1. Crypto's Spiritual Pillar in the Face of Gloomy Market and Hopeless Narratives The entire Crypto market has been in a slump since BTC fell below $80,000 a week ago. This slump is not only due to the market's collapse, but also because the industry seems to have fallen into an endless "void". Since the Agent and Desci went out of business at the beginning of the year, the market seems to have lost its new narratives, and there has been nothing exciting for about 3 months - except for the "endless" altcoins. 2. Yield-Bearing Stablecoins: Comparing Risks, Returns, and Market Trends Ethena popularized the concept of yield-bearing stablecoins through sUSD, which has sparked interest and criticism due to counterparty risk or negative funding rates. Despite these concerns, sUSD has now reached a market cap of $5.8 billion, which has solidified its product-market fit and proven its ability to expand in the crypto ecosystem, even after the Bybit hack incident. 3. Multi-Agent Systems - Current Situation and Outlook The concept of AI agents, which are intelligent software systems that can understand their environment and autonomously perform actions to achieve their goals on behalf of users or machines, was proposed as early as the 1980s. However, it was not until the rise of deep learning and large language models (LLMs) in the 2010s that this concept began to gain attention, as they demonstrated their ability to understand and generate human-like responses. 4. Shifting Market Sentiment - Trump Trade Turning into Recession Trade? In less than two months since Trump took office, people had speculated that he would inject stimulus measures to expand the US economy and continue to exert upward pressure on US bond yields, but this speculation is now quickly being discarded. Instead, traders have been heavily buying short-term US Treasuries, and the 2-year Treasury yield has fallen sharply since mid-February, with the market expecting the Fed to resume rate cuts as early as June to prevent economic deterioration. 5. New Transformation of the Global Financial Order: US Strategic Bitcoin Reserves From the perspective of the US government, the purpose of establishing a strategic Bitcoin reserve is to strengthen and consolidate the US's dominant position in the global financial system. The executive order states clearly: "The US government currently holds a large amount of BTC, but has not yet developed policies to leverage the strategic value of these BTC in the global financial system. Just as proper management of the nation's ownership and control of other resources is in the national interest, we must leverage rather than restrict the potential of digital assets to promote national prosperity."