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The open interest (OI) of Bitcoin futures on the Chicago Mercantile Exchange (CME) has fallen to $8.41 billion, the lowest level in 14 months. Glassnode analysts noted that this trend is mainly driven by the unwinding of basis trades: previously, the strategy built long positions via spot ETFs and hedged the resulting futures short exposure to profit from the spread, but in recent times the annualized return has dropped from 15%-20% to around 5%, prompting institutions to take profits. In addition, the daily trading volume of CME Bitcoin futures has also shrunk to below $3 billion. Analysts be

"The true goal of Hong Kong's 'sunny scheme' has never been stablecoins" (Author: Will A Wang)
If you assume that the purpose of this licensing is to "expand the Hong Kong dollar stablecoin industry," then every detail might not make complete sense. But if you consider an alternative hypothesis—that this licensing was originally meant to support not the "commercial stablecoin industry" itself—then it makes more sense.
HSBC and Standard Chartered may not have come with strategic intent.
For HSBC, applying for a Hong Kong dollar stablecoin is more of a defensive move rather than an active

"36 to 2! Hong Kong's First Stablecoin Licenses Announced, HSBC and Standard Chartered Joint Venture Successfully Approved" (Author: angelilu | Foresight News)
On April 10, the Hong Kong Monetary Authority announced the first batch of stablecoin licenses, with only 2 out of 36 applications approved, an approval rate of about 5%.
HSBC and Standard Chartered's joint venture (Anchorpoint) both made the cut, while major tech companies and new Web3 players were all rejected.
Hong Kong's stablecoin regulation demonstrates a high threshold for fund security, 100% fiat reserve, and independent c

According to Hong Kong Wen Wei Po, Hong Kong Monetary Authority Deputy Chief Executive Chen Weimin stated that the choice of which currency to issue for stablecoins mainly depends on the issuer’s business considerations. Currently, the first two licensed institutions will initially launch Hong Kong dollar stablecoins. In the future, if other currencies including the Renminbi are issued, it is permitted under Hong Kong’s system, but applicants need approval from mainland authorities. Regarding when the second batch of licenses will be issued, Chen Weimin said there is no specific timetable at t

According to Caixin, reliable sources have revealed that the second batch of Hong Kong compliant stablecoin issuer licenses is currently in the application stage. Futu Securities and OSL Group are both strong contenders for this batch of licenses. Additionally, the report added that in November last year, 13 ministries including the People's Bank of China jointly stated their stance, reaffirming their crackdown on virtual currency trading within China and explicitly classifying stablecoins as virtual currencies. This means that stablecoin trading will not be open in the mainland Chinese market

Opinion: Hong Kong's First Stablecoin Licenses Are Issued, The Winners Are Not Those Who Issue Coins, But Others Who Make Real Money
(Author: Shao Jiadian Lawyer | Mankun Blockchain Legal Services)
Hong Kong's first stablecoin licenses are issued, and the regulator's choice is not "who understands Web3 better," but "who is most controllable."
Issuing stablecoins has become a profit-squeezed "heavy asset, heavy compliance" infrastructure business.
The true winners are not the coin issuers, but those who control the flow of funds in scenarios such as transaction settlement, cross-border

According to the latest weekly operational data released by Bitdeer official, as of April 10, 2026, its weekly Bitcoin production was 165 coins, and all 165 BTC were sold during the same period, with a net increase of 0. Currently, Bitdeer's pure Bitcoin holdings amount to 0 (excluding customer deposits).

According to CoinDesk, Bhutan has sold 70% of its Bitcoin holdings over the past 18 months. Arkham data shows that Bhutan's Bitcoin holdings have decreased from approximately 13,000 coins in October 2024 to the current 3,954 coins (about $280.6 million), with $215.7 million worth of Bitcoin transferred out just this year. Additionally, Bhutan's mining fund inflows exceeding $100k have been recorded over a year ago, indicating that the country may have suspended its hydroelectric-powered Bitcoin mining operations.

Wu Shuo learns that Ethereum's third-largest treasury company, The Ether Machine, and special purpose acquisition company Dynamix Corporation announced that due to unfavorable market conditions, both parties agree to terminate the previously signed business merger agreement and related support agreement in July 2025.
According to the termination agreement, the payer must pay $50 million to Dynamix within 15 days of the effective date.
The company still needs to complete the initial business merger by November 22, 2026; otherwise, liquidation and public share redemption procedures will be i

According to an official announcement from Standard Chartered Bank, Anchorpoint Financial Limited, a joint venture between Standard Chartered Bank, Hong Kong Telecom, and Animoca Brands, has obtained a license for stablecoin issuance issued by the Hong Kong Monetary Authority (HKMA). Anchorpoint has become one of the first two institutions in Hong Kong to receive this license, planning to launch the regulated Hong Kong dollar stablecoin HKDAP (i.e., HKD At Par) in phases starting from the second quarter of this year. The institution will adopt a B2B2C model, opening HKDAP to the public through

According to an official announcement from Standard Chartered Bank, Anchorpoint Financial Limited, a joint venture between Standard Chartered Bank, Hong Kong Telecom, and Animoca Brands, has obtained a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA). Anchorpoint has become one of the first two institutions in Hong Kong to be granted this license, and plans to launch the regulated Hong Kong dollar stablecoin HKDAP (i.e., HKD At Par) in phases starting from the second quarter of this year. The institution will adopt a B2B2C model, opening HKDAP to the public through author

According to Ember monitoring, World Liberty Financial (WLFI) has repaid 25 million USD1 loans on Dolomite, helping the platform's USD1 borrowable liquidity to recover to approximately 35 million USD. Meanwhile, the annualized interest rate for USD1 deposits on Dolomite has fallen back to 10.43%, slightly higher than USDC's 9.07% and USDT's 7.74%. Currently, WLFI still has an outstanding loan balance of about 162 million USD on the platform, including 152 million USD1 and 10.31 million USDC, with collateral of approximately 4.99 billion WLFI tokens, worth about 402 million USD at current price

The Spanish National Securities Market Commission (CNMV) stated that after reviewing the social media content of nearly 100 crypto investment influencers (finfluencers), approximately 10% were found to be in violation, including failure to disclose conflicts of interest, directly posting investment advice, and providing personalized investment consulting without proper licensing.
The regulatory agency indicated that those involved may face financial penalties if they do not make the necessary corrections. The review covered promotional content for Bitcoin and other crypto assets and was carr

The French National Cybersecurity Agency (ANSSI) has released the 2026–2027 National Cybersecurity Roadmap, requiring ministries and agencies to complete the migration of classified systems to post-quantum cryptography (PQC) by the end of 2030, and to only deploy encryption products with post-quantum protection capabilities starting from 2030. According to the schedule, each ministry and agency must complete an inventory of sensitive long-term data by the end of 2026 and identify affected encryption and digital signature systems by the end of 2027. ANSSI pointed out that this move aims to prev

Wu said that Nasdaq-listed Bitcoin mining company BitFuFu announced its March operating data, producing a total of 214 BTC that month and selling 80 BTC as part of its balance sheet management. As of the end of March, the company's Bitcoin holdings decreased to 1,794 BTC, valued at approximately $131 million at current prices. In terms of operations, the company's total hash rate slightly declined to 25.9 EH/s, and power capacity decreased to 457 MW, mainly due to the ongoing removal of old mining machines and upgrading to more energy-efficient equipment.

According to RBC, Vladimir Chistyukhin, the First Deputy Governor of the Russian Central Bank, stated that in the future, cryptocurrency transactions within Russia will only be allowed through non-cash methods, and a mechanism for converting Bitcoin into cash rubles will not be introduced to ensure controlled fund flows and prevent illegal activities such as money laundering. The Russian Central Bank and the Ministry of Finance have been promoting a regulatory bill for the crypto market since last fall, and the relevant bill was submitted to the State Duma in March of this year, scheduled to t

The Spanish National Securities Market Commission (CNMV) stated that after reviewing the social media content of nearly 100 crypto investment influencers (finfluencers), approximately 10% were found to have violations, including undisclosed conflicts of interest, directly posting investment advice, and providing personalized investment consulting without proper licensing. The regulatory agency indicated that if the individuals involved do not make the necessary corrections, they may face financial penalties. The review covered promotional content for Bitcoin and other crypto assets and was car

Wu Shuo learned that, according to a report from the Bitcoin Policy Institute, the latest research significantly reduces the expected computational power needed for quantum computers to crack Bitcoin encryption. The theoretically required number of quantum bits has dropped from an initial estimate of 10 million to less than 500k, and could even be reduced to between 10k and 26k.
Although quantum technology has not yet reached this level, Bitcoin developers are actively building defenses. Among them, the anti-quantum proposal BIP-360 testnet was launched for testing in March this year, and the

Wu Shuo has learned that, according to Blockspace disclosures, Nakamoto Inc. under David Bailey (stock code: NAKA) has submitted Schedule 14A to the U.S. SEC, planning to hold a special shareholders' meeting on May 8.
The main agenda of the meeting is to seek approval for a reverse stock split proposal with a ratio between 1:20 and 1:50.
It is reported that NAKA's move aims to bring the stock price back to the minimum compliance level of $1 required by Nasdaq to avoid potential delisting risks.