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Well-known trader Killa (@KillaXBT) posted that, from the perspective of the 180-day actual price, the time investors have been in a loss state during this adjustment may not be sufficient.Historical experience shows that bear markets are usually accompanied by prolonged periods of continuous losses, with many investors remaining in unrealized losses for a long time. If historical patterns repeat, the current adjustment cycle may require more time to digest, and the market may still need to go through a longer bottoming process.

According to the official announcement, Bitget stock derivatives have now launched 8 underlying assets including RGTI (Rigetti Computing), QBTS (D-Wave Quantum), QUBT (Quantum Computing Inc.), ARQQ (Arqit Quantum), covering popular US stock directions such as quantum computing, advanced aviation, and cybersecurity. The aforementioned contracts support up to 20 times leverage, and more details can be found on the Bitget official platform.

Ethereum founder Vitalik Buterin posted that the internal team of the Ethereum Foundation has been working on a new project called Kohaku for nearly a year. The goal is to achieve both security (including decentralization) and read-write privacy at the Ethereum access layer, making security and privacy a "normal configuration" on Ethereum rather than an advanced option. Earlier today, it was reported that Kohaku, under the Ethereum Foundation, released an SDK for wallet-level privacy integration.

Several core institutions have chosen the 1155 F Street building in Washington as their office location, including Coinbase, DCG, the Blockchain Association, and Injective on the third floor, as well as the Solana Policy Institute, Hyperliquid Policy Center, and DeFi Education Fund on the tenth floor. In addition, the venture capital firm Paradigm is set to move into the building. According to market news, White House officials, Capitol Hill staff, state legislators, and congressional candidates seeking cryptocurrency support have all visited this building. Therefore, it can be said that the 1155 F Street building in Washington has become the lobbying command center for the cryptocurrency industry.

According to The Information, the U.S. cryptocurrency industry is accelerating its "legalization" strategy in Washington, with several cryptocurrency companies, industry associations, and lobbying organizations establishing a closer coordination network to focus on key legislative issues such as stablecoin regulation, cryptocurrency market structure bills, and ETFs.The report states that with the Trump administration's shift to a friendly attitude towards cryptocurrency and increased support within Congress, the industry is trying to seize the window of opportunity to officially integrate cryptocurrency assets into the U.S. mainstream financial system. Some industry insiders even refer to the current phase as a "critical moment for the cryptocurrency industry to enter the core of the U.S. system."The report also notes that leading organizations like Coinbase and a16z crypto are continuously expanding their policy influence in Washington, promoting a shift in the regulatory framework from "suppression" to "regulation and acceptance" through political donations, lobbying teams, and industry alliances.

Lighter may benefit from the recent "fireside chat" between founder Vlad Novakovski and Vitalik discussing high-performance applications on Ethereum and the ZK Rollup scaling roadmap, as well as smart money seeking undervalued targets in the same sector amid multiple favorable conditions. Its platform token Lit has strengthened against the overall weakness in the crypto market. According to HTX data, it is currently priced at $1.771, with a 24-hour increase of 21.87%. The current market focus is on Lighter's high-performance application scenarios in the Ethereum ecosystem, its scalability roadmap, and the future development direction of decentralized finance (DeFi).In addition, according to DefiLlama data, Lighter's 24-hour trading volume reached $1.289 billion, with a holding volume exceeding $760 million.

Despite the ETH price dropping about 26% this year, the staking ratio of Ethereum has increased from 29% at the beginning of the year to about 31%, showing that long-term holders are ignoring price weakness and on-chain risks, continuously reducing the circulating supply. Historical data indicates that in the context of tightening circulating supply, once demand experiences a substantial recovery, it will provide favorable support for the price.Meanwhile, liquid staking protocols like Lido have significantly lowered the participation threshold, expanding the staking community from professional validators to a broader range of retail and institutional users. Analysis points out that as spot ETF products mature and the scale of RWA tokenization activities on Ethereum expands, institutional demand for staking ETH may bring structural capital inflows to the staking ecosystem.Although the ETH price performance has been poor, Ethereum's core position in RWA settlement, DeFi infrastructure, and Layer 2 activities continues to solidify. Whether the price can reverse may depend on the speed at which institutional capital shifts from narrative to actual allocation.

Bernstein stated in its latest research report that the recently reached compromise on stablecoin yield in the U.S. CLARITY Act is structurally beneficial for Circle and the USDC ecosystem.The report indicates that the current version of the bill prohibits stablecoin issuers from paying interest to passive holders that is "economically equivalent" to bank deposits, but allows reward mechanisms related to real transactions, payments, and usage behaviors to continue. Bernstein believes this means that Circle's current model, which relies on partners like Coinbase to provide USDC reward programs, will gain regulatory recognition, while also limiting the industry's ability to compete for market share through high yields.Bernstein pointed out that the bill actually reinforces the positioning of stablecoins as "payment tools" rather than "deposit substitutes," which helps protect Circle's current business model that relies on reserve income. It continues to give Circle an "outperform" rating and a target price of $190.Data shows that the total supply of global dollar stablecoins has surpassed $300 billion, with USDT and USDC together accounting for about 97% of the market share. Bernstein noted that USDC's share in on-chain payments and wallet transfers is continuously increasing, with its payment share in the AI Agent payment protocol x402 exceeding 99%.Additionally, Bernstein mentioned that Circle's launched ARC chain has completed a total of 244 million testnet transactions, and its ARC token presale previously raised $222 million, with investors including a16z crypto, Apollo Funds, ARK Invest, and BlackRock among others.However, the report also pointed out that the CLARITY Act still needs to complete several legislative procedures before it can officially take effect, including a full Senate vote with 60 votes and coordination with the House version. Polymarket currently predicts a probability of about 62% for it to pass by 2026.

Hyperliquid co-founder Jeff posted on the X platform, stating that he recently met with several policymakers in Washington, D.C. to discuss the ongoing "Clarity Act" and the cryptocurrency regulatory framework, focusing on promoting the compliance of on-chain derivatives trading markets in the United States.He mentioned that the discussions were divided into two levels: one part was more technical, involving Hyperliquid's on-chain trading architecture, global user demand, and its positioning as a financial innovation infrastructure; the other part was an introduction to the "first principles" of DeFi and on-chain markets, aimed at helping policymakers understand the relevant mechanisms and potential impacts.Jeff expressed that during these discussions, he sensed a "cautious but open" regulatory attitude towards the cryptocurrency industry from both parties in the U.S. and believes that the market is forming a policy window to promote the entry of on-chain derivatives into the U.S. system. He also emphasized that he will continue to advance relevant communications in Washington to strive for U.S. users to access Hyperliquid's on-chain trading market.

The U.S. Senate Banking Committee recently advanced the Digital Asset Market CLARITY Act with a bipartisan vote of 15 to 9, marking a step forward in the regulatory framework for the U.S. crypto market. Research institution HashKey Group pointed out that if the bill is enacted, it will significantly enhance compliance certainty for institutional investors participating in the crypto market and strengthen the core position of the U.S. dollar stablecoin in the global digital financial system.Analysts believe that a clearer U.S. regulatory framework will encourage banks, asset management institutions, and sovereign funds to more widely adopt compliant stablecoins for cross-border payments, settlements, and fund management, especially with more evident demand in the Asian market. However, at the same time, the U.S. restrictions on "yield-bearing stablecoins" may create structural spillover effects. HashKey researcher Tim Sun stated that if the U.S. strictly limits the stablecoin yield mechanisms, capital may flow to the Asian market or indirectly seek higher yields through "wrapped products."The report noted that the Asian market (such as Hong Kong and Singapore) features active cross-border trade, frequent capital flows, and local currencies that are more susceptible to external shocks. In an environment of high U.S. dollar financing costs, U.S. dollar stablecoins will become an important liquidity tool. However, the analysis also emphasized that this competition is not a zero-sum game. As the CLARITY Act progresses, the global competitive focus may shift from "trading platforms and token issuance" to "stablecoin liquidity channels and control over financial infrastructure," meaning who can more efficiently connect U.S. dollar liquidity, regional assets, and compliant financial channels.

According to Jinshi reports, Mitsubishi UFJ analyst Michael Wan stated that after the U.S. inflation data exceeded expectations, the yen became the most pressured currency in the process of the dollar strengthening again. The USD/JPY exchange rate fell to around 157.88, approaching the high set on May 6.The market expects the Federal Reserve to further tighten policies, pushing the 10-year U.S. Treasury yield to its highest level since July of last year, and the 30-year U.S. Treasury yield has surpassed 5%.

According to Jinshi reports, Mitsubishi UFJ analysts stated in a report that the dollar may strengthen further in the coming days and weeks, potentially rising in sync with U.S. Treasury yields. If there is no resolution to the Iran conflict and the Strait of Hormuz remains closed, this trend will become more pronounced. Analysts pointed out that the current market enthusiasm surrounding artificial intelligence is an important support against the risk of a stock market correction, and once the stock market adjusts, it usually benefits the dollar.

Glassnode's latest weekly report indicates that Bitcoin slowly climbed from $77,000 to $82,000 last week, with buying pressure continuing to support during the pullback, even as momentum began to cool near local highs. The spot CVD surged, reflecting strong bullish sentiment and a firm belief in price increases. Meanwhile, spot trading volume also increased, indicating that the recent price trend gained more support with heightened investor participation. However, the easing of price momentum suggests that buying and selling pressures are becoming more balanced, implying that the market may be entering a stabilization phase.The situation in the futures market is similar, with a rise in risk appetite. The increase in open interest indicates heightened speculative activity, with investors willing to take on more risk; the perpetual contract CVD surged, indicating sustained bullish momentum. However, the decline in long funding rates suggests a shift towards bearish sentiment, and bullish sentiment may have weakened.In the options market, the demand for downside protection has decreased, while open interest has increased, indicating a shift in market expectations towards neutral or slightly bullish. However, the volatility spread has surged significantly, indicating that the risks reflected in options pricing are much higher than the actual risks, reflecting a notable increase in participant uncertainty.In summary, supported by stronger on-chain activity, healthier profitability, and more stable holder positions, Bitcoin's market structure continues to improve. Although bullish sentiment is strengthening, the slowdown in capital inflows and cautious market sentiment suggest that the market remains sensitive to changes in risk appetite.

Tom Lee, co-founder of Fundstrat and chairman of BitMine, stated on the X platform that Ethereum's supply has been in a "deflationary" state over the past year, and the purchases and staking by Ethereum's crypto treasury company have further amplified this trend.

According to Gate market data, Circle's stock price opened low and rose high today, increasing by over 12%, leading the cryptocurrency concept stocks to strengthen, including:MSTR up 0.98%;COIN up 4.37%;SBET up 2.16%;BMNR up 1.98%;HOOD up 1.97%;Hut 8 up 6.88%.

According to the official announcement, Gate Live has officially launched the "Live Lottery Carnival Phase 21" event. Users can accumulate heat value by watching live broadcasts, participating in comments and interactions, and sharing the live broadcast. 80 heat values can be exchanged for 1 lottery chance.This phase's prize pool has added rewards such as DJI action cameras, 10 GT, position experience vouchers, transaction fee cashback vouchers, and lucky bags. The event prize pool has been replenished, and users can now go to Gate Live to participate in interactions and unlock lottery qualifications.

Polymarket announced the latest progress on feature updates, including the launch of measures to mitigate latency spam to ensure order placement and cancellation operations, fixing the "insufficient balance/authorization" error, and another core issue affecting limit buy orders is expected to be resolved in the coming days.In addition, Polymarket stated that it has identified and banned multiple clusters of ghost-fill accounts, all of which were created before the deposit wallet system went live. Any account exhibiting ghost-fill behavior will be identified and banned, and the deposit wallet system will also prevent non-compliant accounts from continuing to create new accounts in bulk. More updates will be released in the coming week to address previously outstanding issues.

According to FOX reporter Charles Gasparino, the U.S. CFTC and SEC are currently in agreement on the regulatory boundaries regarding prediction markets and recent unusual trading related to the Iran conflict.Gasparino pointed out that although outsiders believe this area is solely governed by the CFTC, the SEC will deeply intervene when prediction contracts can legally be defined as "securities." He also revealed that, in addition to the cases previously announced, regulators may initiate more enforcement actions against prediction markets in the future.