Today's top news highlights:

Regulation & Macro

The Houthi rebels launched missiles at Israel and announced a complete ban on Israeli navigation in the Red Sea.

The Houthi rebels issued a statement declaring that, in response to the aggressive actions of the United States and Zionism against the resistance axis in Iran, Palestine, Lebanon, Iraq, and Yemen, and to break the oppressive blockade imposed by the US, they launched a round of missiles targeting sensitive targets in the Jaffa region of Israel. In this context, the Houthis declared: First, a complete and absolute ban on Israeli navigation in the Red Sea. From the time of this statement, all enemy movements will be considered military targets of our armed forces. Second, escalation will be met with escalation; military operations will continue to escalate in sync with developments, the progress of the battle, and coordination with the jihadist and resistance axis. Third, the people and the free people of the Islamic nation have the right to resist the "aggression" of US-Zionism. They will not stand idly by in the face of the unjust blockade against the people and the jihadist and resistance axis in Palestine, Gaza, Iran, Lebanon, and Iraq. All enemy attempts will fail. As long as the aggression and blockade persist, the operation will continue.

The Ministry of State Security issued a security alert: Be wary of data security risks associated with "AI transfer stations".

The Ministry of State Security issued a security alert, noting that with the rapid growth in demand for artificial intelligence applications, "AI transfer stations," which provide bulk access to large-scale AI models both domestically and internationally, have quickly gained popularity in China. However, the current "AI transfer" market is rife with problems, with some stations lacking operational qualifications and having weak security measures. Issues such as user privacy leaks and data resale occur frequently, posing significant data security risks. "AI transfer stations" act as a proxy layer between users and official AI model vendor services, unifying the application programming interfaces (APIs) of various AI model vendors onto a single platform and providing them to users. This allows users to more conveniently access multiple large AI models, providing a one-stop solution to meet diverse user needs.

South Korean trading platforms triggered circuit breakers due to an 8% drop in the KOSDAQ index.

The Korea Exchange activated the circuit breaker mechanism for the Korea Osaka Stock Exchange's KOSDAQ index, suspending trading for 20 minutes after the index fell by 8%.

Progress has been made in the UK's pursuit of 60,000 bitcoins in a case involving 16,000 Chinese victims.

On June 5th local time, the UK High Court held a procedural hearing on the disposal of assets related to the Qian Zhimin case. Regarding the approximately 60,000 bitcoins and other assets involved in the case, about 16,000 Chinese victims have registered through various UK law firms to participate in civil recovery proceedings under the UK's Proceeds of Crime Act. The registration window closed on May 22nd. A key issue at this hearing was how the various law firms would share the costs of joint litigation. The judge ultimately decided that each law firm would deposit £190,000 into the court account in proportion to the number of victims it represented, with a deadline of 4 pm on June 26th. A separate hearing will be held in July to determine whether the Chinese victims can claim ownership of the assets.

Hungary's newly appointed Minister of Science and Technology announced the removal of unreasonable restrictions on the cryptocurrency market.

On June 6, Hungary's newly appointed Minister of Science and Technology, Zoltán Tanács, announced the removal of unreasonable restrictions on the cryptocurrency market, reversing policies of the previous government, including criminal penalties for unauthorized crypto services. Rules that came into effect in July 2025 led to the withdrawal of platforms like Revolut from the Hungarian market, and local companies bore high compliance costs. Tanács, who will take office after the formation of a new government in May 2026, believes these rules are politically motivated. The new government also plans to amend cybersecurity audit regulations under the NIS2 directive, with approximately 4,000 Hungarian companies facing a compliance deadline of June 30. Hungary is seeking to emulate Estonia's digital governance model and positioning itself as a supporter of the EU's MiCA framework.

A New York judge has suspended a lawsuit concerning the ownership of a 39,000-Bitcoin wallet, and an amicus curiae hearing is scheduled for July.

New York Superior Court Judge Kathy J. King signed an order suspending proceedings in a lawsuit seeking ownership of 39,069 dormant Bitcoin wallets, with a hearing scheduled for July 14 regarding a key amicus brief. The plaintiffs, using the pseudonym "Noah Doe" and two shell companies, are seeking ownership of these wallets under New York State lost property law. Attorney Ian R. Cohen submitted an amicus brief opposing the plaintiffs' claims. He argued that lost property law applies to tangible items, while blockchain addresses are always visible worldwide; if the original owners were unable to access their assets due to security vulnerabilities, it was a passive loss of access rather than a voluntary relinquishment. Cohen emphasized that the plaintiffs lacked private keys, the blockchain network exhibited "structural disregard" for judicial rulings, and the court's statement could not truly transfer ownership of the assets and could instead be used by the plaintiffs to mislead exchanges and custodians.

The Central Bank of Russia initially only allowed retail investors to trade Bitcoin, Ethereum, and USDT under the new regulations.

The Central Bank of Russia has rejected a proposal to immediately expand access to cryptocurrencies, prohibiting unqualified investors from trading cryptocurrencies other than Bitcoin, Ethereum, and USDT. Deputy Governor Vladimir Chistyukhin stated that only these three mainstream digital currencies will be permitted for trading under the new regulations. Chistyukhin cited the high volatility of cryptocurrencies, market risks, and the potential for restrictions or freezes on stablecoins as reasons for maintaining strict limits. These rules are part of Russia's digital currency legislation, which is expected to take effect next month after passing its first reading in the State Duma by an overwhelming majority in April. The regulator also intends to maintain the proposed 300,000 ruble investment cap. As part of the proposed rules, both qualified and unqualified investors will be required to pass a mandatory knowledge test before purchasing any digital assets, and unlicensed cryptocurrency lending will be prohibited from 2027.

Trump: An improving economy should not lead to interest rate hikes; the US has a debt problem and many other issues to address.

US President Donald Trump stated that it would be a mistake for Federal Reserve policymakers to raise interest rates after the US jobs data significantly exceeded expectations. He also insisted that he did not want to influence Kevin Warsh before his first Fed meeting. In an interview with NBC, Trump said, "These days, whenever the economic data is good, the market goes down because everyone thinks the Fed will raise rates. But there's absolutely no reason to raise rates." Trump's remarks further increased the economic and political pressure on Warsh. Trump stated, "Raising the benchmark interest rate is the wrong thing to do. In fact, we should lower rates." Trump added, "I work with Kevin now. I have a lot of respect for him, but my view is that when a country's economy is doing well, it shouldn't be punished immediately by raising interest rates." He further added, "We have a debt problem, and a lot of other things to deal with, a lot of plans to move forward. I want to further increase defense spending."

Trump: Unfreezing Iranian assets or lifting sanctions are not prerequisites for the agreement.

Trump stated that the responsibility for Iran's nuclear weapons program lies with his predecessor's administration. He pointed out that during former President Obama's administration, a six-nation negotiating team reached an agreement with Iran: Iran would limit its nuclear weapons development activities in exchange for the international community easing sanctions and unfreezing some of its frozen assets. Trump withdrew from this agreement during his first term. Trump stated that any agreement reached with Iran would not immediately unfreeze Iranian assets. Trump said, "That's a later thing. If they behave well, if they do a good job, then we'll start talking about these things."

Trump: The Fed has no reason to raise interest rates

Project Updates

Binance Wallet launches prediction market API

Binance Wallet has officially launched its Prediction Market API, allowing eligible users to programmatically access and trade prediction markets via the API. The Prediction Market API helps users build trading bots, quantitative strategies, analytics tools, portfolio management systems, or integrate prediction market functionality into existing products, providing a unified interface for accessing market data and trading capabilities. The API supports core functions such as market data access, trade execution, and position management, and can be quickly integrated into existing applications and trading workflows to automate trading and strategy execution.

Arthur Hayes denies repurchasing HYPE

In response to analysts such as Onchain Lens monitoring the withdrawal of 34,000 HYPE tokens from Bybit by Arthur Hayes' linked wallet, Hayes himself stated, "I didn't buy anything."

Binance Futures will launch 8 USDT-margined TradFi perpetual contracts today.

Binance Futures will launch Blackstone (BX) USDT perpetual contracts at 17:00 (UTC+8) on June 8, 2026; Hewlett Packard Enterprise (HPE) USDT perpetual contracts at 17:05; Applied Materials, Inc. (AMAT) USDT perpetual contracts at 17:10; CrowdStrike (CRWD) USDT perpetual contracts at 17:15; Credo Technology (CRDO) USDT perpetual contracts at 17:20; Applied Optoelectronics (AAOI) USDT perpetual contracts at 17:25; iShares Russell 2000 ETF (IWM) USDT perpetual contracts at 17:30; and AXT Inc (AXTI) USDT perpetual contracts at 17:35. All contracts support up to 20x leverage.

Yuga Labs CEO: We have completed a white-hat operation against Flooring Protocol, rescuing dozens of NFTs.

Yuga Labs CEO Michael Figge posted on the X platform that his team has completed a white-hat operation to address a vulnerability discovered in the Flooring Protocol. The following assets are now securely held by Yuga Labs: 29 Bored Apes, 4 Mutant Apes, 1 BAKC, 2 CryptoPunks, 1 Azuki, 2 Elementals; 26 Captains, 1 Moonbird, and 2 Doodles. Team VP @0xQuit recovered these assets, and @coffeedev discovered that the same vulnerability poses a greater risk to other Flooring collections. Figge instructed the Grails OTC exchange to advance funds and NFTs to rescue the at-risk assets from the protocol. The team will work with the protocol developers to return the assets.

The Syscoin cross-chain bridge suffered an attack involving approximately 5 billion SYS tokens; bridging services have been suspended.

Syscoin issued a statement on its X platform, providing an initial update to the community regarding the recent cross-chain bridge security incident involving 5 billion SYS tokens. The bridging service is currently suspended, and the team is investigating and fixing the verification issue. Attackers exploited a verification vulnerability in the cross-chain bridge process to create unauthorized SYS outputs on the UTXO side. Affected funds have been transferred and split, and the team is tracking them and coordinating with exchanges and ecosystem partners to prevent the contaminated UTXOs from being deposited, traded, or further distributed. The team has determined a remediation plan and advises users not to interact with the cross-chain bridge until it is restored.

Meta's account recovery feature has been found to have a high-risk design flaw that could directly leak sensitive user information.

GoPlus published an article on its X platform stating that its Meta account recovery function has been found to have a high-risk design flaw that directly leaks users' phone numbers, email addresses, and PII (Personal Information). Attackers only need to enter the META username, without any login or verification, to directly obtain the user's linked email address, phone number, and other complete PII. This could cause numerous harms to users, such as large-scale phishing attacks, SIM card swapping attacks, account takeover and identity theft, and targeted social engineering attacks. Recommendations: Remove or replace the leaked email address/phone number as the recovery method; change the password for related accounts and enable 2FA; do not click on any emails or text messages related to "account anomaly," "verification," or "password reset"; set up multiple verification channels, such as official documentation or other official social media channels.

Strategy CEO refutes market rumors, clarifying strategic goal as continuing to increase Bitcoin holdings.

Strategy CEO Phong Le posted on the X platform that the company's long-term strategic goal is to continuously increase its net Bitcoin holdings and the number of Bitcoins per share, and directly refuted market rumors about reducing holdings or cashing out, emphasizing that such news is all false rumors.

Michael Saylor has released another Bitcoin Tracker update; he may disclose data on his increased holdings next week.

Michael Saylor, founder of the Bitcoin treasury firm Strategy, once again posted information related to Bitcoin Trackers, with the caption: "A good time to add more dots." Based on past patterns, Strategy typically discloses information about increasing its Bitcoin holdings the day after such news is released.

Investment and financing news

The Dark Side of the Moon is seeking to raise up to $2 billion at a valuation of $30 billion.

Chinese AI startup Moonshot AI is seeking to raise up to $2 billion in a new funding round, aiming for a $30 billion valuation. The company, which developed the Kimi chatbot, has already held preliminary talks with potential investors. This funding round comes as Moonshot is nearing the completion of a funding round led by Meituan, which valued the company at $20 billion. If the latest funding target is met, the company's valuation will increase sevenfold from $4 billion in December last year. Moonshot's annual recurring revenue exceeded $200 million in April, and the company is dismantling its offshore structure in preparation for a Hong Kong IPO, planning to allow continued participation from overseas investors through a joint venture structure.

Opinions & Analysis

Analysis: Stablecoins continue to see outflows, putting Bitcoin under liquidity pressure.

According to BIT analysis, while the market is currently focused on a potential decline in Strategy buying, following the trend and capital flows remains crucial in the crypto market. When liquidity reverses, it usually signifies a shift in market conditions, making premature bottom-fishing extremely risky. During this bull market, the monthly change in stablecoin supply had previously remained positive, but the market is currently experiencing a second round of stablecoin outflows. In the past 30 days, net outflows have reached approximately $5-6 billion. Slower capital inflows coupled with increased volatility have significantly weakened the support of the liquidity environment for the market. This not only puts pressure on crypto assets but also affects stablecoin issuers. Therefore, the current consolidation may continue until capital flows recover.

Trader Eugene: Focusing on the US stock market, not considering returning to cryptocurrency trading for now.

Trader Eugene posted on his personal channel that he has recently largely withdrawn from the cryptocurrency market and will focus his main efforts on stock market research and trading. He believes that compared to the current cryptocurrency market, the stock market offers more investment opportunities and is more worthy of research and intellectual challenge. He will continue to maintain a wait-and-see attitude towards the cryptocurrency market until a highly attractive risk-reward opportunity emerges. Regarding the future of Bitcoin, Eugene believes that the risks associated with Strategy (MSTR) and Michael Saylor may have only just begun to emerge. Even though Saylor has taken relevant measures, they are only postponing the problem, not truly eliminating the risk. Until the strong correlation between MSTR and Bitcoin prices is broken, Bitcoin does not have ideal conditions for going long. He admitted that he cannot determine the market bottom and stated that he will no longer attempt to "catch a falling knife" trading.

JPMorgan Chase: Strategy needs to rebuild dollar reserves to restore confidence; crypto bill has less than a 50% chance of passing this year.

JPMorgan analysts suggest that Strategy may need to rebuild its dollar reserves to restore investor confidence and reduce concerns about future Bitcoin sales. Strategy's recent sale of 32 Bitcoins startled the market, and its current dollar reserves can only cover about 6.3 months of dividend payments. Strategy currently holds 843,706 Bitcoins at an average cost of $75,699, resulting in a paper loss of approximately $11.5 billion at current prices. If it maintains its year-to-date buying pace, Bitcoin purchases in 2026 will reach approximately $32 billion. Analysts have become more cautious about digital assets, predicting a less than 50% chance of a crypto bill passing this year. Bitcoin has traded below its estimated production cost ($77,000) for most of the year, with total annualized inflows into digital assets reaching approximately $52 billion, roughly half the level expected in 2025. Despite this increased caution, the current market weakness could become a bullish contrarian signal for the future.

Tether's CEO posted a picture of Dragon Ball and called on the crypto community to unite during the bear market.

Tether CEO Paolo Ardoino posted a Dragon Ball comic strip on the X platform, depicting characters working together to hold up a Spirit Bomb bearing the BTC logo, accompanied by the caption "One Community." He used this to address the entire crypto community, urging industry professionals and investors to unite and weather the storm together during this bear market.

Important data

The ETH/BTC ratio has fallen back to 2016 levels.

The ETH/BTC ratio has fallen back to 2016 levels. Ethereum recently traded near $1666, while Bitcoin traded around $62956, resulting in a ratio close to 0.0265. This ratio is an important indicator of market preference: a rise indicates stronger demand for Ethereum, while a fall indicates investors prefer Bitcoin's liquidity and institutional acceptance. Reasons for Ethereum's relative weakness compared to Bitcoin include: weak spot prices, decreased ETF demand, competition on Layer 1 networks, reduced fee revenue after scaling upgrades, and market doubts about whether Ethereum's economic model can maintain a premium during the Layer 2 migration. Bitcoin maintains stronger institutional demand due to spot ETF adoption, deeper liquidity, and its status as a macro crypto asset.

Bitcoin spot ETFs saw net outflows of $1.72 billion last week, the second-highest on record.

Last week (June 1st to June 5th, Eastern Time), Bitcoin spot ETFs saw a net outflow of $1.72 billion, the second highest on record. The BlackRock ETF IBIT experienced the largest net outflow at $1.337 billion, with a historical total net inflow of $62.47 billion; followed by the Fidelity ETF FBTC, with a weekly net outflow of $202 million and a historical total net inflow of $10.39 billion. The Morgan Stanley ETF MSBT saw the largest net inflow at $35.05 million, with a historical total net inflow of $268 million. As of press time, the total net asset value of Bitcoin spot ETFs was $75.12 billion, with an ETF net asset ratio of 6.08%, and a historical cumulative net inflow of $53.94 billion.

Garrett Jin, an agent for the "1011 Insider Whale," closed his short position in ZEC, making a profit of $11.24 million.

Garrett Jin, an agent for "1011 Insider Whale," has just closed out all his short positions in ZEC, making a profit of $11.24 million.

Pension.eth, a major whale, added 10,000 ETH to its short position 9 hours ago, bringing its total short position to 60,000 ETH.

The market has begun to rebound, but whale pension-usdt.eth remains bearish. Nine hours ago, it added 10,000 ETH ($16.8 million) to its short position, bringing its total short position to 60,000 ETH ($101 million). This trader has achieved a 22-game winning streak, accumulating profits of over $45 million.

A whale sold 1,656 BTC that it had "bought at the bottom" at $59,734, making a profit of $3.5 million within two days.

A whale accurately bought at the bottom, purchasing 1,656 BTC (worth $98.93 million) at $59,734 near the local bottom. It deposited the BTC into Binance three hours earlier, making a profit of $3.5 million in two days.

Arthur Hayes's linked wallet withdrew 34,000 HYPE tokens from Bybit, equivalent to approximately $2.09 million.

The wallet associated with Arthur Hayes (@CryptoHayes) withdrew 33,979 HYPE ($2.09 million) from Bybit and currently holds 34,066 HYPE.

An Ethereum OG whale sold 60,000 ETH and 9,442 wsETH.

An Ethereum OG whale sold 60,000 ETH ($122.25 million) and 9,442 wsETH ($23.99 million) at an average price of $2,106. Another whale bought 57,339 ETH ($90.41 million) at $1,577 and 361 WBTC ($22.78 million) at $63,120, with buying continuing.

Garrett Jin, a whale-like entity, purchased another 4.2 million Binance Life tokens, bringing his total on-chain holdings to 28.8% of the total token supply.

The Binance Life whale (Garrett Jin) continued to buy 4.2 million Binance Life tokens (US$3.67 million) on-chain in the past 24 hours. Currently, it holds 288 million Binance Life tokens (US$236 million, representing 28.8% of the total supply) on-chain, of which 61.09 million (US$42.77 million) were purchased in the past week at a price of US$0.70.

After borrowing 16 million USDS to buy 14,700 wstETH, an address borrowed another 14 million USDS to further increase its position.

Address 0x709…Cad6e has started building a position again after six months. 14 hours ago, it mortgaged 10,570 ETH to borrow 16 million USDS, and then bought 14,730.36 wstETH at an average price of $2,028. After that, it borrowed another 14 million USDS to increase its position.

A whale spent nearly $59.85 million to build positions in BTC and ETH in the past 24 hours.

Address 0xB4d…B186a spent $59.85 million in the past 24 hours, buying 158.57 WBTC (approximately $10 million) and 31,065.58 ETH (approximately $49.85 million) via Cowswap, at costs of $63,060.32 and $1,604.7 respectively. This address also has over $70 million worth of stablecoins available for further purchases.

Data: HOME, WET, ME and other tokens will see a large unlock next week, with HOME unlocking value estimated at approximately $40.2 million.

According to Token Unlocks data, tokens such as HOME, WET, and ME will see large-scale unlocks next week. HOME will unlock approximately 750 million tokens at 8:00 AM Beijing time on June 10th, representing approximately 19.79% of its circulating supply, worth approximately $40.2 million; HumidiFi (WET) will unlock approximately 256 million tokens at 8:00 AM Beijing time on June 9th, representing approximately 111.4% of its circulating supply, worth approximately $14.5 million; Magic Eden (ME) will unlock approximately 172 million tokens at 8:00 AM Beijing time on June 10th, representing approximately 33.99% of its circulating supply, worth approximately $10.4 million; and Aptos (APT) will unlock approximately 11.31 million tokens at 12:00 PM Beijing time on June 12th, representing approximately 0.67% of its circulating supply, worth approximately $7.6 million.

A whale borrowed 30 million USDS by pledging ETH through a revolving loan to buy 18,212 ETH.

Fifteen minutes ago, a whale borrowed 30 million USDS from Spark by using a revolving loan to collateralize ETH, and then bought 18,212 ETH at an average price of $1,647.

Huang Licheng has already lost $4.16 million this week, bringing his total losses to -$24.5 million.

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