CPI 报告发布前，大量比特币流入币安——BTC 价格即将崩盘吗？

XRP continues to face bearish pressure as short positions dominate the derivatives market.  According to Coinglass data, the long/short ratio for Ripple (XRP) is 0.9205, meaning that more traders are betting on a decline than a rally. For almost two weeks, this ratio has remained below 1, indicating that bearish sentiment has taken over.  Even though open interest has dropped by 1.92%, derivatives volume jumped 35% to $3.28 billion. This tells us traders are still active, but mostly on the short side, expecting a move down. On the technical front, XRP is trading at $2.14, just above a crucial support level of $2.05. If that level is broken, there may be more severe short-term declines. The relative strength index is neutral at 47 but is progressively declining. Since it is not yet oversold, there is still room for a further decline. XRP price chart | Source: crypto.news The moving average convergence divergence recently turned negative, suggesting that their downside momentum may be building. At 11, the average directional index, which gauges trend strength, is extremely low, indicating that there is currently only choppy sideways action rather than a strong trend. The majority of short- and medium-term moving averages are also flashing sell signals. You might also like:XRP unlikely to hit $3 in May, but analysts still see it and this new rival at $10 by 2026 A big move might be on the horizon, as shown by the narrowing of the Bollinger Bands. The squeeze, however, occurs at the same time that XRP is testing support, which might suggest that a decline rather than a bounce is more likely.  While short-term setup is bearish, XRP’s fundamentals are still solid. A major regulatory burden was recently lifted as Ripple resolved its legal dispute with the Securities and Exchange Commission. Additionally, there is increasing interest in a possible spot XRP exchange-traded fund, which Bloomberg analysts predict will be approved by the end of 2025 with an 85% chance. ETF approvals could increase institutional demand and drive up prices considerably. Meanwhile, Ripple’s $4-5 billion offer to purchase stablecoin issuer Circle, although unsuccessful, shows the company’s ambitious growth goals.  Macroeconomic challenges still exist though. Risk sentiment is being distorted by President Trump’s tariff policies and sticky inflation. The Federal Reserve’s May 7 interest rate decision and May 13 CPI data are also drawing attention the focus of attention because they have the potential to impact the movements of cryptocurrency assets, including XRP. If XRP loses $2.05, it could fall toward $1.98–$2.00, where the 200-day support sits. Still, the bulls aren’t out. If XRP can bounce from this range and break back above $2.20, it might flip momentum back in its favor. But right now, the odds don’t support that move. Read more:New XRP ETF reaches $67m AUM as price outperforms Ripple

Core Foundation 与 Maple Finance、BitGo、Copper、Hex Trust 合作推出了一种比特币代币，旨在让机构从闲置的 BTC 中赚取回报。 在 crypto.news 收到的一份新闻稿中，IstBTC 宣布推出一种新的流动性强、可产生收益的比特币 (BTC) 代币，专为机构设计，可在保持安全性、合规性和流动性的同时收回数十亿美元。 机构可以通过将比特币存入 BitGo、Copper 或 Hex Trust 等托管机构来铸造 lstBTC。与其他代币不同，IstBTC 在保持完全流动性的同时积累收益。这样，机构就可以交易、转让或质押 lstBTC 作为抵押品。 赎回时，持有者将获得比特币的原始价值以及发送到其托管账户的应计收益。lstBTC 利用 Core 区块链的双重质押机制，使比特币能够在保护网络的同时获得奖励。因此，IstBTC 为机构持有者提供了一个机会，可以在不损害安全性或运营效率的情况下最大限度地提高比特币的生产力。 过去，机构 BTC 持有者必须在安全存储 BTC 价值或放弃安全性或流动性之间做出选择，才能获得 BTC 收益。但借助 IstBTC，机构能够产生以比特币支付的可持续收益，而无需将 BTC 从受信任的托管人那里转移出去。 This is made possible through Maple Finance’s role as overseer or yield generation strategies that align with regulatory and risk standards. Therefore, the investment manager is able to help simplify the process of earning yield without transferring BTC out of custody. You might also like:Metaplanet 采用“BTC 收益率”作为关键绩效指标 Maple Finance 首席执行官兼联合创始人 Sydney Powell 表示，多年来，市场明显缺乏能够帮助机构最大限度发挥比特币潜力的比特币收益选择。 鲍威尔表示：“Maple 很荣幸与 CORE 在 lstBTC 上展开合作，这使得机构可以在不放弃受信任托管人的安全性的情况下从 BTC 中赚取收益。” Core DAO 的机构贡献者 Hong Sun 称 IstBTC 背后的合作伙伴关系是“机构比特币持有者的突破”，因为它为机构提供了通过比特币赚取收益的机会，同时保持托管和安全。 孙宇晨表示：“通过结合核心区块链的双重权益、Maple Finance 的风险管理策略以及 BitGo、Copper 和 Hex Trust 的可信托管基础设施，lstBTC 为机构比特币解决方案树立了新标准。” Read more:Maple Finance launches Bitcoin-linked yield product

根据与 crypto.news 分享的一份报告，链上分析公司 Nansen 已任命 Superstate 和 Compound 的创始人 Robert Leshner 为其董事会成员。 莱什纳 (Leshner) 是去中心化金融领域的关键人物，他将帮助塑造 Nansen 的战略方向，扩大其在链上智能、质押和多链分析方面的产品范围。 Leshner 因通过 Compound 开创 DeFi 而闻名，Compound 是一种在加密市场引入算法借贷的协议。 他在协议开发和标记化方面的背景有望为 Nansen 为交易者、投资者和建设者提供实时分析的使命做出贡献。 Nansen 首席执行官兼联合创始人 Alex Svanevik 表示：“罗伯特是 DeFi 的先驱，他对去中心化系统和加密市场的见解将在 Nansen 迈向新高度的过程中发挥无价的作用。” 你可能还喜欢：SEC 与 Ripple 案结束后最值得购买的 3 种 XRP 代币 Nansen 的产品发布 Leshner 的任命正值 Nansen 加速推出产品之际，包括其 Nansen Points 计划和扩展的质押服务。他加入了包括 Accel 和 a16z Crypto 代表在内的董事会，巩固了该公司在链上分析领域的领导地位。 莱斯纳表示：“南森构建了加密领域最有价值的情报平台，我很高兴能够帮助团队继续创新。” Nansen 提供人工智能驱动的工具，帮助用户分析加密货币市场、跟踪投资组合并识别趋势。该公司旨在提高不断发展的链上经济参与者的透明度和决策能力。 You might also like:Jokers Inc. 与 Project J 宣布建立下一代 Web3 游戏战略合作伙伴关系

Pump.fun announced a major move to remain the dominant memecoin launchpad, giving 50% of its revenues to creators. The competition among memecoin launchpads is heating up. On Monday, May 12, memecoin launchpad Pump.fun announced a new revenue-sharing model. Starting today, token creators will earn 50% of all trading fees for their tokens on the platform. CREATOR REVENUE SHARING is finally here!!!50% of PumpSwap Revenue is now shared with Coin Creators 🤯🤯🤯create a coin and start earning every time someone places a trade NOWcontinue reading to learn more pic.twitter.com/XmdpFdIUhV— pump.fun (@pumpdotfun) May 12, 2025 Token creators on the Solana-based (SOL) memecoin launchpad will earn 0.05% in SOL every time someone trades their coins. This means that if a token achieves $10 million in volume, its creators will earn $5,000. Traders will be able to redeem their earnings instantly, on-chain, using their Pump.fun profile. Users are eligible for revenue sharing if their token is new, if it is still on the bonding curve, or if it graduated to PumpSwap, Pump.fun’s decentralized exchange. Can Pump.fun revenue sharing fix token dumps? So far, memecoin creators on Pump.fun and similar platforms have only earned revenue when they sold their tokens. This incentivized creators to dump their tokens as soon as they gained any traction, leading to frequent rug pulls. This is a particular concern for Pump.fun, which has faced an epidemic of token rug pulls. A part of the issue is that the platform makes token launches so easy that anyone can do it. Notably, one 13-year-old rugged two pump.fun projects. You might also like:Pump.fun volume dropped 63% in February amid high-profile memecoin scams With revenue sharing, creators can earn throughout the token’s lifecycle—even into maturity. This incentivizes them to stick around longer and take actions that actively boost the token’s price and trading volume. Pump.fun remains the biggest memecoin launchpad, as well as one of the most popular protocols on Solana. As of May 7, Pump.fun had achieved $22.3 billion in volume in 2025, accounting for 2.8% of all protocol volume on Solana. However, in terms of transaction count, the project dominates Solana. In November 2024, Pump.fun accounted for 62% of all Solana transactions. Read more:62% of Solana’s DEX transactions belong to Pump.fun — What keeps it going?

DeFi 能在过时的金融法规下生存吗？专家表示，强迫去中心化平台采用为银行设计的合规模式将是灾难性的，这也证明了为什么政策制定者必须重新考虑他们的做法。 目录参议院投票废除国税局规则美国国税局规则及其废除经济影响——推动 DeFi 转入地下？DeFi 监管应如何运作美国加密政策是否陷入了政治周期？ 参议院投票废除国税局规则 美国政府与去中心化金融之间长期存在的紧张关系又到达了关键时刻。 3 月 4 日，参议院以 70 比 27 的压倒性多数票通过了一项罕见的两党一致决议，废除了美国国税局的一项规定，该规定将对去中心化交易所和 DeFi 协议施加传统的财务报告要求。 一旦该规则生效，将迫使开发商和 DeFi 平台向美国国税局报告加密交易，实际上将它们视为传统金融中介机构。 该决议现在将提交众议院进行另一次投票，然后才能送到唐纳德·特朗普总统的办公桌上。由于特朗普的人工智能和加密专家戴维·萨克斯已经表示支持废除该法案，该法案似乎很快就会成为法律。 加密货币倡导者认为这是金融隐私和创新的重大胜利，但由于众议院投票仍未完成且监管不确定性挥之不去，围绕 DeFi 法律地位的争论远未结束。 为了探讨其影响，crypto.news 独家采访了 1inch (1INCH) 的首席合规官 Hedi Navazan，1inch 是该领域最著名的 DeFi 聚合器之一。 美国国税局规则及其废除 美国国税局现已废除的规则试图对 DeFi 协议施加传统的财务报告义务，实际上将它们归类为经纪人。 Under this requirement, decentralized platforms would have been forced to report gross proceeds and user transaction details — even though they do not hold user funds or function as financial intermediaries. 该规则由拜登政府出台，作为推动加密货币领域税收合规的更广泛举措的一部分，旨在作为解决未报告的加密货币交易造成的预计年度税收缺口的措施之一。 根据巴克莱银行 2022 年的分析，美国国税局征收的税款与加密货币交易所欠税款之间的差距每年可能高达 500 亿美元。 财政部预计，通过扩大经纪人的定义，政府可以在未来十年内挽回 39 亿美元的损失。 然而，该提案遭到了强烈反对，因为 DeFi 的结构设计使得合规几乎不可能。Navazan 认为，美国国税局从根本上误解了 DeFi 的运作方式。 “这项提议反映了一种误导性的急于实施监管的做法，而没有清楚了解所涉及的技术复杂性。它忽略了一个事实，即许多去中心化金融协议（包括去中心化交易所聚合器）并不托管用户资产，这使得应用传统经纪商式监管的概念在技术上不可行。” One of the biggest concerns raised by industry leaders was that the rule would have required software developers and smart contract creators to report tax data they had no access to.  Unlike centralized exchanges such as Coinbase or Binance, DeFi platforms rely on self-executing smart contracts running on public blockchains, meaning there is no company managing user accounts or holding customer funds.  Forcing them to act as brokers would have been akin to demanding that an open-source protocol collect and store user information it was never designed to handle. 虽然税收合规一直是监管机构关注的重点，但安全仍然是 DeFi 最紧迫的问题之一。仅在 2023 年，黑客就从 DeFi 平台窃取了超过 18 亿美元，其中备受瞩目的漏洞影响了 Euler Finance、Atomic Wallet 和 Curve Finance。 Navazan 认为，监管工作应该优先解决这些弱点，而不是只关注税收。 “对于 DeFi 的未来来说，更紧迫的是为去中心化自治组织制定连贯的治理框架，并为安全实践提供适当的指导。监管重点应放在制定智能合约安全标准、识别恶意代币以及保护用户免受攻击上。不幸的是，这些关键领域的监管监督存在重大漏洞，尽管黑客继续窃取资产，恶意代币激增，但注意力似乎不成比例地集中在税收上。” 经济影响——推动 DeFi 转入地下？ 行业领导者越来越担心过度监管可能会导致 DeFi 活动退出美国，就像中心化交易所已经发生的情况一样。 纳瓦赞警告称，严厉或模糊的政策无助于促进合规——它们只会阻碍创新。 “将中心化金融监管强加于 DeFi 可能会带来意想不到的后果，包括迫使加密交易转入地下或转移到离岸司法管辖区。一个主要风险是过度的监管负担将迫使 DeFi 创新离开美国，就像许多加密公司迁往迪拜、瑞士和列支敦士登等司法管辖区的情况一样。” 该行业已经出现了一些引人注目的退出案例。2023 年，美国最大的加密货币交易所 Coinbase 宣布，由于监管不确定性，它正考虑将总部迁至海外。Gemini 也效仿了这一做法，以应对缺乏明确的美国框架。 即使是 DeFi 协议——尽管没有实体总部——也开始将其开发团队和法人实体转移到更有利的司法管辖区。 积极监管的另一个意想不到的后果是加密隐私工具的兴起，这可能会使税收执法更加困难。 The U.S. Treasury’s sanctions on Tornado Cash (TORN), a privacy protocol, did not eliminate demand for anonymous transactions — it simply pushed users toward alternative platforms. Since the ban, new privacy-focused DeFi protocols have emerged, many of which are now being built beyond U.S. regulatory reach. Navazan believes that without a more balanced approach, the government risks losing control over the very industry it seeks to regulate. “The lack of clear regulations is already making institutions hesitant to fully engage with DeFi, as traditional banks and financial players require legal certainty before committing resources. However, institutional appetite for DeFi is growing, with major players like JPMorgan’s ONYX project exploring tokenized assets and blockchain-based settlements.” 尽管存在监管不确定性，DeFi 仍继续以高收益机会吸引投资者，一些协议提供的回报率高达 27-30%，而 Navazan 警告称，过度监管也可能导致逃税行为增加。 “尽管这种收益率的可持续性值得商榷，但现实是它们继续吸引着投资者。如果严格的报告要求将 DeFi 活动推向地下或不受监管的市场，税务机关可能会完全失去对交易的了解，最终减少他们想要征收的税收收入。” DeFi 监管应如何运作 随着 IRS 规则的废除，DeFi 平台不再面临被迫采用中心化报告模式的直接威胁。然而，这并不意味着就不需要建立一个可行的监管和税收框架。 现在的挑战是政策制定者能否制定出符合 DeFi 去中心化架构的法规，而不是试图将过时的金融模型改装到旨在自主运行的系统上。 Navazan 认为，监管机构不应该施加去中心化协议无法满足的报告要求，而应该专注于区块链原生的合规解决方案。 “更有效的 DeFi 税收政策应该专注于利用区块链技术本身，而不是试图强制 DeFi 协议遵守经纪人式的规定。税务机关不应依赖 DeFi 平台来收集和报告用户数据，而应使用与这些平台的去中心化性质相符的基于区块链的合规解决方案。” 一种越来越流行的方法是使用链上分析工具进行税务执法。Chainalysis 和 Elliptic 等公司提供跟踪软件，使监管机构能够监控交易并发现潜在的逃税行为——而无需强迫 DeFi 平台承担合规角色。 Navazan 强调了 1inch 在实施自我监管工具方面所做的努力，作为该行业如何采取积极措施提高安全性和合规性的一个例子。 “一种潜在的解决方案是使用链上分析工具来追踪交易并识别非法活动。例如，1inch 已经通过 1inch Shield API 实施了自我监管措施，其中包括钱包筛选和黑名单以增强安全性。然而，这些工具并不能取代对明确、可执行的监管框架的需求。” Another possible model is permissioned DeFi, where institutional players interact with vetted liquidity pools that meet specific compliance standards.  Some DeFi projects are already developing institutional-friendly solutions that integrate risk monitoring and pre-approved pools with verified participants, ensuring compliance without entirely sacrificing decentralization. Navazan 认为，对于寻求监督同时维护 DeFi 核心原则的监管机构来说，这是一种潜在的妥协。 “美国国税局不应该试图强加不可行的经纪人报告义务，而应该探索符合 DeFi 去中心化架构的区块链原生税务报告机制。区分无需许可和需要许可的 DeFi 的分层监管方法可以提供更平衡的解决方案。” 这种模式将允许监管机构专注于 DeFi 与传统金融直接互动的领域（例如稳定币发行人和机构流动性池），同时允许完全去中心化的协议在没有繁重的合规要求的情况下运行。 美国加密政策是否陷入了政治周期？ 美国的加密政策一直在不断变化，随着每一届政府的更迭而变化，创造了一个不可预测的环境，使得长期业务规划几乎不可能。监管的缺乏一致性使美国处于岌岌可危的境地。 Without a stable framework, crypto businesses, institutional investors, and DeFi developers must navigate a system where the rules can change every few years. Navazan sees the U.S.’s failure to establish a long-term crypto strategy as one of the biggest barriers to institutional adoption. “U.S. crypto regulation is caught in a cycle of shifting policies. One administration pushes for aggressive regulation, the next rolls it back, and the cycle repeats. Without stable policy, institutional adoption of DeFi will always remain limited.” The contrast with Europe is striking. The European Union’s Markets in Crypto-Assets regulation provides a unified legal framework for crypto, offering companies clear, standardized guidelines across the region.  相比之下，美国没有单一的总体加密货币监管规定。相反，企业必须应对一个支离破碎的体系，其中 SEC、CFTC 和 IRS 等机构对合规性有不同的解释。 纳瓦赞认为，这种脱节的做法威胁到美国在数字资产领域的领导地位。 “在受监管地区运营的公司受益于简化的监管框架，这使它们能够在整个欧洲运营而无需多个许可证。这种稳定性使企业更容易规划长期战略——而这正是美国目前所缺乏的。” 在此背景下，即将于 3 月 7 日举行的白宫加密货币峰会可能至关重要。此次活动预计将聚集 Michael Saylor 和 Brian Armstrong 等行业领袖，可能会影响美国加密货币监管的下一阶段。 这场讨论能否取得有意义的进展或沦为另一种政治手段，将决定美国能否在数字金融领域占据领先地位，还是看着创新转向其他地方。