24H Hot Tokens and Highlights｜BTC Briefly Drops Below 59,000 USDT; STRC Depegging Intensifies (June 26)
- Core Viewpoint: This article summarizes the cryptocurrency market trends, several major industry events (such as Iran's geopolitical risks, SEC regulatory dynamics), investment and financing activities, and institutional perspectives. It points out increased market volatility, with Bitcoin falling below 59,000 USDT, while institutions remain optimistic about AI, memory chips, and specific crypto projects.
- Key Elements:
- Market Trends: Bitcoin dropped below 59,000 USDT, Ethereum fell by 3.16%, while the G token surged 38.43% in 24 hours, indicating significant market divergence.
- Geopolitical Risks: The Iranian Revolutionary Guard's warning about shipping risks in the Strait of Hormuz heightens uncertainty in global energy and financial markets, potentially impacting the safe-haven attributes of crypto assets.
- Institutional Dynamics: MicroStrategy's preferred shares hit an all-time low, with MSTR falling below $90, casting doubt on its Bitcoin exposure strategy; CryptoQuant suggested it stop buying Bitcoin.
- Regulation and Compliance: The EU MiCA license deadline is approaching, with only 231 out of over 1,200 applicant companies approved, highlighting high compliance barriers; CoinEx responded to Iran-related allegations, emphasizing anti-money laundering compliance.
- Investment, Financing, and Projects: Kalshi raised funds at a $40 billion valuation, Sonic Research halted token supply increases, and Runpod secured $100 million in funding, indicating capital favor towards the AI and prediction market sectors.
- Institutional Perspectives: Multicoin predicts HYPE could reach $319 by 2028, believing it is severely undervalued; an investment bank raised its target price for Micron, optimistic about a "super cycle" for memory chips.
1. Popular Tokens on CEX
Top 10 CEX Trading Volume and 24h Change:
- BTC: -1.89%
- ETH: -3.16%
- XPL: +9.74%
- SOL: +0.18%
- XRP: -3.56%
- ZEC: +0.69%
- BNB: -0.73%
- SYN: +8.39%
- TRX: -0.98%
- DOGE: -2.4%
24h Gainers (Data source: OKX):
- G: +38.43%
- IP: +26.97%
- HUMA: +18.12%
- APE: +15.99%
- ETHFI: +12.5%
- RESOLV: +11.28%
- RPL: +10.59%
- PARTI: +10.51%
- XPL: +10.22%
- TNSR: +9.76%
24h Stock Gainers (Data source: msx.com):
- SNXX: 40.16%
- MUU: 25.07%
- SNDK: 21.09%
- BB: 20.19%
- MSTZ: 18.24%
- RAM: 17.7%
- AMAT: 13.35%
- MU: 13.32%
- BNC: 13.01%
- GLW: 11.35%
2. Popular On-Chain Memes (Data source: GMGN):
- Solana: KOG, AIAIAI
- BSC: PVE
Headlines
BTC Briefly Fell Below 59,000 USDT Last Night
Odaily OKX market data shows that BTC briefly fell below 59,000 USDT last night.
Strategy Preferred Stock STRC Hits All-Time Low; MSTR Falls Below $90
Odaily According to MSX.COM data, MicroStrategy's preferred stock $STRC dropped to an all-time low of $75, while its common stock $MSTR fell below the $90 mark. This dual decline has further intensified market concerns about its asset-liability structure and Bitcoin-related exposure risks, with investor sentiment remaining under pressure.
Odaily Iran's Islamic Revolutionary Guard Corps issued a stern warning to international shipping on Wednesday, stating that any new routes through the Strait of Hormuz established without coordination with Tehran are unacceptable and dangerous, and threatened direct action against vessels that ignore its directives.
The IRGC stated that safe passage through the Strait of Hormuz is only possible via routes designated by Iran. The IRGC Navy added that all ships seeking to transit the strait must coordinate with the Iranian military via international maritime distress frequency Channel 16, effectively placing Iranian military permission at the core of all commercial shipping through this strategic chokepoint. (Jin Shi)
Industry News
OpenAI May Wait Until Next Year for IPO
Odaily According to the New York Times, citing three individuals involved in internal discussions at OpenAI, the company is leaning towards postponing its IPO until next year. Sources say OpenAI originally planned an IPO as early as Q3 or Q4 of this year. CEO Sam Altman urged financial advisors to find ways to boost the company's valuation to $1 trillion. However, a series of recent developments have forced OpenAI's executives to abandon the initial aggressive plan. Most notably, the performance of Elon Musk's SpaceX following its IPO this month. SpaceX's stock has been steadily declining, closing at $153 on Thursday, down from a high of $202 last week. Global markets have also been volatile in recent weeks, with tech stocks dragging down indices as investors question whether AI companies can deliver on their lofty promises. According to two sources, over the past week, OpenAI's advisors warned the company that retail investors may not be very enthusiastic about its stock. (Jin Shi)
Investment Banks Raise Micron Price Targets
Odaily Susquehanna: Raises Micron Technology (MU.O) price target from $1,750 to $2,000.
JPMorgan: Raises Micron Technology (MU.O) price target from $550 to $1,540.
Investment bank D.A. DAVIDSON: Raises Micron Technology (MU.O) price target from $1,500 to $2,000. (Jin Shi)
SK Hynix Countdown to US Listing; $30 Billion Fundraising Could Trigger Valuation Re-rating
Odaily According to US media reports, SK Hynix is expected to issue American Depositary Receipts on the Nasdaq on July 10. The listing plans to raise nearly $30 billion, potentially one of the largest ADR issuances in history. The market widely believes this move will significantly expand its global investor base and could drive a valuation re-rating.
Several asset management companies anticipate a 30% upside in the stock price over the next year if its valuation converges with Micron's. One fund manager pointed out that SK Hynix should trade at least at a valuation comparable to Micron, as demand for memory chips is likely to outstrip supply for several years. The listing occurs during a rare boom period for the memory chip industry. Shares of Micron, SK Hynix, and Samsung Electronics have all risen over 200% this year, marking their best annual performance in decades. The insatiable demand for HBM from AI servers is widely seen as the driver of a structural 'memory super-cycle'. (Jin Shi)
JPMorgan Raises Kospi Index Target to 15,000 Points
Odaily JPMorgan has raised its target for the Korea Composite Stock Price Index (Kospi) and recommends adding positions on dips, maintaining its highest exposure to the Korean stock market. JPMorgan strategists wrote in a report: "This stems from our constructive view on artificial intelligence and the earnings of related hardware companies. There is room for further increases in retail buying."
JPMorgan's bull case scenario suggests a 77% upside for the Kospi index from Wednesday's close of 8,471.02 points. JPMorgan also raised its base case and bear case targets to 12,500 points and 8,000 points, respectively. (Jin Shi)
Ark Invest Increases Stakes in Coinbase, Circle, Bullish, and Robinhood
Odaily The Block posted on X that Cathie Wood's Ark Invest purchased more shares of Coinbase, Circle, Bullish, and Robinhood during Thursday's market decline.
Odaily Nasdaq-listed Ethereum treasury company Sharplink announced it has signed a securities purchase agreement to sell 10.0134 million shares of common stock and warrants for an equivalent number of shares, raising total proceeds of approximately $75 million. The funds will be used for working capital, continuing to accumulate ETH assets, and repurchasing company shares under a stock buyback plan.
Sharplink also disclosed that as of June 16, the company held a total of 875,776 ETH. (B2i)
SBI Group Acquires Bitbank for $289 Million
Odaily SBI Group announced the acquisition of Japanese cryptocurrency exchange Bitbank for 46.7 billion yen, approximately $289 million. Through this acquisition, SBI's cryptocurrency custody balance is expected to exceed 1 trillion yen, about $6.2 billion, making it the largest crypto business in Japan by scale in the industry.
A subsidiary of SBI Holdings will acquire shares of Bitbank from individual shareholders including the founder in August, after which Bitbank will acquire shares held by existing shareholders Mixi and Ceres by the end of October. Combined with SBI VC Trade's account data as of April, the total number of accounts post-merger will be approximately 2.92 million, with total custodial assets of approximately 1.1 trillion yen.
WSJ: Iran-Linked Wallets Transferred Over $3.84 Billion in Assets via CoinEx
Odaily Since 2019, wallets clearly linked to Iran have transferred over $3.84 billion in transaction funds through the cryptocurrency exchange CoinEx. Among them, wallets hosted by CoinEx received crypto assets obtained by the Central Bank of Iran from hacks and directly transacted with accounts previously attributed by US officials to the Islamic Revolutionary Guard Corps.
Blockchain data shows that in 2024, CoinEx replaced Binance as the largest foreign counterparty for Nobitex, Iran's largest domestic crypto exchange. Fund flows between Nobitex and CoinEx last year exceeded $763 million. Additionally, between 2022 and 2025, wallets hosted by CoinEx processed transactions for Alireza Derakhshan, an Iranian allegedly involved in a sanctioned oil sales network. (WSJ)
Odaily CoinEx stated that regarding the Alireza Derakhshan and Zedcex/Zanjani transactions mentioned in the recent Wall Street Journal report, based on currently available information, these transactions occurred before the US Treasury imposed sanctions on said entities. CoinEx does not provide services to any sanctioned entities or individuals and has never knowingly facilitated any form of activity for parties already under sanctions. CoinEx has never established any commercial cooperation with entities related to the Iranian government or domestic Iranian exchanges, nor has it ever provided funding channels or any form of active assistance to Iranian government agencies, Revolutionary Guard-related entities, or other sanctioned parties.
Project News
Circle and Nomura Plan to Launch Stablecoin Settlement Service in Japan by 2027
Odaily Circle and Japanese financial institution Nomura plan to launch a stablecoin settlement service for businesses in Japan, targeting a launch as early as 2027. The service will support enterprises in using stablecoins for instant foreign exchange and cross-border payments.
Kalshi in Talks to Raise Funds at $40 Billion Valuation
Odaily Prediction market platform Kalshi is in discussions to raise a new round of funding at a valuation of approximately $40 billion, with the deal potentially closing as early as Q3. Kalshi just completed a $1 billion funding round last month, with investors including Sequoia Capital, Andreessen Horowitz, Coatue, and Morgan Stanley, at a valuation of $22 billion.
Kalshi CEO Tarek Mansour stated the company is considering an IPO but will not go public in 2026, with the listing not expected before late 2027 or 2028. Kalshi reported that as of April 2026, its annualized trading volume reached $178 billion, a 32-fold increase year-over-year.
Kalshi is currently in a legal dispute between US state and federal regulators over the regulation of prediction markets, including whether sports event contracts constitute CFTC-regulated derivatives or illegal gambling. CME has sued the CFTC over its approval of Kalshi's 'perpetual' futures, Kentucky sued Kalshi and Polymarket this month, and the CFTC subsequently sued Kentucky to block its enforcement. (Decrypt)
Odaily Sonic stated on X that its tokenomics stipulates minting 47.625 million tokens annually to fund growth, with the first distribution originally scheduled for June 18, 2025. Sonic said it did not conduct this minting this year and is actively working towards stopping the increase in token supply. The only issue yet to be resolved is validator rewards, as the network needs to fund its own security, and the team is researching implementation methods. Sonic stated the decision is a direct response to requests from the community and stakeholders, and will share more details as work progresses.
Sophon Shuts Down Its Layer 2 and Migrates to Base, Shifts Focus to Consumer App Development
Odaily Sophon, which has raised a total of $70 million, announced it will shut down its own Layer 2 blockchain and migrate to Base, shifting its future focus to consumer-grade application development. Sophon stated that continuing to spend millions of dollars annually maintaining its own chain is no longer justifiable.
Sophon co-founder Sebastien said the project's judgment is that true value lies not in 'who runs the underlying rails,' but in the products built on top. Therefore, Sophon will no longer maintain infrastructure but will concentrate resources on the application layer.
It is reported that Sophon previously spent approximately $3.4 million annually maintaining its blockchain, covering expenses for chain infrastructure, RaaS, data, analytics, and development tools. Closing its own chain is expected to reduce annual consumption by about $3 million, thereby extending its funding runway and allowing more capital to be deployed into application development.
Odaily Ethereum Layer 2 project Taiko provided the latest update on the security incident, stating that it will not result in any loss of user funds. Currently, bridged assets are undercollateralized. Full collateralization will be completed before the bridge reopens, ensuring every user balance is fully backed 1:1, exactly as before the incident. Cautious measures have been taken since the security incident, including controlling the scope of impact, identifying the root cause, and collaborating with the board to develop a plan to protect user assets.
Venture Capital
Cloud Computing Startup Runpod Raises $100 Million
Odaily Cloud computing startup Runpod announced a $100 million funding round and stated it has rejected multiple acquisition offers. Specific investor information was not disclosed. The company focuses on providing GPU computing power rental services for developers, supporting open-source models and AI application deployment. This sector generally relies on Nvidia GPU servers for computing power. With the expansion of AI applications, market demand for low-cost, highly elastic computing infrastructure continues to rise, driving higher valuations and fundraising activity for cloud service providers like Runpod. (The Information)
