News linked to both this project and an event.
: Citrini analyst jukan posted on platform X, stating that according to Korean media reports, the listing process for SK Hynix ADR has entered its final stage, pending only SEC approval. Citing informed sources, Korean media reported that the ADR listing is currently expected to take place after mid-July, rather than early August. The final issuance size is anticipated to account for approximately 2.5% of SK Hynix's outstanding shares. Based on current valuations, the underlying equity value corresponding to the ADR issuance could reach up to $27 billion. As the transaction may be entirely structured as a new share issuance, it is expected to generate substantial cash inflows for the company.
: HyperLiquid has announced an upgrade to the AQAv2 mechanism. The system will use on-chain automated trading to maintain a dynamic 1:9 balance of USDC between two core addresses in each HyperEVM block, corresponding to the contract execution layer and the treasury reserve layer, respectively.According to the mechanism design, this ratio is used for functional stratification between "high-frequency trading and liquidation liquidity" and "long-term reserves and yield pools," aiming to enhance system stability and isolate trading risks.On the technical side, the balancing process is executed automatically by the system without manual intervention. Circle is responsible for the technical deployment, while Coinbase undertakes the treasury deployment and management.Regarding the yield mechanism, AQAv2 stipulates that stablecoin issuers must distribute approximately 90% of their cost-adjusted reserve earnings generated within the Hyperliquid ecosystem to the protocol. Settlement occurs on a 30-day cumulative cycle, and the earnings will be automatically transferred to the Assistance Fund on the 8th day after the cycle ends.Additionally, the mechanism includes a transition period arrangement:1. Start of yield accrual: August 26;2. First yield payment: October 3.The market believes this design marks the evolution of stablecoins from traditional custody structures toward an on-chain infrastructure model characterized by "protocolized capital stratification + automated yield distribution."
the U.S. Department of Justice stated in a press release that a 47-year-old resident of Newcastle, Washington, Geoffrey K. Auyeung, has been sentenced to 5 years in prison for conspiracy to commit money laundering.Geoffrey K. Auyeung assisted overseas scammers in transferring nearly $100 million in investment fraud proceeds through bank accounts and cryptocurrency exchanges. The scammers deceived victims into investing in the oil and gas industry, luring them to transfer funds into so-called escrow accounts. To facilitate this, Geoffrey K. Auyeung established at least nine entities to receive funds, which were then transferred overseas or exchanged for cryptocurrencies such as Bitcoin, Ethereum, USDT, and USDC via exchanges like Gemini, Coinbase, and BitStamp. Most of these cryptocurrencies were subsequently sent to Binance accounts controlled by individuals in Nigeria and Russia.Geoffrey K. Auyeung opened at least 81 bank accounts across 24 financial institutions and 19 accounts across 8 cryptocurrency exchanges, receiving a total of $97.1 million in wire transfers and deposits. Through his involvement in the scheme, he earned at least $4 million in commissions and received an additional $400,000 in commissions through accounts under his wife's name between August 2024 and December 2025. Auyeung pleaded guilty in February of this year. He will forfeit approximately $2.3 million seized from bank accounts and his home, an Audi SQ8, and has agreed to forfeit approximately $7.1 million worth of cryptocurrency. (The Block)
market maker Wintermute released a weekly market analysis report stating that Bitcoin fell below $62,000 last week, with a weekly decline of approximately 14%, hitting a new low since September 2024. Wintermute believes that although Strategy founder Michael Saylor disclosed the sale of 32 BTC, drawing market attention, the scale of this transaction is negligible. The real reason for the market's weakness is the continuous reduction of positions by U.S. institutional investors and the outflow of funds from spot Bitcoin ETFs.Wintermute pointed out that the U.S. added 172,000 non-farm jobs in May, far exceeding the market expectation of approximately 80,000. Meanwhile, job openings rose to a near two-year high, and the service price index hit a new high since August 2022. Strong economic data has weakened market expectations for a Fed rate cut, pushing the 10-year Treasury yield to 4.55%, creating a "good news is bad news" macro environment that pressures risk assets.Meanwhile, the rally in AI concept stocks has shown signs of weakening, with the Nasdaq index falling 4.7% for the week and the S&P 500 recording its first weekly decline since March. Wintermute believes that the pullback in the AI sector, rising yields, and the upcoming SpaceX IPO have collectively dampened market risk appetite.In the crypto market, U.S. spot Bitcoin ETFs have experienced net outflows for 10 consecutive trading days as of May 30, with total outflows of approximately $2.97 billion. The net outflow in May reached $2.43 billion, marking the worst monthly performance since 2026. Wintermute OTC data shows that retail funds continue to flow into U.S. stocks, while U.S. institutional investors have recently turned bearish and are leading the selling.However, Wintermute believes there are also positive signals in the market, including long-term capital gradually building positions at current price levels. From a perspective of more than one year, Bitcoin's risk-reward ratio is becoming more attractive. The report stated that the SpaceX IPO on June 12 will serve as an important barometer for observing market risk appetite. If the issuance is smoothly absorbed, it could help boost market sentiment; conversely, it may exacerbate the pressure on risk assets.
Wintermute stated that, as of May 25, BTC was trading at approximately $76,600 (down 1.5% weekly), while ETH traded at around $2,140 (down 1.7% weekly). Meanwhile, the U.S. equity market’s S&P 500 Index hit a new all-time high during the same period—highlighting a pronounced divergence between crypto and equities. BTC spot ETFs saw outflows of roughly $1.26 billion for the week, bringing cumulative outflows over two weeks to over $2 billion. Institutional buying—previously instrumental in driving BTC from $70,000 to $80,000—has clearly receded. The ETH/BTC ratio hit a fresh 10-month low, down 35% cumulatively from its August peak. On the macro front, the University of Michigan’s Consumer Sentiment Index plunged to a historic low of 44.8, while the one-year inflation expectation rose to 4.8%. NVIDIA reported Q1 revenue growth of 85% year-on-year and issued a Q2 revenue guidance of $91 billion—but saw virtually no after-hours reaction, suggesting AI-related trades are already fully priced in. Wintermute noted that BTC’s key support currently lies between $75,000 and $76,000; holding this range could enable a retest of $80,000, whereas a break below would rapidly open the $70,000–$72,000 zone. The near-term direction hinges on whether institutional capital returns to the market.
According to Odaily, crypto analyst EmberCN (@EmberCN) reported that 11 hours ago, Kraken redeemed 50,600 ETH from the restaking project EigenCloud (formerly EigenLayer), valued at approximately $107 million.EmberCN noted that the total TVL in the restaking sector has dropped from approximately $31 billion in August 2025 to the current level of around $11 billion. Among them, EigenCloud, as the sector leader, has also seen its TVL decline from about $22 billion to $5.5 billion.
According to Hyperinsight monitoring data, Hyperliquid’s cross-chain bridge has seen a significant increase in capital inflows. As of yesterday (approximately 10 hours ago) UTC time, USDC bridged into Hyperliquid over the past 24 hours exceeded $268 million—its highest level since February 7. Net inflows surpassed $173 million, reaching the highest level in nearly 10 months (since August 22 last year). On the same day, the total value locked (TVL) across Hyperliquid’s cross-chain bridges reached $4.02 billion. At press time, Hyperliquid’s trading volume over the past 24 hours stood at $7.84 billion, with open interest totaling $9.6 billion. Meanwhile, trade.xyz recorded a 24-hour trading volume of $2.59 billion and open interest of $2.49 billion during the same period.
According to on-chain analyst Ai Aunt (@ai_9684xtpa), a16z (@a16zcrypto) may have become the sixth-largest HYPE holder—and the largest external holder, assuming the top five holders are all entities within Hype’s own ecosystem. Data shows that a16z initiated large-scale accumulation of HYPE in August 2025, acquiring a total of 9.18 million HYPE tokens (approximately $356 million) at an average purchase price of $38.77 per token. After deducting amounts transferred to exchanges and market makers, a16z still holds 8.844 million HYPE tokens, distributed across dozens of addresses. Within just the past 11 hours, a16z added another 206,000 HYPE tokens (approximately $9.95 million) to its holdings. Since April 16, it has accumulated 2.35 million HYPE tokens (approximately $102 million); and since 2026, it has accumulated 4.92 million HYPE tokens (approximately $183 million). At current prices, its unrealized profit per token stands at $79.29 million.
According to on-chain analytics platform Lookonchain (@lookonchain), Pump.fun has resumed selling SOL after a 9-month hiatus, depositing 174,408 SOL (approximately $14.76 million) into Kraken. Of this amount, 117,877 SOL—reportedly sold via a newly created wallet (35qaEz)—was exchanged for approximately $9.96 million in USDC at an average price of $84.52 per SOL and subsequently deposited back into the exchange. Previously, between May 2024 and August 2025, Pump.fun had sold a cumulative total of 4.19 million SOL, amounting to roughly $757 million at an average price of $181 per SOL.
According to CoinDesk, the ETH/BTC ratio fell to 0.02835 on Tuesday—the lowest level since July 2025—and declined more than 35% from its August 2025 high of 0.04324. On the same day, Ethereum dropped over 2%, while Bitcoin fell approximately 1%. The ratio currently stands well below its 200-week moving average (0.04828), indicating a sustained long-term underperformance of Ethereum relative to Bitcoin on the technical chart. Analysis suggests that the continued inflow of institutional capital following the U.S. approval of spot Bitcoin ETFs in early 2024 has been the key driver behind Bitcoin’s outperformance over Ethereum.
Odaily News Over the past year, the ETH/BTC trading pair has cumulatively fallen by more than 35%, with the market structure continuously weakening, raising concerns about further downside risks. Analysts point out that the ETH/BTC trend remains suppressed by a multi-year descending trendline, a structure that has repeatedly capped rebounds since 2022 and was accompanied by a nearly 70% correction during the 2024–2025 market cycle.Currently, after attempting a rebound in August 2025 to the confluence zone of the 0.382 Fibonacci retracement level and the 50-month moving average, ETH/BTC was rejected and has subsequently broken below support at the 20-month moving average, indicating sustained selling pressure dominance. Technical models suggest that if this weakness persists, the next key support level could be around 0.0176 BTC, representing approximately 40% downside from current levels and approaching the cycle low area of 2020.On-chain data shows that ETH reserves on Binance have continued to rise, reaching approximately 3.62 million coins as of May, accounting for about 24.6% of the total exchange holdings across the network, signaling increased potential selling pressure. In contrast, Bitcoin exchange reserves have continued to decline, reflecting tightening BTC liquidity and stronger holding sentiment.The analysis suggests that this divergence in data reinforces ETH's relatively weaker market structure. Meanwhile, at the narrative level, the "ultra-sound money" narrative surrounding Ethereum has cooled off, while Bitcoin continues to benefit from institutional allocation and corporate treasury demand, placing ETH under pressure from both capital flows and market narrative. (Cointelegraph)
According to on-chain analyst Ai Aunt (@ai_9684xtpa), wallet address 0x2Dc…1AA2D purchased 80 billion PEPE tokens again after an 8-month hiatus, spending approximately $3.08 million. Previously, on August 14, 2025, this address withdrew 660 billion PEPE tokens at an average price of $0.0000122. Following this top-up, its average holding cost dropped to approximately $0.0000074; however, it remains underwater by roughly $5.094 million as of now.
According to CoinDesk, the U.S. March CPI data will be released on Friday. Markets expect the annual growth rate to jump from 2.4% in February to 3.4%, yet Bitcoin markets have reacted calmly. The options market currently prices in only about a 2.5% volatility range, and the BVIV Index (30-day implied volatility) has fallen to 46.5%, its lowest level since January 31. Traders broadly view this release as non-eventful. This CPI report is drawing heightened attention primarily due to energy shocks triggered by the Iran conflict—U.S. gasoline prices surged above $4 per gallon in March, the first time since August 2022. Multiple analysts note that softer-than-expected data could revive rate-cut expectations, while hotter data would reinforce the “higher-for-longer” interest-rate narrative—exerting an asymmetric impact on crypto markets.