Receiving a tax reminder only means that you have been flagged as suspicious by the system. Whether, how, and how much tax you need to pay depends on subsequent circumstances. It is recommended to prepare in three steps: 1. First, review your overseas income situation yourself: what type of income it is, in which jurisdiction, and which parts have most likely already been reported back; 2. Analyze which type of income is reasonably taxed under which criteria. For example, year-end bonuses for high earners are generally not included in the comprehensive income of the current year but are more reasonably taxed separately; 3. Check if there are applicable tax credits, dual tax residency issues, tax treaties, and other related matters. At the same time, maintain active communication with the tax authorities

In April, the US CPI and PPI data were both higher than the previous values and expectations, but the market had a better understanding of the PCE data for April. Although the annual rate data released today were also higher than the previous values, they were within the expected range. However, compared to the increases in CPI and PPI, the rise in PCE data was not significant. Even the monthly rate data were lower than the previous values. Both the core PCE monthly rate and the PCE monthly rate were lower than before. This is mainly because the weighting of PCE differs from CPI; shocks like energy, gasoline, and rent are more easily amplified in CPI. CPI reflects out-of-pocket prices for urban consumers, while PCE covers total personal consumption expenditures, with weights adjusted according to changes in consumption behavior. Simply put, if oil prices rise, CPI directly shows "gasoline prices rose a lot," while PCE also considers whether consumers have changed their actual consumption patterns, such as driving less, consuming less, or switching to cheaper alternatives. Therefore, the same price shock may have different weights in PCE. Additionally, the Federal Reserve focuses most on the core PCE data, which is still acceptable, having only risen 0.1% compared to March. The market should temporarily breathe a slight sigh of relief. #Bitget comes with VIP! Crypto, US stocks, CFDs, global opportunities all in one place

This time, I added short positions on WTI at $93, $94, and $96 respectively. Actually, thinking about it now, I was a bit too optimistic about $85. Although I expected some fluctuations, since I rarely do short-term trades, I didn't have the concept of taking profits early and exiting. This led to another round of rollercoaster trading. Although overall I am still profitable, I could have done one more round. Of course, these are not the main points. The main point is that I still believe there is no problem with shorting WTI. Even now, Trump hasn't said he doesn't intend to negotiate, Iran hasn't escalated the conflict further, the US midterm elections are coming soon, and the blockade of Iran's coast is also critical. In this situation, I think the more both sides are entangled, the more it indicates that the negotiations have reached a detailed and critical phase, with a stance of no concessions. Most likely, the rest will be a grind. Be sure to watch out for liquidation prices; I am still above $120. The current average price is $93.48, with a current loss of 29%.

Monday's data for ethereum:native was still pretty good, mainly because ETH had already dropped below $2,000 by Monday. The reaction from traditional investors was quite decent, with BlackRock's investors selling the most, while Fidelity's investors did some bottom-fishing on Friday. It's estimated that those bottom-fishing investors ran on Monday. Currently, ETH almost has no independence. Of course, this time bitcoin:native showed independence, but I guess no one wants that kind of independence to happen to ETH. However, putting all hopes on a single commercial company and expecting that company to never sell any BTC or ETH is itself unscientific. Let's just take this as a demystification. #Bitget When you come, you are VIP! Crypto, US stocks, CFDs, global opportunities all in one place

A super detailed interpretation of @binance's stock trading — an ultra-cautious layered broker license model After thoroughly understanding Binance's stock model, I have to admire Binance's extreme caution in compliance. It can be said that most cryptocurrency exchanges' stock models I have seen so far are compliant, but Binance does not just comply; it adopts a more cautious "license" layered model. Many exchanges use Alpaca, a US-compliant broker, as their underlying broker, which is an open secret. Although Binance also uses Alpaca, it adds an extra layer with Nest Trading, a financial company registered in ADGM. (Financial Firm, FSP number 260000, effective January 5, 2026. Nest Trading is not allowed to hold or control client funds or client investments.) What does Nest Trading do? Before this, many might not have known exactly what Binance is. Binance now resembles more of a brand or group rather than a single company. It's like how Google actually belongs to Alphabet. Under the regulatory framework of Abu Dhabi Global Market (ADGM), Binance has three core entities: Nest Exchange Limited: Exchange Nest Clearing and Custody Limited: Clearing & Custody Nest Trading Limited: Broker-Dealer From a traditional finance perspective, this means Binance has split what used to be completed internally by one exchange into several parts: exchange, clearinghouse, custody institution, and broker. This structure is more like Nasdaq handling trading, DTCC handling clearing, and brokers handling clients and orders, rather than the old model where one exchange handled trading, clearing, custody, OTC, wealth management, and conversions all at once. Nest Trading mainly handles: 1. Arranging Deals in Investments 2. Dealing in Investments as Agent 3. Dealing in Investments as Principal 4. Managing Assets 5. Arranging Custody 6. Providing Money Services In summary, Nest Trading is essentially a Broker-Dealer + Wealth Platform + OTC Desk company, meaning it is specifically responsible for broker services. Therefore, #Binance does not directly connect Alpaca through the exchange entity but routes through Nest Trading. The advantage is that Binance does not use the exchange entity to undertake securities brokerage services directly but places securities-related business under the Broker-Dealer entity Nest Trading, achieving clearer business layering from a licensing perspective. This is the "license" layering I mentioned at the beginning. An exchange connecting directly to Alpaca can also be compliant. As long as the underlying broker, account opening, KYC, trading, clearing, custody, dividends, and corporate actions are all properly handled, the model itself is fine. But Binance's scale in users, trading volume, regulatory history, and global coverage is huge. If Binance used the exchange entity to connect directly to Alpaca, it would be easily perceived as Binance itself providing US stock brokerage services globally. But with the added layer of Nest Trading, the logic becomes: users place orders on Binance's front end, Binance provides the trading interface and account experience, Nest Trading as the broker entity undertakes and arranges securities transactions, then routes orders to Alpaca, which handles actual US stock execution, clearing, settlement, custody, dividends, and corporate actions. This is license layering. PS: This is also why I emphasize that Binance consists of three core entities, with Nest Trading being one of the core entities, just used differently in terms of licensing. This way, the boundaries of each licensed entity are clearer: Binance handles the front-end interface and account experience, Nest Trading handles securities brokerage and order arrangement, and Alpaca handles execution, clearing, settlement, and custody. For regulators and users, each type of financial service is undertaken by a corresponding licensed entity. This is more cautious than simply "exchange connecting to broker API." For users, the biggest significance of this model is that on Binance, you see buying US stocks and ETFs with assets like USDT, USDC, BNB, but the underlying stock trading is arranged through the broker entity Nest Trading and then executed, cleared, settled, and custodied by Alpaca. Thus, liquidity comes from the real US stock market, and corporate actions can be handled by the underlying broker system, such as dividends, stock splits, reverse splits, ticker changes, and delisting. So Binance's upgrade in stock trading is not just allowing users to buy US stocks and ETFs on the exchange but upgrading itself from a single cryptocurrency exchange to a global multi-asset financial gateway. By using its own Broker-Dealer entity Nest Trading under the ADGM framework to connect to Alpaca, rather than directly using the exchange entity to undertake securities brokerage services, Binance retains the front-end user experience while clearly assigning securities brokerage, order arrangement, execution, clearing, settlement, and custody to distinct licensed entities. On the basis of compliance, this reduces license mismatches and regulatory interpretation costs caused by directly conducting securities brokerage business with the exchange entity. Hence, the license layering model of Binance front end + Nest Trading broker entity + Alpaca execution, clearing, and custody exists.

The first working day of June was another critical hit, again caused by the US and Iran. The two countries continue to push each other to the limit. You say there are no talks, but both sides are still negotiating. However, when you ask about the progress, both sides deny it. Over the weekend, complications already appeared, and by Monday, the situation was still tangled. Until early morning, Trump stated that talks with the Islamic Republic of Iran are ongoing and progressing rapidly. But Iran announced that the US-backed Israeli actions in Lebanon and Gaza will strengthen the determination of the resistance axis. Other fronts may be activated. Traffic in the Mandeb Strait may align with the situation in the Strait of Hormuz. This means that a conflict could break out at any disagreement. Honestly, it's really exhausting. Despite all the dissatisfaction, trading must continue. Today, taking advantage of the rise, I pulled the price of CLUSDT up to $93.1. The liquidation price is still above $120. Currently, there is a slight profit. Fortunately, the current funding rate is very low. I've held the position for a week and even earned some funding fees. It feels like the more the US and Iran tug back and forth, the more it indicates that the negotiations have reached a very detailed stage. Let's keep watching. As long as it doesn't really return to a state of war, the rise in oil prices is very likely temporary. Back to Bitcoin data, today $MSTR sold 32 native bitcoins, causing some investor sentiment to collapse. After all, MSTR holds too much BTC, and the market worries that if MSTR starts to dump BTC, the BTC price might not hold steady. Because of this, Bitcoin experienced a significant surge in interest, with market turnover increasing sharply. Of course, short-term investors still dominate, and early investors have not shown obvious signs of selling. #Bitget means VIP! Crypto, US stocks, CFDs, global opportunities all in one place