PA Daily | Tesla's US stock rose 2.3% before the market opened after Musk regretted his excessive remarks against Trump; Ethereum spot ETF continued to have net inflows for 17 days

Today's news tips:

Ethereum spot ETF had a total net inflow of US$125 million yesterday, continuing its net inflow for 17 consecutive days

Ethereum derivatives daily trading volume reaches $110 billion, surpassing Bitcoin

Russia to Fine Illegal Crypto Miners and Confiscate Cryptocurrencies

Michael Saylor: Bitcoin will no longer experience a bear market, and the price will reach $1 million per coin

Bitcoin spot ETFs had a total net inflow of $431 million yesterday, with only Bitwise ETF BITB experiencing a net outflow

Musk: I regret some of the posts I posted last week about Trump, some of the comments were too extreme

Nasdaq has submitted the listing application of 21Shares SUI ETF to the US SEC

Connecticut passes law prohibiting state government from holding or investing in virtual currencies

Regulatory/Macro

International trade negotiator of the Ministry of Commerce: China and the United States have reached an agreement framework in principle

According to People's Daily, Li Chenggang, International Trade Negotiator and Vice Minister of Commerce, said in London that China and the United States had conducted professional, rational, in-depth and candid communication during the first meeting of the China-US economic and trade consultation mechanism. The two sides have reached a framework in principle for implementing the consensus reached by the two heads of state on June 5 and the consensus reached in the Geneva talks.

Financial Times: Crypto company Bullish has confidentially filed for an IPO

Bullish Global, the Peter Thiel-backed crypto firm, has confidentially filed for an IPO, according to a report from the Financial Times.

Nasdaq has submitted the listing application of 21Shares SUI ETF to the US SEC

According to the official blog of Sui Foundation, Nasdaq has submitted an application to the U.S. Securities and Exchange Commission (SEC) to list 21Shares SUI ETF, a spot ETF backed by SUI tokens. Currently, the 19b-4 application document has been officially published on the SEC's public register, marking the official launch of the review process. This move follows 21Shares' submission of an S-1 registration application in April, reflecting the deepening recognition of institutions for the Sui ecosystem. The two application documents are intended to introduce Sui ETFs to the U.S. market.

Russia to Fine Illegal Crypto Miners and Confiscate Cryptocurrencies

According to Cryptonews, the Russian Ministry of Digital Development is drafting new regulations to combat illegal cryptocurrency mining. The draft stipulates that individuals who engage in illegal mining will face a fine of 100,000 to 200,000 rubles, and companies can be fined up to 2 million rubles, and the cryptocurrencies involved will be confiscated. The proposal is currently under cross-departmental review. The new regulations explicitly prohibit the use of cryptocurrencies for payment and settlement, and violators will be fined up to 1 million rubles. Mining farm operators must report mining data and wallet addresses to the Financial Supervision Bureau. Russia's current policy allows household mining (monthly electricity consumption does not exceed 6,000 kWh), but restrictive measures are implemented in 10 regions. The central bank said that confiscating crypto assets will become the most effective deterrent.

Connecticut passes law prohibiting state government from holding or investing in virtual currencies

According to Bitcoin Laws, Connecticut passed HB7082, which prohibits the state from accepting, holding or investing in any virtual currency. The bill also imposes several new requirements on remittance institutions. The bill was passed unanimously in both the House of Representatives and the Senate, with no dissenting votes.

Viewpoint

ARK report: Bitcoin's rise is not a speculative boom, funds are avoiding the real estate and car markets and turning to BTC

According to CoinDesk, the latest report of ARK Invest led by Cathie Wood pointed out that Bitcoin rose 11.1% in May, hitting a new high of $112,000. At the same time, the US real estate and auto markets showed obvious signs of fatigue. Housing supply exceeded demand, and auto sales plummeted from more than 17 million in April to 15.6 million in May. ARK said that the rise of Bitcoin was not accompanied by speculative frenzy, and ETF funds inflow reached $5.5 billion, three times that of gold ETFs in the same period, indicating that investors may regard Bitcoin as a safe-haven asset rather than a hype tool, and make rational asset reallocation under economic pressure.

Michael Saylor: Bitcoin will no longer experience a bear market, and the price will reach $1 million per coin

According to Bitcoin Magazine, Michael Saylor, executive chairman of Strategy (formerly MicroStrategy), said in an interview that Bitcoin has passed its most dangerous stage and will not see a bear market in the future. He predicted that the price of Bitcoin will reach $1 million and emphasized that senior U.S. government officials support Bitcoin. Saylor revealed that MicroStrategy is building a unique business model by issuing Bitcoin-backed bonds and preferred stocks.

Musk: I regret some of the posts I posted last week about Trump, some of the comments were too extreme

Elon Musk posted on social media that he regretted some of his remarks about President Trump last week and admitted that they were "a bit too much."

Glassnode: Ethereum forms potential support at $2,700-2,760, and is technically expected to hit $3,420

According to Glassnode data, Ethereum (ETH) has broken out of a one-month consolidation range. The cost basis distribution shows that 1.3 million ETH are held in the $2,700-2,740 range, and 800,000 ETH are accumulated around $2,760. These investors bought during the consolidation period, which may form a strong support zone. Above the spot price, the cost basis distribution is relatively even, with 200,000-400,000 ETH held for every $50 bandwidth in the $2,760-3,420 range, and no obvious resistance level until about 608,000 ETH is held at $3,417. If the $2,700-2,760 support range remains valid, ETH is technically expected to hit $3,420. But the market reaction of holders in the $2,800-3,300 range will determine the speed of ETH's rise.

Project News

Binance: Users with Alpha points greater than or equal to 229 can participate in the MEET48 (IDOL) TGE event

According to the official announcement, users with Binance Alpha points greater than or equal to 229 can participate in the MEET48 (IDOL) TGE event through the Alpha event page. Participating in this TGE event will consume 15 points.

XRP Ledger’s Ethereum-compatible sidechain will go live in the second quarter

According to CoinDesk, Ripple announced at the APEX 2025 conference in Singapore that the EVM-compatible sidechain of XRP Ledger (XRPL) will be officially launched in the second quarter. The sidechain testnet has grown rapidly since its operation at the beginning of the year. Data from the development company Peersyst shows that 87 new entities have participated in the ecological construction, covering areas such as infrastructure, application development and user growth. EVM compatibility will enable the sidechain to seamlessly run decentralized applications and smart contracts based on Ethereum. After the mainnet is launched, users can realize income through DeFi applications such as liquidity pools. Jaazi Cooper, product director of Ripple, said this may be the largest user import in the history of the XRP ecosystem.

Alby sparked controversy over its "account inactivity fee" clause, with some users' funds being deducted without their authorization

According to CryptoSlate, Bitcoin Lightning Network wallet Alby has sparked controversy over the "account inactivity fee" clause. Many users reported that their account funds were deducted without active authorization. Among them, Yu Xian, co-founder of blockchain security company SlowMist, said that his account was deducted about $192 (earlier news, Yu Xian said that he had taken back the assets transferred out of the Alby wallet). The focus of the dispute is the terms of service updated by Alby on May 1, which stipulates that accounts that have not been active for 12 months must pay an inactivity fee. Some users said that they did not notice the email notification in time, and the highest single deduction was $5,400. Luke Gao, founder of Lnfi Network, clarified that this was a measure for Alby to transition to a self-custody model, and the funds can still be recovered through customer service.

OP_RETURN Dissenter Jason Hughes Plans to Sell His Bitcoin in Protest

According to Protos, Jason Hughes, vice president of OCEAN mining pool, announced that he would sell all his Bitcoin holdings and withdraw from the crypto industry to protest the OP_RETURN change resolution passed by the Bitcoin Core developer team. The change is planned to remove the 80-byte OP_RETURN output limit in the Bitcoin Core 30 version released in October. The default memory pool will support up to 4MB transactions, aiming to meet the needs of applications such as DAOs, oracles and stablecoins. Hughes said in an open letter: "52 days ago, Bitcoin Core development was at least principled," and said that "the characteristics that made Bitcoin unique no longer exist." He will leave when the change takes effect in October, and has received job offers from several non-crypto companies.

The Ethereum Foundation highlights six major security challenges facing its ecosystem, including user experience and social layer issues

According to Cointelegraph, the Ethereum Foundation released a report on Tuesday, pointing out that its ecosystem faces six major security challenges in the future, among which user experience and social layer issues are among them. The report is based on feedback from stakeholders such as users and developers, and believes that user experience is the key to security improvement. The report states that users bear a large security burden. After feedback and consultation, user experience security is considered the primary issue. The main concerns are blind signatures, approvals and permission management, as well as the vulnerability of web interfaces. Many users lack the ability to securely manage encryption keys. In addition, the report also mentions other security areas such as smart contracts, infrastructure and cloud, consensus protocols, monitoring responses and risk mitigation. At the same time, it emphasizes the community's concerns about the centralization of pledges and the centralization of off-chain assets, saying that the concentration of pledges may bring risks to Ethereum and may also trigger social governance manipulation. The foundation said that social layer and governance risks are more focused on the long term and are related to the entire Ethereum ecosystem, rather than the security of individual users or applications.

Important data

The giant whale 9a56eN released 1.33 million SOL and transferred 380,000 SOL to CEX

According to Lookonchain monitoring, the whale address 9a56eN unstaked 1.33 million SOL (worth about $221 million) two hours ago. Subsequently, the address transferred 380,000 SOL (worth about $63.3 million) to Binance, Bybit, OKX and Coinbase through FalconX.

Tesla shares rose 2.3% in pre-market trading

Tesla (TSLA.O) rose 2.3% in pre-market trading. Earlier, Musk said he regretted some of his posts about Trump last week, saying his comments were a bit too extreme.

Ethereum derivatives daily trading volume reaches $110 billion, surpassing Bitcoin

According to The Block, Ethereum derivatives trading volume surged 38% in the past 24 hours, mainly driven by a large inflow of funds from spot Ethereum ETFs and a rebound in participation in the DeFi field. According to Coinglass data, Ethereum derivatives trading volume exceeded $110 billion per day, exceeding Bitcoin derivatives ($84.72 billion). Market drivers include: US spot ETH ETF net inflows of $890 million for 16 consecutive days; the total locked volume of the DeFi ecosystem increased by 32% from April to $118.8 billion; and the chairman of the SEC recently expressed support for digital asset self-custody rights. Technical analysis shows that $2,800 is a key support level. If the pledged ETF is approved, it may push the price to test the $5,500-6,700 range by the end of the year. In the long run, deflationary mechanisms and Layer2 development constitute fundamental support.

Bitcoin spot ETFs had a total net inflow of $431 million yesterday, with only Bitwise ETF BITB experiencing a net outflow

According to SoSoValue data, yesterday (June 10, Eastern Time), the total net inflow of Bitcoin spot ETFs was $431 million. The Bitcoin spot ETF with the largest net inflow in a single day yesterday was Blackrock ETF IBIT, with a net inflow of $337 million in a single day. Currently, the total net inflow of IBIT has reached $49.108 billion. The second is Fidelity ETF FBTC, with a net inflow of $67.0683 million in a single day. Currently, the total net inflow of FBTC has reached $11.678 billion. The Bitcoin spot ETF with the largest net outflow in a single day yesterday was Bitwise ETF BITB, with a net outflow of $597,300 in a single day. Currently, the total net inflow of BITB has reached $2.04 billion. As of press time, the total net asset value of the Bitcoin spot ETF was US$132.833 billion, the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) was 6.08%, and the historical cumulative net inflow has reached US$45.058 billion.

Ethereum spot ETF had a total net inflow of US$125 million yesterday, continuing its net inflow for 17 consecutive days

According to SoSoValue data, yesterday (June 10, Eastern Time), the Ethereum spot ETF had a total net inflow of $125 million. The Ethereum spot ETF with the largest net inflow in a single day yesterday was Blackrock ETF ETHA, with a single-day net inflow of $80.5864 million. Currently, ETHA has a total net inflow of $4.971 billion. The second is Fidelity ETF FETH, with a single-day net inflow of $26.3205 million. Currently, FETH has a total net inflow of $1.555 billion. As of press time, the total net asset value of the Ethereum spot ETF is $10.65 billion, and the ETF net asset ratio (market value to the total market value of Ethereum) is 3.18%, and the historical cumulative net inflow has reached $3.504 billion.

Abraxas Capital has withdrawn 44,612 ETH from CEX in the past 14 hours, worth $123 million

According to Lookonchain monitoring, whales are increasing their holdings of ETH: 1. Whale 0xc097 withdrew 13,037 ETH (worth $35.5 million) from Binance within 24 hours. 2. Abraxas Capital withdrew a total of 44,612 ETH (worth $123 million) from Binance and Kraken in the past 14 hours.

“20x long BTC whale” has expanded its position to $405 million

According to the monitoring of on-chain analyst Yu Jin, the "20x long BTC whale" continued to withdraw 7.505 million USDT from Bybit last night to increase the margin of the position, thereby continuing to increase the position. The position has now increased to 405 million US dollars. His current position: 20x long 3686 BTC, the position is worth $405 million. The opening price is $108,569, and the liquidation price is $105,370. The current floating profit is $5.39 million.

pump.fun transferred 154,000 SOL to Kraken in the past 9 hours, worth 24.39 million US dollars

According to on-chain analyst Yu Jin, pump.fun processed fee income again after 12 days: 154,000 SOL (worth $24.39 million) were transferred to Kraken in the past 9 hours. The platform usually processes fee income once every 1-2 weeks. Historical data shows that a total of 4.179 million SOL (worth $751 million) have been transferred out, with an average selling price of $179.89.

The whale with a 100% win rate in three battles against ETH shorted 61.03 million USD of ETH with 25x leverage, and the liquidation price was 2948 USD

According to Ember's monitoring, a whale known for his "100% win rate in three battles against ETH" started trading again. This time, he chose to short ETH and transferred 5 million USDC to Hyperliquid 20 minutes ago. Currently, the whale has shorted 21,900 ETH with 25x leverage, with a total position value of approximately US$61.03 million, an opening price of US$2,780, and a liquidation price of US$2,948.

Financing

Blockchain financial infrastructure startup CloudTech completes $14 million Series A funding

CloudTech, a blockchain financial infrastructure startup headquartered in Melbourne, Australia, announced the completion of a $14 million Series A financing round. It is reported that about $11 million of this financing transaction was provided in the form of Bitcoin and stablecoin USDT. The company's current business covers over-the-counter (OTC), stablecoin solutions, and CobWeb Pay, which can convert cryptocurrencies into Australian dollars for regular shopping. The new funds are intended to be used to launch institutional-grade digital asset custody solutions.

OpenTrade completes $7 million strategic round of financing, with participation from a16z crypto and others

OpenTrade, a British fintech company, has completed a strategic round of financing of $7 million, led by Notion Capital and Mercury Fund, with participation from a16z crypto, AlbionVC and CMCC Global. The company focuses on providing stablecoin yield services to high-inflation regions, with $47 million in assets under management and an average monthly trading volume of $200 million. OpenTrade provides underlying technical support to partners such as Spain's Criptan and Colombia's Littio through the "yield as a service" model, allowing users to obtain up to 9% of USD/EUR stablecoin yields through mobile applications. In markets such as Colombia, where bank deposit rates for USD are less than 0.4%, the service can yield up to 6%.

Silhouette Completes $3 Million Pre-Seed Round of Financing, Led by RockawayX

According to Silhouette's official announcement, it has completed a $3 million Pre-Seed round of financing led by RockawayX, with participating investors including Amber Group, HiveMind, Protagonist, No Limit Holdings, NGC Ventures and Echo.

Silhouette's "Shield Exchange" based on Trusted Execution Environments (TEE) is committed to implementing privacy-protected order matching and settlement functions on Hyperliquid, supporting HyperCore and HyperEVM, and providing a new DeFi experience including TWAP, VWAP, RFQ and other high-level strategy operations.

Web3 security company Hypernative completes $40 million Series B financing

Web3 security startup Hypernative has completed a $40 million Series B financing round, led by Ten Eleven Ventures and Ballistic Ventures, with participation from StepStone Group, Boldstart Ventures and IBI Tech Fund. Hypernative focuses on real-time blockchain threat prevention and has served more than 200 customers, protecting more than $100 billion in total assets.

Stablecoin startup Noah completes $22 million seed round, led by LocalGlobe

Stablecoin payment startup Noah announced the completion of a $22 million seed round of financing, led by European veteran venture capital LocalGlobe, with participation from angel investors such as Felix Capital, FJ Labs and Palantir co-founder Joe Lonsdale. Former Adyen global sales director Thijn Lamers joined as a co-founder, bringing with him rich payment industry resources. It is reported that Noah provides a stablecoin payment API that can access 50 currencies and covers 70 countries, with a cumulative transaction volume of more than $1 billion.

Institutional holdings of crypto assets

The Blockchain Group gets approval to launch €11 billion fundraising plan to accelerate Bitcoin buying strategy

On June 10, European listed company The Blockchain Group received shareholder approval to launch a 11 billion euro financing plan to accelerate its Bitcoin purchase strategy. The resolution was passed with over 95% approval and will allow the company to increase its Bitcoin holdings through flexible financing tools such as issuing stocks and bonds. New deputy CEO Alexandre Laizet will lead the Bitcoin strategy and his board term will last until 2030. The company's CEO said that this move will promote the coordinated development of the Bitcoin reserve strategy and existing main businesses such as data intelligence and AI consulting.

It is reported that the company currently holds 1,471 bitcoins (about US$160 million) and announced in early June that it had established a 300 million euro ATM (issued at market price) financing mechanism with TOBAM Asset Management.

Bakkt announces updated investment policy to include Bitcoin and other digital assets

Digital asset platform Bakkt Holdings (BKKT) announced that its board of directors has formally approved the update of the company's investment policy. According to the policy, the company can allocate funds to Bitcoin and other digital assets as a broader fund management and corporate strategic initiative. In the future, Bakkt may use excess cash, future equity or debt financing proceeds, and other sources of funds to acquire Bitcoin or other digital assets.

Publicly traded company Quantum BioPharma increases holdings of Bitcoin and other cryptocurrencies worth $500,000

Quantum BioPharma Ltd. (NASDAQ: QNTM) (CSE: QNTM) (FRA: 0K91), a listed biopharmaceutical company, announced that it has increased its holdings of Bitcoin and other cryptocurrencies with the approval of the board of directors, bringing the total value of its BTC and other cryptocurrencies to $5 million. This is an increase of $500,000 from the $4.5 million position disclosed on May 19. The company emphasized that it will continue to allow financing and other transactions in cryptocurrencies in the future.