每周 편집 선정 Weekly Editor's Picks (0530-0605)

The information flow is too fast, making it easy for in-depth analytical articles to be drowned out by hot topics. The "Weekly Editor's Pick" column sifts through the vast sea of information to find these valuable pieces, helping you filter out the noise, retain insights, and spark inspiration.

Macro Situation

30-Year Treasury Yield Breaks 5% Again: The Era of 'Everything is Cheap' Has Ended

The three pillars that supported low inflation and low interest rates in the U.S. over the past 50 years—cheap capital, cheap labor, and cheap energy—are simultaneously crumbling. There are also several "slow-moving variables": rising government debt, intensifying geopolitical frictions, 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 terms. This directly pushes up long-end interest rates, like the 30-year Treasury yield.

The U.S. is bidding farewell to the era of low interest rates and entering a new phase with more persistent and diverse inflationary pressures. And the trajectory of AI will be the biggest unknown factor determining future inflation.

After 'Midas Touch' Picked IBM, 'Stock God' Trump's Next Target Surfaces

Over the past year, the publicly traded companies that Trump has specifically named and praised are showing increasingly clear overlaps with his holdings, the government's industrial policies, and the flow of federal funds.

Perhaps the most striking example was when Trump turned the White House's 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 a "cool design."

Subsequently, a series of companies including Dell, Intel, Micron, Nvidia, IBM, Apple, and Thermo Fisher entered his public praise list.

Some companies saw significant stock price movements after being named; some already had positions in Trump's account before the praise; others simultaneously received government contracts, subsidies, export licenses, or other policy support.

The next batch most likely to receive a "shoutout" from Trump are companies the government has already invested in: MP Materials (MP), Lithium Americas (LAC), IonQ (IONQ), Rigetti (RGTI), D-Wave (QBTS), etc. According to a Wall Street Journal report, 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 discussed within a similar framework. These quantum computing sectors are still in a very early stage, but their uniqueness lies in the fact that they almost naturally sit at the intersection of national security and fundamental scientific research.

President's Q1 Holdings Disclosure: Is Trump's Money Accelerating towards AI Infrastructure?

In the first quarter, the largest sells from Trump-related accounts were concentrated in Microsoft, Amazon, and Meta. The money flowed into: semiconductors, AI hardware, enterprise software, consumer electronics, broad-market index funds, and some bonds and preferred stocks.

Simply copying these moves isn't very meaningful for three reasons: the lag in disclosure; the disclosed amounts are only ranges; and the relevant accounts may be independently managed by third-party institutions, meaning outsiders have no way of knowing whether each trade was an active decision, a portfolio rebalance, or a model-driven allocation.

Its real value lies in showcasing directional changes. Three structural clues are worth heeding: AI trades are moving from models and applications to infrastructure; semiconductors are no longer just about Nvidia; and AI-driven enterprise software might be a more easily underestimated piece.

Also recommended: Four Valuation Anchors and a Musk Premium: The Real Disagreement over the SpaceX IPO.

Investment & Entrepreneurship

Crypto is Dead, Long Live Perps

Over the past decade, the core competency of the crypto world was asset issuance. Native crypto assets are heading towards a slow death, with liquidity and attention being sucked away by old-world assets: U.S. stocks, U.S. Treasuries, gold, crude oil, indices... "Crypto is dead" means the era relying on the constant expansion of native assets is over.

The CEX-ification of on-chain Perps + the trust shift after 10/11 + volatility in macro assets like gold and oil + the explosion of US stock trading = the rise of Hyperliquid.

To do US equity 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. Bypasses the heaviest part, captures the part with the most trading demand. This is the fascinating and insidious 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 rebuild the financial world, but to turn every asset into a "price" tradable 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 "promising new growth" is coming from US stocks.

Bitwise CIO: Crypto has Become 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 approval continues, SpaceX is about to IPO, Anthropic has filed its prospectus, and AI themes are dominating financial headlines.

Adding to crypto positions now will likely be a poor experience. However, the essence of contrarian investing is precisely to deploy in areas nobody is watching and make counter-intuitive decisions against the trend—anchoring in fundamentals and value, seeking quality assets, and the long-term returns will be substantial.

After MSTR Broke 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 transfer to an exchange 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).

A transfer to an exchange does not mean the sale has been completed; institutional holders often move Bitcoin for custody adjustments, collateral management, or OTC trade settlements. Strategy's STRC preferred stock—carrying an annualized dividend yield of approximately 11.5%—generates reasonable cash flow obligations. This is the primary driver for a potential BTC sale, not a wavering conviction.

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

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

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

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

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

Domestic infrastructure builders are becoming the core pillars of institutional business, developing local Korean rails that comply with the Bank of Korea's CBDC framework and local regulatory requirements, reducing reliance on foreign technology.

The strategy for overseas Web3 foundations entering South Korea has completely shifted from building retail communities to collaborating with large enterprises and financial institutions, as traditional finance is accelerating its takeover of the market.

I've Been a Web3 VC for 9 Years: Asian Funds Are Experiencing 'Hell Mode'

9 years, 3 bull-bear cycles. The logic of Crypto VC has completely 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 entire industry is shrinking. The game plan for U.S. funds is different; many operate on a 10-year cycle. In the phase where the froth recedes, U.S. funds have ample reserves and many paths to choose from. But Asian funds, having been pushed up to highs together, find themselves with no path when they fall, entering an extremely painful "hell mode." This is why a large number of Asian Crypto VCs have disappeared.

The biggest problem in the crypto industry is that tokens are decoupled from value.

It is only at the most pessimistic point of each cycle that truly great projects are born.

Also recommended: DAT Fails? The Listed Company Betting on HYPE Has an Unrealized Profit of $1.25 Billion, HYPE Spot ETF Accumulates 1% for 14 Consecutive Days; Is $75 Just the Beginning?

Web3 & AI

Aiming to Beat OpenAI to IPO, Anthropic Seizes AI 'Pricing Power'

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

Anthropic filed first, pushing the competition with OpenAI—from models, revenue, and valuation to public market pricing. For investors, this competition is no longer just about "whose model is smarter." Now it's also about who can first translate the AI narrative into a set of financial statements that the public market is 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 risk first. The public market will ask tough questions: how fast is revenue growing, are compute costs rising faster or slower than revenue, what share of total revenue ultimately goes to partners, and are enterprise customers genuinely retained or just inflated 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 manufacturing toll booth. No matter who wins, TSMC finds it easier to collect the toll.

The second layer is the overflow 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 architecture diffusion and turnaround stories. ARM and INTC both have upside potential, but position discipline must be stricter.

From 'Old-Guard Stocks' to 'New Money': How AI Revalues Old Infrastructure, from Dell to Nokia

When AI moves from model parameters to real-world data centers, the market naturally re-evaluates companies with delivery and infrastructure capabilities. This is why Dell, HP, Nokia, and others are being seen anew.

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

To judge whether an old company is truly being revalued, consider at least three criteria: Are there orders and revenue realization? Have forward guidance revisions been made? Can profit quality keep up?

Prediction Markets

Polymarket Launches Testing, Kalshi Gets Approval: The Perpetual Contracts of the Prediction Market Titans Have Arrived

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

For prediction markets, offering Perps isn't because prediction markets aren't profitable. It's about adding a more mature contract business alongside event trading. However, when competing with the old giants, the brand and traffic of prediction markets won't automatically translate into competitiveness in contract trading. This remains a difficult path.

Policy & Stablecoins

U.S. Government Lifts the Ban on Crypto Perpetual Contracts for the First Time. What Does It Mean for the Market?

On May 29, the U.S. Commodity Futures Trading Commission (CFTC) issued a regulatory framework for 7*24 trading, emphasizing that, given their digital infrastructure and global continuous trading characteristics, crypto-asset-related derivatives are more suitable for around-the-clock trading and clearing.

This means the U.S., previously considered a "no-go zone for crypto perpetual contracts," is open for the first time. The CFTC has formally opened this market—where the U.S. share was virtually zero—to American citizens, domestic crypto platforms, and CEM exchanges.

Direct beneficiaries of the new policy: Kalshi, Coinbase, CME. The U.S. market is set for an explosion in derivatives trading.

CeFi & DeFi

Regulatory Easing Might Actually Narrow Hyperliquid's Path Forward?

The CFTC's grand amnesty on contracts. However, Kyle, former Multicoin partner and Hyperliquid's biggest critic, 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 exchange in the U.S., you need three types of businesses and licenses: DCM (for the exchange itself), DCO (for the clearinghouse, the central clearing counterparty), and FCM (for the intermediary broker). All three are indispensable. The entire regulatory framework for operating an exchange was designed from the start to exclude venues lacking DCO qualifications—including Hyperliquid—from broker access lists, because this type of Perp DEX inherently doesn't rely on a "clearinghouse."

Another lingering concern is the perennial problem of accountability. Regulators instinctively seek an accountable entity: if something goes wrong, who do they subpoena, whom do they penalize? The entities regulated in the traditional framework are FCMs, DCOs, DCMs—visible, tangible intermediaries. However, under the banner of "decentralization," "who takes the blame" remains a legal vacuum.

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

Holding 94% Market Share: Who is the Real Winner in the Stock Token Competition?

Whether in CeFi or DeFi, behind almost every stock token trading service you can see, Alpaca is lurking. According to data disclosed by Alpaca on December 4 last year,