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On May 13, Federal Reserve's Collins stated on Wednesday that she expects interest rates to remain stable for an extended period and believes that in certain scenarios, further tightening of policies may be necessary to ensure inflation returns to the 2% target. She pointed out that traditional monetary policy often 'overlooks' sudden supply shocks, such as rising oil prices. However, given that inflation has been above the target level for over five years, she believes that current patience in suppressing price increases is waning. Collins noted that the current tight monetary policy 'may need to persist for some time.' She remarked, 'The shocks have slightly increased the downside risks to economic activity, while the upside risks to inflation have further increased.' At the same time, she also mentioned that if inflation falls, the Fed may still consider cutting rates later this year. Collins added, however, that if conflicts continue and lead to further price increases, 'I can envision a scenario where tightening policies would be necessary to ensure inflation returns to 2% in a reasonable timeframe.' (Jin Shi)

[Fed's Collins: Patience on Rising Inflation is Diminishing, Rates May Need to Stay High Longer]On May 13, Federal Reserve's Collins stated on Wednesday that she expects interest rates to remain stable for an extended period and believes that in certain scenarios, further tightening of policies may be necessary to ensure inflation returns to the 2% target. She pointed out that traditional monetary policy often 'overlooks' sudden supply shocks, such as rising oil prices. However, given that inflation has been above the target level for over five years, she believes that current patience in suppressing price increases is waning. Collins noted that the current tight monetary policy 'may need to persist for some time.' She remarked, 'The shocks have slightly increased the downside risks to economic activity, while the upside risks to inflation have further increased.' At the same time, she also mentioned that if inflation falls, the Fed may still consider cutting rates later this year. Collins added, however, that if conflicts continue and lead to further price increases, 'I can envision a scenario where tightening policies would be necessary to ensure inflation returns to 2% in a reasonable timeframe.' (Jin Shi)

Fed's Collins: Patience on Rising Inflation is Diminishing, Rates May Need to Stay High Longer

On May 13, the Japan Blockchain Foundation is preparing to launch EJPY, a stablecoin pegged to the yen, on the Ethereum network. This move is another step in Japan's gradual expansion of regulated digital currency infrastructure. The initiative aims to create a blockchain-based asset representing the yen to support programmable payments, digital settlements, and tokenized financial applications. The foundation stated that EJPY will be issued on Ethereum and that the organization will act as the settlement entity behind the token. The project is positioned as part of a broader effort to modernize Japan's financial infrastructure using public blockchain networks rather than closed, permissioned systems. With its early implementation of a digital currency legal framework, Japan has become one of the most structured jurisdictions in the global stablecoin competition. The launch of EJPY reflects Japan's strategy to integrate digital currencies into the financial system through a regulated structure. Choosing to issue on Ethereum rather than building a proprietary blockchain facilitates the connection of the stablecoin with existing DeFi, tokenization, and settlement infrastructure, and demonstrates the increasing institutional recognition of public blockchains as a viable layer of financial infrastructure.

[Japan Blockchain Foundation Plans to Launch Yen-Backed Stablecoin EJPY on Ethereum]On May 13, the Japan Blockchain Foundation is preparing to launch EJPY, a stablecoin pegged to the yen, on the Ethereum network. This move is another step in Japan's gradual expansion of regulated digital currency infrastructure. The initiative aims to create a blockchain-based asset representing the yen to support programmable payments, digital settlements, and tokenized financial applications. The foundation stated that EJPY will be issued on Ethereum and that the organization will act as the settlement entity behind the token. The project is positioned as part of a broader effort to modernize Japan's financial infrastructure using public blockchain networks rather than closed, permissioned systems. With its early implementation of a digital currency legal framework, Japan has become one of the most structured jurisdictions in the global stablecoin competition. The launch of EJPY reflects Japan's strategy to integrate digital currencies into the financial system through a regulated structure. Choosing to issue on Ethereum rather than building a proprietary blockchain facilitates the connection of the stablecoin with existing DeFi, tokenization, and settlement infrastructure, and demonstrates the increasing institutional recognition of public blockchains as a viable layer of financial infrastructure.

Japan Blockchain Foundation Plans to Launch Yen-Backed Stablecoin EJPY on Ethereum

On May 13, according to data from Coinglass, a total of $165 million was liquidated across the network in the past 4 hours, with $157 million from long positions and $7.74 million from short positions.

[Over $165 Million Liquidated in the Past 4 Hours, Primarily Long Positions]On May 13, according to data from Coinglass, a total of $165 million was liquidated across the network in the past 4 hours, with $157 million from long positions and $7.74 million from short positions.

Over $165 Million Liquidated in the Past 4 Hours, Primarily Long Positions

On May 13, Morgan Stanley became more optimistic about the U.S. stock market, betting that strong earnings growth and economic conditions will continue to drive the bull market forward. The bank expects the S&P 500 index to reach 8300 points in the next 12 months, indicating a 12% increase from current levels. The team led by Mike Wilson also raised its year-end forecast for the S&P 500 from 7800 to 8000 points. A strong earnings season has surprised many market forecasters, prompting them to raise their expectations for the stock market. Companies in the S&P 500 index reported a 27% increase in first-quarter profits so far, more than double the approximately 12% increase previously predicted by analysts.

[Morgan Stanley Raises S&P 500 Target to 8300, Betting on Strong Corporate Earnings Growth]On May 13, Morgan Stanley became more optimistic about the U.S. stock market, betting that strong earnings growth and economic conditions will continue to drive the bull market forward. The bank expects the S&P 500 index to reach 8300 points in the next 12 months, indicating a 12% increase from current levels. The team led by Mike Wilson also raised its year-end forecast for the S&P 500 from 7800 to 8000 points. A strong earnings season has surprised many market forecasters, prompting them to raise their expectations for the stock market. Companies in the S&P 500 index reported a 27% increase in first-quarter profits so far, more than double the approximately 12% increase previously predicted by analysts.

Morgan Stanley Raises S&P 500 Target to 8300, Betting on Strong Corporate Earnings Growth

On May 13, the Wall Street Journal reported, citing informed sources, that recent investment offers for Anthropic have valued the company at over $900 billion, doubling its current valuation and surpassing OpenAI for the first time. Earlier this year, OpenAI was valued at $852 billion in a funding round. Anthropic's 'revenue run rate' is expected to reach $50 billion by the end of next month, having already exceeded $30 billion in April, compared to just $9 billion at the end of 2025. The company initially anticipated a tenfold growth this year, but in reality, it achieved approximately 80 times annualized revenue and usage growth in the first quarter. In contrast, OpenAI reported at the end of March that its monthly revenue reached $2 billion, equivalent to an annualized $24 billion. However, the data from the two companies is not entirely comparable, as Anthropic accounts for revenue through sales from cloud service partners, while OpenAI does not use the same method. An OpenAI spokesperson also stated that the monthly revenue figure is not intended to serve as an accurate annualized run rate.

[WSJ: Anthropic's Valuation Surpasses $900 Billion, First Time Exceeding OpenAI]On May 13, the Wall Street Journal reported, citing informed sources, that recent investment offers for Anthropic have valued the company at over $900 billion, doubling its current valuation and surpassing OpenAI for the first time. Earlier this year, OpenAI was valued at $852 billion in a funding round. Anthropic's 'revenue run rate' is expected to reach $50 billion by the end of next month, having already exceeded $30 billion in April, compared to just $9 billion at the end of 2025. The company initially anticipated a tenfold growth this year, but in reality, it achieved approximately 80 times annualized revenue and usage growth in the first quarter. In contrast, OpenAI reported at the end of March that its monthly revenue reached $2 billion, equivalent to an annualized $24 billion. However, the data from the two companies is not entirely comparable, as Anthropic accounts for revenue through sales from cloud service partners, while OpenAI does not use the same method. An OpenAI spokesperson also stated that the monthly revenue figure is not intended to serve as an accurate annualized run rate.

WSJ: Anthropic's Valuation Surpasses $900 Billion, First Time Exceeding OpenAI

On May 13, crypto journalist Eleanor Terrett revealed on social media that members of the Senate Banking Committee submitted over 100 amendments to the Clarity Act yesterday. The DeFi Education Fund is urgently tracking the provisions classified as "anti-DeFi amendments," warning that these amendments will severely harm DeFi technology, users, and developers, and is calling on supporters to lobby senators to firmly oppose them before tomorrow's review meeting. According to DEF, these amendments were jointly proposed by Democratic Senators Catherine Cortez Masto, Angus King, Chris Van Hollen, Elizabeth Warren, and Jack Reed, targeting core DeFi protection provisions in the bill, including: • Blockchain Regulatory Certainty Act (BRCA) • Protection for non-controlling software developers • DeFi front-end protection • Tokenization-related provisions • Significant expansion of BSA/AML obligations for developers and digital asset businesses.

[Senate Banking Committee Members Submit Over 100 Amendments to the CLARITY Act]On May 13, crypto journalist Eleanor Terrett revealed on social media that members of the Senate Banking Committee submitted over 100 amendments to the Clarity Act yesterday. The DeFi Education Fund is urgently tracking the provisions classified as "anti-DeFi amendments," warning that these amendments will severely harm DeFi technology, users, and developers, and is calling on supporters to lobby senators to firmly oppose them before tomorrow's review meeting. According to DEF, these amendments were jointly proposed by Democratic Senators Catherine Cortez Masto, Angus King, Chris Van Hollen, Elizabeth Warren, and Jack Reed, targeting core DeFi protection provisions in the bill, including: • Blockchain Regulatory Certainty Act (BRCA) • Protection for non-controlling software developers • DeFi front-end protection • Tokenization-related provisions • Significant expansion of BSA/AML obligations for developers and digital asset businesses.

Senate Banking Committee Members Submit Over 100 Amendments to the CLARITY Act

According to CNBC: JPMorgan stated that investor panic is rapidly rising, with many clients turning fully bearish on the stock market. Despite the pessimistic market sentiment, JPMorgan's traders still advise clients to remain calm and not to panic amid market volatility.

[JPMorgan: Investor Panic is Rapidly Rising, Many Clients Turn Bearish on Stock Market]According to CNBC: JPMorgan stated that investor panic is rapidly rising, with many clients turning fully bearish on the stock market. Despite the pessimistic market sentiment, JPMorgan's traders still advise clients to remain calm and not to panic amid market volatility.

JPMorgan: Investor Panic is Rapidly Rising, Many Clients Turn Bearish on Stock Market

On May 13, due to adverse market conditions, cryptocurrency hardware wallet manufacturer Ledger has suspended its IPO plans.

[Ledger Halts IPO Plans Amid Harsh Market Conditions]On May 13, due to adverse market conditions, cryptocurrency hardware wallet manufacturer Ledger has suspended its IPO plans.

Ledger Halts IPO Plans Amid Harsh Market Conditions

On May 13, market data indicated that the Nasdaq China Golden Dragon Index continued to rise, expanding its gains to 4%, possibly influenced by Trump's visit to China today. Chinese concept stocks saw widespread increases, including: Kingsoft Cloud (KC) up 18.45%, Meituan ADR (MPNGY) up 9.72%, JD (JD) up 8.26%, Alibaba (BABA) up 8.11%, NIO (NIO) up 7.48%, Baidu (BIDU) up 7.32%, Brain Rejuvenation Technology (RGC) up 6.91%, Pinduoduo (PDD) up 5.35%, Bilibili (BILI) up 5.23%, and Li Auto (LI) up 4.46%.

[U.S. Stocks of Chinese Companies Surge, China Golden Dragon Index Jumps 4%]On May 13, market data indicated that the Nasdaq China Golden Dragon Index continued to rise, expanding its gains to 4%, possibly influenced by Trump's visit to China today. Chinese concept stocks saw widespread increases, including: Kingsoft Cloud (KC) up 18.45%, Meituan ADR (MPNGY) up 9.72%, JD (JD) up 8.26%, Alibaba (BABA) up 8.11%, NIO (NIO) up 7.48%, Baidu (BIDU) up 7.32%, Brain Rejuvenation Technology (RGC) up 6.91%, Pinduoduo (PDD) up 5.35%, Bilibili (BILI) up 5.23%, and Li Auto (LI) up 4.46%.

U.S. Stocks of Chinese Companies Surge, China Golden Dragon Index Jumps 4%

Bitcoin miners' reserves currently stand at 1,837,138 BTC, at their lowest level since December 2021, according to data from on-chain data platform CryptoQuant. CoinLupin, a contributor to the data platform, believes that miners are still selling their BTC reserves, possibly to shore up capital in the event of a market reversal. Separately, data from platforms such as MiningPoolStats confirmed that Bitcoin's hash rate hit an all-time high on January 26, averaging over 275 EH/s.

Detail

【Bitcoin miners hold 1,840,000 BTC, at lowest level since December 2021】Bitcoin miners' reserves currently stand at 1,837,138 BTC, at their lowest level since December 2021, according to data from on-chain data platform CryptoQuant. CoinLupin, a contributor to the data platform, believes that miners are still selling their BTC reserves, possibly to shore up capital in the event of a market reversal. Separately, data from platforms such as MiningPoolStats confirmed that Bitcoin's hash rate hit an all-time high on January 26, averaging over 275 EH/s.

Bitcoin miners hold 1,840,000 BTC, at lowest level since December 2021

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Bitcoin miners hold 1,840,000 BTC, at lowest level since December 2021

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

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