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Five major networks shifted income from token issuance to real fee revenue in the same quarter the SEC/CFTC formally classified crypto assets as digital commodities and Bitwise filed a spot HYPE ETF with an 85% staking pass-through.
That alignment is not a coincidence.🧵👇

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Table of Contents
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- Warsh's Election as Fed Chair: Seismic Waves in the Crypto Market
- Institutional Profit Lock-in and a Stronger Dollar: Multiple Driving Forces
- Analyst Views: Reset or Opportunity?

- Risk Warning
The crypto market experienced a brief sharp drop on the afternoon of the 23rd (Taiwan time), with Bitcoin falling below $76,000 and dipping to $74,500, extending its 24-hour decline to 3.7%. Ethereum also slipped to $2,007, with a 24-hour drop of 4.8%, and the total amount of liquidations across the network continued to climb.

Warsh's election as Fed Chair...

Cryptocurrencies continue to fall! BTC plunges to $74,000, with over $2.5 billion in liquidations across the network.

US President Donald Trump reportedly convened an emergency meeting with his senior national security team at the White House on the morning of May 22nd to assess the escalating tensions with Iran, amid...

President Trump holds emergency meeting with national security team, considering attack on Iran.

Increasing holdings per share, optimizing capital structure, legal tax planning, dispelling market rumors, and repurchasing preferred shares at a discount reveal the true value of flexible operation of Bitcoin reserve assets.