Headline
▌US Treasury Secretary Urges Clarity Act Passage This Summer; Strategic Bitcoin Reserve Plan Progressing Cautiously
On June 4th, US Treasury Secretary Scott Bessent urged Congress to support the Clarity Act on Digital Asset Markets at a Senate Finance Committee hearing, expressing hope that the bill would be passed this summer. This bill aims to establish a regulatory framework for the digital asset industry at the federal level for the first time. Furthermore, Bessent stated that the US Treasury Department is progressing with the Strategic Bitcoin Reserve plan at a "deliberate speed." He noted that the related processes are complex, but the government is following best practices to ensure the long-term sustainability of the plan. Previously, the Trump administration signed an executive order establishing a Strategic Bitcoin Reserve primarily backed by Bitcoin obtained through criminal and civil forfeitures.
▌Kalshi: Officially Launches Bitcoin Perpetual Contract
On June 3, prediction market platform Kalshi officially announced the launch of its Bitcoin perpetual contract. This is reportedly the first Bitcoin perpetual contract on a regulated exchange in the United States. The contract is cash-settled, supports 24/7 trading, and uses a funding rate mechanism linked to the spot price.
On June 4th, Iran's Fars News Agency, citing sources familiar with indirect negotiations between Iran and the United States, reported on the 3rd that if the memorandum of understanding currently being discussed between Iran and the United States is finalized, it will be proceeded in four main stages, with the third stage focusing on the nuclear issue. (Xinhua News Agency) ▌Rubio Reiterates that US Military Action Against Iran Has Ended On June 4th, local time on the 3rd, US Secretary of State Rubio stated at a hearing held by the House Appropriations Committee that the US's "Operation Epic Fury" military action against Iran has ended, and claimed that the United States "has achieved victory." Rubio stated, "We have ceased continuous strikes against targets within Iran because Operation Epic Fury has ended." Rubio also indicated that despite the significant damage inflicted on Iran's military capabilities by the United States and Israel, Iran "still retains a certain level of drone and naval combat capabilities." (CCTV News)
Blockchain Applications
▌OpenAI Reportedly Planning to Merge Codex and ChatGPT
On June 4th, OpenAI reportedly plans to merge Codex and ChatGPT.
▌Dark Side of the Moon Announces Public Beta Launch of Kimi Work
On June 3rd, Dark Side of the Moon announced the public beta launch of Kimi Work, a general-purpose local agent for knowledge workers, which will be released alongside the latest beta version of the Kimi Mac and Windows clients.
According to reports, Kimi Work allows users to break down tasks, execute them in parallel, call tools, use browsers, create and organize folders, and deliver work products such as documents, spreadsheets, and PowerPoint presentations on their computers simply by describing their goals in natural language.
▌Meta Enters a New Phase of AI Monetization: WhatsApp Launches Enterprise AI Agent
On June 3, according to the Financial Times, as Meta seeks to open up new and important revenue streams for WhatsApp, WhatsApp business users will be able to use an AI agent to automatically reply to customer messages in the future. This move is one of the first steps Meta is taking to commercialize its latest multi-billion dollar AI investment, rather than relying solely on its core advertising business for monetization. Meta's new product, "Enterprise AI Agent," has begun to be rolled out globally after being tested in a few markets over the past few months. The tool can automatically reply to customer messages, provide businesses with operational feedback and data insights, and in some scenarios, complete sales conversions or appointment scheduling without human intervention. In the future, this feature will also be extended to the Instagram messaging system.
▌Variant Fund Raises $222 Million to Focus on Early-Stage Crypto & AI Startups
Crypto venture capital firm Variant Fund announced that it has raised $222 million in a new fund focused on supporting early-stage crypto and AI startups to drive the expansion of user "autonomy".
▌Bitmine Plans to Follow Strategy's Lead by Issuing $300 Million in Perpetual Preferred Stock with 9.5% Annualized Dividend
June 4th news: According to a filing with the U.S. SEC, Bitmine Immersion Technologies announced the issuance of 3 million 9.50% Series A perpetual preferred shares, with a par value of $100 per share, expected to raise a total of $300 million. Under the terms of the offering, the initial liquidation preference is $100 per share, subject to adjustment according to relevant regulations, but will not fall below $100. The preferred stock will accrue dividends at an annualized rate of 9.5%, paid weekly in cash. Dividends will continue to accrue even if the company does not declare dividends or temporarily lacks distributable funds. Bitmine stated that it may increase the dividend frequency in the future as needed, providing investors with a stable source of cash income. Furthermore, the company has an early redemption right.
▌BlackRock deposits 6,005.46 bitcoins into Coinbase, worth $403.15 million
On June 3, according to OnchainLens, BlackRock deposited 6,005.46 bitcoins into Coinbase, worth $403.15 million.
▌Final Verdict Announced in Qingdao Bitcoin Theft Case: Court Clarifies the Property Attributes of Virtual Currency
According to Shandong Legal Daily, the Licang District Procuratorate of Qingdao City successfully handled a Bitcoin theft case. The defendant, Zhang, took advantage of the victim Feng's entrustment to operate the wallet, stole her mnemonic phrase, and stole 107 Bitcoins in the early morning, equivalent to approximately 22.54 million yuan at the market price on the day of the incident. He then transferred the Bitcoins through multiple platforms, ultimately exchanging them for over 660,000 yuan. After being apprehended, Zhang attempted to justify his actions by claiming "protective control," but the procuratorate's investigation through the financial transaction traces exposed his deception. The court sentenced Zhang to 10 years and 9 months imprisonment for theft, and fined him 100,000 yuan. The original verdict was upheld on appeal. This case clarifies that virtual currency possesses the property attributes protected by criminal law, providing judicial practice guidance for combating similar new types of cybercrime.
▌USDC Treasury Mints 250 Million New USDC on Solana Chain
On June 3rd, according to Whale Alert monitoring, at 17:50 Beijing time, the USDC Treasury minted 250 million new USDC on the Solana chain.
Important Economic Developments
▌Gold Surpasses US Treasuries to Become the World's Largest Official Reserve Asset
The European Central Bank released a new report stating that gold's share of total global official reserve assets has risen to 27%, surpassing US Treasury bonds to become the world's largest official reserve asset. The report points out that US Treasury bonds' share of global official reserve assets has fallen to 22%, other dollar-denominated reserve assets account for 20%, and euro-denominated reserve assets account for 15%. The significant increase in the proportion of gold reserves is primarily attributed to valuation effects.
Benefiting from the surge in international gold prices in 2024 and 2025, the value of gold assets has risen accordingly, resulting in a larger share in global official reserves. JPMorgan Chase: US Earnings "Supercycle" Will Drive Stock Market to New Highs June 3rd - Natalia Lipishina, Head of Equity Strategy for Europe, the Middle East, and Africa at JPMorgan Chase, stated that the US earnings "supercycle" will drive the stock market to new highs, a trend driven by massive investments from mega-corporations and advancements in artificial intelligence agent technology. Lipishina stated, "We have actually just raised our forecast for the S&P 500, and we believe earnings growth could reach 20% in 2026." In the current earnings season, S&P 500 earnings growth reached its highest level in five years, with most of the growth still coming from large technology companies. Lipishina described the recent earnings growth as "quite impressive," with the technology sector playing a significant role. The bank's upward revision of its earnings forecast reflects its confidence that earnings growth will be more sustainable than in typical economic cycles.
▌“ADP” Employment Increases by 122,000
June 3rd news: US ADP employment increased by 122,000 in May, the largest increase since January last year.
▌US Rare Earth Reaches Final Agreement with US Department of Commerce, Receives Up to $277 Million in Federal Funding
June 3rd, according to market news, US Rare Earth (USAR.US) reached a final agreement with the US Department of Commerce, receiving up to $277 million in federal funding. It also received approval for a secured loan facility of up to $1.3 billion.
June 3rd, according to market news, US Rare Earth (USAR.US) reached a final agreement with the US Department of Commerce, receiving up to $277 million in federal funding. It also received approval for a secured loan facility of up to $1.3 billion.
▌Federal Reserve Beige Book: Overall, prices are rising at a moderate to robust pace
On June 4, the Federal Reserve's Beige Book indicated that overall, prices are rising at a moderate to robust pace, with most districts reporting higher inflation rates than the previous report.
▌SpaceX sets IPO size at 555.6 million shares, expected price $135 per share
On June 4, SpaceX set its IPO size at 555.6 million shares, with an expected price of $135 per share. SpaceX aims to raise $75 billion through the largest IPO in history, targeting a valuation of $1.77 trillion. Musk will hold approximately 82.4% of the voting rights.
▌The probability of the Fed keeping interest rates unchanged in June is 98.4%
On June 4th, according to CME's "FedWatch": the probability of the Fed keeping interest rates unchanged by June is 98.4%, and the probability of a cumulative 25 basis point rate cut is 1.6%. The probability of the Fed keeping interest rates unchanged by July is 90.2%, the probability of a cumulative 25 basis point rate hike is 8.4%, and the probability of a cumulative 25 basis point rate cut is 1.4%.
Golden Encyclopedia
▌Can Bitcoin still be called "digital gold" under geopolitical crises?
Every time there is a geopolitical crisis, gold prices rise, and Bitcoin prices plummet. After six tests, the claim of "digital gold" has never been confirmed by data. Countries hoard gold but exclude Bitcoin from their reserves.
For investors, Bitcoin exhibits an asymmetry: it falls with stocks but doesn't rise with them. Three structural asymmetries prevent Bitcoin from achieving safe-haven status: an overabundance of derivatives (market structure), the dominance of leveraged traders (participant composition), and a lack of repeatable behavioral records (behavioral accumulation). Bitcoin is not a safe-haven asset, but it is a "crisis-useful asset," capable of functioning when borders are closed and banks fail. If these three asymmetries narrow, Bitcoin may no longer be a replica of gold, but rather a completely new "next-generation gold." Generational shifts and the widespread adoption of algorithms are key factors that could accelerate this process.
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