EncryptionChapterThree

Options expiration day, once again the familiar script.
24,000 BTC options and 151k ETH options, with a combined notional value exceeding $2.2 billion. Will the market obediently follow the key levels of 69,000 and 2,050?
The Put-Call Ratio is below 1, indicating that bullish sentiment still dominates. But don’t celebrate too early—volatility around expiration is common, and market makers love to harvest profits during this time.
The notional value of $1.94 billion in BTC—if it truly moves toward the pain points—how many traders will get liquidated? On the ETH side, with a notional value of $3

TACO :Trump Always Chickens Out
终会狼来了
#GateSquare @Gate__Square

“TACO Trading” — Trump Always Chickens Out, Wall Street Has Tailored a Trading Strategy for Trump.
The logic is simple: Trump issues tough threats, and the market falls first; once Trump pulls back, the market rises again. So the smart move is— the fiercer he is, the more you buy.
This is probably the most honest market analysis in recent years.
The traditional geopolitical logic goes like this: conflict escalation = risk assets drop, safe-haven assets rise. But “TACO Trading” completely flips this logic—because everyone knows Trump’s script: post a menacing tweet, wait for the market to shake

Visa launches "Intelligent Commerce Connect," which looks like defense but is actually a strategic move.
AI agents for shopping, AI agents for subscriptions, AI agents for automatic procurement—this scenario is no longer just imagination but a reality happening now. The question is: when AI spends money on your behalf, who receives the money, and how? Visa's answer is: it all flows through me.
"Single integration" is the key. One set of APIs, AI developers integrate once, merchants integrate once, and payment, card issuance, risk control, and identity verification are all handled. This is a si

U.S. lawmakers urge the SEC to investigate "suspicious" transactions during Iran war, saying "the speed, scale, and structure of the trades are highly suspicious" — in plain language: someone knew before Trump posted.
On March 23, Trump posted a delay in military strikes against Iran. Just minutes before his post, there was "abnormal trading activity" in oil and stock futures markets. Who was front-running? The answer is obvious, but no one dares to say it out loud.
This scenario is all too familiar. Insider trading on Wall Street is not news; investigations into insider trading are. And what'

Iran will require shipping companies to pay transit fees in cryptocurrency (Bitcoin) for oil tankers passing through the Strait of Hormuz during a two-week ceasefire period, in order to maintain control over the waterway. #Gate广场四月发帖挑战 $BTC

The US and Iran have agreed on a two-week temporary ceasefire. Are you going long or short?
#GateSquare @Gate__Square

After Bitcoin surged and then retraced to around $71,500, addresses starting with 0x049 continued to open long positions with 20x leverage on BTC, while simultaneously opening 20x leveraged ETH long positions, totaling a scale of $40 million. Meanwhile, Jiang Zhuoer, founder of the LaBit mining pool, announced that he had shorted ETH at $2,242.
These two are headed in completely opposite directions, yet they both probably believe they are right.
The most ironic thing about the capital market is this: both people think they hold the truth, and there is only one truth. The other will be liquidat

A ceasefire agreement has been signed for two weeks, and oil prices are falling first—WTI plunges 15%, breaking below $100. Turns out, the "war premium" was worth at least 15 points, and it’s being wiped out just like that.
But interestingly, while oil prices are dropping, gold and Bitcoin are rising together. Gold is now trading at $4,811, and Bitcoin has also increased by 5.5%, reaching $72,460.
Oil prices fall, gold rises, Bitcoin rises—this script is completely opposite to the textbook. In theory, with geopolitical tensions easing, safe-haven assets should decline, but gold continues to fo

8 billion USD in daily trading volume—this number alone is enough to be embarrassing if it gets out.
There were still 41 billion in December 2024; now only 8 billion remains, an 80% shrinkage. The most beloved narrative in the crypto market is "institutional entry" and "bull market is coming." But when institutions arrive, liquidity actually evaporates by half. Who wrote this script?
Even more ironic is Thielen's conclusion: "A broad upward trend is unlikely." Duh, with trading volume cut to the ankles, what’s there to rise? Retail investors are either trapped and pretending to be dead or play

Negotiations are never about what happens at the start—they’re about the end result.
The U.S. throws out 15 ceasefire proposals, while Iran counters with 10. It’s like you open a restaurant: the client (Party A) wants a banquet with 15 dishes, but you can only quote for 10—if the menus don’t even match up, what are you supposed to negotiate cooperation about? It’s no surprise that the first round of talks shows a “clear divergence in demands.” And anyone who immediately gives in and compromises would actually come off as lacking sincerity.
The problem is: can the market afford to wait? Oil pri

A tech company that doesn't do R&D or product development has shifted its main business to "buy SOL, stake SOL, and boast about how much SOL we've bought."
In 2025, the total revenue was $7 million, of which $6.8 million came from staking rewards. To put it simply: 97% of the company's income comes from "buy SOL and stake SOL."
Traditional medical device business? It’s barely a blip.
Total assets grew from $7.3 million to $269 million, with $250 million in digital assets—meaning 93% of the company's assets are SOL.
Is this a publicly listed company or a retail whale? Shareholders inves

Whenever there's a conflict in the Middle East, oil prices skyrocket, and this time the script hasn't changed. Saudi Arabia directly increased the price of crude oil sold to Asia by $17 per barrel, with the premium hitting a record high. In plain terms: buyers have no choice anyway, so they might as well fill their tanks during the chaos. The Strait of Hormuz is a vital chokepoint for about one-fifth of the world's oil, and if Iran closes it, Japan, South Korea, and the US will all be in a panic. Even more interesting is that Saudi Arabia and Iran are theoretically on the same side, but their

Japan's 10-year government bond yield finally climbed above 2.4%, which sounds like a joke—what does 2.4% mean to global investors? Any US money market fund easily offers you 5%. But in Japan, this is called "a seismic shift."
For decades, Japan relied on a low-interest environment built on "zero or even negative interest rates": the government borrowed wildly, companies borrowed almost for free, and ordinary people kept money in banks because there was no interest anyway. Now, this foundation is shaking. The higher the yields, the heavier Japan's debt repayment costs become. The scale of Japa

Gold ETFs saw a net outflow of $2.92 billion in one month, while Bitcoin spot ETFs experienced a net inflow of $1.32 billion. These numbers are interesting: not all the money flowing out of gold went into Bitcoin, but Bitcoin is definitely eroding the faith in gold as a safe haven. The throne of thousands of years as the king of safe assets is being shaken by a string of code.
The label "alternative assets" now seems like a joke. The same people who once said Bitcoin was a toy or a scam are now writing research reports on "Bitcoin transforming into a mainstream investment tool." Institutions

Qingming coincides with Easter, with the East paying respects at the tombs and the West celebrating resurrection—financial markets collectively taking a break, just like workers who don’t want to work on the last day before the holiday.
Interestingly, while the Middle East is heating up and oil prices are soaring, today the global markets are all closed. It’s a kind of karmic cycle: when you make retail investors anxious during normal times, you can relax during the holiday. CME and Brent oil markets are closed, institutions and retail investors are finally forced to stop trading, returning

"Real Commitments" are now in the 90th round, sounding like a long-term streaming subscription—except the question is, can you cancel this membership?
The Beyk Road Bridge was blown up, Iran said it would retaliate, and then oil prices took off. WTI rose 15%, Brent surged past $140, hitting a new high since 2008. Think about what happened in 2008—the eve of the financial crisis. History doesn’t like to repeat itself, but it loves to rhyme.
The most ironic thing is, every time tensions in the Middle East escalate, oil-producing countries count their money, Wall Street counts its money, arms

$31.29 million, an amount that ordinary people would never be able to save in three lifetimes. Brother Ma Ji, Huang Licheng, lost it all in less than a year, and in the process, he went from being a "big shot in the crypto circle" to a "crypto circle philanthropist."
This time, he added another $300,000 USDC to HyperLiquid, opening a 25x leverage to go long on ETH. He lost over $30 million, but the leverage remained unchanged, the position direction stayed the same, and he even continued to add to his position — this is no longer stubbornness; it’s performance art: a live demonstration of what