Steven_Research
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Long-term investor
Founder SR INVEST, holder $BNB
Top 14 independent Researcher at @Binance The Blockchain 100 | 2025
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Thank you @Binance Square Official and the title independent Researcher 2025
Thank you to the bosses @CZ @Yi He @Richard Teng
Thank you to the bosses @Daniel Zou (DZ) 🔶 and Francis, and @Nyan 7
It has been a memorable year 2025 with many emotions related to crypto and Binance!
Made many new friends, effective investments, gained more insights into the industry, and found reliable partners and colleagues!
Let's look forward to 2026 with new forecasts! We will be even more dynamic! Very bullish on Binance! 😍
Happy new year 2026!
Thank you to the bosses @CZ @Yi He @Richard Teng
Thank you to the bosses @Daniel Zou (DZ) 🔶 and Francis, and @Nyan 7
It has been a memorable year 2025 with many emotions related to crypto and Binance!
Made many new friends, effective investments, gained more insights into the industry, and found reliable partners and colleagues!
Let's look forward to 2026 with new forecasts! We will be even more dynamic! Very bullish on Binance! 😍
Happy new year 2026!
Steven Strategy
I am preparing to return to accumulate $BTC , with a weekly accumulation strategy
My goal is to accumulate until the end of this year, with an accumulation volume x2 corresponding to each price drop zone of Bitcoin
*Example:
- Week 1 BTC is priced at 6x I buy 1u
- Week 2 $BTC at 5x I will buy 2u
- Week 3 BTC price is 4x I buy 4u
- Week xxx BTC price is 3x I buy 8u
=> With the goal of establishing a personal Bitcoin reserve fund, size about 5-10% of the total portfolio
(Last season 2022-2025 I allocated 10% of the total portfolio to crypto, then sold everything back in November 2025 I posted, now it's time for a new plan)
- Most of the time I will still focus on Business and Real Estate, a bit of gold and silver, stocks
- This year will still be a challenging year for me, continuing to strive forward!
Let's accompany each other, folks!
🤝
I am preparing to return to accumulate $BTC , with a weekly accumulation strategy
My goal is to accumulate until the end of this year, with an accumulation volume x2 corresponding to each price drop zone of Bitcoin
*Example:
- Week 1 BTC is priced at 6x I buy 1u
- Week 2 $BTC at 5x I will buy 2u
- Week 3 BTC price is 4x I buy 4u
- Week xxx BTC price is 3x I buy 8u
=> With the goal of establishing a personal Bitcoin reserve fund, size about 5-10% of the total portfolio
(Last season 2022-2025 I allocated 10% of the total portfolio to crypto, then sold everything back in November 2025 I posted, now it's time for a new plan)
- Most of the time I will still focus on Business and Real Estate, a bit of gold and silver, stocks
- This year will still be a challenging year for me, continuing to strive forward!
Let's accompany each other, folks!
🤝
Hashrate of Bitcoin declines by 20% - Is it related to the price $BTC?
Hashrate represents the mining difficulty of Bitcoin, which has just experienced the largest drop since 2021, causing weaker miners to leave. So what is the cause of this and is it correlated with the price
?
1. Analyzing the causes of Hashrate decline
- The price of BTC has dropped significantly; when the price decreases, the revenue of miners (measured in USD) is no longer enough to cover electricity and operational costs, forcing small miners or those using older machines to disconnect.
?
1. Analyzing the causes of Hashrate decline
- The price of BTC has dropped significantly; when the price decreases, the revenue of miners (measured in USD) is no longer enough to cover electricity and operational costs, forcing small miners or those using older machines to disconnect.
THE DIFFICULT POSITION OF ETHEREUM
- After intense competition and aggressive expansion efforts from numerous large ecosystems, Ethereum's DeFi market share $ETH remains in a dominant position with 57.97% of the total value locked (TVL) across the industry. Although this figure has slightly fluctuated compared to the 54.21% in February 2025, Ethereum continues to demonstrate resilience and an ability to absorb capital more effectively than its remaining competitors.
- The Fusaka upgrade, scheduled for late 2025, has addressed the urgent issue of data availability through PeerDAS, helping to achieve a peak daily transaction volume of nearly 3 million by mid-January 2026. The number of active addresses has maintained steady growth, officially surpassing 1 million.
- Over 65% of real-world assets (RWA) are tokenized on Ethereum as their storage and trading platform, with the TVL for the RWA sector reaching $19.5 billion.
- The market capitalization of stablecoins on the network remains stable at $160 billion. Stablecoin trading volume reached $1 trillion by the end of 2025.
- Although the Ethereum Mainnet is increasingly becoming a haven for large capital (Whales) and institutional assets, small retail transactions and high-frequency activities are shifting towards Layer 2 or competitors like Solana (currently holding about 6.88% of the TVL market share), creating a polarization among users who fit into each chain.
=> Ethereum remains the largest funnel capturing the value of the entire DeFi sector, but its market share has also become very diverse.
- After intense competition and aggressive expansion efforts from numerous large ecosystems, Ethereum's DeFi market share $ETH remains in a dominant position with 57.97% of the total value locked (TVL) across the industry. Although this figure has slightly fluctuated compared to the 54.21% in February 2025, Ethereum continues to demonstrate resilience and an ability to absorb capital more effectively than its remaining competitors.
- The Fusaka upgrade, scheduled for late 2025, has addressed the urgent issue of data availability through PeerDAS, helping to achieve a peak daily transaction volume of nearly 3 million by mid-January 2026. The number of active addresses has maintained steady growth, officially surpassing 1 million.
- Over 65% of real-world assets (RWA) are tokenized on Ethereum as their storage and trading platform, with the TVL for the RWA sector reaching $19.5 billion.
- The market capitalization of stablecoins on the network remains stable at $160 billion. Stablecoin trading volume reached $1 trillion by the end of 2025.
- Although the Ethereum Mainnet is increasingly becoming a haven for large capital (Whales) and institutional assets, small retail transactions and high-frequency activities are shifting towards Layer 2 or competitors like Solana (currently holding about 6.88% of the TVL market share), creating a polarization among users who fit into each chain.
=> Ethereum remains the largest funnel capturing the value of the entire DeFi sector, but its market share has also become very diverse.
The Shift of Yields and Pressure on the USD - The Relation to Bitcoin
- The yield on the 10-year U.S. Treasury bond approaches 4.19%. Meanwhile, the yield on Japanese Government Bonds (JGB) starts to cool down after reaching historical highs. This tug-of-war reflects the conflict between extreme policy measures and the demand for foreign financing.
- The DXY index can no longer maintain its monopoly position. After dropping 9.2% in 2025, the index continues to lose another 3.1% in the first month of 2026. In contrast, currencies like the Euro and Japanese Yen are witnessing a strong recovery thanks to the Fed's caution and uncertainties from U.S. trade policy (tariffs).
- As the yield spread narrows, the profit from borrowing Yen to invest in USD assets disappears. This forces investors to unwind positions, pulling liquidity from global risk assets.
- The history of the years 2011, 2014, and 2021 shows that whenever this yield differential sharply decreases and breaches the 1.0% threshold, the price of Bitcoin $BTC often faces significant adjustment pressure.
=> Currently, short positions in Yen are still significantly lower than the peak levels of 2024. This implies that the amount of "dry wood" to create a liquidity fire (Yen Panic) like the summer of 2024 is limited.
=> Although $BTC is facing resistance from the narrowing Spread, the current market structure is more mature compared to previous cycles. The downward pressure is real, but the intensity may be alleviated by institutional capital flows and the shifting confidence as the USD weakens.
- The yield on the 10-year U.S. Treasury bond approaches 4.19%. Meanwhile, the yield on Japanese Government Bonds (JGB) starts to cool down after reaching historical highs. This tug-of-war reflects the conflict between extreme policy measures and the demand for foreign financing.
- The DXY index can no longer maintain its monopoly position. After dropping 9.2% in 2025, the index continues to lose another 3.1% in the first month of 2026. In contrast, currencies like the Euro and Japanese Yen are witnessing a strong recovery thanks to the Fed's caution and uncertainties from U.S. trade policy (tariffs).
- As the yield spread narrows, the profit from borrowing Yen to invest in USD assets disappears. This forces investors to unwind positions, pulling liquidity from global risk assets.
- The history of the years 2011, 2014, and 2021 shows that whenever this yield differential sharply decreases and breaches the 1.0% threshold, the price of Bitcoin $BTC often faces significant adjustment pressure.
=> Currently, short positions in Yen are still significantly lower than the peak levels of 2024. This implies that the amount of "dry wood" to create a liquidity fire (Yen Panic) like the summer of 2024 is limited.
=> Although $BTC is facing resistance from the narrowing Spread, the current market structure is more mature compared to previous cycles. The downward pressure is real, but the intensity may be alleviated by institutional capital flows and the shifting confidence as the USD weakens.
HYPERLIQUID - TOKEN UNDER UNLOCK PRESSURE?
Owning the top perp volume in the market, in 2025 Coinbase recorded 1.4 trillion USD, while Hyperliquid reached 2.6 trillion USD, Hyperliquid nearly doubled CEX like cb
The token buyback mechanism is 97% of revenue sent to the Assistance Fund wallet, and this fund is recognized as a permanently burned address (removed from circulation)
=> Just these 2 factors alone make
arguably become the token with the strongest fundamentals in the market by 2025 along with impressive growth
The token buyback mechanism is 97% of revenue sent to the Assistance Fund wallet, and this fund is recognized as a permanently burned address (removed from circulation)
=> Just these 2 factors alone make
arguably become the token with the strongest fundamentals in the market by 2025 along with impressive growth
Analysis of Bitcoin Cost Structure - The Shift Between Holder Groups $BTC
1. Pressure from short-term investor (STH) groups
- Currently, the market has pushed the entire STH group into a position of losses. When the market operates below the average cost of the group holding for less than 155 days, panic selling pressure often peaks.
- With an average purchase price of $BTC around $92K, all STH are in a position where they have to DCA to lower their purchase price or cut losses.
- Currently, the market has pushed the entire STH group into a position of losses. When the market operates below the average cost of the group holding for less than 155 days, panic selling pressure often peaks.
- With an average purchase price of $BTC around $92K, all STH are in a position where they have to DCA to lower their purchase price or cut losses.
CRYPTO ACCUMULATION STRATEGY
There is a trading strategy that I find psychologically stable and effective, I often jokingly call it "the gold shop trader" very effective
Metaphorically likened to the image of the owner of a gold and silver shop, accumulating gold and buying/selling with a clear principle. And you can see they are getting richer?
Accumulation trading strategy
1, Principle
- You see the shop owner always has inventory and cash
- Business activities of buying and selling
Metaphorically likened to the image of the owner of a gold and silver shop, accumulating gold and buying/selling with a clear principle. And you can see they are getting richer?
Accumulation trading strategy
1, Principle
- You see the shop owner always has inventory and cash
- Business activities of buying and selling
The Binance SAFU fund just purchased an additional 3.663 $BTC , corresponding to a value of 233.05 million USD
In total, after 3 rounds of purchases, they have bought 6.230 $BTC - with the current market value approximately 403.21 million USD
The principal amount spent is currently around 434 million USD, part of the planned 1 billion USD fund
In total, after 3 rounds of purchases, they have bought 6.230 $BTC - with the current market value approximately 403.21 million USD
The principal amount spent is currently around 434 million USD, part of the planned 1 billion USD fund
Trend Research has been partially liquidated in the past few days
If $ETH falls to the 1.5K range, they will liquidate about $800M of theirs
Last night, there was a time when ETH fell to the 1.7K range
If $ETH falls to the 1.5K range, they will liquidate about $800M of theirs
Last night, there was a time when ETH fell to the 1.7K range
An unexpected gift from @Binance Square Official for quality content
Thank you to the bosses and the team for trusting and giving 1 $BNB for my content @Yi He CYZhang01. Being recognized for quality value is the most precious reward for a content writer.
This is not just a number, but a huge motivation for me to continue sharing even higher quality content with the community.
Thank you everyone for always supporting me! 🫶
Thank you to the bosses and the team for trusting and giving 1 $BNB for my content @Yi He CYZhang01. Being recognized for quality value is the most precious reward for a content writer.
This is not just a number, but a huge motivation for me to continue sharing even higher quality content with the community.
Thank you everyone for always supporting me! 🫶
Trump's World Liberty ($WLFI ) just sold 73 $WBTC (5.04 million USD) at a price of 69,000 USD.
The star previously said hodl 🫠
The star previously said hodl 🫠
VITALIK AND ENTITIES CONTINUE TO SELL $ETH - BUT STILL NOT DONE?
Data records the combination between forced liquidation events from whales and Vitalik's planned divestment could it be a coincidence at this time?
VITALIK AND ENTITIES CONTINUE TO SELL $ETH - BUT STILL NOT DONE?
1. Vitalik Buterin: Divestment for special projects
- In the last 3 days (03/02 - 05/02): Vitalik sold about 2,779 - 2,961 $ETH , bringing in 6.2 - 6.6 million USD (average price 2,228 - 2,238 USD/ETH). Converted into stablecoins like USDC, GHO, EUROC, and LUSD
VITALIK AND ENTITIES CONTINUE TO SELL $ETH - BUT STILL NOT DONE?
1. Vitalik Buterin: Divestment for special projects
- In the last 3 days (03/02 - 05/02): Vitalik sold about 2,779 - 2,961 $ETH , bringing in 6.2 - 6.6 million USD (average price 2,228 - 2,238 USD/ETH). Converted into stablecoins like USDC, GHO, EUROC, and LUSD
BITCOIN DROPS TO IMPORTANT LEVELS - SELLING PRESSURE DOMINATES
On-chain $BTC currently confirming the control rights belong to the bears, with a significant weakening of demand at important price levels
1. Breaking psychological and technical support levels
*The True Market Mean index has been broken. Trading prices below this level has two consequences:
- Losing the benchmark of confidence: Most short-term traders are currently in a loss position, increasing sell-off pressure to cut losses instead of accumulating more.
1. Breaking psychological and technical support levels
*The True Market Mean index has been broken. Trading prices below this level has two consequences:
- Losing the benchmark of confidence: Most short-term traders are currently in a loss position, increasing sell-off pressure to cut losses instead of accumulating more.
The SAFU fund of Binance has purchased an additional 1,315 USD $BTC , worth 100.42 million USD.
In total, they have bought 2,630 BTC, worth 201.12 million dollars, in the past 2 days.
In total, they have bought 2,630 BTC, worth 201.12 million dollars, in the past 2 days.
ETHREUM L1 DOES NOT NEED L2s?
I analyzed this three years ago, at that time the market still had great faith in L2s, currently out of 135 existing Layer 2s, 109 L2s have less than 1 user operation per second.
- Recently, Vitalik outlined a shift in focus from 'L2 as a salvation for L1' to 'L1 self-reinforcement and L2 specialization', a significant filtering for current L2s and opening the way for
L1.
1. The obsolescence of the old 'Rollup-centric vision' of L2s.
- Recently, Vitalik outlined a shift in focus from 'L2 as a salvation for L1' to 'L1 self-reinforcement and L2 specialization', a significant filtering for current L2s and opening the way for
L1.
1. The obsolescence of the old 'Rollup-centric vision' of L2s.
October 2025 (Peak): The market is extremely enthusiastic with the net inflow of Stablecoin into exchanges reaching a record level of +9.7 billion USD. Binance alone accounts for a large portion with 8.8 billion USD. This is the main catalyst pushing Bitcoin to its historical peak (ATH).
Currently (February 2026): The cash flow has completely reversed. After a heavy deficit in December, the market is now continuing to record a net outflow of -4 billion USD.
- The withdrawal of Stablecoin from exchanges means that "purchasing power" is being reduced. Investors are moving money to cold wallets or leaving the market to preserve capital instead of being ready to buy assets.
=> The market is in a state of "liquidity hunger". The withdrawal of Stablecoin cash flow is a signal indicating that investors (especially those who entered later) are either capitulating or exercising maximum caution, making it difficult for Bitcoin $BTC to break out strongly in the short term.
Currently (February 2026): The cash flow has completely reversed. After a heavy deficit in December, the market is now continuing to record a net outflow of -4 billion USD.
- The withdrawal of Stablecoin from exchanges means that "purchasing power" is being reduced. Investors are moving money to cold wallets or leaving the market to preserve capital instead of being ready to buy assets.
=> The market is in a state of "liquidity hunger". The withdrawal of Stablecoin cash flow is a signal indicating that investors (especially those who entered later) are either capitulating or exercising maximum caution, making it difficult for Bitcoin $BTC to break out strongly in the short term.
Currently, 10% of the total circulating Bitcoin is held by two main entities: MicroStrategy (Strategy) and 11 spot Bitcoin ETF funds.
- Average combined purchase price: $85.36K.
- Current status: Unrealized losses amounting to approximately -$7 billion.
=> A new generation of investors (Boomers) is holding positions at a loss and tends to withdraw capital en masse.
=> The "institutional cash flow" narrative has been reflected in the price and is currently creating selling pressure as prices drop significantly below the cost basis.
- Average combined purchase price: $85.36K.
- Current status: Unrealized losses amounting to approximately -$7 billion.
=> A new generation of investors (Boomers) is holding positions at a loss and tends to withdraw capital en masse.
=> The "institutional cash flow" narrative has been reflected in the price and is currently creating selling pressure as prices drop significantly below the cost basis.
Finally, this position of #BitcoinOG(1011short) has been completely liquidated with a total liquidation amount of 522 million dollars.
This account has changed from a profit of more than 142 million dollars to a loss of 128.87 million dollars.
Now the account has been completely wiped out - the balance is zero.
Previously, we thought this account belonged to an insider of the Trump family, but now it has been liquidated.
- What do you all think?
This account has changed from a profit of more than 142 million dollars to a loss of 128.87 million dollars.
Now the account has been completely wiped out - the balance is zero.
Previously, we thought this account belonged to an insider of the Trump family, but now it has been liquidated.
- What do you all think?
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