24H Hot Tokens & Headlines｜SpaceX Plans IPO at $135 Per Share Next Week, Valued at $1.75 Trillion; US Sanctions Iranian Crypto Exchange and Related Individuals (June 3)
- Core Views: This article summarizes recent on-chain and CEX data, as well as industry developments in the cryptocurrency market, covering market cooldown, SpaceX's IPO, US AI and sanctions policies, and select project progress.
- Key Elements:
- Market Data: Major tokens on CEXs experienced a broad decline, with BTC and ETH falling over 6%; ZEC, LIT, and others bucked the trend and rose. Derivatives trading volume dropped to $2.9 trillion, a low not seen since late 2023, signaling a cooldown in speculative sentiment.
- Macro Events: SpaceX plans to go public next week at $135 per share, with a valuation of $1.75 trillion. This could make Elon Musk the world's first trillionaire.
- Regulatory Updates: The US imposed sanctions on an Iranian crypto platform; Trump signed an executive order to promote AI safety without mandatory licensing; the CFTC is seeking to withdraw its $5 million settlement with Gemini.
- Project Progress: Grayscale's Hyperliquid ETF begins trading tomorrow; Coinbase invested in and partnered with Ethena; prediction market Limitless launched a user-generated market function.
- Notable Opinions: Bitwise CIO stated that crypto investment is shifting towards "contrarian bets," losing appeal for institutions; Goldman Sachs CEO remarked that market greed currently outweighs fear.
1. Popular CEX Tokens
CEX Top 10 by Trading Volume & 24-Hour Change:
- BTC: -6.23%
- ETH: -6.77%
- SOL: -7.68%
- XRP: -5.02%
- BNB: -5.74%
- ZEC: +14.23%
- DOGE: -8.08%
- NEAR: +2.84%
- SUI: -6.71%
- XLM: -5.63%
24-Hour Gainers (Data Source: OKX):
- LIT: +21.04%
- ARG: +15.25%
- ZEC: +14.80%
- POR: +12.95%
- ONDO: +11.02%
- ZORA: +7.62%
- MENGO: +6.97%
- ICP: +6.52%
- CITY: +5.49%
- ENA: +4.35%
24-Hour Stock/Crypto Gainers (Data Source: msx.com):
- MRVL: +45.38%
- SWMR: +35.96%
- COHX: +35.51%
- LITX: +27.08%
- AEHR: +21.76%
- SOXL: +19.18%
- PENG: +18.89%
- MSTZ: +18.2%
- COHR: +17.75%
- AAOX: +17.21%
2. Top 5 On-Chain Meme Tokens (Data Source: GMGN):
- WOK
- Apple Life
- Sigma
- DJT
- Crypto Stock Life
Headlines
SpaceX Plans IPO Next Week at $135 Per Share, Valuing the Company at $1.75 Trillion
SpaceX plans to issue 555.6 million shares at $135 each in its Initial Public Offering (IPO), aiming to raise approximately $75 billion, corresponding to a company valuation of around $1.75 trillion. According to informed sources, SpaceX is scheduled to go public next week.
US Sanctions Iranian Crypto Exchange and Related Individuals
On June 2, the US Treasury's Office of Foreign Assets Control (OFAC) updated the Specially Designated Nationals and Blocked Persons List (SDN List), adding several Iranian cryptocurrency exchanges and related individuals to the sanctions list.
Trump Signs Executive Order Promoting Advanced AI Innovation and Security
White House: President Trump signs an executive order promoting advanced artificial intelligence innovation and security. The order mandates that the National Security Systems Council, the Department of Defense, and the Department of Homeland Security prioritize advancing cybersecurity defense for relevant information systems within 30 days. The Treasury, Department of Defense, and Department of Homeland Security will develop confidential benchmark testing procedures within 60 days to evaluate the advanced cyber capabilities of AI models and define the classification criteria for "Protected Frontier Models." Furthermore, the order explicitly states it does not authorize any mandatory government licensing, pre-review, or permit requirements for the development, release, or distribution of new AI models. The Department of Justice will also prioritize enforcing relevant federal criminal laws against illegal access or disruption of computers using AI.
Musk Could Become World's First Trillionaire
Leverage Shares stated that if SpaceX is listed with a valuation between $1.75 trillion and $2 trillion, Musk's approximately 43% stake would be worth between $752 billion and $860 billion. Combined with his holdings in Tesla and other ventures, his total assets could reach the trillion-dollar level.
Industry News
Grayscale Hyperliquid ETF Begins Trading Tomorrow
Grayscale officially announced that the Grayscale Hyperliquid Staking ETF (HYPG) will begin trading tomorrow.
Data: Crypto Derivatives Trading Volume Drops to Late 2023 Levels
Data shows that total crypto futures trading volume on major exchanges fell to near 12-month lows in May, with monthly volumes around $2.9 trillion, returning to lows not seen since the end of 2023 and significantly lower than the monthly peak of $6-7 trillion seen during the active period last year.
This decline reflects an overall cooling of speculative activity in the crypto market, with spot trading volume and on-chain activity also weak. Trading volume remains highly concentrated among a few leading platforms, with Binance continuing its dominant position, followed by OKX, Bybit, and Gate. Smaller trading platforms are experiencing more pronounced liquidity outflows during this low-activity cycle.
Meanwhile, the CFTC is pushing to pave the way for opening crypto perpetual contracts in the US market. For a product that has historically primarily existed in offshore markets, this could represent a significant structural opportunity.
CFTC Chair Seeks to Withdraw $5 Million Settlement with Gemini
US Commodity Futures Trading Commission (CFTC) Chair Michael Selig stated that enforcement actions under the Biden administration were "politically targeted" at the co-founders of crypto exchange Gemini, and said he is working to correct the handling of the relevant cases.
Under Michael Selig's leadership, the CFTC last week asked a federal court to withdraw the $5 million settlement the agency reached with Gemini in January 2025. The settlement was reached before the Trump administration took over the commission.
Project News
Prediction Market Limitless: User-Generated Markets Feature is Live
Prediction market platform Limitless announced that its user-generated markets feature is officially live. Users can select an asset, choose an outcome, and launch a market. Each creator can earn a fee share from trading activity in their markets.
Coinbase Invests in Ethena via Open Market Purchase of ENA, Hints at New Collaboration
Coinbase Ventures stated that it has invested in Ethena by purchasing ENA tokens through the open market. Following the announcement, ENA rose approximately 6% over the past 24 hours.
Ethena stated that the two parties will collaborate to drive the development of on-chain finance and savings products. Coinbase also mentioned they will establish closer cooperation, involving Circle's stablecoin USDC.
Ethena founder Guy Young stated that Ethena's products will be integrated with Coinbase's base of over 100 million users for the first time next week to support its dollar-denominated savings products. The market is watching how the two parties will collaborate around USDC and Ethena's synthetic dollar, USDe.
Funding & Investments
AI Startup Special Raises Funding Round Led by a16z
AI startup Special announced closing a funding round led by Andreessen Horowitz (a16z), with participation from Valor Equity Partners founder Antonio Gracias, former xAI CFO Anthony Armstrong, Steve Davis, Coinbase CEO Brian Armstrong, and Palantir Technologies CTO Shyam Sankar. Founded by Nate Cavanaugh and Justin Fox, the project primarily acquires companies and uses AI to reduce costs.
Noble Mobile Acquires Crypto Wireless Operator Helium Mobile
CoinDesk reported that Andrew Yang's Noble Mobile has acquired the crypto-powered wireless operator Helium Mobile, combining Noble's mobile service business with Helium's blockchain-based wireless network.
Regulatory Developments
Clarity Act Placed on US Senate Legislative Calendar; Next Major Step is Full Senate Vote
Bitcoin News reported that the Clarity Act has been formally submitted by the US Senate Banking Committee and placed on the Senate legislative calendar. The committee voted to advance the bill on May 14. As of June 1, the relevant procedures are complete, and the bill can now be scheduled for consideration by the full Senate, with the next major step being a full Senate vote.
Notable Voices
Bitwise CIO: Crypto Investing Shifting from Momentum Trading to 'Contrarian Bets'
Bitwise Chief Investment Officer Matt Hougan stated that as US stocks continue to rise, AI stocks attract significant capital, and the regulatory outlook for the US Clarity Act remains uncertain, crypto assets are shifting from being a momentum trade to a more long-term, fundamental-based "contrarian bet."
Hougan noted that with the Nasdaq 100 up 43% year-over-year and AI narratives dominating market attention, the appeal of allocating to crypto assets for institutional investors has decreased. However, this does not mean the crypto industry is disappearing; rather, the investment thesis is changing, requiring a longer-term perspective and stronger fundamental judgment.
He also stated that the current "crypto winter" is different from previous ones, with capital not simply flowing into large-cap assets like Bitcoin but starting to reward projects with independent fundamental narratives. For example, Hyperliquid, BNB, Zcash, and Stellar have all seen significant gains recently, indicating the market is increasingly focusing on actual progress and differentiating logic of specific projects.
Goldman Sachs CEO: More Greed Than Fear in the Market
Goldman Sachs CEO David Solomon stated that the stock market's rally is driven by a desire for profits, which outweighs concerns over economic turmoil and inflation risks. "Right now, there's a lot more greed than fear, and there's plenty of money sloshing around," Solomon said on Tuesday. Solomon also acknowledged that the risk of rising inflation could prompt the Fed to raise interest rates. "I think inflationary pressures are real," he said, "and if they turn out to be greater than expected, I believe the Fed will act."
