Today's top news highlights:

Regulation & Macro

The US FDIC plans to clarify that stablecoin holders will not be covered by deposit insurance.

The Federal Deposit Insurance Corporation (FDIC) closed its public comment period on proposed rules for stablecoin issuers on June 9. The proposal clarifies that stablecoin holders are not entitled to deposit insurance: payments made in stablecoins themselves are not considered insured deposits; reserve assets are insured as corporate deposits of the stablecoin issuer, but stablecoin holders are not covered by transferable FDIC insurance. During the comment period, standardization organizations called for the adoption of a common reporting framework to support interoperability. Banks and fintech companies disagree on incentives: community banks advocate prohibiting stablecoin providers from attracting users through interest rates, cashback, etc., arguing that this would divert bank deposits and reduce local lending resources. The proposal also requires issuers to maintain highly liquid reserve assets, limit exposure to a single financial institution to no more than 40% of reserve assets, and establish custody controls and asset segregation requirements.

Trump: US-Iran negotiations have entered the "final stage" and an agreement will be reached "within two to three days".

US President Donald Trump said on March 9 that negotiations between the US and Iran had entered the "final stage" and that an agreement would be reached "within two to three days." In an interview at John F. Kennedy International Airport in New York, Trump said that Israel and Iran, which had previously "caught up in a war of words," had now "agreed to a ceasefire," adding, "We are in the final stages and will reach a very, very good deal." From the evening of March 7 to March 8, Iran and Israel engaged in the largest exchange of fire since the ceasefire was announced in early April. Later on March 8, both Iran and Israel announced a cessation of attacks on each other. Trump has repeatedly stated recently that an agreement with Iran is imminent, but no agreement has been reached so far.

Hong Kong Monetary Authority: Mainland customers can still apply to open accounts

A spokesperson for the Hong Kong Monetary Authority (HKMA) issued a statement on June 6, stating that mainland customers can still apply to open Hong Kong bank accounts as usual, and the account opening process is generally smooth. As an international financial center, Hong Kong's banks have always provided professional services to customers from different regions while ensuring legal and compliant operations. These optimization measures will help consolidate Hong Kong's advantages as an international financial center. Regarding cross-border investment channels, the HKMA further pointed out that mainland residents can allocate assets and invest in eligible wealth management products through various legal cross-border investment channels, including the "Cross-border Wealth Management Connect," or invest through mainland brokers via the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect."

SBF formally applies for a Trump pardon, potentially bringing new developments to the FTX case.

FTX co-founder Sam Bankman-Fried (SBF) has formally applied for a presidential pardon from U.S. President Donald J. Trump through the U.S. Department of Justice's Pardons Office website.

Project Updates

Gate.com launches a direct IPO pathway for SpaceX, enabling "instant stock allocation upon listing and direct access to accounts."

Gate's Direct IPO program has officially launched its first phase with SpaceX, offering users a new option to participate in investment opportunities in a globally popular IPO. Users submit their intention to subscribe and receive corresponding spot shares after the company's official listing, achieving a seamless transition from IPO subscription to stock trading. Compared to the traditional IPO process, Gate's Direct IPO significantly lowers the participation threshold, eliminating the need for complex cross-border account openings and multi-platform operations. After the company completes its IPO, the platform will distribute the shares directly to users' spot stock accounts after the company's official listing. This SpaceX Direct IPO only supports participation with USDT, with a minimum subscription amount of 100 USDT and a maximum of 500,000 USDT. After the IPO allocation concludes, shares will be directly distributed to Gate stock accounts on June 12th.

Sahara AI: Team and investor tokens were not sold; large transfers were to provide liquidity for the new cross-chain bridge.

Sahara AI issued an update regarding the unusual token price fluctuations, stating that the allocation of tokens in team and investor wallets remained completely unaffected on-chain. No team or investor tokens were sold or transferred. The transfer attributed to today's price volatility was a pre-arranged deposit by the team into the Chainlink CCIP cross-chain bridge contract, intended to provide liquidity for its recently launched cross-chain bridge. This is unrelated to market volatility. The transfer of 600 million SAHARA was planned, and the cross-chain bridge is operating as designed. An additional 150 million SAHARA is pending to provide additional liquidity.

Zcash has finalized its Ironwood upgrade plan, aiming for activation in July.

Zcash developers have reached a consensus on rule changes for the upcoming Ironwood upgrade, aiming for activation in July. This upgrade stems from a previous Orchard pool vulnerability—a vulnerability that could have allowed attackers to mint an unlimited number of counterfeit ZECs. Due to the privacy nature of Orchard pools, the team could not determine whether counterfeit ZECs had been minted before the vulnerability was patched. The Ironwood upgrade will take two core measures: first, introducing a new privacy pool using the Orchard protocol, with the old pool being phased out; second, adding a control flag to the zero-knowledge proof circuit, which, when enabled, disables the ability to transfer funds to other users within the pool while retaining change functionality. After the upgrade is activated, this flag will be enabled for the old Orchard pool, and transfers initiated by users to old pool addresses will be automatically redirected to the new pool.

Binance will remove several spot trading pairs, including ADA/BNB and DUSK/BTC, on June 12.

Binance will remove and cease trading the following spot trading pairs on June 12, 2026 at 11:00 AM (UTC+8): ADA/BNB, DUSK/BTC, EGLD/ETH, ENSO/BNB, LSK/USDC, NIGHT/BNB, and S/BNB.

Tools for Humanity, the parent company of Worldwide, is laying off employees.

Tools for Humanity, the parent company of World (formerly Worldcoin), led by Sam Altman, is laying off employees. The company, valued at $2.5 billion and with investors including Andreessen Horowitz, Bain Capital, and Khosla Ventures, employs over 500 people. An internal email stated the layoffs are due to adjustments in company strategy and operational priorities, with further details to be announced at an all-hands meeting on Tuesday. The company has struggled to demonstrate how its iris scanning device, Orb, can generate stable revenue and gain regulatory approval, despite having millions of registered users.

Strategy spent over $100 million last week to purchase 1,550 bitcoins, increasing its dollar reserves to $1 billion.

Between June 1st and June 7th, 2026, Strategy purchased 1,550 BTC for approximately $101.3 million, at an average purchase price of approximately $65,332. The funds for this purchase came from proceeds of the ATM stock offering. As of June 7th, 2026, Strategy held 845,256 BTC, with a total purchase cost of approximately $63.97 billion and an average holding cost of approximately $75,680. Simultaneously, the company's dollar reserves increased to $1 billion to support preferred stock dividends and debt interest payments. During the same period, Strategy sold 1.4096 million MSTR shares through the ATM program, raising approximately $181 million in net financing. No preferred stock offerings (STRC, STRF, STRK, and SRD) were issued during the ATM program period.

Binance Futures will launch 5 USDT-margined TradFi perpetual contracts today.

Binance Futures will launch Netflix (NFLX) USDT perpetual contracts at 17:00 (UTC+8) on June 9, 2026; Costco Wholesale (COST) USDT perpetual contracts at 17:05; Sprott Uranium ETF (URNM) USDT perpetual contracts at 17:10; Hims & Hers Health (HIMS) USDT perpetual contracts at 17:15; and eBay (EBAY) USDT perpetual contracts at 17:20. All contracts support up to 20x leverage.

Binance Alpha will open its airdrop for collection and trading at 17:00 today, with a minimum requirement of 241 points.

Binance Alpha will open its airdrop for collection and trading at 17:00 (UTC+8) today. Users holding at least 241 Binance Alpha Credits can claim the token airdrop on a first-come, first-served basis until the airdrop pool is exhausted or the event ends.

SAHARA's stock price plummeted 59.5% in the last 24 hours; the team claims there are no security issues with the token contract and product.

The Sahara AI team has noticed the unusual volatility in the SAHARA token market and is monitoring it in real time. There are no security issues with the token contracts or products. The team has launched an internal investigation to understand the cause of the volatility. The SAHARA token has fallen 59.5% in the past 24 hours and is currently trading at $0.01549.

Jucoin is accused of transferring funds in 36 transactions, totaling approximately 3.13 million USDT, during the period when withdrawals were suspended.

FlashRescue co-founder @DarcyAri posted on the X platform that Jucoin transferred funds 36 times during the withdrawal ban period, totaling 3,132,140.83 USDT. The outgoing addresses were JuCoin proof-of-reserve addresses starting with 0x0d14. Receiving addresses included: a Binance deposit address starting with 0x959f (approximately 1.88 million USDT), a high-frequency distribution address starting with 0xa9F4 (approximately 1.05 million USDT), and a Cobo address starting with 0x8C2E (200,000 USDT). The team is collecting more Jucoin wallet addresses to trace the funds. Previously, on June 6th, it was reported that JuCoin proof-of-reserve was fake, and that "USDT" and "USDC" were actually tokens issued by the project team itself.

Humanity attackers seized control of H token management on BSC and issued an additional 100 million H tokens.

The Humanity attackers have expanded their attack by taking over proxy administrator privileges for H tokens on the BSC chain and issuing an additional 100 million H tokens (approximately $12.9 million) into a new wallet. Previously, addresses associated with Humanity Protocol had already been hacked for over $31 million.

The Humanity hackers minted another 100 million H tokens on the BSC chain, and still hold 111 million H tokens for sale.

The Humanity hack minted another 100 million H tokens on the BSC chain an hour ago. By selling H, the hacker has obtained 18,510 ETH ($30.83 million) and 1,548 BNB ($924,000), and still holds 111.36 million H tokens ($14 million) for sale. However, on-chain liquidity is nearing depletion.

Humanity Protocol-related addresses have been hacked, with over $31 million stolen.

Humanity Protocol-related addresses have been hacked, with over $31 million stolen. The theft is ongoing, and hackers are currently converting H tokens into ETH.

The founder of Humanity confirmed a security incident, stating that it involved the leakage of private keys belonging to foundation members.

Humanity Protocol founder Terence Kwok confirmed a security incident involving the disclosure of a Humanity Foundation member's private key. As a security precaution, users are advised not to interact with cross-chain bridges or any liquidity pools until their security is verified. The team is working with security experts and exchange partners to resolve the issue.

Circle: cirBTC is now available on Ethereum, providing 1:1 Bitcoin-backed collateral for institutional DeFi.

Circle has announced the launch of cirBTC on Ethereum, providing 1:1 Bitcoin-backed collateral for the institutional DeFi market. cirBTC is backed 1:1 by native BTC custodied by Circle, with on-chain reserve transparency provided through Chainlink proof-of-reserve. cirBTC can be integrated into Circle Mint for minting and redemption, forming a unified operating model with USDC for USD liquidity and Bitcoin collateral. In the future, cirBTC will also expand to multiple chains through Arc.

A new wallet received 62.68 million H tokens from BitGo, possibly belonging to Framework Ventures.

Despite the Humanity Protocol hack, a newly created wallet still received 62.68 million H tokens ($7.65 million) from BitGo, possibly belonging to venture capital firm Framework Ventures, though this has not been confirmed.

OpenAI has secretly filed for an IPO and may go public as early as this fall.

OpenAI has secretly filed for an IPO with the U.S. Securities and Exchange Commission (SEC) and is working with Goldman Sachs and Morgan Stanley to advance its listing. Sources familiar with the matter say OpenAI could go public as early as this fall. OpenAI stated that it has not yet decided on a specific timeframe and it may still take some time, but this move provides it with the option to go public earlier. OpenAI also plans to launch a share sale in the coming weeks to provide liquidity for its employees. Rival Anthropic also secretly filed for an IPO last week, with its latest funding round valuing the company at $965 billion, surpassing OpenAI for the first time. SpaceX plans to IPO on Thursday at a valuation of approximately $1.8 trillion. OpenAI previously completed a $122 billion funding round, valuing the company at $852 billion.

Humanity Protocol's associated wallet was suspected of being attacked, resulting in a loss of over $19 million.

Wallets associated with or interacting with Humanity Protocol are being compromised. More than 17 wallets holding H tokens have been hacked so far, with total losses exceeding $19 million. The motive for the theft is unclear, but the attack pattern suggests that affected wallets may have shared exposure to Humanity Protocol-related risks.

The whale, which has set 10 major targets, has closed out half of its BTC position, expecting a profit of $4.88 million.

"Set 10 big goals first," whale @Jason60704294 revealed that he has closed half of his positions. Based on the BTC price at 05:31 when he tweeted, half of his position was 1417.66 BTC (US$89.89 million), with an estimated profit of US$4.88 million. The remaining 50% of his position still shows a floating profit of US$3.309 million.

The malware Reaper steals encrypted wallet data by hijacking the macOS script editor.

A new type of macOS malware called Reaper is spreading through fake download pages in apps like WeChat and Miro, targeting the theft of cryptocurrency wallet data, browser passwords, and sensitive documents. This malware uses AppleScript URLs to trigger the system's built-in script editor, hiding malicious code with ASCII art and spaces. After clicking the run button, a fake Apple security update pop-up tricks the victim into entering their computer password. Reaper targets desktop encryption applications such as Ledger Live, Trezor Suite, and Exodus, modifying the wallet's internal code to intercept future transactions and redirect funds. It also steals saved credentials from Chrome, Firefox, and Edge, and extracts .docx, .pdf, and .wallet files from the desktop and Documents folder. Reaper also installs a backdoor disguised as a Google software update directory for persistent attacks. Security experts advise users to verify download links, avoid entering passwords in unexpected pop-ups, and immediately close any pages that ask them to open a script editor.

Opinions & Analysis

Analysts: Bitcoin demand hits a low level that has only occurred three times since 2019.

CryptoQuant analyst MorenoDV stated that Bitcoin demand has entered one of the most extreme contractions since 2019. Combined 30-day demand growth for both spot and perpetual futures has fallen to approximately -650,000 BTC, a threshold that has only appeared three times historically. This simultaneous contraction in both spot and futures demand suggests that the weakness is not limited to leveraged speculation; institutional buying and derivatives exposure are being withdrawn in tandem, leaving Bitcoin facing fewer marginal buyers and weaker selling pressure absorption capacity. Historically, a deep support zone of -650,000 BTC has typically marked the beginning of a highly volatile market phase rather than an immediate bottom. Analysts believe the current pattern is less like a confirmed reversal and more like the start of a final cleansing phase. The most likely path is an initial expansion of volatility followed by a period of price "anesthesia": weak momentum, compressed activity, and prolonged sideways movement.

Arthur Hayes: The AI bubble will burst and drag down the crypto market; Bitcoin is under short-term pressure but bullish in the long term.

BitMEX co-founder Arthur Hayes argues that the conflict between the US and Iran has led to rising oil prices, pushing up energy costs and ultimately harming the profit margins of AI companies and suppressing their growth prospects. He further believes that the upcoming IPOs of SpaceX, Anthropic, and OpenAI, three major AI giants, are overvalued, and the market's inability to absorb such a massive supply will be a key factor in bursting the AI bubble. Additionally, he warns that Trump may adopt anti-AI rhetoric and policy stances during an election year, potentially causing market turmoil. Hayes revealed that his fund, Maelstrom, has liquidated its holdings in HYPE, NEAR, WLD, and ZEC, and will continue to hold Bitcoin and Ethereum. He believes Bitcoin will fall in the short term along with the AI bubble, but will ultimately benefit from the post-crisis liquidity easing and rise.

Analysts say the leaked private key makes it difficult to explain the operations at Humanity-related addresses, suggesting possible insider theft.

On-chain analyst Yu Jin believes that while the Humanity project claims the issuance and sale of H tokens was due to a leak of a foundation member's private key, the operations at the relevant addresses are difficult to explain by a private key leak unless it was an inside job. In addition to the 100 million H tokens issued an hour ago, the more than 200 million H tokens sold in the preceding hours were collected from nearly 300 wallets that unlocked tokens two weeks ago and received tokens 11 months ago. These wallets had all withdrawn gas from Gate and Bybit to their addresses three weeks prior.

Important data

Analysts: Bitcoin has suffered net losses for 22 consecutive days, and the MVRV Z-Score has dropped to 0.32.

CryptoQuant analyst Axel Adler Jr. stated that Bitcoin has been in a realized net loss state for 22 consecutive days, with selling prices below purchase prices continuing to dominate, and holders closing positions at a loss. The MVRV Z-Score has fallen to 0.32, well below its historical average of 1.71, indicating that valuations have cooled significantly, premiums have been almost completely wiped out, and the market is no longer expensive. The lowest point for realized net losses occurred on June 6th, reaching $1.2 billion, and has now narrowed to approximately $1.1 billion, about half of the extreme capitulation value of $2.2 billion in 2022. Analysts point out that market pressure is evident, but valuations have been reset, and the valuation discount itself is a positive signal. The trigger for improvement is a return to zero or above in realized net profit/loss and a positive MVRV Z; the main risks are losses deepening back to the extreme levels of 2022 and MVRV Z falling below zero.

Bitcoin spot ETFs saw a total net outflow of $91.3736 million yesterday, with BlackRock's IBIT experiencing the largest net outflow at $233 million.

Yesterday (June 8th, Eastern Time), Bitcoin spot ETFs saw a total net outflow of $91.3736 million. The largest single-day net inflow was seen in Ark Invest and 21Shares' ETF ARKB, with a net inflow of $63.1412 million, bringing its historical total net inflow to $1.271 billion. This was followed by Fidelity ETF FBTC, with a net inflow of $59.3749 million, bringing its historical total net inflow to $10.452 billion. The largest single-day net outflow was seen in BlackRock ETF IBIT, with a net outflow of $233 million, bringing its historical total net inflow to $62.237 billion. As of press time, the total net asset value of Bitcoin spot ETFs is $79.633 billion, with an ETF net asset ratio of 6.26%, and a historical cumulative net inflow of $53.849 billion.

Ethereum spot ETFs saw a total net inflow of $82.3717 million yesterday, with Fidelity FETH leading the way with a net inflow of $28.5672 million.

Yesterday (June 8th, Eastern Time), Ethereum spot ETFs saw a total net inflow of $82.3717 million. The Fidelity ETF (FETH) saw the largest single-day net inflow at $28.5672 million, with a historical total net inflow of $2.155 billion. This was followed by the BlackRock Stalled Ethereum ETF (ETHB) with a net inflow of $26.8973 million, with a historical total net inflow of $560 million. The VanEck ETF (ETHV) saw the largest single-day net outflow at $3.6975 million, with a historical total net inflow of $164 million. As of press time, the total net asset value of Ethereum spot ETFs was $9.359 billion, with an ETF net asset value ratio of 4.59%, and a historical cumulative net inflow of $11.283 billion.

The price on the H-chain has fallen to $0.003, a 20x difference compared to the Binance futures contract price.

The on-chain price of H has continued to fall to $0.003, nearing zero. Currently, there is a significant price difference between the contract and the spot price; the Binance perpetual contract price is $0.06, a difference of 20 times from the on-chain price.

TON's Telegram product revenue reached $88.5 million in the first quarter, and its market share in cross-chain NFTs rose to 35.5%.

According to Messari's "TON Status in Q1 2026" report, Telegram revenue settled via Fragments reached $88.5 million in the quarter, remaining stable despite a 26.4% drop in spot prices. Cross-chain NFT market share grew by 130.4% to 35.5%, driven by demand for Telegram-issued Numbers, Usernames, and Gifts. Total DeFi locked value fell 34.9% in USD terms, but TON prices only fell 11.6%. Average daily USDT transfer volume decreased by 32.5% to $77 million, while the number of transactions remained flat at 73,600 per day. Average daily active addresses decreased by 8.8% to 90,790. At the end of the quarter, MTOGA completed four of its seven upgrades, achieving sub-second finality and reducing transaction fees by 6x. Telegram became the largest validator of TON, staking 2.2 million TON. Despite the decline in active addresses, the number of transactions per address increased from 19.2 to 21.0, indicating improved engagement among existing users.

H tokens fell 89.2% in 24 hours due to the attack.

Humanity Protocol's H token has fallen 89.2% in the past 24 hours, currently trading at $0.0789. This follows reports that over $31 million was stolen from Humanity Protocol-related addresses.

In the past 24 hours, the total liquidation of crypto futures contracts reached $603 million, mainly short positions.

In the past 24 hours, the cryptocurrency market saw a total of $603 million in liquidations across all futures contracts, including $143 million in long positions and $460 million in short positions. Total BTC liquidations amounted to $279 million, and ETH liquidations amounted to $168 million.

Tokenized stocks reached a market capitalization of $5.5 billion, driven by the SpaceX IPO and the expansion of exchange operations.

The market capitalization of tokenized stocks grew from $2.23 billion at the beginning of the year to $5.5 billion, a six-month increase of approximately 147%, making it the fourth largest RWA category. This growth reflects the structural demand trend among crypto users to access the stock market, and exchanges are responding by embedding stock products directly into their existing platforms. Kraken and Bybit decided to natively offer the SpaceX IPO on their platforms, allowing users to participate in this highly anticipated private-to-public transaction without leaving the crypto ecosystem. Binance also offers perpetual stocks to its non-US users, reaching a retail demand group that has historically had limited or high barriers to entry into the US stock market. The SpaceX case particularly illustrates this market opportunity. Access to pre-IPO and IPO-related transactions has traditionally been limited by institutional relationships or secondary market brokers; tokenization significantly lowers this barrier. The continued growth of this category indicates that tokenized stocks are becoming a sustainable product line, rather than a speculative footnote in the RWA narrative.

Binance will launch IRYS perpetual contract trading pair

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