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LINK $9.31 -0.70%
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ChainCatcher "From Cryptocurrency to Smart Economy" Roundtable: Crypto is shifting from speculation to practical value, with compliant RWA and AI payments becoming the core engine of the new cycle

At the "Crypto 2026: From Cryptocurrency to Smart Economy" themed forum held in Hong Kong, guests including Sign partner Sarah, HashKey Chain Senior Business Development YuYi, Monad Greater China Ecosystem Head Harvey Chen, OmenX Chief Marketing Officer Gisele, and SVP Chain Market Head Celest engaged in a roundtable discussion on "The Revaluation of Crypto and the New Cycle."Regarding why they remain firmly invested in Crypto amid the AI boom, Sarah pointed out that the hotter AI gets, the more use cases there are for Crypto assets, and future transactions between AI Agents will rely on digital assets. YuYi believes that the bear market is precisely when the wheat is separated from the chaff, with compliant RWA (such as Hong Kong's first physical silver token) being implemented, speculative assets being eliminated, and the era of on-chain infrastructure arriving. Harvey Chen stated that high-performance public chains are the foundation for supporting large-scale applications, and Monad is committed to this. Gisele noted that Crypto addresses fairness and value transfer, complementing AI's focus on efficiency. Celest emphasized that AI lacks a native value system and increasingly requires Crypto to provide value authentication and decentralized trust.On the changing understanding of Crypto's value, the guests unanimously agreed that the industry is shifting from "issuing tokens for the sake of issuing tokens" to pursuing sustainable business models, with greater focus on capital efficiency, low costs, and 24-hour settlement as practical values. The value of public chains should be assessed based on real business scenarios and user transaction volumes, rather than narratives and financing.Regarding future growth engines and entrepreneurial advice, the guests generally expressed optimism about compliant RWA, AI payments, and sovereign blockchain directions, advising entrepreneurs to focus on real application scenarios, avoid empty concepts, and maintain a long-term construction mindset.

The US SEC has accepted the NYSE's new regulations, proposing to introduce a tokenized securities trading mechanism to support on-chain settlement

The SEC released a document (34-105260) disclosing the rule change application submitted by the NYSE, intending to formally introduce a framework for trading tokenized securities.According to the proposal, the NYSE plans to add Rule 7.5, allowing eligible securities to be traded and settled in a blockchain-based tokenized form in addition to traditional forms. The relevant arrangements will operate under the DTC pilot program. The core mechanisms include: tokenized securities and traditional stocks will share the same trading code (CUSIP) and rights structure, and will be fully interchangeable; in the matching system, tokenized and traditional securities will have the same execution priority, and the order of transactions will not be affected by the different forms; trading participants can choose to settle and clear in an on-chain form through a tokenization flag, with specific processing carried out by custodians. Additionally, the NYSE also plans to simultaneously modify order sorting, routing, and clearing rules to accommodate the trading process of tokenized securities, ensuring seamless integration with the existing market structure.From a market perspective, this proposal signifies that traditional U.S. securities exchanges are officially exploring the introduction of blockchain technology into the core trading and settlement systems. If approved, it could become an important milestone for on-chain securities entering mainstream financial infrastructure.

Hong Kong, China: Betting on sports events in "prediction markets" is considered illegal gambling and should cease the promotion of new gambling projects

According to Hong Kong Radio, the Hong Kong government has decided to stop promoting basketball gambling projects. The Secretary for Home Affairs and Youth Affairs, Mak Mei-juan, stated in an interview with this station that the information collected by the authorities shows that the "prediction market" has developed rapidly in recent years, with monthly trading volume increasing from less than $100 million two years ago to over $13 billion last year, of which nearly 40% of the transactions are related to sports. The authorities are concerned that if new gambling projects are promoted at this time, it will lead to greater public concern and even participation in illegal gambling in the "prediction market." Therefore, it is believed that research should be conducted first before deciding on the next steps, and the promotion of new gambling projects should be halted for now.Mak Mei-juan stated that the existing regulated gambling projects have established a more mature monitoring and management system, which can help control risks. However, due to the uncertainty of the "prediction market," as a responsible government, there is a need to conduct research to understand the impact of the "prediction market" and its prevalence in Hong Kong. She also mentioned that the government has always maintained close contact with the Hong Kong Jockey Club, as the club has a rigorous monitoring system to oversee illegal gambling situations, and there are experts specifically targeting the fight against illegal gambling. The government will cooperate with the Jockey Club to obtain professional advice, allowing the authorities to implement measures specifically aimed at illegal gambling.Mak Mei-juan reiterated that the government's consistent policy is not to encourage gambling, and betting on sports projects in the "prediction market" is considered illegal gambling. The authorities will strengthen public education to help citizens understand the harms of gambling and refrain from participating in illegal gambling.

Analyst: The Bitcoin funding rate has dropped to a new low since 2023, which may trigger a short squeeze, and BTC is expected to rise to $125,000

According to CoinDesk, Bitcoin is currently priced at $74,700, down 0.4% in the last 24 hours. News of ceasefire negotiations between the U.S. and Iran has boosted risk sentiment, with the S&P 500 index reaching a record high on Thursday. Trump stated that the prospects for a permanent ceasefire between the U.S. and Iran "look very optimistic," claiming that Iran has agreed to abandon its nuclear ambitions, hand over nuclear materials, and reopen the Strait of Hormuz, although Iran has not yet confirmed these concessions.Meanwhile, the market is closely monitoring the structural signals behind Bitcoin's price movements. ZeroStack CEO Daniel Reis-Faria stated, "The funding rate is so negative that it indicates the market is heavily short. If Bitcoin continues to rise in this context, a large number of short positions may be forced to close, further accelerating the price upward." He predicts that if the short base is forced to cover, Bitcoin could reach $125,000 within the next 30 to 60 days.On-chain analyst CryptoVizArt provided another perspective: Bitcoin's "True Market Mean" (TMM) shows that the average cost basis of active holders is currently above the market price, indicating that holders are overall in a state of unrealized losses. Since 2016, consistently falling below this mean has often coincided with Bitcoin's most severe downturns, including the bear market from 2018 to 2019 (with a maximum drop of 57%, lasting 282 days) and the decline following the Luna and FTX collapses from 2022 to 2023 (with a maximum drop of 56%, lasting 339 days).Analysts point out that these two judgments are not mutually exclusive—the short squeeze triggered by the extremely negative funding rate and the structural pressure of overall unrealized losses among active holders can coexist. The former may trigger a significant rise, but ultimately could be absorbed by selling from the latter. The future market direction may depend on whether the U.S.-Iran ceasefire can be sustained after its expiration next week.
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