1. Israel conducts airstrikes on Iranian nuclear facilities, and the situation in the Middle East has entered a new round of tension.
The Israeli military has conducted airstrikes on Iran's South Pars gas field and the Shahran oil depot in the past 48 hours, resulting in large-scale production stoppages and escalating tensions in the Middle East. Israel is calling on the United States to jointly strike Iran, with the aim of destroying its nuclear facilities.
Iranian President Ebrahim Raisi stated that as long as Israel continues to attack Iran, Tehran will not resume negotiations with the United States. He emphasized that Iran will not accept unreasonable demands and double standards under pressure, nor will it sit at the negotiating table while Israel continues its attacks.
Analysts point out that Israel's move aims to undermine the Iran-U.S. nuclear negotiations and prevent Iran from developing its nuclear program. However, this unilateral military action may further escalate regional tensions and trigger a broader conflict. At the same time, global energy supply is also a concern, with oil prices potentially rising further, exacerbating inflationary pressures.
The rise of geopolitical risks will further test the response capabilities of governments around the world. Changes in the situation in the Middle East will also affect the global economic landscape and the power struggles among major countries. All parties need to resolve differences through diplomatic negotiations and find peaceful solutions to avoid worsening the situation.
2. Bitcoin and US Treasury yields have decoupled abnormally, with a structural change in roles.
Cryptocurrency analyst Darkfost released a market analysis stating that the macroeconomy has become the dominant narrative in today's cryptocurrency market. Key indicators such as the US Dollar Index and US Treasury yields are closely monitored by investors, reflecting institutional sentiment and the state of global liquidity.
Historically, when the dollar index and bond yields rise simultaneously, capital often retreats from risk assets, and Bitcoin also experiences corrections. The bear markets in cryptocurrencies often occur alongside a strong upward trend in yields and the dollar index.
However, the latest data shows that Bitcoin has decoupled unusually from U.S. Treasury yields. Analysts believe this may indicate a structural shift in Bitcoin's role in the macroeconomy. Bitcoin is shaking off its past perception as a high-risk asset and gradually gaining institutional recognition and allocation demand.
Bitcoin's attributes as digital gold and a store of value are becoming increasingly prominent. Its decentralization, censorship resistance, and scarcity make it a safe haven during turbulent times. The development of Bitcoin could reshape the global financial system, triggering profound changes in monetary systems and governance models.
3. Cryptocurrency events are frequent, with the highest weekly loss exceeding $6.5 million.
Founder Yu Xian disclosed that in the past week, individual cryptocurrency investors have encountered multiple large-scale theft incidents, among which there are two cases with losses exceeding 1 million USD, one case exceeding 2 million USD, and the highest single loss reaching 6.5 million USD.
The number of small theft incidents has become more frequent, reflecting the serious security situation of crypto assets. Hackers use various means, such as phishing websites and malicious code, to carry out attacks and steal user private keys and funds.
Analysis points out that the cryptocurrency ecosystem is facing unprecedented security challenges. On one hand, the influx of huge amounts of funds has provided opportunities for hackers; on the other hand, users' security awareness and protective capabilities urgently need to be improved.
In addition, the lack of comprehensive regulatory policies and enforcement力度 is also an important reason for the frequent occurrence of security incidents. Cryptocurrency projects and exchanges need to strengthen security audits and improve transparency; regulatory agencies need to establish clear compliance requirements to combat criminals.
Only through the joint efforts of the whole society can the cryptocurrency ecosystem achieve significant development. The resolution of security issues will determine whether cryptocurrencies can truly serve the public and become the future financial infrastructure.
4. Switzerland plans to exchange encrypted information with 74 countries to combat tax evasion and illegal capital flows.
According to the bill passed by the Swiss Federal Council on June 6, Switzerland plans to automatically exchange cryptocurrency tax information with 74 countries, aiming to combat tax evasion and illegal capital flows, in response to the OECD's standards for cryptocurrency reporting framework.
The background of this initiative lies in three main driving forces: international pressure, regulatory demands, and its own financial transformation. The core is to address the tax and money laundering risks posed by cryptocurrencies while reshaping its global financial position.
Analysis indicates that this marks the accelerating trend of global tax transparency. As a new asset class, the compliance and transparency of crypto assets will receive unprecedented attention and regulation.
For investors, information exchange means a reduction in opportunities for tax evasion, necessitating the reasonable and legal declaration and payment of taxes. For cryptocurrency companies, it is essential to strengthen anti-money laundering and identity verification measures to improve compliance.
Overall, this initiative will promote the cryptocurrency ecosystem towards a more standardized and transparent direction, which is beneficial for its long-term sustainability. However, during the transition period, it may cause growing pains for some investors and businesses.
5. Russian police seized a "truck" crypto mining farm, and criminals illegally tapped into residential power lines.
According to a report by the Russian TASS news agency, an illegal cryptocurrency mining farm was discovered in the Pribaikalsky District of Buryatia, existing within a "truck" where criminals illegally tapped into a 10 kV power line. This marks the sixth case this year in Buryatia of power theft using mining equipment.
The "truck" mining site was discovered by the duty team during a routine inspection of the power transmission lines, and the staff reported it and called the police. The press office stated: "95 mining machines and a transformer, whose capacity is sufficient to meet the power needs of a small settlement, were found in the truck."
Analysis indicates that this reflects the huge electricity consumption of cryptocurrency mining, which places a heavy burden on local energy supplies. At the same time, it also exposes the regulatory gaps in cryptocurrency mining, with the risk of being exploited by illegal actors.
To address this issue, Russia has introduced new regulations requiring miners to report their income by the 20th of each month and undergo identity verification. However, there is still a need to strengthen law enforcement to combat illegal activities such as electricity theft.
In the long term, it is necessary to create a favorable environment for cryptocurrency mining in terms of energy policies, regulatory systems, etc., to promote the orderly and healthy development of the industry, avoiding resource waste and criminal issues.
2. Industry News
1. Bitcoin has decoupled unusually from U.S. Treasury yields, marking a structural transformation in its role in the macroeconomy.
Bitcoin has shown an unusual decoupling from bond yields in the current cycle, indicating a structural shift in its role within the macroeconomic landscape, increasingly being viewed as a store of value.
Historically, bear markets in cryptocurrencies often occur simultaneously with a strong upward trend in U.S. Treasury yields and the U.S. Dollar Index (DXY). When yields and DXY rise, capital tends to flow out of risk assets, and Bitcoin also tends to pull back. However, despite yields reaching one of the highest levels in Bitcoin's history, Bitcoin continues to maintain an upward trend, especially accelerating in price when DXY falls.
This abnormal phenomenon indicates that Bitcoin's role in the macroeconomic landscape has undergone a structural transformation, and Bitcoin is increasingly viewed as a means of value storage. This new narrative may be redefining how Bitcoin responds to traditional macroeconomic forces. Analysts believe that Bitcoin's scarcity model has attracted investors fleeing the overvalued stock market and rising global debt concerns, which has directed institutional capital toward new crypto assets.
2. Israel's military actions against Iran have triggered geopolitical tensions, and the sentiment in the crypto market remains "greedy".
Despite the escalating conflict between Israel and Iran, the cryptocurrency market sentiment index "Fear and Greed Index" remains in the "Greed" range, indicating that investors' confidence in major cryptocurrencies like Bitcoin has not been significantly affected.
According to reports, Israel has carried out airstrikes on Iran's South Pars gas field and Shahran oil depot, leading to large-scale production stoppages and escalating tensions in the Middle East. Israel is calling on the United States to jointly strike against Iran, with the goal of destroying its nuclear facilities. Global energy supply is a concern, and market reactions are evident.
However, analysts point out that Bitcoin currently seems indifferent to the conflict between Israel and Iran. Traders appear to have confidence that Bitcoin can maintain above the psychological level of $100,000. If it falls below this level, it could put over $1.74 billion in long positions at risk of liquidation.
Overall, despite rising geopolitical risks, the sentiment among cryptocurrency market participants remains in the "greed" zone, indicating an optimistic outlook on the long-term prospects of major cryptocurrencies. However, investors should also be wary of potential downside risks.
3. Ethereum holds $2,500 key support in week 5, with institutional funds continuing to flow in.
Ethereum has maintained a key support level of $2,500 over the past five weeks, suggesting a potential rebound in the future. Institutional interest surged, with ETF inflows reaching $530M, while open interest decreased by $4B, resetting market sentiment.
Despite intraday volatility reaching 10%, Ethereum has remained within a narrow weekly range of 3% over the past six weeks, demonstrating robust performance. Analysts state that maintaining the $2,500 key support is crucial for a future rebound to $3,000 and above.
At the same time, institutional investors' interest in Ethereum continues to heat up. Data shows that net inflows into Ethereum spot ETFs reached $530 million in the past week, reflecting institutional optimism about Ethereum's long-term prospects. In addition, open interest decreased by $400 million, indicating that short-selling pressure has eased.
Overall, Ethereum maintains a key support level, and with institutional funds continuing to flow in, this lays the foundation for a future rebound. However, investors should also be wary of short-term volatility risks.
4. The cryptocurrency market capitalization has surpassed $3.2 trillion, and the triangular formation may repeat or trigger a sustained rebound.
The total market capitalization of the cryptocurrency market surpassed $3.2 trillion after breaking upward in 2025, indicating sustained bullish momentum. Since 2019, every downward breakout from the descending wedge pattern has triggered months-long rebounds in the cryptocurrency market, reinforcing the cyclical bullish behavior of the market.
The supply of stablecoins has increased by 83%, maintaining a consistent momentum, reflecting a continued rise in global demand for digital dollars during volatile market phases. Major retailers and financial institutions, such as Amazon, are also joining the stablecoin ecosystem, laying the groundwork for widespread adoption in the future.
Analysts point out that the total market capitalization of the crypto market surpassing $3.2 trillion is an important milestone, indicating that investors hold an optimistic outlook on the long-term prospects of cryptocurrencies. If historical patterns repeat, the current triangular formation may trigger a rebound that lasts for several months.
However, some analysts warn that despite the upward momentum in the short term, investors should remain vigilant about potential downside risks and severe volatility. Overall, the cryptocurrency market is at a critical juncture, and future trends will depend on various factors, including the macroeconomic situation and regulatory environment.
3. Project News
1. Sui Network: Move ecosystem rising steadily
Sui Network is an emerging Layer 1 blockchain project built using the Move programming language, aimed at providing high-performance, low-cost distributed applications. The project was initiated by core developers who previously worked on the Diem project and has received support from organizations such as Mysten Labs.
Recently, Sui Network has gained significant attention at the TOKEN2049 conference in Singapore. During the event, Sui launched the SuiPlay gaming platform and set up the largest booth at the KBW gaming exhibition in South Korea. Additionally, projects within the Sui ecosystem, such as Cetus, Navi, and Scallop, have also sparked heated discussions.
The rise of Sui Network reflects the ongoing development of the Move ecosystem in the crypto space. As a secure and efficient resource programming language, Move is expected to drive innovation in blockchain applications. The emergence of projects like Sui has injected new vitality into the Move ecosystem.
Industry insiders believe that the technical advantages and ecological development of the Sui Network are expected to help it stand out in the public chain track. However, there are currently few tradable assets in the Sui ecosystem, and the number of star projects is limited, which may affect its momentum in the short term. At the same time, other Move ecosystem projects such as Aptos and Movement are also worth paying attention to.
2. Hyperliquid: Analysts call for strengthening compliance and security construction.
Hyperliquid is an emerging Layer 1 blockchain project aimed at providing high-performance, low-cost distributed applications. The project adopts an innovative consensus mechanism and architectural design, attracting significant attention in the decentralized finance (DeFi) space.
Recently, well-known on-chain analyst ZachXBT issued a call for the Hyperliquid ecosystem to strengthen compliance and security measures. He pointed out that currently there is a lack of effective tracking and auditing tools on Hyperliquid Core and EVM chains, making it difficult to locate security incidents such as the theft of individual assets.
ZachXBT believes that the Hyperliquid ecosystem urgently needs funding to build more comprehensive analysis and compliance integration tools to prevent major security incidents. His call has sparked widespread discussion within the industry.
Industry insiders widely recognize the importance of strengthening compliance and security measures. Some analysts point out that as regulations become increasingly stringent, blockchain projects need to place a high priority on compliance and transparency. A lack of effective security audit mechanisms may impact the long-term development of projects.
At the same time, there are voices suggesting that an excessive pursuit of compliance may affect the decentralized characteristics of blockchain projects. Therefore, projects like Hyperliquid need to seek a balance between compliance and decentralization.
3. China Economic Times: The impact of cryptocurrencies on the global financial governance landscape.
On June 15, the China Economic Times published an article exploring the impact of cryptocurrency on global financial governance. The article pointed out that the development of cryptocurrencies is not only related to technological aspects but also to a profound transformation in sovereign credit, the future form of monetary systems, and global governance models.
The article argues that the rise of cryptocurrency poses a challenge to the existing financial system. Its decentralized, cross-border, and anonymous characteristics may impact the sovereignty of nations over currency issuance. At the same time, cryptocurrency also brings new variables to global financial governance.
To address this challenge, the article suggests promoting the establishment of an inclusive, coordinated, and executable global digital currency governance mechanism. Specifically, this includes measures such as avoiding excessive ideological framing, building a flexible governance structure, and accumulating mutual trust through dialogue mechanisms.
The article has sparked widespread discussion within the industry. Supporters argue that cryptocurrencies indeed pose a challenge to the existing financial order and that new global governance mechanisms need to be established. However, there are also voices of skepticism pointing out that the decentralized nature of cryptocurrencies makes them difficult to fully regulate.
In any case, the impact of cryptocurrency on the global financial governance landscape has already become evident. How various parties seek balance and coordination between the old and new orders will be a significant issue to face in the future.
4. The Meme sector continues to heat up, AI + We becomes a new hotspot.
At the TOKEN2049 conference in Singapore, the Meme track has once again become the focus. Some investors and entrepreneurs have begun to shift their attention to this track. Meanwhile, the combination of AI and We has also become a new hot area.
A well-known investor stated that although he is optimistic about the future prospects of AI and cryptocurrency, most of the current AI+We applications are of a meme nature. He bluntly said that 98% of the AI+We applications have been falsified.
At the same time, entrepreneurs from the traditional AI sector have also joined the innovation wave of We. They focus on areas such as image/video generation and computation, attempting to integrate AI technology with the cryptocurrency ecosystem. This emerging sector has attracted active investments from industry funds.
Industry insiders point out that the continued heating up of the Meme sector reflects the desire of industry participants for real use cases and sustainable business models. After many popular sectors have been discredited, Meme projects may bring new vitality to the market.
However, some analysts are cautiously optimistic about the prospects of the Meme track. They believe that Meme projects lack practical application scenarios, making it difficult to truly drive industry development. Therefore, whether tracks like AI+We can ultimately achieve breakthroughs remains to be seen over time.
5. Industry divergences intensify, entrepreneurs and investors fall into confusion.
At the TOKEN2049 conference, the divisions and confusion within the industry have further intensified. Some popular sectors such as blockchain gaming, NFTs, and We social are frequently encountering setbacks, stagnating in their development, leaving entrepreneurs and investors feeling perplexed about the future.
A well-known investor bluntly stated that in the We social track, there is often only one winner, and this "winner takes all" pattern raises questions about the future of the track. He also mentioned that too many new tracks, hailed as the future of the industry, have ultimately been disproven, which has intensified investors' feelings of confusion.
At the same time, some project teams and investors have begun to shift their attention to the Meme-related track. They believe that, in the context of many tracks being discredited, Meme projects may bring new opportunities to the market.
However, some voices point out that the Meme track lacks real use cases and sustainable business models, making it difficult to promote long-term development in the industry. They call for the industry to re-examine innovation and application scenarios, avoiding being blinded by short-term hype.
Industry analysts indicate that the differences and confusion within the sector reflect that the cryptocurrency field is still in its infancy. In the future, project parties and investors need to pay more attention to the real user needs and sustainable profit models, rather than simply chasing trends. Only in this way can the industry achieve long-term healthy development.
4. Economic Dynamics
1. The Federal Reserve's interest rate hike expectations are rising, and inflationary pressures persist.
Economic Background: The US economy maintained a strong growth momentum in the first quarter of 2025, with a GDP growth rate of 3.2% year-on-year, exceeding expectations. However, inflationary pressures continue to rise, with the core PCE price index increasing by 4.7% year-on-year in April, far above the Federal Reserve's target level of 2%. The unemployment rate hovers at a low of 3.5%, and the job market remains tight.
Important Event: At the interest rate decision meeting held by the Federal Reserve in mid-June, it was decided to raise the federal funds rate by 25 basis points to a range of 5.25%-5.5%. This marks the 11th consecutive rate hike by the Federal Reserve, aimed at curbing rising inflation. The meeting statement emphasized that future actions will be taken based on economic data, suggesting that further rate hikes may continue.
Market reaction: The Federal Reserve's interest rate hike decision met market expectations, but the hawkish statements in the announcement raised concerns among investors about persistent inflation pressures. U.S. stocks briefly fell after the meeting but then stabilized and rebounded. The dollar index rose slightly, reflecting market expectations for further rate hikes by the Federal Reserve. The yield curve of bonds further inverted, signaling an increased risk of economic recession.
Expert Opinion: Goldman Sachs Chief Economist Jan Hatzius stated that the Federal Reserve still needs to raise interest rates further to curb inflation expectations, predicting two more rate hikes within the year. However, he also warned that excessive tightening could trigger a hard landing for the economy. Former Federal Reserve Chairman Ben Bernanke believes that inflationary pressures have begun to wane, and the Federal Reserve should remain patient.
2. China's May export data is strong, but weak domestic demand is dragging down the economy.
Economic Background: The Chinese economy showed signs of recovery in the first quarter of 2025, with a year-on-year GDP growth of 4.5%. However, since the second quarter, factors such as weak domestic demand and a slowdown in manufacturing have hindered economic growth. In May, the official manufacturing PMI was 49.6, remaining in the contraction zone for the third consecutive month.
Important event: On June 15, data released by the General Administration of Customs shows that China's exports in May increased by 8.1% year-on-year, significantly exceeding expectations. However, imports during the same period fell by 4.5%, resulting in an expansion of the trade surplus to 65.5 billion USD. This reflects a strong external demand for China, but a weak domestic demand situation.
Market Reaction: The export data exceeded expectations, which is encouraging and helps alleviate downward pressure on the economy. The RMB exchange rate rose slightly, approaching the 6.65 mark in the offshore market. However, the A-share market did not show significant reaction, as investors' concerns about weak domestic demand continue.
Expert Opinion: Ye Kangtao, Director of the Chongyang Institute for Financial Studies at Renmin University of China, stated that although export data is strong, weak domestic demand is a major constraint on the economy. He suggested that the government should increase infrastructure investment and introduce more policies that benefit people's livelihoods to boost domestic demand. CICC believes that the positive export data will alleviate downward pressure on the economy and expects the economy to stabilize and recover in the second half of the year.
5. Regulation & Policy
1. Switzerland plans to exchange cryptocurrency information with 74 countries to combat tax evasion and illegal capital flows.
This issue summarizes the proposed exchange of encrypted information by Switzerland with 74 countries based on publicly available information for reference.
According to the bill passed by the Swiss Federal Council on June 6, 2025, Switzerland plans to automatically exchange tax information on crypto assets (AEOI) with 74 countries, aimed at combating tax evasion and illicit capital flows, in response to the Economic Cooperation and Development Organization (OECD) standards for the Crypto Asset Reporting Framework (CARF).
Background of the event
The background of Switzerland's passage of the Crypto Information Exchange Act can be summarized as three main driving forces: international pressure, regulatory demands, and its own financial transformation. The core issue is to address the tax and money laundering risks posed by cryptocurrencies while reshaping its global financial position.
Policy Content
The bill stipulates that Switzerland will automatically exchange information on crypto assets with 74 countries and regions, including client information from cryptocurrency exchanges, wallet providers, custodial service providers, and other institutions. The information exchange will begin in 2026, with data from the previous year to be exchanged by September 30 each year.
Market Reaction
The policy aims to enhance the transparency and compliance of the Swiss financial center, helping to attract more institutional investors. However, it may also lead to the loss of some investors, particularly those seeking a high level of privacy. Cryptocurrency exchanges and service providers need to strengthen due diligence and anti-money laundering measures to comply with the new regulations.
Expert Opinions
Financial legal experts indicate that this move will help Switzerland reshape its position as a global leading financial center and align with international anti-money laundering standards. However, it is also necessary to balance privacy protection with regulatory requirements. Blockchain experts believe that the transparency and immutability of cryptocurrencies themselves assist in combating illegal activities such as tax evasion, but relevant regulations still need to be in place.
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The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
6.15 AI Daily Geopolitical risks escalate, the crypto market faces a new round of challenges and opportunities
1. Headlines
1. Israel conducts airstrikes on Iranian nuclear facilities, and the situation in the Middle East has entered a new round of tension.
The Israeli military has conducted airstrikes on Iran's South Pars gas field and the Shahran oil depot in the past 48 hours, resulting in large-scale production stoppages and escalating tensions in the Middle East. Israel is calling on the United States to jointly strike Iran, with the aim of destroying its nuclear facilities.
Iranian President Ebrahim Raisi stated that as long as Israel continues to attack Iran, Tehran will not resume negotiations with the United States. He emphasized that Iran will not accept unreasonable demands and double standards under pressure, nor will it sit at the negotiating table while Israel continues its attacks.
Analysts point out that Israel's move aims to undermine the Iran-U.S. nuclear negotiations and prevent Iran from developing its nuclear program. However, this unilateral military action may further escalate regional tensions and trigger a broader conflict. At the same time, global energy supply is also a concern, with oil prices potentially rising further, exacerbating inflationary pressures.
The rise of geopolitical risks will further test the response capabilities of governments around the world. Changes in the situation in the Middle East will also affect the global economic landscape and the power struggles among major countries. All parties need to resolve differences through diplomatic negotiations and find peaceful solutions to avoid worsening the situation.
2. Bitcoin and US Treasury yields have decoupled abnormally, with a structural change in roles.
Cryptocurrency analyst Darkfost released a market analysis stating that the macroeconomy has become the dominant narrative in today's cryptocurrency market. Key indicators such as the US Dollar Index and US Treasury yields are closely monitored by investors, reflecting institutional sentiment and the state of global liquidity.
Historically, when the dollar index and bond yields rise simultaneously, capital often retreats from risk assets, and Bitcoin also experiences corrections. The bear markets in cryptocurrencies often occur alongside a strong upward trend in yields and the dollar index.
However, the latest data shows that Bitcoin has decoupled unusually from U.S. Treasury yields. Analysts believe this may indicate a structural shift in Bitcoin's role in the macroeconomy. Bitcoin is shaking off its past perception as a high-risk asset and gradually gaining institutional recognition and allocation demand.
Bitcoin's attributes as digital gold and a store of value are becoming increasingly prominent. Its decentralization, censorship resistance, and scarcity make it a safe haven during turbulent times. The development of Bitcoin could reshape the global financial system, triggering profound changes in monetary systems and governance models.
3. Cryptocurrency events are frequent, with the highest weekly loss exceeding $6.5 million.
Founder Yu Xian disclosed that in the past week, individual cryptocurrency investors have encountered multiple large-scale theft incidents, among which there are two cases with losses exceeding 1 million USD, one case exceeding 2 million USD, and the highest single loss reaching 6.5 million USD.
The number of small theft incidents has become more frequent, reflecting the serious security situation of crypto assets. Hackers use various means, such as phishing websites and malicious code, to carry out attacks and steal user private keys and funds.
Analysis points out that the cryptocurrency ecosystem is facing unprecedented security challenges. On one hand, the influx of huge amounts of funds has provided opportunities for hackers; on the other hand, users' security awareness and protective capabilities urgently need to be improved.
In addition, the lack of comprehensive regulatory policies and enforcement力度 is also an important reason for the frequent occurrence of security incidents. Cryptocurrency projects and exchanges need to strengthen security audits and improve transparency; regulatory agencies need to establish clear compliance requirements to combat criminals.
Only through the joint efforts of the whole society can the cryptocurrency ecosystem achieve significant development. The resolution of security issues will determine whether cryptocurrencies can truly serve the public and become the future financial infrastructure.
4. Switzerland plans to exchange encrypted information with 74 countries to combat tax evasion and illegal capital flows.
According to the bill passed by the Swiss Federal Council on June 6, Switzerland plans to automatically exchange cryptocurrency tax information with 74 countries, aiming to combat tax evasion and illegal capital flows, in response to the OECD's standards for cryptocurrency reporting framework.
The background of this initiative lies in three main driving forces: international pressure, regulatory demands, and its own financial transformation. The core is to address the tax and money laundering risks posed by cryptocurrencies while reshaping its global financial position.
Analysis indicates that this marks the accelerating trend of global tax transparency. As a new asset class, the compliance and transparency of crypto assets will receive unprecedented attention and regulation.
For investors, information exchange means a reduction in opportunities for tax evasion, necessitating the reasonable and legal declaration and payment of taxes. For cryptocurrency companies, it is essential to strengthen anti-money laundering and identity verification measures to improve compliance.
Overall, this initiative will promote the cryptocurrency ecosystem towards a more standardized and transparent direction, which is beneficial for its long-term sustainability. However, during the transition period, it may cause growing pains for some investors and businesses.
5. Russian police seized a "truck" crypto mining farm, and criminals illegally tapped into residential power lines.
According to a report by the Russian TASS news agency, an illegal cryptocurrency mining farm was discovered in the Pribaikalsky District of Buryatia, existing within a "truck" where criminals illegally tapped into a 10 kV power line. This marks the sixth case this year in Buryatia of power theft using mining equipment.
The "truck" mining site was discovered by the duty team during a routine inspection of the power transmission lines, and the staff reported it and called the police. The press office stated: "95 mining machines and a transformer, whose capacity is sufficient to meet the power needs of a small settlement, were found in the truck."
Analysis indicates that this reflects the huge electricity consumption of cryptocurrency mining, which places a heavy burden on local energy supplies. At the same time, it also exposes the regulatory gaps in cryptocurrency mining, with the risk of being exploited by illegal actors.
To address this issue, Russia has introduced new regulations requiring miners to report their income by the 20th of each month and undergo identity verification. However, there is still a need to strengthen law enforcement to combat illegal activities such as electricity theft.
In the long term, it is necessary to create a favorable environment for cryptocurrency mining in terms of energy policies, regulatory systems, etc., to promote the orderly and healthy development of the industry, avoiding resource waste and criminal issues.
2. Industry News
1. Bitcoin has decoupled unusually from U.S. Treasury yields, marking a structural transformation in its role in the macroeconomy.
Bitcoin has shown an unusual decoupling from bond yields in the current cycle, indicating a structural shift in its role within the macroeconomic landscape, increasingly being viewed as a store of value.
Historically, bear markets in cryptocurrencies often occur simultaneously with a strong upward trend in U.S. Treasury yields and the U.S. Dollar Index (DXY). When yields and DXY rise, capital tends to flow out of risk assets, and Bitcoin also tends to pull back. However, despite yields reaching one of the highest levels in Bitcoin's history, Bitcoin continues to maintain an upward trend, especially accelerating in price when DXY falls.
This abnormal phenomenon indicates that Bitcoin's role in the macroeconomic landscape has undergone a structural transformation, and Bitcoin is increasingly viewed as a means of value storage. This new narrative may be redefining how Bitcoin responds to traditional macroeconomic forces. Analysts believe that Bitcoin's scarcity model has attracted investors fleeing the overvalued stock market and rising global debt concerns, which has directed institutional capital toward new crypto assets.
2. Israel's military actions against Iran have triggered geopolitical tensions, and the sentiment in the crypto market remains "greedy".
Despite the escalating conflict between Israel and Iran, the cryptocurrency market sentiment index "Fear and Greed Index" remains in the "Greed" range, indicating that investors' confidence in major cryptocurrencies like Bitcoin has not been significantly affected.
According to reports, Israel has carried out airstrikes on Iran's South Pars gas field and Shahran oil depot, leading to large-scale production stoppages and escalating tensions in the Middle East. Israel is calling on the United States to jointly strike against Iran, with the goal of destroying its nuclear facilities. Global energy supply is a concern, and market reactions are evident.
However, analysts point out that Bitcoin currently seems indifferent to the conflict between Israel and Iran. Traders appear to have confidence that Bitcoin can maintain above the psychological level of $100,000. If it falls below this level, it could put over $1.74 billion in long positions at risk of liquidation.
Overall, despite rising geopolitical risks, the sentiment among cryptocurrency market participants remains in the "greed" zone, indicating an optimistic outlook on the long-term prospects of major cryptocurrencies. However, investors should also be wary of potential downside risks.
3. Ethereum holds $2,500 key support in week 5, with institutional funds continuing to flow in.
Ethereum has maintained a key support level of $2,500 over the past five weeks, suggesting a potential rebound in the future. Institutional interest surged, with ETF inflows reaching $530M, while open interest decreased by $4B, resetting market sentiment.
Despite intraday volatility reaching 10%, Ethereum has remained within a narrow weekly range of 3% over the past six weeks, demonstrating robust performance. Analysts state that maintaining the $2,500 key support is crucial for a future rebound to $3,000 and above.
At the same time, institutional investors' interest in Ethereum continues to heat up. Data shows that net inflows into Ethereum spot ETFs reached $530 million in the past week, reflecting institutional optimism about Ethereum's long-term prospects. In addition, open interest decreased by $400 million, indicating that short-selling pressure has eased.
Overall, Ethereum maintains a key support level, and with institutional funds continuing to flow in, this lays the foundation for a future rebound. However, investors should also be wary of short-term volatility risks.
4. The cryptocurrency market capitalization has surpassed $3.2 trillion, and the triangular formation may repeat or trigger a sustained rebound.
The total market capitalization of the cryptocurrency market surpassed $3.2 trillion after breaking upward in 2025, indicating sustained bullish momentum. Since 2019, every downward breakout from the descending wedge pattern has triggered months-long rebounds in the cryptocurrency market, reinforcing the cyclical bullish behavior of the market.
The supply of stablecoins has increased by 83%, maintaining a consistent momentum, reflecting a continued rise in global demand for digital dollars during volatile market phases. Major retailers and financial institutions, such as Amazon, are also joining the stablecoin ecosystem, laying the groundwork for widespread adoption in the future.
Analysts point out that the total market capitalization of the crypto market surpassing $3.2 trillion is an important milestone, indicating that investors hold an optimistic outlook on the long-term prospects of cryptocurrencies. If historical patterns repeat, the current triangular formation may trigger a rebound that lasts for several months.
However, some analysts warn that despite the upward momentum in the short term, investors should remain vigilant about potential downside risks and severe volatility. Overall, the cryptocurrency market is at a critical juncture, and future trends will depend on various factors, including the macroeconomic situation and regulatory environment.
3. Project News
1. Sui Network: Move ecosystem rising steadily
Sui Network is an emerging Layer 1 blockchain project built using the Move programming language, aimed at providing high-performance, low-cost distributed applications. The project was initiated by core developers who previously worked on the Diem project and has received support from organizations such as Mysten Labs.
Recently, Sui Network has gained significant attention at the TOKEN2049 conference in Singapore. During the event, Sui launched the SuiPlay gaming platform and set up the largest booth at the KBW gaming exhibition in South Korea. Additionally, projects within the Sui ecosystem, such as Cetus, Navi, and Scallop, have also sparked heated discussions.
The rise of Sui Network reflects the ongoing development of the Move ecosystem in the crypto space. As a secure and efficient resource programming language, Move is expected to drive innovation in blockchain applications. The emergence of projects like Sui has injected new vitality into the Move ecosystem.
Industry insiders believe that the technical advantages and ecological development of the Sui Network are expected to help it stand out in the public chain track. However, there are currently few tradable assets in the Sui ecosystem, and the number of star projects is limited, which may affect its momentum in the short term. At the same time, other Move ecosystem projects such as Aptos and Movement are also worth paying attention to.
2. Hyperliquid: Analysts call for strengthening compliance and security construction.
Hyperliquid is an emerging Layer 1 blockchain project aimed at providing high-performance, low-cost distributed applications. The project adopts an innovative consensus mechanism and architectural design, attracting significant attention in the decentralized finance (DeFi) space.
Recently, well-known on-chain analyst ZachXBT issued a call for the Hyperliquid ecosystem to strengthen compliance and security measures. He pointed out that currently there is a lack of effective tracking and auditing tools on Hyperliquid Core and EVM chains, making it difficult to locate security incidents such as the theft of individual assets.
ZachXBT believes that the Hyperliquid ecosystem urgently needs funding to build more comprehensive analysis and compliance integration tools to prevent major security incidents. His call has sparked widespread discussion within the industry.
Industry insiders widely recognize the importance of strengthening compliance and security measures. Some analysts point out that as regulations become increasingly stringent, blockchain projects need to place a high priority on compliance and transparency. A lack of effective security audit mechanisms may impact the long-term development of projects.
At the same time, there are voices suggesting that an excessive pursuit of compliance may affect the decentralized characteristics of blockchain projects. Therefore, projects like Hyperliquid need to seek a balance between compliance and decentralization.
3. China Economic Times: The impact of cryptocurrencies on the global financial governance landscape.
On June 15, the China Economic Times published an article exploring the impact of cryptocurrency on global financial governance. The article pointed out that the development of cryptocurrencies is not only related to technological aspects but also to a profound transformation in sovereign credit, the future form of monetary systems, and global governance models.
The article argues that the rise of cryptocurrency poses a challenge to the existing financial system. Its decentralized, cross-border, and anonymous characteristics may impact the sovereignty of nations over currency issuance. At the same time, cryptocurrency also brings new variables to global financial governance.
To address this challenge, the article suggests promoting the establishment of an inclusive, coordinated, and executable global digital currency governance mechanism. Specifically, this includes measures such as avoiding excessive ideological framing, building a flexible governance structure, and accumulating mutual trust through dialogue mechanisms.
The article has sparked widespread discussion within the industry. Supporters argue that cryptocurrencies indeed pose a challenge to the existing financial order and that new global governance mechanisms need to be established. However, there are also voices of skepticism pointing out that the decentralized nature of cryptocurrencies makes them difficult to fully regulate.
In any case, the impact of cryptocurrency on the global financial governance landscape has already become evident. How various parties seek balance and coordination between the old and new orders will be a significant issue to face in the future.
4. The Meme sector continues to heat up, AI + We becomes a new hotspot.
At the TOKEN2049 conference in Singapore, the Meme track has once again become the focus. Some investors and entrepreneurs have begun to shift their attention to this track. Meanwhile, the combination of AI and We has also become a new hot area.
A well-known investor stated that although he is optimistic about the future prospects of AI and cryptocurrency, most of the current AI+We applications are of a meme nature. He bluntly said that 98% of the AI+We applications have been falsified.
At the same time, entrepreneurs from the traditional AI sector have also joined the innovation wave of We. They focus on areas such as image/video generation and computation, attempting to integrate AI technology with the cryptocurrency ecosystem. This emerging sector has attracted active investments from industry funds.
Industry insiders point out that the continued heating up of the Meme sector reflects the desire of industry participants for real use cases and sustainable business models. After many popular sectors have been discredited, Meme projects may bring new vitality to the market.
However, some analysts are cautiously optimistic about the prospects of the Meme track. They believe that Meme projects lack practical application scenarios, making it difficult to truly drive industry development. Therefore, whether tracks like AI+We can ultimately achieve breakthroughs remains to be seen over time.
5. Industry divergences intensify, entrepreneurs and investors fall into confusion.
At the TOKEN2049 conference, the divisions and confusion within the industry have further intensified. Some popular sectors such as blockchain gaming, NFTs, and We social are frequently encountering setbacks, stagnating in their development, leaving entrepreneurs and investors feeling perplexed about the future.
A well-known investor bluntly stated that in the We social track, there is often only one winner, and this "winner takes all" pattern raises questions about the future of the track. He also mentioned that too many new tracks, hailed as the future of the industry, have ultimately been disproven, which has intensified investors' feelings of confusion.
At the same time, some project teams and investors have begun to shift their attention to the Meme-related track. They believe that, in the context of many tracks being discredited, Meme projects may bring new opportunities to the market.
However, some voices point out that the Meme track lacks real use cases and sustainable business models, making it difficult to promote long-term development in the industry. They call for the industry to re-examine innovation and application scenarios, avoiding being blinded by short-term hype.
Industry analysts indicate that the differences and confusion within the sector reflect that the cryptocurrency field is still in its infancy. In the future, project parties and investors need to pay more attention to the real user needs and sustainable profit models, rather than simply chasing trends. Only in this way can the industry achieve long-term healthy development.
4. Economic Dynamics
1. The Federal Reserve's interest rate hike expectations are rising, and inflationary pressures persist.
Economic Background: The US economy maintained a strong growth momentum in the first quarter of 2025, with a GDP growth rate of 3.2% year-on-year, exceeding expectations. However, inflationary pressures continue to rise, with the core PCE price index increasing by 4.7% year-on-year in April, far above the Federal Reserve's target level of 2%. The unemployment rate hovers at a low of 3.5%, and the job market remains tight.
Important Event: At the interest rate decision meeting held by the Federal Reserve in mid-June, it was decided to raise the federal funds rate by 25 basis points to a range of 5.25%-5.5%. This marks the 11th consecutive rate hike by the Federal Reserve, aimed at curbing rising inflation. The meeting statement emphasized that future actions will be taken based on economic data, suggesting that further rate hikes may continue.
Market reaction: The Federal Reserve's interest rate hike decision met market expectations, but the hawkish statements in the announcement raised concerns among investors about persistent inflation pressures. U.S. stocks briefly fell after the meeting but then stabilized and rebounded. The dollar index rose slightly, reflecting market expectations for further rate hikes by the Federal Reserve. The yield curve of bonds further inverted, signaling an increased risk of economic recession.
Expert Opinion: Goldman Sachs Chief Economist Jan Hatzius stated that the Federal Reserve still needs to raise interest rates further to curb inflation expectations, predicting two more rate hikes within the year. However, he also warned that excessive tightening could trigger a hard landing for the economy. Former Federal Reserve Chairman Ben Bernanke believes that inflationary pressures have begun to wane, and the Federal Reserve should remain patient.
2. China's May export data is strong, but weak domestic demand is dragging down the economy.
Economic Background: The Chinese economy showed signs of recovery in the first quarter of 2025, with a year-on-year GDP growth of 4.5%. However, since the second quarter, factors such as weak domestic demand and a slowdown in manufacturing have hindered economic growth. In May, the official manufacturing PMI was 49.6, remaining in the contraction zone for the third consecutive month.
Important event: On June 15, data released by the General Administration of Customs shows that China's exports in May increased by 8.1% year-on-year, significantly exceeding expectations. However, imports during the same period fell by 4.5%, resulting in an expansion of the trade surplus to 65.5 billion USD. This reflects a strong external demand for China, but a weak domestic demand situation.
Market Reaction: The export data exceeded expectations, which is encouraging and helps alleviate downward pressure on the economy. The RMB exchange rate rose slightly, approaching the 6.65 mark in the offshore market. However, the A-share market did not show significant reaction, as investors' concerns about weak domestic demand continue.
Expert Opinion: Ye Kangtao, Director of the Chongyang Institute for Financial Studies at Renmin University of China, stated that although export data is strong, weak domestic demand is a major constraint on the economy. He suggested that the government should increase infrastructure investment and introduce more policies that benefit people's livelihoods to boost domestic demand. CICC believes that the positive export data will alleviate downward pressure on the economy and expects the economy to stabilize and recover in the second half of the year.
5. Regulation & Policy
1. Switzerland plans to exchange cryptocurrency information with 74 countries to combat tax evasion and illegal capital flows.
This issue summarizes the proposed exchange of encrypted information by Switzerland with 74 countries based on publicly available information for reference.
According to the bill passed by the Swiss Federal Council on June 6, 2025, Switzerland plans to automatically exchange tax information on crypto assets (AEOI) with 74 countries, aimed at combating tax evasion and illicit capital flows, in response to the Economic Cooperation and Development Organization (OECD) standards for the Crypto Asset Reporting Framework (CARF).
Background of the event The background of Switzerland's passage of the Crypto Information Exchange Act can be summarized as three main driving forces: international pressure, regulatory demands, and its own financial transformation. The core issue is to address the tax and money laundering risks posed by cryptocurrencies while reshaping its global financial position.
Policy Content The bill stipulates that Switzerland will automatically exchange information on crypto assets with 74 countries and regions, including client information from cryptocurrency exchanges, wallet providers, custodial service providers, and other institutions. The information exchange will begin in 2026, with data from the previous year to be exchanged by September 30 each year.
Market Reaction The policy aims to enhance the transparency and compliance of the Swiss financial center, helping to attract more institutional investors. However, it may also lead to the loss of some investors, particularly those seeking a high level of privacy. Cryptocurrency exchanges and service providers need to strengthen due diligence and anti-money laundering measures to comply with the new regulations.
Expert Opinions Financial legal experts indicate that this move will help Switzerland reshape its position as a global leading financial center and align with international anti-money laundering standards. However, it is also necessary to balance privacy protection with regulatory requirements. Blockchain experts believe that the transparency and immutability of cryptocurrencies themselves assist in combating illegal activities such as tax evasion, but relevant regulations still need to be in place.