Trump stated: The appointment results for the next Federal Reserve head will be announced soon, and he has a fairly clear understanding of the candidate. A good Federal Reserve head will cut interest rates. Citigroup expects the Federal Reserve to cut interest rates by 75 basis points this year, with cuts of 25 basis points in September, October, and December; and 50 basis points in January and March 2026.

Back to the point:

Reporter Eleanor Terrett stated that an alternative amendment to the U.S. digital asset market clarity bill (CLARITY Act) has been released. This alternative amendment is an updated version of the submitted bill, containing recent amendments and new content. This text will serve as the basis for the Republican members of the House Financial Services Committee in the U.S. House of Representatives (for review and revision) this Tuesday. Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, stated: The underlying asset of stablecoins is fiat currency, which can later be used for payment functions in electronic asset form through technologies such as blockchain. Stablecoin issuers are regulated by the Hong Kong Monetary Authority, and the principles of regulation are similar to those of traditional financial assets. Relevant issuers must comply with regulations regarding reserve asset management and redemption, and when stablecoin holders request redemption, it must be completed within one business day to meet user demands. U.S. Republican Congressman Tim Burchett proposed HR 3798, aimed at establishing a national strategic BTC reserve in the U.S. and writing it into federal law. The U.K. Financial Conduct Authority (FCA) stated that it will lift the ban on cryptocurrency exchange-traded notes (ETNs) to support growth and competitiveness in the U.K. European BTC reserve company The Blockchain Group stated that it has signed a €300 million capital increase agreement with asset management firm TOBAM, aiming to accelerate its BTC reserve company strategy.

CryptoQuant analyst Oro stated that BTC's realized market capitalization has reached a new historical high of $934.88 billion, strengthening long-term confidence in the market. This metric reflects the total capital amount entering the BTC market through real on-chain activities. Kronos Research analyst Dominick John stated: BTC being able to stand above $105,000 shows strength, but the market structure remains fragile, with the fear and greed index currently at 55, and a wait-and-see sentiment dominating the market, waiting for macro catalysts or trend confirmation. 10x Research stated: The U.S. spot BTC ETF recorded $9 billion in inflows within five weeks, with institutional demand still strong; however, profit-taking by long-term holders has increased, putting pressure on prices. Crypto stocks are breaking away from BTC's lackluster performance, with increased regulatory clarity leading to strong market demand. The total market capitalization of publicly listed crypto companies has now exceeded $300 billion, and institutional capital is making directional bets. Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, stated in response to a legislator's question that the Hong Kong Stock Exchange is considering introducing virtual asset derivatives trading for professional investors and will establish robust risk management measures. Galaxy's research director Alex Thorn stated that concerns about BTC financial companies and their debts becoming problematic have been exaggerated. In terms of overall scale, these companies' debt levels are not large, and most of the debts will not mature until more than two years from now. Most debts of BTC treasury companies will mature between 2027 and 2030, including Strategy (formerly Microstrategy).

Last week, the U.S. BTC spot ETF had a net outflow of $131.6 million; last week, the U.S. ETH spot ETF had a net inflow of $281.3 million, marking 15 consecutive trading days of net inflow, setting the longest net inflow cycle since November 2024. Among them: BlackRock's ETHA had a net inflow of $249.3 million, and Grayscale ETH had a net inflow of $25.2 million. BlackRock's ETH spot ETF ETHA has seen net inflows for 10 consecutive days, with a total inflow of $507 million. Analyst Min Jung stated that the price support above $105,000 mainly comes from institutional increases in corporate BTC reserves, and the narrative of corporate BTC allocation is forming support, with more and more U.S. companies beginning to follow Strategy's approach. Bloomberg senior ETF analyst Eric Balchunas stated: A series of actively managed cryptocurrency ETFs are expected to emerge in the winter of 2025, potentially featuring star fund managers. On Monday, Tether issued an additional $1 billion in stablecoins. Last week, Strategy increased its holdings by 1,045 BTC at an average price of $105,426. Citigroup expects the Federal Reserve to cut interest rates by 75 basis points this year, with cuts of 25 basis points in September, October, and December; and 50 basis points in January and March 2026. Trump stated: The appointment results for the next Federal Reserve head will be announced soon, and he has a fairly clear understanding of the candidate. A good Federal Reserve head will cut interest rates. If not lowered, there will be a 'change of personnel.' Trump referred to Powell as 'Mr. Too Late' and called for a 100 basis point rate cut; Powell remained unmoved. Federal Reserve's Waller stated: Inflation is moving toward the 2% target, and if tariffs remain stable, it may support a rate cut later this year. Federal Reserve's Goolsbee: If trade policies no longer bring uncertainty, there is room to continue cutting rates.

U.S. stock indices closed last week at their highest levels since February, with the Dow Jones rising 1.17%, the S&P 500 index rising 1.5%, and for the first time since February 21, it stood above the 6,000-point mark. The Nasdaq rose 2.18%. Bank of America believes that geopolitical uncertainty will support gold prices, which may reach $4,000/ounce by year-end. Morgan Stanley believes that the dollar will remain weak over the next 12 months, and the Federal Reserve's rate cuts will exceed market expectations. This week's important macro data includes Wednesday's inflation CPI (previous value 2.3%, expected value 2.5%), and core CPI (previous value 2.8%, expected value 2.9%). May's non-farm payrolls recorded 139,000, the lowest since February; the unemployment rate remained unchanged at 4.2%. On Monday, U.S. stock indices opened, with the Nasdaq up 0.4% during the session, and the S&P 500 index up 0.01%; BTC rose by 2%, recovering to $108,000; ETH rose by 1%. Unlike traditional enterprises entering the coin market to issue tokens, with Circle going public on the NYSE, it has cumulatively surged 340% over three days, reaching a market value of $30 billion. Analysts expect that this year, crypto companies will flock to IPOs in U.S. stocks, potentially providing liquidity to the coin market. Looking forward to the next phase of liquidity returning and smooth interest rate cuts.