TechubNews

The HLP treasury of the Decentralization exchange Hyperliquid lost $4 million in a liquidation event, causing the HYPE Token price to drop by 8.5%. HLP is the core of the Hyperliquid protocol, serving as a community insurance fund that allows users to participate in profit sharing. Income is earned through market making and liquidation strategies, with deposits locked for four days.

Author: Dingdang (@XiaMiPP)

By 2025, cryptocurrency is no longer a toy for small investors, but a key player in the global economic game. From El Salvador's adoption of Bitcoin as legal tender, to mainland China's comprehensive ban on crypto trading, to the United States' attempt to establish a Bitcoin reserve, countries' attitudes towards crypto reserves reflect vastly different strategic considerations, political positions, and technological beliefs.

In this emerging field, supporters see it as the vanguard of financial innovation, while cautious individuals worry about its volatility and regulatory challenges, and opponents see it as a threat to the traditional monetary system. This article will take stock of the typical positions on crypto reserves globally and analyze the motives behind them.

Supporter: Vanguard and experimenter of encrypted reserves

United States: Trump Ignites 'Bitcoin Arms Race'

On March 7, 2025, Trump signed an executive order

South Korea's financial regulatory agency plans to release comprehensive guidelines in the third quarter, allowing institutions to invest in Crypto Assets. The guidelines will first target public companies and professional investors, followed by non-profit organizations and exchanges. This marks a shift in South Korea's position on Crypto Assets, no longer strictly opposing encryption assets. At the same time, the Financial Services Commission is also formulating the second part of Cryptocurrency regulatory rules, focusing on stablecoins and entrepreneurs.

Avalanche is striving to seek new development paths in the encryption market through technological upgrades and ecological expansion, despite the recent resurgence of on-chain activity, it faces challenges such as management turbulence and market pressure. Technological upgrades and ecological development have brought signs of recovery, but the ecological recovery still needs to face multiple tests. Internal governance crisis and external market pressure bring uncertainty to Avalanche. Although the gradual opening of the US regulatory environment brings opportunities for Avalanche, internal turbulence may affect its development prospects.