Summary
gm, JPMorgan plans to allow clients to use Bitcoin ETFs as loan collateral, beginning with BlackRock's iShares Bitcoin Trust, reflecting growing mainstream acceptance of digital assets. Tokenized funds continue their rapid expansion, reaching $5.7 billion in assets according to Moody's, with major players like BlackRock leading the charge. On the corporate front, multiple companies announced Bitcoin treasury strategies, including K Wave Media's $500 million allocation and Classover's $500 million convertible note deal for Solana reserves, while mining company MARA achieved a record 950 BTC production in May. Meanwhile, Circle priced its highly anticipated IPO at $31 per share, raising approximately $1.1 billion as it prepares to debut on the NYSE, signaling strong institutional demand for stablecoin exposure.

News Headlines
🔄 Ethereum Foundation Implements New Treasury Policy to Support DeFi

  • The Ethereum Foundation is implementing a new treasury policy to decrease annual spending from 15% to 5% over the next five years while utilizing its reserves to support DeFi protocols that align with Ethereum's core principles.
  • The Foundation will introduce 'Defipunk' standards to vet DeFi projects it supports with a focus on privacy, while tying ETH sales to cash reserves to ensure operations remain financially sustainable as it currently has only 2.5 years of cash runway left.

💰 Corporate Bitcoin Treasuries Now Control Over 3% of Total BTC Supply

  • Over 60 public companies have adopted Bitcoin as a treasury asset, now controlling 3.2% of the total Bitcoin supply with collective holdings of 673,897 BTC, double their holdings from just two months ago.
  • A Standard Chartered report highlights potential market risks as many new corporate adopters have average purchase prices exceeding $90,000, significantly above Bitcoin's current market price, which could introduce volatility and downward pressure if market inefficiencies are removed.

🌊 Pump.fun Plans $1B Token Sale at $4B Valuation Despite Revenue Drop

  • Solana-based memecoin launchpad Pump.fun is facing rumors of a potential $1 billion token sale and a 10% airdrop, with plans to target both private and public investors at a $4 billion valuation despite experiencing a 71% drop in protocol revenue.
  • Critics question the logic behind raising additional funds when the platform reportedly has around $700 million in reserve, especially during a downturn in the memecoin market where overall market cap has dropped dramatically since December.

🚀 HYPE Surges 80% as Hyperliquid Dominates On-Chain Trading Volume

  • HYPE, the native token of Hyperliquid, has surged by 80% over the past month, reaching approximately $37.72, driven by the platform's perpetual futures products dominating on-chain trading with 80% of May's volume totaling $17 billion.
  • A notable element behind HYPE's rise is Hyperliquid's substantial airdrop last year, which was initially valued at $1.6 billion but is now worth approximately $11.7 billion, though concerns remain regarding the protocol's low validator counts and certain operational decisions.

🧠 Quantum Computing Threat to Bitcoin Growing Closer

  • Experts warn that advanced quantum computers could soon pose a significant threat to Bitcoin by reverse-engineering private keys, potentially triggering a market crash.
  • With an estimated 25% of Bitcoin's circulating supply vulnerable to quantum attacks, the community faces urgency to implement quantum-resistant cryptographic techniques like those proposed in BIP 360.

Market Metrics

Fundraising & VC
1. Rails (Undisclosed, $14M) - Perpetual trading platform
2. 3Jane (Seed, $5.2M) - Crypto-native derivatives protocol
3. AINX (Seed, $2M) - Decentralized AI compute network 
4. Shards Protocol (Undisclosed, $2M) - Proof-of-activity protocol

Regulatory
🏛️ SEC Chair Signals End to Enforcement-First Approach

  • SEC Chair Paul Atkins announced a shift to "notice and comment rulemaking" instead of regulation by enforcement for crypto, emphasizing transparency and clear standards.
  • Atkins committed to creating a "rational regulatory framework" for cryptocurrencies that protects investors while fostering innovation, marking a significant policy shift from the previous administration.

🏦 MoonPay Secures New York BitLicense

  • MoonPay has received its BitLicense and money transmitter license from New York's Department of Financial Services, enabling full fiat-to-crypto services statewide.
  • The company now holds money transmitting licenses in all 50 US states, despite NYC Mayor Adams' support for abolishing the BitLicense to create a more open crypto market.

🗳️ South Korea's New President to Boost Crypto Integration

  • Lee Jae-myung won South Korea's presidency with 49.42% of votes, pledging to legalize Bitcoin ETFs and introduce a won-pegged stablecoin.
  • His administration aims to implement a self-regulatory body for digital assets and revise rules hindering crypto exchanges, significantly increasing the likelihood of approving spot Bitcoin ETFs.

🏢 Trump Media Seeks Bitcoin ETF Approval

  • Trump Media & Technology Group has filed for SEC approval of a "Truth Social Bitcoin ETF" in partnership with Yorkville America Digital and Crypto.com.
  • The ETF aims to track Bitcoin's price and would trade on NYSE Arca, entering a competitive market already featuring 11 similar funds dominated by BlackRock's iShares Bitcoin Trust.

🌐 Ripple's RLUSD Stablecoin Gets Dubai Regulatory Approval

  • Ripple received regulatory approval for its RLUSD stablecoin from the Dubai Financial Services Authority, making it the third stablecoin approved in the Dubai International Financial Centre.
  • With a market cap of $333.6 million and over $10 billion in trading volume since launch, RLUSD can now be integrated into Ripple's payment services in the $40 billion UAE cross-border market.

Technical Analysis
Bitcoin - Bitcoin has broken the floor of the rising trend channel in the short term, which indicates a weaker initial rising rate. The currency is testing support at points 104000. This could give a positive reaction, but a downward breakthrough of points 104000 means a negative signal. RSI below 30 shows that the momentum of the currency is strongly negative in the short term. Investor have steadily reduced the price to sell the currency, which indicates increasing pessimism and continued falling prices. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The currency is overall assessed as technically positive for the short term.

Ethereum - Ethereum is in a rising trend channel in the short term. Rising trends indicate that the currency experiences positive development and that buy interest among investors is increasing. The currency is between support at points 2500 and resistance at points 2760. A definitive break through of one of these levels predicts the new direction. Volume tops and volume bottoms correspond well with tops and bottoms in the price. This strengthens the trend. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The currency is overall assessed as technically positive for the short term.