Today's top news highlights:

The Japanese House of Representatives passed a bill to regulate cryptocurrencies under the same framework as stocks and reduce the tax rate to 20%.

Regulation & Macro

CNN: US-Iran negotiations are reportedly still proceeding as planned.

The Japanese House of Representatives passed a bill to regulate cryptocurrencies under the same framework as stocks and reduce the tax rate to 20%.

The Japanese House of Representatives passed a bill reclassifying cryptocurrencies as financial instruments, incorporating them into the Financial Instruments and Exchange Act (FIE) framework, and subjecting them to the same rules as stocks and bonds. The tax rate on cryptocurrency gains will be reduced from a maximum of 55% to a fixed 20%, expected to take effect in 2028. Restrictions on crypto insider trading will be strengthened, with the maximum penalty for unregistered crypto sellers increased from 3 to 10 years. The new regulations will open the door to crypto ETFs, with the Tokyo Stock Exchange operator expecting to list crypto-tracking ETFs as early as next year. The bill is expected to take effect next year after passing the Senate. Officials from the Financial Services Agency stated that the goal is to create a sound trading environment to promote innovation. Stablecoins will continue to be regulated as payment services and are not subject to the new regulations. Analysts believe the new regulations could trigger a reshuffling of the Japanese crypto exchange industry, with approximately half of the exchanges potentially disappearing.

Xu Zhengyu: Hong Kong's regulated stablecoin is expected to be launched as early as the middle of this year.

Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, stated that the two licensed stablecoin issuers must complete technical platform and system testing and implement various risk management measures before officially commencing operations. The Hong Kong Monetary Authority (HKMA) has maintained close communication with the licensed issuers to ensure the smooth progress of all preparatory work. Based on the current business plans of the two institutions, Hong Kong-regulated stablecoins are expected to be launched as early as mid-year. In addition, the HKMA has proactively contacted other applicant institutions to conduct further communication and coordination. Provided that the applicant institutions meet the basic access requirements of the Stablecoin Ordinance, the HKMA will adopt uniform and strict standards to review applications, focusing on three key aspects: first, whether they can create feasible application scenarios that support the development of the entire industry ecosystem; second, whether they possess a sound and sustainable operating model, as well as corresponding risk management capabilities and industry experience; and third, whether they strictly comply with the laws and regulations of Hong Kong and other relevant regions.

The US military has completed its latest strike operation against Iran.

A maritime clash occurred between the US and Iran in the early hours of the morning, and Iran closed the Strait of Hormuz to all ships.

U.S. Senator Warren called on the U.S. Securities and Exchange Commission (SEC) to postpone SpaceX's IPO.

Massachusetts Democratic Senator Elizabeth Warren wrote to Securities and Exchange Commission (SEC) Chairman Paul Atkins, requesting the regulator to postpone SpaceX's IPO. She stated that the IPO "appears to pose significant risks to ordinary investors and their retirement savings." Warren expressed concern that Wall Street's enthusiastic pursuit of the listing, coupled with Nasdaq and FTSE Russell's plans to accelerate SpaceX's inclusion in their indices, would force index funds to passively buy the company's stock, potentially forcing millions of Americans' portfolios to hold SpaceX shares overnight. While the letter is unlikely to achieve its goal of postponing the IPO, it raises several risk concerns: SpaceX employs a multi-class share structure, with Musk's voting rights being ten times that of publicly traded shares. The company's estimated market capitalization is as high as $1.77 trillion, while some analysts have given valuations far lower than this. The question remains whether the SEC can accurately assess SpaceX's ambitious goals. Warren is particularly skeptical of SpaceX's valuation, which references the acquisition of Musk's artificial intelligence lab xAI, essentially making the billionaire both a buyer and seller in the deal. Warren stated, "Normally, the SEC would require companies to provide more detailed and rigorous evidence to prove the source of their valuation data, as well as external supporting materials. The fact that Elon Musk is trading with himself and setting an outrageously high valuation has left market analysts both amused and bewildered."

Trump: Meeting with 12 top AI company executives is coming soon

US President Trump stated that he will soon meet with executives from 12 top artificial intelligence companies to discuss giving back to society with leaders in the field. He believes these company leaders will give back to the public, and the public will become very wealthy through AI initiatives.

Project Updates

Binance Futures will launch 6 USDT-margined TradFi perpetual contracts today.

Binance Futures will launch BitMine Immersion Technologies (BMNR) USDT perpetual contracts at 17:15 (UTC+8) on June 11, 2026; ProShares Ultra VIX Short-Term Futures ETF (UVXY) USDT perpetual contracts at 17:20; Adobe (ADBE) USDT perpetual contracts at 17:25; Corning Incorporated (GLW) USDT perpetual contracts at 17:30; Seagate Technology (STX) USDT perpetual contracts at 17:35; and ASML Holding (ASML) USDT perpetual contracts at 17:40. All contracts support up to 20x leverage.

FTX/Alameda unstaking approximately 200,000 SOL tokens, worth $12.99 million.

Nearly a month later, FTX/Alameda unstaking 200,241 SOL tokens, worth $12.99 million.

Binance will allow users to place whole-share limit orders for SPCX stock starting at 17:05 on June 12.

Binance will allow users to place full-share limit orders for SPCX stock starting at 17:05 (UTC+8) on June 12, 2026. Based on Nasdaq's historical performance, this stock is not expected to open during regular hours; the initial price discovery phase typically lasts several hours, and orders will be executed after the market officially opens. Only limit orders, GTC orders, and intraday orders are supported; market orders are not supported. The first day of trading will close at 20:00 (UTC) on June 12, 2026, and resume at 13:30 (UTC) on June 15, 2026, when the regular market opens. Price limits apply to all NMS stocks; if the price exceeds the limit, trading will be suspended until Nasdaq lifts the suspension.

Coinbase approved to offer global crypto perpetual contracts in the United States

Coinbase CEO Brian Armstrong stated that Coinbase has received approval to offer global crypto perpetual contracts to users in the United States. He noted that for years, crypto trading has shifted overseas due to a lack of clear regulations in the US, and perpetual contracts are a desirable but unavailable product for traders. He estimates that approximately half of perpetual contract trading volume comes from Americans using VPNs to access loosely regulated offshore products.

OpenAI is reportedly considering significantly reducing the price of its token.

OpenAI is considering a significant reduction in the token fees for its products, a move aimed at countering a similar price cut anticipated by its main competitor, Anthropic, in an effort to attract users.

Fold sold $45 million worth of Bitcoin to repay collateralized loans, sending its stock price soaring 160%.

Fold Holdings disclosed that it sold approximately $45 million worth of Bitcoin at an average price of $71,000. Of this, $20 million was used to fully repay Bitcoin-collateralized loans, and the remaining $25 million will be used for business expansion. Based on the transaction price, this represents approximately 634 BTC sold. Bitcoin Treasuries data shows that it still holds approximately 826 BTC on its balance sheet (not updated for this transaction). Fold stated that this move, against the backdrop of a roughly 14% drop in Bitcoin prices from its high of $71,000, aims to reduce financing risk, improve cash flow, and focus on supporting the growth of its consumer and enterprise platforms, such as the Bitcoin Credit Card. Following the announcement, Fold's Nasdaq-listed FLD stock price surged by approximately 160%.

On-chain tracing has once again sparked allegations that Cardano's founders sold 1.5 billion ADA tokens during the 2021 bull market.

On-chain tracing has once again sparked allegations that Cardano founder Charles Hoskinson sold approximately 1.5 billion ADA during the 2021 bull market. NFT creator Masato Alexander released on-chain analysis claiming that the large ADA transactions during this period had shorter paths to IOG-related staking pools, reducing the number of intermediaries from approximately 40 to 1-7. His tracing focuses on two transactions: a transfer of 925 million ADA and nine payments of 20 million ADA each. Hoskinson has not yet responded. The Cardano Foundation responded: “Cardano has three separate founding entities: IOG, Emurgo, and the Cardano Foundation. The Foundation’s mission is to advance the Cardano blockchain. We have no insight into the IOG-related transactions mentioned in Post X, nor any reason to assume unprofessional conduct by other founding entities (including Charles himself), and believe they acted with the best intentions.” ADA is currently priced at $0.1623, down 42% in the past 30 days and down 94.74% from its all-time high of $3.09 in September 2021.

Raydium: Its AMM program, which had been deactivated, was attacked; the entire loss of $1.34 million will be covered by the Treasury.

Raydium, a decentralized exchange within the Solana ecosystem, announced that a vulnerability in its deprecated AMM V3 program resulted in the theft of approximately $1.34 million in assets from five inactive liquidity pools. Affected pools included trading pairs such as RAY-SOL, USDC-RAY, and SRM-SOL. Attackers stole approximately 150,000 RAY, 5,600 SOL, and nearly 900,000 USDC. Raydium stated that all losses will be covered by its treasury, and current users are unaffected. The AMM program was deprecated in 2021, and the vulnerability stemmed from insufficient validation of LP mint, allowing attackers to bypass expected ratio checks. Raydium's current mainnet program is unaffected and is undergoing a separate security review.

Investment and financing news

Tether led a maximum $1.4 billion Series C funding round for NEURA Robotics, further investing in robotics and physical AI.

Tether Investments announced that it led a Series C funding round of up to $1.4 billion for NEURA Robotics, one of the largest private funding rounds in robotics and physical AI in history. Multiple industry and financial investors participated, with some industry giants also participating. NEURA Robotics focuses on multi-form cognitive robots, including humanoid robots, industrial robotic arms, and mobile robots, and is building a unified software platform, Neuraverse, connecting robots, components, AI models, and computing power. In addition to its investment, Tether will embed its self-developed Wallet Development Kit (WDK) into NEURA robots, providing them with self-custodial wallet functionality. It will also test and deploy its QVAC edge AI runtime within Neuraverse, enabling local inference and automated settlement, thus promoting the implementation of "machine economy" infrastructure. Previously, in March, it was reported that NeuraRobotics had secured approximately €1 billion in funding led by Tether, valuing the company at €4 billion.

Opinions & Analysis

Caixin: A wealthy female businesswoman in the cryptocurrency circle in China was defrauded of 60 million yuan in the United States.

A wealthy Chinese businesswoman was defrauded of over $9.4 million (approximately 60 million RMB) in the United States. Her mining pool, which at its peak reportedly accounted for 9% of the global Bitcoin hashrate, was owned by a company in southwestern China. The businesswoman, surnamed Lü, was lured into a trap by two brothers, the Zubair brothers, who claimed to be from the Middle East. The elder brother, claiming to be a prince consort of the Middle East, asserted that his uncle was the Saudi Minister of Defense, controlling Middle Eastern family funds, international business connections, and resources in US local governments. The younger brother, inspired by the American sitcom "Billions," impersonated a hedge fund manager. The two brothers even successfully "hunted" Michael Smedley, the chief of staff to the mayor of East Cleveland, tricking the businesswoman into signing a cryptocurrency mining farm development contract.

Jiang Zhuoer: Due to the escalating conflict between the US and Iran, I have sold 50% of my spot ETH at $1629.

Jiang Zhuoer, founder of BTC.com, posted that after buying back ETH on June 5th, he sold 50% of his spot ETH at $1629, citing "Trump's lack of options and his intention to launch a new round of attacks on Iranian infrastructure" as the US-Iran conflict is expected to escalate further. Previously, Jiang Zhuoer had bought back all his ETH positions at $1645 during the market crash on June 5th.

Analysts: Three key indicators of Bitcoin miner economics simultaneously point to increasing pressure.

CryptoQuant analyst Axel Adler Jr. wrote that Bitcoin miners are facing increasing economic pressure. The 30-day Puell multiple has fallen to 0.74, with miners' daily revenue below the annual average, down 11% in ten days. This figure is comparable to when Bitcoin was in the $55,000-$68,000 range around the July-August 2024 halving, but far higher than the 2022 low of 0.45 and the 2018 low of 0.33. If the current rate of decline continues, the 0.50 threshold could be reached by the end of June. The price-to-miner revenue multiple has fallen from a peak of 160 to 80, indicating that Bitcoin's valuation premium relative to miners' annual revenue is shrinking, but it is far from being undervalued. The miner capitulation indicator shows that the current price is down 21% from the last difficulty bottom, entering a pressure zone, but still about half the extreme value of -39% in 2022. All three indicators show increasing pressure on miners, but have not yet reached the capitulation levels of the 2018 and 2022 cycle bottoms.

Strategy CEO: The initial sale of Bitcoin was to test the market's "immunity," not a reversal of ideology.

Strategy CEO Phong Le stated that the company's first Bitcoin sale since 2022 was a "test of immunity" for the market, intended to demonstrate operational flexibility rather than a reversal of its philosophy. Strategy sold 32 BTC between May 26th and 31st. Le gave three reasons: to demonstrate that a sale is possible when necessary, to confirm the internal systems can execute the sale correctly, and to capitalize on tax losses by leveraging different cost bases. Le emphasized that the sale was not due to financial pressure, and the company can meet preferred stock dividends through other financing activities. He acknowledged investor skepticism regarding the "never sell" promise, but stated, "We will sell when it benefits Bitcoin's ordinary shareholders," adding that the fiercest criticism came from retail investors and "crypto anarchists," while institutional shareholders remained unfazed. Le pointed to three major macroeconomic pressures currently facing Bitcoin: uncertainty surrounding the Federal Reserve's interest rate path, two global wars, and a lack of clarity in congressional regulatory legislation. However, he remains optimistic about Bitcoin's long-term prospects, viewing it as a hedge against inflation and large-scale government, and noted that the current pullback is similar to the approximately 75% drop in May 2022.

Equation Masters founder Vida announced he is shorting SpaceX pre-market contracts, planning to hold them for 3 to 12 months.

Equation News founder Vida announced this morning that he has naked shorted SpaceX's pre-market contracts on cryptocurrency exchanges at a price of $162.46. He stated that he plans to hold this position for 3 to 12 months. Currently, the IPO price offered by major brokerages is $135.

Analysis: Bitcoin's bottom may be around $53,600, but demand conditions remain "very unfavorable".

Tom Lee: ETH supply is shrinking, BitMine may not need to hold more than 5% of the supply.

Analysis: SpaceX IPO may become the latest obstacle facing Bitcoin.

Bitwise CIO: Financial advisors' interest in stablecoins and tokenization has surpassed that of Bitcoin.

Curve founder: Bitcoin's narrative is "to replace the US dollar as the world's reserve currency".

In response to the core narrative of current Bitcoin bulls on social media, Curve founder Michael Egorov stated that the logic behind Bitcoin is to "replace the US dollar as the world's reserve currency."

Important data

Bitcoin spot ETFs saw a total net outflow of $214 million yesterday, marking the fourth consecutive day of net outflows.

On June 10th, Bitcoin spot ETFs saw a total net outflow of $214 million, marking the fourth consecutive day of net outflows. Grayscale Bitcoin Mini Trust ETF (BTC) saw a net inflow of $17.5167 million, with a historical total net inflow of $2.293 billion; Fidelity ETF (FBTC) saw a net inflow of $4.0397 million, with a historical total net inflow of $10.436 billion; BlackRock ETF (IBIT) saw a net outflow of $148 million, with a historical total net inflow of $62.027 billion. The total net asset value of Bitcoin spot ETFs was $77.331 billion, with an ETF net asset ratio of 6.24%, and a historical cumulative net inflow of $53.558 billion.

Millions of tokens cost only a few dollars, and the price of computing power is still decreasing.

A computing power supermarket currently offers two types of products: computing power leasing products, with a billing method of one card per hour; and large-scale model token products, billed by tokens, with one million tokens costing approximately a few dollars, and the price is still decreasing. The supermarket sources its computing power from multiple channels; users select their products, and the supermarket is responsible for matching, scheduling, and delivery. Currently, 80% of its users are small and medium-sized enterprises, covering various traditional and emerging industries such as education, culture, e-commerce, artificial intelligence, robotics, and embodied intelligence.

Analysis: Ethereum open interest on Binance hits a record high, approaching 3.7 million ETH.

CryptoQuant analyst Darkfost wrote on the X platform that the open interest of Ethereum perpetual contracts on Binance (in ETH) has hit an all-time high, approaching 3.7 million ETH. Meanwhile, Binance's share of total Ethereum open interest has risen to over 44%. This data comes after ETH's current price has fallen approximately 67% from its all-time high, entering extremely oversold territory. Darkfost stated that despite increased market uncertainty due to geopolitical tensions between the US and Iran and a continued deterioration in the economic outlook, some traders are choosing to increase their exposure in the derivatives market. The weekly average active buy/sell ratio on Binance has risen from 0.95 to 1.0, indicating that after months of seller dominance, fund flows are rebalancing, with more investors willing to take risks to rebuild long positions.

Three new wallets withdrew 737.7 BTC from BitGo, equivalent to approximately $45.6 million.

During VELVET's tenfold surge, the project team and market makers transferred 28.68 million tokens to exchanges.

VELVET has surged tenfold in recent days (from $0.09 to $0.9). During this surge, project-affiliated addresses transferred 22 million VELVET ($19.8 million) to exchanges such as Bitget, Gate, and Kucoin in the past three days. Furthermore, VELVET's market maker, DWF Labs, has also transferred 6.68 million VELVET ($6 million) to the aforementioned exchanges over the past month.

Bitmine has purchased another 25,000 ETH, bringing its total purchases to 125,000 ETH in three days.

The US government has transferred another $216,000 in FTX/Alameda seized assets.

The U.S. government has transferred another $215,673 from the confiscated FTX/Alameda funds (totaling $983,696 in the past 9 hours), including assets in LINK, AAVE, CHZ, and BAL.

The US May unadjusted CPI annual rate was 4.2%, in line with expectations.

The US May unadjusted CPI rose 4.2% year-on-year, below the expected 4.20% and the previous reading of 3.80%. The US May unadjusted core CPI rose 2.9% year-on-year, in line with market expectations and reaching a new high since September 2025.

BlackRock transferred over 2,200 BTC and 2,417 ETH to Coinbase.

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