Today's top news highlights:

Starting yesterday, some banks in Hong Kong require applicants to sign a declaration confirming the source of funds when opening investment accounts.

Bitcoin spot ETFs saw a total net outflow of $334 million yesterday, marking the seventh consecutive day of net outflows.

AI model aggregation platform OpenRouter has raised $113 million in Series B funding, led by CapitalG.

a16z crypto: Currently, most "tokenization" simply puts records on the blockchain without unlocking more new features.

Spain has banned Polymarket and Kalshi nationwide for operating without a license.

Regulation & Macro

Starting yesterday, some banks in Hong Kong require applicants to sign a declaration confirming the source of funds when opening investment accounts.

Starting May 26, opening an investment account offline through Hong Kong banks requires signing a declaration of the legal source of funds. A source from a foreign bank in Hong Kong confirmed this adjustment is in accordance with local regulatory requirements. The declaration primarily states that the account holder must confirm that "all funds used to support investment activities and related settlements are from legal sources outside mainland China"; and mainland Chinese residents are advised that the investment account service is only applicable to investors residing in Hong Kong and that they must ensure the legality and compliance of their funds.

Supreme People's Court: Will conduct in-depth research on the adjudication rules for new types of cases involving virtual currencies, etc.

Liu Guixiang, a deputy ministerial-level full-time member of the Judicial Committee of the Supreme People's Court, stated that the people's courts will conduct in-depth research on the adjudication rules for new types of cases such as virtual currencies and cross-border finance, and formulate judicial interpretations on civil compensation for insider trading and market manipulation as soon as possible to ensure the sound operation of the capital market.

Trump: Maintaining the CFTC's exclusive jurisdiction over prediction markets is "crucial".

US President Trump publicly supported CFTC Chairman Michael Selig's expansion of jurisdiction over prediction markets, stating that maintaining the CFTC's exclusive jurisdiction is crucial. Selig has filed lawsuits against five states. Trump also called the US "the capital of crypto assets like Bitcoin."

Belarus has included cryptocurrencies in its list of eligible underlying assets for non-deliverable over-the-counter financial instruments.

The Council of Ministers and the National Bank of Belarus adopted a resolution to include cryptocurrencies in the list of eligible underlying assets for non-deliverable over-the-counter financial instruments, effective May 27. This move will promote the integration of cryptocurrencies into the traditional financial system.

Trump appoints former Attorney General Bundy to the White House Artificial Intelligence Advisory Committee

US President Trump appointed former Attorney General Pam Bondi to the White House Artificial Intelligence Policy Advisory Council to lead coordination between the government and technology companies, and to serve as an advisor on national infrastructure.

TD Cowen: The likelihood of the Clarity Act passing this year has decreased due to the deteriorating political environment in the United States.

Spain has banned Polymarket and Kalshi nationwide for operating without a license.

Hong Kong plans to establish a unified licensing system for virtual asset investment advisors and asset management, incorporating it into the anti-money laundering framework.

Hong Kong's Financial Services and the Treasury Bureau and the Securities and Futures Commission (SFC) have released a consultation conclusion confirming the establishment of a licensing regime for virtual asset advisors and management service providers, to be incorporated into the Anti-Money Laundering Ordinance, with the goal of submitting an amendment bill in 2026. Together with the already planned virtual asset trading and custody licenses, Hong Kong will form a comprehensive regulatory framework covering the entire digital asset chain, from trading and custody to advisory and management.

Project Updates

Bitmine staked another 5,760 ETH, worth $11.9 million.

Bitmine has staked another 5,760 ETH, worth $11.9 million. Its total staked ETH now stands at 4,718,677, worth $9.76 billion.

OpenSea launches Ethereum's open standard ERC-8257, positioning itself as an "AI agent tool application store".

OpenSea has launched the Ethereum open standard ERC-8257, positioned as an "AI agent tool application store." It allows developers to register tools on-chain, declare access rules and pricing, and supports AI agents in autonomously discovering, purchasing, and invoking tools. This standard, combined with protocols such as ERC-8004, MCP, and x402, constitutes the on-chain operational infrastructure for AI agents. It is currently in the draft stage.

Base blockchain launches MCP gateway, supporting on-chain operations via AI interfaces such as Claude and ChatGPT.

Base blockchain has launched the MCP gateway, which enables secure connections between AI interfaces such as Claude and ChatGPT and the Base wallet. Users can perform token exchanges, transfers, and other operations using natural language. Upon launch, it connects to applications such as Morpho and Uniswap, is completely non-custodial, and uses OAuth 2.1 authentication.

Coinbase partners with Standard Chartered to expand global multi-currency fiat currency access.

Coinbase has partnered with Standard Chartered Bank to expand global multi-currency funding access through Coinbase Prime, covering Australian dollars, Singapore dollars, Canadian dollars, Swiss francs, euros, and British pounds, improving capital efficiency and reducing foreign exchange friction.

The Resolv Foundation has announced a recovery plan in response to the USR security incident in March.

The Resolv Foundation announced its recovery plan for the USR security incident on March 22. Holders of USR/wstUSR before the incident will be able to exchange them for USDC at a 1:1 ratio, while those who received USR after the incident will be able to exchange them at a 1:0.5 ratio. The RLP reference price has been reset to 55% of its pre-incident value, with 1 RLP equal to 0.71 USDC, and an additional 2.71 RESOLV tokens allocated. 10% of the tokens will be used for recovery, and 70% will be distributed to affected RLP holders. Simultaneously, a new business line, Vault Street, was launched, with its first product, primeUSD, already in private testing.

FTX has announced that the next round of payouts will begin on June 16th, with payouts starting on July 31st.

FTX's next payout registration date is June 16, 2026, with payouts expected to begin on July 31. Preferred stockholders will receive their payouts on the same day. Holders of approved NFT customer claims can begin the NFT distribution process on June 30. FTX plans to reduce its disputed claims reserve by approximately $600 million, freeing up cash for the next distribution.

Strategy repurchased $1.5 billion in convertible bonds maturing in 2029 for $1.38 billion in cash and did not increase its Bitcoin holdings last week.

Strategy repurchased $1.5 billion worth of 0% convertible bonds maturing in 2029 with approximately $1.38 billion in cash, at a discount of about 8%, realizing a BTC yield of 0.7% and adding 4,391 Bitcoins. Simultaneously, it issued new preferred and common stock, purchasing 24,869 Bitcoins. As of May 25, it held a total of 843,738 Bitcoins, with a year-to-date BTC yield of 13.3%, and US dollar reserves of $871 million.

Coinbase will launch spot trading pairs for MetaDAO and Derive.

Coinbase Markets will launch spot trading for MetaDAO (META) and Derive (DRV) on May 27, opening trading pairs for META-USD and DRV-USD. MetaDAO is the Solana ecosystem's SPL token, while Derive is deployed on the Base network.

LI.FI launches "LI.FI Intents," a full-stack execution engine based on the Open Intent framework.

LI.FI introduces LI.FI Intents, a modular full-stack execution engine based on the Open Intents framework, which enables competitive order execution through a solver network. The Open Intents framework is led by the Ethereum Foundation, with contributions from over 30 teams. LI.FI Intents is a large-scale production implementation of OIF, providing enterprises with stablecoin payments, RWA access, and compliant on-chain liquidity.

CME launches Avalanche and Sui futures contracts

CME Group has launched futures contracts for Avalanche (AVAX) and Sui (SUI).

BitMine increased its holdings by 111,900 ETH last week, bringing its total holdings to over 5.39 million ETH.

As of May 25th, BitMine increased its holdings by 111,942 ETH last week, bringing its total holdings to 5,390,404 ETH, representing approximately 4.47% of the total Ethereum supply, worth about $11.5 billion. 4,712,917 ETH have been staked, with an estimated annualized staking yield of $276 million. Chairman Tom Lee is optimistic about the crypto supercycle and will continue to increase his ETH holdings.

Investment and financing news

AI model aggregation platform OpenRouter has raised $113 million in Series B funding, led by CapitalG.

AI model aggregation platform OpenRouter has completed a $113 million Series B funding round, led by CapitalG, with participation from a16z, Menlo Ventures, and NVIDIA's NVentures, among others, valuing the platform at over $1 billion. Over the past six months, the platform's weekly usage has increased from 5 trillion tokens to 25 trillion tokens.

Opinions & Analysis

Tom Lee: A supercycle is coming to the crypto market, and Ethereum will be the core beneficiary asset.

Bitmine Chairman Tom Lee stated that a supercycle in the crypto market is imminent, and Ethereum will be a core beneficiary asset. Two main drivers are Wall Street-driven asset tokenization and the rapid development of AI agents. The previous pullback in Ethereum presented a buying opportunity.

Bankless founder discusses liquidating ETH holdings: Still optimistic about the Ethereum network, but ETH is unlikely to be repriced by the market.

Bankless founder David Hoffman has liquidated his ETH holdings but remains bullish on the Ethereum network. However, he believes ETH assets are unlikely to be repriced by the market. He sees the "ETH as currency" narrative as largely complete and hopes to allocate his funds to other opportunities.

a16z crypto: Currently, most "tokenization" simply puts records on the blockchain without unlocking more new features.

a16z crypto points out that not all tokenized assets truly exist on-chain. Bond tokenization has a market capitalization of $15.2 billion, but only about 5% is used in DeFi; most precious metals are idle. 84% of the supply of reinsurance tokens is deployed in DeFi, and 33% in private lending. Many "tokenizations" simply put records on-chain without unlocking new functionality; the core value of on-chain finance lies in composability.

Important data

Analysts: Bitcoin spot trading volume has declined by 81% since October 2025.

Bitcoin spot ETFs saw a total net outflow of $334 million yesterday, marking the seventh consecutive day of net outflows.

On May 26, Bitcoin spot ETFs saw a total net outflow of $334 million, marking the seventh consecutive day of net outflows. BlackRock ETF IBIT saw a net outflow of $192 million, and Fidelity ETF FBTC saw a net outflow of $57.7364 million. The total net asset value of Bitcoin spot ETFs is $98.397 billion, with a net asset value ratio of 6.45%, and a historical cumulative net inflow of $56.75 billion.

The amount of Ethereum staked has reached a record high of 39.2 million, representing 32.19% of the total supply.

Ethereum staked has reached a record high of 39.2 million, accounting for 32.19% of the total supply, with another 3.3 million waiting to enter the staking queue.

A wallet withdrew 873 BTC from OKX, equivalent to approximately $66.24 million.

One wallet withdrew 873.29 BTC ($66.24 million) from OKX and currently holds 881 BTC ($66.73 million).

Analysts: IBIT completed a single block trade of approximately $1.3 billion, but the price of BTC was not significantly affected.

According to Eric Balchunas, an ETF analyst at Bloomberg, IBIT executed a trade of 29 million shares at 10:30 a.m. ET on May 27, worth approximately $1.3 billion. The price was not significantly affected, and the market digested the trade well.

A major whale (market manipulator) turned a long position in Micron Technology (MU) for two months into $13 million, up from $4.33 million.

Huang Licheng increased his long position in ETH to 6,325 coins, with cumulative losses exceeding $33 million.

Micron Technology's total market capitalization surpasses $1 trillion

Micron Technology's stock price rose 18% to $886 per share, pushing its total market capitalization above $1 trillion. The stock has risen 210% year-to-date.

A new wallet received approximately 501,300 HYPE tokens from Coinbase, worth $30.93 million.

Whale Evaded closed its long positions in ZEC and BTC, incurring a loss of $4.83 million, and opened a new short position of 940 BTC.

ETH breaks through $4,400, up 1.63% on the day

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