bitcoin:native shares a very classic long-term macro on-chain indicator for Bitcoin:
STH-RP to TMMP Ratio
The ratio of the realized price to the real market average price for short-term holders
This indicator clearly reflects the interplay between short-term market speculation and the fair value of the overall market.
Current core data:
-BTC current price and short-term costs:
Currently, both values are around 77.4K.
This means that short-term investors who entered the market in recent months,
The overall situation is at the break-even point.
-Ratio trend:
The current ratio is 0.8998, and the 7-day and 30-day moving averages are showing a fluctuating downward trend.
On-chain data is clear.
Short-term holders' cost basis is converging towards the true market average.
The market as a whole is in a phase of deflating the bubble and clearing out speculative capital.
Historically, when this ratio spikes, it usually corresponds to a period of market overheating.
When this ratio falls below the 0.75 red line (the historical lows of 2015, 2018, and 2022), it indicates the establishment of an absolute bear market bottom.
Currently, this ratio is at a relatively neutral to low level of around 0.9.
And the trend is still downward.
This indicates that the market's blind optimism has been effectively suppressed.
The chips are undergoing a thorough turnover.
At the break-even point where short-term holders find it unprofitable and even begin to feel anxious.
It is often a crucial window for accumulating strength and choosing a direction.
Be patient and watch for further crossovers of the cost line.
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Onchaindata# #
welinkBTC# bitcoin:native
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⚡CryptoPulse News:Samsung Securities bets on Upbit, South Korean financial capital fully embraces crypto.
On May 28th, Samsung Securities announced it will acquire approximately 2% of Dunamu, the operator of Upbit, South Korea’s largest cryptocurrency exchange, for approximately 306.37 billion won (approximately US$203 million).
This is not merely a common equity investment; it may signify a profound shift in the South Korean financial system. South Korean regulators have recently begun signaling a potential relaxation of the “finance-plus-crypto separation” policy, the long-standing restrictions between financial institutions and the virtual asset industry.
Samsung Securities’ investment essentially represents traditional South Korean financial capital preemptively securing a foothold in the next generation of digital finance.
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Intel’s EMIB Packaging Is Growing Rapidly — Silicon Capacitors Are Taking Off Too
Silicon capacitors are poised for explosive growth in the AI semiconductor space. Intel has been found to be planning a large-scale adoption of silicon capacitors starting next year, in order to enhance the performance of its in-house 2.5D packaging technology, “EMIB.”
The most clearly visible source of demand is Google. Google plans to launch its next-generation AI accelerator, “v8e,” in the second half of next year, and has adopted an EMIB substrate with embedded silicon capacitors for that chip. With other Big Tech companies such as Amazon also currently applying EMIB, analysts say demand could increase sharply.
According to industry sources on the 27th, Intel plans to apply silicon capacitors to its 2.5D packaging starting next year.
Intel Adopts “Silicon Capacitors” for 2.5D Packaging… Google AI Chip Gets First Application
2.5D is an advanced packaging technology that inserts a thin-film interposer between the semiconductor and the substrate. Because it can connect circuits at higher density compared with conventional packaging that uses only a substrate, demand is rising in the AI and HPC fields.
To improve cost efficiency in 2.5D packaging, Intel devised its own technology called EMIB. Rather than using a broad, spread-out interposer, EMIB connects chip to chip using a small silicon bridge. Since bridges only need to be placed where chip-to-chip connections are required, chips can be arranged more flexibly and efficiently.
Recently, EMIB has been drawing attention as an alternative to TSMC, which had been leading the existing 2.5D packaging market. This is because TSMC’s 2.5D packaging capacity is suffering from a supply shortage amid the rapid development of the AI industry.
Indeed, global Big Tech player Google is also paying attention to EMIB. Google has decided to adopt EMIB for its in-house AI semiconductor “v8e,” which it plans to launch in the second half of next year. Under this structure, TSMC handles chip mass production, MediaTek handles design and manufacturing support, and Intel handles packaging.
However, there have been concerns that EMIB is gradually showing limitations in providing stable power supply for AI semiconductors, which consume large amounts of power. Accordingly, Intel plans to introduce new technologies such as silicon capacitors and through-silicon vias (TSV) to ensure stable packaging for the v8e.
A capacitor is a component that stores and releases electricity in an electronic circuit. In the case of silicon capacitors, their resistance (ESL/ESR) is more than 100 times lower than that of conventional multilayer ceramic capacitors (MLCC), minimizing the signal loss that occurs in high-performance semiconductors. They can also be designed in an ultra-thin structure based on a silicon wafer, enabling high-density integration.
A semiconductor industry official explained, “Because the voltage drop (the phenomenon of voltage decreasing) that occurs in the high-frequency region within AI chips is difficult to solve with MLCC, we understand that Intel is adopting silicon capacitors as a solution,” adding, “The relevant supply chain is now in place, and mass production is set to begin in earnest next year.”
EMIB-T Is Already on a Growth Trajectory — The Related Ecosystem and Market Are Expanding Together
Intel has also inserted TSVs, which serve as power-delivery channels, into the silicon bridge. The key point is that by using TSVs to shorten the power-delivery path between the substrate and the chip, Intel has improved power efficiency and signal integrity. Intel calls this “EMIB-T.”
The industry expects the EMIB-T and silicon capacitor markets to grow rapidly.
This is because Japan’s Ibiden — one of the major companies that mass-produces semiconductor substrates for EMIB-T — is aggressively pursuing capital investment.
Previously, Ibiden had planned to build its Kawashima (Gama) plant in Gifu Prefecture as a substrate plant for Intel CPUs. However, it postponed that schedule and decided in the first half of this year to officially convert the Gama plant into a mass-production line for EMIB-T substrates. The investment is 220 billion yen (about KRW 2.1 trillion).
In its recent earnings announcement, Ibiden stated, “Operation of the Gama plant will begin in 2027 and enter full-scale mass production in 2028,” adding, “EMIB-T substrate capacity is currently far short of demand. However, adding further capacity is quite difficult, so we are discussing options with our customers.”
A semiconductor industry official explained, “Ibiden’s EMIB-T-dedicated line is being built with most of the investment coming from customers such as Google, Amazon, and Intel,” adding, “This demonstrates that AI semiconductors based on EMIB-T will grow significantly going forward, and silicon capacitors are likely to expand alongside them.”
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