Today's news highlights:
Tesla (TSLA.O) pre-market stock rose 4.8%
U.S. stocks closed: All three major indices fell, Tesla dropped 14.26%
The Hong Kong (Stablecoin Ordinance) will take effect on August 1
Coinbase lists Fartcoin and Subsquid on its listing roadmap
Incrementum: Bitcoin's market value could be half of gold by 2030, with a $900,000 BTC needed to match $4,800 gold
Binance Alpha and contracts will launch Skate (SKATE)
ARK Invest purchased nearly 4.5 million shares of Circle stock on its first day, worth approximately $373 million
Yuga Labs proposes to dissolve ApeCoin DAO, intending for a new entity ApeCo to take over the ecosystem
Data: 400 million DOGE transferred to Binance, worth over $70.1 million
Regulatory/Macro
Bitcoin's block height surpasses 900,000, witnessing a historical milestone on-chain
According to Mempool data, the Bitcoin network officially reached block height 900,000 today at 13:41 (Beijing time), marking a significant milestone for this longest-running public chain since the genesis block in 2009, demonstrating its sustained operation and global trust base.
Musk reveals shocking information: Trump in Epstein's files
Musk stated on social media: 'It's time to blow the real bomb, President Trump in the Epstein case documents. This is the real reason the documents haven't been made public.'
Tesla (TSLA.O) pre-market stock rose 4.8%
Tesla (TSLA.O) pre-market stock rose 4.8%, following media reports that White House aides arranged a call between Trump and Musk. This morning's news: U.S. stocks closed: All three major indices fell, Tesla dropped 14.26%.
U.S. stocks closed: All three major indices fell, Tesla dropped 14.26%
U.S. stocks closed on Thursday, the Dow fell 0.25%, the S&P 500 fell 0.5%, and the Nasdaq Composite fell 0.8%. Tesla (TSLA.O) fell 14.26%, Trump Media Group (DJT) fell 8.04%, and both Apple (AAPL.O) and NVIDIA (NVDA.O) fell over 1%.
Uber considers using stablecoins to reduce cross-border payment costs
According to Bloomberg, Uber CEO Dara Khosrowshahi stated at the Bloomberg Tech Conference in San Francisco that the company is researching the use of stablecoins to optimize global fund transfer processes. He noted that stablecoins 'have practical benefits for global companies' and can significantly reduce cross-border transfer costs. Khosrowshahi described the technology as 'very interesting,' and Uber is actively evaluating its application potential.
The U.S. deficit has been warned as a 'ticking time bomb,' Citadel executives say it needs careful management
According to Bloomberg, Citadel Securities President Jim Esposito warned at the Piper Sandler conference that the expanding fiscal deficit and government debt levels in the U.S. are a 'ticking time bomb' that must be handled cautiously. He emphasized how the Trump administration handles this issue is crucial. While Esposito noted he does not predict a situation similar to the UK's 2022 bond market crisis, he pointed out that current debt levels are nearing sustainable limits. Furthermore, he mentioned that as the regulatory framework gradually clarifies, crypto assets have become an asset class valued by institutional investors.
The Hong Kong (Stablecoin Ordinance) will take effect on August 1
According to a Hong Kong government announcement, the (Stablecoin Ordinance) (Chapter 656) will officially take effect on August 1, 2025, establishing a licensing regulatory system for stablecoin activities. At the same time, the Financial Secretary indicated that professional investors could access designated stablecoins issued without a license. The Secretary for Financial Services and the Treasury, Hui Zhengyu, stated that the ordinance sets a key milestone for the local stablecoin and digital asset ecosystem development. The relevant regulatory details have been completed by the Monetary Authority and cover anti-money laundering requirements.
Trump Media submitted registration documents for a Bitcoin vault plan, raising $2.3 billion from 50 investors
According to GlobeNewswire, Trump Media Company submitted an S-3 registration statement to the U.S. SEC regarding the previously raised $2.3 billion Bitcoin vault financing plan from about 50 investors. The funds will be used to establish the Bitcoin vault and for general corporate purposes, along with registering 56 million shares of stock and 29 million convertible notes. The document also includes a universal shelf registration, providing flexibility for subsequent capital operations.
Viewpoints
Incrementum: Bitcoin's market value could be half of gold by 2030, with a $900,000 BTC needed to match $4,800 gold
The 2025 annual report published by gold investment company Incrementum states that the gold price under the baseline scenario is expected to be $2,942 by the end of 2025 and $4,800 by the end of 2030; under an inflation scenario, it is expected to be $4,080 by the end of 2025 and $8,900 by the end of 2030. The current gold price has already exceeded the baseline scenario target for the end of 2025. The report also notes that as of the end of April, the market value of gold was approximately $23 trillion, while Bitcoin's market value was around $1.9 trillion, equivalent to 8% of gold's market value. The report estimates that by the end of 2030, Bitcoin's market value could reach 50% of gold's market value; if the gold price is $4,800, Bitcoin would need to rise to about $900,000. Related reading: The 'major bull' report on gold, why gold is expected to reach $8,900 by the end of 2030?
Analysis: Bitcoin may find it difficult to continue rising, but will only turn bearish if it falls below $96,719
Matrixport points out that although Bitcoin's price trend has weakened recently, its trend model still maintains a bullish stance. It will only turn bearish if Bitcoin falls below $96,719. Additionally, Matrixport believes that the chain reaction of tariff policies could exacerbate deteriorating economic data and impact market sentiment. In the current environment, Bitcoin may find it difficult to sustain continuous gains, 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 cryptocurrency has yet to be discovered, and stablecoins pegged to the dollar can eliminate friction between fiat currencies. Systemically important banks should have the ability to issue stablecoins.
Project dynamics
Binance Alpha and contracts will launch Skate (SKATE)
According to Binance's announcement, Skate (SKATE) will open spot trading on Binance Alpha at 18:00 on June 9 (Beijing time) and will launch the SKATEUSDT perpetual contract at 18:30, with a maximum leverage of 50 times. Users can participate in the airdrop activity through Alpha points.
WLFI advisor Ogle clarifies: Meme coins TRUMP and WLFI are independent of each other and have no connection
Ogle (@cryptoogle), advisor to Trump's family crypto project World Liberty FI, stated on the X platform: 'Why do people still not know that Meme coins and World Liberty FI are completely different, and indeed need to hedge in uncertain times.' Additionally, Ogle confirmed that Trump Group, WLFI, Trump Media Technology Group, and the Meme coin TRUMP are all independent of each other, and while speculation of connections exists, it does not change the fact that these entities are independent.
Gavin Wood responds to whether JAM will issue a new coin: No plans to launch, maintaining synergy with DOT
Polkadot founder Gavin Wood stated in a forum post that he personally does not plan to issue a new token based on the JAM protocol, nor does he believe that Parity or the Web3 Foundation should do so. Wood emphasized that the JAM protocol is synergistic with Polkadot, aiming to bring performance and functionality improvements to Polkadot, and can be independently deployed by other teams, reflecting the open spirit of Web3. He reiterated that DOT will remain the core of Polkadot's economy.
Sky co-founder Rune repurchased 4.33 million SKY over two days
According to monitoring from Yu Jin, Rune, co-founder of Sky (formerly MakerDAO), repurchased 4.33 million SKY over the past two days using staking rewards, worth approximately $330,000. Rune had previously staked 3.16 billion SKY (approximately $229 million) and currently receives about 100,000 USDS as rewards daily. The repurchase price was approximately $0.076.
Yuga Labs proposes to dissolve ApeCoin DAO, intending for a new entity, ApeCo, to take over the ecosystem
According to Decrypt, Greg Solano, CEO of Bored Ape Yacht Club creator Yuga Labs, proposed to abolish the ApeCoin DAO, planning to transfer its assets and responsibilities to a newly established entity, ApeCo, terminating all governance rights of APE holders. Solano criticized the DAO for inefficiency and resource wastage, stating, 'It needs to stop.' If the proposal passes, the DAO will be completely dissolved, all unexecuted proposals will be nullified, and ApeCo will lead the development of the ApeChain, BAYC, and Otherside projects.
Coinbase lists Fartcoin and Subsquid on its listing roadmap
According to Coinbase Assets announcement, 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 start times for both will be announced separately based on liquidity and technical conditions.
Important data
Data: 400 million DOGE transferred to Binance, worth over $70.1 million
According to Whale Alert monitoring, 400 million DOGE (worth about $70.1 million) was transferred from an unknown wallet to Binance at 15:42.
A wallet associated with Mirana Venture deposited 72.17 million ENA into Binance, worth approximately $21.45 million
According to Onchain Lens monitoring, a wallet associated with Mirana Venture deposited 72.17 million ENA into Binance, worth approximately $21.45 million.
Bitcoin spot ETF saw a net outflow of $278 million in a single day, with all twelve funds experiencing outflows
According to SoSoValue data, yesterday (Eastern Time June 5) the Bitcoin spot ETF saw a net outflow of $278 million, with all twelve funds recording no net inflows. Among them, ARKB had a net outflow of $102 million, the largest of the day; Fidelity FBTC saw a net outflow of $80.1719 million. To date, the cumulative net inflows of ARKB and FBTC stand at $2.408 billion and $11.415 billion, respectively. The total net asset value of the Bitcoin spot ETF is $122.978 billion, accounting for 6.16% of Bitcoin's total market capitalization.
The Ethereum spot ETF has seen net inflows for 14 consecutive days, with a total net asset value of $9.546 billion
According to SoSoValue data, yesterday (Eastern Time June 5) the Ethereum spot ETF saw a net inflow of $11.2587 million, marking 14 consecutive days of net inflows. Among them, BlackRock ETHA had a net inflow of $34.6548 million, the highest in a single day; Fidelity FETH saw a net outflow of $23.3962 million. As of now, the historical net inflow of ETHA has reached $4.839 billion, while FETH stands at $1.516 billion; the total net asset value of the Ethereum spot ETF is $9.546 billion, accounting for 3.3% of the market capitalization.
Abraxas Capital profits over $55 million in multi-currency short positions
According to Onchain Lens monitoring, Abraxas Capital shorted BTC, ETH, SOL, HYPE, and SUI on the HyperLiquid platform through two wallets, currently realizing floating profits of over $55 million during the market downturn.
ARK Invest purchased nearly 4.5 million shares of Circle stock on its first day, worth approximately $373 million
Cathie Wood's ARK Invest purchased nearly 4.5 million shares of Circle (CRCL) stock on Circle's first day of listing on the NYSE, worth approximately $373 million based on the closing price. Circle's stock performed strongly on its first trading day, rising to $103.75, about 50% higher than the opening price of $69, and finally closing at $83.23, while the IPO price was $31. Additionally, ARK Invest reduced its holdings in 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 is actively incorporating Circle into its crypto industry investment portfolio alongside Coinbase, Robinhood, and others.
Financing
Crypto derivatives trading protocol Variational completes $1.5 million strategic financing
Crypto derivatives trading protocol Variational announces completion of $1.5 million strategic financing, with participation from Mirana Ventures, Caladan, Zoku Ventures. Variational is a peer-to-peer trading protocol designed for perpetual contracts and broader derivatives. Last October, Variational completed $10.3 million in seed round financing, with participation from Coinbase Ventures and others.
On-chain staking and yield protocol HashPower completes $4 million strategic financing, with participation from HashKey Capital and others
On-chain staking and yield protocol HashPower announces completion of $4 million strategic financing, with participation from HashKey Capital, FBG Capital, Hailstone Labs, and DePIN X Capital. The funds will be used to expand global decentralized mining capabilities and build a digital asset and AI infrastructure through permissionless on-chain access. HashPower has previously signed a $60 million memorandum of understanding with eight institutions, including Aethir and Automata Network, to jointly advance decentralized mining and AI infrastructure development. The platform uses a DePIN+AI token economic model, allowing users to earn staking and mining rewards without holding hardware.
Sui ecosystem DEX Momentum completes strategic round financing, led by OKX Ventures
Sui ecosystem DEX Momentum announces completion of strategic round financing, valued at $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 the Sui ecosystem DeFi business. Momentum adopts an innovative ve(3,3) model, achieving a trading volume of $3 billion within two months of launch, with a TVL of $69 million and over 420,000 users. Its co-founder ChefWEN previously 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 $10 million in financing led by Varys Capital in March 2025.
DeFAI project HeyElsaAI completes $3 million financing
DeFAI project HeyElsaAI announces completion of $3 million financing, led by M31 Capital, with participation from Coinbase Ventures' Base Ecosystem Fund, MH_Ventures, AbsolutaDigital, 2sharesfund, levitate_labs, and others. HeyElsa's core is a proprietary natural language interface built on open-source LLMs like DeepSeek, LLaMA, and Mistral. These models will continuously improve by utilizing real-time blockchain, market, and sentiment data, as well as user feedback from the applications themselves.
