Delphi Digital said tokens newly listed on major centralized exchanges since January 2025 have broadly underperformed, with most trading below their listing prices. According to ChainCatcher, the firm’s latest report estimates that buying each newly listed token with $1,000 would have declined to about $500, while the median token is down 82% and only 12% trade above their listing price. Delphi Digital attributed the cycle’s drag to several structural factors, including insider allocations unlocking on fixed schedules rather than performance-based mechanisms. It said each average unlock has led to an estimated 7% loss in excess returns relative to Bitcoin. The report also said protocol revenue has been difficult to route to tokenholders, and that airdrops have increasingly served as exit liquidity. The report noted that some major DeFi protocols have begun enabling “fee switches,” citing Hyperliquid, Uniswap, Jupiter, and Aave. It said these mechanisms, including buybacks and token burns, are being used to return revenue to holders, and that a revenue-weighted basket of such tokens has significantly outperformed BTC, ETH, and SOL this year. Delphi Digital said tokens that combine revenue distribution to holders with supply mechanisms tied to performance may offer a stronger long-term allocation case.

UBTECH (09880.HK) said presales for its YouWorld consumer humanoid robot on JD.com surpassed 3,000 units in eight days. According to Jin10, the company stated that presales for its full-size, highly biomimetic humanoid robot under the YouWorld brand opened on JD.com and that the cumulative number of early reservations exceeded 3,000 units after eight days.

A Nasdaq-linked ETF managed by China Asset Management said its secondary-market trading price has recently been significantly higher than its indicative net asset value (iNAV), resulting in a sizable premium. According to Jin10, the fund said that on June 9, 2026, its secondary-market closing price was 2.351 yuan, while the iNAV at the close was 2.1876 yuan. The manager said that if the premium does not effectively retreat on June 10, it may apply for measures such as a trading suspension to warn of risks. The fund said investors trading the product face not only risks from NAV fluctuations but also other factors that could lead to losses. It added that the fund is operating normally and that there is no undisclosed information that should be disclosed.

Asian stocks staged a partial rebound on Tuesday after a sharp sell-off a day earlier, as investors returned to AI-related shares and easing Middle East tensions weighed on oil prices. In Hong Kong, the Hang Seng Index opened down 105 points, or 0.43%, at 24,551, according to RTHK, while the China Enterprises Index fell 27 points, or 0.33%, to 8,313 and the Hang Seng Tech Index slipped 12 points, or 0.26%, to 4,743. On the mainland, the Shanghai Composite opened up 18 points, or 0.46%, at 3,977, while the Shenzhen Component rose 171 points, or 1.16%, to 14,992 and the ChiNext Index gained 53 points, or 1.41%, to 3,865. Japan’s Nikkei 225 opened 601 points, or 0.9%, higher at 64,625. South Korea’s Kospi rose more than 3% at one stage before midday after opening nearly 3% higher, as investors bought beaten-down technology stocks following the market’s steepest one-day decline in three months on Monday. The rebound followed a recovery on Wall Street as investors bought cheaper assets after a sell-off driven by bets on a US interest rate hike and warnings over tech valuations. Data showing the US created more than double the expected number of jobs in May added pressure on the Federal Reserve to tighten policy amid surging inflation. The earlier sell-off was also linked to disappointing revenue forecasts from chipmaker Broadcom, which rattled sentiment around the AI sector that has helped drive markets to record highs this year.

Traders have been actively building short positions in U.S. stocks, while bullish bets on the technology sector remain overly crowded, raising risks for the market. According to Jin10, Citi strategists said the combination of increasing short exposure and still-high optimism toward tech has added to market vulnerability.

A massive sell-off of 32 Bitcoins, panic triggered by the Zerocoin vulnerability, better-than-expected non-farm payroll data, and billions of dollars in liquidation all contributed to a sharp market downturn. Then, Cyril went against the trend and bought the dip.

Ron Baron plans to invest another US$1 billion in SpaceX ahead of its expected IPO, adding to a stake already worth around US$15 billion. The billionaire investor says he will not sell his shares and believes SpaceX could become one of the world's most valuable companies over the next decade.

If you are simply jealous of those "lucky ones who caught the AI ​​wave," you will only miss out on opportunities in the end.

What capital is really buying may never be computing power itself, but rather the electricity, land, network access, and infrastructure capabilities upon which computing power depends.

Building data centers, installing cooling systems, and adjusting PUE used to be the exclusive domain of cloud vendors and telecom operators. Now that model companies are getting involved, it means that the pursuit of control over computing power and cost limits has reached its extreme.

This article reviews the Humanity Protocol hack and explores why there is so much speculation about whether the team was manipulating the market to sell off their holdings.

Arthur Hayes: Once the AI ​​bubble bursts, it will trigger a financial crisis, which will then lead to the so-called "Big Print."

OpenAI has confidentially filed an S-1 with US regulators, starting the formal process for a possible IPO, though it has not set a timeline and says it may still stay private for now.

Artificial intelligence, Doubao, AI Agent, investment, liquidity, When LPs taught me how to invest using Doubao: A private equity GP's career change story, Jinse Finance, LP: Can you give me the most direct and straightforward money-making strategy?

OpenAI, SpaceX, and Anthropic are all seeking IPOs with huge valuations, potentially raising a combined hundreds of billions of dollars. Whoever goes public first will define this emerging industry and be able to capitalize on the vast amounts of money available to invest in AI companies.