Analysis DeskPublished & Archived
Research, features, and event analysis
All published analysis pieces live here, including translated Tuoniaox archive features and new HashSpring reports.
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2025-2026年比特币市场周期分析：我们正处于牛市的哪个阶段？
深入研究链上指标、MVRV Z-Score、减半周期规律和机构采用趋势，分析比特币当前所处的市场阶段，展望 2025-2026 年周期峰值预测。
HashSpring ResearchMar 27, 202610 min read
Latest Analysis
4429 total01
Strategy's valuation has fallen below the value of its bitcoin holdings
For years, investors had valued the firm well above its bitcoin holdings, giving Strategy massive flexibility to raise capital as needed — a situation Michael Saylor and team took full advantage of.
11h ago
02
EU lawmakers urge assessing DeFi, staking, NFT regulation
The nonbinding report outlines Parliament's vision for future EU crypto regulation and warns against national MiCA rules.
15h ago
03
Ripple CEO stays bullish on bitcoin but says Saylor's strategy has hurt crypto
Ripple's Brad Garlinghouse called Strategy's preferred-stock funding model "financial engineering" that distracted the market, pointing to STRC's slide to a record low as the evidence. He runs the company behind XRP, a bitcoin rival.
15h ago
04
US senators urge CFTC probe Polymarket over ‘deceptive marketing’
Senators John Curtis and Adam Schiff are concerned about the CFTC’s enforcement ability after a “troubling” report on Polymarket’s advertising.
21h ago
All Published Analysis
Event breakdowns, long-form research, and translated archive features.
HashSpringbtc
Strategy loses its bitcoin premium as enterprise mNAV dips below 1
Strategy's STRC briefly fell to a record low of $71.40 on Friday, leaving the preferred shares about 25% below par.
Kyle Baird1d ago1 min read
HashSpringbtc
Galaxy Research Cuts CLARITY Act Passage Odds to 50-50 as Senate Clock Runs Out
Bitcoin Magazine Galaxy Research Cuts CLARITY Act Passage Odds to 50-50 as Senate Clock Runs Out Galaxy Research cut its odds of the Senate passing the CLARITY Act to 50-50, citing dwindling time before Congress's August recess and mounting legislative uncertainty. This post Galaxy Research Cuts CLARITY Act Passage Odds to 50-50 as Senate Clock Runs Out first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
Micah Zimmerman1d ago5 min read
HashSpringai
Ripple CEO says Michael Saylor has hurt crypto market as Strategy’s STRC trades 25% below par
"Financial engineering does not drive long-term value ... long-term value of any digital asset is going to be driven by utility," said Garlinghouse.
RT Watson1d ago1 min read
HashSpringpolicy
This AI Agent Survived 6,000 Hack Attempts—Here’s How
Fernando Irarrázaval posted his OpenClaw assistant's inbox to Hacker News and watched Claude Opus 4.6 hold off thousands of attackers.
Jose Antonio Lanz1d ago1 min read
HashSpringbtc
Billionaire Investor Jeremy Grantham: Bitcoin Will ‘Dwindle Away With a Whimper’
Bitcoin Magazine Billionaire Investor Jeremy Grantham: Bitcoin Will ‘Dwindle Away With a Whimper’ Jeremy Grantham doubled down on his long-standing Bitcoin skepticism, predicting the cryptocurrency will "dwindle away with a whimper." This post Billionaire Investor Jeremy Grantham: Bitcoin Will ‘Dwindle Away With a Whimper’ first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
Micah Zimmerman1d ago3 min read
HashSpringai
Bipartisan senators call for CFTC investigation into Polymarket after fake bets report
Senators are demanding for the CFTC to investigate Polymarket following reports that it paid creators to stage fake winning bets.
Sarah Wynn1d ago1 min read
HashSpringdefi
AscendEX withdrawal complaints mount as ZachXBT questions reserves
Multiple users reported delayed AscendEX withdrawals after ZachXBT flagged potential liquidity issues and urged the exchange to explain its reserves.
Cointelegraph by Zoltan Vardai1d ago1 min read
HashSpringbtc
With crypto ending the first half in the red, bitcoin's solace is it beat Strategy
Your day-ahead look for June 26, 2026
Omkar Godbole1d ago1 min read
HashSpring
All eyes on Strategy's June 30 ex-dividend date and monthly STRC dividend rate reset
Investors are watching the preferred stock's ex-dividend date and monthly dividend rate reset closely.
James Van Straten1d ago1 min read
HashSpringbtc
Bitcoin ETF Flows Explained: What ETF Inflows and Outflows Mean for Investors
Bitcoin ETF flows refer to the movement of money into and out of bitcoin exchange-traded funds (ETFs). When investors buy ETF shares, new money enters the fund and creates an inflow. When investors sell shares and capital leaves the fund, an outflow occurs. Because most U.S. spot bitcoin ETFs hold actual bitcoin, these flows are [ ]
Callum Howe1d ago1 min read
HashSpringbtc
Corporate Bitcoin Treasuries Explained: Why Public Companies Hold Bitcoin
Public companies hold bitcoin because they view it as a scarce, dollar-denominated reserve asset that can diversify treasury holdings, preserve purchasing power against inflation, attract investors, and provide exposure to the digital asset economy. The model was pioneered by Strategy (formerly MicroStrategy) and has since been adopted by Tesla, Block, Metaplanet, and a range of [ ]
The Block Research1d ago1 min read
HashSpringbtc
Too big to fail: Strategy’s $13 billion bitcoin paper loss alone dwarfs hundreds of prominent tokens
Strategy’s paper loss exceeds the market caps of hundreds of tokens, highlighting the extreme concentration of risk in the crypto market right now.
Omkar Godbole1d ago1 min read
HashSpringpolicy
What Is the GENIUS Act? A Guide to U.S. Stablecoin Law
The GENIUS Act is the U.S. federal law that creates a regulatory framework for dollar-backed stablecoins. Signed into law on July 18, 2025, the law sets rules for who can issue payment stablecoins, what those tokens must be backed by, how holders can redeem them, and which regulators supervise the issuers. It is the first [ ]
The Block Research1d ago1 min read
HashSpringbtc
How Pension Funds Invest in Crypto
Pension funds are among the world’s largest institutional investors, and in recent years they have started investing in crypto. Pension funds typically invest in crypto through regulated vehicles such as spot bitcoin ETFs, digital asset investment funds, and crypto-related public companies. Because pension funds manage retirement assets and have strict fiduciary responsibilities, they typically use [ ]
The Block Research1d ago1 min read
HashSpringbtc
Does Botanix’s failure prove Bitcoiners don’t care about DeFi?
The failure of Botanix suggests that Bitcoiners still prefer Ethereum DeFi to Bitcoin L2s. How can Bitcoin L2s change to win hodlers over?
Cointelegraph by Christina Comben2d ago1 min read
HashSpring
Aave founder Stani Kulechov says AAVE isn’t for sale ‘at a 70% discount’ following report of Payward bid
The Aave Will Win proposal redirected 100% of protocol and Aave-branded product revenue to the DAO and AAVE token holders.
Daniel Kuhn2d ago1 min read
HashSpringbtc
Morning Minute: Strategy’s MSTR and STRC Crash to 52-Week Lows
A massive Micron earnings beat has lifted global markets, pushing crypto higher after yesterday's nasty sell off took BTC sub-$60k.
Tyler Warner2d ago1 min read
HashSpringai
Circle, Nomura eye Japan corporate FX with stablecoin settlement: Report
Circle and Nomura are reportedly partnering to enable stablecoin-based foreign exchange settlement for Japanese companies as the country's regulated blockchain-based financial infrastructure expands.
Zoltan Vardai2d ago1 min read
HashSpring
Half of UK wealth advisors say most clients’ crypto sits outside their oversight as 61% of European peers face firm restrictions: CoinShares
CoinShares survey found 52% of UK advisors report most clients' crypto exposure sits outside their oversight, with firm policy a key driver.
Naga Avan-Nomayo2d ago1 min read
HashSpringbtc
Thailand issues arrest warrant for Chinese businessman tied to $28 million illegal crypto mining probe: report
Chinese businessman Wang Yicheng was accused of involvement in illegal crypto mining operations that used $28 million worth of electricity.
Brian Danga2d ago1 min read
HashSpringbtc
Bitcoin back above $60,000, ETH, SOL recoup losses as AI stocks stage rebound
The token fell to about $59,000 before buyers stepped in, but the week's losses are steep across the board. A blowout Micron forecast lifted stocks and oil kept sliding, yet crypto did not follow.
Shaurya Malwa2d ago1 min read
HashSpringai
Kalshi seeks funding at $40B valuation, nearly doubling last raise: FT
Kalshi is reportedly in talks to raise new capital at a $40 billion valuation, reflecting growing investor confidence in regulated prediction markets.
Felix Ng2d ago1 min read
HashSpringai
Kalshi in talks to raise funds at $40 billion valuation: FT
Kalshi's reported valuation reflects the firm's rapid growth, as it reported a $5 billion valuation last October.
Danny Park2d ago1 min read
HashSpringbtc
Aave Token Could Climb 50x by End of 2030, Standard Chartered Says—Here's Why
Bitcoin to $500K, Ethereum to $40K, and Aave to $3,500 by the end of 2030? Standard Chartered just laid out some bullish price targets.
Decrypt Agent3d ago1 min read
HashSpringbtc
Bitcoin miners face deepening margin squeeze as revenue falls below production costs
An estimated 20% of miners are now unprofitable at current prices, and the stress shows up at the network level, too.
Ivan Wu and Bryan Samsoedin3d ago1 min read
HashSpringbtc
Bitcoin nearly loses $59K as DXY surges: Are traders bracing for more pain?
Bitcoin drops toward new 2026 lows as spot BTC ETF outflows and slowing accumulation from Strategy weigh on market sentiment.
Marcel Pechman3d ago1 min read
