Headline
▌a16z Launches $2.2 Billion Crypto Fund 5
a16z announced the launch of its new crypto fund, "Crypto Fund 5," with a size of $2.2 billion. The fund will continue to invest over the next ten years, covering all stages of investment in the crypto space. a16z stated that this round of funding will focus on application-oriented projects with "real-world value," including areas such as payments, financial services, and decentralized systems. The core judgment is that the current market is more suitable for building "long-term sustainable infrastructure and products," rather than projects driven by short-term narratives.
▌SoFi to Launch SoFiUSD on Solana
On May 6, SoFi, the first nationally chartered bank in the United States to offer Bitcoin and cryptocurrency trading, will launch SoFiUSD on Solana, citing low payment costs and fast settlement speeds.
Policy
▌US Senators Issue Joint Statement: Bipartisan Compromise Reached on Stablecoin Yields in CLARITY Bill
On May 5th, crypto journalist Eleanor Terrett published an article on the X platform stating that Senators Thom Tillis and Angela Alsobrooks issued a joint statement regarding Section 404's stablecoin yield provisions, announcing a compromise reached despite opposition from banking groups, and hinting that the relevant plan "is likely finalized." The statement said that the compromise was formed after extensive consultation with the banking industry, and its core is to prohibit stablecoin yields from being designed in the form of bank deposit interest to alleviate concerns about funds flowing out of the banking system, while allowing crypto companies to provide other types of user incentives. The statement also disclosed "we respectfully agree to disagree," indicating that despite differences in positions, the legislative process may be nearing completion.
▌American Banking Association Says Compromise on Stablecoin Yields Still Lacking
On May 5th, the American Banking Association stated that the proposed provisions regarding stablecoin yields in the Clarity Act, a cryptocurrency bill, failed to adequately address the banking industry's concerns about deposit outflow risks, meaning that the banking industry remains dissatisfied with the bill. This statement was unexpected. Previously, crypto companies, including Coinbase, had claimed that the provisions represented a compromise reached between banks and the crypto industry. (Dongxin News Agency)
▌Polish Prime Minister Tusk: Government Will Resubmit Crypto Asset Bill
On May 5th, Polish Prime Minister Tusk stated that the government will resubmit the crypto asset bill.
▌Trump: Progress Made with Iran, "Freedom Program" to be Suspended in the Short Term
On May 6, US President Trump posted that, based on requests from Pakistan and other countries, and given the significant military victories achieved in the fight against Iran, and the substantial progress made on the comprehensive final agreement reached with Iranian representatives, both sides agreed that the "Freedom Program" (i.e., the passage of ships through the Strait of Hormuz) will be suspended for a period of time to observe whether the agreement can be finally reached and signed. (Jin Shi)
▌Israeli Source Says Coordination with the US Possibly Preparing for a New Round of Strikes Against Iran
On May 5, according to an Israeli source, as tensions in the Strait of Hormuz continue to escalate, the Iranian ceasefire is at risk, and Israel is coordinating with the United States.
The source said the coordination work included preparing for a possible new round of strikes against Iran, focusing on energy infrastructure and targeted killings of senior Iranian officials. Most of these plans were largely finalized in early April, just before the ceasefire, and were ready to be implemented. On May 5th, Ukrainian President Zelenskyy announced on social media that Ukraine had decided to unilaterally implement a ceasefire starting at midnight on May 6th. Zelenskyy stated that Russian social media claimed Russia would implement a ceasefire during Victory Day celebrations, but Ukraine had not received any formal call from Russia to cease hostilities. Nevertheless, Ukraine decided to implement a period of "silence" starting at midnight on May 6th and would take reciprocal actions from that designated time. Zelenskyy added that it was time for Russian leaders to take real steps to end the war. His post did not specify the end date of the Ukrainian ceasefire. Earlier, the Russian Ministry of Defense announced that President Vladimir Putin, Supreme Commander of the Russian Armed Forces, had decided to implement a Victory Day ceasefire from May 8th to 9th to commemorate the victory of the Soviet people in the Great Patriotic War, and hoped that Ukraine would follow Russia's example. (Dongxin News Agency)
Blockchain Applications
▌Bulish Reportedly Plans to Acquire Equiniti for $4.2 Billion
According to the Wall Street Journal, cryptocurrency exchange Bullish has reached an acquisition agreement worth approximately $4.2 billion (including debt) to acquire transfer agent Equiniti to advance its tokenization strategy. The transaction is expected to be completed in January next year, but still requires regulatory approval. Equiniti currently serves nearly 3,000 publicly traded companies, including well-known companies such as Berkshire Hathaway and Moody's.
Cryptocurrency
▌Coinbase plans to cut its workforce by approximately 14%
On May 5th, Coinbase CEO Armstrong stated that the company plans to cut its workforce by approximately 14%.
▌On May 4th, US Bitcoin spot ETFs saw net inflows of $532 million, and Ethereum ETFs saw net inflows of $61.3 million
On May 5th, according to Farside monitoring, yesterday's US Bitcoin spot ETFs saw net inflows of $532 million, including: BlackRock IBIT: +$335 million; Fidelity FBTC: +$184 million; Morgan Stanley MSBT: +$12.2 million; yesterday's US Ethereum spot ETFs saw net inflows of $61.3 million, including: BlackRock ETHA: +$54.8 million; Fidelity FETH: +$6.5 million.
▌CoinShares: Bitcoin-related funds have recorded net inflows for five consecutive weeks
On May 6th, according to data from digital asset investment institution CoinShares: Bitcoin-related funds have recorded net inflows for five consecutive weeks, with a year-to-date net inflow of $4.2 billion.
▌Arthur Hayes: Altcoins will not die, the market will continue to reshuffle
On May 5th, Arthur Hayes stated at Consensus 2026 that although 99% of altcoins may go to zero, this phenomenon is similar to the historical turnover of S&P 500 constituent companies and does not mean the end of the industry. Hayes pointed out that since 1929, approximately 98% of S&P 500 companies have been eliminated, and market clearing is a normal cycle; the altcoin ecosystem will continue to exist and evolve.
▌A whale has accumulated 16,900 ETH and added another 900 ETH
On May 5th, according to Lookonchain monitoring, a whale added another 900 ETH, worth approximately $2.13 million. Furthermore, since February 15th, this whale has accumulated 16,900 ETH at an average price of $2110, worth approximately $35.67 million, with a floating profit of $4.6 million.
▌Animoca Brands tokenized equity is now available for trading on Republic
On May 6th, Animoca Brands tokenized equity, powered by Solana, is now available for trading on Republic.
For the first time, eligible global investors can acquire equity in Animoca Brands through on-chain transactions, bringing transparency and accessibility to one of the world's largest Web3 portfolios. According to Fortune magazine, crypto venture capital firm Ethereal Ventures has made its first public statement in nearly five years. Founded in 2021 by Min Teo and Ethereum co-founder Joe Lubin, the firm manages two funds with a total size of approximately $150 million and has invested in over 80 early-stage projects to date, including EigenLayer. Reportedly, Ethereal Ventures' first fund has shown strong Return on Distributed Capital (DPI), while its second fund currently has less than a quarter of its capital deployed, leaving ample reserves. **Important Economic Developments** **Trump: Iran Still Hopes for Agreement; Iran Did Not Attack Ships Protected by the US** On May 5th, local time, US President Trump stated regarding the Iran issue that Iran still hopes for an agreement, but noted his dislike of Iran's subsequent denial of the content of the talks. He said that regarding the Strait of Hormuz, Trump stated that Iran did not attack ships protected by the US. Regarding gasoline prices, Trump stated that oil prices will further decline after the end of the Iran war. (Jinshi)** **Goldman Sachs Warns: Global Crude Oil Inventories Approaching 8-Year Low** On May 5th, with the Middle East conflict continuing and the Strait of Hormuz still blocked, Goldman Sachs stated that global crude oil inventories are approaching an 8-year low, warning that the rate of inventory depletion is becoming a worrying issue. Goldman Sachs estimates that current global crude oil inventories are equivalent to 101 days of global demand, and may fall to 98 days by the end of May. While total global inventories are unlikely to fall to minimum operating levels this summer, the rate of inventory depletion and supply losses in some regions and for certain products are worrying. The bank estimates that global commercial refined product inventories have fallen from 50 days of demand (DoD) before the US-Israel conflict with Iran to the current 45 days of demand, noting that readily available refined product buffers are rapidly approaching extremely low levels. (Dongxin News Agency)
▌Trump: I've made $45 billion for the US in the last 8 months
On May 5th, Trump posted a chart on social media showing the earnings curve of his administration's purchase of Intel (INTC.US) in August 2025 to date, with the caption: "I've made $45 billion for the US in the last 8 months!" (Dongxin News Agency)
▌Traders Increase Bets on Warsh's Fed Raising Rates Before Cutting Them
On May 6th, bond traders are increasing their bets, believing that the Fed's next policy move will likely be a rate hike rather than a rate cut. Swap contracts linked to central bank interest rate decisions currently show that the market expects a greater than 50% probability of a Fed rate hike by April next year, followed by a possible rate cut. Meanwhile, more and more traders are increasing their positions to hedge against the risk of a rising probability of a rate hike before the end of this year.
This market shift comes as policymakers appear increasingly divided on the interest rate outlook, and as Kevin Warsh prepares to take over as Federal Reserve Chairman amid President Donald Trump's push for rate cuts. (Sina Finance)
Golden Encyclopedia
▌Can Bitcoin Still Be Called "Digital Gold" Amid Geopolitical Crises?
Every geopolitical crisis sees gold prices rise while Bitcoin prices plummet. After six tests, the claim of "digital gold" has never been substantiated by data. Countries hoard gold but exclude Bitcoin from their reserves. For investors, Bitcoin exhibits asymmetry: it falls with stocks but doesn't rise with them. Three structural asymmetries prevent Bitcoin from achieving safe-haven status: an overabundance of derivatives (market structure), the dominance of leveraged traders (participant composition), and a lack of repeatable behavioral records (behavioral accumulation).
Bitcoin is not a safe-haven asset, but it is a "crisis-prone asset," capable of functioning effectively when borders are closed and banks fail. If these three asymmetries narrow, Bitcoin may no longer be a replica of gold, but rather a completely new "next-generation gold." Generational shifts and the widespread adoption of algorithms are key factors that could accelerate this process.
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