The Night Before Convergence: What Happened to US Stocks/Tokenization in 2025, and Where is the Spark for 2026?

Author: Mai Tong MSX Researcher

The past cannot be changed, but the future can still be pursued.

2025 has passed in the blink of an eye. This year, global financial markets underwent a series of "extreme stress tests": repeated geopolitical tensions, fluctuating macro expectations, a retreat of narratives, and a divergence in liquidity occurred simultaneously. Meanwhile, tokenization quietly accelerated under the impetus of compliance and infrastructure.

It can be said that the two originally parallel forces, from TradFi to Web3, are converging at an unprecedented speed, aiming at the on-chain and programmable nature of various financial assets.

To restore the "sentiment" of the market into a reference "sample," we used Mai Tong MSX as an observation sample and posed nine questions to our internal researchers: from annual keywords, personal gains and losses, and core positions, to the overflow paths of funds, judgments on the ownership of pricing power, and key structural variables that may trigger the "ChatGPT moment" of TradFi × tokenization. This has been organized into a written piece for readers.

As a collective review from frontline builders, we hope this provides a glimpse into this year's gains and losses in the eyes of users regarding U.S. stocks / tokenization / Web3. Perhaps it can also serve as a reference to discover the hidden sparks behind and yield a survival guide for 2026.

Note: Researcher position disclosure (for sample illustration and research discussion only, not constituting any investment advice)

1. Flashback to 2025: Gains and Regrets in U.S. Stocks / Web3

1. Looking back at 2025, what do you see as the biggest change in the U.S. stock or tokenization field? If you had to summarize it with one keyword, what would you choose?

DaiDai: I believe 2025 was a turning point for the U.S. stock market, shifting from "narrative-driven" to "substantive landing." The keyword to summarize it would be "value return."

Especially regarding AI's "capital expenditure" (CapEx) monetization, it has been under significant performance scrutiny throughout the year. The market is clearly no longer buying into mere "AI stories," but is extremely focused on whether the capital expenditures of tech giants can translate into actual revenue.

LittleFox: My keyword is "regulatory-driven technology application."

The biggest change in 2025 is the trend of integration between traditional finance and Web3, which is intuitively reflected in the increase in the number of stablecoins and daily applications. It is very evident that in 2025, the trading funds in the crypto market experienced outflows, and the overall trend was downward, failing to maintain a bull market. However, crypto technology has begun to become part of the infrastructure in traditional finance. The market logic is rapidly changing, but from a normal distribution trend, traditional finance, especially the U.S. stock market, will receive more technological support from the crypto market, thus gaining more user growth globally.

Echo: If I had to give a keyword, I would say "playability."

From my perspective and that of my friends who are seasoned crypto veterans and newcomers to U.S. stocks, everyone's excitement has shifted from "lowering the threshold for investing in U.S. stocks" to "how to play with tokenized U.S. stocks on-chain." This is because this track has enough playability to keep people from getting lost in narratives.

Value no longer solely depends on how exciting the future of the story is, but also on how fun the tool is, how it can be played, and whether it can combine the advantages of both to create a higher ceiling. Dual players in stocks and crypto should find it enjoyable, as something reliable like Apple stock has turned into "financial Lego" on-chain: it can be held, staked, earn interest, and even serve as a leverage base, switching instantly between various states, with states being stackable.

Frank: If I had to summarize the U.S. stock tokenization track in 2025 with one keyword, I would choose "acceleration."

This "acceleration" does not come from a single event but is reflected in the synchronized advancement of an entire set of infrastructure and institutional levels, including the forward movement of compliance discussions and a clear change in attitudes towards "on-chain" topics. Whether it is Nasdaq moving from observing to participating or the proposal of the 5×23 hour trading experiment, it marks that these Wall Street players are no longer just dipping their toes in the water but are starting to dismantle the barriers of the old world (see further reading: “Nasdaq Hits the Gas: From 'Tasting' to 'Feasting', Is U.S. Stock Tokenization Entering the Decisive Stage?” and “U.S. Stocks Sprinting Towards 'Never Closing': Why Did Nasdaq Launch the '5×23 Hour' Trading Experiment?”).

In contrast, my overall impression of the U.S. stock market in 2025 is "turbulent." After all, this year was not peaceful, with events like the April squat and impacts from tariffs/geopolitical turmoil. However, what is astonishing is its strong resilience and sector rotation efficiency. From AI, chips to electricity, copper, storage, nuclear energy, and infrastructure, almost every stage had a new narrative taking over.

It can be said that 2025 further widened the cognitive gap between U.S. stocks and crypto. In my view, U.S. stocks resemble a deep sea, while crypto remains a series of fragmented ponds. More importantly, U.S. stocks have real profits and cash flow backing them, which allows valuation logic to be repeatedly validated—something that almost 99% of altcoins cannot compare to.

Keaton: The keyword I choose is "second half."

From my perspective, blockchain has finally entered the second half, moving towards compliance and maturity, returning to its intended use of competing with the previous generation's black-box settlement systems through superior clearing and settlement efficiency.

User scale and product experience have finally reached the eve of a singularity, capable of supporting some mass adoption-level use cases.

L: Looking back at 2025, if I had to summarize the biggest change in the U.S. stock and tokenized asset field with one keyword, I would choose "landing."

In simple terms, "tokenized trading has truly been established" in 2025. From STOs to tokenization, the past few years have largely remained at the conceptual level, but 2025 began to focus on liquidity, trading depth, and real use cases.

Users are no longer just concerned about "whether assets are on-chain," but rather "whether they are easy to trade and worth participating in long-term."

Ariaina: Reflecting on 2025, I believe the emergence of U.S. stock tokenization is an important signal that on-chain assets are beginning to undergo structural changes.

The concept is not new; in earlier cycles, the market attempted to put various types of real assets like U.S. Treasury bonds and real estate on-chain. These explorations had their rationality at each stage, but overall, they were more of a supplement to the types of on-chain assets and did not truly enter the mainstream view or change the core structure of on-chain assets.

Against the backdrop of a pressured global economy and tightening liquidity, the Web3 market itself has become increasingly difficult to rely solely on crypto-native assets for new growth. However, as the most mature, liquid, and easily understood asset globally, the tokenization of U.S. stocks not only opens up an asset space far larger than its own scale for Web3 but also establishes a more direct connection between traditional finance and Web3.

From the perspective of ordinary users, this is a more natural path—users do not need to first understand complex crypto concepts but can start from familiar assets and gradually enter the on-chain system.

Therefore, if I had to summarize this change with one word, I would choose "open"—not opening a specific product or entry, but opening the ceiling of on-chain assets and the long-isolated boundary between Web3 and mainstream finance.

2. What was your most comfortable investment operation in 2025, and what was your biggest regret in missing out or losing? (Not limited to U.S. stocks / crypto)

DaiDai: This year, I indeed hit most of the popular stocks, such as OKLO, RKLB, IREN, NBIS, ASTS, SNDK, MU, OPEN, etc. Yes! I love to follow trends, especially popular stocks.

At the same time, in precious metals, I also benefited from gold and silver, and I cleared ETH at over 4000 (looking back, it was another form of "successfully escaping the top"). My biggest regret is not buying back MU and SNDK during the pullback in October-November.

LittleFox: In my personal trading, I adhere to the principle of "avoiding disaster by following the trend, while only achieving success by going against it," focusing on left-side high-frequency intraday trading. However, I often combine macro data, company data, and other fundamental information with rhythm to find entry opportunities.

The most comfortable trade this year was in November when the market experienced a broad decline due to fundamental pressures. I predicted that after Nvidia's earnings report was released, it would undoubtedly lift the market like a stabilizing force because Nvidia had essentially completed all its sales targets early in the year. I couldn't think of any reason for an unexpected earnings report, so I increased leverage to buy at a relatively good price (as a side note, looking back, increasing leverage at that moment had a gambling element because if Nvidia's earnings report had an unexpected outcome, it would lead to significant losses, and I do not encourage such behavior). This operation was an opportunity for cognitive realization; besides earning some profits, the greater achievement was the sense of accomplishment from realizing my cognitive understanding, making it memorable.

As for my regret in missing out, it would be that I basically did not touch the precious metals market until it reached prices I found absurd. I only began to conduct in-depth analysis of precious metals at that point, but by then, there were no suitable entry points in my trading system, and I could only watch from a distance. This is regrettable because when precious metals show unusual movements, one should pay attention to conduct in-depth analysis.

Echo: The most comfortable was the dollar-cost averaging and profit-taking on BTC, SOL, and BNB.

The biggest regret was the emotional chasing of TRUMP and CFX, allowing losses to accumulate. I didn't participate in other meme projects later in the year, feeling that I had no intuition for emotional investing; as for U.S. stocks, I threw some pocket money into MSTR at the beginning of the year, without any significant gains.

Taking profits is the greatest respect for trading; let's encourage each other.

Frank: To be frank, I didn't actively invest much in the crypto space in 2025.

On the contrary, influenced by work, a few operations in U.S. stocks turned out to be unexpected joys this year, including phased allocations to Google (GOOGL) and Xpeng Motors (XPEV), both yielding relatively good returns and making me vaguely feel that this might be a turning point in my personal investment path.

In the past period, I was more accustomed to seeking opportunities on-chain, between different protocols, and between on-chain and CEX/platforms, mainly focusing on stablecoin arbitrage. Therefore, I held USDT/USDC for a long time, which allowed me to earn relatively stable "snack-level" returns. However, since deeply engaging in U.S. stock research in the second half of 2025, I realized a problem that I just discussed with a friend today:

My background as a Web3 native (self-proclaimed) makes my current investment logic somewhat "indeterminate"—neither fully based on a systematic value investment framework established in the mature U.S. stock market nor gradually adapting to the highly emotional, purely speculative nature of the crypto world.

Because of this, I have always been cautious about some high-explosive meme or purely narrative projects and increasingly agree with a subjective conclusion: individuals with a U.S. stock investment background tend to transition to crypto much more easily than pure crypto players entering U.S. stocks.

As for regrets, there are none. Although GPS (GoPlus) has been deeply trapped and I have continuously added to my position, it is based on trust in the project team and observations of C-end security logic, so it cannot be considered a landmine; if the market is willing to hit, I am willing to bear it.

L: If I had to choose, the most comfortable operation in 2025 actually has a common point: I did not deliberately try to be "smarter," but chose to stand on the side of certainty.

In U.S. stocks, I participated more in the AI infrastructure and energy line, such as VST and CEG. They are not the most popular names every day, but the logic is very clear—AI ultimately needs to land, which cannot be separated from electricity and infrastructure. I do not chase highs or operate frequently; I dare to hold during pullbacks, and the holding process feels very solid.

In crypto, I also continued with a spot, long-term style. Compared to chasing new narratives, I prefer to hold BTC and a small amount of assets with clear infrastructure attributes for the long term. These positions do not require constant monitoring, but allow me to stay at the table and move forward with the overall industry trend.

The most regrettable part is actually quite consistent. Whether in U.S. stocks with commercial aerospace (ASTS, RKLB) or in crypto with the periodically explosive AI + Crypto and Restaking directions, I understood the logic but chose a more conservative pace in execution, missing the steepest segment.

But looking back, I do not fully regret it. One thing that 2025 has made me more certain of is: some market movements are meant to "prove market resilience," while some positions are meant to accompany you in the long run. I prefer to focus my energy on the latter.

Ariaina: If I were to say what my most "comfortable" investment operation in 2025 was, it actually wasn't anything brilliant, but rather very boring—continuing to hold BTC long-term. As an old BTC dollar-cost averaging player, this year was basically a mechanical accumulation: buying when it rises, buying when it falls, primarily focusing on "I don't know what the market wants to do, but I don't want to guess." Not smart, but I sleep well.

Besides BTC, I also allocated a small position in BNB this year. Platform tokens have had a bad reputation in recent years, and everyone says they have no long-term value. My mindset when buying was also quite subtle: on one hand, I didn't quite believe it, but on the other hand, I couldn't help but want to try. As a result, BSC was hard-hit by Alpha Meme this year, bringing a wave of application scenarios, which allowed me, as a half-believer, to find some comfort in the logic being validated.

As for the most regrettable operation, it must be TRX. In my youthful ignorance, after not using Tron, I almost gave away the remaining TRX in my hands as "electronic waste" to friends. Who would have thought that Sun would really manage to take TRON to Nasdaq? The biggest lesson for me from this is not about missing out on money, but that you can look down on a project, but never underestimate a founder who can keep tinkering and always survive.

Additionally, 2025 was also the year I resumed trading contracts after two years. The strategy was quite straightforward: "medium to long-term, only play in bull markets." From the perspective of order win rates, the results weren't bad, but the problem lay with me—clearly it was a strategy trade, yet I was still overtaken by emotions. During the drop in September, rationality went offline, and panic took over, preventing me from dodging in time. The system didn't break; I just collapsed.

Looking back at this year, whether I made money or not is no longer the most important thing. The more genuine feeling is that the market changes every year, but I still have to retake the exam in emotional management every year. To add a note about U.S. stock investment, as a complete novice, this year I accidentally boarded the AI express train by following "Mai Mai's Selection." Honestly, I used to look down on traditional financial markets, thinking they were slow and lacked imagination. But once the market moved, I could only exclaim: wow, it really smells good! I am still in the learning phase, focusing on surviving before discussing style and returns.

Finally, if I were to say what I learned in the U.S. stock market in 2025, it might not be specific techniques but rather a change in mindset: from "looking down," to "acknowledging the gap," and then to "willing to learn slowly." I hope that by 2026, I can not only shout "it smells good" in U.S. stock investment but truly begin to discern the scent.

3. As of December 31, 2025, what are your core positions, and could you share your reasons for being optimistic about them? (Not limited to U.S. stocks / crypto)

DaiDai: Long-term positions include TSLA, GOOGL, PLTR, HOOD, AMAZN, while short-term positions include RKLB, TSLA, ONDS, ALAB, INTC, WDC, TSM.

The logic for short-term and long-term is quite different.

For short-term, stocks like RKLB, ONDS, and TSLA, I roll over with T to snowball. Familiar stocks played for a long time develop a so-called "market feel," making it easier to grasp the rhythm; INTC, WDC, ALAB, and TSM are companies I am optimistic about in these two sectors, but since I haven't clarified the long-term positions yet and the costs aren't particularly low, they are still short-term for now, though they may turn into long-term positions.

In the long-term category, besides being optimistic about the company's prospects for TSLA and PLTR, the main reason is still the low cost; discussing it outside of cost is just playing tricks. GOOGL is a company I am optimistic about, and I added to my position when it was low. There was a saying this year: "Hiding in GOOGL during the bear market." I have always believed AMZN is an undervalued stock, with AWS having actual performance support, so let's see if its value will be realized. HOOD's product is really well done, and it caught a wave of crypto enthusiasm from the end of 2024 to 2025. In 2026, I will mainly look at whether HOOD's new social segment will bring an explosion.

LittleFox: Since I do intraday trading, I will talk about the targets I usually work with. First is AAPL, which is an extremely high-quality target, no doubt about it, and very worthy of long-term holding. In my understanding, after Apple abandoned its automotive business, its strategic development positioning became clearer. However, I do intraday trading, so I do not hold AAPL stock (previously sold it following Buffett). I also occasionally short AAPL based on partial information and market changes. For example, during last year's Apple 17 launch event, I shorted it briefly and made a very comfortable profit. Similarly, ONDS and TSLA are also targets I often trade in waves; their market movements are very interesting. Although I mainly do intraday trading, I rely heavily on the fundamental environment, and grasping the rhythm of fundamentals gives me confidence to open positions.

As for the crypto industry, besides the BTC I bought a long time ago, I am only very much looking forward to MSX.

Echo: Starting in the second half of 2025, I began trading U.S. stocks and gradually built up the "seven sisters" as my base, following the broader market. My large position is in TSLA; I am betting not on the cars but on the cards Musk holds—energy, AI, and robotics. Additionally, I have a bit of MSTR and CRCL, which serve as my "anchor" for crypto sentiment in the traditional market, left untouched.

In crypto, I still have my old three: BTC, ETH, SOL. These few have been my old friends I bring home for the New Year; companionship is the longest confession.

Frank: In terms of U.S. stocks, my core positions are currently very concentrated: Google (GOOGL) and Coinbase (COIN).

GOOGL is a position I gradually built over the past three months after systematically catching up on U.S. stocks and understanding the logic of tokenization and AI infrastructure, with a cost of around $250. Among the "seven sisters" of U.S. stocks, whether in the early internet era or the upcoming AI potential, I have always preferred companies like Google that combine technical depth with commercialization ability. COIN, on the other hand, was a target I bought when I first opened my Interactive Brokers account. Despite experiencing deep losses and floating profits during that time, I never sold it; its symbolic significance outweighs its actual significance.

With my recent continuous learning in U.S. stock research, I have also started to pay attention to RKLB and some storage/infrastructure-related sectors, but overall, I am still in the observation and small position trial phase.

In crypto, my core positions remain very restrained. GPS (GoPlus) is more based on long-term observations of the security track; USDT/USDC still occupies a relatively high proportion, mainly serving stablecoin arbitrage and liquidity mobility needs.

Ariaina: In crypto, I still firmly choose to invest long-term in BTC, without any particular reason. For me, choosing BTC does not require a complex logic; Bitcoin is the only consensus asset in the crypto world that has stood the test of time, and it is my minimum prerequisite for staying in this field. At this stage, I prefer to use BTC to represent my long-term judgment on crypto rather than expend energy on high volatility and constantly changing narratives.

In terms of U.S. stocks, I am still a novice, with overall investment not being large, but within my limited positions, I have heavily invested in GOOGL. From a business perspective, Google's core advantages are very clear: search and browser form a long-term stable traffic entry, and the Google ecosystem has a very high penetration rate in work and collaboration scenarios, becoming one of the infrastructures of daily life and work. In the AI direction, I value the long-term potential behind Gemini more; compared to pure model capabilities, Google has real and continuously generated data, a mature product system, and the ability to quickly land AI in high-frequency scenarios. At this stage, GOOGL is more like my core target for building cognition and observing long-term changes in the U.S. stock market, rather than a short-term speculative object.

To add a small observation, looking back at the performance of the seven sisters in the U.S. stock market in 2025, Google's maximum drawdown was about 24%, with an increase of about 76%. It may not be the fastest-growing or the hottest story, but it is certainly the one that gets hit the least when the market turns. In a sense, GOOGL is more like a "not so exciting but allows for a good night's sleep" core position, which aligns with my current risk preference.

2026 is likely to be a year full of excitement, with events like FIFA and the U.S. midterm elections… these short-term hot events will create some short-term trading opportunities. I will choose to participate in relevant sectors for short-term trading during a few exciting times, with the main goal of not flipping over, and secondly, making money—if I can leave gracefully before the excitement ends, that would already be progress.

2. The Intersection of U.S. Stocks and Crypto: Where Does the Money Come From and Where Does It Overflow?

4. If the Federal Reserve enters the mid-to-late stage of interest rate cuts, do you think global liquidity will first overflow into U.S. stocks or push up BTC and alt assets? Will the correlation between U.S. stocks and crypto rise or fall in 2026?

DaiDai: First, liquidity is a "overflow" logic, not a binary choice. By the mid-to-late stage of interest rate cuts, U.S. stock valuations are usually already pushed up, and large funds find them too expensive to invest in. At this point, the extra hot money will naturally overflow into BTC and altcoins. In simple terms, U.S. stocks get fed first, and the leftover soup and meat will flow into the crypto space.

Second, the correlation will definitely decrease. In the past, the crypto space was the "little brother" of U.S. stocks, with everyone watching macro conditions and moving in sync. By 2026, it is likely that U.S. stocks will be busy looking at company performance and returns, while the crypto space will have its own independent market, potentially leading to a situation where U.S. stocks are stagnant while crypto is thriving.

If we consider U.S. stock tokenization, that presents another scenario.

LittleFox: I believe there is a very strange state of global liquidity currently. Specifically, there is a lot of uncertainty in the global settlement system, so under Japan's interest rate hikes, liquidity has not decreased, and precious metals have surged under low inflation.

In this context, I believe that as the Federal Reserve enters the mid-to-late stage of interest rate cuts, which will likely occur once a year over the next two years, the entire market's liquidity will undergo structural deviations. It will first flow into assets with good cash flow that can continuously generate returns. In the U.S. stock market, companies with good cash flow will receive more liquidity inflow, while in the crypto market, assets that can bring cash returns will also be favored. The uncertainty in the global settlement system will lead most investment assets to focus not on how to appreciate but on how to preserve value.

Echo: Water may first fill the largest lake (U.S. stocks), then overflow into the most solid backup reservoir (BTC), and finally only irrigate those new ponds (selected alts) that have self-water retention capabilities (cash flow) or are in key waterways (infrastructure), rather than flooding the entire plain.

In 2026, the correlation between U.S. stocks and crypto will "structurally decrease." Sometimes they may rise and fall together due to the same big news, but in the long run, the fundamental reasons for their price increases are diverging: the core pricing of U.S. stocks will return to "corporate profits," driven more by "fundamentals"; the core pricing of crypto will shift towards "on-chain utility" and "protocol cash flow," driven more by "utility."

Separation is actually a good thing for investors, as it means real diversification opportunities are coming.

Frank: If the Federal Reserve's interest rate cut cycle enters the mid-stage in 2026, I am more inclined to believe that global liquidity will first overflow into U.S. stocks, especially growth stocks supported by both performance and narrative, rather than directly pushing up alt assets.

BTC may still be an important emotional amplifier, but the widespread diffusion of altcoins requires not only liquidity easing but also new narrative carriers and structural demand.

In this context, I judge that the correlation between U.S. stocks and crypto will likely decrease in 2026. This is not because the two are completely decoupling, but because U.S. stocks are moving towards a more institutionalized and predictable pricing system, while the internal differentiation within crypto will further intensify.

Ariaina: If the Federal Reserve enters the mid-to-late stage of interest rate cuts, liquidity will likely first go to work in U.S. stocks before overflowing into BTC and alts, rather than the other way around.

For retail investors, it is very realistic: wherever the growth is stable, with small drawdowns and high return ratios, money will go there first—2025 has already demonstrated this in advance. For institutions, the stock market is the main battlefield for accumulating positions, leveraging, and controlling risks, while crypto assets are often the next stop after risk appetite has been fully ignited. When faced with moments of conflict, such as wars or trade frictions, the first reaction of funds is still gold and oil, not the narrative of hedging with BTC.

Therefore, by 2026, it is more likely that U.S. stocks and crypto will first be lifted together by liquidity and then follow their own cycles, rather than always holding hands.

5. Besides the chip ecosystem represented by Nvidia, which U.S. stock sectors also possess high volatility, high growth, and strong narratives? What indicators or signals do you typically use to identify potential structural bull markets in these sectors?

DaiDai: I personally think there are two options.

One is the space sector, which has a very high beta value. Whenever SpaceX has big news, the small stocks in the sector (like RKLB, ASTS, etc.) can soar 20% in a day. I mainly look at deliveries, such as launch situations and phased achievements; or I watch large orders: for example, RKLB's stock soared after securing NASA contracts, and I pay attention to the premium relative to SpaceX and SpaceX's news—such as the potential listing of SpaceX that could trigger a boom in the space sector.

The other is nuclear energy and power infrastructure, where the narrative logic is also very straightforward. AI data centers require a lot of electricity; at least the chips need to be plugged in. The current power grid simply cannot handle it. In this logic, uranium mines and SMRs (small modular reactors) are necessities; they are typical cyclical + growth double hits. Once a tech giant (like Microsoft or Amazon) announces the purchase of a nuclear power plant, this sector will skyrocket.

Additionally, one can also pay attention to some large orders in dark pools and sudden orders and expiring options (unusual whales), which may impact stock prices.

LittleFox: First, the timing of entry must be based on the emotional consensus provided by the fundamental environment to judge the basis for bullish or bearish positions. The timing of entry will pay more attention to the K-line patterns of the market, such as the "W" bottom and "M" top of the larger cycle. If the opportunity in the larger cycle is missed, then consider the patterns in the smaller cycles. From the perspective of fractal theory, similar patterns across different cycles still have replicability, as long as historical market movements have been validated as effective.

Echo: It’s really about finding the next "must-buy" big story. From my experience (which may not be reliable), the best opportunities are hidden in those "stories that are incredibly reasonable, but most people haven't figured out how much money they can make from them."

Biotech, defense aerospace, and energy—leading companies in these mainstream sectors may have large orders that serve as the most tangible indicators.

Frank: Besides the chip ecosystem represented by Nvidia, I personally pay more attention to those with high volatility (indicating that funds are willing to participate repeatedly), and narratives that can form a closed loop with reality (which can be continuously validated by earnings reports or events). However, I am still building my specific methodology, so I won't embarrass myself by sharing it yet.

6. With the increase in trading volume of tokenized U.S. stocks, do you think the pricing power of tokenized assets is more likely to be held by Nasdaq or shift to on-chain DEX platforms?

DaiDai: The main pricing power is definitely still with Nasdaq, but DEX will take away the "around-the-clock" premium power. Nasdaq's biggest weakness is that it has to close (on weekends, holidays, and after hours), at which point DEX becomes the only casino. Of course, future 5×23h or 7×24h trading may bring different situations, but we will need time to see.

LittleFox: It must be with Nasdaq; DEX merely adds channels for stock circulation but cannot determine the liquidity of the stock market itself. The overall volume of stablecoins in the global market is still a drop in the bucket compared to traditional funds. If such a volume of funds were to influence the pricing power of stock assets, it would be wishful thinking. However, for some small-cap targets, there may be some new plays, which the market is very much looking forward to.

Echo: Nasdaq, as a regulated "birthplace," will maintain its nominal pricing position in the long term; people will still look to its prices as a benchmark. However, it will gradually become a place that mainly provides around-the-clock reference prices.

The real pricing actions will shift to on-chain DEX. This is where prices are discovered, volatility is created, and various arbitrage opportunities arise first. Because it is faster, more global, and allows for unlimited combinations of trading strategies, the smartest money and the latest plays will flock here, naturally gaining actual pricing power over time.

Frank: If Nasdaq officially implements tokenized U.S. stocks, the initial pricing power will still be with Nasdaq. After all, the foundation of rules, compliance, and liquidity depth lies in TradFi, but on-chain DEX platforms will grasp off-exchange pricing power (such as 7×24 hour price games), and this force will ultimately compel Nasdaq to change its trading mechanisms.

L: I lean towards a "layered pricing" outcome: in the short term, the core pricing power remains with Nasdaq and other major exchanges, as the deepest liquidity, information disclosure, and clearing systems are still concentrated there. However, as tokenized trading grows, on-chain DEX will gradually gain marginal pricing power, mainly reflected in non-trading hours, long-tail targets, as well as derivatives and leveraged trading scenarios.

Ultimately, it is not a replacement relationship but a division of labor: traditional exchanges are responsible for main anchor pricing, while on-chain markets are responsible for supplementing price discovery and global 24/7 liquidity.

Ariaina: In my view, the pricing power is more likely to be held by the party that "pays the highest price for price errors," rather than the one that appears more authoritative or formally decentralized.

In the Nasdaq system, market makers, brokers, clearing institutions, and regulators form a tightly bound system of interests and responsibilities: price errors, liquidity distortions, and abnormal fluctuations will directly translate into real financial losses, compliance risks, and even legal liabilities. This high cost of making mistakes naturally forces prices to be continuously corrected to the closest position of real supply and demand.

In contrast, DEX relies more on liquidity depth and the spontaneous corrections of arbitrageurs. If liquidity is insufficient or market makers go down, the price deviation does not directly punish the wrongdoer but the entire market, which is undoubtedly a huge cost (refer to the 10.11 incident). Therefore, as long as tokenized U.S. stocks are still anchored to real-world assets and have not formed sufficient deep on-chain institutional liquidity, traditional markets like Nasdaq are clearly the ones with the greatest responsibility and highest costs.

Of course, if enough top market makers and executable responsibilities and punishment mechanisms emerge on-chain in the future, then pricing power may truly shift; otherwise, on-chain will be more of a trading location rather than a price arbiter.

3. Looking Ahead to 2026: The Investment K-Line of "Crypto U.S. Stock People"

7. In 2026, what U.S. stock core sector do you see as most promising and are willing to heavily invest in long-term? Why?

DaiDai: Mainly two sectors—energy and power grid infrastructure, storage, and space.

First, regarding energy and the power grid, I now even feel that buying the grid is more reliable than buying chips. In 2025, everyone was scrambling for computing power, but by 2026, the bottleneck will be in electricity. Even if we have the best H100/H200, if the grid cannot accommodate it, it is useless. The shortage of transformers in the U.S. and the aging power grid are debts that must be repaid in terms of infrastructure. Therefore, I am betting on the "selling shovels" logic: whether it is nuclear energy (SMR) or the renovation of old power grids, this is where tech giants must invest money to make AI run. This is a necessity among necessities, with almost no uncertainty.

Secondly, storage is crucial because, after AI scales up, data storage becomes a necessity. The usage is growing rapidly, and demand is expanding quickly. Computing power (GPU) is responsible for production, while storage (NAND/HDD) is responsible for storage. The current situation is that high-end HBM is hard to come by, and the production capacity of large-capacity enterprise hard drives cannot keep up. This is not just a simple price increase; it is transforming from a cyclical product into a necessary infrastructure.

As for space, SpaceX is expected to go public in 2026; what more can I say?

LittleFox: In 2026, if I could only choose one U.S. stock core sector to heavily invest in long-term, I would be most optimistic about AI infrastructure, including the entire chain of computing power + data centers, due to the certainty of expenditure growth, supply constraints, and the characteristics of layered layout in the industry chain. Moreover, it is highly likely that 2026 will still be in the mid-cycle of capital expenditure growth.

Echo: Energy, the "shovel seller" of the AI era. It may not be sexy, but the demand is solid, and the business is long-term. Rather than getting tangled up in which AI model company to invest in, it is better to directly bet on the energy that all AI companies rely on.

Frank: In terms of U.S. stock investment, I am still learning, but currently, I am most optimistic about commercialized AI applications and computing power infrastructure. This is not a hype concept, but because real cash flow transfers are happening in this field.

Ariaina: As a novice in U.S. stocks, I do not yet have a deep cognitive advantage in any particular sector. Rather than forcing a logic, I would personally start with assets like the seven sisters that have already been repeatedly validated by the market, serving as my "beginner's protection zone." For me, this is not about betting on which sector will definitely outperform but about establishing foundational cognition first. Therefore, I prefer to prioritize "surviving long and seeing clearly" over "choosing accurately."

8. If in 2026, TradFi × tokenized U.S. stocks experience a true "ChatGPT moment," which variable do you think is most likely to trigger it? (e.g., normalization of 7×24 hour U.S. stock trading, formal inclusion of stablecoin legislation, or marginalization of traditional clearing houses, etc.)

DaiDai: I have actually thought about this question. The true "ChatGPT moment" should be the moment the public suddenly realizes "there's no going back," and the trigger point could be "assets as currency" with seamless payments.

For example, when paying for coffee at Starbucks or making a deposit on the Tesla website, there is no need to first sell stocks to convert to USDT or dollars; instead, you can directly swipe your account's tokenized shares of TSLA.

When you can spend your TSLA like cash, that will be the "ChatGPT moment" of TradFi × tokenization. Before that, all the 7x24 hours are just changing the place to trade stocks.

LittleFox: I believe that to see the most important "ChatGPT moment," the key is for compliant stablecoins to be clearly integrated into the financial system, used at scale by banks and large financial institutions, and achieving atomic-level settlement with tokenized securities, thus upgrading on-chain from merely an issuance channel to being the clearing layer. Nothing else is more important than this.

Echo: The "official involvement" of DTCC, allowing financial institutions to directly provide instant buying and selling and settlement of tokenized U.S. stocks on public chains.

Frank: If a "ChatGPT moment" truly occurs, I believe the most likely triggering variable will not be price but rather the system, especially the full normalization of 7×24 hour U.S. stock trading. This will thoroughly activate global liquidity, and various possibilities surrounding downstream trading will enter a free kingdom. I think we may witness a wave of trading and product innovation similar to the DeFi Summer of 2020.

Keaton: There need to be 1-2 on-chain brokerage products that can achieve user experiences and security guarantees comparable to WeChat and Alipay.

Ariaina: I believe the real "ChatGPT moment" is not about where or how long you can trade, but rather that funds finally dare to go all-in. Just like DeFi does not lack protocols, but lacks answers about who is responsible when things go wrong. Efficiency determines usability, while regulation determines willingness to use; the real turning point will definitely occur at the moment of "daring to use."

9. Give a piece of self-defense advice to "crypto U.S. stock people": facing the increasingly converging volatility of the two asset classes, what is your hedging strategy? How much cash proportion will you reserve to cope with potential black swans?

DaiDai: Simultaneously allocate U.S. stocks (large-cap stocks with large positions, small-cap stocks with small positions), crypto (currently only trusting BTC and ETH), and precious metals to diversify positions. Keep 20% cash to hedge against risks. At the same time, establish your own logic for taking profits and losses, continuously optimize this logic, and improve your trading win rate.

LittleFox: When I trade, I only use 1/10 of my funds. Even if I fully leverage to 10 times, it is still just a full position of my total funds. If overnight positions arise, I will primarily focus on long positions. During the previous "1011 incident," my long positions executed at night, but I did not face liquidation due to the huge volatility, even feeling indifferent because there was no strong liquidation price, and I eventually left with profits.

Here, I want to refute the premise of this question: the crypto market, with its lack of liquidity, can no longer fully align with U.S. stocks. If you want to do well in investing, it is best to place most of your funds in the U.S. stock market.

Echo: Use the quality of U.S. stocks to hedge against the intensity of the crypto space. More positions will be allocated to U.S. stock assets that can generate stable cash flow and have a valuation floor, likely including the seven sisters; at the same time, strictly limit the leverage and proportion of crypto positions, using the profits from the excessive volatility portion to periodically supplement U.S. stock positions.

Frank: For me personally, in 2026, I will place about 80% of my movable investment funds within the U.S. stock system.

This is not because I am pessimistic about crypto, but because I think everyone can easily live in their own path dependency. Those who experienced the DeFi Summer often hold an irrational expectation for another boom in the chain.

For me, it is more important to maintain sufficient cash/stablecoins and control trading frequency, rather than chasing every opportunity. Ultimately, I accept that I do not need to win every market simultaneously.

Keaton: Don't short large-cap stocks; maintain healthy leverage.

Ariaina: True hedging is not about skills but rather low-leverage small positions, ample cash flow, and discipline that prevents emotions from making trades for you. The market is uncontrollable, but emotions are controllable. Once emotions are leveraged, it is not the position that explodes, but the cognition.