TL;DR

📉 Market Reset

• $2B+ perp liquidations cleared excess leverage.

• Rate cuts didn’t move prices; market finding direction.

🎙️ Asia & Developer Growth

• Korean developers show strong on-chain talent.

• Hot ecosystems: Sui, Story; Merlin active at events.

⏸️ Market Pause

• Temporary pause; stay selective and patient.

• Big moves expected after KBW & Token events.

Summary

Market Reaction & Liquidation Reset

Jeff: Rate cuts didn’t trigger positive price action, so the market had to find direction — if it’s not going up, it’s going down. Recently, we saw $2B+ in perp liquidations, the largest since 2021, which I see as healthy because it clears excessive leverage. This reset is necessary before Bitcoin and other assets can move up again.

Transparency, Dark Pools & On-Chain Trading Dynamics

Jeff: On-chain transparency creates new strategies rather than hurting markets.***I know the top two market makers on Hyperliquid — they’ve done nearly $1T in trading volume — and they see this as a different kind of gambling. The arbitrage between Hyperliquid and Binance is obvious and profitable, giving traders new opportunities.

I recently saw an account with 10 positions — 9 losing, but the MERL long from $0.18 made $1.2M profit. Seeing positions publicly helps shape trader behavior and strategy.

I believe platforms like Aster, Hyperliquid will keep growing and could eventually surpass CEX volume and reshape market dynamics.

Podcasts & Expanding Awareness in Asia

Jeff: The past few days were back-to-back podcast interviews in Korea, which was quite exhausting — I’m still coughing and recovering from the Hong Kong virus. The experience was intense: you go from one studio interview to the next, with only a couple minutes to rest in between.

What was exciting, though, is that 90% of the audience had never heard of Merlin and were genuinely surprised by how much progress we’ve made. The questions weren’t just surface-level — they were deep, thoughtful, and focused on BTCFi, Bitcoin ecosystem projects, and overall market trends. I shared insights not only about Merlin but also highlighted other projects, emphasizing that we’re pioneers exploring new opportunities.

Although these interviews haven’t been published yet, once they are, they’ll bring more followers and attention from the Korean market, helping expand awareness of the Merlin ecosystem globally.

Developer Interest from Korea

Jeff: Right now, there are fewer builders in the ecosystem, so we’re eager to attract fresh talent. Visiting campuses and engaging with students has been very encouraging — many Korean developers are passionate and have mature, well-thought-out ideas. Some have already built products, like a prediction market for Bitcoin on Merlin, complete with smart contracts.

Korea stands out because a large portion of the population is genuinely interested in crypto, both young developers and more experienced traders. Their enthusiasm and technical depth make it a very promising region for expanding Merlin Chain’s builder community.

Event Atmosphere & Ecosystem Insights

Jeff: Last year’s BTC events were quiet — you could feel which ecosystems were hot versus cold. For example, TRON ecosystem events had huge lines, people waiting hours just to get in, even if it was mostly parties. You could sense which projects had traction and which didn’t.

This year, Sui and Story are very hot, with major buzz around certain events. Big names like Justin Sun are hosting star-studded events. For Merlin, we’re focused on participating in as many events as possible to share our progress and engage our audience, while observing which projects are truly gaining momentum.

Market Small Pause & Patience Ahead

Jeff: Right now, I don’t have major updates because my mind is focused on tomorrow’s schedule and upcoming events. The market is going up and down, so people should take a moment to rest. Don’t be overly excited when it’s up, and don’t be devastated when it’s down. Be patient and selective with projects. Many people haven’t been following updates over the past few months, but the ecosystem’s voice is now stronger, and the community is proving resilient. The price reflects this strength.

Right now feels like a small pause, and some are missing opportunities like Aster simply because they’re impatient or reactive. After KBW and Token events, I expect many big things to happen. Stay aware, pay attention, and get ready for the next wave.