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On May 26, as the U.S. suicide drones guided by Elon Musk's Starlink network began to achieve significant results in the Iran war, SpaceX executives concluded that the Pentagon should pay higher fees for satellite Wi-Fi network usage. According to two insiders and Pentagon documents, weeks after the U.S. initiated bombing operations, SpaceX executives met with Pentagon officials and argued that the military currently pays about $5,000 per terminal connection, while actually utilizing a higher-tier service valued at nearly $25,000. Interviews with five insiders and related documents indicate that the controversy surrounding the use of Starlink on the LUCAS suicide drones is merely a reflection of the increasingly tense relationship between SpaceX and the Pentagon over Starlink pricing issues in recent months. (Jinshi)

[SpaceX in Dispute with U.S. Defense Department Over Starlink Price Increase Amid Iran War]On May 26, as the U.S. suicide drones guided by Elon Musk's Starlink network began to achieve significant results in the Iran war, SpaceX executives concluded that the Pentagon should pay higher fees for satellite Wi-Fi network usage. According to two insiders and Pentagon documents, weeks after the U.S. initiated bombing operations, SpaceX executives met with Pentagon officials and argued that the military currently pays about $5,000 per terminal connection, while actually utilizing a higher-tier service valued at nearly $25,000. Interviews with five insiders and related documents indicate that the controversy surrounding the use of Starlink on the LUCAS suicide drones is merely a reflection of the increasingly tense relationship between SpaceX and the Pentagon over Starlink pricing issues in recent months. (Jinshi)

SpaceX in Dispute with U.S. Defense Department Over Starlink Price Increase Amid Iran War

On May 26, analyst Murphy indicated that by observing the 'short-term capital on-chain activity weight' (the proportion of the dollar value represented by short-term trading volume), we can assess the current state of the BTC market. This indicator reflects the latest short-term trading behaviors such as speculation, arbitrage, profit-taking, or panic selling. Currently, this weight has dropped to a historically low level, only seen in the bottom regions of bear markets over the past 15 years, indicating a significant cooling of short-term trading and a shift of economic value towards long-term holdings. The market is characterized by low volatility, accumulation, or clear bottom features. The analyst assesses that the current market may be in one of three stages: the bottom of a bear market; a secondary bottom, which may see one last drop; or accumulation before the start of a bull market. However, under rational judgment, the accumulation before a bull market can be temporarily ruled out. It is currently not advisable to bet all funds on a single scenario; a diversified position strategy is recommended to cope with different outcomes, as the relative position in the long-term trend indicates that Bitcoin is near the bottom.

[Analysis: Bitcoin Short-Term Trading Volume Significantly Cools, Market Nearing Bottom]On May 26, analyst Murphy indicated that by observing the 'short-term capital on-chain activity weight' (the proportion of the dollar value represented by short-term trading volume), we can assess the current state of the BTC market. This indicator reflects the latest short-term trading behaviors such as speculation, arbitrage, profit-taking, or panic selling. Currently, this weight has dropped to a historically low level, only seen in the bottom regions of bear markets over the past 15 years, indicating a significant cooling of short-term trading and a shift of economic value towards long-term holdings. The market is characterized by low volatility, accumulation, or clear bottom features. The analyst assesses that the current market may be in one of three stages: the bottom of a bear market; a secondary bottom, which may see one last drop; or accumulation before the start of a bull market. However, under rational judgment, the accumulation before a bull market can be temporarily ruled out. It is currently not advisable to bet all funds on a single scenario; a diversified position strategy is recommended to cope with different outcomes, as the relative position in the long-term trend indicates that Bitcoin is near the bottom.

Analysis: Bitcoin Short-Term Trading Volume Significantly Cools, Market Nearing Bottom

According to a report by the Iranian Tasnim News Agency on the 26th, Iranian Speaker of Parliament Mohammad Baqer Qalibaf promoted the unfreezing of $24 billion in Iranian funds during his visit to Qatar. Iran demands that half of the funds be unfrozen immediately after the release of the memorandum of understanding between Iran and the United States, with the remaining amount to be unfrozen within 60 days. (Xinhua News Agency)

[Iran Seeks to Unfreeze $24 Billion in Funds]According to a report by the Iranian Tasnim News Agency on the 26th, Iranian Speaker of Parliament Mohammad Baqer Qalibaf promoted the unfreezing of $24 billion in Iranian funds during his visit to Qatar. Iran demands that half of the funds be unfrozen immediately after the release of the memorandum of understanding between Iran and the United States, with the remaining amount to be unfrozen within 60 days. (Xinhua News Agency)

Iran Seeks to Unfreeze $24 Billion in Funds

On May 26, the Islamic Republic of Iran Broadcasting reported that some foreign media outlets claimed Iran and the United States had reached a 14-point understanding memorandum, which is "pure fabrication and baseless." The report stated that several hours earlier, some media claimed to have obtained the final draft of the Iran-U.S. understanding memorandum, which involved issues such as opening the Strait of Hormuz, initiating nuclear negotiations, and unfreezing Iran's frozen assets, but these claims are not true. According to monitoring by PolyBeats, the probability of a "permanent peace agreement between the U.S. and Iran" on the prediction market Polymarket has seen a short-term decline, with the probability being 26% before May 31 and 56% before June 30.

[Iranian State Media Denies Understanding Memorandum with the U.S.]On May 26, the Islamic Republic of Iran Broadcasting reported that some foreign media outlets claimed Iran and the United States had reached a 14-point understanding memorandum, which is "pure fabrication and baseless." The report stated that several hours earlier, some media claimed to have obtained the final draft of the Iran-U.S. understanding memorandum, which involved issues such as opening the Strait of Hormuz, initiating nuclear negotiations, and unfreezing Iran's frozen assets, but these claims are not true. According to monitoring by PolyBeats, the probability of a "permanent peace agreement between the U.S. and Iran" on the prediction market Polymarket has seen a short-term decline, with the probability being 26% before May 31 and 56% before June 30.

Iranian State Media Denies Understanding Memorandum with the U.S.

On May 26, Reuters reported that the EU plans to impose a fine on Google amounting to nearly €1 billion, which would be the largest fine issued under the Digital Markets Act (DMA). An official announcement is expected before the summer break. The investigation was formally launched in March 2025, with the core accusation being that Google prioritizes its own services in search results, violating relevant DMA regulations. The European Commission stated that its primary goal is to ensure Google's compliance rather than merely pursuing fines, but emphasized that it will not hesitate in advancing subsequent steps. Google criticized the DMA regulations for causing the 'largest downgrade in history' to its search products and expressed a desire to resolve the dispute as soon as possible.

[EU Plans to Fine Google Nearly €1 Billion]On May 26, Reuters reported that the EU plans to impose a fine on Google amounting to nearly €1 billion, which would be the largest fine issued under the Digital Markets Act (DMA). An official announcement is expected before the summer break. The investigation was formally launched in March 2025, with the core accusation being that Google prioritizes its own services in search results, violating relevant DMA regulations. The European Commission stated that its primary goal is to ensure Google's compliance rather than merely pursuing fines, but emphasized that it will not hesitate in advancing subsequent steps. Google criticized the DMA regulations for causing the 'largest downgrade in history' to its search products and expressed a desire to resolve the dispute as soon as possible.

EU Plans to Fine Google Nearly €1 Billion

On May 26, data from Arkham revealed that 21Shares and Bitwise ETF collectively purchased $68 million worth of HYPE last week.

[21Shares and Bitwise ETF Purchased $68 Million in HYPE Last Week]On May 26, data from Arkham revealed that 21Shares and Bitwise ETF collectively purchased $68 million worth of HYPE last week.

21Shares and Bitwise ETF Purchased $68 Million in HYPE Last Week

On May 26, according to AXIOS: An assistant to Secretary of State Rubio has been promoted to a senior national security position at the White House.

[Assistant to Secretary of State Rubio Promoted to Senior National Security Position at the White House]On May 26, according to AXIOS: An assistant to Secretary of State Rubio has been promoted to a senior national security position at the White House.

Assistant to Secretary of State Rubio Promoted to Senior National Security Position at the White House

On May 26, Bitwise announced that its subsidiary Bitwise Europe GmbH has launched the Bitwise Canton ETP (BWCC), which is listed on Deutsche Börse's electronic spot trading platform, Deutsche Börse Xetra. This product allows trading through regular brokerage accounts and aims to provide exposure to the native token CC of the Canton Network.

[Bitwise Launches Canton Exchange Trading Product 'BWCC']On May 26, Bitwise announced that its subsidiary Bitwise Europe GmbH has launched the Bitwise Canton ETP (BWCC), which is listed on Deutsche Börse's electronic spot trading platform, Deutsche Börse Xetra. This product allows trading through regular brokerage accounts and aims to provide exposure to the native token CC of the Canton Network.

Bitwise Launches Canton Exchange Trading Product 'BWCC'

According to monitoring by Dongcha Beating, sources reveal that ByteDance is offering low-priced stock options linked to its Seed AI department for employees. This marks the first time ByteDance has issued equity incentives for a specific business unit. The incentive mechanism allows employees to share in the growth benefits of the Seed department without being diluted by the performance of other business lines within ByteDance. Sources indicate that ByteDance has opened the subscription rights for 'Doubao Stock' to Seed employees worldwide this month, priced at $13 per share. Since being granted at approximately $10 per share at the end of last year, the value of Doubao Stock has increased by nearly 30%.

[ByteDance Issues Equity Incentives for Specific Business Unit for the First Time]According to monitoring by Dongcha Beating, sources reveal that ByteDance is offering low-priced stock options linked to its Seed AI department for employees. This marks the first time ByteDance has issued equity incentives for a specific business unit. The incentive mechanism allows employees to share in the growth benefits of the Seed department without being diluted by the performance of other business lines within ByteDance. Sources indicate that ByteDance has opened the subscription rights for 'Doubao Stock' to Seed employees worldwide this month, priced at $13 per share. Since being granted at approximately $10 per share at the end of last year, the value of Doubao Stock has increased by nearly 30%.

ByteDance Issues Equity Incentives for Specific Business Unit for the First Time

Soldman Gachs, one of Three Arrows Capital's creditors, tweeted: "I would like to share my key takeaways from this morning's liquidator meeting. A 2 hour meeting distilled into a short and sweet tweet thread. The meeting voted NOT to seek alternative liquidators so Teneo will remain the liquidators. From the call, they seemed to be very knowledgable, experienced, and committed to securing the best outcome for all creditors. The meeting voted to elect a creditor committee that will comprise Digital Currency Group, Voyager Digital, Blockchain Access UK Ltd, Matrix Port Technologies, and CoinList Lend. These 5 parties represent almost 80% of the current level of claims. It was reported at the end of last year that 3AC had approximately $6bn in assets and $3bn in liabilities. It is too early to know how much still remains and the liquidator is in the process of securing accounts from fund administrators, counterparties, banks, etc. The 3AC assets comprise bank account balances, direct crypto holdings, underlying equity in projects, and NFTs. I was surprised to hear that 3AC no longer owns any BTC or Eth.
The liquidator implied that there may have been wrongdoing while 3AC was in a so-called Zone of Insolvency, a period of time when there is a risk that a company may not be able to pay its debts when they fall due. Transfers that Kyle and Su made at that time may be clawed back.
Su Zhu is claiming $5m, ThreeAC Limited is claiming $25m, and Chen Kaili Kelly (Kyle's wife) is claiming $66m. Interestingly, these claims may be considered as quasi-equity and be subordinated to creditors resulting in them rightfully getting 0.
Total claims right now are $2.8bn. Many have not made any claims yet, or quantified the amount of their claims for confidentiality reasons. Expect this figure to rise substantially as the deadline to make a claim is right up to the day before distributions are to be made."

Detail

【3AC creditors: Three Arrows' claims total $2.8 billion】Soldman Gachs, one of Three Arrows Capital's creditors, tweeted: "I would like to share my key takeaways from this morning's liquidator meeting. A 2 hour meeting distilled into a short and sweet tweet thread. The meeting voted NOT to seek alternative liquidators so Teneo will remain the liquidators. From the call, they seemed to be very knowledgable, experienced, and committed to securing the best outcome for all creditors. The meeting voted to elect a creditor committee that will comprise Digital Currency Group, Voyager Digital, Blockchain Access UK Ltd, Matrix Port Technologies, and CoinList Lend. These 5 parties represent almost 80% of the current level of claims. It was reported at the end of last year that 3AC had approximately $6bn in assets and $3bn in liabilities. It is too early to know how much still remains and the liquidator is in the process of securing accounts from fund administrators, counterparties, banks, etc. The 3AC assets comprise bank account balances, direct crypto holdings, underlying equity in projects, and NFTs. I was surprised to hear that 3AC no longer owns any BTC or Eth.
The liquidator implied that there may have been wrongdoing while 3AC was in a so-called Zone of Insolvency, a period of time when there is a risk that a company may not be able to pay its debts when they fall due. Transfers that Kyle and Su made at that time may be clawed back.
Su Zhu is claiming $5m, ThreeAC Limited is claiming $25m, and Chen Kaili Kelly (Kyle's wife) is claiming $66m. Interestingly, these claims may be considered as quasi-equity and be subordinated to creditors resulting in them rightfully getting 0.
Total claims right now are $2.8bn. Many have not made any claims yet, or quantified the amount of their claims for confidentiality reasons. Expect this figure to rise substantially as the deadline to make a claim is right up to the day before distributions are to be made."

3AC creditors: Three Arrows' claims total $2.8 billion

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3AC creditors: Three Arrows' claims total $2.8 billion

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