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According to BlockBeats news, on May 20th, Perp DEX Variational completed a $50 million Series A financing, led by Dragonfly Capital, with participation from Bain Capital Crypto and Coinbase Ventures. It focuses on decentralized derivatives trading protocols, aiming to bring traditional financial market liquidity to the blockchain rather than relying on crypto-native liquidity pools. The platform provides in-depth market-making services for real-world assets (RWAs, crude oil and commodities) by aggregating the liquidity of large crypto trading platforms and traditional financial market makers, solving the problem of "cold start" of on-chain order books.

BlockBeats reported that on May 20, Brevis officially launched its image traceability tool, Brevis Vera, which is now available to all users. Users can use cameras or phones supporting the C2PA standard to capture images, complete cropping, exposure, color adjustment, and other editing operations in Vera, then generate a zero-knowledge proof file that can be independently verified by any third party in the browser. This allows complete proof of the image's source and processing chain without revealing the source media or editing process privacy. Brevis Vera debuted in March this year as an interactive concept demonstration. The full version introduced a zero-knowledge proof mechanism into the C2PA protocol stack, designed to serve as a complementary primitive to existing editing tools like Adobe Photoshop, rather than a competing alternative.

According to BlockBeats news, on May 20th, Morgan Stanley has submitted a revised filing document for its Solana spot ETF today, with the trading code to be used as MSOL, and management fees and other details have not yet been disclosed.

According to BlockBeats news, on May 20th, Catena Labs, an AI financial infrastructure company founded by Circle co-founder Sean Neville, completed a $30 million Series A financing, led by Acrew Capital and a16z crypto, with participation from Breyer Capital, General Catalyst, and QED. Catena Labs focuses on developing tools that enable AI agents to conduct financial transactions securely and has applied for a national trust bank license from the U.S. Office of the Comptroller of the Currency in New York to obtain regulatory qualifications for processing payments and custody of customer funds. The company previously completed an initial funding round of $18 million led by a16z crypto in 2025.

BlockBeats reported that on May 20, according to on-chain analyst Aunt Ai (@ai_9684xtpa), an address spent $463,000 in the past two hours to buy 489,000 Ethereum meme coin Sato tokens, at an average purchase price of $0.9465. Currently, it holds 2.69% of the tokens, making it the largest holding address. BlockBeats reminds users that meme coins often have no real use cases, their prices fluctuate greatly, and investment should be conducted with caution.

BlockBeats reported that on May 20, at the 2026 Digital Currency Summit held in London, former Chairman of the U.S. Commodity Futures Trading Commission (CFTC) Timothy Massad stated that although President Trump strongly opposed central bank digital currencies or government-backed dollar-pegged stablecoins before his inauguration, global market dynamics made them an inevitable trend. Massad pointed out that although the CBDC topic is extremely sensitive in Washington, related discussions are taking place behind closed doors. He emphasized that the United States is a participant in the Bank for International Settlements (BIS) key initiative, the "Agora Program," which brings together seven central banks. Despite Washington's public opposition, closed-door efforts are ongoing. He added that no U.S. central bank governor will publicly discuss wholesale or retail CBDCs, but that does not mean the U.S. is not exploring how to create one. Mark Gould, head of the Federal Reserve's payments business, declined to discuss central bank stablecoins at the same event, stating, "This is currently outside our area of responsibility." But when asked whether government-backed digital dollars fall under the Fed's responsibility, he gave an affirmative answer, though he said it was not currently involved. In March 2024, nine months before his re-inauguration, Trump vowed to ban the creation of CBDCs. In March this year, an initiative to ban the Federal Reserve from issuing digital dollars was approved by a bipartisan majority of 89 to 10 in the Senate, but it remains part of the housing bill and may be blocked in the House. Massad believes that central bank experiments with stablecoins are quietly forcing the US to establish government-backed on-chain fund settlement tracks to avoid falling behind Europe. After the meeting, he stated that although the Trump administration publicly stated that formal retail CBDCs are not under consideration, the evolution of tokenized finance will force government-backed alternatives.

BlockBeats reported on May 20 that analyst Murphy (@Murphychen888) posted on social media that, according to URPD data by wallet size after physical adjustments, the cost distribution between whales and retail investors in the current market shows a significant divergence, and this cycle has exhibited a chip structure pattern that is completely different from before. Data shows that super whales holding over 100,000 Bitcoins mainly have costs concentrated between $80,000 and $85,000, with smaller distributions near $70,000 and $40,000. This means that at the current price level, the super whale group is overall in a loss-making state. In the $65,000 to $120,000 range, the main holding groups are wallets with 100 to 1,000 coins and 1,000 to 10,000 coins, with retail investors making up a low proportion in this range. In the $20,000 to $60,000 range, retail investors holding 0.1 to 1 coins and 1 to 10 tokens dominate. In the below $20,000 range, large-wallet whales once again dominate the main positions. Analysis points out that in past market cycles, large holders usually fled from the top, distributing their chips to retail investors who chased the high. A notable difference in this cycle is that the large player group is trapped in a high range. Therefore, whether these trapped whales will collectively cut losses and exit will be an important variable in determining the depth of this bear market. As for retail investors in the 60,000 to $20,000 range, their positions intended to sell have long been cleared, and the remaining shares are most likely in a long-term holding.

BlockBeats news: On May 20, according to an official announcement, Solana ecosystem perpetual contract trading platform Pacifica launched SPCX (SpaceX) Pre-IPO contract trading today, supporting up to 3x leverage. As of press time, based on the platform's contract prices, SpaceX's implied market value is about $2.02 trillion. Reuters previously reported that SpaceX plans to officially launch on the capital market as early as June 12. Additionally, the platform recently launched ANTHROPIC (Anthropic) contracts, supporting up to 3x leverage, with the current price corresponding to an implied market value of about $1.35 trillion. It is worth noting that Anthropic's latest publicly reported private fund valuation is about $380 billion, with a potential final round not yet completed or confirmed.

According to BlockBeats, on May 20, the market's focus was no longer limited to stagflation itself, but rather whether, after global long-term yields spiraled out of control, risk assets could maintain high valuation structures. The yield on the US 10-year Treasury note approached 4.7%, and the 30-year yield broke above 5.1%, prompting the market to reprice in the risk that the Fed may raise rates again. Morgan Stanley and HSBC have simultaneously warned that US Treasury yields have entered a dangerous range that could suppress stock market valuations, while Japan, the UK, and Europe's long-term bond yields are also rising, indicating a comprehensive revaluation of global funding costs. On the other hand, although negotiation windows briefly appeared in the Middle East, the market has not truly let down its guard. Trump expressed willingness to give Iran another 2 to 3 days to negotiate, but emphasized that if the agreement fails, the U.S. may launch another military strike against Iran. The Strait of Hormuz has yet to resume normal operations, NATO has even begun discussing escort plans after early July, and India plans to redeploy oil tankers into the Persian Gulf, indicating that the global energy supply chain is gradually entering a "semi-war state." On the liquidity side, US stocks have begun to show signs of pressure. The S&P 500 has fallen continuously, and long-term real interest rates keep rising, indicating the market is beginning to recalculate the valuation of AI and tech stocks. However, Deutsche Bank believes that oil prices have not yet spiraled out of control, economic data has not yet weakened, and the Federal Reserve has not officially entered a rate hike cycle, so the market is still in a "high volatility but not yet fully collapsed" phase. In the crypto market, BTC is still fluctuating within a range, but liquidity structure has begun to weaken. From the liquidation heatmap, there is a clear short liquidation zone above $78,000, while a large amount of long liquidity has accumulated near $75,500 to $76,000 below. Since the current market focus is on yields and global risk appetite, BTC in the short term is more like a global liquidity indicator rather than an independent market. If U.S. Treasury yields continue to spiral out of control, risk assets may simultaneously face deleveraging pressure.

BlockBeats reported on May 20 that according to official sources, the Federal Reserve will release the minutes of its monetary policy meeting at 2 a.m. Beijing time on May 21. NVIDIA will release its Q1 fiscal year 2027 earnings report after the U.S. market closes (4 a.m.) and hold a conference call. This could trigger market volatility.

BlockBeats reported on May 20 that institutional digital asset trading firm Wintermute released its latest market intelligence report showing that global financial markets are undergoing a large-scale macroeconomic repricing, with the market narrative shifting from discussing the timing of rate cuts to preparing for potential increases. This structural shift was triggered by unexpectedly strong economic data and renewed inflationary pressures, creating significant headwind for digital assets. The report notes that Bitcoin has sharply retreated from a brief breakthrough above $83,000, giving back significant gains over the week, with mainstream altcoins experiencing double-digit percentage declines. Global wealth managers are actively de-risking under macro constraints, highlighting the vulnerability of digital asset expansion. On-chain trading indicators show that previous price increases were not driven by genuine spot market demand or organic retail accumulation, but mainly from short squeezes in the perpetual futures market. The total open interest in Bitcoin derivatives rapidly expanded by $10 billion to $58 billion within a month, while underlying spot trading volume simultaneously fell to a two-year low. When Bitcoin broke through $80,000, a large number of short positions were forcibly liquidated, triggering a brief buying frenzy but failing to establish a lasting structural bottom. The main driver of the current market reversal is the continued exceeding of global CPI data, reigniting widespread concerns over rate hikes. At the same time, ongoing uncertainty surrounding the nomination of the next Fed Chair injects policy unpredictability into the market. Despite long-term positive signals, including a recent net inflow of $623 million from spot ETFs and Bitcoin reserves on exchanges falling to seven-year lows, Wintermute emphasized that these long-term trends are insufficient to mitigate near-term structural risks. As international asset managers shift capital toward short-term sovereign debt instruments, digital platforms are struggling to maintain momentum. The near-term outlook for the tokenization market will depend on whether real buyers return to stabilize the weak liquidity gap.

BlockBeats news: On May 20, CNBC released the 2026 Disruptor 50 rankings, with Anthropic rising to the top and OpenAl ranking second. Companies on the crypto list include: Ripple at 16th, crypto-friendly bank Revolut at 29th, prediction market Kalshi at 43rd, and Polymarket at 48th. The CNBC Disruptor 50 aims to select the world's 50 most disruptive private startups/growth companies (not yet listed), which challenge traditional industries and create new business models through innovative technologies in their respective fields.

BlockBeats reported that on May 20, analyst Murphy (@Murphychen888) posted on social media that from May 15 to 19, Bitcoin fell for five consecutive trading days. Market sentiment, which had previously worried about missing out, quickly shifted, with some investors beginning to expect prices to fall back to the $40,000 to $50,000 range. However, from the perspective of on-chain chip structure, the attitude of large funds presents a different picture. According to data from May 15, $66,000 and $78,000 were the two most concentrated price levels, clearly reflecting the entry positions of large capital. Notably, the chip bar in the $80,000 to $82,000 range is relatively low. Although Bitcoin's price remained in this range for nearly a week, the turnover was sparse, indicating that after the price returned above $80,000, funds began to become cautious. By May 19, as the price fell, the $78,000 chip bar had not decreased but actually increased. The most noticeable change was at the $76,000 price level. Previously, when the price broke through this level, the number of tokens at that price was just over 200,000 coins, but by the time the price fell back to that level, the number had increased to about 380,000 coins. Analysts believe this indicates that funds entering at $78,000 did not panic and flee after falling below cost. When the price dropped to $76,000, new funds chose to enter and take over, showing a clear stance. From the perspective of chip structure, a reasonable pullback range is roughly between $78,000 and $66,000. The second pullback entering this range and completing the turnover is expected to give the structure stronger resistance to blows. Although it is still hard to predict the final price low, the attitude of funds starting to buy as soon as around $76,000 indicates that the market is clearly willing to take over.

BlockBeats reported on May 20 that according to BitcoinTreasuries.NET monitoring, digital asset custodian BitGo Holdings increased holdings by 776 BTC in the first quarter, bringing its current total holdings to 2,449 BTC, ranking 31st on the Bitcoin 100 list.

BlockBeats reported on May 20 that although the supply of non-dollar stablecoins has increased significantly over the past five years, their importance in the overall stablecoin market has not increased. According to Artemis data, in April 2026, the total supply of non-dollar stablecoins such as the euro, Canadian dollar, Japanese yen, and Singapore dollar has grown from $261 million in May 2021 to about $771 million, but their market share has slightly declined from 0.26% to 0.24%. This means that dollar-pegged stablecoins hold 99.76% of the market share. In traditional finance, the dominance of the US dollar is slowly eroding. The dollar accounts for 89% of foreign exchange transactions, 61% of foreign currency debt issuance, and 57% of global reserves—figures that have been declining for a decade. But on the chain, the situation is quite the opposite. The rise in U.S. Treasury yields could further deepen this advantage. US dollar stablecoins are not only backed by the world's dominant currency, but are increasingly backed by the world's deepest short-term government debt market. The rise in yields allows issuers holding U.S. Treasury bonds to earn more reserve income, making dollar stablecoin issuance more profitable. This advantage of government bonds has become clearly evident on-chain. According to RWA.xyz data, tokenized U.S. Treasury bonds reached $15.4 billion, making it the largest RWA asset class, while non-tokenized U.S. government bonds totaled only $1.4 billion. This means the on-chain U.S. Treasury market size is about 11 times that of all other government bond markets combined. John Turner, Global Head of Coinbase Stablecoins, explained at the CoinDesk consensus conference that the dominance of dollar stablecoins has formed a self-reinforcing cycle since early on: "Liquidity brings trading volume, trading volume brings use cases, and use cases bring more liquidity." This flywheel effect is something non-dollar stablecoin issuers have never been able to activate.

According to BlockBeats news, on May 20th, Vitalik Buterin posted on social media, listing a number of short-term initiatives for native privacy that Ethereum is currently pursuing, including the combination of AA and FOCIL (which provides first-class support and strong packaging guarantees for privacy protocol transactions), the Keyed Nonces solution, and access layer-related work (covering functions such as Kohaku and private read).

BlockBeats reported that on May 20, Cathie Wood's investment company Ark Invest purchased a total of about $4.4 million worth of Bullish stock through three exchange-traded funds (ETFs) over two trading days this Monday and Tuesday. Based on Ark's daily trading disclosures and closing price, Ark bought 52,308 shares on Monday and 69,712 shares on Tuesday, involving three ETFs: Innovation ETF (ARKK), Next Internet ETF (ARKW), and Blockchain & Fintech Innovation ETF (ARKF). This purchase came after Bullish shares fell continuously. Over the past five trading days, Bullish's stock price has fallen 15.4% cumulatively, rebounding 1.88% on Tuesday to close at $36.23. Despite a slight rebound, the stock has still fallen 16.7% over the past month. ARK actively adjusts its ETF holdings to ensure that no single stock accounts for more than 10% of the fund portfolio. When the value of certain assets fluctuates significantly, weight rebalancing is performed; this increase is a routine management operation. On the fundamentals front, last week Bullish released mixed first-quarter results. The company posted a net loss of $604.9 million, nearly doubling compared to the same period last year, but adjusted revenue increased from $62.4 million to $92.8 million. CEO Tom Farley pointed out that the company's recent $4.2 billion acquisition of Equiniti is a potential growth catalyst, aiming to combine Bullish's tokenization technology stack with a regulated agency to create an integrated blockchain-empowered issuance service provider. Background information shows that Bullish will go public in August 2025, issuing 30 million shares at $37 per share. According to Bitcoin Treasuries data, the company remains the sixth largest public holder of Bitcoin, holding about 24,300 BTC.

According to BlockBeats news on May 20, according to the Wall Street Journal, manufacturing startup SendCutSend completed a $110 million financing, co-led by Sequoia Capital, cryptocurrency venture capital fund Paradigm, and Stripe co-founders Patrick Collison and John Collison, bringing its valuation to $1 billion. It is reported that Paradigm was originally a top crypto-native venture capital institution, managing approximately $12.7 billion in assets. But since 2023, the agency has begun to adjust its strategic direction: removing "encryption" and "Web3" related expressions from its official website, and co-founder Matt Huang publicly stated that "the development of AI is too interesting to ignore." In this context, investing in SendCutSend aligns with Paradigm's logic of expanding in the direction of "AI + Robotics + Advanced Manufacturing".