Author: Joseph Ayoub, former Head of Encryption Research at Citigroup
Compiled by: Deep Tide TechFlow
Original Title: Encryption Treasury Company Bubble Warning: From "Financial Alchemy" to Liquidation Countdown
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Introduction The last time cryptocurrency experienced a "traditional" bubble was in the fourth quarter of 2017, when the market saw astonishing double-digit and even triple-digit percentage daily increases. Exchanges were overwhelmed by the surge in demand, new participants flocked in, speculative ICOs (Initial Coin Offerings) emerged one after another, trading volumes hit historical highs, and the market welcomed a new paradigm, new heights, and even a first-class luxurious experience. This was the last mainstream, traditional retail bubble in the cryptocurrency space, nine years after the birth of the first "trustless" peer-to-peer currency.
Four years later, the cryptocurrency industry迎来了 its second major bubble, which is larger in scale, and.

Source: BlockBeats
Original title: These 6 people are becoming the Tom Lee of Solana
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Tom Lee (Thomas Lee) has become the recognized new powerhouse of Ethereum, buying 1.5 million ETH within 50 days, turning Ethereum from a doomsday vehicle into "the one to watch for the next decade." Meanwhile, Solana, which last year boldly proclaimed to "take down Ethereum," has lost its previous momentum. In this wave of cryptocurrency and stock trends, the community has realized that "Solana also needs its own Tom Lee."
The SOL/ETH exchange rate continues to decline.
So who is Tom Lee of Solana?
Rhythm BlockBeats has showcased 6 candidates from the community, each possessing exceptional skills, even outshining the early SOL hype.

Author: Deep Tide TechFlow
Original Title: LINK Research Report Interpretation: The Hidden Winner of Dollar Tokenization, Where Does the 30x Increase Potential Come From?
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If you have been paying attention to the crypto market recently, you must have noticed LINK's strong performance.
Public data shows that LINK has risen nearly 30% in the past month; for an old coin with a lukewarm narrative, such performance is quite eye-catching, and discussions about LINK on social media have also been increasing recently.
However, while most people are still debating whether LINK is just an "oracle token," the world's largest financial institutions, such as JPMorgan Chase, SWIFT, Mastercard, and DTCC, have quietly deployed Chainlink at the core of their blockchain strategies.
Recently, the crypto investment firm M31

Author: Ryan Yoon, Tiger Research
Compiled by: BlockBeats
Original Title: Stable: The New USDT Trojan Horse for the Stablecoin Era
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TL;DR
Stable positions itself as the "Trojan Horse" of the stablecoin market, driving mass adoption by focusing on the infrastructure of USDT.
It offers Gas-free USDT.

Author丨Theclues
Twitter丨@follow\_clues
Original title丨The Money Game of BMNR
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The core mechanism of equity dilution: Issuance of new shares will change the distribution of equity per share, resulting in a transfer of value from existing shareholders to new shareholders, unless certain ideal conditions (such as the market fully accepting the issuance without adjusting the valuation) continuously hold. Below, I will explain with mathematical calculations why this effect is ultimately unavoidable in reality and will undermine the logic of the "eternal cycle."
1. Example assumption
Initial state:
Company assets: $10 billion ETH (net assets = $10 billion, assuming no liabilities).
Market Cap: $11 billion (implying a 10% premium given by the market, possibly based on growth expectations or speculation).
Assuming the total share capital is S shares, then:
Net Asset Value (NAV) per share = 100/S

Source: Deep Tide TechFlow
Author: David & Liam, Deep Tide TechFlow
Original Title: 5 Years, 20 Times, The Birth Story of America's Most Expensive National Fortune Stock
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On August 8, 2025, Palantir Technologies (PLTR) stock price reached $187.99, with a market capitalization exceeding $443 billion - higher than the combined total of the three major defense contractors Lockheed Martin, Raytheon, and Northrop Grumman.
Since its direct listing at $10 in September 2020, PLTR has rebounded from a low of $5.92, achieving a cumulative increase of 31 times; even when calculated based on the listing price, it still has a return of nearly 19 times.
Since the beginning of 2025, PLTR has risen by 145%.
This AI data company does not manufacture chips, does not