Placeholder Partner: Bull Top Signal Detected, Planning to Re-enter BTC at $75k or Lower
BlockBeats News, November 14th, Chris Burniske, former Ark Invest crypto lead and current Placeholder VC partner, recently expressed in an article that although this crypto cycle has been disappointing, core assets such as Bitcoin (BTC) and Ethereum (ETH) are still in a historical high range. Investors need to be cautious of short-term pullback risks while maintaining a long-term allocation.
Burniske pointed out that the sharp drop on October 11th has had a lasting impact on the market, making it difficult to quickly form sustained buying pressure. The monthly charts of BTC and ETH show cracks, but they are still in the "top range." Meanwhile, MicroStrategy (MSTR) stock price decline, warnings in the gold and credit markets signal that a broader asset adjustment is imminent. "This bull market is different, and the next bear market will also be different," Burniske wrote. Based on this, he has adjusted his position and plans to re-enter when BTC falls to $75,000 or lower, emphasizing a gradual strategy that is not all-in or all-out.
In his portfolio disclosure, Burniske revealed that about 39% of his personal holdings are in "free cash" (money market funds), and 61% are in long-term capital, including non-crypto assets. He warned that private market valuations are nearing a cycle top, and if BTC continues to decline, no single crypto asset will thrive on its own. He also cited historical lessons, such as gold soaring before the crashes in 2000 and 2008, reminding investors to avoid blindly chasing the "escape pod" during times of overvaluation in all assets.
Looking ahead, Burniske is cautious about the return of liquidity, believing that it will be late and less stimulating than in 2021, possibly prompting a shift towards "four-year fundamentalism." He observed that characteristics of a bull market peak have emerged: bullish news (such as Robinhood-related developments) no longer sparking rebounds, while a bear market bottom requires the invalidation of bearish news. He urges investors to be patient and resilient, especially in the AI and crypto fields.
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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.
The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
Mixin has also introduced a referral incentive system based on trading behavior:
· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
This model aims to drive user-driven network expansion and organic growth.
Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:
· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.
Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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