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Aave experienced approximately $8.45 billion in fund withdrawals after the KelpDAO's rsETH cross-chain bridge was attacked in April 2026, but the core functions of the protocol did not fail, successfully completing one of the largest liquidity stress tests in DeFi to date. This crisis originated from the attack on KelpDAO's LayerZero cross-chain bridge, resulting in approximately $292 million in rsETH being stolen, raising concerns in the market about the collateral value and solvency of rsETH.As rsETH is widely used as collateral in protocols like Aave, the risk quickly spread, leading to concentrated withdrawals by users, with some market utilization reaching 100% at one point, causing some users to be unable to withdraw funds immediately. In the face of liquidity tightening, the Aave risk management team initiated emergency freeze and parameter adjustment mechanisms to limit the spread of risk.Aave founder Stani Kulechov viewed this incident as proof of the maturity of DeFi, believing that the protocol continued to operate as designed under extreme pressure, demonstrating the resilience of an on-chain transparent, rules-driven system. However, several independent analysts pointed out that while Aave avoided a systemic collapse, the event exposed that the DeFi lending system still has concentration risks, liquidity risks, and contagion risks arising from high interconnectivity between protocols. The behavior of large borrowers could have an impact on the overall stability of the system that exceeds model expectations.Aave currently controls risk through multiple protective measures such as loan-to-value (LTV) limits, liquidation thresholds, supply caps, borrowing limits, Isolation Mode, E-Mode, and governance mechanisms. These mechanisms played a role during this crisis, but observers believe that the governance response speed and risk models still need further optimization to cope with future unknown systemic shocks.Analysis suggests that this incident indicates that DeFi protocols can withstand large-scale runs without external assistance, but a single stress test cannot fully prove system safety. As the composability between protocols continues to strengthen, an issue with an external asset or cross-chain bridge could still quickly evolve into a liquidity crisis for the entire ecosystem.

According to Jinshi, Bank of America strategists stated that last week the U.S. stock market attracted a record inflow of funds, with investors flocking to the technology sector. The team led by Michael Hartnett cited data from EPFR Global, indicating that in the week ending June 17, a record $119.2 billion flowed into U.S. equity funds. They noted that on an annualized basis, U.S. equity funds are expected to attract a record $739 billion by 2026.

According to Jinshi reports, data shows that forex traders, including hedge funds, are buying options in large quantities, betting that the dollar will strengthen further after the Federal Reserve released hawkish signals this week. Leveraged funds began buying dollar call options on Wednesday, and this demand continued into Thursday as investors digested the anti-inflation remarks from the new Federal Reserve Chair, Waller. Tobias Jungmann, head of forex options at Bank of America, stated that the buying of dollar call options is heavily concentrated in G-10 currencies. James Swindell, a forex options trader at Barclays, also noted a significant increase in demand for dollar call options, particularly in the euro/dollar and pound/dollar pairs.

On-chain analyst Murphy stated that the net holdings of long-term holders (LTH) have reached a new historical high. As of June 17, the net holding amount of LTH reached 14.96 million BTC, an increase of 20,000 BTC compared to the peak formed on March 27. This is also the second time that LTH net holdings have reached a new high since BTC entered the bear market. More and more BTC are unwilling to participate in short-term speculation and turnover, with 75% of the total circulating supply held by LTH.He believes that historically, the bottom of each bear market usually appears after the net holdings of LTH begin to rise, meaning that there is first a "holding recovery," followed by a "bottom formation." In the last cycle, LTH net holdings experienced three new highs, corresponding to three strong distributions, which occurred during the periods of the Federal Reserve releasing interest rate hike expectations, the Luna crash, and the FTX collapse. This cycle has currently reached a new high for the second time. He believes that the key is not how many times a new high is reached, but whether the scale of previous LTH distributions shows a clear downward trend. If this distribution scale is lower than the last time, it indicates that selling pressure is gradually exhausting, and the true bottom of the bear market may have already formed or is not far off.

According to monitoring by Catcher Predict, in the event "Trump's Response to Iran's Demands" on the prediction market Polymarket, the probability of the "Yes" option in the sub-market "Withdrawal" has experienced significant fluctuations, dropping from 70% an hour ago to the current 54.5% (a fluctuation of 15.5%). Please note the impact of related breaking news.

According to Jinshi reports, Kay Haigh of Goldman Sachs Asset Management stated that the "unequivocally hawkish" message from Walsh surprised the market, as it prioritized curbing inflation. The market believes that the probability of a rate hike by the Federal Reserve in September has exceeded 80%, and expects more than one rate hike in October. Haigh predicts that the volatility of 2-year Treasury bonds will significantly increase in the future, as the market refocuses on inflation issues, with the long end of the yield curve stabilizing. On Wednesday, the yield on 2-year U.S. Treasuries surged by 13 basis points, marking the largest increase since April 2025.

The DeFi lending protocol Ionic Protocol announced on platform X that due to the ongoing impact of a security breach incident that occurred in 2025, the project has been forced to immediately cease all operations, and all users need to withdraw their assets from various deployments as soon as possible. Ionic Protocol added that this closure decision was "without choice," and relevant services have now entered the termination process.

The Federal Reserve has released a hawkish signal, putting pressure on gold prices to decline. According to CoinGlass data, gold (XAUT) is currently priced at $4280.41, down 0.62% in the last 24 hours. Meanwhile, the total 24-hour trading volume of XAUT across the network reached $293 million, with the Gate platform performing particularly well, recording a 24-hour trading volume of $26.6557 million for its XAUT/USDT trading pair, and a 7-day trading volume exceeding $131 million, both ranking in the top two globally. In addition, the total 24-hour trading volume of XAUT contracts across the network reached $1.138 billion, with the Gate platform's position size around $11.9 million, ranking third among global exchanges.

CryptoQuant analyst Axel Adler Jr. stated that the Federal Reserve kept the federal funds rate unchanged in the range of 3.5% - 3.75%, but the dot plot released hawkish signals, weakening support for risk assets.As a result, Bitcoin fell about 4% from around $66,400, dropping below $64,000, and there has not yet been a significant bottom-buying interest; gold, on the other hand, quickly rebounded above $4,300 after a dip.

Trader Ansem posted that Warsh and the hawkish FOMC may put pressure on risk assets, expecting that risk assets will generally decline, while BTC has shown relative weakness compared to most assets. He believes that BTC's failure to break through the weekly resistance across multiple time frames may lead to another test of the range's low point.

According to Jinshi reports, the Federal Reserve's dot plot shows a clear hawkish tendency, leading to a sharp decline in Shanghai gold and silver futures at the opening. Goldman Sachs has issued a warning that the hawkish shift is not solely due to oil, and when precious metal prices will stabilize remains a focal point of market attention.

Illinois Governor JB Pritzker signed the Digital Asset Tax Act on Tuesday, which will impose a 0.2% tax on the transaction value of digital asset transactions or services provided to customers in Illinois. The law will take effect on January 1, 2027.The tax primarily targets crypto service providers, including exchanges, custodians, and brokers, requiring them to collect and remit the tax on behalf of their clients, similar to a sales tax. Industry organizations such as the Crypto Council for Innovation, Digital Chamber, and Illinois Blockchain Association strongly oppose the bill, stating it could become one of the most stringent digital asset tax regimes in the nation. Critics argue that the tax will impose additional costs on Illinois residents simply for using digital assets and may drive crypto businesses, developers, and innovation out of the state.

According to Jinshi reports, emerging market stock indices erased their gains due to the Federal Reserve's shift to a hawkish policy.

According to Jinshi News, Christopher Hodge, Chief U.S. Economist at the French Foreign Trade Bank in North America, believes that the Federal Reserve's statement has been significantly streamlined, with clear hawkish signals. Interest rates remain unchanged, the tendency for easing has been removed, and there were no dissenting votes. The conclusion of the statement emphasizes the commitment to achieving price stability. Overall, this is a hawkish statement.

10x Research analysis points out that the Bitcoin yield-enhanced exchange-traded fund BITA launched by BlackRock may have design flaws in its strategy. By generating income through selling call options, it may lead investors to underperform against spot Bitcoin in most market environments, or fail to achieve ideal absolute returns.10x Research believes that BITA executes the call option selling strategy monthly according to fixed rules, and regardless of whether Bitcoin rises, consolidates, or falls, investors may make unfavorable trade-offs between income and upside potential; its proposed framework emphasizes "timing and conditional execution," obtaining option premiums only when market conditions are favorable. The high volatility of Bitcoin mainly stems from information asymmetry among market participants and a highly marketed market environment. For a long time, many investors have attempted to capture this volatility return through systematic strategies, but most have not succeeded.

According to the Shanghai Securities Journal, Wu Qing, the Chairman of the China Securities Regulatory Commission, stated at the 2026 Lujiazui Forum that the next step will be to timely release guidelines for the standardized development of artificial intelligence in the capital market.Wu Qing pointed out that the CSRC will strictly investigate and deal with illegal activities such as using technology to ride on trends, hype concepts, and even manipulate the market and insider trading; at the same time, it will legally and strictly crack down on illegal stock recommendations using artificial intelligence, as well as industry chaos such as spreading rumors and illegal trading using artificial intelligence.

According to Onchain Lens monitoring, a newly created wallet has withdrawn 150,000 HYPE (approximately 1 million USD) from Bybit in the past 5 days, and currently has an unrealized profit of about 1 million USD.

According to a statement from the Crypto Council for Innovation, Illinois Governor Pritzker has signed a digital asset tax bill, which is considered to be the most punitive digital asset tax regime in the country, imposing a disproportionate tax burden on Illinois residents using digital assets.The council strongly opposes this, warning that this move will drive innovators and developers out of the state, and has issued a formal letter of opposition.