Today's top news highlights:

Cryptocurrency markets are eroding US stock market liquidity: SpaceX stock trading volume has reached 10.3% of Nasdaq's, with daily turnover exceeding $5.4 billion.

The AI version of Alipay, "A Bao," has been officially launched.

SpaceX's market capitalization is approaching $2.9 trillion, just $100 billion away from surpassing Microsoft.

Coinbase partners with AWS to enable online publishers to charge AI agents via x402.

Regulation & Macro

Iranian Foreign Minister says a new round of talks between Iran and the US may be held in Switzerland on the 19th.

The Bank of Japan raised interest rates by 25 basis points as expected.

The Bank of Japan raised interest rates by 25 basis points, increasing the target rate from 0.75% to 1.00%, the highest level in 31 years, in line with market expectations. This followed three consecutive meetings where rates were kept unchanged.

Dubai's VARA requires crypto businesses to use data-driven risk models and update their risk assessments every three months.

The Dubai Virtual Asset Regulatory Authority (VARA) has issued new guidelines requiring crypto companies to use quantitative business data to build real-time risk scoring models, replacing static tracking. The new rules require crypto companies to update their risk assessments at least every three months, or immediately upon significant changes to their operational structure or product lines. Companies must promptly incorporate risks from Financial Action Task Force (FATF) high-risk and blacklisted countries into their assessment systems, distinguishing between risks related to proliferation financing and targeted financial sanctions, and ensuring these are not confused with general anti-money laundering measures. VARA emphasizes that companies must formally document and explain the risks posed by emerging tools such as AI-driven operations and enhanced anonymity trading, and demonstrate to regulators that assessment results directly influence resource allocation and daily compliance implementation.

The Chairman of the US CFTC clarifies four common misconceptions about perpetual futures contracts.

Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), clarified four common misconceptions about perpetual futures contracts. Regarding the fixed expiration date misconception: Neither the Commodity Exchange Act nor CFTC regulations provide a clear definition of a futures contract, nor do they require a fixed expiration date or delivery date. The criteria for determination are provided by case law and the Commission's interpretation; neither requires a fixed expiration date. Regarding high leverage misconception: Extreme leverage is a characteristic of perpetual contracts traded in offshore markets since their inception, and is not inherent to the contract structure itself. CFTC-regulated perpetual contracts are subject to the same leverage limits as other CFTC-regulated futures contracts. Regarding public comment misconception: The CFTC released a draft for comment on perpetual contracts and 24/7 trading in April 2025, receiving over 100 comments. Regarding funding rates misconception: The annualized cost of holding comparable positions in futures contracts with expiration dates is roughly equivalent to that of perpetual contracts. The funding rate mechanism is a constraint tool that keeps the contract linked to the underlying spot market.

The U.S. Congress plans to rebuild the Justice Department's Cryptocrime Task Force to coordinate efforts against related theft and fraud.

The U.S. Congress is pushing to rebuild the Department of Justice's Cryptocrime Task Force. This follows the Department of Justice's disbanding of the National Crypto Enforcement Task Force in April 2025 and the end of its "enforcement over regulation" strategy for the crypto industry. The new bill, introduced by Representatives Lance Gooden and Josh Gottheimer, proposes establishing a federal cryptocurrency theft task force within the Department of Justice to coordinate investigations and prosecutions of crypto asset theft, hacking, and fraud. The task force's responsibilities include developing best practices for evidence collection, digital evidence analysis, asset tracking, and victim outreach; providing technical assistance and training to state and local law enforcement agencies; and coordinating international cross-border cooperation. The bill explicitly excludes the cryptocurrency market, financial institutions, and financial products from the task force's oversight, without altering the existing regulatory framework or criminal law. An FBI report indicates that there were 181,565 complaints involving cryptocurrencies in 2025, with reported losses exceeding $11 billion. The bill does not yet specify details regarding funding, personnel, or victim response mechanisms.

US judge dismisses xAI's lawsuit accusing OpenAI of stealing trade secrets.

A U.S. federal judge dismissed a lawsuit filed by Elon Musk's AI company xAI against rival OpenAI, which accused OpenAI of stealing trade secrets. Judge Rita Lin stated that xAI failed to prove that OpenAI induced former xAI engineer Xuechen Li to misappropriate trade secrets, nor that Li disclosed xAI's trade secrets during a presentation he gave while being recruited by OpenAI. The judge stated that allowing xAI to continue the lawsuit would be futile. She had previously dismissed an earlier version of the lawsuit in February of this year.

Spain's CNMV issued an emergency warning before the MiCA transition period ended on June 30.

The Spanish National Securities Market Commission (CNMV) has issued a statement warning Virtual Asset Service Providers (VASPs) to be aware of the impending consequences of the MiCA framework. After June 30th, the grace period for VASPs benefiting from the transition will end, and only authorized VASPs will be allowed to operate in the country. The CNMV stated that investors should not deal with entities that have not yet completed the authorization process, as they will not be able to enjoy the protections and oversight mechanisms stipulated by the regulations. VASPs operating in Spain without MiCA authorization can devise migration plans to manage customer funds, including reaching agreements with other authorized VASPs to allow customers to continue receiving crypto services. This migration plan will set a reasonable timeframe for investor withdrawals, and upon completion, any unwithdrawn crypto assets and funds may be transferred to the authorized entity, with affected customers notified. ATH21 CEO Cris Carrascosa revealed that with only 15 days left before the rules take effect, less than half of the VASPs have obtained MiCA licenses, indicating that European companies and users may face significant service disruptions.

Project Updates

$40 million worth of HYPE tokens were withdrawn from exchanges and pledged.

According to on-chain analyst Ember, 572,900 HYPE tokens (worth $40 million) were withdrawn from Coinbase Prime three hours ago and subsequently transferred to Hyperliquid for staking. HYPE is up 11% today.

Karma3 Labs and its OpenRank protocol will cease operations, and remaining capital will be returned to investors.

Sahil Dewan, founder of Karma3 Labs, the development team behind the decentralized reputation protocol OpenRank, announced that after three and a half years of development, the company and its OpenRank protocol will be shut down and development will cease. Remaining capital will be returned to investors, and all code, protocols, documentation, and learning materials will be open-sourced, with the GitHub repository archived and permanently made public. OpenRank has generated reputation scores for over 10 million on-chain users, facilitated over $50 million in incentive distribution, and supported over 50 integrations. However, the team failed to find a company model for compound growth, and the core lesson learned is that sound arguments do not automatically translate into scalable businesses. Infrastructure needs to be anchored to users' existing workflows, rather than hoping the market will learn future behaviors.

The AI version of Alipay, "A Bao," has been officially launched.

The AI-powered Alipay app, "A Bao," has been officially launched, making Alipay the world's first super app to achieve full-platform AI integration. Currently, the new version is in invitation-only testing and will be gradually rolled out to all users.

A new wallet withdrew over 570,000 HYPE tokens from Coinbase, worth $39.88 million.

According to Onchain Lens monitoring, a newly created wallet withdrew 573,001 HYPE from Coinbase, worth $39.88 million.

Arthur Hayes' linked address bought another 47,000 HYPE tokens, worth $3.16 million.

According to on-chain analyst Ai Yi, an address associated with Arthur Hayes has again purchased HYPE. This address shares the same Bybit deposit address as Arthur Hayes, and withdrew 47,000 HYPE from Bybit an hour ago, worth $3.16 million. A week ago, Arthur Hayes clarified, "I didn't buy shit."

DeFi protocol Pyra has announced it will cease operations due to the Drift security incident.

DeFi protocol Pyra has announced it will cease operations and phase out its shutdown. The platform stated that its business and users were severely impacted by the Drift security incident, and despite months of attempts to find a sustainable operating path, it has been unsuccessful. Currently, all user balances are still withdrawable, new user registration has been halted, and existing Pyra cards have been cancelled. Pyra will launch a web portal in the coming weeks for existing users to manage their positions and withdraw funds; the mobile application will be shut down. Once Drift's tokens are relisted, Pyra will distribute them to affected users through the web portal. Pyra advises users to withdraw their funds and export their account private keys as soon as possible; this feature will be retained until September 15, 2026.

"Set 10 major targets first" - A whale plans to short BTC, with order size potentially reaching $40.31 million.

According to on-chain analyst Ai Yi, a whale known for its "10 Big Targets" strategy, it plans to short BTC, placing a short order for 160.372 BTC at a price of $66,550, approximately $10.67 million. The community speculates that a sell order for 605.73 BTC at the same price also belongs to this whale; if true, this would represent a position of $40.31 million, but it has not yet been filled.

Coinbase launches perpetual contracts for industry indices, covering four major themes including AI and technology.

Coinbase has launched perpetual contracts for industry indices, currently including AI10, Defense10, China10, and Tech100 contracts.

Coinbase partners with AWS to enable online publishers to charge AI agents via x402.

Coinbase announced a partnership with AWS CloudFront and WAF to allow online publishers and API providers to accept AI agents as payment customers via the x402 protocol. Approximately one-quarter of the internet runs on AWS CloudFront, and starting today, these websites can enable x402 through their existing AWS configurations, allowing AI agents to access content on demand and for a fee. When an AI agent requests content, the server returns an HTTP 402 status code along with the payment request. After the agent pays, the request is verified through Coinbase's x402 Facilitator, and the content is then served—all within a single request cycle.

Nasdaq has confirmed that the BlackRock Bitcoin Premium Income ETF (BITA) will be listed on June 16.

According to Bloomberg ETF analyst Eric Balchunas, Nasdaq has confirmed that BlackRock's iShares Bitcoin Premium Yield ETF (ticker symbol: BITA) will be listed on June 16th. The ETF targets an annualized return of 15-25%, while allowing investors to capture at least 70% of Bitcoin's gains.

A whale sold 29,000 ETH that it had bought at the bottom 10 days prior, making a profit of $6.43 million.

Bitcoin mining company Mara purchased 1,000 BTC from FalconX, worth $66.7 million.

Thetanuts Finance suffered a $2.1 million loss in an attack, with approximately $2 million apparently recovered by white-hat hackers.

According to SlowMist, the DeFi protocol Thetanuts Finance suffered an attack, resulting in a loss of approximately $2.1 million. However, it appears that approximately $2 million in positions were recovered by white-hat hackers. The vulnerability stemmed from integer division truncation in the `mint` function: after the `claim` function depleted the total vault supply to near zero, the `amount` parameter in the `depositAmount` calculation formula resulted in a value of 0, leading to unlimited free minting. Thetanuts Finance responded that preliminary investigations indicate the attack targeted an abandoned vault that had been migrated years ago and is unrelated to any current contracts or products. The team will release a post-attack analysis report once more details are available.

The U.S. government transferred $349,000 worth of assets from seized FTX/Alameda funds.

According to Onchain Lens monitoring, the US government transferred $349,000 worth of assets from the confiscated FTX/Alameda funds, including MKR, COMP, GRT, ENJ, and MDT.

A major OTC whale deposited 29,000 ETH into FalconX, making a profit of $6.41 million.

According to Onchain Lens monitoring, OTC trading whale 0xFB7 deposited 29,000 ETH (US$53.1 million) into FalconX, making a profit of US$6.41 million on the transaction. Currently, this whale holds 128,000 wsETH (equivalent to 158,248 ETH, worth US$283.42 million).

Investment and financing news

DeepSeek raises record-breaking $7 billion, valuing the company at over $50 billion.

Opinions & Analysis

Analysts: Bitcoin's $60,000 mark becomes a new accumulation zone; the potential bottom for this cycle is $48,000.

CryptoQuant analyst Axel Adler Jr. stated that Bitcoin's adjusted Sell-Side Risk Ratio (SSRR) entered the red zone for the first time when BTC fell to $60,000, with the supply of losing positions exceeding the supply of winning positions, reflecting deep pressure on holders. Historically, this indicator entering the red zone often coincides with bottom formation periods. The CVDD valuation model shows a structural bottom around $48,300, a level that has almost never been closed below in Bitcoin's history. Currently, Bitcoin has rebounded to $66,000, and the smoothed SSRR has started to turn upwards. Analysts believe that $60,000 is a behavioral resistance zone, while $48,000 is the structural risk boundary. The subsequent confirmation of recovery is a smoothed SSRR moving out of the red zone and the price stabilizing above $60,000; the main risk is the appearance of new red signals at lower levels and a test of the $48,000 support. Overall, the market is gradually shifting towards an accumulation pattern.

Michael Saylor proposed a five-layer architecture for the modern digital asset stack.

Strategy founder Michael Saylor proposed a five-layer architecture for the modern digital asset stack: Digital Capital (BTC), Digital Credit (a yield-generating instrument backed by Bitcoin), Digital Currency (a yield-generating instrument with stable value), Digital Returns (leveraged or structured products), and Digital Equity (MSTR-style residual equity). Saylor argues that Bitcoin itself does not need to generate returns, nor does it require staking, inflation, or protocol changes; returns should be created on top of Bitcoin through capital structures. Digital Currency combines digital credit with fiat currency cash equivalents to form a stable, daily liquid, and yield-generating instrument with a target return of 6-8%. This architecture does not alter Bitcoin's underlying structure or weaken its core principles; rather, it expands Bitcoin from a single asset into a global financial infrastructure through capital markets.

Analysts: Bitcoin's recovery depends on the US-Iran agreement; on-chain momentum remains weak.

Analysts say Bitcoin's recovery hinges on the success of a US-Iran peace agreement, and on-chain data shows that despite the recent rebound, Bitcoin remains weak. Nick Ruck, research director at LVRG Research, stated that while Bitcoin briefly recovered $67,000, momentum remains weak. Declining trading volume and stagnant on-chain indicators suggest a lack of confidence in the rebound, which could quickly fade. If the US-Iran ceasefire agreement breaks down, Bitcoin will face a volatile path, potentially initially attracting buying as a hedging asset before being pushed towards key support levels by broader risk aversion. Swissblock noted that Bitcoin's price momentum and OBV indicators remain weak and exhibiting low participation, both negative. The price momentum indicator is -1, and the OBV is -1.7 million, near multi-year lows. In a typical bear market, momentum weakens first, followed by OBV contraction, and then the price breaks down. History suggests that stronger recovery signals appear when both turn positive, and the risk of retesting lows before then remains.

Bitcoin Policy UK CEO: Michael Saylor's risk descriptions in promoting SRC were "dishonest".

Susie Ward, CEO of Bitcoin Policy UK, stated at the BTC Prague conference that Strategy's Michael Saylor was dishonest in describing the investment risks in a video promoting STRC, giving the impression that the product was risk-free. STRC is a perpetual preferred stock offering an 11.25% dividend, and Strategy raises funds by selling this stock to purchase Bitcoin. Ward believes this model of raising funds to buy Bitcoin through stock sales is problematic, stating that it contradicts Bitcoin's scarcity and inability to be inflated, making it a fiat currency game and resembling a pump-and-dump scheme. Strategy disclosed on Monday that it increased its holdings by 1,587 BTC at an average price of $63,024, approximately $100 million, bringing its total holdings to 846,842 BTC. Strategy's stock price was around $132 on Monday, having fallen over 60% in the past year.

Standard Chartered Bank: Uniswap's UNI token could see its price increase 40-fold to $100 by 2030.

Standard Chartered Bank predicts that Uniswap's UNI token could rise 40 times to $100 by the end of 2030. The bank believes that the value of tokenized assets active in DeFi will increase 37 times by 2030, from which Uniswap is poised to benefit. Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered, predicts that on-chain tokenized assets will grow from approximately $340 billion currently to $4 trillion by the end of 2028, with the share used for DeFi rising from 3.5% to 30%, and DeFi total value locked (TVL) increasing to approximately $2.7 trillion. The bank forecasts UNI to be priced at $6.50 by the end of 2026, $20 by the end of 2027, $40 by the end of 2028, $65 by the end of 2029, and $100 by the end of 2030. Since introducing the fee switch, Uniswap has generated approximately $21 million in protocol fees and burned 5 million UNI tokens. Combined with a one-time burn of 100 million UNI tokens, the total supply has decreased from 1 billion to 895 million, and the circulating supply has dropped to 622 million, providing support for the UNI price. On the risk side, smaller DEXs may build better products for specific use cases, and tokenized RWA requires stronger commercialization efforts and cooperation with traditional financial institutions.

Important data

Analysts: Binance Bitcoin futures cumulative trading volume approaches $800 trillion

CryptoQuant analyst Darkfost points out that the recent pullback in Bitcoin, from around $82,000 to below $60,000, has driven a significant increase in speculative activity in the derivatives market. Since early June, Binance futures daily trading volume has reached peaks of $39.5 billion and $35.5 billion. In early February, when Bitcoin fell below $60,000, it exceeded $42 billion in a single day. In contrast, Binance spot daily trading volume has increased from approximately $1.5 billion to $4-5 billion, but is still far below the peak of over $10 billion in early February. Binance Bitcoin futures cumulative trading volume has approached $800 trillion, exceeding the valuation of global annual GDP and the global real estate market. While the recent surge in trading activity may have contributed to the formation of a local bottom, market structures primarily driven by leverage are generally more fragile than those supported by strong spot demand.

Binance Research: On-chain leverage in DeFi climbed to approximately 38%, on par with 2021 levels.

Binance Research points out that DeFi's on-chain leverage ratio has climbed to approximately 38%, on par with 2021 levels, primarily driven by a contraction in total value locked (TVL) rather than new lending demand. The DeFi attacks in April resulted in an outflow of approximately $13 billion in TVL. Despite the overall market correction, substantial deleveraging has not yet occurred.

Cryptocurrency markets are eroding US stock market liquidity: SpaceX stock trading volume has reached 10.3% of Nasdaq's, with daily turnover exceeding $5.4 billion.

According to Hyperinsight monitoring, trading volume related to the crypto market SPCX (SpaceX) exceeded $5.4 billion in the past trading day. Compared to the Nasdaq SpaceX's $46.9 billion trading volume, SPCX's trading volume is approximately 10.3% of that. By platform, Binance contributed approximately $3.2 billion in trading volume, ranking first; Trade.xyz contributed approximately $1.1 billion. In the past day, Trade.xyz's total trading volume reached $3.2 billion, with open interest reaching $2.93 billion, accounting for 36.8% of Hyperliquid's total trading volume. Since crypto market trading is primarily contract-based, the actual trading volume may have decreased if calculated using a deleveraging approach, but SPCX remains the best-performing crypto stock comparable to the Nasdaq.

SpaceX's market capitalization is approaching $2.9 trillion, just $100 billion away from surpassing Microsoft.

Musk's wealth increased by nearly $140 billion in a single day, bringing his total net worth to over $1.11 trillion.

In the past 24 hours, a total of $538 million in positions were liquidated across the entire network, mainly short positions.

Hyperliquid's SPCX perpetual contracts saw $1.4 billion in trading volume on their first day of SpaceX's IPO.

SpaceX debuted on Nasdaq last Friday with a valuation exceeding $1.7 trillion. On the first day of trading, the SPCX perpetual contract on Hyperliquid saw a trading volume of $1.4 billion, accounting for 30% of the total trading volume of HIP-3. In the preceding three weeks, the average daily trading volume of SPCX was only $26 million. In the first half of June, the total trading volume of equity-linked perpetual contracts exceeded $18.8 billion, while crude oil and Brent crude oil contracts combined totaled $7.66 billion. As the HIP-3 market has become a 24-hour hedging and speculation venue outside of the US stock market's cash trading hours, market share has shifted from commodity perpetual contracts, which dominated in the first quarter, to equity perpetual contracts. Trade.xyz drove a significant share of HYPE buyback funds through fee distribution. Bybit, Binance, and Bitget canceled their SpaceX IPO tokenized share allocation plans and refunded investors due to insufficient underlying shares to meet customer subscriptions. The price of HYPE rose approximately 10% on the day of SpaceX's listing.

Binance will launch CBRSUSDT perpetual contracts on May 19th, based on Cerebras Systems.

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