The ChainNode "518 Bitcoin-Holding Day" event series launched on May 11, kicking off with a debate co-hosted by Niubi Circle. The first event centered on Bitcoin's third halving, featuring a 1v1 debate between six guests split into "Holder" and "Trader" camps. Representing the "Holder" camp were Zhuang Zhong, CEO of BTC.com; Wang Chao, COO of Bitpie; and Miao Yongquan, Chief Strategy Officer of Blockstream. The "Trader" camp featured Zhu Weiyu, Founding Partner of NGC Capital; Sun Kuan, Founder of Eureka Trading; and Qu Zhaoxiang, Partner at Bitmain and CEO of ChainNode. The discussion was moderated by Junyao from ChainNode Live and Juno from Niubi Circle.
What should investors do post-halving? Here are the key insights from our panelists.
Qu Zhaoxiang: Think for Yourself; Halving's Impact on Spot Volume is Limited
On the "Holder vs. Trader" debate, Qu Zhaoxiang noted the line is often blurred. "‘Holders’ might sell at opportune times, while ‘Traders’ provide the market liquidity by holding positions, which enables more complex financial products," he said.
For long-term holders, early strategies were simple buy-and-hold. Today, tools like the "AHR999 Bitcoin-Holding Index" can help them accumulate at better prices.
For traders, risk management is key. While value investing metrics like P/E ratios don't translate well to crypto, trend-following strategies can be more effective.
The halving itself will have a limited direct impact, as global daily Bitcoin trading volume already dwarfs new issuance. However, it serves as a major industry milestone, drawing attention and paving the way for more sophisticated financial derivatives.
Qu Zhaoxiang offered three pieces of post-halving advice: "First, don't blindly follow anyone's advice. I'm short-term bearish—'sell the news' events often play out that way—but now is not the time for drastic action, nor should you rely solely on historical patterns. Second, over a four-year cycle, no one has lost money holding Bitcoin. If you must trade, only risk what you can afford to lose. Third, the crypto market may be our generation's biggest financial opportunity. The goal isn't just chasing short-term gains, but ensuring you aren't shaken out of the market prematurely."
Zhuang Zhong: New Protocols Could Reshape Mining; Centralization May Increase
Zhuang Zhong, CEO of BTC.com, recalled the early days: "Back then, all my assets were in Bitcoin. People weren't as price-sensitive—they'd casually spend BTC on things like cars, which seems unthinkable at today's prices."
Early holders were driven by belief, not complex calculations. Today's miners are strategic, often using third-party services to optimize sales. The halving affects the entire industry, and smaller pools face significant pressure, likely leading to consolidation. While not ideal, a landscape dominated by a few large, professional pools seems inevitable.
New protocols like BetterHash and Stratum V2 aim to give miners more control by allowing them to submit full blocks. While they don't solve all pool challenges and introduce new complexities, they are supported by developers. These protocols could decentralize block construction power, even within a more centralized pool infrastructure—a positive development for network health.
Zhu Weiyu: My Philosophy? Do the Right Thing, Even When the Crowd Disagrees
Although representing the "Trader" camp, Zhu Weiyu clarified that NGC Capital trades infrequently—only 1-2 times per year. "We don't predict markets; we react to them. We buy when there's fear and sell during euphoria," he stated.
He cautions against extrapolating past performance, placing more faith in probability and mean reversion. "For most, being contrarian works better than following trends. If you believe in a programmable future, buy ETH—but do it during a crash," he advised.
NGC's success, according to Zhu, stems from avoiding mistakes and herd mentality. Examples include exiting ICOs in early 2018, investing in STOs before they became hype, selling all Bitcoin at $14,000, and re-accumulating from $3,300 to $6,000. "Doing the right thing, especially when it's unpopular, is crucial," he concluded.
Miao Yongquan: Bitcoin Can Change the World; Halving is a Powerful Narrative
"The halving is a scheduled event; its effects may have already been priced in," said Miao Yongquan of Blockstream. "But as a tool for introducing Bitcoin to newcomers, it's more effective than any slogan. We believe Bitcoin can improve the world, which is why we invest in its development—while also generating revenue through mining."
Blockstream's North American mining operations are prepared for the halving. The company also runs a satellite Bitcoin sync service (now version 2.0), allowing users to receive network data via satellite dishes.
Key projects include the Liquid Network, addressing Bitcoin's speed and privacy limitations, and the Lightning Network. Blockstream's c-lightning implementation (version 0.8.2) is progressing toward becoming a mature payment solution.
Sun Kuan: Traders Must Use Data and Maintain Discipline
Sun Kuan, founder of Eureka Trading and a Binance Futures champion, represents the professional trader. "Growing institutional participation signals huge future potential. We analyze order flow to understand and profit from other players' strategies," he shared.
His advice for retail traders: 1) Set strict rules—entry, exit, stop-loss—before trading and stick to them without emotional interference. 2) Use a scientific process: leverage available historical data (like order book "pins") for rigorous backtesting. The more disciplined you are, the better.
Wang Chao: Frequent Trading Isn't for Everyone; Security Comes First
Wang Chao of Bitpie believes holding is the best strategy for most. "This market is brutal. Even in mature stock markets, most retail traders lose money; crypto is harsher. Frequent trading rarely beats the index. The prerequisite, of course, is holding a fundamentally sound asset you believe in long-term."
For holders, security is paramount. Design a personalized custody plan: decide what portion to keep on which exchanges, and what to store in wallets (hot vs. cold). If you're not trading often, cold storage for the bulk of your holdings remains the safest option.
Second, private keys must be stored physically—that is, offline—and never connected to the internet. Write them down and keep them in a safe place you'll remember, but avoid taking photos or storing them on your phone. Third, it's crucial to understand what private keys are: they are randomly generated numbers, with mnemonic phrases being the most common representation. Private keys themselves are not password-protected; if you have the private key, a forgotten password is not an issue. Some ask: "With countless wallets generating private keys every day, what if two are the same?" In reality, the probability of a collision is astronomically low—the randomness of private keys is their core security feature. Of course, you should choose a wallet known for high-quality random number generation when creating a private key, as some wallets have had bugs in this area historically. Also, be aware of smart contract risks.
During the roundtable, six guests engaged in a lively discussion: Zhuang Zhong, CEO of BTC.com; Wang Chao, COO of Bitpie; Miao Yongquan, Chief Strategy Officer of Blockstream; Zhu Weiyu, Founding Partner of NGC Capital; Sun Kuan, Founder of Eureka Trading; and Jeffrey, Head of Research at Huobi Global. Here is a concise summary of three key questions from their debate.
1. Which sector are you most bullish on post-halving?
Miao Yongquan: Payments. Using Bitcoin for everyday transactions is its most important use case. With advancements like the Lightning Network, this is becoming more feasible—it's not about on-chain Bitcoin per se, but about using Bitcoin.
Jeffrey: (1) Oracles. Currently, oracles mainly provide price feeds for DeFi. Looking ahead, we're more excited about the convergence of oracles and the Internet of Things (IoT), expanding data interaction from on-chain to cross-chain and off-chain integration. (2) Derivatives. This is a promising area. We expect to see more sophisticated derivatives products emerge, tailored for high-net-worth users.
Zhu Weiyu: (1) Cross-border and micro-payments. Traditional banking systems can technically handle these—their limitations are more about incentives than technology. Wider digital currency adoption could catalyze banking reform. (2) Privacy-preserving computation. I'm very optimistic about its potential to transform daily life. Privacy remains a major challenge today, and advances in this technology could enable convenient services without compromising personal data.
Wang Chao: (1) Real-world asset tokenization. I strongly support this. Current implementations don't need to be overly complex—tokenizing real estate or stablecoins like USDT are valuable use cases. (2) Payments. The Bitcoin payment narrative is over a decade old but still not fully realized. I believe payment applications will become more practical, and merchant-side Bitcoin payments could become viable within a few years.
Zhuang Zhong: (1) Layer 2. My top focus is on Layer 2 protocols and staking solutions. Many applications, including DeFi, are constrained by Ethereum's network performance. These technical solutions are maturing and will have profound industry impact. (2) Trading. In the short term, trading is critical, especially as institutional players enter, creating strong demand for custody and trading infrastructure.
Sun Kuan: Financial derivatives. This is our favorite sector because cryptocurrency operates in a relatively light regulatory environment, ideal for derivatives innovation. Moreover, as a 24/7 market, it rapidly reflects all relevant factors.
2. What is the significance of roles like Holder, Trader, Builder, Sceptic, and Doubter to the industry?
Miao Yongquan: Individuals can play multiple roles. For example, our mining pool mines Bitcoin but we hold it rather than sell. If you're only a Trader, you might not care about Bitcoin's long-term development; if you're only a Builder, you lack influence during forks. I advocate embracing multiple roles.
Jeffrey: I agree that combining roles is the future. Early crypto markets were chaotic, and Holders benefited most. Going forward, trading opportunities will increase, and capital will play a bigger role. Value concentration, liquidity importance, and competition will intensify.
Zhu Weiyu: I don't believe capitalists lead industry development—Builders do, and capital follows them. Capital doesn't create the future; it accelerates it. Meanwhile, merely holding assets does little to advance the industry.
Sun Kuan: I disagree. Being a Builder requires exceptional technical skill and is inherently difficult. In reality, trading demand is extremely high. I believe the greatest opportunities lie with Traders, then Holders, then Builders. Traders provide vital liquidity, which is foundational for attracting attention and growth.
Wang Chao: While Builders are crucial for innovation, the most important role is the User. A product's success depends on actual usage. Take Meituan's food delivery—you don't need to work there; ordering food daily supports the industry. I hope future users won't need to understand private keys; Builders should focus on meeting user needs.
3. How do you assess Bitcoin's current price versus its intrinsic value?
Jeffrey: Bitcoin will likely trade in a high range in the near term. Its longer-term trajectory is uncertain and tied to market confidence, which depends on Bitcoin's ability to tell new, compelling stories. When reaching mainstream audiences, we see lingering misconceptions. Past narratives like "anonymous payment tool" or "mother of digital currencies" lack broad appeal. We need a story that breaks through.
Miao Yongquan: I believe Bitcoin's current price is somewhat undervalued—any price below $15,000 is a great buying opportunity. Bitcoin has inherent value: it's portable and ideal for cross-border payments. Recent market performance also highlights its safe-haven status: while oil and equities crashed and struggled, Bitcoin rebounded quickly after its correction.
Wang Chao: I'm not suited to price predictions. Yet as an asset, Bitcoin has weathered many storms and remained resilient—that speaks for itself. I'm very optimistic about its performance in the second half of this year and next, potentially reaching new all-time highs.
Zhu Weiyu: Bitcoin's intrinsic value is hard to quantify—many assets lack definitive valuation. Precisely because opinions differ, trading occurs and trends form. Equity markets have pricing models; Bitcoin lacks a widely accepted framework. Historically, Bitcoin has traded at high levels for an extended period, indicating broad market acceptance. Ultimately, participants vote with their convictions.
Sun Kuan: Bitcoin's price reflects the balance between buyers and sellers. I acknowledge its unique value, but quantifying it is challenging due to high volatility. Perhaps once Bitcoin achieves price stability comparable to gold, valuation will become clearer. Many conventional economic indicators don't apply. That said, I sincerely hope to see Bitcoin above $20,000 this year—though for us, volatility remains the more critical metric.
Click “Video” to watch the full session.