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According to BBX data, last week the expansion of institutional crypto infrastructure and the differentiation of cash flow management models for mining companies were implemented simultaneously. The core dynamics are as follows:Morgan Stanley (NYSE: $MS) Wealth Management Department and Galaxy Digital Inc. (NASDAQ: $GLXY) officially announced a recommended cooperation agreement on June 5: allowing Morgan Stanley's qualified high-net-worth clients to lend directly held BTC, ETH, or SOL to Galaxy Digital. After Galaxy, as an Authorized Participant (AP), completes the creation of physical shares, the corresponding spot crypto ETP shares (including Morgan Stanley Bitcoin Trust, NYSE Arca: $MSBT) will be directly transferred to the client's brokerage account; the converted ETP shares can be used as collateral for account financing. Key parameters: Galaxy Digital has reduced the minimum trading threshold for Morgan Stanley's recommended clients from $25 million to $5 million, significantly expanding the coverage of qualified high-net-worth clients; traditional similar institutional trades usually take more than four weeks to complete, while the new mechanism can shorten the entire process by up to 75%. The legal basis for this cooperation is the SEC's approval of the physical conversion ETF mechanism for crypto assets in July 2025, allowing direct physical conversion between directly held crypto assets and spot crypto ETFs, with Morgan Stanley's $MSBT being one of the first beneficiary products.Bitdeer Group, Inc. (NASDAQ: $BTDR) reported that as of the week of June 5, 2026, Bitcoin mining output was 205.3 BTC, with the same amount sold, resulting in a net holding of 0 BTC, maintaining a current BTC position of zero, continuing the "output equals sale" cash flow management strategy; the proceeds from sales are used to support the R&D of its SEALMINER mining hardware product line and the expansion of hash power hosting services. Bitdeer's zero holding model sharply contrasts with mining companies like CleanSpark, Inc. (NASDAQ: $CLSK) (holding approximately 13,561 BTC) and MARA Holdings, Inc. (NASDAQ: $MARA) (holding approximately 35,303 BTC), which continue to accumulate Bitcoin, representing another financially rational path for mining companies during the BTC price downturn cycle—exchanging immediate liquidity for stable operational cash flow, avoiding the impact of single asset price fluctuations on the balance sheet.

According to TenArmorAlert monitoring, Ambient Finance on Ethereum was attacked, resulting in a loss of approximately $110,600.

On June 5, local time, the High Court of England held a procedural hearing regarding the asset disposal related to the Qian Zhiming case. Regarding approximately 60,000 bitcoins and other assets involved in the case, about 16,000 Chinese victims have registered through multiple UK law firms to participate in the civil recovery process under the UK Proceeds of Crime Act. The registration window closed on May 22.An important topic of this hearing was how multiple law firms would share the common litigation costs. The judge ultimately decided that each law firm would pay their corresponding share of £190,000 into the court account based on the number of victims they represent, with a deadline of June 26 at 4 PM. A special hearing to determine the "legal applicability issue" of whether Chinese victims can claim ownership of the assets involved will be held in July.

Bybit announced the official launch of its on-chain US stock IPO subscription product, Bybit IPO Express, and partnered with xStocks to introduce the first phase of the SpaceX tokenized IPO subscription service.It is reported that this product is open to eligible Bybit VIP and Pro users, allowing users to subscribe to stock assets at the issue price directly in the primary market without the need to open a traditional brokerage account. The tokenized SpaceX shares issued this time are fully backed by xStocks, pegged 1:1 to real equity, and comply with institutional-level regulatory standards.The specific timeline for the SpaceX tokenized subscription is as follows:Registration and subscription period: June 7 to June 11Quota phase: June 11 to June 12Spot trading launch: June 12The official statement indicated that the Bybit platform will continue to expand its on-chain US stock and RWA ecosystem in the future to provide more diversified investment opportunities.

Syscoin posted on platform X to provide the community with a preliminary update regarding the recent cross-chain bridge security incident involving 5 billion SYS tokens. The bridging service has been suspended, and the team is investigating and fixing the validation issues. The attacker exploited a validation vulnerability in the cross-chain bridge process to create unauthorized SYS outputs on the UTXO side.The affected funds have been transferred and split, and the team is tracking and coordinating with exchanges and ecosystem partners to prevent the contaminated UTXOs from being deposited, traded, or further distributed. The team has identified a fix and advises users not to interact with the cross-chain bridge until it is restored.

Yuga Labs CEO Michael Figge posted on the X platform that his team has just completed a white hat operation on a vulnerability found in the Flooring Protocol. The following assets are now safely held by Yuga Labs: 29 Bored Apes, 4 Mutant Apes, 1 BAKC, 2 CryptoPunks, 1 Azuki, 2 Elementals; 26 Captains, 1 Moonbird, 2 Doodles.Team Vice President @0xQuit recovered these assets, and @coffeedev discovered that the same vulnerability posed a greater risk to other Flooring collectible series (such as BAYC and CryptoPunks). Figge instructed GrailsOTC trading desk to advance funds and NFTs to rescue the at-risk assets from the protocol. The team will work with the protocol developers to return the assets.

According to Onchain Lens monitoring, the wallet associated with Arthur Hayes (@CryptoHayes) withdrew 33,979 HYPE (2.09 million USD) from Bybit and currently holds 34,066 HYPE.

According to monitoring by Lookonchain, a certain whale accurately bottomed out, buying 1,656 BTC at $59,734 (totaling $98.93 million) near a local bottom, depositing it into Binance three hours ago, and making a profit of $3.5 million within two days.

According to Onchain Lens monitoring, James Wynn closed his long positions in ETH and BTC for profit and then switched to shorting BTC, subsequently getting liquidated and losing all profits from the past 6 days.

According to Jinshi reports, the CME "FedWatch" shows that the probability of the Federal Reserve keeping interest rates unchanged until June is 97%, while the probability of a cumulative rate cut of 25 basis points is 3%. By July, the probability of keeping interest rates unchanged is 81.9%, the probability of a cumulative rate increase of 25 basis points is 15.5%, and the probability of a cumulative rate cut of 25 basis points is 2.5%.

According to HyperInsight monitoring, Huang Licheng's address has made 6 additional long positions in the past hour, currently going long on 3,390 ETH with 25x leverage, at an average entry price of $1,599.29, with an unrealized profit of $109,800.

According to monitoring by Catcher Predict, in the market prediction event "Monaco Grand Prix Driver Victory" on Polymarket, the "Yes" option for the sub-market "Lewis Hamilton" has experienced a sharp fluctuation in winning probability, soaring from 2.5% an hour ago to the current 18.35% (a fluctuation of 15.85%). Please note the impact of related breaking news.

According to monitoring by Lookonchain, Garrett Jin has closed his short position on $ZEC, realizing a profit of approximately $11.24 million.Previous information indicated that this transaction was a short position taken by Garrett Jin against $ZEC, and the profit has been realized after this closing.

According to CoinDesk, Vietnam's securities regulator stated that the country's digital finance development is entering a critical stage, and plans may soon be announced to launch a pilot project for a cryptocurrency trading market to promote the standardized development of the digital asset industry.Currently, Vietnam ranks seventh in the world in terms of cryptocurrency user scale, with a trading growth rate ranking fifth globally, and market demand remains strong.

Binance releases an update on proof of reserves, stating that asset reserves are always above 1:1 to guarantee user funds, with the BNB reserve ratio at 100.58%, the Bitcoin reserve ratio at 100.2%, and the ETH reserve ratio at 100%. The USDT reserve ratio is at 103.17%.

Glassnode co-founder Rafael posted an analysis of the recent Bitcoin price trend on the X platform, noting that the current Bitcoin price is in the $62,000 range, having dropped nearly 50% from its all-time high, with a decline of 24% over the past month. The price has crossed the upper range of its pricing framework, entering a valuation cluster area where historical cycles have previously shown bottoms.Rafael further pointed out that market bottoms cannot be confirmed in advance and can only be defined through probability ranges and key price levels to identify potential bottom signals. Bitcoin has fallen below the median holder breakeven line for the first time since December 2022, currently situated within a broader support range: the median realized price is approximately $64,100, and the 200-week moving average price is around $61,700.The current high-probability bottom range may be between $46,000 and $54,000, with a rare "sell-off tail" below that range of $35,000 to $40,000. It is important to note that the magnitude of cyclical pullbacks is gradually decreasing: previous rounds of lows saw declines of about 85%, 84%, and 77%, while this round has only dropped about 50%, indicating that a high-probability bottom is more likely to be in the upper range, though extreme sell-off possibilities cannot be ruled out.

According to on-chain analyst @ai_9684xtpa's monitoring, the long positions of the "Set 10 Big Goals" trader have an unrealized profit of 5.881 million dollars;His screenshot from yesterday shows that 2835.32 BTC long positions have been opened, worth 170 million dollars, with an opening price of 60153.8 dollars.

Humanity Protocol ($H) recently announced that its Staking feature has officially launched on Humanity Chain. According to the official announcement, this staking event has set a total initial reward pool of 30M $H, which, based on the recent peak of $H, has a total value of approximately 28M USD, open to long-term participants in the ecosystem.The launch of this Staking feature occurs against the backdrop of a rapid increase in trading activity for H. Previously, H recorded high trading volumes on exchanges such as Bithumb and Bybit, and in some trading scenarios, it was directly compared to Worldcoin (WLD). The introduction of the Staking feature is also seen as a further step by Humanity Protocol to enhance long-term holding stickiness, consolidate on-chain liquidity, and promote the construction of the Humanity Chain ecosystem.Two major Humanity Chain staking pools are open, with a maximum APR reaching 10,658%.According to the information on the event page, the Humanity Chain Staking primarily sets up two staking pools.Among them, the 6-month staking pool is configured with 10M $H rewards; the 4-year staking pool is configured with 20M $H rewards. Users can choose the corresponding staking plan based on their different needs for lock-up periods and liquidity.At the beginning of the event, the staking page showed that the maximum APR once reached 10,658%. Since the staking yield will dynamically change with the number of participants, total staking scale, and reward distribution, the actual APR will be based on real-time data from the event page.In terms of participation, users can transfer assets to the Humanity Chain wallet through exchanges that support native H, or they can transfer assets from the ETH chain to Humanity Chain via the official cross-chain bridge to participate in staking.Rewards are distributed according to the proportion of staking, and the ecological transaction fee sharing is expected to be released simultaneously.This staking reward will be allocated based on the user's asset proportion in the corresponding staking pool. In other words, the proportion of the user's staking scale to the total staking scale in the pool will directly affect their share of the rewards.In addition to the fixed reward pool, the official also mentioned that users participating in Staking will have the opportunity to share in the transaction fee income generated by validators and verification services within the Humanity Protocol ecosystem in the future. This means that Staking is not just a short-term incentive activity but is also tied to the subsequent verification services, ecosystem usage, and on-chain economic model of Humanity Chain.From a market perspective, the launch of the 30M $H reward pool provides holders with a new on-chain income entry point while also helping to convert some circulating chips into long-term staking positions. As the Humanity Chain mainnet ecosystem gradually advances, Staking may become an important step for H to transition from trading heat to on-chain ecosystem consolidation.

According to Lookonchain monitoring, James Wynn has switched from shorting to going long. He closed his short positions in BTC and SOL, making a profit of $6,400, and then opened a long position with maximum leverage of 6.05 BTC ($373,000) and 5.3 ETH ($8,500).

According to Onchain Lens monitoring, a certain whale withdrew 1,723.39 BTC from OKX in the past 24 hours, worth 105.58 million dollars.