According to an article published on the X platform by Fu Peng, chief economist of Newfire Group, published by Odaily Planet Daily, the underlying business model of Bitcoin perpetual contracts is essentially the same as the deferred fees or overnight fees of traditional gold and industrial commodity spot exchanges. Fu Peng pointed out that gold exchanges used to force both long and short positions to pay deferred fees through daily forced liquidation settlements. When retail investors held highly leveraged long positions, these deferred fees became a stable source of revenue for the platform. Now, Bitcoin platforms rely on perpetual contracts to settle funding rates every 8 hours. When long positions are dominant, retail investors continuously pay fees to short positions. Although the platform does not directly collect these fees, it indirectly obtains substantial transaction fees by increasing trading activity, open interest, and liquidity. This model is essentially a business model where large investors or institutions hold long positions and collect rent, retail investors pay fees for leveraged long positions, and the platform indirectly takes a cut.

According to Odaily Planet Daily, Pakistani official sources stated on the 25th that Iran adopted a more assertive stance compared to the first round of negotiations, emphasizing that any solution to ending the war must be implemented on Iranian terms, not those proposed by US President Trump. (Xinhua)

According to a report by the Wall Street Journal, a senior Iranian diplomat stated that Iran is open to negotiations with the United States but will not abandon its uranium enrichment activities. Iranian Ambassador to India, Mohammad Fatali, posted on social media on Saturday: "Negotiations can only yield proper results when our adversaries recognize our right to the peaceful use of nuclear energy." The report states that the United States is currently seeking a 20-year suspension of Iran's uranium enrichment program. (Jinshi)

According to data from the cryptocurrency market, if the price of ETH breaks through $2,424, the total short position liquidation on major centralized exchanges will reach $761 million; conversely, if the price of ETH falls below $2,211, the total long position liquidation on major centralized exchanges will reach $689 million.

According to Huoxun Finance, data shows that if Bitcoin (BTC) breaks through $81,596, the total short position liquidation on major centralized exchanges will reach $1.315 billion; conversely, if BTC falls below $74,236, the total long position liquidation on major centralized exchanges will reach $1.168 billion.