Report from The Information, BN—the world's largest cryptocurrency exchange—is actively exploring options to re-engage with the U.S. market more directly, potentially including a reduction in founder CZ’s stake in the separate U.S. entity, BN.US.

BN Life , one of the most viral Chinese-language meme coins of 2025, has lost more than 30% of its value in the past 24 hours, with its market cap plunging below the $100 million mark for the first time since early November.

Written by: Haotian After chatting with some Builders, I was surprised to find that they are not pessimistic about the arrival of a bear market; rather, they hope that the "deep bear" can last a bit longer. Why? I tried to speculate on their mindset: 1) From the "pseudo-innovation" craze of inscriptions in 2023, to the BTC layer 2 narrative where Eastern and Western VCs refuse to take over, to the AI Agent MEME asset issuance narrative that surged on Solana, and the series of artificial bull markets initiated by BN, the entire bull market has been fragmented into waves of short-lived attention nodes: lively but brief, leaving a mess behind. It can be said that "True Bull" has come from the future, and it can also be said that "False Bull" has never left, but the DeFi that everyone was once familiar with.

Author: haotian After chatting with some Builders, I was surprised to find that they are not pessimistic about the arrival of a bear market; instead, they hope that the "deep bear" will last a little longer. Why? I tried to speculate on their mindset: 1) From the 2023 inscription "pseudo-innovation" craze, to the BTC layer2 narrative where Eastern and Western VCs refuse to take over, then to the AI Agent MEME asset issuance narrative that surged on Solana, and finally to a series of artificial internal bull markets initiated by BN, the entire bull market has been fragmented into waves of short-lived attention nodes: lively but short-lived, leaving a mess behind. It can be considered that "True Bull" has come from the future, and it can also be said that "False Bull" has never left, but the DeFi that everyone was once familiar with.

The article discusses how to maintain independent thinking in the crypto market and raises five key questions: confidence in holding ETH, the real value of alts, the current market situation of Decentralized Finance and NFT, the industry's contribution of BN, and the relationship between Decentralization and corporatization. It emphasizes that there are no standard answers, and the key lies in individual understanding of the essence of Crypto to avoid being influenced by market sentiment.

The article discusses the issue of investors clarifying their beliefs and investment strategies in the crypto market, including confidence in ETH, the value of alts, changes in the bull run, BN's industry contributions, and the relationship between Decentralization and corporatization. It emphasizes the need for deep reflection on one's choices to avoid emotionally driven investment decisions.