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SpaceX IPO Expectations Heat Up: SPCX Contract on Hyperliquid Bounces Back, Pointing to a $2.4 Trillion Valuation
According to Odaily, the crypto derivatives contract SPCX, linked to a potential SpaceX IPO, has seen a rebound on the decentralized exchange Hyperliquid, reigniting market expectations for the space company founded by Elon Musk's first day of trading.Data shows that the SPCX contract traded back up to approximately $176 to $183 on Friday, recovering from a dip to around $153 earlier this week. This marks a significant bounce from the roughly $157 level observed when market attention peaked on Wednesday. The contract currently has an open interest of about $216 million, with 24-hour trading volume exceeding $150 million.SPCX does not represent ownership of SpaceX stock, allocation rights, or equity in the company; it is a cash-settled derivative. However, with the SpaceX IPO price set at $135 per share, the market views this contract as a key benchmark for gauging investor expectations of the opening price on the first day of listing.At the current price of around $183, SPCX implies a first-day premium of about 36% for SpaceX. Earlier, in May, the contract surged to $216, corresponding to a roughly 60% premium over the IPO price. When the contract fell to $157 earlier this week, the implied market premium narrowed to about 16%.Meanwhile, other informal market signals also indicate a rebound in investor sentiment. Bloomberg reports that derivatives data from IG International implies a market valuation for SpaceX of approximately $2.4 trillion, which is over 35% higher than the roughly $1.77 trillion valuation implied by the IPO price. Additionally, Polymarket users are currently assigning a 70% probability to SpaceX's market capitalization exceeding $2 trillion at the close of its first trading day.SPCX had previously fallen by about 30% over several weeks, reflecting traders' cautious stance on SpaceX's listing performance. The recent rebound suggests the market is re-pricing the potential for a higher valuation premium from the SpaceX IPO. (CoinDesk)
Digital Asset, developer of the Canton Network, has completed a $355 million funding round led by a16z.
According to CoinDesk, Digital Asset, the blockchain developer behind Canton Network, has announced a $355 million funding round led by a16z crypto, with participation from global institutions including ABN Amro, Apollo Funds, BNP Paribas, Citadel Securities, HSBC, SBI Group, and a subsidiary of the Abu Dhabi Investment Authority. The round exceeded its original target of $300 million, valuing the company at $2 billion. Canton Network is designed specifically for large financial institutions and enables the issuance and trading of tokenized real-world assets—such as bonds, loans, and funds—on a shared ledger, while maintaining privacy and meeting regulatory compliance requirements. In addition to financial support, a16z crypto will provide specialized assistance in development, policy, and research.
Michael Saylor and market participants debate whether MicroStrategy’s Bitcoin acquisition strategy dilutes shareholder value
According to CoinDesk, Michael Saylor and Bitcoin advocate Matthew Kratter have engaged in a public debate over whether Strategy’s (MSTR) latest round of Bitcoin purchases has diluted shareholders. The dispute centers on Strategy’s Bitcoin yield, which declined from 13.0% on June 1 to 12.8% on June 8 following the acquisition of 1,550 additional BTC. During the same period, the company’s Bitcoin holdings increased from 843,706 BTC to 845,256 BTC, while the diluted share count rose from 382.756 million to 384.180 million shares. Matthew Kratter contends that this shift indicates dilution in terms of “BTC per share.” Michael Saylor counters that Bitcoin yield is merely a narrow metric measuring “BTC per share” and fails to capture overall shareholder value creation. He notes that this transaction also added approximately $100 million in cash reserves, raising the company’s U.S. dollar reserves to roughly $1 billion—thus delivering net value accretion when viewed through a broader balance-sheet lens. The debate over how to interpret these metrics has sparked discussion among market participants. Some argue the company is “adjusting its metrics to fit its narrative,” while short sellers characterize this as a common corporate practice of “metric switching.”
Keyrock to Acquire Bankrupt Crypto Lender BlockFills for $3.25 Million, Subject to Court Approval
According to CoinDesk, Belgian digital asset services firm Keyrock plans to acquire bankrupt crypto trading and lending company BlockFills for $3.25 million. Keyrock has already been designated the “successful bidder” by the court, and final approval of the deal is pending at a hearing scheduled for June 16, 2026. BlockFills filed for Chapter 11 bankruptcy protection in March this year under its parent company, Reliz Ltd., reporting liabilities between $100 million and $500 million, while holding assets valued at only $50 million to $100 million. This acquisition would grant Keyrock access to BlockFills’ institutional client network—including hedge funds, asset management firms, market makers, and mining companies—as well as its proprietary technology and intellectual property. BlockFills processed over $60 billion in trading volume in 2025 and served approximately 2,000 institutional clients. Keyrock previously completed its Series C funding round, led by SC Ventures, the investment arm of Standard Chartered Bank, achieving a valuation of $1.1 billion.
Strategy STRC Falls Below $97, Cash Reserves Drop to Approximately $871 Million
: STRC once fell to $97.11, then rebounded and closed at $98.57. Attention is being paid to Strategy's ability to continue using this preferred security as a financing tool through ATM issuance.After repurchasing $1.5 billion in convertible debt, Strategy's cash reserves dropped to approximately $871 million, only covering about six months of its estimated $1.7 billion annual preferred dividend obligations. Strive's perpetual preferred security SATA remains near its $100 par value, supported by an approximately 13% dividend yield and the company's plan to launch daily dividend payments.
The SpaceX–USDH perpetual contract on Hyperliquid plunged nearly 45% last night, triggering approximately $1.51 million in liquidations.
According to CoinDesk, Hyperliquid’s synthetic perpetual contract SPACEX–USDH—pegged to SpaceX’s valuation—plummeted from $2,277 to $1,254 within 30 minutes around 11 p.m. Beijing time on May 28, a drop of nearly 45%, before partially rebounding to approximately $2,169.
Analysis: Ceasefire in the Middle East and Fed Decision Set to Influence Crypto Market, Geopolitical Risks and Rate Path in Focus This Week
the crypto market hopes to shake off months of geopolitical pressure this week. Following a temporary peace agreement between the US and Iran, Bitcoin rose to near $66,000 on Monday, up about 3.5% from Friday. Crypto-related stocks such as Strategy (MSTR) and Galaxy Digital (GLXY) also advanced in pre-market trading.However, the market remains cautious, as past ceasefire agreements have often collapsed. The April truce failed to hold, and last month's US military action broke another round of peace talks, which also dragged down crypto asset prices at the time.This week, the spotlight will shift to the Federal Reserve's interest rate decision. On Wednesday, Fed Chair Kevin Warsh will preside over the first rate-setting meeting, with the market widely expecting the Fed to hold rates steady in the 3.50%-3.75% range.Analysts point out that the release of the new “dot plot” (showing Fed officials' interest rate expectations) and the shortened trading day due to the Juneteenth holiday on Friday could reduce market liquidity. This week's economic data and Fed policy guidance will determine whether the crypto market can sustain a rebound on the back of easing geopolitical risks. (CoinDesk)
SEC Plans to Introduce Tokenization Innovation Exemption Policy, Former SEC Lawyer Says It Will Still Be Difficult to Reverse
the U.S. Securities and Exchange Commission is about to launch an "innovation exemption" policy targeting tokenization, but the policy is not expected to be at the highest level of the agency's policy durability tier. A former SEC lawyer stated that the agency's power to exempt related activities from securities laws will still be difficult to reverse. However, SEC leadership noted that this initial policy will be narrow in scope and time-limited. (CoinDesk)
Gary Gensler Submits Court Opinion Asserting CFTC Lacks Authority to Regulate Sports Prediction Markets
Odaily Odaily, former CFTC and SEC Chairman Gary Gensler has filed an amicus brief with the Court of Appeals, arguing that federal law does not grant his former agency, the CFTC, the authority to regulate sports-related prediction markets. Several other entities have also submitted similar amicus briefs, stating that sports-related prediction markets violate state and tribal regulatory provisions. Courts across the United States are currently hearing cases on whether sports-related prediction markets should be regulated at the state or federal level, with related rulings impacting tax collection and other regulatory matters. (CoinDesk)
Digital Asset, developer of the Canton Network, has completed a $355 million funding round led by a16z.
According to CoinDesk, Digital Asset, the blockchain developer behind Canton Network, has announced a $355 million funding round led by a16z crypto, with participation from global institutions including ABN Amro, Apollo Funds, BNP Paribas, Citadel Securities, HSBC, SBI Group, and a subsidiary of the Abu Dhabi Investment Authority. The round exceeded its original target of $300 million, valuing the company at $2 billion. Canton Network is designed specifically for large financial institutions and enables the issuance and trading of tokenized real-world assets—such as bonds, loans, and funds—on a shared ledger, while maintaining privacy and meeting regulatory compliance requirements. In addition to financial support, a16z crypto will provide specialized assistance in development, policy, and research.
Japanese House of Representatives Passes Crypto Asset Regulation Bill, Plans to Regulate Like Stocks and Other Financial Products
the Japanese House of Representatives has passed a bill to regulate cryptocurrencies under the Financial Instruments and Exchange Act, bringing them closer to the regulatory framework applied to stocks and other investment products. The new rules, expected to take effect next year, will classify crypto assets as financial instruments, involving reduced tax burdens, stricter trading rules, and paving the way for the launch of crypto asset ETFs. The bill also introduces insider trading bans similar to those in stock markets, stricter disclosure requirements, investment caps for unaudited token issuances, and significantly increased penalties for unregistered crypto business operators. (CoinDesk)
Cryptocurrency tax bill is still being drafted, U.S. House lawmakers raise questions
During a hearing on Tuesday, the U.S. House Ways and Means Committee reviewed a series of crypto tax proposals and raised questions about the details of several drafts. These bills aim to reduce the tax filing burden for crypto users and investors, including exempting small transactions with micro-gains from tax reporting and eliminating double taxation on mining and staking rewards upon receipt and sale.However, Democrats on the committee expressed concerns about provisions that would allow miners and stakers to defer taxation on new token income until the time of disposal, arguing that these could be exploited by corporate structures to permanently evade taxes. It remains unclear whether these significant crypto tax legislations can pass before the end of the current Congress in late 2026. (CoinDesk)
Standard Chartered Analyst: Bitcoin Cycle Bottom Confirmed; Crypto Winter Officially Over
According to CoinDesk, Standard Chartered analyst Geoffrey Kendrick stated in a research report released on Friday that the bottom of Bitcoin’s current cycle has been confirmed at $59,000—representing a roughly 53% retracement from its all-time high of $126,000 reached on October 6—and declared, “The crypto winter is over; spring has arrived.”
SpaceX IPO Expectations Heat Up: SPCX Contract on Hyperliquid Bounces Back, Pointing to a $2.4 Trillion Valuation
According to Odaily, the crypto derivatives contract SPCX, linked to a potential SpaceX IPO, has seen a rebound on the decentralized exchange Hyperliquid, reigniting market expectations for the space company founded by Elon Musk's first day of trading.Data shows that the SPCX contract traded back up to approximately $176 to $183 on Friday, recovering from a dip to around $153 earlier this week. This marks a significant bounce from the roughly $157 level observed when market attention peaked on Wednesday. The contract currently has an open interest of about $216 million, with 24-hour trading volume exceeding $150 million.SPCX does not represent ownership of SpaceX stock, allocation rights, or equity in the company; it is a cash-settled derivative. However, with the SpaceX IPO price set at $135 per share, the market views this contract as a key benchmark for gauging investor expectations of the opening price on the first day of listing.At the current price of around $183, SPCX implies a first-day premium of about 36% for SpaceX. Earlier, in May, the contract surged to $216, corresponding to a roughly 60% premium over the IPO price. When the contract fell to $157 earlier this week, the implied market premium narrowed to about 16%.Meanwhile, other informal market signals also indicate a rebound in investor sentiment. Bloomberg reports that derivatives data from IG International implies a market valuation for SpaceX of approximately $2.4 trillion, which is over 35% higher than the roughly $1.77 trillion valuation implied by the IPO price. Additionally, Polymarket users are currently assigning a 70% probability to SpaceX's market capitalization exceeding $2 trillion at the close of its first trading day.SPCX had previously fallen by about 30% over several weeks, reflecting traders' cautious stance on SpaceX's listing performance. The recent rebound suggests the market is re-pricing the potential for a higher valuation premium from the SpaceX IPO. (CoinDesk)
Bernstein: The sharp slowdown in Bitcoin fund inflows stems from retail investors shifting to AI—not quantum computing risks
According to CoinDesk, Wall Street brokerage Bernstein released a research report stating that the primary driver behind Bitcoin’s price weakness in 2026 will be slowing capital flows—not the quantum computing threat feared by the market. The report notes that Bitcoin treasury companies and ETFs combined attracted approximately $12 billion in inflows this year, a sharp decline from $60 billion in 2025; meanwhile, Bitcoin ETFs—holding $75 billion in assets—recorded roughly $2.6 billion in net outflows, with new demand coming mainly from corporate buyers such as MicroStrategy (MSTR). Bernstein analysts attribute the slowdown in capital flows to retail investors’ massive shift into AI-related assets. This year, the strongest-performing segments of the crypto market have been tokenized equities and commodities. Nevertheless, analysts view the ETF outflows as relatively moderate. Bitcoin’s investor base has evolved from one dominated by retail participants to a more diversified group—including ETFs, corporate treasuries, wealth management platforms, pension funds, and sovereign investors—resulting in a healthier market structure. The long-term value-storage thesis for Bitcoin remains intact.
Analyst: Bitcoin Bounce Fails to Alter Bearish Structure, A Return Above $80,000 Needed for Trend Reversal
Despite Bitcoin bouncing after falling below $60,000, several market analysts believe this is more likely a technical correction following an oversold condition rather than the start of a new bull market.Analysts at HEX Trust stated that the market has entered an oversold territory. If US inflation data cools and the outflow from spot Bitcoin ETFs slows down, Bitcoin could see further upside. However, a true trend reversal depends on the market’s ability to firmly reclaim the $79,000 to $80,000 range. Until then, any upward movement should be viewed as a corrective rally within a bear market.Alex Kuptsikevich, Chief Analyst at FxPro, is relatively more optimistic. He believes that if Bitcoin can rebound to around $68,000, it could be considered a valid recovery from the downtrend observed between May 11 and June 5.Data shows that the net cumulative outflow from the 11 US spot Bitcoin ETFs over the past four weeks has exceeded $5 billion. On Monday alone, another $91 million flowed out. Analysts point out that ETF fund flows remain one of the key factors determining Bitcoin’s future trajectory.Additionally, the market is closely watching US inflation data scheduled for release on Wednesday. If the inflation figure comes in lower than expected, it could help ease market concerns about further interest rate hikes by the Federal Reserve, thereby providing support for risk assets like Bitcoin. The market currently expects the US inflation rate for May to remain above 4%, significantly higher than the Fed's long-term target of 2%. (CoinDesk)
Aave Founder Calls Protocol "Resilient" Despite $8.45 Billion Deposit Run Exposing Risks
in April this year, KelpDAO's LayerZero bridge was exploited in a $292 million vulnerability attack, triggering an $8.45 billion deposit run on Aave within 48 hours, marking the largest capital outflow event in decentralized finance (DeFi) history. Aave founder Stani Kulechov stated that the design of Aave V3 withstood the market test, demonstrating the network's "resilience." However, independent data indicates that Aave's survival primarily relied on $300 million in emergency rescue, including a 25,000 ETH guarantee from the Aave DAO and a personal injection of 5,000 ETH (approximately $8.4 million) by Kulechov.Kulechov attributed the vulnerability to third-party infrastructure rather than core smart contracts. However, analysts pointed out that this incident exposed deficiencies in Aave's risk architecture and insurance mechanisms, leading the platform to incur significant bad debt (approximately $123.7 million in wETH). To prevent future bridge failures from triggering systemic bank runs, Aave V4 will adopt a modular "hub-and-spoke" architecture, enabling local risk auto-adjustment and collateral freezing. (CoinDesk)
10x Research: Bitcoin's Decline is Not Driven by Strategy, but by Inflation and ETF Outflows
Odaily Planet Daily reported that Markus Thielen, founder of 10x Research, stated that the core driver behind Bitcoin's drop below $60,000 is not the market's feared Strategy sell-off, but sustained ETF outflows triggered by rising US inflation. Data shows that since US inflation data exceeded expectations in April, US spot Bitcoin ETFs have accumulated net redemptions of approximately $5.4 billion. Over the same period, MicroStrategy actually increased its BTC holdings by around $2 billion, becoming one of the few net buyers.Markus Thielen noted: "The market has misjudged this decline. Strategy is not the issue; the real driver is institutional ETF selling." The market's current focus should shift to the CPI data to be released this Wednesday. If inflation comes in higher than expected, it could reinforce the "higher for longer" interest rate expectation, continuing to pressure risk assets. His model predicts US inflation could rise to 4.3%, higher than the market consensus.10x Research emphasized that market liquidity remains weak: stablecoins saw a net outflow of approximately $5.5 billion last month, and futures open interest has declined, indicating that capital is withdrawing from the crypto market. ETF flows remain the core variable for Bitcoin's price. "Follow the flows, not the narrative." (CoinDesk)
Aave Founder Calls Protocol "Resilient" Despite $8.45 Billion Deposit Run Exposing Risks
in April this year, KelpDAO's LayerZero bridge was exploited in a $292 million vulnerability attack, triggering an $8.45 billion deposit run on Aave within 48 hours, marking the largest capital outflow event in decentralized finance (DeFi) history. Aave founder Stani Kulechov stated that the design of Aave V3 withstood the market test, demonstrating the network's "resilience." However, independent data indicates that Aave's survival primarily relied on $300 million in emergency rescue, including a 25,000 ETH guarantee from the Aave DAO and a personal injection of 5,000 ETH (approximately $8.4 million) by Kulechov.Kulechov attributed the vulnerability to third-party infrastructure rather than core smart contracts. However, analysts pointed out that this incident exposed deficiencies in Aave's risk architecture and insurance mechanisms, leading the platform to incur significant bad debt (approximately $123.7 million in wETH). To prevent future bridge failures from triggering systemic bank runs, Aave V4 will adopt a modular "hub-and-spoke" architecture, enabling local risk auto-adjustment and collateral freezing. (CoinDesk)
Analysis: AI Will Accelerate Quantum Computing Threats, Crypto Industry May Enter an Era of Persistent Security Arms Race
multiple blockchain and post-quantum cryptography researchers have warned that artificial intelligence (AI) is accelerating the development of quantum computing and could potentially impact the security systems of mainstream blockchains, including Bitcoin and Ethereum, earlier than anticipated.Alex Pruden, CEO of Project Eleven, a firm focused on quantum-resistant infrastructure, stated that the combination of AI and quantum computing is fundamentally reshaping the future security landscape. "People will no longer be able to rely on existing security assumptions as they have in the past," he said.Researchers point out that AI is already being used to optimize quantum error correction, which is one of the key technical bottlenecks in the development of quantum computing. Illia Polosukhin also noted that AI has been accelerating scientific breakthroughs for years, and in the future, there may even be a circular acceleration effect where "AI helps build the next generation of quantum computers."One of the industry's biggest current concerns is the "Harvest Now, Decrypt Later" strategy, where governments or advanced attackers begin mass-collecting encrypted data now, waiting to decrypt it all at once once quantum computing matures. Polosukhin warned that if quantum computers become viable within a few years, "most of today's important data on the internet could be decrypted in the future."Given that most blockchain networks and internet infrastructure currently rely on elliptic curve cryptography (ECC), a sufficiently powerful quantum computer could theoretically derive a private key from a public key, directly breaking wallets and on-chain systems. Simultaneously, AI itself is strengthening hacking capabilities. Pruden stated that AI models are becoming increasingly adept at discovering software vulnerabilities and cryptography implementation flaws, and may even be able to crack some encryption algorithms directly in the future.However, AI is also being used by developers for code auditing, formal verification, and testing post-quantum security systems, creating a "long-term security arms race" with simultaneous upgrades on both the offensive and defensive sides. Researchers believe the most significant change brought by AI and quantum computing together is that the core assumption of "long-term cryptographic reliability" in the digital age is being challenged. Future security systems may shift from "static upgrades" to continuous dynamic evolution. (CoinDesk)
Data: ETH lending protocol TVL has dropped from its year-to-date high of $32 billion to $23 billion.
According to CoinDesk, the total value locked (TVL) in ETH lending protocols has declined from a year-to-date high of $32 billion to $23 billion—a drop of approximately 28%. The oracle vulnerability incident involving KelpDAO triggered a market confidence crisis, and combined with overall bearish market sentiment, led to roughly $9 billion in outflows from the DeFi lending sector.
Elliptic CEO: Cryptographic security is evolving into an AI arms race, and compliance teams struggle to keep up with transaction volumes at machine speed
According to CoinDesk, Simone Maini, CEO of blockchain analytics firm Elliptic, stated that the biggest emerging risk to crypto security is not larger-scale hacking attacks, but rather AI-driven financial activity operating at a speed and scale that human compliance teams cannot keep up with. As AI lowers the barriers to hacking, scams, and fraud, security firms like Elliptic are responding by deploying AI agents to analyze on-chain data in real time—sparking an automated arms race between adversaries and defenders. Maini noted that current compliance systems remain heavily reliant on manual review, and the global pool of compliance analysts specializing in digital assets is simply insufficient to meet future demand. Elliptic has raised $120 million in funding—including from Nasdaq and Deutsche Bank—to build an “agent-based compliance system” that leverages AI to automate transaction monitoring and investigation workflows, thereby reducing the cost per alert and per investigation.
Lombard Gradually Phasing Out LayerZero, Plans to Migrate Over $1 Billion in BTC Collateral Assets to Chainlink
following the $292 million exploit of Kelp DAO's LayerZero bridge, the security of cross-chain infrastructure has once again come under scrutiny. DeFi protocols Kelp DAO, Solv Protocol, Re, and crypto exchange Kraken have all taken similar migration measures, with the total value of this outflow reaching approximately $4 billion.Decentralized finance protocol Lombard has become the latest project to join the migration wave, announcing a gradual phase-out of LayerZero and the migration of over $1 billion in Bitcoin collateral assets to Chainlink's Cross-Chain Interoperability Protocol (CCIP). Bitcoin-related tokens issued by Lombard include LBTC and BTC.b. It is reported that Lombard's initial migration assets cover the Solana, Etherlink, Berachain, Corn, and TAC chains, while the use of LayerZero on Morph and Swell will also be terminated. As of now, LayerZero has not responded to requests for comment. (CoinDesk)
BAYC floor price doubles within a month, signaling signs of NFT market recovery
According to CoinDesk, the floor price of Bored Ape Yacht Club (BAYC) NFTs has risen from approximately 5 ETH to over 10 ETH in the past month, while ApeCoin (APE) rebounded from below $0.10 to around $0.16 during the same period, with trading volume notably expanding. Meanwhile, repeated security vulnerabilities and persistently declining yields in the DeFi sector have driven some capital toward the NFT market. The financialization trend of NFTs is also intensifying: a recent $2.8 million loan collateralized by a CryptoPunk attracted widespread attention, with the lender expected to earn roughly $138,000 in interest over 90 days. Blue-chip collections such as Pudgy Penguins have also strengthened concurrently, and market expectations surrounding a potential token launch by OpenSea have further boosted sentiment.
Aerodrome will launch its Predictive Allocation mechanism in July, introducing the concept of prediction markets to optimize liquidity incentives.
According to CoinDesk, Aerodrome—the largest DEX in the Base ecosystem—plans to launch its Predictive Allocation mechanism in July, allocating incentives by forecasting future liquidity demand instead of relying on traditional historical-data-based models.
Ripple Drives XRP and RLUSD Adoption into the x402 Payment System and Launches XRPL Toolkit
According to CoinDesk, Ripple is attempting to introduce XRP and its stablecoin, Ripple USD, into the AI agent payment market—currently dominated by the dollar-pegged stablecoin USD Coin—in order to penetrate the on-chain micropayment ecosystem. It has launched the “XRPL AI Starter Kit,” a toolkit for developers to build AI agent payment capabilities, enabling agents to perform payments, check balances, and conduct wallet operations on the XRP Ledger, and supporting automated payment workflows based on the x402 protocol. However, Ripple has not yet disclosed any large-scale, production-ready customers or real-world AI agent payment transaction data; the initiative remains in the early infrastructure and developer ecosystem exploration phase.
Digital Asset, developer of the Canton Network, has completed a $355 million funding round led by a16z.
According to CoinDesk, Digital Asset, the blockchain developer behind Canton Network, has announced a $355 million funding round led by a16z crypto, with participation from global institutions including ABN Amro, Apollo Funds, BNP Paribas, Citadel Securities, HSBC, SBI Group, and a subsidiary of the Abu Dhabi Investment Authority. The round exceeded its original target of $300 million, valuing the company at $2 billion. Canton Network is designed specifically for large financial institutions and enables the issuance and trading of tokenized real-world assets—such as bonds, loans, and funds—on a shared ledger, while maintaining privacy and meeting regulatory compliance requirements. In addition to financial support, a16z crypto will provide specialized assistance in development, policy, and research.
Ondo Finance Hires Former Invesco ETF Executive to Develop On-Chain Investment Products
Ondo Finance has hired John Hoffman, a former Invesco ETF executive and Grayscale managing director, aiming to expand its tokenized investment products beyond equities and treasuries.John Hoffman will serve as managing director and head of product portfolio, focusing on building and distributing tokenized portfolios, including investment portfolios co-developed with asset management firms and strategies built around Ondo's existing products. This move indicates Ondo Finance's plan to go beyond single-asset tokenization and shift towards managed investment products on the blockchain. The current market size of tokenized assets has exceeded $30 billion. (CoinDesk)
Michael Saylor and market participants debate whether MicroStrategy’s Bitcoin acquisition strategy dilutes shareholder value
According to CoinDesk, Michael Saylor and Bitcoin advocate Matthew Kratter have engaged in a public debate over whether Strategy’s (MSTR) latest round of Bitcoin purchases has diluted shareholders. The dispute centers on Strategy’s Bitcoin yield, which declined from 13.0% on June 1 to 12.8% on June 8 following the acquisition of 1,550 additional BTC. During the same period, the company’s Bitcoin holdings increased from 843,706 BTC to 845,256 BTC, while the diluted share count rose from 382.756 million to 384.180 million shares. Matthew Kratter contends that this shift indicates dilution in terms of “BTC per share.” Michael Saylor counters that Bitcoin yield is merely a narrow metric measuring “BTC per share” and fails to capture overall shareholder value creation. He notes that this transaction also added approximately $100 million in cash reserves, raising the company’s U.S. dollar reserves to roughly $1 billion—thus delivering net value accretion when viewed through a broader balance-sheet lens. The debate over how to interpret these metrics has sparked discussion among market participants. Some argue the company is “adjusting its metrics to fit its narrative,” while short sellers characterize this as a common corporate practice of “metric switching.”
Bernstein: The sharp slowdown in Bitcoin fund inflows stems from retail investors shifting to AI—not quantum computing risks
According to CoinDesk, Wall Street brokerage Bernstein released a research report stating that the primary driver behind Bitcoin’s price weakness in 2026 will be slowing capital flows—not the quantum computing threat feared by the market. The report notes that Bitcoin treasury companies and ETFs combined attracted approximately $12 billion in inflows this year, a sharp decline from $60 billion in 2025; meanwhile, Bitcoin ETFs—holding $75 billion in assets—recorded roughly $2.6 billion in net outflows, with new demand coming mainly from corporate buyers such as MicroStrategy (MSTR). Bernstein analysts attribute the slowdown in capital flows to retail investors’ massive shift into AI-related assets. This year, the strongest-performing segments of the crypto market have been tokenized equities and commodities. Nevertheless, analysts view the ETF outflows as relatively moderate. Bitcoin’s investor base has evolved from one dominated by retail participants to a more diversified group—including ETFs, corporate treasuries, wealth management platforms, pension funds, and sovereign investors—resulting in a healthier market structure. The long-term value-storage thesis for Bitcoin remains intact.
Related news
Analysis: Ceasefire in the Middle East and Fed Decision Set to Influence Crypto Market, Geopolitical Risks and Rate Path in Focus This Week
the crypto market hopes to shake off months of geopolitical pressure this week. Following a temporary peace agreement between the US and Iran, Bitcoin rose to near $66,000 on Monday, up about 3.5% from Friday. Crypto-related stocks such as Strategy (MSTR) and Galaxy Digital (GLXY) also advanced in pre-market trading.However, the market remains cautious, as past ceasefire agreements have often collapsed. The April truce failed to hold, and last month's US military action broke another round of peace talks, which also dragged down crypto asset prices at the time.This week, the spotlight will shift to the Federal Reserve's interest rate decision. On Wednesday, Fed Chair Kevin Warsh will preside over the first rate-setting meeting, with the market widely expecting the Fed to hold rates steady in the 3.50%-3.75% range.Analysts point out that the release of the new “dot plot” (showing Fed officials' interest rate expectations) and the shortened trading day due to the Juneteenth holiday on Friday could reduce market liquidity. This week's economic data and Fed policy guidance will determine whether the crypto market can sustain a rebound on the back of easing geopolitical risks. (CoinDesk)
Aerodrome will launch its Predictive Allocation mechanism in July, introducing the concept of prediction markets to optimize liquidity incentives.
According to CoinDesk, Aerodrome—the largest DEX in the Base ecosystem—plans to launch its Predictive Allocation mechanism in July, allocating incentives by forecasting future liquidity demand instead of relying on traditional historical-data-based models.
SEC Plans to Introduce Tokenization Innovation Exemption Policy, Former SEC Lawyer Says It Will Still Be Difficult to Reverse
the U.S. Securities and Exchange Commission is about to launch an "innovation exemption" policy targeting tokenization, but the policy is not expected to be at the highest level of the agency's policy durability tier. A former SEC lawyer stated that the agency's power to exempt related activities from securities laws will still be difficult to reverse. However, SEC leadership noted that this initial policy will be narrow in scope and time-limited. (CoinDesk)
Ripple Drives XRP and RLUSD Adoption into the x402 Payment System and Launches XRPL Toolkit
According to CoinDesk, Ripple is attempting to introduce XRP and its stablecoin, Ripple USD, into the AI agent payment market—currently dominated by the dollar-pegged stablecoin USD Coin—in order to penetrate the on-chain micropayment ecosystem. It has launched the “XRPL AI Starter Kit,” a toolkit for developers to build AI agent payment capabilities, enabling agents to perform payments, check balances, and conduct wallet operations on the XRP Ledger, and supporting automated payment workflows based on the x402 protocol. However, Ripple has not yet disclosed any large-scale, production-ready customers or real-world AI agent payment transaction data; the initiative remains in the early infrastructure and developer ecosystem exploration phase.
Standard Chartered Analyst: Bitcoin Cycle Bottom Confirmed; Crypto Winter Officially Over
According to CoinDesk, Standard Chartered analyst Geoffrey Kendrick stated in a research report released on Friday that the bottom of Bitcoin’s current cycle has been confirmed at $59,000—representing a roughly 53% retracement from its all-time high of $126,000 reached on October 6—and declared, “The crypto winter is over; spring has arrived.”
Gary Gensler Submits Court Opinion Asserting CFTC Lacks Authority to Regulate Sports Prediction Markets
Odaily Odaily, former CFTC and SEC Chairman Gary Gensler has filed an amicus brief with the Court of Appeals, arguing that federal law does not grant his former agency, the CFTC, the authority to regulate sports-related prediction markets. Several other entities have also submitted similar amicus briefs, stating that sports-related prediction markets violate state and tribal regulatory provisions. Courts across the United States are currently hearing cases on whether sports-related prediction markets should be regulated at the state or federal level, with related rulings impacting tax collection and other regulatory matters. (CoinDesk)