资产管理公司 Fasanara 在 Polygon 上推出代币化货币市场基金

Eugene William Austin Jr., also known as “Hugh Austin,” was sentenced to 18 years in prison for leading a multi-year scheme that defrauded more than two dozen victims out of $12 million.  His son, Brandon Austin, was previously sentenced to four years in connection with the fraud, according to the Justice department.  According to U.S. Attorney Jay Clayton, Austin’s operation targeted entrepreneurs and investors by offering fake cryptocurrency deals, short-term investment opportunities, and phony brokerage services.  He also promised funding from supposed wealthy backers, none of which materialized.  Victims were misled into believing their money was being invested, but the funds were used for personal expenses including luxury hotels, flights, and restaurants. You might also like:SEC meets with Ondo Finance to discuss tokenizing US securities Conviction and sentencing  A federal jury convicted Austin in September 2024 on charges of conspiracy to commit wire fraud, money laundering, and transporting stolen property across state lines.  U.S. District Judge P. Kevin Castel handed down the sentences. Austin, 62, of Port Jefferson, New York, was also ordered to serve three years of supervised release, forfeit more than $6 million, and pay over $12.6 million in restitution. “This Office will continue to pursue those who exploit trust and use cryptocurrency as a cover for fraud,” Clayton said, crediting Homeland Security Investigations and the Complex Frauds and Cybercrime Unit for their work. The case was prosecuted by Assistant U.S. Attorneys Olga Zverovich, Matthew Weinberg, and Andrew Chan. You might also like:Exclusive: Adam Kinzinger slams Trump’s crypto ventures as corruption risk

How are analysts interpreting Bitcoin’s $97K consolidation against rising global debt maturity, ETF flow trends, and the uncertain direction of interest rates in the second half of the year? Table of ContentsCrypto mirrors the tension but charts its own pathGlobal trade system under pressureETF flows mask deeper trendsNo past model fits this cycleMarket awaits a catalyst Crypto mirrors the tension but charts its own path The mood across global financial markets has turned visibly tense. What began as a focused concern around central bank decisions has morphed into a broader wave of uncertainty, shaped by conflicting macro indicators, uneven growth data, and investor hesitation.  The reintroduction of U.S. tariffs under President Donald Trump’s administration has added another layer of friction. A particularly bold move, such as the 100% tariff on foreign films, has not only reignited trade war concerns but also signaled a shift back to protectionist rhetoric.  For investors who had grown accustomed to relative trade stability, this has raised new questions about supply chains, international cooperation, and the policy outlook heading into the second half of the year. Markets have already reacted. The S&P 500, which had gained steadily over the past few days, broke its streak as investors pulled back amid deteriorating macro signals.  In contrast, traditional safe-haven assets have seen rising inflows. Gold prices have edged upward, and Treasuries have gained traction again, a move often associated with risk aversion during economic softness.  Notably, the most recent GDP print disappointed expectations, while inflation has remained sticky around 3%, leaving the Federal Reserve in a difficult spot.  Rate cuts appear unlikely during Fed’s May 7 meeting, yet the tightening already in place may not be enough to shield against stagnation. Fed will announce its interest rate decision today.Markets pricing in a 95% probability that rates will be held steady pic.twitter.com/M0ZVOfQTZz— LANGERIUS (@langeriuseth) May 7, 2025 Jobless claims have begun ticking upward, and April’s CPI figures reflected consumer pressure that’s still far from easing.  The Treasury market’s absorption of a $42 billion 10-year bond sale is a notable development. It suggests institutional investors are repositioning for longer-term safety, likely preparing for potential policy missteps or a downturn that could surface without much warning. Amid all this, the crypto market has found itself responding with its own brand of volatility. Bitcoin (BTC) reached an all-time high of nearly $109,000 in January, driven by ETF optimism, institutional inflows, and the broader narrative of crypto as a macro hedge.  But it wasn’t built on solid ground. Over the months that followed, BTC lost nearly 30% of its value before clawing back to around $97,000 as of this writing on May 7.  BTC price chart | Source: crypto.news BTC still remains a strong asset in terms of performance year-to-date, but the erratic price swings have forced both retail and institutional players to reassess their strategies. Let’s explore how current macroeconomic pressures, including recession risks, trade tensions, and monetary ambiguity are shaping investor behavior and what the coming months may hold for the crypto market. Global trade system under pressure A growing sense of macroeconomic fragility is beginning to shape investor expectations across asset classes. J.P. Morgan has placed the probability of a U.S. recession in 2025 at 60%, reflecting heightened concern over the systemic strain within the financial ecosystem. Treasury markets continue to flash warning signs. The inversion of the 10-year and 3-month yield curve remains persistent, a traditional signal of recession risk.  Compounding the situation is the approaching maturity of over $6.5 trillion in the U.S. Treasury debt, a volume that could pressure liquidity and challenge the government’s refinancing capabilities in an already uncertain interest rate environment. Charlie Hu, co-founder of Bitlayer, views this convergence of rising debt obligations and monetary policy uncertainty as a pivotal fault line in global capital markets. “There are approximately $6.5 trillion USD worth of Treasury bonds approaching maturity in the coming months. The economic slowdown is putting pressure on the Fed’s interest rate and monetary policy decisions.” He adds that a prolonged period of elevated rates, coupled with the urgency to refinance, could rattle investor confidence. “If the market continues to experience high interest rates alongside a large volume of maturing debt that needs refinancing, the U.S. government will be forced to address the situation carefully — striking a balance between managing high inflation and high debt levels, the two biggest metrics influencing capital flow and investor behavior in global markets.” This mounting pressure extends beyond the U.S. economy. The International Monetary Fund has issued repeated warnings about trade protectionism and retaliatory tariffs, labeling them as headwinds for global growth.  Recent policy actions have disrupted established supply chains, slowing cross-border trade and weakening the short-term outlook for export-heavy economies. Amid these developments, the divergence between economic systems and behavioral responses has become more visible. Christian, founder of Infini, believes the disconnect is structural rather than cyclical. “We’re seeing three core dislocations: one, the cost of capital has reset higher but consumer and government behaviors haven’t fully adjusted. Two, global supply chains are attempting to regionalize under nationalist pressures, yet our systems are still priced for globalization. And three, fiat confidence is eroding slowly, but the alternatives, digital or commodity-backed systems, haven’t matured enough to absorb that flow.” Parallel concerns are surfacing around liquidity vulnerabilities. Tracy Jin, COO at MEXC, points to emerging fragilities in the bond market that could seep into broader risk asset pricing, including crypto. “We’re closely monitoring a synchronized bond sell-off across US and emerging markets, especially the ones triggered by either sticky inflation or a fiscal credibility crisis.” She notes that such scenarios, if left unchecked, could lead to a contraction in global liquidity and reduce the appetite for speculative assets. ETF flows mask deeper trends While traditional markets continue to react to inflation prints and central bank guidance, the crypto market is digesting a different cocktail, one that blends rising institutional interest with noticeable retail hesitation.  The gap between these investor classes is becoming increasingly evident, especially when viewed through the lens of ETF participation, derivatives trends, and sentiment data. The Crypto Fear & Greed Index fell into “Extreme Fear” territory in April, typically a bearish signal. Yet Bitcoin defied this mood and climbed back toward $98,000.  This dissonance between sentiment and price has puzzled retail investors but, according to Jin, can largely be explained by the nature of capital flows. “As Bitcoin approached $96,000, it underscores the bifurcation between sentiment and capital flows. ETF inflows from institutional channels have been a powerful counterforce to retail anxiety.” She believes that much of the current turbulence is driven externally rather than from within the crypto ecosystem. “We estimate that 60% of the current volatility can be accounted for by macro uncertainty, central bank ambiguity, and geopolitical risks. The rest can be accounted for from crypto-native elements, including miner capitulation post-halving and leveraged positioning in altcoins.” The mechanics of ETF flows themselves have added to the confusion. Greco argues that ETF activity tends to reflect market moves rather than anticipate them, often introducing a timing lag that distorts real-time analysis. “ETFs tend to mirror the broader market trend. During sharp declines, we typically see outflows, while strong rallies attract inflows. Many ETF products settle on a T+1 basis, meaning the reported flows usually correspond to the previous day’s activity.” From his perspective, institutional flows act more as accelerators of existing direction rather than as early indicators of reversal or breakout. Retail behavior, meanwhile, remains deeply reactive. Michael Cameron of Vanilla Finance highlights how crypto’s unique structure amplifies volatility during uncertain macro periods. “Crypto’s high liquidity makes it a prime target for rapid sell-offs during economic stress. Unlike real estate or bonds, cryptocurrencies can be sold instantly on exchanges, amplifying downward price movements. Whales are buying dips, and a dovish FED or softer CPI could spark a rebound.” Across the board, investors are parsing mixed signals. Institutional inflows may stabilize markets temporarily, but without clearer macro direction, both camps remain on edge, interpreting every data point, Fed speech, or CPI surprise as a possible turning point. No past model fits this cycle As recession probabilities rise and market uncertainty deepens, the question resurfaces, is crypto still a hedge, or has it been absorbed into the broader risk asset complex? Jin believes Bitcoin’s growing institutional base may support a more nuanced response than a simple correlation or detachment from traditional markets. “Bitcoin’s leverage lies in its maturing investor base, especially institutional participants via ETFs. As they could offer a partial buffer, we may see a nuanced decoupling. Broader equities could suffer a sharp pullback but Bitcoin could act less like a tech stock and more like a high-volatility hedge, especially if rate cut expectations increase.” While that interpretation allows for divergence under certain macro scenarios, others remain doubtful of a clean break. Greco points to the increasing overlap between crypto and traditional finance, driven by institutional adoption, as evidence that both systems are now deeply intertwined. “The general macro trends are usually similar. What really differs is the magnitude of the price swings between traditional finance and crypto, with the latter obviously experiencing much higher volatility in moments of high uncertainty. Looking at the past data point and the increasing commingling between the two markets, it looks unlikely that one sector might have a completely different pattern to the other.” Some argue that the framing of recession itself needs to be rethought. Christian suggests that Bitcoin should not be viewed as a counter-cyclical hedge, but rather as a monetary alternative built to respond to systemic failure. “A recession, in traditional terms, is a lagging indicator. But in first-principles terms, a recession is just a large-scale mispricing of risk and value, corrected through forced rebalancing. Bitcoin is what happens when a system opts out. It doesn’t need a soft landing — it is the hard alternative.” That framework gains sharper relevance when viewed through the lens of geopolitical shocks and prolonged policy failure. Cameron stresses that while Bitcoin may gain in the long term from failed monetary policy, it is not insulated from short-term market trauma. “The brief 2020 COVID recession saw crypto recover quickly due to stimulus and low rates, but a deeper, tariff-driven ‘Trumpcession’ could be different. Crypto has never endured a prolonged US recession since Bitcoin’s inception in 2009.” Market awaits a catalyst With the global macro backdrop still clouded by inflation, debt concerns, and geopolitical risk, market participants are shifting toward short-term caution while keeping one eye on longer-term opportunities.  Bitcoin has rallied nearly 25% over the past month, largely driven by institutional spot buying and ETF inflows. However, early signs of fatigue are beginning to show.  According to 10x Research, the Coinbase premium has dropped and funding rates have weakened, suggesting that momentum may be slowing.  The report notes that Bitcoin is now consolidating near the $95,000 level, with traders awaiting clearer signals from the Federal Reserve’s upcoming decisions. “This is not a time for blind risk-taking but tactical positioning with well-defined exposure,” the research states, advising investors to consider hedging strategies as volatility creeps back in. Cameron believes that while short-term weakness remains a concern, structural drivers continue to support long-term growth. He sees recession fears and ETF outflows contributing to current volatility, but also points to positive underlying trends. Jin echoes that sense of cautious optimism. She expects Bitcoin to remain in a wide range as the market digests policy and liquidity signals. “Bitcoin may trade in the $88,000–$100,000 range as the market digests macro signals and ETF flow data. Our year-end target remains cautiously bullish at $128,000, with the assumption of zero black swan event.” Still, visibility remains limited. Greco describes the current price zone as crucial. “The market is currently sitting at a crucial level that could shape sentiment over the coming weeks. A decisive break above the $94,000–$95,000 range could restore confidence in a sustained bullish trend.” However, he stops short of any definitive forecast, noting that the cycle has already deviated from historical patterns. “This one has already broken precedent by reaching a new all-time high before the halving, something never seen before.” Christian suggests that the dominant market variable going forward may not be rate decisions or inflation data, but trust. “The key variable now isn’t earnings or even rates. It’s trust. Trust in sovereign debt, in fiat, in central bank forward guidance. That trust has been bleeding.” He sees Bitcoin and stablecoins as systems increasingly filling the vacuum left by waning institutional credibility. As crypto enters the next phase of its market cycle, clarity will likely hinge on central bank action, global liquidity conditions, and the durability of institutional flows. In the meantime, the market remains in a holding pattern.  Summing it all up, risk is being recalibrated, conviction is being tested, and capital is watching for the next signal to move. Amid such fragile conditions, trade wisely and never invest more than you can afford to lose.

PI, the native token of Pi Network, resumed its downtrend in May as it failed to hold the $0.6 support level amid bearish technicals. Pi Network (PI) has fallen nearly 10% over the past week, exchanging hands at $0.59 as of press time.  Zooming out the charts, the token has lost over 23% of its value from last month’s high and nearly 80% from its all-time high of $2.99 reached in late February. Its market cap was seated at $4.1 billion, over a 40% drop in its daily trading volume, hovering at $75 million when writing. Most of the recent selling pressure came from dilution fears. In April alone, about 21.4 million PI tokens were unlocked, worth roughly $12.3 million at today’s prices. While that’s a small unlock for now, investors are likely already bracing for much bigger unlocks coming down the line. Looking ahead, the monthly unlock trend points to a steady rise in supply, with an average of over 131 million PI expected to hit the market each month over the next year. You might also like:PI Network shows bullish divergence: is a reversal to $0.97 in play? Pi Network ecosystem is expanding Despite its depreciating price, a host of ecosystem developments could reignite community hype and set it up for a major trend reversal over the coming months. First, with Pi Network’s open mainnet now live, developers have continued to build a plethora of utility-driven dApps, including key platforms like 1Pi Mall for Pi-based e-commerce, Workforce Pool as a freelancing marketplace, and Map of Pi for discovering and transacting with Pi-accepting businesses. The network had already reached its target of 100 dApps ahead of the Open Mainnet launch. Since then, developer activity has continued to grow, with recent additions like Piepump.fun, a memecoin launcher inspired by Solana’s Pump.fun, and Fruity Pie, a casual game where players can earn Pi as rewards. Second, the Pi Network team has introduced the Pi Ad Network, a decentralized advertising platform that enables advertisers to purchase ad space using Pi cryptocurrency and allows app developers to earn Pi by displaying these ads within their applications. This system creates a closed-loop economy: advertisers acquire Pi to pay for ad placements, and developers receive Pi as compensation for user engagement with these ads. By utilizing Pi for both transactions, the network ensures that value circulates entirely within the Pi ecosystem, reducing reliance on external advertising platforms like Google Ads. Third, Pi Network has introduced .pi domains, which allows users to bid for custom domain names using Pi Coin. These blockchain-based domains serve as unique identifiers within the Pi ecosystem. Accessible via the Pi Browser or through .pinet.com on traditional browsers, the domains aim to boost Pi’s utility while proceeds from auctions are slated to support ecosystem growth. Finally, Pi Network is accelerating real-world adoption of Pi through community-driven events like PiFest and targeted merchant onboarding initiatives.  PiFest 2025, held from March 14 to 21, showcased over 58,000 active sellers across 160+ countries, with more than 1.8 million Pi users participating in Pi-powered transactions using the Map of Pi app to connect users with local businesses accepting Pi. Potential exchange listings could boost PI Some bullish momentum for Pi can also come from a potential Binance listing. Pi has already secured listings on several centralized exchanges, including OKX, Bitget, and MEXC; however, Binance has yet to list PI. In a 2025 community vote, over 86% of nearly 295,000 Binance users supported the spot listing of Pi.  Binance listings typically result in more liquidity, higher trading volumes, and increased visibility for tokens. As the world’s largest crypto exchange by volume, a Binance listing could significantly boost Pi’s market presence and act as a key catalyst for broader adoption. If Pi makes it to Binance, other tier-1 exchanges, such as Coinbase, Upbit, Crypto.com, and Kraken, that are yet to list the altcoin, could also follow suit.  PI price analysis At the moment, Pi’s technical outlook remains bearish, with key indicators pointing to continued downside pressure. On the 1-day/USDT chart, PI’s price continues to remain under the 20-day and 50-day exponential moving averages, signalling that bears are still in control and the short-term and medium-term trends remain under pressure. PI price, 50-day and 50-day EMA chart — May 2 | Source: crypto.news The RSI is sitting at 41, which is below the neutral 50 mark and getting close to oversold territory.  PI MACD and RSI chart — May 2 | Source: crypto.news On top of that, the MACD is also showing signs of fatigue, while the MACD line is still just above the signal line, they’re creeping closer together and could soon cross into a bearish signal, hinting at a possible momentum shift to the downside. Hence, the next challenge for Pi would be to reclaim the psychological resistance level at $1 before a rally towards its all-time high could transpire.  According to one trader, if PI manages to break above $0.645, the upper boundary of a descending trendline formed since April 5, it could rally to $0.81–$1, as long as trading volume keeps increasing. However, the trader warned that if PI drops below $0.57, it could trigger further selling and push the price down to $0.40 or even lower. Since Pi is a community-driven project, social sentiment will continue to play a critical role in shaping its price trajectory. For now, that sentiment remains largely negative according to data from Santiment. Source: Santiment At press time, PI was down 3% over the past day, trading at $0.59 per coin. Read more:Pi Network holds $0.61 support as RSI hints at a reversal Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Global asset management firm UBS found that their high net worth clients have chosen to abandon the dollar as well as its linked assets in favor of investing in more alternative assets such as gold and crypto. According to a report by Chinese media Cailian News, co-head of UBS Group’s Asian Wealth Management, Amy Lo, said that more wealthy investors are leaning more towards alternative assets as well as Chinese assets than ever before. Lo said that alternative assets such as gold and cryptocurrencies have become very popular recently in light of the economic volatility triggered by Trump’s blanket trade tariffs. “Gold is very popular now,” said Lo in an interview with Yvonne Man at the Bloomberg New Voices event held in Hong Kong on May 13. According to Lo, UBS investors have begun to abandon the U.S. dollar, bonds, treasuries and other dollar-backed assets due to the economic uncertainty. Instead, they have started searching for more alternative “safe-haven” assets that are less affected by the trade tensions. Price chart for Bitcoin in the past few days, May 14, 2025 | Source: crypto.news You might also like:Gold hits new ATH at $3,390, is Bitcoin close behind? She said that investors have started to diversify their assets, changing their portfolios from what was initially a “quite US-centric” array of investment tools. Additionally, Lo also noted investors have also come to invest in the Chinese yuan and other yuan-backed assets to avoid the dollar’s dominance. Recent data indicates that the Chinese yuan has been outperforming the U.S. dollar in early to mid‑May 2025. According to Reuters, the yuan reached a six‑month high of 7.2169 per dollar on May 6, and by May 13 had firmed further to about 7.201 per dollar. During the same period, the U.S. Dollar Index slipped from its recent peak near 101.79 to around 100.63 by May 14, reflecting a 0.37% drop on the day. On the other hand, Bitcoin (BTC) recently crossed over the $105,000 threshold after the U.S. and China agreed on a 90-day pause on high trade tariffs, decreasing them drastically. Meanwhile, gold hit a new all-time high at $3,390 last April amidst geopolitical tensions. You might also like:Bitcoin surges past $105k on the heels of a U.S. and China trade deal

MicroStrategy（现称为“Strategy”）报告称，第四季度损失高达 6.7 亿美元，主要来自比特币。然而，尽管遭受打击，该公司仍继续积累比特币，相信其长期价值。 MicroStrategy 已正式更名为 Strategy。更名于 2 月 5 日宣布，并采用了一个以风格化的“B”为特色的新标志，反映了其作为全球最大比特币企业持有者的身份。 这一举措恰逢该公司连续第四个季度亏损，且更加关注比特币（BTC）的积累。 最新收益报告也于 2 月 5 日发布，报告显示 2024 年第四季度净亏损 6.708 亿美元，相当于每股 3.03 美元。去年同期，该公司报告的利润为 8910 万美元，即每股 50 美分。 损失主要是由于其比特币持有量的 10.1 亿美元减值费用，较去年同期的 3920 万美元大幅增加。 然而，这将是此类减值费用最后一次影响收益，因为该公司将从 2025 年第一季度开始采用新的公允价值会计规则。 金融稳定会计委员会推出的新方法将允许 Strategy 在其财务报表中反映比特币的实际市场价值，从而可能降低报告收益的波动性。 你可能还喜欢：比特币并没有拯救特斯拉——它只是推迟了更大的问题 尽管遭遇这些财务挫折，Strategy 仍继续积极扩大其比特币持有量。仅在第四季度，该公司就进行了有史以来最大规模的比特币购买，以 205 亿美元收购了 218,887 个 BTC。 截至本文撰写时，Strategy 持有 471,107 枚比特币，价值约 460 亿美元。其最新一次增持是在 1 月 27 日，当时该公司购买了 10,107 枚比特币，价值约 11 亿美元。 Strategy 持续不断的比特币购买狂潮帮助其股价在过去一年中上涨，股价在 2024 年上涨了近五倍，并使该公司在 12 月获得了纳斯达克 100 指数的一席之地。 然而，投资者对最新财报的热情并不高涨。2 月 5 日，MSTR 股价下跌 3.33%，收于 336.7 美元，不过今年迄今该股仍上涨逾 12%。 该公司还在改变其比特币战略的融资方式。首席执行官 Phong Le 表示，2025 年，Strategy 将更加重视固定收益融资，包括可转换债券和优先股。 去年，该公司制定了一个雄心勃勃的目标，即在三年内筹集 420 亿美元来支持其比特币收购，其中已经获得 200 亿美元。 与此同时，该公司收购比特币的方式也略有调整。2 月 3 日，执行董事长迈克尔·塞勒宣布，在 1 月 27 日至 2 月 2 日期间，Strategy 连续 12 周内首次没有出售任何股票来为购买比特币提供资金。 虽然这标志着该公司暂时偏离了其通常的做法，但该公司仍然致力于随着时间的推移增加其比特币储备。 阅读更多：“这是真的吗？绝对是笑话：”WazirX 的重组计划引发强烈抗议