Tag Archives: risk

Record gold, falling yields, and rising Bitcoin: The interwoven narrative of modern risk assets

Record gold, falling yields, and rising Bitcoin: The interwoven narrative of modern risk assets

Despite weaker-than-expected private payroll data and the onset of a US federal government shutdown, risk appetite remained surprisingly resilient. This resilience is not born of complacency but rather of a recalibration in expectations around monetary policy, particularly the growing conviction that the Federal Reserve may soon pivot toward rate cuts.

The ADP National Employment Report showed a decline of 32,000 private-sector jobs in September, following a revised 3,000 decrease in August, standing in stark contrast to the median Bloomberg survey forecast of a 51,000 gain. This miss reinforced market bets that the labour market is cooling, thereby increasing the likelihood of a dovish shift from the Fed later this month.

The immediate market reaction was telling: US Treasury yields fell, with the 10-year yield dropping 5.2 basis points to close at 4.098 per cent, while the US Dollar Index edged down 0.07 per cent to 97.7. Simultaneously, gold surged to a record high of US$3,865.70 per ounce, a classic safe-haven move that also signals growing confidence in lower-for-longer rate expectations.

Equity markets responded with cautious optimism. Wall Street closed higher on Wednesday, with the Dow Jones gaining 0.09 per cent, the S&P 500 up 0.3 per cent, and the Nasdaq climbing 0.4 per cent. The healthcare sector provided strong support, suggesting investors are rotating into defensive yet growth-oriented segments amid macro crosscurrents.

Asian equities followed suit, mainly ending higher and continuing their upward trajectory in early Thursday trading, led by gains in semiconductor and broader technology stocks. US equity index futures pointed to further upside at the open, underscoring a broader narrative: markets are pricing in a soft landing scenario, where economic data deteriorates just enough to prompt Fed accommodation without triggering a full-blown recession.

This nuanced outlook has created fertile ground for alternative assets, particularly cryptocurrencies, which have begun to reassert their role not just as speculative instruments but as potential macro hedges.

The crypto market rose 3.91 per cent over the past 24 hours, extending a seven-day gain of 4.11 per cent. This sustained rally is not driven by retail FOMO alone but by structural developments that signal deeper institutional entrenchment and regulatory progress.

Three key catalysts stand out: the launch of institutional-grade Bitcoin options, regulatory maturation in Asia, particularly Hong Kong, and a surge in decentralised finance (DeFi) liquidity through major platform integrations. Each of these factors contributes to a more robust and credible ecosystem, one that increasingly appeals to traditional finance participants seeking exposure to digital assets without compromising on risk management or compliance.

The debut of Bitcoin options on Bullish Exchange on October 8 marks a significant milestone in the institutionalisation of crypto. Backed by heavyweight players such as BlackRock, Galaxy, Cumberland, and Wintermute, this offering arrives at a time when open interest in crypto derivatives has already reached a yearly high of US$1.24 trillion, up 30 per cent month-over-month.

Weekly inflows into Bitcoin ETFs reached US$571 million, further validating demand from regulated investment vehicles. Options markets deepen liquidity, enable sophisticated hedging strategies, and reduce volatility over time by allowing large players to manage risk without selling spot holdings.

The immediate market response was telling: perpetual funding rates surged 207 per cent within 24 hours, indicating a sharp increase in leveraged long positioning. This suggests that institutional participants are not just passively investing but actively expressing bullish macro views through derivatives. If trading volume on the new options platform proves robust, it could cement Bitcoin’s status as a legitimate macro hedge akin to gold but with asymmetric upside potential in a low-rate environment.

Parallel to this institutional build-out, Asia is emerging as a critical regulatory laboratory for crypto adoption. Hong Kong’s Monetary Authority (HKMA) has received 36 applications for stablecoin licenses, with submissions coming from established banks and major tech firms.

This signals a shift from regulatory ambiguity to structured oversight, a prerequisite for large-scale institutional capital deployment. Stablecoins serve as the on-ramp and off-ramp for digital asset ecosystems, and their formal regulation removes a major friction point for traditional finance integration.

In South Korea, SK Planet’s adoption of Moca Network’s decentralised identity system triggered a 60 per cent rally in ZEN, illustrating how real-world utility can drive value in privacy-focused protocols. Crucially, crypto-equity correlations remain elevated at +0.76 against the Nasdaq, meaning that positive sentiment in tech equities continues to spill over into digital assets. As Asian regulators provide clearer guardrails, they reduce the jurisdictional risk that has long deterred pension funds, asset managers, and corporate treasuries from entering the space.

Meanwhile, DeFi is experiencing a quiet but significant expansion in accessibility. Coinbase’s integration of 1inch’s Swap API now grants its users access to millions of tokens across decentralised exchanges. This move contributed to a 17.92 per cent spike in spot trading volumes, though derivatives still dominate 84 per cent of total crypto volume.

The integration lowers the barrier to entry for retail investors seeking exposure to emerging narratives such as privacy coins like Zcash, which jumped 60 per cent. However, the Altcoin Season Index dipped 3.23 per cent, suggesting that while capital is exploring beyond Bitcoin and Ethereum, it has not yet committed to a broad-based rotation.

This hesitation may reflect lingering caution or simply the time lag between infrastructure development and narrative adoption. Either way, the trend points toward a more interconnected and liquid DeFi landscape, where centralised platforms act as bridges to decentralised liquidity.

Taken together, these developments paint a picture of a maturing asset class. The current rally is not a speculative bubble but a reflection of tangible progress on multiple fronts: institutional infrastructure, regulatory clarity, and technological interoperability. The confluence of Bullish Exchange’s options launch, Hong Kong’s stablecoin licensing momentum, and Coinbase’s DeFi integration represents a trifecta of credibility-building measures.

These are the foundations upon which a sustainable, long-term bull market can be built, not on hype, but on infrastructure. The path forward will not be linear, and leverage remains a double-edged sword, but the structural tailwinds are stronger than they have ever been. Traders must remain vigilant.

Open interest has risen 14 per cent in a single day, indicating that leverage is building rapidly. In a market still sensitive to macro surprises, a sudden shift in sentiment, perhaps triggered by stronger-than-expected US jobs data, could spark a short squeeze or a wave of liquidations.

The upcoming US nonfarm payrolls report, though potentially delayed due to the government shutdown, remains a critical inflection point. fA weak print would likely reinvigorate rate-cut expectations, further boosting risk assets and strengthening the correlation between crypto and traditional markets. Conversely, a resilient labor market could force a reassessment of the dovish narrative, testing the durability of this rally.

In essence, the crypto market is at a crossroads. It is no longer solely driven by retail enthusiasm or macro liquidity cycles. Instead, it is being reshaped by institutional architecture, regulatory milestones, and real-world utility. As such, the current price action should be viewed not as a fleeting surge but as the market pricing in a new phase of digital asset evolution.

 

 

Source: https://e27.co/record-gold-falling-yields-and-rising-bitcoin-the-interwoven-narrative-of-modern-risk-assets-20251002/

Binance Square:

#Bouncebit ($BB) – BounceBit is a BTC restaking chain with an innovative CeDeFi framework.

#WalletConnect ($WCT)- WalletConnect is an open-source protocol that enables secure and seamless connections between cryptocurrency wallets and decentralized applications (dApps) across multiple blockchains.

#Dolomite ($DOLO)-  Dolomite is the only lending and borrowing platform that can support over 1,000 unique assets.
#PythNetwork ($PYTH)- Pyth Network is a decentralized first-party financial oracle delivering real-time market data on-chain in a secure, transparent manner without third-party middlemen (nodes).
#Mitosis ($MITO)- Mitosis introduces a protocol that transforms DeFi liquidity positions into programmable components while solving fundamental market inefficiencies.
#Somnia ($SOMI) – Somnia is an EVM-compatible L1 blockchain with a focus on mass consumer applications such as games and entertainment products.
#OpenLedger ($OPEN)- OpenLedger is the AI Blockchain, unlocking liquidity to monetize data, models, and agents. OpenLedger is designed from the ground up for AI participation.
#Plume ($PLUME)- Plume is a modular Layer 2 blockchain network developed to support real-world asset finance (RWAfi).
#Boundless ($ZKC)- Boundless is a zero-knowledge proving infrastructure designed to provide scalable proof generation for blockchains, applications, and rollups.
#Holoworld AI ($HOLO)- Holoworld AI focuses on addressing major gaps in today’s digital landscape, where creators often lack scalable AI-native tools,

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

The Fed’s first rate cut: What it means for equities, risk, and crypto

The Fed’s first rate cut: What it means for equities, risk, and crypto

The Federal Reserve has officially initiated its rate cut cycle, a move long anticipated by markets that have already priced in approximately 3.8 cuts over the next 12 months. I forecast two additional reductions on October 29 and December 12.

Historically, the period immediately following the first rate cut has been marked by heightened volatility as markets recalibrate their expectations, reassess risk premiums, and digest the implications of a new monetary regime.

This transitional phase is particularly delicate because it often coincides with divergent signals from economic data, political uncertainty, and evolving investor positioning. All of these factors are present in today’s environment.

Equities and the magnificent seven effect

Equity markets, led by the S&P 500’s impressive 32 per cent rally from its recent lows, reflect a strong recovery narrative driven disproportionately by the so-called Magnificent Seven (Mag7) stocks. These technology and growth-oriented giants continue to post earnings growth roughly four times that of the remaining 493 companies in the index, underscoring their outsized influence on overall market performance.

However, this concentration introduces significant risk. Mag7 valuations now exceed 30 times forward earnings, not yet at their historical peaks but certainly in elevated territory. While historical backtesting suggests that equities generally perform well in the 12 to 24 months following the start of a Fed easing cycle, the current context differs in important ways.

The market’s narrow leadership, combined with stretched valuations, makes indiscriminate exposure to these names increasingly perilous. Chasing performance at this juncture could expose investors to sharp corrections if earnings disappoint or if macro risks materialise. Diversification, not just across sectors but across geographies and asset classes, emerges as a critical defensive and offensive strategy.

Investor positioning and market signals

Investor positioning data reveals that asset managers hold high equity allocations, though not at extreme levels that typically precede major drawdowns. Meanwhile, equity volatility remains subdued, a condition that historically correlates with lower forward returns over the subsequent six to twelve months.

This low-volatility complacency can lull investors into underestimating tail risks, especially when other asset classes also appear expensive. Gold, for instance, has seen renewed inflows into bullion-backed ETFs and now trades near US$3,760 per ounce, supported by geopolitical tensions and a modestly weaker US dollar, which closed at 98.152.

Yet gold positioning is once again crowded, suggesting limited room for further upside without a significant catalyst such as a sharp escalation in global instability or a deeper-than-expected economic slowdown. Similarly, credit markets show tight bond spreads, indicating that investors are not demanding much compensation for credit risk. In such an environment, security selection becomes paramount.

Broad exposure to high-yield or investment-grade debt may not suffice. Instead, bottom-up analysis of issuer fundamentals is essential.

Mixed economic signals and political risks

The macroeconomic backdrop offers mixed signals. August’s Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation gauge, rose 0.3 per cent month-over-month, resulting in a 2.7 per cent annual headline rate. Core PCE, which excludes food and energy, stood at 2.9 per cent year-over-year after a 0.2 per cent monthly increase.

This remains above the Fed’s two per cent target but shows signs of gradual moderation. The data came in largely in line with expectations and did not provoke a strong market reaction, suggesting that investors have already internalised a path of gradual disinflation. However, political risks loom large.

The September 30 deadline for US government funding is fast approaching, and with congressional negotiations stalled, the probability of a partial shutdown is rising. While past shutdowns have had limited economic impact, they inject uncertainty into market psychology and could delay fiscal policy decisions or data releases, further complicating the Fed’s communication strategy.

Wall Street’s reaction and treasury yields

Market reactions to recent events have been muted but telling. Wall Street closed higher last Friday, ending a three-day losing streak, with the Dow Jones up 0.7 per cent, the S&P 500 gaining 0.6 per cent, and the Nasdaq rising 0.4 per cent.

Notably, markets barely flinched at the announcement of new sector-specific tariffs by the Trump administration, signalling either desensitisation to trade rhetoric or confidence that such measures will not significantly disrupt the broader economic trajectory. Treasury yields reflected this calm.

The 10-year yield edged up just one basis point to 4.183 per cent, while the two-year yield dipped two basis points to 3.645 per cent, flattening the yield curve slightly. This dynamic suggests that while near-term rate expectations are stable, longer-term growth and inflation concerns persist.

Asia’s cautious mood and key data ahead

In Asia, equities dipped on Friday as resilient US data prompted a modest reassessment of rate cut expectations. US equity index futures point to a higher open, indicating that global investors remain cautiously optimistic. The coming week will be pivotal, with the September nonfarm payrolls report on October 3 serving as a key barometer of labor market health.

Additional insights will come from the JOLTS job openings data on Tuesday and the ADP private payroll report on Wednesday. Labour market strength remains the Fed’s primary concern. If employment data remains robust, it could delay further rate cuts or reduce their magnitude, directly impacting risk asset valuations.

Bitcoin’s technical recovery

Meanwhile, Bitcoin has staged a “reasonable” technical recovery, rising 2.24 per cent in the past 24 hours to US$111,966 after a 7-day decline of 2.23 per cent. This rebound appears driven by three converging factors. First, price action held firm at the US$108,680 support level, breaking a bearish trend line and reclaiming the US$111,000 mark.

Hourly indicators, including a bullish MACD crossover and an RSI stabilising around 47-48, suggest that short-term momentum has shifted in favour of buyers. The 200-day exponential moving average at US$106,200 continues to act as a structural support, reinforcing the asset’s resilience.

However, the critical test lies ahead. A sustained close above US$112,500, the 50 per cent Fibonacci retracement of the recent decline, could pave the way for US$113,700 to US$115,000. Failure to break this resistance may invite profit-taking and a retest of the lower support level.

On-chain metrics and corporate adoption

Second, on-chain metrics show improving demand dynamics. The 60-day Buy/Sell Pressure Delta has entered what analysts describe as an opportunity zone, indicating reduced selling pressure.

The decline in sending addresses and stable miner reserves, holding steady at 1.8 million BTC, suggests that long-term holders are not capitulating. That said, the 90-day delta remains cautious, reflecting lingering uncertainty among larger participants. The Coinbase Premium Index, currently at +0.041, will be a key gauge of sustained US institutional interest.

Third, corporate adoption continues to provide narrative support. The rebranding of 164-year-old Japanese textile firm Marusho Hotta to Bitcoin Japan and its announcement of a BTC treasury business, while small in absolute scale, aligns with a growing trend among Asian corporations seeking alternative stores of value amid declining traditional revenues.

Firms like Metaplanet and Kitabo have similarly adopted Bitcoin, reinforcing its digital gold thesis in a region that is increasingly skeptical of fiat stability.

Final thoughts: Selectivity over momentum

In sum, the current market environment demands a nuanced approach. While the Fed’s pivot to easing should, in theory, support risk assets over the medium term, the combination of expensive valuations, narrow market leadership, and external risks ranging from a potential government shutdown to geopolitical flare-ups calls for disciplined selectivity.

Investors should avoid chasing momentum in already crowded trades and instead focus on quality earnings, global diversification, and tactical entry points during pullbacks.

 

Source: https://e27.co/the-feds-first-rate-cut-what-it-means-for-equities-risk-and-crypto-20250929/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Markets on edge: Fed ambiguity fuels risk-off mood as Aster surges amid crypto bloodbath

Markets on edge: Fed ambiguity fuels risk-off mood as Aster surges amid crypto bloodbath

Global markets showed signs of caution this week as investors digested conflicting messages from Federal Reserve officials on future interest rate moves.

Chair Jerome Powell emphasised uncertainties in the labour market and inflation during his recent comments, avoiding clear guidance on a potential October cut while highlighting ongoing challenges for policymakers. This ambiguity contributed to a retreat in risk sentiment, with Wall Street closing lower on Tuesday amid concerns over tech stock valuations.

Wall Street and commodities react

The Dow Jones Industrial Average dropped 0.19 per cent, the S&P 500 fell 0.55 per cent, and the Nasdaq declined 0.95 per cent. Treasury yields eased slightly, with the 10-year note down four basis points to 4.11 per cent and the two-year yield slipping one basis point to 3.59 per cent.

The US dollar index held steady with a minor dip of 0.08 per cent to 97.26, reflecting limited movement amid the mixed Fed outlook. Gold prices rose 0.5 per cent to US$3,764.59 per ounce, drawing safe-haven buying as geopolitical tensions simmered and expectations for a rate cut lingered.

Brent crude oil rose 1.6 per cent to US$67.63 per barrel, supported by disruptions to Russian supply from Ukrainian strikes and escalating NATO frictions. Asian equities opened weaker today, though US futures pointed to a modest rebound at the open.

Crypto extends risk-off decline

The cryptocurrency market mirrored this broader risk-off tone, shedding 0.64 per cent over the past 24 hours and extending a seven-day slide of 4.46 per cent. This downturn closely aligned with equity movements, as evidenced by a strong correlation of 0.91 with the Nasdaq-100 over the same period.

A massive liquidation event on September 22 wiped out US$1.8 billion in long positions, primarily on exchanges, triggering a cascade that erased US$150 billion from the overall crypto market cap. Ethereum bore the brunt, with over $500 million in liquidations, outpacing Bitcoin and amplifying losses across altcoins due to high leverage in those segments.

Regulatory uncertainty added fuel to the fire, as the SEC delayed approvals for altcoin ETFs, dampening investor enthusiasm and prompting a cooldown in momentum trading. Open interest across derivatives fell 3.3 per cent as traders unwound positions, signalling a broader deleveraging amid fears of further volatility.

Technical indicators painted a grim picture, with Bitcoin’s RSI dipping to 20.69, indicating extreme oversold conditions, yet rebounds remained weak, underscoring persistent risk aversion. Bitcoin tested its US$105,000 support level, and a breach could spark another 10 to 15 per cent correction, potentially dragging the market lower if global sentiment sours further.

Aster’s breakout amid market weakness

Amid this gloom, Aster emerged as a standout performer, surging 39.27 per cent in the last 24 hours and boasting an astonishing 2,376 per cent gain over seven days. This rally stemmed from the completion of its APX-to-ASTER token migration on September 22, a 1:1 swap that unlocked US$704 million in ASTER tokens for trading and injected fresh liquidity. The project, rebranded from APX Finance, drew significant attention through new exchange listings and perceived backing from Binance and its founder Changpeng Zhao, often called CZ.

Whale activity intensified post-migration, with an Aster project multi-signature wallet transferring 80 million APX tokens valued at around US$132 million, further boosting trading volumes. By September 23, Aster’s market cap reached US$3.4 billion, a sharp rise fuelled by hype around its decentralised perpetual futures and spot trading platform.

Built on a multi-chain framework with support for up to 100x leverage on select pairs, Aster positioned itself as a high-yield alternative in the DeFi space, attracting traders seeking aggressive opportunities amid the broader market slump. Social media buzz amplified the momentum, with posts highlighting CZ’s strategic involvement as a bid to reclaim DeFi influence from centralised exchanges.

Aster’s rise invited inevitable comparisons to Hyperliquid, an established decentralised exchange specialising in perpetual futures on its custom Layer-1 blockchain. Hyperliquid gained traction after a viral airdrop in late 2024, coinciding with an industry-wide rally following Donald Trump’s reelection.

By August 2025, Hyperliquid surpassed Ethereum and Solana in user fee revenues, commanding a 75 to 80 per cent market share in perpetual DEX volumes at its peak. Its token, HYPE, traded at a US$15 billion market cap as of September 23, with daily volumes hitting US$200 billion and a total value locked exceeding US$670 million. Hyperliquid’s efficiency stemmed from its on-chain matching engine paired with an off-chain orderbook, enabling low-latency execution and deep liquidity for professional traders.

Community-driven initiatives, like proposals for a native stablecoin USDH backed by institutional partners such as State Street and VanEck, further solidified its ecosystem. In contrast, Aster’s US$2.5 billion market cap and US$20 billion in September volumes paled against Hyperliquid’s dominance, but it flipped the latter in daily perpetual futures volumes for three consecutive days, generating higher fees temporarily.

Innovation or hype? The road ahead

In my view, Aster’s explosive entry injects healthy competition into the perpetual DEX arena, where demand for leveraged trading remains robust despite market headwinds. Narratives labelling Aster as a Hyperliquid killer echo past hype, like Solana challenging Ethereum, but history shows room for multiple innovators rather than zero-sum outcomes. Hyperliquid’s battle-tested infrastructure, with 97 per cent of revenues funnelled into HYPE buybacks and a lean team of 11 delivering consistent upgrades, gives it a durable edge over newcomers.

Aster benefits from Binance ecosystem ties and CZ’s endorsement, potentially accelerating adoption through BNB Chain integration and higher leverage caps, but its rapid ascent carries risks of sharp reversals, as seen in on-chain data showing engineered growth patterns that may lack sustainability. Beginners should approach with caution, given the volatility inherent in fresh projects; swings can erase gains in a single candle, as skeptics on X noted.

Ultimately, both platforms could thrive if they carve distinct niches, Hyperliquid for institutional-grade perps and Aster for yield-focused DeFi plays. This dynamic might even spur broader innovation, benefiting users in a sector still recovering from deleveraging shocks.

Looking ahead, the crypto market’s fragility persists, with liquidation risks and regulatory delays capping upside. If Bitcoin holds above US$105,000 and the Fed signals a tilt dovish, a relief rally could ensue, but geopolitical uncertainties and equity correlations suggest choppy waters. Aster’s story adds intrigue, proving that even in downturns, targeted narratives can drive outsized moves, but long-term success demands more than initial hype.

 

Source: https://e27.co/markets-on-edge-fed-ambiguity-fuels-risk-off-mood-as-aster-surges-amid-crypto-bloodbath-20250924/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j