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Tối qua và sáng nay, thị trường chứng khoán Mỹ đã giảm mạnh. Các nhà giao dịch trên Phố Wall cho biết, sự giảm giá lần này là do việc bán ra theo thuật toán và chương trình làm tăng sự biến động của thị trường. Các nhà giao dịch chứng khoán của Goldman Sachs cho biết mức độ đau đớn của thị trường hôm nay là cực kỳ cao. Nhà giao dịch của Goldman Sachs, John Flood, chỉ ra rằng các tổ chức mua vào lại một lần nữa rơi vào bế tắc, và các quỹ phòng hộ đã nhanh chóng bán ra các vị thế lớn trong lĩnh vực điện toán đám mây mà họ đã mua vào trong đợt phục hồi hôm qua, hiện chưa thấy người mua vào tiếp quản.Nhiều nhà giao dịch kỳ cựu mô tả trạng thái thanh khoản của thị trường chứng khoán Mỹ khi mở cửa có đặc điểm rất giống với việc thanh lý, và chỉ ra rằng việc bán ra theo thuật toán và quỹ CTA đã làm tăng cường sự giảm giá thẳng đứng trong giai đoạn đầu khi không có người mua. Theo Vanda Research, quy mô bán ra của nhà đầu tư cá nhân trong 30 phút đầu tiên khi mở cửa vào thứ Năm đã lập kỷ lục bán ra lớn nhất trong gần vài tháng qua, gần đạt đỉnh điểm khi nhà đầu tư cá nhân hoảng loạn rút lui vào cuối tháng 7 năm 2024.

Theo tweet mới nhất từ Fractal Bitcoin, Fractal Bitcoin đã hoàn thành lần giảm một nửa đầu tiên tại độ cao khối 2,100,000, đồng thời đề xuất FIP-102 chính thức được kích hoạt. Theo thông báo chính thức, các nút mạng và dịch vụ chỉ mục hoạt động ổn định sau khi giảm một nửa.Lần nâng cấp này đánh dấu việc đề xuất FIP-102 chính thức được kích hoạt, việc phân phối FB sẽ mở rộng từ mạng Fractal sang mạng chính của Bitcoin, cung cấp cho một nhóm người dùng Bitcoin rộng lớn hơn một con đường trực tiếp để nhận FB. Sau khi FIP-102 được kích hoạt, phần thưởng khối thực tế của bên Fractal sẽ giảm xuống còn 6.25 FB, và một ngân sách phát hành 6.25 FB sẽ chuyển sang mạng chính của Bitcoin. FIP-102 không làm tăng tổng cung FB, việc khai thác chung, khai thác tự do và khai thác chỉ mục bên Fractal vẫn được phân phối theo tỷ lệ 1:1:1 cho phần thưởng khối. Cơ chế phân phối cụ thể trên mạng chính của Bitcoin sẽ được làm rõ trong FIP-103 tiếp theo, với mục tiêu hoàn thành vào quý đầu tiên năm 2027.

According to independent analyst Markus Thielen, Strategy recently made a small-scale sale of Bitcoin after the performance conference call in May, which the market interpreted as testing market reactions and the flexibility of capital allocation strategies.The analyst pointed out that although Strategy remains highly optimistic about Bitcoin, the success and expansion of the STRC preferred stock financing tool may take precedence in the overall financial arrangements. This move breaks the company's market image of "buying only, not selling" that has lasted for nearly six years. Considering Strategy's strong market influence on Bitcoin demand, this shift is quietly rewriting market expectations.

According to Jinshi reports, due to signs of a deadlock in peace negotiations between the United States and Iran, U.S. Treasury prices fell, leading to a rise in yields in the U.S. Treasury market, which amounts to $31 trillion. The yield on the 10-year Treasury rose by about 6 basis points, reaching nearly 4.5%, while the yield on the 2-year Treasury also increased by about 6 basis points, reaching 4.07%. Traders raised their expectations for a Federal Reserve interest rate hike, with the swap market indicating that traders have fully priced in one rate hike by March 2027, and believe there is a 50% chance of a hike as early as October.

In mid-2026, multiple data points indicate that AI tools are generating significant hidden costs. A survey by Entelligence AI of 2,444 companies found that for every $1 spent on AI, $0.44 is used to fix vulnerabilities, $0.27 is spent on rewriting AI-generated code, and $0.11 is consumed by audit and merge delays.The 2026 report from Lightrun further notes that 43% of AI-generated code still requires manual debugging in production environments after passing quality checks, and no surveyed engineering leaders expressed complete trust in the AI outputs that have been deployed.On the infrastructure front, Oracle has accumulated approximately $108 billion in total debt and is raising another $50 billion in 2026 for AI data center construction, with free cash flow nearing negative $13 billion. Over $300 billion of its $553 billion backlog is concentrated in OpenAI, which incurred a loss of about $14 billion last year. In terms of talent, OKX CEO Stax Xu stated that AI agents have exposed employees who rely on impression management rather than outcome production while accelerating execution. The exchange has now incorporated AI proficiency into its employee evaluation system.

According to Jinshi reports, Federal Reserve official Musalem stated that the bond market indicates the economy is resilient, while inflation expectations are rising.

According to Jinshi reports, Federal Reserve's Musalem stated that the current inflation level is significantly above the target, and market expectations are rising.

According to Jinshi, the U.S. April PCE data will be released at 20:30 Beijing time tonight, and the market generally expects the year-on-year increase to rise to a three-year high. With the impact of energy prices not yet dissipated and inflation in the service sector remaining sticky, if the data confirms the acceleration of inflation, the Federal Reserve's return to a hawkish stance will gain strong support.

According to Jinshi reports, Federal Reserve Governor Cook stated that there is currently a strong focus on changes in inflation expectations.

According to Jinshi News, Chris Turner from ING stated in a report that the prospects for a Federal Reserve interest rate hike are increasingly strengthening, which is expected to support the dollar. Even with news of specific progress in peace negotiations between the U.S. and Iran, the dollar should not have much room for decline.He pointed out that Federal Reserve Governor Waller warned in a recent speech that if oil prices remain high, the possibility of an interest rate hike cannot be ruled out. At the same time, due to economic fragility, investors have lowered their expectations for interest rate hikes in the Eurozone and the UK.

According to Jinshi, the final value of the one-year inflation rate expectation in the United States for May is 4.8%, up from the previous value of 4.5%.

According to Jinshi reports, economists have raised their forecasts for U.S. inflation and delayed the timeline for the Federal Reserve's next interest rate cut, expecting the core PCE index to remain above 3%. Surveys show that economists are evenly split on whether the Federal Reserve will cut rates in December, whereas previous predictions anticipated a rate cut in October. Wilmington Trust Corp Chief Economist Luke Tilly stated that consumer spending is weak and expects the unemployment rate to peak at 4.5% in the third quarter.

According to Jinshi reports, Federal Reserve official Barkin stated that there are currently no signs of runaway inflation based on the inflation expectations reflected in the long-term bond market.

According to Jinshi reports, Nvidia's stock rose after hours, with its first-quarter revenue and second-quarter revenue outlook both exceeding market average expectations.

The latest market intelligence report released by the digital asset trading firm Wintermute shows that global financial markets are undergoing a large-scale macroeconomic repricing, with the market narrative shifting from discussions about the timing of interest rate cuts to preparing for potential rate hikes. This structural shift has been triggered by unexpectedly strong economic data and reignited inflationary pressures, creating significant headwinds for digital assets.The report notes that Bitcoin saw a sharp decline after briefly breaking through $83,000, giving back significant gains within a week, while mainstream alternative tokens experienced double-digit percentage drops. Global wealth managers are actively de-risking under macro constraints, highlighting the fragility of digital asset expansion. On-chain trading indicators suggest that the previous price increases were not driven by genuine spot market demand or organic retail accumulation, but rather primarily from short squeezes in the perpetual futures market.The total open interest in Bitcoin derivatives rapidly expanded by $10 billion to $58 billion within a month, while the underlying spot trading volume simultaneously fell to a two-year low. When Bitcoin broke through $80,000, a large number of short positions were forcibly liquidated, triggering a brief buying frenzy, but failed to establish a lasting structural bottom.The main driving factor behind the current market reversal is that global CPI data continues to exceed expectations, reigniting widespread concerns about interest rate hikes. At the same time, ongoing uncertainty surrounding the nomination of the next Federal Reserve chair has injected unpredictability into the market. Despite long-term positive signals, including a recent net inflow of $623 million into spot ETFs and Bitcoin reserves on trading platforms dropping to a seven-year low, Wintermute emphasizes that these long-term trends are insufficient to alleviate recent structural risks.As international asset managers shift capital towards short-term sovereign debt instruments, digital platforms are struggling to maintain momentum. The near-term outlook for the tokenized market will depend on whether genuine spot buyers return to stabilize the weak liquidity gap.

According to a report by Jinshi, Zaheer Anwari, an analyst at Revacy Fund, pointed out that the outlook for interest rate hikes in the U.S. supports the dollar due to high energy prices. He stated that persistent inflationary pressures have led the market to form the expectation that "interest rates will remain high for a long time." LSEG data shows that the U.S. money market has fully priced in the expectation of a 25 basis point rate hike by the Federal Reserve before March 2027, and the market believes there is a 62% probability of a rate hike by the end of 2026.