Today's top news highlights:

ZachXBT urges people to stay away from prediction markets. Rain's token price is suspected of being manipulated, and the team is associated with controversial figures.

Arthur Hayes: I've sold all my ZEC shares. The privacy narrative demands perfection, not just so-called "low probability."

Zcash founder reveals details of a serious forgery vulnerability in Orchard, stating that "the likelihood of it being exploited is low."

Regulation & Macro

The Hong Kong Monetary Authority has established an expert panel on tokenized bonds.

The Hong Kong Monetary Authority (HKMA) announced the establishment of an expert panel on tokenized bonds, bringing together industry representatives to further promote the application and expansion potential of tokenized bonds in Hong Kong. The expert panel will jointly explore policy measures, market practices, and innovative solutions.

South Korea will abolish mandatory reporting for cryptocurrency transfers exceeding 10 million won, allowing exchanges to manage risk themselves.

The Financial Intelligence Service of Korea has revised its enforcement order for the Specific Financial Information Act, eliminating the mandatory reporting obligation for virtual asset transfers exceeding 10 million won, leaving risk management to exchanges. The Travel Rule has been expanded to cover all amounts, and customer verification for high-risk, suspicious transactions will now be determined by the companies themselves. A one-year grace period has been granted for debt ratio requirements for small businesses, and the use of overseas cloud services is permitted. The revisions will take effect on August 20.

A key committee in the U.S. House of Representatives is preparing legislation to build a tax structure for cryptocurrencies.

The U.S. House Ways and Means Committee is preparing legislation to build a cryptocurrency tax structure, which could be released as early as Friday, with hearings scheduled for early next week. The bill addresses when mining or staking tokens should be taxed, exempting certain stablecoin transactions from capital gains tax, ensuring digital assets receive equal tax treatment as securities, allowing safe harbor access for foreign investors trading U.S. securities, and extending wash trading rules to digital assets.

Project Updates

Jiang Zhuoer: I have bought back all my ETH positions at $1645 and expect to sell them after a rebound within 1-3 days.

Binance will delist COS, D, HIGH, and MBOX on June 19th.

Binance has decided to cease trading and delist Contentos (COS), Dar Open Network (D), Highstreet (HIGH), and MOBOX (MBOX) at 11:00 on June 19, 2026.

Binance Alpha has opened the second round of Tria (TRIA) airdrops, with a minimum requirement of 241 points.

Binance Alpha has opened the second round of Tria (TRIA) airdrop. Users with at least 241 Binance Alpha Points can claim 1,000 TRIA tokens on a first-come, first-served basis. The point threshold automatically decreases by 5 every 5 minutes, and each claim requires 15 points. Users must confirm their claim within 24 hours.

Mynth will cease operations on July 1st, and Novaswap's hosting infrastructure will be taken offline.

Mynth has announced it will cease operations due to unsustainable protocol usage. Novaswap's escrow infrastructure will go offline at 7:00 AM on July 1st. User funds are safe and not in escrow; exchanges will continue to be processed until that time. The team will provide support through Discord until the end of July.

ZachXBT urges people to stay away from prediction markets. Rain's token price is suspected of being manipulated, and the team is associated with controversial figures.

ZachXBT issued a community warning, advising against the prediction market project Rain Protocol. He pointed out that the project has very few users, its product lacks market appeal, the team is inexperienced, and its funding sources are linked to Gems hot wallets and exchange deposit addresses, which have previously transferred funds for failed projects such as Data Ownership Protocol and TOMI. The price of Rain's token is suspected of being manipulated, with $27.2 million locked entirely in its illiquid native token. TOMI, DOP, and Sirin Labs are all linked to Moshe Hogeg, the controversial Israeli founder who was detained for fraud in 2021 and charged with a $290 million crypto scam in 2023.

Arthur Hayes: I've sold all my ZEC shares. The privacy narrative demands perfection, not just so-called "low probability."

BitMEX co-founder Arthur Hayes liquidated all his ZEC holdings due to the Orchard pool vulnerability. He stated that while the likelihood of the vulnerability being exploited was extremely low, it was impossible to cryptographically prove that it absolutely did not occur; the privacy narrative demands perfection, not low probability. The 30% drop in ZEC's value prompted him to rethink his strategy, ultimately leading him to close all positions at a profit. If the assumption proves wrong, he is willing to buy back at a lower price.

Fiat24 will suspend new user account opening services in mainland China.

Starting from 12:00 on June 5, 2026, Fiat24 will suspend new user account opening services in mainland China. At that time, new users in mainland China will be temporarily unable to apply for Fiat24 cards through Bitget Wallet. Existing cardholders will not be affected.

Zcash founder reveals details of a serious forgery vulnerability in Orchard, stating that "the likelihood of it being exploited is low."

Zcash founder Zooko Wilcox disclosed that security researcher Taylor Hornby discovered a serious forgery vulnerability in the Zcash Orchard pool on May 29, 2026. This vulnerability allows attackers to mint an unlimited amount of counterfeit ZEC without detection. The vulnerability existed when the Orchard pool was launched in May 2022, and a fix was completed on June 2nd. Hornby wrote a complete exploit program with AI assistance. Due to Orchard's privacy features, it cannot be proven whether the vulnerability has been exploited, but Zooko assesses the likelihood of actual exploitation as low. Shielded Labs plans to launch a network upgrade, deploying new privacy pools and implementing a "turnstile accounting" mechanism for all Orchard pool tokens.

Binance will cease supporting trading of 23 stocks today.

Binance will remove 23 stocks from trading on June 5, 2026 at 19:00, including AllianceBernstein, Energy Transfer, and MPLX.

Kraken's co-CEOs will acquire a small Wyoming bank for $5.5 million.

Kraken co-CEO Arjun Sethi personally signed an agreement to acquire Summit National Bank, a small Wyoming bank currently in bankruptcy proceedings, for $5.5 million. The bank has a regular Federal Reserve master account, but this is not expected to directly impact Kraken's streamlined master account pilot program.

JPMorgan Chase, Citibank, and other major U.S. banks plan to jointly build a shared tokenized deposit network.

Major U.S. banks, including JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo, are establishing a shared tokenized deposit network through a clearinghouse, with a planned launch in early 2027. This system allows banks to achieve real-time, 24/7 settlement of deposits on a blockchain, with funds remaining within the regulated banking system. Tokenized deposits represent actual bank deposits recorded on the blockchain, preserving the bank's existing credit risk profile and regulatory and accounting framework.

Fidelity lowers the threshold for retail customer participation in SpaceX IPO to $2,000

Fidelity will open the SpaceX IPO to retail brokerage clients with account balances of at least $2,000, whereas the usual requirement is $100,000 to $500,000. SpaceX has decided to allocate up to 30% of its shares to retail clients, significantly higher than the 5% to 10% typically required for an IPO, thus allowing Fidelity to drastically lower the entry barrier.

Jupiter launches Forecast, the first native prediction market on Solana.

Jupiter, a decentralized aggregator within the Solana ecosystem, has launched Forecast, the first native prediction market on Solana. Unlike traditional models, Forecast allows proprietary automated market makers to quote independently, with the system matching the best offer. Initially, it will offer a short-term cryptocurrency price prediction market with a 15-minute window, with plans for future expansion. Jupiter states that Forecast is not in competition with Polymarket, but rather complements its infrastructure, and each prediction market will issue its own native token.

Opinions & Analysis

Deribit executive: If Bitcoin falls below $60,000, market makers' hedging could accelerate the decline.

Jean-David Péquignot, Chief Business Officer of Deribit, stated that $60,000 is a key structural threshold for Bitcoin. Over the past year, significant institutional funds have bought in the $60,000 to $67,000 range. If the price falls further, increased unrealized losses could trigger panic selling. The notional value of open put options with a strike price of $60,000 on Deribit exceeds $1.2 billion. Market makers face gamma risk and will be forced to sell spot or futures to accelerate the decline. There are still excessive leveraged long positions in the system; a drop below $60,000 could trigger further liquidations.

Analysts: Bitcoin selling pressure intensifies; $54,000 may be the last line of defense for bulls.

CryptoQuant analyst Axel Adler Jr. stated that Bitcoin is testing the February low of around $62,000, with a net realized loss of $7 billion over seven days, and selling pressure intensifying as the price approaches its bottom. Bitcoin has fallen below the short-term holder cost base of around $76,000, with support levels at the overall network cost base of around $54,000 and the long-term holder cost base of around $49,000. Holding above $54,000 would prevent a complete capitulation, while a break below the February low would trigger a decline towards the overall cost base.

Atlas CEO, backed by "Dr. Doom," predicts Bitcoin will first plummet by 70% before rising to $500,000.

Atlas Capital CEO Reza Bundy predicts that Bitcoin could fall 70% to $26,000-$30,000 within six months, followed by a rebound to $150,000-$500,000 over the next few years. He believes Bitcoin has failed as an inflation hedge and is currently only a highly volatile risk asset. His long-term bullish outlook is based on four economic paths: steady global economic growth to $150,000-$250,000; high inflation to $250,000-$500,000; proven safe-haven value during global conflicts; and continued weakness during deflationary recessions until central banks inject liquidity.

Important data

ZEC fell below $260, a drop of 53.44% on the day.

ZEC fell below $260, hitting a low of $251.39, and is currently trading at $259.49, a drop of 53.44% on the day.

Hex Trust-affiliated entities accumulated 72.23 million H tokens in the past four hours, representing 2.55% of the circulating supply.

According to on-chain analyst Ai Yi, Hex Trust-affiliated entities have accumulated 72.23 million H tokens in the past four hours, representing 2.55% of the circulating supply. Hex Trust made significant adjustments to the ownership of H tokens for early investors in April, offering either an extended unlocking period or a one-time distribution at a 70% discount on June 26th. Hex Trust is one of its strategic investors; it is unclear whether this asset transfer is related to the unlocking process.

Professional investors reduced their Bitcoin ETF exposure by 52,000 coins in the first quarter, a decrease of 17%.

Strategy's Bitcoin holdings have a paper loss of $11.07 billion, and Bitmine's Ethereum holdings have a paper loss of $9.58 billion.

According to Lookonchain monitoring, Strategy has a floating loss of $11.07 billion on BTC, Bitmine has a floating loss of $9.58 billion on ETH, SharpLink has a floating loss of $1.59 billion on ETH, Metaplanet has a floating loss of $1.38 billion on BTC, and Forward Industries has a floating loss of $1.13 billion on SOL.

Bitcoin and Ethereum options with a notional value of $1.89 billion expire and settle today.

June 5th options settlement data showed that 25,600 BTC options expired, with a put-call ratio of 0.56, a maximum support level of $70,500, and a notional value of $1.62 billion; 155,000 ETH options expired, with a put-call ratio of 0.92, a maximum support level of $2,000, and a notional value of $270 million. This week, Bitcoin plummeted, approaching $60,000, with both BTC and ETH moving far away from their maximum support levels. GEX trading ranges from 60K to 63K, with a significant negative skew in the skew, and BTC's implied volatility has rebounded to around 40%. While the market hasn't heavily bet on a one-sided crash, there's been a surge in defensive buying; attention should be paid to whether funds will flow back and whether BTC can stabilize.

With ZEC falling below $400, Garrett Jin's triple short position has already yielded a floating profit of over $13.5 million.

Grayscale HYPG ETF launched, with a total net inflow of $12.1494 million into the US HYPE spot ETF in a single day.

Multicoin Capital transferred 54.65 million ENA to Galaxy Digital, possibly through an OTC sale.

The Tennessee Strategic Bitcoin Reserve Act will have a Senate hearing on April 20.

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