JP Morgan: Grayscale GBTC is less liquid than BlackRock and Fidelity's Bitcoin spot ETFs

Novice need to master the basic concepts of contract trading such as leverage, margin and long-short mechanisms; 2. Choose platforms with regulatory compliance and high liquidity such as Binance and OKX, and pay attention to handling fees and fund security; 3. Use low leverage (5-10 times) for initial transactions, and invest no more than 5% of the principal to cultivate a sense of market and risk awareness; 4. In the intermediate stage, technical analysis should be mastered, and K-line, support resistance, MACD, RSI and trading volume should be used to judge market sentiment; 5. Strictly implement risk management, and control a single loss within 2% of the principal to avoid high leverage and emotional operations; 6. Implement diversified strategies such as arbitrage, grid trading and hedging to adapt to different market environments; 7. Experts need to deeply analyze on-chain data, institutional positions and macroeconomics to predict

Stablecoins are cryptocurrencies with value anchored by fiat currency or commodities, designed to solve price fluctuations such as Bitcoin. Their importance is reflected in their role as a hedging tool, a medium of trading and a bridge connecting fiat currency with the crypto world. 1. The fiat-collateralized stablecoins are fully supported by fiat currencies such as the US dollar. The advantage is that the mechanism is simple and stable. The disadvantage is that they rely on the trust of centralized institutions. They represent the projects including USDT and USDC; 2. The cryptocurrency-collateralized stablecoins are issued through over-collateralized mainstream crypto assets. The advantages are decentralization and transparency. The disadvantage is that they face liquidation risks. The representative project is DAI. 3. The algorithmic stablecoins rely on the algorithm to adjust supply and demand to maintain price stability. The advantages are that they do not need to be collateral and have high capital efficiency. The disadvantage is that the mechanism is complex and the risk is high. There have been cases of dean-anchor collapse. They are still under investigation.

When choosing a Bitcoin trading platform, you need to comprehensively consider factors such as security, fees, and liquidity. 1. Security and credibility are the primary conditions. The platform should have security measures such as cold storage, multi-signature and have a good operating record; 2. The transaction fee structure should be transparent and reasonable, and pay attention to the cost of orders and withdrawal and recharge to avoid erosion of returns; 3. High liquidity ensures that transactions can be quickly completed at an ideal price and reduce slippage losses; 4. The user interface should be intuitive and easy to use to improve operational efficiency; 5. Support a variety of cryptocurrencies to meet diversified investment needs; 6. Customer service should be timely, professional and efficient; 7. Compliance and supervision ensure legal operations to reduce legal risks. Among the mainstream platforms, Binance is known for its large trading volume, diversified products and strong liquidity; Ouyi is in the fields of derivatives such as contracts and options.

The five most popular Bitcoin market APPs in 2025 are: 1. Binance, whose data comes directly from the world's largest trading pool, updated in milliseconds, suitable for professional traders; 2. Ouyi (OKX), accurate market conditions and smooth APP experience, the first choice for mobile users; 3. Huobi (HTX), a veteran exchange, stable technology, reliable mainstream currency data; 4. Gate.io (Sesame Open Door), rich currency types, is a powerful tool for mining the early market of altcoins; 5. CoinMarketCap, a world-renowned data aggregation platform, integrates data from hundreds of exchanges, provides weighted average reference prices, authoritative and fair.

Binance: Leading the world, comprehensive functions, friendly interface and strong security measures; 2. OKX: Diverse products, innovative technology, and perfect risk control; 3. Gate.io: Rich currency, stable system, sound fund guarantee mechanism; 4. Huobi: Old-fashioned platform, professional services, and powerful market tools; 5. KuCoin: Easy to operate, active community, and has a user protection fund; 6. Kraken: High security reputation, supports fiat currency, suitable for professional transactions; 7. Bitfinex: Strong liquidity, rich API, and supports complex orders; 8. Bitstamp: Strong compliance, simple interface, and reliable European veterans.

Binance Borrowing Coins is a lending service for users to borrow from other currencies through collateralized digital assets. 1. Debit coins refers to the user who mortgages assets such as BTC, ETH, and lends USDT in proportion, and needs to pay interest and repay the principal upon maturity to redeem the collateral; 2. The main types include pledged borrowing coins, leveraged borrowing coins and dual-currency loans, which are suitable for liquidity demand, position amplification and multi-currency operations respectively; 3. The operation characteristics are to set an initial mortgage rate of 70%-80% to control risks, and the interest rate is fixed and floating on a daily basis, and there is no need for credit review; 4. User scenarios cover leveraged trading, coin holder financing and arbitrage operations; 5. Risks include market fluctuations that cause closing positions, interest cost accumulation and platform rules, and positions need to be managed with caution.

The answer is: 1. Binance is known for millisecond real-time data and professionalism, suitable for short-term traders; 2. OKX has a good balance between professionalism and ease of use, with a comprehensive interface and comprehensive functions; 3. Huobi (HTX) is stable and reliable, and has long-term verification of core functions, and has a loyal user base; 4. Gate.io contains rich currency types and is a preferred tool for tracking small-cap altcoins; 5. TradingView aggregates data from multiple exchanges and provides top chart analysis functions; 6. CoinMarketCap focuses on market panoramic views, suitable for macro analysis and asset portfolio management, and is an ideal choice for a comprehensive understanding of the cryptocurrency market.

Bitcoin contract trading is a zero-sum game, and its essence is a probability bet between the bulls and bears under the leverage mechanism. 1. While leverage amplifies returns, it also aggravates risks, making traders vulnerable to the threat of liquidation; 2. Most retail investors are eliminated within three months, highlighting the cruel Darwinism of the market; 3. Institutions use capital and information advantages to set up situations and use retail stop loss orders as a source of liquidity; 4. Traders create technical graph illusions, which trigger collective greed and fear; 5. The market has become an experimental field of behavioral finance, and participants face human weaknesses in 24-hour digital gambling factories; 6. The real risk is not market fluctuations, but traders’ misjudgment of their own cognitive limitations. Only by recognizing their probability nature can they maintain the rational defense line.