ratio

The Digital Renminbi International Operation Center announced that with the adjustment of the digital renminbi measurement framework and the overall upgrade of the infrastructure system, the three major business platforms of the digital renminbi cross-border digital payment platform, blockchain service platform, and digital asset platform have been upgraded to the "Shubi Da" cross-border settlement comprehensive service platform (Cross-border e-CNY Transfer Services, referred to as CBETS). Currently, service agreements for direct participants have been signed with the first batch of 26 financial institutions.

According to Coinglass data, the current whale holdings on the Hyperliquid platform amount to $4.658 billion, with long positions of $2.347 billion, accounting for 50.38% of the total holdings, and short positions of $2.311 billion, accounting for 49.62%. The profit and loss for long positions is -$18.084 million, and for short positions, it is -$40.2406 million.Among them, the whale address 0x082e..88 has taken a 5x leveraged long position on HYPE at a price of $38.6755, currently showing an unrealized profit of $45.266 million.

Aster announced an update to the ASTER token economic model, increasing the buyback and burn ratio to 198%. Starting from today at 20:00 (UTC+8), 99% of Aster's daily platform fees will be used to buy back $ASTER. At the same time, an equivalent amount of $ASTER will be burned from the reserves, with the buyback and burn ratio being 1:1.The repurchased $ASTER will be allocated to stakers. Each epoch, these $ASTER will be added to the loyalty rewards (300,000 $ASTER base reward plus the buyback amount) and distributed to veASTER based on locking weight. The burn will be prioritized for the team. The initial supply of $ASTER is 8 billion tokens. The burn will continue until the total supply is reduced to 3 billion tokens. The buyback will automatically run daily through TWAP and settle on-chain, with both buyback and burn being publicly verifiable. In addition, each permissionless listing project on Aster Spot must pay a fee of 50,000 USDT, which will be used for additional buybacks of ASTER and distributed as extra staking rewards.

Market data platform Deribit shows that as Bitcoin continues to decline in June, the options market set to expire this month has experienced a significant imbalance, with approximately $8.6 billion nominal value of BTC options in an out-of-the-money (OTM) state, facing the risk of expiring worthless.Data indicates that among the approximately $10.6 billion in open options contracts expiring on June 26, only about 20% are in-the-money (ITM), while the remaining 80% are currently at a loss. Analysts point out that this structural imbalance may trigger concentrated hedging adjustments by market makers and traders before expiration, thereby amplifying short-term market volatility.The current maximum pain price is approximately $74,000, which is about 14% higher than Bitcoin's current price of around $65,000. Theoretically, this price level means that the maximum number of options contracts will expire worthless, potentially creating an upward pull on prices as expiration approaches, although the effectiveness of this mechanism in the crypto market remains controversial.Additionally, the bullish and bearish structures in the options market are relatively close, with a Put/Call ratio of about 0.87, indicating increased divergence in market sentiment. Approximately $450 million in positions are concentrated in $60,000 put options, while $80,000 call options also form a key resistance level of about $406 million.Analysts believe that as the quarterly expiration approaches, concentrated exercising and hedging adjustments may become important driving factors for short-term price volatility, and Bitcoin may face a more intense directional choice window.

According to The Block, cryptographic technology company Zama, DeFi lending protocol Morpho, and Steakhouse Financial announced a joint launch of the Steakhouse Confidential USDC Prime vault.It is reported that this is the first DeFi yield product for privacy stablecoins on Ethereum. This product allows users to directly deposit privacy token cUSDC, which has been fully homomorphically encrypted (FHE) by Zama, into the Morpho vault to earn yields.

Binance Co-CEO He Yi responded by stating that CZ has not participated in Binance's operations at all since 2023, and Aster is one of the BNB Chain projects invested by Binance Labs, with CZ serving as its advisor. He Yi also questioned the other party, "Have you ever thought about where the conclusion comes from?"

According to Coinglass data, the current whale holdings on the Hyperliquid platform amount to $4.702 billion, with long positions of $2.363 billion, accounting for 50.25% of the total holdings, and short positions of $2.339 billion, accounting for 49.75%. The profit and loss for long positions is $17.0596 million, while the profit and loss for short positions is -$75.1858 million.Among them, the whale address 0x082e..88 has taken a 5x leveraged long position on HYPE at a price of $38.6755, currently showing an unrealized profit and loss of $47.8757 million.

According to CoinDesk, the Bitcoin Sharpe ratio has fallen to -20, a level that has appeared at the bottoms of cycles in 2015, 2018-19, and 2022-23. However, historically, this signal is usually accompanied by several months of bottoming rather than an immediate rebound; in 2015, this indicator stayed in the bottom region for about five months, while in 2018-19 and 2022-23, it was about three months each.Meanwhile, accumulation wallets absorbed about 125,000 BTC in the first half of June. Exchange reserves have decreased by about 80,000 since February to approximately 2.71 million, with whales withdrawing over 11,000 from exchanges in the past day. Bitcoin rebounded from a low of $59,130 to about $65,800, mainly driven by the US-Iran agreement rather than on-chain indicators. The Federal Reserve's interest rate decision is the next test, and the dot plot and Fed Chair Warsh's statements on inflation will determine whether the rebound can continue.

According to Coinglass data, the current whale holdings on the Hyperliquid platform amount to $4.766 billion, with long positions totaling $2.408 billion, accounting for 50.52% of the holdings, and short positions totaling $2.358 billion, accounting for 49.48% of the holdings. The profit and loss for long positions is $40.2261 million, while the profit and loss for short positions is -$96.8502 million.Among them, the whale address 0x082e..88 has taken a 5x full position long on HYPE at a price of $38.6755, currently showing an unrealized profit and loss of $49.3799 million.

According to BBX data, yesterday's interest rate hike in Japan coincided with the Federal Reserve's decision window, creating the most intense macroeconomic shock point of the week. The latest results of institutional stablecoin research were released on the same day, with the core dynamics as follows:Metaplanet Inc. (TSE: 3350), as the largest corporate BTC reserve holder in Asia and the third largest publicly traded company holding Bitcoin globally (holding 40,177 BTC at an average price of about $104,000, with a target of 100,000 BTC by the end of 2026), faced a dual-edged sword pressure from the exchange rate yesterday: after the Bank of Japan announced a 25 basis point increase in the policy interest rate to 1.0%, the yen strengthened, superficially lowering the book value of BTC denominated in yen, but Bitcoin subsequently rose against the trend (CoinDesk's headline on the same day: "Bitcoin rallies after Japan rate increase"), with actual improvements in USD-denominated holdings. The company's current holdings are approximately $2.64 billion (estimated at $65,750/BTC), with the latest capital move being the issuance of 8 billion yen (about $55 million) for the 20th bond (EVO FUND) on April 24 for additional BTC purchases. Analysts warn that if the BOJ's interest rate hike triggers large-scale unwinding of "Yen Carry Trade," global risk assets including BTC may suffer systemic deleveraging shocks—however, Metaplanet holds physical BTC rather than leveraged positions, with its main risk being the exchange rate conversion effect rather than forced liquidation.OSL Group (Hong Kong Stock Exchange: 0863.HK) and the School of Business at the Hong Kong Polytechnic University jointly released a white paper on June 16 (The Block included it on the same day at 9:01 am EDT), titled "Cross-Border Trade Payments Will Drive the Adoption of Regulated Corporate Stablecoins." The core conclusion is that the demand for corporate-level cross-border trade payments is the main path to drive the large-scale adoption of regulated stablecoins, with importance surpassing retail consumption scenarios. OSL Group holds the Hong Kong Securities and Futures Commission licenses 7 (automated trading services) and 1 (securities trading), making it one of the few compliant exchanges globally with both institutional custody and practical experience in stablecoin settlement. Previously, it provided institutional clients with approximately $130 million in USDGO stablecoin settlement services in April 2026. This white paper provides an industrial basis for the stablecoin policy framework of Hong Kong's financial regulatory authorities, and, together with Visa's stablecoin settlement of $7 billion annualized scale, SoFi SoFiUSD's launch, and Western Union's USDPT layout, constitutes multiple points of evidence accelerating the global adoption of corporate stablecoins.

The global real-world asset (RWA) tokenization market has exceeded $43 billion, growing approximately 37% over the past 180 days, indicating that institutional funds are continuously accelerating their migration to blockchain infrastructure.The report points out that this growth has occurred against the backdrop of a relatively weak overall cryptocurrency market, with the expansion of on-chain financial assets primarily driven by traditional financial products being tokenized, covering various asset classes such as funds, private credit, commodities, and stocks. In the current market structure, tokenized funds dominate, accounting for about 80% of the total market capitalization; commodity assets account for 16.6%, and tokenized stocks account for approximately 3.8%.In terms of chain distribution, Ethereum remains the core hosting network, accounting for 57.8%, while networks such as BNB Chain, zkSync Era, XRP Ledger, and Stellar are gradually expanding their shares. In terms of issuers, Sky ranks first with a scale of approximately $6.1 billion, followed closely by Securitize and Ondo Finance, each with about $3.6 billion.At the institutional level, investment banks such as Standard Chartered and Citigroup have recently released reports optimistic about the long-term growth path of tokenized assets. Citigroup predicts that this market will reach $5.5 trillion by 2030 under a baseline scenario, and could reach $8.2 trillion in an optimistic scenario, believing that regulatory clarity and the participation of infrastructures like DTCC and Nasdaq will become key driving factors.Analysts believe that RWA tokenization is gradually evolving from an early structure primarily focused on government bonds to a diversified income asset system.

Coinbase has released the latest System Update, announcing a series of product upgrades that cover AI investment advisory, global liquidity unification, options trading, and the expansion of multi-asset financial services, further transforming into a comprehensive financial platform. The core features of this update include the SEC-registered AI investment advisor Coinbase Advisor, which can provide personalized multi-asset trading and hedging strategies based on user holdings and market data, but does not execute trades directly. At the same time, the platform will introduce a globally unified liquidity pool, connecting the spot and derivatives trading systems of the U.S. and international markets.In terms of product expansion, Coinbase will support stock and crypto options trading and strengthen its derivatives capabilities through the acquisition of Deribit. Additionally, the company has launched pre-IPO perpetual contracts covering popular targets like SpaceX and plans to expand to future IPO projects such as Anthropic and OpenAI. Coinbase has also introduced the Coinbase One Card upgrade program, where users can stake $500 to $5000 USDC to qualify for a credit card and receive 5% Bitcoin cashback when booking through the Booking.com travel portal. The platform will also gradually support the migration of stock assets to Coinbase trading.On the trading infrastructure level, Coinbase has introduced the Transfer Protection mechanism, which prevents security risks such as wrench attacks through delayed withdrawals, and has expanded its prediction market products, launching crypto price binary options and combination prediction trading with a 15-minute cycle. Coinbase stated that its goal is to build an Everything Exchange covering trading, payments, lending, and investment, making it the primary financial account for users.

According to The Block, the public chain MANTRA, focused on the tokenization of RWA assets, will be fully acquired by its strategic investor Inveniam Capital Partners, with the transaction expected to be completed in the third quarter of this year. Inveniam had previously invested $20 million in MANTRA before its restructuring in 2025.MANTRA holds a VASP license issued by the Dubai Virtual Assets Regulatory Authority (VARA), allowing it to operate a digital asset exchange and provide services such as brokerage, proprietary management, and investment. The Layer2 network NVNM Chain, jointly developed by both parties, is positioned to register identities and limit permissions for autonomous AI agents in compliant scenarios, as well as to record on-chain evidence that can be independently verified by regulators and counterparties.

According to Coinglass data, the current whale holdings on the Hyperliquid platform amount to $4.934 billion, with long positions of $2.456 billion, accounting for 49.77% of the total holdings, and short positions of $2.478 billion, accounting for 50.23%. The profit and loss for long positions is $84.646 million, while the profit and loss for short positions is -$138 million.Among them, the whale address 0x082e..88 has taken a 5x leveraged long position on HYPE at a price of $38.6755, currently showing an unrealized profit of $52.8521 million.

According to The Block, the International Monetary Fund (IMF) stated that the widespread adoption of dollar-pegged stablecoins in Nigeria is challenging the country's existing monetary policy and regulatory framework.The IMF pointed out that the devaluation of the naira, high inflation, and limited access to official foreign exchange are driving local households and small to medium-sized enterprises to turn to stablecoins for cross-border payments and to hedge against exchange rate risks.

According to official news, Pyra stated that after evaluating all feasible options, the company has decided to gradually shut down its operations. The official statement mentioned that the Drift vulnerability attack incident had a severe impact on its business and users. Despite continuously searching for a path to continue operations over the past few months, they ultimately failed to find a sustainable solution.

According to Coinglass data, the current whale holdings on the Hyperliquid platform amount to $4.781 billion, with long positions totaling $2.376 billion, accounting for 49.7% of the holdings, and short positions totaling $2.405 billion, accounting for 50.3%. The profit and loss for long positions is $27.8094 million, while the profit and loss for short positions is -$85.7614 million.Among them, the whale address 0x0ddf..02 has shorted ETH with a full position at a price of $1810.16, currently showing an unrealized profit and loss of $2.2718 million.

Mike Selig, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC), posted on the X platform to clarify several misunderstandings in the market regarding perpetual futures contracts and to address the controversy arising from the recent approval of related contracts by the CFTC. Mike Selig stated that the Commodity Exchange Act and relevant CFTC rules do not explicitly require that "futures contracts" must have a fixed expiration date or delivery date. Since Congress has not clearly defined this term, the identification of futures contracts is primarily based on judicial precedents and CFTC interpretations, and a fixed expiration date is not a necessary condition.In response to the claim that "the CFTC-approved BTCPERP contract allows U.S. users to use 250 times leverage," high leverage is not a characteristic of the perpetual contract structure itself, but rather a feature of the previous offshore trading model. Perpetual contracts regulated by the CFTC will adhere to the same leverage limits as other regulated futures products.Regarding the criticism that "the CFTC did not provide opportunities for industry participation and feedback," the CFTC publicly solicited opinions on "perpetual contracts" and "24/7 trading" in April 2025 and received over 100 responses from industry participants, including several CFTC-registered entities. Additionally, concerning the view that the funding rate mechanism is believed to incur high costs and induce undesirable market behavior, after considering the costs of opening positions and rolling over traditional term futures contracts, the annualized holding cost of the perpetual contract funding rate is roughly equivalent to that of traditional futures. The funding rate mechanism actually helps maintain price anchoring.

The Digital Renminbi International Operation Center officially signed service agreements with the first batch of 26 financial institutions in Shanghai, marking the official launch of the brand operation of the upgraded "Digital Currency Cross-Border Settlement Comprehensive Service Platform" (CBETS).It is reported that with the overall upgrade of the infrastructure architecture, the original three platforms for cross-border digital payment, blockchain services, and digital assets have been officially integrated into CBETS. This platform has outstanding advantages such as low access costs, high settlement efficiency, and strong compatibility: it technically supports both centralized and blockchain systems, and the message standards are compatible with ISO20022; the business scenarios not only support cross-border retail scenarios such as barcode payment and tap-to-pay but also comprehensively cover remittances, trade, and investment and financing settlement, as well as wholesale and financial innovation businesses.The first batch of 26 financial institutions includes overseas branches and subsidiaries of banks such as ICBC, ABC, BOC, CCB, Bank of Communications, Pudong Development Bank, and Guangfa Bank, as well as Standard Chartered China and Xinyin International. After the business goes live, its services will cover multiple countries and regions including Hong Kong, Macau, Singapore, Laos, Thailand, the UAE, Qatar, and Brazil, further leveraging digital technology to facilitate cross-border trade and investment financing.

Binance Research stated on platform X that the on-chain leverage ratio of DeFi has risen to about 38%, which is on par with the levels of 2021, primarily driven by a contraction in total value locked (TVL) rather than new lending demand. The DeFi attack incident in April resulted in an outflow of about $13 billion in TVL. Despite the overall market correction, substantial deleveraging has not yet occurred.