#稳定币竞争与发展 Seeing Luke Gromen's recent analysis, I have to say a few words. This guy bought Bitcoin below 30,000 and held it all the way until now. Now he's suddenly turning short-term bearish, and this shift is indeed interesting.

Let me summarize the key points: The bottleneck in AI competition has really shifted to electricity, and this logic still holds. But what caught my attention even more is his mention of Tether's movements—their asset-liability statement shows that their gold holdings are actually larger than Bitcoin's. What does this indicate? It suggests that even players who should be betting on crypto, like stablecoins, are starting to allocate traditional assets for hedging.

Liquidity tightening is the big backdrop. The phrase "unless it's quantitative easing at a nuclear level, it's just tightening" hits the point. The short-term bearish logic is coherent, but I'm more concerned about how market sentiment will evolve afterward. If large institutions follow suit and adjust their positions, the pairing relationship between stablecoins and mainstream coins might fluctuate.

Regarding the threat of quantum computing, the 2 to 9-year window, it's still early to tell, but it is indeed a hidden risk. Overall, this analysis is worth referencing, but ultimately, it depends on how the market reacts.