Today's news tips:
Regulatory/Macro
Hong Kong stocks related to stablecoin concepts rose in early trading, with Lianyirong Technology (09959.HK) rising more than 10%, Lianlian Digital (02598.HK) rising more than 5%, China Everbright Holdings (00165.HK) rising more than 3%, and ZhongAn Online (06060.HK) rising more than 1%.
U.S. Senate to hold hearing on June 11 to consider Brian Quintenz's nomination as CFTC Chairman
The U.S. Senate Agriculture, Nutrition and Forestry Committee will hold a hearing at 3:00 p.m. EST on June 10 (3:00 a.m. Beijing time on June 11) to consider Brian Quintenz's nomination as Chairman of the U.S. Commodity Futures Trading Commission (CFTC), replacing current Chairman Rostin Behnam. The hearing will be held in Room 106 of the Senate Dirksen Office Building. Officials said that this event will not be live-streamed.
Trump's social platform Truth Social submits Bitcoin ETF application
According to SEC documents, Truth Social, a social platform under Trump Media Technology Group (TMTG), has submitted an application for a Bitcoin spot ETF through its partner. The application was submitted by the NYSE Arca exchange. The fund intends to track the performance of Bitcoin spot prices. If approved, Truth Social will become the first social media platform to submit such an application.
Viewpoint
Musk: Huge overspending will make the U.S. a "debt slave"
Musk posted on the X platform that the current huge fiscal expenditure of the United States will drag the country into a state of "debt slavery." He reposted the content of Geiger Capital, saying that the US national debt is now increasing by $1 trillion every 180 days.
Simon Gerovich, CEO of Metaplanet, a Japanese listed company, posted on X that Metaplanet (3350.T) had a total transaction volume of 222 billion yen (about 1.51 billion U.S. dollars) on the Tokyo Stock Exchange, with a trading volume of 170 million shares, making it the first to simultaneously rank first in both transaction amount and volume in the entire market.
Project News
Resolv (RESOLV) Coming Soon to Binance Alpha and Binance Futures
According to Binance's announcement, Resolv (RESOLV) will be available for trading on Binance Alpha at 21:00 on June 10, 2025 (GMT+8). In addition, Binance Futures will launch the RESOLVUSDT perpetual contract at 21:30 on the same day, supporting up to 50x leverage. Binance becomes the first platform to list Resolv trading. To celebrate the launch, Binance will provide exclusive token airdrops to eligible users. Users need to use Binance Alpha Points to claim the airdrop on the Binance Alpha event page from 21:00 on June 10, 2025 to 21:00 on June 11, 2025.
OKX will launch USDG spot trading
According to the announcement of OKEx, the Global Dollar (USDG) spot trading will be launched on the OKX platform. Deposits will be opened at 14:00 (UTC+8) on June 4, the call auction period will be from 20:00 to 21:00 on June 5, USDG/USDT trading will be officially opened at 21:00, and withdrawals will be opened at 23:00.
According to Embers, after the Mrs. Trump-themed Memecoin project $MELANIA announced a partnership with market maker Wintermute, the project transferred 150 million tokens (about 50 million US dollars) from the community wallet and sent 20 million of them (about 6.62 million US dollars) to the Wintermute address for liquidity support.
According to Decrypt, Ethereum co-founder and Consensys CEO Joe Lubin said that the company is in contact with a sovereign wealth fund and bank of a "big country" to explore building financial infrastructure on the Ethereum ecosystem. He hinted that these institutions may be involved in Ethereum's first and second layer infrastructure. Lubin said that Ethereum is gradually becoming the "most valuable trust asset" and has the potential to surpass Bitcoin.
According to Eleanor Terrett, Magic Eden responded that the $TRUMP wallet it launched was an official product, carrying the "official Trump brand and intellectual property", and that it had previously cooperated with the $TRUMP project to issue NFTs. However, Eric Trump and Donald Trump Jr. both denied any involvement in the project, and Eric warned the company to "be extremely careful about using our name for unapproved projects that no one in the organization knows about."
Important data
Report: Stablecoins dominate spot market trading pairs, accounting for more than 80% in 2025
According to the report "From Billions to Trillions: Stablecoin Use Cases Expected to Expand the Market" released by The Block Research, by 2025, stablecoins have become the most important pricing asset in the crypto spot market, accounting for more than 80% of total trading volume. Compared with the trading pair pattern dominated by BTC and the US dollar ten years ago, this shift highlights the core position of stablecoins in the current crypto ecosystem.
According to SoSoValue data, on June 3rd, Eastern Time, Ethereum spot ETF recorded a single-day net inflow of US$109 million, maintaining positive inflows for the 12th consecutive day. Among them, BlackRock's ETHA had a net inflow of US$77.0596 million, and Fidelity's FETH had a net inflow of US$20.9730 million. As of now, the total net asset value of Ethereum spot ETF is US$9.813 billion, accounting for 3.11% of Ethereum's total market value, and the cumulative net inflow has reached US$3.233 billion.
According to SoSoValue data, on June 3rd, Eastern Time, Bitcoin spot ETFs had a net inflow of $378 million in a single day, ending three consecutive days of capital outflows. Among them, ARKB had a net inflow of $140 million and FBTC had a net inflow of $137 million, which were the ETFs with the largest inflows on that day. As of now, the total net asset value of Bitcoin spot ETFs has reached $128.13 billion, and the cumulative net inflow has reached $44.48 billion, accounting for 6.1% of the total market value of Bitcoin.
ETH ICO whale transfers 996 ETH to OKX, expects to clear the position within 100 days
According to Ai Yi’s monitoring, the “1 million ETH whale” who participated in the Ethereum ICO recharged 996 ETH to OKX 6 hours ago. Based on the current market value of about 2.6 million US dollars, the cost was only 0.31 US dollars. Currently, the address still holds 48,748 ETH. If it continues to sell 960 ETH every two days, it is expected to complete the liquidation in about 100 days.
According to Lookonchain, a whale or institution is suspected to have purchased 108,278 Ethereum (about $283 million) through OTC. Galaxy Digital's OTC wallet withdrew 89,000 ETH (about $234 million) from the exchange in the past 12 hours, and then transferred a total of 108,278 ETH to address 0x0b26. The address currently holds 139,476 ETH, worth about $365 million.
According to data released by Bloomberg analyst Eric Balchunas, as of June 3, BlackRock's Bitcoin Spot ETF (IBIT) has ranked among the top 25 ETFs in the United States with an asset size of US$72.4 billion, becoming the "youngest" product on the list, having only been established for 1.4 years. Balchunas pointed out that IBIT is expected to surpass Satoshi Nakamoto's wallet by the end of next year and become the world's largest Bitcoin holder. Analysts believe that this achievement reflects the strong appeal of ETFs in terms of convenience, low fees, high liquidity and trust.
Financing
Launcher Capital Completes $4 Million Seed Round, Led by a16z CSX
According to the official news of Launcher Capital, AI game startup Launcher has completed a $4 million seed round of financing, led by a16z Crypto Startup Accelerator (CSX). The project aims to reconstruct the game industry ecosystem through AI and on-chain IP, lower the threshold for story creators and developers, support the rapid construction of AI-driven multi-player immersive game experience, enable users to become creators, and promote the expansion of global creativity.
Insider: Pump.fun plans to raise $1 billion through token sales, with a valuation of $4 billion
According to Blockworks, citing multiple people familiar with the matter, Solana ecosystem meme coin platform Pump.fun plans to raise $1 billion through token sales, with a valuation of $4 billion, targeting public and private equity investors. Although the official has not yet confirmed the release date, the platform's social account hints that it may be launched within two weeks. Since its launch in early 2024, Pump.fun has generated nearly 11 million tokens for users, with a total market value of approximately $4.5 billion and cumulative revenue of more than $700 million. It has launched AMM and mobile applications and has broken away from its partnership with Raydium. The platform's daily revenue during peak periods exceeded $7 million, and is currently about $1 million per day.
According to The Block, Avantis, a decentralized leveraged trading protocol based on the Base chain, announced the completion of an $8 million Series A financing, led by Peter Thiel's Founders Fund and Pantera Capital, with participation from Symbolic Capital, SALT Fund and Flowdesk. Harsehaj Singh, CEO of the core development team Lumena Labs, said that the round of financing was completed in mid-2024, using an "equity + token warrant" structure, but the post-investment valuation was not disclosed. So far, Avantis has raised a total of $12 million. Launched in 2023, Avantis has become the largest derivatives protocol on the Base chain, with a cumulative trading volume of over $7.5 billion and over 60,000 users. The platform supports real-world asset (RWA) transactions such as cryptocurrencies, foreign exchange and commodities, and plans to expand to stocks, sports and prediction markets. To achieve this goal, Avantis will carry out technical upgrades, including transforming the AMM system to support multiple price sources and developing a customized EVM-compatible blockchain to achieve zero-gas fee transactions. The platform’s V2 version is expected to be launched within a few months, claiming to achieve a 10-fold increase in capital efficiency and support cross-margin trading.
In May 2025, the volume of cryptocurrency venture capital transactions fell to the lowest level of the year, with only 62 rounds of financing completed, a new low since January 2021. Although the number of financing rounds decreased, the total amount of financing still reached US$909 million, making it the second largest month of financing this year, second only to 78 rounds of US$2.89 billion in March. Market analysts pointed out that the cooling of investment was mainly affected by three factors: first, the volatility of cryptocurrency market prices. Bitcoin continued to fluctuate after reaching its peak in January, and in late May, it became more volatile due to uncertainty in tariff policies; second, the macroeconomic environment. The Federal Reserve maintained a high interest rate policy, which led to widespread pressure on risky assets; and finally, the seasonal factors of the industry. Summer is traditionally an off-season for investment. It is worth noting that while venture capital is cooling down, mergers and acquisitions are still active. On May 8, Coinbase Global acquired Deribit for US$2.9 billion, setting a new record for the scale of mergers and acquisitions in the cryptocurrency field. Industry insiders expect that with the end of the third quarter, investment activities will pick up again after the traditional "summer mode".
German digital wealth management platform Scalable Capital has completed a 155 million euro Series E financing round, led by Sofina and Noteus Partners, with participation from existing investors Balderton Capital, Tencent and HV Capital, bringing Scalable Capital's total investment to more than 470 million euros. This round of financing will be used to upgrade technology and launch family investment features, including children's investment portfolio services.
Scalable Capital will enhance its AI-driven portfolio management tools and expand API integration to create a more personalized experience for retail and B2B clients. Clients can invest in 8,000 stocks, 2,500 ETFs, 3,500 funds, and cryptocurrencies, with ETFs accounting for more than two-thirds of investment capital.
Institutional holdings of cryptocurrencies
According to BeInCrypto, Spanish coffee chain Vanadi Coffee SA plans to invest more than $1.1 billion in Bitcoin, following MicroStrategy's example and fully shifting the company's strategic focus to Bitcoin. Chairman Salvador Martí is expected to request authorization to implement the Bitcoin reserve strategy and obtain financing authority at the next board meeting on June 29. The company has completed its first purchase, spending $500,000 to purchase 5 BTC. The strategy aims to reverse the company's loss of $3.7 million in 2024.
