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According to Forbes, although the trading volume of stablecoins has exceeded $1 trillion in the past year, most activities are still concentrated in the crypto-native space (trading, arbitrage, and inter-protocol settlement), with limited applications in everyday commercial payments. WasabiCard CEO Ray Yang pointed out that the transfer of funds is no longer the core issue; licensing, compliance, risk management, and banking capabilities are the key foundations for achieving widespread adoption.Forbes noted that while stablecoin settlement can significantly enhance cross-border payment efficiency, each market has different compliance standards, licensing requirements, and banking relationships, making the construction of localized compliance in each market both slow and expensive, which contradicts the instant global settlement that stablecoins advocate. Currently, the stablecoin market has surpassed $320 billion, and industry discussions are shifting from whether stablecoins can replace existing networks to how they can be integrated into existing networks.Forbes believes that the challenge of the last decade was to get funds flowing, while the challenge of this decade is to ensure that global payments operate in compliance and at scale within a fragmented regulatory environment.

According to Forbes, the decentralized derivatives platform Hyperliquid has launched the pre-IPO perpetual contract for SpaceX (SPCX-USDC) on Trade.xyz, sparking a global regulatory gray area controversy. This contract allows leveraged trading without holding any shares of SpaceX and has not been authorized by the company, with an initial reference price of $150, corresponding to an implied valuation of approximately $1.78 trillion, which quickly surged to $216.It is reported that this contract is settled in USDC, with prices derived from market oracles, and is not linked to SpaceX's actual financials or equity structure. SpaceX itself has neither authorized nor participated in this market, yet its valuation is being priced and traded in real-time on-chain, leading to the controversy of "private company price discovery being taken over by decentralized derivatives." This market originates from Hyperliquid's HIP-3 mechanism, which supports the notion that the valuations of private companies may be being repriced by on-chain derivatives, while the regulatory framework has yet to be established.

According to a post by Kairos Research on platform X, the HYPE spot ETF has absorbed 1.04% of HYPE's circulating market value in the first 10 trading days since its launch, making it the strongest debut performance among all spot crypto ETFs to date. Comparative data from the same period shows that among the newly issued institutional cohort (excluding net outflows from legacy trust products like GBTC and ETHE), the BTC spot ETF accounted for 0.59%, ETH for 0.41%, and SOL for 0.31%.

Kairos Research posted on platform X that the HYPE spot ETF has absorbed 1.04% of HYPE's circulating market value in the first 10 trading days since its launch, making it the strongest debut performance among all spot crypto ETFs to date. Comparative data during the same period shows that the newly issued institutional cohort (excluding net outflows from legacy trust products like GBTC and ETHE) had a share of 0.59% for the BTC spot ETF, 0.41% for ETH, and 0.31% for SOL.

According to Forbes, U.S. Treasury Secretary Scott Bessent stated that the U.S. Treasury has frozen nearly $500 million in cryptocurrency assets related to the Iranian regime, including $344 million frozen last month.The report states that Iran currently controls about $7.7 billion in digital assets and uses Bitcoin to settle payments for shipping insurance via the Strait of Hormuz.The U.S. is intensifying its crackdown on Iran's cryptocurrency activities to cut off its channels for evading sanctions and transferring funds. Industry insiders say that cryptocurrency transactions can still be tracked, and the U.S. may further pressure by restricting cryptocurrency exchanges' access to the U.S. banking system.

According to official news, the smart contract auditing platform Code4rena has announced that it will gradually cease operations, and the Web3 security company Immunefi will take over its clients and security researchers. Code4rena posted on social media that it has made the decision to shut down and stated that all ongoing competitions and bounty activities will be completed as usual, and existing collaborations will be "properly concluded." Immunefi stated that it will assist in migrating Code4rena's bounty projects, reward structures, and researchers to its platform.Code4rena is known for its "competitive auditing" model, where independent researchers compete to find vulnerabilities in smart contracts for rewards. This shutdown comes less than two years after blockchain security company Zellic acquired Code4rena in 2024. Previously, Code4rena raised $6 million from Paradigm in 2023 for auditing incentives and platform expansion.This shutdown comes at a difficult time for DeFi protocols and the security sector. Data from DefiLlama shows that there were over 20 crypto vulnerability incidents in April alone, setting a monthly record. JPMorgan analysts believe that ongoing DeFi security incidents are limiting major institutional investors from entering the market. Meanwhile, the total value locked in DeFi has decreased from about $160 billion in October to approximately $83 billion currently.

According to Forbes, SBF's early investment portfolio is being re-evaluated by the market, with some opinions suggesting that if he had not been imprisoned due to the FTX collapse, his venture capital layout could theoretically yield a wealth increase of up to about $100 billion.Before the FTX collapse, SBF had established an investment landscape covering several star companies, including Anthropic, SpaceX, Robinhood, and the AI programming tool Cursor, which was considered to have significant foresight.Industry insiders pointed out that he had bet on key tracks ahead of the AI wave, among which: Cursor recently reached a partnership with SpaceX, with a valuation potentially reaching $60 billion, and Anthropic's valuation is nearing $90 billion. Rory O'Driscoll, a partner at Scale Venture Partners, stated that SBF had laid out investments in several core AI companies before ChatGPT, "demonstrating a rare investment sensitivity." However, this "investment talent narrative" was ultimately completely altered by the FTX collapse.SBF is currently serving a 25-year sentence for misappropriating over $8 billion in customer funds. At his peak, his personal wealth reached about $24 billion, and he made it onto the Forbes 400 list. Today, his venture capital capabilities are intertwined with his history of financial crime, making him one of the most controversial cases in cryptocurrency history.

Eric Trump, the second son of Trump, responded to Forbes' criticism of his significant arbitrage through the Bitcoin business, which harms MAGA investors. Eric stated that Forbes has become a disgrace in the journalism industry. Just over a year ago, his Bitcoin company American Bitcoin (ABTC) did not exist. 7 months and 25 days ago, ABTC was listed on Nasdaq, and today it holds over 7,000 Bitcoins, becoming the 16th largest publicly traded Bitcoin company in the world, backed by a massive cluster of nearly 90,000 mining machines and a computing power of 28 EH/s, using the highest quality energy in the United States.In just the fourth quarter, the Bitcoin on the balance sheet increased by 58%, with mining costs 53% lower than the market price of Bitcoin, and fourth-quarter revenue reached $78.3 million, a quarter-over-quarter increase of 22%. American Bitcoin can be said to be the company that has entered the "top 100" ranking in this field at the fastest speed, and it is actively expanding its mining scale every day. This narrative is strikingly similar to Forbes' rhetoric from years ago.According to previous reports from ChainCatcher, Forbes published an article criticizing Eric Trump's Bitcoin business as a disaster, pointing out that Eric Trump promotes his Bitcoin company American Bitcoin (ABTC) as a money printer, but in reality, it is just an arbitrage tool specifically designed to exploit those investors who support MAGA (Make America Great Again).

Forbes published an article criticizing Eric Trump's Bitcoin business as a disaster, pointing out that Eric Trump promotes his Bitcoin company American Bitcoin (ABTC) as a money printer, but in reality, it is just an arbitrage tool designed to exploit investors who support MAGA (Make America Great Again). American Bitcoin was established in 2025 and quickly went public on NASDAQ, leveraging the Trump family brand and the Bitcoin craze to push its valuation to $13.2 billion.Eric Trump vigorously promoted the company as the "leader in the Bitcoin world" during the earnings call, but the actual company has only a few full-time employees and mainly relies on story marketing rather than solid operations. The company continuously sells overvalued stock to buy Bitcoin, while Eric has almost no investment, yet has increased his personal wealth from about $190 million to $280 million, with other insiders also profiting significantly.Meanwhile, ordinary investors, especially MAGA supporters, have suffered heavy losses. Over the past eight months, American Bitcoin's stock has dropped about 92% from its peak, resulting in cumulative losses of about $500 million for investors. Forbes questions the actual profitability of American Bitcoin's Bitcoin mining business, believing that its advertised "half-price mining" is difficult to achieve and is more about using the Trump brand for high-priced stock dumping.

According to Forbes, Paul Atkins, the chairman of the U.S. Securities and Exchange Commission, recently reiterated the advancement of "Project Crypto" and announced that he will work with the U.S. Commodity Futures Trading Commission (CFTC) to develop a classification framework for digital assets, clarifying when tokens are recognized as securities, while also introducing an "innovation exemption" to support on-chain trading of tokenized securities.The market views this as one of the most proactive shifts in crypto regulation in the history of the SEC, marking its formal abandonment of the old model of "regulation by enforcement" in favor of clear rule-making. This move may signal a stronger entry point for institutional capital that has been on the sidelines for a long time and could drive the price of Bitcoin back above $80,000. Currently, the price of Bitcoin is around $77,586, and the market is paying attention to Paul Atkins' further statements at the Bitcoin 2026 conference in late April.

According to Bitwise data, the US spot Bitcoin ETF has absorbed a total of 18,991 BTC in the past 5 trading days, which is 9 times the new supply from mining during the same period (2,109 BTC).

SpaceX stated in its IPO application documents that orbital AI computing and the industrialization efforts on the Moon and Mars are still in the early stages, involving significant technological complexities that may not be commercially viable.Elon Musk has called space AI computing an obvious choice, believing that orbit could become the lowest-cost storage location for AI within two to three years. The documents warn that orbital AI data centers operate in harsh and unpredictable space environments, where systems may fail. Additionally, delays in the development of Starship could also limit the company's growth strategy. SpaceX currently targets a valuation of approximately $1.75 trillion and plans to raise $75 billion in the coming months.

According to Cointelegraph, Bernstein stated that the previous pullback of Bitcoin has to some extent reflected the market's concerns about the risks of quantum computing, believing that this threat is "real but manageable," and is not yet an imminent systemic risk.Although research, including that from Google, suggests that future quantum computers could potentially crack commonly used blockchain encryption algorithms quickly under extreme conditions, advancements in zero-knowledge proofs and post-quantum cryptography have formed a hedge to some extent.Bernstein believes that Bitcoin developers still have about 3 to 5 years to advance the post-quantum upgrade path and mentioned the current BIP-360 proposal, which could reduce some quantum exposure risks through a soft fork. Additionally, institutional investors (including ETF issuers and corporate holders) are expected to play an active role in promoting consensus for the upgrade.However, industry opinions point out that the main challenge of the post-quantum upgrade lies in user migration and consensus formation, rather than the technical implementation itself.

Tom Lee stated in an interview with CNBC: "I believe the market has absorbed 90% to 95% of the selling pressure, and the selling process may have ended. We can now start to rebuild the bottom. We must recognize that in a war environment, the stock market often hits bottom early. We have studied every war since 1900, and the stock market tends to bottom out within the first 10% of the war process. So, if this follows the same pattern, we are currently in the early stages of that process.At this stage, any bad news can trigger people to de-risk. But you also know that this is why positions are worth paying attention to, because at some point, when people become overly neutral, even if the situation is not that bad, the market could see a V-shaped rebound."Tom Lee also added on social media that even if the "bottom" has not yet been reached, he believes the U.S. economy can withstand $100, or even $120, oil.

Crypto market analyst Axel released a latest report stating that in the past 30 days, Bitcoin ETFs (in the U.S. and elsewhere) have seen a cumulative net inflow of 62,986 BTC (approximately $11.3 billion), bringing total holdings to 1.327 million BTC.During the same period, short-term holders continued to realize losses on exchanges, with daily outflows from the loss side averaging 15,500 BTC. Axel pointed out that current institutional buying has surpassed retail selling pressure, providing support for prices, but the market is showing a divergent pattern—short-term participants are still selling at a loss, while ETF funds are gradually absorbing supply. To maintain the upward momentum, prices need to stabilize above $70,000, and ETF fund inflows must remain positive.