唐华斑竹

Damn it, a serious reminder! Someone is impersonating me, pretending to be Tang Hua the bamboo for scams! The profile picture and name are exactly the same, but the TG number is completely different! Identifying the scammer is very simple; just enter the Binance Square chat room and ask me, DM me on Twitter, or add me on V to verify, and you can see through it! Remember, if someone approaches you in my name to talk about money, cooperation, or relationships, it’s all fake! Don't fall for it! Thank you everyone for sharing so more people can see it! In the crypto world, as soon as money is involved, never let your guard down, and always verify repeatedly! Take care!

SpaceX priced at $135 for its Nasdaq debut, with a staggering $1.77 trillion valuation reflecting the market's intense pricing narrative around "Space + AI" vertical integration. Institutions like Morningstar and Damodaran peg the fair value between $780 billion and $1.3 trillion, revealing a gap of over 55% from the IPO price. The core disagreement lies in whether SpaceX should be classified as a space infrastructure company or an AI-driven tech giant.
Recent analyses highlight that its 52x price-to-sales ratio is significantly higher than that of major tech firms, yet lower than some pure-play space competitors. This valuation confusion indicates that investors are still sorting out its business attributes—be it the telecom cash flows from Starlink, the rocket launch infrastructure, or the potential of the xAI merger modeling dominating the pricing.
The crucial detail comes from Wedbush Securities, which estimates an 80%+ probability of a merger with Tesla by 2027. This suggests that Musk's asset chess game is far from over; the SpaceX IPO may not be the end but rather a high-liquidity chip for more complex ecosystem integration and capital maneuvers. The market's fierce battle between short-term FOMO and long-term narratives is actually paving the way for subsequent related transactions.
On June 12, SpaceX's IPO priced at $135, correlating to a valuation of approximately $1.77 trillion, with the market's extreme pricing narrative around "Space + AI" vertical integration. Institutions like Morningstar and Damodaran estimate fair value only in the $780 billion to $1.3 trillion range, revealing a gap of over 55% from the IPO price. The core disagreement centers on whether SpaceX should be seen as a space infrastructure company or an AI-driven tech behemoth.
Its 52x price-to-sales ratio is significantly higher than large tech companies but lower than some pure-play space peers. This valuation chaos reflects that investors are still classifying its business attributes—whether it’s the telecom cash flows from Starlink, the rocket launch infrastructure, or the potential of the xAI merger model dominating the pricing.
The key detail is the "over 80% probability of merging with Tesla by 2027" given by Wedbush Securities. This hints that Musk's capital chess game is far from over; SpaceX's listing might not be the end but rather a high liquidity chip for more complex ecosystem integration and capital operations. $NVDAB

The UAE has taken a hardline stance against Iran after the escalation of conflict, but now it's pivoting towards diplomatic engagement. This shift is backed by its grand plans for AI data centers and oil production increases, which need regional stability as a prerequisite. Previously, data centers from Amazon and Oracle in the UAE faced attacks from Iran, making tech infrastructure a clear target in the conflict.
The UAE is following the lead of Qatar and Saudi Arabia, attempting to navigate its economic agenda through diplomacy. Since the outbreak of hostilities, Iran has attacked the UAE more than any other country, yet the UAE remains a key channel for its sanctioned oil exports. This contradictory relationship of "the fiercest attacks yet the deepest reliance" is the underlying logic that compels both sides to sit down and talk.
On June 11, Bloomberg reported that sources revealed UAE and Iranian senior national security officials held their first face-to-face meeting since the US-led offensive against Tehran began. Sources indicate that this week's meeting marks a significant shift in both parties' attitudes, with an increasing recognition of the importance of establishing smoother bilateral relations. UAE leaders hope their major economic ambitions (including billions in investments to boost oil output and build AI data centers) can proceed as planned.
For Iran, the relationship with the UAE is equally crucial, as the UAE was one of Iran's largest trading partners before the conflict and is a key route for Iran's sanctioned oil exports. Since the war broke out at the end of February, Iran has attacked the UAE more than any other nation. Abu Dhabi has retaliated multiple times and has taken the hardest stance against Iran among its Arab neighbors. The UAE currently seems to be advancing along the same path as Qatar and Saudi Arabia, attempting to ease tensions through diplomatic channels. $BNB

Glassnode's data shows that the 30-day average trading volume of the US spot Bitcoin ETF has plummeted from $4.4 billion in October of last year to $960 million, marking a 78% drop. This isn't just a standalone figure; when you combine it with the previous 49% drop in trading volume from DAT, it clearly points to a systematic cooling of speculative demand for Bitcoin in the traditional financial market (TradFi).
Since hitting an all-time high in mid-last year, the market has entered a 'strong supply, weak demand' phase. Reports from August, October, and December have consistently indicated weak ETF inflows, lackluster spot demand, and a cooling off of speculative fervor in the futures market. The current 78% drop serves as a quantifiable confirmation of the slowdown in traditional capital inflows over the past year, signaling the end of the institutional speculative cycle dominated by ETFs.
The conclusion that 'speculative demand for BTC in the traditional market has significantly waned' strictly analyzes two types of exposure channels in the traditional financial market. This suggests that while the speculative hot money in traditional avenues is retreating, other dimensions of demand, such as on-chain native capital, long-term holders, or emerging markets, may be undergoing a silent transition. Power is shifting from the volatility-chasing TradFi speculators to the core holders of the next cycle.
On June 11, Glassnode published that the 30-day moving average of the US spot Bitcoin ETF trading volume has dropped from $4.4 billion per day in October 2025 to the current $960 million per day, a decrease of 78%.
Combining this with the previous 49% drop in DAT's trading volume, the two types of exposure channels for Bitcoin in the traditional financial market are sending the same signal: speculative demand for BTC in the traditional market has significantly waned. $BNB

What’s launching isn’t your typical crypto asset, but tokenized securities tied to the market cap heavyweights in US stocks (Nvidia, Tesla) and key infrastructures (Micron, Western Digital). This marks a shift in Binance's spot trading pair structure from pure Crypto to a broader exposure to traditional finance, with their 'bStocks' brand previously covering giants like Apple and Microsoft.

The associated signals indicate that starting in 2024, Binance will continuously open algorithmic trading bot services for new spot trading pairs, aiming to boost liquidity and user retention. However, the nature of the underlying assets has fundamentally changed.

All five stocks belong to the AI computing and core hardware sectors, and they will be traded against USDT instead of stablecoins or fiat. This suggests that Binance is channeling the excess dollar liquidity in the crypto market into the hottest narratives in traditional tech stocks through compliant or quasi-compliant security token avenues, effectively creating a cross-market capital conduit.

On June 11, according to the official announcement, the Binance trading platform will launch bStocks tokenized securities trading pairs for Circle (CRCLB), Micron (MUB), NVIDIA (NVDAB), Sandisk (SNDKB), and Tesla (TSLAB), while activating spot algorithmic trading bot services:
· June 12, 2026, 01:00 (UTC+8): MUB/USDT;
· June 12, 2026, 02:00 (UTC+8): CRCLB/USDT, NVDAB/USDT, SNDKB/USDT, and TSLAB/USDT. $BNB

SpaceX is pricing its $1.75 trillion IPO at about a 52x price-to-sales ratio, and the valuation disagreement essentially revolves around the narrative anchors at play. The market is debating whether it should be viewed as space infrastructure, a telecom operator, or an AI-driven tech company. The merger with xAI in February has injected a key variable into the AI narrative, and the prospectus also shows the company facing a net loss of $4.94 billion in 2025, partly due to strategic investments in its AI business.
This pricing bypassed traditional book-building, forcibly setting each share at $135, demonstrating Musk's grip on market discourse. The most noteworthy detail is that, compared to its space peers, its valuation appears lower, highlighting the market's general skepticism about the growth potential of traditional aerospace companies, while being more willing to pay a hefty premium for the 'AI + space' fusion narrative.
On June 11, SpaceX is set to go public, and there are clear discrepancies in valuation comparisons between the space and AI industries: compared to its space field peers, SpaceX looks undervalued; however, when compared to AI and cloud computing companies, its valuation seems higher. At an expected valuation close to $1.75 trillion, SpaceX's trading price-to-sales ratio is around 52x, significantly above the average for large tech companies, but below some peers in the space sector.
The valuation methods for Starlink, space operations, and the AI business vary greatly, and investors are still debating whether SpaceX should be priced as an infrastructure company, a telecom company, or an AI-driven tech company. $BNB

Binance officially launches bStocks, integrating tokenized US stock trading into its spot market and allowing withdrawals to the BNB Smart Chain for DeFi participation. This marks a significant shift in the RWA narrative from fixed-income products to equity assets, and represents a direct move by leading exchanges into the global liquidity of "shadow US stocks."
Its "BEP-677" standard features a "leverage" mechanism for on-chain dividend reinvestment. This is not just an exchange product, but the foundational infrastructure for building a native RWA financial layer on the BNB Smart Chain. By bundling compliant custody, tax handling, and on-chain composability through technical standards, Binance is attempting to define the operational paradigm for on-chain securities. This move will directly compete with similar attempts from platforms like Kraken and Robinhood.
On June 11, according to the official announcement, Binance has officially launched bStocks, and users can now trade and redeem bStocks. bStocks are tokenized securities, each unit backed 1:1 by US stocks held by regulated custodians. bStocks are issued by Binance Group's affiliate BTECH Holdings Limited and are classified as certificates representing specific financial instruments. bStocks represent the holder's rights to the related securities held by the issuer, but do not confer direct ownership of the shares in the listed companies; holders do not directly own the related company's shares or stocks.
Binance states that bStocks can be traded 24/7 on the spot market, unrestricted by traditional trading hours; stocks and bStocks can be instantly exchanged at a 1:1 ratio, with no exchange fees. Each bStock is fully backed by real US stocks held by regulated custodians and can be verified through a reserve proof page. Additionally, bStocks support withdrawals to compatible BNB Smart Chain wallets for self-custody and can be used in DeFi protocols on the BNB Smart Chain. bStocks are BNB Smart Chain tokens that integrate the BEP-677 standard, which provides native support for real-world assets (RWA) on the BNB Smart Chain.
bStocks are among the first tokenized securities officially listed in the FSRA approval list—issued according to the FSRA-approved prospectus and traded on recognized investment trading platforms. When the relevant companies distribute dividends, the net dividend value will be automatically reinvested through an on-chain adjustment mechanism called "leverage." Dividends are subject to applicable US withholding tax before reinvestment, currently at 30%. $BNB

Nakamoto just offloaded around 600 BTC to settle a $45 million debt, continuing its strategy to optimize capital structure and tackle short-term liquidity pressures. The company’s Q1 report showed a net loss of $238.8 million, with its average BTC holding cost ($118,171) significantly higher than the current market price, leading to ongoing sell-offs that create paper losses. Back in March, they already sold 284 BTC to establish a US dollar operational reserve.
They have extended their debt with Kraken's Payward Interactive: pushing back a 105 million USDT loan to mid-2027, while still having 60 million USDT maturing this December. This reveals their heavy reliance on crypto-native credit to keep operations running, with the debt maturity structure still tight. Despite announcing a stock buyback, they still need to liquidate core assets to service debts, showing that their financial flexibility is actually constrained.
On June 11, Bitcoin treasury firm Nakamoto announced plans to strengthen its capital structure and financial flexibility through debt reduction, refinancing, and a stock buyback authorization. The company reduced its outstanding debt by about $45 million by liquidating part of its Bitcoin holdings and Bitcoin-related derivatives positions, netting approximately $48 million. After the transaction, the company's balance sheet still holds about 4,467 BTC.
At the same time, the company signed a new loan term sheet with Kraken's Payward Interactive, extending about 105 million USDT principal to June 30, 2027. The remaining outstanding balance is 165 million USDT, with 60 million USDT maturing on December 4, 2026.
Additionally, the Nakamoto board has authorized a stock buyback plan of up to $25 million. This plan is effective until December 31, 2026, allowing the company to repurchase common shares through open market purchases, private negotiated transactions, and block trades. $BTC

Dude! Are we going to get hit again?! If they keep going after these shitcoins, we’ll be in the red, like seriously, it’s a total washout! Trump’s had enough!
Trump: The US is going to unleash "major strikes" on Iran, and all they gotta do is start signing the deal.
US President Trump stated that if a peace agreement can’t be reached, the US will take "very tough" actions against Iran. Trump told reporters at the White House: "We will attack them, with major strikes, and resume bombing." He mentioned that Iran shot down an Apache helicopter in the Strait of Hormuz.
Trump stressed that we have the right to resume strikes against Iran. When discussing the deal with Iran, Trump expressed a desire to reach a meaningful agreement. It’s a solid deal, and Iran should sign it. Trump said they keep pressuring us, and we’ll see how the deal unfolds.
Previously, Fox News reported that Trump was close to ordering strikes on Iranian infrastructure, but in his latest statements, he indicated he wouldn’t clarify whether bridges and power plants in Iran would be destroyed. $ETH

Right now, the market is really hard to describe; I've lost my enthusiasm for watching the World Cup. At times like this, all I want is a stable place to chill, at least to keep my money from going on a rollercoaster ride.
Binance's USD1 flexible wealth management is just that place; I see it as Binance's 'Yu'e Bao.' You put your money in, no need to lock it up, and you can take it out whenever you want, with the principal pretty much secure. The key point is, you wake up every day to find your account has automatically gained some earnings; who doesn't love that 'laying back and earning' feeling?
💰 A solid 10% tiered return, honestly, in today's market environment, that's pretty impressive. Although each person only has a limit of 2000 USD1, every little bit adds up; who would complain about free money?
📱 How to participate? Super simple, just three steps:
1. Open the Binance App, if you have USD1 in your wallet, just go for it. If not, swap some other stablecoins for a bit, and if you don't have the app, download it here: https://www.binance.com/register?ref=YOU59
2. Find [Wealth Management] → [Principal Guaranteed Earnings]
3. Search for 'USD1', select the flexible product, and you're done!
⏰ Activity time: June 9th 08:00 to June 23rd 07:59 (UTC+8), there's still plenty of time.
Honestly, when the market is neither good nor bad, the worst thing is to fumble around aimlessly. This flexible wealth management is all about stability—no need to watch the charts, no need to guess price movements. Just put USD1 in and collect some passive income daily; it's better than anything else.
#USD1 #WLFI $WLFI

CZ: Bitcoin won't 'die' for too long
CZ posted on X platform stating: "Bitcoin won't 'die' for too long. Don't panic." $BTC

The GOAT Network has officially launched a practical feature—using cryptocurrency to buy gift cards. Now your USDT and USDC can be spent directly at major retailers in North America, covering places like Airbnb, Amazon, Apple, DoorDash, Starbucks, Uber, UberEats, and Walmart. It’s not one of those convoluted exchanges; instead, agents handle the entire purchasing process—you just need to confirm the payment.
The backbone of this payment process is supported by two key components: Snaplii is responsible for the fulfillment infrastructure on the merchant side, while the agent payment part utilizes the x402 protocol, integrated into the GOAT AgentKit. The entire flow starts with agents querying the gift card catalog, confirming supported payment options, creating orders, requesting confirmations, executing payments, tracking fulfillment status, and finally returning a gift card that can be used directly. The process isn’t complicated, but it bridges the last step between crypto assets and everyday spending.
For developers, this release serves more like a ready-made reference model. With AgentKit, if you want to create a product or service that connects crypto payments to real-world merchants, you don’t have to build everything from scratch. GOAT has also allocated a $1 million grant for the AI Builder program, specifically to support such projects. This means that developing applications on the GOAT Network comes with not only reusable tech modules but also financial backing, significantly lowering the barrier to entry.
This move by GOAT Network is actually paving a very realistic path—whether crypto payments can take off hinges on whether they can be used in everyday spending. They haven’t bypassed the fiat gateway; instead, they’ve directly utilized the mature vehicle of gift cards to turn USDT/USDC into actual goods. The mainstream merchants in the U.S. and Canada are already on board, providing a solid user base and spending frequency. Agents automatically handle orders and payments, making the experience much smoother than manually trading coins at an exchange and then swiping a card.
Once the payment scenarios of GOAT Network are up and running, on-chain activity and token demand will follow suit. Currently, there are 8 leading merchants, and if they expand into more regions and categories, usage frequency will undoubtedly increase. GOAT Network’s strategy isn’t chasing the DeFi or GameFi hype; instead, they’ve chosen the most grounded approach to consumer payments, which is a smart direction.

#LFGoat #AI #AIAgent $GOATED

Wintermute: BTC dropping below $62k isn't due to Strategy's sell-off; the real pressure comes from U.S. institutions. Market maker Wintermute released its weekly market analysis stating that Bitcoin fell below $62k last week, with a weekly drop of about 14%, hitting a new low since September 2024. Wintermute believes that although Strategy founder Michael Saylor's disclosure of selling 32 BTC raised market eyebrows, the scale of this trade is negligible. The real reason for the market weakness is the continued liquidation by U.S. institutional investors and the outflow of funds from the spot Bitcoin ETF.
Wintermute pointed out that U.S. non-farm payrolls added 172,000 jobs in May, far exceeding the market expectation of about 80,000, while job vacancies rose to a nearly two-year high and the services price index hit a new high since August 2022. Strong economic data weakened the market's expectations for an interest rate cut by the Fed, pushing the 10-year U.S. Treasury yield up to 4.55%, creating a "good news is bad news" macro environment that pressures risk assets.
Meanwhile, the rally in AI stocks has shown signs of fatigue, with the Nasdaq index dropping 4.7% last week and the S&P 500 recording its first weekly decline since March. Wintermute believes that the pullback in the AI sector, rising yields, and the upcoming SpaceX IPO have collectively weakened market risk appetite.
In the crypto market, as of May 30, the U.S. spot Bitcoin ETF has seen a net outflow for 10 consecutive trading days, totaling about $2.97 billion, with a net outflow of $2.43 billion in May, marking the worst monthly performance since 2026. Wintermute's OTC data shows that retail funds are continuously flowing into U.S. stocks, while U.S. institutional investors have recently turned bearish and dominated the sell-off.
However, Wintermute believes there are positive signals in the market, including long-term funds gradually building positions at current price levels. From a timeframe of over a year, Bitcoin's risk-reward ratio is becoming more attractive. The report notes that the SpaceX IPO on June 12 will be a crucial indicator of market risk appetite; if the offering is absorbed smoothly, it could help boost market sentiment; otherwise, it may exacerbate the pressure on risk assets. $BTC

Almost at the same time that my buddy opened a long position, the market started to tank, damn.
My buddy opened a long on ETH with an average price of $1640, worth $5.9 million, and the liquidation price is $1626.2.
According to on-chain data, my buddy set up a long position in ETH valued at over $5.9 million with an average price of $1640, and the current position size is about 3600 ETH, with a liquidation price of $1626.2. $ETH

Retail traders are dumping bloodied chips, while institutions are bottom-fishing for those same chips—it's that familiar scene again. Public companies' weekly net BTC purchases surged over 9x compared to the previous week, with Strategy holding the fort on the buy side by scooping up at low prices. According to SoSoValue data, as of 8 AM EST on June 8, 2026, last week the total net purchases of Bitcoin by publicly listed companies (excluding mining firms) reached $101 million, an increase of 925.38% from the previous week. Strategy (formerly MicroStrategy) spent about $100 million last week to acquire 1,550 Bitcoins at a price of $65,332, bringing their total holdings to 845,256 BTC. Japanese public company Metaplanet did not purchase any Bitcoin last week. Additionally, another company made Bitcoin purchases last week. Asset management firm Strive announced spending $2.05 million from June 1 to June 7 to buy 32 Bitcoins at a price of $63,911, raising their total holdings to 19,032 BTC. Capital B announced that it has opened online voting for its shareholders' meeting on June 17, which will authorize the board to establish a maximum capital increase of €5 billion and a maximum debt issuance of €100 billion for purchasing Bitcoin. Ethereum whale BitMine announced plans to replicate MicroStrategy's financing model, intending to raise substantial funds by issuing up to $300 million in Series A perpetual preferred shares (ticker BMNP) on the New York Stock Exchange, with an annual dividend yield of 9.5% and weekly payouts. As of this writing, the total amount of Bitcoin held by publicly listed companies (excluding mining firms) globally stands at 1,115,732 BTC, a 0.14% increase from last week, with a current market value of approximately $70.3 billion, accounting for 5.6% of Bitcoin's circulating market cap. $BTC

Binance will adjust the contract multiplier for the SPCXUSDT pre-IPO perpetual contract. According to the official announcement, Binance Futures will adjust the contract multiplier for the SPCXUSDT pre-IPO perpetual contract on June 10, 2026, at 16:30 (Beijing time). The adjustment process is expected to last 15 to 30 minutes, during which trading will be suspended, all open orders will be canceled, and strategy bots will terminate and auto-close positions. After the adjustment, a scaling factor of 1.10 will be applied to the contract multiplier, and users with open positions should assess their risk in advance. $SPCX

Did you see that? The sky’s falling, but we've got a tall enough stack to hold it up. If anyone's going down, it’s them first, so don’t sweat it! Hold strong!
Strategy's Bitcoin position is currently showing a paper loss of $10.718 billion, while Bitmine's Ethereum position is down $9.818 billion.
According to on-chain analyst Yu Jin, Bitcoin treasury company Strategy (MSTR) bought 1,550 BTC for about $65,332 last week (totaling $101 million). They now hold a total of 845,256 BTC worth $53.251 billion, with an average cost basis of $75,680, resulting in a paper loss of $10.718 billion (-16.7%).
Ethereum treasury company Bitmine (BMNR) purchased 126,971 ETH for around $1,788 last week (totaling $227 million). They currently hold 5,543,872 ETH valued at $9.286 billion, with an average cost basis of $3,446, showing a paper loss of $9.818 billion (-51.4%). $ETH

The Southern test centers are empty, while the North is packed: The gap in attitudes towards the college entrance exam reveals the harsh truth of the times. This year's college entrance exam has gone viral with a stark contrast in a video that has caught countless eyes and highlighted a very real social phenomenon. At the entrances of major cities in the North, there's always a sea of people, with the atmosphere at a peak. Under the scorching sun, countless parents are present, with moms in red cheongsams holding sunflowers, hoping for their kids to ace the test; dads tiptoe to get a better view, holding up banners of encouragement, and there are even families of all ages accompanying the students. The crowd outside the exam centers is packed, with cheers and blessings ringing out, creating a palpable sense of ceremony and tension. But switch the lens to the exam centers in Guangdong, Shenzhen, Guangzhou, and other Southern cities, and the scene is suddenly completely the opposite, surprisingly empty. There are no clusters of waiting parents, no elaborate blessing rituals, and no surging waves of people. Most students rush to the exam alone or walk in with classmates. Parents offer a few simple words of encouragement, drop off their kids, and head off to work or manage their businesses, with hardly anyone waiting around outside. The large entrance to the exam center is left with only staff on duty and a few stray passersby, quiet enough that it doesn't feel like the nation’s most important entrance exam is taking place. According to Xinhua News Agency, the number of flexible employment workers in our country has crossed a critical turning point, with an expected number surpassing 320 million, accounting for over 40% of the urban employed population nationwide. Flexible employment has transitioned from a 'supplementary form' of traditional employment to an 'important pillar' of the labor market. In reality, 40% cannot enter corporate jobs, so the value of education is increasingly limited. Southern parents are quicker to embrace new things and have seen the reality early on — now, aside from a few popular majors at prestigious universities, the degrees from most schools and majors are basically just about picking up some knowledge, with little relevance to future employment. So, as long as the kids get into a university and enjoy their four years of college life, why take it too seriously? Just as Zhang Xuefeng once said, if you're a kid from an ordinary family, working hard to get into the Diplomatic Academy to study 'Diplomacy,' and then you graduate thinking you can work at the Ministry of Foreign Affairs, that's just dreaming in the dark. $ETH

Alright, alright! Everyone look at me, look at me, let’s not fight anymore for old times' sake! We’re all just trying to make it in this game, peace is key, right?
Now that Iran has given me some respect, it's all eyes on Israel—let's not make this personal, shake hands and call it a day. After all, the ancestors of the Israelis and Palestinians are basically brothers, why go through all this? The back-and-forth is draining my wallet.
According to reports from Iran's Fars News Agency, the Iranian armed forces announced the end of military actions against Israel.
Iran has also warned that if Israel resumes attacks on Lebanon, they will respond with even harsher measures. $ETH