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Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

Goldman Sachs has completely withdrawn its forecast for a Federal Reserve rate cut this year, citing stronger-than-expected U.S. employment data for May, Crypto Briefing reported. The bank has postponed its projection for the first rate cut to June 2027. The outlet added that such a prolonged high-interest-rate environment could shrink liquidity across financial markets, potentially putting downward pressure on risk assets, including cryptocurrencies and DeFi protocols.

Whale Alert reported that 247,999,999 USDC has been transferred from USDC Treasury to Coinbase Institutional. The transaction is valued at about $248 million.

Whale Alert reported that 250,000,000 USDC has been transferred from Ethena to an unknown wallet. The transaction is valued at about $250 million.

Layer 1 blockchain Sui (SUI) announced on June 8 that it has launched a beta version of its confidential transfer feature on its developer testnet, Devnet. According to the announcement, asset transfers using the feature will have their amounts and balances kept private, with limited access rights granted to ensure regulatory compliance and auditability. Sui compared current blockchains to sending money with the amount written on the outside of an envelope for anyone to see. With the new feature, however, the amount inside the envelope remains undisclosed. The sender determines who can view the transaction details, allowing for selective disclosure, the project explained.

Former U.S. Secretary of Defense Lloyd Austin stated that while the U.S. Navy is capable of reopening the Strait of Hormuz, allied participation would be essential to maintain the key oil and gas shipping route long-term due to the immense costs involved. Austin, who served as Secretary of Defense in the Biden administration, affirmed the U.S. Navy's ability to open the strait but noted that keeping it open would entail significant expense, requiring joint participation from the international community. He emphasized that allies and partners must contribute to the effort, stressing that freedom of navigation is crucial not only for the United States but for the entire world. Austin also identified Israel's ongoing attacks on Hezbollah in Lebanon as one of the main obstacles to broader diplomatic efforts to end the war, adding that he hopes for a de-escalation of tensions to allow negotiations to continue.

The chief technology officer (CTO) of hardware wallet firm Ledger has argued that the significant costs required to comply with the European Union's Markets in Crypto-Assets (MiCA) regulation are hindering Web3 innovation. In an interview with CoinDesk, he stated that these compliance costs create a high financial barrier, stifling technological progress for early-stage companies. The CTO highlighted that startups struggle to afford expenses such as advisory services, operational overhead, legal and audit fees, insurance, and infrastructure development. He emphasized that this regulatory environment ultimately favors large financial institutions.

While Aave founder Stani Kulechov touted the resilience of decentralized finance in the wake of the KelpDAO hack in April, the incident actually exposed serious flaws in the lending protocol's risk management system, CoinDesk reported. The outlet noted that the attacker used KelpDAO's LayerZero bridge to steal $292 million in cryptocurrency, triggering a bank run on Aave that saw $8.45 billion withdrawn over 48 hours. Although Aave subsequently overcame the crisis with a $300 million emergency bailout, Kulechov's claims of resilience appear limited. Aave plans to address these system risks with its upcoming V4 upgrade.

Israeli Prime Minister Benjamin Netanyahu has announced a temporary suspension of attacks on Iran. In an ongoing speech, he stated that Iran and Hezbollah are attempting to impose an unacceptable situation on Israel, but that Israel is currently exercising restraint. Netanyahu added that while Iran and Lebanon's Hezbollah are weaker than ever, the war against them is not yet over. He warned that if Iran makes another mistake, Israel will respond with overwhelming force.

Israeli Prime Minister Netanyahu promised in an ongoing speech that Iran will not be allowed to possess nuclear weapons. He added that Iran had attempted to attack Israel with missiles, stating that the country would not be here today if it had not acted in a timely manner.

ETH has briefly reclaimed the $1,700 level amid a broader recovery in the cryptocurrency market, including Bitcoin, according to CoinNess market monitoring. Data from CoinMarketCap shows ETH is currently trading at $1,700.17, up 4.49%.

Iran's deputy foreign minister stated that Tehran places no value on the European Union's (EU) recent sanctions against the country and will continue its strategy of defending its sovereignty over the Strait of Hormuz.

Nasdaq-listed TonStrategy (TONX), a strategic investor in Telegram's TON, announced on June 8 that it earned 3.3 million TON, worth approximately $5.6 million, in staking rewards last month. According to The Block, TonStrategy's annualized staking yield for May was 1.48%, an increase of 0.09 percentage points from the previous month. As of the end of May, the company reportedly held 227.5 million TON, with 226.8 million of that amount staked.

According to CoinNess market monitoring, BTC has risen above $64,000. BTC is trading at $64,047.47 on the Binance USDT market.

Onchain Lens reported that a whale address known for swing trading, Nemorino (nemorino.eth, starting with 0x8ae), acquired 6,329 ETH worth $10.71 million about two hours ago through platforms including Cow Protocol. Swing trading is a short-term trading style that targets price movements over several days to weeks.

The recent sharp drop in Bitcoin's price, which briefly fell below $60,000, was caused by institutional selling through spot exchange-traded funds (ETFs), according to an analysis from 10x Research. In a recent client note, founder Markus Thielen dismissed market speculation that selling by "Strategy" was the cause, calling it a misjudgment, CoinDesk reported. Thielen argued that the upcoming U.S. May Consumer Price Index (CPI) release on Wednesday is the key event to watch. He emphasized that ETF fund flows remain the core indicator for Bitcoin's next move, stating that investors should follow the flow of money rather than narratives.

Israeli Defense Minister Katz stated that any attack on northern Israeli settlements would lead to an attack on the Dahieh suburb of southern Beirut. He emphasized that the Israel Defense Forces (IDF) will continue operations against Hezbollah within Lebanon and that Israel firmly rejects threats from Iran. Katz warned that any attempt by Iran to use Lebanon to attack Israel would be met with a strong counterattack, similar to what occurred yesterday.

Bitcoin has entered a "bottom finding" phase based on on-chain indicators, according to crypto analyst Benjamin Cowen. He noted that the ratio of Bitcoin's circulating supply in profit versus in loss, based on on-chain acquisition price, has just seen a crossover event around the 50/50 mark. Cowen explained that he likes the current chart pattern, reiterating his previous view that a market cycle bottom typically forms after this specific indicator crosses its baseline. That crossover, he added, has just occurred.

The U.S. House of Representatives has initiated discussions on overhauling cryptocurrency tax regulations, even as the Senate continues to negotiate the Clarity Act, a broader crypto market structure bill, CryptoInAmerica reported. The House Ways and Means Committee is reportedly reviewing seven proposals to reform the current tax framework. To this end, the committee plans to hold a hearing with experts from Coinbase, Fidelity, and New York University to address the matter. The committee will undertake a full-scale review of seven "discussion drafts" aimed at a complete overhaul of the crypto tax system. As previously reported by CoinNess, the House Ways and Means Committee had released these seven draft amendments designed to revamp the Internal Revenue Service's (IRS) approach to crypto taxation.

An anonymous whale address starting with 0x1be4 borrowed 18,000 ETH, worth $29.83 million, from the crypto lending protocol Aave (AAVE) and deposited the funds to Binance a short time ago. On-chain analyst Lookonchain suggested that the whale likely borrowed the ETH to short the asset.

Strategy (MSTR) shareholders have approved a proposal to change dividend payments for the company's preferred stock, STRC, from once a month to twice a month, Unfolded reported. Under the new plan, STRC holders will receive dividend payments on a bi-weekly basis starting July 15. Strategy had previously proposed the change to enhance price stability, increase liquidity, and improve market efficiency. The company stated that the annual dividend rate of 11.5% will be maintained.

DeFi protocol Felix announced via its official X account that it will shut down its Hyperliquid (HYPE) HyperEVM-based decentralized exchange (DEX) on June 20. Felix explained that following the termination of the USDH service, it will halt operations for all currently running HIP-3 based markets. A phased shutdown will begin on June 19, with the official termination scheduled for June 20.

FTX founder Sam Bankman-Fried (SBF), who is serving a prison sentence for fraud and other charges, has formally requested a pardon from U.S. President Donald Trump, Bloomberg reported. The Wall Street Journal previously noted that Trump is considering pardoning up to 250 individuals to commemorate the 250th anniversary of U.S. independence, with an announcement likely at an event on either June 14 or July 4.

The Open Network (TON), Telegram's native layer-1 blockchain, captured a 35.5% share of the cross-chain NFT market in the first quarter, a 130.4% increase from the previous quarter, according to blockchain analytics firm Messari. In its Q1 report on The Open Network, Messari noted that during the same period, the spot price of TON fell 26.5%. Sales of Telegram products settled through Fragment, a TON-based digital asset marketplace, reached $88.5 million. Other metrics showed a decline. Total value locked in TON-based DeFi protocols fell 34.9% quarter-over-quarter, or 11.6% when measured in TON. The average daily transfer volume of USDT was $77 million, down 32.5%, and the number of daily active addresses decreased by 8.8% to 90,790.