pacts

According to Jinshi reports, DHF Capital S.A. economist Bas Kooijman stated in a report that the trend of oil prices has become a key driving factor for U.S. Treasury yields and market expectations for the Federal Reserve's interest rate path. The outlook may change with the evolution of the situation in the Middle East and oil prices.A further sustained decline in oil prices may intensify the pressure of slowing inflation and suppress expectations for monetary policy tightening, while a renewed escalation of the situation may reignite inflation concerns and push up U.S. Treasury yields.

Wall Street investment bank TD Cowen has lowered the target price for Bitcoin treasury company Nakamoto Inc. (NASDAQ: NAKA), reducing the split-adjusted target price from $40 to $17, a decrease of 58%, but still maintaining a "Buy" rating. TD Cowen analysts stated that this adjustment is mainly due to the pressure on Nakamoto's highly leveraged capital structure from the decline in Bitcoin prices.Although the new target price still implies about a 275% upside from the current stock price of $4.65, the company's stock is highly sensitive to fluctuations in Bitcoin prices. TD Cowen expects Bitcoin to rebound to $100,000 by the end of 2026, which is about 25% lower than the historical high of $126,000 set last October. At the same time, the firm anticipates that Nakamoto will suspend further Bitcoin purchases before 2027.Analysts pointed out that Nakamoto's core value still comes from its Bitcoin assets, with the company currently holding 4,467 BTC, valued at approximately $290 million, ranking 22nd among publicly listed companies in terms of Bitcoin holdings. However, the company's debt and preferred stock financing structure have also compressed the asset value available to common stockholders. Recently, Nakamoto has completed several financial adjustments, including repaying approximately $45 million in debt, extending the principal of $105 million to June 2027, reducing financing costs, and approving a $25 million stock buyback plan. Additionally, the company has closed its previously operated medical clinic business and will focus on Bitcoin media, asset management, and consulting services in the future. Data shows that NAKA's stock price has fallen over 71% this year, while Bitcoin has declined about 26% during the same period. Market attention is shifting from "continuously purchasing BTC" to the asset-liability structure and financing capabilities of Bitcoin treasury companies.

According to a recent article by npm co-founder Laurie Voss, research from Stanford University's Digital Economy Lab based on ADP payroll data shows that since the end of 2022, the number of employed junior software developers aged 22 to 25 has decreased by 19%, and entry-level software development positions have dropped by 28% from their peak, with the unemployment rate for computer science graduates rising to 6.1%. However, the total number of developers employed in the U.S. has still grown by 4.4% during the same period, with the employment of senior developers aged 41 to 49 increasing by 14%. Data from the U.S. Bureau of Labor Statistics (BLS) further indicates that over the past year, the number of "computer programmer" positions primarily responsible for writing code on demand has decreased by 16%, while positions for data scientists and core software developers that require more architectural judgment have increased by 12% and 2%, respectively.At the same time, the proliferation of AI tools has led to an explosion in software creation. GitHub added a record 36 million accounts and 121 million code repositories last year, and the number of app submissions to the Apple App Store surged by 80% year-on-year in the first quarter of 2026. Data from platforms like Vercel and Lovable indicates that over 60% of new users are "non-traditional developers" such as product managers and analysts. Industry analysts warn that as AI replaces basic coding tasks, the traditional "junior to senior" engineer apprenticeship promotion path has been disrupted, raising concerns about the safety of AI-generated code and challenging the future sources of senior developers. However, the latest hiring data from platforms like Indeed shows that the demand for related entry-level positions hit bottom in May 2025 and has begun to show signs of rebound.

According to CoinDesk, Bitcoin and gold fell simultaneously as the market bets on rising interest rates pressuring non-yielding assets. Bitcoin dropped about 7% this week, while gold fell below $4,200 per ounce.The rebound was mainly driven by short covering, with over $500 million in bearish bets liquidated in the past week, while spot demand has not yet returned significantly. Traders are focusing on Wednesday's U.S. inflation data and the policy stance of the new Federal Reserve Chairman Kevin Warsh. If inflation remains high, it could prompt interest rates to stay elevated, further pressuring risk assets. The rare simultaneous decline of Bitcoin and gold undermines their rationale as macro hedging tools.

Concerns about quantum computing in Bitcoin always revolve around a "Satoshi-related problem." If a sufficiently powerful quantum computer emerges, millions of Bitcoins stored in old wallets with exposed public keys may face the risk of being stolen, including approximately 1.1 million Bitcoins that are allegedly owned by the anonymous creator Satoshi, currently valued at about $84 billion.Senior developer Jameson Lopp and five other developers formally proposed this plan through BIP-361 in mid-April, which aims to gradually phase out addresses vulnerable to quantum attacks over a five-year timeline and freeze any coins that fail to complete the migration. However, this proposal creates another issue: Satoshi and all other long-dormant holders would have to publicly "reveal themselves," or risk losing access to their assets.Dan Robinson, a general partner at Paradigm, released a proposal on Friday that suggests a way to circumvent this trade-off, with the core concept being "Provable Address Control Time Stamps" (PACTs). The main idea of PACTs is not to move coins, but to timestamp ownership proofs on specific dates, without disclosing any information externally until the wallet owner truly needs to spend.If Bitcoin later implements a soft fork to freeze coins vulnerable to quantum attacks, the protocol could include a rescue path that accepts STARK proofs (a type of zero-knowledge proof that remains secure against quantum computers), proving that the holder created their commitment before the existence of quantum hardware. When the holder wishes to spend, they submit this proof, and the network releases the corresponding coins. This redemption process will not reveal any information about the address, amount, or even the original timestamp creation time.

Paradigm general partner Dan Robinson proposed the "Proof of Address Control Timestamp" (PACTs) mechanism, aimed at providing a protection path for Bitcoin addresses against potential threats from quantum computing.This solution allows holders to generate address control proofs through BIP-322 and create on-chain commitments using a random salt value, completing time anchoring with OpenTimestamps to establish ownership proof without disclosing wallet information. If quantum-vulnerable addresses are frozen in the future through a soft fork, users can submit STARK zero-knowledge proofs to unlock their assets when spending. This mechanism also provides a potential recovery path for wallets derived from BIP-32, but its implementation still relies on Bitcoin introducing STARK verification capabilities and gaining community consensus.

According to Jinshi reports, Federal Reserve Chairman Powell stated that before considering lowering interest rates, he definitely wants to first look at the other side of energy and tariffs.

According to Jinshi reports, Federal Reserve's Musalem stated that the weakening impact of tariffs will help inflation decline, and housing inflation is also moving in the right direction.

According to Jinshi reports, Federal Reserve Vice Chairman Jefferson stated that persistent energy price shocks could have a significant impact on the economy.

The Singapore Exchange today welcomed its first ETF tracking local gold reserves—the LionGlobal Physical Gold ETF officially listed, with the underlying gold purity not less than 99.5%. Previously, this fund was opened to retail and institutional investors on the over-the-counter platform about four months ago.Singapore's move echoes the strategy of its competitor Hong Kong: Hong Kong has signed a gold clearing agreement with the Shanghai Gold Exchange and plans to build a vault with a capacity of over 2,000 tons within three years. However, as both regions expand their gold investments, gold prices are under pressure and falling, with U.S. gold futures dropping from over $5,400 per ounce on March 2 to as low as $4,100.Analysts point out that Iran's control over the Strait of Hormuz is driving up energy prices, exacerbating inflation expectations, and prompting central banks to delay easing monetary policy. Market logic has shifted from risk aversion to inflation, interest rates, and liquidity, putting continued pressure on gold.

In the context of crude oil prices rising over 10% on Thursday, approaching $100 per barrel, Bitcoin still holds above the $70,000 mark. U.S. President Trump stated that he is more concerned about stopping Iran's actions than about oil prices; meanwhile, Iran's new Supreme Leader publicly declared for the first time that the Strait of Hormuz should remain closed.Market concerns intensified, leading to a significant drop in stocks: the Nasdaq fell 1.6%, and the S&P 500 dropped 1.2%. Morgan Stanley's $800 million North Port private equity fund suspended redemptions, and its stock price fell 4%, putting pressure on the financial sector. JPMorgan, Citigroup, and Wells Fargo each fell about 3%, while private equity firms KKR and Ares Management dropped 3%-4%.CoinShares Research Director James Butterfill pointed out that oil prices and the geopolitical crisis behind them have become the main drivers of global asset pricing, with the market's sensitivity to expectations of Federal Reserve interest rate hikes diminishing. Despite increased market volatility, Bitcoin continues to show resilience. Dom Harz believes this reflects that institutional demand for Bitcoin has surpassed mere price speculation, focusing more on the infrastructure and applications that can unlock Bitcoin's financial utility.Bitcoin remains strong amid multiple intertwined risks, indicating that large investors are seeking a more robust Bitcoin financial ecosystem.

Former President Trump posted on the Truth platform, stating that the government shutdown caused by the Democrats led to a decrease in the U.S. GDP by at least two percentage points. This is why they are now trying to repeat the same old tricks on a smaller scale. Don't let the government shut down again! Also, lower the interest rates. Powell is the worst.

Due to the rapid pullback of spot silver prices from their highs, tokenized silver futures have become the largest clearing asset in the crypto market over the past 24 hours, unusually surpassing Bitcoin, triggering a wave of cross-market leveraged liquidations. The largest single liquidation occurred on the Hyperliquid platform, where a highly leveraged XYZ:SILVER-USD position worth $18.1 million was forcibly liquidated due to severe price fluctuations.Analysis indicates that this round of abnormal liquidations is primarily due to a significant pullback following the previous rapid rise in silver prices, coupled with exchanges raising margin requirements for precious metal futures, which has exacerbated short-term price volatility as high-leverage positions are passively deleveraging. The market is focused on whether precious metal prices can stabilize in the future and whether the liquidation spotlight will return to core assets such as Bitcoin and Ethereum.

According to market news, ARK Investment's quarterly report shows that the decline in the cryptocurrency market has weighed down several of its flagship ETFs. The report points out that cryptocurrency-related stocks, led by Coinbase, have performed poorly, becoming a major factor dragging down the performance of funds such as ARKW, ARKF, and ARKK. During the quarter, Coinbase's stock price fell by more than 35%, a decline greater than that of Bitcoin and Ethereum.ARK analysis states that although Coinbase has demonstrated its long-term strategic planning, the market environment remains challenging. Additionally, Roblox became another significant drag this quarter, with its stock price pressured by the company's forecast of a decline in operating profit margins in 2026 and being banned in Russia. Currently, the proportion of cryptocurrency investments in ARKW, ARKF, and ARKK is approximately 13.7%, 14.6%, and 7.4%, respectively.

ChainCatcher news, according to official social media announcements, Huobi HTX will hold a themed live broadcast today at 20:00 titled "With the Federal Reserve's interest rate decision approaching, how to profit from WLFI's listing on HTX?" At that time, crypto KOLs such as San Pang, Jiu Meng Feng Ge, and Crypto Captain Chen will interpret the policy impact, analyze the value of WLFI, and provide detailed investment advice.

ChainCatcher news, according to official social media messages, Huobi HTX will hold a live stream today at 20:00 on the topic "SEC Rules ETH Is Not a Security, ETH Price Soars, Should We Go Long or Short This Week?"At that time, veteran analysts such as Old Boss of the Coin Circle, Bitcoin Lao Mai, and San Pang will deeply analyze the long-term impact of the SEC ruling on ETH, as well as the trading investment strategies for the next phase.

ChainCatcher news, according to Jinshi reports, Federal Reserve's Kashkari still insists on his view that cooling inflation will allow the Fed to cut interest rates twice starting in September.Kashkari also stated that if inflation progress stagnates or reverses, the Fed could pause rate cuts until prices ease again. Tariffs indicate that inflation "is likely to come," as more goods from Asia (the region with the largest tariff increases) will appear on U.S. store shelves, and businesses will eventually start passing on price increases.In this case, the impact of tariffs on inflation may just be delayed longer than expected. Kashkari also mentioned that economic data so far shows that "the impact of tariffs on prices, economic activity, or the labor market is moderate."He added, "If we cut rates in September and then the tariff effects become evident this fall, we should not adopt a preset easing policy, but rather adjust based on new data."

ChainCatcher news, according to Jinshi reports, Federal Reserve Governor Waller stated that it is unlikely there will be significant tariff impacts before July.