Morning Digest

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🆕 The US and Japan announce a historic $1 billion partnership aimed at accelerating scientific breakthroughs in AI under the Mission “Genesis” program. On June 16, Japan will announce its interest rate decision. Why this matters for the crypto market—I'll tell you in a separate post today.

➡️ A vulnerability that allowed for forging Zcash has been resolved. Due to Orchard’s privacy features, it is impossible to cryptographically prove whether the bug was exploited before it was fixed. The ZEC price, which had been holding up fairly well amid BTC’s drop, fell by 35%.

➡️ Saylor called the current BTC decline a rotation of capital rather than a devaluation, and he considers ETF outflows the trigger. However, even his small BTC sale also sparked the market at the sentiment level.
⚫ The CEO of CryptoQuant, Ki Young Ju, also thinks that

➡️ According to trader forecasts on prediction markets, the probability that $BTC will fall below $40k this year is 30%, and below $50k is 55%. Prediction markets are often more accurate than individual traders/experts

➡️ According to DefiLlama data, in May DeFi crypto projects generated revenue of $1.7 billion. At the top is Tether with $493 million, followed by Circle with $196 million.

➡️ Arthur Hayes sold HYPE and NEAR as part of taking profit.

➡️ With BTC below $63k, Strategy’s unrealized loss is $11.22 billion. At the same time, Tom Lee’s BitMine is in a drawdown of $9.38 billion with Ethereum’s price below $1800.