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Investment bank TD Cowen's Washington research team managing director Jaret Seiberg released a report on Tuesday stating that the political environment surrounding the CLARITY Act is continuing to deteriorate, and the likelihood of this cryptocurrency market structure bill passing this year is decreasing. Seiberg pointed out that recent controversies involving President Trump make it difficult for Democrats to support the bill without a conflict of interest clause.Seiberg indicated that these events have increased pressure on Democrats to include a conflict of interest clause targeting the president, while also making Republicans reluctant to push legislation that could force them to vote against related amendments. He anticipates that lawmakers may choose to wait and see, but there is limited room for further delays given the upcoming midterm elections. He previously mentioned that the legislative window could extend until the August recess, and if not resolved this year, the passage time could be pushed back to 2027.

According to monitoring by Lookonchain, the whale Evaded closed its Bitcoin short position, incurring a loss of $320,000, and then went all in long on ZEC. It now holds a long position of 53,500 ZEC (worth $34 million) and is currently facing a loss of $763,000.

According to Lookonchain monitoring, trader Evaded (@ICanPlug) has made a profit of over $7,500,000 in less than 4 days with long positions in ZEC and HYPE. He has also opened a new ETH long position with 25x leverage, totaling 18,100 ETH, worth approximately $38,630,000.

According to the official announcement, Tether International announced the acquisition of all shares held by SoftBank in Twenty One Capital (XXI), becoming a larger controlling party. After the transaction is completed, the board members of XXI appointed by SoftBank have exited the board in accordance with the shareholder agreement.Tether stated that this move reflects its long-term strategic commitment and confidence in building a publicly listed company from scratch with Bitcoin at its core. The announcement pointed out that SoftBank's early involvement provided important institutional background and governance experience for XXI, helping the company complete its initial phase layout, and Tether will drive XXI into the next stage of development based on this foundation.

According to Onchain Lens monitoring, the whale "0x082" has a five times long position in HYPE worth 68 million USD, currently with an unrealized profit of over 15 million USD.At the same time, the whale loracle.hl (@loraclexyz) holds a five times short position in HYPE worth 73 million USD, currently with a loss of over 10 million USD.

According to Lookonchain monitoring, a certain whale opened a 25x leveraged ETH short position, with a size of 23,151 ETH, valued at 50.55 million USD; and opened a 20x leveraged BTC long position, with a size of 323.72 BTC, valued at 25.27 million USD. The liquidation price for ETH is 2,288.33 USD, and the liquidation price for BTC is 70,325.36 USD.

According to Onchain Lens monitoring, a whale opened a long position of 180,000 HYPE with 10x leverage, worth 7.78 million USD, with a liquidation price of 32.8 USD.

According to monitoring by Hyperinsight, a certain whale made 14 consecutive long trades yesterday, but none were profitable, all recorded losses. In the past hour, the address has shifted to shorting, opening a ZEC short position of 2000 coins with 10x leverage, with a position size of approximately 1.2 million dollars, an average opening price of 614.9 dollars, and a current floating profit of 20%.

According to The Block, TD Cowen analysts raised the target price for Strategy (MSTR) from $385 to $395, implying an increase of over 110% from the current stock price.Analysts believe that Strategy's increased use of STRC (variable rate perpetual preferred stock) to fund Bitcoin acquisitions significantly enhances capital efficiency and is more attractive than the current market pricing. The company has raised over $2 billion through STRC in the first quarter of 2026, totaling over $5 billion for the year.TD Cowen also dismissed market concerns about "perpetual dilution," emphasizing that the annual dividend burden of STRC accounts for only about 2.2% of its Bitcoin holdings' value, which can be covered by moderate Bitcoin appreciation.

According to monitoring by Hyperinsight, in the past hour, the address starting with 0xa44 on the Hyperliquid platform went long on 394.6 BTC with 40x leverage, amounting to approximately 31.94 million USD, with an average entry price of 81,059 USD and a liquidation price of 62,069 USD.Currently, this position has a small unrealized loss of about 50,000 USD (-5%). In addition, this address also holds a 25x leveraged long position in ETH (5.9 million USD) and a 10x leveraged short position in TON (1.4 million USD), with a win rate of 95% over the past month and an average holding time of 22 hours.

According to monitoring by Hyperinsight, the market continued to rise during the holiday period. If a BTC long position was opened with 10x leverage on the day before the May Day holiday, today it could record a floating return rate of up to 63%.A whale starting with 0x66f made a long position of 750 BTC with 10x leverage the day before the holiday, amounting to 60.8 million USD, capitalizing on this round of increase. After the holiday, the market strengthened again, and the current floating profit has exceeded 3.8 million USD, making it the largest long position address for BTC on the Hyperliquid platform.

TD Cowen pointed out that the disagreements surrounding the stablecoin yield mechanism remain difficult to bridge, which may delay the advancement of the U.S. crypto market structure bill and even affect its chances of passing within the year.Several banking organizations, including the American Bankers Association, have formally opposed the relevant compromise proposals, arguing that allowing crypto platforms to offer stablecoin yields to users would impact traditional banks. Analysts state that the positions of banks and crypto platforms on this issue are opposed, and in the short term, "there is unlikely to be a middle ground," which has become a key obstacle in the current legislative process.

According to Onchain Lens monitoring, a certain whale deposited 5 million USDC into HyperLiquid and opened a 5x leveraged BTC long position.This whale currently holds a total of 629.16 BTC long positions through 2 wallets, with a nominal value of approximately 51 million dollars.

Ali Qianwen announces the open-source Qwen-Scope------an interpretability module trained based on the Qwen3 series and Qwen3.5 series models, with application scenarios including directed control of inference results, data classification and synthesis, model training and optimization, evaluation sample distribution analysis and comparison, etc.The weights of this open-source Qwen-Scope involve 7 large models, covering the dense models and mixture of experts models of the Qwen3 and Qwen3.5 series, with a total of 14 groups of sparse autoencoder weights.

According to Onchain Lens monitoring, a certain whale deposited 4.497 million USDC into HyperLiquid and opened a 10x leveraged BTC long position, with a position size of 750.3 BTC, valued at 57 million dollars.

Investment bank TD Cowen stated that the disagreements surrounding the CLARITY Act go beyond the issue of stablecoin yields, and multiple real-world obstacles may slow down the legislative process.First, the Commodity Futures Trading Commission is understaffed, with only one commissioner currently in office. In this situation, Congress is unlikely to feel comfortable handing over more cryptocurrency regulatory responsibilities to the agency, and filling the personnel gaps will take months. Second, the issue of prediction markets is heating up. Whether to include it in the bill's regulation, as well as potential insider trading and conflicts of political interest (including controversies related to Trump-related projects), may lead some Democratic lawmakers to oppose the bill.At the same time, the ongoing controversy surrounding the Trump family's cryptocurrency project World Liberty Financial is increasing the political sensitivity of the bill, making bipartisan consensus harder to achieve. Geopolitics has also become a variable. Discussions about Iran potentially using cryptocurrency payments are reinforcing the focus on anti-money laundering provisions and could even introduce amendments detrimental to the industry. Additionally, some lawmakers are attempting to include the Credit Card Competition Act, which, if advanced, could trigger new conflicts of interest and further delay the overall legislation.

The 0G Foundation announced a partnership with Alibaba Cloud to launch on-chain access to the Qianwen large model for AI agents.This move shifts artificial intelligence infrastructure from centralized, API-based systems to programmable, tokenized access specifically designed for autonomous agents. Through this collaboration, 0G allows developers to directly embed access to Qianwen into their infrastructure via a token-based mechanism. This eliminates the need for traditional account management and enables on-demand programmable access to AI computation. Agents running on 0G can query the Qianwen large model to generate responses, process information, or execute tasks in real-time.Michael Heinrich, CEO and co-founder of 0G Labs, stated, "From a macro perspective, inference runs on Qianwen, and verification runs on 0G—this builds a more complete computational and trust foundation for autonomous AI systems. The integration of 0G with Alibaba Cloud's Qianwen marks a milestone, achieving the fusion of top-tier intelligence and trusted infrastructure."

According to monitoring by Hyperinsight, the HYPE price fell by 6.3% during the day, while the BTC/HYPE exchange rate rose by 7% in the past 24 hours, currently reported at 1821.A whale heavily invested in going long on this exchange rate, claiming "betting long on BTC is more resilient than altcoins," made a daily profit of $900,000. Currently, this address holds: BTC long position (40x leverage): size $31.4 million, average price $70,557; HYPE short position (5x leverage): size $22.58 million, average price $38.93. This address began deploying positions during the last surge of HYPE and completed all positions on March 20, with a total size exceeding $53 million, possibly intending to bet on an overall market decline, with HYPE experiencing a larger drop than BTC. The current net profit of the position is $500,000. Address: 0x939f95036d2e7b6d7419ec072bf9d967352204d2.

ChainCatcher reported live that Fan Wenzhong, Executive Director of the Chinese Financial Society and former Chairman of Beijing Financial Holdings Group, delivered a keynote speech at the 2026 Hong Kong Web3 Carnival. He pointed out that we are currently at a historical turning point similar to the transition from pawnshops to modern banking, where AI is an advanced productive force in the physical world, and Web3 represents a new type of production relationship in the digital world. The integration of the two will give rise to a Decentralized Agent Economy (DAE).He analyzed that AI Agents have execution capabilities but lack independent identity, accounts, and trust mechanisms, while Web3 addresses these pain points through smart contracts, on-chain identities, and programmable currencies; conversely, AI Agents significantly lower the barriers to using Web3. He proposed that DAE has four major characteristics: agent sovereignty and 24/7 operation, high-frequency atomic exchanges, a collaboration mechanism based on technological trust rather than moral or legal frameworks, and the organizational evolution from companies to DAOs and then to Decentralized AI Companies (DACs).He warned that this transformation will impact the labor market, with white-collar workers being replaced before blue-collar workers. AI quantitative funds have already achieved returns far exceeding those of retail investors, and he suggested that the government proactively advance social security reforms. Finally, he recommended that Hong Kong develop a self-controllable high-performance public chain, pilot limited digital persona registrations, attract Web3+AI composite talents, establish a digital finance industry fund, and promote collaborative innovation between the Hong Kong dollar stablecoin and digital renminbi.

TD Cowen analyst Lance Vitanza reiterated a buy rating on Bitcoin reserve company MSTR and raised the target price to $385.