Introduction:
1. The ETH/BTC exchange rate has been relatively strong lately, and the ETH ecosystem has risen sharply today.
2. Binance alpha liquidity provision (forming trading pairs) testing, currently suitable for forming liquidity after a few days of the trading competition event.
3. GameStop has purchased 4,710 Bitcoins, with stocks down 10.86%.
4. XRP has also started a micro-strategy model. VivoPower has completed a $121 million private placement financing, which will be used to build a digital asset reserve strategy centered around XRP.
5. The U.S. International Trade Court ruled Wednesday that Trump's invocation of the International Emergency Economic Powers Act to impose comprehensive tariffs based on trade deficits is an overreach.
6. Vice President Vance stated that he still holds a considerable amount of Bitcoin.
7. U.S. White House officials confirm that Musk's departure from the government is true, and his resignation process will begin tonight local time.
1. Macro Market
(1) Traditional Markets
1. U.S. stocks: Nasdaq down 0.51%, S&P down 0.56%, Dow down 0.58%. Tesla down 1.65%, currently not rising due to Musk's impending departure from DOGE.
2. U.S. Dollar Index: Up 0.52% to 100.446.
3. Gold: down 0.8% to 3261.
(2) Policy Direction
1. Federal Reserve Meeting Minutes
Federal Reserve Spokesperson: The Federal Reserve's stagflation forecast may become the tone of the June economic forecast summary.
2. Other policy-related content
(1) The U.S. Department of Labor has officially withdrawn its 2022 guidance that warned trustees against including cryptocurrencies in 401(k) retirement plans. This reversal means the Department of Labor is returning to a neutral stance—neither encouraging nor opposing the inclusion of crypto assets in retirement plans.
(2) The U.S. International Trade Court blocked President Trump's 'Liberation Day' tariffs from taking effect on Wednesday, ruling that Trump's invocation of the International Emergency Economic Powers Act to impose comprehensive tariffs based on trade deficits is an overreach.
(3) Regulatory Dynamics
Circle froze 58 million USDC from the LIBRA team.
This freeze stems from the legal dispute arising from the meme coin LIBRA. Argentine President Milei promoted it in February, causing its market value to soar to billions, only to plummet 90%, being accused of a pump-and-dump scheme. Burwick Law Firm, focusing on crypto, stated the freeze is due to a temporary restraining order it requested, while Argentine lawsuit plaintiff Martin Romeo indicated the freeze was initiated by the Argentine judiciary.
(4) Government & Crypto Dynamics
1. U.S. Vice President Vance stated that he still holds a considerable amount of Bitcoin.
2. [Currently, BTC ETF has a total inflow of $44.85 billion; if thousands of billions flow in, it is hard to imagine what kind of market cap BTC could reach.]
A BlackRock spokesperson at the Bitcoin 2025 conference suggested allocating 2% of portfolios to Bitcoin.
Bitwise CEO Hunter Horsley stated at the Bitcoin 2025 conference that if wealth management institutions allocate 1% of their investments to Bitcoin, it will bring 'hundreds of billions' in capital inflow to the Bitcoin market.
3. BlackRock plans to subscribe to 10% of Circle Internet's IPO shares.
4. [Musk is about to resign from DOGE] Musk stated on X that as my time as a special government employee is coming to an end, I want to thank President Trump for giving me this opportunity to cut wasteful spending. The mission of the Government Efficiency Department (DOGE) will only strengthen over time as it becomes a way of life for the entire government.
U.S. White House officials confirm that Musk's departure from the government is true, and his resignation process will begin tonight local time.
2. Market Review
1. Market Data: Trading volume fell by 11.89%, BTC market cap share decreased to 63.7%.
2. Stablecoin Data: USDT inflow of $158 million, USDC outflow of $137 million.
3. ETF Data: On the 27th, BTC ETF inflow of $385 million, ETH ETF inflow of $38.8 million.
6. Institutional Dynamics
(1) GameStop has purchased 4,710 Bitcoins.
GameStop (GME.N) U.S. stocks fell 10.85%.
(2) El Salvador increased its holdings by 1 Bitcoin again this morning, bringing its total Bitcoin holdings to 6,190.18, worth over $674 million. It has added 8 Bitcoins in the last 7 days and 30 Bitcoins in the last 30 days, still maintaining its plan to buy 1 Bitcoin daily.
(3) SOL STRATEGIES applied for financing up to $1 billion — for purchasing SOLANA, similar to @saylor.
Bitcoin Strategy
(4) Nasdaq-listed energy company VivoPower (Nasdaq code: VVPR) has completed a $121 million private placement financing, which will be used to build a digital asset reserve strategy centered around XRP. Saudi royal member Abdulaziz bin Turki Abdulaziz Al Saud led the investment.
(5) Telegram founder states that Telegram has reached a one-year cooperation agreement with xA| to integrate Grok into the TG application. TG will receive $300 million in cash and equity from xAI and 50% of the xAI subscription revenue sold through TG.
Musk denied in a post that a transaction agreement between xAI and Telegram has been signed, stating 'no agreements have been signed.' After Musk's denial, the TON price fell from a high of $3.69 to $3.37.
3. Industry Hotspots
1. Exchange Actions
Coinbase has launched a CDP wallet, a new wallet infrastructure for developers that gives them 'full control' to create self-hosted, programmable wallets via API, without needing to manage private keys or infrastructure.
4. Alpha
(1) Binance alpha token for liquidity provision testing.
Testing shows that current liquidity provision is in a dilemma, with a small range set that easily falls out of bounds.
Setting a large range causes APR to drop quickly. There is a large amount of funds on ZKJ-USDT, and setting the range to 0.1% has escalated significantly.
The current best strategy is to wait for the last few days of the token trading competition to provide liquidity, which may yield good returns.
(2) 'Mouth profit' may become a focus in the near future.
Galaxy has made a profit.
Hack VC led a $3.6 million investment in Dango, creating a DeFi hub without private keys or wallet accounts.
A 1% token airdrop to Galxe users.
Operation: Release content about Dango → Automatically earn points, participation possible even without a fan base.
(3) Others
1. Holding @MadLads may provide bonuses in the upcoming backpack event.
Hold @MadLads, register the address in the soph community for an airdrop of 7,400 tokens.
2. Cyvers Alerts posted on X platform stating that the system detected that Cork Protocol was suspected of being attacked, with losses of about $12 million.
3. Caution is needed when increasing positions; thinking in similar ways each time usually doesn't yield satisfactory results.
Under normal circumstances, it is difficult to acquire very low-priced chips.
