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On May 11, Micron Technology's stock rose over 5% in pre-market trading, currently priced at $785.85.

[Micron Technology Rises Over 5% in Pre-Market Trading]On May 11, Micron Technology's stock rose over 5% in pre-market trading, currently priced at $785.85.

Micron Technology Rises Over 5% in Pre-Market Trading

On May 11, the S&P 500 mini futures fell by 0.06%, while the Nasdaq 100 futures remained flat, and the Dow futures dropped by 0.12%.

[S&P 500 Mini Futures Down 0.06%]On May 11, the S&P 500 mini futures fell by 0.06%, while the Nasdaq 100 futures remained flat, and the Dow futures dropped by 0.12%.

S&P 500 Mini Futures Down 0.06%

On May 11, CryptoQuant analyst Oro Crypto (@oro_crypto) stated that Bitcoin's adjusted spent output profit ratio (aSOPR) has returned to a structurally key area. Since May 1, this metric has remained above 1 for 9 consecutive trading days, indicating that the market is continuously realizing profits through selling. aSOPR measures whether the Bitcoin being spent on-chain is in profit or loss; a value greater than 1 indicates that, on average, the spent BTC is being sold for a profit, while a value less than 1 indicates a loss. The significance of this signal lies in its persistence, as the 9-day streak reduces noise interference and shows a substantial shift in market structure. The last similar sequence of continuous profits occurred from October 19 to November 4, 2025, during which BTC also experienced multiple days of on-chain profitable spending. From a market structure perspective, this indicates that Bitcoin is absorbing selling pressure from profit-taking, while the price structure has not immediately deteriorated, demonstrating sufficient absorption capacity in the market. This reading does not necessarily imply an entry into a euphoric phase but indicates that the market has shifted from a loss realization environment to a phase where participants are consistently realizing profits. As long as aSOPR remains above 1, the market structure remains constructive: participants are cashing in profits while the market maintains its absorption capacity. The key failure level is clear: if the metric consistently falls below the 1.0 threshold, it would mean the market is starting to handle tokens at a loss again, weakening the current constructive signal. Bitcoin is not only being sold again at a profit, but this process is also persistent. This persistence transforms aSOPR into a constructive signal reflecting internal market improvements, marking the most significant positive sequence since October to November 2025.

[Analyst: Bitcoin aSOPR Stays Above 1 for 9 Consecutive Days, Market Continues to Realize Profits]On May 11, CryptoQuant analyst Oro Crypto (@oro_crypto) stated that Bitcoin's adjusted spent output profit ratio (aSOPR) has returned to a structurally key area. Since May 1, this metric has remained above 1 for 9 consecutive trading days, indicating that the market is continuously realizing profits through selling. aSOPR measures whether the Bitcoin being spent on-chain is in profit or loss; a value greater than 1 indicates that, on average, the spent BTC is being sold for a profit, while a value less than 1 indicates a loss. The significance of this signal lies in its persistence, as the 9-day streak reduces noise interference and shows a substantial shift in market structure. The last similar sequence of continuous profits occurred from October 19 to November 4, 2025, during which BTC also experienced multiple days of on-chain profitable spending. From a market structure perspective, this indicates that Bitcoin is absorbing selling pressure from profit-taking, while the price structure has not immediately deteriorated, demonstrating sufficient absorption capacity in the market. This reading does not necessarily imply an entry into a euphoric phase but indicates that the market has shifted from a loss realization environment to a phase where participants are consistently realizing profits. As long as aSOPR remains above 1, the market structure remains constructive: participants are cashing in profits while the market maintains its absorption capacity. The key failure level is clear: if the metric consistently falls below the 1.0 threshold, it would mean the market is starting to handle tokens at a loss again, weakening the current constructive signal. Bitcoin is not only being sold again at a profit, but this process is also persistent. This persistence transforms aSOPR into a constructive signal reflecting internal market improvements, marking the most significant positive sequence since October to November 2025.

Analyst: Bitcoin aSOPR Stays Above 1 for 9 Consecutive Days, Market Continues to Realize Profits

On May 11, Ethereum co-founder Vitalik Buterin published a research paper, clearly stating that zero-knowledge (ZK) payments should become the next necessary standard for the widespread adoption of cryptocurrency payments. He pointed out that cryptocurrency payments must shift from 'pseudonymity' to 'default privacy,' especially in the upcoming 'agent era.' Vitalik believes that the 'glass house' characteristic of blockchain is the main psychological and operational barrier preventing cryptocurrency payments from replacing traditional fiat payments. Therefore, standard transfers should be replaced with transactions based on ZK proofs, allowing users to prove payment validity without revealing their entire balance or transaction history. To address the privacy paradox faced by autonomous AI agents needing to pay service fees (such as large model API credits) without leaving traceable records, Ethereum's Layer 2 solutions can handle privacy payments at the same speed and cost as transparent transactions through 'recursive SNARKs' and 'ZK API usage credits.' Moreover, the new standard will include mechanisms for 'selective disclosure' and 'innocence proofs,' enabling users to provide specific 'compliance proofs' to authorized entities or tax authorities without disclosing data to the public, thus balancing privacy technology with global anti-money laundering regulations. The default privacy standard is expected to attract businesses and institutional users that have previously avoided blockchain due to privacy concerns, as instant settlement, low fees, and confidentiality similar to traditional banks will make Ethereum a strong competitor in the existing financial system. Additionally, once ZK payments are integrated into mobile wallets and e-commerce platforms, ordinary consumers will benefit from blockchain technology without needing to understand the underlying cryptography. Vitalik's initiative indicates that Ethereum is committed to becoming a truly private, secure, and globally accessible financial layer, protecting the financial sovereignty of individual users. As major Ethereum Layer 2 networks set such privacy standards as default configurations, users will transition from managing public addresses to participating in a secure and confidential digital economy.

[Vitalik Officially Promotes Ethereum's Strategic Shift: ZK Payments as the Next Standard for Global Digital Economy]On May 11, Ethereum co-founder Vitalik Buterin published a research paper, clearly stating that zero-knowledge (ZK) payments should become the next necessary standard for the widespread adoption of cryptocurrency payments. He pointed out that cryptocurrency payments must shift from 'pseudonymity' to 'default privacy,' especially in the upcoming 'agent era.' Vitalik believes that the 'glass house' characteristic of blockchain is the main psychological and operational barrier preventing cryptocurrency payments from replacing traditional fiat payments. Therefore, standard transfers should be replaced with transactions based on ZK proofs, allowing users to prove payment validity without revealing their entire balance or transaction history. To address the privacy paradox faced by autonomous AI agents needing to pay service fees (such as large model API credits) without leaving traceable records, Ethereum's Layer 2 solutions can handle privacy payments at the same speed and cost as transparent transactions through 'recursive SNARKs' and 'ZK API usage credits.' Moreover, the new standard will include mechanisms for 'selective disclosure' and 'innocence proofs,' enabling users to provide specific 'compliance proofs' to authorized entities or tax authorities without disclosing data to the public, thus balancing privacy technology with global anti-money laundering regulations. The default privacy standard is expected to attract businesses and institutional users that have previously avoided blockchain due to privacy concerns, as instant settlement, low fees, and confidentiality similar to traditional banks will make Ethereum a strong competitor in the existing financial system. Additionally, once ZK payments are integrated into mobile wallets and e-commerce platforms, ordinary consumers will benefit from blockchain technology without needing to understand the underlying cryptography. Vitalik's initiative indicates that Ethereum is committed to becoming a truly private, secure, and globally accessible financial layer, protecting the financial sovereignty of individual users. As major Ethereum Layer 2 networks set such privacy standards as default configurations, users will transition from managing public addresses to participating in a secure and confidential digital economy.

Vitalik Officially Promotes Ethereum's Strategic Shift: ZK Payments as the Next Standard for Global Digital Economy

On May 11, data from CoinGecko revealed that the total trading volume of RWA perpetual contracts reached $524.79 billion in the first quarter of 2026, indicating a potential increase of over 100% compared to the full-year total of $313.02 billion in 2025. This marks the fourth consecutive quarter of quarter-on-quarter growth, with total trading volume rising from $29.74 billion in Q1 2025 to $67.41 billion in Q2, $77.00 billion in Q3, and $138.87 billion in Q4. Until July 2025, commodities accounted for the entire trading share of RWA perpetual contracts, but in the past six months, their monthly trading volume has fluctuated between 69.7% and 95.3%. Meanwhile, perpetual contracts for other asset categories have gradually gained market attention, with the market share of stock perpetual contracts rising from 0.4% in August 2025 to 6.0% in March 2026; ETF perpetual contracts increased from 2.8% in October 2025 to 5.3% in March 2026, although most of this growth came from SPY trading volume. Additionally, the share of the HIP-3 product on the Hyperliquid platform in the monthly trading volume of RWA perpetual contracts rose from 2.8% at its launch in October 2025 to 28.6% in March 2026. Notably, the trading volume of HIP-3 surged from a total of $12.65 billion in Q4 2025 to $130.87 billion in Q1 2026. The total daily open interest of RWA perpetual contracts has jumped from $14 million on January 1, 2025, to $6.68 billion on March 31, 2026. In Q1 2026, the average daily open interest for RWA perpetual contracts was $4.82 billion, more than five times the average daily open interest of $850 million in 2025.

[RWA Contracts Reach $524.79 Billion in Q1 2026, Up 1666% Year-on-Year]On May 11, data from CoinGecko revealed that the total trading volume of RWA perpetual contracts reached $524.79 billion in the first quarter of 2026, indicating a potential increase of over 100% compared to the full-year total of $313.02 billion in 2025. This marks the fourth consecutive quarter of quarter-on-quarter growth, with total trading volume rising from $29.74 billion in Q1 2025 to $67.41 billion in Q2, $77.00 billion in Q3, and $138.87 billion in Q4. Until July 2025, commodities accounted for the entire trading share of RWA perpetual contracts, but in the past six months, their monthly trading volume has fluctuated between 69.7% and 95.3%. Meanwhile, perpetual contracts for other asset categories have gradually gained market attention, with the market share of stock perpetual contracts rising from 0.4% in August 2025 to 6.0% in March 2026; ETF perpetual contracts increased from 2.8% in October 2025 to 5.3% in March 2026, although most of this growth came from SPY trading volume. Additionally, the share of the HIP-3 product on the Hyperliquid platform in the monthly trading volume of RWA perpetual contracts rose from 2.8% at its launch in October 2025 to 28.6% in March 2026. Notably, the trading volume of HIP-3 surged from a total of $12.65 billion in Q4 2025 to $130.87 billion in Q1 2026. The total daily open interest of RWA perpetual contracts has jumped from $14 million on January 1, 2025, to $6.68 billion on March 31, 2026. In Q1 2026, the average daily open interest for RWA perpetual contracts was $4.82 billion, more than five times the average daily open interest of $850 million in 2025.

RWA Contracts Reach $524.79 Billion in Q1 2026, Up 1666% Year-on-Year

On May 11, data from CoinGecko revealed that the total spot trading volume of tokenized gold in the first quarter of 2026 reached $90.7 billion, exceeding the entire year's total of $84.64 billion for 2025. This reflects a surge in market demand for tokenized gold, as cryptocurrency participants seek to invest in this high-performing asset class, and indicates an increasing accessibility of tokenized gold across various trading platforms. Notably, centralized exchanges (CEX) dominate the majority of spot trading for tokenized assets. Currently, the spot trading volume of tokenized gold has shown monthly fluctuations, indicating a high sensitivity to market conditions. For instance, in October 2025, as gold prices broke historical highs, the spot trading volume of tokenized gold surged to $21.38 billion, more than triple the $6.73 billion from the previous month, before dropping to $14.07 billion the following month. Similar to the situation with the market capitalization of tokenized commodities, PAXG and XAUT dominate the spot trading of tokenized gold. During this period, PAXG accounted for monthly trading volumes ranging from 34.2% to 82.5%, while XAUT comprised 14.8% to 64.6%. Over the past fifteen months, the average monthly spot trading volumes for PAXG and XAUT were $5.72 billion and $5.32 billion, respectively, with an overall average monthly trading total of $11.69 billion. Meanwhile, KAG had an average trading volume of $570 million, Tether's fully deployed product XAUT0 had $100 million, and XAUM only reached $7 million.

[Tokenized Gold Q1 Trading Volume Reaches $90.7 Billion, Surpassing Total for 2025]On May 11, data from CoinGecko revealed that the total spot trading volume of tokenized gold in the first quarter of 2026 reached $90.7 billion, exceeding the entire year's total of $84.64 billion for 2025. This reflects a surge in market demand for tokenized gold, as cryptocurrency participants seek to invest in this high-performing asset class, and indicates an increasing accessibility of tokenized gold across various trading platforms. Notably, centralized exchanges (CEX) dominate the majority of spot trading for tokenized assets. Currently, the spot trading volume of tokenized gold has shown monthly fluctuations, indicating a high sensitivity to market conditions. For instance, in October 2025, as gold prices broke historical highs, the spot trading volume of tokenized gold surged to $21.38 billion, more than triple the $6.73 billion from the previous month, before dropping to $14.07 billion the following month. Similar to the situation with the market capitalization of tokenized commodities, PAXG and XAUT dominate the spot trading of tokenized gold. During this period, PAXG accounted for monthly trading volumes ranging from 34.2% to 82.5%, while XAUT comprised 14.8% to 64.6%. Over the past fifteen months, the average monthly spot trading volumes for PAXG and XAUT were $5.72 billion and $5.32 billion, respectively, with an overall average monthly trading total of $11.69 billion. Meanwhile, KAG had an average trading volume of $570 million, Tether's fully deployed product XAUT0 had $100 million, and XAUM only reached $7 million.

Tokenized Gold Q1 Trading Volume Reaches $90.7 Billion, Surpassing Total for 2025

On May 11, Moomoo, the overseas independent brand under Futu, announced that it has officially obtained a compliance license for prediction markets issued by U.S. regulatory authorities. This means that Moomoo is one of the first online brokerages authorized to offer event contract trading services to retail users in the United States.

[Moomoo Receives Prediction Market License in the U.S., Event Contract Trading Service Launching Soon]On May 11, Moomoo, the overseas independent brand under Futu, announced that it has officially obtained a compliance license for prediction markets issued by U.S. regulatory authorities. This means that Moomoo is one of the first online brokerages authorized to offer event contract trading services to retail users in the United States.

Moomoo Receives Prediction Market License in the U.S., Event Contract Trading Service Launching Soon

On May 11, Vitalik Buterin published a research paper on May 10, advocating that cryptocurrency payments should transition from pseudonymity to default privacy. He proposed replacing standard transfers with zero-knowledge (ZK) transactions, allowing users to prove the validity of payments without revealing their full balance or transaction history. Vitalik specifically pointed out that in the era of agents, autonomous AI agents need to pay service fees (such as LLM API fees) without leaving traceable footprints. By utilizing recursive SNARKs and ZK APIs, Ethereum Layer 2 can handle privacy payments at the same speed and cost as transparent transactions. The proposal also includes mechanisms for selective disclosure and proof of innocence, allowing users to provide specific proof to compliance agencies or tax authorities without disclosing data to the public, in order to meet anti-money laundering regulatory requirements. Vitalik believes that the public transparency of blockchain is the main obstacle preventing cryptocurrency payments from replacing traditional payments, and the ZK payment standard aims to make privacy a default feature.

[Vitalik: ZK Payments Will Become the Next Global Standard]On May 11, Vitalik Buterin published a research paper on May 10, advocating that cryptocurrency payments should transition from pseudonymity to default privacy. He proposed replacing standard transfers with zero-knowledge (ZK) transactions, allowing users to prove the validity of payments without revealing their full balance or transaction history. Vitalik specifically pointed out that in the era of agents, autonomous AI agents need to pay service fees (such as LLM API fees) without leaving traceable footprints. By utilizing recursive SNARKs and ZK APIs, Ethereum Layer 2 can handle privacy payments at the same speed and cost as transparent transactions. The proposal also includes mechanisms for selective disclosure and proof of innocence, allowing users to provide specific proof to compliance agencies or tax authorities without disclosing data to the public, in order to meet anti-money laundering regulatory requirements. Vitalik believes that the public transparency of blockchain is the main obstacle preventing cryptocurrency payments from replacing traditional payments, and the ZK payment standard aims to make privacy a default feature.

Vitalik: ZK Payments Will Become the Next Global Standard

On May 11, a report from CoinGecko revealed that as of March 31, 2026, the market value of tokenized real-world assets (RWA) reached $19.32 billion, a 256.7% increase from $5.42 billion at the beginning of 2025. Among these, tokenized U.S. Treasury bonds remain the largest category, exceeding $10 billion; tokenized commodities rose to $5.55 billion, primarily driven by gold-backed tokens XAUT and PAXG. The report also noted that in the first quarter of 2026, the trading volume of tokenized gold spot transactions reached $90.7 billion, and the trading volume of tokenized stock spot transactions reached $15.1 billion, both surpassing the levels of the corresponding period in 2025. During the same period, the total trading volume of RWA perpetual contracts rose to $524.8 billion.

[Tokenized RWA Reaches $19.32 Billion in Q1 2026, Up 256.7% Year-on-Year]On May 11, a report from CoinGecko revealed that as of March 31, 2026, the market value of tokenized real-world assets (RWA) reached $19.32 billion, a 256.7% increase from $5.42 billion at the beginning of 2025. Among these, tokenized U.S. Treasury bonds remain the largest category, exceeding $10 billion; tokenized commodities rose to $5.55 billion, primarily driven by gold-backed tokens XAUT and PAXG. The report also noted that in the first quarter of 2026, the trading volume of tokenized gold spot transactions reached $90.7 billion, and the trading volume of tokenized stock spot transactions reached $15.1 billion, both surpassing the levels of the corresponding period in 2025. During the same period, the total trading volume of RWA perpetual contracts rose to $524.8 billion.

Tokenized RWA Reaches $19.32 Billion in Q1 2026, Up 256.7% Year-on-Year

Investment firms Grayscale and Bitwise said they were optimistic that a spot bitcoin ETF would finally be approved by the SEC soon at CoinDesk’s Consensus 2022 in Austin, Texas, on Thursday. (Grayscale is owned by DCG, the parent company of CoinDesk).
Both Grayscale, which runs the world’s largest bitcoin fund, the Grayscale Bitcoin Trust (GBTC), and Bitwise face impending deadlines for their spot bitcoin ETF applications to the SEC. Grayscale’s proposal to convert GBTC to a spot bitcoin ETF is going through a public comment period with the deadline for the SEC’s decision coming on July 6, while the deadline for the Bitwise decision is June 29.
“There’s a perception in the crypto industry that the SEC is just saying no, and that’s now what the facts show,” said Matt Hougan, chief investment officer for Bitwise.

Detail

【Grayscale, Bitwise confident a spot Bitcoin ETF will be approved soon】Investment firms Grayscale and Bitwise said they were optimistic that a spot bitcoin ETF would finally be approved by the SEC soon at CoinDesk’s Consensus 2022 in Austin, Texas, on Thursday. (Grayscale is owned by DCG, the parent company of CoinDesk).
Both Grayscale, which runs the world’s largest bitcoin fund, the Grayscale Bitcoin Trust (GBTC), and Bitwise face impending deadlines for their spot bitcoin ETF applications to the SEC. Grayscale’s proposal to convert GBTC to a spot bitcoin ETF is going through a public comment period with the deadline for the SEC’s decision coming on July 6, while the deadline for the Bitwise decision is June 29.
“There’s a perception in the crypto industry that the SEC is just saying no, and that’s now what the facts show,” said Matt Hougan, chief investment officer for Bitwise.

Grayscale, Bitwise confident a spot Bitcoin ETF will be approved soon

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bill soared to 0.152352 USDT, a new high with a 24-hour increase of 15.38%. It currently trades at 0.124168 USDT on HTX.

Grayscale, Bitwise confident a spot Bitcoin ETF will be approved soon

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

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