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.

一笔 32 枚比特币抛售、零币漏洞引发恐慌、非农数据超预期，再加上数十亿资金集中平仓，市场剧烈下挫。而后，赛勒逆势抄底。

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.

若是一味嫉妒 “踩中 AI 风口的幸运儿”，最终只会错失机会。

资本真正购买的或许从来不是算力本身，而是能够持续交付算力所依赖的电力、土地、网络接入与基础设施能力。

这种建机房、铺冷却、调PUE的活，过去更多是云厂商和电信运营商的专属，现在模型公司亲自下场，意味着对算力控制力和成本边界的追求已经到了极致。

本文梳理Humanity Protocol遭黑客攻击事件，并探讨为何会有大量关于团队是否在拉高出货的猜想？

Arthur Hayes​：一旦AI泡沫破裂，就会引发金融危机，从而催生出所谓的“大印钞”（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.

人工智能,豆包,AI Agent,投资,流动性,当LP用豆包教我投资：一位私募GP的转行自述 金色财经,LP：你能给我最直接、最不绕弯子的赚钱策略吗？

OpenAI、SpaceX和Anthropic都在以巨大估值寻求上市，合计可能募资高达千亿美元级别。无论谁先上市，都将定义这个新兴行业，并能抢先利用那些渴望投资AI公司的大量资金。