According to monitoring by on-chain analyst Ember, the "private key leak" has allowed the minting and dumping of H to continue for 13 hours. The so-called "hacker" is still able to mint H on the BSC chain and sell it off, draining every last cent from the pools. The "hacker" has minted 300 million H and sold a total of approximately 450 million H, cashing out $34 million (ETH+BNB). The H pool on BSC has been drained to just $13 in liquidity, and the price of H has plummeted 99.9% to $0.0009. Meanwhile, the perpetual contract price on CEX stands at $0.09, a 100x difference. In essence, they have de-pegged into two unrelated tokens.

Odaily has learned that Kraken's parent company, Payward, has announced its participation in the White House-backed "US Tech Force" federal technology talent program. The initiative reportedly aims to recruit top-tier engineers to work on key areas such as artificial intelligence, cybersecurity, data modernization, software engineering, and blockchain-based security infrastructure in two-year tenures. Relevant talent will directly participate in federal projects, including the US financial system and defense technologies.

Furthermore, Payward has committed to recruiting talent cultivated by the Tech Force program into its corporate team in the future, establishing a two-way talent flow mechanism between the government and the private sector, and further promoting the integration of decentralized innovation with core US infrastructure.

Odaily Odaily Senior Vice President and Chief Economist Bill Adams of Comerica Bank expects the year-over-year increase in the US May CPI to break through 4%, marking a new three-year high, primarily driven by rising gasoline prices last month. The year-over-year increase in core CPI is expected to remain relatively moderate, close to 3%. The May price increase outpaced the growth in average hourly wages, indicating further erosion of consumers' actual purchasing power.

Meanwhile, the PPI is also expected to record another significant increase, with a higher rate than the CPI, reflecting the impact of the higher weight of petroleum products, metals, and transportation costs in the producer price basket. Additionally, the preliminary June consumer sentiment index released by the University of Michigan is expected to rebound from May's historic low, mainly boosted by the decline in gasoline prices over the past two weeks and the rise in the stock market. (Jin Shi)

Odaily News Hong Kong SAR Secretary for Financial Services and the Treasury Bureau (FSTB), Christopher Hui, today (9th) announced the "Hong Kong Corporate Treasury Centre Development Action Plan" at the Corporate Treasury Centre Forum. The Action Plan proposes targeted strategies to strengthen Hong Kong's position as a major hub for multinational corporate treasury centres, elevating Hong Kong as a primary base for such centres and reinforcing its platform role for "bringing in and going global."

Compiled jointly by the FSTB, the Inland Revenue Department, the Hong Kong Monetary Authority (HKMA), and Invest Hong Kong, the Action Plan has two major objectives: to attract more multinational corporations to establish corporate treasury centres in Hong Kong and to assist existing corporate treasury centres operating in Hong Kong in scaling up, fully leveraging Hong Kong's comprehensive financial ecosystem. (Greater Bay Area Voice)

Odaily reported that Bitget Wallet has opened subscriptions for SPCXx, the tokenized stock representing the SpaceX IPO, for the first time. The total quota is $3 million, with a minimum purchase of $10 and a maximum of $5,000 per individual, on a first-come, first-served basis.

SPCXx is issued by the tokenized stock trading platform xStocks, with a subscription price of $135. Underwriters will charge an additional 5% fee. Subscriptions open at 16:00 Beijing time on June 9 and close at 16:00 on June 11. After the subscription period ends, SPCXx will be automatically sent to users' wallets, with distribution expected to be completed by 20:30 on June 12. This subscription requires no overseas brokerage/exchange account, VIP level, or holding threshold. Users can pay directly with stablecoins such as USDT and USDC on Base, Ethereum, BNB Chain, Solana, and TRON.

The SpaceX tokenized IPO operates through xStocks, a collaboration between Bitget Wallet and Backed. The tokenized stocks issued are backed by a 1:1 underlying asset collateral from Backed. It is important to note that the subscription price of $135 is not a fixed offering price. The final IPO price will be determined by the issuer and underwriters after comprehensively evaluating order book demand, market conditions, and valuation factors. During the subscription period, users typically see only a reference price range, with the final offering price confirmed closer to the listing date. According to Reuters, the SpaceX IPO will officially begin trading on the Nasdaq on June 12 under the ticker symbol SPCX, planning to issue 555.6 million shares and raise approximately $75 billion.

Odaily Planet Daily News The leveraged ETF tracking chip giant SK Hynix, "KIM ACE SK Hynix Individual Stock Leveraged ETF," plunged as much as 40% shortly after the market opened on Tuesday (with the latest decline narrowing to approximately 30%), while SK Hynix's stock price surged over 13% during the same period.

Previously, the ETF showed abnormal volatility on Monday, surging 50% at the close while its underlying tracked stock, SK Hynix, fell nearly 8%. The two consecutive days of "reverse swings" have intensified market scrutiny of the ETF's manager, Korea Investment Management Co. The company stated that the initial anomaly in the $37 million fund on Monday stemmed from a lack of liquidity.

Jung In Yun, CEO of Fibonacci Asset Management, said, "While such price dislocations are rare, they are not unprecedented. ETFs typically rely on market makers to ensure prices align with the underlying assets. However, during Monday's closing auction phase, these safeguards can weaken, especially in niche products with limited trading volume." (Aastocks)

Odaily Odaily News CryptoQuant analyst MorenoDV pointed out in an analysis that Bitcoin demand has entered one of the most extreme contraction states since 2019. The 30-day combined demand growth for spot and perpetual futures has fallen to approximately -650,000 BTC, a threshold that has only appeared three times in history.

The simultaneous contraction of spot and futures demand indicates that the weakness is not limited to leveraged speculation; institutional buying and derivative exposure are also retreating synchronously. Bitcoin faces fewer marginal buyers and weaker capacity to absorb selling pressure. Historically, the deep support zone of -650,000 BTC usually marks the beginning of a highly volatile market phase, rather than an immediate bottom.

Odaily Odaily reports that Binance Alpha has announced the launch of the second wave of KGeN (KGEN) airdrop rewards. Users with at least 241 Binance Alpha points can claim 160 KGEN tokens on a first-come, first-served basis. If the reward pool is not fully distributed, the score threshold will automatically decrease by 5 points every 5 minutes.

Claiming the airdrop will consume 15 Binance Alpha points. Users must confirm their claim on the Alpha Events page within 24 hours; otherwise, they will be considered to have forfeited the airdrop.

Odaily reported that "White Hair Stock Guru" Serenity posted on platform X, stating that with the recent increase in attention, it is necessary to issue a clarification statement, emphasizing that all content is for personal research sharing and does not involve any paid promotion, paid marketing, or external interest exchange. They have never accepted any gifts or paid partnerships from any company in the past or present. Related so-called "paid promotion" content is false information or fraudulent activity using their name. Their only income is approximately $1-level subscription revenue through X platform’s subscription mechanism, and they have not received compensation from any external channel.

Regarding the issue of anonymous identity, Serenity stated that they have previously faced real-world threats and online harassment for publicly expressing views (including opinions on IREN), hence choosing to remain anonymous to ensure personal and surrounding safety. Their goal is to help retail investors through free information integration, rather than selling research content or serving institutions. They thanked X for providing the distribution channel and opportunity, while emphasizing that they will continue to freely publish research opinions as an individual.

Serenity emphasized that their published content is purely out of personal interest, not operated by an institution or research team, and there is no "hidden background" or paid research organization support. They stated that they possess a technical background, primarily conducting analysis and sharing based on interest in global supply chain research. All position information will be truthfully disclosed, and they will not engage in interest negotiations with any institution or individual before publishing opinions to ensure research independence. They do not hold Chinese-related stock positions and have no direct financial incentives. The published content is for reference only.

Odaily reported that Goldman Sachs released a report, anticipating that sustained market tightness will drive Micron's performance significantly above market consensus expectations and the company's own guidance. The bank had previously raised its overall industry outlook and expects tight conditions to persist throughout fiscal year 2027, leading to higher pricing and margins for the industry.

Given the substantial stock price rally and the potential optimistic sentiment stemming from long-term customer agreements, investor positioning remains very bullish. Goldman Sachs expects Micron's revenue for the fiscal third quarter ending May 31 to be approximately 9% above market consensus, and driven by upward pricing momentum, it guides for significant sequential revenue growth in the final fiscal quarter ending August 31.

The bank estimates last fiscal quarter's revenue, gross margin, and earnings per share at $37.6 billion, 83.4%, and $22.07 respectively, compared to market consensus estimates of $34.4 billion, 81.9%, and $19.74. For fiscal year 2026, Goldman Sachs' revenue/earnings per share estimates for Micron are 30% and 36% above market consensus. Goldman Sachs raised its target price for Micron from $400 to $900, with a "neutral" rating. (Jin Shi)

Odaily Planet Daily News: U.S. President Donald Trump stated that negotiations between the United States and Iran have entered the "final stretch" and a deal is expected to be reached within "two to three days."

While speaking to reporters at John F. Kennedy International Airport in New York on the 9th, Trump said that Israel and Iran, which had previously been "going back and forth," have now "agreed to a ceasefire." "We're in the final stretch, and we're going to have a very, very good deal," he said. When asked how much longer the negotiations would take, Trump replied, "Two to three days."

From the evening of the 7th to the 8th local time, Iran and Israel engaged in their largest exchange of fire since the ceasefire was announced by the U.S., Israel, and Iran in early April. Later on the 8th, both Iran and Israel declared a halt to attacks on each other. Trump has repeatedly stated in recent days that an agreement with Iran is imminent, but as of now, none has been reached. (Xinhua News Agency)

Odaily reports, decentralized stablecoin USDD has published its May transparency report. Data shows that as of the end of May, USDD's total collateral assets reached $2.2 billion, with a circulation of $1.44 billion and an over-collateralization ratio maintained at 154.65%, indicating strong risk buffer capacity. Additionally, the Smart Allocator's cumulative earnings reached $18.34 million, with new earnings in the month amounting to $2.1 million, a month-over-month increase of 12.94%.

In terms of ecosystem progress, sUSDD has officially launched on the Pendle fixed-income market, providing users with more yield options; it continues to adopt a 100% on-chain verifiable reserve mechanism and is advancing multi-platform incentive plans to accelerate ecosystem expansion.

Odaily reported that Delphi Digital has released its "Token Market Status Report," indicating that the token market in this cycle has been suppressed by multiple structural issues, including token unlocks occurring on a fixed schedule regardless of project performance, protocol revenues failing to effectively flow back to token holders, and airdrops gradually evolving into sources of exit liquidity.

The report shows that since January 2025, among all newly listed tokens on major centralized exchanges (CEX), if purchased on the listing day and held to the present, an average investment of $1,000 would have dwindled to approximately $500. The median decline is 82%, with only about 12% of tokens still trading above their issuance price, reflecting a market structure that prioritizes "listing quantity over quality."

Regarding tokenomic design, the research points out that across more than 400 unlock events, within a sample of 33, 28 tokens significantly underperformed relative to Bitcoin in the three weeks before and after the unlock, resulting in an average excess loss of approximately 7%. Moreover, most unlocks occur within 30 days, making it difficult for the market to effectively absorb the supply shock.

The report also notes that the long-standing industry issue of "missing value accrual" is beginning to change. An increasing number of protocols are starting to use "Fee Switch" mechanisms to return revenue to token holders. For example, Hyperliquid allocates nearly all its fees to buybacks, Uniswap is burning 100 million UNI tokens, Jupiter uses 50% of its fees for buybacks locked for three years, and Aave has passed a DAO-approved weekly buyback plan of $1 million.

However, the report emphasizes that fee-based buybacks alone are insufficient to resolve supply pressure. For instance, the scale of buybacks for some projects still cannot offset the selling pressure from token unlocks, leading to a situation where "buybacks only offset inflation but fail to generate net buying pressure."

Simultaneously, the structure of institutional capital is shifting. Institutional holdings of Bitcoin-related ETFs like IBIT have grown 62% year-over-year, with advisory channels increasing by 204% and sovereign wealth funds and endowments rising by 228%, while arbitrage-focused hedge funds continue to exit. Long-term capital, including BlackRock, Morgan Stanley, and Mubadala Investment Company, is increasing its allocation.

The report concludes that in the next phase, more attractive token assets will simultaneously feature "revenue accrual mechanisms" and "supply release structures linked to protocol performance." However, the current market remains in the early stages of structural repair.

Odaily News: Ahead of the SpaceX IPO, the SPCX pre-market contract on several CEXs and on-chain Perp DEXs presented arbitrage opportunities due to differences in share count calculations and rebase mechanisms, which multiple KOLs capitalized on. Among them, crypto KOL Silicon Bird | Ray shared: “Last night, I went long on BN and short on HL, still capturing a 10-point arbitrage opportunity. BN issued a rebase announcement last night. Since the initially estimated share count (11.87B) differed from the actual share count (13.08B), SPCXUSDT positions will be converted at a ratio of 1.1. This means BN’s SPCX price will be divided by 1.1, while the position size will be multiplied by 1.1. This created a massive arbitrage opportunity because SPCX on Hyperliquid was also originally launched based on the 11.87B share count. However, the documentation clearly states that Hyperliquid’s SPCX will not rebase (as an HIP-3 DEX, trade.xyz doesn’t have this capability either). Hyperliquid’s current SPCX tracks the Class A common stock price. I submitted a ticket to trade.xyz and received a clear response confirming there will be no rebase.” Additionally, he analyzed the reasons behind "SPCX on trade.xyz will not rebase," stating: “There are several key reasons. Those familiar with Hyperliquid and trade.xyz understand their relationship: the former is a trading-specific L1 blockchain, while the latter is a DEX based on Hyperliquid’s HIP-3. trade.xyz is somewhat like an outsourced team, essentially just setting up a platform within Hyperliquid’s ecosystem.

1. We need to understand that a rebase is an extremely complex operation, involving halting trading, forced liquidations, and reopening positions. This is a major engineering challenge even for large CEXs (such as OKX and BN, which are undergoing this rebase). Smaller exchanges like Bitget have simply given up and opted for a relist. For an on-chain team dependent on another blockchain, this is an even more daunting task.

2. When trade.xyz first launched the contract, it mentioned an estimated share count of 11.87B. However, they later realized this could be controversial and promptly removed any mention of the estimated share count from their documentation. They clearly emphasized that the price tracked by SPCX on trade.xyz is the Class A common stock price of SPCX, and added extensive disclaimers stating there will be no rebase.”

Crypto KOL KyleChen also posted last night: “The optimal hedging strategy should be on OKX’s pre-market perpetual. The IPO subscription cost is 142u, leaving around 14% profit margin. Comparison of three pre-market platforms:

- OKX Pre SpacX: 162u, essentially confirmed as per-share price

- Binance current price: 167u, with an announced rebase scheduled for 6/10 at a factor of 1.1, resulting in an adjusted price around 151.2u

- Hyperliquid: 168u, its pre-market contract is provided via trade.xyz based on HIP-3. From a technical infrastructure standpoint, the contract does not directly support a rebase. The corresponding share count is 11.87 billion, which differs significantly from the actual issued shares of 13.08 billion. It is likely that the old contract will be settled at some point, and a new per-share price contract will be listed.” Finally, in a post today, he noted: “The discount or premium of SPCX across different platforms reflects the market’s pricing of rules and probabilities.”

It is worth noting that this price discrepancy arbitrage opportunity has now narrowed to approximately 3%, and the practical trading window has closed. The above content is intended solely for sharing ideas and does not constitute investment advice.

Odaily Odaily reports that the Hong Kong Monetary Authority (HKMA) held a media briefing in Beijing. During the meeting, HKMA Chief Executive Eddie Yue stated that the HKMA is continuously discussing further optimization and expansion of the Cross-boundary Wealth Management Connect (WMC) with mainland financial regulatory authorities. There is room for expansion in terms of quota, product categories, and types of participating investors. Currently, a specific timeline for the launch of WMC 3.0 has not yet been determined. (Shanghai Securities News)