Over the past few days, quite a lot of news has come out in the market. First, the performance of Bitcoin mining companies is interesting; Terra Wolf reportedly recorded a loss of $427 million in the first quarter. But the noteworthy point here is that AI computing revenue has already surpassed Bitcoin mining. Bitcoin mining revenue has decreased by 50%, while AI revenue has increased by 117%, so it feels like this trend will continue. As the time to mine one Bitcoin gradually lengthens, mining companies are changing their profit structures.

Trump Media also recorded a loss of $460 million in the first quarter, mainly due to valuation losses on their cryptocurrency holdings. They hold 9,542 Bitcoins, which are significantly below their acquisition cost. Still, their operating cash flow remains positive, so the company's fundamentals are maintained.

On the regulatory front, some exchanges are lobbying the Senate to relax regulations on small tokens. It seems to be an effort to prevent smaller market cap tokens from becoming difficult to list. Meanwhile, the Bank of Canada has announced plans to introduce stablecoin regulations in the late 2027.

Institutional investor activity is also notable, with Fidelity transferring 23.44 million ETH to Coinbase, and BlackRock moving 1,224 BTC and 11,475 ETH. Yesterday, Bitcoin spot ETFs experienced a net outflow of $27M, with Fidelity's ETF recording the largest outflow. I think the flow of ETF funds is as volatile as the time to mine one Bitcoin.

There was also a lot of news on projects. LayerZero Labs is strengthening multi-signature configurations after a security breach, and Aave is in the second stage of its rsETH recovery process. Tether burned $2 billion USDT on Ethereum. The Moscow Exchange announced that it will start trading futures on Solana, Ripple, and Tron from May 14.

Industry opinions include a prediction from someone associated with BitMEX that 99% of altcoins will eventually become zero, explaining this as a normal market cleansing process. The core argument was that even if the time to mine one Bitcoin lengthens, ultimately, Bitcoin's value is determined by the money supply. Strike CEO countered that Wall Street's participation in Bitcoin is not a threat.

On the macroeconomic side, U.S. non-farm payrolls increased by 115,000 in April, and the unemployment rate remained stable at 4.3%. Bank of America revised its outlook, suggesting that the Federal Reserve is unlikely to cut interest rates before 2027. Additionally, there was news that DeepSea plans to raise over 50 billion yuan.