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The information flow is too fast, making it easy for in-depth analysis articles to be overwhelmed by hot topics. The "Weekly Editors' Pick" column sifts through the sea of information to find these valuable pieces, helping you filter out the noise, capture insights, and gain inspiration.

Macro

'TACO' is Outdated, Wall Street Embraces 'NACHO' Trading

NACHO stands for "Not A Chance Hormuz Opens," meaning there's no chance of the Strait of Hormuz reopening.

It is the antonymous version of TACO (Trump Always Chickens Out). TACO bets on "people backing down," that Trump will retreat at a critical moment. NACHO bets on "situations getting stuck," that this time the Strait of Hormuz can't be reopened with a single Truth Social post.

NACHO isn't just talk; it's a single bet being placed with real money across three independent derivatives markets: insurance, oil prices, and interest rate cuts.

The market is no longer trading Trump's next Truth Social post; it has started trading the early June inventory data for the Strait of Hormuz.

Investment and Entrepreneurship

After 50x Storage, Justin Sun is Always Looking at the Next Decade

"Short-term chip shortage, long-term energy shortage, and an eternal shortage of storage."

In early 2026, Justin Sun's predictions were: embodied intelligence, drones, spatial computing, and space exploration.

Anthropic and OpenAI Have Severed the Logic of Pre-Market Tokenized Equities

Anthropic and OpenAI have successively stated that they "do not recognize unauthorized stock transfers." The risk of SPVs being over-financialized "matryoshka doll" structures is becoming apparent. Reflected in the market, pre-market tokenized equities have fallen sharply, while futures contracts have remained relatively stable.

Anthropic and OpenAI's public "fact-checking" seems to be redrawing the boundaries for this wild new market. For speculators, it's a risk education; but for the industry's long-term development, the market likely needed this moment of 'de-bubbling'.

Bitwise: Why are Top VCs Aggressively Betting on New L1 Blockchains?

The three public chains, Arc, Canton, and Tempo, are all tailor-made for stablecoin and asset tokenization scenarios.

The key takeaway from this wave of concentrated funding frenzy is: Capital invariably follows regulatory legislation; privacy protection is set to become a phenomenal core application.

Niche View: Why It's Hard for HYPE to Double Again

75% of unvested token supply means persistent sell pressure in the future; the current FDV is already approaching or even exceeding the valuation range of some traditional exchanges; and at this price, there is no clear answer as to where new marginal buyers will come from – retail investors, traditional institutions, or crypto funds.

More importantly, HYPE faces not just valuation issues, but also risks including regulation, hacking, key-person dependency, and trader liquidity migration.

For an asset that is already well-noticed by the market and heavily shilled by KOLs, the real question is no longer "does it have a narrative?" but "at this price, who will keep buying?" When a crypto asset goes from alpha to consensus, investors need to reassess not just how good the project is, but whether the current price has already priced in the future in advance.

AI

The Semiconductor Century: 2026 AI Investment Roadmap

High-value AI chips contribute about half of the industry's revenue, but account for less than 0.2% of total shipments. Semiconductors have evolved from consumer electronics components to a strategic asset for giants with market caps over $10 trillion.

The four key roles in the supply chain are: designer (architect), foundry (manufacturer), equipment supplier (enabler), and memory maker (storage layer).

Key companies worth researching: Nvidia, TSMC, ASML, AMD, Broadcom (AVGO), SK Hynix.

Semiconductor ETFs include: SMH — VanEck Semiconductor ETF, SOXX — iShares Semiconductor ETF, SOXQ — Invesco PHLX Semiconductor ETF.

Key catalysts to watch: The trillion-dollar market cap milestone, TSMC's Arizona fab production ramp, Nvidia's Vera Rubin platform deployment, AMD's market share progress, memory pricing and HBM4 supply.

Policy and Stablecoins

When Stablecoins Stop Yielding: 7 DeFi Protocols Benefiting from the CLARITY Act

Once the CLARITY Act is formally enacted, it will immediately trigger two major changes: Institutional capital clears the entry barrier.

BlackRock, Apollo, Deutsche Bank, pension funds, and corporate treasuries have been on the sidelines. Compliance teams couldn't assess whether related assets were securities, so they dared not deploy large amounts. Now with CFTC jurisdiction clarified and a safe harbor for DeFi, institutions can finally enter in a big way. Capital seeking yield withdraws from idle stablecoin savings. The previous model where simply holding USDC on an exchange yielded ~5% APY will no longer exist. Tens of billions of dollars seeking stable returns must find new deployment outlets.

Therefore, two massive pools of capital (institutional investors finally entering + retail investors seeking yield) will converge on the same types of targets: compliant, real-business-case, structured yield-generating products.

Protocols tailor-made for this new regulatory landscape include: Pendle (base yield infrastructure layer), Morpho (on-chain prime broker), Sky (USDS / sUSDS), Maple Finance (on-chain credit trading desk), Centrifuge (RWA asset native issuance layer), and protocols built around STRC assets (fixed income track enabler).

Also recommended: 'Earnings, Legislation, Fed... Circle Faces a Triple Test This Week', 'The CLARITY Act is Here: Is Ethereum the Biggest Winner?', 'Under the CLARITY Act, XRP and a New Order for the Crypto Market'.

CeFi & DeFi

Hook Summer is Really Here? sato, Lo0p, FLOOD Ignite the New Uniswap v4 Narrative

Following ASTEROID, ecosystem tokens backed by the Uniswap v4 Hook protocol, such as sato, sat1, Lo0p, and FLOOD, have become market focal points. Their market caps range from millions to tens of millions of dollars, bringing much-needed concentrated liquidity to a crypto market suffering from narrative exhaustion.

Hook mechanism tokens drive Uniswap ecosystem development: UNI is bullish long-term, but short-term gains are limited.

$3 Billion DeFi Capital Migration: LayerZero Stumbles, Chainlink Feasts

Rescue efforts following the Kelp DAO attack have also seen substantial progress recently. However, compared to the financial recovery, restoring market trust remains the bigger challenge.

A major cross-chain player at the center of this vortex, LayerZero, is facing a rapid exodus of protocols. It was forced to drastically change its stance within weeks, from initially shifting blame to now publicly apologizing and initiating remediation. Meanwhile, Chainlink unexpectedly emerged as a beneficiary of this crisis, with its CCIP protocol absorbing a large amount of migrating liquidity, showing clear on-chain data growth.

Airdrop Opportunities and Interaction Guides

Popular Interaction Collection | The Beacon Season 1 Pre-registration; GenLayer Latest Testnet Interaction (May 15)

Circle Publishes Arc Whitepaper, What are the Early Interaction Opportunities?

Meme

From the A9 Myth to Millions in Debt: A Meme Trader's 5-Year Rollercoaster

Ethereum and Scaling

Grayscale: Ethereum's Staking Model Needs an Overhaul

Ethereum's current staking reward model faces two structural issues: L2s diverting traffic causes token burn to decrease and net issuance to increase; the staking barrier approaches zero, potentially locking the vast majority of ETH into staking.

The community is discussing setting a staking reward cap curve, which Grayscale believes is beneficial for the long-term price of ETH. The Ethereum community is considering modifying the network's staking reward model, with the core idea of only incentivizing staking up to a certain percentage, with no additional rewards for amounts beyond that.

If implemented, nominal staking yields would decrease. However, Grayscale believes this is good for ETH's long-term price for two reasons: controlling ETH inflation and strengthening ETH's narrative as a store of value asset.

Weekly Hot Topic Catch-Up

Policy and Macro Market

Trump pays a state visit to China, accompanied by notable entrepreneurs;

Trump's Q1 'stock trading' moves exposed and spark debate;

US Senate votes to approve Kevin Warsh as Federal Reserve Chair;

US Senate Banking Committee passes the CLARITY Act (Analysis);

Some Senators introduce 'anti-DeFi' amendment, potentially weakening CLARITY Act's related protective provisions;

Views and Statements

Arthur Hayes: US-China AI arms race coupled with war-driven inflation makes it inevitable for BTC to return to $126,000, and the AI bubble is the biggest opportunity;

Wintermute: The current BTC rise is clearly leverage-driven, with surging open interest but sluggish spot trading volume;

CZ's new interview: Still dedicating 80% of his energy to blockchain, $10 million is enough for financial freedom;

Institutions, Major Companies, and Leading Projects

Cerebras lists on Nasdaq, triggers an upside trading halt on its first day;

Solana Foundation collaborates with Google to launch Pay.sh (Analysis);

Data

ZEC up 15x year-to-date (Analysis); TON continues to rise (Analysis); L1 token prices rallying (Analysis);

Circle's Q1 revenue reaches $694 million, USDC on-chain transaction volume grows 263% YoY (Earnings Breakdown);

Gemini's Q1 revenue jumps 42%, after-hours stock price surges up to 30%;

Bitcoin long-term holders are heavily accumulating, institutional buying power drives price back above $80,000…

Attached is the portal for the 'Weekly Editors' Pick' series. See you next time~