pm

J.P. Morgan analysts, including Nikolaos Panigirtzoglou, stated that as signs of easing tensions in the Middle East emerge, investors are gradually withdrawing from the Bitcoin and gold markets. The "devaluation trade" that previously drove demand for both is losing momentum.In the past two weeks, both Bitcoin and gold-related ETFs have seen significant capital outflows, and institutional positions in the CME futures market have also weakened concurrently. This trend indicates that investors are retreating from the macro hedging trades that became popular due to inflation concerns and global instability, and it is not a case of Bitcoin funds shifting to gold; rather, both asset classes are facing a simultaneous decline in demand. Since the Iran conflict, Bitcoin has been a major representation of the "devaluation trade."

According to Wall Street Journal reports, JPMorgan CEO Dimon stated that JPMorgan may issue stablecoins in the future.

According to Slow Fog's disclosure, the security agency MistEye detected a cross-registry supply chain attack incident, where attackers targeted developers in the fields of cryptocurrency, DeFi, Solana, Sui/Move, and AI by publishing malicious packages on npm, PyPI, and crates.io. This attack activity includes more than 34 malicious packages and over 384 related versions. The attackers may steal cryptocurrency wallets, SSH keys, cloud credentials, GitHub/AWS tokens, browser data, environment variables, and developers' confidential information.Some of the malicious payloads also attempted to achieve persistence through .cursorrules, CLAUDE.md, Git hooks, shell hooks, cron, systemd, and SSH. Developers are advised to immediately remove the affected packages, isolate the affected systems, retain logs, rotate exposed credentials, rebuild CI environments and developer machines from clean images, and review GitHub, cloud services, SSH, and wallet activity logs.

Pyth Network's free product Pyth Core experienced downtime this morning (UTC time) and has resumed normal operation at 13:00 UTC (21:00 Beijing time). The paid product Pyth Pro was not affected, and platforms using Pyth Pro, such as Kalshi, Coinbase, and LMAX, continued to operate without interruption. Pyth Network stated that Pyth Core is an old version of the oracle layer planned to be deprecated by a DAO resolution on July 31, and teams that have not yet migrated should switch to Pyth Pro as the new infrastructure for ongoing support.

According to official news, the Gate Live Pizza Festival special live broadcast will be held on May 22 at 20:00 (UTC+8). The live content will revolve around the theme of Bitcoin Pizza Day, featuring special guests such as Yibo Talks Coins and the Margin King to share BTC bull and bear stories and wealth experiences, helping users understand the history of Bitcoin and market trends.Users can participate in the lottery by entering the live room, watching, and engaging in comments and interactions. During this live broadcast, multiple lucky users will be randomly selected to receive benefits such as GT, position experience vouchers, VIP5, and a continuous shower of red envelopes throughout the event.

According to the Securities Times, the National Development and Reform Commission held a press conference today. At the meeting, Li Chao, deputy director of the Policy Research Office of the National Development and Reform Commission, stated that the commission is planning to introduce supporting documents to accelerate the implementation of artificial intelligence and further strengthen resource guarantees.At the same time, we will continue to promote central state-owned enterprises to open high-value application scenarios, creating benchmark applications for artificial intelligence across various industries, fields, and regions, and accelerating the integration of artificial intelligence into all aspects and links of business management.

JPMorgan's latest report points out that although tokenized money market funds have revenue potential, they still only account for about 5% of the broader "stablecoin system," and the core position of stablecoins in the crypto ecosystem is unlikely to be replaced in the short term.The report states that stablecoins have become the default "cash tool" for trading, collateral, settlement, cross-border payments, and liquidity management, widely used in centralized exchanges and DeFi protocols, while tokenized money market funds are constrained by their securities characteristics, subject to registration, disclosure, and transfer restrictions, resulting in structural regulatory disadvantages.Analysts at JPMorgan, led by Nikolaos Panigirtzoglou, expect that without significant changes in the regulatory environment, the market size of tokenized money market funds is unlikely to exceed 10% to 15% of the overall stablecoin market. Current demand is mainly concentrated among crypto-native investors seeking yield and institutional funds looking to balance on-chain settlement with traditional asset protection.The report also notes that although tokenized funds have advantages such as near real-time settlement, 24/7 transfers, and automated clearing, their growth is still constrained by liquidity, counterparty risk, and regulatory uncertainty. JPMorgan believes that in the absence of regulatory easing, these products will struggle to challenge the infrastructure-level position of stablecoins in the crypto market.

The DAO infrastructure service provider Syndicate announced that it will gradually cease operations. It stated that after five years of continuous development of on-chain developer infrastructure, the Rollup market has undergone fundamental changes. Currently, the Rollup market size has significantly shrunk, with some Rollup projects gradually shutting down, and the market has shifted from EVM Rollups to custom chain models built from scratch by consulting teams, resulting in a significant decline in reusable technology and network value.Syndicate stated that its system consists of two parts: Syndicate Labs, responsible for development, will shut down, while the independent entity Syndicate Network Collective (Wyoming DUNA), which holds SYND tokens and has governance rights, will continue to exist, and SYND governance will not be affected in the short term.In addition, Syndicate emphasized that this decision to cease operations is unrelated to recent cross-chain security incidents, and affected users and SYND holders have received full compensation through treasury reserves, while team and investor tokens are still locked.

According to BBX data, yesterday the layout of traditional payment institutions in the cryptocurrency infrastructure showed divergence, with institutions having clear differences in their views on ETH and the altcoin sector. The core dynamics are as follows:Mastercard Incorporated (NYSE: $MA) signed an acquisition agreement for the UK stablecoin infrastructure company BVNK on March 17 for a maximum of $1.8 billion (including $300 million in performance-based payments), which directly led Mastercard to abandon its previously pursued strategic investment plan in Zerohash (a privately held company). According to CoinDesk on May 19, Mastercard exited negotiations with Zerohash after the completion of the BVNK acquisition, and Zerohash is currently seeking to initiate a new financing round with a valuation of over $1.5 billion (higher than the $1 billion valuation established during the D-2 round of financing of $104 million in September 2025); the strategic logic behind Mastercard's acquisition of BVNK is that BVNK has a stablecoin payment infrastructure covering over 130 countries and a difficult-to-replicate combination of multi-country payment licenses; Mastercard's Chief Product Officer Jorn Lambert stated that the goal is to integrate stablecoins into the core network of Mastercard Move cross-border payments, rather than treating them as a peripheral experiment.JPMorgan Chase & Co. (NYSE: $JPM) analysts cited by CoinDesk on May 19 released the latest research report indicating that in the current market environment, Ethereum and the broader altcoin sector will continue to lag behind Bitcoin, primarily due to three structural weaknesses: weak network activity, stagnation in DeFi ecosystem growth (Solana's TVL has dropped from a peak of $13.1 billion in 2025 to about $5.5 billion), and limited real-world adoption scenarios; analysts believe that for the altcoin sector to catch up with Bitcoin's performance, a "significant network activity explosion" is a prerequisite, and this condition currently lacks visible short-term catalysts.

Gate Europe CEO Dr. Giovanni Cunti attended the VI3NNA Congress 2026 and delivered a keynote speech titled "The Role of Exchanges and Stablecoins." The conference was held from May 19 to 20 in Vienna, Austria, bringing together industry representatives from Web3, AI, finance, and regulation to discuss the future development direction of the European digital economy.Giovanni Cunti's speech analyzed the popularization of stablecoin applications, industry development trends, and how blockchain financial infrastructure is gradually reshaping the traditional financial market landscape. It focused on how crypto asset service providers, including Gate Europe, are transitioning from meeting user needs to playing a key role in driving industry structure and future market development. In addition to the keynote speech, Giovanni Cunti also participated in several roundtable discussions, engaging with policymakers, financial institutions, investors, and industry innovators on topics such as digital asset regulation, infrastructure development, and real market implementation.Currently, Gate's Malta company, Gate Europe, has obtained European MiCA and PI licenses under the regulation of the Malta Financial Services Authority (MFSA). As the industry continues to move towards compliance and institutional development, Gate is actively participating in global key industry dialogues and promoting the long-term development of the digital asset ecosystem.

Solana co-founder Anatoly Yakovenko publicly supports the development of a native perpetual contract DEX on the Solana Virtual Machine (SVM), directly challenging Hyperliquid's leading position in on-chain derivatives trading.Anatoly believes that Solana needs to build its own perpetual contract infrastructure with atomic composability, showing that the ecosystem views perpetual contracts as key to retaining user activity and on-chain trading volume. Specific project details or launch timelines have not yet been disclosed. In recent months, a large volume of perpetual contract trading has migrated to Hyperliquid, which has become the dominant protocol in the on-chain perpetual contract space.Meanwhile, Hyperliquid co-founder Jeffrey Yan is in Washington engaging with policymakers on regulatory pathways, including discussions around the CLARITY Act legislation concerning crypto derivatives regulation, which could provide an advantage to Hyperliquid if the bill passes. The Solana native alternative will directly compete by leveraging its speed and cost advantages, but Hyperliquid's existing network effects and liquidity create high barriers to entry.

According to Jinshi News, the technology company Hangzhou Yunshen Technology Co., Ltd., which focuses on embodied intelligent robots and their supporting products and solutions, has released a prospectus. It shows that the revenue from the embodied intelligent robot project for the year 2025 is expected to reach 322.3773 million yuan; the revenue from product components is expected to reach 11.9501 million yuan; and the revenue from supporting services is expected to reach 2.573 million yuan.According to the resolutions from the company's first extraordinary general meeting of shareholders in 2026 and the ninth meeting of the first board of directors, this issuance aims to raise 2,502.511 million yuan. After deducting issuance costs, the funds will be invested in the research and development projects for embodied algorithms and models, the research and development projects for robot bodies and solutions, the industrialization projects for embodied intelligent robots, and the construction projects for embodied intelligent robot bases.

JPMorgan analysts pointed out in their latest report that although the overall cryptocurrency market has recovered after the Iran conflict, Ethereum and other altcoins continue to underperform compared to Bitcoin. The analyst team led by Managing Director Nikolaos Panigirtzoglou stated that this trend, which began in 2023, "is unlikely to change unless we see meaningful improvements in network activity, DeFi, and real-world applications."The analysts noted that since the conflict triggered a market sell-off, Bitcoin's recovery in spot ETF fund flows and institutional futures positions has outperformed Ethereum. The spot Bitcoin ETF has recovered about two-thirds of the previous outflows, while the spot Ethereum ETF has only recovered about one-third. CME futures positions also indicate that institutional investors are rebuilding their Bitcoin exposure more aggressively than Ethereum.Regarding the upcoming Ethereum upgrades (Glamsterdam and Hegota), analysts questioned whether they would be sufficient to improve ETH's relative performance. Upgrades over the past three years have primarily reduced Layer 2 transaction costs, which has weakened the Ethereum network's fee generation and token burn mechanisms, leading to an accelerated net supply growth and weakened price support. Whether the new upgrades can generate enough new demand and network activity remains to be seen.For altcoins, analysts believe that since 2023, weak liquidity conditions, low market depth and breadth, limited growth in DeFi activity, and recurring hacking and security incidents have collectively eroded market confidence and hindered the deployment of new capital.

According to The Block, JPMorgan analysts have stated that despite the overall recovery of the cryptocurrency market following the Iran conflict, Ethereum and altcoins continue to underperform Bitcoin. The analysts believe that unless there is a substantial improvement in network activity, DeFi, and real-world applications, this trend that began in 2023 is unlikely to change.The analysts pointed out that the spot Bitcoin ETF has recovered about two-thirds of the previously withdrawn funds, while the spot Ethereum ETF has only recovered about one-third. CME futures positions indicate that institutions are rebuilding their Bitcoin exposure more aggressively than Ethereum, with Bitcoin futures positions nearly fully restored, while Ethereum futures positions remain below previous levels.The analysts also questioned whether the upcoming Ethereum upgrade could effectively boost network activity. They noted that upgrades over the past three years have primarily reduced Layer 2 transaction costs, leading to lower Ethereum network fees, a weakened token burn mechanism, and accelerated net supply growth, which has undermined ETH's price support.Regarding altcoins, the analysts pointed out that poor liquidity, insufficient market depth, limited growth in DeFi activity, and repeated hacking incidents have eroded confidence and hindered the allocation of new capital.

JPMorgan analysts stated that despite the overall recovery of the cryptocurrency market after the Iran conflict, Ethereum and other altcoins continue to underperform Bitcoin. This trend, which has formed since 2023, may be difficult to reverse in the short term unless there is a significant improvement in network activity, DeFi, and real-world applications.The report pointed out that, based on spot ETF fund flows and institutional futures positions, the recovery of Bitcoin is stronger than that of Ethereum. The spot Bitcoin ETF has recovered about two-thirds of the previous outflows, while the spot Ethereum ETF has only recovered about one-third. At the same time, CME futures data shows that institutional investors are more actively rebuilding their exposure to Bitcoin, with Bitcoin futures positions nearly fully restored, while Ethereum futures positions remain below previous levels.JPMorgan believes that the relative weakness of ETH and altcoins against Bitcoin may continue due to the lack of stronger on-chain fundamentals and real-world application support.

According to Cointelegraph, the 13F filing shows that JPMorgan significantly increased its Bitcoin ETF holdings in the first quarter, with its position in the BlackRock iShares Bitcoin Trust (IBIT) rising from approximately 3 million shares to 8.3 million shares, an increase of 174%.In addition, JPMorgan also significantly increased its holdings in other Bitcoin spot ETFs such as Fidelity FBTC and Bitwise BITB, while slightly increasing its position in Strategy (MSTR).Regarding altcoin ETFs, JPMorgan's actions varied: it made its first purchase of the Bitwise Solana Staking ETF (BSOL), increased its holdings in Ethereum-related ETFs, while completely liquidating its XRP ETF.

Solana treasury company DeFi Development Corp reported that despite an expanded loss in the first quarter, the per-share holding of SOL increased from 0.0322 to 0.0670 over the past year, a growth of 108%. As of May 13, the company holds approximately 2.2946 million SOL and equivalents.CEO Joseph Onorati stated that the company achieved growth through strategies such as internal staking, operating joint validation nodes in collaboration with Bonk, and deploying over 25% of the treasury on-chain, and believes that the strategy is a starting point rather than a ceiling. The company reported a revenue of $2.66 million in the first quarter, a year-on-year increase of 827%; the net loss was $83.4 million, compared to $778,000 in the same period last year, mainly impacted by the decline in SOL prices.