Today's top news highlights:

Hong Kong Securities and Futures Commission: Hong Kong licensed companies can continue to provide services to existing mainland clients, but cannot provide services within mainland China.

Regulation & Macro

Hong Kong Securities and Futures Commission: Hong Kong licensed companies can continue to provide services to existing mainland clients, but cannot provide services within mainland China.

The Hong Kong Securities and Futures Commission (SFC) interpreted its May 22 circular, stating that licensed companies can continue to provide services to existing mainland clients, but not within mainland China. Opening new accounts must comply with all requirements. The SFC also noted the joint notice from mainland China dated May 22, 2026, indicating that the same requirements apply to financial institutions in other jurisdictions providing services to mainland investors.

The New York State Department of Financial Services has released proposed rules for stablecoins, aligning them with the federal GENIUS Act.

The New York State Department of Financial Services has released proposed rules for stablecoins, aligning with the federal GENIUS Act. The new rules retain existing requirements while adding new federal provisions, including maximum reserve asset limits, risk management plans, internal audits, asset growth and earnings management, and regulations governing related-party transactions. A 10-day public comment period is open, followed by a 60-day consultation period. The final rules will take effect simultaneously with the GENIUS Act, with existing licensed issuers enjoying a one-year transition period.

Russia's State Duma passed the first reading of the cryptocurrency tax reform bill.

The Russian State Duma passed the first reading of a bill reforming cryptocurrency taxation. The tax base is the positive difference between transaction income and expenses, with losses deductible from profits. Brokers and trustees are required to withhold and remit personal income tax, recognizing only documented expenses. Foreign-issued digital financial assets are considered cryptocurrencies. Coupons from ruble-denominated digital debt instruments traded on the Moscow Exchange are taxed at a preferential rate. The Duma's Budget and Tax Committee recommends that the second reading require licensed cryptocurrency exchanges to collect personal income tax.

The US military begins retaliatory strikes against Iran.

China plans to invest 2 trillion yuan to build a nationwide AI data center network.

China plans to invest approximately 2 trillion yuan over the next five years to build a nationwide AI data center network. Led by the National Development and Reform Commission and other departments, state-owned enterprises such as China Mobile and China Telecom will operate most of the data centers, aiming to use over 80% of the technology from domestic suppliers like Huawei. Funding will primarily come from sovereign debt financing, including ultra-long-term government bonds and national strategic industry investment funds, supplemented by bank loans and private capital. This project is part of China's "Six Networks" infrastructure plan, which is expected to be connected into a unified computing network by 2028, with a total investment potentially reaching 5 trillion yuan.

The US House of Representatives held hearings on a crypto tax bill, with members of both parties questioning the details of the draft.

Kalshi will require some prediction market participants to disclose their employer information to prevent insider trading.

Kalshi plans to require users participating in certain prediction markets to disclose their employer information to prevent insider trading and market manipulation. Users involved in sensitive markets such as company performance and national security are required to submit an online form describing their employer. Information is typically not verified; investigations and requests for proof of employment are only made if suspicious activity is detected. In the first quarter of 2026, Kalshi filed more than 20 complaints with the CFTC and the Department of Justice, involving former Congressman George Santos and accounts linked to military spouses. Some of these accounts accurately placed bets days before the arrest of the former Venezuelan president, raising suspicions of using non-public information.

Project Updates

A major whale has begun closing its $148 million short position in the S&P 500, leveraged by 50 times, and is currently profiting $1.44 million.

Syscoin: The SYS tokens previously compromised have been returned to the redemption address.

Syscoin has updated its statement, saying that the SYS tokens stolen in the previous cross-chain bridge attack have been returned to the recovery address. The team is verifying the situation and will update on the next steps as soon as possible. Previously, on June 8th, the Syscoin cross-chain bridge was attacked, involving approximately 5 billion SYS tokens, and bridging services were suspended.

Binance Alpha will open its airdrop today at 17:00, with a minimum requirement of 245 points.

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

Binance Futures will launch six USDT-margined TradFi perpetual contracts starting at 17:00 (UTC+8) on June 10, 2026. These contracts include Zoom, DraftKings, Rivian, Game Station, SPDR Energy Select Sector Fund, and iShares MSCI Brazil ETF, all supporting leverage up to 20x.

CME Group launches Nasdaq CME cryptocurrency index futures.

The Chicago Mercantile Exchange launched Nasdaq CME Crypto Index futures, which will be settled in cash on the Nasdaq CME Crypto Settlement Price Index upon expiry. The index tracks the largest and most actively traded cryptocurrencies by market capitalization, and as of June 9, it includes Bitcoin, Bitcoin Cash, Ethereum, Solana, XRP, Cardano, Chainlink, and Stellar.

After an address withdrew 8 million STG tokens from the Gate, the STG price surged by over 40%.

After an address withdrew 8 million STG tokens (worth $2.2 million) from the Gate, STG's price surged by over 40%. Since being acquired by ZRO, STG can only be exchanged for ZRO at a fixed ratio of 1 STG = 0.08634 ZRO. With ZRO priced at $0.84, the corresponding STG price is approximately $0.07. Currently, the STG price is $0.36.

Japan's three major banks plan to jointly issue a stablecoin by March 2027.

Japan's three major banking groups—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group—will jointly issue a stablecoin by March 2027. A committee will be established within the banking division to review the operational framework. The Financial Services Agency (FSA) supports the pilot phase as part of a national effort to strengthen the payment system. Japanese startup JPYC began issuing a yen-pegged stablecoin last October.

The Bitcoin L2 network Botanix will be gradually shut down; users must withdraw their assets before July 9th.

Botanix, a Bitcoin Layer 2 network, has announced a phased shutdown, requiring users to withdraw their assets by July 9th. The team summarized the lessons learned: the market's demand for Bitcoin's programmability was immature, token issuance strategies performed poorly, most DeFi users accepted the Ethereum WBTC solution, on-chain economics concentrated on centralized platforms, users primarily used Bitcoin for value storage, and network fee revenue struggled to cover infrastructure costs. After July 9th, remaining Bitcoin will be redeemed by validators; other assets cannot be recovered.

Binance will support a planned upgrade to its stock trading service on June 13.

Binance will be providing support for a planned upgrade to its stock trading service from 18:50 on June 13, 2026 to 00:00 on June 14, 2026 (UTC+8). During this period, stock trading will be unavailable. Users are advised to cancel any open orders in advance; active orders will be automatically canceled. Service will be restored automatically after the upgrade is complete.

Ondo Perps, Ondo's perpetual contract platform, launches public beta.

Ondo's perpetual contract platform, Ondo Perps, has launched its public beta, allowing the first batch of users to begin trading, with more available to be added gradually. Traders outside the United States can leverage up to 20 times to go long or short on assets such as crude oil, gold, silver, US stocks, and indices, with 24/7 trading support.

Humanity is developing a recovery plan for affected users and offering a 1 million USDT reward for information leading to their recovery.

The Humanity team is developing a recovery plan for users affected by the attack and has set up a real-time tracking page for the attacker's address and downstream transactions, which is shared with all centralized and decentralized exchanges and aggregators. A reward of 1 million USDT is offered for leads leading to the recovery of funds, which will be used to buy back H tokens. Previously, yesterday, Humanity disclosed that approximately $36 million worth of tokens were stolen and sold across two chains.

A whale who borrowed money to short ETH withdrew 7,000 ETH from Binance and used it to repay a loan from Aave, making a profit of $190,000.

Robinhood Securities has been approved as an IPO underwriter and plans to make "disruptive" innovations.

Anthropic releases a public version of Mythos, "Claude Fable 5," which lacks cybersecurity features.

Anthropic has released a public version of its Mythos model, "Claude Fable 5," but prohibits its use in high-risk areas such as cybersecurity. The model demonstrates strong performance in software engineering and data analytics. Mythos has previously been found to have thousands of software vulnerabilities, and its use is restricted through the "Glasswing" program. Anthropic claims to have conducted extensive testing to prevent circumventing guidelines. While Fable 5 is more expensive, it requires fewer tokens to execute tasks, reducing overall costs. Pricing is $10 per million input tokens and $50 per million output tokens.

Garrett Jin has shifted to a long position in ZEC, with a position size of $11.9 million and an unrealized loss of $812,000.

Garrett Jin, an agent for the "1011 Insider Whale," switched to a long position in ZEC, opening a double long position of 27,723 ZEC (US$11.9 million), which has already resulted in a floating loss of US$812,000.

Investment and financing news

SpaceX IPO demand has exceeded $250 billion, with oversubscription reaching approximately four times.

SpaceX's IPO demand has exceeded $250 billion, with subscriptions oversubscribed by approximately four times, and the company plans to raise $75 billion. President Gwynne Shotwell and CFO Bret Johnsen attended a Morgan Stanley luncheon meeting with about 300 institutional investors. Elon Musk briefly participated in some Zoom meetings. The subscription intention data reflects investor sentiment rather than final allocations; some large institutions tend to submit orders later.

Databricks is in talks for a new round of funding, targeting a valuation of over $165 billion.

Data analytics and AI software company Databricks is in talks for a new funding round, targeting a valuation of $165 billion to $175 billion, with the round potentially launching as early as next month. Earlier this year, it completed a funding round of approximately $5 billion, valuing the company at around $134 billion. The company's revenue exceeded $5.4 billion, a 65% year-over-year increase. CEO Ali Ghodsi stated that an IPO is still planned, potentially as early as next year.

Crypto financial infrastructure company Morpho has raised $175 million in funding, led by a16z Crypto, Paradigm, and Ribbit Capital.

DeFi lending protocol Morpho has raised $175 million in funding, co-led by a16z crypto, Paradigm, and Ribbit Capital, with strategic participation from Apollo Global, VanEck, and Circle Ventures. The valuation is estimated at up to $2 billion. Morpho allows institutions to customize lending markets and risk parameters, and has already attracted users such as Coinbase and Kraken, with a total value locked of approximately $6.6 billion. It plans to expand to traditional financial institutions.

SpaceX's IPO is reportedly oversubscribed by several times.

SpaceX's IPO has been oversubscribed several times, with institutional investor demand exceeding the available shares. The lead underwriter revealed that demand increased further after management meetings, and the number of share subscription orders continued to rise. The allocation to institutional investors will be primarily concentrated in large, pure-play long-only investment management firms, with several institutions each placing orders for approximately $10 billion or more of shares.

Opinions & Analysis

Grayscale: On-chain metrics indicate that Bitcoin is currently undervalued, but has not yet reached its historical cycle bottom.

Zach Pandl, head of research at Grayscale, stated that on-chain valuation metrics indicate Bitcoin is undervalued but has not yet reached historical cycle bottoms. This bear market may be relatively shallow due to smaller gains in the previous cycle and improved market structure. Short-term catalysts include progress on the Senate Clarity Act and the stabilization of leveraged holders' balance sheets. Current prices are suitable for long-term investors to build positions in stages, while short-term traders can wait for the bill's progress.

Tim Draper: Bitcoin is safer than bank deposits; the banking system may face quantum risks sooner.

American venture capitalist Tim Draper believes that quantum computing will break the banking system before it can break the blockchain, and that Bitcoin is more secure than bank accounts and US dollars. Even if the blockchain encounters problems, full nodes can roll back to secure blocks, and the network continues to operate, whereas the US dollar and banks do not have this option. He predicts that once retailers begin accepting Bitcoin, it will completely replace the US dollar.

Important data

Analysts: $12 billion flowed out of the Bitcoin network in the past month, with loss-making transactions dominating the market.

CryptoQuant analyst Axel Adler Jr. stated that Bitcoin's 30-day market capitalization change rate has fallen to -1.1%, declining by approximately $12 billion from its mid-May peak to $1.075 trillion. The 30-day moving average (aSOPR) has been below 1 for 13 consecutive days, currently at 0.987, with an average loss per trade of approximately 1.3%. Capital outflows driven by loss-making sell-offs signal a capitulation phase, but there is still room for further deterioration.

The SPCX contract on Hyperliquid has fallen 27% in three weeks, but remains above its $135 IPO price.

The 5x leveraged perpetual contract SPCX tracking SpaceX's pre-IPO on Hyperliquid fell for the third consecutive week, reaching around $157 on Wednesday, down about 27% from its launch in mid-May, but still above the IPO price of $135, implying a narrowing first-day premium of about 16%. SpaceX opted for a fixed price, raising $75 billion, while investor demand exceeded $250 billion. The weakness in SPCX may reflect pressure in the crypto market and investors raising cash to participate in the oversubscribed offering.

The net asset value of US spot Bitcoin ETFs has fallen back to the level seen in early November 2024 when Trump wins the election.

The total net asset value of US spot Bitcoin ETFs fell to $77.58 billion, returning to levels seen in November 2024 when Trump won the election. Despite an improved regulatory environment, ETF assets have still halved from their peak of $169.54 billion in October 2025. Net outflows exceeded $5 billion over the past four weeks, with cumulative net inflows falling to $53.77 billion, the lowest since August of last year. Analysts attributed this to high inflation, a hawkish Federal Reserve, and distractions from trending narratives such as AI.

Bitcoin spot ETFs saw a total net outflow of $77.4378 million yesterday, marking the third consecutive day of net outflows.

Ethereum spot ETFs saw a total net outflow of $40.8513 million yesterday, with Grayscale's ETHE experiencing the largest net outflow at $17.4201 million.

Kalshi's perpetual contracts saw a notional trading volume exceeding $1 billion within a week of their launch.

Bitmine is suspected of purchasing 75,000 ETH, equivalent to approximately $122 million, through three wallets.

Three wallets received 75,000 ETH (approximately $122.29 million) from Kraken and FalconX, which may belong to Bitmine.

A newly created address deposited 3 million USDC into HyperLiquid to go long on ETH.

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