Reports that the US and Iran are close to reaching a consensus caused an unusual $920.00 million short order to appear in the oil market 70 minutes ago, with a floating profit of approximately $125.00 million.
According to analysis by market observation firm The Kobeissi Letter, approximately $920 million worth of crude oil short positions were established 70 minutes before Axios reported that the U.S. and Iran were nearing consensus on a “14-point” agreement to end the war.
At 3:40 a.m. ET today (15:40 Beijing Time), and without any major news catalyst, the market established nearly 10,000 crude oil short contracts. In notional value, this trade amounted to roughly $920 million—a highly unusual, massive transaction for the 3:40 a.m. ET timeframe.
At 4:50 a.m. ET (16:40 Beijing Time), 70 minutes later, Axios reported that the U.S. was “close” to finalizing a memorandum of understanding to end the war with Iran. By 7:00 a.m. ET (19:00 Beijing Time), oil prices had fallen over 12%, and the aforementioned crude oil short positions generated unrealized profits of approximately $125 million.
[Odaily]
Kraken launches regulated crypto spot leveraged trading for U.S. retail investors, with up to 10x leverage.
Kraken has launched CFTC-regulated crypto spot margin trading for U.S. retail investors—the first product to go live following its parent company Payward’s acquisition of the derivatives platform Bitnomial. Users can use their held crypto assets as collateral to trade with up to 10x leverage, without needing to sell those assets directly.
Kraken stated that such services have long been absent from the U.S. retail market, causing trading activity to shift toward unregulated offshore platforms. This new offering aims to fill that regulatory gap; perpetual contracts and options products are expected to follow.
Currently, Kraken has confidentially submitted a draft S-1 registration statement to the SEC in November 2025 and is preparing for a potential public listing.
[Odaily]
Coinbase Chief Legal Officer expresses confidence that the Clarity Act will pass this summer and urges banks to accept the stablecoin compromise
Coinbase’s Chief Legal Officer Paul Grewal stated that he is “very confident” that the Clarity Act will pass before the end of the summer and called on banking trade associations to accept the agreement. Grewal dismissed the banks’ core objections to the agreement, noting their lack of basis, and warned that refusing to compromise would expose them to an unfavorable legal environment brought about by the GENIUS Act.
In an interview, he supported the stablecoin rewards compromise proposed by Senators Thom Tillis and Angela Alsobrooks, saying that the updated bill retains features critical to Coinbase’s stablecoin business. Under the agreement, activity-based rewards based on actual platform usage would be retained, while balance-based idle yield rewards, which banks are concerned about, would be restricted.
[Foresight News]
Kraken Launches Regulated Crypto Spot Margin Trading in the US, Up to 10x Leverage Available
Kraken has launched CFTC-regulated crypto spot leveraged trading for U.S. retail investors—a first product launched by its parent company Payward following its acquisition of Bitnomial and based on the relevant license.
Users can use their held crypto assets as collateral to obtain liquidity and execute leveraged trading with up to 10x leverage without selling their assets.
Anthropic raises usage limits, Claude Code’s five-hour rate limit to double
Anthropic has signed an agreement with SpaceX to utilize the full computing capacity of the Colossus 1 data center, securing over 300 megawatts of new capacity and more than 220,000 NVIDIA GPUs within the month.
Thanks to this boost in computing power, the five-hour rate limit for Claude Code on Pro, Max, Team, and Enterprise plans will double starting today, and peak-hour restrictions for Claude Code on Pro and Max accounts will be removed.
Additionally, the API rate limits for the Claude Opus model have been significantly increased.
[Odaily]
Institute of International Finance report: Global debt rises to a record high of nearly $353 trillion
The Institute of International Finance (IIF) released its Global Debt Monitor report today, showing that global debt increased by more than $4.4 trillion in the first quarter, rising to a record high of nearly $353 trillion.
However, the debt-to-GDP ratio remained stable overall at around 305.00%.
[PANews]
IDF Chief of Staff: There are still a series of targets in Iran that remain to be struck
IDF Chief of Staff Zamir stated that cooperation and coordination between the IDF and the U.S. military have been ongoing, and they are currently closely monitoring the evolving situation. Zamir said Israel still has a series of targets in Iran yet to be struck.
The IDF is on high alert and ready to re-enter war at any moment. He added that such operations would further weaken the Iranian regime.
Zamir also noted that since the outbreak of the current U.S.-Israel-Iran conflict, over 2,000 Hezbollah fighters in Lebanon have been killed by the IDF. Hezbollah has not yet responded to this claim.
[Odaily]
An hour ago, the U.S. government-named address “Glenn Olivio Seized Funds” deposited 3.233 ETH into Coinbase Prime.
According to Lookonchain, the U.S. government-owned address “Glenn Olivio Forfeiture Fund” deposited 3.233 ETH into Coinbase Prime about an hour ago, worth approximately $7,630.00 at the current price.
[PANews]
Base launches the tokenized S&P 500 product deSPXA, powered by Centrifuge.
Coinbase’s on-chain network Base has announced that deSPXA, a tokenized S&P 500 index exposure product provided by Centrifuge, is now live on Base.
The product is based on the S&P Dow Jones Indices index, managed by Janus Henderson, and is available to compliant non-U.S. investors, allowing for 24-hour on-chain trading.
[PANews]
A newly created wallet deposited 8.00 million USDC into Hyperliquid and then shorted TON.
According to MLM monitoring, a newly created wallet withdrew 8,000,000 USDC from Binance and deposited it into Hyperliquid, then shorted TON.
Currently, its position holds 1,540,000 TON, worth approximately $3,800,000.00, and has also placed additional short orders, planning to short approximately 7,000,000 TON more (approximately $18,200,000.00).
[Foresight News]
Y Combinator Holds First Crypto Startup Interviews in New York
Startup accelerator Y Combinator will hold its first-ever in-person interviews in New York City specifically for fintech and crypto startups, aiming to support more companies in this field.
The interviews will take place in person on May 21. Selected startups will join the Summer 2026 batch and receive the standard $500,000 investment. Selected projects may choose to receive funding in USDC stablecoin.
Y Combinator has already invested in over 150 crypto and fintech companies, including Coinbase, OpenSea, and Kalshi.
[Odaily]
NVIDIA’s market capitalization returns to $5 trillion.
Nvidia’s stock price rose by 4.58% to $205.500 per share, with a total market capitalization of $5 trillion.
[PANews]
Iran and the US are expected to finalize a 14-point framework memorandum, with negotiations possibly resuming as early as next week in Islamabad.
May 6th, according to a report by The Wall Street Journal, sources familiar with the matter said that Iran and the United States are working through mediators to finalize a one-page memorandum of understanding containing 14 items to establish a framework for a month-long negotiation aimed at ending the war. These discussion points will be the core content of the next round of negotiations, which may resume as early as next week in Islamabad.
Sources also said that Iran has expressed its willingness to discuss its nuclear program, which is a softening of its previous position. Issues such as the duration of Iran’s suspension of uranium enrichment activities, whether highly enriched uranium will be moved out of the country, and Iran’s insistence on retaining a permanent regulatory role in the Strait of Hormuz have not yet been resolved, and are expected to complicate the final negotiations. In addition, the timing and scope of sanctions relief may also be a factor hindering negotiations.
People familiar with the matter said that if the negotiations make progress, this one-month negotiation period can be extended with the consent of both parties.
[PANews]
Y Combinator will hold startup interviews in New York, focusing on the fintech and cryptocurrency sectors.
According to The Block, Y Combinator (YC) will hold its first interview for fintech and crypto startups in New York City on May 21, aiming to support more companies in this field.
Startups selected through this interview will join YC’s Summer 2026 batch, which will begin on June 23 in San Francisco. YC provides accepted startups with a standard $500,000.00 investment in exchange for 7% equity, and can also choose to use Circle’s USDC stablecoin for financing.
YC partner Nemil Dalal noted that crypto-related startups will account for a larger proportion of YC’s batches in the future.
[Foresight News]
Today’s Market Pulse
Crypto markets are witnessing accelerated institutional adoption as regulatory clarity approaches and traditional finance products find their way on-chain, signaling a maturation phase beyond retail speculation.
Key Themes
Regulatory Inflection Point
Coinbase’s Chief Legal Officer expresses confidence that the Clarity Act will pass this summer, urging banks to accept the stablecoin compromise that retains activity-based rewards while restricting balance-based idle yield. This suggests imminent regulatory framework that could legitimize stablecoin usage and potentially unlock institutional capital currently on the sidelines. The near-term implication is that we may see more banking partnerships with crypto firms as legal uncertainties diminish.
Traditional Finance Integration
Base has launched deSPXA, a tokenized S&P 500 product, bringing traditional index exposure to on-chain markets. Simultaneously, Kraken has introduced CFTC-regulated crypto spot leveraged trading for US retail investors with up to 10x leverage. These developments indicate a two-way flow between traditional and crypto finance, with tokenization becoming a bridge for institutional adoption. This could lead to increased market depth and liquidity, particularly as NVIDIA’s market cap returns to $5 trillion, signaling continued institutional interest in the underlying infrastructure.
Market Sophistication
A newly created wallet deposited 8M USDC into Hyperliquid and aggressively shorted TON, while earlier a US government address moved ETH to Coinbase Prime. These sophisticated trading strategies, alongside the massive $920M oil short position based on geopolitical intelligence, suggest increasing market sophistication and the integration of crypto into broader financial markets. This trend may accelerate as more institutional players enter the space.
Ecosystem Growth
Y Combinator is holding its first crypto-focused startup interviews in New York, offering $500K investments with the option to receive funding in USDC. This signals continued venture interest in crypto infrastructure and applications, with crypto startups expected to comprise a larger proportion of future batches. The strategic focus suggests that innovation is shifting toward institutional-grade solutions rather than purely speculative assets.
RichSilo Verdict
Smart money should monitor the regulatory developments surrounding the Clarity Act and stablecoin legislation, as these could serve as catalysts for institutional adoption. The tokenization of traditional assets and the emergence of sophisticated trading strategies indicate maturing markets, but geopolitical risks remain elevated. Monitor institutional flows into tokenized traditional assets and regulated leveraged products as key indicators of the next phase of crypto market evolution.
