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On May 26, according to news from Japan, the Cabinet Committee of the Japanese Senate held a meeting to discuss the legislation related to the establishment of a 'National Intelligence Agency' promoted by the Japanese government. Prime Minister Sanae Takaichi attended and faced questions from opposition parties. It is reported that the ruling party plans to vote on the legislation in the Senate committee on the same day, with the aim of passing it in the full Senate meeting on the 27th. Previously, the legislation concerning the 'National Intelligence Agency' was passed in the full meeting of the House of Representatives on April 23. According to the bill, Japan intends to construct an intelligence system centered around the 'National Intelligence Council' with the 'National Intelligence Agency' as the executive body, responsible for coordinating intelligence activities in areas such as security, counter-terrorism, and foreign intelligence activities related to foreign espionage.

[Japanese Senate Holds Meeting to Discuss National Intelligence Agency Legislation]On May 26, according to news from Japan, the Cabinet Committee of the Japanese Senate held a meeting to discuss the legislation related to the establishment of a 'National Intelligence Agency' promoted by the Japanese government. Prime Minister Sanae Takaichi attended and faced questions from opposition parties. It is reported that the ruling party plans to vote on the legislation in the Senate committee on the same day, with the aim of passing it in the full Senate meeting on the 27th. Previously, the legislation concerning the 'National Intelligence Agency' was passed in the full meeting of the House of Representatives on April 23. According to the bill, Japan intends to construct an intelligence system centered around the 'National Intelligence Council' with the 'National Intelligence Agency' as the executive body, responsible for coordinating intelligence activities in areas such as security, counter-terrorism, and foreign intelligence activities related to foreign espionage.

Japanese Senate Holds Meeting to Discuss National Intelligence Agency Legislation

On May 26, Stable, a USDT blockchain focused on stablecoin payments, launched StableEarn, officially entering the fund management sector, with its first vault now live on Morpho. Stable stated that the product is aimed at neobanks, fintech companies, payment processors, and individual users. The first vault is planned and managed by the crypto risk management firm Gauntlet, which is responsible for allocating deposited assets to the Morpho lending market and managing funding limits and redistribution. This vault is supported by the institutional-grade real-world asset yield platform Theo, with specific strategies including: providing exposure to tokenized U.S. Treasury bonds through thBILL, interest-bearing gold tokens thGOLD backed by loans to jewelers, and interest-bearing stablecoin thUSD built on gold derivatives. This launch positions Stable within the market for stablecoin yield management provided by Gauntlet's vaults. Meanwhile, U.S. policymakers are debating how interest-bearing stablecoin products should be incorporated into the regulatory framework.

[Stable Launches StableEarn, Officially Entering Fund Management Sector]On May 26, Stable, a USDT blockchain focused on stablecoin payments, launched StableEarn, officially entering the fund management sector, with its first vault now live on Morpho. Stable stated that the product is aimed at neobanks, fintech companies, payment processors, and individual users. The first vault is planned and managed by the crypto risk management firm Gauntlet, which is responsible for allocating deposited assets to the Morpho lending market and managing funding limits and redistribution. This vault is supported by the institutional-grade real-world asset yield platform Theo, with specific strategies including: providing exposure to tokenized U.S. Treasury bonds through thBILL, interest-bearing gold tokens thGOLD backed by loans to jewelers, and interest-bearing stablecoin thUSD built on gold derivatives. This launch positions Stable within the market for stablecoin yield management provided by Gauntlet's vaults. Meanwhile, U.S. policymakers are debating how interest-bearing stablecoin products should be incorporated into the regulatory framework.

Stable Launches StableEarn, Officially Entering Fund Management Sector

According to monitoring by Dongcha Beating, during a press conference for the Pope's encyclical, Christopher Olah, co-founder of Anthropic, delivered a speech admitting the inherent conflicts of interest faced by cutting-edge labs and revealed the latest findings in large model interpretability research. Olah disclosed that while scanning the internal structures of the models, the team found that large models have evolved complex structures highly similar to human neuroscience and exhibit signs of self-reflection. Most notably, the team observed for the first time internal emotional states in neural networks that correspond closely with human feelings of joy, satisfaction, fear, sadness, and anxiety. Unlike airplanes or bridges, which are precisely designed by humans, these large models are cultivated by simulating brain structures through vast amounts of human language, remaining mysterious to their trainers. In addition to the technical black box, Olah candidly stated that leading AI labs face systemic deadlocks in safety governance. Institutions like Anthropic are constrained by inherent motivations such as commercial survival, technological competition, geopolitical pressures, and personal ambitions, making it impossible to self-correct when safety decisions conflict with business interests. Therefore, he called for independent societal forces outside of commercial networks to act as external critics and impose moral constraints. In light of the changing landscape of AI, he urged all sectors to jointly examine three major social challenges: how to ensure that the technological dividends led by wealthy countries benefit the global poor, how to maintain family prosperity in the trend of technology replacing human labor, and how to address the suspected mental states exhibited internally by large models.

[Large Models Have Developed States of Fear and Sadness, Anthropic Founder Admits Lab Cannot Self-Correct]According to monitoring by Dongcha Beating, during a press conference for the Pope's encyclical, Christopher Olah, co-founder of Anthropic, delivered a speech admitting the inherent conflicts of interest faced by cutting-edge labs and revealed the latest findings in large model interpretability research. Olah disclosed that while scanning the internal structures of the models, the team found that large models have evolved complex structures highly similar to human neuroscience and exhibit signs of self-reflection. Most notably, the team observed for the first time internal emotional states in neural networks that correspond closely with human feelings of joy, satisfaction, fear, sadness, and anxiety. Unlike airplanes or bridges, which are precisely designed by humans, these large models are cultivated by simulating brain structures through vast amounts of human language, remaining mysterious to their trainers. In addition to the technical black box, Olah candidly stated that leading AI labs face systemic deadlocks in safety governance. Institutions like Anthropic are constrained by inherent motivations such as commercial survival, technological competition, geopolitical pressures, and personal ambitions, making it impossible to self-correct when safety decisions conflict with business interests. Therefore, he called for independent societal forces outside of commercial networks to act as external critics and impose moral constraints. In light of the changing landscape of AI, he urged all sectors to jointly examine three major social challenges: how to ensure that the technological dividends led by wealthy countries benefit the global poor, how to maintain family prosperity in the trend of technology replacing human labor, and how to address the suspected mental states exhibited internally by large models.

Large Models Have Developed States of Fear and Sadness, Anthropic Founder Admits Lab Cannot Self-Correct

On May 26, South Korea's financial regulatory agency stated in a declaration that Samsung has become the most indebted corporate group in South Korea, surpassing SK Group with total liabilities expected to exceed that of SK Group by the end of 2025. SK Group, the parent company of chipmaker SK Hynix, has fallen to third place, while Hyundai Motor ranks second; followed by Lotte in fourth and LG in fifth. In total, 42 corporate groups have been identified as high-debt enterprises, up from 41 the previous year. By the end of last year, the outstanding bank credit balance for these groups was 386.9 trillion won (approximately $255 billion), an increase of 4.1% from the previous year.

[Samsung Becomes South Korea's Most Indebted Corporate Group]On May 26, South Korea's financial regulatory agency stated in a declaration that Samsung has become the most indebted corporate group in South Korea, surpassing SK Group with total liabilities expected to exceed that of SK Group by the end of 2025. SK Group, the parent company of chipmaker SK Hynix, has fallen to third place, while Hyundai Motor ranks second; followed by Lotte in fourth and LG in fifth. In total, 42 corporate groups have been identified as high-debt enterprises, up from 41 the previous year. By the end of last year, the outstanding bank credit balance for these groups was 386.9 trillion won (approximately $255 billion), an increase of 4.1% from the previous year.

Samsung Becomes South Korea's Most Indebted Corporate Group

On May 26, while global markets continue to trade on optimistic expectations of a potential US-Iran agreement, military conflicts have erupted again near the Strait of Hormuz, indicating that the current situation in the Middle East is essentially still in a phase of 'negotiating, gaming, and applying pressure'. The US military has confirmed 'defensive strikes' on Iranian missile facilities and minesweepers, while Iran accuses the US of violating the ceasefire agreement, highlighting the significant distance remaining before any so-called peace framework can achieve true stability. The core issue for the market now revolves around whether the Strait of Hormuz can truly return to normal operations. Although several media outlets have begun to reveal draft contents, including plans to restore navigation within 30 days, ease restrictions on Iranian oil exports, partially unfreeze overseas assets, and extend the ceasefire for 60 days, Iran and the US have not fully reached consensus on nuclear enrichment, sanction relief, and control of the strait. This is why the market's attitude towards the peace agreement has begun to show clear fatigue, even eliciting a 'wolf is coming' reaction. In terms of asset performance, oil prices have rebounded after a rapid decline, and US Treasury yields have risen again after a drop during Asian trading, indicating that while funds are betting on a de-escalation of conflict in the short term, they remain highly alert to Middle Eastern risks and global inflation pressures. Especially if the Strait of Hormuz ultimately fails to fully restore normal shipping, energy and supply chain pressures will continue to limit the policy space for global central banks. A deeper issue is that the market is gradually coming to accept one thing: even if the war eventually cools down, a high interest rate environment may not end quickly. Recently, officials from the Federal Reserve and the European Central Bank have maintained a hawkish stance, coupled with the market re-pricing interest rate hike expectations, indicating that global funds no longer fully believe that 'central banks will definitely rescue the market' as they did in the past. In the cryptocurrency market, BTC has recently remained volatile, and from the liquidation heatmap, there is still a significant accumulation of short liquidity around 78,000 to 78,200, while a notable long liquidation zone has accumulated around 75,500 and 74,200. This suggests that the current market structure still leans towards high leverage tug-of-war, and funds have not truly formed a consensus on a one-sided trend. Until macro uncertainties are resolved, the cryptocurrency market is likely to remain a highly sensitive reactor to global liquidity and risk appetite, rather than an independent market. Especially as the market begins to question 'whether policies still have the ability to fully stabilize the market', a high volatility environment may just be beginning.

[Bitunix Analyst: Hormuz 'Negotiating While Fighting', Market Realizes True Uncertainty Has Never Disappeared]On May 26, while global markets continue to trade on optimistic expectations of a potential US-Iran agreement, military conflicts have erupted again near the Strait of Hormuz, indicating that the current situation in the Middle East is essentially still in a phase of 'negotiating, gaming, and applying pressure'. The US military has confirmed 'defensive strikes' on Iranian missile facilities and minesweepers, while Iran accuses the US of violating the ceasefire agreement, highlighting the significant distance remaining before any so-called peace framework can achieve true stability. The core issue for the market now revolves around whether the Strait of Hormuz can truly return to normal operations. Although several media outlets have begun to reveal draft contents, including plans to restore navigation within 30 days, ease restrictions on Iranian oil exports, partially unfreeze overseas assets, and extend the ceasefire for 60 days, Iran and the US have not fully reached consensus on nuclear enrichment, sanction relief, and control of the strait. This is why the market's attitude towards the peace agreement has begun to show clear fatigue, even eliciting a 'wolf is coming' reaction. In terms of asset performance, oil prices have rebounded after a rapid decline, and US Treasury yields have risen again after a drop during Asian trading, indicating that while funds are betting on a de-escalation of conflict in the short term, they remain highly alert to Middle Eastern risks and global inflation pressures. Especially if the Strait of Hormuz ultimately fails to fully restore normal shipping, energy and supply chain pressures will continue to limit the policy space for global central banks. A deeper issue is that the market is gradually coming to accept one thing: even if the war eventually cools down, a high interest rate environment may not end quickly. Recently, officials from the Federal Reserve and the European Central Bank have maintained a hawkish stance, coupled with the market re-pricing interest rate hike expectations, indicating that global funds no longer fully believe that 'central banks will definitely rescue the market' as they did in the past. In the cryptocurrency market, BTC has recently remained volatile, and from the liquidation heatmap, there is still a significant accumulation of short liquidity around 78,000 to 78,200, while a notable long liquidation zone has accumulated around 75,500 and 74,200. This suggests that the current market structure still leans towards high leverage tug-of-war, and funds have not truly formed a consensus on a one-sided trend. Until macro uncertainties are resolved, the cryptocurrency market is likely to remain a highly sensitive reactor to global liquidity and risk appetite, rather than an independent market. Especially as the market begins to question 'whether policies still have the ability to fully stabilize the market', a high volatility environment may just be beginning.

Bitunix Analyst: Hormuz 'Negotiating While Fighting', Market Realizes True Uncertainty Has Never Disappeared

On May 26, U.S. Secretary of State Rubio, concluding his visit to India, spoke to the media regarding the U.S. military's so-called 'defensive strikes' on multiple locations in southern Iran earlier today. He stated that the Strait of Hormuz 'must remain open at all costs.' Rubio emphasized, '(The Strait of Hormuz) must be open; it will eventually open in some way; it has to be open.' He also mentioned that the negotiations on the wording of the expected agreement with Iran may take 'a few more days.'

[Rubio: The Strait of Hormuz Must Remain Open at All Costs]On May 26, U.S. Secretary of State Rubio, concluding his visit to India, spoke to the media regarding the U.S. military's so-called 'defensive strikes' on multiple locations in southern Iran earlier today. He stated that the Strait of Hormuz 'must remain open at all costs.' Rubio emphasized, '(The Strait of Hormuz) must be open; it will eventually open in some way; it has to be open.' He also mentioned that the negotiations on the wording of the expected agreement with Iran may take 'a few more days.'

Rubio: The Strait of Hormuz Must Remain Open at All Costs

On May 26, according to HTX market information, there has been an extreme price discrepancy between ESPORTS futures and spot markets, reaching over 40% at one point. The current mark price for perpetual contracts is $0.0478, while the on-chain spot price is $0.0392, resulting in a price difference of approximately 22%. The funding rate for ESPORTS futures on major trading platforms has turned negative. Additionally, data from Coinglass shows that the total open contracts for ESPORTS have surged to $48.32 million, with a 24-hour trading volume of $617 million. In the past 24 hours, liquidations amounted to $8.3167 million, of which $6.6682 million were from long positions.

[Extreme Price Discrepancy in ESPORTS Futures and Spot Markets, Funding Rate Turns Negative]On May 26, according to HTX market information, there has been an extreme price discrepancy between ESPORTS futures and spot markets, reaching over 40% at one point. The current mark price for perpetual contracts is $0.0478, while the on-chain spot price is $0.0392, resulting in a price difference of approximately 22%. The funding rate for ESPORTS futures on major trading platforms has turned negative. Additionally, data from Coinglass shows that the total open contracts for ESPORTS have surged to $48.32 million, with a 24-hour trading volume of $617 million. In the past 24 hours, liquidations amounted to $8.3167 million, of which $6.6682 million were from long positions.

Extreme Price Discrepancy in ESPORTS Futures and Spot Markets, Funding Rate Turns Negative

On May 26, according to Lookonchain monitoring, whale 0x3109 currently holds a long position of 27.38 million DOGE (approximately $2.75 million) and 162,700 LINK (approximately $1.53 million). This address has also set a limit order to continue buying 33.46 million DOGE (approximately $3.31 million) and 515,100 LINK (approximately $4.73 million). Another whale, 0x5687, has established a long position of 10.21 million DOGE (approximately $1.03 million) and 108,400 LINK (approximately $1.02 million). At the same time, this whale has also set a limit order to further buy 14.66 million DOGE (approximately $145,000) and 336,300 LINK (approximately $3.09 million).

[Two Whales Accumulate $6.33 Million in DOGE and LINK, with Over $1 Million in Buy Orders Pending]On May 26, according to Lookonchain monitoring, whale 0x3109 currently holds a long position of 27.38 million DOGE (approximately $2.75 million) and 162,700 LINK (approximately $1.53 million). This address has also set a limit order to continue buying 33.46 million DOGE (approximately $3.31 million) and 515,100 LINK (approximately $4.73 million). Another whale, 0x5687, has established a long position of 10.21 million DOGE (approximately $1.03 million) and 108,400 LINK (approximately $1.02 million). At the same time, this whale has also set a limit order to further buy 14.66 million DOGE (approximately $145,000) and 336,300 LINK (approximately $3.09 million).

Two Whales Accumulate $6.33 Million in DOGE and LINK, with Over $1 Million in Buy Orders Pending

On May 26, a joint survey by Mercado Bitcoin and Opinion Box revealed that cryptocurrency is continuously expanding its presence in Brazil's financial market, now appearing in the portfolios of 16% of Brazilian investors. The survey also indicated that 56% of those who have never invested in crypto assets expressed interest in entering the market in the future. The data suggests that the Brazilian industry is maturing, especially as investors remain conservative and prioritize security. The survey showed that the most common investment among Brazilians is still CDB (56%), followed by savings accounts (49%). Notably, digital assets are being incorporated as part of a diversification strategy rather than necessarily replacing traditional investments. Nearly half of crypto investors still keep funds in savings accounts. The survey data also reflects a perception of opportunity, with 61% of Brazilians viewing a drop in Bitcoin as a favorable buying opportunity, and this figure rises to 79% among those who already hold crypto assets. Additionally, 82% of crypto investors stated they do not regret investing in this market, while 44% regretted not starting earlier. Experts point out that Brazilian investors are becoming more mature and pragmatic, focusing on asset preservation rather than being driven by ideology. Despite the progress, significant barriers remain: about 62% of respondents find it difficult to understand the technical terminology in the crypto field, and 76% believe the market is too complex. Regulation is also a decisive factor for Brazilian investors, with 55% of respondents considering trading on regulated platforms as the most important attribute when choosing a crypto investment venue. Experts note that the Brazilian Central Bank, CVM, and Congress no longer view digital assets as a fringe phenomenon; the advancement of regulation and the entry of traditional financial institutions are significantly reducing the perceived institutional risks.

[Cryptocurrency Penetration Rate in Brazil Reaches 16%, Regulation Becomes Key Consideration for Investors]On May 26, a joint survey by Mercado Bitcoin and Opinion Box revealed that cryptocurrency is continuously expanding its presence in Brazil's financial market, now appearing in the portfolios of 16% of Brazilian investors. The survey also indicated that 56% of those who have never invested in crypto assets expressed interest in entering the market in the future. The data suggests that the Brazilian industry is maturing, especially as investors remain conservative and prioritize security. The survey showed that the most common investment among Brazilians is still CDB (56%), followed by savings accounts (49%). Notably, digital assets are being incorporated as part of a diversification strategy rather than necessarily replacing traditional investments. Nearly half of crypto investors still keep funds in savings accounts. The survey data also reflects a perception of opportunity, with 61% of Brazilians viewing a drop in Bitcoin as a favorable buying opportunity, and this figure rises to 79% among those who already hold crypto assets. Additionally, 82% of crypto investors stated they do not regret investing in this market, while 44% regretted not starting earlier. Experts point out that Brazilian investors are becoming more mature and pragmatic, focusing on asset preservation rather than being driven by ideology. Despite the progress, significant barriers remain: about 62% of respondents find it difficult to understand the technical terminology in the crypto field, and 76% believe the market is too complex. Regulation is also a decisive factor for Brazilian investors, with 55% of respondents considering trading on regulated platforms as the most important attribute when choosing a crypto investment venue. Experts note that the Brazilian Central Bank, CVM, and Congress no longer view digital assets as a fringe phenomenon; the advancement of regulation and the entry of traditional financial institutions are significantly reducing the perceived institutional risks.

Cryptocurrency Penetration Rate in Brazil Reaches 16%, Regulation Becomes Key Consideration for Investors

According to the latest data from the blockchain analysis company Glassnode, the BTC reserves held by exchanges in October have dropped to the level of January 2018 . Since the high point of the last cycle, all the coin flowing into the exchange has now been withdrawn to wallets unrelated to the exchange. In October alone, 1.235 million bitcoins were withdrawn, which is equivalent to 0.86% of circulating supply.

Detail

【Data: BTC reserves held by exchanges in October fell to the level of January 2018】According to the latest data from the blockchain analysis company Glassnode, the BTC reserves held by exchanges in October have dropped to the level of January 2018 . Since the high point of the last cycle, all the coin flowing into the exchange has now been withdrawn to wallets unrelated to the exchange. In October alone, 1.235 million bitcoins were withdrawn, which is equivalent to 0.86% of circulating supply.

Data: BTC reserves held by exchanges in October fell to the level of January 2018

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Article

Shanghai and Shenzhen Markets Total Trading Volume Reaches 32,057.3 Billion Yuan, SMIC Leads in Trading Volume

Data: BTC reserves held by exchanges in October fell to the level of January 2018

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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