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According to monitoring by Hyperinsight, ZEC has fallen from its peak to around $550. The "largest short seller of ZEC" continued to stop-loss and reduce their ZEC short position in the afternoon, with a cumulative closing scale exceeding $5 million. This address previously had a ZEC short position of $12.6 million, and after the reduction, the remaining position is about $8.02 million, with a current floating loss of about $1.17 million.This short position was opened on March 10 at an average price of about $210, coinciding with a recent local low. At one point, the floating loss reached as high as $2.4 million, enduring several months of holding and averaging down until ZEC experienced a phase correction.The margin released from reducing ZEC was quickly redirected by this address to short BTC and ETH: a BTC short position was opened shorting 160 coins with 20x leverage, briefly pushing the scale up to $13 million, with an average price of $80,441; an ETH short position was opened shorting 1,866 coins with 15x leverage, with a scale of $4.27 million, at an average price of $2,286. As of the time of writing, both short positions are still being increased.

Analyst Murphy has released a bearish signal analysis for Bitcoin at a small scale. Currently, the CVD of Binance perpetual contracts has rapidly declined from the April high and has fallen below the 90-day median. This indicates that market bulls are unwilling to continue chasing higher prices, and bears are starting to actively sell short. The spot CVD has also begun to "peak and turn down." Historically, when this indicator turns, prices often follow with a correction, similar to November 2024 and April 2025. However, the key difference in the current market compared to the past is that the BTC CVD indicator on Coinbase remains steadily above the 90-day median line.During the same period, the 30-day net purchases of Bitcoin spot ETFs have not shown a significant decrease, and funds in the U.S. market are still supporting it. Analysts state that shorting in the short term remains a high-risk behavior, and bears still need to wait for bearish sentiment to dominate on Binance, as well as for U.S. investors' spot buying to gradually withdraw.

According to monitoring by Hyperinsight, a certain whale on the Hyperliquid platform made a large long position when the BTC price was around $81,000, going long on 288.98 BTC with 10x leverage, with a position value of approximately $23.48 million, an average price of $81,000, and a current floating profit of about $77,000 (+3%). The liquidation price is at $73,817. It is reported that this whale has placed a sell order at $84,000, planning to fully take profit at this level, with the target profit range about $2,700 away from the current price. Address: 0x8ca341db4a455dec932ed6a29b16e75fa06ac22d.

According to SoSoValue data, the total net outflow of Ethereum spot ETFs is $16.8868 million. The Ethereum spot ETF with the highest single-day net inflow is the Blackrock ETF ETHA, with a single-day net inflow of $2.1186 million, and the historical total net inflow of ETHA has reached $11.999 billion. The Ethereum spot ETF with the highest single-day net outflow is the Grayscale Ethereum Trust ETF ETHE, with a single-day net outflow of $7.587 million, and the historical total net outflow of ETHE has reached $5.272 billion. As of the time of writing, the total net asset value of Ethereum spot ETFs is $13.85 billion, and the ETF net asset ratio (the market value as a percentage of Ethereum's total market value) is 4.91%, with a historical cumulative net inflow of $12.07 billion.

The Sun Wukong Ecology announced that it will hold an in-depth roundtable discussion on May 12 at 20:00 on the X platform, with the theme "B.AI User Scale and Ecological Expansion Acceleration, Will AI Transfer Stations Become Core Infrastructure in the Agent Era?"It is reported that this event will focus on the critical stage of the AI industry’s transformation towards "application efficiency and entry competition." Guests will discuss the competitive landscape of entry points against the backdrop of tool fragmentation, analyze the logic of the explosion of AI Agents combined with Crypto and stablecoin settlement systems, and engage in in-depth exchanges on how B.AI builds the next generation of AI infrastructure networks through multi-model scheduling, Agent payments, on-chain identity, and automated collaboration.

Grayscale has submitted a Zcash spot ETF application, converting the existing Zcash trust into a spot product, becoming the first privacy coin ETF seeking to be listed in the United States. At the same time, Multicoin Capital disclosed that it has been continuously building a position in ZEC since February, with co-founder Tushar Jain linking the investment logic to the proposed wealth tax legislation in the U.S., believing that the government's expansion of monitoring private financial holdings will drive structural demand for assets that shield regulation on a mathematical level.However, this application has also raised institutional custody challenges: approximately 30% of Zcash's supply is located in shielded address pools, the highest in history, but ETF custody must almost exclusively use transparent address pools to meet audit and balance proof requirements. Previously, the SEC concluded its long-term review of Zcash in January 2026 without taking enforcement action, significantly reducing regulatory uncertainty.

a16z Crypto published an article explaining the investment logic behind Arc, pointing out that stablecoins have evolved from tools for crypto trading to a core layer of global financial infrastructure, driving the upgrade of blockchain from "application layer finance" to "system-level economic operating systems."The trading volume of stablecoins reached approximately $9 trillion last year, placing them on the same scale as global payment networks like Visa and PayPal. The total supply of US dollar stablecoins has also exceeded $270 billion, with cross-border payments, B2B settlements, and foreign exchange trading becoming the core use cases for stablecoins, gradually making them the "upgrade layer for global capital flows."a16z Crypto stated that the existing blockchain infrastructure is still primarily aimed at crypto-native users and individual developers, lacking native support for large institutional-level demands. The reason for participating in the ecosystem construction related to ARC tokens is mainly due to the gradual on-chain transition of global finance; in the future, only a few public chains will be able to support the "on-chain economic system foundation."

According to a report by CoinGecko, as of March 31, 2026, the market value of tokenized real-world assets (RWA) reached $19.32 billion, a growth of 256.7% from $5.42 billion at the beginning of 2025. Among them, tokenized U.S. Treasury bonds remain the largest category, with a scale exceeding $10 billion; tokenized commodities increased to $5.55 billion, mainly driven by gold-backed tokens XAUT and PAXG.The report also stated that in the first quarter of 2026, the trading volume of tokenized gold spot reached $90.7 billion, and the trading volume of tokenized stock spot reached $15.1 billion, both exceeding the levels of the corresponding period in 2025. During the same period, the total trading volume of RWA perpetual contracts rose to $524.8 billion.

According to market news, Grayscale plans to launch an ETF focused on Cardano by the end of 2026, with the expected trading code GADA.The product will convert Grayscale's existing Cardano trust into a publicly traded ETF. If the existing regulatory documents are activated in mid-August, it may trigger a simplified review process by the SEC, allowing trading to begin as early as late October 2026. Recently, Grayscale has made slight adjustments to the asset allocation in its smart contract fund, increasing the weight of Cardano from approximately 17.96% to 18.33%, while reducing exposure to other assets like Ethereum.

Adeniyi Abiodun, co-founder and Chief Product Officer of Mysten Labs, posted on the X platform that confidential transactions will be launched on the Sui network this year, enabling large-scale, free, and privacy-protected payments.

Michael Saylor stated in an interview that one of the trends he is currently most optimistic about is the integration of BTC with the DeFi ecosystem. He mentioned that yield-bearing tokens based on STRC have recently grown rapidly, with some protocols' TVL even expanding at a rate of $1 million per hour.Saylor indicated that there are currently DeFi protocols utilizing STRC to construct yield-bearing products with returns of 8% to 11%, and further amplifying returns through 3x to 5x leveraged cycles. He expects the yield-bearing token market to develop into a new industry worth billions of dollars in the coming months. Additionally, he revealed that the current Sharpe ratio of STRC has reached 2.5, which he claims is higher than most traditional credit products, stocks, and hedge fund strategies.Saylor stated, "When you have high Sharpe ratio assets, tokenization and leveraging will create a whole new digital financial structure."

Recently, it has been reported that SK Hynix's average bonus for employees in South Korea will reach 6.1 million RMB. This news comes from a prediction by the international investment bank Macquarie Securities.The investment bank believes that if SK Hynix's operating profit reaches 447 trillion won by 2027, based on 10% of the operating profit and a simple calculation of the total number of employees, which is about 35,000 at the end of last year, the total dividend scale will reach approximately 44.7 trillion won, with an average bonus of about 1.29 billion won per person, close to 6.1 million RMB.In response, SK Hynix stated that since this year's and next year's annual performance has not yet been determined, the scale of the bonuses cannot be predicted. The company also mentioned that it has established a new system at the headquarters level, which uses 10% of the operating profit as the source of funds to distribute performance bonuses once a year. "As competition in AI semiconductors intensifies, talent has become a core competitive factor. Therefore, the company is committed to attracting outstanding talent through competitive compensation to maintain long-term competitive advantages."

According to The Cryptonomist, Grayscale rebalanced two of its crypto funds after reviewing the first quarter of 2026. Among them, the DeFi fund added Ethena (ENA), giving it a weight of 13.59%, making it the fourth largest holding in the fund. The previous holding, Aerodrome Finance, has been removed. The current top four holdings in the fund are: Uniswap (35.22%), Aave (21.36%), Ondo (19.83%), Ethena (13.59%).The other Smart Contract fund did not introduce new assets but adjusted the proportions of its internal holdings. Ethereum remains the largest holding (30.14%), followed by Solana (29.69%) and Cardano (17.96%).

Grayscale has completed the rebalancing of its cryptocurrency industry fund. The DeFi fund has added the Ethena token ENA, with a weight of 13.59%, making it the fourth largest holding in the fund. At the same time, the fund has completely removed the Aerodrome Finance token AERO.After the adjustment, the main holdings of the fund include: Uniswap (UNI) at 35.22%, Aave (AAVE) at 21.36%, Ondo Finance (ONDO) at 19.83%, Curve DAO (CRV) at 5.27%, and Lido DAO (LDO) at 4.73%. Additionally, the smart contract platform fund did not increase or decrease its assets this quarter. The holding weight of Ethereum (ETH) has risen to 30.14%, surpassing Solana (SOL) at 29.69% to become the largest holding. Cardano (ADA) ranks third with a weight of 17.96%, followed by Avalanche, Hedera, and Sui.This adjustment is primarily based on the methodology of the CoinDesk DeFi Selected Index and the CoinDesk Smart Contract Platform Selected Cap Index, aiming to ensure that the fund's holdings are consistent with liquidity, custody, and market capitalization requirements.

According to monitoring by Hyperinsight, in the past 10 minutes, a certain long-term heavy position day trading whale (0x049) went long 494 BTC at 20x leverage, worth approximately 39.95 million USD, with a liquidation price of 83,947 USD; and went long 17,173 ETH at 20x leverage, worth approximately 39.90 million USD, with a liquidation price of 2,397 USD.

The AI Agent Economy project NeoSoul today announced a strategic partnership with the self-hosted stablecoin Neobank AllScale.It is reported that both parties will conduct in-depth research on the credit formation of AI Agents and stablecoin settlement, focusing on the payment needs generated by Agents in autonomous collaboration (such as purchasing data, invoking tools, requesting services from other Agents, etc.), and how to achieve automated settlement through stablecoins.According to the introduction, NeoSoul is committed to building its long-term credit network by recording the judgment processes and feedback results of Agents; AllScale focuses on stablecoin payments and commercial capital flow scenarios. This exploratory cooperation aims to study how to provide more efficient and low-friction value transfer support for future automated collaboration and micro-settlement between AI Agents through stablecoin payment infrastructure.

The Pentagon has awarded a $500 million contract to Scale AI, supported by Meta Platforms, to help process data and assist decision-making, marking the latest move by the U.S. military to further rely on artificial intelligence.The amount of this agreement is five times the $100 million contract the company received in September 2025. Dan Tadross, head of Scale AI's public sector business, stated in an interview that the Pentagon had "pushed the original contract to its limits." Tadross said, "I think this contract overall demonstrates the department's urgent desire to adopt this technology." Additionally, the San Francisco-based company is also involved in the Defense Innovation Unit's (DIU) "Project Convergence" program (which aims to integrate artificial intelligence into military planning and operations) and Trump's "Golden Dome" homeland defense framework.

Circle officially announced that its USYC asset management scale has surpassed 3 billion USD, making it the largest tokenized money market fund in the world. This milestone indicates the continuous growth of tokenized money market funds, while the role of on-chain collateral in the digital asset market is also steadily increasing.USYC is a product that tokenizes traditional money market funds through blockchain technology, allowing institutional investors to hold, trade, and manage yield-bearing assets on-chain. The fund primarily invests in short-term U.S. Treasury bills and U.S. government securities-backed reverse repurchase agreements.