阿Po加密笔记

Humanity Protocol's H token rose about 210% to trade near $0.627 on Sunday following a June 8 exploit, after previously suffering a steep sell-off.

According to NS3.AI, the rebound came after the token collapsed more than 80% on the day attackers seized private keys.

The attacker still controls the BNB Smart Chain deployment and retains the ability to mint new tokens.

SIREN fell to $0.06, down about 95% from its $1.3 high a week earlier, amid continued on-chain selling linked to a controlling address.

According to Foresight News, monitoring by Yu Jin said the controlling address has kept selling SIREN on-chain. On-chain data shows the related address sold about 360 million SIREN over roughly a day and a half, receiving about 48.7 million USDT.

Yu Jin said the address still holds about 319 million SIREN, representing 44% of total supply. Yu Jin added that tokens of this type are typically difficult to cash out in such size through one-sided on-chain selling alone, suggesting the controlling party may also be moving holdings through other addresses and channels.

SIREN fell more than 50% after a controller sold about 17 million siren-2:native tokens on-chain through multiple addresses over the past 2 hours.

According to Foresight News, monitoring data from Yu Jin said the sell-off contributed to SIREN sliding from $0.47 to $0.23.

The report said SIREN is heavily controlled by a single operator, who is estimated to hold at least 94% of the total supply of 680 million tokens.

Bitcoin nearly broke this week — and then macro gave it a way back.The largest cryptocurrency opened near $73,000 last Sunday, slid below $60,000 for the first time since the November 2024 US election, and recovered to approximately $63,500 by Saturday, according to CoinDesk data. Bitcoin remains roughly 50% below its October 2025 record near $126,000. The week's round trip pushed Bitcoin into a valuation zone typically seen near bear-market bottoms — but it never produced the forced-selling panic flush that normally confirms one.The catalyst: Strategy's sale raises a bigger questionThe week's slide traces back to Michael Saylor's Strategy, which disclosed on June 1 that it sold 32 BTC for approximately $2.5 million between May 26 and May 31 to fund dividends on its STRC preferred shares. The sale was tiny against the company's roughly 845,000 BTC treasury — about 4% of total Bitcoin supply.But Saylor had spent years making "never sell bitcoin" the central pillar of Strategy's identity. When the company sold even 32 coins, traders treated it less as a balance-sheet footnote and more as a behavioral shift. Strategy also sold approximately 800,000 shares for $128 million through its at-the-market program in the same week — leaving traders to ask: if the Bitcoin sale didn't matter, why did it need to happen at all?A possible answer: S&P 500 ambitionsOne theory gaining traction connects the sale to Strategy's index inclusion prospects. The company met the technical requirements for S&P 500 inclusion in September 2025 but was passed over. Some market commentators have argued that Strategy's absolute refusal to ever sell Bitcoin made it look more like a closed-end investment vehicle than an operating treasury company — a distinction that matters for index committee classification decisions. Selling a small amount of Bitcoin may have been a deliberate signal that Strategy can use BTC as an active corporate treasury asset rather than an untouchable vault — precisely the kind of operational flexibility that could support a future S&P 500 case.This theory gains additional resonance against this week's separate news that S&P Dow Jones Indices declined to change its eligibility rules for SpaceX despite every other major index provider fast-tracking mega-IPOs. If S&P's index committee is applying strict, unbending criteria across the board, Strategy demonstrating "normal" treasury behavior — including occasional sales — could be read as an attempt to remove one more qualitative objection to eventual inclusion.The macro backdrop made it worse before it made it betterThe market reaction to Strategy's sale was amplified because Bitcoin was already trading into weak risk appetite. Iran tensions had pushed oil higher and revived higher-for-longer rate worries. Tech stocks were under pressure following Broadcom's disappointing AI chip forecast. In that environment, Bitcoin traded more like a high-beta Nasdaq proxy than an independent store-of-value asset — exactly the dynamic that Santiment and Bitrue Research had flagged when Bitcoin diverged sharply from record-setting equity markets earlier in the week.The rebound: same macro channel, opposite directionThe recovery came from the same macro forces that drove the decline, simply reversing. President Trump said the US had effectively ended the war with Iran, with officials pointing to progress toward a signed accord — even as Iranian sources had separately denied a specific Sunday Geneva signing date just one day earlier, illustrating how rapidly the narrative shifted within the week. Brent crude fell toward $85 — a meaningful decline from the $92-$93 levels that had persisted for weeks. Stocks rallied broadly.SpaceX's Nasdaq debut provided the week's most visible symbol of risk-on sentiment returning. The company closed Friday at $161, up 19% from its $135 offer price — a result that, combined with Saylor's "Mag8" framing celebrating Bitcoin's presence on two of the eight elite companies' balance sheets, gave risk traders another reason to step back into the market.Crypto followed broadly — but Bitcoin's headline number hides the real storyCrypto markets followed equities higher into the weekend. Ether rose 6.4% on the week to $1,663 — pulling back from its weekend low near $1,500 that had approached the critical $1,420 support level from April 2025. Solana gained 9.5% to nearly $67. BNB added 4.7%. Dogecoin rose 6.2%, continuing the renewed speculative momentum that derivatives data had flagged earlier in the week. XRP climbed 4.2% to $1.13, a modest recovery for a token whose sentiment had fallen to its lowest level since October 2025.Bitcoin's 4.7% weekly gain — from approximately $60,600 to $63,500 — understates the magnitude of what actually happened. The asset fell to levels that look cheap on long-term valuation gauges (9% above its $53,600 realized price), held without the forced-selling spiral that has historically accompanied moves to similar valuation zones, and then bounced sharply on improved macro news.What's still missing: confirmed demandThe week's recovery resolves the immediate crisis but does not resolve the underlying demand problem that CryptoQuant identified earlier in the week — the 652,000 BTC weekly demand contraction, the fastest-shrinking ETF demand since January 2024, and dolphin-cohort balance growth at successive lower highs since September 2025.A genuine turn still requires three things that have not yet happened: ETF flows need to stabilize rather than merely pause, large buyers need to return in scale, and loss-taking needs to become heavy enough to demonstrate that the market has cleared out the sellers who were forced to exit. This week's bounce was driven by macro relief — Iran de-escalation and SpaceX euphoria — rather than by any of those three demand-side conditions being met.The week aheadWith Bitcoin steadying above $63,000 heading into the weekend, the focus shifts immediately to the June 17 FOMC meeting — the first under chairman Kevin Warsh, and the moment when markets will learn whether the Fed's language shift on rate-cut bias materializes following Wednesday's mixed CPI report (4.2% headline as expected, but a core beat at 0.2%). BlackRock's BITA covered-call Bitcoin ETF is also expected to debut around June 18, adding a new income-focused product to the Bitcoin ETF complex just as the broader market searches for any sign of stabilizing institutional demand.Whether this week's macro-driven recovery proves durable — or whether it was simply a relief bounce within a longer downtrend — will depend on whether the demand-side metrics that have deteriorated throughout May and early June begin to turn alongside the improved macro backdrop.

Bitcoin is maintaining its position near $63,000 as the session progresses, holding the gains from earlier in the week's recovery from the $59,227 low. The steadiness here is notable given the density of competing catalysts in play today — the SpaceX IPO's first trading day, Iran's denial of a Sunday Geneva signing, and the broader macro repricing following Wednesday's mixed CPI report.
Why holding $63,000 matters
The level itself sits in a meaningful zone. Bitcoin remains only about 9% above its realized price of $53,600 — the value territory that has historically marked major bear-market floors. A sustained hold here, rather than a slide back toward the $59,000-$60,000 area tested earlier in the week, would be consistent with the "close to value, not confirmed recovery" framing CryptoQuant outlined: cheap prices slowing the selling rather than reversing it, but at least not giving way to renewed downside.
The derivatives picture supports the stability narrative. With BVIV down to 43.8% and long call butterflies still positioning for a bounce toward $75,000 with consolidation through July, options traders appear content to let price sit here for now rather than aggressively repositioning in either direction.
The competing forces holding each other in check
Today's steadiness may reflect a genuine standoff between offsetting catalysts. On one side, Iran's denial of the Sunday Geneva signing removed a potential positive geopolitical catalyst, keeping oil near $92 and the inflation-driven rate hike narrative intact. On the other, SpaceX's historic IPO debut — while creating "sell-the-news" risk for crypto-adjacent plays like VELVET, which surged 1,400% on the week purely on pre-IPO exposure narratives — has not visibly triggered the capital-drain-from-crypto scenario that some had worried about. If anything, the absence of a sharp Bitcoin decline during SpaceX's first trading session is itself informative: the $5.4 billion in ETF outflows since mid-May appears to have already happened, and today's stability suggests that specific capital rotation dynamic may not be repeating in real time around the IPO event itself.
What would change the picture
The fundamental demand problem CryptoQuant identified — the 652,000 BTC weekly demand contraction, the fastest-shrinking ETF demand since January 2024 — has not resolved simply because price has stabilized. Holding $63,000 buys time but does not by itself attract the large buyers or stabilize the ETF flows that CryptoQuant says are necessary for a confirmed turn.
The next meaningful test remains June 17's FOMC meeting — the first under Warsh, and the moment when markets will learn whether the Fed's language shift on rate-cut bias materializes as Williams suggested, and how explicitly the committee acknowledges the rate hike path that markets have already priced for December. Until then, $63,000 holding steady is a constructive but not yet conclusive signal — confirmation requires the demand-side data to turn, not just the price to pause.

US equity markets opened higher on Friday June 12 as SpaceX began trading on Nasdaq, with the Dow Jones Industrial Average rising 0.59% and the S&P 500 up 0.2%, while the Nasdaq Composite was nearly flat.Space sector: a tale of two reactionsSpaceX's historic public debut produced sharply divergent reactions among related space stocks. Rocket Lab rose 1.5% on the day — a modest positive move that suggests some sympathy buying or sector rotation toward smaller space companies as attention focused on the largest IPO in history.Virgin Galactic, by contrast, fell sharply by 14% — a dramatic decline that may reflect investor rotation away from the loss-making suborbital tourism company toward SpaceX as the dominant and now publicly tradable space economy investment, or simply profit-taking from investors who had been holding Virgin Galactic as a proxy for space sector exposure ahead of SpaceX's listing and are now exiting in favor of the larger, more diversified company.AI infrastructure: mixed signals continueMajor technology stocks opened relatively stable. Sharon AI fell 3.9% despite — or perhaps because of — signing a six-year computing power cooperation agreement with Nvidia. Long-term infrastructure commitments of this nature often produce near-term selling as markets digest the capital commitments and revenue recognition timelines involved, even when the underlying partnership is viewed as strategically positive.Semiconductor sector: CPO stocks extend declines, memory under pressureCo-packaged optics (CPO) concept stocks continued their recent decline. AAOI fell 2.02%, Marvell Technology dropped 4.03%, and Lumentum fell 2.95%. The continued weakness in CPO names follows the broader semiconductor sector volatility that began with Broadcom's disappointing AI chip demand forecast earlier in the week — a development that triggered the Nasdaq 100's roughly 5% single-day decline and contributed to South Korea's KOSPI suffering its largest drop since March.Memory stocks also faced pressure, with Micron Technology down 3.36% — extending the semiconductor sector's difficult week.Storage stocks buck the trendIn contrast to the broader semiconductor weakness, storage-focused stocks gained ground. Sandisk rose 1.81% and Seagate Technology climbed 3.34% — suggesting that within the technology hardware complex, investors are differentiating between AI-exposed semiconductor names facing demand uncertainty and storage providers that may benefit from the broader data infrastructure buildout regardless of near-term AI capex fluctuations.The bigger pictureFriday's mixed opening — modest gains in broad indices, a historic IPO debut, sharp divergence within the space sector, and continued semiconductor sector volatility — reflects a market still digesting multiple simultaneous narratives: the SpaceX listing's capital absorption effects, the lingering impact of Broadcom's AI demand warning, and the potential US-Iran peace deal developments that boosted futures ahead of the open. With Bitcoin trading near $63,000 and crypto markets watching closely for signs of capital rotation following the SpaceX IPO, today's equity market action across these varied sectors will be an important signal for whether risk appetite is broadening or remaining narrowly concentrated in specific themes.

According to Bloomberg. U.S. President Donald Trump warned Thursday that the US will continue striking Iran unless Tehran accepts an interim deal to extend their increasingly fragile ceasefire by two months and reopen the Strait of Hormuz. It was the second consecutive night of US strikes, with Central Command deploying roughly 50 Tomahawk missiles against Iranian military sites including air-defense installations, characterizing the attacks as "self-defense strikes." 
Iran retaliated by firing missiles at US bases in Kuwait, Bahrain, and Jordan; Kuwait temporarily closed its airspace, Jordan said it intercepted 20 missiles, and Bahrain reported one child injured by shrapnel from interceptions over Manama. No casualties were immediately reported from the US attacks. Tehran declared the Strait of Hormuz closed to all vessels, and the IRGC claimed it struck two ships attempting to transit the chokepoint — a claim the US disputed, saying commercial vessels continued to pass through. 
Trump told Fox News he has spoken directly with Iranian officials, urging them to stop targeting US assets. The two sides have been in indirect negotiations since an April 8 ceasefire, stalled over Iran's demand for the release of more than $10 billion in frozen funds, Trump's insistence on the elimination of Iran's highly enriched uranium stockpiles, and Tehran's demand for a Lebanon ceasefire. Iran's Foreign Ministry called US strikes "effectively meaningless" to the truce. 
Bloomberg Economics analysts said neither side wants a return to high-intensity war. Brent crude edged lower to $92.70 a barrel, well below its late-April peak above $125, though energy consultancy FGE warns prices could exceed $150 if Hormuz remains closed through August.

According to the announcement from Binance, users can now trade and convert bStocks, described as tokenized securities backed 1:1 by a U.S. share held at a regulated custodian. Binance said bStocks are tokenized securities issued by BTech Holdings Limited, a Binance group affiliate, and that they are the first tokenized securities admitted to the FSRA Official List following regulatory approval of the issuer’s prospectuses by the ADGM’s Financial Services Authority. The announcement also states that bStocks are classified as Certificates representing certain Financial Instruments (paragraph 92, Schedule 1 to FSMR) and represent an interest in underlying securities held by the issuer rather than direct ownership of the underlying shares. Binance added that bStocks do not allow holders to directly own a share or stock in the underlying listed company.Product Features and Mechanics: Binance said bStocks can be traded 24/7 on the spot market and converted instantly between stocks and bStocks at a 1:1 ratio with no conversion fees. It said backing is publicly verifiable and that bStocks support withdrawal to compatible BNB Smart Chain wallets for self-custody. Binance also described bStocks as BNB Smart Chain tokens integrated with BEP-677 (Scaled UI Amount) and said they can be used across DeFi protocols on BNB Smart Chain. Corporate actions such as dividends and splits are described as being processed automatically through a Multiplier mechanism, with dividends reinvested via an on-chain adjustment and subject to applicable U.S. withholding tax (currently 30%) before reinvestment. Binance said transactions settle in under a second and that access can start from $5.

SpaceX's IPO structured its insider lock-up around a highly customized, staggered release rather than a traditional, flat six-month restriction. The timeline is designed to gradually increase the public float around specific earnings milestones and performance benchmarks, while completely excluding CEO Elon Musk and major institutional backers from early sales.
The lock-up schedule is especially important because SpaceX’s initial free float is only about 7.4%. That means the vast majority of the company’s share base remains locked at listing and will enter the market gradually.

Core Stakeholder Cohorts
Elon Musk Founder & CEO:
Musk holds approximately 40% of the economic interest and controls 85.1% of the company’s voting power. His shares are subject to an extended 366-day lock-up and are not eligible for any early release. His total stake is up to roughly 6.4 billion shares, which unlocks all at once after the 366-day restriction expires. However, around 1.3 billion shares are tied to performance milestones, meaning that although they may be contractually released from the lock-up, they remain milestone-restricted. As a result, approximately 5.45 billion shares could actually become sellable on the 366-day unlock date.Significant Investors:
Major pre-IPO institutional backers, likely including Alphabet/Google, Valor Equity Partners, and DFJ Growth, are also excluded from early sales. These investors hold around 1.76 billion shares and are subject to an extended lock-up. Their shares do not unlock all at once; instead, they are released in six staged tranches between March 2027 and August 2027.Employees & Early Backers / Regular Shareholders:
These holders, totaling about 4.7 billion shares, are the primary beneficiaries of the staggered early-release timeline laid out in SpaceX’s S-1 filing. Unlike Musk and significant investors, this group can begin selling well before the standard 180-day lock-up expiry.
Staggered Lock-up Timeline
Instead of waiting for the traditional 180-day cliff, employee and early-backer shares unlock in multiple tiers tied to corporate reporting, time-based milestones, and stock-price performance.
First Q2 Earnings Unlock:
Up to 20% of eligible restricted shares can be sold right after SpaceX releases its Q2 earnings call. Earnings calls typically occur between mid-July and September.Performance-Based Booster:
An additional 10% of shares unlocks if the stock trades 30% or more above the IPO price during 5 of 10 consecutive trading days after the first earnings release. This effectively acts as a stock-price early release trigger, set at 130% of the IPO price.Time-Based Tranches:
7% of shares unlock at each of five rolling post-IPO dates: Day 70, Day 90, Day 105, Day 120, and Day 135.Q3 Earnings Unlock:
Another 28% of shares become sellable upon the release of the Q3 earnings call, usually taking place between mid-October and December.180-Day Full Expiry:
All remaining restricted shares held by regular shareholders become fully eligible for sale by Day 180. The early-release triggers can bring supply forward, but the total amount released by Day 180 is the same either way.
Market Implications
Days 180 and 366 are the two most important unlock points because they release the majority of restricted shares. However, SpaceX’s lock-up schedule is unusually aggressive compared with most IPOs.
In a typical IPO, insiders are restricted by a single 180-day lock-up cliff, sometimes with limited exceptions tied to earnings releases or modest stock-price-based partial unlocks. SpaceX’s structure is much more flexible and front-loaded. Regular shareholders can begin selling within a couple of months of listing, and supply is continuously drip-fed into the market throughout the lock-up period.
This creates a more complex trading setup. On one hand, repeated unlocks may pressure the stock by increasing available supply and raising the risk of large shareholder sell-downs. On the other hand, the gradual expansion of the free float could improve liquidity and eventually lead to higher index inclusion weightings, which may attract incremental passive fund demand.
Source: Intropic, Yahoo Finance

The U.S. Department of Labor said on Wednesday that the consumer price index rose 4.2% year over year in May, accelerating from 3.8% in the prior month and marking the highest annual increase since April 2023. According to Jin10, the data suggested that elevated energy costs linked to the conflict with Iran continued to add to price pressures.
The report said Americans have been feeling the impact of higher oil prices since late February, after the United States and Israel launched attacks targeting Iran. It added that rising energy costs have weighed on consumer confidence.
The report also said there were few signs that oil tankers would be able to secure sustained permission to pass through the Strait of Hormuz, indicating that supply pressures in global energy markets were expected to persist.

Humanity Protocol has suffered one of the most damaging exploits of 2026, with attackers stealing and selling more than $36 million worth of H tokens across Ethereum and BNB Chain after compromising private keys through a hacked employee laptop. The attack minted 300 million unauthorized H tokens, drained BSC liquidity pools to just $13, and sent the on-chain H token price crashing 99.9% — while the centralized exchange perpetual contract price remained at $0.09, creating a 100-times price divergence that has effectively split H into two unrelated assets.
How the attack unfolded
According to Humanity Protocol's official incident update, the attack originated from a compromised employee laptop that leaked the multi-signature wallet keys controlling the Hyperlane Bridge ProxyAdmin. On Ethereum, the attacker obtained three of six Gnosis Safe owner private keys — enough to reach the signing threshold — transferred ownership of the ProxyAdmin contract to a wallet under their control, and upgraded the bridge contract to a malicious implementation. A single transaction then transferred approximately 141.2 million H tokens to the attacker's wallets.
On BNB Chain, the attacker obtained three of five Safe wallet owner keys through the same compromise vector, took over the ProxyAdmin in identical fashion, and deployed a malicious contract with unlimited minting capabilities — directly minting 200 million H tokens across two transactions.
The attack lasted approximately 13 hours, during which the attacker continued issuing and selling H tokens on BSC, squeezing liquidity from the pool until virtually nothing remained. Cumulatively, the attacker minted approximately 300 million H tokens and sold approximately 450 million — including previously circulating supply — cashing out roughly $34 million in ETH and BNB. On-chain liquidity in the H pool on BSC was reduced to approximately $13 at the time of reporting.
ZachXBT: two separate events, but pre-exploit price pump raises questions
On-chain investigator ZachXBT released an analysis concluding that the Humanity team is likely not behind a "rug pull" or "self-directed performance" — the private key leak disclosure appears genuine and the team does not appear to have orchestrated the theft. However, ZachXBT identified a separate and concerning pattern: before the exploit and before the upcoming token unlock scheduled for approximately June 25, the price of H tokens was artificially pumped through what appear to be suspicious market-making agreements and large over-the-counter transactions.
ZachXBT's assessment is that the private key compromise and the pre-exploit price pump are independent events — but the timing raises the question of whether the price inflation was designed to ease selling pressure ahead of the investor and early contributor token unlock, regardless of its connection to the hack itself. The investigation is ongoing.
Token price collapse: a tale of two markets
The on-chain destruction of H's liquidity has created an extraordinary market bifurcation. The H token price on BSC dropped 99.9% to approximately $0.0009 as liquidity was drained to near zero — essentially making on-chain H worthless in practical terms. Meanwhile, the perpetual contract price on centralized exchanges remained at approximately $0.09 — a 100-times premium over the on-chain spot price. H has effectively become two unrelated assets depending on where it is traded, with the on-chain version reflecting the catastrophic liquidity destruction and the CEX version reflecting delayed price discovery in a market that has not yet fully processed the exploit's implications.
Humanity Protocol's response
The project has suspended all deposit and withdrawal operations for affected bridging services and is working with exchanges and other relevant partners to mitigate further losses. Humanity Protocol stated it is cooperating closely with law enforcement to investigate the incident and attempt to recover stolen funds. An internal investigation is also underway.
A growing pattern of private key exploits
The Humanity Protocol hack continues a disturbing trend of private key compromises that has defined crypto security in 2026. The largest this year was the Drift Protocol exploit in April, where attackers affiliated with North Korea's Lazarus Group gained control of security council admin keys resulting in $280 million in losses. Other private key exploits this year include Step Finance, Resolv, Volo Vault, Echo Bridge, Bankr, Polymarket, StablR, Stake DAO, Gravity Bridge, and Aelphium Bridge. CertiK reported that wallet and private key compromises were the second most costly attack vector in May, with $13.7 million stolen in that month alone.
The Humanity Protocol incident underscores that multi-signature wallet structures — while more secure than single-key systems — remain vulnerable when the individual keyholders' devices are compromised at the endpoint level. Three compromised keys out of six or five is sufficient to reach signing thresholds in standard multi-sig configurations, making endpoint security of keyholder devices as critical as the smart contract architecture itself.

Key Takeaways
Several major cryptocurrencies have fallen into historically attractive accumulation zones, according to onchain analytics firm Santiment.Bitcoin, Ethereum, XRP, Chainlink and Cardano all posted negative 30-day MVRV readings after the recent market correction.Cardano currently shows the deepest unrealized losses among recent buyers, earning a "strong buy" classification from Santiment.Analysts caution that valuation signals alone may not be enough to sustain a rally without fresh capital inflows.
Major Cryptocurrencies Reach Historically Bullish MVRV Levels
A recent market pullback has pushed several leading cryptocurrencies into valuation ranges that have historically preceded recoveries, according to data from onchain analytics platform Santiment.
The firm's 30-day Market Value to Realized Value (MVRV) metric, which measures the average profit or loss of investors who purchased an asset over the previous 30 days, has turned negative across several major digital assets.
Negative MVRV readings generally indicate that recent buyers are holding unrealized losses, a condition that has often coincided with market bottoms and accumulation phases.
Bitcoin and Ethereum Slip Into Accumulation Territory
According to Santiment's latest analysis:
Bitcoin shows a 30-day MVRV of approximately -10%Ethereum stands near -12%Chainlink records around -9%XRP sits near -8%Cardano has fallen to roughly -18%
Santiment classifies Bitcoin, Ethereum, XRP and Chainlink as being in "fair buy" territory, while Cardano has entered a "strong buy" zone due to its deeper unrealized losses.
Why Negative MVRV Matters
The MVRV ratio is widely used to identify periods when investors are either sitting on significant profits or substantial losses.
Historically, deeply negative MVRV readings have often appeared near market bottoms because weaker holders tend to capitulate after sustained losses, reducing selling pressure and creating opportunities for long-term investors to accumulate.
As a result, these levels are often viewed as signs that downside momentum may be becoming exhausted.
Relief Rally May Already Be Underway
Santiment noted that several assets have already begun bouncing from these oversold conditions, suggesting a relief rally may be developing.
However, analysts emphasize that MVRV is a valuation and sentiment indicator rather than a measure of actual capital flows.
While assets may appear undervalued, sustained upside momentum typically requires new demand entering the market.
ETF Outflows Remain a Headwind
Despite improving valuation metrics, broader market flows remain mixed.
Recent ETF data showed persistent outflows from crypto investment products through late May, indicating that institutional demand has not yet fully returned.
For the current rebound to evolve into a stronger uptrend, analysts say fresh capital inflows will likely need to accompany the improving onchain signals.
For now, the negative MVRV readings suggest that recent sellers may be exhausted, but whether that translates into a sustained market recovery will depend on investor demand in the weeks ahead.

More than 17 wallets holding H tokens that are linked to or have interacted with Humanity Protocol have been compromised, with total losses exceeding $19 million.
According to Odaily and onchain analyst Specter, the cause of the thefts remains unclear, but the attack pattern suggests the affected wallets may share a common risk exposure related to Humanity Protocol.

Light crude oil futures for July delivery on the New York Mercantile Exchange rose $0.76 to settle at $91.30 a barrel, up 0.84%.

According to Jin10, Brent crude oil futures for August delivery in London gained $1.16 to settle at $94.25 a barrel, up 1.25%.

According to ChainCatcher, South Korea’s five largest cryptocurrency exchanges recorded 57 hacking and system incidents from 2020 to April 2026, with total compensation of about 7.0 billion won.

Binance has released an updated Proof of Reserves, showing that asset reserves consistently exceed a 1:1 ratio to safeguard user funds. Among these, the BNB reserve ratio stands at 100.58%, the Bitcoin reserve ratio at 100.20%, and the ETH reserve ratio at 100%. The USDT reserve ratio is 103.17%.

Circle’s website data show that about 7.7 billion USDC were issued and about 8.3 billion USDC were redeemed during the week ending local time June 4. According to Foresight News, the data also indicate USDC circulation increased by about 600 million during the period.

As of local time March 19, USDC circulation stood at about 75.5 billion, and the value of reserve assets was about $75.7 billion.

According to RTHK and CNBC, US stocks sold off sharply on Friday, with the Nasdaq index plunging 1,121 points, or 4.18%, to close at 25,709 — its steepest single-session decline in more than a year. The Dow Jones Industrial Average fell 695 points, or 1.35%, to 50,866, while the S&P 500 dropped 200 points, or 2.64%, to 7,383, snapping a nine-week winning streak.
The rout was triggered by May non-farm payrolls, which rose by 172,000, well above market expectations. The stronger-than-expected labor data fueled concerns that the Federal Reserve could keep interest rates higher for longer or even consider further rate hikes, raising fears that tighter policy may weigh on economic growth.
Technology shares, particularly semiconductor stocks, bore the brunt of the sell-off. The PHLX Semiconductor Sector tumbled more than 10%, its worst single-day loss since March 2020. The iShares Semiconductor ETF also dropped 10%, marking its worst day since March 2020. Nvidia fell more than 6%, erasing over $300 billion in market capitalization. Broadcom declined nearly 8% after tumbling more than 12% on Thursday, while Marvell Technology slid more than 16% on Friday. Intel and Advanced Micro Devices each fell around 11%. Micron Technology, the memory chipmaker that had recently been one of the standout performers in the bull market, dropped 13% after losing 8% on Thursday.
Cisco led Dow decliners with a drop of more than 6%, while IBM also fell nearly 6%. Among other mega-cap stocks, Tesla shed nearly 7%, Meta lost nearly 6%, Microsoft and Amazon each fell more than 3%, and Alphabet and Apple each declined roughly 1%.
As investors dumped technology shares, they rotated into defensive sectors such as healthcare and consumer staples. Colgate-Palmolive added 4%, Coca-Cola rose more than 3%, and Johnson & Johnson gained 2%. Procter & Gamble also bucked the broader market weakness, rising more than 4% as the Dow’s top gainer.
For the week, the Dow fell 0.3% and the Nasdaq lost nearly 4.7%, with both indexes snapping two-week winning streaks. The S&P 500 declined about 2.6%.

Crypto derivatives markets saw heavy forced liquidations, with $135 million in futures positions wiped out in the past hour across major exchanges.

According to NS3.AI, total futures liquidations over the past 24 hours reached $1,522 million, reflecting broad deleveraging across major trading venues.

The figures represent aggregated liquidation activity across major exchanges during the stated periods.