Weekly Editor's Picks (May 30 - June 5)

The information flow is too fast, and in-depth analysis articles are easily submerged by hot topics. The "Weekly Editor's Picks" section extracts these judiciously valuable contents from the vast amount of information, helping you filter out noise, leaving insights that provide inspiration.

Macroeconomic Situation

30 Years of US Treasury Yields Break 5% Again, The Era of "Everything is Cheap" Has Come to an End

The three pillars supporting America's low inflation and low interest rates over the past 50 years—cheap capital, cheap labor, and cheap energy—are simultaneously collapsing. There are also several "slow variables": continuously rising government debt, increasing geopolitical friction, and the spread of populism.

The combined effect of these risks is that lenders are demanding higher risk premiums in order to lend money—especially for loans over several years. This directly pushes up long-term interest rates, specifically the yields on 30-year US Treasury bonds.

The United States is bidding farewell to the era of low interest rates and entering a new stage where inflationary pressures are more persistent and diverse. The direction of AI will be the biggest unknown factor determining future inflation trends.

After Targeting IBM, Stock Guru Trump’s Next Target Emerges

In the past year, publicly praised companies by Trump are increasingly overlapping with his investments, government industrial policies, and federal funding flows.

Perhaps the most impressive instance was last year when Trump turned the White House South Lawn into a Tesla product launch event. In front of the media, he sat inside a Model S and called Tesla a "great product," claiming that the Cybertruck had "the coolest design."

Following that, a series of companies like Dell, Intel, Micron, Nvidia, IBM, Apple, and Thermo Fisher appeared on his public praise list.

Some companies saw significant stock price movements after being mentioned; some companies had positions established in Trump's accounts before being praised; and others received government contracts, subsidies, export licenses, or other policy support simultaneously.

The next batch likely to be called out by Trump includes companies already entered by the government: MP Materials (MP), Lithium Americas (LAC), IonQ (IONQ), Rigetti (RGTI), D-Wave (QBTS), etc. According to reports from The Wall Street Journal, multiple companies, including IonQ (IONQ), Rigetti (RGTI), and D-Wave (QBTS), are discussing "government equity or quasi-equity arrangements" for at least $10 million in grant support. Quantum Computing (QUBT) and Atom Computing are also being included in similar discussions. These sectors of quantum computing are still in a very early stage, but their uniqueness lies in the fact that they naturally belong to the intersection of national security and foundational scientific research.

Presidential Q1 Holdings Disclosure: Is Trump's Money Accelerating Toward AI Infrastructure?

In the first quarter, the largest sell-off in Trump's related accounts was concentrated in Microsoft, Amazon, and Meta. The funds went toward: semiconductors, AI hardware, enterprise software, consumer electronics, broad-based indices, and some bonds and preferred stocks.

Simply copying assignments has little significance for three reasons: the lag in disclosure; the disclosed amounts are just ranges; related accounts may be independently managed by third parties, and the outside world does not know whether each transaction is an active judgment, portfolio rebalancing, or model-based allocation.

The real value lies in reflecting directional changes. Three structural clues are worth referencing: AI trading is moving from models and applications to infrastructure; semiconductors are no longer just about Nvidia; the AI transformation of enterprise software may be an underestimated link.

Investment and Entrepreneurship

The Crypto Circle is Dead, Perp Lives On

Over the past decade, the core capability of the crypto circle has been asset issuance, while native assets are moving toward gradual obsolescence, with legacy assets such as US stocks, US bonds, gold, crude oil, indices draining liquidity and attention. The crypto circle is dead refers to the era of continuous expansion relying on native assets has exited.

On-chain Perp's CEX transformation + the trust shift after 10.11 + the volatility of macro assets like gold and crude oil + the explosion of trading in US stocks = the rise of Hyperliquid.

If doing US stock Perp, a platform only needs to establish a contract pool around price, liquidity can be provided by ecological partners, and users trade price exposure without directly holding underlying equities. It avoids the heaviest parts and captures the most in-demand parts of trading. This is the alluring yet sinister aspect of Perp.

Perp does not create new assets, only new casinos; it does not provide ownership but offers risk exposure; its goal is not to reconstruct the financial world, but to turn all assets into a "price" that can be traded 24 hours a day, creating unprecedented liquidity and price discovery efficiency.

Today, the most successful currency in the crypto circle is the US dollar, the most successful asset is Bitcoin, and the most successful application is trading; currently, the most "anticipated new growth" comes from US stocks.

Bitwise Chief Investment Officer: Crypto has Become Reverse Investing, Understand Current Markets with Three Logics

In the short term, the crypto market will remain under pressure. The approval tug-of-war over the CLARITY Act continues, SpaceX is about to go public, and Anthropic has submitted its prospectus, with AI topics continuing to dominate financial headlines.

Currently, increasing positions in crypto assets is likely to yield a poor experience, but the essence of reverse investing is to layout in areas that no one is paying attention to, making counter-intuitive decisions—anchoring on fundamentals and value digging quality targets, long-term returns will be quite impressive.

After MSTR Breaks the "Never Sell BTC" Promise, Is It Panic or Opportunity?

On May 29, 2026, Strategy deposited 411.48 BTC (approximately valued at $30.3 million) into Coinbase Prime, marking the company's first transaction of this kind in nearly two years. The transfer amount is less than 0.05% of Strategy's total holdings (approximately 843,738 BTC as of mid-May 2026).

Transferring to an exchange does not mean that a sale has been completed; institutional holders often move Bitcoin due to custodial adjustments, collateral management, or over-the-counter settlements. Strategy's STRC preferred shares—annualized dividend yield of approximately 11.5%—generate reasonable cash flow obligations, which is the main driving factor for potential BTC sales, not belief erosion.

Just two weeks before the deposit with Coinbase Prime, Strategy spent about $2.01 billion to acquire 24,869 BTC, confirming its long-term Bitcoin accumulation model is still ongoing.

The long-term price trend of Bitcoin continues to rely on supply contraction after halving, institutional ETF demand, and corporate capital reserve activities—not on a single wallet transaction.

Tiger Research: Korean Crypto Retail Investors are Disappearing, Who Will Support the Market in 2026?

Korean institutional crypto activities have surpassed the MOU (Memorandum of Understanding) stage, entering specific business operations and exchange equity acquisitions.

Institutions are secretly intensifying competition, vying for key financial infrastructure, including the establishment of STO standards, stablecoin payment tracks, and custodial markets.

Domestic infrastructure builders are becoming the core pillar of institutional business, constructing local tracks that meet the requirements of the Korean central bank's CBDC framework and local regulatory requirements, reducing reliance on foreign technology.

Overseas Web3 foundations entering Korea have completely shifted their strategies from retail community building to cooperation with large enterprises and financial institutions because traditional finance is accelerating its takeover of the market.

I Have Done VC in Web3 for Nine Years: Asian Funds are Experiencing "Hell Mode"

In 9 years and 3 bull-bear cycles, the logic of crypto VC has completely changed. This round brings structural opportunities for research-driven funds. Good projects will actively seek institutions that can genuinely provide non-financial value rather than just blindly offering high valuations.

The entire industry's funding is shrinking. The ways of American funds differ; many operate on a 10-year cycle. In the stage after the bubble bursts, American funds still have plenty of resources left and many paths to choose from. But after Asian funds were pushed to highs, they find themselves without options when they come crashing down, entering an extremely painful hell mode. Thus, a large number of Asian Crypto VCs have disappeared.

The biggest issue in the crypto industry is that tokens are detached from value.

Great projects are only born during the most pessimistic moments of each cycle.

Web3 & AI

IPO Must Rush One Step Ahead of OpenAI, Anthropic Wants to Seize AI "Pricing Power"

On Monday, Anthropic announced that it has confidentially submitted its IPO application in the U.S., getting ahead of rival OpenAI in the listing process. As of now, OpenAI has not followed up with a filing. OpenAI CEO Sam Altman stated that he is "not focused on the timing of a potential IPO," and the company "will go public at the right time."

By submitting the application first, Anthropic has shifted the competition with OpenAI from models, revenue, and valuation to the public market pricing phase. For investors, this competition is no longer just "whose model is smarter." The focus is now on who can turn the AI narrative into financial statements that the public market is willing to buy.

In the prediction market, most participants previously expected OpenAI would file its IPO application before Anthropic. By submitting ahead, Anthropic is not only competing for narrative but also taking on the risk first. The public market will question how fast revenue is growing, whether computing costs are increasing faster or slower; how much of the total revenue ultimately goes to partners; whether enterprise customers are genuinely retained or pushed up by short-term AI enthusiasm.

AI PC Battle: Don’t Bet on Camps, Bet on Toll Booths

AI PCs offer three layers of opportunity:

The first layer is toll booths for advanced processes; regardless of who wins, TSMC will have an easier time collecting tolls;

The second layer is the spillover of computing power and platforms, with AMD and NVDA representing the push of x86 and the extension of the GPU software stack;

The third layer is architecture diffusion and dilemma reversal, both ARM and INTC have flexibility, but position discipline must be stricter.

Old Chen Stocks Become New Nobles: How Does AI Revalue Old Infrastructure from Dell to Nokia?

As AI moves from model parameters to real data centers, the market will naturally seek those companies with delivery capability and infrastructure capability, which is why companies like Dell, HP, and Nokia are being seen again.

The AI era does not imply that all data must be stored in the most expensive high-speed storage. A large amount of cold data, training data, log data, video data, and archival data still need high-cost-effective large-capacity hard drives.

To judge if an old company is being genuinely re-evaluated, at least three criteria should be checked: Are there orders and revenue actualization? Is there upward guidance? Can profit quality keep up?

Prediction Market

Polymarket Begins Testing, Kalshi Approved, The Two Giants of the Prediction Market Have Introduced Perpetual Contracts

Last week, Polymarket and Kalshi both welcomed key developments. Polymarket's perpetual contract Beta version has opened testing to some users and will gradually expand access over the next four weeks; Kalshi has received CFTC approval to list Bitcoin perpetual contract BTCPERP. One is conducting small-scale product testing, and the other has secured regulatory approval. The paths are different, but the signals are consistent: prediction market platforms are no longer satisfied with merely event trading, but are starting to enter higher-frequency, more standardized derivatives markets.

For the prediction market, creating Perps is not because prediction markets are not profitable, but because they want to engage in a more mature contract business beyond event trading. However, when competing against old giants, the brands and traffic of the prediction market will not automatically translate into competitive strength for contract trading; this is still a challenging path.

Policies and Stablecoins

What Does the US Government’s First Unblocking of Crypto Perpetual Contracts Mean for the Market?

On May 29, the US Commodity Futures Trading Commission (CFTC) released 7*24 trading supervision guidelines, emphasizing that, due to digital infrastructure and continuous global trading features, derivatives related to crypto assets are more suitable for round-the-clock trading and clearing.

This means that the US has first opened what was previously viewed as a "crypto perpetual contract ban zone." The US CFTC has officially opened this market, with previously nearly zero shares, to US citizens and some domestic crypto platforms and CEM exchanges.

The direct beneficiaries of the new policy: Kalshi, Coinbase, CME. The US market is set to welcome a boom in derivatives trading.

CeFi & DeFi

As Regulations Ease, Does Hyperliquid’s Path Narrow?

The CFTC granted amnesty for contracts. However, Kyle, a former partner at Multicoin, poured cold water on the Hyperliquid community: "What you are getting now is a guarantee that a US company that will never be regulated can distribute Hyperliquid's liquidity."

To legally operate a perpetual contract trading platform in the US, three types of businesses and licenses are required: DCM, corresponding to the trading platform itself; DCO, corresponding to the clearing house, which is the centralized clearing counterparty; FCM, corresponding to the intermediary broker. All three are indispensable. However, the regulatory framework designed for operating the trading platform originally blocked places like Hyperliquid that do not qualify as DCO from being included in the broker access list, as such Perp DEX inherently does not need to rely on a "clearing house."

Another concern is the age-old question: "Who will take the blame?" Regulation’s instinct is to find an entity that can be held accountable: If something goes wrong, whom should I summon or penalize? In the traditional framework, the regulated are the visible intermediaries like FCM, DCO, and DCM; but under the declaration of "decentralization," "who will take the blame" remains a legal blank.

Hyperliquid faces three paths: Maintain offshore; completely onshore; continue to pursue decentralization, until passing the Clarity Act's "8-prong decentralization test."

Dominating 94% Market Share, Who Are the Real Winners Behind the Coin-Stock Race?

Whether in CeFi or DeFi, any stock token trading service you can see almost has the shadow of Alpaca behind it. According to data disclosed by Alpaca on December 4 last year, the company has already captured 94% of the market share in the tokenized US stock and ETF asset market.

Unlike traditional brokers which directly serve terminal investors, Alpaca's core customers are developers, fintech companies, and other brokerage institutions. The Broker API provided by Alpaca helps partners quickly build a complete securities trading service system, including account opening, KYC, account management, order execution, clearing settlement, and market data services, etc. This, in a sense, resembles a "Brokerage-as-a-Service." With Alpaca's path support, platforms like Binance, Bitget, Gate, and Ondo only need to handle traffic and users, while all backend work connecting to the real-world securities market can be entrusted to Alpaca.

The combination of first-mover advantage and industry compatibility is the core reason for Alpaca's current market position.

As more and more platforms start competing in the stock token market, the one selling "shovels" to all platforms may be the biggest beneficiary of this race.

Airdrop Opportunities and Interaction Guide

With the World Cup Approaching, Card Assets on Chain Heat Up, How to Participate in MarketCards First MintBox?

Ethereum and Scaling

Vitalik: Construct Index-tracking Assets Based on Options Rather Than Debt

Weekly Hot Topics Review

Policies and Macroeconomic Markets

Japan and South Korea Stock Markets Hit New Highs; Global Assets Adjust in the Second Half of the Week;

SpaceX Sets IPO Offering Price at $135; Analysis: Bitcoin Held by SpaceX May Cause Significant Fluctuations in Financial Reports;

Elon Musk May Become the World’s First Trillionaire;

ChangQiao Securities: Suspended all new positions and additional transactions in stocks and other varieties within mainland China;

Futu: Since June 12, it will suspend stock purchases (new positions) in mainland China;

Opinions and Voices

Anthropic: Urging the Global Pause of Cutting-edge AI Research;

Jensen Huang: Robotics Will Become Korea’s Next Important Industry;

The "New Stock Guru" Serenity and Garrett Jin Debate Over Timing to Enter the A-Share Robot Track;

ARK Invest: Opportunities are Hidden in the "Cemetery" of the Crypto Market, a Large Amount of Quality Assets are Being Overlooked;

Sharplink CEO: Liquidating ETH now is like selling Amazon during the internet bubble;

Institutions, Large Corporations, and Major Projects

Binance Opens Trading for Over 7,000 US Stocks and ETFs to Non-US Users, Starting Investment Amount at $5;

The "Myth of Holding Coins" Ends, Strategy Sells BTC for the First Time in Three Years;

Polymarket Ultimately Rules "Strategy Sold Coins in May" as No;

Arthur Hayes Liquidates All ZEC Holdings Due to Orchard Pool Vulnerability, Still Holds WLD;

Data

Bitcoin Crashed Back to $66,000, ZEC Shines in Reverse;

HYPE Continues to Set Historical New Highs;

Binance Discloses Revenue Sharing Agreement with Alpaca, Will Receive 50% of Order Flow Fees;

Security

"Unlimited Printing" Vulnerability Lurking for Four Years, Privacy Coin ZEC Halves in a Day;

The US Department of Justice Accuses a Google Engineer of Earning $1.2 Million through Insider Trading on Polymarket...

Attached is the series of Weekly Editor's Picks. See you in the next issue~

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