Today's News Highlights:
Michael Saylor proposes a five-layer architecture for modern digital asset stacks
DeepSeek completes record funding exceeding $7 billion, valuation surpasses $50 billion
Karma3 Labs and its OpenRank protocol will cease operations, remaining capital will be returned to investors
Analyst: Binance Bitcoin futures cumulative trading volume approaches $800 trillion
Crypto market is eating into US stock liquidity: SpaceX shares have traded at 10.3% of Nasdaq, with daily volume exceeding $5.4 billion
AI-powered Alipay 'A-Bao' officially launched
SpaceX's market cap nears $2.9 trillion, just $100 billion short of surpassing Microsoft
Coinbase is collaborating with AWS to support web publishers in charging AI agents through x402.
Regulation & Macro
Iran's foreign minister says a new round of negotiations between the US and Iran may take place on the 19th in Switzerland.
The Bank of Japan raised interest rates by 25 basis points as expected.
The Bank of Japan raised interest rates by 25 basis points, increasing the target rate from 0.75% to 1.00%, the highest level in 31 years, in line with market expectations after keeping rates unchanged for three consecutive meetings.
Dubai's VARA requires crypto firms to use data-driven risk models and update risk assessments every three months.
The Dubai Virtual Assets Regulatory Authority (VARA) released new guidelines requiring crypto firms to use quantitative business data to build real-time risk scoring models, replacing static tracking. The new regulations require crypto firms to update their risk assessments at least every three months or immediately when significant changes occur in their operational structure or product lines. Firms must incorporate risks from high-risk and blacklist countries as defined by the Financial Action Task Force (FATF) into their assessment framework and differentiate between risks associated with proliferation financing and targeted financial sanctions, avoiding conflation with standard anti-money laundering measures. VARA emphasized that firms must formally document and explain the risks brought by emerging tools such as AI-driven operations and anonymity-enhanced trading, and demonstrate to regulators that assessment results directly influence resource allocation and daily compliance execution.
US CFTC Chairman clarifies four misconceptions about perpetual futures contracts.
US Commodity Futures Trading Commission (CFTC) Chairman Mike Selig clarified four misconceptions regarding perpetual futures contracts. Regarding the misconception of fixed expiration dates: neither the Commodity Exchange Act nor CFTC regulations provide a clear definition for futures contracts, nor do they require fixed expiration or delivery dates; the criteria are provided by case law and committee interpretation, neither of which require fixed expiration dates. Regarding the misconception of high leverage: extreme leverage has been a feature of trading perpetual contracts offshore since their inception, and is not inherent to the contract structure itself; CFTC-regulated perpetual contracts are subject to the same leverage limits as other CFTC-regulated futures contracts. Regarding the public opinion misconception: the CFTC issued a request for comments on perpetual contracts and 24/7 trading in April 2025, receiving over 100 comments. Regarding the misconception of funding rates: the annualized costs of holding futures contracts with expiration dates are roughly equivalent to those of perpetual contracts; the funding rate mechanism serves as a constraint tool that keeps the contract linked to the underlying spot market.
The US Congress plans to rebuild the Department of Justice's crypto crime task force to coordinate efforts against theft and fraud.
The US Congress is pushing to rebuild the Department of Justice's crypto crime task force. Previously, the DOJ disbanded the national cryptocurrency enforcement team in April 2025 and ceased the 'enforcement-based regulation' strategy against the crypto industry. The new bill, proposed by Representatives Lance Gooden and Josh Gottheimer, aims to establish a federal cryptocurrency theft task force within the DOJ, responsible for coordinating investigations and prosecutions of cases involving crypto asset theft, hacks, and fraud. The task force will set best practices for evidence collection, digital evidence analysis, asset tracking, and victim outreach, provide technical assistance and training to state and local law enforcement agencies, and coordinate international cross-border case collaborations. The bill explicitly excludes the cryptocurrency market, financial institutions, and financial products from the task force's regulatory scope, without changing the existing regulatory framework and criminal law. An FBI report shows that in 2025, there were 181,565 complaints involving cryptocurrencies, with reported losses exceeding $11 billion. The bill has yet to clarify details regarding funding, personnel allocation, and victim response mechanisms.
A US judge dismissed xAI's lawsuit against OpenAI for stealing trade secrets.
A US federal judge dismissed the lawsuit filed by Elon Musk's AI company xAI against competitor OpenAI. The lawsuit alleged that OpenAI stole trade secrets. Judge Rita Lin stated that xAI failed to prove that OpenAI induced former xAI engineer Xuechen Li to steal trade secrets, nor could it prove that any presentations made during OpenAI's recruitment of Li disclosed xAI's trade secrets. The judge noted that allowing xAI to continue the lawsuit would be futile. She had previously dismissed an earlier version of the lawsuit in February of this year.
Spain's CNMV issued an urgent warning before the end of the MiCA transition period on June 30.
The Spanish National Securities Market Commission (CNMV) has issued a statement warning virtual asset service providers (VASPs) to pay attention to the impending consequences of the MiCA framework. After June 30, the grace period for VASPs benefiting from the transitional phase will end, and only authorized VASPs will be allowed to operate in the country. The CNMV states that investors should not engage with entities that have not completed the authorization process, as they will not enjoy the protections and oversight mechanisms stipulated by regulations. VASPs operating in Spain without MiCA authorization can design migration plans to manage customer funds, including agreements with other authorized VASPs to allow customers to continue accessing crypto services. The migration plan will set a reasonable timeline for investors to withdraw, and any unwithdrawn crypto assets and funds may be transferred to authorized entities, with affected customers notified. Cris Carrascosa, CEO of ATH21, revealed that with only 15 days left before the rules take effect, less than half of VASPs have obtained MiCA licenses, signaling that European companies and users may face severe service disruptions.
Project Updates
HYPE tokens worth $40 million were withdrawn from the exchange and staked.
According to on-chain analyst Yu Jin's monitoring, 572,900 HYPE ($40 million) was withdrawn from Coinbase Prime three hours ago and subsequently deposited in Hyperliquid for staking. HYPE has risen 11% today.
Karma3 Labs and its developed OpenRank protocol will cease operations, and remaining capital will be returned to investors.
Sahil Dewan, founder of Karma3 Labs, the team behind the decentralized reputation protocol OpenRank, announced that after three and a half years of development, the company and its OpenRank protocol will shut down and cease development. Remaining capital will be returned to investors, and all code, protocols, documents, and learning materials will be open-sourced, with the GitHub repository archived and permanently public. OpenRank generated reputation scores for over 10 million on-chain users, facilitated over $50 million in incentive distributions, and supported more than 50 integrations. However, the team failed to find a business model that could compound growth, with the core lesson being that the right thesis does not automatically translate into a scalable business. Infrastructure needs to anchor on users' existing workflows, rather than hope for future behaviors the market will learn.
The AI version of Alipay, 'Abao', has officially launched.
The AI version of Alipay, 'Abao', has officially launched, making Alipay the world’s first fully AI-integrated super app. The new version has started invitation testing and will gradually open to all users.
A new wallet withdrew over 573,000 HYPE from Coinbase, valued at $39.88 million.
According to Onchain Lens monitoring, a newly created wallet withdrew 573,001 HYPE from Coinbase, valued at $39.88 million.
Arthur Hayes's associated address has again purchased 47,000 HYPE, valued at $3.16 million.
According to on-chain analyst Ai Yi's monitoring, an address associated with Arthur Hayes has again purchased HYPE. This address shares the same Bybit deposit address with Arthur Hayes, withdrawing 47,000 HYPE valued at $3.16 million from Bybit an hour ago. A week ago, Arthur Hayes clarified, 'I didn't buy shit.'
DeFi protocol Pyra announced it will cease operations due to the impact of the Drift security incident.
DeFi protocol Pyra announced it will cease operations and gradually shut down. The platform stated that its business and users have been severely impacted by the Drift security incident, and despite months of attempts to find a sustainable path forward, it has been unsuccessful. All user balances remain withdrawable, new user registrations have been halted, and existing Pyra cards have been canceled. Pyra will launch a web portal in the coming weeks for existing users to manage positions and withdraw funds, and the mobile app will be shut down. When Drift's token is relisted, Pyra will distribute it to affected users through the web portal. Pyra advised users to withdraw funds and export account private keys as this function will remain available until September 15, 2026.
The whale planning to short BTC has placed an order of potentially $40.31 million for 10 BTC that was bought at the bottom 10 days ago, realizing a profit of $6.43 million.
According to on-chain analyst Ai Yi's monitoring, a whale planning to short BTC has placed an order for 160.372 BTC with a short position at a price of $66,550, totaling about $10.67 million. The community speculates that a sell order of 605.73 BTC at the same price point also belongs to this whale; if true, the position size would be $40.31 million but has not yet been executed.
Coinbase has launched industry index perpetual contracts covering four major themes: AI, tech, and more.
Coinbase has launched industry index perpetual contracts, currently listing AI10, Defense10, China10, and Tech100 contracts.
Coinbase collaborates with AWS to support web publishers in charging AI agents through x402.
Coinbase announced a collaboration with AWS CloudFront and WAF to allow web publishers and API providers to charge AI agents as clients through the x402 protocol. About a quarter of the internet runs on AWS CloudFront, and from today, these websites can enable x402 to allow on-demand payments for content accessed by AI agents using existing AWS configurations. When an AI agent requests content, the server returns an HTTP 402 status code and payment request, and once the agent pays, content is immediately provided, all completed within one request cycle.
Nasdaq has confirmed that BlackRock's Bitcoin Strategy ETF BITA will list on June 16.
Bloomberg ETF analyst Eric Balchunas stated that Nasdaq has confirmed that BlackRock's iShares Bitcoin Strategy ETF (ticker: BITA) will list on June 16 local time. This ETF targets an annualized return of 15-25%, while allowing investors to capture at least 70% of Bitcoin's upside.
A whale sold 29,000 ETH purchased at the bottom 10 days ago, realizing a profit of $6.43 million.
Bitcoin mining company Mara purchased 1,000 BTC from FalconX, valued at $66.7 million.
Thetanuts Finance suffered a loss of $2.1 million from the attack, with approximately $2 million potentially rescued by white-hat hackers.
According to SlowMist monitoring, the DeFi protocol Thetanuts Finance was attacked, resulting in a loss of about $2.1 million. However, about $2 million of the positions seem to have been rescued by white-hat hackers. The vulnerability stemmed from integer division truncation in the mint function: after the claim function nearly depleted the total supply of the vault to zero, the amount parameter in the depositAmount calculation formula resulted in zero, leading to infinite free minting. Thetanuts Finance responded that preliminary investigations indicate that the attack targeted an abandoned vault that had migrated years ago and is unrelated to any current contracts or products. The team will release a post-mortem analysis report after obtaining more details.
The US government transferred assets valued at $349,000 from seized FTX/Alameda funds.
According to Onchain Lens monitoring, the US government transferred assets valued at $349,000 from seized FTX/Alameda funds, including MKR, COMP, GRT, ENJ, MDT.
An OTC whale deposited 29,000 ETH into FalconX, realizing a profit of $6.41 million.
According to Onchain Lens monitoring, an OTC whale 0xFB7 deposited 29,000 ETH ($53.1 million) into FalconX, realizing a profit of $6.41 million. This whale currently holds 128,000 wsETH (equivalent to 158,248 ETH, valued at $283.42 million).
Investment and Financing News
DeepSeek completed record financing of over $7 billion, with a valuation exceeding $50 billion.
Views & Analysis
Analysts: Bitcoin's new accumulation zone is at $60,000, while the potential bottom for this cycle is at $48,000.
CryptoQuant analyst Axel Adler Jr. stated that the seller's risk ratio (SSRR) for Bitcoin entered the red zone for the first time when BTC fell to $60,000, with the volume of loss supply exceeding that of profit supply, reflecting deep pressure on holders. Historically, this indicator entering the red zone often coincides with bottom formation periods. The CVDD valuation model shows that the structural bottom is around $48,300, a level that Bitcoin has almost never closed below in its history. Currently, Bitcoin has rebounded to $66,000, and the smoothed SSRR has started to turn upwards. Analysts believe that $60,000 is a behavioral pressure zone, while $48,000 is a structural risk boundary. The subsequent confirmation signal for recovery will be the smoothed SSRR moving out of the red zone and the price stabilizing above $60,000; the main risk is the appearance of new red signals at lower levels testing the $48,000 support. Overall, the market is gradually shifting to an accumulation pattern.
Michael Saylor presents a five-layer architecture for the modern digital asset stack.
Strategy founder Michael Saylor presented a five-layer architecture for the modern digital asset stack: digital capital (BTC), digital credit (Bitcoin-backed yield instruments), digital currency (yield tools with stable value), digital yield (leveraged or structured products), and digital equity (MSTR-style residual equity). Saylor believes Bitcoin itself does not need to generate yield, nor does it require staking, inflation, or protocol changes; yield should be created above Bitcoin through capital structures. Digital currency combines digital credit with fiat cash equivalents to form a stable value, daily liquid, and yield-generating tool, targeting a yield rate of 6-8%. This architecture does not alter the underlying Bitcoin or weaken its core principles, but rather expands Bitcoin from a single asset into a global financial infrastructure through capital markets.
Analysts: Bitcoin's recovery depends on the success of the US-Iran agreement, and current on-chain momentum remains weak.
Analysts suggest that Bitcoin's recovery hinges on the success of the US-Iran peace agreement; on-chain data indicates that despite recent rebounds, Bitcoin remains weak. Nick Ruck, Director of Research at LVRG Research, stated that although Bitcoin briefly recovered to $67,000, the momentum is still weak, with declining trading volume and stagnant on-chain indicators suggesting a lack of confidence in the rebound, which may quickly fade. If the US-Iran truce agreement collapses, Bitcoin will face a volatile path, potentially initially gaining buying interest as a hedge, only to be pushed towards critical support levels by broader risk-averse sentiment. Swissblock indicates that Bitcoin price momentum and OBV indicators remain in a state of weak momentum and low participation, both being negative. The price momentum indicator is at -1, and OBV is at -1.7 million, at multi-year lows. Historically, stronger recovery signals appear when both turn positive, and until then, the risk of retesting the lows remains.
Bitcoin Policy UK's CEO: Michael Saylor's portrayal of risks while promoting STRC is 'dishonest.'
Bitcoin Policy UK's CEO Susie Ward stated at the BTC Prague conference that Michael Saylor's portrayal of investment risks while promoting STRC in a video was 'dishonest', giving the impression that the product had no risks. STRC is a perpetual preferred stock that offers an 11.25% dividend, and Strategy raises funds by selling this stock to buy Bitcoin. Ward believes this model of raising funds through stock sales to buy Bitcoin is problematic, stating that it contradicts Bitcoin's characteristic of scarcity being unaffected by inflation, representing a fiat game that appears to be a scheme to pump and dump. On Monday, Strategy disclosed that it had increased its holdings by 1,587 BTC at an average price of $63,024, totaling about $100 million, bringing total holdings to 846,842 BTC. Strategy's stock price was about $132 on Monday, down over 60% in the past year.
Standard Chartered Bank: Uniswap's UNI token may rise 40 times to $100 by 2030.
Standard Chartered Bank predicts that Uniswap's UNI token could rise 40-fold to $100 by the end of 2030. The bank believes that the value of tokenized assets in DeFi will grow 37-fold by 2030, and Uniswap is expected to benefit from this. Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered, estimates that the value of on-chain tokenized assets will grow from approximately $340 billion now to $4 trillion by the end of 2028, with the share used in DeFi rising from 3.5% to 30%, and the total value locked in DeFi increasing to about $2.7 trillion. The bank forecasts UNI to reach $6.50 by the end of 2026, $20 by the end of 2027, $40 by the end of 2028, $65 by the end of 2029, and $100 by the end of 2030. Since introducing the fee switch, Uniswap has generated approximately $21 million in protocol fees and burned 5 million UNI, alongside a one-time burn of 100 million UNI, reducing the total supply from 1 billion to 895 million, and circulating supply down to 622 million, providing support for the UNI price. On the risk side, smaller DEXs may build better products for specific use cases, and tokenized RWA will require stronger commercialization efforts and collaboration with traditional financial institutions.
Important Data
Analysts: Binance's Bitcoin futures cumulative trading volume is approaching $800 trillion.
CryptoQuant analyst Darkfost pointed out that Bitcoin's recent drop from around $82,000 to below $60,000 has significantly increased speculative activity in the derivatives market. Since early June, Binance's futures daily trading volume peaked at $39.5 billion and $35.5 billion. In early February, Bitcoin dropped below $60,000, with a single-day volume exceeding $42 billion. In contrast, Binance's spot daily trading volume increased from about $1.5 billion to $4-5 billion, but still fell short of the over $10 billion peak in early February. Binance's cumulative trading volume for Bitcoin futures has approached $800 trillion, exceeding the global annual GDP and the valuation of the global real estate market. Although the recent surge in trading activity may have contributed to the formation of a local bottom, a market structure primarily driven by leverage is usually more fragile than one supported by strong spot demand.
Binance Research Institute: The on-chain leverage ratio in DeFi has risen to about 38%, matching 2021 levels.
Binance Research Institute pointed out that the on-chain leverage ratio in DeFi has risen to about 38%, matching 2021 levels, primarily driven by a contraction in total value locked (TVL) rather than new borrowing demand. The DeFi attack incident in April led to about $13 billion in TVL outflows. Despite the overall market correction, substantial deleveraging has yet to occur.
The crypto market is capturing liquidity from US stocks: SpaceX's trading has reached 10.3% of Nasdaq's trading volume, and daily trading has surpassed $5.4 billion.
According to Hyperinsight monitoring, the trading volume related to the crypto market SPCX (SpaceX) has exceeded $5.4 billion in the past trading day. If benchmarked against Nasdaq's SpaceX's trading volume of $46.9 billion, the crypto market's SPCX trading volume is equivalent to about 10.3% of it. By platform, Binance contributed about $3.2 billion to the trading volume, leading the pack; Trade.xyz contributed about $1.1 billion. In the past day, Trade.xyz’s total trading volume reached $3.2 billion, with an open interest of $2.93 billion, making its trading volume account for 36.8% of Hyperliquid's overall trading volume. As crypto market-related trading is primarily contract-based, if calculated on a deleveraged basis, the actual trading scale may retreat somewhat, but SPCX remains the most outstanding asset in the crypto market compared to Nasdaq's US stock trading.
SpaceX's market capitalization is approaching $2.9 trillion, just $100 billion away from surpassing Microsoft.
Elon Musk's wealth increased by nearly $140 billion in a single day, surpassing a total net worth of over $1.11 trillion.
In the past 24 hours, the entire network saw liquidations amounting to $538 million, mainly from short positions.
On the first day of SpaceX's listing, the trading volume of SPCX perpetual contracts on Hyperliquid reached $1.4 billion.
SpaceX went public on Nasdaq last Friday with a valuation exceeding $1.7 trillion, and the trading volume of SPCX perpetual contracts on Hyperliquid reached $1.4 billion, accounting for 30% of HIP-3's total trading volume that day. In the previous three weeks, the average daily trading volume of SPCX was only $26 million. In early June, the total trading volume of stock-linked perpetual contracts exceeded $18.8 billion, while the total for crude oil and Brent oil contracts was $7.66 billion. As the HIP-3 market has become a 24-hour hedging and investment venue outside US stock cash trading hours, market share has shifted from the commodity perpetual contracts that dominated in the first quarter to stock perpetual contracts. Trade.xyz drives a substantial portion of HYPE repurchase funding through fee distribution. Bybit, Binance, and Bitget canceled the allocation plan for SpaceX IPO tokenized stocks and issued refunds due to insufficient underlying shares to meet customer subscriptions. HYPE's price rose by about 10% on the day of SpaceX's listing.