朱老师区块链

2 national blockchain key R&D core members, 3,000 projects in 10 years, popular science column.

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Is MicroStrategy becoming Bitcoin's biggest "stumbling block"? Bitcoin has been dropping sharply these past couple of days. On June 1st, BTC fell from 73,000 to 70,000, and on June 2nd it dropped from 71,000 to a low of 66,000, a decline of 6%. From the peak of 82,000, it has already dropped 20%. Yesterday, BTC's decline was very smooth; recently, BTC has been falling very smoothly with no resistance at all. As shown in the chart below, this situation definitely means there is a large volume of sell orders hitting the market, no doubt about it. Moreover, since May 25th, after BTC dropped from 77,000, there has been almost no decent rebound. Here are my thoughts: 1. I didn't expect BTC to fall so smoothly without any resistance. Although MicroStrategy sold 32 BTC, I didn't expect such a strong market reaction. In my May 6th article "If a Whale Targets MicroStrategy, This Will Be an Open-Card Hunt," I said if an institution targets MicroStrategy, it would be bad. But after thinking more carefully, even if no institution targets MicroStrategy, it is still a "tumor" on BTC's decentralization path. Everyone knows MicroStrategy holds nearly 850,000 BTC, almost as many as the largest holder, "Satoshi Nakamoto." Once they start dumping, everyone else becomes their "bag holders"; if prices rise, everyone is "carrying the sedan chair" for them. So either way, it's not good. And generally, people have the mindset: "I'd rather not make money than carry your sedan chair!" Because people like to see others lose, not win! So as long as MicroStrategy stands, it acts like an "invisible mountain" weighing down the market. Some say ETFs also have large volumes. But you have to understand ETFs are bought and held by retail investors who can run or buy anytime; this is not the same as one institution holding a huge volume. MicroStrategy is one company holding such a large amount, and the boss can decide to sell or not. Think about the rumors before that "Satoshi's" account was reactivated, which caused market panic and caution. Bitcoin was born with a "decentralization mission," but now there is a mountain—MicroStrategy—whose size already impacts the market, which is very undemocratic. So in the future, I think for BTC to develop, MicroStrategy must fall. When one whale falls, all life flourishes! This is definitely a "stumbling block." Imagine if "Satoshi" were still alive and occasionally spoke up, BTC probably wouldn't have risen to its current height! 2. Currently, the main market narrative is not on Bitcoin. The US stock market keeps hitting new highs, yet BTC is still falling against the trend. Looking at ETF outflows over the past 30 days, there have been outflows every day, with almost no inflows. About $5 billion has flowed out in 30 days. Right now, attention is on the US semiconductor sector. Yesterday I mentioned the Nvidia ecosystem; you can see recent gains, for example, Marvell up 20%-30% for two consecutive days, Coherent up 20%-30% for several days, Lumentum also doing well recently, not to mention storage companies like Micron and SanDisk. This definitely creates FOMO. US ETFs are basically retail investor behavior—if they don't chase the rise, do they chase the fall? So finally, does BTC still have a future? The answer is definitely yes. First, consensus remains; there are still many institutions, funds, and long-term investors who believe in Bitcoin. It's just that attention and capital enthusiasm are currently lacking. When this semiconductor rally tops out and consolidates, some funds may become fearful and withdraw. Then, if BTC falls cheap enough later, it could work out. Also, if MicroStrategy falls, that would be positive—short term might be negative, but long term definitely positive. However, if MicroStrategy falls, BTC might be bloodied heavily, which seems unlikely now. My recent insight is that market hotspots must be watched carefully. This AI mega-narrative won't just run a short distance; if you want to chase it, you have to chase it! Go fish where the fish are! $BTC $ETH #黄仁勋：Marvell冲击万亿市值

What discoveries were made in Nvidia's GTC keynote? Today, let's talk about Nvidia's GTC keynote. Why focus on Nvidia? Because Nvidia is the leading pioneer in this wave of AI, which can be said to be a once-in-20-years top narrative, similar to the internet boom in 2000. We absolutely cannot miss this. Why do I say this? First, look at Nvidia's SpectrumX photonics packaging network switch released in March 2025, along with the AI factory concept, which mentioned optical communication. I believe those who carefully read this and deeply study the underlying industry have already "won big." Whether it's the US fiber optic company Corning, optical chip makers like Lumentum, or Marvell Technology, which corresponds to China's Zhongji Xuchuang, New Ease, optical chip maker Yuanjie Technology, Shijia Photonics; or CPO module companies like Broadcom and Bochuang Technology, all have risen more than tenfold. So, Nvidia's future conferences and keynotes must be watched closely, and following Nvidia's lead to explore might reveal some opportunities. First, let's see the key points introduced at the conference: They announced starting to make CPUs; Nvidia is entering the CPU market and has collaborated with Microsoft on a new PC AI. The future will involve robots, satellites, and cloud base stations. I also believe the future belongs to robots. So, which robot companies exist now? Tesla? Ushu Technology? For satellite launches, there's SpaceX and others. For cloud base stations, which companies are currently working in this area? Then they talked about robot medical services and robot taxi services. What companies and core components are related to this? I did some preliminary research and found the following companies: (This is just my initial AI search; a comprehensive exploration requires huge time, effort, and information organization.) Next, what companies and components are related to robot cars? There are many automotive components. I roughly checked: chip makers include Nvidia, Qualcomm, Broadcom; LiDAR: LAZR, OUST; camera sensors: Sony, on (Siemens); millimeter-wave radar: NXP; in-vehicle networks and optical communication: Broadcom, MRVL, GLW; motors and power semiconductors, etc. Jensen Huang then introduced the AI PC developed with Microsoft over three years, to be announced tomorrow night. Personally, I feel it might be similar to the current Xiaolongxia (Little Lobster). Will Microsoft see a slight stock price increase tomorrow evening due to this news? I think this is very critical. The future operation mode of AI computers will be that we only need to describe our needs and intentions, and AI will automatically generate results. For example, if I want to write a research report on Nvidia, I just tell the AI, and it will open the browser to search or open relevant software. It's somewhat like the previous ByteDance AI phone, which can automatically open all applications. Maybe this will appear on our PCs. Based on this thinking, do we still need a traditional PC host? Directly using full cloud computing should suffice. This is likely the big trend because previously, each person's PC had computing power deployed locally, which was not centralized. But with the cloud, computing power becomes collective, improving resource utilization. #星球日报 $BTC $NVDA