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According to Jinshi reports, Allianz Chief Economic Advisor Mohamed A. El-Erian stated that the price shocks caused by the Middle East war have pushed market expectations toward an environment of "interest rates remaining at higher levels for a longer period," affecting almost all systemically important central banks, with the sole exception being the Bank of Japan. He pointed out that the current situation, accompanied by negative demand shocks from "second-round effects," poses a potential risk of spreading to financial instability, highlighting the uncertainty of the outlook.

According to Caixin, Kenneth Rogoff, former chief economist of the International Monetary Fund (IMF), warned that the Trump administration's push for financial deregulation, particularly the relaxation of bank capital requirements and regulatory transparency, is significantly increasing the risk of a systemic financial crisis in the United States in the future.Kenneth Rogoff pointed out that one of the important reasons supporting the relaxation of regulations is to allow traditional banks to maintain innovation and market competitiveness in the competition with cryptocurrencies, especially stablecoins pegged to the dollar. If cryptocurrency regulations are relaxed simultaneously, combined with the deregulation of the traditional financial system, it could trigger a "double deregulation" risk, ultimately leading to systemic collapse. Although a comprehensive banking crisis may not erupt in the short term, the risks have clearly increased, and the regulatory balance between stablecoins and the traditional banking system is becoming a key hidden danger.

The newly appointed chief economist of New Fire Group, Fu Peng, stated on Twitter that the underlying business model of Bitcoin perpetual contracts is essentially the same as the "rollover fee/overnight fee" in traditional finance's gold and industrial commodity spot exchanges.Fu Peng pointed out that back in the day, gold exchanges settled through daily forced liquidation, with longs and shorts paying each other rollover fees. When retail investors held a large number of high-leverage long positions, the rollover fee became the most stable and hidden source of income for the platform. Nowadays, Bitcoin spot platforms mainly rely on perpetual contracts, with both sides settling the funding rate every 8 hours. When longs dominate, retail investors holding long positions continuously pay funding rates to shorts.Although the platform does not directly collect this fee, it significantly enhances trading activity, open interest, and liquidity, indirectly generating a large amount of fee income and forming a stable and substantial cash flow. Essentially, it is a business model where large players/institutions "collect rent" from long-term holdings, retail investors pay for leverage to go long, and the platform indirectly takes a cut.

Greeks.live macro researcher Adam posted on platform X to announce options expiration data: 1. 109,000 BTC options expired, Put Call Ratio was 0.93, maximum pain point at $72,000, notional value of $8.55 billion. 2. 563,000 ETH options expired, Put Call Ratio was 0.72, maximum pain point at $2,200, notional value of $1.32 billion.This week the market continued to rebound, with Bitcoin strongly breaking through $78,000. The Web3 conference in Hong Kong was also filled with a joyful atmosphere of rising prices, and altcoin markets are warming up. This is a monthly expiration, with 25% of options set to expire. In terms of holding period, the distribution of open contracts in the options market shows 12% at the end of May and 24% at the end of June. From the main options data, Bitcoin's main term implied volatility (IV) has continued to decline this month, with most term IVs dropping by 1% to 2%, falling below 40%, while ETH's main term IV has decreased even more, currently around 60%.Despite the price increase, the Skew has retreated, and the market does not exhibit FOMO sentiment. In the second quarter of this year, Bitcoin performed significantly better than in the first quarter in terms of both price and popularity. This month's continued rebound is a sign of capital inflow; if macro pressures bottom out by mid-year, then Bitcoin's bottom will also be confirmed.

Circle Chief Economist Gordon Liao submitted a governance discussion proposal for Aave, suggesting adjustments to the USDC interest rate parameters of the Aave v3 Ethereum core market to address the high utilization and liquidity strain that persisted for several days following the KelpDAO rsETH event.The proposal suggests raising the "Slope 2" to 40% initially, with a target of 50%, while lowering the optimal utilization rate to attract more USDC deposits. Some members of the Aave community believe that higher borrowing costs may exacerbate the liquidation risk for borrowers. Data shows that Aave's current total locked value is approximately $15.3 billion.

The Web3 asset data platform RootData has outlined the cryptocurrency portfolio of Federal Reserve nominee Kevin Warsh, covering multiple areas including blockchain infrastructure, on-chain financial protocols, institutional financial services, and application tools. Structurally, Warsh's layout can be divided into four major sectors:Underlying Infrastructure: Networks and scaling solutions such as Solana, Optimism, and Lightning Network;On-chain Finance: DeFi and trading protocols like Compound, dYdX, and Polymarket;Institutional and Financial Services: Asset management, banking, and funding channels such as Polychain, Scalar Capital, Kinetic, and OnJuno;Applications and Tools: User entry and development tool projects like Dapper Labs, Crossmint, and Tenderly.Overall, Warsh's strategy of layering financial protocols on top of infrastructure and focusing on controlling institutional funding channels shows a clear difference from typical crypto-native VC approaches, aligning more closely with traditional financial background investors' concerns about market structure and institutional levels.It is reported that on April 21, Warsh held a confirmation hearing before the Senate Banking Committee. According to his recent compliance disclosure documents, if he enters the regulatory system in the future (such as leading the Federal Reserve), he will need to dispose of relevant holdings.

According to Jinshi reports, a Reuters survey shows that among 103 economists, 71 expect the Federal Reserve to cut interest rates at least once this year.

According to Gate Ventures' latest weekly report, as the situation in the Middle East has temporarily eased and energy prices have fallen, global risk appetite has marginally improved, stock indices have reached new highs, and both the dollar and U.S. Treasury yields have declined. However, gold remains strong, indicating that while the market is flowing back into risk assets, the demand for safe-haven assets has not completely faded. Against this backdrop, the cryptocurrency market has seen a slight rebound overall, with BTC and ETH rising 4.3% and 3.3% respectively. ETF funds continue to see net inflows, but market sentiment remains cautious. Mainstream assets have performed relatively steadily with institutional support, while the recovery in the altcoin market remains limited.At the industry level, regulatory advancements and infrastructure development continue to deepen. France supports promoting the euro stablecoin plan under the MiCA framework to enhance the competitiveness of the local currency system; Circle has launched USDC Bridge to further improve the cross-chain liquidity structure of stablecoins; the X platform has introduced the Cashtags feature to accelerate the integration of trading and social scenarios. In terms of investment and financing, a total of 12 financing deals were disclosed this week, with a total amount of $41.8 million, among which Paxos Labs completed a $12 million financing focused on compliant DeFi infrastructure development, reflecting that capital is still continuously laying out around compliance and underlying capability upgrades.

Federal Reserve Chair nominee Waller stated: will be independent of President Trump. I don't know the reason President Trump chose me. He indicated that after selling assets, he would allocate funds to compliant assets as close to short-term government bonds and cash as possible. The independence of the Federal Reserve depends on the Federal Reserve itself. Presidents typically tend to favor interest rate cuts.

The Japan Securities Clearing Corporation (JSCC), a clearing institution under the Japan Exchange Group, has partnered with Mizuho Bank, Nomura Securities, and Digital Asset to launch a proof-of-concept trial aimed at exploring the use of blockchain technology for collateral management of Japanese Government Bonds (JGBs).According to a joint statement released on Monday, the trial will integrate existing systems from multiple institutions through the Canton Network to test the on-chain transfer and management of JGBs. This initiative aims to assess the feasibility of achieving real-time collateral trading while ensuring compliance with relevant financial instruments and trading laws. The trial will also investigate cross-border use cases involving clearinghouses, institutional investors, and other market participants.JSCC stated that this trial is part of a broader initiative under the Financial Services Agency's "Payment Innovation Project." As overseas markets like the United States make progress in testing similar infrastructures, advancing JGBs collateral management has become an "urgent priority." Previously, the Depository Trust & Clearing Corporation (DTCC) in the U.S. launched a pilot to tokenize U.S. Treasury securities, and South Korea is also conducting related tests.

ChainCatcher reported live that HashKey Group Chairman Xiao Feng shared a keynote speech titled "Innovation of Economic Models for Intelligent Agents—The Fusion Revolution of AI Tokens, Blockchain Tokens, and Fully Homomorphic Encryption" at this year's 2026 Hong Kong Web3 Carnival. He pointed out that the two major business characteristics of blockchain technology are trustlessness and permissionlessness, but public transparency leads to data exposure, making it difficult for compliant institutions like banks to directly go on-chain. With fully homomorphic encryption chips expected to be launched in the second half of this year, achieving performance of about 1000 transactions per second, privacy computing technology is about to reach commercial thresholds.He proposed that the fusion of AI Tokens, blockchain Tokens, zero-knowledge proofs, and fully homomorphic encryption technology is the ultimate form of the intelligent agent economy. He used hospitals as an example: medical data, after being fully homomorphically encrypted, becomes Tokens, and anyone can call the data for computation through the blockchain in a permissionless manner, but cannot access personal privacy information, thus turning hospitals into "Token factories." Individuals can also put their encrypted health check data on-chain, issuing demands to global insurance companies, which can calculate and provide personalized optimal insurance plans in an encrypted state using their actuarial models, eliminating the need for insurance brokers and intermediaries.He specifically corrected a common misunderstanding: AI Tokens are not the currency unit of the intelligent agent economy, but rather the means of production, encompassing everything from electricity, chip computing power, to large models, algorithms, and applications, depicting the production process of intelligent agents. The currency of the intelligent agent economy must be programmable, divisible, and capable of real-time settlement, because when AI Agents call APIs, they may only need a few cents each time, and the costs of existing banking payment systems cannot support such small payments. Digital currency is the "blood" of the intelligent agent economy, and a brand new financial service system designed for machines rather than humans will definitely emerge in the future.

ChainCatcher reported live that Adeniyi Abiodun, co-founder and Chief Product Officer of Mysten Labs, delivered a keynote speech at the 2026 Hong Kong Web3 Carnival. He stated that the core team members come from Facebook and were responsible for launching the global payment network Libra, aiming to make fund transfers as simple as sending messages. He announced that Sui will be the first high-speed public blockchain to achieve zero transaction fees for transfers across the network, regardless of the transfer amount ranging from $0.0005 to $1 billion, covering all stablecoins such as USDC, USDT, and Sui Dollar.In terms of privacy, Sui will provide bank-grade on-chain privacy, utilizing advanced cryptography to ensure that transaction history and balances are not visible to third parties, while fully compliant with regulatory requirements. Regarding yields, he introduced the Sui Dollar launched in collaboration with Stripe, which generates approximately 3.5% returns that will be directly reinvested into the network ecosystem and users, rather than flowing to intermediaries.He also announced the launch of the Bitcoin DeFi protocol Hashi aimed at institutions, allowing sovereign wealth funds, hedge funds, and ETF holders to deploy Bitcoin into DeFi for yields without triggering taxable events, supported by legal opinions from top U.S. law firm Fenwick & West. Additionally, Sui's on-chain deep order book DeepBook supports large transactions with extremely low slippage for instant on-chain exchanges between assets such as BTC, gold, USD, and EUR.In the AI agent economy, he pointed out that Stripe estimates a need for processing capacity of 1 billion transactions per second in the future, while Sui employs a horizontally scalable architecture similar to that of Google Search and Facebook infrastructure, capable of scaling on demand to millions or even tens of millions of TPS. The full-stack atomic composability provided by Sui is its core differentiated advantage, allowing agents to execute multiple cross-application transactions simultaneously and settle them in one go, which cannot be achieved on AWS, Google, or any existing Web3 platform. He also announced a partnership with RedotPay, enabling users to spend Sui Dollars at over 130 million merchants worldwide and positioning Sui as an alternative to SWIFT.

According to Jin Shi reports, the U.S. Congress will hold a confirmation hearing for Federal Reserve Chair nominee Waller on Tuesday local time. Waller has pledged to maintain strict independence on interest rate issues. He stated that interest rate decisions must be independent of political considerations, monetary policy should not be a tool for short-term political goals, and emphasized that the credibility of the Federal Reserve comes from institutional constraints and policy discipline. Waller also warned against extending the central bank's functions into areas of fiscal policy or social policy where it lacks statutory authority.

According to DL News, the major Russian cryptocurrency exchange Grinex has ceased operations due to a suspected major cyber attack, reportedly resulting in losses exceeding 1 billion rubles (approximately 13 million USD). The platform claimed on Telegram that the attack showed "signs of involvement from foreign intelligence agencies."Grinex is the successor to the previously sanctioned and closed Garantex exchange, providing a financial channel for the Russian economy to evade sanctions. Experts point out that Grinex's closure is not only due to the hacker attack itself but, more importantly, it removes the trading platform that Russian businesses relied on to convert rubles into usable international currencies, causing "serious damage" to the infrastructure that allows Russia to evade sanctions, making it more difficult for the Russian economy to escape the pressure of sanctions.The exchange was sanctioned by Western authorities such as the U.S., U.K., and the European Union in August 2025. Meanwhile, the Russian economy continues to weaken, with Putin revealing that GDP fell by 1.8% in January-February this year, and maritime oil exports may drop to their lowest level since 2023.