Today's news highlights:
1. Next week's macro outlook: The prospect of the Fed cutting rates this year is bleak, and Trump's assistance may lead to a second surge in gold.
2. Musk has changed his X account name back from Kekius Maximus to Elon Musk.
3. User reports indicate that the social media platform 'X' appears to be experiencing issues.
4. Cetus: Aggregator service has resumed, working hard to restore system data.
5. Tether CEO: Despite the U.S. reviewing stablecoin legislation, Tether's focus remains on overseas markets.
6. James Wynn closed a $1.2 billion BTC long position, incurring a single loss of approximately $13.39 million.
7. Swiss watchmaker Franck Muller has launched a watch linked to the Solana wallet, priced at approximately $24,356.
8. In the past 7 days, NFT trading volume decreased by 0.05% to $129.8 million, while Avalanche network trading volume surged over 200%.
Regulatory News
Next week's macro outlook: The prospect of the Fed cutting rates this year is bleak, and Trump's assistance may lead to a second surge in gold.
In the past week, Moody's downgraded the U.S. sovereign credit rating, and Trump's trillions of dollars 'Beautiful Big Plan' has once again sparked a wave of selling dollar assets. On Friday, Trump's threat to tax the EU and Apple further triggered a triple whammy on U.S. stocks, bonds, and currency. The dollar has fallen to a three-week low, marking the largest weekly decline since the announcement of the reciprocal tariff plan in early April. Below are the key points the market will focus on in the new week:
At 2:40 AM on Monday, Federal Reserve Chair Powell delivered a graduation speech at Princeton University.
At 4:00 PM on Tuesday, 2026 FOMC voting member and Minneapolis Fed President Kashkari will participate in a policy discussion and give a speech at the Bank of Japan's Financial Research Institute.
At 8:00 AM on Wednesday, FOMC permanent voting member and New York Fed President Williams will participate in a panel discussion at the Bank of Japan's Financial Research Institute.
At 4:00 PM on Wednesday, 2026 FOMC voting member and Minneapolis Fed President Kashkari will participate in a discussion and Q&A session at Keio University.
At 2:00 AM on Thursday, the Federal Reserve will release the minutes of the May monetary policy meeting.
At 8:30 PM on Thursday, 2027 FOMC voting member and Richmond Fed President Barkin will participate in a fireside chat.
At 8:30 PM on Thursday, U.S. initial jobless claims for the week ending May 24 and revisions to the first quarter real GDP annualized quarterly rate will be released.
At 10:40 PM on Thursday, 2025 FOMC voting member and Chicago Fed President Goolsbee will participate in a Q&A session.
At 4:00 PM on Friday, 2027 FOMC voting member and San Francisco Fed President Daly will participate in an economics-related fireside chat at the Oakland Rotary Club.
At 8:25 AM on Friday, 2026 FOMC voting member and Dallas Fed President Logan will deliver an opening speech for an event and participate in a dialogue.
At 8:30 PM on Friday, the U.S. will release the core PCE price index year-on-year and month-on-month for April, as well as the personal spending month-on-month for April.
Next Friday, the first U.S. personal consumption expenditures (PCE) inflation and consumption data since Trump's 'Liberation Day' will be released. Core PCE is the Fed's preferred inflation indicator, which significantly fell in March, from 3.0% to 2.6% year-on-year. According to the Cleveland Fed's Nowcast model, the year-on-year growth rate of core PCE for April is expected to remain unchanged, but overall PCE is expected to slightly slow to 2.2%.
In the absence of changes in the core inflation rate, it is hard to see the Federal Reserve taking a more decisive action path on interest rates. In fact, most inflationary pressures from tariffs need time to reflect in the data, so it may take months to understand the impact of Trump's tariffs on price growth.
User reports indicate that the social media platform 'X' appears to be experiencing issues.
According to Jin Shi's report, user reports indicate that as of 8:35 AM Eastern Time, over 25,054 U.S. users encountered problems on the social media platform 'X'.
An American cryptocurrency investor is suspected of kidnapping an Italian businessman in New York and attempting to obtain his financial account password.
New York City police arrested two suspects accused of kidnapping and torturing an Italian tourist, allegedly attempting to extort the tourist for his financial account password. The Italian tourist escaped from the upscale SoHo apartment where he was held and called the police, leading to the arrest of 37-year-old John Woeltz and a 24-year-old suspected female accomplice. According to reports from the New York Post citing insiders, the tourist went to the apartment under the pretext of a business transaction on May 6, where he was captured by John Woeltz, beaten, and tortured in an attempt to extract "millions of dollars."
It is reported that police found multiple instant photos of victims being bound and tortured at the scene, as well as firearms, chainsaws, and other tools. The victim ultimately escaped and reported to the police on May 23. John Woeltz is charged with first-degree kidnapping, unlawful imprisonment, assault, and illegal possession of a weapon, among other charges.
Opinions
James Wynn: Traders need to know when to make concessions, and never count money at the table.
James Wynn tweeted that traders should know when to hold on, when to let go, when to leave, and when to enter. Never count your money at the table; after a trade is completed, there is plenty of time to count the money.
Earlier reports indicated that James Wynn closed a $1.2 billion BTC long position, incurring a single loss of approximately $13.39 million.
Economist Kenneth Rogoff: Cryptocurrencies have value, and their increasing prevalence in the gray market may undermine the dollar's position.
According to Bloomberg, Kenneth Rogoff, former chief economist of the International Monetary Fund (IMF) and Federal Reserve Board member, stated in an interview that geopolitical tensions and the growing influence of cryptocurrencies are weakening the global position of the dollar.
Kenneth Rogoff believes that critics who think cryptocurrencies are just scams with no value are completely wrong. "The view that there is no 'fundamental value proposition' in cryptocurrency trading is incorrect." One of the major markets for the dollar is the global underground economy, where the preferred payment method for such transactions used to be the dollar, but now the preferred method is cryptocurrencies. Cryptocurrencies provide a recognized medium of exchange, which is a value proposition. Even with strict government regulations, there will still be significant challenges in controlling the underground economy. Therefore, Kenneth Rogoff believes that "cryptocurrencies have value." Authorities will face enormous difficulties when tracking cryptocurrency transactions in the gray market, which means that cryptocurrencies "are not worthless."
Cathie Wood: For users seeking convenience, regardless of how widespread cryptocurrency wallets become in the future, ETFs will still have a certain appeal.
ARK Invest CEO Cathie Wood stated that regardless of how high the adoption rate of cryptocurrency wallets might be in the next decade, cryptocurrency exchange-traded funds (ETFs) may maintain their position in the economy. Cathie Wood said at the Solana Accelerate event in New York on May 23: "I think ETFs are an important stepping stone because, you know, wallets look very complicated, and there's a lot of friction for consumers; they just want to press a button." "So I think for those seeking convenience, ETFs won't lose much appeal."
Project Updates
Musk has changed his X account name back to Elon Musk.
Swiss watchmaker Franck Muller has launched a watch linked to the Solana wallet, priced at approximately $24,356.
Swiss watchmaker Franck Muller has launched a series of 1,111 watches linked to the Solana wallet, with binding done through a QR code on the watch. Each watch is individually numbered and priced at 20,000 Swiss francs (approximately $24,356).
Cetus: Aggregator service has resumed, working hard to restore system data.
In response to community concerns regarding recent events, funding status, and recovery roadmap, the Cetus team released a community update, stating that the affected funds consist of two parts: one part is within Sui, and the other part is primarily bridged to the ecosystem outside in ETH. The team is advancing fund recovery through both white hat negotiations and legal means, and proposes to unlock frozen assets through Sui community PoS voting. Data recovery work for the Cetus protocol is actively ongoing, expected to take several hours. The aggregator service has resumed, supporting exchanges through partners like Phantom and Binance Alpha. The aggregator service does not have a clear dependency on the liquidity pool on Cetus and will continue routing through other liquidity sources on Sui. It has been confirmed that the Cetus CLMM pool, which was not affected during this incident, will begin to resume operations after accurate holding data is fully restored.
Cetus has not released a detailed official announcement because it is actively discussing with the Sui Foundation and other community members to finalize the key details of the recovery. The current main focus and effort are to maximize fund recovery and collaborate with the Sui ecosystem and validation nodes (full recovery of funds requires the cooperation of the entire ecosystem).
The 212th Ethereum ACDC meeting: Fusaka Devnet-0 will launch on May 26.
According to Tim Beiko's summary of the 212th Ethereum execution layer core developer meeting (ACDE), this meeting mainly discussed: Fusaka Devnet-0 will launch on May 26; discussions on Fusaka EIP scope (EIP-7825 will limit transaction gas to 30 M; EIP-7918 will anchor blob fee rates to base fees to alleviate fee volatility; these two will be included in Devnet-1); testnet strategy (first fork Sepolia, retain Hoodi for application testing; encourage the community to maintain long-term testnets).
Next week, the CL conference call will make a decision on EIP-7917, and the next ACDE conference call (in two weeks) will finalize the scope of Devnet-2 and review updates on EIPs 7212, 7934, 7907, and 5920. Discussions on Glamsterdam will begin once the scope of Fusaka is finalized.
Tether CEO: Despite the U.S. reviewing stablecoin legislation, Tether's focus remains on overseas markets.
Despite the U.S. Congress reviewing bills that would help further integrate stablecoins into mainstream finance, Tether CEO Paolo Ardoino stated that the focus will still be on overseas markets, paying attention to the impact of the Genius Act on foreign issuers.
The more favorable regulatory environment in the U.S. has also prompted Tether to advance the auditing process of its reserves by one of the Big Four accounting firms. Ardoino also stated that Tether is still in talks with the firm. Currently, Tether releases documentation signed by BDO Italia SpA every quarter. Regarding the joint issuance of stablecoins by large banks, Ardoino stated that Tether's customer base consists of the 3 billion unbanked individuals globally and is not concerned about competition.
Financing News
Indian tech startup Data Sutram has completed $9 million in Series A funding, led by B Capital and Lightspeed Ventures.
Indian tech startup Data Sutram has completed $9 million in Series A funding, led by B Capital and Lightspeed Ventures. This round of funding, consisting of primary and secondary capital, will help the company expand into areas beyond banking, including cryptocurrency, gaming, e-commerce, fast commerce, and insurance, while accelerating its AI product development and international expansion plans in Southeast Asia and the Middle East. Data Sutram's platform utilizes AI and over 250 external data sources to help banks, non-bank financial companies (NBFCs), and other financial service providers detect synthetic identities, map collusion networks, and prevent the creation of 'mule accounts.'
Important Data
James Wynn closed a $1.2 billion BTC long position, incurring a single loss of approximately $13.39 million.
According to on-chain analyst Yu Jin's monitoring, James Wynn has completely closed his BTC long position at a loss of approximately $13.39 million. He started closing at 6:40 and finished by 7:27, completing the closure of a $1.2 billion position in just 47 minutes. The average opening price of this position was $108,921, and the average closing price was $107,746, leading to a single loss of approximately $13.39 million. If considering multiple previous records of opening and closing BTC positions over the past few days, this overall trading still made a profit of about $8.45 million.
James Wynn has opened a 40x leveraged BTC short position valued at approximately $112 million.
According to @ai_9684xtpa monitoring, James Wynn has opened a 40x leveraged BTC short position, holding 1038.71 BTC valued at $112 million, with an opening price of $107,711.1 and a liquidation price of $149,100.
James Wynn has increased his BTC short position to $195 million.
According to @ai_9684xtpa monitoring, James Wynn has increased his 40x leveraged BTC short position to $195 million. Currently:
James Wynn:
Long position: 1820.91 BTC, approximately $195 million.
Opening price: $107,507.8.
Liquidation price: $130,540.
Current floating profit: $570,000.
"Insider Brother":
Short position: 117.81 BTC, approximately $12.74 million.
Opening price: $107,823.2.
Liquidation price: $115,190.
Current floating profit: $73,000.
In the past 7 days, NFT trading volume decreased by 0.05% to $129.8 million, while Avalanche network trading volume surged over 200%.
CryptoSlam data shows that the NFT market saw a slight decline in the past week, with trading volume decreasing by 0.05% to $129.8 million. Market participation has increased, with the number of NFT buyers growing by 61.18% to 443,548; the number of NFT sellers increased by 31.87% to 199,129. The number of NFT transactions also grew by 15.39% to 1,697,343.
The Ethereum network maintains its lead with $29.6 million in trading volume, but its trading volume decreased by 26.22% compared to the previous week; the Avalanche network jumped to second place with $22.3 million in trading volume, an increase of 202.92%. The Polygon network is third with $21.3 million, achieving a 45.98% growth. The Bitcoin network has fallen to fourth place with a trading volume of $18.2 million, down 21.85% from last week.
This week's high-value trades include:
CryptoPunks #3609 was sold for 440 ETH ($1,089,338).
CryptoPunks #2537 was sold for 80 ETH ($197,242).
CryptoPunks #2542 was sold for 59 ETH ($155,440).
CryptoPunks #6479 was sold for 58.4 ETH ($149,478).
CryptoPunks #7161 was sold for 53.69 ETH ($142,816).
