evaluation

Cryptocurrency analyst Darkfost published an on-chain indicator interpretation on the X platform, analyzing the current profit and loss structure of Bitcoin positions in the market through the core economic indicator TMM (True Market Mean) and the AVIV ratio. The TMM indicator excludes long-term untransferred and partially permanently lost dormant Bitcoins, only accounting for the average holding cost of actively traded chips in the market, with the current value around $76,700. This level has become a significant price resistance, as during the May market, when the price reached this point, many investors exited to break even.The accompanying AVIV (Active Value / Investor Value) ratio currently hovers around 0.8, within the valuation discount range, indicating that the average floating loss for all active BTC investors is 20%. Historically, at the bottom of bear markets, this indicator has dropped to 0.5 to 0.6, corresponding to investor losses of 40%-50%. The current loss magnitude has not yet reached extreme bear market levels.The analyst also pointed out that even with a large influx of institutional funds and Bitcoin ETFs injecting massive liquidity in this cycle, Bitcoin still follows its own cyclical patterns. In the short term, there is no need to wait for the indicators to drop to historically extreme low levels before a rebound occurs, but it is necessary to acknowledge the current pressured environment of widespread losses among market participants.

According to the official announcement, Gate has optimized and upgraded the VIP level evaluation rules. Starting today, Polymarket trading volume and asset holdings will officially be included in the VIP level evaluation system. This adjustment further broadens the VIP upgrade path, allowing Polymarket trading users to fully enjoy the level growth and exclusive rights brought by trading activities and asset holdings.It is reported that Gate continues to improve the VIP exclusive rights ecosystem, creating a high-end service system around multiple dimensions such as trading, wealth management, and lifestyle. Recently, the platform has successively launched VIP exclusive airdrop activities for whiskey, gold jewelry, and more, as well as providing exclusive financial products, higher-level income rights, and diversified benefits such as sports event viewing and invitations to offline activities.Gate will continue to organize VIP users to watch events at Inter Milan and F1 venues, experiencing exclusive hospitality and the atmosphere of top-tier events, creating a richer exclusive experience for high-level users.

The decentralized AI infrastructure network DGrid AI today released its latest research paper "PoQ-Judge," proposing a multi-architecture quality assessment framework that does not require reference answers. This means that in real deployment environments, there are often no standard answers for comparison, yet the protocol can still reliably score the quality of model responses and allocate incentives accordingly. This is a key piece that has long been missing in DGrid's decentralized LLM inference quality assessment system.PoQ (Proof of Quality) is a consensus mechanism independently developed by DGrid, designed to prevent model providers from deploying low-quality models, fabricating data, or hiding computational costs at the protocol level, thereby ensuring service quality and pricing transparency. The DGrid team has been continuously working on PoQ and has published four research papers to date. The newly released PoQ-Judge has trained three assessment models covering different quality and cost scenarios, achieving a correlation of up to 0.747 with human scoring on the retention test set, significantly outperforming all previous reference answer-based evaluators, while reducing assessment costs by over 72% through cascading evaluation and online weight calibration.With the implementation of PoQ-Judge, the entire process from quality assessment → scoring → incentive allocation has completely eliminated reliance on reference answers, thus establishing a closed loop for the quality of decentralized LLM inference.DGrid AI is a decentralized AI intelligent network dedicated to building an open, transparent, and community-driven AI infrastructure. Focusing on model invocation and application experience, DGrid has launched several core products: the AI Gateway that aggregates mainstream large models globally, the one-click deployment platform for AI agents DClaw, the anonymous model competition platform AI Arena, and the intelligent model recommendation assistant Dori, providing one-stop services for developers and users. It is reported that DGrid AI's revenue has surpassed 20 million dollars in six months.

J.P. Morgan analysts indicate that investors are continuously withdrawing from the so-called "currency devaluation trades," with gold-related allocations continuing to decline, while the pace of Bitcoin's retreat has further accelerated recently.The report notes that for the week ending June 5, approximately $20 billion flowed out of gold ETFs; Bitcoin ETFs have seen a gradual increase in outflows for four consecutive weeks. In the futures market, institutional investors are also reducing their exposure to gold and Bitcoin, indicating that both retail and institutional funds are lowering their allocations against inflation, currency devaluation, and geopolitical risks.J.P. Morgan believes that Bitcoin had previously become a primary expression of "currency devaluation trades" since the Middle East conflict, but it has reversed since early May and has further weakened recently. Meanwhile, the decline in liquidity in the ETF and futures markets has also amplified Bitcoin's price correction.Analysts added that whether the crypto market can improve in the second half of the year still depends on two key factors: whether crypto treasury companies can provide clearer arrangements for dividend payments, and whether the U.S. Clarity Act can be approved.

According to Bitcoin News, Strive CEO Matt Cole stated that the depreciation of fiat currency will continue to accumulate over time, and in this context, there is no better scarce digital commodity than Bitcoin.

According to a notice from MiniMax Group Inc., the board of directors has resolved to explore a preliminary proposal for the issuance of RMB shares, which may involve entering into agreements with professional advisors and consulting with relevant securities or other regulatory agencies.The company has engaged professional advisors to provide consulting on compliance with the listing requirements on the Sci-Tech Innovation Board and has signed a mentoring agreement. The issuance of RMB shares will depend on market conditions and necessary regulatory approvals.

According to CoinDesk, JPMorgan analyst Nikolaos Panigirtzoglou and others stated that as signs of easing tensions in the Middle East emerge, investors are gradually withdrawing from the Bitcoin and gold markets. The "devaluation trade" that had driven demand for both is losing momentum.In the past two weeks, both Bitcoin and gold-related ETFs have seen significant outflows, and institutional positions in the CME futures market have also weakened simultaneously. This trend indicates that investors are retreating from the macro hedging trades that had become popular due to inflation concerns and global instability, and it is not that Bitcoin funds are shifting to gold, but rather that both asset classes are facing a simultaneous decline in demand. Since the Iran conflict, Bitcoin has been a major representation of the "devaluation trade."

J.P. Morgan analysts, including Nikolaos Panigirtzoglou, stated that as signs of easing tensions in the Middle East emerge, investors are gradually withdrawing from the Bitcoin and gold markets. The "devaluation trade" that previously drove demand for both is losing momentum.In the past two weeks, both Bitcoin and gold-related ETFs have seen significant capital outflows, and institutional positions in the CME futures market have also weakened concurrently. This trend indicates that investors are retreating from the macro hedging trades that became popular due to inflation concerns and global instability, and it is not a case of Bitcoin funds shifting to gold; rather, both asset classes are facing a simultaneous decline in demand. Since the Iran conflict, Bitcoin has been a major representation of the "devaluation trade."

According to The Block, JPMorgan analysts have stated that Bitcoin is gradually surpassing gold as a currency devaluation hedge tool following the Iran conflict.Analysts led by Managing Director Nikolaos Panigirtzoglou noted that Bitcoin ETFs recorded inflows for the third consecutive month in May, while gold ETFs are still struggling to recover the funds that flowed out during the outbreak of the Iran conflict in March. This indicates that since the conflict began, retail investors are choosing Bitcoin over gold for devaluation hedge trades.The analysts stated that Bitcoin purchases are not limited to retail investors through ETFs. JPMorgan's position proxy indicators based on CME Bitcoin futures and offshore perpetual futures have also reached new highs, indicating that institutional investors are similarly increasing their exposure. The momentum signals for Bitcoin and gold have also rebounded since the conflict began. Investors are also indirectly buying Bitcoin through Strategy, with the company's purchase volume potentially reaching around $30 billion this year if the current pace is maintained.

According to The Block, Jack Dorsey's fintech company Block recorded a revaluation loss of $173 million in the first quarter due to fluctuations in Bitcoin prices, resulting in a net loss attributable to common stockholders of $309 million.Block holds 28,355 Bitcoins, valued at approximately $2.2 billion. Despite this non-cash loss, Block's total gross profit in the first quarter increased by 27% year-on-year to $2.91 billion. Cash App's gross profit grew by 38% to $1.91 billion, but the Bitcoin business declined by 31% year-on-year. Square's Bitcoin business remained largely unchanged, with related revenue of approximately $28 million, offset by roughly equivalent costs, making its impact on gross profit negligible.Adjusted operating profit increased by 56% to $728 million, and adjusted earnings per share grew by 52% to $0.85. Block raised its full-year performance expectations, forecasting a 19% year-on-year increase in gross profit for the full year of 2026 and a 62% increase in adjusted diluted earnings per share.

According to CCTV News, the Office of the Foreign Investment Security Review Mechanism has legally made a decision to prohibit the foreign acquisition of the Manus project, requiring the parties involved to withdraw the acquisition transaction. Manus was initially developed by the Chinese company Butterfly Effect and became an overnight sensation after its release in March 2025. In June of the same year, it moved its headquarters to Singapore and ceased domestic operations, and in December 2025, it was announced by the American company Meta that it would acquire it for approximately $2 billion.Zhou Mi, a researcher at the Ministry of Commerce's Academy, stated that Manus moved the project to Singapore through funding and corporate transfer before selling it to an American company, which raises suspicions of intentionally evading regulation. If such practices are not controlled, more companies will follow suit, harming national development interests and security.Zhou Mi emphasized that China has consistently maintained an open attitude towards foreign investment but takes a cautious stance on sensitive investments involving key technologies and data security, stating that "evading regulation in a malicious manner will ultimately not achieve the intended purpose."

BNB Treasury Company BNB Plus disclosed that it has received a notice from Nasdaq, stating that it no longer meets the continued listing standards due to its stock price being below the minimum requirement of $1, and because it implemented a reverse stock split in the past year, it is not eligible for the regular compliance period. The company stated that it has requested a hearing, and its stock will continue to trade on Nasdaq until the outcome is determined.In addition, BNB Plus announced that the board of directors has approved the initiation of a strategic alternatives assessment to maximize shareholder value, with potential options including mergers, reverse mergers, asset sales, joint ventures, financing, and other transactions. As of now, the value of its crypto treasury assets is approximately $12.2 million.

According to CoinDesk, Liz Truss, the former Prime Minister of the UK with the shortest term, stated in an interview that the UK economy is on a "very negative trajectory," with high taxes, excessive regulation, and energy costs making it so that the risks for entrepreneurs "often do not justify the returns." She attributed inflation and wealth inequality to "currency devaluation" and pointed out that discussions about monetary policy within the government have become "taboo," a phenomenon that is "quite disturbing."Truss expressed that she is "very interested" in Bitcoin, believing it to be an important tool against currency devaluation and to resist centralized financial control, and revealed that she had come into contact with Bitcoin as early as during her time as Chief Secretary to the Treasury.She is currently actively preparing for CPAC UK, planning to hold a three-day conference to unite entrepreneurs and activists to promote the "sovereignty and freedom" movement, stating bluntly: "There are only two choices, either sink or change completely."

According to market news, Xiaomi miclaw has officially passed the evaluation by the China Academy of Information and Communications Technology's mobile intelligent assistant (Claw), becoming the first mobile intelligent agent in the country to pass this review.This evaluation was conducted based on the "General Framework for Intelligent Assistant Benchmark Testing," strictly assessing three major dimensions: basic capabilities, edge-side applications, and comprehensive capabilities. It is reported that Xiaomi miclaw relies on Xiaomi MiMo's self-developed large model, possessing four major capabilities: full ecological underlying support, deep memory, cross-domain interconnection, and continuous self-evolution, enabling it to connect mobile phones, PCs, cockpits, and AIoT devices to autonomously execute complex commands.

As AI transitions from "the capabilities of a few" to "a widely used basic tool," the old models that rely on information asymmetry and poor execution are being dismantled. Projects with data barriers and closed-loop scenarios are beginning to emerge. On April 7th at 8 PM, a Space live discussion on "the new stage of the AI industry" will take place, focusing on the core changes in the industry after the popularization of AI tools, which tracks are being disproven, which can transcend cycles, and where future value ultimately lies—whether in tools, models, or scenario integration.

The AI model evaluation platform Yupp.ai's CEO Pankaj Gupta posted on the X platform stating that the platform will soon cease operations, and access will be maintained for the next 15 days, during which users can download their data. Existing users will not be able to create new conversations starting today, and new users will also be unable to register.Yupp.ai launched in June 2025 and raised $33 million in seed funding last June, led by a16z. The platform allows users to compare various AI models for free; users can input prompts and view responses generated by multiple AIs in parallel. After selecting the best result, a "preference data package" is formed, which is used for the post-training and evaluation of AI models. The platform combines blockchain technology to achieve transparency in the evaluation process, allowing users to provide feedback in exchange for corresponding rewards, while AI developers obtain verifiable training data.

Ethereum co-founder Vitalik Buterin recently posted on social media, introducing the concept of "sanctuary technologies" and urging the Ethereum community to rethink its mission. He stated that in the face of global issues such as government and corporate surveillance, war, and technological abuse, Ethereum's role in improving people's lives is limited.Vitalik believes that Ethereum should become part of an open-source technology ecosystem, creating a "leaderless shared digital space" to help people live, work, and collaborate safely under external pressures. He emphasized that the goal is not to reshape the world, but to prevent the excessive concentration of power, create digital stable islands, and called for collaboration with allies outside the crypto space to advance this vision.