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On May 25, the Iranian Foreign Ministry spokesman stated: We will not impose toll fees for the Strait of Hormuz. It is normal to charge for services, but it should not be regarded as a toll.

[Iranian Foreign Ministry Spokesman: No Toll Fees for the Strait of Hormuz]On May 25, the Iranian Foreign Ministry spokesman stated: We will not impose toll fees for the Strait of Hormuz. It is normal to charge for services, but it should not be regarded as a toll.

Iranian Foreign Ministry Spokesman: No Toll Fees for the Strait of Hormuz

On May 25, according to Xinhua News Agency, Iranian Foreign Ministry spokesman Baghaei stated that Iran and the United States have reached a consensus on most issues, but "this does not mean that an agreement is imminent."

[Iran: Consensus with the U.S. Does Not Mean an Agreement is Imminent]On May 25, according to Xinhua News Agency, Iranian Foreign Ministry spokesman Baghaei stated that Iran and the United States have reached a consensus on most issues, but "this does not mean that an agreement is imminent."

Iran: Consensus with the U.S. Does Not Mean an Agreement is Imminent

According to monitoring by Dongcha Beating, five years after shutting down its Nut mobile phone business, ByteDance is re-entering the underlying research and development of smartphones through a completely new approach. This conclusion is drawn from a comprehensive data analysis of all positions in ByteDance's official recruitment system. After comparing the specific responsibilities of hundreds of foundational positions, it is clear that ByteDance is not only focused on developing lightweight edge AI applications but is also building a complete set of mobile-grade software and hardware foundations. This includes reconstructing the upper-level Agent interaction and Android/RTOS systems, while delving into structural stacking, baseband, and communication network integration at the lower level, and has already progressed to the NPI (New Product Introduction) trial production stage aligned with contract manufacturers' production lines. In hardware R&D and mass production, ByteDance's array layout is heading straight into the depths of the hardware supply chain. The Shenzhen R&D hub, located in the heart of the supply chain, is intensively releasing positions related to complete machine processes, high-speed PCB interconnections, testing processes, and hardware baseband, fully integrating with contract manufacturing lines. Among these, the structural engineer positions require expertise in new device stacking, middle frame, battery cover, and hinge design, with experience in flagship hardware development such as 'foldable screens,' 'LIPO packaging,' and 'IP68/IP69K' listed as advantages. The complete machine process positions require mastery of DFM/DFA/DFS analysis, NPI trial production introduction, AOI testing, and adhesive and spot welding processes. These job profiles are completely detached from ordinary internet software development, showcasing a distinct character of large-scale hardware manufacturers. On the system foundation side, Android system experts stationed in Beijing will oversee the entire process from project initiation, system planning, integrated development to mass production delivery, covering ODM/OEM interfacing, Android Framework, HAL, Vendor interface adaptation, and Qualcomm platform optimization, even needing to manage factory flashing, aging, and production line testing. Meanwhile, the mobile OS team is comprehensively recruiting experts in SoC chip adaptation, BSP, RTOS kernel, WiFi drivers, graphics engines, system power consumption, and DFX, essentially dismantling the underlying system architecture of a smartphone for a complete reconstruction. The most direct breakthrough is occurring in the 'Doubao Phone Assistant' team, which was originally viewed externally as a pure software project. The R&D focus of the Doubao Phone Assistant team is now fully pushing into the hardware foundation, with positions covering touch control drivers, NFC, system thermal management, peripheral BSP, audio systems, and sensor fusion. A more critical signal is the recruitment of a Telephony RIL Modem product architect position, which requires experience in cellular network delivery from Qualcomm or MediaTek (MTK), familiarity with Telephony systems, RIL drivers, field testing, CTA certification, and RF antenna development rhythms. This indicates that ByteDance's R&D boundaries have crossed beyond pure application layers, entering the core areas of mobile communication baseband and wireless RF. On the upper interaction side, AI is reshaping human-computer interaction interfaces. The Agent software architect in the mobile OS department will be responsible for designing a multi-Agent collaborative interaction framework, integrating internal and external agents with a unified standard protocol to achieve low-latency, multi-modal dynamic decision-making; the perception and memory algorithm positions for the Doubao Phone Assistant will focus on long-term user memory, multi-modal perception, and proactive service mechanisms. This confirms a deeper strategic ambition: ByteDance is not satisfied with positioning Doubao as a pre-installed app on devices but is attempting to reshape Doubao as the primary entry point for the entire hardware system.

[Exclusive: After Five Years, ByteDance Quietly Resumes Mobile Phone R&D]According to monitoring by Dongcha Beating, five years after shutting down its Nut mobile phone business, ByteDance is re-entering the underlying research and development of smartphones through a completely new approach. This conclusion is drawn from a comprehensive data analysis of all positions in ByteDance's official recruitment system. After comparing the specific responsibilities of hundreds of foundational positions, it is clear that ByteDance is not only focused on developing lightweight edge AI applications but is also building a complete set of mobile-grade software and hardware foundations. This includes reconstructing the upper-level Agent interaction and Android/RTOS systems, while delving into structural stacking, baseband, and communication network integration at the lower level, and has already progressed to the NPI (New Product Introduction) trial production stage aligned with contract manufacturers' production lines. In hardware R&D and mass production, ByteDance's array layout is heading straight into the depths of the hardware supply chain. The Shenzhen R&D hub, located in the heart of the supply chain, is intensively releasing positions related to complete machine processes, high-speed PCB interconnections, testing processes, and hardware baseband, fully integrating with contract manufacturing lines. Among these, the structural engineer positions require expertise in new device stacking, middle frame, battery cover, and hinge design, with experience in flagship hardware development such as 'foldable screens,' 'LIPO packaging,' and 'IP68/IP69K' listed as advantages. The complete machine process positions require mastery of DFM/DFA/DFS analysis, NPI trial production introduction, AOI testing, and adhesive and spot welding processes. These job profiles are completely detached from ordinary internet software development, showcasing a distinct character of large-scale hardware manufacturers. On the system foundation side, Android system experts stationed in Beijing will oversee the entire process from project initiation, system planning, integrated development to mass production delivery, covering ODM/OEM interfacing, Android Framework, HAL, Vendor interface adaptation, and Qualcomm platform optimization, even needing to manage factory flashing, aging, and production line testing. Meanwhile, the mobile OS team is comprehensively recruiting experts in SoC chip adaptation, BSP, RTOS kernel, WiFi drivers, graphics engines, system power consumption, and DFX, essentially dismantling the underlying system architecture of a smartphone for a complete reconstruction. The most direct breakthrough is occurring in the 'Doubao Phone Assistant' team, which was originally viewed externally as a pure software project. The R&D focus of the Doubao Phone Assistant team is now fully pushing into the hardware foundation, with positions covering touch control drivers, NFC, system thermal management, peripheral BSP, audio systems, and sensor fusion. A more critical signal is the recruitment of a Telephony RIL Modem product architect position, which requires experience in cellular network delivery from Qualcomm or MediaTek (MTK), familiarity with Telephony systems, RIL drivers, field testing, CTA certification, and RF antenna development rhythms. This indicates that ByteDance's R&D boundaries have crossed beyond pure application layers, entering the core areas of mobile communication baseband and wireless RF. On the upper interaction side, AI is reshaping human-computer interaction interfaces. The Agent software architect in the mobile OS department will be responsible for designing a multi-Agent collaborative interaction framework, integrating internal and external agents with a unified standard protocol to achieve low-latency, multi-modal dynamic decision-making; the perception and memory algorithm positions for the Doubao Phone Assistant will focus on long-term user memory, multi-modal perception, and proactive service mechanisms. This confirms a deeper strategic ambition: ByteDance is not satisfied with positioning Doubao as a pre-installed app on devices but is attempting to reshape Doubao as the primary entry point for the entire hardware system.

Exclusive: After Five Years, ByteDance Quietly Resumes Mobile Phone R&D

According to monitoring by Dongcha Beating, Musk announced that the 1.5T parameter Grok V9-Medium foundational model under xAI has completed its training and is expected to be publicly released within 2 to 3 weeks. The model has now entered the supervised fine-tuning stage and will begin reinforcement learning training in a few days. The development team has incorporated a substantial amount of code data from Cursor during the supplementary training and will continue to add more samples in the future. Compared to the current v8-small model that supports all production traffic for Grok, the 1.5T parameter Grok V9-Medium will achieve significant upgrades in handling complex programming tasks. Musk previously acknowledged that the 0.5T parameter v8-small (the external testing version Grok 4.2) had serious deficiencies in the quality, comprehensiveness, and proportion of its training data. The completed Grok V9-Medium not only expands its parameter scale to three times that of its predecessor but has also been specifically optimized for the Blackwell architecture GPU.

[Musk's Grok V9-Medium Completes Supplementary Training, Incorporates Cursor Data for Advanced Programming Scenarios]According to monitoring by Dongcha Beating, Musk announced that the 1.5T parameter Grok V9-Medium foundational model under xAI has completed its training and is expected to be publicly released within 2 to 3 weeks. The model has now entered the supervised fine-tuning stage and will begin reinforcement learning training in a few days. The development team has incorporated a substantial amount of code data from Cursor during the supplementary training and will continue to add more samples in the future. Compared to the current v8-small model that supports all production traffic for Grok, the 1.5T parameter Grok V9-Medium will achieve significant upgrades in handling complex programming tasks. Musk previously acknowledged that the 0.5T parameter v8-small (the external testing version Grok 4.2) had serious deficiencies in the quality, comprehensiveness, and proportion of its training data. The completed Grok V9-Medium not only expands its parameter scale to three times that of its predecessor but has also been specifically optimized for the Blackwell architecture GPU.

Musk's Grok V9-Medium Completes Supplementary Training, Incorporates Cursor Data for Advanced Programming Scenarios

On May 25, SoftBank Group's stock price rose to an all-time high on Monday, as the market bets on the potential massive returns from its holdings in OpenAI and SB Energy if they go public. Since May 20, SoftBank's stock has surged by 40%, pushing the company's market capitalization to over 40 trillion yen (approximately $252 billion). A two-day rally last week propelled SoftBank's stock price, following reports that OpenAI is preparing to submit its IPO application in the coming days. The power infrastructure company SB Energy also announced plans to confidentially file for an IPO in the U.S. As OpenAI seems to be getting closer to its IPO, market concerns about competitors like Anthropic, Google, and xAI threatening OpenAI's position have eased. Takashi Nakagawa, a senior analyst at TokaiTokyo Intelligence Laboratory, stated that the market is "extremely excited" about the long-awaited OpenAI IPO possibly nearing reality. He noted that this move would enhance the transparency of valuations in the currently opaque AI sector. A significant portion of SoftBank's portfolio consists of AI-driven private startups.

[OpenAI IPO Expectations Drive SoftBank Stock to Record High]On May 25, SoftBank Group's stock price rose to an all-time high on Monday, as the market bets on the potential massive returns from its holdings in OpenAI and SB Energy if they go public. Since May 20, SoftBank's stock has surged by 40%, pushing the company's market capitalization to over 40 trillion yen (approximately $252 billion). A two-day rally last week propelled SoftBank's stock price, following reports that OpenAI is preparing to submit its IPO application in the coming days. The power infrastructure company SB Energy also announced plans to confidentially file for an IPO in the U.S. As OpenAI seems to be getting closer to its IPO, market concerns about competitors like Anthropic, Google, and xAI threatening OpenAI's position have eased. Takashi Nakagawa, a senior analyst at TokaiTokyo Intelligence Laboratory, stated that the market is "extremely excited" about the long-awaited OpenAI IPO possibly nearing reality. He noted that this move would enhance the transparency of valuations in the currently opaque AI sector. A significant portion of SoftBank's portfolio consists of AI-driven private startups.

OpenAI IPO Expectations Drive SoftBank Stock to Record High

Iran's Foreign Ministry spokesman stated: We have reached a framework, but no one can assert that the U.S. and Iran will quickly reach an agreement. The potential memorandum of understanding does not contain specific details regarding the management of the Strait of Hormuz. (Jinshi)

[Iran's Foreign Ministry Spokesman: Framework Reached, No Specific Details on Strait of Hormuz Management]Iran's Foreign Ministry spokesman stated: We have reached a framework, but no one can assert that the U.S. and Iran will quickly reach an agreement. The potential memorandum of understanding does not contain specific details regarding the management of the Strait of Hormuz. (Jinshi)

Iran's Foreign Ministry Spokesman: Framework Reached, No Specific Details on Strait of Hormuz Management

On May 25, according to a report by the Iranian Students' News Agency, a senior Iranian diplomat stated that neither Iran nor the United States made any commitments regarding nuclear issues or high-enriched uranium in the preliminary draft agreement reached between the two parties. The diplomat also mentioned that if the US fulfills its commitments outlined in a potential memorandum of understanding, discussions on nuclear issues and high-enriched uranium reserves will take place during a 60-day negotiation period, in exchange for the lifting of US sanctions and the unfreezing of assets. Additionally, Iran is currently negotiating to end the war and is not discussing nuclear issues.

[Iran: No Commitments on Nuclear Issues in Draft Agreement Between Iran and US]On May 25, according to a report by the Iranian Students' News Agency, a senior Iranian diplomat stated that neither Iran nor the United States made any commitments regarding nuclear issues or high-enriched uranium in the preliminary draft agreement reached between the two parties. The diplomat also mentioned that if the US fulfills its commitments outlined in a potential memorandum of understanding, discussions on nuclear issues and high-enriched uranium reserves will take place during a 60-day negotiation period, in exchange for the lifting of US sanctions and the unfreezing of assets. Additionally, Iran is currently negotiating to end the war and is not discussing nuclear issues.

Iran: No Commitments on Nuclear Issues in Draft Agreement Between Iran and US

On May 25, the total trading volume of the Shanghai and Shenzhen markets reached 32,057.3 billion yuan, an increase of 3,024.09 billion yuan compared to the previous day. Among them, the Shanghai market had a trading volume of 14,456.55 billion yuan (compared to 12,858.48 billion yuan on the previous trading day), with a trading volume of 616 million hands (compared to 589 million hands on the previous trading day); the Shenzhen market had a trading volume of 17,600.75 billion yuan (compared to 16,174.73 billion yuan on the previous trading day), with a trading volume of 781 million hands (compared to 763 million hands on the previous trading day). SMIC topped the trading volume with 37.254 billion yuan, followed by Xinyisheng, Zhaoyi Innovation, Shenghong Technology, and Zhongji Xuchuang, with trading volumes of 30.125 billion yuan, 29.388 billion yuan, 27.543 billion yuan, and 26.633 billion yuan, respectively.

[Shanghai and Shenzhen Markets Total Trading Volume Reaches 32,057.3 Billion Yuan, SMIC Leads in Trading Volume]On May 25, the total trading volume of the Shanghai and Shenzhen markets reached 32,057.3 billion yuan, an increase of 3,024.09 billion yuan compared to the previous day. Among them, the Shanghai market had a trading volume of 14,456.55 billion yuan (compared to 12,858.48 billion yuan on the previous trading day), with a trading volume of 616 million hands (compared to 589 million hands on the previous trading day); the Shenzhen market had a trading volume of 17,600.75 billion yuan (compared to 16,174.73 billion yuan on the previous trading day), with a trading volume of 781 million hands (compared to 763 million hands on the previous trading day). SMIC topped the trading volume with 37.254 billion yuan, followed by Xinyisheng, Zhaoyi Innovation, Shenghong Technology, and Zhongji Xuchuang, with trading volumes of 30.125 billion yuan, 29.388 billion yuan, 27.543 billion yuan, and 26.633 billion yuan, respectively.

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

On May 25, according to official news, the Billions native token BILL has officially expanded to the Solana ecosystem. Users can now trade and use BILL in various Solana wallets and DEX environments such as Phantom and Jupiter. Additionally, users can achieve seamless cross-chain transfers between previously launched chains and Solana through Sunrise. Billions is building a Universal Human & AI Network that connects humans and AI through mobile verification. With this expansion to Solana, more users and AI Agents will be able to participate in the BILL ecosystem.

[Billions Native Token BILL Officially Expands to Solana Ecosystem]On May 25, according to official news, the Billions native token BILL has officially expanded to the Solana ecosystem. Users can now trade and use BILL in various Solana wallets and DEX environments such as Phantom and Jupiter. Additionally, users can achieve seamless cross-chain transfers between previously launched chains and Solana through Sunrise. Billions is building a Universal Human & AI Network that connects humans and AI through mobile verification. With this expansion to Solana, more users and AI Agents will be able to participate in the BILL ecosystem.

Billions Native Token BILL Officially Expands to Solana Ecosystem

Macro environment:
The U.S. Congress provided $13.6 billion to respond to the Ukraine. The fundamental contradictions of the Russian-Ukrainian conflict have not yet been resolved. On Wednesday, the Standard & Poor's 500 Index saw its biggest gain since 2020. U.S. yield curve inversion could come as early as this week.
Spot market:
Market Overview: The overall market capitalisation of cryptocurrencies stood at US$1.695 trillion, down 4.56% from last week.
Technical analysis: BTC continues to trade sideways after a large swing. ETH saw volatility and then continued to trade sideways.
Stablecoins and Capital flow: Stablecoins are slightly increased this week. BTC balance in exchanges' wallets remained stable, ETH balance in exchanges' wallets remained stable.
On-Chain Data: The daily loss of BTC sent by STH to the exchange is 0.5% of the market value of BTC .
Compliance agency: Mainstream BTC ETF AUM was mixed, while ETH ETF AUM dropped sharply.
Derivatives market:
BTC futures open interest kept stable this week, with no obvious fluctuations in trading volume. BTC-compliant market futures contracts remained stable, and the trading volume was stable at a low level. The BTC perpetual contract funding rate fluctuates around zero, and the range is enlarged.
BTC options open interests dropped this week. The trend of BTC options IV has turned this week, and each period is close to overlapping. The long-short ratio of BTC futures fluctuated slightly, the long-short ratio of options decreased, and the market sentiment was stable.
The open interests of ETH kept stable this week, with trading volume decreased. ETH perpetual contract funding rates fluctuated around zero.
ETH options holdings remained stable this week. ETH options IV remained stable this week, rising slowly.
Weekly Market hot spots :
Biden Signs Executive Order on Digital Assets.

Detail

【Huobi Global Weekly Market Analysis】Macro environment:
The U.S. Congress provided $13.6 billion to respond to the Ukraine. The fundamental contradictions of the Russian-Ukrainian conflict have not yet been resolved. On Wednesday, the Standard & Poor's 500 Index saw its biggest gain since 2020. U.S. yield curve inversion could come as early as this week.
Spot market:
Market Overview: The overall market capitalisation of cryptocurrencies stood at US$1.695 trillion, down 4.56% from last week.
Technical analysis: BTC continues to trade sideways after a large swing. ETH saw volatility and then continued to trade sideways.
Stablecoins and Capital flow: Stablecoins are slightly increased this week. BTC balance in exchanges' wallets remained stable, ETH balance in exchanges' wallets remained stable.
On-Chain Data: The daily loss of BTC sent by STH to the exchange is 0.5% of the market value of BTC .
Compliance agency: Mainstream BTC ETF AUM was mixed, while ETH ETF AUM dropped sharply.
Derivatives market:
BTC futures open interest kept stable this week, with no obvious fluctuations in trading volume. BTC-compliant market futures contracts remained stable, and the trading volume was stable at a low level. The BTC perpetual contract funding rate fluctuates around zero, and the range is enlarged.
BTC options open interests dropped this week. The trend of BTC options IV has turned this week, and each period is close to overlapping. The long-short ratio of BTC futures fluctuated slightly, the long-short ratio of options decreased, and the market sentiment was stable.
The open interests of ETH kept stable this week, with trading volume decreased. ETH perpetual contract funding rates fluctuated around zero.
ETH options holdings remained stable this week. ETH options IV remained stable this week, rising slowly.
Weekly Market hot spots :
Biden Signs Executive Order on Digital Assets.

Huobi Global Weekly Market Analysis

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Article

zest soared to 0.180732 USDT, a new high with a 24-hour increase of 9.68%. It currently trades at 0.180313 USDT on HTX.

Huobi Global Weekly Market Analysis

Disclaimer：Il contenuto di cui sopra non rappresenta le posizioni di HTX.，HTX non fornisce alcuna raccomandazione di trading.。

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