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As Ethereum continues to weaken, the unrealized loss of BitMine, led by Tom Lee, has expanded to approximately $7.35 billion. Data shows that ETH has dropped over 57% from its peak of about $4,955 in October 2025, and its market share (ETH Dominance) has declined from about 15% to around 10%. BitMine launched its ETH reserve strategy in July 2025 and has continued to accumulate after completing a $250 million private placement. The latest data indicates that it currently holds about 5.28 million ETH, accounting for approximately 4.37% of the total Ethereum supply, making it the largest publicly listed ETH reserve company in the world.Despite the continued expansion of unrealized losses, Tom Lee remains committed to a long-term accumulation strategy. BitMine has stated that it will moderately slow down its purchasing pace but will not abandon its ETH reserve plan, and it expects to hold 5% of the total Ethereum supply by December this year. However, technical risks are still escalating. Analysts point out that ETH is currently near the lower boundary of a typical "rising wedge" bearish structure, and if it effectively breaks below support, the price could further drop to the $1,600 area, representing about a 25% decline from current levels. If this scenario occurs, based on BitMine's average holding cost of about $3,513, its unrealized losses on ETH holdings could further expand to approximately $10.1 billion.Meanwhile, market sentiment continues to deteriorate. On-chain data platform Santiment shows that the ETH social media bullish-to-bearish comment ratio has rapidly dropped from over 2:1 at the end of April to close to 1:1. Analysts state that an increasing number of traders are beginning to view ETH as "Dead Money" (an asset lacking upward momentum).

Republican lawmakers in the United States are accelerating the push for a new version of the ARMA Act, hoping to complete the bill's signing while the Republican Party still controls both houses of Congress. The bill advocates for the establishment of a national-level Bitcoin reserve in the United States and plans to hold approximately 5% of the global Bitcoin circulating supply for the long term. According to market news, there is an internal effort within the Republican Party to elevate the Bitcoin strategic reserve to the level of national finance and geopolitical competition, believing that the United States should seize a dominant position in the global digital asset system. If the bill is ultimately passed, the U.S. government may become one of the largest holders of Bitcoin in the world, further reinforcing the narrative of BTC as "digital gold" and a sovereign reserve asset.

Keyrock's latest report shows that crypto rails are gradually becoming the default payment layer for AI Agents. Over the past year, AI Agents have completed more than 176 million transactions via blockchain, with a settlement amount exceeding 73 million dollars.As AI Agents begin to autonomously purchase data, cloud computing power, API services, and AI inference resources, the traditional bank card payment system has struggled to adapt to high-frequency, ultra-small payment scenarios. Currently, about 76% of Agent payment amounts are below 30 cents, while some on-chain stablecoin transfer costs are only "a fraction of a cent." Coinbase, Stripe, Google, and Visa have all begun to lay out the infrastructure for machine-to-machine payments. Among them, Coinbase's x402 protocol allows AI Agents to directly use USDC to pay for on-chain analysis and cloud service fees.Data shows that currently, 98.6% of AI Agent payments are settled in USDC. The report suggests that this further strengthens Circle's important position in the crypto payment field, but it also means that the industry's reliance on a single stablecoin issuer is increasing.

CITIC Securities believes that the U.S. and Iran are increasingly close to reaching an agreement, and the market has basically priced this as the baseline scenario. The biggest change after reaching an agreement will be the simultaneous replenishment of supply and demand and a rapid warming of economic activity. Currently, some economic indicators are noticeably weak, reflecting a delay in demand ahead of the U.S.-Iran agreement and the resumption of navigation in the Strait of Hormuz. Micro entities are waiting rather than rushing to replenish inventory and start operations, which is an abnormal disturbance. As the agreement is reached and navigation in the Strait is restored, supply and demand will return to normal, and economic activity will show significant improvement after June. Changes in macro variables will also alter the environmental assumptions of market strategies, leading to a gradual balancing of styles. The reduction of large funds is nearing its end, and after macro stability is achieved, allocation funds will gradually return, driving the recovery of some undervalued sectors. In terms of allocation, continue to actively reduce volatility and reconstruct the barbell structure of AI + energy.

According to Coinglass data, the current whale holdings on the Hyperliquid platform amount to $4.701 billion, with long positions at $2.296 billion, accounting for 48.85% of the total holdings, and short positions at $2.405 billion, accounting for 51.15%. The profit and loss for long positions is $86.0574 million, while for short positions it is -$16.1 million.Among them, the whale address 0x8def..ae has shorted HYPE with a 5x leverage at a price of $45.3065, currently realizing an unrealized profit and loss of -$33.7331 million.

According to Cointelegraph, an investigative report released by The New York Times on Sunday revealed that several senior officials from the CFTC, who had raised regulatory concerns about Polymarket, Crypto.com, and Gemini affiliates, were subsequently suspended, subjected to internal investigations, and forced to resign. The three companies mentioned have been accused of having business ties to the Trump family.The report stated that then-CFTC acting chair Caroline Pham and her senior advisors intervened to assist the aforementioned companies in obtaining the necessary approvals. By the end of 2025, five officials who questioned or enforced cryptocurrency regulatory laws were placed on administrative leave and internal investigation, without being informed of the specific reasons. After leaving, Pham joined the cryptocurrency company MoonPay, which has a partnership with Polymarket, while her senior advisor Brigitte Weyls became the legal counsel for Gemini Titan—whose application was approved with her involvement.On the enforcement front, the CFTC has withdrawn at least five cryptocurrency investigations, with the number of enforcement actions plummeting from over 80 during the Biden administration to just two during Trump's term. In response, a White House spokesperson denied any conflict of interest, stating that "President Trump only acts in the best interest of the American public."

According to on-chain analyst Yu Jin's analysis, WLFI has spent over $115 million in 4 months (in the form of WLFI) to expand the market for USD1, including USD1 interest rate subsidies on CEX (such as Binance, Bybit), activity subsidies on Aster, and interest rate subsidies on on-chain lending platforms (Dolomite), among others.On this basis, the scale of USD1 has increased by 50% (from $3.137 billion to $4.76 billion), rising from 7th to 4th place among dollar stablecoins, surpassing USDe and PYUSD, and now only behind USDT, USDC, and DAI. The trading volume of USD1 has increased tenfold, from an average daily trading volume of $200 million before the subsidies to the current average daily trading volume of $2 billion. Benefiting from the subsidies, users are attracted to hold and trade USD1, and there is support for USD1 as margin trading on CEX and Perp DEX.

According to Coinglass data, the current 8-hour average funding rate for ETH across the network is 0.0044%. Among the current mainstream exchanges, the rate on Binance is 0.008%, OKX is 0.0053%, Bybit is 0.0088%, and Gate is -0.0003%.

According to Coinglass data, the current 8-hour average funding rate for BTC across the network is 0.0003%. Among the current mainstream exchanges, the rate on Binance is 0.0063%, OKX is 0.0059%, Bybit is 0.0084%, and Gate is -0.0034%.

According to Coinglass data, the current holdings of whales on the Hyperliquid platform are $4.625 billion, with long positions at $2.261 billion, accounting for 48.89% of the total holdings, and short positions at $2.364 billion, accounting for 51.11%. The profit and loss for long positions is $55.6353 million, while for short positions it is -$12.6 million.Among them, the whale address 0x8def..ae has shorted HYPE with a 5x leverage at a price of $45.3065, currently showing an unrealized profit and loss of -$28.741 million.

According to data from Artemis, the USDC holdings on the Coinbase platform have surged to a historic high of $19 billion, accounting for 25.3% of the total USDC supply. Compared to less than 5% at the beginning of 2023, this share has achieved remarkable growth over three years. As the platform can earn interest income from USDC reserves, the continuous expansion of holdings will further enhance Coinbase's revenue-generating capacity in its financial reports.

According to Bitcoin.com, the High Court of Windhoek, Namibia, revoked the bail of 8 absent defendants in a cryptocurrency fraud and human trafficking case and confiscated approximately $29,800 in bail money. The prosecution stated that the 8 individuals include 6 Chinese nationals, 1 Vanuatu national, and 1 Singaporean national, with 6 Chinese suspects tracked down to China. Namibian authorities have requested assistance from Interpol to locate them.The criminal group operated under a front company called Raylon Investments from December 2022 to October 2023. The group is suspected of recruiting unemployed Namibians and forcing them into labor. The state government stated that these employees were compelled to create fake social media accounts impersonating women from Europe and the United States to lure international victims into romantic relationships. Once trust was established, victims were manipulated into transferring money to cryptocurrency accounts controlled by the criminal group. Investigators estimate that the group stole approximately $267,800 from victims worldwide.

According to Coinglass data, the current holdings of whales on the Hyperliquid platform amount to $4.61 billion, with long positions of $2.259 billion, accounting for 49.02% of the holdings, and short positions of $2.35 billion, accounting for 50.98%. The profit and loss for long positions is $51.7711 million, while for short positions it is -$12 million.Among them, the whale address 0x8def..ae shorted HYPE with a 5x leverage at a price of $45.3065, currently showing an unrealized profit and loss of -$26.7385 million.

Several core institutions have chosen the 1155 F Street building in Washington as their office location, including Coinbase, DCG, the Blockchain Association, and Injective on the third floor, as well as the Solana Policy Institute, Hyperliquid Policy Center, and DeFi Education Fund on the tenth floor. In addition, the venture capital firm Paradigm is set to move into the building. According to market news, White House officials, Capitol Hill staff, state legislators, and congressional candidates seeking cryptocurrency support have all visited this building. Therefore, it can be said that the 1155 F Street building in Washington has become the lobbying command center for the cryptocurrency industry.

According to Forbes, Hyperliquid's native token HYPE reached a historic high of over $62. The market generally attributes this to the influx of institutional funds brought by the listing of the first U.S. spot ETFs, but analysts point out that the real driver of the price is the protocol's built-in continuous buyback mechanism.

According to The Block, FTX's former major external law firm Fenwick & West has agreed to pay $54 million to settle claims related to its alleged assistance in facilitating Sam Bankman-Fried's fraudulent activities. In addition, the auditing firm Prager Metis has agreed to pay $11.75 million, and former Miami Heat player Udonis Haslem, as a former promoter of FTX, will pay $420,000, bringing the total to approximately $66 million.The above settlement marks the second round of resolutions in the FTX class action lawsuit, with relevant documents submitted to the Miami federal court on Friday. Fenwick denies any wrongdoing and states that it was unaware of FTX's fraudulent activities. Notably, the firm still faces another civil lawsuit for $525 million in Washington, D.C., which is not covered by this settlement.FTX collapsed in November 2022, and Bankman-Fried was sentenced to 25 years in prison for stealing approximately $8 billion in customer funds and is currently appealing. FTX's bankruptcy estate has returned over $5 billion to creditors.

According to CoinDesk, Mark Connors, Chief Investment Officer of Risk Dimensions and former Head of Global Portfolio Management at Credit Suisse, stated that Bitcoin's previous underperformance against the S&P 500 index, which lasted for 142 days, ended in early May, marking the longest duration in history. It has now entered a new phase of outperformance.

According to Coinglass data, the current 8-hour average funding rate for ETH across the network is 0.0029%. Among the current mainstream exchanges, the rate on Binance is 0.0081%, OKX is 0.0025%, Bybit is 0.0031%, and Gate is -0.0058%.

According to Coinglass data, the current average funding rate for BTC across the network over 8 hours is 0.0008%. Among the current mainstream exchanges, the rate on Binance is 0.0091%, OKX is 0.0065%, Bybit is 0.0041%, and Gate is -0.0072%.

According to on-chain data monitored by Catcher Predict, significant capital movements are predicted in the market Polymarket. A large whale invested $114,061.97 in the event "Will the US and Iran reach a permanent peace agreement before...?" with a single purchase on "May 31." Based on the current transaction price, the latest corresponding winning probability for this subject is 66%.