24H Hot Tokens and Headlines | HYPE price surpasses SOL, the latter falls to its lowest level since 2023; US media says how to "pay" Iran becomes a sticking point in US-Iran negotiations (June 4)
- Core Insight: The cryptocurrency market shows a diverging trend, with mainstream coins generally declining while AI narrative tokens like WLD surge against the trend. Meanwhile, crypto venture capital transaction volume has hit a five-year low, indicating the market is undergoing structural adjustments. However, emerging sectors like Polymarket are setting new highs in transaction volume.
- Key Elements:
- Among the top ten tokens by trading volume on major CEXs, BTC, ETH, SOL, XRP, BNB, etc., have generally declined by 4%-8%, while WLD has risen over 30% against the trend, becoming the focus of capital.
- The monthly number of crypto venture capital transactions is approximately 50, the lowest level since before 2021. However, the total financing amount has not dropped sharply in tandem, indicating market consolidation rather than a broad contraction.
- Prediction market Polymarket recorded a daily crypto trading volume of $176 million, an all-time high, suggesting prediction markets have become one of the few currently active niche sectors.
- Hyperliquid's HYPE token price surpassed SOL to hit an all-time high, but SOL's market cap remains larger, and SOL's price has fallen to its lowest level since 2023.
- The U.S. Treasury Department is pushing for a Strategic Bitcoin Reserve and hopes to pass the "Clarity Act" regulatory bill this summer; Russia, on the other hand, opposes US dollar stablecoins, prioritizing the development of ruble stablecoins.
1. Top CEX Tokens
CEX Top 10 by Trading Volume & 24h Change:
- BTC: -6.96%
- ETH: -5.58%
- SOL: -8.13%
- XRP: -5.19%
- BNB: -7.49%
- NEAR: -0.99%
- ZEC: -4.39%
- WLD: +30.04%
- DOGE: -4.93%
- CHZ: -7.49%
24h Gainers (Data Source: OKX):
- WLD: +29.08%
- ENA: +18.45%
- DEGEN: +10.54%
- AR: +10.03%
- JTO: +9.15%
- MEME: +8.26%
- SPACE: +7.16%
- ZRO: +6.47%
- HYPE: +4.64%
- PARTI: +4.55%
24h Crypto-Stock Gainers (Data Source: msx.com):
- MSTZ: +18.9%
- CONI: +14.92%
- SBIT: +9.61%
- ETHD: +9.25%
- NVDQ: +7.09%
- YANG: +6.97%
- MRNA: +6.46%
- ORBS: +5.72%
- ZSL: +4.98%
- POET: +4.7%
2. Top 5 Trending Meme Coins On-Chain (Data Source: GMGN):
- CrazyBaby
- All is Well
- Spark Ignites the Prairie
- RWA LS
- Wolf Roams the World
Headlines
US Media: How to 'Compensate' Iran Becomes Sticking Point in US-Iran Negotiations
According to a US official familiar with the talks, a key remaining sticking point in US-Iran negotiations is the issue of financial compensation, as Trump is keen to reach an agreement seen as superior to the Obama-era deal. The official stated that Iran has indicated to mediators that once a preliminary memorandum of understanding is agreed upon, they want some form of economic compensation as soon as possible, rather than having it deferred. However, Trump administration officials fear that unfreezing funds at such an early stage could reduce the economic pressure on Iran – potentially eliminating or at least weakening a crucial bargaining chip for Washington against Tehran. This leverage would be vital for the US entering the second phase of negotiations to discuss specifics of Iran's nuclear program. Trump has made it clear to his team that he wants any deal to appear much tougher than the 2015 agreement and to avoid any action that could be interpreted as 'handing over suitcases of cash' – a phrase Trump used to criticize Obama's decision to provide economic compensation to Iran.
After Hitting All-Time High, HYPE Price Surpasses SOL, Which Fell to Lowest Level Since 2023
Hyperliquid's HYPE token price surpassed Solana's SOL on Wednesday, with the latter falling to its lowest level since 2023. HYPE hit a new all-time high of $75.634 and is currently trading at $75.08, above SOL's $71.82. Over the past month, HYPE has risen approximately 24%, one of the few gainers among the top 20 crypto assets, while Solana has fallen nearly 14% during the same period. By market cap, Solana still leads Hyperliquid with approximately $42 billion vs. ~$16 billion. A valuation report by CoinShares on Tuesday stated that HYPE is one of the few crypto assets where protocol activity almost directly translates into token demand, with a base-case target price of around $147 by 2031.
Industry News
Monthly Crypto Venture Capital Deal Count Around 50, Lowest in Five Years
The monthly number of crypto venture capital deals in May was approximately 50, the lowest level since before 2021. Two historically most active categories – infrastructure and crypto financial services – are both near multi-year lows. Investor attention has structurally shifted towards AI, while the crypto space has failed to generate early-stage opportunities of the scale seen in the 2021 and 2024 cycles.
Despite the slowdown in deal count, the total amount raised hasn't dropped sharply in tandem, suggesting the market is consolidating rather than broadly contracting. For developers, the current environment faces significantly less competition than previous boom periods. Projects that can demonstrate clear utility and growth momentum encounter the least competition in recent years. Whether deal counts rebound in the second half of the year will depend on whether new tracks beyond prediction markets and financial infrastructure can inspire investor confidence.
Charles Schwab Launches 24/7 Crypto Futures Trading, Supporting Bitcoin and Other Products
According to Bitcoin Magazine, Charles Schwab has launched 24/7 crypto futures trading services. Currently supported specified crypto futures products include Bitcoin, ETH, Solana, and XRP-related products.
Bitmine Plans to Raise $300M via Perpetual Preferred Stock, Paying 9.5% Annual Dividend
Bitmine Immersion Technologies announced plans to issue 3 million shares of 9.50% Series A Perpetual Preferred Stock, with a par value of $100 per share, aiming to raise a total of $300 million. The preferred stock has an initial liquidation preference of $100 per share and will accrue cumulative dividends at an annual rate of 9.5%, payable weekly in cash. Dividends will continue to accrue even if the company does not declare a distribution or temporarily lacks available funds. Bitmine has the right to redeem the shares early at 110% of par value within 18 months of issuance, 105% between 18 months and 3 years, and 100% after 3 years, plus any accumulated unpaid dividends.
Project News
Strategy Preferred Stock STRC Drops Below $95, 'Depegging' Over 5% from $100 Target
Strategy's preferred stock STRC has fallen below $95, currently at $94.65, down 2.13% in 24 hours, 'depegging' over 5% from its $100 target price.
Polymarket Daily Crypto Trading Volume Reaches $176 Million, All-Time High
According to Artemis data, Polymarket's daily crypto trading volume reached $176 million, setting a new all-time high.
Kalshi Announces Official Launch of Bitcoin Perpetual Contract
Prediction market platform Kalshi announced the official launch of Bitcoin perpetual contracts, reportedly the first regulatory-approved Bitcoin perpetual contract product in the US. The product is a perpetual contract referenced to the spot price of Bitcoin and is classified as a futures contract. The US Commodity Futures Trading Commission previously stated that after review, the BTCPERP contract complies with the Commodity Exchange Act and related regulatory requirements, including core principles applicable to Designated Contract Markets (DCMs).
Fundraising
Coinbase Founder's New Longevity Tech Company NewLimit Raises $435M Series C at $3.1B Valuation
NewLimit, a longevity technology startup co-founded by Coinbase founder Brian Armstrong, announced the completion of a $435 million Series C funding round, valuing the company at $3.1 billion. The round was led by Peter Thiel's Founders Fund, with continued participation from Abstract Ventures, Kleiner Perkins, NFDG, Eli Lilly Ventures, Valor Equity Partners, and others. New investors include Thrive Capital, Greenoaks, and Quiet Capital.
In 2021, Brian Armstrong, alongside former GV partner and bioengineer Blake Byers and stem cell biologist Jacob Kimmel, collectively invested $110 million to found NewLimit in South San Francisco.
Strive: Plans to Issue Additional SATA Tokens to Acquire 175,000 BTC
Jeff Walton (@PunterJeff) of Strive stated that Strive is raising funds at an average daily rate of $8.1 million. If used to pay dividends, this could support the issuance of $15.5 billion worth of SATA tokens. Jeff Walton indicated that this amount of capital is equivalent to buying approximately 175,000 BTC at current prices, which would increase Strive's total BTC holdings to ten times its current size.
Stablecoin payment infrastructure platform WasabiCard announced the completion of a Pre-Series A funding round, with participation from Vision Plus Capital and 01VC, bringing cumulative funding to nearly $10 million. The project primarily focuses on stablecoin payment infrastructure. The new funds will be used for global payment infrastructure expansion, stablecoin card and payout capability building, enterprise customer acquisition, and compliance and product R&D, as well as advancing AI agent payments and programmable global payment workflows.
Regulatory Developments
US Treasury Secretary: Treasury Steadily Advancing Strategic Bitcoin Reserve, Pushing for 'Clarity Act' Passage This Summer
US Treasury Secretary Scott Bessent stated at a Senate Banking Committee hearing that the Treasury is advancing the establishment of a strategic Bitcoin reserve at a steady pace. Meanwhile, Bessent urged lawmakers to support the digital asset regulatory bill, the "Clarity Act," expressing hope it would pass this summer to bring best practices to the US and make it the world's innovation capital.
Regarding the strategic Bitcoin reserve, Bessent noted that while the process is complex, it is moving forward, ensuring the adoption of best practices in this complex undertaking for long-term sustainability.
Russian Finance Ministry Opposes Dollar Stablecoin Circulation, Prioritizes Ruble Stablecoins
Russian Deputy Finance Minister Ivan Chebeskov stated that the ministry does not wish to permit the circulation of dollar-denominated stablecoins in the Russian market.
Chebeskov noted that issuers of foreign stablecoins like USDT and USDC have the capability to freeze user wallet assets. Once such wallets interact with platforms licensed by the Russian Central Bank, the risk of asset freezes for holders increases significantly. He revealed that dollar stablecoins held by Russian legal entities had previously been frozen by their issuers, while no similar cases have occurred with Bitcoin and Ethereum due to the lack of relevant technical means.
The Russian Finance Ministry believes it is necessary to establish a specific regulatory framework for stablecoins, prioritize the development of stablecoins pegged to the ruble and currencies of friendly nations, and grant the Russian Central Bank the authority to adjust the list of related assets.
Notable Voices
Bitwise CEO: SpaceX's IPO Valuation Could Be Close to the Entire Crypto Market Excluding Stablecoins
Bitwise CEO Hunter Horsley posted on X, stating that if SpaceX goes public in the future, its valuation could be comparable to the total market cap of the entire cryptocurrency market excluding stablecoins. This indicates the crypto market is still in a relatively early stage and is not yet huge in scale. Horsley also said the market's focus should not be on competition between specific assets or projects, but on whether they can create truly valuable products and services and drive the widespread real-world application of blockchain technology. Bitwise supports all individuals and teams working towards this goal.
Arthur Hayes Remains Bullish on WLD: Expects Significant Rally Driven by AI Narrative
Arthur Hayes stated that investors betting against WLD will face pressure, and believes WLD will see a substantial rally driven by the AI narrative. He also advised not to exit the market mid-cycle.
OKX market data shows WLD is currently trading at 0.52 USDT, up 33.44% in 24 hours.
