Today's news highlights:
1. Macro outlook for next week: CPI data will test the Fed's patience, and gold will receive directional signals.
2. Argentine Anti-Corruption Office: Javier Milei's Libra tweet is personal behavior, not violating public morality regulations.
3. Trump said that he and Musk's 'relationship is over.'
4. Hong Kong Financial Secretary Xu Zhengyu: Stablecoins can be used for payment functions through blockchain, and redemption requests from holders must be completed within one working day.
5. BiT Global, associated with Justin Sun, has withdrawn its lawsuit against Coinbase regarding wBTC.
6. Cetus Protocol will relaunch on June 8
7. James Wynn opened a BTC long position again with 40x leverage.
8. Binance Alpha launches Open Loot (OL).
Regulation/Macro
Japanese listed company Remixpoint announced the purchase of 44.8 bitcoins, worth 4.7 million USD.
Japanese listed company Remixpoint announced the purchase of 44.8 bitcoins, worth 4.7 million USD.
Previously, Japanese listed company Remixpoint announced in a board resolution on May 26 that it plans to purchase an additional 1 billion yen worth of bitcoins, bringing the company's total cryptocurrency investment to 12 billion yen (approximately $83.98 million).
The Monetary Authority of Singapore and the police plan to block the websites of unlicensed trading platforms Octa and XM starting June 20.
The Monetary Authority of Singapore and the police plan to block the websites of unlicensed trading platforms Octa and XM starting June 20, and after the block takes effect, users will not be able to log in through Singapore Internet service providers.
The Monetary Authority of Singapore and the police stated in a joint announcement that the two platforms provided and promoted trading services to local residents without obtaining licenses and qualifications, such as leveraged foreign exchange trading, commodities, indices, and stocks, violating the Securities and Futures Act of 2001. Both platforms also have cryptocurrency trading businesses, and most unregulated online trading platforms are located overseas, making their operational credibility difficult to verify, with a high risk of fraud. Reportedly, Octa is operated by Octa Markets and Uni Fin Invest, while XM is operated by XM Global.
Macro outlook for next week: CPI data will test the Fed's patience, and gold will receive directional signals
According to Jinshi News, this week, major U.S. stock indices rose, with the S&P 500 reaching a new high in over three months on Friday. The Dow Jones index also rose to a three-month high. Better-than-expected non-farm payroll reports eased market concerns about the economy, while Tesla (TSLA.O) rebounded from a sharp decline on Thursday, and tech stocks continued to rise. However, as of June 4, U.S. stock funds experienced outflows for the third consecutive week due to ongoing concerns about U.S. trade policies. In terms of commodities, gold prices saw significant declines on Thursday and Friday but recorded an overall increase for the week, closing at $3311.68 per ounce. Notably, despite slightly better-than-expected U.S. non-farm payroll numbers in May, Trump again pressured the Federal Reserve on social media, urging it to cut interest rates by 100 basis points. Here are the key points the market will focus on in the upcoming week:
Monday 09:30, China May CPI year-on-year;
Monday 22:00, U.S. April wholesale sales month-on-month;
Monday 23:00, U.S. May New York Fed one-year inflation expectations;
Tuesday, to be determined, China May M2 money supply year-on-year;
Tuesday 14:00, U.K. April three-month ILO unemployment rate, May unemployment rate, May jobless claims;
Tuesday 15:10, ECB Governing Council member Villeroy speaks;
Tuesday 18:00, U.S. May NFIB Small Business Confidence Index;
Wednesday 20:30, U.S. May CPI data
Wednesday 22:30, U.S. EIA crude oil inventories for the week ending June 6, Cushing crude oil inventories, Strategic Petroleum Reserve inventories
Thursday 14:00, U.K. April three-month GDP month-on-month, manufacturing output month-on-month
Thursday 14:00, U.K. April adjusted goods trade balance, industrial output month-on-month
Thursday 20:30, Initial jobless claims in the U.S. for the week ending June 7, U.S. May PPI
Friday 14:00, Germany May CPI final value
Friday 14:00, France May CPI final value
Friday 22:00, U.S. June one-year inflation expectations preliminary value, U.S. June Michigan Consumer Sentiment Index preliminary value
The U.S. May CPI report to be released next Wednesday will test the market's optimism about interest rate cuts, as it may show a stagnation in the recent trend of declining inflation. Other economic data includes the U.K. employment report for the three months ending in April, which will be released next Tuesday, and the market will be watching for signs of further layoffs.
Musk has deleted tweets related to 'Trump in the Epstein case'.
Musk has removed tweets related to 'President Trump in the Epstein case'.
Argentine Anti-Corruption Office: Javier Milei's Libra tweet is personal behavior, not violating public morality regulations.
The Argentine Anti-Corruption Office (OA) stated that President Javier Milei acted in a personal capacity when promoting the Libra cryptocurrency ($LIBRA) and did not violate the country's public morality regulations. The investigative report indicated: 'The promotional posts are unrelated to administrative actions, did not allocate public resources, nor received institutional support, and should be interpreted as personal or private communications, without producing any form of official public policy direction.'
Javier Milei initially promoted the Libra cryptocurrency on his personal X account to support small and startup businesses in Argentina. However, after the token's market value plummeted 90% from its peak of over $2 billion, he deleted the post. The resulting scandal has been referred to by local media as 'CryptoGate', leading opposition politicians to call for the impeachment of Javier Milei, and prompting a lawsuit filed by lawyers representing investors who suffered losses. Javier Milei requested the Argentine Audit Office (OA) to conduct an investigation to 'determine whether any government members, including the president himself, have engaged in misconduct.'
Trump said that he and Musk's 'relationship is over.'
According to CCTV News, on June 7 local time, U.S. President Trump stated that if Tesla and SpaceX CEO Elon Musk funds Democratic candidates opposing the Republican budget proposal, they will face 'very serious consequences.'
Trump stated: 'If he does that, he will pay the price.' but did not reveal specific measures. Trump added that he has no intention of repairing his relationship with Musk, saying, 'I think that relationship is over.'
The two have recently publicly sparred on social media over the Republican-led budget proposal, with Trump stating that Musk 'shows extreme disrespect for the presidency.' Previously, Musk criticized the large-scale tax and spending bill pushed by the U.S. government on social media and attacked Trump, even retweeting content related to old news about Jeffrey Epstein, which he later deleted.
Trump responded that the allegations regarding Epstein are 'old news' and denied any association with him.
In addition, Trump threatened that he has the right to cancel government contracts and subsidies for Musk's businesses, although no action has been taken on this yet. He emphasized that the Republican Party is unprecedentedly united and optimistic about the smooth passage of the budget proposal.
Views
Hong Kong Financial Secretary Xu Zhengyu: Stablecoins can be used for payment functions through blockchain, and redemption requests from holders must be completed within one working day
On June 6, the Hong Kong Special Administrative Region government published in the Gazette (Stablecoin Regulation (Effective Date) Notice), clearly stating that August 1, 2025, is the implementation date for the (Stablecoin Regulation) (Chapter 656). On June 7, Hong Kong Secretary for Financial Services and the Treasury Xu Zhengyu stated in an interview that the underlying stablecoin is fiat currency and can be used as a payment function in the form of electronic assets through technologies such as blockchain in the future.
Xu Zhengyu stated that the issuers of stablecoins are regulated by the Hong Kong Monetary Authority, and the main principles of regulation are similar to those of traditional financial assets. Relevant issuers must meet requirements for reserve asset management and redemption, including properly segregating customer assets, and when stablecoin holders request redemption, it must be completed within one working day to meet user demands.
When discussing the future application scenarios of stablecoins, Xu Zhengyu cited an example: Due to the payment characteristics of stablecoins, when there are services or projects in the 'Belt and Road' regions where local currency exchange rates fluctuate greatly or the financial system is not very mature, using local currency for payments carries certain risks, and the other party can use stablecoins for payment.
James Wynn: HyperLiquid has never paid any compensation, and its referral program is terrible.
James Wynn tweeted that HyperLiquid has never paid any compensation. 'Previously contacted HyperLiquid twice, hoping to establish some cooperative agreement to reward them for the attention they brought, although they seemed grateful, they did not offer such an agreement to anyone. Considering their platform is decentralized and operates differently from ordinary exchanges, that makes sense.'
James Wynn claims to have made about $34,000 from referrals on the HyperLiquid platform. However, 'Considering the number of registered users and trading volume I brought, this is simply too bad. Their referral program is terrible. Other platforms have much better referral programs.'
Tether CEO: Looking forward to the company's next stage of growth, currently no need to go public.
In response to the analysis that 'If Tether goes public, it will reach a market value of $515 billion, surpassing Costco and Coca-Cola to become the 19th largest company in the world', Tether CEO Paolo Ardoino stated that this is a very nice number, but considering the current (and still growing) Bitcoin + gold reserves, it may seem a bit pessimistic, but he feels honored. At the same time, he is also looking forward to the company's next stage of growth, but there is currently no need to go public.
Project Dynamics
The shared sorting network Astria will stop its development work on Flame EVM.
The shared sorting network Astria tweeted that it will stop development on the Flame EVM and recommended users withdraw funds via the Astria Bridge. All support for this network will end on September 30, 2025.
BiT Global, associated with Justin Sun, has withdrawn its lawsuit against Coinbase regarding wBTC.
The law firm BiT Global agreed to withdraw its lawsuit against Coinbase that was filed just two months after the launch of the competing token cbBTC regarding the delisting of wBTC. According to documents, BiT Global's lawyers agreed to withdraw the lawsuit, meaning it cannot be refiled. Both companies agreed to pay their respective legal fees arising from the lawsuit. The law firm BiT Global, supported by Justin Sun, became a 'strategic partner' with BitGo last year to jointly launch wBTC.
Cetus Protocol will relaunch on June 8
According to the official announcement, the Cetus Protocol will relaunch on June 8, 2025, at 11:00 (UTC+8), and all users will be able to use all functions of Cetus, including exchanging, managing LP positions, adding/removing liquidity, claiming fees and rewards, etc. Liquidity will mainly be supplemented through three channels:
Assets recovered from attackers: These assets were returned after Sui validators successfully conducted on-chain voting.
Funding from the Cetus team: Cetus has invested 100% of its available cash reserves (approximately $7 million in mainstream assets) to fill the liquidity gap.
Sui Foundation's special loan: has applied for a $30 million USDC loan to support recovery.
If a user's LP holdings come from affected pools, the liquidity recovery rate for each pool will be between 85% and 99%, depending on the extent of the attack on each pool. Due to asset restrictions, it is not possible to immediately restore 100% liquidity for all affected pools. The team will use CETUS tokens to compensate for liquidity losses, with 15% of the CETUS supply allocated to the compensation contract (including 10% of the remaining unallocated tokens held by the team). Of this, 5% will be immediately available at the restart, and the remaining 10% will be unlocked linearly over the next 12 months (following the previous team's vesting schedule). The official commitment is not to issue additional tokens and will slightly adjust the release plan. Subsequent asset recoveries will be used to continue compensating users or repurchasing CETUS.
Binance Alpha launches Open Loot (OL).
According to the official announcement, Binance Alpha has launched Open Loot (OL). Eligible Binance users, owning at least 233 Binance Alpha points, can claim 1836 OL tokens from the Alpha event page starting from June 8 at 14:00 (UTC+8). Claiming the OL airdrop will consume 15 Binance Alpha points. Users need to complete the claim within 24 hours after the claim opens, otherwise, it will be considered a waiver of the airdrop.
Binance: has issued an additional 164 FLY tokens to users who successfully received the FLY airdrop.
According to the official announcement, Binance has issued an additional 164 FLY tokens to users who successfully received the FLY airdrop.
UniSat confirmed that a user's asset loss is an isolated incident, and the wallet platform was not hacked.
UniSat posted on platform X that it recently investigated a user's asset loss case, and the results showed that the UniSat wallet or platform was not hacked; the related case is an isolated incident, with no other UniSat wallet users affected, possibly due to threats to the victim's browser extension or remote device access. UniSat Wallet cannot access user funds or private keys, has no ability or authority to freeze assets, but will fully cooperate with law enforcement investigations.
UniSat added that due to the stolen assets involving BRC-20 assets that can be traded on PizzaSwap, PizzaSwap services will strive to limit the operations of known hacker addresses, including 'Swap', 'Add liquidity', and 'Withdraw', which will help prevent other UTXOs from being 'contaminated' by the stolen assets after entering PizzaSwap.
Important data
Over the past 7 days, NFT trading volume increased by 1.95% to $106.2 million, with Immutable network trading volume rising over 100%.
CryptoSlam data shows a moderate recovery in the NFT market over the past week, with trading volume increasing by 1.95% to $106.2 million. The number of NFT buyers grew by 55.08% to 826,992. Meanwhile, the number of NFT sellers increased by 18.12% to 257,017. However, the number of NFT transactions fell by 24.94% to 1,651,758.
The Ethereum network leads with $30.3 million in trading volume, but its trading volume decreased by 15.57% compared to the previous week. The Immutable network surged to second place with $16.4 million in trading volume, a growth rate of 123.21%. The Bitcoin network ranks third with a trading volume of $15.1 million, increasing by 17.81%. Mythos Chain ranks fourth with a trading volume of $14 million, increasing by 3.26%. The Polygon network's trading volume is $13.9 million, decreasing by 7.72%. The Solana network's trading volume is $6.1 million, down 13.31%.
This week's high-value sales include:
CryptoPunks #1831 sold for 150 ETH ($389,846).
CryptoPunks #9778 sold for 150 ETH ($377,958).
CryptoPunks #4868 sold for 76.5 ETH ($201,933).
CryptoPunks #5586 sold for 70.07 ETH ($185,292).
CryptoPunks #7516 sold for 60 ETH ($158,378).
DWF Labs bought a total of 7 tokens for $6.43 million within a month, with a combined unrealized loss of 13%.
According to on-chain analyst Ember's monitoring, DWF Labs has disclosed that in the past month, it has withdrawn 7 tokens from CEX, spending a total of $6.43 million. Currently, six projects have one profit and one loss, with a total unrealized loss of $850,000 (-13%). Among them:
51.15 million JST (1.89 million USD, average price $0.037)
5 million MANTA (1.54 million USD, average price $0.309)
4.73 million YGG (1.02 million USD, average price $0.216)
137 million IOST (480,000 USD, average price $0.0035)
21.28 million IOTX (440,000 USD, average price $0.021)
3 million SIREN (540,000 USD, average price $0.18)
3.5 million PHA (480,000 USD, average price $0.139)
James Wynn opened a BTC long position again with 40x leverage.
According to Onchain Lens monitoring, James Wynn opened a BTC long position again with 40x leverage. Additionally, according to Ember monitoring, this was an ant position opened by James Wynn using rebate income. James Wynn received $475 in rebate income, going long 0.177 BTC, worth $18,700, with an opening price of $105,537 and a liquidation price of $104,190. Currently, James Wynn has received a total of $37,672 in rebate income, with 444 individuals using his code on Hyperliquid. Regarding this position, James Wynn joked that he is 'All in'.
Previously, James Wynn tweeted that HyperLiquid has never paid any compensation. He claimed to have made about $34,000 from referrals on the HyperLiquid platform. However, 'Considering the number of registered users and trading volume I brought, this is simply too bad. Their referral program is terrible. Other platforms have much better referral programs.'
