每周编辑精选 Weekly Editor's Picks (0530-0605)
- Quan điểm cốt lõi: Thị trường blockchain và tiền mã hóa đang trải qua quá trình chuyển đổi cấu trúc từ bong bóng tài sản gốc sang hạ tầng và sự hội nhập với tài sản truyền thống, đồng thời chịu áp lực kép từ việc nới lỏng quy định của Mỹ và thách thức tuân thủ của các nền tảng phi tập trung. Sự can thiệp của AI và tài chính truyền thống đang định hình lại cục diện ngành.
- Các yếu tố then chốt:
- Lợi suất trái phiếu kho bạc Mỹ kỳ hạn 30 năm một lần nữa phá vỡ mốc 5%, đánh dấu sự kết thúc của kỷ nguyên vốn, lao động và năng lượng giá rẻ. Áp lực lạm phát sẽ kéo dài hơn, và hướng đi của AI trở thành biến số lớn nhất ảnh hưởng đến lạm phát trong tương lai.
- CFTC Hoa Kỳ lần đầu tiên phê duyệt hợp đồng vĩnh viễn tiền mã hóa, mở ra thị trường vốn bị coi là "khu vực cấm kỵ". Kalshi, Coinbase và CME là những bên hưởng lợi trực tiếp, báo hiệu sự bùng nổ của giao dịch phái sinh tại Mỹ.
- Việc Trump nắm giữ và công khai chỉ đích danh các tài sản trùng lặp với chính sách chính phủ và dòng vốn. Các công ty bán dẫn, phần cứng AI và điện toán lượng tử (ví dụ IonQ, Rigetti) là những mục tiêu có khả năng được "kêu gọi" trong giai đoạn tiếp theo.
- Các nền tảng hợp đồng vĩnh viễn phi tập trung như Hyperliquid đối mặt với bài toán tuân thủ do thiếu các công ty Mỹ chịu sự quản lý để phân phối thanh khoản, và cơ chế thanh toán phi tập trung khó bị quy trách nhiệm về mặt pháp lý.
- Khả năng phát hành tài sản đang chuyển từ tài sản tiền mã hóa gốc sang tài sản truyền thống (như cổ phiếu Mỹ, trái phiếu kho bạc). Hợp đồng vĩnh viễn trên chuỗi, bằng cách cung cấp rủi ro thay vì quyền sở hữu, đang trở thành ứng dụng thành công nhất. Alpaca chiếm 94% thị phần cổ phiếu Mỹ được token hóa.
- Anthropic đã bí mật nộp đơn đăng ký IPO tại Mỹ, lấn sân vào thị trường đại chúng trước OpenAI. Cuộc cạnh tranh giữa hai bên mở rộng từ năng lực mô hình sang độ tin cậy của báo cáo tài chính, tạo ra áp lực định giá mới cho ngành AI.
- Thị trường tiền mã hóa chịu áp lực ngắn hạn. Bitwise cho rằng đây đã trở thành tài sản đầu tư ngược chiều. Strategy lần đầu tiên bán một lượng nhỏ BTC, nhưng mô hình tích trữ dài hạn của họ vẫn tiếp tục, chủ yếu do áp lực cổ tức ưu đãi chứ không phải vì niềm tin lung lay.
The information flow is too fast, and in-depth analytical articles are easily drowned out by hot topics. The "Weekly Editor's Picks" column retrieves these content-rich pieces from the vast sea of information, helping you filter out the noise, retain insights, and gain 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 US over the past 50 years—cheap capital, cheap labor, and cheap energy—are collapsing in unison. There are also several "slow variables": rising government debt, escalating geopolitical tensions, and the spread of populism.
The combined effect of these risks is that lenders demand higher risk premiums before lending out their money—especially for long-term loans. This directly pushes up long-end interest rates, i.e., the 30-year Treasury yield.
The US is saying goodbye to the low-interest-rate era and entering a new phase where inflationary pressures are more persistent and diverse. And the direction of AI will be the biggest unknown determining future inflation trends.
After the 'Golden Touch' Pointed at IBM, the Next Target of Stock Market Guru Trump Emerges
Over the past year, publicly listed companies praised by name by Trump are showing increasingly clear overlaps with his holdings, government industrial policies, and federal fund flows.
Perhaps the most impressive was last year 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 entered his public praise list.
Some companies experienced significant stock price movements after being named; some had already established positions in Trump's account before receiving praise; others simultaneously secured government contracts, subsidies, export licenses, or other policy support.
The next group 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), 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 particularity lies in the fact that they almost inherently belong to the intersection of national security and basic scientific research.
Presidential Q1 Holdings Disclosure: Is Trump's Money Accelerating Towards AI Infrastructure?
In the first quarter, the largest sales from Trump-related accounts were concentrated in Microsoft, Amazon, and Meta. The money flowed to: semiconductors, AI hardware, enterprise software, consumer electronics, broad-based indices, and some bonds and preferred stocks.
Directly copying these moves isn't very meaningful, for three reasons: the lag in disclosure; the disclosed amounts are only ranges; the relevant accounts may be independently managed by third-party institutions, so outsiders don't know whether each transaction was an active judgment, portfolio rebalancing, or model-based allocation.
The real value lies in reflecting directional changes. Three structural clues are worth noting: AI trading is moving from models and applications to infrastructure; semiconductors are no longer just about Nvidia; the AI adoption in enterprise software might be the most underestimated aspect.
Also recommended: "Four Valuation Anchors, One Musk Premium: The Real Disagreement in the SpaceX IPO."
Investment & Entrepreneurship
Crypto is Dead, Perp Lives Forever
Over the past decade, the core competency of the crypto world has been asset issuance, but native assets are facing a slow death. What's sucking up liquidity and attention are old-world assets: US stocks, US bonds, gold, crude oil, indices... "Crypto is dead" refers to the end of the era that relied on the continuous expansion of native assets.
The CEXification of on-chain Perps + the trust shift 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 stock Perp, a platform only needs to create 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 most demanded trading aspect. This is the fascinating and wicked nature of Perps.
Perps don't create new assets; they create new casinos. They don't offer ownership but provide risk exposure. Their goal isn't to reconstruct the financial world but to turn all assets 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" comes from US stocks.
Bitwise CIO: Crypto Becomes a Contrarian Investment, Three Logics to Understand the Current Market
The crypto market will likely remain under pressure in the short term. The CLARITY Act approval process drags on, SpaceX is about to IPO, Anthropic has filed its prospectus, and AI themes continue to dominate financial headlines.
Adding to crypto assets now will probably result in a poor experience, but the essence of contrarian investing lies in deploying capital in areas no one is watching and making counter-intuitive decisions against the trend—anchoring on fundamentals and value to identify quality assets. The long-term returns could be substantial.
After MSTR Breaks the 'Never Sell BTC' Promise, Panic or Opportunity?
On May 29, 2026, Strategy deposited 411.48 BTC (worth approximately $30.3 million) into 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 does not necessarily mean the Bitcoin has 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 around 11.5%—creates reasonable cash flow obligations. This is the primary driver of potential BTC sales, 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 continues.
Bitcoin's long-term price trajectory continues to rely on post-halving supply contraction, institutional ETF demand, and corporate treasury reserve activities—not a single wallet movement.
Institutional crypto activity in South Korea has moved beyond the MOU stage into specific business operations and exchange equity acquisitions.
Institutions are subtly 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 business, constructing local Korean 'rails' that comply with the Bank of Korea's CBDC framework and local regulatory requirements, reducing reliance on foreign technology.
The strategy of overseas Web3 foundations entering Korea has completely shifted, from retail community building to partnering with large 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 the 'Hell Mode'
Nine years, three market cycles. The logic of Crypto VC has completely changed. This cycle presents structural opportunities for research-driven funds. Good projects actively seek institutions that can provide genuine non-financial value, not just those that blindly offer high valuations.
Capital across the entire industry is shrinking. The game for US funds is quite different; many operate on 10-year cycles. During the phase of the bubble bursting, US funds have ample reserves and many options. However, Asian funds, having been pushed to highs alongside everyone else, find themselves with no path forward after falling, 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.
It's only in the most pessimistic phases of each cycle that truly great projects are born.
Also recommended: "DAT Failure? The Listed Company Betting on HYPE Has an Unrealized Gain of $1.25 Billion" and "HYPE Spot ETF Accumulates 1% for 14 Consecutive Days, Is $75 a New High Just the Beginning?".
Web3 & AI
Aiming to Beat OpenAI to IPO, Anthropic Seeks AI 'Pricing Power'
Anthropic announced Monday that it has confidentially submitted its US IPO filing, entering the listing process ahead of rival OpenAI. OpenAI has not yet followed suit with its own filing. OpenAI CEO Sam Altman stated that he is "not focused on the timing of a potential IPO" and that the company "will go public at the right time."
By filing first, Anthropic pushes its competition with OpenAI—from models, revenue, and valuation—to the public market pricing stage. For investors, this rivalry is no longer just about "whose model is smarter." Now, it's also about who can translate the AI narrative into financial reports the public market is willing to buy.
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 the first risk. The public market will ask questions: How fast is revenue growing, and are computing costs rising faster or slower? What share of total revenue ultimately goes to partners? Are enterprise clients truly retained, or are they 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. Regardless of who wins, TSMC is more likely to collect the toll.
The second layer is the spillover from computing power and platforms, with AMD and NVDA representing the x86 offensive and the extension of the GPU software stack, respectively.
The third layer is architectural diffusion and a turnaround from difficulties. Both ARM and INTC offer potential, but position discipline must be stricter.
From 'Old Guard' to 'New Money': How AI Revalues Old Infrastructure from Dell to Nokia
When AI moves from model parameters to real data centers, the market naturally seeks out companies with delivery capabilities and infrastructure capacity. This is why companies like Dell, HP, and Nokia are being seen again.
Not all data in the AI era needs to be stored in the most expensive high-speed storage. Large volumes of cold data, training data, log data, video data, and archival data still require cost-effective, high-capacity hard drives.
To determine if an old company is truly being revalued, look at least three criteria: Are there orders and revenue realization? Is there upward guidance revision? Can profit quality keep up?
Prediction Markets
Last week, both Polymarket and Kalshi saw key progress. Polymarket's perpetual contract Beta version is now open for testing to some users, with access gradually expanding over the next 4 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 signal is consistent: prediction market platforms are no longer content with just event trading; they are starting to enter the higher-frequency, more standardized derivatives market.
For prediction markets, launching Perps isn't because prediction markets aren't profitable, but to build another, more mature contract business alongside event trading. However, when facing off against established giants, a prediction market's brand and traffic won't automatically translate into competitiveness for contract trading. It remains a difficult path.
Policy & Stablecoins
On May 29th, the US Commodity Futures Trading Commission (CFTC) issued regulatory guidance for 24/7 trading, emphasizing that due to their digital infrastructure and global continuous trading characteristics, crypto-related derivatives are more suitable for around-the-clock trading and clearing.
This means the US, previously considered a "no-go zone for crypto perpetual contracts," has opened up for the first time. The US CFTC has formally opened this market, where the share was almost zero, to US citizens and some domestic crypto platforms and CEM exchanges.
Direct beneficiaries of the new policy: Kalshi, Coinbase, CME. The US market is set for an explosion in derivatives trading activity.
CeFi & DeFi
Regulatory Easing Might Narrow the Path Left for Hyperliquid?
The CFTC has liberalized 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 operate a perpetual contract trading platform legally in the US, you need three types of businesses and licenses: DCM, for the trading platform itself; DCO, for the clearinghouse, i.e., the central clearing counterparty; and FCM, for the intermediary broker. All three are essential. However, this entire regulatory framework for operating trading platforms was designed to exclude venues without DCO qualifications, including Hyperliquid, from broker access lists, because this type of Perp DEX fundamentally doesn't rely on a "clearinghouse."
Another lingering concern is the age-old question: "Who takes the blame?" A regulator's instinct is to find an accountable entity: if something goes wrong, who do I subpoena, who do I penalize? 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 blank.
Hyperliquid faces three paths: remain offshore; fully come onshore; or continue pursuing decentralization until it passes the "8-prong decentralization test" of the Clarity Act.
Holding 94% Market Share: Who Is the Real Winner Behind the Stock Token Competition?
Whether it's CeFi or DeFi, nearly every stock token trading service you see has Alpaca behind it. According to data disclosed by Alpaca on December 4th last year, the company holds a 94% market share in the tokenized US stock and ETF market.
Unlike traditional brokerages that directly serve end investors, Alpaca's core clients are developers, fintech companies, and other
