Bitget UEX Daily Report | Waller to Take the Helm at the Fed; CLARITY Act Passes Senate Banking Committee; SpaceX IPO Prospectus Expected as Early as Next Week
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Bitget UEX Daily Report | Waller to Take the Helm at the Fed; CLARITY Act Passes Senate Banking Committee; SpaceX IPO Prospectus Expected as Early as Next Week
Overall, the dual themes of AI and crypto remain market focal points; investors are advised to monitor the pace of policy implementation and the impact of macroeconomic data on risk appetite.
Navigating Web3 tides with focused insightsI. Top News
Federal Reserve Updates
Federal Reserve Governor Michelle Bowman formally submits resignation; Waller’s succession widely endorsed
- Federal Reserve Governor Stephen Miran submitted his resignation on Thursday, stepping down from the Board of Governors. In his resignation letter, he highly commended Christopher Waller’s capabilities to lead the Federal Reserve.
- Miran has long held a dovish stance: he voted in favor of all three 25-basis-point rate cuts decided by the FOMC in 2025 and opposed all three decisions this year to hold rates steady—advocating further easing.
- Market impact: This leadership change may further solidify market expectations of a Fed pivot toward monetary easing, helping alleviate concerns about tightening and benefiting equities and risk assets.
Global Commodities
Commodity price volatility intensifies; gold edges lower
- Spot gold retreated to approximately $4,650 per ounce on Thursday; crude oil (WTI/Brent) remained volatile near elevated levels amid geopolitical tensions.
- Silver held up relatively well, though overall commodity markets face dual pressures from inflation data and supply outlooks.
- Market impact: Commodity price trends are closely tied to Fed policy expectations. If the rate-cut path becomes clearer, gold’s safe-haven appeal may wane, shifting its price driver toward industrial demand.
Macroeconomic Policy
U.S. April retail sales exceed expectations; CLARITY crypto bill clears Senate Banking Committee
- April retail sales rose 0.5% month-on-month and 4.9% year-on-year—the strongest gain in nearly eight months. Despite consumer confidence hitting a historic low, actual spending resilience surpassed market expectations.
- The Cryptocurrency Market Structure Act (CLARITY Act) passed the Senate Banking Committee with a bipartisan vote of 15–9 and now advances to full Senate consideration, clarifying regulatory jurisdiction between the SEC and CFTC.
- Market impact: Strong retail data eases recession concerns, while progress on the CLARITY Act brings regulatory clarity to crypto markets—potentially boosting institutional participation and supporting related assets.
II. Market Recap
Commodities & FX Performance
- Spot gold: −0.45%, at ~$4,627/oz;
- Spot silver: −1.6%, at ~$82/oz;
- WTI crude: +0.91%, at $97.84/barrel.
- Brent crude: +0.85%, at $106.63/barrel.
- U.S. Dollar Index: +0.14%, rising strongly to 99.01.
Cryptocurrency Performance
- BTC: +2.39%, at $81,562.
- ETH: +1.13%, at ~$2,293.
- Total crypto market cap: +2%, reaching ~$2.79 trillion.
- 24-hour liquidations: ~$257 million total; $152 million in short positions liquidated.
- Bitget BTC/USDT liquidation heatmap: BTC is currently trading near $81,523. A cluster of high-leverage short positions faces liquidation pressure above the $82,200–$83,300 range; if prices continue rising, a new round of short squeezes may unfold. Below $79,500–$80,500, a concentration of leveraged long positions could trigger rapid pullbacks and cascading long liquidations upon a break below that zone.
- Spot ETF net flows: BTC spot ETFs saw ~$7.1 million in net outflows yesterday; ETH spot ETFs recorded $11.2 million in net inflows.
- BTC net flows: $25.88 million in net spot inflows for BTC yesterday; $1.13 billion in net futures inflows.
U.S. Equity Indices
- Dow Jones Industrial Average: +0.75%, closing at 50,063.46—the first time in three months above the 50,000 threshold, with steady momentum.
- S&P 500: +0.77%, at 7,501.24—a new all-time high.
- Nasdaq Composite: +0.88%, at 26,635.22—another record high, clearly driven by technology stocks.
Tech Giants’ Moves
- NVIDIA (NVDA): +4.39%, at $235.74; market cap nearing $5.71 trillion—primarily fueled by concentrated AI demand.
- Microsoft (MSFT): +1%, at $409.43—steady performance.
- Meta Platforms (META): +0.29%, at $618.43—supported by social media and advertising businesses.
- Amazon (AMZN): −1.08%, at $267.22—short-term profit-taking pressure.
- Tesla (TSLA): −0.44%, at $443.30—volatility in EV and autonomous driving expectations.
- Alphabet (GOOGL): −0.38%, at $401.00—stable search and cloud operations.
- Apple (AAPL): −0.22%, at $298.21—minor correction. Key takeaway: NVIDIA led tech gains; MAG7 stocks showed divergence; AI remains the dominant theme.
Sector Highlights
Optical Communications Sector surged over 40%
- Key stock: POET Technologies (POET.US) +40%; announced strategic partnership with Lumilens and secured an initial $50 million order—with potential five-year procurement exceeding $500 million.
- Catalyst: Surging AI data center demand for high-speed optical engines; company’s wafer-level photonic integration technology gaining recognition.
AI Chip IPOs soared
- Key stock: Cerebras Systems (CBRS.US) +68%; closed its IPO debut at $311.07, valuing the company at ~$95 billion.
- Catalyst: Positioned as a “NVIDIA challenger,” strong market appetite for diversified AI compute solutions.
III. Deep Dives: U.S. Equity Stocks
1. NVIDIA (NVDA) — AI Compute Leader Approaches New Market Cap Peak
Event Summary: NVIDIA shares rose another 4.39% to $235.74 on Thursday—up 20% over seven trading days—adding over $90 billion to its market cap, which now stands at $5.71 trillion, approaching the $6 trillion mark. CEO Jensen Huang joined President Trump’s delegation to China on short notice, underscoring NVIDIA’s global AI supply chain footprint. Market Interpretation: Analysts broadly agree the “winner-takes-most” effect in AI continues, with semiconductors as core AI infrastructure seeing demand far outstrip supply—making NVIDIA’s dominance difficult to challenge in the near term. Investment Insight: The long-term AI trend remains intact, but valuations are already elevated; consider opportunities arising from pullbacks.
2. POET Technologies (POET.US) — AI Optical Orders Lift Stock
Event Summary: POET surged over 40% on Thursday, announcing a strategic partnership with optical interconnect startup Lumilens to develop a novel electro-optical interposer platform. An initial $50 million order has been placed, with cumulative procurement potentially exceeding $500 million over five years. Market Interpretation: Analysts see strong tailwinds from AI data centers’ need for low-power, high-density optical interconnects. This platform promises wafer-scale mass production, lowering costs. Investment Insight: The optical communications sector benefits directly from AI capex; near-term catalysts are strong—but monitor order execution timelines.
3. Cerebras Systems (CBRS.US) — “NVIDIA Challenger” Soars on IPO Debut
Event Summary: Cerebras officially listed on Nasdaq on Thursday, surging 89% at open and peaking near 109% intraday before closing +68% at $311.07—valuing the firm at ~$95 billion. Market Interpretation: As a new entrant in the AI chip space, its wafer-scale technology gained market validation; investor enthusiasm for diversified compute suppliers drove valuation expansion. Investment Insight: Intensifying AI hardware competition reflects robust market sentiment—but post-IPO volatility may increase.
4. SpaceX — IPO Timeline Accelerates
Event Summary: Sources indicate SpaceX plans to publicly file its IPO prospectus as early as next week, launching its roadshow on June 8. Its implied valuation—including the merged entity with xAI—is $1.25 trillion. Market Interpretation: Institutions view SpaceX as the leader in aerospace and Starlink; the combined valuation reflects synergies between AI and the space economy. Investment Insight: Aerospace and satellite sectors stand to benefit long-term; enhanced liquidity post-IPO warrants attention.
IV. Crypto Project Updates
1. Sharplink CEO Joseph Chalom stated that Ethereum’s treasury management is pivoting away from the strategies pioneered by Strategy and Michael Saylor—shifting focus toward staking revenue and a leaner balance sheet, rather than complex financing structures.
2. Bitwise Hyperliquid ETF begins trading Friday on the New York Stock Exchange under ticker BHYP. It will be the first U.S. ETF to offer Hyperliquid staking rewards, powered by Bitwise Onchain Solutions, Bitwise’s in-house staking division.
3. JPMorgan analysts noted that although crypto markets broadly rebounded following the Iran conflict, Ethereum and altcoins continued underperforming Bitcoin. They argue this trend—ongoing since 2023—is unlikely to reverse unless meaningful improvements occur in on-chain activity, DeFi usage, and real-world application adoption.
4. The U.S. Senate Banking Committee approved the CLARITY Act by a bipartisan vote of 15–9, advancing it to the next procedural stage.
5. On-chain analyst Wu Jin observed that Multicoin Capital appears to have stopped out its AAVE position. Multicoin had accumulated 338,000 AAVE tokens last November at $219 each.
6. The U.S. government has approved roughly 10 Chinese enterprises—including Alibaba, Tencent, ByteDance, and JD.com—to purchase NVIDIA H200 AI chips. Distributors such as Lenovo and Foxconn also received licenses. Under licensing terms, each approved customer may purchase up to 75,000 H200 chips—but no physical deliveries have occurred yet.
V. Today’s Market Calendar
Data Release Schedule
Key Event Preview
- Event: Senate floor debate possible on consolidated version of CLARITY Act—watch for final regulatory framework details.
- Event: SpaceX IPO prospectus disclosure window—monitor valuation and roadshow progress.
Institutional Views:
Top-tier investment banks broadly believe that Governor Miran’s resignation—and Waller’s succession—further entrench expectations of monetary easing. Meanwhile, the CLARITY Act’s strong bipartisan passage through the Senate Banking Committee injects regulatory certainty into crypto markets, potentially lifting institutional allocation appetite. All three major U.S. equity indices hit new highs, and resilient retail sales data ease recession fears—though persistently low consumer confidence and inflation metrics remain watchpoints. In crypto, despite a single-day outflow from BTC ETFs, regulatory progress is viewed as a long-term positive—suggesting rebounds may follow near-term volatility. Overall, AI and crypto remain the twin market themes; investors should track policy implementation timing and macro data’s influence on risk sentiment.
Disclaimer: The above content was compiled via AI search and verified manually prior to publication. It does not constitute any investment advice. Data herein may contain inherent discrepancies; please rely on real-time market data for decision-making.
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