News

ChainCatcher reported that BitMEX co-founder Arthur Hayes stated on social media that HYPE is facing the risk of valuation multiple compression. Annual revenue has almost returned to its historical peak, but the token price is much lower. In the increasingly competitive perpetual contract decentralized exchange (Perp DEX) environment, speculators are unwilling to pay excessive premiums for uncertain future income.

Jinse Finance reported that on October 22, Bitwise Chief Investment Officer Matt Hougan published an article stating that since 2025, gold has risen by nearly 60%, far surpassing BTC's performance this year. The reason is that although central bank gold purchases have been an important catalyst for the rise in gold prices since 2025, such purchases actually began in 2022. In other words: central banks started buying gold in 2022, but gold prices only experienced a parabolic surge in 2025. Bitcoin is currently in the pre-2025 stage of gold. Since 2024, ETFs and corporations have bought a total of 1.39 million BTC, while the newly added network supply of bitcoin during the same period is less than a quarter of that amount. However, the BTC price has not risen higher and is currently hovering around $110,000, because price-sensitive holders have been taking profits and exiting during this period. But as the example of gold prices shows, one day these selling pressures will eventually be exhausted. As long as the combined buying momentum from ETFs and corporations continues, BTC will have its own "2025 gold price moment." He suggests remaining patient, as the surge in gold prices is a sign, indicating the future trajectory of bitcoin.