2025.12.29
Interpreting Messari's 100,000-Character Annual Report (2): Did ETH Underperform BTC Due to Marginalization or Pricing Challenges?
In an era where BTC remains the only macro anchor in the crypto market, ETH is more like a financial operating system built atop this anchor.
ETH
BTC

2025.12.22
Interpreting Messari's 100,000-Character Annual Report (I): Why Did Market Sentiment Collapse Completely in 2025?
This is the worst year for emotions, but not the most fragile year for the system.

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