BlockBeats will organize the key industry news content of the week (5.26-6.1) in this article, and recommend in-depth articles to help readers better understand the market and learn about industry trends.
Important News Review
Bitcoin 2025 Conference was held in Las Vegas. US Vice President Vance and many industry insiders attended and delivered speeches.
From May 27 to 29, the Bitcoin 2025 conference was held in Las Vegas, USA. Donald Trump Jr., the eldest son of Trump, U.S. Senator Cynthia Lummis, Robert Mitchnick, head of digital assets at BlackRock, and David Sacks, head of encryption affairs at the White House, attended the event and delivered speeches. Donald Trump Jr. revealed at the meeting that his family had been blocked from banking services for political reasons, which prompted Trump to change his position on cryptocurrency; Michael Saylor shared "21 Ways to Get Rich" at the conference; Tether CEO disclosed that the company holds more than 100,000 BTC and 50 tons of gold. In addition, Square, a subsidiary of Block, launched a real-time Bitcoin payment pilot at the conference site. Participants can purchase peripheral products through the Lightning Network. Related reading: "The Bitcoin 2025 conference ended. What key signals did the three-day conference release? 》 , "US Vice President Vance's speech at the Bitcoin Conference: Don't ignore politics, and politics won't ignore the crypto community" , "Arthur Hayes' speech at the Bitcoin 2025 Conference: BTC's road to $1 million" , "Full text of Tether CEO's speech at the Bitcoin Conference: We are not a money printing machine, but a provider of decentralized infrastructure"
Trump Media and Technology Group announces plans to raise $2.5 billion in Bitcoin
On May 27, according to Bloomberg, Trump Media and Technology Group announced that it will launch a Bitcoin treasury plan of approximately US$2.5 billion to include BTC in its asset reserves for financial stability and long-term value storage. It has signed subscription agreements with approximately 50 institutional investors to conduct private placement financing totaling approximately US$2.5 billion. The financing includes approximately US$1.5 billion in common stock and US$1 billion in 0-interest convertible senior secured bonds, and the funds raised will be used to create a Bitcoin treasury. The company will use Crypto.com and Anchorage Digital for the custody of the Bitcoin treasury, and the financing is expected to be completed around May 29, 2025. Related reading: "Behind Trump's $2.5 billion Bitcoin treasury plan, is crypto.com the "biggest winner"? " , "Behind Trump's $2.5 billion All In Bitcoin, the stock market flows into "BTC Fentanyl""
James Wynn, the whale, has been operating large contract positions at high frequency this week, and has been on the verge of liquidation many times, with a loss of more than $100 million
Recently, the whale James Wynn has publicly opened large, highly leveraged BTC positions on Hyperliquid several times this week, with the highest position exceeding $1.1 billion. With the fluctuations in the market, his positions have faced liquidation many times, and he eventually suffered huge losses. On May 28, Sunil, a representative of FTX creditors, said on the social platform that "James Wynn's trading style is obviously like Alameda." On the 30th, according to the monitoring of the on-chain analyst Ember, James Wynn's position worth $100 million was liquidated, and Hyperliquidity Provider (HLP) made a profit of $530,000. Related reading: "James Wynn "goes to the sea" again: if he wins, he is a legend, and if he loses, he is a gambler? " , "From the "10u" God of War to the 1.2 billion contract whale: James Wynn's crazy gambling road" , "$HYPE hits a new record high again, why do whale choose to open orders on Hyperliquid? 》 、 《From being ignored to becoming a "CEX killer", what did Hyperliquid do right? 》
Satoshi Nakamoto is ranked 11th on the list of the world's richest people, and his wallet has been silent for 16 years
On May 27, according to Arkham data, Bitcoin founder Satoshi Nakamoto holds about 1.1 million bitcoins, accounting for 5.2% of the total supply, worth nearly $121 billion at current prices, and his wallet has been silent for 16 years. With Bitcoin recently hitting a record high of $111,814 (currently falling back to about $110,000), Satoshi Nakamoto's wealth has surpassed Nvidia CEO Huang Renxun and Walmart heirs to become the world's 11th richest person.
SBF's sentence was reduced by more than 4 years and he is expected to be released on December 14, 2044
On May 26, it was reported that FTX founder SBF had been sentenced to 25 years in prison. If the situation remains unchanged, he will be released more than four years early. He was initially detained in Brooklyn's notorious Metropolitan Detention Center, where he shared a dormitory-style room with Sean "Didi" Combs and unexpectedly accepted an interview with Tucker Carlson in March, causing his crisis manager to resign. SBF was later transferred to FCI-Terminal Island Prison in San Pedro, California, a prison for 850 low-security male prisoners. The Federal Bureau of Prisons estimates that SBF will be released on December 14, 2044, having served less than 21 years.
Musk will leave the US government and his resignation process has begun
On May 29, Musk posted on X that "As my time as a special government employee comes to an end, I want to thank President Trump for giving me this opportunity to cut wasteful spending. The mission of the Department of Government Efficiency (DOGE) will only strengthen over time as it becomes a way of life for the entire government." Subsequently, White House officials confirmed that the news of Musk's departure from the government was true and his departure procedure had begun. On the 30th, a former DOGE employee said that Musk had some reservations in internal meetings and that DOGE might stagnate after his departure.
Fed releases statement on Powell's meeting with Trump
On May 30, according to the official announcement of the Federal Reserve, at the invitation of the US President, Federal Reserve Chairman Powell met with Trump at the White House to discuss issues related to economic development, including economic growth, employment and inflation. Chairman Powell did not express specific expectations for the outlook for monetary policy, but only emphasized that the policy path will depend entirely on future economic data and its impact on the economic outlook. Finally, Powell said that he and his colleagues on the Federal Open Market Committee (FOMC) will formulate monetary policy in accordance with the law to support maximum employment and price stability, and all decisions will be based on prudent, objective and politically unaffected analysis.
The US SEC has received good news: applying to the court to withdraw the lawsuit against Binance; clarifying that some PoS staking activities do not constitute securities transactions
On May 30, according to relevant reports, the US SEC has submitted documents to the court to withdraw the lawsuit against the crypto trading platform Binance and its former CEO CZ. The US SEC, Binance, and Binance founder CZ's lawyers signed a joint withdrawal agreement and submitted it to the federal court in Washington, DC. And said that based on policy considerations, it is appropriate to withdraw the case. The lawsuit began in 2023. The SEC accused Binance of unregistered operation and misrepresentation of trading control. Binance pleaded guilty to violating the Bank Secrecy Act and paid a fine of US$4.3 billion. On the same day, according to crypto journalist Eleanor Terrett, the US SEC's Corporate Finance Division clarified that staking activities on some proof-of-stake blockchains do not constitute securities transactions. This new guidance follows the guidance on some proof-of-work mining activities in March this year, covering self-staking, staking as a service, and additional services such as slashing penalty protection and custom rewards.
North Korean hacker group Lazarus Group begins attacking individual investors
On May 29, ZackXBT, an on-chain detective, revealed that the North Korean hacker group Lazarus Group launched a cyberattack on individual cryptocurrency traders on May 24, stealing more than $5.2 million in assets from a trader. The hackers used complex malware to invade trading platform wallets, multi-signature wallets, and external accounts, and then transferred the stolen funds to the currency mixing service Tornado Cash, of which about 1,000 ETH were laundered. Lazarus Group may have shifted its attack targets from institutions to individual investors.
Farcaster launches Pro subscription service, a community user airdrops PRO tokens to member accounts
On May 28, the Farcaster Pro membership program was launched, and the first 10,000 subscribers can get exclusive NFTs and Blue V certification. On the 29th, Farcaster community user MJC716 announced the airdrop of PRO tokens (PROCOIN) to Farcaster Pro members. All 10,000 limited edition NFT holders are eligible for the airdrop, and the first 500 applicants will receive about 5 times the quota. Related reading: "Farcaster is going to launch Pro membership service, is it worth it?"
Stablecoin giant Circle has made frequent moves recently: submitting a listing application to the New York Stock Exchange, denying seeking a sale, and acquiring an RWA issuer
On May 27, it was reported that Circle, the issuer of stablecoin USDC, submitted an application for listing to the New York Stock Exchange. It plans to issue 24 million Class A shares, of which 9.6 million will come from the company and 14.4 million will come from shareholders. The share price is expected to be between $24 and $26, with the trading code CRCL. On the 29th, according to Bloomberg, BlackRock plans to subscribe to 10% of Circle Internet's IPO shares.
On May 27, it was reported that Circle was in informal potential sale talks with Coinbase Global or Ripple while still moving forward with its initial public offering (IPO) plan filed in April. A Circle spokesperson immediately denied it, saying in a statement: "Circle is not seeking a sale. Our long-term goals remain unchanged." On the 28th, according to Circle's IPO documents, it acquired RWA issuer Hashnote in January 2025 for $9.9 million in cash and approximately 2.9 million fully vested common shares (total value of approximately $99.8 million). Hashnote is the issuer of USYC, and its market share in tokenized U.S. debt products has declined since the acquisition. Hashnote has issued $1.3 billion worth of USYC tokens, which grew rapidly last year and became the largest tokenized U.S. Treasury product on the market. Related reading: "Coinbase bought Circle? Behind the acquisition rumors, the cruel business reality of CEX" , "Talking about sales while rushing for IPO, what does Circle want to do?"
YZi Labs Announces Investment in Avalon Labs
On May 26, YZi Labs has invested in Avalon Labs, an on-chain capital market for Bitcoin, which aims to build a scalable, transparent and accessible financial network to unleash the full economic potential of Bitcoin. As the world's largest issuer of Bitcoin stablecoins, Avalon Labs is transforming Bitcoin from a passive store of value to a dynamic financial asset, driving real-world adoption and utility in global markets.
Cetus releases report on theft incident, will promote LP compensation plan and strengthen security audits
On May 27, Cetus officially announced that its CLMM liquidity pool was attacked by attackers who exploited open source library vulnerabilities and overflow check defects to falsely inject high-priced liquidity and remove assets multiple times, thereby stealing funds. After the incident, Cetus urgently froze the attacker's two wallet addresses on Sui, and jointly conducted contract review and upgrades with the Sui security team and several auditing agencies. At the same time, Cetus announced that it would use cash and token reserves, and after the community vote, it would fully compensate the affected users' assets. On the 30th, the relevant governance proposal was passed, and Sui will launch a one-time protocol upgrade in the next version to verify the voting results and transfer the stolen funds to a wallet jointly managed by Cetus, Sui Foundation and OtterSec. Related reading: "Follow-up to the Cetus hacking incident: the governance proposal was passed with a high vote, and the protocol recovery entered the execution stage" , "SlowMist: Analysis of the Cetus theft incident, 1 token leveraged 230 million US dollars"
OpenSea: OS2 platform ends testing phase and opens to the public, and will airdrop SEA tokens
On May 30, according to Coindesk, OpenSea officially released the fully upgraded OpenSea2 (OS2) platform, ending the testing phase and opening it to the public. The new version of the platform supports token trading functions for 19 blockchains, marking its transformation from focusing on NFTs to a broader crypto market. The platform also launched a new reward system called "Voyages", where users can earn XP points by completing basic operations such as on-chain transactions. OpenSea co-founder and CEO Devin Finzer said OS2 is "the foundation of the new generation of OpenSea." The company's CMO Adam Hollander revealed in a blog post that SEA tokens will be issued through a token generation event (TGE) after a series of product updates are completed, but the specific time has not yet been announced. Related reading: "OpenSea is finally going to issue coins, no PUA this time?"
Telegram founder announced that he has reached a cooperation with xAI and will receive $300 million in cash and equity; Musk later denied that he had signed the agreement
On May 28, Telegram founder Pavel Durov said on the social platform that Telegram and xAI have reached a one-year cooperation agreement to distribute Grok to more than one billion Telegram users and integrate it into the Telegram application. Telegram will receive $300 million in cash and equity from xAI and 50% of xAI subscription revenue sold through Telegram. Affected by this news, TON rose by more than 6% in a short period of time. On the 29th, Musk issued a statement denying that the transaction agreement between xAI and Telegram had been signed, saying that "no agreement has been signed." TON also fell from its high point.
Musk confirms X Money will be tested before launch in 2025
On May 27, Musk's payment and banking application X Money has begun testing. The account "Tesla Owner Silicon Valley", which focuses on Musk and Tesla news, reported on X that Musk has confirmed that X "is about to launch X Money." Musk subsequently confirmed the news. According to data from the licensing systems of multiple states in the United States, X has been actively obtaining multiple transmission licenses for X Money and has currently obtained 41 such licenses. Musk's early idea of integrating payment functions into X can be traced back to October 2022, when Musk acquired Twitter for $44 billion.
Bloomberg: Telegram issues $1.7 billion convertible bonds for debt swap financing
On May 29, Bloomberg reported that Telegram raised $1.7 billion through convertible bonds to repay existing debt and extend debt maturity. According to data compiled by Bloomberg, the fast-growing messaging platform will use part of the proceeds from the new five-year bonds to repurchase $955 million in debt originally due in 2026. In addition, the transaction also raised $745 million in new funds.
US Democratic congressman asks Trump to release list of TRUMP dinner attendees
On May 30, The Guardian reported that due to the questionable relationship between Trump and the crypto industry, Jamie Raskin, the chief Democratic member of the U.S. House of Representatives Judiciary Committee, asked him to disclose the list of attendees of the private dinner held for major investors of TRUMP Meme Coin last week and called for an investigation. Raskin said that publishing the list would help the public understand who invested tens of millions of dollars in the president and what these funds were exchanged for.
Thailand SEC to block Bybit, 1000X, CoinEx, OKX and XT platforms in June
On May 30, the Thai SEC announced that it would block cryptocurrency trading platforms Bybit, 1000X, CoinEx, OKX and XT platforms on June 28, 2025, and initiate legal proceedings against them, accusing them of committing the category of unlicensed digital asset business operators.
Binance Alpha continues to launch multiple airdrops and TGE activities this week
Details are as follows:
May 26: Points ≥ 200 can receive 1,250 HUMA, and 15 points will be deducted;
May 27:
· Points ≥ 198 can participate in Elderglade TGE, which costs 15 points;
· If the points are ≥204, you can receive 875 PFVS and 15 points will be deducted;
May 28: Points ≥ 195 can receive 1,250 SOPH, and 15 points will be deducted;
May 29: Points ≥ 193 can participate in RDO TGE, consuming 15 points. Related reading: "Binance Alpha enters a white-hot stage, how to participate in the competition with a better strategy?"
SharpLink Gaming announces Ethereum treasury reserve strategy, plans to raise $425 million to increase ETH holdings
On May 27, it was reported that SharpLink Gaming, Inc., a U.S.-listed company, announced the signing of a securities purchase agreement for a $425 million private placement investment, planning to issue approximately 69.1 million shares of common stock (or equivalent securities) at a price of $6.15 per share (US$6.72 per share for members of the company's management team), with Consensys Software Inc. as the lead investor. SharpLink plans to use the funds raised to purchase Ethereum as the company's main treasury reserve asset. After the transaction is completed, Ethereum co-founder, Consensys founder and CEO Joseph Lubin will serve as chairman of the SharpLink board of directors and will serve as a strategic advisor to assist the company in developing its core business. Related reading: "Spending $425 million to create an ETH version of MicroStrategy, the "E Guards" abandon political correctness"
Foresightnews reported that HashKey platform only had half a year of cash flow left and laid off a large number of employees. The latter responded that it was a "malicious attack"
On May 30, Foresightnews published an article titled "Caught in a storm of public opinion, what happened to HashKey?" The article revealed that HashKey only had half a year's cash flow left in its account. At the same time, HashKey recently launched a large-scale layoff, one-third of its employees were fired, and some IT suppliers were delayed in payment or even terminated their contracts. In response to this, HashKey Group officially issued a statement: "The article published by Foresightnews deliberately misled the public and attempted to damage our reputation. This malicious behavior is not only condemnable, but also exposes the capital connection and unethical competitive motives behind it. There is a potential capital connection between Foresight News and the OSL trading platform. Public information shows that OSL's parent company BC Technology announced in November 2023 that it had accepted investment from the BGX Group, and the actual controller of the group is also the founder of Foresight Ventures. After the transaction was completed, BGX Group held 29.97% of BC Technology's shares and became its largest shareholder. HashKey Group hereby declares that all business operations are proceeding normally, and business activities strictly comply with regulatory requirements and progress steadily. "Related reading: "Plummeting, layoffs, cash flow crisis: HashKey is caught in the center of the storm"
World Iris Verification Device Appears on the Cover of Time Magazine
On May 28, Time magazine unveiled its latest cover: World Iris Verification Device, "A bold startup co-founded by Sam Altman hopes to prove you are human through a device called "Orb." BlockBeats previously reported that on May 22, in order to meet the market's growing demand for Orb-verified World IDs and support the expansion of the World network in the United States and around the world, World Foundation subsidiary World Assets Ltd. sold $135 million worth of WLD tokens at market prices to early project supporters a16z and Bain Capital Crypto. The circulating supply of WLD increased accordingly.
US rap group account "Open Box" co-founded Solana, suspected to be involved in 40 BTC economic dispute, it is not yet confirmed whether it is a hacker attack
On May 27, the American rap group Migos exposed the personal information of Solana co-founder Raj Gokal on Instagram and mentioned a previous debt worth 40 BTC. However, crypto KOL @jbondwagon said that Migos' Instagram account was suspected to have been hacked, and hackers used the account to expose Solana co-founder Raj Gokal's personal information. Raj Gokal also said that attackers continued to try to control his email, social media, Google and Apple accounts. Remind users that if they find abnormal content in their accounts (such as issuing coins, raising funds, etc.), it is very likely caused by hackers, and call on users to remain vigilant.
Lido V3 whitepaper is online and open for feedback
On May 28, the Lido V3 whitepaper was launched and open for feedback. First launched in February 2025, Lido V3 improves the current protocol and introduces stVaults: staking primitives that support the construction of non-custodial, permissionless and customizable staking products with on-demand liquidity powered by stETH. While the V3 concept has been finalized, key parts are still in progress. Contributors specifically seek feedback on stVault design and risk management to balance the risk profile and redeemability of stETH with staker-driven operator selection, reserve ratios, and risk levels.
Thailand to Allow Tourists to Spend Cryptocurrency, Focuses on Regulatory Reform
On May 27, Thailand is preparing to allow tourists to spend cryptocurrencies through a credit card-linked platform, with Deputy Prime Minister and Finance Minister Pichai Chunhavajira reportedly announcing the plan on the 26th. The initiative, which is currently under review by the Ministry of Finance and the Bank of Thailand, will enable tourists to link their cryptocurrency assets to credit cards for local purchases. Merchants will receive Thai baht as usual and will generally not be aware that cryptocurrencies were used in the transaction. The pilot is expected to be launched after key infrastructure and regulatory checks are in place.
Hubei police in China cracked down on a Tether scam involving “riders” helping scammers transfer funds
On May 26, according to Hubei Internet Police, in January this year, Xiaoli from Shengli Town, Hubei Province, met "Wang" who claimed to be an active-duty soldier on a dating platform. He was guided to an encrypted chat software on the grounds of "military discipline", and then used "internal investment channels" as bait to deceive her trust. Wang showed a screenshot of false earnings, and Xiaoli believed it and recharged hundreds of thousands of yuan to the fraud platform. The fraud gang collected cash through offline "riders" and quickly exchanged it for USDT for money laundering. After the last transaction on March 28, Wang lost contact and Xiaoli called the police. Luotian police set up a special task force to find out that the gang was in a "foreign command, domestic money laundering" model, using the anonymity of USDT to evade supervision. At present, the police have recovered 130,000 yuan, frozen 300,000 yuan, and 4 suspects have been detained. The case is still under investigation.
A top student from National Taiwan University was arrested for operating an international drug trading website and had lost a huge amount of crypto assets due to phishing attacks
On May 29, according to Taiwanese media reports, the US FBI cracked the "invisible market" of the international drug Dark Web, and the mastermind behind it was Lin Ruixiang, a graduate of the Department of Information Management at National Taiwan University. He founded the platform in 2020 and attracted more than 200,000 users and thousands of drug dealers in three years, with a total transaction of more than $100 million in drugs. Lin Ruixiang once boasted about his virtual currency achievements, claiming to be an exchange VIP, and trading more than one million US dollars a month. As a result, he was induced by hackers to implant viruses, virtual currencies and NFTs were stolen, and his finances were in trouble. Before being smashed in March 2024, he had extorted users up to $20,000 in "hush money", which eventually led to a collapse of trust and the collapse of the platform.
This week's big rounds: Strive, Conduit, 21 Capital, Spetz Inc, VivoPower, Eternis AI
On May 27, asset management company Strive announced the completion of $750 million in private equity financing, with a subscription price of $1.35 per share, a 121% premium over the previous closing price of ASST, and the opportunity to expand to $1.5 billion in financing through warrants. Strive will focus on deploying the "excess bitcoin returns" strategic portfolio, and the financing will be used to acquire biotech companies, problem bitcoin debt and discounted structured bitcoin credit products to build its bitcoin reserve treasury.
On the 28th, the stablecoin company Conduit completed a $36 million Series A financing, led by Dragonfly Capital. After the completion of this round of Series A financing, Conduit's total financing amount reached $53 million. The company did not disclose the valuation of this round of financing.
On the 29th, according to documents submitted to the US SEC, Bitcoin asset management company Twenty One Capital raised an additional $100 million through convertible senior secured notes, bringing its total financing to $685 million, and continued to advance its merger plan with Nasdaq-listed Cantor Equity Partners (CEP).
On the 29th, it was reported that blockchain infrastructure company Spetz Inc announced the completion of the first phase of a $10 million private placement financing transaction. The company's CEO Mitchell Demeter said that the financing will be used to purchase Sonic tokens, verify node infrastructure deployment and DeFi strategy implementation.
On the 29th, it was reported that Nasdaq-listed energy company VivoPower reached a $121 million private equity financing agreement, and the funds will be used to build a digital asset reserve strategy centered on XRP. Saudi royal family member Abdulaziz bin Turki Abdulaziz Al Saud led the investment, and former SBI Ripple Asia executive Adam Traidman served as chairman of the advisory board.
On the 29th, it was reported that Eternis AI, an entity affiliated with the crypto AI project FreysaAI, completed a $30 million financing, with Coinbase Ventures and Selini Capital participating. The project is developed based on the Base blockchain and aims to build a "personal AI digital twin".
This week's hot articles
《New consensus among young people: Labubu, CSGO and meme coins》
Labubu has evolved from a trendy toy to a fashion standard, and has become a global social currency driven by stars such as BLACKPINK and Rihanna. It has not only reshaped the logic of luxury sales, but also, driven by emotional value, scarcity and community consensus, has embarked on a path of financialization of the physical version of NFT. This phenomenon is exactly the same as the hot assets among young people such as NFT, CS accessories, sneakers, bags and even meme coins. What is reflected behind it is the decentralized pricing power of the new generation with aesthetics, emotions and traffic as the core.
From the "10u" God of War to the 1.2 billion contract whale: James Wynn's crazy gambling journey
James Wynn has transformed from a "10U God of War" who earned more than $50 million on PEPE to a contract whale that operates more than $1.2 billion in positions on Hyperliquid, affecting market sentiment through high-leverage trading and social influence. He once caused community doubts because of shill for liquidation, but now he is more like gambling on short-term trends with huge capital. He is not only the focus of the market, but also faces the risk of liquidation at any time. His rise is a combination of timing, courage and powerful rhetoric, but whether he can become a true evergreen in encryption remains to be verified by time.
"Internet Capital Market (ICM)" is gradually replacing "Nasdaq on the chain" to become the core narrative of Solana, with the goal of allowing global users to directly raise funds and invest on the chain, bypassing the traditional IPO and venture capital processes; RWA project Collaterize, as an extension of this concept, has emerged with the support of Solana Co-founder and Foundation, innovatively introducing dynamic bond curves to support real assets such as real estate on the chain, but it also faces the dual dilemma of crypto-native users rejecting censorship and traditional users not trusting on-chain assets; although the current on-chain activity is still low, the path of compliance and openness it explores is exploring a possible route for the $75 trillion of traditional assets to be on the chain.
"Behind Trump's $2.5 billion Bitcoin vault plan, is crypto.com the "biggest winner"? "
TMTG announced that it would raise $2.5 billion in private placement financing to establish a Bitcoin treasury, which caused a sensation in the market. This plan to include Bitcoin in its company reserves is seen as a major move by Trump to extend the "America First" concept to the field of digital assets. Despite the company's weak financial foundation and questionable profitability, TMTG still follows MicroStrategy's strategy to bet on Bitcoin to increase valuations, fight financial discrimination, and pave the way for the future development of its Truth Social platform. The plan is not only about corporate transformation, but also an experiment in the integration of politics and crypto-economy jointly promoted by the Trump family and allies such as crypto.com.
《Is there anyone who has 3,000 yuan to buy A8? How to participate in Hyperliquid's wealth effect?》
The Hyperliquid ecosystem continues to release wealth effects after the $JELLYJELLY event. In addition to the platform currency $HYPE and the celebrity effect of James Wynn, the L1 network HyperEVM behind it is becoming an emerging opportunity gathering place. The market value of multiple native assets such as $PURR, $BUDDY, and $HFUN has risen. At the same time, DEX, lending platforms, and trading points systems within the ecosystem are gradually laying out airdrop expectations, providing users with multiple incentive paths for participation in interaction, asset allocation, and airdrops, building a new high-speed growth position integrating Meme, NFT, and DeFi.
Bitcoin reserve companies such as MSTR raise funds to buy BTC by continuously issuing new shares and bonds, building a "flywheel" mechanism that relies on market sentiment. In fact, it is a high-leverage game that dilutes shareholders in exchange for short-term asset inflation. If mNAV (market value to Bitcoin asset value ratio) falls below the critical value, the model will face the risk of collapse due to financing interruption and debt repayment difficulties, which is like a Ponzi cycle. This financial engineering in the guise of Bitcoin runs counter to the original intention of Bitcoin's birth, and even replicates the leverage madness before the 2008 crisis.
《Dialogue with Pima: If you want to invest in Memecoin, how can you make money?》
Solana's newly emerged large-scale Meme project $Slerf is shrouded in mystery. Its deployer claimed to have "accidentally deleted the token", causing the community to question whether it was intentional manipulation. On-chain data shows that the project's deployer has close intersections with multiple Meme coin projects, including $jeo, $blow, $bonk, etc., and frequently interacts with key wallets before and after mint, and it is suspected that the trader manipulates multiple projects. The community survey further pointed out that there is a significant overlap between the token distribution addresses, high-frequency trading accounts, and liquidity providers of multiple projects, and it is suspected that these popular Meme projects are "scripted hype" dominated by a few people and manipulate market sentiment. Such behavior may have built a highly centralized Meme coin ecosystem, and investors need to be wary of the risks of behind-the-scenes manipulation and capital rotation.
《Stablecoin APY 26%, HyperEVM's "Hidden Gold Mine"》
This article explores the opportunities for stablecoin returns on HyperEVM, pointing out that after the launch of its mainnet Alpha version, the lending protocol and DEX ecosystem have grown rapidly, with TVL reaching hundreds of millions of dollars. Although stablecoins such as feUSD and USDT0 have attracted some liquidity, they still cannot meet the leverage requirements of Hyperliquid, providing stablecoin lenders with an annualized return opportunity of 8-26%, far exceeding the 3-5% of platforms such as Ethereum. By bridging USDe or USDT0 to HyperEVM, users can obtain high returns through lending or liquidity provision, while paying attention to risks such as smart contract security and collateral quality.
The first IAO project Loud that has become popular on the entire network has a complicated relationship behind it. The core figures ultra and WenMoon are from JonesDAO and KaitoAI respectively. The old acquaintance between the two makes the IAO operation full of traces of interest binding; the chip distribution seems to be open, but in fact, "community incentives" have become a channel for insider trading to share the spoils; Solana's infrastructure Holoworld and Meteora serve as launch and trading platforms, and cooperate with the attention flywheel mechanism to accurately attract money; the whitelist that seems to be open to everyone actually has a history of insider control of funds. Loud is very likely to become a new type of harvester of the "evolved version of the conspiracy group."
"The "PVP New Trench" created by Pump.fun investors increased 200 times in 6 hours"
Trenches is a brand new project centered around encrypted live streaming. It was launched by Carl Vogel, a partner of 6MV and investor of Pumpfun, and has sparked heated discussions in the Solana community. After nine days of silence, the token of this project quickly rose to a market value of tens of millions of dollars. Backed by a strong lineup of guests and Carl's own entrepreneurial background, it is regarded as a test of the Pump live streaming ecosystem. Although there are suspected banker manipulations on the chain, and Carl also called it an "experimental project", its narrative potential and market attention after the live broadcast are still optimistic by some KOLs.
"Interpretation of six major indicators: What will the price of Bitcoin be by the end of this year?"
By analyzing multiple indicators such as MVRV Z-Score, Energy Value Oscillator, and Bitcoin Heater, it is found that the current price of Bitcoin has not yet entered the extreme valuation area at the end of the cycle. Various indicators show that the market still has significant room for growth. Market sentiment is mildly positive but not overheated. It is expected that BTC may reach the range of 210,000 to 230,000 US dollars by the end of 2025, and it may then reach the true peak of the cycle.
"Ethereum Gas Fees Are Cheaper, What Core Problems Is L2 Solving?"
After the Ethereum mainnet Gas dropped to a five-year low, many projects reconsidered the feasibility of deploying on L1, and the core value of L2 was once again questioned; in fact, L2 is still intended to solve the scalability problem in the "blockchain Blockchain Trilemma", ensuring security by uploading status to the chain, resisting monopoly through decentralized sorting, and improving performance through off-chain execution; among them, the Based Rollup model launched by Taiko introduces an innovative structure, allowing Ethereum L1 to assume the sorting function, fundamentally weakening the power of the L2 sorter, realizing resource reuse and system collaboration, and is about to further launch the "Based Booster Rollup" expansion idea.
《RWA is not just about financing: Have you been led astray by the “RWA clan”?》
Hong Kong's RWA market has expanded rapidly amid passive haste and the bias of "financing first", forming a structural bubble. The real value should lie in the systematic reconstruction of corporate digital transformation and asset globalization strategy. Financing is just the tip of the iceberg. The key lies in building an open asset pool, a multi-layered funding structure and a standardized service ecosystem to promote RWA from single-point attempts to a scalable industrial upgrading path, and guide companies to transition from tactical operations to long-term strategic planning.
"Which companies around the world have "increased their holdings" of Bitcoin in May?"
In May 2025, a wave of Bitcoin investment craze was set off by global companies. Many companies entered the market with innovative financing methods and bold investment scale, including the cautious testing of Swedish health technology company H100, the high-profile layout of Chinese clothing logistics company DDC and textile company Addentax, the profit reinvestment model of Indonesian financial technology company DigiAsia, and the huge purchase plan of Singapore medical group Basel following MicroStrategy. Behind this wave of enthusiasm, macroeconomic uncertainty, MicroStrategy's successful example, improved regulatory environment and market speculative sentiment jointly promoted it. Jim Chanos, a well-known Wall Street investor, arbitrage strategy for MicroStrategy highlights the speculative risks behind this trend, reminding the market to pay attention to the delicate balance between rationality and enthusiasm.
"Zhulu Airdrop" is popular, what is the new concept of Web3 InfoFi? "
The popularity of the "Zui Lu" airdrop marks the paradigm shift of Web3 from "interactive airdrop" to "information airdrop", and InfoFi (information finance) came into being. It is based on three logics: considering information as the source of value creation, binding social influence with identity, and deeply coupling narrative timing with capital release. Users establish consensus through opinion output and social communication and become the minters of new assets. Under this structure, attention is financialized, expression becomes a production behavior, and information itself is transformed into a distributable asset. In the future, content creators, organizers, and communicators will form an "information DAO" in a collaborative form, shaping the rules of liquidity and value distribution through structured narratives. "Zui" is changing from a mining machine to an industrial infrastructure.
The United States and Hong Kong have successively promoted stablecoin legislation, indicating that the global financial system is entering a major period of change driven by technology. Stablecoins have become a strategic tool for the US dollar, not only to strengthen its global dominance, but also because blockchain technology has unparalleled payment and settlement efficiency. Dr. Xiao Feng pointed out that the core of the breakthrough of stablecoins is technological advantages rather than conspiracy theories, and it poses a profound challenge to the global sovereign currency system, financial supervision and even the right to issue currency. In the face of this trend, the correct response is not to resist, but to develop the local stablecoin ecosystem in an open and compliant manner and actively participate in the construction of a new digital economic order.
With the passage of the US dollar and Hong Kong dollar stablecoin bills, the stablecoin economy and real-world assets (RWA) will usher in explosive growth, and entrepreneurs need to seize the opportunity to enter the market. The stablecoin economy will become a bridge for blockchain technology to cross the application gap, and a large number of real assets will become possible to be on-chain, but it must be clear that RWA cannot just be a means of speculation, but should start with high-grade, standardized assets. At present, the best entry point for Chinese companies in the stablecoin economy is to go overseas, earn stablecoins through cross-border e-commerce and other models, and then gradually deploy high-quality RWA on this basis. The gradual clarification of the regulatory environment and the establishment of order will drive the industry from speculation to pragmatic application. With their technological advantages and market experience, Chinese entrepreneurs are expected to occupy a core position in the future stablecoin economy and RWA.
"WSJ: How did Witkoff and his son build a crypto empire for Trump?"
After the Trump administration came to power, the crypto company World Liberty Financial, founded by its close ally Steve Witkoff and his son Zach Witkoff, rose rapidly. Through frequent intensive contacts and huge transactions with countries such as the UAE and Pakistan, private business and government diplomatic affairs were closely intertwined. Zach used his father's government role and the influence of the Trump family to promote the rapid expansion of the stablecoin USD1 issued by World Liberty. The company not only promoted a $2 billion cryptocurrency transaction with the UAE royal family through its status as a Middle East envoy, but also actively intervened in Pakistan's rare earth mining project to expand its influence through blockchain technology. Although the company claims that its business activities have nothing to do with government affairs, the interest connection between senior executives has attracted close attention from regulators and Democratic lawmakers, and the compliance of related transactions and interactions is being questioned and reviewed.
Bitcoin experienced a pullback after soaring to $110,000. The whale James Wynn closed his short position at a loss and the market was liquidated for more than $200 million. However, the spot ETF continued to attract strong funds to support market sentiment. Bitcoin and Ethereum attracted a total of more than $45 billion in net inflows; the Bitcoin 2025 conference is about to be held, and the participation of many political and business leaders may further catalyze the market; FTX will launch the second round of repayments of more than $5 billion on May 30, which may increase market liquidity; and the trade wars between China and the United States and Europe and the United States have both released signals of easing, which constitutes a short-term macro-positive and provides support for the bottoming out and rebound of Bitcoin prices.
LABUBU is a meme token issued based on the Solana chain. With the global popularity and celebrity effect of POP MART's popular IP "Labubu", it has experienced two rounds of explosive growth after its launch, with a market value of nearly 50 million US dollars. Behind it is not only the strong support of the Southeast Asian market and the continued rise in Pop Mart's stock price, but also the firm holdings and successful arbitrage of multiple "diamond hand"whale. The explosion of Labubu once again verified the communication power of the linkage between cultural IP and meme tokens, and also reminded investors to be wary of short-term speculative risks and price corrections.
Recently, the market value of Virtuals has rebounded, dynamics are frequent, and the AI agent market has recovered. This article sorts out Virtuals-related projects with excellent performance, including those with large growth and potential alpha, such as AInalyst, AXR, VIRGEN, Magnus, Kosher Capita, Neurodex, Solace, Agent YP, Gigabrain, MusicByVirtuals, DappLooker, Signal V2, VIRGEN, BasisOS, etc.
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