PA Daily | After Musk regretted his overly harsh comments on Trump, Tesla's U.S. stock rose 2.3% in pre-market; Ethereum Spot ETF continued to see net inflows for 17 days.

Today’s news highlights:

The total net inflow of Ethereum spot ETF yesterday was $125 million, continuing a net inflow for 17 days.

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

Russia will impose fines on illegal cryptocurrency miners and confiscate cryptocurrencies.

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

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

Elon Musk: Regret some of the posts about Trump made last week, the remarks were a bit overdone

Nasdaq has submitted a listing application for the 21Shares SUI ETF to the SEC.

The state of Connecticut in the United States has passed a law prohibiting the state government from holding or investing in virtual currencies.

Regulation/Macro

The International Trade Negotiation Representative of the Ministry of Commerce: China and the United States have reached a framework agreement in principle.

According to the People’s Daily, Li Chenggang, international trade negotiator and vice minister of the Ministry of Commerce, said at the first meeting of the China-US economic and trade consultation mechanism in London that China and the United States had professional, rational, in-depth and frank communication. The two sides reached a framework in principle on the implementation of the consensus reached by the two heads of state on the phone call on June 5 and the consensus reached at the Geneva talks.

Financial Times: Cryptocurrency company Bullish has secretly submitted an IPO application.

According to the Financial Times, Peter Thiel-backed crypto company Bullish Global has secretly filed for an IPO.

Nasdaq has submitted a listing application for the 21Shares SUI ETF to the SEC.

According to the Sui Foundation’s official blog, Nasdaq has filed an application with the U.S. Securities and Exchange Commission (SEC) to list the 21Shares SUI ETF, a spot ETF backed by SUI tokens. Currently, the 19b-4 filing documents have been officially posted on the SEC’s public register, marking the official start of the review process. The move follows 21Shares’ filing of an application for S-1 registration in April, reflecting the institution’s growing recognition of the Sui ecosystem. These two application documents are intended to introduce the Sui ETF to the U.S. market.

Russia will impose fines on illegal cryptocurrency miners and confiscate cryptocurrencies.

According to Cryptonews, Russia’s Ministry of Digital Development is working on new rules to crack down on illegal cryptocurrency mining. The draft stipulates that individuals will face a fine of 10-200,000 rubles for illegal mining, and enterprises can be fined up to 2 million rubles, and the cryptocurrencies involved in the case will be confiscated. The proposal is currently in the intersectoral consideration stage. The new regulations explicitly prohibit the use of cryptocurrencies for payment settlements, and the maximum fine for violators is 1 million rubles. Mining farm operators are required to report mining data and wallet addresses to the Financial Supervisory Authority. Russia’s current policy allows home mining (monthly electricity consumption of no more than 6,000 kWh), but restrictions are imposed in 10 regions. The central bank said the seizure of crypto assets would be the most effective deterrent.

Connecticut, USA, has passed a law prohibiting state government from holding or investing in virtual currencies.

According to Bitcoin Laws, the state of Connecticut in the United States has passed the HB7082 bill, which prohibits the acceptance, holding, or investment of any virtual currency in the state. The bill also imposes several new requirements on remittance agencies. The bill was unanimously passed in both the House of Representatives and the Senate, with no opposing votes.

opinion

ARK Report: Bitcoin’s Rise is Not a Speculative Frenzy, Funds Are Shifting from Real Estate and Auto Markets to BTC

According to CoinDesk, the latest report from ARK Invest, led by Cathie Wood, noted that Bitcoin rose 11.1% in May to a new high of $112,000, while the U.S. real estate and automotive markets showed significant weakness. Housing supply exceeded demand, and car sales plummeted from more than 17 million in April to 15.6 million in May. ARK said that Bitcoin’s rally was not accompanied by a speculative frenzy, with ETF inflows reaching $5.5 billion, three times that of gold-backed ETFs over the same period, suggesting that investors may see Bitcoin as a safe-haven asset rather than a speculative tool, and rationally reallocate assets under economic pressure.

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

According to Bitcoin Magazine, Michael Saylor, the Executive Chairman of Strategy (formerly MicroStrategy), stated in an interview that Bitcoin has passed the most dangerous phase and that a bear market will not occur again in the future. He predicts that the price of Bitcoin will reach $1 million and emphasized that senior officials in the U.S. government hold a supportive attitude towards Bitcoin. Saylor revealed that MicroStrategy is building a unique business model by issuing Bitcoin-backed bonds and preferred stocks over the past five months.

Musk: Regrets some of the posts about Trump made last week, the remarks were a bit excessive.

Elon Musk posted on social media that he regrets some of his comments about President Trump from last week and admitted that those remarks were “somewhat excessive.”

Glassnode: Ethereum has formed potential support at $2700-2760 and technically aims to reach $3420.

According to Glassnode data, Ethereum (ETH) has broken out of a one-month consolidation range. The cost base distribution shows that 1.3 million ETH are held in the range of $2,700-2,740, and 800,000 ETH are accumulating around $2,760. Above the spot price, the cost base is more evenly distributed, with 20-400,000 ETH per $50 bandwidth in the $2,760-$3,420 range, with no obvious resistance level, until about 608,000 ETH is held at $3,417. If the support range of $2,700-$2,760 remains valid, ETH is technically expected to hit $3,420. However, the market reaction of holders in the $2800-3300 range will determine how quickly ETH rises.

Project Updates

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. Participation in this TGE event will cost 15 points.

The XRP Ledger compatible sidechain with Ethereum will launch in the second quarter.

According to CoinDesk, Ripple announced at the APEX 2025 conference in Singapore that XRP Ledger’s (XRPL) EVM-compatible sidechain will be officially launched in Q2. The sidechain testnet has grown rapidly since its launch at the beginning of the year, with development firm Peersyst showing that 87 new entities have participated in the ecosystem, covering areas such as infrastructure, application development, and user growth. EVM compatibility will enable the sidechain to seamlessly run Ethereum-based decentralized applications and smart contracts. After the mainnet is launched, users can realize income through DeFi applications such as liquidity pools. Jaazi Cooper, director of product at Ripple, said that this may be the largest user import in the history of the XRP ecosystem.

Alby has sparked controversy over the “account inactivity fee” clause, with some users’ funds being deducted without active authorization.

According to CryptoSlate, the Bitcoin Lightning network wallet Alby has sparked a controversy over the “account inactivity fee” clause. A number of users reported that the account funds were deducted without active authorization, among which Yu Sine, co-founder of blockchain security company SlowMist, said that his account was deducted about $192 (earlier news, Cosine said that he had taken back the Alby wallet and was transferred out of the assets). At issue is Alby’s terms of service, which were updated on May 1, requiring inactivity fees for accounts that have not been active for 12 months. Some users reported that they did not pay attention to the email notification in time, and the maximum single deduction was $5,400. Luke Gao, founder of Lnfi Network, clarified that this is Alby’s 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 the OCEAN mining pool, announced that he would sell his entire bitcoin holdings and exit the crypto industry in protest against the OP_RETURN change resolution passed by the Bitcoin Core developer team. The change is scheduled to remove the 80-byte OP_RETURN output limit in the Bitcoin Core 30 release in October, and the default mempool will support transactions of up to 4MB, designed to accommodate applications such as DAOs, oracles, and stablecoins. In the open letter, Hughes said that “52 days ago, the development of Bitcoin Core was at least as principled” and that “the qualities that make Bitcoin unique no longer exist.” He will leave when the changes take effect in October and has already received job offers from a number of non-crypto companies.

The Ethereum Foundation emphasizes that its ecosystem faces six major security challenges, 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, and user experience and social layer issues are among them. Based on feedback from users, developers, and other stakeholders, the report believes that user experience is the key to security improvement. According to the report, users bear a large security burden, and after feedback, user experience security is seen as a top concern, with blind signing, approval, and permission management, as well as the vulnerability of web interfaces, and many users lack the ability to securely manage encryption keys. In addition, the report mentions other areas of security, such as smart contracts, infrastructure and cloud, consensus protocols, surveillance response, and risk mitigation. At the same time, it emphasized the community’s concerns about the centralization of staking and off-chain assets, saying that the concentration of staking may bring risks to Ethereum, and may also lead to social governance manipulation. According to the foundation, social and governance risks are more long-term and related to the entire Ethereum ecosystem, rather than the security of individual users or applications.

important data

The whale 9a56eN unstaked 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 approximately $221 million) two hours ago. Subsequently, the address transferred 380,000 SOL (worth approximately $63.3 million) to Binance, Bybit, OKX, and Coinbase via FalconX.

Tesla’s US stock rose 2.3% in pre-market trading.

Tesla (TSLA.O) rose 2.3% in pre-market trading. Earlier, Musk expressed regret over some of the posts about Trump he made last week, stating that his comments were somewhat excessive.

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

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

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

According to SoSoValue data, Bitcoin spot ETFs saw a total net inflow of $431 million yesterday (June 10 ET). The Bitcoin spot ETF with the largest single-day net inflow yesterday was BlackRock (Blackrock) ETF IBIT, with a single-day net inflow of $337 million, and the current total historical net inflow of IBIT is $49.108 billion. This was followed by the Fidelity (Fidelity) ETF FBTC, with a single-day net inflow of $67.0683 million, and the current total historical net inflow of FBTC reached $11.678 billion. The Bitcoin spot ETF with the largest single-day net outflow yesterday was Bitwise ETF BITB, with a single-day net outflow of $597,300, and the current total historical net inflow of BITB is $2.040 billion. As of press time, the total net asset value of Bitcoin spot ETFs was $132.833 billion, with an ETF net asset ratio (market capitalization as a percentage of Bitcoin’s total market capitalization) of 6.08%, and a historical cumulative net inflow of $45.058 billion.

Ethereum spot ETF had a total net inflow of 125 million USD yesterday, continuing a net inflow for 17 days.

According to SoSoValue data, Ethereum spot ETFs saw a total net inflow of $125 million yesterday (June 10 ET). The Ethereum spot ETF with the largest single-day net inflow yesterday was Blackrock ETF ETHA, with a single-day net inflow of $80.5864 million, and the current total historical net inflow of ETHA reached $4.971 billion. This was followed by Fidelity ETF FETH, with a single-day net inflow of $26.3205 million, and the current total historical net inflow of FETH reached $1.555 billion. As of press time, the total net asset value of Ethereum spot ETFs was $10.650 billion, the ETF net asset ratio (the proportion of market capitalization to the total market capitalization of Ethereum) reached 3.18%, and the historical cumulative net inflow has reached $3.504 billion.

Abraxas Capital has withdrawn a total of 44,612 ETH from CEX in the last 14 hours, worth $123 million.

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

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

According to on-chain analyst Yu Jin’s monitoring, the “20x long BTC whale” continued to withdraw 7.505 million USDT from Bybit last night to increase the margin of their position, raising the total position to $405 million. Currently, their position situation is: 20x long 3686 BTC, with a position value of $405 million. Opening price $108,569, liquidation price $105,370. Currently, the floating profit is $5.39 million.

pump.fun transferred 154,000 SOL to Kraken in the last 9 hours, worth 24.39 million USD.

According to on-chain analyst Ember monitoring, after 12 days, pump.fun processed fee income again: 154,000 SOL (worth $24.39 million) was transferred to Kraken in the past nine hours. The platform typically processes fee income on a centralized basis every 1-2 weeks, and historical data shows that a total of 4.179 million SOLs (with a total value of $751 million) have been transferred out, with an average selling price of $179.89.

The whale with a “100% win rate in the three battles of ETH” shorted $61.03 million ETH with 25x leverage, with a liquidation price of $2,948.

According to Ember Monitoring, a whale known for its “100% win rate in the third battle of ETH” has started trading again. This time, he chose to short ETH and transferred 5 million USDC to Hyperliquid 20 minutes ago. At present, the whale has shorted 21,900 ETH with 25x leverage, with a total position value of about $61.03 million, with an opening price of $2,780 and a liquidation price of $2,948.

Financing

Blockchain financial infrastructure startup CloudTech has completed a $14 million Series A funding round.

CloudTech, a Melbourne, Australia-based blockchain financial infrastructure startup, announced the closing of a $14 million Series A funding round, with about $11 million in the funding deal in the form of Bitcoin and stablecoin USDT. (OTC), stablecoin solutions, and CobWeb Pay, which converts cryptocurrency into AUD for regular purchases, with the new funds intended to be used to launch an institutional-grade digital asset custody solution.

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

OpenTrade, a UK-based fintech company, has closed a $7 million strategic funding round led by Notion Capital and Mercury Fund, with participation from a16z crypto, AlbionVC and CMCC Global. The company focuses on providing stablecoin income services for high-inflation regions, with $47 million in assets under management and an average monthly trading volume of $200 million. OpenTrade provides low-level technical support to partners such as Criptan in Spain and Littio in Colombia through a “Revenue-as-a-Service” model, enabling users to earn up to 9% of the USD/EUR stablecoin through mobile apps. In markets where banks such as Colombia have less than 0.4% interest rates on US dollar deposits, the service yields can reach 6%.

Silhouette completed a $3 million Pre-Seed funding round, led by RockawayX.

According to an official announcement from Silhouette, it has completed a $3 million Pre-Seed funding round led by RockawayX, with participation from Amber Group, HiveMind, Protagonist, No Limit Holdings, NGC Ventures, and Echo.

Silhouette’s “Shield Exchange” built on Trusted Execution Environments (TEE) aims to achieve privacy-preserving order matching and settlement functions on Hyperliquid, supporting HyperCore and HyperEVM, and providing a new DeFi experience with various advanced strategy operations including TWAP, VWAP, and RFQ.

Web3 security company Hypernative completes $40 million Series B funding.

Web3 security startup Hypernative has completed a $40 million Series B funding 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 over 200 clients, protecting assets totaling more than $100 billion.

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

Noah, a stablecoin payments startup, announced the closing of a $22 million seed round led by LocalGlobe, a veteran European venture capitalist, with participation from angel investors including Felix Capital, FJ Labs, and Palantir co-founder Joe Lonsdale. Thijn Lamers, the former head of global sales at Adyen, joins as a co-founder, bringing a wealth of resources to the payments industry. 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 Increase in Cryptocurrency Holdings

The Blockchain Group has been approved to launch a financing plan of 11 billion euros to accelerate its Bitcoin purchasing strategy.

The Blockchain Group, a European listed company, received shareholder approval on June 10 to launch an €11 billion funding plan to accelerate its bitcoin purchase strategy. The resolution, which was passed with more than 95% support, will allow companies to increase their holdings of bitcoin through the issuance of flexible financing tools such as stocks and bonds. Alexandre Laizet, the new deputy CEO, will lead the Bitcoin strategy, with a board of directors serving until 2030. The company’s CEO said that this move will promote the coordinated development of the bitcoin reserve strategy with the existing main businesses such as data intelligence and AI consulting.

It is reported that the company currently holds 1,471 bitcoins (approximately $160 million) and announced at the beginning of June the establishment of a €300 million ATM (At-the-Market) financing mechanism with TOBAM Asset Management.

Bakkt announces an update to its investment policy to include Bitcoin and other digital assets.

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

Public company Quantum BioPharma increased its holdings of Bitcoin and other cryptocurrencies worth $500,000.

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