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Crypto news, Blackstone Group has advanced the listing process of its Bitcoin Income ETF to a critical stage, submitting registration documents to the U.S. Securities and Exchange Commission (SEC). According to Form 8-A filed on June 11, Blackstone's iShares Bitcoin Income ETF is registered to list on Nasdaq, with the ticker symbol BITA. Bloomberg senior ETF analyst Eric Balchunas stated that Blackstone's application usually indicates an approval within a week, and it is expected that $BITA will go live next Thursday. The fund aims to combine Bitcoin-related investments with income generation, planning to collect option premiums by selling call options while holding assets related to Blackstone's iShares Bitcoin Trust (IBIT).

CryptoWorld News reported that, according to The Paper, Chen Yusen, a former member of Saitech’s board of directors, has taken over as CEO of DingTalk, while the original CEO, Chen Hang, has stepped down. Chen Yusen was appointed to the Saitech board in December 2021 and previously served as Vice President of Alibaba Cloud Intelligence Group and head of the AI agent product mulerun.

SpaceX faces a frenzy of buying, but the AI industry chain is beginning to "bubble burst"?
In the past 24 hours, a very interesting phenomenon has appeared in the U.S. stock market:
On one side, SpaceX's IPO continues to ignite global capital enthusiasm. According to the latest news from Reuters, demand for SpaceX's IPO subscription has exceeded $250 billion, about four times the fundraising scale of $75 billion, making it one of the most watched tech IPOs in recent years. The market generally expects its valuation to approach $1.77 trillion, and the subscription enthusiasm is still heating up.
But on the other side, the AI industry chain has encountered a sudden valuation correction.
SemiAnalysis's latest research report points out that the commercialization progress of Co-Packaged Optics (CPO), which the market previously placed high hopes on, may be delayed, and the upgrade pace of some AI data center power architectures is also below expectations. After the news broke, the optical module and AI network infrastructure sectors experienced collective sell-offs. Companies like AAOI, Marvell, Coherent, and others saw declines of over 10% during trading, and AI concept stocks like AMD also came under pressure.
From a trader’s perspective, this actually reflects the most authentic state of the current AI market:
Capital is still crazily chasing the top-tier AI narratives.
Super unicorns like SpaceX, OpenAI, Anthropic are still the core targets of capital pursuit, with many institutions willing to prepay for the imagination space of the next ten years. The subscription scale for SpaceX has risen from about $150 billion a few days ago to over $250 billion, which is the most direct proof.
But for the secondary market, the story is no longer enough.
The market is beginning to reassess the actual landing speed of the AI industry chain, order fulfillment capability, and future profit cycles. If commercialization progress falls below expectations, valuation corrections will come very quickly.
In simple terms:
The primary market is crazily pricing for the "future";
The secondary market is starting to reprice the "reality."
For crypto investors, this situation is actually not unfamiliar. Just like in past bull markets, BTC and leading assets kept hitting new highs, but many concept coins had already entered the value reversion stage.
The AI track may be experiencing the same process.
Truly barrier-rich, cash-flowing, industry-leading companies are still attracting global capital, while those segments of the industry chain driven by expectations are undergoing the market’s harshest test.
In the coming months, the differentiation within the AI sector may only become more obvious. #Gate直通IPO认购SpaceX #SpaceX认购规模超2500亿美元 @Gate 广场

Metaplanet CEO Simon Gerovich stated that the mNAV dropping to 0.92x makes buybacks a potential capital allocation tool. The company holds 40,177 Bitcoin, with a Bitcoin NAV of approximately $2.54 billion and an enterprise value of about $2.35 billion. Gerovich emphasized that investors should not interpret this as buybacks already underway. The quarterly financial report disclosed in May shows a net loss of 114.5 billion yen (about $726 million) in Q1, mainly due to non-cash impairments caused by the decline in Bitcoin prices; however, revenue increased by 251% year-over-year to 3.08 billion yen.

𝐁𝐈𝐓𝐂𝐎𝐈𝐍 𝐌𝐀𝐂𝐑𝐎 𝐖𝐀𝐕𝐄 𝐒𝐓𝐑𝐔𝐂𝐓𝐔𝐑𝐄 𝐔𝐍𝐅𝐎𝐋𝐃𝐈𝐍𝐆 🚨📉
🔶 $BTC monthly structure is entering one of the most important phases of the entire cycle.
🔶 According to the Wave perspective, Bitcoin may not be forming a simple correction — but a much larger multi-year corrective structure.
💎 𝐖𝐡𝐚𝐭 𝐓𝐡𝐞 𝐂𝐇𝐀𝐑𝐓 𝐈𝐒 𝐒𝐇𝐎𝐖𝐈𝐍𝐆
🔸 A major Diametric structure appears to have completed around the previous cycle peak
🔸 The following move developed into a complex corrective phase instead of a clean impulsive continuation
🔸 Current price action is being monitored as a possible Terminal wave-c decline
🔸 Internal waves continue showing corrective characteristics, matching Wave behavior
⚠️ 𝐊𝐄𝐘 𝐒𝐂𝐄𝐍𝐀𝐑𝐈𝐎
If this Terminal interpretation continues:
📉 Wave-3 could target deeper liquidity zones
🔄 Wave-4 recovery may follow
📊 Final wave-5 could complete the entire correction before the next major cycle begins
💎 𝐓𝐇𝐄 𝐁𝐈𝐆 𝐏𝐈𝐂𝐓𝐔𝐑𝐄
Markets move in phases:
Accumulation → Expansion → Distribution → Correction
The crowd usually focuses on short-term candles…
Professional analysts focus on the full structure.
Patience wins the cycle. 🧠
#BTC $BTC ‌

Mars Finance reports that Strategy will publish its latest 8-K at 20:00 Beijing time tonight to confirm whether it sold any Bitcoin last week. Previously, on May 29, it transferred 411 BTC to Coinbase, and on April 30, it received the same amount of BTC from Coinbase again, making it difficult for the market to determine whether selling was involved. Polymarket’s $8.95 million trading volume market “Did MicroStrategy sell any Bitcoin before May 31?” has entered a dispute period.

On May 31, according to monitoring, the whale lovelystuff on Polymarket has almost settled the “90-minute win/loss” market for Paris Saint-Germain vs Arsenal, with profit of approximately $4.4 million (+61.29%). The market is determined by 90 minutes plus stoppage time: if Paris Saint-Germain wins, the result is “Yes,” otherwise it is “No.” lovelystuff still shows an unrealized profit of $186k in another market, “Arsenal to win the 2025-26 Champions League,” and if the match goes as predicted, the overall profit would be approximately $1.4 million.

Mars Finance News: According to official information, the London-listed technology company The Smarter Web Company increased its holdings by 9 bitcoins, bringing its total holdings to 2,878 bitcoins.

BlockBeats News, May 29 — According to Onchain Lens monitoring, BlackRock deposited 2,448 BTC (approximately $180 million) and 28,683 ETH (about $57.62 million) into Coinbase, and may continue to make transfers.

Dallas Fed's April truncated mean year-over-year is 2.3%, lower than March's 2.4%, seen as evidence from Waugh regarding inflation improvement.
But several economists warn it may systematically underestimate the true pressure because tariffs have changed the price distribution, with large increases in items like gasoline and airline tickets and decreases in poultry and haircuts, potentially leading to an underestimate.
Core PCE in April was 3.3% year-over-year, still rising.
Standard Chartered and Harvard's Furman and others believe that the historical and predictive power of the truncated mean are both weak.

CryptoWorld News reports that, according to the Financial Times of the UK, Amazon (AMZN.O) has canceled the AI leaderboard to prevent employees from pursuing usage scores.