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BTC $75,468.89 +1.56%
ETH $2,353.61 +0.98%
BNB $632.82 +2.16%
XRP $1.44 +2.71%
SOL $87.99 +3.58%
TRX $0.3242 -0.79%
DOGE $0.0984 +2.52%
ADA $0.2566 +3.68%
BCH $449.19 +2.20%
LINK $9.52 +3.06%
HYPE $43.56 -3.24%
AAVE $115.99 +9.49%
SUI $0.9926 +2.65%
XLM $0.1687 +5.27%
ZEC $331.93 -3.82%

bitmex

BitMEX Research proposes a new mechanism to mitigate the impact of quantum computing-related Bitcoin freezing

According to official news, BitMEX Research has released a new research article proposing that in response to the risk of future quantum computers potentially breaking elliptic curve signatures, the Bitcoin network could adopt an alternative soft fork mechanism to "directly freeze" to reduce controversy and increase flexibility.The proposal revolves around "quantum-vulnerable fund freezing," but suggests avoiding the direct freezing of all related assets without evidence, instead gradually implementing security strategies through a verifiable condition-triggering mechanism. The core of the proposal is to establish a "signal vault," which contains special addresses generated using "accidental numbers" to prove that no one possesses their private keys. If passive spending occurs from that address, it will be regarded as on-chain evidence that quantum computing capabilities genuinely exist, thereby immediately triggering a comprehensive freeze of quantum-vulnerable assets.At the same time, the fund could attract capital through a multi-signature structure as a "quantum bounty," aimed at incentivizing potential attackers to expose their capabilities. The article also mentions that there is currently a BIP-361 proposal promoting the phased disabling of the old signature system and ultimately freezing risky assets, but this proposal is controversial due to its involvement in "mandatory freezing."The newly proposed "signal-trigger + security window" mechanism aims to replace the fixed-time freeze path, reducing potential system shocks while retaining Bitcoin's censorship-resistant characteristics, but it also brings complexity and execution risk trade-off issues.

BitMEX: The crash forced market makers to hold large amounts of cryptocurrency, with market liquidity dropping to its lowest level since 2022

According to CoinDesk, the cryptocurrency trading platform BitMEX pointed out in its latest report that the crash has impacted market makers, forcing them to hold large amounts of cryptocurrency. This crash resulted in approximately $20 billion in cascading liquidations, severely damaging the neutral strategies of market makers and causing market liquidity to drop to its lowest level since 2022.BitMEX stated that when the ADL (Auto Deleveraging) mechanism is triggered and market makers are forced to liquidate their short positions used for hedging, these institutions are compelled to hold unhedged spot positions in the face of a rapid market decline. This situation undermined the commitment to neutral strategies in perpetual contracts, leading market makers to withdraw liquidity globally in the fourth quarter of 2025, thus reducing order book liquidity to its lowest level since 2022.As a large number of followers entered the market, the Delta neutral easy profits relying on funding rate arbitrage significantly shrank, with annualized returns dropping below 4%. Meanwhile, platforms operating under the B-book model reaped considerable profits, the DeFi perpetual contract market remained susceptible to manipulation, while the traditional financial perpetual contract market experienced explosive growth.
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