U.S. stocks closed lower, with the Nasdaq down 1%, and chip stocks generally declined.

Trump escalates his threat against the Iran-U.S. conflict; gold sees a selloff, posting its largest drop in four days

This week, due to Trump’s tough remarks targeting Iran, gold prices fell, with spot gold and futures down 2% and 2.5%, respectively. Rising oil prices boosted inflation expectations, reducing gold’s appeal. In addition, the entire precious metals complex faced pressure: UBS cut its gold price outlook, so investors need to watch how the situation in the Middle East and market volatility affect prices.

Tiger Research: Bitcoin ETF rise as traditional finance moves in and eats up market share from exchanges

The report points out that traditional financial institutions are rapidly moving into the cryptocurrency market, creating competitive pressure on exchanges. With the rollout of spot Bitcoin ETFs, investors are increasingly favoring bank and securities products, leading to decreased exchange trading volume and layoffs. If an exchange doesn’t offer unique services, it will be difficult to survive. The trend toward the integration of traditional finance and the crypto industry is also strengthening, and exchanges worldwide face challenges.

BlackRock’s Bitcoin ETF has daily trading volume as high as $18 billion, rivaling leading CEXs.

BlackRock’s iShares Bitcoin Trust (IBIT) has seen a surge in daily trading volume, making it the leader in U.S. spot trading volume. Although there has been overall ETF fund outflow, IBIT’s trading activity indicates that institutional investors are paying closer attention to the crypto market, reflecting intensifying competition between traditional finance and digital assets. In the future, Bitcoin prices and economic signals will influence ETF fund flows.

IMF Warns: Four Key Risks or Shocks of Tokenized Finance Could Hit the Global Financial System

The International Monetary Fund (IMF) report warns that tokenized finance poses four major risks, including exacerbating market fragmentation, increasing financial stability risks, conflicts in cross-border settlement, and challenges for emerging economies. The IMF recommends implementing policies such as secure money anchoring and unified regulation to address these risks, and notes that the tokenized finance market is growing rapidly.

A lawsuit over SpaceX equity draws attention; the distribution of tens of billions of dollars in IPO proceeds faces uncertainty

A lawsuit involving SpaceX shares could have a major impact on how proceeds from its upcoming IPO are distributed. The dispute stems from a collaboration between Trellis Software and ClearList Holdings; Trellis alleges that ClearList attempted to dilute its stake, while ClearList counters that Trellis failed to deliver the software. The case’s progress will affect private equity funding worth billions of dollars and has sparked attention to protections for shareholders and market rules.

$13.0 billion exit stalls: private credit “run” intensifies, on-chain tokenization risks also expand in parallel

In 2026, the private credit market faces liquidity pressure. Investor redemption demand is high, but actual settlement falls short of half, and multiple institutions have initiated redemption restrictions. Market tension and sentiment worsen, default rates hit a record high, and problems with asset structure are pronounced. Blockchain attempts have failed to improve liquidity, and macro pressures have struck borrowers. Overall, private credit could become a source of systemic risk.