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On May 28, Jack Yi, founder of Liquid Capital, posted on platform X stating that he got eight operations right and one wrong in the last cycle, but that one mistake often came with a huge cost. However, there is no need for excessive worry, as it was merely a pullback of the previous round's profits. After this rebound ends, he is fully preparing to bottom-fish for the next round of operations, dedicating more than half of his time and energy to researching AI stocks and investments (currently seeking to learn from experts). Optimists always choose to believe in trends, as only by believing can one avoid panic during crypto lows and AI highs.

[Jack Yi: Fully Prepare for Bottom-Fishing in the Next Round After This Rebound Ends]On May 28, Jack Yi, founder of Liquid Capital, posted on platform X stating that he got eight operations right and one wrong in the last cycle, but that one mistake often came with a huge cost. However, there is no need for excessive worry, as it was merely a pullback of the previous round's profits. After this rebound ends, he is fully preparing to bottom-fish for the next round of operations, dedicating more than half of his time and energy to researching AI stocks and investments (currently seeking to learn from experts). Optimists always choose to believe in trends, as only by believing can one avoid panic during crypto lows and AI highs.

Jack Yi: Fully Prepare for Bottom-Fishing in the Next Round After This Rebound Ends

Analysts at Dutch Bank stated in a report that the market continues to be caught in a roulette of news, influenced by the fluctuating possibility of the U.S. and Iran reaching a short-term agreement to reopen the Strait of Hormuz. 'We have been trying to see through the daily noise of news,' they said. They noted that Dutch Bank analysts did not comment on when an agreement might be reached, but instead focused their baseline scenario on the outcome—specifically, when energy supplies might fully normalize, leading to a sustained decline in prices.

[Dutch International: Middle East News Remains a Market Driver]Analysts at Dutch Bank stated in a report that the market continues to be caught in a roulette of news, influenced by the fluctuating possibility of the U.S. and Iran reaching a short-term agreement to reopen the Strait of Hormuz. 'We have been trying to see through the daily noise of news,' they said. They noted that Dutch Bank analysts did not comment on when an agreement might be reached, but instead focused their baseline scenario on the outcome—specifically, when energy supplies might fully normalize, leading to a sustained decline in prices.

Dutch International: Middle East News Remains a Market Driver

On May 28, according to monitoring by Lookonchain, the whale 'pension-usdt.eth' turned a profit after holding an ETH short position for nearly two months, closing the ETH short position today with a profit of $1.13 million. Additionally, the whale still holds a long position of 1,000 BTC (valued at $73 million), currently facing an unrealized loss of $4.98 million.

[Whale 'pension-usdt.eth' Takes Profit on ETH Short Position, Gains Approximately $1.13 Million]On May 28, according to monitoring by Lookonchain, the whale 'pension-usdt.eth' turned a profit after holding an ETH short position for nearly two months, closing the ETH short position today with a profit of $1.13 million. Additionally, the whale still holds a long position of 1,000 BTC (valued at $73 million), currently facing an unrealized loss of $4.98 million.

Whale 'pension-usdt.eth' Takes Profit on ETH Short Position, Gains Approximately $1.13 Million

On May 28, Michael Kramer, founder of Mott Capital Management, issued a warning that the recent sell-off in Bitcoin may deepen due to upcoming actions by the U.S. Treasury, which is expected to withdraw approximately $150 billion in liquidity from the financial system. In his market analysis report, Kramer noted that Bitcoin often serves as a better liquidity indicator than most other assets. If Treasury settlements are a consumption item for liquidity, Bitcoin could see a significant decline. The U.S. Treasury regularly issues bonds for financing, and when new securities are sold, cash flows from investors into the Treasury's account at the Federal Reserve, which withdraws liquidity from the banking system, thereby reducing the cash available for other investments. The Treasury's operations from May 28 to June 5 will result in approximately $150 billion in liquidity loss, including $15 billion in short-term Treasury bills maturing on Thursday, $47 billion in coupon settlements on Friday, $68 billion on the following Monday, and $16 billion in short-term Treasury bill settlements on the following Tuesday, along with an additional $5 to $15 billion in short-term Treasury bill settlements on June 4. When liquidity is withdrawn, even temporarily, investors typically become more cautious and reduce their interest in risk assets like Bitcoin. Early signs of this pressure have already emerged, with Bitcoin dropping about 11% from its peak above $82,500 earlier this month, recently falling below the critical support level of $75,000. Kramer pointed out that this is a clear signal that liquidity conditions are tightening.

[Warning: U.S. Treasury to Withdraw $150 Billion in Liquidity Next Week, Bitcoin May Decline Further]On May 28, Michael Kramer, founder of Mott Capital Management, issued a warning that the recent sell-off in Bitcoin may deepen due to upcoming actions by the U.S. Treasury, which is expected to withdraw approximately $150 billion in liquidity from the financial system. In his market analysis report, Kramer noted that Bitcoin often serves as a better liquidity indicator than most other assets. If Treasury settlements are a consumption item for liquidity, Bitcoin could see a significant decline. The U.S. Treasury regularly issues bonds for financing, and when new securities are sold, cash flows from investors into the Treasury's account at the Federal Reserve, which withdraws liquidity from the banking system, thereby reducing the cash available for other investments. The Treasury's operations from May 28 to June 5 will result in approximately $150 billion in liquidity loss, including $15 billion in short-term Treasury bills maturing on Thursday, $47 billion in coupon settlements on Friday, $68 billion on the following Monday, and $16 billion in short-term Treasury bill settlements on the following Tuesday, along with an additional $5 to $15 billion in short-term Treasury bill settlements on June 4. When liquidity is withdrawn, even temporarily, investors typically become more cautious and reduce their interest in risk assets like Bitcoin. Early signs of this pressure have already emerged, with Bitcoin dropping about 11% from its peak above $82,500 earlier this month, recently falling below the critical support level of $75,000. Kramer pointed out that this is a clear signal that liquidity conditions are tightening.

Warning: U.S. Treasury to Withdraw $150 Billion in Liquidity Next Week, Bitcoin May Decline Further

Astarter has officially released the "three-layer fusion architecture" - coordinating the three independent trends of AI Agent (actor), DePIN (computing power bottom layer), and DeFAI (financial layer) in a unified stack. The project itself summarizes the architecture as follows: "Astarter is building the infrastructure for an autonomous AI agent economy - integrating Al Agent, DePIN, and DeFAI. Industry analysis suggests that this three-layer architecture is one of the few project solutions in the AI Agent economy that has publicly committed to covering all three layers. Most similar projects only cover one layer, while the strategic alliance between Astarter and UXLINK is the first public attempt to fully cover three layers under the same cooperation framework.

[Astarter reveals three-layer fusion architecture to coordinate the three major trends of Al Agent, DePIN, and DeFAI]Astarter has officially released the "three-layer fusion architecture" - coordinating the three independent trends of AI Agent (actor), DePIN (computing power bottom layer), and DeFAI (financial layer) in a unified stack. The project itself summarizes the architecture as follows: "Astarter is building the infrastructure for an autonomous AI agent economy - integrating Al Agent, DePIN, and DeFAI. Industry analysis suggests that this three-layer architecture is one of the few project solutions in the AI Agent economy that has publicly committed to covering all three layers. Most similar projects only cover one layer, while the strategic alliance between Astarter and UXLINK is the first public attempt to fully cover three layers under the same cooperation framework.

Astarter reveals three-layer fusion architecture to coordinate the three major trends of Al Agent, DePIN, and DeFAI

According to monitoring by Dongcha Beating, the closed-end fund Powerlaw Corp. (stock code: PWRL), which packages shares of SpaceX and OpenAI, debuted on Nasdaq on May 27 local time. It triggered multiple rounds of intraday circuit breakers at the opening, ultimately closing up 131.44% at $27.68. On its first trading day, the fund opened at $35.00, nearly doubling from the exchange reference price of $11.96, and peaked at $40.00 during the day. After-hours trading continued to rise to $28.99. The surge in stock price led to extremely high capital premiums on the fund's trading price. Based on a reported net asset value (NAV) of $604.1 million as of May 13, Powerlaw's actual NAV per share is only $13.97. This means that the closing price of $27.68 represents a premium of 98.14% over the actual asset value, indicating that retail investors are acquiring equity in unlisted tech companies at nearly double the price in the public market. When the price peaked at $40.00, the asset premium rate was pushed up to 186.33%. On the first trading day, the trading volume reached 1,101,300 shares, with a total transaction amount of $37.149 million, and the fund's total market capitalization soared to $1.197 billion at closing. The extreme price divergence reflects the market's FOMO (fear of missing out) sentiment towards the fund's holdings in top unicorns like SpaceX (valued at approximately $117 million), OpenAI (valued at approximately $46.9 million), as well as Anthropic and xAI. However, since nearly 80% of the fund's assets are held indirectly through special purpose vehicles (SPVs) and are facing compliance scrutiny related to violations of SPVs from companies like Anthropic, the multilayered hidden costs and potential risks of forced liquidation may exert pressure on the high premium stock price in subsequent trading.

[PWRL Soars 131% on First Trading Day, Triggering Multiple Circuit Breakers]According to monitoring by Dongcha Beating, the closed-end fund Powerlaw Corp. (stock code: PWRL), which packages shares of SpaceX and OpenAI, debuted on Nasdaq on May 27 local time. It triggered multiple rounds of intraday circuit breakers at the opening, ultimately closing up 131.44% at $27.68. On its first trading day, the fund opened at $35.00, nearly doubling from the exchange reference price of $11.96, and peaked at $40.00 during the day. After-hours trading continued to rise to $28.99. The surge in stock price led to extremely high capital premiums on the fund's trading price. Based on a reported net asset value (NAV) of $604.1 million as of May 13, Powerlaw's actual NAV per share is only $13.97. This means that the closing price of $27.68 represents a premium of 98.14% over the actual asset value, indicating that retail investors are acquiring equity in unlisted tech companies at nearly double the price in the public market. When the price peaked at $40.00, the asset premium rate was pushed up to 186.33%. On the first trading day, the trading volume reached 1,101,300 shares, with a total transaction amount of $37.149 million, and the fund's total market capitalization soared to $1.197 billion at closing. The extreme price divergence reflects the market's FOMO (fear of missing out) sentiment towards the fund's holdings in top unicorns like SpaceX (valued at approximately $117 million), OpenAI (valued at approximately $46.9 million), as well as Anthropic and xAI. However, since nearly 80% of the fund's assets are held indirectly through special purpose vehicles (SPVs) and are facing compliance scrutiny related to violations of SPVs from companies like Anthropic, the multilayered hidden costs and potential risks of forced liquidation may exert pressure on the high premium stock price in subsequent trading.

PWRL Soars 131% on First Trading Day, Triggering Multiple Circuit Breakers

On May 28, news emerged that Grant Cardone, CEO of the US real estate investment firm Cardone Capital, announced on social media that the company increased its holdings by acquiring 130 bitcoins during the market correction.

[US Real Estate Investment Firm Cardone Capital Acquires 130 BTC]On May 28, news emerged that Grant Cardone, CEO of the US real estate investment firm Cardone Capital, announced on social media that the company increased its holdings by acquiring 130 bitcoins during the market correction.

US Real Estate Investment Firm Cardone Capital Acquires 130 BTC

A fund manager has issued a stern warning: As the upcoming U.S. Treasury operations are expected to withdraw approximately $150 billion in liquidity from the financial system, the ongoing sell-off of Bitcoin may further intensify. Michael Kramer, founder and CEO of registered investment advisory firm Mott Capital Management, stated in his latest market analysis report, 'In my experience, Bitcoin tends to reflect liquidity conditions more than most other financial instruments. If the Treasury's settlement operations lead to liquidity exhaustion, Bitcoin prices could drop significantly.' The U.S. Treasury regularly issues bonds and notes to raise funds for government spending. When the Treasury sells new securities, it receives cash from investors, which is then transferred to the Treasury's account at the Federal Reserve. Under normal conditions, this process withdraws liquidity from the banking system and reduces the amount of cash available for other investments. These regular settlements can cause temporary but significant liquidity withdrawal, especially during periods of large issuance. Kramer pointed out that between May 28 and June 5, a series of Treasury operations will withdraw approximately $150 billion in market liquidity, with the following details: Thursday: Short-term Treasury bill settlement, $15 billion; Friday: Coupon bond settlement, $47 billion; Monday: Bond settlement, $68 billion; Tuesday: Short-term Treasury bill settlement, $16 billion; June 4: Short-term Treasury bill settlement, estimated at $5 billion to $15 billion. Various markets, including cryptocurrencies, tend to perform better when liquidity is abundant. Even if liquidity tightens only temporarily, investors tend to be cautious and reduce their willingness to allocate to risk assets like Bitcoin.

[Fund Manager Warns: Upcoming $150 Billion U.S. Treasury Operations May Lead to Significant Bitcoin Decline]A fund manager has issued a stern warning: As the upcoming U.S. Treasury operations are expected to withdraw approximately $150 billion in liquidity from the financial system, the ongoing sell-off of Bitcoin may further intensify. Michael Kramer, founder and CEO of registered investment advisory firm Mott Capital Management, stated in his latest market analysis report, 'In my experience, Bitcoin tends to reflect liquidity conditions more than most other financial instruments. If the Treasury's settlement operations lead to liquidity exhaustion, Bitcoin prices could drop significantly.' The U.S. Treasury regularly issues bonds and notes to raise funds for government spending. When the Treasury sells new securities, it receives cash from investors, which is then transferred to the Treasury's account at the Federal Reserve. Under normal conditions, this process withdraws liquidity from the banking system and reduces the amount of cash available for other investments. These regular settlements can cause temporary but significant liquidity withdrawal, especially during periods of large issuance. Kramer pointed out that between May 28 and June 5, a series of Treasury operations will withdraw approximately $150 billion in market liquidity, with the following details: Thursday: Short-term Treasury bill settlement, $15 billion; Friday: Coupon bond settlement, $47 billion; Monday: Bond settlement, $68 billion; Tuesday: Short-term Treasury bill settlement, $16 billion; June 4: Short-term Treasury bill settlement, estimated at $5 billion to $15 billion. Various markets, including cryptocurrencies, tend to perform better when liquidity is abundant. Even if liquidity tightens only temporarily, investors tend to be cautious and reduce their willingness to allocate to risk assets like Bitcoin.

Fund Manager Warns: Upcoming $150 Billion U.S. Treasury Operations May Lead to Significant Bitcoin Decline

On May 28, Grant Cardone, CEO of the American real estate investment company Cardone Capital, announced on social media that Cardone Capital has increased its holdings by 130 bitcoins during the market pullback.

[Cardone Capital Increases Bitcoin Holdings by 130]On May 28, Grant Cardone, CEO of the American real estate investment company Cardone Capital, announced on social media that Cardone Capital has increased its holdings by 130 bitcoins during the market pullback.

Cardone Capital Increases Bitcoin Holdings by 130

火币HTX报道，比特币月持续走弱，在83,000美元附近受阻后回落，当前正迈向5月收跌的走势，被市场视为经典“5月抛售”季节性信号再度出现。历史数据显示，比特币在出现“红五月”后的1个月平均回报约为-10%，3个月平均回报约-3.3%，短期通常延续疲弱走势；若按历史均值推算，价格可能回落至约68,200美元区间。 
分析指出，在熊市结构中的“红五月”往往更具破坏性，不过比特币在“红五月”后的6个月平均涨幅可达约+139%，剔除异常年份后仍约+12.9%，显示长期趋势并未被季节性信号破坏。

【分析：比特币或延续“5月抛售”，历史信号指向约10%短期回调风险】火币HTX报道，比特币月持续走弱，在83,000美元附近受阻后回落，当前正迈向5月收跌的走势，被市场视为经典“5月抛售”季节性信号再度出现。历史数据显示，比特币在出现“红五月”后的1个月平均回报约为-10%，3个月平均回报约-3.3%，短期通常延续疲弱走势；若按历史均值推算，价格可能回落至约68,200美元区间。 
分析指出，在熊市结构中的“红五月”往往更具破坏性，不过比特币在“红五月”后的6个月平均涨幅可达约+139%，剔除异常年份后仍约+12.9%，显示长期趋势并未被季节性信号破坏。

分析：比特币或延续“5月抛售”，历史信号指向约10%短期回调风险

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分析：比特币或延续“5月抛售”，历史信号指向约10%短期回调风险

Clause de non-responsabilité：Le contenu ci-dessus ne représente pas les positions de HTX.，HTX ne fournit pas de recommandations de trading.。

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