● Trump: Proposes to impose a 50% tariff on EU products starting June 1
According to BlockBeats, on May 23, Trump stated on TruthSocial that the EU has disadvantaged the U.S. through trade barriers, value-added taxes, and other means, leading to an annual trade deficit of over $250 billion. He proposed to impose a 50% tariff on EU products starting June 1, 2025, with no tariffs if the products are made in the U.S.
● Secretary of the Treasury: Expects several major trade agreements to be reached in the coming weeks
According to Deep Tide TechFlow, on May 23, U.S. Treasury Secretary Basent stated that several major trade agreements are expected to be reached in the coming weeks. Tariff policies have generated considerable revenue, with hundreds of billions of dollars in tariff income expected annually, and the outlook for the deficit is optimistic.
● Federal Reserve's Goolsbee: Rate cuts still possible in the next 10-16 months
According to Jin Ten Data, Federal Reserve's Goolsbee stated that borrowing costs may decrease in the next 10 to 16 months, but the threshold for recent rate cuts is relatively high. He emphasized that the threshold for taking action is high while waiting for clear signals.
Goolsbee pointed out that interest rates may be slightly lower than current levels. President Trump threatened to impose a 50% tariff on EU imports and a 25% tariff on non-U.S. manufactured iPhones. Goolsbee mentioned that high tariffs severely impact the supply chain, and business leaders express concerns about tariff and investment consistency.
● SEC reviews Nasdaq Bitcoin index options listing proposal
According to ChainCatcher, the U.S. Securities and Exchange Commission (SEC) is reviewing Nasdaq PHLX's proposal to list and trade Nasdaq Bitcoin index options.
● Strategist: Fiscal policy may trigger significant repricing of U.S. government bonds
According to Deep Tide TechFlow, on May 23, SEB Research's chief rate strategist Jussi Hiljanen stated that U.S. long-term government bond yields may rise further. Market confidence in U.S. policy is waning, forex hedge costs and valuation lack appeal, leading investors to turn to European bonds, putting structural upward pressure on long-term U.S. yields. Long-term government bond yields are expected to rise moderately, but fiscal policy may trigger significant repricing of U.S. government bonds.
According to Odaily Planet Daily, Bitwise, with assets under management of $12 billion, predicts that by the end of 2026, countries and institutions will hold 4.269 million bitcoins, with a total value reaching $42.69 billion.
According to BlockBeats, on May 23, Glassnode's accumulation trend score reached a peak of 1.0, showing active purchasing from whales to small holders. This indicator evaluates the buying intensity of different wallet sizes, excluding exchanges and miners. Additionally, options market activity indicates a recovery in demand. CoinDesk Research points out that call options expiring in June with a strike price of $300,000 are the most popular, with a nominal value of $620 million, and another $420 million concentrated in call options with a strike price of $200,000.
Binance Research's latest report systematically analyzes the evolving relationship between the bond market and the crypto market, identifying and dissecting the influencing paths, assessing the current market conditions, and predicting potential future trends and their impacts through scenario simulations.
The report points out that the bond market is affecting the crypto market's trend through multiple channels, mainly including risk appetite, liquidity, opportunity cost fluctuations, and macroeconomic linkages. Historical data shows that the correlation between Bitcoin and U.S. 10-year Treasury yields has stage characteristics (positive correlation from 2021-2022, shifting to negative from 2022-2023). Moreover, the widening of the yield curve spread (e.g., 10-year vs. 2-year) has historically shown a positive correlation with Bitcoin, while the widening of credit spreads (high-yield U.S. Treasury bonds) has exhibited stable negative correlations.
The report also notes that there are multiple structural factors behind the current volatility in the bond market, including tariff uncertainties, sticky inflation, government debt issuance, and potential liquidity withdrawal caused by the Treasury General Account (TGA) supplementing under the backdrop of low Fed overnight reverse repo balances.
Finally, the report emphasizes that the direction of the crypto market may depend in part on the stability of the bond market and changes in the macro environment. If uncertainty persists, the market may maintain a range-bound oscillation; if a 'soft landing' is achieved, it may boost the market rebound; but if a severe crisis occurs, it may trigger deep sell-offs and deleveraging in the crypto market.
