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[Glassnode: Bitcoin Recently Retested the $75,000 Strike Price, Market Direction Still Unclear] On May 30, Glassnode posted on the X platform analyzing that Bitcoin recently retested the $75,000 strike price, an area that previously gathered nearly $8 billion in short Gamma positions, which once pushed BTC prices down to around $72,500 before this round of options expiration. With today's large-scale options expiration completed, the market's Gamma structure has begun to rebuild. Data shows that during BTC's decline, the ATM implied volatility (IV) temporarily rose, with the 1-period IV breaking above 35%, but then quickly fell back to about 32%. The long-term IV also declined, indicating the market still views this volatility as a "controlled adjustment." In terms of capital flow, the options buying and selling structure over the past 7 days is almost completely balanced, with call and put options purchases and sales each accounting for nearly 25%, reflecting the market's lack of clear directional bets after the recent drop. $BTC

【a16z crypto: Prediction Markets Still Need to Overcome Manipulation Risks and Information Bias Challenges】 a16z crypto published an article analyzing the unique value and challenges faced by prediction markets. Prediction markets allow participants to trade on event outcomes, aggregating dispersed information through price signals to provide real-time estimates of the probabilities of future events. Unlike traditional polls, prediction markets have real-time updating capabilities and incentivize participants to stake capital on their information, thereby improving prediction accuracy. The article points out that prediction markets are used not only by companies for product launches and scientific experiment forecasts but also by media as a source of "crowd wisdom" information, covering a wide range of events from geopolitics to AI model performance. Their core advantage lies in providing independent probability estimates for specific events rather than relying on indirect signals from overall asset price movements. However, prediction markets still face infrastructure and market design challenges, including event verification, contract settlement, sufficiency of participant information, and potential manipulation risks. a16z believes that if these issues are resolved, prediction markets have the potential to become important tools for decision-making and information aggregation, expanding financial and societal insights into future events.

[Bloomberg Analyst: Bitcoin Volatility Converges with Gold, IBIT Still Significantly Outperforms US Stocks] On May 30, Bloomberg senior ETF analyst Eric Balchunas posted on X that Bitcoin's volatility and correlation are increasingly approaching gold levels. This trend is significantly underestimated in the current market adjustment and may be a positive signal amid recent market turbulence. Despite considerable market volatility, the BlackRock Bitcoin Spot ETF (IBIT) has continued to outperform US stocks since the escalation of the Iran conflict, achieving more than twice the excess returns compared to the S&P 500 ETF (SPY) since BlackRock's ETF approval. Eric Balchunas added that based on the 60-day historical volatility comparison data between IBIT and the Gold ETF (GLD) since their launches, Bitcoin's volatility structure is gradually aligning with gold, indicating a possible change in its asset characteristics.

[Federal Reserve's Bowman Elaborates on "Pragmatic Monetary Policy Decision-Making Framework," Emphasizing Dual Mandate and Flexible Response Mechanism] On May 30, Federal Reserve's Bowman systematically explained her "pragmatic monetary policy decision-making framework," emphasizing that the Fed's interest rate policy formulation must revolve around the dual mandate of maximizing employment and maintaining price stability. She pointed out that the Fed primarily adjusts the financial environment through the federal funds rate, thereby influencing consumption, investment, and inflation trajectories. Bowman stated that her decision-making framework focuses on GDP composition, the labor market (unemployment rate and wages), as well as PCE and core PCE inflation indicators, combined with feedback from businesses and markets to reduce the risk of policy misjudgment caused by "lagging data."

[Opinion: There are many "hype companies" in the Bitcoin treasury corporate sector] The market for Bitcoin treasury companies is increasingly divided. On one hand, there are companies with genuine financial strategies; on the other, more companies rely heavily on promotional hype. Sean Bill, co-founder of BSTR (co-founded with Adam Back), stated: "Many companies lack a proper capital structure and the actual capability to deploy Bitcoin. They mainly depend on Bitcoin's own performance to attract investment." Sean Bill described such companies as "carnival barkers," pointing out that if a company can easily obtain leverage at low cost, this strategy might work; otherwise, companies must add value through other means, or investors will opt for simpler products like ETFs. According to BitcoinTreasuries data, there are currently 198 publicly listed companies holding approximately 1.25 million BTC, with Michael Saylor's Strategy holding the largest amount at 843,738 BTC. Meanwhile, Bitcoin treasury company Nakamoto (NAKA) stock price has dropped about 67% year-to-date, with a cumulative decline of over 99% from its peak of $34 per share in May 2025. After hitting a low of $0.16 in April, it underwent a reverse stock split last week. Nasdaq warned the company in December 2025 that it might face delisting risk due to its stock price being below $1 for 30 consecutive days (according to SEC filings). $BTC

[Analysis: Approximately $12.6 Million Suspected Frozen by Circle Linked to Overnight] On May 30, on-chain investigator ZachXBT further revealed that the Zama cUSDC contract, blacklisted by USDC issuer Circle, may be connected to the DeFi project Overnight Finance. An address associated with Overnight Finance previously deposited about $12.4 million USDC into the Zama protocol on May 11. Notably, Overnight Finance recently initiated a governance vote to discuss treasury fund allocation plans. Some users have accused the project team of a Rug Pull, sparking community controversy. Earlier reports indicated that about 7 hours ago, USDC issuer Circle allegedly blacklisted the confidential USDC (cUSDC) contract address of the privacy protocol Zama on the Ethereum network. Approximately $12.6 million funds in this contract are currently frozen, and the related assets cannot be transferred or used normally for the time being.

[Robinhood Has Integrated the "Trump Account" Investment Program, Positioning for the Next Generation of Crypto and Stock Investment Access] Robinhood announced it has become the core technology and service support provider for the "Trump Account" investment program, which officially launched this Thursday. Analysts believe that although the "Trump Account" offers limited short-term returns, the program is essentially a long-term user acquisition mechanism driven by U.S. government funds. It may drive expansion in brokerage, crypto, credit cards, and AI financial services in the future, holding significant strategic importance for Robinhood. By jointly building infrastructure with institutions like BNY, it is expected to become the "first investment entry point" for millions of underage users, reducing customer acquisition costs and strengthening long-term user retention.

【In the past 24 hours, the entire network liquidated $282 million, with $157 million in long liquidations and $124 million in short liquidations】 According to Coinglass data, in the past 24 hours, the entire network liquidated $282 million, with $157 million in long liquidations and $124 million in short liquidations. Among them, Bitcoin long liquidations amounted to $45.2849 million, Bitcoin short liquidations were $35.7089 million, Ethereum long liquidations were $35.6336 million, and Ethereum short liquidations were $23.5675 million. $BTC $ETH