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

U.S. Treasury Secretary Scott Bessent has stated that the department is pursuing a plan for a strategic Bitcoin reserve and that he hopes the Clarity Act will pass this summer. According to The Block, Bessent emphasized during a Senate Finance Committee hearing the need for a clear regulatory framework for the crypto industry. He added that officials are working to establish a crypto custody system and make the U.S. a global hub for innovation, reiterating his goal for the bill's passage this summer and confirming that the Treasury is proceeding with the BTC reserve plan.

Strategy's perpetual preferred stock (STRC) has fallen to $94.84, a 5.2% discount to its $100 par value, sparking analysis that a crack has formed in the company's BTC acquisition structure amid a sharp crypto market downturn. According to Decrypt, Ryan Yoon, a senior analyst at Tiger Research, said the stock trading below its peg signifies a flaw in Strategy's high-leverage approach to buying BTC. Yoon explained that due to the burden of massive dividend obligations, hedge funds have been concerned that Michael Saylor might be forced to sell some of the company's BTC holdings to service its debt. This possibility has undermined the narrative of never selling BTC, placing immediate downward pressure on the cryptocurrency's price, he added.

Solayer (LAYER), a Solana Virtual Machine (SVM)-based Layer 1, has launched the mainnet for its on-chain perpetual futures trading platform, Margin Trade, The Block reported. The platform supports trading a variety of assets, including cryptocurrencies, commodities, and stocks, through a single Solana-based margin account. Margin Trade aims to offer the speed and capital efficiency of traditional finance while maintaining transparency and self-custody.

According to CoinNess market monitoring, BTC has fallen below $66,000. BTC is trading at $65,990.91 on the Binance USDT market.

The European Union's Markets in Crypto-Assets (MiCA) regulation will take full effect on July 1, banning unlicensed crypto businesses from operating in the bloc. According to Cointelegraph, Crypto-Asset Service Providers (CASPs) that previously operated under national regulatory frameworks must now obtain a MiCA license or cease serving EU customers. The move could force some firms with pending applications to temporarily suspend their EU operations, potentially affecting millions of users. France's Financial Markets Authority (AMF) stated that 19 CASPs have received MiCA approval to date, while approximately 25 applications are still under review.

Axelar (AXL) has announced its support for Solana (SOL). As a result, Solana can now utilize cross-chain messaging and asset transfer services between the various blockchains supported by Axelar.

The strategy of using airdrops to acquire users has reached its limit, according to an analysis by Delphi Digital. In a post on X, the research firm stated that building a holder base through airdrops is over, noting that for major projects, between 78% and 94% of recipients sold most of their tokens within 90 days. While some point to Hyperliquid (HYPE) and Jito (JTO) as successes, Delphi Digital argued this was not due to the airdrop itself. Hyperliquid absorbed the sell-off with buybacks funded by over $1 billion in revenue, and Jito avoided large-scale farming with a smaller target audience. The firm explained that tokenomics are now shifting to require actual protocol performance, citing MegaETH (MEGA) linking 53% of its supply to performance goals and Pendle (PENDLE) using 80% of protocol revenue for staker buybacks. This marks a move in token distribution from airdrops to performance-based structures, the analysis concluded.

Decentralized prediction market platform Kalshi has officially launched Bitcoin perpetual futures. The contracts are cash-settled and support 24/7 trading.

Bitwise has calculated a theoretical fair value for BTC of approximately $224,000 under the assumption that it is adopted as portfolio insurance against the risk of sovereign debt defaults, CoinDesk reported. In a monthly research report, the firm's European business unit explained that the analysis is based on a model by Greg Foss, which views BTC as an asset similar to a credit default swap (CDS) on national government bonds. Bitwise emphasized that the figure is a model-based illustrative calculation, not a price target or forecast. The model considers BTC a hedge against the default risk of major nations because it lacks a central issuer or a state-backed payment guarantee. The $224,000 valuation was calculated based on the weighted average default probability of G20 countries and the size of the government bond market assumed to be insured.

Whale Alert reported that 237,016,438 USDC has been transferred from an unknown wallet to Coinbase. The transaction is valued at about $237 million.

Israeli Prime Minister Netanyahu said in an interview on June 3 that he and U.S. President Donald Trump have reached an agreement on key issues concerning Iran. While acknowledging occasional tactical disagreements with the U.S. government, Netanyahu emphasized that these matters can be resolved smoothly.

Decentralized derivatives exchange EdgeX (EDGE) has announced it will compensate users affected by the sharp decline in its native token's price on June 2. The plan covers users who incurred actual losses from forced liquidations of long positions or sell-offs on edgeX Perp V1 and V2 between 8:50 p.m. and 10:00 p.m. UTC on June 1. Compensation is limited to realized losses within this period and excludes trading fees, funding fees, and unrealized profits. The maximum payout is capped at 100,000 USDC per person.

Binance Wallet announced it will conduct a one-hour integrated upgrade for its prediction market service, starting at 7:00 a.m. UTC on June 4. Services related to the prediction market will be temporarily suspended during the upgrade.

A whale investor who previously lost over $2.5 million by buying high and selling low has re-entered the market, purchasing 401 BTC for $26.86 million, according to Lookonchain. The new purchase was made at an average price of $66,957. The investor's earlier loss came from buying 81 BTC at an average price of $95,423 on Jan. 16, only to sell them for $64,243 on Feb. 23.

Bankless co-founder David Hoffman sold his entire ETH holdings on May 21 to purchase VVV, NEAR, ZEC, HYPE, and LIT, according to Wu Blockchain. Hoffman previously argued that ETH's market capitalization already reflects its actual performance and that a further structural revaluation of the cryptocurrency is unlikely.

Whale Alert reported that 3,102 BTC has been transferred from Coinbase Institutional to an unknown new wallet. The transaction is valued at about $207 million.

Matt Hougan, CIO of Bitwise, said that institutions are moving to embrace cryptocurrency, tokenization, and stablecoins. He added that this trend is continuing regardless of price action.

The price outlook for U.S. West Texas Intermediate (WTI) crude is declining as OPEC+ begins to increase production this month. Polymarket traders are now pricing in a 34% probability that WTI futures (CL) will surpass $100 per barrel in the first week of June, a drop of about 29 percentage points from yesterday. Meanwhile, the price of CLUSDT, an on-chain WTI crude perpetual futures contract, is currently trading at $95.02, up 3.05%, according to Aster.

Russians have opened over 10 million cryptocurrency wallets on overseas exchanges and infrastructure, Russia's TASS news agency reported. The figure was announced by Deputy Finance Minister Ivan Chebeskov, who told reporters at a side event of the St. Petersburg International Economic Forum (SPIEF 2026) that public participation in the virtual asset market has reached a historic level. The deputy minister explained that the government derived the figure through confidential information exchanges and on-chain data cooperation with several large global virtual asset exchanges.

Citi believes the real problem facing Bitcoin is not MicroStrategy's pre-announced sale of BTC, which it views as a simple tax-saving strategy, but rather the disappearance of new buying pressure from sources like ETF inflows, CoinDesk reported. According to the bank, market sentiment has become very subdued. The fundamental crisis lies not in corporate selling pressure but in the absence of new buyers and fresh capital to push the market higher. Citi added that investor sentiment is struggling to recover as the probability of the U.S. Clarity for Digital Tokens Act passing Congress this year diminishes. The bill had been seen as a powerful catalyst for large-scale institutional inflows. Barring a dramatic regulatory reversal, Bitcoin is likely to continue its sideways or corrective trend for the time being.

The correlation between Bitcoin and the Nasdaq has completely broken, with Bitcoin's relative underperformance against the stock market reaching its worst level in about seven years, CNBC reported. Since peaking in relative strength against the Nasdaq 100 index about a year ago, Bitcoin has plunged 35%. Over the same period, the Nasdaq has rallied approximately 35%, creating a 70 percentage point gap in returns between the two assets. This marks the most significant decoupling since the crypto bear market of 2019.

The three major U.S. stock indices opened mixed today. - S&P 500: -0.12% - Nasdaq: +0.05% - Dow Jones: -0.42%

Tether has partnered with digital banking and investment platform Fasset to launch the world's first neobanking Visa credit and debit card linked to gold assets. The card allows users to earn up to 6% of their purchase amount back in Tether's gold-backed token, Tether Gold (XAU₮), subject to certain conditions. When a user makes a purchase, Tether Gold in their wallet is automatically converted into Tether's stablecoin (USD₮) and then into the local fiat currency for settlement within seconds. The card also offers a feature that automatically collects spare change from transactions and reinvests it into Tether Gold.

A new Political Action Committee (PAC) named Defend Devs has been launched to protect cryptocurrency developers, according to a report from Eleanor Terrett. The PAC plans to provide financial and political support to lawmakers who advocate for including developer protection provisions in the Clarity Act as it is being negotiated.