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BlockBeats News, May 26th. Analyst Murphy stated that the current BTC market status can be observed through the "Short-Term On-Chain Activity Value Weight" (i.e., the percentage of on-chain dollar value carried by short-term chips turnover). This indicator reflects the latest speculative, arbitrage, profit-taking, or panic selling and other short-term trading behaviors. Currently, this weight has dropped to a historically low level, only seen in the bottom area of a bear market in the past 15 years. This implies a significant decrease in short-term turnover, with economic value moving towards long-term chip accumulation, indicating that the market is in a phase of low volatility, accumulation, or clear bottom features. The analyst believes that based on this, the current market may be in one of three stages: the bottom of a bear market; a secondary bottom, possibly with one last drop to go; or the accumulation before the start of a bull market. However, a rational judgment can temporarily exclude the pre-bull market accumulation. It is currently not recommended to go all-in on a single scenario. It is suggested to adopt a diversified position strategy to deal with different outcomes. The relative position of the long-term trend has indicated that Bitcoin is near the bottom.

⑴ On Tuesday, the Japanese government bond yield curve flattened, with the 10-year government bond yield rising by 3 basis points to 2.72%, while the 40-year government bond yield fell by 5.5 basis points to 4.09%, showing resilience ahead of tomorrow's auction. ⑵ The Ministry of Finance will issue 300 billion yen of new 40-year government bonds through a Dutch auction, a reduction of 100 billion yen compared to the previous issuance. The Bank of Japan plans to conduct routine bond purchase operations on Thursday, and month-end duration extension inflows are also expected on Friday. ⑶ However, there are differing views within the market. A trader at a Japanese securities firm pointed out that the 30-year and 40-year bonds have already inverted in terms of compounded yield, and investors may be more inclined to buy the 30-year rather than the 40-year bonds. Institutional data show that the yield on the 40-year bonds issued during the week is about 3.84%, while the yield on the actively traded 30-year bonds is about 3.879%. ⑷ The 10-year bond suffered selling pressure at the open, with the benchmark yield rising by 2 basis points to 2.71% in early trading, dipping to 2.695% during the session, but climbing again in the afternoon to reach 2.725%. Futures simultaneously fell to a daily low of 128.17. ⑸ In terms of trading sentiment, regional accounts continued to sell low-coupon bonds with around 13 years maturity, indicating that some investors are still adjusting their yen bond portfolios to enhance their ability to withstand rising yields. A domestic investor sold the 40-year JU17 bond, but this did not push yields higher; the investor may switch into the new 40-year issue in tomorrow's auction.

Glonghui, May 26 – Piper Sandler has raised the target price of MetLife from $81 to $86, and increased the target price of Travelers from $329 to $340. (Glonghui)