On May 13, Ross Ulbricht, the creator of the Silk Road marketplace, revealed his departure from Arizona, setting off on an undisclosed journey. In a striking move, Ulbricht disclosed plans to auction off select personal belongings—artifacts from his life before incarceration and mementos from his years behind bars. Turning the Page Ulbricht, who was fully […]

Bidding Begins on Ross Ulbricht’s Pre-Arrest and Prison Mementos as He Embarks on New Chapter

High-net-worth clients across Asia are gradually pivoting away from US dollar- 
based investments, favoring gold, cryptocurrencies and Chinese assets instead, 
according to financial services giant UBS Group.
&#8220;Gold is getting very popular,&#8221; Amy Lo, the Swiss bank&#8217;s co-head of wealth 
management for Asia, said during Bloomberg&#8217;s New Voices event held in Hong 
Kong on May 13.
She cited rising geopolitical uncertainty and persistent market volatility as 
primary factors behind the shift. Investors, traditionally concentrated in US- 
centric assets, are now seeking broader exposure across alternative asset 
classes, including crypto, commodities and other currencies.
Lo said &#8220;volatility is definitely here to stay,&#8221; prompting clients to 
rebalance toward perceived safe havens and growth opportunities in new 
regions.
China, after years of muted interest, is also regaining traction among the 
ultra-wealthy. Lo noted that clients who previously avoided exposure to China 
are now proactively asking about investment opportunities.
Hong Kong&#8217;s benchmark index, heavily composed of Chinese companies, has 
emerged as one of the world&#8217;s top performers in 2024, further fueling 
interest.
_Hong Kong Stock Market Index. Source:__Trading Economics_
Bank of America&#8217;s latest fund manager survey also shows that global fund 
managers significantly reduced their exposure to the US dollar in May, marking 
the largest underweight position in 19 years.
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compare?**_
## US-China tariff truce sparks investor optimism
Christina Au-Yeung, head of Investment Management Services at Morgan Stanley 
Private Wealth Management Asia, told Bloomberg that a recent tariff truce 
between the US and China has created renewed investor optimism.
&#8220;We are seeing an emergence of really interesting themes coming back out in 
China,&#8221; she said.
Au-Yeung also pointed to a growing risk-aware mindset among Asia&#8217;s wealthiest 
clients. The firm now recommends a balanced portfolio allocation, including 
40% fixed income, 40% equities, 15% alternatives, and the remainder in cash or 
equivalents.
On May 11, the US and China announced an agreement to temporarily reduce 
tariffs on each other&#8217;s goods. As per the deal, the US will lower tariffs on 
Chinese imports from 145% to 30%, while China will reduce duties on American 
goods from 125% to 10%.
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policy chaos: NYDIG**_
## Bitcoin viewed as a store of value
In a recent note, Galaxy Digital analysts said Bitcoin is increasingly being 
viewed as a digital store of value, noting growing interest from institutions, 
exchange-traded funds (ETFs) and even governments.
&#8220;Bitcoin&#8217;s supply and demand dynamics are solidifying its place as a mature 
digital store of value,&#8221; said Ian Kolman, co-portfolio manager at Galaxy.
Supporting this view, BlackRock&#8217;s head of thematics and active ETFs, Jay 
Jacobs, noted on April 25 that nations are increasingly diversifying away from 
US dollar reserves, turning instead to assets like gold &#8212; and now, Bitcoin 
(BTC) &#8212; as part of a broader shift in reserve strategy.
_**Magazine:**__**Metric signals $250K Bitcoin is &#8216;best case,&#8217; SOL, HYPE 
tipped for gains: Trade Secrets**_

Asia’s wealthy shifting from US dollar to crypto, gold, China: UBS

Falconx, an institutional digital asset prime broker, announced a strategic 
partnership with Standard Chartered. In the initial phase of the 
collaboration, Standard Chartered will provide a comprehensive suite of 
banking services to Falconx globally, enhancing the platform&#8217;s offerings for 
institutional clients. The partnership will integrate Standard Chartered’s 
banking infrastructure, allowing Falconx to access a wide […]

Standard Chartered to Provide Banking Services for Digital Asset Prime Broker Falconx’s Institutional Clients

Blockchain analytics firm Nansen announced on Wednesday it has officially 
joined the MANTRA Chain as a validator. This represents a significant step 
forward in its ongoing mission to support secure, decentralized, and 
compliance-aligned blockchain infrastructure. The partnership deepens Nansen’s 
involvement…

Exclusive: Nansen joins MANTRA Chain as validator to boost Web3 compliance

Andrew Peel, who led Morgan Stanley&#8217;s digital asset markets unit, is departing 
to start a Zug-based venture bridging traditional finance and decentralized 
finance. Morgan Stanley&#8217;s head of digital asset markets Andrew Peel has left 
the bank to launch a new…

Morgan Stanley crypto arm head quits to start DeFi trading firm

Synthetix contributors have released a proposal to acquire options protocol 
Derive through a token swap deal involving 29.3 million SNX with a lock-up and 
vesting period, valued at approximately $27 million. On May 14, the DeFi 
protocol declared its intention…