On April 28, 2026, global funds seemed to be simultaneously pulled by three different nerves: one end was taxed crypto assets, another end was the rapid expansion of AI and chip production, and the last end was gold, which was reintroduced to the table.

In Moscow, the Russian government's Legislative Committee approved the Finance Ministry's proposal to tax income from cryptocurrency transactions, officially pushing digital currency operations into the personal income tax system, using FIFO to calculate costs, and not allowing losses to be carried over to future tax periods—crypto gains were systematically pinned to the tax base for the first time. Almost simultaneously, on the other side, the AI track was showcasing its money-earning speed in numbers: DeepSeek raised its registered capital from 10 million yuan to 15 million yuan, with founder Liang Wenfeng's subscribed capital increased to 5.1 million yuan, raising his shareholding from 1% to 34%; Ineffable Intelligence, founded by former Google DeepMind core researcher David Silver, secured around $1.1 billion in seed round financing within months of its establishment, with a valuation of approximately $5.1 billion (according to a single source), and was reported by some as the largest seed round investment in European history (according to a single source).

Funds flowed not only into model companies but also placed bets at the hardware level. TSMC announced it would advance its advanced process expansion at "twice the speed," with first-year output from the 2nm process expected to increase by about 45%, indicating that the manufacturing side was willing to initially invest tens of billions to hundreds of billions in capital expenditure to meet the demand for AI and high-performance computing chips. On the consumer side, the AI application Anuma was officially opened to all users, integrating several major models including Claude, GPT, Gemini, Grok, DeepSeek, and supporting Kimi and Qwen (according to a single source), operating on ZetaChain 2.0, attempting to grab a share in the "entry-level" applications (according to a single source). From upstream to downstream, AI-related assets were laying down a new capital channel.

At the same time, another sentiment was quietly gaining traction in the background. Ray Dalio, founder of Bridgewater Fund, suggested that investors allocate about 5%-15% of their portfolios to gold to hedge against uncertainties related to the war with Iran, bringing traditional safe-haven assets back to the table. On-chain, the whale address tummy.hl sold 50,000 HYPE at about $41.43 each, exchanging for approximately $2.07 million USDC (according to a single source). This large reallocation was seen as an example of funds realizing gains and reallocating positions within crypto assets. The tug-of-war between risk aversion and risk-taking played out simultaneously in macro advice and specific trades.

On the same day, Russia tightened crypto taxation, AI and semiconductor expansions were siphoning money, gold was being called out again, and on-chain whales began adjusting their positions—these events scattered across different markets pointed to the same invisible capital migration path. Next, we will follow the threads of taxation, financing, expansion, and on-chain transactions to gain clarity on this cross-market capital flow: which end is being emptied, and which end is being filled.

Russia's Strong Stance on Crypto Tax: Speculators Turn into Taxpayers

On this cross-market capital migration path, the first heavy blow fell on Russian crypto speculators. On April 28, when the Russian government's Legislative Committee approved the Finance Ministry's proposal to tax income from cryptocurrency transactions, a long-standing profitable channel in the "gray area" was officially brought into the spotlight of the tax system.

In the past, the income generated from digital currencies was often considered off-the-books profit—gaining from price differentials while leaving it to fate. However, the proposed bill clearly includes "digital currency operations" into the personal income tax system, meaning that such income must now be reported like wages, interest, and dividends. For individuals, any digital currency operation defined as a "taxable event" also psychologically declared: to continue gambling in this market means standing at the table as a taxpayer.

More critically, Russia chose an unfriendly approach to calculate this tax base for traders. The bill proposed using a first-in, first-out (FIFO) method to calculate digital currency transaction costs: the first batch bought is considered the first sold. On the surface, this is merely a choice of accounting rules, but for frequent traders, it directly changes the cost structure at tax time—what is considered profit and what is considered cost is no longer at the participant's discretion but is automatically locked in by time sequence.

If FIFO only changed the rules of the game, then the "prohibition of loss carry-forward" adds another barrier to the rules. The bill proposed that losses from digital currency transactions cannot be carried forward to future tax periods for deduction. For traders in a high-volatility environment, this translates to one thing: sitting on the same price roller coaster, profitable years are fully taxed, while losing years cannot offset future income, leading to tax burdens that do not smooth out with long-term profit and loss but are instead spread across independent tax periods. The result is a further amplification of post-tax cash flow volatility, layering the uncertainty of tax burdens on top of price volatility.

However, this is not a simple and crude "comprehensive crackdown." In the same bill, Russia plans to exempt digital custody institutions and cryptocurrency exchanges from value-added taxes. In other words, on one hand, it is a "net-like" inclusion of individual income, while on the other, it signals partial exemptions for the infrastructure that enables trading and custody. The coexistence of regulatory inclusion and partial exemption creates a more nuanced stance: the government wishes to incorporate profits into the tax base while also not wanting to completely sever the survival space of local compliant infrastructure.

Under this arrangement, the role of digital currencies is redefined: they are no longer just a series of fluctuating curves in market software, but will leave a formal record in the tax bureau's system. For those used to making quick money in volatility, each click of "sell" now carries a new label—"tax obligation triggered." For funds, this institutional "declaration of war" will force some to calculate clearly: is it still worth sticking around to gamble for uncertain after-tax returns.

DeepSeek's Capital Increase and $1.1 Billion Seed: AI Becomes a New Darling

As Russia pulled crypto gains into the tax net with a piece of legislation, another capital channel was quietly widening: rewriting the equity structure in boardrooms, the pitch deck only had "models," "computing power," and "basic research" left.

DeepSeek's latest company registration changes reflect this migration of capital.
Registered capital increased from 10 million yuan to 15 million yuan, nominally a 50% increase, but what truly catches attention is the founder Liang Wenfeng's position: his subscribed capital rose to 5.1 million yuan, raising his shareholding from 1% to 34%. This is not just a simple renaming; it is creating space for the next step—before external capital enters, repositioning the founder at the center of the table ensures clear anchors in future negotiations regarding voice and control.

Some media have begun interpreting this capital increase as a prelude to "initiating the first external financing," although details have not yet been officially confirmed. However, in the context of capital, such capital disclosure itself serves as a signal: a company is prepared to be valued, due diligence conducted, and included in fund annual reports. For those funds facing a reduced space for crypto gains due to tax regulations, the keywords "founder's shareholding significantly raised + potential financing window opened" are much more intuitive than continuing to gamble on FIFO costs and the prohibition of loss carry-forward on-chain.

If DeepSeek's actions are still characterized as "laying the groundwork for fundraising," Ineffable Intelligence has taken capital preferences to the extreme. Founded by former Google DeepMind core researcher David Silver, this company secured around $1.1 billion in seed round financing just months after its inception, with a post-investment valuation of about $5.1 billion (according to a single source), which some reports described as "the largest seed round investment in European history" (also according to a single source). Without much product story to tell, pushing the valuation to several billion dollars reflects a betting style that relies solely on "future basic research dividends," a practice rarely seen on the crypto track but repeatedly replicated in AI basic research by leading capital.

Bringing the timeline to April 28, 2026, on one side, Russia officially incorporates digital currency operations into the personal income tax system, requiring FIFO for cost calculation and banning loss carry-forward; on the other side, DeepSeek completes its capital increase, and Ineffable Intelligence turns the "seed round" into a massive funding entry point. For large amounts of capital, the question has shifted from "whether to leave crypto" to "where to bet the next growth curve": continue to withstand post-tax volatility on tightly monitored chains, or follow the mainstream capital trend, shifting funds towards those AI projects still allowed to tell long-term stories. AI is being shaped into a new haven—not in the sense of safety from risk but as a place where funds prefer to linger under the joint effect of regulation and narrative.

Anuma Opens: Multi-Model Entrance to Capture User Time

As funds begin to shift from "betting on which model company" to "betting on who can truly capture users," Anuma chooses this moment to step into the spotlight. It is explicitly positioned as an AI consumer application for end users, now officially open to all users, integrating mainstream major models like Claude, GPT, Gemini, Grok, DeepSeek, while also supporting Kimi and Qwen, allowing users for the first time to compare different models in the same interface.

On the surface, this appears to be a multi-model aggregator, but in essence, Anuma is rewriting the boundaries of the battlefield. Over the past year, what was contested were model parameter counts, inference speed, and benchmark scores; Anuma's logic is to let users remember only one entrance rather than a plethora of model brands. It provides a unified memory system that retains contextual information when users call different models, so that conversation history does not get cleared with the model switch—creating a "long-term memory assistant" for users, who can simply switch to a "different style of expert" for answers at any time. This design combining unified memory with multiple model choices forces the cold, hard model capabilities into everyday usage scenarios, attempting to transition the original "model battle" into a war of "who can capture user time better."

More critically, Anuma has based this entrance on ZetaChain 2.0. Multi-model access is no longer just an application layer feature, but is directly tied to on-chain infrastructure. For the capital observing the story, this provides a clear narrative template: on one end is an AI consumer entrance open to all users, and on the other end is the on-chain base that can be imagined to be financialized, both connected through unified memory and multi-model scheduling. This responds to the capital's desire for AI traffic entrances while finding a less abstract foothold for on-chain infrastructure, stitching together a new "AI + on-chain" narrative at a time when crypto gains are being taxed and old narratives are receding.

TSMC's Double-Speed Expansion, Yet Hedgers Buy Gold

The story extends from the on-chain and application layers downward, soon landing on the most "solid" layer: the capacity of wafer fabs. TSMC at this moment chose to tighten the pace—announcing it would advance advanced process expansions at "twice the speed," with first-year output from the 2nm process expected to increase by about 45%, directly moving the computing foundation for AI and high-performance chips into production in advance for the next few years.

The market understood this implication: this round is not about minor repairs or technical modifications but is a systemic response to long-term strong expectations for AI and high-performance computing demand. The 45% increase in the first-year output of 2nm means that the previously conservative rhythm of "first validate, then scale" has been broken, welcoming capital to bet on a faster realization of the AI infrastructure cycle—from models and applications all the way to the fixed asset ledger of wafer fabs.

However, from a broader macro perspective, another hand is pulling back the risk dial. At the same time, Ray Dalio publicly advised investors to allocate about 5%-15% of their portfolios to gold, explicitly linking this advice to uncertainties surrounding the war with Iran, emphasizing gold as a hedge against geopolitical risks. This advice is characteristic of a context where "the worst is assumed first, then the benefits are discussed," contrasting sharply with the expansion blueprint offered by TSMC.

As a result, capital is being torn between two narratives: on one side, the advanced process represented by 2nm is expanding at double speed, cashing in future optimistic expectations for AI computing; on the other side is the 5%-15% gold position under Dalio’s reminder, using cold metal as a buffer against potential shocks. The same group of investors, at the same point in time, has one foot on the pathway of long-term growth for high-performance computing, while the other foot attempts to create a safe exit channel through gold allocation.

Whale Selling of HYPE and the Next Round of Risk Appetite Game

At the same time, on-chain also provided a clear expression of sentiment. Whale address tummy.hl sold 50,000 HYPE in the secondary market at an average transaction price of about $41.43, directly exchanging it for approximately $2.07 million USDC (according to a single source). This was not a short-term emotional fluctuation transaction but a sizable profit-taking action, converting a high-volatility token position into readily deployable "cash ammunition."

From a behavioral logic standpoint, such whales are typically less concerned about the "belief" held by retail investors and are more focused on when paper profits will be realized and where the next step of funding should be placed. The sell-off by tummy.hl can be interpreted both as a choice to lock in profits in the short term and possibly as preparation to reallocate to more certainty outside the chain—whether that be AI concept stocks currently favored by the capital markets or temporarily waiting on the sidelines to observe the pace of regulatory implementation.

This on-chain transaction occurred at a time that neatly straddles the intersection of multiple narratives: the Russian government’s Legislative Committee had just approved a proposal to incorporate digital currency operations into the personal income tax system, adopting FIFO for cost calculation and prohibiting loss carry-forward; on one side, DeepSeek raised its registered capital, and the founder significantly increased his subscribed capital to reshape the equity structure for potential financing; on the other side, Ineffable Intelligence completed about $1.1 billion in seed round financing just months after its establishment (according to a single source); on the consumer side, Anuma was opened to all users based on ZetaChain 2.0, attempting to take a slice in the multi-model entrance; on the manufacturing side, TSMC announced it would advance the 2nm expansion at "twice the speed," with expected first-year output increase of about 45%. In this window of opportunity, tummy.hl casting HYPE into the market is equivalent to an on-chain operation weighing in on these macro and industrial signals.

If we plot Russia's crypto taxation, the massive financing in the AI track, TSMC's expansion, and Dalio's suggestion of gold allocation on an asset allocation map, we can observe three forces simultaneously tugging:
one is on-chain assets subjected to tax base inclusion and rising compliance costs;
another is the AI and semiconductors, with both financing scale and story density being raised;
and the last is traditional safe-haven assets like gold, which are once again highlighted by geopolitical conflicts.
Capital is not simply "one in, one out" between these three, but continuously probing for a new balance point—whales converting HYPE to USDC is merely a move to pull chips back from the high-volatility end, and the next step is either back to other tokens on-chain or pivoting toward tech stocks or safe-haven assets, with on-chain data itself not providing answers but offering a sample to observe capital preferences.

In the coming period, liquidity and overall risk appetite in the crypto market are unlikely to be dominated by a single narrative. From a regulatory perspective, actions like those in Russia, systematically incorporating crypto gains into the tax base, will directly influence the willingness of on-chain funds to linger, either raising compliance thresholds or driving fund outflows; from an industrial perspective, whether the AI narrative can truly yield commercial returns through projects like DeepSeek, Ineffable Intelligence, and Anuma will determine if it becomes a short-term capital "black hole" or a long-term anchor for capital; from a macro perspective, the directional shifts of geopolitical conflicts related to Iran will influence whether Dalio’s advocated 5%-15% gold position serves as an insurance policy or merely reflects mismatched costs.

Under the interplay of these three forces, whales like tummy.hl will continue to use real capital votes: when crypto tax liabilities become clear, when AI valuations adjust or materialize, or when gold volatility re-prices risk premiums, which assets USDC will flow back into will directly shape the upper and lower limits of the next round of risk appetite. Today's sale of 50,000 HYPE is merely the first quiet but clear shot at the start of a new round of games.

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