Today's top news highlights:

Regulation & Macro

Senior US official: Rejects any transit fees in the Strait of Hormuz; agreement will not be signed today.

A senior U.S. government official stated that they have observed serious and unprecedented concessions from Iran on uranium enrichment. An agreement with Iran will not be signed today, but progress is being made towards that goal. If Tehran makes concessions on uranium enrichment, they will consider easing sanctions, and their plan includes disposing of Iran's entire stockpile of enriched materials. The U.S. refuses to impose any transit fees in the Strait of Hormuz, an option deemed unacceptable. If Iran is still enriching uranium in the final agreement, then it is not a final agreement. According to CBS, citing U.S. officials, Iran currently appears more willing to make concessions than before the military action.

US officials: Iran's Supreme Leader has approved the overall framework of the agreement.

White House: Iran peace agreement may take days to reach

Trump: US-Iran deal "not fully agreed upon"

Trump: I've told my representatives not to rush into a deal; time is on our side.

US President Trump stated that negotiations are proceeding in an orderly and constructive manner, and he has instructed his representatives not to rush into a deal, as time is on their side. The (maritime) blockade will remain in full force until an agreement is reached, certified, and signed. Both sides must proceed slowly and without making any mistakes.

Hong Kong and US stock markets are closed on Monday, and trading in gold, silver, and oil will end early.

Due to the Memorial Day holiday, the U.S. stock market will be closed on Monday, May 25th. Trading in CME Group's precious metals and U.S. crude oil futures contracts will end early at 02:30 Beijing time on May 26th, while trading in U.S. stock and U.S. Treasury futures contracts will end early at 01:00 Beijing time on May 26th. Due to the Buddha's Birthday holiday, the Hong Kong stock market will be closed on May 25th, with both northbound and southbound trading suspended. The South Korean stock market will also be closed on the same day. Furthermore, due to the spring bank holidays, the UK stock market will be closed on May 25th; trading in ICE Brent crude oil futures contracts will end early at 01:30 Beijing time on May 26th.

Project Updates

Binance Alpha will launch Solstice (SLX) trading today at 20:00, with an airdrop threshold of 215 points.

Binance Alpha will launch Solstice (SLX) trading on May 25, 2026 at 20:00 (UTC+8). Users with at least 215 Binance Alpha Points can receive an airdrop of 250 SLX tokens on a first-come, first-served basis. If the reward pool is not fully distributed, the points threshold will automatically decrease by 5 every 5 minutes. Claiming the airdrop will cost 15 Binance Alpha Points. Users must confirm their claim on the Alpha event page within 24 hours, otherwise they will be considered to have forfeited their claim.

Zhao Changpeng denied rumors that he was swept away by a rapid in Dubai and went missing.

Binance founder Changpeng Zhao posted on the X platform, warning users to be wary of fake news. He clarified that he does not surf, kitesurfing is a different sport, and Dubai is not even a surfing destination. He mentioned Surf Abu Dhabi, the world's largest man-made surf spot, but said he hasn't tried it yet, as there are no white currents there. Previously, market reports claimed that Zhao had encountered a rip current while surfing on a Dubai beach and went missing.

Michael Saylor: Buy bonds, not Bitcoin this week

Michael Saylor, founder and executive chairman of Bitcoin treasury Strategy, posted on the X platform that he bought bonds this week instead of Bitcoin, and that ₿itVac is charging.

MoonPay launched a dedicated app within the ChatGPT platform, allowing users to purchase cryptocurrency during conversations.

MoonPay has launched a dedicated app within its ChatGPT platform, allowing users to directly purchase cryptocurrencies such as Bitcoin, XRP, Solana, and USDC within its OpenAI chatbot. Users can inquire about cryptocurrency information with ChatGPT and then request a purchase of a specified amount. ChatGPT will generate a MoonPay checkout link, and users must complete a standard KYC process and connect their wallets. A MoonPay blockchain engineer stated that ChatGPT is becoming an entry point for financial research, and crypto purchasing functionality had previously been lacking. This app is part of MoonPay's expansion into AI-driven crypto tools; earlier this month, MoonPay also acquired AI trading startup Dawn Labs and launched its trading assistant, Dawn CLI.

Vitalik: The Ethereum Foundation will "scale down" and reduce the amount of ETH sold.

Ethereum co-founder Vitalik Buterin responded to the recent turmoil and researcher exodus from the Ethereum Foundation. Buterin stated that the foundation is prioritizing "long-term survival over size," reducing ETH sales and focusing on Ethereum's CROPS attributes such as censorship resistance, open source, privacy, and security. He emphasized that the post represented only his personal opinion, and his power within the organization will continue to diminish. Buterin believes EF should be understood as "a node with a clear purpose, standing alongside other nodes," rather than the center of Ethereum. The foundation holds approximately 0.16% of ETH, while other blockchain foundations typically hold 10% to 50% of their own token supply. The foundation will focus on key activities that only it can drive, and some respected contributors and projects will remain outside the foundation, which will help attract external capital. Regarding technical direction, Buterin outlined three priorities: achieving a "provably vulnerability-free Ethereum" through AI-assisted formal verification, usable chain consensus, and minimizing intermediaries. He explicitly opposed Ethereum's reliance on speed competition, calling it "a path to mediocrity." Buterin concluded by stating that EF will be smaller than in previous years, with a clearer stance, and the foundation's new long-term operating model should stabilize in the coming months.

Cryptocurrency theft program TrapDoor is attacking three major code repositories; 34 malware packages have been detected.

Security firm Socket Security has disclosed a cryptocurrency theft campaign called TrapDoor, which is launching proactive supply chain attacks in package repositories such as npm, PyPI, and Crates.io. Currently, 34 malware packages and 384 versions and artifacts have been discovered, with attackers continuously pushing new versions across various ecosystems. TrapDoor primarily targets developers in the cryptocurrency, DeFi, AI, and security fields, stealing wallets, SSH keys, cloud credentials, GitHub tokens, browser data, environment variables, and API keys. Socket's median detection time for the malicious version was 5 minutes and 27 seconds, with the fastest detection occurring 58 seconds after release.

Opinions & Analysis

Analysis: The Bitcoin trend model has turned bearish, with $76,088 serving as a key bull-bear dividing line.

The Bitcoin trend model has turned bearish. The market is currently facing multiple pressures: Strategy's "never sell" narrative is cracking, Michael Saylor hinted that the company may eventually sell some of its BTC, triggering $2.7 billion in ETF outflows since May 7th. Bitcoin ETFs saw a net outflow of $1 billion in May, with $2.7 billion concentrated in the last two weeks, and the outflow rate accelerating. Inflation is negatively correlated with Bitcoin returns, and rising oil prices will continue to impact CPI data over the next 2-3 months. The bond market has fully priced in a Fed rate hike before the end of the year. Bitcoin volatility is at the 6th percentile historically, Ethereum volatility is at the 1st percentile, and implied volatility is near historical lows. Funding rates are near zero, open interest is at the 44th percentile, and trading volume is at the 12th percentile, exhibiting characteristics of low confidence, low leverage, and low liquidity. Ethereum's market capitalization share has fallen below 10% for the first time since July 2025. The key bull/bear dividing line for Bitcoin is $76,088, and the price is currently above this line. The core relative value position is long Bitcoin and short Ethereum, with upward momentum surveys and analyses pointing to Hyperliquid and Zcash.

Coinbase CEO: The financial system still needs updates in eight areas, including tokenization and 24/7 trading.

Coinbase CEO Brian Armstrong, in an article on the X platform, listed eight areas where the financial system still needs upgrading/updating: Tokenization of real-world assets, putting real estate, stocks, bonds, funds, etc., on-chain to achieve instant settlement, fragmented ownership, and large-scale distribution; 24/7 global trading, aggregating global liquidity, allowing participation from every asset and every individual, with good leverage and capital efficiency; Next-generation payments, using stablecoins for near-instant, low-cost global transfers, including proxy payments; AI-driven risk, credit, compliance, and investment advice, leading to better decision-making, less fraud, and broader access to capital, with everyone having access to quality financial advisors; Supportive regulation, shifting from a one-size-fits-all approach to risk-based rules, encouraging innovation and competition rather than stifling it; Expanded access, reducing intermediaries through open protocols, using self-custodial wallets, and making it accessible to everyone with a smartphone; Capital formation, enabling anyone to raise funds for good ideas at low cost in a one-stop shop, increasing the number of startups; Sound money, a safe haven against inflation when the fiat currency system loses its binding force. Armstrong stated that the work is far from finished before all these areas can be made inclusive, requiring significant technological innovation and policy efforts.

Technical warning signs are rising for ETH: If BitMine holdings fall further, losses could exceed $10 billion.

Tom Lee's BitMine is facing significant paper pressure due to the continued pullback in Ethereum's price action. With Ethereum having retreated more than 57% from its 2025 high, BitMine's current unrealized losses on its ETH holdings have widened to approximately $7.35 billion. Since launching its ETH reserve strategy in July 2025, BitMine has been consistently increasing its holdings against the trend, currently holding approximately 5.28 million ETH, representing about 4.37% of the total Ethereum supply, making it the world's largest listed ETH reserve institution. Its average cost basis is approximately $3,513, while the current price of ETH has fallen to around $2,100. Despite the widening losses, Tom Lee has not stopped betting. BitMine previously stated that its goal is to hold 5% of the total Ethereum supply by the end of this year, only "slowing down" rather than ceasing its purchases. However, both market technicals and sentiment are deteriorating simultaneously. Analysts point out that ETH is currently approaching the lower edge of a bearish "rising wedge" pattern; if this support is broken, the price could further decline to the $1,600 area, a potential drop of about 25%. If this scenario materializes, BitMine's unrealized losses could quickly expand to approximately $10.1 billion. Meanwhile, Ethereum market sentiment has cooled significantly. Data from on-chain analytics platform Santiment shows that the ETH social media long/short ratio has rapidly fallen from over 2:1 at the end of April to nearly 1:1. Some traders have even begun referring to ETH as "Dead Money." Against the backdrop of continued ETF outflows, changes in the Ethereum Foundation's leadership, and market attention being diverted to other high-beta assets, ETH is currently facing one of the most severe confidence tests in recent years.

Security experts: AI accelerates quantum technology, bringing crypto asset security threats ahead of schedule.

Blockchain encryption becomes the default payment layer for AI agents, and stablecoins dominate machine transactions.

Analysis: BTC rebounded over the weekend, boosted by the US-Iran tensions; $78,500 became a key watershed for options long and short positions.

Bitcoin's weekend rebound was boosted by news from the US and Iran. The key focus for BTC options this weekend is: post-settlement Gamma constraints are weakening, and the $78,500 level remains a crucial support/resistance level for Bitcoin. In the short term, if BTC holds above $77,000-$78,000, it's likely to continue its upward trend with some volatility; if it breaks above $80,000 with significant volume, call options could reignite buying interest. Short-term implied volatility remains low, and given the strong expectation of recent volatility, call spreads/put spreads are more suitable for cost control.

Important data

A wallet deposited UNI and COMP into Binance, resulting in a combined loss of nearly $40 million.

A wallet deposited 2.7 million UNI (US$9.23 million) and 114,352 COMP (US$2.3 million) into Binance, incurring a loss of US$33.08 million in UNI and US$6.68 million in COMP. Onchain Lens claims this wallet is associated with IOSG Ventures, but IOSG Ventures clarifies that this is not their address . Onchain analyst Ai believes the address is related to Trend Research. Ten months ago, this wallet withdrew 5.41 million UNI (US$51.53 million) and 228,704 COMP (US$11.29 million) from Binance. The wallet still holds 2.7 million UNI (US$9.23 million) and 114,352 COMP (US$2.29 million).

A whale shorted 47,600 ETH with 23x leverage, worth $100 million.

A whale opened a short position of 47,604 ETH with 23x leverage, worth $100 million, with a liquidation price of $2,149.84.

Bitcoin spot ETFs saw net outflows of $1.257 billion last week, with BlackRock's IBIT experiencing the largest net outflow at $1.008 billion.

Last week (May 18-22, Eastern Time), Bitcoin spot ETFs saw a net outflow of $1.257 billion. The BlackRock ETF IBIT experienced the largest net outflow at $1.008 billion, with a historical total net outflow of $64.77 billion. This was followed by the Fidelity ETF FBTC, with a weekly net outflow of $112 million and a historical total net outflow of $10.76 billion. The Morgan Stanley ETF MSBT saw the largest net inflow at $1.1107 million, with a historical total net inflow of $234 million. As of press time, the total net asset value of Bitcoin spot ETFs was $98.87 billion, representing an ETF net asset ratio of 6.49%, with a historical cumulative net inflow of $57.08 billion.

HYPE's market capitalization surpasses DOGE, ranking 9th in cryptocurrency market capitalization.

HYPE is priced at $62.42, with a market capitalization of $15.86 billion, surpassing DOGE ($15.832 billion) to rank 9th in total cryptocurrency market capitalization.

Two wallets that had been dormant for over a year deposited a total of 1,650 BTC, equivalent to approximately $127 million, into FalconX.

Seven hours ago, two wallets withdrew 111 million SAHARA from the exchange, representing 3.4% of the circulating supply.

Seven hours ago, two wallet addresses withdrew 111 million SAHARA (US$3.81 million) from Binance and Bitget, representing 3.4% of the circulating supply of SAHARA. This comes just three days after the project announced the launch of SAHARA staking.

OG miners from the Satoshi Nakamoto era deposited 2,650 BTC, worth $203 million, into FalconX and Cumberland.

A Bitcoin OG miner from the Satoshi Nakamoto era has deposited 2,650 BTC ($203 million) into FalconX and Cumberland. This OG whale still holds 6,000 BTC, worth approximately $462 million.

Data: H, XPL, KMNO and other tokens will see a large unlock next week, with H unlocking value estimated at approximately $22.2 million.

H, XPL, KMNO and other tokens will see a large-scale unlocking next week. Humanity (H) will unlock approximately 105 million tokens at 8:00 AM Beijing time on May 25th, representing approximately 3.86% of the circulating supply, worth approximately $22.2 million; Plasma (XPL) will unlock approximately 88.89 million tokens at 8:00 PM Beijing time on May 25th, representing approximately 3.69% of the circulating supply, worth approximately $7.4 million; Kamino (KMNO) will unlock approximately 229 million tokens at 8:00 PM Beijing time on May 30th, representing approximately 3.16% of the circulating supply, worth approximately $4.6 million; Sahara AI (SAHARA) will unlock approximately 132 million tokens at 8:00 PM Beijing time on May 26th, representing approximately 4.06% of the circulating supply, worth approximately $4.5 million; and Gunz (GUN) will unlock approximately 354 million tokens at 9:00 PM Beijing time on May 31st, representing approximately 14.53% of the circulating supply, worth approximately $4.2 million.

A dormant Ethereum pre-mining address for 9.5 years was activated, containing 200 ETH

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