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What happened on the crypto market last night?
• Spot Bitcoin ETFs recorded net outflows of $2.4 billion in May, their highest level in five months.
• JPMorgan, Citi, and other major banks plan to launch a tokenized deposit system via The Clearing House to integrate bank deposits on the blockchain.
• The founder of Zcash revealed a critical flaw that could allow unlimited creation of ZEC, fixed on June 2. Arthur Hayes sold all his ZEC after the incident.
• A key committee of the U.S. House of Representatives may abandon a tax bill covering staking and mining as early as this Friday.
• Ryan S. Adams from Bankless believes that Ethereum cannot succeed without an ETH valued at several trillion dollars.
• Solana needs to address its inflation and tokenomics issues in the face of competition from Hyperliquid.
• Michael Saylor clarified that he is not facing any margin calls despite the recent drop in Bitcoin.