Today's top news highlights:

Regulation & Macro

The US CFTC, following the SEC's lead, has abolished the "no denial" clause in settlement agreements.

The U.S. Commodity Futures Trading Commission (CFTC) has repealed its "no denial" policy, which had been in place since 1998. This policy previously prohibited the CFTC from accepting settlements when defendants denied allegations. CFTC Chairman Mike Selig stated that the policy was repealed because it could create the false impression that the commission was trying to suppress criticism. For nearly three decades, the CFTC had refused settlements unless the defendant promised not to publicly deny the allegations. This change aligns the CFTC with government regulators such as the SEC, which repealed a similar policy in May. Crypto companies facing regulatory enforcement have criticized the rule for restricting free speech. The CFTC stated that the policy change will allow for greater flexibility in settlements, but may still require some defendants to admit certain facts or responsibilities. On the same day, the CFTC sought to withdraw from a $5 million settlement with cryptocurrency exchange Gemini, a case Selig described as politically motivated.

The Federal Reserve's Beige Book: Inflation is squeezing American consumers and businesses; the impact of oil prices has spread to various sectors.

The Federal Reserve's Beige Book, released Wednesday, showed that while the AI investment boom continues, the U.S. economy is showing signs of weakening consumption, sluggish hiring, and rising prices. Of the 12 Fed districts, 10 saw slight to moderate growth in economic activity, one experienced a slight decline, and one remained unchanged. Business outlooks for the next six months were largely unchanged, but persistently high uncertainty and signs of slowing consumer spending are weighing on market sentiment. Districts generally reported that rising energy costs related to the Middle East conflict are the main source of current inflationary pressures, which have further spread to transportation, packaging, groceries, and fertilizers. The Fed's most closely watched inflation gauge showed that the inflation rate jumped to 3.8% in April from 3.5% in March. The latest Beige Book findings may further reinforce internal opposition to interest rate cuts within the Fed. The central bank has kept interest rates in the 3.50%-3.75% range this year. Meanwhile, reports from several Fed districts indicate that AI adoption appears to have slowed hiring demand for new graduates.

The US House of Representatives passed a resolution limiting Trump's power to use force against Iran.

The head of FX Winning, Spain's largest cryptocurrency scam, was arrested in Dubai; the scam involves over €460 million.

Spanish citizen David Merino was arrested in Dubai on suspicion of leading the cryptocurrency Ponzi scheme FX Winning. This scheme is the largest cryptocurrency-related Ponzi scheme in Spanish history, involving over €460 million and affecting approximately 15,000 investors. Merino operated the scheme behind the scenes after officially leaving the company in 2021, attracting funds by promising high returns on forex and cryptocurrency investments. Its operating model involved using funds from new investors to pay earlier investors, and the scheme operated in approximately 30 countries. Spain typically has 15 to 40 days to submit extradition documents to the UAE. In addition, FX Winning is also under investigation in the United States and Mexico, with the U.S. Drug Enforcement Administration (DEA) believing the scheme involves $100 billion. In March 2026, Merino released a video denying handling other people's funds and pointing the finger at other members of his team. The Spanish National Securities Market Commission had warned FX Winning since 2021 that it was not authorized to provide investment services.

Project Updates

The whale "7 Siblings" borrowed another 20 million USDT from Spark and continued to buy ETH.

The whale "7 Siblings" just borrowed another 20 million USDT from Spark to continue buying ETH. Earlier today, it borrowed 10 million USDT from Spark to buy 5,589 ETH.

Whale Evaded suffered a $2.9 million loss from the liquidation of its ZEC short position, and subsequently opened a new ZEC short position with a 10x leverage.

Arthur Hayes has sold 247,300 HYPE tokens, worth approximately $18.02 million.

Arthur Hayes sold 247,334 HYPE tokens ($18.02 million) and an unknown amount of NEAR. This sale came shortly after he publicly challenged Kyle Samani to a $100,000 charity bet, claiming HYPE would outperform all other top ten cryptocurrencies by market capitalization by the end of the year. Kyle accepted the challenge and bet on SOL. Arthur Hayes had previously disclosed that he had liquidated his HYPE and NEAR holdings.

Newly crowned top US stock trading signal provider Serenity bought the dip in ETH and BTC-related ETFs, but only for short-term gains.

Newly crowned top US stock trading commentator Serenity (@aleaborteddit) bought the dip in ETH and BTC, with ETHA at $1750 and IBIT at $62000, but this is only for short-term trading and he has no intention of holding them long-term. ETHA and IBIT are spot ETFs offered by BlackRock.

Coinbase will launch SpaceX Pre-IPO perpetual contracts today.

Coinbase announced that trading of the SpaceX Pre-IPO perpetual contract SPCX-PERP will be available on or after 14:00 (UTC+8) on June 4, 2026. The market will be open for trading in regions where liquidity conditions are met and local regulations are supported.

SlowMist: A new Rust supply chain malware, IronWorm, is attacking the Web3 ecosystem via npm packages.

A new Rust supply chain malware campaign called IronWorm is attacking developer environments and the Web3 ecosystem via malicious npm packages. Potential attacks include credential theft, wallet mnemonic phrase and password theft, GitHub repository tampering, malicious package distribution, CI/CD confidentiality leaks, Tor-based command control, and eBPF rootkit stealth. Security teams should audit backtracking commits, suspicious branches, accidental build hooks, and commits using automated identities such as claude, dependabot, renovate, or github-actions in repositories. It is recommended to remove or deprecate affected package versions, release clean versions, rotate all leaked keys and tokens, review GitHub Actions artifacts, and rebuild potentially compromised development or CI systems from clean images.

Binance will be upgrading its stock trading system on June 6, during which trading will be suspended.

Due to a system upgrade by a partner broker, Binance's stock trading service will be temporarily unavailable from 7:50 AM on June 6, 2026 to 12:00 AM on June 7, 2026 (UTC+8). Binance strongly recommends that users cancel any outstanding stock orders before the upgrade. Uncancelled orders will be automatically canceled when the upgrade begins. This upgrade is scheduled outside of regular market trading hours, and service will be automatically restored upon completion of the upgrade.

A rare Casascius physical Bitcoin, valued at $1.78 million, has been activated after 12 years of dormancy.

A rare Casascius physical Bitcoin from 2011-2013 was activated on Wednesday after its holographic security tag was removed, transferring 25 BTC (worth approximately $1.78 million) to a new wallet. Created by software engineer Mike Caldwell, Casascius coins come in various denominations, each with a receiving address printed on the front and the private key hidden under a holographic security tag on the back. Holders can remove the tag at any time to import the private key and use the Bitcoin, but this would diminish the coin's collectible value. Caldwell ceased production in late 2013 after being informed by the U.S. Financial Crimes Enforcement Network that he was operating an unlicensed money transfer business. Casascius coins with intact holographic tags hold a special place in the collectibles market, possessing both the face value of Bitcoin and a collector's premium. This redemption comes amidst increased activity from long-dormant Bitcoin addresses; yesterday, a 2011 wallet transferred 35 BTC after 15 years of inactivity.

MoonPay launches the desktop application MoonAgents, bringing crypto transactions to Claude and Codex.

MoonPay has launched MoonAgents, a desktop application that allows its AI assistant to interact with encrypted wallets and blockchain services. Currently supporting Claude and OpenAI Codex accounts, the software aims to simplify the setup process for non-technical users by storing wallet keys locally in encrypted form. Initially launched as a command-line tool in February, MoonAgents has now been upgraded to a graphical interface version, featuring pre-built skills, scheduled automation, and an artifact system that can generate custom dashboards to manage financial activities. A MoonPay representative stated that MoonAgents' primary use case is allowing AI models to run on the user's local computer, interacting with blockchain services using the user's private key, while ensuring that credentials are not exposed to the AI.

Prediction market platform Kalshi launches Bitcoin perpetual contracts

Prediction market platform Kalshi announced that Bitcoin perpetual contracts are now officially open for trading, calling it the first Bitcoin perpetual futures product launched in the United States.

The whale, which had set "10 major targets" for initial investment, cut its losses and exited the market, incurring a maximum loss of $5.467 million.

Garrett Jin, a whale, has seen his 5x leveraged long position in BTC suffer a paper loss exceeding $17 million.

Ethereum treasury firm FG Nexus sold another 10,000 ETH, worth approximately $18.16 million.

Ethereum treasury firm FG Nexus transferred 10,000 ETH ($18.16 million) to Galaxy Digital four hours ago. The company had lost $88.83 million on ETH investments: it purchased 50,600 ETH for $200 million between August and September last year at an average price of $3,940, and began reducing its holdings in November, having already sold 38,300 ETH ($89.17 million) at an average price of $2,329.

OPN prices bucked the trend and rose, with a maximum increase of 110% in 24 hours.

Former ConsenSys ambassador Russell Verbeeten transferred 20,000 ETH, of which 4,144 have been deposited into exchanges.

Former ConsenSys ambassador Russell Verbeeten (@rverbee) has begun transferring large amounts of ETH after a year's hiatus, with funds dating back 10 years and costing as little as $5.60. Seven hours ago, he withdrew 20,426 ETH ($37.26 million) from Aave and subsequently distributed it to 10 new addresses. 4,144 ETH from one of these addresses have already been deposited into the Coinsquare exchange, while the remaining tokens have not yet been transferred or sold.

The largest long position holder on Hyperliquid has suffered a floating loss of $58 million and has deposited $11 million in margin in the past day.

Compared to yesterday morning, ETH has fallen another $100. The "largest long position holder on Hyperliquid," who opened long positions of 120,000 ETH ($271 million) at an average price of $2261, has seen their unrealized losses widen to $58 million. To avoid liquidation, they have replenished their margin with 11 million USDC over the past day, lowering the liquidation price from $1617 to $1506, still approximately $250 below the current price.

Charles Schwab launches 24/7 cryptocurrency futures trading service, covering BTC, ETH, SOL, and XRP futures.

Charles Schwab has launched 24/7 cryptocurrency futures trading. Its professional-grade online trading platform, thinkorswim, now supports Bitcoin, Ethereum, Solana, and Ripple futures, available for trading nearly 24/7.

The stablecoin apxUSD fell 4.6% to $0.94 after losing its peg, due to a decrease in the value of its collateral.

The stablecoin apxUSD, backed by preferred shares such as STRC, fell to around $0.94, a drop of 4.6%. The stablecoin de-pegged as Bitcoin fell to around $63,000, reducing the value of the collateral.

SpaceX has set its IPO price at $135, valuing the company at $1.77 trillion.

SpaceX disclosed in a filing with the U.S. Securities and Exchange Commission on Wednesday that it plans to fix the offering price at $135 per share before officially launching its IPO roadshow. SpaceX plans to issue 555.6 million shares, raising $75 billion. At $135 per share, SpaceX's valuation would reach $1.77 trillion, making it the seventh-largest publicly traded company in the U.S. by market capitalization, surpassing a company currently valued at approximately $1.6 trillion. SpaceX plans to officially list on the stock exchange on June 12.

A new wallet purchased 180,000 HYPE tokens, while another entity purchased and staked 557,400 HYPE tokens through three wallets.

Whales or institutions are accumulating HYPE. A newly created wallet, “0x193,” withdrew 180,000 HYPE ($13.4 million) from Coinbase five hours ago. Three wallets (0x8bD, 0x5CF, and 0x918), possibly belonging to the same entity, withdrew 557,406 HYPE ($41.53 million) from Kraken and sent them for staking.

Abraxas Capital continued to reduce its holdings by 1,469 BTC, bringing its total reduction to 2,469 BTC in just over a day.

Crypto asset management firm Abraxas Capital continued to reduce its holdings by 1,469 BTC, transferring the 1,469 BTC ($98.45 million) to Kraken and then withdrawing 22.71 million USDC. Over the past day and a half, it has cumulatively reduced its holdings by 2,469 BTC ($166 million), at an average price of $67,210.

Investment and financing news

Bitmine followed Strategy's financing model by issuing preferred stock with an annual dividend yield of 9.5%.

Tom Lee's Ethereum treasury company, Bitmine, is following Strategy's fundraising model by issuing preferred stock to seek new sources of funding. According to documents filed with the U.S. Securities and Exchange Commission, Bitmine will issue 3 million Series A perpetual preferred shares, with a par value of $100 per share and an annual dividend yield of 9.5%, paid weekly in cash. The preferred stock is planned to be listed on the New York Stock Exchange under the ticker symbol BMNP, with a planned fundraising target of up to $300 million. Over the past year, Bitmine has held more than 5.3 million ETH (worth approximately $10 billion), representing about 4.5% of the circulating Ethereum supply, and currently has a paper loss of approximately $9 billion.

The number of monthly crypto venture capital deals has fallen to its lowest level in five years.

The number of monthly crypto venture capital deals fell to around 50 in May, the lowest level since 2021. Infrastructure and crypto financial services, two historically the most active categories, are both near multi-year lows. Investor attention has structurally shifted to AI, while the crypto space has failed to generate early-stage opportunities of the scale seen in the 2021 and 2024 cycles. Despite the slowdown in deal volume, total funding did not decline significantly in tandem. This suggests the market is consolidating rather than contracting across the board. For developers, the current environment is far less competitive than during previous booms, with projects demonstrating clear usability and growth momentum facing the least competition in recent years. Whether deal volume rebounds in the second half of the year depends on whether new tracks beyond prediction markets and financial infrastructure can ignite investor confidence.

Opinions & Analysis

Arthur Hayes: I've sold all my HYPE and NEAR shares; the market peak may occur sometime in September.

BitMEX co-founder Arthur Hayes has liquidated all his HYPE and NEAR tokens, and will explain his reasons in an article titled "Real-World Test," to be released next Tuesday. His reasons include: rising energy prices due to the Iran war and inventory replenishment; three major AI company IPOs scheduled between now and the beginning of the third quarter; and predictions that Trump will shift to an anti-AI stance to help the Republicans win the midterm elections. He believes the market peak will occur sometime in September, and it's time to take profits.

Peter Schiff: USDT's market capitalization will eventually surpass Bitcoin's; Bitcoin finds short-term support around $61,000.

Longtime Bitcoin critic Peter Schiff predicts that Tether's market capitalization could soon surpass Ethereum's and eventually exceed Bitcoin's. Schiff states that the only uncertainty is how long this process will take. He also notes that Bitcoin found short-term support around $61,000 after rebounding more than $2,000 from its recent lows.

Charles Schwab executive: Bitcoin didn't crash because of Saylor, but rather because it lost its momentum trading dominance.

Jim Ferraioli, Head of Digital Asset Research at Charles Schwab, stated that Bitcoin's recent weakness is not due to waning institutional demand or Michael Saylor's sale of Bitcoin, but rather its loss of dominance in momentum trading. He pointed out that crypto investors have historically followed momentum, but momentum has now left the crypto space. Funds are flowing into AI-related stocks and hot narratives like IPOs; SpaceX's IPO could value the company at $1.8 trillion, and a batch of other IPOs could raise over $200 billion in total, draining liquidity from the crypto market. Crypto traders are also speculating on pre-IPO stocks through synthetic derivatives contracts on DEXs like Hyperliquid. Ferraioli downplayed the impact of Strategy's sale of 32 Bitcoins, arguing that it merely provided a convenient narrative for a broader trend that has already occurred. He noted that while Bitcoin ETFs have expanded access, the asset class remains primarily dominated by retail and momentum traders, and with summer historically a seasonally weak period for Bitcoin, there is currently a lack of reasons to buy as investors have other options.

Important data

Bitcoin spot ETFs saw a total net outflow of $397 million yesterday, marking the 13th consecutive day of net outflows.

Yesterday (June 3rd, Eastern Time), Bitcoin spot ETFs saw a total net outflow of $397 million. The largest single-day net outflow was seen in BlackRock ETF IBIT, with a net outflow of $342 million, compared to a historical total net inflow of $62.636 billion; Fidelity ETF FBTC saw a net outflow of $54.2553 million, compared to a historical total net inflow of $10.458 billion. The total net asset value of Bitcoin spot ETFs is $82.832 billion, with a net asset value ratio of 6.36%, and a historical cumulative net inflow of $54.263 billion.

In the past 24 hours, the total liquidation of crypto futures contracts reached $1.736 billion, mainly long positions.

In the past 24 hours, the cryptocurrency market saw a total of $1.736 billion in liquidations across all futures contracts, including $1.545 billion in long positions and $191 million in short positions. BTC liquidations totaled $821 million, and ETH liquidations totaled $390 million.

Ethereum spot ETFs saw a total net outflow of $52.936 million yesterday, marking the 17th consecutive day of net outflows.

Near Intents TVL hits record high, with trading volume exceeding $600 million in the past 7 days.

According to Dune data, Near Intents TVL hit a new high of $22.6 million yesterday, but has since fallen back to $20.2 million. Furthermore, Near Intents' cumulative trading volume has surpassed $20 billion, with over $600 million traded in the past seven days.

Hyperliquid's HYPE price surpasses Solana's, while SOL prices have fallen to their lowest level since 2023.

Hyperliquid's HYPE token price surpassed Solana's on Wednesday, with the latter falling to its lowest level since 2023. HYPE hit an all-time high of $74.67 on Tuesday and is currently trading at $74.47, higher than Solana's $71.62. HYPE has risen approximately 24% over the past month, making it one of the few top 20 crypto assets to gain, while Solana has fallen nearly 14% during the same period. By market capitalization, Solana still leads Hyperliquid at approximately $42 billion compared to Hyperliquid's approximately $16 billion, but the gap is rapidly narrowing. CoinShares released a valuation report on Tuesday stating that HYPE is one of the few crypto assets where protocol activity almost directly translates into token demand, with a base scenario price target of approximately $147 by 2031.

Sentora: The holding cost of about 4.1 million Ethereum addresses is around $3,100, and there may be a large-scale sell-off

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