7:00-12:00 Keywords: BlackRock, Tornado Cash, Powell

1. The net inflow of the US spot Bitcoin ETF yesterday was $47.1 million.

2. BlackRock: Stablecoins are seen as a new component of future finance, and BTC may be a tool for diversified investment returns.

3. Hong Kong Monetary Authority: Stablecoin issuers need to "identify and prevent" customers from using VPNs.

4. The cumulative market value of Crypto Treasury companies has soared to $160 billion.

5. The Tornado Cash co-founder case has entered the jury deliberation stage, potentially rewriting developer legal liability limits.

6. Powell: Government interest costs are not considered in monetary policy formulation.

7. CMB Macro: As long as the inflation gap is higher than the employment gap, the Fed will find it difficult to cut interest rates.