Kevin Warsh has officially been confirmed as the new Federal Reserve Chair, stepping into the role at a critical moment with inflation sitting at its highest level in three years. Warsh, who will be sworn in tomorrow, is notably the first Fed Chair known to personally own cryptocurrency and has previously described Bitcoin as “the new gold for anyone under 40,” signaling a potentially major shift in how digital assets could be viewed at the highest levels of U.S. monetary policy.
Meanwhile, a New York Times investigation is raising questions around unusual activity on Polymarket tied to the Israel-Iran conflict. According to the report, 13 users wagered roughly $140,000 that Israel would strike Iran before the end of the week, despite market odds suggesting an attack was unlikely. Several of the accounts had only recently been created, while another reportedly had a history of successful bets tied to military actions involving Iran. Polymarket says insider trading has no place on the platform and remains committed to combating it.
In the crypto markets, Hyperliquid continues dominating on-chain trading activity, now accounting for nearly 43% of all fee market share and generating approximately $11 million in fees last week alone. The surge has been fueled by perpetual futures trading, as traders increasingly migrate toward Hyperliquid’s specialized infrastructure for leveraged derivatives trading.
Elsewhere, Strategy Holdings reported a challenging first quarter as revenue fell 18% to $174 million. The company also posted a massive $1.3 billion net loss, largely tied to unrealized losses on its Bitcoin holdings. Strategy sold around $1.5 billion worth of Bitcoin, including $1.1 billion near the end of the quarter, in order to repurchase convertible notes. As a result, the company dropped from being the second-largest public Bitcoin treasury holder to fourth place.