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On March 26, Federal Reserve Chairman nominee Kevin Waller aims to significantly shrink the Fed's $6.6 trillion balance sheet. A top financial economist suggests it may take him more than one term to accomplish this task. Darrell Duffie, a Stanford Graduate School of Business professor and long-time Fed advisor, argues in a new paper that if the Fed wishes to substantially reduce its footprint in financial markets without causing severe stress, reforms are needed, including a complete overhaul of bank liquidity requirements and a redesign of the payment system. Once Waller secures Senate confirmation, some reforms could be implemented immediately, provided he has the support of his colleagues. Duffie stated that other reforms could take up to five years, implying the work would extend beyond Waller's four-year chairmanship. (JIN10)

[Fed Nominee Waller May Need Five Years to Shrink Balance Sheet]On March 26, Federal Reserve Chairman nominee Kevin Waller aims to significantly shrink the Fed's $6.6 trillion balance sheet. A top financial economist suggests it may take him more than one term to accomplish this task. Darrell Duffie, a Stanford Graduate School of Business professor and long-time Fed advisor, argues in a new paper that if the Fed wishes to substantially reduce its footprint in financial markets without causing severe stress, reforms are needed, including a complete overhaul of bank liquidity requirements and a redesign of the payment system. Once Waller secures Senate confirmation, some reforms could be implemented immediately, provided he has the support of his colleagues. Duffie stated that other reforms could take up to five years, implying the work would extend beyond Waller's four-year chairmanship. (JIN10)

Fed Nominee Waller May Need Five Years to Shrink Balance Sheet

On March 26, Japan's two-year government bond yield climbed to its highest level since 1996, driven by market expectations of a near-term interest rate hike by the Bank of Japan. The yield on the two-year Japanese government bond, which is highly sensitive to monetary policy expectations, rose 1 basis point on Thursday to 1.315%, surpassing the previous high of 1.31% reached last month. The yield on the 10-year Japanese government bond increased by 2 basis points to 2.270%. Markets anticipate that the surge in oil prices following the outbreak of the conflict in Iran will trigger an inflationary shock. Central banks have warned of persistent price pressures, pushing up short-term yields, while traders have largely dismissed expectations of a policy easing by the Federal Reserve this year. The rise in oil prices has also put pressure on the yen, further bolstering market expectations that the Bank of Japan may need to continue tightening its monetary policy. Overnight index swap data indicates that the market assigns a 64% probability of the Bank of Japan taking action in April. (JIN10)

[Japanese 2-Year Bond Yield Hits 30-Year High on Rate Hike Expectations]On March 26, Japan's two-year government bond yield climbed to its highest level since 1996, driven by market expectations of a near-term interest rate hike by the Bank of Japan. The yield on the two-year Japanese government bond, which is highly sensitive to monetary policy expectations, rose 1 basis point on Thursday to 1.315%, surpassing the previous high of 1.31% reached last month. The yield on the 10-year Japanese government bond increased by 2 basis points to 2.270%. Markets anticipate that the surge in oil prices following the outbreak of the conflict in Iran will trigger an inflationary shock. Central banks have warned of persistent price pressures, pushing up short-term yields, while traders have largely dismissed expectations of a policy easing by the Federal Reserve this year. The rise in oil prices has also put pressure on the yen, further bolstering market expectations that the Bank of Japan may need to continue tightening its monetary policy. Overnight index swap data indicates that the market assigns a 64% probability of the Bank of Japan taking action in April. (JIN10)

Japanese 2-Year Bond Yield Hits 30-Year High on Rate Hike Expectations

On March 26th, according to a Coinshares report, Bitcoin mining profitability has reached historic lows. In the first quarter of 2026, the hash price fell to approximately $28-30 per PH/s/day, a new post-halving low. The weighted average cash cost in the fourth quarter of 2025 reached about $80,000 per coin, with approximately 15-20% of global mining machines operating at a loss.
The transition of mining companies to AI is no longer an option. Publicly listed mining companies have cumulatively announced over $70 billion in AI/HPC contracts, and by the end of 2026, up to 70% of revenue for these companies could come from AI. Some mining companies have incurred substantial debt to build out AI infrastructure, fundamentally altering the industry's risk profile. Miner valuations are showing significant divergence: companies that have secured HPC contracts have an EV/NTM revenue multiple of 12.3x, while pure mining companies stand at 5.9x. The industry has bifurcated into infrastructure companies and mining companies, with vastly different future prospects for each.

[CoinShares Report: Bitcoin Mining Profitability at Historic Lows, AI Transition Becomes Imperative for Miners]On March 26th, according to a Coinshares report, Bitcoin mining profitability has reached historic lows. In the first quarter of 2026, the hash price fell to approximately $28-30 per PH/s/day, a new post-halving low. The weighted average cash cost in the fourth quarter of 2025 reached about $80,000 per coin, with approximately 15-20% of global mining machines operating at a loss.
The transition of mining companies to AI is no longer an option. Publicly listed mining companies have cumulatively announced over $70 billion in AI/HPC contracts, and by the end of 2026, up to 70% of revenue for these companies could come from AI. Some mining companies have incurred substantial debt to build out AI infrastructure, fundamentally altering the industry's risk profile. Miner valuations are showing significant divergence: companies that have secured HPC contracts have an EV/NTM revenue multiple of 12.3x, while pure mining companies stand at 5.9x. The industry has bifurcated into infrastructure companies and mining companies, with vastly different future prospects for each.

CoinShares Report: Bitcoin Mining Profitability at Historic Lows, AI Transition Becomes Imperative for Miners

According to 1M AI News monitoring, the Meituan Longcat team has open-sourced LongCat-Next, a native multimodal model based on the MoE architecture with 3 billion activated parameters. It unifies five capabilities—text, visual understanding, image generation, speech understanding, and speech synthesis—within a single autoregressive framework. The model and its accompanying tokenizer are open-sourced under the MIT license, with weights available on HuggingFace. The core design of LongCat-Next is the DiNA (Discrete Native Autoregressive) paradigm: by designing paired tokenizers and decoders for each modality, it converts visual and audio signals into discrete tokens, sharing the same embedding space as text, and completing all tasks through unified next-token prediction. The key component on the visual side, dNaViT (discrete native Resolution Vision Transformer), extracts image features into 'visual words,' supporting dynamic tokenization and decoding. It maintains strong image generation quality even with a 28x compression ratio, showing particular excellence in text rendering. In comparisons with models of similar activated parameter scale (A3B), LongCat-Next's main benchmark performance is as follows: 1. Visual Understanding: MMMU-Pro 60.3 (Qwen3-Omni 57.0, GPT5-minimal 62.7), MathVista 83.1 (Qwen3-Omni 75.9, GPT5-minimal 50.9), MathVision 64.7 (leading all compared models), DocVQA 94.2. 2. Image Generation: GenEval 84.44, LongText-EN 93.15 (FLUX.1-dev 60.70, Emu-3.5 97.60). 3. Programming: SWE-Bench 43.0 (Kimi-Linear-48B 32.8, Qwen3-Next-80B 37.6). 4. Agent Tool Calling: Tau2-Retail 73.68 (Qwen3-Next 57.3), Tau2-Telecom 62.06 (Qwen3-Next 13.2). In a horizontal comparison of unified models for understanding and generation, LongCat-Next's MMMU score of 70.6 leads the second-place NEO-unify (68.9), significantly surpassing previous unified model solutions like BAGEL (55.3) and Ovis-U1 (51.1). The performance on SWE-Bench 43.0 and the Tau2 series of tool-calling benchmarks also indicates that this unified multimodal architecture does not sacrifice pure text and Agent capabilities.

[Meituan Open-Sources LongCat-Next: A 3B Parameter Unified Model for Vision, Generation, and Speech]According to 1M AI News monitoring, the Meituan Longcat team has open-sourced LongCat-Next, a native multimodal model based on the MoE architecture with 3 billion activated parameters. It unifies five capabilities—text, visual understanding, image generation, speech understanding, and speech synthesis—within a single autoregressive framework. The model and its accompanying tokenizer are open-sourced under the MIT license, with weights available on HuggingFace. The core design of LongCat-Next is the DiNA (Discrete Native Autoregressive) paradigm: by designing paired tokenizers and decoders for each modality, it converts visual and audio signals into discrete tokens, sharing the same embedding space as text, and completing all tasks through unified next-token prediction. The key component on the visual side, dNaViT (discrete native Resolution Vision Transformer), extracts image features into 'visual words,' supporting dynamic tokenization and decoding. It maintains strong image generation quality even with a 28x compression ratio, showing particular excellence in text rendering. In comparisons with models of similar activated parameter scale (A3B), LongCat-Next's main benchmark performance is as follows: 1. Visual Understanding: MMMU-Pro 60.3 (Qwen3-Omni 57.0, GPT5-minimal 62.7), MathVista 83.1 (Qwen3-Omni 75.9, GPT5-minimal 50.9), MathVision 64.7 (leading all compared models), DocVQA 94.2. 2. Image Generation: GenEval 84.44, LongText-EN 93.15 (FLUX.1-dev 60.70, Emu-3.5 97.60). 3. Programming: SWE-Bench 43.0 (Kimi-Linear-48B 32.8, Qwen3-Next-80B 37.6). 4. Agent Tool Calling: Tau2-Retail 73.68 (Qwen3-Next 57.3), Tau2-Telecom 62.06 (Qwen3-Next 13.2). In a horizontal comparison of unified models for understanding and generation, LongCat-Next's MMMU score of 70.6 leads the second-place NEO-unify (68.9), significantly surpassing previous unified model solutions like BAGEL (55.3) and Ovis-U1 (51.1). The performance on SWE-Bench 43.0 and the Tau2 series of tool-calling benchmarks also indicates that this unified multimodal architecture does not sacrifice pure text and Agent capabilities.

Meituan Open-Sources LongCat-Next: A 3B Parameter Unified Model for Vision, Generation, and Speech

On March 26th, Solana-based liquidity protocol Meteora announced that its chart-based DLMM (Dynamic Liquidity Management Model) range setting feature is now live on Meteora. This feature allows users to identify support levels, discover resistance levels, and precisely view liquidity positions on charts.

[Meteora Launches Chart-Based DLMM Range Setting Feature]On March 26th, Solana-based liquidity protocol Meteora announced that its chart-based DLMM (Dynamic Liquidity Management Model) range setting feature is now live on Meteora. This feature allows users to identify support levels, discover resistance levels, and precisely view liquidity positions on charts.

Meteora Launches Chart-Based DLMM Range Setting Feature

On March 26, market news reported that the Solana Foundation announced new requirements for the validator delegation program, set to take effect on May 1, 2026. The updates focus on fairness in transaction ordering, prohibiting censorship, implementing stricter temporal rules, and limiting ASN and data center concentration. This adjustment aims to enhance network performance and user experience, with the monitoring platform Ghost assisting in tracking and publishing network health metrics.

[Solana Foundation Updates Validator Delegation Program Requirements, Effective May 1]On March 26, market news reported that the Solana Foundation announced new requirements for the validator delegation program, set to take effect on May 1, 2026. The updates focus on fairness in transaction ordering, prohibiting censorship, implementing stricter temporal rules, and limiting ASN and data center concentration. This adjustment aims to enhance network performance and user experience, with the monitoring platform Ghost assisting in tracking and publishing network health metrics.

Solana Foundation Updates Validator Delegation Program Requirements, Effective May 1

On March 26, Japan's two-year government bond yield climbed to its highest level since 1996, driven by market expectations that the Bank of Japan will raise interest rates in the near future. The yield on Japanese two-year government bonds, which is highly sensitive to monetary policy expectations, rose 1 basis point on Thursday to 1.315%, surpassing the previous high of 1.31% reached last month. The yield on 10-year Japanese government bonds increased by 2 basis points to 2.270%. Markets anticipate that rising oil prices following the outbreak of the conflict in Iran will trigger an inflationary shock. Central banks have warned of persistent price pressures, pushing up short-term yields, while traders have largely dismissed expectations of the Federal Reserve easing policy this year. The rise in oil prices has also put pressure on the Japanese yen, further increasing market expectations that the Bank of Japan may need to continue tightening monetary policy. Overnight index swap data shows that the market is pricing in a 64% chance of the Bank of Japan taking action in April. (JIN10)

[Japan's 2-Year Bond Yield Hits 30-Year High on Rate Hike Expectations]On March 26, Japan's two-year government bond yield climbed to its highest level since 1996, driven by market expectations that the Bank of Japan will raise interest rates in the near future. The yield on Japanese two-year government bonds, which is highly sensitive to monetary policy expectations, rose 1 basis point on Thursday to 1.315%, surpassing the previous high of 1.31% reached last month. The yield on 10-year Japanese government bonds increased by 2 basis points to 2.270%. Markets anticipate that rising oil prices following the outbreak of the conflict in Iran will trigger an inflationary shock. Central banks have warned of persistent price pressures, pushing up short-term yields, while traders have largely dismissed expectations of the Federal Reserve easing policy this year. The rise in oil prices has also put pressure on the Japanese yen, further increasing market expectations that the Bank of Japan may need to continue tightening monetary policy. Overnight index swap data shows that the market is pricing in a 64% chance of the Bank of Japan taking action in April. (JIN10)

Japan's 2-Year Bond Yield Hits 30-Year High on Rate Hike Expectations

On March 26, data disclosed by Kobeissi Letter revealed that in January, countries' holdings of US Treasury debt surged by $34.8 billion, reaching $9.3 trillion, a record second-highest level. Japan, as the largest foreign holder, purchased $39.8 billion worth of US Treasury debt, bringing its total purchases to $1.2 trillion, the highest level since July 2022. The United Kingdom is the second-largest global holder of US debt, increasing its holdings by $29.3 billion to $895.3 billion, a record third-highest level. The United Kingdom is the third-largest global holder of US debt, increasing its holdings by $10.9 billion to $694.4 billion, the highest level since September of last year. Meanwhile, multiple EU countries collectively increased their holdings by $8 billion, reaching $2.1 trillion.

[Foreign Holdings of US Debt Hit Record High]On March 26, data disclosed by Kobeissi Letter revealed that in January, countries' holdings of US Treasury debt surged by $34.8 billion, reaching $9.3 trillion, a record second-highest level. Japan, as the largest foreign holder, purchased $39.8 billion worth of US Treasury debt, bringing its total purchases to $1.2 trillion, the highest level since July 2022. The United Kingdom is the second-largest global holder of US debt, increasing its holdings by $29.3 billion to $895.3 billion, a record third-highest level. The United Kingdom is the third-largest global holder of US debt, increasing its holdings by $10.9 billion to $694.4 billion, the highest level since September of last year. Meanwhile, multiple EU countries collectively increased their holdings by $8 billion, reaching $2.1 trillion.

Foreign Holdings of US Debt Hit Record High

On March 26th, Bo Shen, founder of BitTorrent Capital, announced on social media that he is publicly seeking clues related to his personal wallet theft and has established a bounty program.

Bo Shen stated that his personal wallet was hacked in 2022, resulting in a loss of approximately $42 million. Over the past three years since the incident, his team has been continuously tracking the case and has now obtained more key clues and evidence. The on-chain flow path of the stolen assets has also become gradually clearer. This bounty program is open to all individuals and institutions, with no restrictions on identity, background, or format. Those who make substantial contributions to the recovery of the assets will receive a reward of 10%–20% of the finally recovered amount, with the specific proportion determined by the extent of their actual contribution.

[BitTorrent Capital Founder Offers Bounty for Stolen Wallet Clues]On March 26th, Bo Shen, founder of BitTorrent Capital, announced on social media that he is publicly seeking clues related to his personal wallet theft and has established a bounty program.

Bo Shen stated that his personal wallet was hacked in 2022, resulting in a loss of approximately $42 million. Over the past three years since the incident, his team has been continuously tracking the case and has now obtained more key clues and evidence. The on-chain flow path of the stolen assets has also become gradually clearer. This bounty program is open to all individuals and institutions, with no restrictions on identity, background, or format. Those who make substantial contributions to the recovery of the assets will receive a reward of 10%–20% of the finally recovered amount, with the specific proportion determined by the extent of their actual contribution.

BitTorrent Capital Founder Offers Bounty for Stolen Wallet Clues

According to DefiLlama data, in the past 24 hours, friend.tech has generated nearly $710,000 in protocol revenue, ranking first among DApps, surpassing well-known DeFi protocols such as TRON and Uniswap, and second only to Ethereum and Lido.

[Data: In the Past 24 Hours, friend.tech’s Protocol Income Exceeded 700,000 US Dollars]According to DefiLlama data, in the past 24 hours, friend.tech has generated nearly $710,000 in protocol revenue, ranking first among DApps, surpassing well-known DeFi protocols such as TRON and Uniswap, and second only to Ethereum and Lido.

Data: In the Past 24 Hours, friend.tech’s Protocol Income Exceeded 700,000 US Dollars

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Data: In the Past 24 Hours, friend.tech’s Protocol Income Exceeded 700,000 US Dollars

Isenção de responsabilidade：O conteúdo acima não representa as posições da HTX.，A HTX não faz quaisquer recomendações de negociação.。

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