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According to Jinshi, Wall Street analysts have begun to adopt a skeptical attitude after two months of continuous gains in the stock market, and researchers are downgrading the ratings of S&P 500 constituent companies. Data from Jefferies shows that the proportion of constituent stocks receiving a "buy" rating is nearly the same as it was four years ago, far below the peak levels during the internet bubble. Jefferies Senior Vice President Andrew Greenberg stated that the sell-side has not yet shown any signs of buying.

According to the latest poll by POLITICO, despite the AI and cryptocurrency industries investing significant political funds in the U.S. midterm elections, the overall American public remains notably cautious, even negative, towards both industries.The survey shows that 45% of Americans believe "investing in cryptocurrency is not worth the risk," while 44% of respondents think the pace of AI development is "too fast." Nearly half of the respondents indicated that they trust traditional banks to safeguard their funds more than cryptocurrency platforms; about two-thirds support the government implementing strict regulations on AI or establishing unified regulatory principles.Reports indicate that super PACs supporting the AI and cryptocurrency industries are rapidly becoming a significant funding force for the 2026 U.S. midterm elections. Among them, the pro-AI organization Leading the Future has raised over $75 million; the cryptocurrency PAC "Fairshake," supported by Coinbase, Andreessen Horowitz, and Ripple, has invested approximately $28 million in several key primaries.However, polls show that voters are more inclined to support candidates advocating for "increased AI regulation" rather than those pushing for deregulation. U.S. Senator Chris Murphy stated, "People do not trust the cryptocurrency industry and do not want AI companies to crush them culturally and economically."Additionally, more than half of Americans indicated that they have never purchased and would not consider purchasing cryptocurrency; 43% of respondents believe the risks of AI outweigh the benefits.

According to The Block, the new governor of the Bank of Korea, Shin Hyun-song, delivered an inaugural speech promising to promote the development of central bank digital currency (CBDC) and deposit tokens, and will expand related applications through the "Han River Project" Phase Two, while participating in global collaborations such as Project Agora to strengthen the position of the Korean won in the global payment system.It is noteworthy that Shin Hyun-song did not mention the Korean won stablecoin in his speech, despite South Korean legislators actively advancing the "Digital Asset Basic Law" to establish a legal framework for stablecoins, with discussions expected to resume after the regional elections on June 3. Previously, during his tenure at the Bank for International Settlements (BIS), Shin held a negative attitude towards stablecoins, believing that stablecoins could not replace currency, but it has been reported that his stance has changed, stating that the Korean won stablecoin should coexist with CBDC.

According to QCP Group analysis, BTC followed the overnight rebound of risk assets, rising to the mid-range of $74,000, triggered by the news of a preliminary framework agreement between the U.S. and Iran. However, long-term yields remained almost unchanged, gold maintained high levels, and the bond market did not follow suit, indicating that this rebound is merely a relief from headline risks rather than a substantive geopolitical resolution.The core contradiction lies in the uranium enrichment issue—Iran is currently enriching at 60%, while the U.S. demands a reduction to below 20%. Iran has yet to signal any compromise, and this issue has been unresolved since 2015. In terms of market structure, BTC spot is slowly rising against a backdrop of negative funding rates and low open interest, showing that shorts are still resisting and pushing for a short squeeze, but the options market has failed to confirm a breakout—short-term ATM volatility remains around 40, and one-month volatility is still lower than three-month volatility, with demand for downside protection still stronger than the willingness to chase upside.On the macro level, the Federal Reserve's net rate cut space for this year is close to zero, and liquidity conditions remain tight. QCP believes that this round of market activity is essentially a geopolitical-driven relief rebound rather than a fundamental shift in the macro landscape, and the market needs to be wary of the risk of a pullback after the rebound.

South Korean President Lee Jae-myung nominated Shin Hung-song, the head of the Monetary and Economic Department of the Bank for International Settlements (BIS), to serve as the governor of the Bank of Korea. Shin Hung-song stated last year that the issuance of a Korean won stablecoin is "an effective shortcut to bypass existing foreign exchange controls," which could open the door for capital outflows, and he immediately resigned from his BIS position after the nomination.Previously, Lee Jae-myung had listed the issuance of a Korean won stablecoin as a core campaign issue, but the Bank of Korea has consistently blocked the advancement of related legislation. Several large tech companies in South Korea have been waiting for stablecoin policies to be implemented for months. A report released by the BIS last year pointed out that stablecoins do not possess the functions of stable currencies and could pose risks to financial stability and monetary sovereignty. Industry insiders indicate that Shin Hung-song's stance on stablecoins will be closely monitored after he takes office.

According to Cointelegraph, the cryptocurrency options exchange Deribit pointed out that Bitcoin's recent price has been suppressed around $90,000, mainly due to a large number of open interest concentrated near the current strike price, especially ahead of the massive expiration date on January 30. This means that market risk exposure is primarily constructed through options rather than high-leverage futures, with traders using hedging and structured strategies to manage risk.Deribit analysis indicates that high options trading volume (especially short-term put options) suggests that capital is still in the market, but risk control is stricter, with short-term price behavior being driven more by position structure rather than external news. Bitcoin has been oscillating in the range of $85,000 to $95,000 since mid-November. This Friday will see the expiration of Bitcoin monthly options with a notional value of about $8.4 billion, with a put/call ratio of 0.54, and the maximum pain point located at $90,000, while open interest is most concentrated around the $100,000 strike price.

Since its launch in 2025, the XRP spot ETF has attracted over $1 billion in funds; however, some analysts predict that this wave of enthusiasm may not last.Brian Huang, co-founder of the investment platform Glider, stated, "The core of investment lies in growth potential and which builders are developing on that blockchain. When we examine the builder focus in a16z's investment landscape, XRP doesn't even make the list." Huang's skepticism stems from the lack of builders in the XRP ecosystem. "The infrastructure and applications created by builders can drive ecosystem development and enhance the value of the underlying token," Huang explained. "Without builders, XRP's growth will be extremely limited. Most large institutions do not even consider XRP, associated with Ripple, as a serious project. Institutional investors holding the majority of crypto ETFs may be reluctant to hold XRP, viewing it as a meme coin."

Fidelity's Global Macro Director Jurrien Timmer stated that Bitcoin's current trend is more akin to the S-curve of the internet rather than a power law curve. Many Bitcoin supporters claim that the four-year cycle has ended and a new structural uptrend is about to begin. I am skeptical about this, not because I doubt the diminishing impact of the halving cycle (which I agree with), but because I question the assertion that bear markets will no longer occur.Currently, Bitcoin's bottom line is $65,000 (the previous high), while the power law trend line indicates a bottom line of $45,000. Although there is still some distance to the target price, if Bitcoin enters a consolidation phase within the next year, the power law trend line may come closer to $65,000 and could become Bitcoin's line of life and death. However, this may (or may not) be something that happens in the future (or within the next year).

According to Arkham data, at 21:16, 1424.26 BTC (worth approximately $127 million) was transferred from one anonymous address (starting with bc1qru8t...) to another anonymous address (starting with bc1q93sh...).Subsequently, the address transferred a portion of BTC (0.00056669 BTC) to Shakepay.

Hyperliquid co-founder Jeff posted on platform X to refute recent accusations regarding ADL (Automatic Deleveraging), stating that some commentators have drawn incorrect conclusions without understanding the core concepts. He emphasized that the ADL mechanism "does not transfer profits and losses to HLP" and pointed out that its treatment of users and HLP is completely symmetrical, stating that "ADL has nothing to do with HLP or back-to-back liquidation."Jeff also denied the claim that "ADL destroyed $653 million in profits," stating that such remarks are based on misunderstandings, and criticized certain authors who claim to have an academic background for "using complex machine learning terminology to wrap erroneous conclusions," emphasizing that one should understand the subject of study before publishing research or comments.

Uniswap founder Hayden Adams posted on X that new competitors often boldly claim they want to "replace Uniswap." The team welcomes this kind of competition, believing that without it, the playing field would become boring.He stated that while some projects may bring different changes, he remains skeptical about it.

According to Reuters, on Tuesday, the U.S. Court of Appeals for the Second Circuit expressed skepticism about SBF's appeal. His lawyers claimed that the previous trial regarding the FTX fraud case was unfair, and the 25-year sentence imposed on SBF should be overturned.During the appeal hearing, a panel of three judges raised questions about key issues: Would the exclusion of evidence in the previous trial affect the jury's guilty verdict? Circuit Judge Maria Araujo Kahn questioned SBF's lawyer, asking whether not challenging the sufficiency of the evidence equated to admitting that the evidence was sufficient for conviction. The lawyer responded that even if the evidence was sufficient, the procedural errors made by the trial judge still affected fairness. Prosecutor Nathan Rehn pointed out that the existing evidence has sufficiently proven that SBF misappropriated customer funds. SBF's side argued that the previous trial did not allow the submission of evidence proving that FTX was solvent at the time, leading to a biased verdict. The prosecution emphasized that the evidence chain, including testimonies from three witnesses and a large number of internal documents, was complete and sufficient for conviction. SBF is currently serving his sentence in a low-security prison in Los Angeles and is expected to be released in October 2044.

ChainCatcher news, according to Jinshi reports, Federal Reserve Governor Barr expressed skepticism about whether the Federal Reserve can completely escape inflation caused by tariffs.

ChainCatcher news, Bitwise CIO Matt Hougan stated on social media that one of the most common mistakes made by many crypto skeptics today is underestimating the scale of the market that cryptocurrencies are aiming to enter. Bitcoin is already a $2.3 trillion asset, and there are very few things in the world that can reach this scale. Bitcoin is targeting a huge market, with gold's market value at $25 trillion, and Bitcoin is competing with gold.Ethereum and Solana are competing in the fields of stablecoin and asset tokenization issuance, trading, and settlement. These are all enormous markets—according to data from SIFMA and Savills, the total value of stocks, bonds, and real estate reaches $665 trillion; McKinsey points out that the global payments industry processes 34 billion transactions annually, amounting to $180 trillion.

ChainCatcher news, according to Jinshi reports, the Federal Reserve has kept interest rates unchanged for the fifth consecutive time.The Federal Reserve has maintained the benchmark interest rate at 4.25%-4.50%, in line with market expectations.

ChainCatcher news, according to Jinshi reports, U.S. Secretary of Commerce Raimondo stated that Powell has kept interest rates too high.

ChainCatcher news, according to Bloomberg, despite previously labeling Bitcoin as an "immature asset class" and deeming it unsuitable for long-term investors, Vanguard Group has now become the largest shareholder of MicroStrategy.According to the report, this institution, which manages $10 trillion in assets, holds 20 million shares of MicroStrategy through its funds, accounting for 8% of the outstanding shares, and likely surpassed Capital Group to become the largest shareholder in the fourth quarter of last year.

ChainCatcher news, according to Jinshi reports, Convera senior foreign exchange trader James Kniveton stated, "Despite the stock market decline, there has been no traditional safe-haven demand for the dollar; instead, gold, euro, and yen have benefited. During the process of Trump's spending and tax cut proposal being submitted to the Senate, there may be fiscal tightening, but market sentiment indicates skepticism towards this."