Today's news tips:
Source: OKX is considering an IPO in the U.S.
South Korean payment giant Kakao Pay officially launches Korean won stablecoin business layout
Mango Network announces MGO token economics: testnet and mainnet airdrops account for 5% each
Analysis: Bitcoin market dominance surges, but two indicators warn of a bear market
Regulatory/Macro
The Solana Foundation has signed a memorandum of understanding with the government of Kazakhstan to establish the Solana Economic Zone in the country to promote the development of Web3 technology. The cooperation includes developing tokenized capital markets, cultivating Web3 developers, and providing infrastructure and policy support for blockchain companies. The Solana Foundation will work with AIX, Jupiter, and Intebix to develop pilot projects to introduce tokenized tools into traditional markets. In addition, the Solana Foundation
According to Scam Sniffer, the front end of CoinTelegraph has been hacked, please operate with caution. It is reported that clicking on the CoinTelegraph website will pop up a pop-up window containing "airdrop" information and cannot be closed on the webpage.
Source: OKX is considering an IPO in the U.S.
According to Yueqi Yang, a reporter from The Information, crypto exchange OKX is considering an initial public offering (IPO) in the United States after returning to the U.S. market in April this year.
South Korean payment giant Kakao Pay officially launches Korean won stablecoin business layout
According to Seoul Economy, South Korean payment giant Kakao Pay has officially launched its Korean won stablecoin business layout and has submitted 18 combined trademark applications (such as KRWKP, KWRP, etc.) containing "KRW" and company logos to the Patent Office, covering virtual asset financial transactions, electronic transfers and intermediary services. This move is seen as a response to the legislative trend of South Korea's "Basic Law on Digital Assets", which intends to allow the private issuance of Korean won stablecoins. Industry analysis pointed out that Kakao Pay's move was to seize the opportunity in the stablecoin market. On the same day, the game company Nexthurs publicly stated that it would compete for the qualification of the first issuance of Korean won stablecoins. At present, the Korean government and enterprises are accelerating the process of digital asset compliance, and it is expected that competition in the local stablecoin market will become increasingly fierce.
Viewpoint
Analysis: Ethereum's downtrend is not over, leverage levels are still high
According to Matrixport analysis, despite Bitcoin's attempt to rebound, seasonal patterns show a low probability of a sustained breakout. To maintain technical validity, Bitcoin needs to remain above $105,000. However, the bigger concern is Ethereum, where leveraged traders have pushed up prices in the absence of fundamental support. Currently, Ethereum's price is mainly driven by futures positions, which makes it vulnerable to further declines. Ethereum has experienced a significant decline in the past few days, and leverage levels remain high, which increases the potential risk of price pressure.
According to Sina Finance, the Securities Times pointed out in an article that the wave of stablecoins is sweeping the world, becoming an important issue that countries urgently need to solve. Allowing stablecoins to develop disorderly outside the regulatory periphery will have a negative impact on the country's financial system, and abandoning an efficient settlement tool will miss new opportunities for currency globalization. For China, which is actively enhancing the international status of the RMB, it may be a better solution to actively regulate stablecoins and accelerate the internationalization of the RMB. Experts and industry insiders interviewed by reporters generally believe that as an emerging payment tool, the unique advantages and potential risks of stablecoins cannot be ignored, and the development of RMB stablecoins should be "sooner rather than later." Participating in the competition of the international monetary system based on the "dual track" of digital RMB and offshore RMB stablecoins may be a new path for the internationalization of RMB under the changing times.
Arthur Hayes, co-founder of BitMEX, wrote on the X platform: "The printing press continues to step up the printing of money in the name of 'national interest' (the Federal Reserve or other central banks may continue to issue more money to stimulate the economy). This weak momentum (the decline in the crypto market) will eventually pass, and Bitcoin's safe-haven status will be beyond doubt."
Analysis: Bitcoin market dominance surges, but two indicators warn of a bear market
10x Research published an article on the X platform to analyze that although the current Bitcoin market dominance has soared to a new cycle high, two key indicators have flashed early signs of broader market pressure. Ethereum, which had previously risen due to ETF optimism, is now in trouble due to over-leveraged futures positions. At the same time, (market-based) liquidity, which is the invisible driving force of each rebound, is quietly drying up, and the often-overlooked stablecoin fund flows are also showing a clear trend as summer approaches. Some large buyers in the market are withdrawing, and key technical positions are also facing tests. Bitcoin and Ethereum have experienced a pullback as expected, both sending signals from bullish to bearish. The risk of Ethereum falling below $2,420, which was emphasized in the previous pre-weekend report, has become a reality, and there are two key indicators that are about to turn bearish on Bitcoin, which may have a wide impact on the entire crypto market.
Project News
Binance Alpha now has CARV (CARV). Eligible users can claim 250 CARV tokens through Alpha Points. The claim must be completed within 24 hours after the launch. The airdrop will be distributed in two phases: in the first phase (first 18 hours), you must hold at least 247 Alpha Points; in the second phase (last 6 hours), you must hold at least 198 Alpha Points. The airdrop will be distributed on a first-come, first-served basis until all claims are made or the event ends. Each claim will consume 15 Alpha Points, and failure to confirm after the deadline will be deemed as abandonment.
Mango Network announces MGO token economics: testnet and mainnet airdrops account for 5% each
Multi-VM full-chain network Mango Network announced the MGO token economics, with a total token supply of 10 billion tokens, and the token distribution is as follows: 20% for POS equity pool; 20% for foundation; 17% for ecosystem innovation fund; 15% for team and early contributors; 5% for testnet airdrop; 15% for investors; 5% for mainnet airdrop; and 3% for consultants. Earlier in February, Mango Network completed a $13.5 million financing, with Ainfra Ventures, Kucoin Ventures and others participating.
Binance: BNSOL Super Staking will launch the ninth phase of the project Fusionist (ACE)
According to the official announcement of Binance, BNSOL Super Staking will launch the ninth project - Fusionist (ACE), a Web3 AAA game developed by a group of experienced game industry insiders, using Unity and HDRP technology to provide all users with advanced products and engaging gaming experience. From 08:00 on June 24, 2025 to 07:59 on July 25, 2025 (Eastern Time Zone 8), users who complete the relevant operations will receive ACE APR Boost airdrop rewards. To further improve the BNSOL ecosystem, Binance will extend the rights and interests of holding BNSOL from the trading platform to the decentralized world through the new decentralized BNSOL asset function; in this BNSOL Super Staking, the supported decentralized BNSOL assets will be included in the APR Boost airdrop reward calculation; please note that from the date of the announcement, the decentralized BNSOL assets added to the above list will also begin to receive the APR bonus airdrop rewards provided by other ongoing and announced BNSOL Super Staking activities (starting from the first day snapshot).
Important data
According to Onchain Lens, a whale has withdrawn 18,000 ETH (worth $40.38 million) from Binance again. Its current holdings have increased to 50,256 ETH (worth $112.62 million), with a current floating loss of $2.24 million.
An institution has used 112.96 million USDC to purchase 47,070 ETH in the past three days
According to Spot On Chain monitoring, an institution used 112.96 million USDC to purchase 47,070 ETH at an average price of $2,400 during the market decline in the past three days. In the past 11 days, the institution has invested a total of $333.78 million through Wintermute and Coinbase OTC transactions to purchase 132,535 ETH (average price of $2,518), and currently has a floating loss of $36.68 million (-11%). The previously obtained profits of more than $30 million are facing the risk of being reversed.
According to monitoring by The Data Nerd, two wallets (belonging to Abraxas Capital) have currently earned a total of approximately US$79.92 million in unrealized profits by shorting BTC, ETH, HYPE, SUI, and SOL.
According to Sentora data, Bitcoin is retesting the $100,000 mark, and there is currently strong historical demand below this price. Data shows that approximately 1.6 million addresses purchased 1.14 million Bitcoins at an average price of $97,000, which formed a key support area in this backtest.
Institutional holdings
Metaplanet holds another 1,111 BTC, bringing its total holdings to 11,111 BTC
According to the official announcement, Metaplanet, a Japanese listed company, increased its holdings by another 1,111 BTC, bringing its total holdings to 11,111 BTC.
Bitdeer increased its holdings by 36.9 BTC last week, bringing its total holdings to 1,445.8 BTC
The weekly report released by Bitcoin mining company Bitdeer last Saturday showed that as of June 20, its Bitcoin holdings reached 1,445.8 BTC (excluding customer deposits); 49.6 BTC were produced and 13.8 BTC were sold, with a net increase of 36.9 BTC.
Bitcoin mining company Cango mined 102.1 BTC last week, bringing its total holdings to 3,713
Cango, a Bitcoin mining company listed on the New York Stock Exchange, recently disclosed on the X platform that from June 13 to 19, 2025, the company's BTC production reached 102.1 BTC, bringing the total amount of Bitcoin it holds to 3,713 BTC.
Grant Cardone, CEO of real estate investment company Cardone Capital, said on the X platform last Saturday: "Cardone Capital has added approximately 1,000 bitcoins to its balance sheet, becoming the first comprehensive company to adopt a complete bitcoin strategy, combining real estate with bitcoin assets. The group owns 14,200 real estate units and more than 500,000 square feet of Class A office space, and expects to add another 3,000 bitcoins and 5,000 new real estate units this year."
