Today's Highlights:
- Next week's macro outlook: Nonfarm payrolls moved up to Thursday release, mid-year portfolio rebalancing window opens
- SharpLink Gaming buys over 29,000 ETH again, bringing total purchases to over 39,000 ETH in past 3 days
- Wang Chun withdraws 4,950 ETH from Binance, cumulative asset withdrawals exceed $220 million over the past month
- Machi cashes out multiple Bored Apes at a loss of 399 ETH, raises funds to go long on ETH but gets liquidated multiple times
- Cathie Wood buys $25.5 million worth of Coinbase, SpaceX, and Circle stocks
- Base mainnet two brief outages post-mortem: Sequencer state management bug causes block production halt
Regulation & Macro
Next week's macro outlook: A ceasefire agreement has been reached in the Middle East, energy prices have fallen, with oil prices dropping from $100 per barrel a month ago to around $70. Major U.S. stock indices will close out the first half of the year, with the S&P 500 up more than 7% year-to-date in 2026, but June has been a difficult month for stocks. Gold prices fluctuated sharply this week, eventually rebounding to near the $4,100 level. Next week will be a "data tsunami week," compounded by the U.S. Independence Day holiday on July 3, compressing the actual trading calendar. It also coincides with the month-end, quarter-end, and semi-annual institutional rebalancing window, making market liquidity prone to sudden fragmentation and causing systemic surges in volatility. Key focuses: Monday, U.S. June Dallas Fed Business Activity Index; Tuesday, U.S. May JOLTS Job Openings, June Conference Board Consumer Confidence Index; Wednesday, final June Manufacturing PMIs for Europe and the U.S., Eurozone June preliminary CPI, U.S. June ADP employment, ISM Manufacturing PMI, etc.; Thursday, U.S. June unemployment rate, nonfarm payrolls, initial jobless claims, average hourly earnings; Friday, final June Services PMIs for Europe and the U.S. Additionally, several central bank governors will deliver speeches.
U.S. government may lift restrictions on Anthropic's Fable 5 model as early as next week
Sources say the Trump administration is close to allowing Anthropic to restore access to its powerful Fable 5 model. The model has been offline for 15 days due to government safety concerns. Insiders expect the government may lift restrictions on Fable 5 as early as next week. The U.S. Commerce Department allowed Anthropic to restore access to Mythos 5 for a limited number of trusted users on Friday. Commerce Secretary Lutnick said in a letter to Anthropic that the company has cooperated with the U.S. government to address risks related to Mythos 5 and Fable 5 and has made significant progress. Additionally, Anthropic committed to collaborating with the U.S. government on agreements, standards, and releases.
Project Updates
Strategy has office and operations in Hangzhou, currently hiring for technical positions
Strategy has an office and operations in Hangzhou, and job listings currently show it is still hiring for technical positions. The company was founded in 2007, initially doing traditional software outsourcing, and later transformed into the world's largest Bitcoin reserve company, but this business and office location are still maintained in Hangzhou.
Base released a post-mortem report stating that the mainnet experienced two block production halts on June 25 and 26, lasting approximately 116 minutes and 20 minutes respectively, without affecting on-chain asset security. The root cause of the failure was a flaw in the sequencer's block building logic: the historical journal state was not properly cleaned up after transaction execution failures, causing abnormal gas calculation for subsequent legitimate transactions and generating invalid state transition blocks, halting block production on the L2 network. During the outages, block production stopped completely, transactions could not be included on-chain, and the mempool was congested. The official fix was applied via a patch, but a race condition with engine resets during the sequencer cluster restart hindered recovery synchronization, indirectly causing the brief outage the following day. Going forward, they will strengthen protocol-level fuzz testing and stress testing, upgrade monitoring and operations systems, and introduce more graceful recovery mechanisms.
Binance Futures launches CAPUSDT perpetual contract with up to 10x leverage
Binance Futures launched the CAPUSDT perpetual contract on June 27, 2026 at 11:45 (UTC), with up to 10x leverage, settled in USDT, minimum trade size 1 CAP, minimum notional value 5 USDT, funding rate cap +2.00%/-2.00%, and settled every four hours. CAP is the native asset of a credit platform backed by financial guarantees. The copy trading feature will be opened within 24 hours after the contract launch.
Investment & Financing
Cathie Wood buys $25.5 million in Coinbase, SpaceX, and Circle stocks
ARK Invest spent $25.54 million on June 26 to buy Coinbase, SpaceX, Circle, Bullish, and Robinhood stocks. It bought $10.19 million in Coinbase stock (68,366 shares); $7.01 million in SpaceX stock; and $5.79 million in Circle stock.
Opinions & Analysis
Zcash founder Zooko criticized the Coinbase App for pushing gambling-like features such as sports betting and Bitcoin price predictions to young, immature, and economically disadvantaged users. Coinbase CEO Brian Armstrong responded that adults should be free to manage their money as long as they are not harming others, but it is inappropriate to heavily promote high-risk products to inexperienced users. The issues can be mitigated through clear disclosures, AI-driven financial literacy tools, and personalized experiences. On the topic of sports prediction markets, he believes society should decide which activities are allowed through democratic processes, and private companies should not be the ones drawing the line.
Fidelity research analyst refutes claim that declining Bitcoin mining rewards affect security
Fidelity research analyst Daniel Gray refuted concerns that declining Bitcoin mining rewards would lead to long-term security deterioration, pointing out that the economic incentive mechanisms of the Bitcoin network are sufficient to ensure the long-term security of the blockchain. Transaction fees, market incentives, and other economic factors continuously incentivize miners to maintain network security, making the cost of sustained attacks prohibitively high.
Cathie Wood: Capital outflows from multiple countries will boost Bitcoin and other digital assets
Cathie Wood stated that the trend of capital outflows from countries with unstable geopolitical and monetary environments will become a new driving force for the rise of Bitcoin and various digital assets. The current AI technological revolution is attracting massive amounts of capital and attention, but the AI track cannot replace the core positioning of digital assets in the global macro environment, and is particularly ill-equipped to serve the unique role of a wealth "insurance tool." As macro uncertainty continues to rise, global investors' demand for asset preservation and cross-border diversification is significantly increasing. Bitcoin and other digital assets are gradually absorbing this massive market demand, highlighting their long-term allocation value.
Amid the "tech bull" market in A-shares, capital is accelerating its concentration into the AI industry chain, leading to a clear divergence in the private equity industry. Some institutions heavily positioned in AI and computing power are leading in returns, while discretionary private funds that failed to keep up with the market are facing NAV drawdowns and shrinking assets. Discretionary fund Yunzhou Capital, once managing over 10 billion yuan, has seen its AUM drop below 5 billion yuan. Veteran multi-billion-yuan funds such as Banxia Investment and Tongben Investment have also experienced asset declines. Banxia Investment founder Li Bei responded to the drawdown in her fund by stating she is unwilling to blindly follow the trend and embrace AI, believing that the conditions for the AI bubble to burst have already appeared. The industry believes that whether one catches the rhythm of the AI industry chain has become the watershed for the performance of discretionary private funds.
Analysis: OpenAI delays IPO, triggering sell-off; U.S. tech stocks fall across the board
Friday U.S. stock index futures fell across the board, with the tech sector leading the decline and chip and storage names broadly weakening. Two core market concerns continued to intensify: first, persistently rising cost pressure on AI infrastructure; second, expectations that the overall financing pace in the AI space may slow. OpenAI is considering postponing its IPO to next year, citing increased volatility in AI concept stocks, weakening market sentiment, and the weak post-IPO performance of SpaceX, which has prompted investment banks and companies to reassess the current listing window. JPMorgan's trading desk analysis suggests that OpenAI's delayed listing further amplifies market doubts about the sustainability of AI infrastructure investment. This would not only affect primary and secondary market financing enthusiasm across the industry but could also directly slow the pace of AI computing infrastructure expansion and capital spending deployment along the entire industry chain.
Important Data
Wang Chun withdrew 4,950 ETH from Binance, worth approximately $7.74 million. Since May 26, Wang has withdrawn 91,945 ETH from Binance (worth approximately $159.9 million) and 973 WBTC (worth approximately $60.72 million).
A Trader Made $614,500 Profit Buying ANSEM, Achieving a 261x Return
Trader CxCTVj spent $2,330 to buy 14.2 million ANSEM, later sold 4.2 million for $68,100, and still holds 10 million (worth $548,800). Total profit was $614,500, a 261x return.
Machi (Huang Licheng) is selling Bored Apes at a loss to raise funds to go long on ETH on Hyperliquid. Over the past month, Machi sold 34 Bored Apes for a total of 326 ETH (approximately $514,000), incurring a loss of 399 ETH (approximately $631,000). The largest loss was on Bored Ape #6057, bought four years ago for 76.84 ETH and sold for just 7.65 ETH, a loss of up to 90%. Meanwhile, Machi was forcibly liquidated multiple times on Hyperliquid, with another liquidation occurring 3 hours ago, leaving only $81,000 in the account.
A New Wallet Withdrew 1,350 Bitcoin From Binance, Worth Approximately $81.87 Million
A newly created wallet withdrew 1,350 Bitcoin from Binance (worth approximately $81.87 million).
SharpLink Gaming Bought Over 29,000 ETH Again, Buying Over 39,000 ETH in Total in the Past 3 Days
SharpLink Gaming bought another 29,196 ETH (worth $46.7 million). Over the past three days, it bought a total of 39,196 ETH (worth $62.43 million).
Fidelity Digital Assets' 2026 Outlook Report shows that by the end of 2025, the number of publicly listed companies holding at least 1,000 BTC rose from 22 at end-2024 to 49, collectively controlling nearly 5% of total Bitcoin supply. By early June 2026, around 170 to 199 publicly listed companies held approximately 1.265 million Bitcoin, accounting for about 6% of total Bitcoin supply.
Data from a16z crypto shows prediction market trading volume hit an all-time high for the third straight week, with total market volume reaching $14.4 billion for the first time last week, a significant increase from roughly $5-6 billion at the start of the year. Open interest rose to $1.6 billion, also a record for the third consecutive week, indicating that new position building continues to outpace closing. Non-sports markets grew particularly sharply, covering areas such as macroeconomics and breaking events, with combined volume on Kalshi and Polymarket reaching $3.6 billion last week, already exceeding the total scale of all prediction market categories last year.
