] - Emphasizes caution even when LUNA did not experience a margin call at the time of writing [1]

Core Viewpoint - A U.S. bankruptcy court has approved a settlement between Terraform Labs and Three Arrows Capital (3AC) regarding a $1.3 billion claim related to the 2022 collapse of the Terra/LUNA cryptocurrency [1][2]. Group 1: Settlement Details - The court ruling, issued by Judge Brendan L. Shannon, determines the treatment of 3AC's claim in Terraform Labs' ongoing Chapter 11 bankruptcy [2]. - 3AC's losses will be classified as a "Crypto Loss Claim," which is significant as it aligns 3AC with other investors who lost money in the Terra ecosystem during the crash, resulting in a nearly $60 billion market value wipeout [3][4]. Group 2: Dispute Resolution - The agreement concludes a months-long dispute between Todd Snyder, the plan administrator for Terraform, and 3AC's liquidators, representing creditors in 3AC's bankruptcy proceedings [5]. - Under the court order, 3AC will withdraw its original claim but retains the option to refile portions later if certain damages are deemed outside the "Crypto Loss Claims" rules [5]. Group 3: Claims Process - Claimants must file their claims online by May 16, 2025, for losses related to cryptocurrencies created by Terraform or held within its ecosystem that became worthless after the second de-peg of its stablecoin from the U.S. dollar [6]. Group 4: Broader Implications - Terraform's bankruptcy plan, confirmed in September 2024, established a Wind-Down Trust to manage asset liquidation and creditor fund distribution [7]. - This ruling marks a significant step in coordinating responses between the bankruptcies of Terraform Labs and Three Arrows Capital, potentially influencing future digital asset failure disputes [7].

Core Concept - Stablecoins are cryptocurrencies designed to maintain a consistent price relative to another asset, typically the U.S. dollar, contrasting with the volatility of traditional cryptocurrencies like bitcoin and ethereum [1] Types of Stablecoins - Stablecoins are categorized based on their value maintenance methods, including collateralized by fiat, commodities, or cryptocurrencies, and algorithmic manipulation [4] - Fiat-backed stablecoins use reserves of government-issued currency as collateral, ideally monitored by independent custodians [5] - Commodity-backed stablecoins are collateralized with hard assets like gold, with examples including Pax Gold (PAXG) [5][6] - Crypto-backed stablecoins use cryptocurrencies as collateral, often overcollateralizing to maintain price stability [8] - Algorithmic stablecoins utilize computerized rules for price stability but have historically been prone to depegging [9] Purpose and Use of Stablecoins - Stablecoins aim to combine the efficiency and privacy of cryptocurrencies with price stability, serving as a medium of exchange rather than an investment [10][11] - Use cases for stablecoins include streamlined cryptocurrency trading, predictable international payments, and digital loan collateral [13] Regulation of Stablecoins - Several countries, including the U.S., Japan, the EU, and Hong Kong, have enacted stablecoin legislation, with the U.S. governing stablecoins under the GENIUS Act [12] - The GENIUS Act mandates that stablecoins must be 100% backed by liquid assets and requires issuers to disclose their reserves monthly [14] Risks Associated with Stablecoins - Stablecoins can experience depegging, which undermines trust and can result from poor collateral management or significant economic events [15] - Centralization in collateralized stablecoins raises privacy concerns and introduces risks of fraud or manipulation [18]

Market Trend - Every bull run, a Korean token experiences a surge, driven by a compelling narrative [1] - The current cycle's narrative focuses on AI x IP x Blockchain, exemplified by the token $IP [1] - Past cycles saw similar trends with Icon $ICX in 2018 (Ethereum of Korea) and Terra $LUNA in 2021 (Decentralized stablecoin & high yield) [1]

Market Impact - $LUNA's collapse erased $40 billion from the crypto market [1] Project Analysis - The report covers the rise and fall of Terra, focusing on its algorithmic stablecoin [1] - The report analyzes the chain reaction that triggered a significant crypto sellout [1]

Core Insights - The total market capitalization of stablecoins has grown from zero to over $251.7 billion since the inception of Tether (USDT) in 2014, with on-chain transaction volume reaching $5.6 trillion in 2024, establishing stablecoins as a cornerstone of the digital asset space [1] - The development of stablecoins is constrained by the "impossible trinity" dilemma, which highlights the challenge of achieving absolute price stability, extreme capital efficiency, and monetary independence simultaneously [1][5] - Different stablecoin designs reflect varying priorities, impacting their technological paths, risk exposures, and regulatory fates, ultimately shaping their roles in the global financial landscape [1] Group 1: Fiat-Collateralized Stablecoins - Fiat-collateralized stablecoins emerged to address the volatility of cryptocurrencies, providing a reliable "value benchmark" for decentralized finance (DeFi) applications and large-scale commercial settlements [2][3] - The 1:1 collateralization model, where each stablecoin is backed by an equivalent amount of fiat currency, has gained market trust, with USDC and USDT becoming foundational assets in the crypto economy, peaking at over $150 billion in market capitalization in 2022 [3] - The stability of fiat-collateralized stablecoins has been validated through compliance practices, as seen in Circle's USDC, which maintained its peg during the Silicon Valley Bank crisis in March 2023 [3] Group 2: Challenges of Fiat-Collateralized Stablecoins - Despite their success in price stability, fiat-collateralized stablecoins sacrifice capital efficiency and monetary independence, locking significant assets in low-yield reserves [5] - These stablecoins are essentially "digital dollars," relying on the dominance of the US dollar, which can exacerbate currency substitution issues in weaker economies [5] Group 3: Algorithmic Stablecoins - Algorithmic stablecoins emerged as a radical financial experiment aiming for high capital efficiency by using internal economic models instead of external collateral [6] - The collapse of Terra/LUNA serves as a cautionary tale, where the algorithmic mechanism failed under market pressure, leading to a loss of over $40 billion in value [7] - Even decentralized stablecoins like DAI have shifted towards incorporating fiat-collateralized assets to ensure stability, indicating a trend towards lower capital efficiency models [7] Group 4: Central Bank Digital Currencies (CBDCs) - The rise of CBDCs represents a response from central banks to the threats posed by private stablecoins, aiming to reclaim monetary sovereignty and enhance payment system efficiency [8][9] - CBDCs prioritize price stability and state monetary sovereignty, sacrificing capital efficiency in the process, which contrasts with the global nature of private stablecoins [9][10] - While CBDCs focus on enhancing financial stability within a centralized framework, they may lack the interoperability and capital efficiency of established global stablecoins [10] Group 5: Future Outlook - The stablecoin ecosystem is likely to evolve into a multi-layered and diversified landscape, with compliant fiat-collateralized stablecoins maintaining a significant role in mainstream finance, while those pursuing monetary independence thrive in DeFi [11] - CBDCs will reshape retail and wholesale payment systems at the national level, reflecting an ongoing tension between stability, efficiency, and sovereignty in the future of currency [11]