Crypto Morning Brief: U.S. April Unadjusted CPI Annual Rate at 3.8%; Robinhood Submits Application for Second Public Venture Fund
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Crypto Morning Brief: U.S. April Unadjusted CPI Annual Rate at 3.8%; Robinhood Submits Application for Second Public Venture Fund
JPMorgan Chase has filed an application for a tokenized fund, further increasing its investment in cryptocurrencies.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Updates
U.S. April Unadjusted CPI YoY at 3.8%; Adjusted CPI MoM at 0.6%
The U.S. April unadjusted Consumer Price Index (CPI) rose 3.8% year-on-year, slightly above the consensus estimate of 3.7% and up from the prior reading of 3.30%. The seasonally adjusted CPI increased 0.6% month-on-month in April, matching expectations and down from the previous 0.90%.
U.S. Senate Confirms Kevin Warsh as Fed Governor and Advances His Chair Nomination Process
On May 12, the U.S. Senate confirmed Kevin Warsh as a member of the Board of Governors of the Federal Reserve System by a vote of 51–45. Warsh’s 14-year term begins February 1, succeeding Stephen Miran, whose term expired. The Senate has initiated the confirmation process for Warsh to concurrently serve as Federal Reserve Chair for a four-year term. A cloture vote—designed to end debate and trigger a final vote—has been held, launching a countdown toward formal approval, potentially as early as Wednesday local time. Current Chair Jerome Powell’s term ends this Friday.
Senate Banking Committee Releases Updated Text of Crypto Market Structure Bill, Adding Stablecoin Rewards and DeFi Developer Provisions
According to The Block, the U.S. Senate Banking Committee released an updated 309-page version of the “Clarity Act,” scheduled for committee review and vote later this week. The revised text includes new language restricting stablecoin reward programs and incorporates provisions from the “Blockchain Regulatory Certainty Act,” clarifying that non-custodial developers do not qualify as money transmitters. Coinbase, which had previously withdrawn support due to concerns over the stablecoin rewards clause, has now reversed its position and endorsed the bill—though banking industry groups maintain the restrictions remain insufficient. Notably, the bill still omits ethics provisions restricting digital asset-related financial benefits for the President and other federal officials. Democratic lawmakers have signaled that without such compromises, the bill is unlikely to gain sufficient support.
Market Rumor: CME to Launch AI-Enabled Compute Power Futures Market
Market rumor: The Chicago Mercantile Exchange (CME) will launch an AI-enabled compute power futures market.
Aave and Kelp Complete Initial Steps of rsETH Technical Recovery Plan, Burning Attacker-Held rsETH on Arbitrum
Aave announced completion of the first phase of its rsETH technical recovery plan, including burning rsETH held by the attacker on Arbitrum. Over the coming days, stakeholders will gradually replenish funds into LayerZero’s OFT adapter and restart rsETH operations in stages. Kelp previously stated it had completed a series of rsETH endorsement recovery steps with Aave and plans to inject 117,132 rsETH tokens incrementally—from the Aave Recovery Guardian and Kelp Recovery Safe—into LayerZero’s OFT adapter on Ethereum Mainnet.
JPMorgan Submits Application for Tokenized Fund, Deepening Its Crypto Commitment
According to Bloomberg, JPMorgan Asset Management has filed its second application for a tokenized money market fund—the JPMorgan Chase OnChain Liquidity Token Money Market Fund (ticker: JLTXX). The filing indicates the fund will issue digital tokens on the Ethereum blockchain representing proportional interests in its underlying portfolio of U.S. Treasuries and repurchase agreements. This move underscores JPMorgan’s continued expansion into blockchain-based financial products.
Grayscale Files First Zcash Spot ETF Application; Multicoin Capital Discloses ZEC Accumulation Since February
Grayscale submitted its spot Zcash (ZEC) ETF application on May 8, seeking to convert its existing Zcash Trust into a spot product—the first privacy coin spot ETF application targeting U.S. listing. Concurrently, Multicoin Capital disclosed ongoing accumulation of ZEC since February. Reports note ZEC recently surged to $600, entering the top 15 by market capitalization. As Zcash supports both transparent and shielded address pools, a spot ETF would likely rely primarily on the transparent pool for custody, auditing, and market-making functions. Notably, the U.S. Securities and Exchange Commission concluded its long-term review of Zcash in January 2026 without taking enforcement action.
TD Cowen Maintains “Buy” Rating on Sharplink, Target Price Implies 106% Upside
Per The Block, TD Cowen reaffirmed its “Buy” rating and $16 target price for Sharplink (SBET), the Ethereum treasury company. Q1 results showed revenue exceeding $12 million. Sharplink also announced a joint $125 million yield fund with Galaxy Digital focused on DeFi and liquidity opportunities.
TD Cowen noted Sharplink’s current share price ($7.76) trades at an ~0.8x discount to its net asset value per share ($9.68), creating a “favorable entry point.” Analysts identified four structural pillars driving Ethereum demand—stablecoins, tokenization, DeFi, and AI-powered programmable finance—and emphasized these tailwinds will continue supporting Sharplink’s Ethereum treasury strategy. Sharplink currently holds approximately 873,000 ETH, valued at roughly $2 billion.
Ethereum Foundation Launches Clear Signing Open Standard, Enabling Human-Readable Transaction Signatures by Default
The Ethereum Foundation announced the official launch of Clear Signing, designed to eliminate “blind signing” by defaulting to human-readable transaction signatures—enhancing both user experience and security. Spearheaded by the Ethereum Working Group, the initiative comprises: ERC-7730 for generating human-readable transaction descriptions; a neutral, mirrorable descriptor registry; ERC-8176—a proof framework enabling auditors to verify descriptor integrity; and open development tools for wallets, protocols, and auditors. Participating entities include Ledger, Trezor, MetaMask, and WalletConnect.
Anthropic: Unauthorized Stock Transactions Invalid; Caution Advised Regarding SPVs and Tokenized Securities
Anthropic stated that any transfer of its shares or related equity interests without explicit board approval is invalid and will not be recorded in the company’s books. Anthropic explicitly prohibits Special Purpose Vehicles (SPVs) from acquiring its stock and warns that offering public exposure to Anthropic equity via SPVs, forward contracts, or tokenized securities may constitute fraud or lack value due to transfer restrictions. Anthropic named several unauthorized intermediaries—including Open Door Partners, Unicorns Exchange, Pachamama, Lionheart Ventures, Hiive, Forge, Sydecar, and Upmarket—and cautioned investors against using hard-to-trace payment methods such as cryptocurrency transfers and wire payments.
Robinhood Files Application for Second Public Venture Capital Fund, RVII
Robinhood has filed an application to launch its second publicly traded venture capital fund, RVII—approximately two months after its inaugural fund, RVI, went public. Robinhood stated RVII’s fundraising target remains undetermined; RVI originally targeted $1 billion but raised less than that amount. Public records show RVI holds stakes in ten private companies, including OpenAI, Stripe, Databricks, and Revolut. Robinhood explained that both funds enable retail investors to purchase publicly listed shares linked to portfolios of private startups through standard brokerage accounts.
Market Data
Recommended Reading
Tom Lee Hits the Brakes on ETH Buying for the First Time After Acquiring 1 Million ETH—But ETFs and Whales Are Stepping In
https://www.techflowpost.com/zh-CN/article/31534
This article discusses Bitmine’s decision to slow its Ethereum acquisition pace while continuing to accumulate—targeting ownership of 5% of Ethereum’s total supply. Bitmine has purchased over one million ETH and generates stable income via the staking platform MAVAN, with plans to extend services to external institutions. Bitmine is expanding its business lines into AI investment and creator economy infrastructure, emphasizing operational sustainability through staking yields and cash reserves.
Apyx: Saylor’s BTC Flywheel Gets a DeFi Pipeline
https://www.techflowpost.com/zh-CN/article/31535
This article details Michael Saylor and his firm Strategy’s innovative effort to build a Bitcoin-backed financial ecosystem via the issuance of perpetual preferred shares (STRC). It highlights how the DeFi protocol Apyx bridges traditional and decentralized finance to facilitate cash flow transfer, while also examining associated risks and implications.
Cerebras IPO: $48.8B Valuation—Bubble or New King Challenging NVIDIA?
https://www.techflowpost.com/zh-CN/article/31536
This article provides an in-depth analysis of Cerebras’ 2026 IPO, covering its technological advantages, financial condition, and potential risks—positioning it as a pivotal capital event in the AI hardware sector. It examines Cerebras’ business model across technical, financial, and market dimensions and identifies three paradoxes: tension between technology and financial performance, cyclical dependency in customer structure, and its role as a “narrow-band complementer” rather than a true challenger to NVIDIA. Finally, the article offers differentiated short- and long-term investment recommendations and analyzes governance and geopolitical risks.
Interview with Michael Saylor: You’ve Misunderstood “Never Sell Bitcoin”—We’re Still Net Buyers
https://www.techflowpost.com/zh-CN/article/31537
This article details Michael Saylor’s podcast discussion on Bitcoin (BTC) and strategic shifts at Strategy. He clarified the rationale behind selling BTC when necessary to pay dividends on STRC preferred shares and corrected market misinterpretations of his “never sell Bitcoin” statement. The piece further explores Bitcoin’s “killer app” as digital capital and digital credit, and examines AI’s impact on financial tool development.
Bitcoin’s “Bull-Bear Cycle Indicator” Turns Positive for First Time in 7 Months—End of Bear Market or False Breakout?
https://www.techflowpost.com/zh-CN/article/31538
This article reports CryptoQuant’s Bull-Bear Market Cycle Indicator turned positive for the first time since October 2025, signaling constructive on-chain data. Bitcoin’s price rebounded from a February low near $60,000 to over $81,000. The Bull Score Index rose into the neutral zone (50) in late April—the first time since Bitcoin’s decline from its all-time high. A confirmed trend reversal and entry into a new bull market would require Bitcoin to break above the 200-day moving average resistance near $82,000.
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