Today's top news highlights:

The entity associated with a16z has purchased over 90,000 HYPE tokens in the past 10 hours, bringing its total purchases this year to 6.996 million tokens.

21,540 ETH were liquidated in a DeFi protocol after ETH briefly fell below $1,550.

Approximately 343,000 ETH in DeFi protocols are currently facing the risk of concentrated liquidation.

Arthur Hayes: All WLD shares sold

The full text of the Strategic Bitcoin Reserve Act proposed by U.S. Representative Nick Begich has been released.

Regulation & Macro

Following Futu Tiger Longbridge, Huasheng Securities will clean up its mainland business.

Huasheng Securities issued a notice to its clients stating that, starting June 15th (Beijing time), it will adjust services for existing investor accounts in mainland China: new and additional position openings for all securities, including stocks, will be suspended; only selling and closing positions will be supported. Fund and securities transfers in will be suspended, while transfers out will remain normal. This adjustment is to implement the industry regulatory requirements of the two-year concentrated rectification period, promote the standardized development of cross-border securities business, and will not affect services provided to existing investors overseas, nor will it affect the security of existing assets for all clients. In addition to Futu, Tiger Brokers, and Changqiao Brokers, which were previously "named" by the China Securities Regulatory Commission, some small and medium-sized securities firms will also begin rectifying existing illegal business activities.

The full text of the Strategic Bitcoin Reserve Act proposed by U.S. Representative Nick Begich has been released.

U.S. Representative Nick Begich introduced the "American Reserve Modernization Act of 2026," proposing the establishment of a U.S. "Strategic Bitcoin Reserve" and a "Digital Asset Reserve." The core provisions of the bill include: the Treasury Department must establish a strategic Bitcoin reserve within 180 days to centrally manage Bitcoin held by the federal government; all Bitcoin acquired through criminal forfeiture, civil penalties, etc., must be included in the reserve; non-Bitcoin digital assets must be uniformly included in the digital asset reserve and can be sold to increase Bitcoin holdings or repay national debt; an on-chain reserve proof system must be established, with quarterly public disclosure of holdings and key control proofs; all Bitcoin included in the reserve must, in principle, be held for at least 20 years, during which time they cannot be sold, pledged, or transferred; federal agencies must report their digital asset holdings within 60 days, which will ultimately be transferred to the unified reserve system; states are allowed to voluntarily deposit their state-held Bitcoin into a separate account in the federal strategic Bitcoin reserve; and the right of individuals to self-custody their assets is explicitly protected. The bill does not directly authorize the federal government to borrow heavily to purchase Bitcoin, but rather requires the study of "budget-neutral" acquisition plans and prohibits the purchase of Bitcoin through new borrowing, tax increases, or deficit spending. If passed, the U.S. will establish a national-level Bitcoin reserve system for the first time through legislation.

The U.S. House Tax Committee is distributing seven draft bills on digital asset tax reform.

The U.S. House Tax Committee is circulating seven draft bills on digital asset taxation, proposing a comprehensive overhaul of the U.S. crypto-asset tax framework. The issues cover stablecoin payments, tax exemptions for small transactions, recognition of mining and staking income, crypto lending, wash sale rules, tax treatment of charitable donations, and a voluntary disclosure program for taxpayers with historical reporting issues. These include proposals such as the "Reducing Tax Instrumentation for Digital Asset Holders Act" and the "Mining and Staking Tax Clarification Act." This move effectively breaks down previous related bills into multiple independent legislative projects to improve efficiency. These draft bills are expected to be the core issues of next Tuesday's digital asset tax hearing. If ultimately passed, this will be one of the most comprehensive overhauls of the U.S. crypto-tax system in recent years.

SpaceX plans to ban Chinese and Hong Kong investors from its IPO, which is related to US technology export controls.

According to Bloomberg, underwriters preparing for SpaceX's IPO, valued at approximately $75 billion, were instructed not to accept subscription orders from investors in mainland China and Hong Kong (including private banking clients) due to technology export and compliance risks related to the U.S. International Trade in Arms Regulations (ITAR). The lead bank has requested other banks in the underwriting syndicate to reject funds from these regions to avoid triggering U.S. national security and data security reviews. SpaceX's website also displayed errors on Friday in Hong Kong and Shanghai, indicating blocked local IP addresses, reflecting further tightening of its control over Chinese investment in terms of equity and information.

The UK's FCA has designated Hyperliquid and the Hyper Foundation as "unauthorized entities".

On May 21, the UK Financial Conduct Authority (FCA) issued a notice designating the crypto derivatives platform Hyperliquid and its affiliated websites as unauthorized entities. The FCA stated that the platform may be offering or promoting financial services to UK users without a license, advising investors to avoid trading with it and warning that dealing with the platform will not provide protection under the Financial Complaints Service and the Financial Services Compensation Scheme. Meanwhile, CME Group CEO Terry Duffy warned that crypto perpetual contracts could be a "potential disaster," questioning the CFTC's approval process for such "novel and complex" products. Hyperliquid, as one of the leading decentralized perpetual contracts platforms, has recorded approximately $255 million in revenue as of May 20 this year, with its HYPE token rising by approximately 101% during the same period.

The probability of a Federal Reserve rate hike in December has risen to 63%.

US interest rate futures data show that the probability of the Federal Reserve raising interest rates in December has risen from 48% to 63%.

The market is pricing in a 25 basis point rate hike by the Federal Reserve before the end of the year.

The market is now fully pricing in a 25-basis-point rate hike by the Federal Reserve before the end of the year.

State Council: Strengthen the supervision of private equity funds and strictly control the establishment and illegal activities of government funds.

The General Office of the State Council issued an opinion requiring strengthened supervision of private equity investment funds, risk prevention, and promotion of high-quality development. The document proposes optimizing registration and filing rules, strictly controlling the establishment of new government investment funds (generally, no new funds should be established at the county or district level), and strictly managing the registration of terms such as "private equity fund" in names and business scopes. Regulators will refine risk assessment standards, promote differentiated supervision, and increase inspections of key institutions, institutions operating in other locations, and illegal activities such as nominee shareholding and channeling. Private equity funds will be strictly prohibited from illegal lending and "equity disguised as debt." The opinion also emphasizes increasing the crackdown on illegal fundraising, embezzlement, self-financing, illegal cross-border fund flows, and participation in illegal fundraising. A "whistleblower" system and a blacklist system will be established. Furthermore, by integrating inefficient government and state-owned enterprise investment funds, cultivating patient capital, and providing diversified exit channels, the document aims to guide the standardized development of private equity funds, venture capital funds, and private securities funds, serving technological innovation and residents' wealth management.

Project Updates

F2Pool co-founder Wang Chun's associated address withdrew 17,560 ETH from Binance in the past 16 hours.

F2Pool co-founder Wang Chun's associated address withdrew 17,560 ETH from Binance in the past 16 hours, worth approximately $28.67 million.

The whale "7 Siblings" spent $18.03 million to purchase 11,759 ETH.

According to Onchain Lens monitoring, the whale "7 Siblings" spent another $18.03 million to buy 11,759 ETH. It currently still holds 10 million USDS and may continue to buy ETH.

A whale that had been dormant for three years purchased approximately 54,000 ETH through revolving lending.

According to Onchain Lens monitoring, a whale account "0x280," which has been dormant for three years, deposited 38,550 ETH into Aave V3, borrowed 90 million USDT, and then purchased 54,092 ETH at an average price of $1,664 through revolving lending. Currently, this whale address holds a total of 92,646 ETH, with a total value of approximately $146.55 million.

JuCoin's proof of reserves has been accused of being fake; "USDT" and "USDC" are actually tokens issued by the project team itself.

FlashRescue co-founder @DarcyAri analyzed that the official reserve proof of the cryptocurrency exchange JuCoin is fabricated. JuCoin claims a total reserve of $511 million, a reserve ratio of 123.81%, covering six assets: USDT, BTC, ETH, USDC, BNB, and SOL. However, all these assets point to the same JuChain address on CoinMarketCap. The "USDT" and "USDC" on JuChain are ERC20 tokens deployed by the project team and can be arbitrarily issued, with no cross-chain bridging relationship to the official stablecoin. Currently, there are only 14 holders across the entire chain, with PoR addresses holding 99.99%.

Huang Licheng's account was liquidated 10 times within 8 hours, leaving him with only $52,000. He then added to his ETH long positions.

According to Lookonchain monitoring, Maji (Huang Licheng) experienced 10 liquidations within 8 hours, leaving his account with only $52,000. He had just increased his long position to 1075 ETH ($1.71 million), with the new liquidation price at $1560.81.

The entity associated with a16z has purchased over 90,000 HYPE tokens in the past 10 hours, bringing its total purchases this year to 6.996 million tokens.

According to on-chain analyst Ai Yi, the a16z-related entity has accumulated another 90,091 HYPE tokens in the past 10 hours, worth $5.238 million; the total amount of HYPE tokens accumulated in 2026 has reached 6.996 million, with a total value of $327 million and an average price of $46.85.

Arthur Hayes: All WLD shares sold

BitMEX co-founder Arthur Hayes stated that the SPCXUSD chart pattern was "abnormal" and that he had sold all his WLD.

A whale bought 29,000 ETH from FalconX, worth approximately $46.69 million.

According to Onchain Lens monitoring, an OTC trading whale (0xFB7) has once again purchased 29,000 ETH (worth approximately $46.69 million) from FalconX. Currently, this whale holds 151,588 wsETH, equivalent to 187,460 ETH (worth $296.19 million).

The USDC Treasury has just minted an additional 250 million USDC on the Solana blockchain.

At 23:59 Beijing time on June 5, USDC Treasury minted an additional 250 million USDC on the Solana chain.

Zcash will audit the supply of the recently patched Orchard liquidity pools.

The Zcash development team plans to use a new auditing method to audit the supply of the Orchard Shielded Pool, which has recently had issues fixed, and said it will release more technical details later today.

Matrixport-linked whales deposited an additional 5.84 million USDC in margin to prevent ETH long positions from being liquidated.

According to Lookonchain, a whale account suspected of being linked to Matrixport held 120,000 ETH long contracts, currently showing a floating loss of approximately $78 million. To mitigate the risk of liquidation, the account added 5.84 million USDC as margin, lowering the liquidation prices for multiple positions to approximately $1,414.51, $1,366.11, $1,360.73, and $1,309.53.

Securitize's backdoor listing has been approved by the SEC, bringing it one step closer to listing on the NYSE.

The U.S. Securities and Exchange Commission (SEC) has declared the Form S-4 registration statement for the merger of Securitize and SPAC Cantor Equity Partners II officially effective. This signifies a key step forward in Securitize's IPO process, with CEPT shareholders scheduled to vote on the deal at a special meeting on June 29, 2026. If approved, the transaction is expected to close subsequently. Upon completion of the transaction, the merged company is expected to operate as "Securitize Corp." and list on the New York Stock Exchange under the ticker symbol "SECZ".

BlackRock deposited 1,978 BTC and 14,244 ETH into Coinbase.

According to Onchain Lens, BlackRock deposited 1,978 BTC (approximately $124 million) and 14,244 ETH (approximately $238 million) into Coinbase.

Upbit will list its BABY token on the Korean won market.

South Korean cryptocurrency exchange Upbit will list the BABY token on the Korean won market, with trading starting at 20:00 local time on June 5th.

Investment and financing news

Opinions & Analysis

Coinbase CEO: Bitcoin's decline does not mean a decline in cryptocurrencies; derivatives, stablecoins, and other areas are still rising.

Coinbase CEO Brian Armstrong stated that many people still believe a drop in Bitcoin means a drop in cryptocurrencies, but derivatives/perpetual contracts, stablecoins, prediction markets, and others are rising. Cryptocurrencies touch upon all areas of finance and now have a broader reach than Bitcoin. Bitcoin will perform well in the future; this is just one of many cycles we've experienced.

Michael Saylor proposed a framework of four major ideologies for Bitcoin.

Strategy founder Michael Saylor proposed a framework of four ideologies for Bitcoin: Maximists emphasize Bitcoin's role as the dominant global digital currency network; capitalists advocate for Bitcoin's deep integration into banking, corporate, and capital markets; technologists support cautious protocol upgrades to improve scalability, security, and functionality; and fundamentalists focus on self-custody, node operation, decentralization, and protocol immutability. Saylor believes these four ideologies correspond to four forces: belief, adoption, innovation, and protection. He argues that Bitcoin's future should achieve a balance through "disciplined expansion": maintaining the stability and decentralization of the underlying protocol while placing most innovation on layer-two networks, custody, credit, and capital market infrastructure.

Bloomberg Viewpoint: Stablecoin Expansion May Reshape Global Finance, Regulatory Absence Highlights Risks

According to Bloomberg, the US government is betting that stablecoins issued by private institutions like Tether and denominated in US dollars will expand to approximately $3 trillion in the coming years to support the dollar's international dominance and absorb more demand for US Treasury bonds. However, the article points out that the current mainstream stablecoin issuers are concentrated in Tether, whose compliance with local regulations and anti-money laundering practices are questionable. A run on Tether or a smart contract malfunction could impact its large holdings of US Treasury bonds and disrupt global payments and settlements. The European Central Bank is pushing forward with central bank digital currencies and a "tokenized euro" to support atomic settlements in order to avoid the locking of key financial infrastructure by US private dollar tokens.

Important data

Bitcoin spot ETFs saw net outflows of $326 million yesterday.

Yesterday (June 5th, Eastern Time), Bitcoin spot ETFs saw a total net outflow of $326 million. The largest single-day net inflow was seen in the Morgan Stanley ETF (MSBT), with a net inflow of $4.2773 million, bringing its historical total net inflow to $268 million; the VanEck ETF (HODL) saw a net inflow of $4.219 million, bringing its historical total net inflow to $1.151 billion. The largest single-day net outflow was seen in the BlackRock ETF (IBIT), with a net outflow of $214 million, bringing its historical total net inflow to $62.47 billion. The total net asset value of Bitcoin spot ETFs is $75.115 billion, with an ETF net asset ratio of 6.08%, and a historical cumulative net inflow of $53.94 billion.

21,540 ETH were liquidated in a DeFi protocol after ETH briefly fell below $1,550.

According to Lookonchain monitoring, as ETH fell below $1,550 this morning, 21,540 ETH (worth $34.1 million) have been liquidated in DeFi protocols. ETH is currently trading at $1,595.

Approximately 343,000 ETH in DeFi protocols are currently facing the risk of concentrated liquidation.

According to Lookonchain, approximately 343,075 ETH (about $547 million) across multiple DeFi protocols are in potential liquidation territory. Specifically, this includes: 46,741 ETH at $1,565.72, 58,032 ETH at $1,555.04, 100,394 ETH at $1,426.31, and 137,908 ETH at $1,361.73.

Data: Bitmine's unrealized loss is $10.35 billion, and Strategy's unrealized loss is $12.27 billion.

According to Lookonchain monitoring, Tom Lee's Bitmine has seen its unrealized losses widen to $10.35 billion on over 5.41 million ETH (currently worth approximately $10.03 billion, with an average cost of approximately $3,500). Michael Saylor's Strategy has seen its unrealized losses widen to $12.27 billion on 843,700 BTC (currently worth approximately $56.26 billion, with an average cost of approximately $75,699).

BTC rebounded after falling below $60,000; over $1.8 billion in contract liquidations occurred across the entire network in the past 24 hours.

BTC rebounded after falling below $60,000, currently trading at $61,399.7, up 0.57% on the day. In the past 24 hours, the total liquidation amount for cryptocurrency futures contracts across the entire network reached $1.829 billion, including $1.459 billion in long positions and $371 million in short positions. The total liquidation amount for BTC was $620 million, and for ETH it was $496 million.

The Nasdaq 100 index extended its losses to 2.5%.

The Nasdaq 100 index fell further to 2.5%.

U.S. nonfarm payrolls increased by 172,000 in May, seasonally adjusted, higher than the expected 85,000.

U.S. nonfarm payrolls increased by 172,000 in May, seasonally adjusted, higher than the expected 85,000. The previous month's figure was revised from 115,000 to 179,000. The U.S. unemployment rate was 4.3% in May, in line with expectations.

Bitdeer maintained zero Bitcoin holdings and sold 205.3 BTC this week.

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