Bitcoin (BTC) sees a slight rebound in the short term, temporarily around $62,180 as of June 11. Raydium said it has disabled an AMM program that was attacked, and the full loss of $1.34 million will be covered by the treasury. BitMine Chairman Tom Lee said that Ethereum (ETH) supply is contracting, and BitMine may not need to hold more than 5% of the supply.
Macro Events & Crypto Hotspots
1、According to a report by The Block, Solana ecosystem decentralized exchange Raydium said a vulnerability targeting its disabled AMM V3 program led to about $1.34 million in assets being stolen from five inactive liquidity pools. Affected pools include trading pairs such as RAY-SOL, USDC-RAY, and SRM-SOL. The attacker stole about 150,000 RAY, 5,600 SOL, and nearly 900,000 USDC.
Raydium said all losses will be covered by the treasury, and users are currently unaffected. The AMM program was disabled in 2021. The vulnerability stemmed from insufficient validation for LP minting, allowing the attacker to bypass the expected ratio checks. Raydium said its mainnet program is not affected and is undergoing separate security audits.
2、In a tweet by Bloomberg ETF analyst Eric Balchunas, Fundstrat research head and Bitmine chairman Tom Lee said, during a speech to financial advisors at the DACFP conference, that the entire financial system is built on layers of technology stacks, with a large number of fake and fraudulent trades, while ETH and Bitcoin have never had fraudulent trades. Blockchain operating costs are also lower. He likened investing in blockchains to holding real estate, and believes agentic AI will leverage the speed advantage of blockchains while preventing it from running out of control.
Lee also said BitMine may not need to hold more than 5% of the supply. The company holds a large stake in Mr. Beast’s financial company, and Ethereum’s supply has already begun to contract. BitMine may be included in the Russell 1000 index by the end of June, which would help stabilize its stock price.
News Updates
1、The U.S. military completes its latest strike against Iran
2、VELVET surges 10x during the period; the project team and market makers transfer 28.68 million tokens to exchanges
3、Strategy CEO: The first sale of Bitcoin was to conduct an “immunity” test for the market, not a reversal of理念
4、Tom Lee: ETH supply is contracting; BitMine may not need to hold more than 5% of the supply
5、Raydium: The disabled AMM program was attacked; the full $1.34 million loss will be covered by the treasury
6、Analysis: A SpaceX IPO may become the latest obstacle for Bitcoin
7、Bitwise CIO: Financial advisors’ interest in stablecoins and tokenization exceeds their interest in Bitcoin
8、An early-morning maritime clash occurs between the U.S. and Iran; Iran closes the Strait of Hormuz to all ships
9、The U.S. government transfers another $216,000 in assets seized from FTX/Alameda
Market Performance
1、Latest news on Bitcoin: <a data-currency='BTC' href='/futures/USDT/BTC_USDT'>$BTC sees a slight rebound in the short term, temporarily around $62,180; liquidations over the past 24 hours totaled $108 million, with the main liquidations on short positions;
2、U.S. stocks plunged across the board on June 10, and investor unease intensified as tensions between the U.S. and Iran escalated again. Chip stocks continued their decline. Super Micro (Super Micro) fell nearly 30% after announcing a cash equity increase plan. The S&P 500 Index fell 119.66 points, down 1.6%, to close at 7,266.99; the Nasdaq Index fell 509.32 points, down 2%, to close at 25,169.50; the Dow Jones Industrial Average fell 953.33 points, down 1.9%, to close at 49,918.78, setting the largest single-day drop since October last year. The Philadelphia Semiconductor Index tumbled 3.6%, and Nvidia (NVIDIA) fell 3.7%.
（Source: Gate）
3、In the Gate BTC/USDT liquidation map, using the current 61,834 USDT as the reference: if it drops to around 60,608 USD, the cumulative liquidation amount for long positions exceeds $590 million; if it rises to around 62,906 USD, the cumulative liquidation amount for short positions exceeds $492 million. The liquidation amount on the short side is significantly lower than on the long side. It is recommended to manage leverage levels reasonably and avoid triggering large-scale liquidations during market moves.
（Source: Coinglass）
4、Over the past 24 hours, BTC spot saw inflows of $1.12 billion, outflows of $1.13 billion, and net outflows of $100 million.
（Source: Crypto futures contract flow）
5、Over the past 24 hours, net outflows led in contracts such as $BTC, $BEAT, $VELVET, $STG, $TSLA , creating trading opportunities.
Selected Views from X KOLs
Phyrex Ni (@Phyrex_Ni): “Today around $87 I closed out the remaining 25% position. The third time I shorted all of my WTI position is completely done, and my total profit is around 70%. Not bad. I originally thought that with Trump making such a big stir today, oil prices would jump up a bit, so before leaving the house I raised my buy price from $90.5 to $91. When I just got home, I saw today’s high was $90.53, and I’m a little annoyed.”
“If I had bought, this position would have been fine too. I was a bit greedy and wanted a small bargain, and it didn’t fill. But if the fighting really can upgrade, the $91 base position would also be okay. Still, I’m really not sure how high this time’s high can go. At least judging from the current WTI and Brant trends, the market doesn’t believe oil prices will be affected too much.”
“Overall, for WTI or Brant my stance is to short on rallies. And I’ve already gotten three rounds of gains. The current price action is pretty much in line with my expectations. This time my expectation is around $85, so when it reaches $85 I’ll exit most of it. Honestly, I also think it’s hard to fully recover in the short term, but that’s exactly what gives us the opportunity to short at high levels.”
“Going back to the Bitcoin data, today $BTC ’s price is holding up much better than the U.S. stock market. Today the Nasdaq and the S&P 500 both fell about 2%, while Bitcoin is still up slightly. This shows that the new pull around $60,000 is indeed quite strong—at this level, more investors are willing to buy.”
“Also, there’s currently no sign of panic in turnover. Of course, this is also related to Bitcoin having already fallen a lot earlier. The big exam coming up should be the Federal Reserve’s policy meeting. And this time there’s also a dot plot.”
What to Watch Today
1、China May-end M2 money supply (year-on-year), prior value 8.6%
2、China end of May foreign exchange reserves (USD billions), prior value 3410.55
3、Eurozone ECB refinancing rate, prior value 2.15%
4、U.S. May Producer Price Index (year-on-year), prior value 6.0%
5、U.S. week ended seasonally adjusted initial jobless claims (thousands) (to 0606), prior value 225
6、OPEC releases its monthly oil market report
7、ECB President Lagarde holds a press conference on monetary policy
