Today's Outlook
1. Federal Reserve FOMC voting member and St. Louis Fed President James Bullard speaks on the economic outlook and monetary policy.
2. Eigenlayer (EIGEN) unlocks 1.29 million tokens, valued at approximately $1.65 million.
3. Bittensor (TAO) unlocks 210,000 tokens, valued at approximately $79.3 million.
4. The U.S. EIA crude oil inventories (in ten thousand barrels) for the week ending May 16 will be announced today, previous value -144.9.
Macro Highlights
1. The U.S. Securities and Exchange Commission (SEC) Chairman Paul S. Atkins testified yesterday before the House Financial Services and General Government Appropriations Subcommittee, stating that he will prioritize promoting SEC's regulatory transparency and accountability, especially in the digital asset space, and emphasized the need for the SEC to conduct rigorous cost-benefit analyses when formulating rules to avoid adverse effects of over-regulation on market innovation.
2. Blackstone finally makes a move on Bitcoin. Blackstone disclosed its investment in crypto assets for the first time, but only holds $1.08 million worth of BlackRock's spot Bitcoin ETF (IBIT). Despite managing over $1 trillion in assets, Blackstone's investment in Bitcoin is still 'just a little bit.' Back in 2019, Blackstone co-founder and CEO Stephen Schwarzman stated he was not interested in Bitcoin, saying, 'I don't have much interest in it because I find it hard to understand.'
3. The Texas legislature passed the Texas Strategic Bitcoin Reserve and Investment Act (SB 21) on May 20, 2025, authorizing the state government to invest in Bitcoin. The bill has been submitted to Governor Greg Abbott, and if signed, Texas will become the third state to establish an official Bitcoin reserve, following New Hampshire and Arizona. The bill stipulates that only digital assets with a market capitalization exceeding $500 billion for 12 consecutive months can be included in the reserve, which currently only Bitcoin qualifies.
4. High win-rate whale traders in Bitcoin—James Wynn and '50x Insider Whale' qwatio—have made headlines by opening opposing positions on the Hyperliquid platform early this morning. James Wynn has increased his 40x leveraged BTC long position to 7,764 BTC, currently valued at up to $830 million, potentially setting a record for the largest single position value on Hyperliquid. The opening cost of this long position was $105,033, with a liquidation price of $100,330. Meanwhile, '50x Insider Whale' qwatio transferred 2.3 million USDC to Hyperliquid as margin at 4 AM to open a short position of 826 BTC with 40x leverage, valued at $88.36 million. The opening cost of this short position was $107,192, with a liquidation price of $108,500.
5. U.S. President Trump stated that failing to pass an alternative to the tax bill would lead to significant tax increases.

Market Trends
1. BTC saw a slight increase in daily volume, strengthening after short-term fluctuations. In the past 24 hours, the total liquidation amount in the market was $229 million, primarily from long positions; MUBARAK HOUSE and other Mmem led the gains, with $PROMPT breaking into the top ten in market trading volume.
2. The S&P 500 index ended six consecutive days of rising, with Google leading the decline among tech stocks; gold rose 2% during trading; Wolfspeed fell over 50% after hours as Trump's tax cut proposal faces gridlock, leading to infighting among Republicans and ongoing disputes over 'state tax deductions.'
3. According to the liquidation map, based on the current 107,054 USDT, if it drops by 2,000 points to around 105,054, the total liquidation amount for long positions will exceed $321 million. If it rises by 2,000 points to around 109,054, the total liquidation amount for short positions will exceed $855 million. The liquidation amount for shorts far exceeds that of longs, suggesting a reasonable control of leverage ratios to avoid triggering large-scale liquidations during market fluctuations.
4. In the past 24 hours, BTC saw an inflow of $3.027 billion and an outflow of $3.045 billion, resulting in a net outflow of $18 million.
5. In the past 24 hours, contracts for ETH, SOL, XRP, DOGE, PEPE, etc., have seen net outflows leading, indicating potential trading opportunities.