Hong Kong's government is reportedly planning to issue multi-currency digital bonds equivalent to up to HK$20 billion.

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.

As $BTC drops, whale bc1qdp bought another 536.93 $BTC ($45.28M) 6 hours ago. Over the past 20 days, the whale has bought a total of 2,460 $BTC ($194.3M) at an average price of $78,966.

According to Arkham’s monitoring, a certain address received 45,000 ETH from Galaxy Digital’s OTC desk. At the time of the transfer, the sum was valued at approximately $119.67 million, with an average entry price of around $2,659 per ETH. The address then combined some of its existing holdings with the newly received funds, routed them through intermediate wallets, and transferred a total of roughly 54,990 ETH to the same destination wallet. As of press time, this aggregated wallet holds about 57,257.78 ETH, worth approximately $153.4 million, with no active outgoing transfer records. Aggregation address: 0x0ff2c6e74e97c4c229bf156ab1ed8dd97bc84c9f