每周编辑精选 Weekly Editor's Picks (0530-0605)
- Core Viewpoint: The blockchain and crypto market is undergoing a structural transformation from native asset bubbles to the integration of infrastructure and traditional assets. This process faces dual pressures from U.S. regulatory easing and the compliance challenges of decentralized platforms, while the involvement of AI and traditional finance is reshaping the industry landscape.
- Key Elements:
- The U.S. 30-year Treasury yield has breached the 5% mark again, signaling the end of an era of cheap capital, labor, and energy. Inflationary pressures will be more persistent, with the trajectory of AI becoming the largest variable influencing future inflation.
- The U.S. CFTC has approved crypto perpetual contracts for the first time, opening up a market previously considered a "restricted zone." Kalshi, Coinbase, and CME are the direct beneficiaries, signaling an imminent explosion in U.S. derivatives trading.
- The overlap of Trump's holdings and public endorsements with government policies and capital flows suggests semiconductor, AI hardware, and quantum computing companies (such as IonQ and Rigetti) are potential targets for the next phase of "pump signals."
- Decentralized perpetual contract platforms like Hyperliquid face compliance challenges, as they lack regulated U.S. companies to distribute liquidity, and their decentralized clearing mechanisms make legal accountability difficult.
- The ability to issue assets is shifting from native crypto assets to traditional assets (such as U.S. stocks and bonds). On-chain perpetual contracts have become the most successful application by providing risk exposure rather than ownership, with Alpaca holding a 94% market share in tokenized U.S. stocks.
- Anthropic has secretly filed for a U.S. IPO, beating OpenAI to the public market. Their competition now extends from model capabilities to the credibility of financial statements, introducing new pricing pressure on the AI industry.
- The crypto market faces short-term pressure, with Bitwise suggesting it has become a contrarian investment target. Strategy has sold a small amount of BTC for the first time, but its long-term accumulation model continues, primarily due to preferred stock dividend pressures rather than a shift in conviction.
With the news feed moving too fast, in-depth analysis articles can easily be drowned out by hot topics. The "Weekly Editor's Pick" column sifts through the vast sea of information to unearth these valuable insights, helping you filter out the noise, grasp the key takeaways, and find 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 the US's low inflation and low interest rates over the past 50 years—cheap capital, cheap labor, and cheap energy—are now unraveling simultaneously. There are also several 'slow-moving variables': rising government debt, escalating geopolitical friction, and the spread of populism.
The combined effect of these risks is that lenders demand a higher risk premium to lend out their money, especially for longer durations. This directly pushes up long-end interest rates, such as the 30-year Treasury yield.
The US is bidding farewell to the era of low interest rates, entering a new phase with more persistent and diverse inflationary pressures. And the trajectory of AI will be the biggest unknown factor determining the future direction of inflation.
After Pointing the 'Golden Finger' at IBM, President Trump's Next Target Surfaces
Over the past year, the publicly traded companies that Trump has publicly named and praised are showing an increasingly clear overlap with his holdings, government industrial policies, and federal funding flows.
Perhaps the most striking example was Trump turning 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's design the "coolest."
Then came a series of companies including Dell, Intel, Micron, NVIDIA, IBM, Apple, and Thermo Fisher, successively added to his public praise list.
Some companies saw significant stock price movements after being named; for some, Trump's accounts had already established positions before the praise; and others simultaneously received government contracts, subsidies, export licenses, or other policy support.
The next batch most likely to be 'called out' by 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, several companies, including IonQ (IONQ), Rigetti (RGTI), and D-Wave (QBTS), are discussing securing at least $10 million in grant support through "government equity or quasi-equity arrangements." Quantum Computing (QUBT) and Atom Computing are also being considered within a similar framework. These quantum computing sectors are still in their very early stages, but their uniqueness lies in the fact that they almost naturally reside at the intersection of national security and fundamental scientific research.
Q1 Holdings Disclosure: Is Trump's Money Accelerating Towards AI Infrastructure?
In the first quarter, the largest sell-offs in Trump-related accounts were concentrated in Microsoft, Amazon, and Meta. The proceeds flowed towards: semiconductors, AI hardware, enterprise software, consumer electronics, broad-based indices, and some bonds and preferred stocks.
Directly copying these trades isn't very meaningful for three reasons: the lag in disclosure; the disclosure amounts are only ranges; and the related accounts might be managed independently by a third party, so the outside world doesn't know if each trade was based on active judgment, portfolio rebalancing, or model-driven allocation.
Its true value lies in revealing directional shifts. Three structural clues are worth noting: AI trading is moving from models and applications towards infrastructure; semiconductors are no longer just about NVIDIA; and the AI-fication of enterprise software might be the most underestimated opportunity.
Also recommended: "Four Valuation Anchors and an Elon Musk Premium: The Real Disagreement Behind the SpaceX IPO."
Investment & Entrepreneurship
Crypto is Dead, Long Live Perps
Over the past decade, crypto's core competence was asset issuance. Native crypto assets are now experiencing a slow decline, with liquidity and attention being siphoned off by old-world assets: US stocks, US Treasuries, gold, crude oil, indices... 'Crypto is dead' refers to the era that relied on the continuous expansion of native assets coming to an end.
On-chain Perp's CEX-ification + trust transfer after 10.11 + volatility in macro assets like gold and crude oil + the explosion in US stock trading = the rise of Hyperliquid.
To run a US equity Perp, a platform essentially only needs to build a contract pool around the price. Liquidity can be provided by ecosystem partners, and users trade price exposure without directly holding the underlying equity. This bypasses the heaviest part and captures the part with the highest trading demand. This is the fascinating yet insidious nature of Perps.
Perps don't create new assets, they create new casinos; they don't offer ownership, they offer risk exposure. Their goal isn't to reconstruct 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, crypto's most successful currency is the US dollar, its most successful asset is Bitcoin, its most successful application is trading, and its most 'anticipated new growth' now comes from US stocks.
Bitwise CIO: Crypto Has Become a Contrarian Play – Three Logics to Understand the Current Market
In the short term, the crypto market will likely remain under pressure. The tug-of-war over the CLARITY Act approval continues, SpaceX is about to IPO, Anthropic has filed its prospectus, and AI themes keep dominating financial headlines.
Adding to crypto positions now is likely to be an unpleasant experience. However, the essence of contrarian investing is precisely to deploy capital in areas no one is watching, making counter-intuitive decisions against the trend. By anchoring on fundamentals and seeking out high-quality assets, long-term returns can be substantial.
After MSTR Breaks Its 'Never Sell BTC' Pledge: 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 represents less than 0.05% of Strategy's total holdings (approximately 843,738 BTC as of mid-May 2026).
A transfer to an exchange doesn't necessarily mean the coins have been sold; institutional holders often move Bitcoin for custody adjustments, collateral management, or OTC trade settlements. Strategy's STRC preferred stock, with an annualized dividend yield of about 11.5%, creates a reasonable cash flow obligation. This is the primary driver for a potential BTC sale, not a wavering of conviction.
Just two weeks before the Coinbase Prime deposit, Strategy spent approximately $2.01 billion to purchase 24,869 BTC, confirming its long-term Bitcoin accumulation pattern remains intact.
Bitcoin's long-term price trajectory continues to depend on post-halving supply contraction, institutional ETF demand, and corporate treasury accumulation activities—not on individual wallet movements.
Institutional crypto activity in South Korea has moved beyond the MOU stage into concrete business operations and exchange equity acquisitions.
Institutions are quietly intensifying competition to secure key financial infrastructure, including STO standard-setting, stablecoin payment rails, and the custody market.
Domestic infrastructure builders are becoming core pillars of institutional operations, constructing Korea-native rails that align with the Bank of Korea's CBDC framework and local regulatory requirements, thereby reducing reliance on foreign technology.
The strategy for overseas Web3 foundations entering Korea has completely shifted, moving from retail community building to partnering with large corporates and financial institutions, as traditional finance accelerates its takeover of the market.
I've Been a Crypto VC for Nine Years: Asian Funds are Experiencing 'Hell Mode'
Nine years, three bull-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 those blindly offering high valuations.
Capital across the industry is shrinking. US funds play a different game, often with 10-year horizons. As the bubble recedes, US funds have ample reserves and many paths to choose from. But Asian funds, pushed up to the peak alongside them, found themselves with nowhere to go upon the descent, entering a painfully difficult 'hell mode.' Hence, a large number of Asian Crypto VCs have disappeared.
The biggest problem in the crypto industry is the decoupling of tokens from value.
Truly great projects are born only in the most pessimistic moments of each cycle.
Also recommended: "DAT Fails? The Listed Company Betting on HYPE Books $1.25 Billion in Unrealized Profit," "HYPE Spot ETF Accumulates 1% for 14 Consecutive Days – Is the New High of $75 Just the Beginning?"
Web3 & AI
Seeking to Beat OpenAI to the IPO, Anthropic Aims to Seize AI 'Pricing Power'
Anthropic announced Monday that it has confidentially filed for a US IPO, beating competitor OpenAI to the listing process. OpenAI has not yet followed suit. OpenAI CEO Sam Altman stated he is "not focused on the timeline of a potential IPO" and that the company "will go public at the right time."
Anthropic filed first, pushing its competition with OpenAI—spanning models, revenue, and valuation—into the arena of public market pricing. For investors, the contest is no longer just about 'whose model is smarter.' Now it's also about who can first translate the AI narrative into a financial statement the public market is willing to pay for.
In prediction markets, most participants previously expected OpenAI to file its IPO before Anthropic. Filing first is about capturing the narrative, but also about taking on risk first. The public market will demand answers: How fast is revenue growing? Are computing costs rising faster or slower? How much of total revenue ultimately goes to partners? Are enterprise customers truly retained, or are they inflated by short-term AI enthusiasm?
The AI PC War: Don't Bet on Teams, Bet on Toll Booths
AI PCs present three layers of opportunity:
The first layer is the advanced manufacturing toll booth. No matter who wins, TSMC finds it easier to collect the toll.
The second layer is spillover from compute power and platforms. AMD and NVDA represent the x86 offense and the extension of the GPU software stack, respectively.
The third layer is architectural diffusion and turnaround stories. Both ARM and INTC have potential, but position discipline must be strict.
From 'Old Economy' Stocks to 'New Money': How is AI Revaluing Old Infrastructure from Dell to Nokia?
As AI moves from model parameters to real-world data centers, the market naturally seeks out companies with delivery capabilities and infrastructure expertise. This is why Dell, HP, Nokia, and others are being seen anew.
The AI era doesn't require storing all data on the most expensive high-speed memory. 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, look for at least three criteria: Are orders and revenue being realized? Are there upward guidance revisions? Can profit margins and quality keep pace?
Prediction Markets
Polymarket Testing, Kalshi Approved: The Prediction Market Duo's Perpetual Futures Arrive
Last week, both Polymarket and Kalshi saw key developments. Polymarket opened beta testing of its perpetual contracts to a select group of users, with plans to broaden access over the next four weeks. Kalshi received CFTC approval to list the Bitcoin perpetual contract, BTCPERP. One is conducting small-scale product testing first, the other secured regulatory approval first. Different paths, but the same signal: prediction market platforms are no longer satisfied with just event trading; they are moving into the higher-frequency, more standardized derivatives market.
For prediction markets, entering Perps isn't because the prediction business isn't profitable, but to add a more established contract business alongside event trading. However, when competing with established giants, the brand and traffic of prediction markets won't automatically translate into competitiveness in contract trading. It remains a challenging path.
Policy & Stablecoins
On May 29, the US Commodity Futures Trading Commission (CFTC) issued a supervisory guideline for 24/7 trading, emphasizing that, due to their digital infrastructure and continuous global trading characteristics, crypto-related derivatives are better suited for around-the-clock trading and clearing.
This means the US, previously considered a 'forbidden zone for crypto perpetual swaps,' has opened up for the first time. The US CFTC has officially opened this market, which previously had a near-zero market 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 explosion in derivatives trading volume.
CeFi & DeFi
Regulation Eases, But the Path Narrowing for Hyperliquid?
The CFTC offers a 'pardon' for contracts. However, Hyperliquid's biggest critic, former Multicoin partner Kyle, poured cold water on the Hyperliquid community: "What you have now is a guarantee that no regulated US company will ever distribute Hyperliquid liquidity."
To legally operate a perpetual contract trading platform in the US, you need three types of businesses and licenses: DCM for the trading platform itself; DCO for the clearinghouse, the central clearing counterparty; and FCM for the intermediary broker. All three are indispensable. However, the entire regulatory framework for operating trading platforms was designed from the outset to exclude venues like Hyperliquid, which lack DCO qualifications, from broker access lists. This is because such Perp DEXs fundamentally do not need to rely on a 'clearinghouse.'
Another perennial concern is the 'who takes the blame' problem. The regulatory instinct is to find an accountable entity: if something goes wrong, who can be summoned, who can be penalized. In the traditional framework, the regulated entities are tangible intermediaries like FCMs, DCOs, and DCMs. But under the banner of 'decentralization,' the question of 'who takes the blame' remains a legal gray area.
Hyperliquid faces three paths: remain offshore; fully come onshore; or continue pursuing decentralization until passing the '8-prong decentralization test' of the Clarity Act.
Commanding 94% Market Share: Who is the Real Winner Behind the Stock Token Race?
Whether CeFi or DeFi, nearly every stock token trading service you see has Alpaca lurking somewhere in the background. According to data disclosed by Alpaca on December 4 last year, the company holds a 94% market share in the tokenized US stock and ETF
