Today's Key Headlines:
Cboe considering converting its Bitcoin and Ether continuous futures into perpetual contracts
Upbit to list ARX token on KRW, BTC, and USDT markets
CZ: AI boom brings traffic to the crypto market, blockchain is the best partner for AI payments
a16z-backed decentralized credit protocol Goldfinch announces gradual wind-down
Regulation & Macro
Trump signs two executive orders to accelerate development of advanced quantum computers
Trump signed two executive orders aimed at accelerating the development of advanced quantum computers and mitigating the security threats they pose. One executive order, signed on Monday, directs federal agencies including the Department of Energy to collaborate with the private sector and academia to deploy a quantum computer capable of scientific research by 2028. Such a goal is considered a key indicator demonstrating the technology's real-world application capabilities. Quantum computers can solve problems far faster than traditional supercomputers, making them an increasingly important area of focus for nations worldwide. The second executive order signed by Trump requires government agencies and security experts to prepare for quantum systems — which may break standard encryption systems sooner than expected. The goal is to strengthen security systems in both government and private sectors to prevent advanced quantum hacking attacks from destroying critical infrastructure.
Hong Kong SFC adds Aurum/Aurum Foundation to suspicious virtual asset trading platforms list
The Hong Kong Securities and Futures Commission (SFC) announced it has added Aurum/Aurum Foundation to its list of suspicious virtual asset trading platforms. The SFC stated that the company claims to be registered in Hong Kong under the Companies Ordinance and offers virtual asset, futures contract, and derivatives trading services on its related websites, but the company is not licensed by the SFC and is suspected of engaging in unlicensed activities.
The US House Financial Services Committee will hold a hearing on the Federal Reserve's semi-annual monetary policy report on July 14. The committee will also hold a hearing in New York on July 17, focusing on the potential impact of the Clarity Act on digital assets and financial innovation.
US Senate passes housing bill containing a four-year Fed CBDC ban
The US Senate passed a housing bill by an 85-5 vote, which includes a four-year ban on Federal Reserve central bank digital currencies (CBDCs). The ban will last until the end of 2030, prohibiting the Federal Reserve System or its subordinate banks from issuing or creating a CBDC or any substantially similar digital asset. Although the Fed is not actively pursuing a CBDC project, Republican lawmakers view CBDCs as a dangerous tool for excessive government surveillance and insisted on including the ban in the housing bill. New Fed Chair Kevin Warsh called CBDCs a "bad policy choice" during his nomination hearing. Trump signed an executive order in January 2025 banning any actions to advance a CBDC. If passed by the House and signed by the President, the ban will become law.
Project Updates
On June 23, at the 2026 Volcano Engine FORCE Conference, Volcano Engine President Tan Dai officially unveiled the Doubao video generation model Seedance 2.5. The model is currently in global enterprise closed beta and is expected to officially launch in early July. On-site presentations showed that Seedance 2.5 has completed multiple core capability upgrades, supporting direct output of single-segment native 30-second videos and the ability to simultaneously import 50 full-modality reference materials, achieving stronger controllability and higher-precision video generation and editing. Additionally, the conference announced an upgrade to the previous generation Seedance 2.0, which now has native 4K video generation capability. The conference also previewed ByteDance's new AI copyright commercialization platform, with Stephen Chow becoming one of the platform's first collaborators. Leveraging this copyright platform and Seedance's video generation capabilities, users can use officially authorized templates to create derivative works based on Stephen Chow's classic movie scenes on Douyin, Jimeng, CapCut, and all tool platforms integrated with Seedance. Tan Dai announced that the related template series and daily creations have already surpassed 100,000 times.
Binance Spot will open trading and spot algo order services for bStocks Advanced Micro Devices (AMDB), iShares MSCI South Korea ETF (EWYB), Intel (INTCB), and Strategy (MSTRB) trading pairs at 2026-06-23 21:30 (UTC+8). These trading pairs will enjoy zero maker fees, with the promotion running from the time of listing until 2026-08-31 23:59 (UTC). Users can convert directly held stocks to bStocks at a 1:1 ratio with zero conversion fees. Deposits and withdrawals for AMDB, EWYB, INTCB, and MSTRB will open at 2026-06-23 22:30 (UTC+8).
Binance to remove ME/USDC, NOT/FDUSD, and other spot trading pairs on June 26
Based on recent review results, Binance will remove and cease trading on the following spot trading pairs at 2026-06-26 11:00 (UTC+8): ME/USDC, NOT/FDUSD, PARTI/BNB, and SUPER/BTC. Spot trading bot services for these pairs will also be terminated simultaneously; users are advised to update or cancel their bots in advance. The delisting of these spot trading pairs does not affect the availability of the tokens on Binance Spot; users can still trade the relevant tokens through other trading pairs.
Binance co-founder He Yi posted on X platform stating that CoinUp operator Zhu Pan once impersonated others in an attempt to defraud her, though unsuccessfully, and even impersonated her to defraud Justin Sun.
Cboe considering converting its Bitcoin and Ether continuous futures into perpetual contracts
The Chicago Board Options Exchange (Cboe) is considering converting its Bitcoin and Ether continuous futures into perpetual contracts. Nate Geraci, President of The ETF Store, stated that traditional financial giants are being forced to continuously adapt to crypto-native innovations, and this is just the beginning.
Binance co-founder He Yi posted on X platform stating that Zhu Pan also uses AI-generated content to impersonate various prominent families from mainland China and Hong Kong, as well as major crypto exchanges, to commit fraud. Additionally, an account impersonating CZ on WeChat has been very active. She warns everyone to be vigilant against scams. Earlier reports indicated He Yi stated that CoinUp operator Zhu Pan had impersonated others in an attempt to defraud her, and also impersonated her to defraud Justin Sun.
CoinUp: Zhu Pan is not a platform member, CPX volatility caused by market selling pressure
CoinUp issued a statement regarding "untrue or one-sided information related to CPX price fluctuations and the identities of relevant personnel," stating that Zhu Pan is not a platform member and does not participate in core operations and management; his identity is that of a project owner for a project listed on the CoinUp platform. Externally binding his personal actions directly to the CoinUp entity constitutes inaccurate interpretation. The recent short-term significant volatility in the CPX/USDT trading pair was primarily caused by concentrated market selling pressure, and the platform is investigating and verifying the specific reasons. CoinUp has not suffered hacker attacks, data breaches, or system vulnerability exploits; its wallet systems, account systems, and asset custody are secure and controllable. Deposit, withdrawal, and trading functions are normal, and user assets are unaffected. CoinUp firmly opposes actions that forcibly associate CoinUp with unverified personal rumors or even use definitive terms such as "rug pull" or "scam." The platform will continue to investigate the causes of CPX's abnormal volatility, strengthen ecosystem project information disclosure, improve risk control mechanisms, and ensure user asset security. Earlier reports indicated He Yi stated that CoinUp operator Zhu Pan had impersonated others in an attempt to defraud her, and also impersonated her to defraud Justin Sun.
Binance Futures to launch ARXUSDT USDⓈ-M perpetual contract today
Binance Futures will launch the ARXUSDT perpetual contract at 2026-06-23 12:45 (UTC+8), tracking the price of Arcium (ARX), with maximum leverage up to 20x.
Upbit to list ARX token on KRW, BTC, and USDT markets
South Korean crypto exchange Upbit will list the ARX token on KRW, BTC, and USDT markets. Trading will begin at 14:00 local time on June 23.
Synthetix governance votes to retire sUSD, repaying holders with locked SNX at a 1:4 ratio
Synthetix governance has voted to gradually retire sUSD according to proposal SIP-423, paying holders locked SNX at a ratio of 4 SNX per sUSD. The proposal, put forward by Synthetix founder Kain Warwick and core contributor Benjamin Celermajer, will freeze the sUSD contract and repay holders at face value. sUSD is currently trading at approximately $0.25, significantly de-pegged from its $1 target. SIP-423 includes four parts: a holder snapshot, sUSD retirement, SIP-420 debt structure adjustment (closing the 420 pool and giving debt participants the option of a four-year lock-up or early repayment exit), and SNX staking reform. SNX tokens will have a one-year lock-up period from the freeze date, followed by a one-year linear unlock. If Synthetix generates over $10 million in protocol revenue during the two-year lock-up period, 25% may be distributed as USDT to holders who prefer cash.
Bitmine has met the eligibility criteria for inclusion in the Russell 1000 Index. The final updated list will be announced on June 18, and the reconstituted index will take effect on June 26. Bitmine noted that many active fund managers invest only in Russell 1000 constituents, and passive index funds and ETFs are expected to hold 20% to 25% of the market cap of included stocks.
a16z-backed decentralized credit protocol Goldfinch announces gradual wind-down
The a16z-backed decentralized credit protocol Goldfinch has announced a gradual wind-down. Last Friday, pseudonymous investor Edward Morra publicly accused the protocol of mismanagement, resulting in over $50 million in user fund losses, stating that borrower defaults and failed loan restructurings have made it nearly impossible for depositors to recover funds. Just one day after that post, the project announced it would enter a gradual wind-down phase. The protocol's native token GFI has fallen from its January 2022 peak of $32.94 to below $0.07, a decline of 99.8%, with its market cap dropping from over $390 million to less than $6 million. Goldfinch was founded in 2021 by former Coinbase employees, aiming to connect crypto capital with credit enterprises overlooked by traditional banks. a16z led its $25 million funding round in January 2022. Problems began to surface within months of the funding: Kenya-based motorcycle financing company Tugende Kenya defaulted; two underlying positions in the $2 billion US credit fund Stratos nearly went to zero; and Singapore-based borrower Lend East could only repay 58% of principal. As the loan portfolio deteriorated, the protocol pivoted to institutional credit funds but ultimately could not reverse the situation.
Former Ethereum Foundation researchers have established Ethlabs, an independent non-profit organization, with support from Bitmine, SharpLink, Ethereum co-founder Joe Lubin, and ecosystem participants including Anchorage, Octant, and SNZ. The initiative aims to prepare Ethereum for the next phase of institutional adoption. The five co-founders — Ansgar Dietrichs, Barnabé Monnot, Caspar Schwarz-Schilling, Josh Rudolf, and Julian Ma — have led major network upgrades over the past decade. Ethlabs' early work will focus on the needs arising from large-scale institutional onboarding: faster settlement, native issuance, cross-chain transactions built on robust infrastructure, mainnet capacity, and research laying the groundwork for ETH's monetary properties.
Opinion & Analysis
CryptoQuant analyst Axel Adler Jr. wrote that Bitcoin's price has fallen back to around $62,000, and the market has returned to an unrealized loss state. The realized market cap drawdown for short-term holders (STH) has deepened to -56%, compared to just -26% three months ago, indicating significant capital erosion among the short-term holder cohort. Meanwhile, the realized market cap drawdown for long-term holders (LTH) remains near zero, showing no large-scale capital flight from long-term holders. The aNUPL indicator has fallen below zero to a current value of -0.14, whereas a month ago it was near zero, indicating the market has been in a loss-stress zone for approximately three consecutive months. However, this value has not yet reached the extreme levels of deep capitulation seen in prior cycles (around -0.4), suggesting that while current market pressure is real, it is concentrated primarily among short-term holders rather than representing a systemic market-wide collapse. The analyst noted that if aNUPL moves to -0.3 and below, it would confirm market deterioration; if the LTH drawdown clearly breaks below zero, it would indicate pressure has extended beyond weak hands; and if aNUPL recovers above zero, it would confirm easing pressure.
Grayscale: Bitcoin could rally if the Fed pauses rate hikes
Grayscale Head of Research Zach Pandl wrote that since the outbreak of the Iran conflict in late February, US stocks have risen 9%, Bitcoin has fallen 1%, and gold has dropped 20%. AI spending has supported equity performance, while Bitcoin and gold have lagged partly due to market expectations that the Fed may raise rates to curb inflation. Over the past year, Fed rate expectations have risen by about 60 basis points, roughly half of Fed officials believe a rate hike could be appropriate in 2026, and the ECB has already hiked first. As non-yielding monetary assets, gold and Bitcoin compete with fiat currencies, and rising rates increase the opportunity cost of holding Bitcoin and gold, thus dampening demand. However, Grayscale believes the Fed will not hike rates; if this judgment is correct, Bitcoin's price could catch up with equity market performance. Zach Pandl stated that Bitcoin serves dual functions in a portfolio: as a long-term store of value as a scarce digital commodity, and as a public blockchain providing exposure to the long-term growth of the crypto industry — functions similar but not identical to gold and growth stocks. It can serve as a portfolio diversification tool, and its current price is attractive.
a16z Crypto: The crypto industry has entered the "Show Me" era; vision alone no longer suffices
a16z Crypto Communications Partner Paul Cafiero posted on X that the crypto industry has entered the "Show Me" era, where vision and MVP (Minimum Viable Product) alone are no longer enough to earn external recognition. As traditional financial institutions truly enter the crypto space — BlackRock launching a tokenized money market fund, Fidelity filing for crypto ETFs, JPMorgan settling transactions on its internal blockchain — industry standards have been permanently raised. The crypto industry has historically operated on a "vision as product" logic, but now the standard of proof has fundamentally changed: partnerships require actual deployments and willing endorsers; data needs mainnet transaction volume, active users, revenue, and retention curves, not just testnet data; the clearest proof of product-market fit is not a launch announcement, but an organically growing community that existed before the launch. Paul Cafiero believes that today's narratives should be rooted in facts, rather than making facts fit the narrative. In 2021, it could be 80% vision and 20% substance; now that ratio has flipped. If you have real users, real data, and real partners, higher standards will benefit the good builders in the industry.
CZ: AI boom brings traffic to the crypto market; blockchain is the best partner for AI payments
Binance founder Changpeng Zhao said in an in-depth conversation that cryptocurrency cannot disappear, the crypto industry's future is a super major track, and his conviction has not wavered but grown stronger. Despite price volatility, the industry's expansion trend is irreversible. CZ pointed out that the AI boom is bringing more traffic and trading volume to the crypto market. Traditional payment systems cannot meet the needs of autonomous AI transactions, while blockchain's API-driven nature makes it an excellent partner for AI financial transactions. In the coming months, features such as autonomous AI trading and automated payments will emerge and deeply integrate with cryptocurrency. CZ believes the internet, blockchain, and AI are co-evolving technology giants; the rise of AI will not overshadow blockchain, and capital flowing into AI will eventually flow back into the blockchain sector.
Key Data
According to SoSoValue data, yesterday (June 22, US Eastern Time) Bitcoin spot ETFs recorded total net outflows of $68.1757 million. The largest single-day net inflow was Ark Invest and 21Shares' ETF ARKB, with a net inflow of $63.9991 million, bringing its historical total net inflow to $1.261 billion. Next was Fidelity's ETF FBTC, with a net inflow of $57.3805 million and a historical total net inflow of $10.515 billion. The largest single-day net outflow was BlackRock's ETF IBIT, with a net outflow of $172 million and a historical total net inflow of $61.898 billion. As of press time, the total net asset value of Bitcoin spot ETFs stands at $80.217 billion, with the ETF net asset ratio at 6.21%, and cumulative historical net inflows reaching $53.330 billion.
A whale dormant for 7 years has sold 1,100 ETH, with 26,400 ETH still to be sold
According to Onchain Lens monitoring, after 7 years of dormancy, a whale has begun selling ETH. So far, 1,100 ETH have been sold for 1.9 million USDS, realizing a profit of $41 million. The whale initially purchased 27,500 ETH for $5.72 million and still holds 26,400 ETH ($44.86 million) pending sale via Cowswap.
According to SoSoValue data, yesterday (June 22, US Eastern Time) Ethereum spot ETFs recorded total net outflows of $66.0351 million. The largest single-day net inflow was 21Shares ETF TETH, with a net inflow of $346,100 and a historical total net inflow of $17.0024 million. The largest single-day net outflow was BlackRock's ETF ETHA, with a net outflow of $66.3812 million and a historical total net inflow of $11.250 billion. As of press time, the total net asset value of Ethereum spot ETFs stands at $9.436 billion, with the ETF net asset ratio at 4.51%, and cumulative historical net inflows reaching $11.110 billion.
According to Lookonchain monitoring, the wallet 0xf7A4 linked to Arthur Hayes withdrew another 44,156 HYPE ($2.93 million) from Gate one hour ago. Over the past two weeks, this wallet completed two HYPE swing trades, profiting $508,000.
An address opened a 21,000 ETH long position today, now the 8th largest ETH position on Hyperliquid
According to on-chain analyst Ai Yi's monitoring, address 0xa2e...f1468 opened an ETH long position three hours ago, now holding 21,000 ETH (approximately $36.33 million) at an entry price of $1,728.5, with an unrealized profit of $32,000, making it the 8th largest ETH position on Hyperliquid. This address has accumulated a total profit of $4.29 million from 15 trades since June.
Hong Kong-listed large model concept stocks decline: Zhipu falls over 14%, MINIMAX-W falls over 11%
Hong Kong-listed large model concept stocks moved lower, with Zhipu dropping as much as 14.11% intraday to trade at HKD 2,070; MINIMAX-W fell as much as 11.35% to trade at HKD 541.60.
On June 23, SpaceX closed down 16.43%, falling below its IPO debut closing price, with its market cap evaporating nearly $400 billion in a single day — the second-largest single-day market cap loss for any global company on record. This marks three consecutive trading days of declines for SpaceX since its listing, with a cumulative drop of over 23% and a market cap loss exceeding $600 billion. However, as of the close on the 23rd, the stock remained 14.5% above its $135 IPO offering price, with a market cap of $2.03 trillion.
Over 20,000 wallets dormant for more than a year returned to Solana DEX last week
Crypto KOL @Adam_Tehc posted on X that a large number of dormant wallets returned to Solana DEX last week, with over 20,000 wallets becoming active again for the first time after being dormant for more than a year.
Ondo team multisig address transfers 150 million ONDO, worth $49.56 million
According to on-chain analyst Ai Yi's monitoring, the Ondo team multisig transferred 150 million ONDO, worth $49.56 million, to address 0xEA5...675e1 eight hours ago. Since April 22, this address has cumulatively received 425 million ONDO ($147 million). After the previous two receipts, the tokens were deposited into Coinbase in batches, with the purpose unknown.
Strive adds 759 Bitcoin, total holdings rise to 19,864 BTC
According to Strive Asset Management CEO Matt Cole, the firm has purchased an additional 759 Bitcoin, with a total value of approximately $50 million and an average purchase price of about $65,850 per coin. Following this increase, Strive's total Bitcoin holdings have risen to 19,864 BTC, valued at approximately $1.254 billion based on the June 18 closing price.
A whale opened long positions of 225,000 SOL and 4,723 ETH, totaling $24.34 million
A whale went long 1,100 BTC with 40x leverage, worth approximately $70.54 million
Two whales collectively went long 2,754 BTC today, worth $175 million
According to on-chain analyst Yu Jin’s monitoring, two whales coincidentally went long on BTC today, with combined positions worth $175 million. Address 0x50b...f20 went long 1,654 BTC ($105 million) at an entry price of $64,130, with an unrealized loss of $500,000 and a liquidation price of $59,076. Address 0x7c4...00b went long 1,100 BTC ($70.2 million) at an entry price of $64,508, with an unrealized loss of $750,000 and a liquidation price of $61,723.
