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On May 26, South Korea's financial regulatory agency stated in a declaration that Samsung has become the most indebted corporate group in South Korea, surpassing SK Group with total liabilities expected to exceed that of SK Group by the end of 2025. SK Group, the parent company of chipmaker SK Hynix, has fallen to third place, while Hyundai Motor ranks second; followed by Lotte in fourth and LG in fifth. In total, 42 corporate groups have been identified as high-debt enterprises, up from 41 the previous year. By the end of last year, the outstanding bank credit balance for these groups was 386.9 trillion won (approximately $255 billion), an increase of 4.1% from the previous year.

[Samsung Becomes South Korea's Most Indebted Corporate Group]On May 26, South Korea's financial regulatory agency stated in a declaration that Samsung has become the most indebted corporate group in South Korea, surpassing SK Group with total liabilities expected to exceed that of SK Group by the end of 2025. SK Group, the parent company of chipmaker SK Hynix, has fallen to third place, while Hyundai Motor ranks second; followed by Lotte in fourth and LG in fifth. In total, 42 corporate groups have been identified as high-debt enterprises, up from 41 the previous year. By the end of last year, the outstanding bank credit balance for these groups was 386.9 trillion won (approximately $255 billion), an increase of 4.1% from the previous year.

Samsung Becomes South Korea's Most Indebted Corporate Group

On May 26, while global markets continue to trade on optimistic expectations of a potential US-Iran agreement, military conflicts have erupted again near the Strait of Hormuz, indicating that the current situation in the Middle East is essentially still in a phase of 'negotiating, gaming, and applying pressure'. The US military has confirmed 'defensive strikes' on Iranian missile facilities and minesweepers, while Iran accuses the US of violating the ceasefire agreement, highlighting the significant distance remaining before any so-called peace framework can achieve true stability. The core issue for the market now revolves around whether the Strait of Hormuz can truly return to normal operations. Although several media outlets have begun to reveal draft contents, including plans to restore navigation within 30 days, ease restrictions on Iranian oil exports, partially unfreeze overseas assets, and extend the ceasefire for 60 days, Iran and the US have not fully reached consensus on nuclear enrichment, sanction relief, and control of the strait. This is why the market's attitude towards the peace agreement has begun to show clear fatigue, even eliciting a 'wolf is coming' reaction. In terms of asset performance, oil prices have rebounded after a rapid decline, and US Treasury yields have risen again after a drop during Asian trading, indicating that while funds are betting on a de-escalation of conflict in the short term, they remain highly alert to Middle Eastern risks and global inflation pressures. Especially if the Strait of Hormuz ultimately fails to fully restore normal shipping, energy and supply chain pressures will continue to limit the policy space for global central banks. A deeper issue is that the market is gradually coming to accept one thing: even if the war eventually cools down, a high interest rate environment may not end quickly. Recently, officials from the Federal Reserve and the European Central Bank have maintained a hawkish stance, coupled with the market re-pricing interest rate hike expectations, indicating that global funds no longer fully believe that 'central banks will definitely rescue the market' as they did in the past. In the cryptocurrency market, BTC has recently remained volatile, and from the liquidation heatmap, there is still a significant accumulation of short liquidity around 78,000 to 78,200, while a notable long liquidation zone has accumulated around 75,500 and 74,200. This suggests that the current market structure still leans towards high leverage tug-of-war, and funds have not truly formed a consensus on a one-sided trend. Until macro uncertainties are resolved, the cryptocurrency market is likely to remain a highly sensitive reactor to global liquidity and risk appetite, rather than an independent market. Especially as the market begins to question 'whether policies still have the ability to fully stabilize the market', a high volatility environment may just be beginning.

[Bitunix Analyst: Hormuz 'Negotiating While Fighting', Market Realizes True Uncertainty Has Never Disappeared]On May 26, while global markets continue to trade on optimistic expectations of a potential US-Iran agreement, military conflicts have erupted again near the Strait of Hormuz, indicating that the current situation in the Middle East is essentially still in a phase of 'negotiating, gaming, and applying pressure'. The US military has confirmed 'defensive strikes' on Iranian missile facilities and minesweepers, while Iran accuses the US of violating the ceasefire agreement, highlighting the significant distance remaining before any so-called peace framework can achieve true stability. The core issue for the market now revolves around whether the Strait of Hormuz can truly return to normal operations. Although several media outlets have begun to reveal draft contents, including plans to restore navigation within 30 days, ease restrictions on Iranian oil exports, partially unfreeze overseas assets, and extend the ceasefire for 60 days, Iran and the US have not fully reached consensus on nuclear enrichment, sanction relief, and control of the strait. This is why the market's attitude towards the peace agreement has begun to show clear fatigue, even eliciting a 'wolf is coming' reaction. In terms of asset performance, oil prices have rebounded after a rapid decline, and US Treasury yields have risen again after a drop during Asian trading, indicating that while funds are betting on a de-escalation of conflict in the short term, they remain highly alert to Middle Eastern risks and global inflation pressures. Especially if the Strait of Hormuz ultimately fails to fully restore normal shipping, energy and supply chain pressures will continue to limit the policy space for global central banks. A deeper issue is that the market is gradually coming to accept one thing: even if the war eventually cools down, a high interest rate environment may not end quickly. Recently, officials from the Federal Reserve and the European Central Bank have maintained a hawkish stance, coupled with the market re-pricing interest rate hike expectations, indicating that global funds no longer fully believe that 'central banks will definitely rescue the market' as they did in the past. In the cryptocurrency market, BTC has recently remained volatile, and from the liquidation heatmap, there is still a significant accumulation of short liquidity around 78,000 to 78,200, while a notable long liquidation zone has accumulated around 75,500 and 74,200. This suggests that the current market structure still leans towards high leverage tug-of-war, and funds have not truly formed a consensus on a one-sided trend. Until macro uncertainties are resolved, the cryptocurrency market is likely to remain a highly sensitive reactor to global liquidity and risk appetite, rather than an independent market. Especially as the market begins to question 'whether policies still have the ability to fully stabilize the market', a high volatility environment may just be beginning.

Bitunix Analyst: Hormuz 'Negotiating While Fighting', Market Realizes True Uncertainty Has Never Disappeared

On May 26, U.S. Secretary of State Rubio, concluding his visit to India, spoke to the media regarding the U.S. military's so-called 'defensive strikes' on multiple locations in southern Iran earlier today. He stated that the Strait of Hormuz 'must remain open at all costs.' Rubio emphasized, '(The Strait of Hormuz) must be open; it will eventually open in some way; it has to be open.' He also mentioned that the negotiations on the wording of the expected agreement with Iran may take 'a few more days.'

[Rubio: The Strait of Hormuz Must Remain Open at All Costs]On May 26, U.S. Secretary of State Rubio, concluding his visit to India, spoke to the media regarding the U.S. military's so-called 'defensive strikes' on multiple locations in southern Iran earlier today. He stated that the Strait of Hormuz 'must remain open at all costs.' Rubio emphasized, '(The Strait of Hormuz) must be open; it will eventually open in some way; it has to be open.' He also mentioned that the negotiations on the wording of the expected agreement with Iran may take 'a few more days.'

Rubio: The Strait of Hormuz Must Remain Open at All Costs

On May 26, according to HTX market information, there has been an extreme price discrepancy between ESPORTS futures and spot markets, reaching over 40% at one point. The current mark price for perpetual contracts is $0.0478, while the on-chain spot price is $0.0392, resulting in a price difference of approximately 22%. The funding rate for ESPORTS futures on major trading platforms has turned negative. Additionally, data from Coinglass shows that the total open contracts for ESPORTS have surged to $48.32 million, with a 24-hour trading volume of $617 million. In the past 24 hours, liquidations amounted to $8.3167 million, of which $6.6682 million were from long positions.

[Extreme Price Discrepancy in ESPORTS Futures and Spot Markets, Funding Rate Turns Negative]On May 26, according to HTX market information, there has been an extreme price discrepancy between ESPORTS futures and spot markets, reaching over 40% at one point. The current mark price for perpetual contracts is $0.0478, while the on-chain spot price is $0.0392, resulting in a price difference of approximately 22%. The funding rate for ESPORTS futures on major trading platforms has turned negative. Additionally, data from Coinglass shows that the total open contracts for ESPORTS have surged to $48.32 million, with a 24-hour trading volume of $617 million. In the past 24 hours, liquidations amounted to $8.3167 million, of which $6.6682 million were from long positions.

Extreme Price Discrepancy in ESPORTS Futures and Spot Markets, Funding Rate Turns Negative

On May 26, according to Lookonchain monitoring, whale 0x3109 currently holds a long position of 27.38 million DOGE (approximately $2.75 million) and 162,700 LINK (approximately $1.53 million). This address has also set a limit order to continue buying 33.46 million DOGE (approximately $3.31 million) and 515,100 LINK (approximately $4.73 million). Another whale, 0x5687, has established a long position of 10.21 million DOGE (approximately $1.03 million) and 108,400 LINK (approximately $1.02 million). At the same time, this whale has also set a limit order to further buy 14.66 million DOGE (approximately $145,000) and 336,300 LINK (approximately $3.09 million).

[Two Whales Accumulate $6.33 Million in DOGE and LINK, with Over $1 Million in Buy Orders Pending]On May 26, according to Lookonchain monitoring, whale 0x3109 currently holds a long position of 27.38 million DOGE (approximately $2.75 million) and 162,700 LINK (approximately $1.53 million). This address has also set a limit order to continue buying 33.46 million DOGE (approximately $3.31 million) and 515,100 LINK (approximately $4.73 million). Another whale, 0x5687, has established a long position of 10.21 million DOGE (approximately $1.03 million) and 108,400 LINK (approximately $1.02 million). At the same time, this whale has also set a limit order to further buy 14.66 million DOGE (approximately $145,000) and 336,300 LINK (approximately $3.09 million).

Two Whales Accumulate $6.33 Million in DOGE and LINK, with Over $1 Million in Buy Orders Pending

On May 26, a joint survey by Mercado Bitcoin and Opinion Box revealed that cryptocurrency is continuously expanding its presence in Brazil's financial market, now appearing in the portfolios of 16% of Brazilian investors. The survey also indicated that 56% of those who have never invested in crypto assets expressed interest in entering the market in the future. The data suggests that the Brazilian industry is maturing, especially as investors remain conservative and prioritize security. The survey showed that the most common investment among Brazilians is still CDB (56%), followed by savings accounts (49%). Notably, digital assets are being incorporated as part of a diversification strategy rather than necessarily replacing traditional investments. Nearly half of crypto investors still keep funds in savings accounts. The survey data also reflects a perception of opportunity, with 61% of Brazilians viewing a drop in Bitcoin as a favorable buying opportunity, and this figure rises to 79% among those who already hold crypto assets. Additionally, 82% of crypto investors stated they do not regret investing in this market, while 44% regretted not starting earlier. Experts point out that Brazilian investors are becoming more mature and pragmatic, focusing on asset preservation rather than being driven by ideology. Despite the progress, significant barriers remain: about 62% of respondents find it difficult to understand the technical terminology in the crypto field, and 76% believe the market is too complex. Regulation is also a decisive factor for Brazilian investors, with 55% of respondents considering trading on regulated platforms as the most important attribute when choosing a crypto investment venue. Experts note that the Brazilian Central Bank, CVM, and Congress no longer view digital assets as a fringe phenomenon; the advancement of regulation and the entry of traditional financial institutions are significantly reducing the perceived institutional risks.

[Cryptocurrency Penetration Rate in Brazil Reaches 16%, Regulation Becomes Key Consideration for Investors]On May 26, a joint survey by Mercado Bitcoin and Opinion Box revealed that cryptocurrency is continuously expanding its presence in Brazil's financial market, now appearing in the portfolios of 16% of Brazilian investors. The survey also indicated that 56% of those who have never invested in crypto assets expressed interest in entering the market in the future. The data suggests that the Brazilian industry is maturing, especially as investors remain conservative and prioritize security. The survey showed that the most common investment among Brazilians is still CDB (56%), followed by savings accounts (49%). Notably, digital assets are being incorporated as part of a diversification strategy rather than necessarily replacing traditional investments. Nearly half of crypto investors still keep funds in savings accounts. The survey data also reflects a perception of opportunity, with 61% of Brazilians viewing a drop in Bitcoin as a favorable buying opportunity, and this figure rises to 79% among those who already hold crypto assets. Additionally, 82% of crypto investors stated they do not regret investing in this market, while 44% regretted not starting earlier. Experts point out that Brazilian investors are becoming more mature and pragmatic, focusing on asset preservation rather than being driven by ideology. Despite the progress, significant barriers remain: about 62% of respondents find it difficult to understand the technical terminology in the crypto field, and 76% believe the market is too complex. Regulation is also a decisive factor for Brazilian investors, with 55% of respondents considering trading on regulated platforms as the most important attribute when choosing a crypto investment venue. Experts note that the Brazilian Central Bank, CVM, and Congress no longer view digital assets as a fringe phenomenon; the advancement of regulation and the entry of traditional financial institutions are significantly reducing the perceived institutional risks.

Cryptocurrency Penetration Rate in Brazil Reaches 16%, Regulation Becomes Key Consideration for Investors

On May 26, official data revealed that the NEAR Protocol recorded a privacy transaction volume of $87 million over the past 30 days, with public transaction volume at $122 million. The total transaction volume amounted to $209 million, with privacy transactions making up 41.63% of the total.

[NEAR Privacy Transaction Volume Reaches $87 Million in Last 30 Days, Accounting for 41.63% of Total Volume]On May 26, official data revealed that the NEAR Protocol recorded a privacy transaction volume of $87 million over the past 30 days, with public transaction volume at $122 million. The total transaction volume amounted to $209 million, with privacy transactions making up 41.63% of the total.

NEAR Privacy Transaction Volume Reaches $87 Million in Last 30 Days, Accounting for 41.63% of Total Volume

On May 26, data showed that Bitcoin's implied volatility has dropped to 36%, marking an eight-month low, indicating that the market expects BTC to continue fluctuating in the short term. The decline in volatility itself does not indicate the direction of the market, but current derivatives market data suggests that shorts may be overly concentrated. If BTC breaks above $82,000, it could trigger a massive short squeeze. CoinGlass's liquidation heatmap shows a significant accumulation of BTC short positions in the $78,000–$83,000 range. Meanwhile, BTC has failed to reclaim $90,000 for nearly four months, leading some shorts to establish stronger bearish expectations. Additionally, Glassnode data indicates that the 30-day options Delta Skew for BTC currently stands at 14%, suggesting a significant premium for put options compared to call options, reflecting that professional traders remain more concerned about the risk of BTC declining. The market has partially priced in the expectation of BTC retracing to $72,000, but if BTC breaks out above $82,000 with strong volume, it may trigger a more intense leveraged short covering scenario.

[Analysis: Bitcoin Shorts Overly Concentrated, Break Above $82,000 May Trigger Massive Short Squeeze]On May 26, data showed that Bitcoin's implied volatility has dropped to 36%, marking an eight-month low, indicating that the market expects BTC to continue fluctuating in the short term. The decline in volatility itself does not indicate the direction of the market, but current derivatives market data suggests that shorts may be overly concentrated. If BTC breaks above $82,000, it could trigger a massive short squeeze. CoinGlass's liquidation heatmap shows a significant accumulation of BTC short positions in the $78,000–$83,000 range. Meanwhile, BTC has failed to reclaim $90,000 for nearly four months, leading some shorts to establish stronger bearish expectations. Additionally, Glassnode data indicates that the 30-day options Delta Skew for BTC currently stands at 14%, suggesting a significant premium for put options compared to call options, reflecting that professional traders remain more concerned about the risk of BTC declining. The market has partially priced in the expectation of BTC retracing to $72,000, but if BTC breaks out above $82,000 with strong volume, it may trigger a more intense leveraged short covering scenario.

Analysis: Bitcoin Shorts Overly Concentrated, Break Above $82,000 May Trigger Massive Short Squeeze

On May 26, Goldman Sachs CEO David Solomon wrote in The New York Times that concerns about AI causing a 'mass unemployment wave' are exaggerated. He believes that the U.S. economy will continue to create more new jobs through technological transformation, just as it did during the past industrial revolution and the internet era. Solomon stated that Goldman Sachs expects AI or automation to impact about 25% of existing work hours over the next decade, with significant effects on white-collar jobs in sectors like banking, accounting, and law. A Stanford study shows that recruitment for entry-level positions in highly automated roles, such as software engineering and customer service, has declined by 16% compared to less automated industries. However, he pointed out that AI is also creating new job demands. For instance, since 2022, the construction of data centers in the U.S. has generated over 200,000 construction jobs. Goldman Sachs itself may reduce some compliance and account opening positions but will increase hiring for client-facing roles in banking, trading, and asset management. Solomon believes that AI is more likely to enhance productivity rather than directly eliminate 25% of jobs. He stated, 'Technological advancement and cultural change do not always align; being replaceable does not mean one will necessarily be replaced.' He also called for a joint effort by the government and businesses to promote large-scale retraining programs to address the changes in labor structure brought about by AI.

[Goldman Sachs CEO Refutes AI 'Job Apocalypse' Theory: AI Will Boost Productivity and Create New Jobs]On May 26, Goldman Sachs CEO David Solomon wrote in The New York Times that concerns about AI causing a 'mass unemployment wave' are exaggerated. He believes that the U.S. economy will continue to create more new jobs through technological transformation, just as it did during the past industrial revolution and the internet era. Solomon stated that Goldman Sachs expects AI or automation to impact about 25% of existing work hours over the next decade, with significant effects on white-collar jobs in sectors like banking, accounting, and law. A Stanford study shows that recruitment for entry-level positions in highly automated roles, such as software engineering and customer service, has declined by 16% compared to less automated industries. However, he pointed out that AI is also creating new job demands. For instance, since 2022, the construction of data centers in the U.S. has generated over 200,000 construction jobs. Goldman Sachs itself may reduce some compliance and account opening positions but will increase hiring for client-facing roles in banking, trading, and asset management. Solomon believes that AI is more likely to enhance productivity rather than directly eliminate 25% of jobs. He stated, 'Technological advancement and cultural change do not always align; being replaceable does not mean one will necessarily be replaced.' He also called for a joint effort by the government and businesses to promote large-scale retraining programs to address the changes in labor structure brought about by AI.

Goldman Sachs CEO Refutes AI 'Job Apocalypse' Theory: AI Will Boost Productivity and Create New Jobs

According to The Block, Perennial, a decentralized finance protocol for trading derivatives, raised $12 million in a seed funding round. Polychain Capital and Variant co-led the round, with Archetype, Coinbase Ventures, Scalar Capital, Robot Ventures and others participating. The project has launched its mainnet. Perennial was co-founded by Kevin Britz and Arjun Rao. Before Perennial, the duo also co-founded Astro Wallet in 2017, which was acquired by Coinbase in 2019. Both are still working for Coinbase in an advisory capacity.

Detail

【DeFi derivatives protocol Perennial raises $12 million co-led by Polychain Capital and Variant】According to The Block, Perennial, a decentralized finance protocol for trading derivatives, raised $12 million in a seed funding round. Polychain Capital and Variant co-led the round, with Archetype, Coinbase Ventures, Scalar Capital, Robot Ventures and others participating. The project has launched its mainnet. Perennial was co-founded by Kevin Britz and Arjun Rao. Before Perennial, the duo also co-founded Astro Wallet in 2017, which was acquired by Coinbase in 2019. Both are still working for Coinbase in an advisory capacity.

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Article

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DeFi derivatives protocol Perennial raises $12 million co-led by Polychain Capital and Variant

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

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