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The revenue agreement PiggyBank issued a statement acknowledging a serious error in the LAB token basis trading that took place last month. PiggyBank disclosed that the team previously purchased locked LAB tokens at a low price through OTC channels for about $100,000 (accounting for approximately 2% of the portfolio) and simultaneously shorted perpetual contracts for hedging.However, during the holding period, LAB encountered severe market manipulation, liquidity depletion, and deeply negative funding rates, leading to excessively high hedging costs. The team ultimately chose to close the short position to limit downside risk. Based on current prices, the total value of the locked LAB position is $1.35 million. However, due to the lack of liquidity in this position, PiggyBank will exclude it from the net asset value calculation until the first unlock on August 14.Although the situation is still changing and there is still potential for considerable returns, this is the "fairest and most transparent" way for users to manage liquidity. Therefore, today's net asset value will show a decline of approximately 15% in the USDC treasury, about 12% in SPYx, and about 9% in JitoSOL. A detailed report will be released next week, including follow-up processing plans. On-chain investigator ZachXBT previously publicly questioned PiggyBank, accusing it of insider control over more than 95% of the supply.

According to monitoring by Catcher Predict, in the prediction market Polymarket for the "Spurs vs. Knicks" event, the "Yes" option for the sub-market "Josh Hart: Assists O/U 1.5" experienced significant fluctuations in winning probability, soaring from 66.5% an hour ago to the current 82% (a fluctuation of 15.5%). Please note the impact of related breaking news.

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

According to Jinshi reports, institutional analyst Anstey stated when evaluating the U.S. non-farm data that considering the Federal Reserve's mission to maintain price stability and achieve full employment, the current job market does not seem to need assistance. At the same time, the inflation rate is far above the Federal Reserve's target of 2%. It is expected that next week's CPI data will show the core inflation rate rising to 2.9%, with overall inflation soaring 4.2% year-on-year. It would be surprising if Federal Reserve policymakers do not further hint at a possible interest rate hike in 2026.

According to monitoring by Catcher Predict, in the prediction market Polymarket for the "Knicks vs. Spurs" event, the "Yes" option for the sub-market "Josh Hart: Assists O/U 1.5" experienced a dramatic fluctuation in winning probability, dropping from 93.5% an hour ago to the current 75.5% (a fluctuation of 18%). Please note the impact of related breaking news.

Affected by profit-taking from AI concept assets and a decline in market risk appetite, Bitcoin has fallen to around $62,000, a cumulative drop of nearly 16% from last week's high of over $74,000. Market analysis suggests that if it falls below the key level of $60,000, the next key technical support for Bitcoin may be around $55,000. In addition, the U.S. spot Bitcoin ETF has recorded net outflows for 15 consecutive trading days, totaling over $4.7 billion, while Strategy disclosed this week that it sold Bitcoin for the first time since 2022, further weakening market expectations for institutional buying.

According to Cointelegraph, CoinShares analyzed quarterly 13F filings and found that professional investors reduced their Bitcoin ETF exposure from 313,000 BTC to 261,000 BTC in the first quarter, a decrease of 52,000 BTC, or 17%. The total value of these holdings fell by 35% to $17.8 billion, while the share of U.S. Bitcoin ETF assets held by 13F filers dropped from 24.7% to 20.8%.The sell-off was mainly concentrated among hedge funds and brokerages, which accounted for about 96% of the total reduction. Hedge funds reduced their holdings by 31,400 BTC (a decrease of 39%), while brokerages cut their holdings by 18,800 BTC (a decrease of 53%). In contrast, the largest category of professional investors—investment advisors (holding 150,300 BTC)—only reduced their holdings by 5.9%. Banks, on the other hand, more than doubled their Bitcoin ETF holdings, increasing by 7,800 BTC during the quarter.CoinShares digital asset analyst Matt Kimmell stated, "This dataset is consistent with the historical performance of the Bitcoin market during downturns, with leverage and strategic positions being cleared."

According to Bloomberg, the three types of investors under Michael Saylor's Strategy—Bitcoin holders, leveraged equity traders, and preferred shareholders—are all under pressure. Strategy sold 32 Bitcoins this week, marking the first sale since the end of 2022, breaking the "never sell" promise. Bitcoin has fallen to a four-month low, and Strategy's stock price has dropped about 70% from last year's peak, with STRC preferred shares falling below the $100 par value. STRC has an annualized dividend of 11.5%, and if the market continues to weaken, the pressure to pay dividends will continue to rise.Analysts point out that increasing the dividend rate will add a $1.7 billion burden, while keeping it unchanged will lead to further price declines. Strategy will vote on Monday to change the dividend to bi-monthly payments to stabilize the price. The Chief Investment Officer of Arca stated that unless Bitcoin rebounds before the cash buffer is exhausted, it will be nearly impossible to protect all stakeholders. StoneX believes that this sale indicates that Strategy can fulfill its obligations without materially reducing its holdings.

According to The Block, blockchain analytics company Chainalysis has released a latest report indicating that as the gray market peptide industry scales surpasses an annualized $100 million, leading suppliers are accelerating the adoption of Bitcoin and stablecoins as primary settlement tools.In Q1 2026, cryptocurrency inflows into the industry reached $32 million, a month-on-month surge of 159%. Due to traditional banks and credit card payment channels generally imposing bans on prescription-grade compounds and unregulated substances, a large number of Chinese chemical manufacturers are turning to cryptocurrency to complete transactions, with high-value orders particularly favoring stablecoins to avoid price volatility risks.

According to monitoring by Catcher Predict, the probability of the "Yes" option in the sub-market "Mikal Bridges: Assists O/U 0.5" for the "Knicks vs. Spurs" event on the prediction market Polymarket has experienced significant fluctuations, rising from 50% an hour ago to the current 65.5% (a fluctuation of 15.5%). Please note the impact of related breaking news.

Bitcoin fell below $64,000 again after the U.S. stock market opened on Thursday, with a weekly decline of 13.5%, marking the worst single-week performance since 2026. BTC previously dropped to its lowest level since early February and retested the 200-week simple moving average. Trader Daan Crypto Trades stated that BTC continued to decline after encountering a bearish retest in the $80,000 low range, remaining in a larger downtrend since last October. He believes that the current market focus has shifted to whether the $60,000 level can maintain support, with the low $60,000 area combined with the 200-week moving average becoming a key area for bulls to defend.Trading resource The Kobeissi Letter pointed out that since October 2025, the total market capitalization of the crypto market has evaporated by over $2 trillion. In the short term, commentator Exitpump noted that every rebound in the Binance perpetual contract order book encounters sell orders, with buying pressure only just beginning to push prices up, leading to more supply appearing above, and sellers still holding control. Trader Rekt Capital mentioned that on June 13, 2022, BTC touched the 200-week moving average during a bear market pullback; and in the 2026 bear market, BTC nearly touched that moving average again on the same date four years later. He believes that BTC's cyclical performance is "incredible."

The cryptocurrency market experienced a new round of selling and liquidation on Thursday, with Bitcoin briefly dropping to $61,300 before rebounding to $64,680, currently reporting around $62,500. Over the past two days, the total market leverage liquidation scale was about $3 billion. Data shows that in the past 24 hours, futures trading volume rose to $305 billion, but open interest fell by 8.5% to $111.4 billion, indicating that the market is primarily deleveraging rather than adding new positions.Bitcoin's open interest fell from yesterday's historical high of over 800,000 BTC to 766,000 BTC. Investors seem to be leaving the cryptocurrency market and turning towards AI narratives in traditional markets. The derivatives market has clearly shifted to a bearish stance. The skew of BTC and ETH put options has strengthened, showing that investors are willing to pay higher premiums for downside protection. The nominal open interest of BTC put options with a strike price of $60,000 on Deribit exceeds $1 billion, while the most actively traded options contracts in the past 24 hours were the $55,000 put options.Altcoins have seen deeper declines, with NEAR, ZEC, JUP, DASH, ENA, and FET all dropping over 10%, and HYPE falling 12% after reaching a new high this week. The subsequent performance of altcoins largely depends on whether Bitcoin can hold above $60,000; if it falls below this level, it may trigger more liquidations and put greater pressure on trading pairs with weaker liquidity.

Glassnode data shows that as Bitcoin briefly fell to $61,300, the number of BTC in an unrealized loss state rose to approximately 10.5 million, surpassing the 9.8 million in a profit state for the first time, accounting for over half of the total circulating supply. This is the first occurrence in this cycle where the number of loss chips exceeds the number of profit chips. Historical data indicates that this metric has only appeared during deep bear market phases and has often corresponded with significant market bottoms. Similar situations occurred during the bear markets of 2015, 2019, 2020, and 2022, although the duration varied from one month to a year.Meanwhile, the Bitcoin price touched approximately $61,300, which is the 200-week moving average, a level that has consistently formed key long-term support during past bear markets. Analysts believe that if BTC falls below the $60,000 threshold, the next important support level will be around the realized price of approximately $54,000, and Bitcoin has historically fallen below the realized price during major bear markets.

According to Yu Jin Detection, looking back, after Strategy's previous test sale of 32 bitcoins (approximately $2.47 million), market sentiment quickly deteriorated. In the following three days, the price of bitcoin fell by approximately $11,400, a decline of 15.6%, with a total market value evaporating by about $228 billion.In terms of funds, bitcoin spot ETFs experienced a cumulative net outflow of $1.45 billion within three trading days following Strategy's announcement of the sale, recording continuous outflows for 13 trading days, with a total scale reaching $4.37 billion. Meanwhile, several on-chain and institutional movements further intensified market concerns. Mt. Gox transferred some bitcoins to the Bitstamp trading platform; bitcoins from Tether's reserves were transferred to the Bitfinex trading platform for the first time; and the crypto asset management firm Abraxas Capital also began to reduce its bitcoin holdings.Market analysis suggests that although Strategy's sale was limited in scale, as one of the largest corporate bitcoin holders globally, its selling behavior had an amplifying effect on market sentiment, triggering a chain reaction of institutional fund outflows and multiple parties reducing their positions.

CryptoQuant CEO Ki Young Ju posted on the X platform that the sell-off by Bitcoin OG whales and long-term miners is essentially a large-scale transfer of holdings to traditional financial institutions, investors, and ETFs in the United States.He believes that the ultimate value of an asset depends on who is holding it. If the new holders are entities that can bring greater liquidity, the next round of price increases could come at any time. Traditional financial institutions may provide a stronger demand base than OG whales, although this may dilute the values of crypto-punk ideals. Ki Young Ju feels regret about this but still believes that Bitcoin will have its next bull cycle, which is worth waiting for.

According to monitoring by Catcher Predict, in the predicted market event "Knicks vs. Spurs" on Polymarket, the "Yes" option for the sub-market "Mikal Bridges: Assists O/U 0.5" has experienced a dramatic fluctuation in winning probability, soaring from 67.5% an hour ago to the current 91% (a fluctuation of 23.5%). Please note the impact of relevant breaking news.

According to Jinshi reports, the OECD stated that if economic turmoil continues, central banks in various countries are expected to raise interest rates by 50 to 75 basis points.