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FTX is one of the biggest cryptocurrency exchanges, striving to develop a platform that is robust enough for professional trading firms and intuitive enough for first-time users. FTX offers innovative products, including derivatives, options, volatility products, and leveraged tokens.
The bill outlines rules for handling digital assets in the event of an exchange or custodian bankruptcy
Fox Business crypto journalist posted on platform X, stating that the bill specifies the rules for handling digital assets when an exchange or custodian becomes insolvent. This legislation helps ensure customer assets receive the same protections as traditional financial assets and remain the property of the customers, rather than becoming part of the company's bankruptcy estate. This could help prevent a repeat of situations like FTX.
Gray Report: On-chain metrics indicate Bitcoin is undervalued, but not as severely as at previous cycle lows
Zach Pandl, Head of Research at Grayscale, released a research report stating that, based on multiple on-chain valuation metrics, Bitcoin’s current price is below its long-term average, indicating it is undervalued—though not to the same extent as previous cycle lows, such as those following the FTX collapse.
Bitcoin's "Silent Bear Market" Continues, Posting Worst Weekly Performance Since FTX Collapse
Bitcoin briefly fell below $60,000 last week, recording its worst single-week performance since the collapse of the FTX exchange in 2022. In the seven days through Sunday, Bitcoin accumulated a decline of 16%, retreating over 50% from its all-time high of over $126,000 in 2025.Multiple market analysts have warned that the current rebound may be difficult to sustain, and Bitcoin may not have reached the bottom of this cycle yet. Griffin Ardern, co-founder of Primal Fund, stated that the market is still "a considerable distance" from a "true bottom."Data shows that U.S. spot Bitcoin ETFs have recorded net outflows for 13 consecutive trading days, with total outflows reaching approximately $5.5 billion. Meanwhile, Bitcoin last week fell below the 200-week moving average, widely regarded as a key support level, further weakening market confidence. Paul Howard, a senior executive at crypto trading firm Wincent, described the current market conditions as a "silent bear market," arguing that breaking below the 200-week moving average is a significant confirmation signal that the market has entered a bear phase.Analysts point out that the ongoing U.S.-Iran conflict, the reversal of expectations for Federal Reserve interest rate cuts, and strong U.S. employment data are driving the market to reassess the rate path. A high-interest-rate environment is unfavorable for the performance of risk assets, including crypto assets. Additionally, some capital is flowing out of the crypto market into artificial intelligence and technology stock sectors.Despite this, the magnitude of the current correction is still smaller than historical bear market cycles. In past bear markets, Bitcoin typically retraced about 80% from its peak, whereas this cycle's decline is approximately 50%. Some traders believe that if the macroeconomic environment continues to deteriorate and companies holding large amounts of Bitcoin face financing pressures, the market still faces further downside risks in the future. (Bloomberg)
Forbes: SBF’s venture capital prowess is being reassessed—if he hadn’t been imprisoned, he might have commanded a $100 billion fortune
According to Forbes, SBF’s early investment portfolio is undergoing renewed market scrutiny; had he not been imprisoned due to the FTX collapse, his venture capital returns could theoretically have generated wealth growth reaching approximately $100 billion. Prior to FTX’s collapse, SBF had built an investment portfolio spanning several high-profile companies—including Anthropic, SpaceX, Robinhood, and Cursor—with Cursor valued at $60 billion and Anthropic nearing a $90 billion valuation. Rory O’Driscoll, Partner at Scale Venture Partners, noted that SBF had backed multiple pivotal AI companies even before the ChatGPT era, demonstrating an exceptionally rare investment acumen.
SBF invested $200,000 early in Cursor; if he had not sold his equity, it would now be worth approximately $3 billion.
SpaceX announced today that it has reached a cooperation agreement with AI-powered programming startup Cursor, which has granted SpaceX the right to acquire Cursor later this year for $6 billion—or pay $1 billion to advance their collaboration. According to reports, Cursor’s developer, Anysphere, closed a $400,000 pre-seed funding round in April 2022, co-led by Alameda Research and Heroic Ventures. Alameda invested $200,000 in Anysphere, acquiring approximately 5% equity; this stake was sold at its original price during FTX’s bankruptcy liquidation. Had it not been sold, the stake would now be worth roughly $3 billion.
a16z partner: If the CLARITY Act passes, the U.S. will once again lead the future like it did in the commercial internet era
a16z partner and head of a16z crypto, Chris Dixon, stated on the X platform that the U.S. should push for the passage of the CLARITY Act. Dixon noted that the GENIUS Act has proven that clear regulation can drive market growth, with the stablecoin market currently valued at approximately $315 billion, growing over 50% in the past year. Major institutions including BlackRock, JPMorgan, Visa, and Mastercard are deeply investing in blockchain infrastructure.He believes that while stablecoins currently represent only a part of the crypto market, the underlying blockchain networks they rely on still lack a unified regulatory framework. The CLARITY Act would establish clear rules for blockchain networks, clarify regulatory responsibilities in the digital asset market, and set unified standards to promote transparency, risk control, and market competition. The bill can also draw on traditional financial regulatory principles to reduce the risk of incidents similar to FTX.Dixon concluded that if the CLARITY Act passes, the U.S. will once again lead the future, just as it did during the commercial internet era. Without action, innovation may move to other countries and follow rules set by others there.
The Democratic Party objects to the new version of the Clarity Act over ethics provisions, emphasizing that bipartisan support remains crucial
U.S. Senate Republicans on Wednesday released a 616-page draft of the new Clarity Act, a significant legislative development in Congress's efforts to comprehensively regulate the digital asset industry. The crypto industry widely welcomed the draft, noting it retains protections for software developers and is expected to provide long-missing regulatory clarity for the U.S. digital asset market.Crypto Council for Innovation CEO Ji Hun Kim stated that bipartisan support is "critical" for the bill's passage. Solana Policy Institute CEO Miller Whitehouse-Levine called on Congress to seize the opportunity, while Coinbase CEO Brian Armstrong remarked that the lack of a federal regulatory framework had previously allowed bad actors like FTX to harm consumers and forced a substantial amount of crypto business to move overseas.However, several Senate Democrats quickly voiced opposition, arguing that the ethics provisions in the new text addressing conflicts of interest related to Trump's crypto assets are too weak. Senator Angela Alsobrooks stated that the current proposal put forward by Republicans is still "not enough," and that provisions concerning elected officials' ethics, consumer protection, illicit finance, conflicts of interest, and market integrity all require strengthening.
The bill outlines rules for handling digital assets in the event of an exchange or custodian bankruptcy
Fox Business crypto journalist posted on platform X, stating that the bill specifies the rules for handling digital assets when an exchange or custodian becomes insolvent. This legislation helps ensure customer assets receive the same protections as traditional financial assets and remain the property of the customers, rather than becoming part of the company's bankruptcy estate. This could help prevent a repeat of situations like FTX.
Clarity Act Proposes Consumer Protection Rules for Centralized Digital Asset Platforms
Odaily Odaily Planet Daily Report: The Clarity Act will establish clear federal rules for centralized platforms, brokers, dealers, and custodians used by consumers to buy, sell, and hold digital assets. These rules cover registration, supervision, disclosure, custody, asset segregation, market integrity, conflicts of interest, fraud prevention, and bankruptcy. Nearly four years after the collapse of FTX, many consumers are still unable to confirm where their assets are held, whether those assets are separated from platform funds, or how their assets would be handled if the company fails. Regulators, bankruptcy courts, and law enforcement agencies subsequently addressed these issues.
Analysis: US Senate Passes Resolution Opposing SBF Pardon Unanimously, Purely Political Statement with No Legal Force
Odaily News, Crypto journalist Eleanor Terrett analyzed that the US Senate recently passed a resolution opposing the pardon of FTX founder SBF unanimously. The resolution, co-sponsored by Senators Ruben Gallego and Cynthia Lummis, serves to record the Senate's opposition to pardoning SBF publicly. The analysis points out that this resolution is merely a political statement, carries no legal binding force, cannot restrict the US President's power to grant pardons, and will not alter the current judicial process of the SBF case.
Ripple urges Senate to support CLARITY Act, warns opposing the bill would preserve FTX-style risks
: Ripple’s Global Head of Public Policy and Government Affairs, Lauren Belive, stated that opposing the CLARITY Act is not opposition to the crypto industry, but rather opposition to consumers, and would continue exposing crypto holders to bad actors who exploit regulatory arbitrage. Belive noted that while a digital asset market already exists in the United States, federal rules protecting consumers have not kept pace. She pointed out that the regulatory gaps that led to the collapse of FTX and the loss of customer funds still persist. Belive indicated that the CLARITY Act would grant the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) clear joint jurisdiction over the digital asset market, requiring tokens to undergo regulatory oversight before entering the market. Stuart Alderoty, Chief Legal Officer of Ripple and Chairman of the National Cryptocurrency Association, stated that opposing the CLARITY Act would allow the current unregulated status quo to continue and be exploited by bad actors.
Analyst: Bitcoin Long-Term Holder Loss Metric Nears 2018 Levels, Market May Be in Bottom Zone
Currently, the supply of Bitcoin held by long-term holders (LTH) at a loss has exceeded the level during the FTX collapse and is approaching the 2018 bear market phase. The current Bitcoin Realized Price is approximately $50,000. Historically, every cycle has retested the Long-Term Holder Realized Price, so there remains a possibility of retesting this level in the future.
U.S. Senate Unanimously Passes Resolution Opposing Administrative Pardon for Sam Bankman-Fried
OdailyOdaily Planet Daily News The U.S. Senate has passed a resolution opposing an administrative pardon for former FTX CEO Sam Bankman-Fried. The non-binding measure states that Bankman-Fried should not receive an administrative pardon and reaffirms the Senate's commitment to the rule of law and the integrity of the U.S. financial system. The resolution was introduced by Senator Ruben Gallego on June 17, with Senator Cynthia Lummis as a co-sponsor, opposing any federal pardon for Bankman-Fried, including a presidential pardon or commutation of sentence. A simple Senate resolution does not require approval from the House of Representatives or the President and carries no legal force. Bankman-Fried was sentenced to 25 years in federal prison in March 2024 on charges of fraud and conspiracy related to the collapse of FTX in 2022. Speculation intensified after he applied for a pardon from Donald Trump in June 2026, with Department of Justice records showing the request is pending. Polymarket traders currently place the probability of Donald Trump pardoning Bankman-Fried before July 31 at less than 1%. The trading volume for this market exceeds $734,000.
US government emptied a wallet containing crypto assets seized from Alameda Research and FTX, transferring out approximately $9.5656 million in assets
According to Onchain Lens monitoring, the U.S. government address (0x9ac...cb0) has emptied another wallet holding crypto assets seized from Alameda Research and FTX, transferring 4,820 ETH to Coinbase Prime, valued at $9.28 million; and transferring 54.89 billion SHIB, 631,740 POWR, and 1.06 million AERGO to three new wallets, valued at $235,600, $27,900, and $22,100 respectively. The wallet currently holds assets worth $0.
Ansem responds to the "creator token" controversy: Misjudged trust assumptions, but will explore "positive crypto attention mechanism"
Ansem posted on X, stating that his past judgments regarding celebrity participation in crypto projects were overly idealistic. He had assumed they would not "rug" millions of supporters, but this assumption has been proven wrong by reality, and he stated he will not make the same judgment error in the future.However, Ansem emphasized that he is not a celebrity himself and has no intention of exiting a project improperly. He believes that Meme and narrative-based tokens may still play a "net positive" role in the crypto market, including attracting new users into the industry, providing speculative liquidity for the market, and reactivating market sentiment during bear market bottoms.Using Dogecoin and Bonk as examples, he stated that such assets have brought large-scale user adoption and wealth effects in different cycles. Dogecoin's market cap once reached $11 billion, while Bonk helped revive sentiment within the Solana ecosystem during the低迷 period following the FTX collapse.Ansem also mentioned that he entered the crypto industry in 2017, quit his job as a software engineer in 2021, and is currently co-founding the trading application BullpenFi while hosting the podcast project MarketBubble. He noted that he has participated in discussions on multiple Meme coins in the past, but often encountered anonymous accounts using liquidity structures to front-run and then "dump" on the opposite side, making him a tool for attention. He emphasized that his current project is the first time he is participating with "control over the majority of the token supply" and stated that he will attempt to find a balance between market attention and industry building.
Tom Lee：加密市场情绪触及 FTX 崩盘以来最低点，但顺风因素仍在
BitMine 董事长 Tom Lee 发推表示，当前加密市场面临多重宏观逆风，包括市场预期美联储加息、Clarity Act 立法进程悬而未决、AI 热潮分流资金以及私人信贷压制资金流入；但顺风因素同样存在，代币化趋势持续升温、加密货币受益于 AI 发展、货币数字化进程加速，且当前市场情绪极度悲观或已接近阶段性底部。
10x Research: If Ethereum’s $1,600 Support Breaks, It May Drop to $1,200
10x Research stated on X platform that Ethereum is currently at the $1,600 support level. If this support is lost, the next target is $1,200, a price level seen since the FTX collapse. Ethereum (ETH-USDT) is trading below the 7-day moving average, indicating a bearish trend; it is also below the 30-day moving average, with a weekly decline of 7.4%. Ethereum executed a major restructuring, laying off 20% of its staff, which triggered a significant price drop. Warnings of a funding crisis following the expiration of key developer incentive plans further dampened market sentiment.The spot Ethereum ETF continues to see net outflows alongside weak institutional demand, severely constraining upward market momentum. On-chain data shows asset accumulation at multi-year lows and a rising transaction failure rate, signaling cooling network demand. The news calendar is relatively light this week, with the dominant price factors remaining macro headwinds: the Federal Reserve’s hawkish stance, a strengthening US dollar, and stock market volatility.
The Democratic Party objects to the new version of the Clarity Act over ethics provisions, emphasizing that bipartisan support remains crucial
U.S. Senate Republicans on Wednesday released a 616-page draft of the new Clarity Act, a significant legislative development in Congress's efforts to comprehensively regulate the digital asset industry. The crypto industry widely welcomed the draft, noting it retains protections for software developers and is expected to provide long-missing regulatory clarity for the U.S. digital asset market.Crypto Council for Innovation CEO Ji Hun Kim stated that bipartisan support is "critical" for the bill's passage. Solana Policy Institute CEO Miller Whitehouse-Levine called on Congress to seize the opportunity, while Coinbase CEO Brian Armstrong remarked that the lack of a federal regulatory framework had previously allowed bad actors like FTX to harm consumers and forced a substantial amount of crypto business to move overseas.However, several Senate Democrats quickly voiced opposition, arguing that the ethics provisions in the new text addressing conflicts of interest related to Trump's crypto assets are too weak. Senator Angela Alsobrooks stated that the current proposal put forward by Republicans is still "not enough," and that provisions concerning elected officials' ethics, consumer protection, illicit finance, conflicts of interest, and market integrity all require strengthening.
Ripple urges Senate to support CLARITY Act, warns opposing the bill would preserve FTX-style risks
: Ripple’s Global Head of Public Policy and Government Affairs, Lauren Belive, stated that opposing the CLARITY Act is not opposition to the crypto industry, but rather opposition to consumers, and would continue exposing crypto holders to bad actors who exploit regulatory arbitrage. Belive noted that while a digital asset market already exists in the United States, federal rules protecting consumers have not kept pace. She pointed out that the regulatory gaps that led to the collapse of FTX and the loss of customer funds still persist. Belive indicated that the CLARITY Act would grant the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) clear joint jurisdiction over the digital asset market, requiring tokens to undergo regulatory oversight before entering the market. Stuart Alderoty, Chief Legal Officer of Ripple and Chairman of the National Cryptocurrency Association, stated that opposing the CLARITY Act would allow the current unregulated status quo to continue and be exploited by bad actors.
Ansem responds to the "creator token" controversy: Misjudged trust assumptions, but will explore "positive crypto attention mechanism"
Ansem posted on X, stating that his past judgments regarding celebrity participation in crypto projects were overly idealistic. He had assumed they would not "rug" millions of supporters, but this assumption has been proven wrong by reality, and he stated he will not make the same judgment error in the future.However, Ansem emphasized that he is not a celebrity himself and has no intention of exiting a project improperly. He believes that Meme and narrative-based tokens may still play a "net positive" role in the crypto market, including attracting new users into the industry, providing speculative liquidity for the market, and reactivating market sentiment during bear market bottoms.Using Dogecoin and Bonk as examples, he stated that such assets have brought large-scale user adoption and wealth effects in different cycles. Dogecoin's market cap once reached $11 billion, while Bonk helped revive sentiment within the Solana ecosystem during the低迷 period following the FTX collapse.Ansem also mentioned that he entered the crypto industry in 2017, quit his job as a software engineer in 2021, and is currently co-founding the trading application BullpenFi while hosting the podcast project MarketBubble. He noted that he has participated in discussions on multiple Meme coins in the past, but often encountered anonymous accounts using liquidity structures to front-run and then "dump" on the opposite side, making him a tool for attention. He emphasized that his current project is the first time he is participating with "control over the majority of the token supply" and stated that he will attempt to find a balance between market attention and industry building.
Bybit Releases Latest Options Weekly Report (June 2–8): Head-and-Shoulders Target Fully Exceeded; BTC Records Largest Weekly Drop Since FTX Collapse
Bybit’s latest options weekly report states that all four directional predictions for this week were fulfilled: BTC hit a low of $59,130—surpassing the prior target range of $65,000–$67,000. Opening last week at $73,760 and plunging to $59,130, BTC recorded its largest single-week decline since the FTX collapse (roughly −20%). It has since rebounded to $63,000. Three bearish catalysts recently converged: stronger-than-expected NFP data reigniting rate-hike expectations; SpaceX’s IPO siphoning liquidity; and Strategy selling BTC for the first time in four years. Spot Bitcoin ETFs saw a record net outflow of $1.7 billion for the week. ETH’s daily RSI plunged to a historic low of 12.78, while BTC’s daily RSI dropped to 15.45—raising the probability of a technical rebound, though trend reversal remains unconfirmed. DVOL surged from its historical low of 35 to 55 before retreating to 48; put options have already been profitably closed. Currently, chasing long positions is discouraged. BTC faces significant resistance between $63,000 and $65,000. Entry should await either the June 10 CPI release or DVOL falling back to 40—or until BTC convincingly closes above $65,000.
Gray Report: On-chain metrics indicate Bitcoin is undervalued, but not as severely as at previous cycle lows
Zach Pandl, Head of Research at Grayscale, released a research report stating that, based on multiple on-chain valuation metrics, Bitcoin’s current price is below its long-term average, indicating it is undervalued—though not to the same extent as previous cycle lows, such as those following the FTX collapse.
The CLARITY Act fails to reach a bipartisan agreement as Democrats remain divided over BRCA provisions
according to crypto journalist Eleanor Terrett, sources say a small bipartisan group of U.S. Senate lawmakers held negotiations last night over the CLARITY Act, attempting to secure concessions from Democrats on at least two outstanding issues, but ultimately failed to reach an agreement.Senator Cynthia Lummis stated that the two sides have reached consensus on "99% of the content" of the bill and expressed hope that Democrats would continue to resolve the remaining issues after the bill clears the committee. Otherwise, if another incident similar to FTX occurs in the future, "they have only themselves to blame."According to reports, Democratic Senators Adam Schiff and Ruben Gallego have been pushing for a compromise on ethics and conflict-of-interest provisions related to the president's family before the committee review, making it a condition for their support of the bill.Additionally, some Democratic lawmakers have raised concerns about provisions in the Blockchain Regulatory Certainty Act (BRCA), which aims to prohibit non-custodial software developers from being prosecuted under money transmission laws.Sources say that while both sides had made substantial progress on ethics and conflict-of-interest issues, disagreement over amendments to the BRCA ultimately led to the collapse of negotiations. The market now widely expects the upcoming committee markup to be distinctly partisan.
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FTX 第五轮赔付款已存入债权人账户
FTX 债权人代表 Sunil 发文表示，FTX 分配款已存入债权人账户。 此前报道，FTX Recovery Trust 与 FTX 宣布，将于 7 月 31 日启动第五轮债权人赔付，计划向恢复计划中的「Convenience」和「Non-Convenience」类别债权人分配约 9 亿美元。 随着本轮分配启动，自 FTX 于 2022 年 11 月申请破产以来，FTX Recovery Trust 累计赔付金额将达到约 100 亿美元。
FTX launches fifth round of creditor distributions, will release an additional $900 million
Odaily News: The FTX bankruptcy estate management team will initiate a fifth round of creditor distributions,预计向符合条件的债权人发放约 9 亿美元。截至目前，FTX 破产财产管理团队已向债权人分配近 100 亿美元。（The Block）
Analyst: Bitcoin Long-Term Holder Loss Metric Nears 2018 Levels, Market May Be in Bottom Zone
Currently, the supply of Bitcoin held by long-term holders (LTH) at a loss has exceeded the level during the FTX collapse and is approaching the 2018 bear market phase. The current Bitcoin Realized Price is approximately $50,000. Historically, every cycle has retested the Long-Term Holder Realized Price, so there remains a possibility of retesting this level in the future.
a16z partner: If the CLARITY Act passes, the U.S. will once again lead the future like it did in the commercial internet era
a16z partner and head of a16z crypto, Chris Dixon, stated on the X platform that the U.S. should push for the passage of the CLARITY Act. Dixon noted that the GENIUS Act has proven that clear regulation can drive market growth, with the stablecoin market currently valued at approximately $315 billion, growing over 50% in the past year. Major institutions including BlackRock, JPMorgan, Visa, and Mastercard are deeply investing in blockchain infrastructure.He believes that while stablecoins currently represent only a part of the crypto market, the underlying blockchain networks they rely on still lack a unified regulatory framework. The CLARITY Act would establish clear rules for blockchain networks, clarify regulatory responsibilities in the digital asset market, and set unified standards to promote transparency, risk control, and market competition. The bill can also draw on traditional financial regulatory principles to reduce the risk of incidents similar to FTX.Dixon concluded that if the CLARITY Act passes, the U.S. will once again lead the future, just as it did during the commercial internet era. Without action, innovation may move to other countries and follow rules set by others there.
The Democratic Party objects to the new version of the Clarity Act over ethics provisions, emphasizing that bipartisan support remains crucial
U.S. Senate Republicans on Wednesday released a 616-page draft of the new Clarity Act, a significant legislative development in Congress's efforts to comprehensively regulate the digital asset industry. The crypto industry widely welcomed the draft, noting it retains protections for software developers and is expected to provide long-missing regulatory clarity for the U.S. digital asset market.Crypto Council for Innovation CEO Ji Hun Kim stated that bipartisan support is "critical" for the bill's passage. Solana Policy Institute CEO Miller Whitehouse-Levine called on Congress to seize the opportunity, while Coinbase CEO Brian Armstrong remarked that the lack of a federal regulatory framework had previously allowed bad actors like FTX to harm consumers and forced a substantial amount of crypto business to move overseas.However, several Senate Democrats quickly voiced opposition, arguing that the ethics provisions in the new text addressing conflicts of interest related to Trump's crypto assets are too weak. Senator Angela Alsobrooks stated that the current proposal put forward by Republicans is still "not enough," and that provisions concerning elected officials' ethics, consumer protection, illicit finance, conflicts of interest, and market integrity all require strengthening.
The bill outlines rules for handling digital assets in the event of an exchange or custodian bankruptcy
Fox Business crypto journalist posted on platform X, stating that the bill specifies the rules for handling digital assets when an exchange or custodian becomes insolvent. This legislation helps ensure customer assets receive the same protections as traditional financial assets and remain the property of the customers, rather than becoming part of the company's bankruptcy estate. This could help prevent a repeat of situations like FTX.