Steven_Research

The interest rate at the Swiss National Bank has fallen to 0%, and the possibility of going negative like in 2021 remains open, meaning at that time users depositing money in the bank would have to pay extra money instead of earning interest.

On this side, China is still in a phase of monetary easing, injecting money strongly through reverse repo to stabilize the financial system.

Recently, the PoBC announced the injection of 161.2 billion CNY through reverse repo, showing a priority for stimulating the economy over controlling inflation.

#steven_research

Bitcoin's Demand Momentum is the worst in months

Short-term investors (STH) have sold approximately 800,000 since May 27, 2025.

The chart shows the deepest negative cut since 2020, even deeper than during the LUNA/FTX collapse in 2022.

New spot demand from retail and institutions is "drying up" => very few people are willing to catch the bottom right now

- Selling pressure from STH is still high if the price breaks the support zone of $93k–94k.

- Macroeconomic volatility may prolong negative sentiment for several weeks.

*If history repeats itself, this is not the time to sell, but the time to:

- Observe movements from LTH.

- Wait for DCA (dollar-cost averaging) at the macro support zone.

- Monitor on-chain: cold wallets, stablecoin flows, and funding rates on futures.

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TEXAS IS THE 3RD STATE THROUGH RESERVE $BTC

Texas Governor Greg Abbott has signed Senate Bill 21 (SB 21) into law, establishing the Texas Strategic Reserve Fund #bitcoin .

- This makes Texas the third state in the United States (after Arizona and New Hampshire) to adopt a state-managed Bitcoin reserve fund.

- The details of SB 21, also known as the Texas Strategic Bitcoin Reserve and Investment Act, allow the Texas Comptroller to manage a special fund to invest in Bitcoin and other cryptocurrencies with a market capitalization over 500 billion USD.

- Currently, only Bitcoin meets this criterion. The fund may be financed through a budget provided by the legislature, specialized revenue sources, and investment profits, although the provision for private donations was removed in the final version.

#steven_research

TOP HAT - AI AGENT ANNOUNCEMENT OF SUSPENSION OF OPERATIONS

@TopHat_One, an AI agent platform on the Solana blockchain, was launched through a fair launch on Pumpfun without any investors or paid marketing campaigns.

- There were over 15,000 users participating, this project was built by the community but had to shut down on June 19, 2025, due to unsustainable infrastructure costs.

- The project was once highly fomo in Solana, and at one point, the $HAT token reached a market cap of ~100M$, now it is only 855K$, a decrease of more than 110 times from its peak.

- Despite the announcement to cease operations, Top Hat will continue to maintain the model and API until July 17, 2025, to assist users in transitioning.

- The community on X reacted strongly, with many accusing the Top Hat team of dumping many tokens onto the community.

- A type of trend project that blooms early and withers away, don't you think?

#steven_research

EIGEN LAYER RAISES AN ADDITIONAL $70M

a16z has invested an additional $70 million into EigenLayer's EIGEN tokens, with a lockup commitment. This is a supplemental investment following a $100 million Series B round in February 2024.

- The purpose of the investment is to support #EigenCloud - a new platform from EigenLayer, expanding the verification capabilities of blockchain to off-chain applications, such as AI, market predictions, and healthcare.

=> Eigen Cloud integrates components like EigenDA (data availability), EigenVerify (dispute resolution), and EigenCompute (execution), supported by EIGEN tokens.

- Currently the largest restaking protocol on Ethereum with $EIGEN , securing approximately $12 billion in assets that have been restaked.

- So, after $ZRO and $WLD , this is the next major investment by purchasing OTC tokens with a16z's lockup, betting on these projects (or perhaps a media stunt).

- BlackRock has utilized EigenCloud to price assets for the $2 billion BUIDL fund, demonstrating commercial potential (according to Coindesk).

- What do you think, everyone?

#steven_research

For nearly a week, the daily accumulated amount of whales has exceeded 800K #ETH , pushing the holdings in the 1k–10k wallet to > 14.3M #ETH .

On June 12 alone, #Ethereum whales added more than 871K $ETH - the highest daily net cash flow to date.

Such accumulation scale has not been seen since 2017.

#steven_research

BINANCE ALPHA REMOVES POINT CALCULATION MECHANISM - TRADING VOLUME CONTINUES TO DECREASE

After the crash of 73133344297 and 67426158627, Binance Alpha updated to remove the old point calculation mechanism, and the trading volume of Binance Alpha has also continuously decreased in recent days, while the point requirements for Alpha points are becoming increasingly high.

- Specifically, after the #ZKJ token was withdrawn from liquidity and dumped, the token price was divided by 10, causing the #KOGE token to also be divided due to the ZKJ/KOGE pair being actively mined through Alpha Points.

- Subsequently, yesterday Binance issued the latest announcement, stating that trading pairs between two Alpha tokens (token-to-token) will not earn Alpha Points from June 17 - both trading volume and LP balance will be excluded.

=> This means that users who add LP and trade token/token pairs of Alpha will no longer earn points. However, the Alpha/USDT, Alpha/USDC, and Alpha/BNB pairs will remain normal.

*I heard that part of the reason for this situation is due to the China team cheating excessively, and the change in Binance's regulations is to help Alpha reduce risks, but it may also lead to a decrease in players?

- Is Binance Alpha gradually declining? What are your opinions?

RUG PULL POLY HEDRA #ZKJ

Yesterday, 15/06/2025, Token $ZKJ dropped 87%, from 2.00 USD to 0.25 USD in 24 hours, with liquidations of 99 million USD on Binance.

- Suspected rug pull: Internal wallets (including 0x558e6b) liquidated 40 million USD, combined with the unlocking of 15.53 million $ZKJ, causing a liquidity crisis.

- The event occurred on the day, shocking the crypto community. Detailed analysis

- Over 99 million USD was liquidated, mainly on the ZKJ/USDT pair.

- In addition, the unlocking event of 15.53 million $ZKJ led to a sudden increase in supply, resulting in selling pressure and liquidity crisis, consistent with on-chain data from 15/06/2025.

- There was no trading volume before the price drop, suggesting the price was artificially suppressed in preparation for a sell-off.

- 0x558e6b sold 40 million USD $ZKJ, while 6 whale wallets sold 5.23 million $ZKJ (9.66 million USD), supporting the hypothesis of coordinated selling.

- This is an intentional exit plan, with large wallets withdrawing liquidity before the price collapse.

#steven_research

#Ethereum has just exited the sw range for a month.

The cost base distribution shows that an accumulation movement has formed with 1.3m $ETH holding around the price of $2.70K and $2.74K and 800K #ETH at $2.76K.

These investors accumulated during the consolidation process and will now likely create a strong support area.

If the support range of $2.70K to $2.76K is maintained, the possibility of reaching a price of up to $3.42K is still technically feasible.

#steven_research

THE TRUTH ABOUT MCAP X2 X3 ON BINANCE?

On February 14, 2025 (3 days ago), Binance made a very clear announcement about changing the way to calculate and display Mcap, as well as the way to calculate the circulating supply of projects on @Binance

*Here, Binance updated 2 things, one is the way to calculate market cap and the other is the circulating supply of projects

- Previously, Binance displayed the circulating supply including tokens with liquidity in transactions, meaning that there were tokens that were unlocked but not being traded, so they were not counted. And Market Cap was calculated by multiplying the price by this amount of tokens.

=> In fact, the old calculation method will be less than the circulating supply according to tokenomics, for example, the $WLD project according to tokenomics has a circulating supply of about 29% plus token inflation, which is about 300 million tokens. Multiply by price 1.2 then cap 3.3B$ is correct, but Binance and CGK both updated wrongly before so now update it correctly. This is normal, there is nothing natural x2 x3 Mcap guys? Other projects are similar

- Currently the new calculation method will calculate all unlocked tokens - of course it will exclude tokens that are no longer accessible (like burned,...)

*Conclusion

- Actually, Binance's calculation method has always been done like this in my research articles, so I think the update is correct, nothing strange, should have done it a long time ago

- Read carefully before panicking guys, the information is very basic

#steven_research

SPECIFIC ABOUT BINANCE'S "VOTE TO LIST"
In my opinion, this is a purely community event with a playground, as there is no information about incentives for voters yet. Specifically, like this, folks
- Start time: The first event was announced and launched on March 19, 2025, with voting starting approximately 30 minutes after the official announcement from Binance.
- Duration: The first voting round lasts from March 20, 2025, to March 27, 2025.
- Participation requirements: Users need to log in to their verified Binance account (KYC) and hold at least 0.01 BNB in their main account throughout the voting period.
*Operating mechanism:
- There are 9 token projects participating, all belonging to the BNB Smart Chain ecosystem.
- Users can vote for a minimum of 1 and a maximum of 5 projects.
- The two tokens receiving the highest votes and passing Binance's verification process will be listed.
- Voting location: Conducted via Binance Square (access from Binance > Square > Binance Square Official).
*Is there a reward for voting?
- This seems to be a test of the community, where the project with more holders has a higher chance of being listed => catering to the majority of fans. And of course, if listed, the holders of those projects will also benefit.
- I don't hold many of these projects but still vote for fun, what about you?
#steven_research #VoteToListOnBinance

The OCC allows national banks and federal savings associations in the U.S. to engage in activities related to cryptocurrency without needing special approval. This decision has revoked previous restrictions outlined in interpretive letters from 2020-2021.

- Permitted activities: The announcement allows banks to perform certain specific activities with cryptocurrency, including:
- Acting as validators on blockchain networks like Ethereum.
- Holding and managing stablecoins.
- Providing custody services for cryptocurrencies like Bitcoin.

In other words, banks can now integrate digital assets into their traditional business operations without prior approval from regulators.

- Implications of the change: This decision marks a significant shift in U.S. regulatory policy towards cryptocurrency, reflecting a trend of acceptance and encouraging the participation of traditional financial institutions in this sector. This change has been driven by recent developments, such as President Donald Trump's executive order on March 7, 2025, establishing a strategic reserve for bitcoin and hosting a cryptocurrency summit at the White House.

Additionally, the White House also tweeted… $BTC $ETH

#steven_research

The rate of having Bitcoin reserves $BTC in the United States in 2025 on Polymarket is reaching 65%, an increase of over 20% in just the past week.

Polymarket also has many fairly accurate predictions such as the election period,...

#steven_research

The 4th Binance Megadrop is the project @kernel_dao ($KERNEL)

- KernelDAO is a restaking protocol supporting Kernel, Kelp, and Gain.

- The total supply of KERNEL tokens is 1 billion, of which 40 million (accounting for 4% of the total supply) will be released as Megadrop rewards, and another 40 million will be used for other marketing activities every 6 months after launch.

- The initial circulating supply at launch is 162,317,496 (accounting for 16.23% of the total supply).

- The specific time and mission will be announced later, folks; there is currently no additional information.

- Is this a token lock action to reduce the amount of sell-off 93,602,027,193 before a (possible) market fluctuation, folks?

58,514,088,007

The 7D volume of @BNBCHAIN $BNB has surpassed to become the top 1 market, reaching over 14B$, more than double Solana's over 7B$

Additionally, the volume on @PancakeSwap $CAKE reached 14B$ and surpassed @Uniswap $UNI with only 8B$

I don't know how you all feel, but the feeling of 2021 is coming back to me, it feels somewhat like around July 2021, back then I was also into memes a lot, but now I'm too old to keep up 😂

#steven_research

*In this seasons, we had:

- $BTC new ATH 108K$
- Stable coins supply ATH >200B$
- Biggest airdrop ever: $HYPE airdrop value flip $UNI airdrop in the past
- Black Swan tariff same as Covid-19
- M2 supply new all time high
- US's Stock Market new ATH
- Bitcoin & Altcoins ETF
- ...

*And now we expect so far...

- Countries Strategic Bitcoin Reserve Asset
- Crypto Reverse Asset
- US's monetary easing (QE)
- Trump roll in money
- FED cuts interest rates
- Altcoins season!

*It will be in the near future...

Your wait is worth it!

#steven_research

A16Z has invested an additional $55M in LayerZero $ZRO with a lock period of 3 years

*In the past, a16z has invested in LayerZero multiple times:

- Series A+ Round (March 2022): a16z led a Series A+ fundraising round worth $135 million for LayerZero Labs, with a company valuation of $1 billion

- Series B Round (April 2023): a16z continued to lead a Series B round worth $120 million, raising LayerZero Labs' valuation to $3 billion

- Token investment #ZRO (April 2025): This is the latest investment announced in a post on X on April 17, 2025, with $55 million into LayerZero's ZRO token, along with a 3-year lock commitment. It is unclear whether this is part of a new fundraising round or a direct token purchase (OTC).

*In my personal opinion, this latest round may be an OTC token purchase, and the purchase price could be much lower than the market price

- With the current market capitalization, LayerZero is currently valued lower than the Series B fundraising valuation (April 2023)

#steven_research