Today's Headlines:
SBI Group Announces Acquisition of Japanese Crypto Exchange Bitbank for Approximately $289 Million
Bloomberg: Bitcoin $10 Billion Options Expiry Approaching, May Trigger Deeper Sell-off
Bitcoin Spot ETFs Saw Total Net Outflow of $469 Million Yesterday, Extending 5-Day Outflow Streak
AI Company Mirendil Raises $200 Million Seed Round, Led by a16z and Kleiner Perkins
Stablecoin MIM Depegs to Around $0.5, Abracadabra Initiates Emergency Measures
Strategy Shares Drop Below $99, Hitting Lowest Since Late February 2024
Hashrate Marketplace Ornn Raises $33 Million Seed Round, Led by a16z Crypto
Sports Prediction App Onyx Odds Raises $20 Million, Led by Kraken’s Parent Payward
Regulation & Macro
Indonesia Issues New Finfluencer Rules, Crypto Influencers Must Be Licensed
Indonesia's Financial Services Authority requires financial influencers to disclose paid promotions and must obtain licensing qualifications for the assets they recommend. It also holds companies accountable for information published by influencers in collaborative marketing. Crypto influencers need to hold specific certifications. The move aims to improve financial literacy and protect consumers from misconduct. In February this year, the authority fined an influencer IDR 5.4 billion (approximately $300,000) for stock price manipulation.
The Supreme People's Procuratorate held a press conference where Deputy Procurator-General Miao Shengming stated that prosecutors are thoroughly investigating both "self-money laundering" and "third-party money laundering" crimes, and vigorously pursuing the recovery of drug-related assets. From January last year to May this year, over 1,200 individuals were prosecuted for drug-related money laundering. In a major cross-border drug smuggling, trafficking, transportation, and money laundering case involving Li Moubo and others that was listed for supervision by the SPP and handled by Chongqing prosecutors, Li Moubo laundered over 48 million yuan through virtual currencies and was sentenced to death with combined punishment for several crimes.
WSJ: Iranian Entities Have Conducted Over $3.84 Billion in Transactions via CoinEx
According to the Wall Street Journal, citing public blockchain data analysis, Iranian entities have conducted over $3.84 billion in transactions through the crypto exchange CoinEx. The investigation found that suspicious transactions linked to two digital wallets controlled by Iran's central bank earlier this year could be traced back to $1.5 billion stolen by North Korean hackers from Bybit. After reaching Iranian wallets, the funds traveled through a complex maze of transactions before ultimately flowing to CoinEx — the exchange has become a critical channel for Iran to use cryptocurrency to circumvent sweeping US economic sanctions.
Trump Refuses to Sign Bill Containing US CBDC Ban, Pressuring Congress to Advance Election Bill
US President Trump refused to sign a bipartisan housing bill containing a four-year ban on a US central bank digital currency (CBDC), abruptly cancelling the originally scheduled signing ceremony and demanding that Congress first pass his flagship SAVE AMERICA ACT election bill. The CBDC provision in the housing bill would prohibit the Federal Reserve from issuing a digital dollar before the end of 2030, which was originally seen as a significant development for the crypto industry.
Project Updates
SBI Group Announces Acquisition of Japanese Crypto Exchange Bitbank for Approximately $289 Million
SBI Group announced it will acquire Japanese cryptocurrency exchange Bitbank for 46.7 billion yen (approximately $289 million). After the acquisition, SBI's crypto assets under custody are expected to exceed 1 trillion yen (approx. $6.2 billion), making it the largest crypto business in Japan by scale. The SBI Holdings subsidiary will acquire Bitbank shares from founders and other individual shareholders in August, after which Bitbank will repurchase shares held by existing shareholders Mixi and Ceres by the end of October. The combined entity will have about 2.92 million total accounts, with total assets under custody of roughly 1.1 trillion yen.
The SlowMist security team issued an alert stating that a new Shai-Hulud/Miasma/Hades npm malware variant is affecting the npm ecosystem, linked to the compromised npm developer account czirker. The attack exploits a pre-configured binding.gyp file to execute malicious code during npm install. 23 affected packages have been confirmed, among which leo-logger has a weekly download count of 3,140. 408 affected GitHub repositories containing stolen credentials have been detected. Attackers can steal GitHub tokens, npm tokens, and AWS/GCP/Azure credentials, exfiltrate local environment data, abuse GitHub workflows, and expand npm supply chain propagation. It is recommended to immediately inspect lockfiles and package history, downgrade or remove affected packages, rotate all relevant keys and credentials, and enforce two-factor authentication.
Ethereum Layer2 project Taiko posted a security incident update, stating that this incident will not result in any user fund losses. Currently, the bridged assets are undercollateralized, but all supplementary collateral will be completed before the bridge reopens, ensuring every user balance is 1:1 backed. The team has contained the scope of impact, identified the cause of the incident, and worked with the board to formulate a plan to protect user assets. Taiko's CEO has submitted a formal report to the relevant authorities in Singapore, and the team will fully cooperate in tracing those responsible. Users currently do not need to take any action. Testing of the completed fix is underway now, and the chain and bridge services will be reopened as soon as security is ensured, while also reminding users to be wary of scams.
Sonic Labs Suspends Annual Token Minting, Working to End S Supply Inflation
Sonic Labs posted on X stating that according to its tokenomics, Sonic originally planned to mint 47,625,000 S tokens annually for ecosystem growth, with the first minting executed on June 18, 2025. However, this year the team chose not to mint, and is actively working on ending S token supply inflation. The only outstanding issue currently is the funding source for validator rewards — the network needs to fund its own security, and the team is formulating a plan to address this. The decision directly responds to demands from the community and stakeholders.
Stablecoin MIM depegs to around $0.5, Abracadabra launches emergency measures in response
Abracadabra Finance has recognized the depegging issue of the MIM stablecoin and is taking emergency measures. Effective immediately, it will gradually raise interest rates on all Cauldrons to encourage debt repayment and reduce circulating MIM supply. The current depegging provides a natural incentive for borrowers to repay at a discount, helping accelerate supply contraction. Direct incentives and Curve bribes will be suspended until MIM regains its peg. The team is evaluating additional recovery plans. MIM is now at $0.5027, with a 24-hour decline of 36.65%.
Funding News
AI Company Mirendil Completes $200 Million Seed Round Led by a16z and Kleiner Perkins
AI company Mirendil completed a $200 million seed round led by a16z and Kleiner Perkins, with NVIDIA and others participating. The founding team consists of 20 researchers and engineers from Anthropic, xAI, Google DeepMind, OpenAI, and other institutions. Mirendil is building a system that can help anyone conduct AI R&D, training models specialized in frontier AI R&D and building products around them, forming a system that can autonomously loop through research and engineering problems.
Compute Trading Market Ornn Completes $33 Million Seed Round Led by a16z Crypto
Compute trading market Ornn completed a $33 million seed round led by a16z Crypto, with participation from Galaxy Ventures, Nordstar, and SV Angel, and follow-on investments from Vine Ventures, Crucible Capital, Link Ventures, and Box Group. Founded in 2025 by two MIT graduates, Ornn aims to create a compute trading marketplace and previously developed an index tracking GPU computing costs. The new funding will be used for hiring and business expansion, including launching a GPU capacity trading platform that allows users to buy and sell compute like commodities.
Sports Prediction App Onyx Odds Completes $20 Million Funding Led by Kraken Parent Payward
Sports prediction app Onyx Odds completed a $20 million funding round led by Payward, the parent company of crypto exchange Kraken, at a post-money valuation of about $220 million. Onyx Odds is currently expanding from sports event prediction into other trading products.
Kalshi Seeking New Funding Round at $40 Billion Valuation
Prediction market platform Kalshi is seeking a new funding round at a valuation of about $40 billion, nearly double its previous $22 billion valuation, potentially closing as early as Q3. If completed, the deal would further widen its valuation lead over rival Polymarket. Kalshi’s last round attracted Coatue Management, Sequoia Capital, Andreessen Horowitz, Morgan Stanley, and other prominent investors. Earlier, Kalshi's CEO said the prediction market platform is preparing for an IPO, expected after 2027.
Opinions & Analysis
Bloomberg: $10 Billion Bitcoin Options Expiry Looms, May Trigger Deeper Sell-off
Deribit is set to see approximately $10 billion notional value of Bitcoin options expire on Friday, accounting for about 37% of total current open interest. The put/call ratio is 0.83, with most call options already out-of-the-money and puts concentrated in the $60,000–$65,000 and $70,000–$75,000 ranges. Deribit Chief Commercial Officer Jean-David Pequignot said this is an options structure positioned for higher medium-term prices that is now being tested by falling spot prices. U.S. Bitcoin funds saw nearly $3 billion in net outflows in June, Strategy is under pressure, and rising rate hike expectations are weighing on risk assets. Tesseract Group Head of Asset Management Adam Haeems noted that quarter-end liquidity tends to be thin, and Friday’s price action could overshoot before mean-reverting, with the first week of July posing an even greater test.
Tom Lee: Market Pricing in Two Fed Rate Hikes This Year, Rising Bond Yields a Major Headwind
Analysis: MSTR Down 78% from Peak, Its BTC Holding Cost Now Above Spot Price
CryptoQuant analyst Axel Adler Jr. wrote that Strategy’s preferred share MSTR has fallen 78% from its peak, while Bitcoin has fallen 51% from its peak. Strategy’s 847,363 BTC holdings have an average cost of $75,651, with a total cost of $64.1 billion. BTC price has now fallen below this cost basis for the first time since the 2022 bear market. MSTR’s additional decline relative to BTC has reached about 28 percentage points, approaching the upper end of its historical range. Strategy’s weekly BTC purchases have been cut by roughly two-thirds, and less than 11% of the $335.5 million raised through stock issuance was used to buy BTC, with the rest transferred to dollar reserves. At the end of May, the company also made its first net sale since 2022. The main risk is that if BTC stays below the $75,000 cost line, it will compress the MSTR premium and block financing channels, but nearly all debt consists of convertible notes, so there is no margin call risk.
Jiang Zhuoer: This Bitcoin Bear Market May Bottom in Q4, Target Range $42,000–$44,000
Litecoin pool founder Jiang Zhuoer wrote that Strategy’s mNAV has fallen to 0.72, close to the 0.7 low set in the previous bear market in May 2022. Combined with recent events such as STRC depegging, this indicates that we are currently at the bottom area of this cycle’s mNAV. mNAV often leads BTC price bottoming by about 6 months. Based on the "four-year cycle" and diminishing volatility model, this Bitcoin bear market may bottom between October and December 2026, with a target price range of $42,000 to $44,000. His near- to medium-term strategy remains selling spot and going short.
Analysis: Bitcoin Establishes $59,000 as New Support, Thursday’s PCE Data Could Be Key Test
According to CoinDesk, Bitcoin has repeatedly found support and bounced near $59,000 in June, replacing $60,000 as a more critical technical support level. During Wednesday’s accelerated decline, the price briefly approached $59,000 before rebounding to $61,000, a pattern similar to that seen on June 5. The Fed’s most closely watched PCE data will be released Thursday evening, with core PCE expected to rise 3.3%–3.4% year-on-year, the highest since October 2023. If the data exceeds expectations, it will strengthen rate hike expectations and pressure cryptocurrencies; if it comes in below, it could ease tightening fears and provide a boost for Bitcoin.
10x Research: If Ethereum Loses $1,600 Support, It Could Drop to $1,200
According to 10x Research, Ethereum is currently at the $1,600 support level; if broken, the next target is $1,200 — the retracement level since the FTX collapse. Ethereum is now trading below its 7-day and 30-day moving averages, with a weekly decline of 7.4%. The Ethereum Foundation’s recent 20% staff reduction triggered a sharp price drop, and warnings of a funding crisis after key developer incentive programs expired further dampened market sentiment. Continued net outflows from spot Ethereum ETFs and weak institutional demand cap upside, while on-chain data shows asset accumulation hitting multi-year lows and rising transaction failure rates suggesting cooling network demand. Market news flow is light this week, leaving macro headwinds as the dominant price driver.
According to The Block, Bitcoin miners' revenue continues to decline, with the 7-day moving average dropping to around $30 million per day, down from over $50 million last summer. Transaction fee contributions have become negligible, at less than $250,000 per day. BTC is currently trading at around $62,500, well below JPMorgan's estimated production cost of approximately $78,000—a gap that has persisted for five months, the longest in this cycle. Currently, about 20% of miners are operating at a loss. Over the past six months, the beta of mining difficulty to BTC price has risen to 0.62, with high-cost miners turning their machines on/off based on price fluctuations. In the second week of June, difficulty dropped by 10%, the second similar correction this year. Publicly listed mining companies sold over 32,000 BTC in Q1 to cover operating costs.
Key Data
Top Three on Hurun Global Unicorn List All Deploying Large Models
The Hurun Research Institute released the “2026 Global Unicorn List”. The top three are all deploying large-model businesses: Claude’s parent company, Anthropic, became the world’s most valuable unicorn, valued at 6.6 trillion yuan; OpenAI ranked second at 5.8 trillion yuan; ByteDance ranked third at 3.3 trillion yuan. DeepSeek topped the list of 308 newly minted unicorns worldwide, entering the global top 15 with a valuation of 340 billion yuan. The second new unicorn is Project Prometheus (valued at 258 billion yuan), and the third is Kalshi (valued at 150 billion yuan).
Bitcoin Spot ETF Total Net Outflows of $469 Million Yesterday, Fifth Consecutive Day of Net Outflows
On June 24, Bitcoin spot ETFs recorded total net outflows of $469 million, marking net outflows for five consecutive days. Grayscale Bitcoin Mini Trust ETF BTC posted a single-day net inflow of $23.5642 million, bringing its total historical net inflows to $2.385 billion. BlackRock’s ETF IBIT had a single-day net outflow of $239 million, with total historical net inflows at $61.477 billion. The total net asset value of Bitcoin spot ETFs stood at $73.867 billion, the ETF net asset ratio reached 6.04%, and cumulative historical net inflows were $52.747 billion.
“Whale That Made $13.68 Million Shorting 16 Altcoins” Suspected of Selling 6,855.13 ETH
According to on-chain analyst Ai Yi, the “stubborn bull who longs 120,000 ETH” added $8 million in margin in the early morning, with unrealized losses now exceeding $77.047 million. The liquidation prices for the four addresses (bit-affiliated entities) are $1,174.6, $1,059.1, $1,064.7, and $1,143.6, with an average entry point around $2,265. Despite significant unrealized losses, there is still substantial distance from liquidation, and over 6 million USDC remains on-chain that can be used as margin.
A New Wallet Withdraws Roughly 17,700 ETH Worth $28.58 Million from Binance
A Whale Sells Nearly 27,600 ETH After 7 Years of Dormancy, Final Profit of $39.1 Million
A BAT ICO Whale Sells ETH After 6 Years of Dormancy, Cashing Out $20.59 Million
Strategy Stock Price Falls Below $99, Hitting a New Low Since Late February 2024
M Token Drops 80.74% in 24 Hours, Now Trading at $0.5458
Market data shows MemeCore (M) briefly fell to $0.3356 earlier this morning before rebounding to $0.5458, a 24-hour decline of 80.74%.
Micron Technology’s Q3 Fiscal Revenue Hits $41.46 Billion, Net Profit $28.24 Billion
Micron Technology reported results for the third quarter of fiscal 2026 ended May 28, 2026: revenue was $41.46 billion, compared with $23.86 billion in the previous quarter and $9.30 billion in the same quarter a year ago; GAAP net profit was $28.24 billion, or diluted earnings per share of $24.67; operating cash flow was $25.39 billion. The company expects fourth-quarter fiscal revenue of $49.0 billion to $51.0 billion and adjusted EPS of $30 – $32.
Two Whales Shorting the SP500, Combined Position Value Approximately $89 Million
Onchain Lens monitoring shows two whales are shorting the SP500, with combined positions worth roughly $89 million. Whale “0x469” opened a 6,500-contract SP500 short position with 20x leverage, valued at $48 million, with a liquidation price of $8,413.66. Whale “0x4ff” opened a 5,686.66-contract SP500 short position with 7x leverage, valued at $42 million, with a liquidation price of $8,358.13.
