Jasper Hui: Gold can serve as a potential “bridge” connecting traditional finance and new finance.
On May 20th, according to the South China Morning Post, Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, stated at the Global Prosperity Summit that gold can serve as a potential “bridge” connecting traditional finance and new finance, promoting the development of the digital asset market through technologies such as blockchain.
Hui stated that Hong Kong does not have an independent digital asset regulatory body based on the consideration of the “convergence” of traditional finance and innovative finance, in order to promote synergy under the same regulatory system.
Previously, HSBC and Hang Seng Investment Management have launched tokenized unlisted categories of the Hang Seng Gold ETF on HashKey Exchange. Hong Kong is also advancing the trial operation of a central gold clearing system and plans to increase gold storage capacity by more than 10 times, while expanding the digital asset regulatory framework to stablecoins, tokenization, and broader Web3 infrastructure.
[PANews]
Whale address “Evaded” opened a long position of 8,000 ETH, and still holds ZEC and HYPE long positions.
On May 20, the on-chain address “Evaded” (X account @ICanPlug) opened a new 8,000 ETH long position on a contract platform with 25x leverage, representing a notional value of approximately $17 million.
At the same time, the address continues to hold previously established long positions in ZEC and HYPE with 10x leverage, currently showing a combined floating profit of over $2.3 million.
[PANews]
Jane Street accused of using Terraform internal information to sell UST in advance and profit from short selling
On May 20, the U.S. market maker Jane Street Group was sued by the bankruptcy trustee of Terraform Labs. The lawsuit alleges that the firm obtained non-public information regarding the UST de-pegging through a private Telegram group called “Bryce’s Secret,” which was operated by a former Terraform intern while they were employed at Jane Street.
Jane Street is accused of selling approximately 193 million UST before the collapse, including an 85 million UST sale on Curve. Following these actions, the firm reportedly established short positions, resulting in total profits of approximately 134 million USD.
[PANews]
Strive’s SATA purchased approximately 218 BTC over two days.
Strive’s SATA purchased approximately 218 BTC over the past two days.
If SATA maintains this purchase pace this week, its weekly BTC acquisition will break the previous record of 371 BTC. (BitcoinTreasuries.NET)
[Odaily]
Hong Kong’s Financial Secretary: Gold can serve as a bridge between traditional finance and new finance
Hong Kong’s Financial Secretary and Secretary for Financial Services and the Treasury, Christopher Hui, stated that gold could serve as a potential bridge between traditional finance and new finance, and that Hong Kong needs to provide more development opportunities for the digital asset market to support its sustainable growth. He also noted that, given the “integration” trend between traditional and innovative finance, Hong Kong has opted not to establish a separate digital asset regulatory authority.
Christopher Hui mentioned that both gold ETFs and blockchain-based tokenized gold products are already present in the market. Previously, HSBC and Hang Seng Investment launched Hong Kong’s first tokenized, non-listed Hang Seng Gold ETF-style product on HashKey Exchange in April.
[ChainCatcher]
Terraform liquidators accuse Jane Street of insider trading by selling UST and shorting it in advance through a private Telegram group
Newly unsealed court documents reveal that Wall Street quantitative trading giant Jane Street is alleged to have obtained non-public internal information from Terraform Labs via a private Telegram group named “Bryce’s Secret” prior to the 2022 Terra collapse, enabling it to sell approximately $192 million worth of UST ahead of the crash and establish short positions—ultimately profiting roughly $134 million during Terra’s ecosystem collapse, which totaled approximately $4 billion.
The complaint states that Jane Street sold approximately $85 million worth of UST on Curve just nine minutes after Terraform withdrew $150 million in liquidity from the Curve pool on May 7, 2022; the associated wallet was subsequently suspected of being a key address contributing to UST’s de-pegging.
Jane Street denies the allegations, calling the lawsuit “baseless” and stating it will vigorously defend itself. The lawsuit also names co-founder Robert Granieri and trader Michael Huang, accusing them of violating federal securities laws and the Commodity Exchange Act.
[Foresight News]
K33: The current market trend is different from previous bear market rallies, and $60,000 for Bitcoin may already be the bottom of this cycle.
Crypto research firm K33 stated that although Bitcoin has pulled back roughly 6% after retesting its 200-day moving average near $82,000 this month, the ~$60,000 low reached in February this year may still represent the maximum drawdown of this cycle.
K33’s Head of Research, Vetle Lunde, noted that unlike the rebounds seen during the bear markets of 2014, 2018, and 2022, this cycle has featured a prolonged, gradual recovery lasting 189 days following the breakdown below the 200-day moving average—and market leverage and risk appetite have not rebounded rapidly. Consequently, the current price action resembles a moderate correction rather than a harbinger of a new, deeper downturn.
K33 also pointed out that institutional fund flows continue to reflect defensive sentiment. The latest 13F filings show that institutional investors collectively sold approximately 26,733 BTC in Q1, while retail investors purchased roughly 19,395 BTC; neutral-strategy firms such as Jane Street and Millennium accounted for the majority of the institutional selling.
Additionally, Bitcoin ETFs recently recorded the 9th-largest five-day outflow since the launch of U.S. spot ETFs. K33 believes such outflows typically occur when BTC approaches the cost basis of ETF holdings, reflecting investor tendencies to take losses or reduce risk exposure following a significant drawdown.
[The Block]
U.S. mortgage rates rose to a near two-month high last week
U.S. mortgage rates rose to a near two-month high last week, weighing on home-buying activity. According to data released by the Mortgage Bankers Association (MBA) on Wednesday, the average 30-year mortgage contract rate increased by 10 basis points to 6.56% for the week ending May 15—slightly below the 6.57% recorded at the end of March.
Since the outbreak of the Iran war at the end of February, the rate has risen cumulatively by nearly 0.5 percentage points. The MBA’s purchase mortgage application index fell by 4.1%, marking its largest decline since the week ending March 20. Meanwhile, the MBA’s refinance index edged lower.
[Odaily]
Terraform liquidators accuse Jane Street of insider trading by selling UST and shorting in advance through Telegram private groups
Newly unsealed court documents reveal that Wall Street quantitative trading giant Jane Street is accused of obtaining non-public internal information from Terraform Labs via a private Telegram group named “Bryce’s Secret” prior to the 2022 Terra collapse, then selling approximately $192 million worth of UST ahead of the crash and establishing short positions—profiting roughly $134 million amid Terra’s ecosystem collapse of approximately $4 billion.
The complaint states that Jane Street sold approximately $85 million worth of UST on Curve just nine minutes after Terraform withdrew $150 million in liquidity from the Curve pool on May 7, 2022; the associated wallet was subsequently suspected of being a key address contributing to UST’s de-pegging.
Jane Street denies the allegations, calling the lawsuit “baseless” and stating it will vigorously defend itself. The lawsuit also names co-founder Robert Granieri and trader Michael Huang, accusing them of violating federal securities laws and the Commodity Exchange Act.
[CoinDesk]
CAB, Europol secure another 500 BTC likely tied to Irish drug trafficking case
Ireland’s Criminal Assets Bureau, working with Europol’s European Cybercrime Centre, secured another 500 BTC valued at roughly $38.7 million from a dormant cryptocurrency wallet likely tied to a 2019 Irish drug trafficking case.
In a previous statement linked to an X post on Tuesday, the bureau said that Europol hosted operational meetings in The Hague and provided “highly complex technical expertise and decryption resources” that enabled investigators to gain access to the wallet. The agency added that the funds were identified as proceeds of crime and said it would provide no further comment.
Arkham Intelligence data shows the seized bitcoin finally moved to Wintermute, a cryptocurrency trading firm. The onchain tracker issued an alert stating that 500 BTC had moved after 10 years of inactivity.
The seizure appears to represent the second time authorities have accessed one of 12 dormant wallets originally tied to a 2019 drug bust. In March, the CAB and Europol breached a separate wallet, also recovering 500 BTC.
The 500 BTC is part of a larger 6,000 BTC stash amassed by Clifton Collins, a former beekeeper who began growing and selling cannabis in 2005, according to The Guardian. Collins used drug profits to buy bitcoin in late 2011 and early 2012, when the asset traded at a few dollars per BTC.
Collins stored the private keys to the bitcoin wallets in a fishing rod case at a rented property in County Galway before the keys were reportedly lost during his imprisonment following his arrest in 2017.
Arkham data currently shows wallets tagged “Clifton Collins: Lost Keys” holding roughly 5,000 BTC valued at about $387.2 million at current prices.
Meanwhile, in a separate development, blockchain data tracked by Arkham showed wallets labeled as “U.S. government-controlled FTX Alameda seized funds” moving multiple assets over the past 24 hours.
The transfers included 289.65 ETH worth about $610,840 and 290,416 USDT sent to Coinbase Prime deposit addresses, alongside 643,034 DAI transferred to an untagged wallet address.
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© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
[The Block]
Jim Cramer Warns Nvidia Earnings May Not Be Enough to Satisfy Wall Street
Nvidia (NVDA) reports fiscal first-quarter (Q1) results after the close Wednesday. Wall Street models near $79 billion in revenue, while buyside desks whisper closer to $81 billion. The chipmaker enters the print priced for perfection. Shares closed at $220.61 on Tuesday after rallying from $165 in late March. That leaves little room for disappointment on guidance or margins.
A JPMorgan-distributed table shows the gap. NVDA’s official guide sits at $78 billion against Street consensus of $78.6 billion. The buyside survey mean sits at $80.97 billion. Forward expectations diverge even more. Buyside desks pencil in $89.71 billion for the July quarter and $9.42 in full-year FY27 EPS. Sell-side consensus for the next guide sits closer to $85 to $87 billion.
The setup matters because Nvidia shares have already rallied. NVDA peaked near $235 last week before pulling back to current levels. Options markets are pricing an 8 to 10% move on the print.
According to Jim Cramer, the post-earnings playbook for NVDA has become predictable. He warned of an initial spike before a sharp reversal. His warning aligns with recent earnings reactions. Even when NVDA beats consensus, the stock has often given back gains as positioning unwinds. Bloomberg framed the print as a potential rally trigger but flagged the risks. In the same tone, Coin Bureau’s Nic Pucrin said the day carries equal weight from the April Fed minutes due earlier in the afternoon.
Desks now treat the Q1 beat as a near-certainty. The real catalyst sits in the July guide and CFO Colette Kress’s commentary on Blackwell, China, and gross margins. Nvidia’s current outlook assumes zero data-center compute revenue from China due to export controls. Any change to that assumption would move the stock more than the headline beat.
A Q2 guide below roughly $87 billion would confirm the priced-for-perfection thesis for NVDA. That outcome could trigger the kind of post-print drawdown Cramer described. The macro setup adds risk. April’s Fed minutes, due the same afternoon, are expected to show the most dissents on a rate decision since 1992. Rising bond yields and sticky inflation prints have also revived rate-hike chatter. A hawkish read paired with a soft NVDA guide would compound pressure on the AI trade.
Soluna spends $8.80M to fully acquire the remaining equity of D1B and transform into the AI track
Soluna Holdings, a Nasdaq-listed company specializing in crypto mining power and artificial intelligence, announced the acquisition of the remaining equity in the Dorothy 1B project for approximately $8.80 million, achieving 100% ownership of the project.
Upon completion of the equity integration, the company will leverage its proprietary computing power园区 to enhance infrastructure deployment and accelerate the upgrade of its business structure, expanding into artificial intelligence and high-performance computing domains.
[Odaily]
Planet Daily
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Goldman Sachs sold over $100 million worth of XRP, $500 million worth of ETH, and $450 million worth of BTC, and purchased HYPE.
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BIT: HYPE has surged over 100% from its 2026 low, primarily driven by contract trading in assets outside of crypto.
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Vitalik Buterin: Ethereum is advancing several short-term measures to achieve native privacy.
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Islamic Revolutionary Guard Corps (IRGC): If Iran is attacked again, the war will extend beyond the region.
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Ministry of Foreign Affairs’ response on China-U.S. economic and trade cooperation: China and the U.S. will lock in economic and trade achievements as soon as possible.
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Stablecoin supply has hit a new all-time high, surpassing $32.3 billion.
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The Governor of South Carolina signed the Cryptocurrency Rights Act, banning state-level CBDCs and protecting self-custody and digital assets.
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Report: Market expectations have shifted from “rate cuts” to “rate hikes,” weakening Bitcoin’s rebound momentum.
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Binance Research: Illicit cryptocurrency transaction volume accounts for less than 1% of total transaction volume.
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a16z withdrew 44,500 HYPE tokens from Gate again.
Tether Acquires All SoftBank Shares in Twenty One Capital (XXI)
May 20th news, according to Tether’s official website announcement, Tether International announced the acquisition of all shares held by SoftBank in Twenty One Capital (XXI), becoming the larger controlling party. After the completion of the transaction, the XXI board members dispatched by SoftBank have withdrawn from the board in accordance with the shareholders’ agreement.
Tether stated that this move reflects its long-term strategic commitment and confidence in XXI’s core focus on building a listed company from scratch with Bitcoin. The announcement pointed out that SoftBank’s early participation provided XXI with important institutional background and governance experience, helping the company complete its initial stage layout. Tether will promote XXI to enter the next stage of development on this basis.
[PANews]
An address spent approximately $463,000.00 USD to purchase 489,000.00 SATO through OKX DEX in the past 2 hours.
On May 20, according to AI Auntie(@ai_9684xtpa), the wallet address 0xe5f…cceaf—which previously bought SATO at a high of ~$1.41 and exited at a loss of ~$215,000—has re-entered the market with additional purchases.
Over the past two hours, this address purchased ~489,000 SATO for ~$463,000 via OKX DEX, at an average price of ~$0.9465, bringing its current holdings to ~2.69% of the total token supply and elevating it from the previous “No. 2 holder” to the top holder.
Previously, after liquidating its entire position, this address triggered a sharp short-term price drop in SATO.
[PANews]
Domestic fuel prices may see their 8th increase of the year.
At 24:00 on May 21, the domestic refined oil price adjustment window will open again. According to China Business Daily, industry analysts expect that, due to international crude oil prices first falling then rising during this pricing cycle, domestic refined oil prices will see their eighth increase of the year.
According to JLC Innovation’s calculations, as of May 20, the average price of benchmark crude oil varieties stood at USD 105.09 per barrel; domestic retail prices for gasoline and diesel are expected to rise by RMB 110 per ton. Taking 92-octane gasoline as an example, the price hike is expected to be approximately RMB 0.08 per liter.
“With just one trading day remaining before the price adjustment window opens, an upward adjustment to domestic refined oil retail prices is highly likely—and the final increase may exceed RMB 100 per ton,” said Wang Luqing, analyst at Sinopec Intelligence, adding that the per-liter increase for 92-octane gasoline and 0# diesel is expected to be around RMB 0.09, meaning filling up a 50-liter tank with 92-octane gasoline would cost roughly RMB 4.50 more.
Liu Bingjuan, refined oil analyst at Longzhong Information, also forecasts that at 24:00 on May 21, domestic refined oil prices will rise by approximately RMB 90 per ton. Assuming a 70-liter fuel tank, private car owners will pay about RMB 5.00 more to fill up.
[Odaily]
Former US CFTC Chairman Says Digital Dollar is “Inevitable,” US is Quietly Participating in CBDC Infrastructure Construction
PANews May 20th, former CFTC Chairman Timothy Massad stated that despite the Trump administration’s public opposition to central bank digital currencies (CBDC) and government-backed stablecoins, the launch of a digital dollar or government-supported stablecoin in the United States is “ultimately inevitable.”
He said that relevant plans have been discussed behind closed doors within the White House, and the United States has also participated in Project Agora, led by the BIS and including seven central banks, to explore CBDC-style settlement infrastructure. Mark Gould, head of payment operations at the Federal Reserve, said that the digital dollar is currently “not within his purview,” but admitted that once launched, the Federal Reserve would be responsible for it.
Massad believes that the trend of global asset on-chaining and settlement tokenization will force the United States to establish an official on-chain settlement alternative to avoid losing its advantage in competition with Europe.
[CoinDesk]
Catena Labs Completes $30.00M Series A Funding Round, with Participation from a16z Crypto
AI financial infrastructure company Catena Labs, founded by Circle co-founder Sean Neville, has announced the completion of a $30.00 million Series A funding round led by Acrew Capital and Andreessen Horowitz’s a16z crypto, with participation from Breyer Capital, General Catalyst, and QED.
Catena Labs focuses on building “AI-native bank” infrastructure, aiming to enable AI Agents to securely execute financial operations such as payments, transfers, and fund management. The company also announced that it has applied to the Office of the Comptroller of the Currency (OCC) for a New York National Trust Bank license to support payment processing and customer fund custody.
[Fortune]
European Commission launches MiCA review as global crypto regulatory landscape shifts
The European Commission has opened a formal consultation on whether MiCA, the bloc’s landmark crypto-assets framework, remains fit for purpose as digital asset markets evolve, inviting feedback from individuals and industry participants through Aug. 31. The review covers MiCA’s main building blocks, including rules for crypto-asset issuers, asset-referenced tokens, e-money tokens, and crypto-asset service providers, a Wednesday notice said.
Specifically, two tracks are running in parallel. First is a public consultation open to individuals, and secondly, a targeted consultation for more technical and legal responses from firms, financial institutions, regulators, and industry bodies. The Commission cited continued evolution in digital asset markets and a significantly changed global regulatory landscape as the basis for reassessing the framework. Indeed, policymakers in the United States and Asia have advanced toward their own sweeping crypto regulations in recent months.
The Commission’s consultation also lands ahead of a July 2026 deadline for crypto firms operating under MiCA transitional regimes to secure full authorization. Zerohash became the first firm to hold both a full MiCA CASP license and an Electronic Money Institution license from the Dutch central bank just two days ago. Poland also passed its domestic MiCA implementation bill last week.
Katie Harries, director and head of policy for Europe at Coinbase, said the review is an opportunity to sharpen, not restart. “MiCA has set an early global standard for clear and harmonized rules,” she noted. “We support targeted improvements to ensure Europe can combine its strong safeguards with global competitiveness, not a reopening of first principles,” Harries added. “The convergence of crypto and traditional finance is underway, and other jurisdictions are making serious progress to provide clear and competitive regulations.”
The European Central Bank backed a Commission proposal in April to centralize supervision of major cross-border crypto firms under Paris-based ESMA, marking one of the most significant structural shifts to EU crypto oversight since MiCA itself.
[The Block]
Robinhood Launches ALGO Trading, Available to New York State Users
On May 20, Robinhood Crypto announced that it now supports ALGO (Algorand) trading, and users in New York State are also eligible to participate.
[PANews]
Today’s Market Pulse
The dominant theme today is the accelerating convergence between traditional finance and digital assets, with Hong Kong positioning gold as a bridge between these worlds while institutional players navigate regulatory scrutiny and market positioning.
Key Themes
Traditional Finance Convergence Accelerated
Hong Kong’s Financial Secretary explicitly positioned gold as a “bridge” connecting traditional finance and new finance, advancing tokenized gold products and regulatory frameworks that encompass stablecoins and Web3 infrastructure. Meanwhile, former CFTC Chairman Timothy Massad declared a digital dollar “inevitable” despite political opposition, revealing behind-the-scenes participation in CBDC infrastructure projects. This convergence is being driven by both regulatory initiatives and private sector innovation, with Tether acquiring full control of Twenty One Capital to advance Bitcoin-focused listed entities. The integration is reshaping market structure as established financial institutions increasingly participate in digital asset ecosystems.
Market Structure & Sentiment Signals
Whale activity suggests increased speculative positioning, with a prominent address opening an 8,000 ETH long position (~$17M) with 25x leverage while maintaining profitable ZEC and HYPE positions. Corporate Bitcoin accumulation continues, with Strive’s SATA on pace to break weekly acquisition records. However, K33 research indicates this cycle’s recovery differs from previous bear markets, with a prolonged 189-day recovery following breakdown below the 200-day moving average and muted leverage rebound. Market sentiment remains defensive as institutional investors sold 26,733 BTC in Q1 while retail purchased 19,395 BTC, reflecting divergent positioning between smart money and broader market participants.
Regulatory & Enforcement Landscape
The European Commission has opened a formal review of its MiCA framework as global regulatory landscapes shift, while Ireland’s Criminal Assets Bureau and Europol seized another 500 BTC tied to a 2019 drug trafficking case. More significantly, Terraform liquidators are suing Jane Street for allegedly selling $192M of UST based on non-public information from a private Telegram group before the collapse, then shorting the asset to profit $134M. These developments underscore the increasing regulatory scrutiny and enforcement actions targeting perceived misconduct in digital asset markets, potentially reshaping how institutional participants engage with crypto.
Infrastructure Evolution
The market is witnessing significant infrastructure development, with Catena Labs raising $30M to build “AI-native bank” infrastructure, Soluna transforming into AI with the acquisition of D1B, and Robinhood expanding its offering to include ALGO trading. These developments reflect the ongoing evolution of digital asset infrastructure beyond pure speculation toward more sophisticated financial and technological applications.
RichSilo Verdict
Smart money should monitor the $60K Bitcoin level as potential cycle floor, while watching institutional flows and ETF outflows as sentiment indicators. Regulatory developments, particularly the MiCA review and Jane Street lawsuit outcomes, could create near-term volatility but also establish clearer institutional frameworks. The accelerating traditional finance convergence through tokenized gold and CBDC infrastructure development represents a structural tailwind for digital assets over the coming 12-18 months. Key catalysts include Hong Kong’s gold system developments and potential Fed pivot signals that could reignite institutional interest.
