Bitcoin (BTC) rebound momentum is weak, falling back to around $65,590 on June 17. Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), said that perpetual contracts will be assessed asset by asset, rather than approved under a blanket authorization. Illinois became the first U.S. state to impose a tax on digital asset transactions, expected to take effect on January 1, 2027.
Macro Events & Crypto Hotspots
1、According to Cryptopolitan, Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), confirmed that approvals for perpetual futures contracts will be handled case by case, not under a blanket authorization. Kraken has launched regulated perpetual contracts for U.S. traders, and Coinbase has also obtained a way to offer offshore perpetual contracts domestically. How quickly and in what direction perpetual futures approvals move largely depends on Selig, who is currently the only commissioner in office.
Selig has confirmed that the agency will assess perpetual futures contracts for one asset at a time. After the CFTC approved its first bitcoin perpetual contract on May 29, Selig clarified this. The main reason for the case-by-case review is that perpetual contracts for different assets carry different risks. The CFTC’s official policy statement notes that perpetual contracts have “unique characteristics,” and these characteristics vary depending on the underlying asset. For example, bitcoin perpetual contracts and oil perpetual contracts may raise very different issues related to market integrity and consumer protection.
2、According to Crypto Briefing, Illinois became the first U.S. state to tax digital-asset trading. SB 3019, signed by Governor JB Pritzker, includes a “Digital Asset Tax Act” that imposes a 0.2% occupational tax on brokers for trading, transferring, or custodying digital assets for clients in the state, expected to take effect on January 1, 2027, and is expected to bring about $60 million in tax revenue to the state government each year. The tax targets business activity rather than profit, and traditional securities brokers do not bear a similar tax burden in Illinois.
Former U.S. prosecutor Renato Mariotti criticized that the tax was quietly added into the budget bill without sufficient public debate. The Digital Chamber of Commerce and the Illinois Blockchain Association jointly opposed it, saying the tax is “substantially unsound, procedurally flawed, and economically disruptive.” In August 2025, Illinois passed the “Digital Asset and Consumer Protection Act,” and this new taxation further changes the state’s regulatory direction. Industry groups said the tax targets only a single asset class, giving crypto businesses a reason to move to other states.
News Roundup
1、Kalshi perpetual contract trading volume exceeded $5.5 billion in two weeks, planning to expand to other asset categories
2、Matter Labs discloses layoffs, saying it has fully focused on institutional on-chain privacy infrastructure business
3、U.S. SEC Chair: reforming the oversight framework for listed companies to make IPOs easier for general investors to participate in
4、Illinois becomes the first U.S. state to impose a digital asset transaction tax, expected to take effect on January 1, 2027
5、Arthur Hayes-linked wallet again receives 1,400 ETH from FalconX, about $2.51 million
6、STRC closing price drops to the third-lowest since listing, as intensifying competition and dividend concerns drag down the price
7、RetoSwap: Haveno protocol suffers an attack; upgraded to the minimum client version and paused trading
8、VanEck: the $50 billion funding gap facing bitcoin mining firms’ shift to AI
9、CryptoQuant CEO: the era of making money just by issuing tokens is over; three categories of altcoins can still survive
Market Trends
1、Latest on Bitcoin: <a data-currency='BTC' href='/trade/BTC_USDT'>$BTC rebound momentum is weak, falling back to around $65,590. In the past 24 hours, $71.71 million has been liquidated, with long liquidations dominating;
2、U.S. stock market on June 16 showed mixed performance. After a three-day surge, tech stocks pulled back. The Philadelphia Semiconductor Index plunged 5.7%, while the Dow Jones Industrial Index hit a new all-time high for the second straight day. SpaceX rose for three consecutive days, overtaking Amazon to become the world’s fifth-largest publicly listed company by market cap. The S&P 500 fell 42.94 points, down 0.6%, to 7,511.35 points; the Nasdaq fell 307.60 points, down 1.2%, to 26,376.34 points; the Dow Jones Industrial Index rose 328.64 points, up 0.6%, to 51,999.67 points, setting another record high.
（Source: Gate）
3、In the Gate BTC/USDT liquidation map, based on the current 65,750.50 USDT: if it drops to around $65,034, the cumulative amount of long liquidations will exceed $1.02 billion; if it rises to around $66,403, the cumulative amount of short liquidations will exceed $480 million. The amount for short liquidations is significantly lower than for long liquidations. It is recommended to manage leverage levels reasonably to avoid triggering large-scale liquidations amid market fluctuations.
（Source: Coinglass）
4、In the past 24 hours, BTC spot inflows were $1.89 billion, outflows were $1.96 billion, resulting in net outflows of $70 million.
（Source: Coinglass）
5、In the past 24 hours, contract trading net outflows led for $HYPE, $WLD, $SOL, $ZEC, $LAB , and others, presenting trading opportunities.
Selected Views from X KOLs
Phyrex Ni（@Phyrex_Ni）：「Today is unusually quiet. The U.S. and Iran are not entangled in an overly noisy peace agreement. Of course, the main reason they’re not entangled is Trump—because judging from the agreement Iran has released so far, the U.S. hasn’t gotten a cheap deal at all, and there are provisions like war reparations. And Trump only said one line—this was made up by the Democrats—so he didn’t have much to say. But both Iran and the U.S. also said they will jointly sign the agreement on Saturday Beijing time.»
「Judging from WTI’s price performance, the market believes the Strait of Hormuz will be opened. Oil prices are already around $75. This price is the lowest since the U.S. and Iran started fighting. And in terms of trend, the pace of the decline might exceed my expectations. I initially thought it would take about a month for oil prices to drop below $75; if they can successfully sign on Saturday, it’s very possible that the decline could happen on Saturday as well.»
「At this point, oil prices are about there. The downside room going forward is likely around $15. At most, I would chase a short trade once more. But after oil prices finished, it suddenly felt a bit empty—I don’t know what to do. With an investment like oil prices that is relatively high certainty, you might not encounter opportunities like this again for a while.»
「The focus next might temporarily return to Bitcoin. At the moment, $BTC ’s overall movement is fairly stable, with a good synchronization rate with the U.S. stock market. If they sign successfully on Friday, both the U.S. stock market and BTC could see a fresh push higher. Before that, it’s the central bank meeting in the early hours of Thursday. This meeting will be even more important. I guess many analysts will camp out to watch Powell’s first performance.»
Today’s Preview
1、UK May producer output price index (year-on-year), previous 4.0%
2、UK May consumer price index (year-on-year), previous 2.8%
3、UK May producer input price index (year-on-year, not seasonally adjusted), previous 7.7%
4、Sweden repo rate, previous 1.75%
5、Eurozone May final consumer price index (month-on-month), previous 0.1%
6、Eurozone May final consumer price index (year-on-year), previous 3.2%
7、U.S. May retail sales (month-on-month), previous 0.5%
8、U.S. May NAR seasonally adjusted existing home sales index (month-on-month), previous 1.4%
9、U.S. EIA crude oil inventory change for last week (ten thousand barrels) (through 0612), previous -722.7
10、IEA releases the monthly crude oil market report
