Key Takeaways
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Macroeconomic Environment: Trump’s tax bill has been approved by the House of Representatives and will now move to the Senate. Although yields briefly rebounded after the bill passed, the overall trend remains downward, indicating that the market's panic selling of U.S. Treasuries is easing. Meanwhile, U.S. stock markets were mixed—tech stocks led a rebound, but the S&P 500 recorded a third consecutive loss, reflecting investor caution between policy support and fiscal concerns.
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Crypto Market: With a major breakthrough in U.S. stablecoin legislation, Wall Street giants like JPMorgan and Citigroup have quietly begun preparations for joint stablecoin ventures—signaling an accelerated move by traditional finance into the crypto space. Against this backdrop, Bitcoin hit new all-time highs for two consecutive days. Meanwhile, the ETH/BTC ratio rebounded, ending Bitcoin’s eight-day dominance streak, and altcoins showed signs of recovery, with their overall trading volume share up by 0.2 percentage points—indicating a slight increase in risk appetite.
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Project Highlights: Robinhood listed two meme coins, MOODENG and MEW, triggering a sector-wide rally in meme coins. WLD and AVAX also saw price increases due to positive project news. However, SUI ecosystem's Cetus Protocol suffered a major hack, causing a sharp drop in liquidity pool depth and a broad selloff in SUI-related tokens.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,842.00 | -0.04% |
| NASDAQ | 18,925.73 | +0.28% |
| BTC | 111,697.00 | +1.87% |
| ETH | 2,664.64 | +4.47% |
Crypto Fear & Greed Index: 72 (was 70 24 hours ago), Level: Greed
Macro Economy
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Trump’s tax reform bill narrowly approved by the House of Representatives
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Fed Governor Waller: If tariffs fall, interest rate cuts are expected in the second half of 2025
Industry Highlights
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Strategy plans to sell $2.1 billion worth of preferred shares
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WSJ: Major U.S. banks exploring joint stablecoin ventures
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U.S. Vice President Vance to speak at "Bitcoin 2025" conference on May 28, 2025
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Nasdaq Exchange to allow iShares Ethereum Trust to conduct in-kind redemptions and subscriptions
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WLFI: USD1 is fully backed by U.S. Treasury bonds
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Basel Medical, a publicly listed healthcare company, announces a $1 billion Bitcoin purchase agreement; Chinese EV retailer JZXN plans to acquire 1,000 BTC within a year
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Kraken to launch over 50 tokenized stocks and ETFs, including Apple, Tesla, etc.
Project Highlights
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Hot Tokens: WLD, AVAX, PEPE
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Robinhood lists MOODENG and MEW, which surged by 37% and 16% respectively; meme tokens like PEPE, WIF, PNUT, and GOAT also rallied
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WLD: Raised $135 million from Andreessen Horowitz and Bain Capital Crypto to support network expansion
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AVAX: FIFA to build a dedicated blockchain based on Avalanche
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B: Trump family crypto project WLFI makes its first meme coin purchase; Binance launches derivatives
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CETUS: Cetus Protocol on the SUI ecosystem suffered a hack, reducing liquidity pool depth significantly with total losses around $223 million; CETUS plummeted 25%, dragging SUI down as well. The protocol has frozen $162 million of stolen funds and is offering a white-hat bounty in exchange for their return.
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