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According to Bloomberg, Bitcoin fell below $60,000 last week, with a market value evaporating by about $235 billion within seven days, nearly halving from last year's peak. The market value of altcoins has shrunk from a peak of $431 billion in November 2021 to about $170 billion, with less than 1,700 of the tens of millions of tokens created in recent years still having substantial trading activity. However, in stark contrast to the price trends, the most commercially valuable businesses in the crypto industry are accelerating growth.The annual trading volume of stablecoins reached about $390 billion, with total trading volume soaring 72% to $33 trillion by 2025. Over $30 billion in assets have been tokenized, and BlackRock's tokenized money market fund BUIDL has an asset size of $2.4 billion. Visa and Mastercard are expanding stablecoin settlement capabilities, and Nasdaq is collaborating with Kraken to offer tokenized stocks.Bloomberg Intelligence's Mike McGlone stated that the most important technology is stablecoins; when you have stablecoins, you don't need XRP or Bitcoin to store value. We are experiencing a cleansing, and this has only just begun. EMJ Capital founder Eric Jackson pointed out that "the Bitcoin price chart used to be the entire crypto story, but it is no longer."

According to on-chain analyst Yu Jin's monitoring, a certain lending short-selling ETH whale continues to short 7,000 ETH, worth 11.83 million USD. Currently, it has collateralized 132 million USD in stablecoins on Aave, borrowed 35,000 ETH, and transferred it to Binance, worth 58.51 million USD, at a price of 1,672 USD.

According to Jinshi reports, European stocks opened lower, with the Euro Stoxx 50 index, French CAC40 index, and German DAX30 index all falling by more than 1%, while the UK FTSE 100 index dropped by 0.35%.

The World Cup will kick off on June 11, and the Hong Kong police have launched operations "Gobi" and "Wind Shield" to combat illegal betting on sports through publicity, education, intelligence, and law enforcement. The police pointed out that in recent years, illegal gambling has shown a trend of digitalization, including online betting, social media attracting gamblers, and using virtual currency for bets. The police stated that they still have the capability to trace participants.According to the law, betting with illegal bookmakers can result in a maximum sentence of 9 months and a fine of 50,000 HKD, accepting bets can lead to a maximum sentence of 7 years and a fine of 5 million HKD, and money laundering can result in a maximum sentence of 14 years and a fine of 5 million HKD. The police also shared a case of a young person who was once addicted to illegal gambling, who owed a maximum of 160,000 HKD at his peak. A police clinical psychologist warned that those who start gambling before the age of 18 have a risk of developing gambling disorders of over 80%.

According to The Block, JPMorgan analysts stated in their latest report that although Strategy's previous sale of 32 bitcoins caused market fluctuations, it was merely a symbolic operation, and the real issue lies in the lack of demand from new investors.The report pointed out that Strategy's current dollar reserves are only sufficient to cover about 6.3 months of preferred stock dividends, and it is recommended that they rebuild their dollar reserves to restore investor confidence. JPMorgan also lowered its expectations, believing that the likelihood of the U.S. crypto market structure bill (Clarity Act) passing this year is now below 50%, and has shifted to a cautious stance on digital assets as a whole.Nevertheless, analysts still expect Strategy to continue buying bitcoins and believe that the current market weakness may become a bullish reversal signal in the future.

The founder of the Liebit Mining Pool (B.TOP), Jiang Zhuoer, expressed his views on Strategy's decision to sell Bitcoin. He believes that Strategy will not sell a large amount of coins, but will only sell a small amount to pay interest.Jiang Zhuoer thinks that Strategy is issuing new STRC to raise funds to buy more BTC, while selling a very small amount of early low-cost BTC to realize accounting gains for paying STRC interest. This is a manifestation of its "rolling strategy." However, not selling at all would make investors suspicious of "using new money to pay old interest." Selling a small amount can generate real profits, maintain the image of "never selling coins," and facilitate continued financing.

Tether CEO Paolo Ardoino posted a "Dragon Ball" comic image on the X platform, featuring the main character Goku and many supporting characters lifting a Spirit Bomb labeled "BTC," along with the caption "One Community," calling for the crypto community to unite during the bear market.

According to Arkham monitoring, the German government has previously sold a total of 49,858 bitcoins, with an average selling price of approximately $57,900.If bitcoin drops about 6% from the current level, the price will fall near the German government's average selling price, which means that bitcoin is gradually approaching the cost range during large-scale sell-offs by sovereign institutions. Therefore, in the context of significant liquidation pressure facing the market this week, the area around $57,900 is worth paying close attention to. Since government sales typically exhibit characteristics such as non-voluntary nature and insensitivity to price, this price level may become an important reference range for the market to assess supply and demand relationships and subsequent trends.

According to on-chain analyst Yu Jin's monitoring, Longling Capital (0x347...dcf) transferred 10,000 ETH to Binance, after which its associated address withdrew 21.94 million USDT from Binance.The address holds 95,800 ETH (worth 149 million USD) in Aave, with a loan of 91.33 million USDT, and the liquidation price of ETH is 1,148 USD.

According to on-chain analyst Yu Jin's monitoring, Longling Capital transferred 10,000 ETH to Binance, worth 15.68 million USD.

According to CoinDesk, despite market speculation that some retail investors may sell Bitcoin to participate in SpaceX's record-breaking $75 billion IPO, stablecoin liquidity and on-chain data show that there are currently no signs of large-scale capital withdrawal from the crypto market.This SpaceX IPO is valued at approximately $1.8 trillion, allocating up to 30% of shares to retail investors through platforms such as Robinhood, Fidelity, and Charles Schwab, significantly higher than the traditional IPO's allocation of about 10% to individual investors. After the roadshow began, subscription demand has exceeded the issuance scale.Data shows that the outflow of USDT and USDC remains within the normal range since February this year, with no abnormal redemptions or supply contractions. In contrast, on June 6, Bitcoin and Ethereum recorded net outflows of approximately 66,470 BTC and 2.49 million ETH from exchanges, indicating that more investors are transferring assets to private wallets, showing signs of buying the dip rather than concentrated cashing out.However, on-chain data cannot reflect the trading behavior of users on platforms like Robinhood and Coinbase, so whether crypto investors are selling assets to subscribe to SpaceX stock still requires waiting for relevant brokers to release subsequent data.Currently, the most significant capital outflows are coming from spot ETFs. Data shows that as of June 3, U.S. spot Bitcoin ETFs have experienced net outflows for 13 consecutive trading days, with total redemptions of approximately $4.4 billion; spot Ethereum ETFs have seen capital outflows for 17 consecutive trading days before returning to slight net inflows.According to the plan, SpaceX will complete pricing on June 11 and will be listed on Nasdaq under the stock code SPCX on June 12.

According to on-chain analyst @ai_9684xtpa, three major whales holding 345,000 ETH are facing liquidation risks, totaling $537 million:Whale that has been long on ETH since February: Long position battlefield: Hyperliquid collateral amount: 152,195 ETH ($210 million), distributed across 2 addresses. Current status: Health down to 1.16. Liquidation prices: $1,355.63 and $1,280.47.Bit affiliated entity: Long position battlefield: Hyperliquid long position: 120,000 ETH ($188 million), distributed across 4 addresses. Current profit and loss: Unrealized loss of $84.48 million. Liquidation prices: [$1,241, $1,272].Whale that has been long on ETH after five years of dormancy: Long position battlefield: Aave collateral amount: 72,706.14 ETH ($113 million), distributed across 2 addresses. Current status: Liquidated 31,915.13 ETH. Liquidation prices: $1,472.12 and $1,458.81.

According to Onchain Lens monitoring, the mysterious whale 7 Siblings (0x5ffc...3c37) has once again purchased 11,759 ETH, worth 18.03 million USD, and still holds 10 million USD worth of USDS.

According to on-chain analyst @ai_9684xtpa, a long borrowing position of ETH valued at $168 million has been liquidated again, with 10,117 ETH being liquidated this time. Since last night, a total of 31,915.13 ETH has been liquidated from this position.The latest on-chain data shows that the address starting with 0xc3f has 41,167.63 ETH remaining borrowed, with a liquidation price of $1,472.09; the address starting with 0x34d has 31,537.7 ETH remaining borrowed, with a liquidation price of $1,458.78.

According to Gate market data, the US stock market continues to decline, with the Nasdaq Composite Index down 3%; Tesla (TSLA.O) fell more than 5% during the day.

According to Gate market data, the three major U.S. stock indices continued to decline, with the S&P 500 index's drop expanding to 1%, the Nasdaq down 1.6%, and the Dow down 0.3%.

Jiang Zhuoer, the founder of the Liebit Mining Pool (B.TOP), stated that he has repurchased all previously sold Ethereum positions at an average price of $1,645, after clearing positions in the range of $2,200 to $2,400. Although the repurchase operation has been completed, he believes that the overall market is still in a downtrend, but Bitcoin has received support twice around $61,000 and has not effectively broken down, indicating a short-term technical rebound demand.Based on this judgment, Jiang Zhuoer expects Bitcoin to experience a rebound in the next 1 to 3 days and plans to sell the recently repurchased Ethereum positions again during the rebound process.

According to Jinshi News, the three major A-share indices expanded their declines in the late trading session, with the Shenzhen Component Index falling over 2%, the ChiNext Index dropping nearly 3%, and the Shanghai Composite Index currently down by 0.64%.

According to market news, the South Korean police are investigating domestic users of the world's largest prediction market platform, Polymarket, accusing them of violating Article 246 of the Criminal Act (gambling crime), which could result in a fine of up to 10 million won. This investigation, led by the Gangwon Provincial Police Agency at the request of the National Police Agency, is the first criminal investigation targeting Polymarket users in South Korea, covering users from all over the country. It is reported that South Korean users place bets on the platform using US dollar stablecoins, and the platform has no restrictions; just one local election event attracted bets amounting to hundreds of billions of won.

According to Onchain Lens monitoring, some whales are buying ETH, while others are selling. The wallet associated with '7 Siblings', '0x466', borrowed 60 million dollars to purchase 32,919 ETH at a price of 1,762 dollars, using 58 million dollars. This wallet still has 2 million dollars in unfilled orders to buy ETH. After being silent for 3 years, the whale '0x293' sold 10,000 ETH at a price of 1,772 dollars, exchanging it for 17.72 million USDC.