### 🔥 Policy and Regulatory Dynamics
1. U.S. Vice President Sets the Tone for Bitcoin's Status
On May 28 local time, U.S. Vice President JD Vance stated clearly at the Bitcoin 2025 conference that Bitcoin has become part of the mainstream U.S. economy and will exist for the long term. He emphasized that the Trump administration will promote the (GENIUS Act) to establish a regulatory framework for stablecoins pegged to the dollar, calling this move 'only beneficial for the U.S. economy and the dollar.' This statement is seen by the market as an important signal in the process of cryptocurrency compliance.

2. Trump Family's Layout in Crypto Assets
Trump Media Technology Group announced the completion of $2.5 billion in financing to support one of the largest Bitcoin reserve allocations for a public company and plans to collaborate with Crypto.com to launch an ETF and digital asset products named after the Trump brand. In addition, the association of Trump's World Liberty Financial Exchange with the cryptocurrency mining company American Bitcoin has attracted market attention.

### 📉 Market Trends and Risks
1. Bitcoin Maintains High Volatility
As of May 28, Bitcoin's price was $110,490, a slight increase of 0.25% from the previous day, with a 24-hour trading range of $109,800 to $110,700. Although it has not surpassed the historical high of $112,509 set on May 22, it has shown strong stability overall. Analysts point out that favorable policies during the Bitcoin conference and inflows into ETFs provide support for the price, but caution is advised regarding the 'buy the rumor, sell the news' effect.

2. Ethereum Breaks Through $2700 Barrier
Ethereum's price also strengthened, rising 1.22% within 24 hours to $2,701.96, breaking through the critical resistance level of $2700. Technical indicators show a positive medium to long-term trend, with the Pectra upgrade testnet about to launch further boosting market confidence.

3. High Leverage Risks Highlighted
Despite the upbeat market sentiment, Coinglass data shows that over the past 24 hours, more than 110,000 cryptocurrency positions were liquidated, amounting to $275 million, with long positions accounting for over 60%. This reflects that some investors blindly chased highs after Bitcoin broke $95,000. Analysts warn that the average leverage ratio for Bitcoin futures contracts exceeds 20 times, and a price fluctuation of over 5% could trigger large-scale forced liquidations.

### 🚨 Security Incidents and Risk Warnings
1. Crypto Investor Kidnapping Case Ongoing
On May 28, the second suspect in the kidnapping and torture of an Italian crypto investor, William Duplessis, surrendered to the police. The case involves the theft of Bitcoin passwords worth millions of dollars, with the victim being held captive for 17 days and subjected to torture. Police seized a large number of weapons and drugs at the scene, raising widespread concern about the personal safety of crypto asset holders.

2. Vietnam Busts $400 Million Crypto Scam
Vietnamese police announced the dismantling of the 'Matrix Chain' pyramid scheme, which lured victims with promises of high returns of 20%-30% per month, defrauding nearly $400 million. The main perpetrator, Ngo Thi Theu, was arrested in Thailand, highlighting the rampant crypto scams in emerging markets.

### 🚀 Project Developments and Innovations
1. X Platform Launches Payment App X Money
Elon Musk's X platform announced that its payment application X Money has entered the beta testing phase, supporting instant transfers, digital wallets, and cryptocurrency features. The first batch of test users can complete payments, savings, and tips for content creators within the X platform, with the market predicting that Bitcoin and Dogecoin are likely to be included in the payment track.

2. OKX Wallet Launches xBTC Liquidity Mining
On May 28, OKX Wallet announced the launch of xBTC-related activities, offering an initial reward pool of 35,865 APT. Users can participate in liquidity mining through the Aptos ecosystem DeFi platform, promoting cross-chain asset interaction innovations.

3. DeFi TVL Breaks $108 Billion
As of May 2025, the total locked value (TVL) of the DeFi ecosystem reached a new high since the Luna crash in 2022, at $108 billion. The monthly trading volume of derivatives DEX Hyperliquid exceeded $150 billion, making it the industry leader; the RWA (real-world assets) sector's TVL share rose to 8.8%, indicating accelerated institutional capital inflow.

### 📊 On-chain Data and Market Sentiment
1. MEME Coin Popularity Differentiation
MEME projects on the BSC chain, such as TST and CaptainBNB, surged in the short term but lack actual value support, with market funds exhibiting a 'rotation of existing assets' characteristic. The TRUMP coin issued by the Trump family once surpassed a market value of $12 billion but later fell back due to compliance concerns, highlighting the impact of policy risks on speculative assets.

2. Institutional Capital Continues to Flow In
The total assets under management of Bitcoin spot ETFs have surpassed $60 billion, with Standard Chartered predicting that Bitcoin may reach $200,000 by the end of 2025. At the same time, inflows into Ethereum ETFs are accelerating, providing medium to long-term support for ETH prices.

### ⚠️ Risk Warnings
- Policy Uncertainty: The implementation progress of the Trump administration's crypto policies and the EU's MiCA regulations may affect market liquidity.
- Technical Risks: Frequent occurrences of smart contract vulnerabilities and cross-chain protocol security incidents (such as the $223 million vulnerability in the Cetus protocol) require vigilance against black swan events.
- High Leverage Risks: Increased market volatility suggests controlling positions, with the risk of a single transaction not exceeding 1.5% of total capital.

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