Hot News
Bitcoin fell 3.04% last week, ending a seven-week rally. The much-anticipated Bitcoin 2025 conference did not release any major news, and uncertainty over tariffs has risen again, weighing on the overall market. In addition, second-quarter GDP data and the latest personal consumption expenditure data both showed a slowdown in economic growth, making the rally at the beginning of this month appear even more volatile.
Macro Outlook
The U.S. International Trade Court ruled that President Trump's tariff policy was illegally implemented. However, the federal appeals court temporarily stopped the ruling from taking effect. The case is likely to go to the U.S. Supreme Court.
The Trump administration is currently in active trade talks with Nippon Steel and could also be on the phone with China, which has accused each other of imposing export controls, with China targeting rare earth minerals and the United States targeting semiconductors.
Speaking at an American Steel plant in Pennsylvania, President Trump also said he would increase import tariffs on steel and aluminum from 25% to 50% .
Minutes of the May FOMC meeting showed that staff lowered their forecasts for real GDP growth in 2025 and 2026, while committee members expressed concerns about potential deflation risks.
U.S. durable goods orders fell 6.3% in April, the biggest drop since January 2024 and slightly higher than the market's expectation of a 7.8% drop.
The second estimate of US GDP in the second quarter was -0.2%, a slight improvement from the initial estimate of -0.3%.
The core PCE price index rose by 0.1% in April, in line with market expectations. Meanwhile, US personal income grew by 0.8% in April, higher than the market expectation of 0.3%. Personal spending grew by 0.2% in April, in line with market expectations.
Upcoming economic calendars include:
Monday, June 2, 10pm: US May ISM Manufacturing PMI data released
Tuesday, June 3, 10pm: US JOLTs job vacancies data for April released
Wednesday, June 4, 10pm: US May ISM Services PMI data released
Thursday, June 5, 8:15 pm: ECB rate decision
Friday, June 6, 8:30 p.m.: U.S. May non-farm payrolls and unemployment rate released
Cryptocurrency Market Overview
Trump Media & Technology Group (DJT) announced a $2.5 billion Bitcoin fundraising plan by selling approximately $1.5 billion in new shares and $1 billion in convertible notes.
Sharplink Gaming announced that it will raise $450 million by selling company shares to launch its Ethereum wealth management strategy . Consensys is the main investor. The company has filed an application with the SEC and may issue up to $1 billion in securities in the future.
The Senate passed the House’s amendment to the $500 billion minimum market capitalization requirement in the Texas Bitcoin Reserve Act (SB21). The bill now awaits final approval from the governor.
Circle is seeking an IPO on the New York Stock Exchange at a valuation of nearly $6 billion. BlackRock is reportedly planning to acquire about 10% of the shares issued, while Ripple is rumored to be actively acquiring Circle shares in the secondary market.
The U.S. SEC stated that staking in the PoS network does not constitute a securities transaction.
BNP Paribas Asset Management has launched a tokenized money market fund on the Allfunds Blockchain, a blockchain developed by Amsterdam-listed Allfunds for fund distribution.
Spain’s largest bank Santander is reportedly planning to launch stablecoin and cryptocurrency services to retail customers through its digital asset unit Openbank.
The Russian Central Bank announced that it would allow financial institutions to offer non-deliverable cryptocurrency derivatives to qualified investors.
Pakistan plans to build strategic Bitcoin reserves, the country’s assistant to the prime minister for cryptocurrencies has announced.
DeFi Development Corp announced the integration of Sanctum to provide Solana with a liquidity staking service , dfdvSOL . The company also filed an application with the SEC to raise up to $1 billion in securities.
GameStop announced that the company has acquired 4,710 bitcoins .
Layer 1 and Layer 2 Public Chains
Starkware launches S-two , claiming to be the world’s fastest ZK prover. The prover is expected to be fully integrated into Starknet in the coming months.
ZKsync launchesZKsync Prividium , an enterprise-grade blockchain platform for secure and compliant on-chain finance. Deutsche Bank’s Memento blockchain is using the platform.
Arbitrum launches Kaito Leaderboard and allocates 400,000 ARB tokens to Kaito Yappers for a period of 3 months.
TON appointed Nikola Plecas, former senior director of Visa Crypto, as vice president of payments. Last week, the TON network was interrupted for 20 minutes due to an error in the main chain scheduling queue processing.
Telegram reportedly plans to raise $1.5 billion through a bond issuance. TON previously worked with LibreCapital to tokenize Telegram bonds on the TON network. Telegram founder Pavel Durov also said that Telegram is working with xAI to introduce Grok to Telegram and receive $300 million in cash and equity from xAI, as well as 50% of the revenue from xAI subscriptions sold through Telegram. However, Elon Musk said no agreement has been signed yet.
Plume announced that Curve Finance will be available on the first day of Plume Genesis. Plume co-founder Eugene unfortunately passed away.
Chintai has partnered with Arch Network to provide investors with the opportunity to purchase RWA with Bitcoin and use these assets to generate Bitcoin yield.
Balcony, an Avalanche Layer 1 project focused on real estate infrastructure, has partnered with the Bergen County Clerk's Office in New Jersey to tokenize more than 370,000 property records valued at $240 billion.
Solayer launches its hardware accelerated, parallelized and network-level optimized ultra-low latency L-layer network infiniSVM development network .
Starknet launches Asset Runes , bridging assets from USDC to Bitcoin as Rune assets, which can be redeemed 1:1 on Starknet.
Lunar Digital Assets announced the launch of LitVM, a ZK-EVM layer-2 network for Litecoin built using BitcoinOS and Polygon’s CDK stack.
Dapps
The attention-driven meme coin LOUD is launched on the Meteora platform, rewarding the top 25 mindshare leaders with data support provided by Kaito, and rewarding 20% of the liquidity pool fees to Kaito stakers to enhance the flywheel effect.
Cetus announced that it will use cash reserves, token reserves and loans from the Sui Foundation to fully compensate all users. The Sui network has voted to transfer frozen funds to a multi-signature wallet jointly controlled by Cetus, Sui Foundation and OtterSec.
The MetaMask browser extension wallet now supports the Solana network.
Maple has partnered with top US investment bank Cantor to complete the first phase of Bitcoin collateral financing facilities (up to $2 billion). Cantor also announced the launch of a gold-hedged Bitcoin fund , providing downside protection for Bitcoin risk exposure based on gold prices.
AIXBT launches the AIXBT terminal , which provides popular protocol analysis, task automation, and direct dialogue with AIXBT. Users must hold 600,000 AIXBT or stake 500,000 AIXBT in the Virtuals proxy stake pool to use it.
Euler Finance launched EulerSwap , integrating Uniswap v4 directly with the lending vault, providing liquidity providers with both transaction fees and lending income, deepening liquidity depth through instant lending, and natively supporting LP positions as collateral.
SunPump launched the CEX Alliance program, recommending projects with a market value of more than US$500,000 to cooperative exchanges after team review.
Echo, a leading private placement platform, released the Sonar framework, enabling project owners to independently configure compliance tools and easily launch public offerings.
TaoFi deploys Uniswap V3 on Bittensor EVM and supports cross-chain transfers of USDC from Ethereum and Base networks.
ELFi Protocol, a decentralized perpetual contract exchange, has launched a " Quick Trade " feature that enables millisecond-level order execution.
Hyperliquid’s money market Hyperdrive went live last week, and the team completed a $6 million Series A financing led by HackVC and Arrington Capital.
KernelDAO announced the integration of World Liberty Finance’s USD1 as a redeemable asset.
Governance/Project Updates
Internet Computer will host the 2025 World Computer Summit in Switzerland on June 3.
Upside, a social prediction market based on Base, is expected to be officially launched on June 10.
Due to community disagreement, the Synthetix and Derive merger proposal SIP-415 has been withdrawn .
DYDX is voting to reduce the number of validator nodes from 60 to 50 , as most of the lower-ranked validator nodes are inactive. By reducing the number of validator nodes, the network transaction speed is expected to increase.
Reserve Protocol plans to conduct its second token burn on June 20, with funds coming from DTFs platform fees and minting fees.
IoTex is voting to reduce the block time from 5 seconds to 2.5 seconds , which will be achieved through targeted consensus parameter optimization and network layer enhancements.
Token Unlock
TAIKO tokens will be unlocked on June 5th, accounting for 69% of the total token supply.
JTO tokens will be unlocked on June 7, accounting for 3.43% of the total token supply.
IO tokens will be unlocked on June 11th, accounting for 1.92% of the total token supply.
APT tokens will be unlocked on June 12, accounting for 1.79% of the total token supply.
IMX tokens will be unlocked on June 13th, accounting for 1.33% of the total token supply.
BB tokens will be unlocked on June 13, accounting for 10.92% of the total token supply.
STRK tokens will be unlocked on June 15th, accounting for 3.81% of the total token supply.
VANA tokens will be unlocked on June 16th, accounting for 16.8% of the total token supply.
ZK tokens will be unlocked on June 17th, accounting for 21% of the total token supply.
ZRO tokens will be unlocked on June 20th, accounting for 22.2% of the total token supply.
LISTA tokens will be unlocked on June 20th, accounting for 19.3% of the total token supply.
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