每周編輯精選 Weekly Editor's Picks（0530-0605）

The flow of information is too fast, making it easy for in-depth analytical articles to be drowned out by hot topics. This "Weekly Editor's Picks" column sifts through the vast amount of news to bring you these valuable insights, helping you filter out the noise, capture key takeaways, and spark inspiration.

Macro Landscape

30-Year Treasury Yield Breaks 5% Again, the Era of "Everything is Cheap" Comes to an End

The three pillars that supported low inflation and low interest rates in the US over the past 50 years – cheap capital, cheap labor, and cheap energy – are now simultaneously disintegrating. Several other "slow variables" are at play: rising government debt, escalating geopolitical tensions, and the spread of populism.

The combined effect of these risks is that lenders demand a higher risk premium to part with their money – especially for longer terms. This directly pushes up long-end interest rates, namely the 30-year Treasury yield.

The US is bidding farewell to the era of low interest rates, entering a new phase where inflationary pressures are more persistent and multifaceted. The trajectory of AI will be the biggest unknown determining future inflation trends.

After "Golden Touch" Lands on IBM, President Trump's Next Target Emerges

Over the past year, the publicly traded companies singled out for praise by President Trump have shown increasingly clear overlaps with his holdings, government industrial policies, and federal funding flows.

Perhaps the most striking example was when Trump turned the White House South Lawn into a Tesla product launch event. In front of media cameras, he sat in a Model S, calling Tesla a "great product" and the Cybertruck having the "coolest design."

Subsequently, a series of companies including Dell, Intel, Micron, Nvidia, IBM, Apple, and Thermo Fisher have appeared on his public commendation list.

The stock prices of some companies showed significant abnormal movements after being named. For some, Trump's accounts had already established positions before the praise. Others simultaneously received government contracts, subsidies, export licenses, or other policy support.

The next batch most likely to receive a "shout-out" from Trump are companies the government has already invested in: MP Materials (MP), Lithium Americas (LAC), IonQ (IONQ), Rigetti (RGTI), D-Wave (QBTS), and others. According to the Wall Street Journal, multiple companies, including IonQ (IONQ), Rigetti (RGTI), and D-Wave (QBTS), are discussing securing at least $10 million in funding support through "government equity or quasi-equity arrangements." Quantum Computing (QUBT) and Atom Computing are also being discussed within similar frameworks. These quantum computing sectors are still in their very early stages, but their unique characteristic is that they almost naturally fall under the intersection of national security and fundamental scientific research.

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

In the first quarter, the largest sell-offs from Trump-related accounts were concentrated in Microsoft, Amazon, and Meta. The money went towards: semiconductors, AI hardware, enterprise software, consumer electronics, broad market indices, and some bonds and preferred stocks.

Directly copying these trades isn't very meaningful for three reasons: the lag in disclosure; the disclosed amounts are only ranges; the accounts might be independently managed by third-party institutions, making it unclear whether each trade was an active decision, portfolio rebalancing, or model-driven allocation.

The real value lies in showing directional changes. Three structural clues are worth noting: AI trades are shifting from models and applications to infrastructure; semiconductors are no longer just about Nvidia; the AI transformation of enterprise software might be the most underestimated factor.

Also recommended: "Four Valuation Anchors, One Musk Premium: The Real Disagreement in the SpaceX IPO".

Investment & Entrepreneurship

Crypto is Dead, Long Live Perps

Over the past decade, the core competency of the crypto space has been asset issuance. Native crypto assets are now facing a slow death, with liquidity and attention being siphoned by old-world assets: US stocks, US Treasuries, gold, crude oil, indices... "Crypto is dead" refers to the era of relying on the continuous expansion of native assets coming to an end.

The combination of on-chain Perps becoming CEX-like + trust transfer post-10.11 + volatility in macro assets like gold and crude oil + the explosion in US stock trading = the rise of Hyperliquid.

For US stock Perps, a platform only needs to build a contract pool around the price. Liquidity can be provided by ecosystem partners. Users trade price exposure without directly holding the underlying equity. It bypasses the heaviest part and captures the part with the most trading demand. This is the charming yet evil nature of Perps.

Perps don't create new assets; they create new casinos. They don't provide ownership, but they provide risk exposure. Their goal isn't to restructure the financial world, but to turn every asset into a "price" that can be traded 24/7, creating unprecedented liquidity and price discovery efficiency.

Today, the most successful currency in crypto is the US Dollar, the most successful asset is Bitcoin, the most successful application is trading, and the most "anticipated new growth driver" comes from US stocks.

Bitwise CIO: Crypto Becomes a Contrarian Investment – Three Logics to Understand the Current Market

In the short term, the crypto market will continue to face pressure. The tug-of-war over the CLARITY Act continues, SpaceX is about to IPO, Anthropic has filed its prospectus, and AI themes keep dominating financial headlines.

Adding to crypto positions now will likely be an unpleasant experience. However, the essence of contrarian investing is precisely to position oneself in areas of low attention and make counter-intuitive decisions against the trend – anchoring on fundamentals and value to identify quality assets, the long-term returns can be substantial.

MSTR Breaks its "Never Sell BTC" Promise: Panic or Opportunity?

On May 29, 2026, Strategy deposited 411.48 BTC (worth approximately $30.3 million) to Coinbase Prime, its first such exchange transfer 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 it has been sold. Institutional holders often move Bitcoin for custody adjustments, collateral management, or OTC trade settlements. The primary driver for a potential BTC sale is likely Stategy's STRC preferred stock – with an annualized dividend yield of about 11.5% – which creates reasonable cash flow obligations, not a wavering conviction.

Just two weeks before the Coinbase Prime deposit, Strategy purchased 24,869 BTC for approximately $2.01 billion, confirming its long-term Bitcoin accumulation model continues.

Bitcoin's long-term price trend continues to rely on post-halving supply contraction, institutional ETF demand, and corporate treasury activities – not a single wallet transaction.

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

Institutional crypto activity in Korea has moved beyond the MOU (Memorandum of Understanding) stage into concrete business operations and exchange equity acquisitions.

Institutions are intensifying competition behind the scenes for key financial infrastructure, including STO standard-setting, stablecoin payment rails, and the custody market.

Local infrastructure builders are becoming core pillars of institutional business, constructing Korean domestic rails that comply with the Bank of Korea's CBDC framework and local regulations, reducing reliance on foreign technology.

The strategy for overseas Web3 foundations entering Korea has completely shifted from building retail communities to partnering with major corporations and financial institutions, as traditional finance accelerates its takeover of the market.

I've Been a Web3 VC for Nine Years: Asian Funds Are Experiencing "Hell Mode"

Nine years, three bull and bear cycles. The logic of Crypto VC has fundamentally changed. This cycle offers structural opportunities for research-driven funds. Good projects actively seek institutions that can provide genuine non-financial value, not just blindly offer high valuations.

Capital across the industry is shrinking. US funds operate differently, many on 10-year cycles. When the bubble recedes, US funds have ample reserves and many options left. But Asian funds, having been pushed to the peak together, find themselves with nowhere to go when they fall, entering an extremely painful "hell mode." Hence, many Asian Crypto VCs have disappeared.

The biggest problem in the crypto industry is the decoupling of tokens from value.

Only at the most pessimistic point of each cycle are truly great projects born.

Also recommended: "DAT Fails? Listed Company Betting on HYPE Sees $1.25 Billion Unrealized Profit", "HYPE Spot ETF Absorbs 1% for 14 Consecutive Days: Is the $75 ATH Just the Beginning?".

Web3 & AI

Aiming to Beat OpenAI to IPO, Anthropic Seeks to Grab AI "Pricing Power"

Anthropic announced on Monday that it has confidentially submitted its U.S. IPO application, beating rival OpenAI in the listing process. OpenAI has not yet followed suit by filing. OpenAI CEO Sam Altman stated he's "not focused on the timing of a potential IPO" and the company "will go public when the time is right."

Anthropic filing first pushes its competition with OpenAI – from models, revenue, and valuation – to the public market pricing stage. For investors, this competition is no longer just about "whose model is smarter." Now, it's also about who can turn the AI narrative into financial statements that public markets are willing to pay for.

In prediction markets, most participants previously expected OpenAI to file for an IPO before Anthropic. Filing first is about capturing the narrative, but also about taking on the risk first. Public markets will scrutinize: how fast is revenue growing, are computing costs rising faster or slower? What portion of total revenue ultimately goes to partners? Are enterprise customers genuinely retained or just boosted by short-term AI enthusiasm?

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

AI PCs present three layers of opportunity:

The first layer is the advanced process node toll booth. Regardless of who wins, TSMC is more likely to collect the toll.

The second layer is the spillover of computing power and platforms. AMD and NVDA represent the x86 offensive and the extension of the GPU software stack, respectively.

The third layer is architectural diffusion and turnaround plays. Both ARM and INTC have elasticity, but position discipline must be stricter.

From "Old Guard" to "New Money": How AI is Revaluing Old Infrastructure from Dell to Nokia

When AI moves from model parameters to real data centers, the market will naturally seek companies capable of delivering and possessing infrastructure capabilities. This is why Dell, HP, Nokia, etc., are being rediscovered.

In the AI era, not all data needs to be stored on the most expensive, high-speed storage. Massive amounts of cold data, training data, log data, video data, and archive data still require cost-effective, high-capacity hard drives.

To judge if an old company is truly being revalued, one should look at three criteria: Is there confirmed order flow and revenue? Is there upward guidance revision? Can profit quality keep up?

Prediction Markets

Polymarket Begins Testing, Kalshi Gets Approval – Perpetual Futures Arrive for the Prediction Market Duopoly

Last week, both Polymarket and Kalshi saw key developments. Polymarket's perpetual futures Beta version is open for testing to some users, with access gradually expanding over the next 4 weeks. Kalshi received CFTC approval to list Bitcoin perpetual futures (BTCPERP). One is starting with small-scale product testing; the other has secured regulatory approval first. The paths differ, but the signal is the same: prediction market platforms are no longer content with just event trading; they are moving into the higher-frequency, more standardized derivatives market.

For prediction markets, building Perps isn't because prediction markets aren't profitable; it's about adding another, more mature contract business alongside event trading. However, when competing with established giants, a prediction market's brand and traffic won't automatically translate into competitiveness in contract trading. It remains a difficult path.

Policy & Stablecoins

The US Government Allows Crypto Perpetual Futures for the First Time: What Does It Mean for the Market?

On May 29, the U.S. Commodity Futures Trading Commission (CFTC) released regulatory guidance for 7x24 trading, emphasizing that crypto-related derivatives, given their digital infrastructure and global continuous trading characteristics, are better suited for round-the-clock trading and clearing.

This means the US, once considered a "no-go zone for crypto perpetual futures," is opening up for the first time. The US CFTC has formally opened this market, which previously had nearly zero share, to US citizens and certain domestic crypto platforms and CEM exchanges.

Direct beneficiaries of the new policy: Kalshi, Coinbase, CME. The US market is poised for an explosive period in derivatives trading.

CeFi & DeFi

Regulation Eases, but the Path for Hyperliquid Narrows?

The CFTC gives a pass on contracts. However, Hyperliquid's biggest critic, former Multicoin partner Kyle, threw cold water on the Hyperliquid community: "What you've got now is a guarantee that no regulated US company will ever distribute Hyperliquid's liquidity."

To legally operate a perpetual futures trading platform in the US, one needs to assemble three types of businesses and licenses: DCM (Designated Contract Market) for the trading platform itself; DCO (Derivatives Clearing Organization) for the clearinghouse, acting as the central clearing counterparty; and FCM (Futures Commission Merchant) for the intermediary broker. All three are indispensable. However, this entire regulatory framework for operating a trading platform was designed in a way that inherently excludes venues like Hyperliquid (which lack DCO qualification) from broker access lists, because such Perp DEXs fundamentally don't rely on a "clearinghouse."

Another lingering concern is the age-old question: "Who takes the blame?" The regulatory instinct is to find an accountable entity: if something goes wrong, who gets subpoenaed, who gets penalized. In the traditional framework, the regulated entities are tangible intermediaries like FCMs, DCOs, and DCMs. But under a "decentralized" claim, "who takes the blame" remains a legal vacuum.

Hyperliquid faces three paths: stay offshore; fully move onshore; continue pursuing decentralization until passing the "8-prong decentralization test" of the Clarity Act.

Capturing 94% Market Share: Who is the Real Winner Behind the Stock Token Competition?

Whether in CeFi or DeFi, almost any stock token trading service you can find has Alpaca behind it. According to data Alpaca disclosed on December 4 last year, it holds a 94% market share in the tokenized US stock and ETF asset market.