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According to Dr. Crossroads' analysis, Robinhood's event prediction market revenue is expected to surpass its traditional cryptocurrency trading revenue as early as the second quarter of this year. Data shows that as of June 25, Robinhood has recorded approximately 12.3 billion event contract trades in the second quarter. Based on the usual 1 cent per contract revenue share, this is expected to contribute at least $123 million in single-quarter revenue, pushing the annualized revenue rate (ARR) of this business to $500 million. In comparison, due to the decline in institutional trading volume, its cryptocurrency business revenue in the second quarter is expected to fall below the first quarter's $134 million.At the same time, Robinhood's newly launched prediction market platform Rothera has surpassed 900 million contracts traded in its first week, bringing nearly 60% of potential contract trading increment to the company. Through Rothera's full-stack self-research and vertical integration, Robinhood plans to change the current fixed model where users pay 2 cents per contract (with the company and partner exchanges each receiving 1 cent), reducing the new fee rate to a minimum of 0.6 cents. This move aims to sprint into the top three in the industry through core price advantages while retaining the economic benefits of trade execution entirely within its ecosystem while passing savings on to users.

Fidelity Digital Assets recently released a research report that positively addresses concerns about the long-term impact of Bitcoin halving on network security. The report's author, Fidelity research analyst Daniel Gray, pointed out that Bitcoin network security relies not only on block rewards but also on transaction fees, market incentives, and other economic forces that continuously motivate miners to maintain network security, making the cost of sustained attacks prohibitively high.On the data front, Gray noted that despite the ongoing reduction in block subsidies, the rise in Bitcoin prices has significantly offset this impact. The average daily income of miners has increased from about $26,300 during the first halving cycle to over $40,200 today. He wrote, "Despite the decrease in issuance, miner incentives and the resulting network security have historically strengthened alongside the rise in Bitcoin prices."Since the fourth halving in April 2024, the block subsidy for miners has decreased from 6.25 to 3.125 Bitcoins per block. However, the optimistic conclusions of the report starkly contrast with the current realities faced by publicly traded mining companies. Several industry analysts describe the current environment as one of the most challenging for mining on record, due to the simultaneous decline in block rewards, rising operational costs, and increased competition.In response, several mining companies have begun to transition to the AI and high-performance computing sectors, leveraging existing power infrastructure to meet AI computing demands. VanEck estimates that publicly listed mining companies may need to raise up to $50 billion in additional funds to fully transition to AI infrastructure, but the requirements for AI data centers regarding facility standards, cooling, power redundancy, and networking are far higher than those of traditional Bitcoin mining operations, making the transition challenges significant.

According to The Block, Bitcoin miner revenue continues to decline, with the 7-day moving average dropping to about $30,000,000 per day, down from over $50,000,000 last summer. The contribution from transaction fees has become negligible, at less than $250,000 per day. The current trading price of BTC is about $62,500, significantly lower than JPMorgan's estimated production cost of around $78,000, a gap that has persisted for five months, the longest in this cycle. Production costs have historically been seen as a soft price floor, and currently, about 20% of miners are operating at a loss.Network-level pressure is becoming evident. Over the past six months, the beta value of mining difficulty relative to BTC price has risen to 0.62, with high-cost miners switching off their machines based on price fluctuations rather than continuing to operate at a loss. In the second week of June, difficulty decreased by 10%, marking the second similar adjustment this year. Publicly listed mining companies have sold over 32,000 BTC in the first quarter to cover operating costs, rather than further reducing production capacity.

According to CoinDesk, the long-established asset management company Baillie Gifford from Edinburgh, Scotland (founded over 118 years ago) announced on Monday in collaboration with global custodian giant BNY the launch of a tokenized fixed income fund—Baillie Gifford Enhanced Yield Fund (BAGEY), deployed simultaneously on the Ethereum and Solana public chains.The fund is denominated in US dollars and operates under an open-ended investment company (OEIC) structure within the UK regulatory framework, targeting qualified investors from the UK, Switzerland, and the Cayman Islands. It offers an actively managed short-duration corporate bond portfolio, with a current yield of approximately 7%.Unlike most tokenized products on the market, Baillie Gifford's Head of Digital Assets Theo Golden emphasized that BAGEY is not a traditional fund wrapped in a token shell, but rather a fund issued directly on-chain, with the blockchain itself serving as the rights registry, allowing investors to directly hold shares and enjoy direct recourse.BNY will provide tokenization and wallet infrastructure for the fund, with NatWest acting as the custodian. The Global Head of Investor Solutions at BNY stated that this issuance marks the transition of tokenization from concept to real application, as regulated fund structures evolve towards a more digital and interconnected market.

According to The Block, the High Court of Australia unanimously ruled that the fixed income digital asset product Earner launched by Block Earner is classified as a regulated financial product, and providing this product requires holding an Australian financial services license. The court supported the appeal of the Australian Securities and Investments Commission (ASIC) and overturned the previous ruling by the lower court that was more favorable to Block Earner.

10x Research analysis points out that the Bitcoin yield-enhanced exchange-traded fund BITA launched by BlackRock may have design flaws in its strategy. By generating income through selling call options, it may lead investors to underperform against spot Bitcoin in most market environments, or fail to achieve ideal absolute returns.10x Research believes that BITA executes the call option selling strategy monthly according to fixed rules, and regardless of whether Bitcoin rises, consolidates, or falls, investors may make unfavorable trade-offs between income and upside potential; its proposed framework emphasizes "timing and conditional execution," obtaining option premiums only when market conditions are favorable. The high volatility of Bitcoin mainly stems from information asymmetry among market participants and a highly marketed market environment. For a long time, many investors have attempted to capture this volatility return through systematic strategies, but most have not succeeded.

According to The Block, BlackRock has officially launched the iShares Bitcoin Premium Income ETF (ticker: BITA). This product generates monthly option premium income for investors by holding spot Bitcoin and shares of the iShares Bitcoin Trust (IBIT), while selling call options on approximately 25%-35% of its holdings.Robert Mitchnick, Head of Digital Assets at BlackRock, stated that this move is to meet the demand from clients who wish to gain exposure to Bitcoin while also earning income. BITA provides additional income for investors through its options strategy while retaining most of the upside potential of Bitcoin.Reports indicate that BITA has an annual fee rate of 0.65%, higher than IBIT's 0.25%. Currently, several institutions, including Goldman Sachs, are also advancing similar Bitcoin income-focused ETF products, indicating a rising demand in the market for the "Bitcoin + income" strategy.

As India's tax enforcement intensifies, cryptocurrency investors face stricter reporting and compliance requirements in the 2026 tax season, with incorrect declarations potentially triggering fines and audits. Reports indicate that under current rules, cryptocurrency gains are still subject to a 30% uniform capital gains tax, and a 1% Tax Deducted at Source (TDS) is levied on transactions exceeding a certain amount, while losses cannot be offset across assets. The new Income Tax Act (2025) came into effect on April 1, 2026, but the core tax framework remains largely unchanged.In terms of reporting, investors must fill out a dedicated Schedule VDA section in the ITR-2 or ITR-3 forms and are required to record each transaction individually, including all operations such as trading, exchanging, transferring, and clearing, rather than just summarizing gains. The report emphasizes that regulatory focus has clearly escalated. The Indian tax authorities will directly obtain user-level transaction data through trading platforms, custodians, and wallet service providers, and will automatically cross-check this with reported information; discrepancies will trigger system flags and audits.Data shows that the Indian tax authorities have issued over 44,000 notices and discovered approximately 88.8 billion rupees (about 930 million USD) in unreported virtual asset income. Meanwhile, the tax department is enhancing its tracking capabilities by combining on-chain analysis tools with international data-sharing mechanisms. Additionally, starting in 2027, India will align with the OECD cryptocurrency reporting framework to achieve automatic exchange of cross-border transaction data, and overseas exchange holdings will gradually come under regulatory scrutiny.Analysis points out that common errors include misuse of reporting forms, omission of airdrop and staking income, and failure to correctly match 1% TDS records, among others. The report emphasizes that cryptocurrency tax compliance is shifting from "post-reporting" to "real-time traceability," and investors need to strengthen year-round record management.

According to the Economic Times, the Indian tax department has strengthened its review of cryptocurrency tax filings for the fiscal year 2026, discovering over 88.8 billion rupees (approximately 10.4 million USD) in unreported virtual digital asset income, and has issued more than 44,000 notices to the relevant taxpayers.

According to Bitcoin Magazine, El Salvador is continuously optimizing its immigration system to attract high-net-worth foreign talent and capital (including families). According to Decree No. 531, effective March 31, 2026, the residency requirement for temporary residents has been reduced from a mandatory stay of 9 months per year to a cumulative or continuous stay of only 90 days per year. This adjustment is primarily aimed at entrepreneurs, investors, and remote workers who need to frequently cross borders.El Salvador offers one of the most attractive tax systems in Latin America for individuals with foreign-source income. The country implements a territorial tax system, meaning that only income generated within El Salvador is subject to taxation. A significant income tax reform in 2024 further clarifies that both residents and non-residents can be exempt from income tax on their foreign-source income. This means freelancers, remote workers (such as content creators, developers, and entrepreneurs with foreign income) can enjoy a 0% income tax rate in El Salvador on their overseas income, with no limits on the amount.Additionally, under the country's laws, capital gains related to Bitcoin are not taxed, and the country does not impose wealth tax, inheritance tax, or gift tax. The real focus is whether the individual's country of origin recognizes this arrangement; because most countries typically do not easily relinquish their taxing rights over their tax residents and often conduct strict scrutiny and recovery on tax residency issues.

According to official news, Binance announced that the Full Payment Securities Lending (FPSL) service is officially launched, allowing users to earn passive income by lending out stocks. It is reported that FPSL is a common securities lending mechanism in traditional financial markets, usually facilitated by brokers or custodians, which lends out securities held and unused by investors to institutions that need to short sell, arbitrage, or provide market making.

Bloomberg ETF analyst Eric Balchunas revealed that BlackRock has submitted the fourth and possibly final S-1 amendment for its new product, the "iShares Bitcoin Premium Income ETF (BITA)," and disclosed for the first time that the management fee rate is 0.65%, which is higher than that of products like the spot Bitcoin ETF IBIT.BITA is expected to provide investors with an income enhancement strategy by holding Bitcoin exposure and selling call options, and it is anticipated that BITA will be approved for listing soon.

Delphi Digital pointed out in its latest report that since January 2025, if one had bought every mainstream CEX newly listed token, the $1,000 investment has shrunk to about $500, with a median drop of 82%, and only 12% of tokens are above their listing price.The main factors dragging down this cycle include: internal allocations unlocking on a fixed schedule rather than performance (with each unlock on average leading to a relative BTC excess return loss of about 7%), difficulty in protocol revenue flowing to holders, and airdrops becoming a means of exiting liquidity.Currently, major DeFi protocols are turning on the "rate switch," such as Hyperliquid, Uniswap, Jupiter, Aave, etc., by using buybacks, burns, and other methods to return income to holders. The related yield-weighted basket has significantly outperformed BTC, ETH, and SOL this year.Delphi Digital believes that tokens worth holding in the future must have both income returning to holders and a supply mechanism linked to performance, which may be the strongest long-term allocation foundation for this asset class in history.

Decentralized USDD announced that its yield-bearing token sUSDD officially launched on Pendle's Ethereum chain 91-day fixed income market, marking another breakthrough for USDD in the DeFi yield scenario and capital efficiency layout.This event will take place on May 28 at 8:00 AM (Singapore time), and sUSDD holders can participate by locking in fixed rates, trading yield rights, providing liquidity, and more. During the event, YT users can share over $300,000 in incentives, combined with Pendle's official 30% exclusive rewards, and have the chance to receive random airdrops of TRX.The official stated that they will continue to explore diversified yields in the future, effectively meeting market liquidity demands and promoting USDD's deep integration into the mainstream DeFi ecosystem.

Aave founder Stani Kulechov reiterated the "revenue-oriented" protocol strategy and stated that revenue is key to the sustainable development of DeFi.Citing data, he noted that Aave V3's revenue has significantly outpaced other lending protocols over the past year. Stani mentioned that in the next 12 months, Aave will focus on diversifying revenue sources, enhancing profit margins through GHO, and developing the Aave App as a distribution layer controlled by AAVE holders to further enhance the protocol's profitability and user stickiness.

According to Cointelegraph, Bitcoin recently fell below $79,000 after facing significant selling pressure around $82,000. Market analysis suggests that the current BTC trend is highly correlated with the U.S. small-cap stock index, indicating that it is still viewed by the market as a "risk asset" rather than a safe-haven tool. Analysts point out that the escalating situation in Iran, rising oil prices, and concerns about a global economic recession are continuously suppressing market risk appetite. Meanwhile, the funding rate for Bitcoin perpetual contracts has recently turned negative, indicating a significant lack of demand for leveraged long positions, and traders remain cautious about short-term increases. However, the report suggests that in the medium term, large-scale capital outflows from the fixed income market may actually be beneficial for BTC.As global government bond yields rise to decades-high levels, investors are gradually withdrawing from the bond market, and some liquidity may flow back into risk assets, including Bitcoin. Currently, the yields on 10-year U.S. and European government bonds have both reached multi-year highs, while Brent crude oil prices have also surpassed $100, exacerbating market concerns about inflation and economic pressure.

Cryptocurrency analyst Marcel Pechman stated that Bitcoin rapidly fell back after being rejected at $82,000 on Friday, dropping below $79,000. The movement is highly synchronized with the U.S. small-cap stock index, indicating that macro factors are the main driving force behind this round of decline. The Russell 2000 index, which covers small and medium-sized enterprises, has a higher capital cost and is more sensitive to interest rate trends. The high correlation between Bitcoin and this index suggests that the market currently characterizes Bitcoin as a risk asset rather than a safe-haven tool.The funding rate for Bitcoin perpetual contracts briefly turned deeply negative on Thursday and remained close to 0% on Friday, with continued absence of long leverage demand—this indicator has been below the neutral threshold of 6% for several weeks. Multiple attempts to breach $82,000 have failed to boost market confidence. Macro pressures have been piling up: the outcome of the U.S.-China summit disappointed the market, with no specific tariff agreements reached aside from a commitment to accelerate U.S. agricultural exports over the next three years; meanwhile, the ongoing war in Iran continues to weigh on market sentiment, with Brent crude oil prices jumping from $99 to $106 in the past week, further exacerbating inflationary pressures.Additionally, the inflation-adjusted Shiller price-to-earnings ratio shows that the S&P 500 index is currently only about 5% lower than its peak during the internet bubble in January 2000, indicating a significant contraction in overall market risk appetite. However, the massive sell-off in the fixed income market may provide mid-term support for Bitcoin. The yield on Japan's 10-year government bonds has risen to its highest level in over 20 years, while the yield on the Eurozone's 10-year government bonds has also surged to 3.18%, a 15-year high. Analysts believe that in response to recession risks, central banks may be forced to inject liquidity, and funds flowing out of fixed income may ultimately seek other asset allocations, with Bitcoin likely to benefit from this.

Nasdaq-listed company Bit Digital released its Q1 2026 financial report, showing total revenue of $27.9 million, a decrease of 13.6% from the previous quarter, primarily affected by declines in Ethereum staking income, cloud services, and mining business revenue.Among them, ETH staking income fell by 29.4% to $2.3 million, with the company citing reasons including the drop in ETH prices and a reduction in staking scale. Meanwhile, cloud service revenue decreased by 13.1% to $16.8 million, and Bitcoin mining revenue dropped by 32.9% to $3.7 million.During the reporting period, the company's net loss widened to $146.7 million, mainly impacted by non-cash factors such as changes in the fair value of digital assets.As of the end of March, the Ethereum holdings were approximately 154,400 coins, valued at about $327 million. The company stated that it has converted about 70,000 ETH into liquid staking to enhance asset flexibility.In recent years, Bit Digital has continuously shifted from Bitcoin mining to Ethereum staking and digital asset treasury strategies, gradually laying out high-performance computing (HPC) and AI infrastructure business. The company's management indicated that future capital allocation will continue to tilt towards Ethereum and infrastructure.

According to BBX data, yesterday global listed companies and strategic funds showed significant trends in digital asset allocation and performance, with the core dynamics as follows:Strategic trusts continue to buy: The strategic reserve fund Jupiter Litterbox Trust increased its holdings by 386,428 JUP (worth about $85,000) yesterday. So far, this trust has accumulated over 7 million JUP purchases in May, with a historical total purchase amount reaching 123 million (total value of about $27.32 million).DeFi concept stocks see profit explosion: Hyperion DeFi, Inc. (NASDAQ: $HYPD) disclosed its Q1 2026 financial report, achieving a record net income of $8.84 million. Thanks to its unique "triple yield" HYPE deployment plan, the staking income generated by the company in this quarter reached three times the baseline level. It also updated its treasury reserves as of May 11: currently holding over 2 million HYPE tokens, 1.92 million KNTQ tokens, and 10 million HPL tokens, further establishing its position as a compliant DeFi investment portal in the U.S. stock market.

According to The Block, eToro's revenue from its cryptocurrency business in the first quarter of 2026 fell to $2.15 billion, down from $3.5 billion in the same period of 2025; the total number of cryptocurrency transactions decreased by 32% year-on-year.During the same period, the cost of revenue from its cryptocurrency business dropped from $3.5 billion to $2.1 billion, and the cryptocurrency holdings on the balance sheet slightly decreased from $62.6 million at the end of 2025 to $60.5 million. eToro stated that it completed the $70 million acquisition of cryptocurrency wallet company Zengo during the quarter and launched cryptocurrency trading services in New York.