A prominent trader noted that during the previous bull market, Bitcoin’s maximum pullback before its all-time high (ATH) was 22%, adding that this cycle’s pullback should likely not exceed 15%.

Liquid Capital founder Jack Yi posted that 20 days ago, he predicted Bitcoin (BTC) would face significant resistance near $86,000 and likely undergo a phased pullback, making closing long positions around that level a sound choice. Yi added that while he expects a pullback, shorting is not recommended in a bull market—traders should instead keep pursuing long opportunities. He noted bull markets do not rise in a straight line, with each pullback potentially offering a re-entry chance, and warned against chasing "the last penny" of gains, stressing the importance of timely stop-losses and proper risk management.

Former OpenAI researcher Will Depue has published a lengthy article stating that humans will soon see machines surpassing them in nearly all intellectual and physical capabilities, adding that most people have not truly accepted this trend. Depue argues that human capabilities such as entrepreneurship and taste do not have a "special and safe moat," and professions including investors, entrepreneurs, consultants, content creators, and musicians may undergo changes similar to those experienced by software engineers and mathematicians. He believes AI will eventually reach or even exceed human limits in fields like literature, poetry, music, and visual arts. Even if AI lacks human emotions and love, it may still outperform humans in making others "feel loved"; in the future, the only jobs that can resist automation may be crafts that derive value solely from being "created by humans." Depue emphasizes this is not pessimism. He notes humans can still gain value from human-to-human communities, art, and relationships, but should seriously face the future where machines surpass their capabilities: "Don’t cling to your abilities—they will disappear soon." When asked about the timeline for this future, he says it could take five years or fifty years, but humans are approaching non-human intelligence that can understand and express the "human condition" in ways humans cannot comprehend.

US 10-year Treasury yields have returned to the 5% mark, yet the crypto market and global equities have not seen sharp sell-offs. Wall Street’s pressure threshold for interest rate risk is gradually shifting from 5% to the 5.5%–6% range. Mike Bell, Head of Market Strategy at BlueBay Asset Management, noted there is no absolute “magic point” in the market that triggers sell-offs; the key lies in the relative premium between U.S. Treasury yields and risk assets’ earnings returns. As risk-free yields continue to rise, if corporate earnings do not expand in tandem, stock risk compensation will remain compressed. JPMorgan’s recent communications with large institutional investors found that market participants generally believe the yield level that could force a full revaluation of stocks has risen from 5% to 5.5%–6%. The growing share of AI, advanced manufacturing, and high-end services has also given some high-growth enterprises more abundant cash flow, weakening the short-term impact of high interest rates on corporate investment. However, financing costs above 5% may still exert sustained effects. Paul Jackson, Head of Global Asset Allocation Research at Invesco, pointed out that when the 12-month moving average of 10-year U.S. Treasury yields rises above 4.72%, global equities tend to face material pressure. Currently, this average stands at around 4.34%. Fed official Austan Goolsby also warned that a short-term 5% yield is not the same as a sustained yield above 5%; persistent high financing costs will eventually erode corporate budgets and capital expenditures. Neil Birrell, Chief Investment Officer at Premier Miton, added that the current market calm partly stems from institutional profit models not fully incorporating long-term discount rates above 5%; real pressure may emerge when the market focuses on revaluing forward cash flows.

Beating AI Express News: In response to recent online rumors about "Doubao layoffs" and "half of the dialogue team being cut," Liu Xing, Doubao's PR head, released a statement refuting the claims as untrue, stating the actual situation is organizational restructuring. Liu Xing explained that part of the functions of Doubao's General Session Team have been split into the Doubao Transaction Team and Doubao Work Team, with corresponding personnel transferred. Many employees remain engaged in dialogue experience-related work, such as optimizing dialogue experiences for transaction scenarios. According to him, the General Session Team has fewer than 50 members; 11 people were involved in the restructuring, of whom 3 left. Liu Xing stressed that online claims like "Doubao, used by 200 million people, is laying off staff" and "half of the dialogue team cut" are all untrue.

According to Lookonchain monitoring, as Bitcoin (BTC) price dips, whale address bc1qdp bought another 536.93 BTC six hours ago, worth around $45.28 million. Over the past 20 days, the address has accumulated a total of 2,460 BTC, with a combined value of roughly $194.3 million, at an average purchase price of approximately $78,966.

On Thursday, CPU-related stocks surged on news of Meta launching a small handheld device named "Meta Charm", lifting the Nikkei 225 index. The device is designed to run Meta’s new Muse AI assistant, spurring demand for key computer components. By midday trading close, the Nikkei index had risen 1.33% and the Topix index edged up 0.12%. Kazuaki Shimada, chief strategist at IwaiCosmo Securities, said the news boosted share prices of other CPU-linked companies. Socionext, Meiko Electronic and Ushio Inc all gained over 10%. Advantest, a chip test equipment manufacturer, rose 4%, while SoftBank Group notched a 0.52% gain. Strategists added that chip-related stocks have tended to hold up amid rising yields in recent trading sessions.