[Weekend Key News Review] US Investment Bank Jefferies: The crypto market is in the “1996 phase of the Internet”, and institutional investors should not only focus on BTC; Michael Saylor: Bitcoin may appreciate at an average annual rate of nearly 29% in the next 20 years; OKX CEO Star: No similar Hyperliquid products have been launched due to regulatory concerns, so I hope the industry will get a clear regulatory framework

Comparative review of the weekend's key news:

[US Investment Bank Jefferies: The crypto market is in the “1996 phase of the Internet”, institutional investors should not just focus on BTC]

Comparing news, US investment bank Jefferies said in a report for large institutional investors that the current stage of cryptocurrency development is similar to the 1996 Internet, and there is still plenty of room for growth.

Analysts pointed out that if the market pays too much attention to the Bitcoin price, it may ignore the disruptive potential of blockchain technology in various industries. Currently, some institutions have begun to deploy through ETFs and digital asset treasury management (DAT) companies. Jefferies advises investors to draw on the early investment strategies of the Internet, that is, to focus on the enduring utility and selectivity of projects.

By drawing an analogy between the current cryptocurrency market and “1996,” Jefferies paints a strong and concrete picture of Wall Street in the early internet era — which suggests that the next round of cryptocurrency growth is just beginning.

【Michael Saylor: Bitcoin may appreciate at an average annual rate of nearly 29% in the next 20 years]

Comparative news, according to CoinDesk,StrategyExecutive Chairman Michael Saylor said in the latest podcast interview that Bitcoin's recent price trend is lackluster. This is a strong sign that the market is consolidating, long-term holders are selling some of their positions, while institutional investors are preparing for larger allocations. Volatility is fading away.Bitcoin may appreciate at an average annual rate of nearly 29% in the next 20 years”.

【OKXCEO Star: Not online due to regulatory concerns SimilarHYPERLIQUIDProduct, I hope the industry gets a clear regulatory framework]

Comparing the news, OKX CEO Star said in an article on X, “Hyperliquid has proven that the on-chain perpetual contract business can achieve great success even with very few employees. Today, more competitors such as Aster are entering this space. OKX Web3 has also been testing similar products since 2023, but we chose not to go online on the mainnet due to regulatory concerns.

While on-chain perpetual contracts are growing, we must not forget the CFTC's enforcement action against Deridex in 2023. The regulatory enforcement landscape has fundamentally changed, and I hope the industry can get the much-needed regulatory clarity as soon as possible.”

[Chow Tai Fook's founder Sun Zheng Zhigang established ALMAD Group to invest in digital and virtual assets]

Comparatively, Zheng Zhigang, the former CEO of New World Development and founder of Chow Tai Fu, has stepped down from several family businesses since last year and has now announced the establishment of ALMAD Group (ALMAD Group). The comprehensive enterprise group will focus on Web 3 financial innovation, explore investments in digital assets, real-world asset (RWA) tokenization, etc., and will also explore applications of blockchain technology and immersive digital experiences in different industries.

[A large amount of tokens such as PARTI, NIL, and MBG will be unlocked next week]

In comparison, according to Token Unlocks data, tokens such as PARTI, NIL, and MBG will be unlocked for a large amount next week (the following are all Beijing time), including:

Particle Network (PARTI) will unlock approximately 182 million tokens at 6 p.m. on September 25, with a ratio of 78.44% of current circulation, worth about 34 million US dollars;

Nillion (NIL) will unlock about 65.12 million tokens at 9:00 p.m. on September 24, with a ratio of 33.37% to current circulation, worth about US$21.4 million;

MBG By Multibank Group (MBG) will unlock approximately 15.84 million tokens at 8 p.m. on September 22, with a ratio of 13.60% to current circulation, worth about US$17.7 million;

SPACE ID (ID) will unlock approximately 72.65 million tokens at 8 a.m. on September 22, with a ratio of 6.30% to current circulation, worth about $12.9 million;

Sahara AI (SAHARA) will unlock about 134 million tokens at 8 p.m. on September 26, with a ratio of 6.08% to current circulation, worth about 11.4 million US dollars;

Venom (VENOM) will unlock approximately 59.26 million tokens at 4 p.m. on September 25, with a ratio of 2.28% to current circulation, worth about US$8.6 million;

AltLayer (ALT) will unlock approximately 240 million tokens at 6 p.m. on September 25, with a ratio of 5.67% of current circulation, worth approximately US$8.1 million;

SOON (SOON) will unlock approximately 15.21 million tokens at 4:30 p.m. on September 23. The ratio to current circulation is 4.74%, and the value is about 5.3 million US dollars.

[Vitalik: Low RiskDeFiOr become Ethereum's core revenue engine, similar to Google's search business model]

Comparing the news, Vitalik posted a long post on social networking platforms saying that the Ethereum community has long faced a conflict between app revenue and ecological goals: high-yield applications (such as NFTs and Memecoin) are often out of touch with underlying value goals, and while non-financial applications meet the vision, it is difficult to support the $500 billion economy.

Vitalik pointed out that low-risk DeFi (payments, savings, synthetic assets, and overcollateralized lending) can be compared to Google's search business and is a core source of revenue for Ethereum. Such applications not only support the economic ecosystem through high transaction fees and demand for ETH collateral, but also conform to global financial inclusion values and avoid the data monopoly ethics problems of traditional advertising models.

Vitalik said that the current stricter regulatory environment and improved protocol security have created conditions for the development of low-risk DeFi. The future may evolve towards unsecured loans, predictive market hedging, and diversified stable value assets (such as a basket of currencies, inflation-linked tokens), etc., forming a synergy effect with the experimental application of Ethereum.

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