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According to Jinshi reports, U.S. President Trump will hold the swearing-in ceremony for Federal Reserve Chair nominee Waller on Friday.

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.

According to BIT analysis, Ethereum's recent price performance is increasingly dominated by ETF fund flows. Over the past year, the 30-day average of daily net inflows into ETH ETFs has been highly synchronized with Ethereum's price movements, and the sensitivity of Ethereum's price to institutional funds has significantly increased. One of the core narratives of Ethereum is a net staking yield of about 2.5%.However, in an environment where inflation is accelerating again and the yield on the U.S. 10-year Treasury bond has risen above 4.6%, Ethereum's staking yield advantage is weakening compared to risk-free assets like U.S. Treasuries. Since May, there has been a re-emergence of fund outflows from Ethereum ETFs, which aligns with the aforementioned logic. If this trend continues, Ethereum is likely to remain in a phase of consolidation and fluctuation.

Cryptocurrency analyst Marcel Pechman stated that Bitcoin rapidly fell back after being rejected at $82,000 on Friday, dropping below $79,000. The movement is highly synchronized with the U.S. small-cap stock index, indicating that macro factors are the main driving force behind this round of decline. The Russell 2000 index, which covers small and medium-sized enterprises, has a higher capital cost and is more sensitive to interest rate trends. The high correlation between Bitcoin and this index suggests that the market currently characterizes Bitcoin as a risk asset rather than a safe-haven tool.The funding rate for Bitcoin perpetual contracts briefly turned deeply negative on Thursday and remained close to 0% on Friday, with continued absence of long leverage demand—this indicator has been below the neutral threshold of 6% for several weeks. Multiple attempts to breach $82,000 have failed to boost market confidence. Macro pressures have been piling up: the outcome of the U.S.-China summit disappointed the market, with no specific tariff agreements reached aside from a commitment to accelerate U.S. agricultural exports over the next three years; meanwhile, the ongoing war in Iran continues to weigh on market sentiment, with Brent crude oil prices jumping from $99 to $106 in the past week, further exacerbating inflationary pressures.Additionally, the inflation-adjusted Shiller price-to-earnings ratio shows that the S&P 500 index is currently only about 5% lower than its peak during the internet bubble in January 2000, indicating a significant contraction in overall market risk appetite. However, the massive sell-off in the fixed income market may provide mid-term support for Bitcoin. The yield on Japan's 10-year government bonds has risen to its highest level in over 20 years, while the yield on the Eurozone's 10-year government bonds has also surged to 3.18%, a 15-year high. Analysts believe that in response to recession risks, central banks may be forced to inject liquidity, and funds flowing out of fixed income may ultimately seek other asset allocations, with Bitcoin likely to benefit from this.

According to Jinshi reports, the US and Israel are expected to resume strikes against Iran as early as next week. Amidst the soaring expectations of interest rate hikes in the bond market, the last meeting minutes of the "Powell era" are coming. Here are the key points that the market will focus on next week (all in Beijing time):Tuesday 9:30, the Reserve Bank of Australia will release the minutes of the May monetary policy meeting;Tuesday 20:00, Federal Reserve Governor Waller will speak at the European Central Bank research conference;Tuesday 20:15, the weekly change in ADP employment numbers for the week ending May 2 in the United States;Wednesday 7:00, 2026 FOMC voting member and Philadelphia Fed President Harker will speak;Thursday 2:00, the Federal Reserve will release the minutes of the monetary policy meeting;Thursday 20:00, European Central Bank Chief Economist Lane will speak at the European Central Bank research conference.The AI boom and consumer spending under inflationary pressure are the two main themes currently influencing the direction of US stocks. Next week, semiconductor giant Nvidia (NVDA) and a number of retail companies such as Walmart (WMT) will successively disclose their earnings reports. Nvidia will release its earnings report after the US market closes on Wednesday, and Walmart will release its earnings report before the US market opens on Thursday.

According to on-chain data, Punk #9233 was sold for 32.5 ETH (approximately $72,245), purchased by 0xe884...0db7 (urhomie.eth) from 0x2a19...8c65 (ats.eth).

The Chief Information Security Officer of Slow Fog, 23pds, disclosed on platform X that node-ipc has been compromised again. The released three malicious versions of node-ipc (9.1.6, 9.2.3, 12.1) carry the same credential-stealing payload, with the package being downloaded over 10 million times per week.

USDC issuer Circle announced further deepening of its cooperation with Hyperliquid, becoming the technical deployment partner for USDC on Hyperliquid and positioning USDC as an Aligned Quote Asset. Hyperliquid, as a high-performance on-chain trading platform, is expanding from perpetual contracts to outcome-based markets, with USDC continuing to serve as the primary collateral and quote asset to support liquidity, collateral management, and cross-chain capital flows.Circle is responsible for providing reliable minting, redemption, and cross-chain transfer infrastructure, allowing USDC to play a more central role in new markets. Circle also announced an increase in financial investment in the Hyperliquid ecosystem: following the initial purchase of HYPE tokens in September 2025, it has staked an additional 500,000 HYPE tokens, further aligning the interests of both parties and moving towards becoming a validator.

The Gate Research Institute recently released the "April 2026 Cryptocurrency Market Review" report, which pointed out that the cryptocurrency market in April showed an overall upward trend, with total market capitalization significantly rising compared to March. The trading volume of BTC and ETH ETFs remained high and volatile. The report indicates that the activity levels of major public chain ecosystems continue to diverge. Solana's daily trading volume remained in the range of approximately 90 million to 110 million transactions, continuing to lead.In terms of hot sectors, the report noted that Pokemon TCG RWA has become one of the fastest-growing sub-sectors of on-chain RWA and entered a secondary explosion phase in April. Major trading platforms saw monthly trading volumes exceed 220 million USD, with weekly revenue nearing 6 million USD at one point, setting a new historical high. Meanwhile, Aave experienced the most severe liquidity shock in its history in April, with TVL outflows reaching hundreds of billions of dollars within days, and net outflows for the month exceeding 9 billion USD.Regarding financing and security incidents, the Web3 industry completed a total of 51 financing rounds in April, with a total amount of approximately 834 million USD, with funds further concentrating in leading finance and infrastructure sectors. Among them, Payward topped the monthly financing with 200 million USD. On the security front, Web3 security incidents in April resulted in losses of approximately 306 million USD, a month-on-month increase of about 858%, primarily driven by a single cross-chain infrastructure attack incident involving Kelp DAO, which amounted to about 293 million USD. The report believes that against the backdrop of a market recovery, on-chain activity and capital liquidity are improving simultaneously, but the security risks of cross-chain infrastructure and high-leverage protocols still warrant ongoing attention.

The Gate Research Institute recently released the report "April 2026 Cryptocurrency Market Review," indicating that the cryptocurrency market in April showed an overall upward trend, with total market capitalization significantly higher than in March, and BTC and ETH ETF trading volumes maintaining high volatility. The report shows that the activity levels of major public chain ecosystems continue to diverge. Solana's daily trading volume remains in the range of approximately 90 million to 110 million transactions, continuing to lead.In terms of hot sectors, the report points out that Pokemon TCG RWA has become one of the fastest-growing sub-sectors of on-chain RWA and entered a secondary explosion phase in April. Major trading platforms saw monthly trading volumes exceed 220 million USD, with weekly revenue nearing 6 million USD at one point, setting a new historical high. Meanwhile, Aave experienced the most severe liquidity shock in its history in April, with TVL outflows reaching hundreds of billions of dollars within a few days, and net outflows for the entire month exceeding 9 billion USD.Regarding financing and security incidents, the Web3 industry completed a total of 51 financing rounds in April, with a total amount of approximately 834 million USD, with funds further concentrating in leading finance and infrastructure sectors. Among them, Payward ranked first for the month with 200 million USD in financing.On the security front, Web3 security incidents in April resulted in losses of approximately 306 million USD, a month-on-month increase of about 858%, primarily driven by a cross-chain infrastructure attack incident involving Kelp DAO, which amounted to about 293 million USD. The report believes that against the backdrop of market recovery, on-chain activity and capital liquidity have both increased, but the security risks of cross-chain infrastructure and high-leverage protocols still warrant ongoing attention.

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.

Crypto journalist Eleanor Terrett disclosed on the X platform that since last Friday, members of the American Bankers Association have sent over 8,000 letters to Senate offices urging lawmakers to amend the stablecoin revenue compromise proposal. Sources say this does not include additional phone lobbying activities.

The cryptocurrency research institution Delphi Digital released the latest report "How Far Can Saylor Stretch It," which systematically analyzes the Bitcoin (BTC) funding expansion mechanism of Strategy, pointing out that its financing structure is transitioning from "low-cost accumulation" to the "diminishing marginal efficiency" stage. The report shows that in the current asset accumulation system centered around Bitcoin, STRC has become the core financing tool for Strategy's continuous purchase of BTC. Initially, it relied on a significant premium in MSTR's stock price (mNAV far exceeding BTC's net value) to achieve a positive cycle of "issuance leads to accumulation," but as the valuation has fallen back to about 1.24 times the EV-based mNAV, the BTC per share enhancement effect from common stock issuance is nearing breakeven.At the same time, while convertible bond tools have played an important role historically, they have accumulated about $8.2 billion in principal and will face concentrated repayment pressure after September 2027, putting long-term sustainability of the financing structure under pressure. STRC provides a continuous financing source for Strategy by offering approximately 11.5% annualized monthly dividends to income-oriented investors, to maintain the pace of BTC purchases. However, this mechanism also introduces ongoing cash flow obligations, meaning that each round of financing increases BTC assets while simultaneously accumulating future dividend burdens.The report emphasizes key risk scenarios: if BTC prices remain stagnant and MSTR's premium fails to recover, then the "STRC financing purchase gain" may be gradually offset by "common stock dilution and dividend obligations." Although the company's approximately $2.25 billion cash reserves can cover about $1 billion in redemption pressure in 2027, larger-scale debt and dividend structures in 2028 still need to be addressed. Additionally, the current authorized issuance limit of about $28.3 billion for STRC becomes a critical constraint point. Once the limit is reached, the ability to purchase new BTC may slow down, but existing dividend obligations will continue to exist, thus altering the overall BTC per share dynamic growth path.

According to data released by Binance Research, currently 28% of Binance users allocate at least half of their investment portfolio to stablecoins, a significant increase from 4% in 2020; in emerging markets, this proportion is as high as 36%.

Aptos announced that after the governance vote passes, it will become the first Layer 1 public chain to provide a native encrypted mempool. This feature achieves complete confidentiality of transaction intentions, does not affect transaction speed, and aligns the trust assumptions with the network itself, aiming to protect users from frontrunning at the protocol level.

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 Bloomberg, on the eve of the Senate Banking Committee's upcoming review of the digital asset bill, banking groups are proposing last-minute modifications to the compromise on stablecoin yields, aiming to completely ban stablecoin issuers from offering any form of rewards, rather than the previously allowed model of "users receiving rewards when actively using stablecoins."Six banking lobbying groups, including the American Bankers Association, stated in a letter that the exception clause in the senators' compromise would "harm deposits." The crypto industry quickly countered, with Coinbase Chief Legal Officer Paul Grewal stating on the X platform that the banking industry's proposal is not a "narrow adjustment," but rather aims to "stifle competition." Senators Angela Alsobrooks and Thom Tillis, who previously facilitated the compromise, issued a joint statement disagreeing with the banking industry's position, emphasizing that the compromise also allows crypto companies to offer other forms of customer rewards, and most importantly, provides a bipartisan path for the passage of the CLARITY Act.

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."