Today's top news highlights:

Regulation & Macro

The United States and Iran reached a peace agreement, reopening the Strait of Hormuz.

The United States and Iran have reached a peace agreement, reopening the Strait of Hormuz. Pakistani Prime Minister Shahbaz announced on Sunday that the US and Iran have declared an end to hostilities. A formal signing ceremony is expected in Switzerland this Friday (June 19), followed by more detailed nuclear negotiations. Trump confirmed the news, stating that he is currently lifting US sanctions and expects Iran to open the Strait of Hormuz. Iranian Deputy Foreign Minister Gharibabadi stated that the text of the memorandum of understanding from Islamabad has been finalized and will be formally signed in Switzerland this Friday. Iran's Mehr News Agency released detailed terms of the 14-point memorandum of understanding between Iran and the United States, including a permanent and immediate cessation of hostilities on all fronts; a US commitment not to interfere in Iran's internal affairs and to respect Iran's sovereignty; the complete lifting of the naval blockade against Iran within 30 days; a US commitment to withdraw troops from the region surrounding Iran; the reopening of the Strait of Hormuz within 30 days; the suspension of oil sanctions against Iran and allowing Iran full access to its financial resources; a reconstruction plan of at least $300 billion provided by the US and its allies to Iran; a final agreement on the nuclear issue within 60 days and the complete lifting of sanctions; a reaffirmation of Iran's commitment not to develop nuclear weapons; no additional US troops or new sanctions during the negotiations; the release of $24 billion in frozen Iranian funds (half of which will be provided before the start of negotiations); the establishment of a monitoring mechanism; the final agreement being ratified by a UN Security Council resolution; final negotiations to begin only after half of the funds are released, oil sanctions are suspended, and the naval blockade is lifted; the final agreement only covers the future of uranium enrichment materials and processes; the lifting of sanctions; and Iran's economic reconstruction plan. Issues concerning Iran's missile program and support for resistance groups have been explicitly removed from the agenda.

The US CFTC is considering blocking the CME from launching all-day crude oil contracts.

The U.S. Commodity Futures Trading Commission (CFTC) is considering whether to block the Chicago Mercantile Exchange Group's (CME) application to launch a 24/7 crude oil contract. A senior CFTC official stated that 24/7 trading may not be suitable for crude oil, as it could exacerbate already extreme volatility during periods of geopolitical tension. The CFTC was surprised by CME's announcement last Thursday of plans to launch 24/7 crude oil and gold futures contracts. The new crude oil contract, one-tenth the size of the existing micro-WTI futures contract, is scheduled to launch on August 30 and is subject to regulatory review. A week ago, the CME CEO expressed "serious concerns" about the CFTC paving the way for cryptocurrency perpetual contracts. The CFTC stated it will evaluate perpetual contract applications on a case-by-case basis, and that certain assets may not be suitable for the product.

Britain, France, Germany, and Italy announced they would lift sanctions against Iran.

Iranian officials revealed a draft US-Iran memorandum: opening the Strait of Hormuz, unfreezing US assets, and exempting oil sanctions.

A senior Iranian official stated that, according to a draft memorandum reached with the United States, Tehran has agreed not to produce or acquire nuclear weapons. The draft memorandum agrees to allow Tehran to dilute its highly enriched uranium stockpile within Iran, with specific mechanisms to be discussed within the next 60 days. Under the draft memorandum, the US will waive oil sanctions on Iran for a specified period, allowing Iran to sell oil and receive revenue. Iran will immediately reopen the Strait of Hormuz to all merchant ships, and the US will lift its maritime blockade. The US has agreed to release $25 billion in frozen Iranian assets through direct cash transfers, cooperation among regional countries, and financial credit lines. Until a final agreement is reached, Iran has agreed to maintain its nuclear status quo, including refraining from uranium enrichment activities and expanding its nuclear facilities. The US has agreed not to impose any new sanctions on Iran until a final agreement is reached.

Project Updates

The listing of Liuliumei (LLM) has sparked speculation in "AI concept stocks," with its share price surging 186.83% on its first day of trading.

Liuliumei (06658.HK, LLM), a brand in the plum snack industry, listed on the main board of the Hong Kong Stock Exchange today. Its abbreviation, LLM, is the same as "Large Language Model," sparking speculation among "AI concept stocks." Liuliumei's issue price was HK$43.58 per share, and it opened at approximately HK$95 today, about 118% higher than the issue price. The stock continued to rise throughout the day, currently trading at HK$125, a gain of 186.83%.

Binance Alpha will list o1 exchange (O) on June 17th.

Binance Alpha will list o1 exchange (O) on June 17th. Eligible users can claim an airdrop using Binance Alpha Points on the Alpha event page after trading opens on Alpha. Further details will be announced separately.

After the SIREN controller dumped the tokens, they bought back the remaining tokens at a low price, resulting in a 96% price drop due to the turnover of 680 million tokens.

After dumping their holdings, SIREN manipulators bought back their tokens at a low price, resulting in a 96% price drop after 680 million tokens changed hands. Within two days, the manipulators had essentially broken down all 680 million SIREN tokens (94% of the total supply) into smaller units. This sell-off caused the price to plummet from $1.30 to $0.05, yielding approximately 64.8 million USDT. About 200 million of these tokens flowed into centralized exchanges such as Binance, Gate, and KuCoin, with most being purchased in small amounts on-chain by hundreds of addresses after the price fell below $0.10. These small purchases are likely still the work of the manipulators, aimed at buying back tokens at low prices, increasing the difficulty of tracking, and preparing for future manipulation.

Cardano founder responds to controversy over asset whereabouts: 1096 BTC were used to pay audit fees in 2016.

Cardano founder Charles Hoskinson offered an explanation for the whereabouts of approximately 1,096 BTC (currently worth about $70 million) held by the Isle of Man Foundation (now the Cardano Foundation), stating that these BTC were used between 2016 and 2017 to meet the needs of Michael Parsons and the original audit process. However, Thomas Braziel, founder of 117 Partners, questioned this, pointing out that Hoskinson was citing the value of BTC from the initial fundraising in 2015-2016, while any audit should have been conducted later, possibly when the price of BTC had risen above $1,200 in 2017. He questioned how IOHK ultimately controlled approximately 95% of the ICO fundraising BTC and received billions of ADA, while the foundation received only a small share of the economic benefits, if the foundation's assets were used to resolve the dispute involving Parsons. Braziel stated that if this is the explanation, the next step should be to release invoices, agreements, approval documents, and payment records.

Futu's Moomoo app has integrated Hyperliquid market data.

Futu's Moomoo app began integrating Hyperliquid on-chain perpetual contract market data on the 11th. Users can now directly view perpetual contract trading data from the Hyperliquid platform within the Moomoo app. Users need to update their app to iOS/Android version v16.18.25457 or later, or desktop version v16.18.25408 or later, search for SPCX or SPCX-USDC, and select the result marked "Perp" to add it to their watchlist. Moomoo notes that perpetual contract prices and implied valuations are sourced from Hyperliquid and are for reference only, not representing the company's actual valuation. Moomoo does not provide perpetual contract trading services.

Michael Saylor has released another Bitcoin Tracker update, and may disclose his increased holdings next week.

SIREN's controlling shareholders sold off 360 million SIREN tokens in a day and a half, exchanging them for approximately 48.7 million USDT.

SIREN's controlling shareholders sold 360 million SIREN tokens in a day and a half, exchanging them for approximately 48.7 million USDT. As the controlling shareholders continued their on-chain selling today, the price of SIREN has fallen to $0.06, a 95% drop from its high of $1.30 a week ago. On-chain, they sold 360 million SIREN tokens in a day and a half, exchanging them for approximately 48.7 million USDT. Currently, on-chain addresses still hold approximately 319 million SIREN tokens (44% of the total supply).

Aztec Router contracts were suspected of being compromised, with approximately $2.19 million in assets transferred out.

An Aztec Router contract has been suspected of being attacked, with approximately $2.19 million in assets transferred out. A suspicious transaction involving approximately $2.19 million in assets was transferred from the Aztec Router contract on Ethereum. This transaction exhibits abnormal fund outflow characteristics, prompting the community to remain vigilant.

Investment and financing news

Ark Invest bought over $500 million worth of SpaceX stock on its first day of trading.

Cathie Wood's Ark Invest bought nearly 3.3 million shares of SpaceX on its first day of trading, worth over $500 million. The stock closed at $160.95, a 19.2% increase from the IPO price of $135. Ark sold nearly $280 million worth of other company stocks in the week leading up to the IPO, and then sold approximately 948,000 shares on the first day, involving 13 companies including AMD, Roku, and Baidu. The ARK Innovation ETF (ARKK) was the primary buyer, with SpaceX accounting for 3.28% of its portfolio. Ark's 2030 enterprise value target for SpaceX is $2.5 trillion, with an optimistic scenario of approximately $3.1 trillion. Ark also operates a spot Bitcoin ETF, and Wood has consistently been one of the most bullish institutional investors on Bitcoin. Analysts point out that with limited risk capital, when Bitcoin bulls like Wood shift towards stocks rather than increasing their crypto holdings, it indicates that funds may continue to flow out of the crypto market in the short term.

Opinions & Analysis

Analysis: Bitcoin traders should pay attention to the Bank of Japan's interest rate hike; short positions in the yen hit a nine-year high.

Bitcoin traders should pay close attention to the Bank of Japan's interest rate hike, as short positions in the yen have reached a nine-year high. As of the week ending June 9th, leveraged funds held over 115,000 speculative short positions in the yen, the highest since November 2017. If the Bank of Japan raises interest rates to 1% as expected and hints at further tightening, these short positions could be liquidated, triggering a yen appreciation and impacting yen-funded carry trades. Carry traders borrow yen to invest in high-yield, risky assets, fueling the bull markets on Wall Street and in the bond market for years, and are also considered to support the crypto market. Following the Bank of Japan's rate hike in July 2024, the rapid liquidation of yen short positions triggered a surge in the yen, causing significant volatility in Wall Street, the Nikkei index, and the crypto market; Bitcoin fell from approximately $65,000 to $50,000 within a week. If Governor Kazuo Ueda hints at faster tightening or that interest rates may rise above 1% after this rate hike, the yen will strengthen significantly, triggering financial market turmoil. Crypto assets are most sensitive to sudden changes in liquidity and could be the most severely impacted.

Crypto funds generally believe that Bitcoin has not yet bottomed out, and no one expects it to break $100,000 by the end of the year.

Crypto funds generally believe Bitcoin has not yet bottomed out, with no one expecting it to break $100,000 by the end of the year. Most investors believe Bitcoin may continue to decline, with a partner at Finality Capital predicting the true bottom will be at the end of Q3 or the beginning of Q4. Executives at Digital Asset Capital Management hold a "relatively neutral" stance for the next 12 months. The founder of Hypersphere Ventures stated that "there is a general bearish sentiment towards crypto," as other sectors such as AI, aerospace, health tech, and defense tech are more attractive. Some long-term investors see the current decline as a buying opportunity, with VanEck's head of digital asset investor relations stating that confidence in Bitcoin remains strong. Most funds are not rushing to buy the dip, instead holding more cash and reducing directional exposure, waiting for better opportunities. M11 funds prefer DeFi protocols with revenue and strong product-market fit. Regarding new risks, several funds are concerned about Strategy's (formerly MicroStrategy) debt financing and the threat of quantum computing, but some argue that Bitcoin can achieve quantum resistance through upgrades. As for recovery catalysts, interest rate cuts, easing geopolitical tensions, improved liquidity, and progress on the Clarity bill have been repeatedly mentioned. Few funds that have given year-end forecasts are optimistic about Bitcoin breaking through $100,000. Hypersphere's founder has a benchmark expectation of around $55,000, while Finality Capital expects it to bottom out at $45,000 to $55,000 and then rebound to $65,000 to $75,000.

Coinbase CEO: Remains bullish on Bitcoin and maintains a long-term bullish position.

Coinbase CEO Brian Armstrong stated that his bullish stance on Bitcoin remains unchanged, and he continues to hold a long-term bullish position. He added that things are never as good or as bad as they seem.

"White-haired stock market guru" Serenity: Traders should return to fundamentals and capital structure, rather than "chart faith."

a16z Crypto Operating Partner: Cash Flow is the Moat, Crypto Entrepreneurs Have Abundant Opportunities

Jason Rosenthal, Operating Partner at a16z Crypto, wrote on the X platform that cash flow is the moat. The best companies are often built by placing themselves within a "cash flow," and cryptocurrency is the first modern technology born for this. If your startup hasn't yet designed its products and business models around these principles, you're missing out. Thanks to stablecoins, money and value can now flow at internet speed—global settlement, 24/7 operation, and end-to-end programmability. Railroads don't make money from locomotives, but from every ton of cargo crossing the tracks; Visa, Jane Street, and others are all within a cash flow. Cash flow, combined with network effects, is one of the most enduring business structures in history. Traditional financial services offer significant profit margins, and payment, custody, lending, foreign exchange, settlement, and market making can all be compressed. Crypto entrepreneurs have the opportunity to build a programmable, instant, and global next-generation cash flow business. This model can also be extended to computing, the GPU market, AI training data, energy, robotics, space, rare earth metals, and more. Founders should ask themselves: Are you within a cash flow? When the value of your product activities increases tenfold, does your revenue increase accordingly? In your target market, where is the segment with the highest profit margin relative to the value created?

CryptoQuant analyst: The crypto market has not yet emerged from a risk-averse phase, and Bitcoin still faces structural selling pressure.

A 1% misconfiguration could have an impact of tens of billions of dollars, raising questions about Musk's trillion-dollar wealth management.

With SpaceX launching trading at approximately $150 per share and rising to $171 intraday, its valuation surge propelled Elon Musk to become the world's first trillionaire (including his controlling stakes in SpaceX and Tesla). Analysts point out that at this scale of wealth, asset management has entered an unprecedentedly complex phase: even a 1% allocation error could correspond to an impact of approximately $10 billion. Several wealth management and tax experts state that trillion-dollar wealth is no longer simply "enlarged billionaire management," but rather approaches a "quasi-sovereign governance structure," with the core issue shifting from asset appreciation to the systemic design of control, succession planning, liquidity, and market influence. Industry insiders point out that assets of this scale are almost impossible to manipulate through traditional public markets; otherwise, any large-scale transaction could directly impact market prices and investor sentiment, simultaneously amplifying concentration risk and regulatory scrutiny. Meanwhile, liquidity becomes a core challenge. Despite enormous paper wealth, actual disposable cash is limited, often requiring holders to obtain liquidity through pledging and borrowing, thus introducing leverage and interest rate risk. Experts further emphasize that in wealth structures of this scale, the governance system is more important than the investment portfolio itself. Risk management requires trust structures, tax frameworks, and multi-layered control mechanisms to prevent future imbalances in succession and control. Analysts point out that the risk surrounding Musk's wealth structure also lies in the high degree of ties between his corporate and personal influence. Any succession or structural changes could significantly impact market confidence, making the "person himself" a key variable.

Important data

A whale opened a long position of approximately 32,000 ETH with 5x leverage, worth $54.98 million.

A whale opened a long position of approximately 32,000 ETH with 5x leverage, worth $54.98 million, with a liquidation price of $1,365.57.

Bitcoin spot ETFs saw net outflows of $316 million last week, marking the fifth consecutive week of net outflows.

Bitcoin spot ETFs saw a net outflow of $316 million last week, marking the fifth consecutive week of net outflows. The BlackRock ETF (IBIT) experienced the largest net outflow last week, with a weekly net outflow of $355 million. IBIT's historical total net inflow is now $62.11 billion. This was followed by the Grayscale Bitcoin Trust (GBTC), with a weekly net outflow of $87.9141 million. GBTC's historical total net outflow is now $26.85 billion. The Fidelity ETF (FBTC) saw the largest net inflow last week, with a weekly net inflow of $55.6961 million. FBTC's historical total net inflow is now $10.45 billion. As of press time, the total net asset value of Bitcoin spot ETFs was $79.65 billion, with an ETF net asset value ratio (market capitalization as a percentage of total Bitcoin market capitalization) of 6.26%. Historical cumulative net inflows have reached [amount missing].

During a certain trading session, an Ethereum ICO whale borrowed 10 million USDe to buy 5817 ETH.

A major Ethereum ICO whale has resumed its swing trading, borrowing 10 million USDe from Aave two hours ago to buy 5,817 ETH at $1,719. Currently, it has used approximately 147,000 ETH ($253 million) as collateral to borrow 276 million stablecoins on Aave and Spark, with a liquidation price of $1,432.

A whale opened a long position of 8,615 ETH with 25x leverage, worth $14.86 million.

A whale opened a long position of 8,615 ETH with 25x leverage, worth $14.86 million, with a liquidation price of $1,863.48.

A whale that borrowed to short ETH is still adding to its position, borrowing another 10,000 ETH to short the market.

A major whale that has been shorting ETH is still adding to its position. After ETH broke through $1700, it withdrew 45.495 million USDT from Binance, pledged it on Aave, and borrowed another 10,000 ETH to short the market (approximately $17.25 million). Currently, it has pledged a total of $156 million in stablecoins and borrowed 35,388.4 million ETH, with an average selling price of $1682.14, resulting in a floating loss of $1.098 million. The liquidation price is $3453.36.

Loracle's 10x ZEC long position has a floating profit of approximately $4.5 million, with the entire position showing a floating profit of $3.48 million.

With ZEC rising again, Loracle's 10x ZEC long position has a floating profit of approximately $4.5 million. It also increased its 10x NEAR long position to 4.23 million NEAR tokens and holds long positions in HYPE, WLD, TON, ASTER, XMR, and TSLA, with an overall floating profit of $3.48 million.

Data: ZRO, SPK, ARB and other tokens will see large-scale unlocking next week, with ZRO unlocking value estimated at approximately $23.2 million.

ZRO, SPK, ARB and other tokens will see a large-scale unlocking next week. LayerZero (ZRO) will unlock approximately 25.71 million tokens at 7 PM Beijing time on June 20th, representing about 4.83% of the circulating supply, worth approximately $23.2 million; Spark (SPK) will unlock approximately 900 million tokens at 5:30 PM Beijing time on June 17th, representing about 27.08% of the circulating supply, worth approximately $17.8 million; Arbitrum (ARB) will unlock approximately 92.65 million tokens at 9 PM Beijing time on June 16th, representing about 1.68% of the circulating supply, worth approximately $7.8 million; KAITO (KAITO) will unlock approximately 17.6 million tokens at 8 PM Beijing time on June 20th, representing about 4.49% of the circulating supply, worth approximately $7.4 million; YZY (YZY) will unlock approximately 20.83 million tokens at 11 AM Beijing time on June 17th, representing about 4.27% of the circulating supply, worth approximately $6.2 million.

A new address that shorted $39.03 million worth of ETH closed its position, realizing a profit of $184,000.

Transactions of "tokenized Pokémon cards" surged: On-chain sales on platforms like Solana reached $230 million in May.

Tokenized Pokémon Card Transactions Surge: On-Chain Sales Reach $230 Million in May on Platforms Like Solana. The trading volume of tokenized Pokémon cards on crypto platforms is growing rapidly. Driven by the "gacha" mechanism, which maps physical cards to NFTs or digital vouchers, it creates a "boxing/card-drawing" experience. According to data disclosed by Messari, approximately $230 million in transactions were achieved on seven blockchains including Solana, Polygon, Base, and BNB in May, representing a roughly tenfold increase compared to a year ago. Furthermore, the global trading card market reached $15.8 billion in 2024 and is projected to grow to $23.5 billion by 2030, while the overall market capitalization of NFTs is currently around $2.4 billion, indicating that on-chain collectibles are still in their early stages of penetration.

Garrett Jin, an agent for "1011 Insider Whale," placed six limit buy orders for ZEC at $409.12.

Garrett Jin, an agent of the "1011 Insider Whale," placed six limit buy orders for ZEC at a price of $409.12. He currently holds 1,268.33487 BTC in a 5x leveraged Bitcoin long position and 50,013.17 ZEC in a 2x leveraged ZEC long position. His overall position is currently showing a floating loss of approximately $15.4 million, with a return on investment of -57%.

BIT-linked wallets deposited 2.8 million ASTER tokens, worth $1.77 million, into Binance.

Bitdeer maintained zero Bitcoin holdings, selling 194.4 BTC this week.

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