[Experts Warn of Bubble Risk in Digital Asset Financial Company Model] Digital Asset Financial Companies (DAT) provide investors with exposure to underlying digital assets by packaging crypto assets into securities regulated by the U.S. Securities and Exchange Commission (SEC), aiming to maximize returns. Their key performance indicator is market net asset value (mNAV), which measures the relationship between enterprise value and the value of digital assets held. Macquarie pointed out that the viability of DAT is closely tied to equity premiums, and if premiums turn into discounts, the model will face challenges. Sussex University professor Carol Alexander stated that the DAT model has attracted participants driven by marketing and hype and is currently in a bubble phase. CoinShares Head of Research James Butterfill claimed the bubble has already burst but expects the DAT model to evolve in the future. Strategy has set aside $1.44 billion in reserves to cope with market downturns.

JPMorgan Chase stated in a CNBC livestream that Bitcoin has now become a leading indicator in the entire US market. JPMorgan Chase has assets worth $4 trillion. （The Bitcoin Historian）

[USDe Becomes an Available Quotation Asset on Hyperliquid Market] Ethena Labs announced that its issued stablecoin USDe has been included in the Hyperliquid spot market and HIP-3 perpetual contract market as an available quotation asset.

[16,343,200 POL Transferred to Coinbase, Valued at Approximately $2 Million] According to Arkham data, at 21:33 (UTC+8), 16,343,200 POL (valued at approximately $2 million) were transferred from an anonymous address (starting with 0x27F5...) to Coinbase.

[Deutsche Bank Analyst: Fed Rate Cuts to Address Inflation May Pressure the Dollar] Deutsche Bank analyst Antje Praefcke stated that if the next Federal Reserve Chair responds to U.S. President Trump's call for rate cuts amid high inflation, the dollar could face downward pressure. Kevin Hassett, the White House National Economic Council Director expected to be nominated, is seen as a loyal supporter of Trump, which increases the likelihood of Fed rate cuts. Praefcke believes that if the Fed fails to effectively curb inflation risks, it will negatively impact the dollar. Even if the market merely anticipates the Fed adopting a more dovish stance, it would be enough to put pressure on the dollar.