☀️ A concise recap of the past week (2026.5.11 - 5.17)

🌍 Keywords: 'Geopolitical and Inflation Double Whammy', 'Fed's Hawkish Leadership Change', 'Billion-Dollar ETF Outflows', 'Clarity Act Under Scrutiny'

🏛 【Macro and Geopolitics: Trump's Tough Warnings and Inflation Soaring】

⭐️ 📅 5/16-17 Trump issued tough warnings, oil prices skyrocketed: Trump jointly released strong comments on Iran via Truth Social, stating 'the countdown has begun,' as geopolitical tensions escalated, causing Brent crude to surpass $110/barrel. The risk of blockage in the Strait of Hormuz continues, increasing global stagflation concerns.

⭐️ 📅 Inflation Data Soars from 5/11-15, Warsh Takes the Helm: April CPI recorded at 3.8%, exceeding expectations, while PPI surged to 6%, the highest since 2022. Meanwhile, Kevin Warsh confirmed as the new Fed Chair, reinforcing market expectations for 'higher for longer' rates, with the probability of rate hikes for the year rising to 44%.

📅 Bloodbath in the Bond Market: Under the dual pressure of inflation and rate hike expectations, the 10-year U.S. Treasury yield skyrocketed to 4.54%, marking the highest point in 12 months, leading to extreme liquidity tightening across risk assets.

💰 【Crypto Market Update: Major Dip Below 77k as Altcoins Surge Against the Trend】

⭐️ 📅 BTC Faces Double Whammy from Geopolitical Tensions and Inflation: Bitcoin struggled throughout the week, plummeting from a high of $82,000, with a weekly drop of about 5%, closing around $76,593. The Fear and Greed Index rapidly fell to 27, signaling a return to 'extreme fear' in the market.

⭐️ 📅 Massive $1 Billion Outflow from Spot ETFs: Bitcoin spot ETFs have ended a six-week inflow streak with a staggering $1 billion net outflow in a single week, primarily concentrated on Friday, indicating a short-term defensive repositioning by institutions.

📅 SUI Surges Over 25% Against the Trend: Amidst market turmoil, SUI emerges as a standout, catalyzed by institutional staking, CME futures launch, and the privacy trading roadmap, soaring over 25% in a single week.

🏢 【Institutional Moves and Regulatory Developments】

⭐️ 📅 Clarity Act Progresses Through Line-by-Line Review: The much-anticipated Clarity Act is advancing through markup in the Senate Banking Committee, officially entering a line-by-line review phase, focusing on stablecoin yields and regulatory authority delineation, with a passage probability around 60% this year.

📅 Traditional Giants Lobby Against Hyperliquid: CME and ICE have teamed up to lobby the CFTC for federal oversight of Hyperliquid, leading to a significant short-term drop of nearly 9% in HYPE tokens.

📅 On-Chain Treasury Size Hits New High: The TVL of tokenized U.S. Treasuries has surpassed $15.35 billion, setting a new historical high, reflecting strong demand from traditional capital for risk-free on-chain yields in a high-rate environment.

📊 【Market Review: Broad Corrections and Derivative Liquidations】

Widespread Liquidations Across the Board: Over the past week, total leverage liquidations exceeded $659 million, with long positions being particularly hard hit. The large expiration of Deribit options exacerbated the short-term battle between bulls and bears.

Market Cap Remains Steady: Despite short-term net outflows, the total Assets Under Management (AUM) for Bitcoin spot ETFs remains high at $104.29 billion.