Top News

1. SBF Seeks Retrial, Has Submitted Appeal Documents

2. LayerZero Announces Launch of High-Performance Layer 1 Blockchain Zero

3. US Crypto Stocks Close Mostly Lower on Tuesday, Gemini (GEMI) Down 7.72%, Ethereum Treasury Stocks Experience Collective Setback

4. Fed Led by Powell to Closely Monitor AI's Impact on Employment

5. Interactive Brokers Launches Coinbase Nano Bitcoin and Ethereum Futures, Enabling 24/7 Trading

Articles & Threads

1. "Kyle Reviews Hyperliquid Sparking Controversy, Mount Bank Officially Open, What's the Overseas Crypto Community Talking About Today?"

Over the past 24 hours, the crypto market has shown a complex development trend in multiple dimensions. The mainstream discussion has focused on the industry's path debate and the resurgence of a trust crisis: the ongoing fermentation of the disagreement around "whether crypto should return to pure financial applications," the direct conflict between Hyperliquid and the VC camp, and the questioning of centralized exchange market-making mechanisms 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 embarking on a new round of narratives around algorithmic stablecoins and real-time chains, and the Perp DEX track is heating up in anticipation of AI trading and token launches.

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. The technical support and incentive measures provided by Binance have enabled World Liberty Financial to gain key growth momentum in a short period of time. When the exchange's business incentives, the stablecoin's profit model, and the highest level of policy-making authority are intertwined, how will this structure affect the rules and boundaries of the crypto market?

Market Data

Daily Marketwide Funding Heat (reflected by funding rate) and Token Unlocks

Data Source: Coinglass, TokenUnlocks

Funding Rate

Token Unlocks

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