4. Derivatives Market Data Shows Investors Remain Cautious, Bullish Momentum Yet to Emerge
Over the past 24 hours, the crypto market has shown a complex development in multiple dimensions. The mainstream discussion has focused on the industry's strategic direction and the resurgence of trust crisis: the ongoing debate around whether "crypto should return to its pure financial application," the open conflict between Hyperliquid and the VC camp, and the questioning of the market-making mechanism of centralized exchanges have collectively amplified structural distrust sentiment. In terms of ecosystem development, the Solana ecosystem continues to accelerate in AI agents and institutional integration, Ethereum is engaging in a new narrative around algorithmic stablecoins and real-time chains, and the Perp DEX race heats up driven by AI trading and token launch expectations.
2. "New York Times: USD1 Has Become the Trump Family's Crypto Engine"
Against the backdrop of Trump's return to the center of power and a shift in U.S. crypto policy, a stablecoin project involving his family is rapidly expanding. With technical support and incentive measures provided by Binance, World Liberty Financial has quickly gained key growth momentum. How will this structure, where the exchange's business incentives, stablecoin's profit model, and top-level policy-making authority are intertwined, affect the rules and boundaries of the crypto market?
Daily overall market funding heat (reflected by funding rate) and token unlocks
Data Source: Coinglass, TokenUnlocks

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