Today's news tips:
Tesla (TSLA.O) shares rose 4.8% in pre-market trading
U.S. stocks closed: All three major stock indexes fell, and Tesla fell 14.26%
Hong Kong's Stablecoin Ordinance will take effect on August 1
Coinbase Adds Fartcoin and Subsquid to its Listing Roadmap
Binance Alpha and Futures will be listed on Skate (SKATE)
ARK Invest bought nearly 4.5 million Circle shares on its first day, worth about $373 million
Data: 400 million DOGE transferred to Binance, worth more than $70.1 million
Regulatory/Macro
Bitcoin block height exceeds 900,000, witnessing a new milestone in chain history
According to Mempool data, the Bitcoin network officially reached the 900,000th block height at 13:41 (Beijing time) today, marking an important milestone for the longest-running public chain since the Genesis Block in 2009, highlighting its continued operation and global trust foundation.
Musk reveals shocking revelation: Trump is in Epstein's file
Musk said on social media: "It's time to detonate the real bombshell, President Trump is in the documents in the Epstein case. This is the real reason why the documents have not been made public."
Tesla (TSLA.O) shares rose 4.8% in pre-market trading
Tesla (TSLA.O) shares rose 4.8% in pre-market trading after media reports that a White House aide arranged a call between Trump and Musk. This morning, the U.S. stock market closed: the three major stock indexes fell, and Tesla fell 14.26%.
U.S. stocks closed: All three major stock indexes fell, and Tesla fell 14.26%
U.S. stocks closed on Thursday, with the Dow Jones Industrial Average initially closing down 0.25%, the S&P 500 down 0.5%, and the Nasdaq Composite down 0.8%. Tesla (TSLA.O) fell 14.26%, Trump Media Group (DJT) fell 8.04%, Apple (AAPL.O) and Nvidia (NVDA.O) both fell more than 1%.
Uber considers using stablecoins to reduce cross-border payment costs
According to Bloomberg, Uber CEO Dara Khosrowshahi said at the Bloomberg Technology Conference in San Francisco that the company is in the process of studying the use of stablecoins to optimize the global money transfer process. He pointed out that stablecoins "have real benefits for global companies" and can significantly reduce the cost of cross-border transfers. Khosrowshahi called the technology "very interesting" and Uber is actively evaluating its application potential.
According to Bloomberg, Jim Esposito, president of Citadel Securities, warned at the Piper Sandler conference that the continued expansion of the U.S. fiscal deficit and government debt levels is a "time bomb" that must be handled with caution. He stressed that how the Trump administration handles this issue is crucial. Although Esposito said he does not predict a situation similar to the UK's 2022 bond market crisis, he pointed out that the current debt scale is close to the sustainable ceiling. In addition, he also said that as the regulatory framework gradually becomes clear, crypto assets have become an asset class that institutional investors value.
Hong Kong's Stablecoin Ordinance will take effect on August 1
According to the Hong Kong government announcement, the Stablecoin Ordinance (Chapter 656) will be officially implemented on August 1, 2025, establishing a licensing and regulatory system for stablecoin activities. At the same time, the Financial Secretary specified that professional investors can access specified stablecoins that are not issued with a license. The Secretary for Financial Services and the Treasury, Paul Chan, said that the ordinance has set a key milestone for the development of the local stablecoin and digital asset ecosystem. The relevant regulatory details have been consulted by the HKMA and cover anti-money laundering and other requirements.
According to GlobeNewswire, Trump Media submitted an S-3 registration statement to the US SEC, involving a Bitcoin vault financing plan that raised $2.3 billion from about 50 investors earlier. The funds will be used to establish a Bitcoin vault and general corporate purposes, and to register 56 million shares and 29 million convertible notes. The document also contains a general shelf registration to provide flexibility for subsequent capital operations.
Viewpoint
The 2025 annual report "In Gold We Trust" released by gold investment company Incrementum pointed out that the price of gold will be $2,942 by the end of 2025 and $4,800 by the end of 2030 under the basic scenario; under the inflation scenario, it will be $4,080 by the end of 2025 and $8,900 by the end of 2030. The current gold price has exceeded the basic scenario target by the end of 2025. The report also pointed out that as of the end of April, the market value of gold was about $23 trillion, and the market value of Bitcoin was about $1.9 trillion, equivalent to 8% of the market value of gold. The report estimates that by the end of 2030, the market value of Bitcoin may reach 50% of the market value of gold. If the price of gold is $4,800, Bitcoin will need to rise to about $900,000. Related reading: Gold "bulls" report, why is gold expected to reach $8,900 by the end of 2030?
Matrixport pointed out that despite the recent weakening of Bitcoin price movements, its trend model still maintains a bullish stance. It will only turn bearish if Bitcoin falls below $96,719. In addition, Matrixport believes that the chain reaction of tariff policies may exacerbate the deterioration of economic data and have an impact on market sentiment. In the current environment, Bitcoin may find it difficult to maintain sustained growth, and the Federal Reserve is unlikely to take interest rate cuts in the short term.
CME CEO: Systemically important banks should have the ability to issue stablecoins
CME CEO: The "ultimate use" of cryptocurrencies has not yet been discovered, and stablecoins pegged to the US dollar can eliminate friction between fiat currencies. Banks with systemic importance should have the ability to issue stablecoins.
Project News
Binance Alpha and Futures will be listed on Skate (SKATE)
According to Binance's announcement, Skate (SKATE) will be available for spot trading on Binance Alpha at 18:00 Beijing time on June 9, and the SKATEUSDT perpetual contract will be launched at 18:30, with a maximum leverage of 50 times. Users can participate in the airdrop event through Alpha points.
WLFI consultant Ogle clarifies: Meme coin TRUMP and WLFI are independent and unrelated
Ogle (@cryptoogle), an advisor to the Trump family's crypto project World Liberty Fi, posted on the X platform: "Why don't people know that Meme Coin and World Liberty Fi are completely different? In any case, hedging is necessary in times of uncertainty." In addition, Ogle also confirmed that the Trump Organization, WLFI, Trump Media Technology Group, and Meme Coin TRUMP are all independent. People speculate that they are related, but it does not change the fact that these entities are independent.
Gavin Wood, founder of Polkadot, said in a forum post that he personally does not plan to issue new tokens based on the JAM protocol, nor does he think Parity or the Web3 Foundation should do so. Wood emphasized that the JAM protocol and Polkadot are in a synergistic relationship. JAM aims to improve the performance and functionality of Polkadot and can be independently deployed by other teams, reflecting the open spirit of Web3. He reiterated that DOT will remain the core of the Polkadot economy.
Sky Rune repurchased 4.33 million SKY in two days
According to Ember's monitoring, Rune, the co-founder of Sky (formerly MakerDAO), has repurchased 4.33 million SKY in the past two days using staking rewards, worth about $330,000. Rune previously pledged 3.16 billion SKY (about $229 million) and currently receives about 100,000 USDS as rewards every day. The repurchase price is about $0.076.
According to Decrypt, Greg Solano, CEO of Yuga Labs, creator of Bored Ape Yacht Club, proposed to abolish ApeCoin DAO, and planned to transfer its assets and responsibilities to Yuga's new entity ApeCo, and terminate the governance rights of all APE holders. Solano criticized DAO for its inefficiency and waste of resources, saying "it's time to stop." If the proposal is passed, DAO will be completely dissolved, all unimplemented proposals will be invalidated, and ApeCo will lead the development of ApeChain, BAYC and Otherside projects.
Coinbase Adds Fartcoin and Subsquid to its Listing Roadmap
According to the announcement of Coinbase Assets, Fartcoin (FARTCOIN) and Subsquid (SQD) have been added to the Coinbase listing roadmap. FARTCOIN is based on the Solana network; SQD is based on Arbitrum. The trading opening time of the two will be announced separately depending on liquidity and technical conditions.
Important data
Data: 400 million DOGE transferred to Binance, worth more than $70.1 million
According to Whale Alert monitoring, 400 million DOGE (worth approximately US$70.105 million) was transferred from an unknown wallet to Binance at 15:42.
According to Onchain Lens, a wallet associated with Mirana Venture deposited 72.17 million ENA into Binance, worth approximately $21.45 million.
According to SoSoValue data, yesterday (June 5, Eastern Time), Bitcoin spot ETFs had a net outflow of $278 million, and none of the twelve funds recorded a net inflow. Among them, ARKB had a net outflow of $102 million, the largest on the day; Fidelity FBTC had a net outflow of $80.1719 million. As of now, ARKB and FBTC have accumulated net inflows of $2.408 billion and $11.415 billion, respectively. The total net asset value of Bitcoin spot ETFs is $122.978 billion, accounting for 6.16% of the total market value of Bitcoin.
According to SoSoValue data, yesterday (June 5, Eastern Time), the Ethereum spot ETF had a net inflow of $11.2587 million, and has recorded net inflows for 14 consecutive days. Among them, BlackRock ETHA had a net inflow of $34.6548 million, the highest in a single day; Fidelity FETH had a net outflow of $23.3962 million. So far, ETHA's historical net inflow has reached $4.839 billion, and FETH's is $1.516 billion; the total net asset value of the Ethereum spot ETF is $9.546 billion, accounting for 3.3% of the market value.
Abraxas Capital made over $55 million in short selling of multiple currencies
According to Onchain Lens, Abraxas Capital shorted BTC, ETH, SOL, HYPE and SUI through two wallets on the HyperLiquid platform, with current floating profits exceeding US$55 million during the market decline.
ARK Invest bought nearly 4.5 million Circle shares on its first day, worth about $373 million
Cathie Wood's ARK Invest bought nearly 4.5 million shares of Circle (CRCL) on Circle's first day of listing on the New York Stock Exchange, worth about $373 million at the closing price. Circle's stock performed strongly on the first day of trading, with the share price rising to $103.75, up about 50% from the opening price of $69, and finally closed at $83.23, while the IPO price was $31. In addition, ARK Invest also reduced its holdings of some other crypto-related company stocks, including $39 million worth of Coinbase (COIN), $18.5 million worth of Robinhood (HOOD), and $10.4 million worth of Block (XYZ) stock. ARK actively included Circle in its crypto industry portfolio, alongside companies such as Coinbase and Robinhood.
Financing
Crypto derivatives trading protocol Variational completes $1.5 million strategic financing
Crypto derivatives trading protocol Variational announced the completion of a $1.5 million strategic financing, with Mirana Ventures, Caladan, and Zoku Ventures participating in the investment. According to reports, Variational is a peer-to-peer trading protocol designed for perpetual contracts and generalized derivatives. Earlier in October last year , Variational completed a $10.3 million seed round of financing, with Coinbase Ventures and others participating.
HashPower, an on-chain staking and yield agreement, announced the completion of a $4 million strategic financing, with HashKey Capital, FBG Capital, Hailstone Labs and DePIN X Capital participating. The funds will be used to expand global decentralized mining capabilities and build digital assets and AI infrastructure through permissionless on-chain access. HashPower has previously signed a $60 million memorandum of cooperation with eight institutions including Aethir and Automata Network to jointly promote the development of decentralized mining and AI infrastructure. The platform uses the DePIN+AI token economic model to enable users to obtain staking and mining income without holding hardware.
Sui Ecosystem DEX Momentum Completes Strategic Round of Financing, Led by OKX Ventures
Sui Ecosystem DEX Momentum announced the completion of a strategic round of financing with a valuation of US$100 million. This round was led by OKX Ventures, with participation from Coinbase Ventures, Gate Ventures, MEXC Ventures, KuCoin Ventures, and strategic partners Protagonist and DNA Fund. The funds will be used to expand Sui Ecosystem DeFi business. Momentum adopts the innovative ve(3,3) model, achieving US$3 billion in trading volume within two months of its launch, with a TVL of US$69 million and more than 420,000 users. Its co-founder ChefWEN participated in the development of the Meta Libra project, and the platform ensures security through smart contract audits and real-time monitoring. Previously, Momentum received US$10 million in financing led by Varys Capital in March 2025.
DeFAI project HeyElsaAI completes $3 million financing
DeFAI project HeyElsaAI announced the completion of $3 million in financing, led by M31 Capital, with participation from Coinbase Ventures' Base Ecosystem Fund, MH_Ventures, AbsolutaDigital, 2sharesfund, levitate_labs, etc. According to reports, the core of HeyElsa is a proprietary natural language interface, which is built on open source LLMs such as DeepSeek, LLaMA and Mistral. These models will be continuously improved using real-time blockchain, market and sentiment data, as well as user feedback from the application itself.
