L2NightRunner

Wu Shuo learned that Bitcoin Treasury Company Nakamoto (Nasdaq: NAKA) announced a series of capital structure optimization updates. The company reduced $45 million in outstanding debt through repayment and write-downs, and reached a new loan agreement with creditors, achieving some debt deferrals until 2027 and adjusting financing interest costs. Currently, the company holds 4,468 Bitcoin reserves. Additionally, the board of directors has officially authorized a share repurchase plan of up to $25 million in common stock, and the company has requalified for Nasdaq listing compliance standards.

$BTC Order Books
FINALLY seeing an imbalance in OBs above!
Feels like we haven't seen this is weeks.
Aggregate Spot OB pressure above suggest there is actually interest in selling.
Upside potential is greater.

Kalshi’s head of crypto business said on social media that the people behind pushing the relevant investment layout were not SBF himself, but his partner Leopold Aschenbrenner. Aschenbrenner previously worked as an OpenAI researcher and founded the AI fund Situational Awareness, whose asset size exceeds $20 billion; its return rate within the year reached 270%, and its cumulative returns since its founding have exceeded $10 billion. He also made the biggest contribution to the equity bets on Anthropic, accounting for about one-fifth of the fund’s assets.

According to CBS reports, U.S. Central Command (CENTCOM) announced that under President Trump's orders, the U.S. military has begun "self-defense" retaliatory strikes against targets inside Iran, including air defense bases, ground control stations, and reconnaissance radar sites. This move is a direct response to the incident on Monday when an Apache attack helicopter was shot down near the Omani coast and the Strait of Hormuz. Trump previously issued a statement accusing Iran of shooting down the advanced helicopter conducting patrol missions and stated that "America's policy must be very tough and forceful." Currently, the U.S. military emphasizes that this attack is a proportional response to Iran's "baseless provocation" and has no intention of returning to full-scale war, while Trump had previously stated that U.S.-Iran peace negotiations are in the final stages, with an agreement possibly to be reached "within two or three days."

CryptoWorld News reports that the HYPE short position has increased by 45,691.73 ZEC, approximately $2,032,252.81.
The current position size is $23,993,578.09, with an average price adjusted from $51.54 to $52.88.
The current profit and loss is -$3,522,701.48 (-73.41%), with the current coin price at $61.98 and the liquidation price at $118.84.
This address shorted ZEC starting at $184, once experiencing a floating loss of $21 million, then turning profitable, and recently becoming the largest long position in the S&P 500, with a scale exceeding $70 million.

CryptoWorld News: HYPE long positions’ unrealized profit has expanded to about $28.8849 million, with a rise of 175.57%. The current coin price is $59.61, the liquidation price is $49.22, and the position size is about $82.2588 million. This address launched major long positions on HYPE before it was listed on Robinhood; it is now the biggest HYPE long holder and previously suffered large unrealized losses.

Wu Shuo has learned that, according to Onchain Lens monitoring, a suspected Pando Rings attacker address (0x303d...3d9f) recently spent 10.18 million USD in DAI to buy 6,343.5 ETH at an average price of $1,604. Currently, 100 ETH have been transferred to Tornado Cash.

Dimon states in the shareholder letter that blockchain, stablecoins, smart contracts, and tokenization could change financial services, and banks need to continue in-house research and development with a customer-centric approach. He expresses concern over proposed stablecoin legislation, especially the provisions allowing issuers to offer deposit-like yield products, and banks will oppose paying interest without banking protections. In the interview, he also criticized Coinbase's Armstrong for promoting favorable policies in Washington. Negotiations on the "Clear Act" are still ongoing, with legislators discussing issues such as stablecoins, reserves, consumer protection, and yield-bearing digital assets.

CoinWorld News reports that Zodia Markets, the cryptocurrency subsidiary of Standard Chartered Bank, says that in 2025, the stablecoin with the second-highest usage among its customers is not a euro or other G10-currency stablecoin, but rather a stablecoin pegged to the Turkish lira, second only to the US dollar stablecoin. Zodia says that customers use the lira stablecoin as an alternative to traditional correspondent bank transfers because it settles faster, is more reliable, and costs less. Data shows that in 2025, Zodia processed $110.5 billion in US dollar stablecoin transactions and $3.4 billion in lira stablecoin transactions, while euro stablecoin transactions totaled only a few tens of millions of dollars.

Crypto World News reports that Wu has learned that Grayscale (Grayscale) has officially announced that the Grayscale hyperliquid staking ETF (code: hypg) will begin trading on June 4. Grayscale says that hypg is the HYPE ETP with the lowest total management fee in the United States, which will provide investors with direct exposure to HYPE and staking, and can be held via brokerage accounts. Previously released filings show that hypg’s management fee is 0.29%.

According to some monitoring, Ethan He, the former head of the world model at xAI, left due to the frequent adjustments in the business priorities and goals of the startup large model company, making it difficult to align long-term cutting-edge research with short-term commercial delivery. He plans to shift towards foundational exploration of language models that cannot currently be carried out at xAI. The Colossus GPU cluster is extremely costly, and idle computing power causes huge financial pressure, increasing R&D anxiety. The video team launched Grok Imagine 0.9 in three months, achieving a qualitative leap through flat management and data flow correction. Ethan also mentioned that Elon Musk is highly involved in technical decision-making and participates in closed-door seminars he convenes.

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Written by: Tide Research
Bank of America's latest issue of Flow Show, with a title that bites: Post-bubble.
Analyst Hartnett doesn't use questions, nor does he add words like "possible" or "perhaps" as buffers. In his view, the current U.S. stock market is not "suspected of being a bubble," but has already entered the script of a bubble burst. He flips through history from 1929 to 2015, uncovering the asset performance patterns after each major bubble peak, then draws a roadmap for today's market.
The core trading strategy of this chart can be summarized in one sentence: go long on "humiliated" assets, go short on "arrogant" ones (long humiliation, short hubris).
A set of unsettling data
Let's first look at the current "abnormality."
The S&P 500 index is at a historic high