24H Hot Coins & Headlines｜HYPE Price Surpasses SOL, Which Hits Lowest Level Since 2023; U.S. Media Says How to "Pay" Iran Becomes Key Sticking Point in U.S.-Iran Negotiations (June 4)
- Key Takeaways: The cryptocurrency market shows divergence, with most major coins declining while AI-narrative tokens like WLD surge against the trend. Meanwhile, crypto VC deal volume has fallen to a five-year low, indicating a structural adjustment in the market, although emerging sectors like Polymarket have hit record trading volumes.
- Key Elements:
- Among the top 10 coins by trading volume on major CEXs, BTC, ETH, SOL, XRP, BNB, etc., generally fell 4%-8%, while WLD bucked the trend and surged over 30%, becoming the focus of capital.
- The monthly number of crypto VC deals is around 50, the lowest level since before 2021, but total fundraising has not seen a simultaneous sharp drop, indicating market consolidation rather than a broad contraction.
- Prediction market Polymarket saw daily crypto trading volume reach $176 million, hitting 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 a new all-time high, though SOL's market cap still leads, and SOL's price has fallen to its lowest level since 2023.
- The U.S. Treasury is pushing for a Strategic Bitcoin Reserve and hopes to pass the "Clarity Act" regulatory bill this summer; Russia, on the other hand, opposes dollar-pegged stablecoins and prioritizes the development of a ruble-backed stablecoin.
1. Popular CEX Tokens
CEX Top 10 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 List (Data from 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-Equity Gainers List (Data from 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 On-chain Meme Tokens (Data from GMGN):
- CrazyBaby
- Peace in All Things
- A Single Spark Can Start a Prairie Fire
- RWA LS
- Wolf Roaming the World
Headlines
US Media: How to "Compensate" Iran Becomes a Key Sticking Point in US-Iran Negotiations
According to CNN, citing a US official familiar with the negotiations, one of the remaining key sticking points in the US-Iran talks revolves around economic compensation, as Trump is eager to reach an agreement viewed as superior to the one reached during the Obama administration. The official stated that Iran has indicated to mediators that once both sides agree on a preliminary memorandum of understanding, they want to receive some form of economic compensation as soon as possible, rather than postponing it to a future date. However, Trump administration officials fear that unfreezing funds at such an early stage could alleviate the economic pressure on Iran—potentially eliminating or at least weakening a key leverage point Washington holds over Tehran. This leverage is considered crucial for the US entering the second phase of negotiations to discuss the specifics of Iran's nuclear program. Trump has made it clear to his team that he wants any agreement to appear much tougher than the 2015 deal and to avoid any action that could be interpreted as "handing over large sums of cash"—a phrase Trump used to criticize Obama's decision to provide economic compensation to Iran.
After Hitting an All-Time High, HYPE Price Surpasses SOL, Which Fell to Its 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 an 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%, making it one of the few gainers among the top 20 crypto assets, while Solana has fallen nearly 14% over the same period. By market capitalization, Solana still leads at about $42 billion compared to Hyperliquid's ~$16 billion. A valuation report from 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 ~50, Hitting Five-Year Low
The monthly number of crypto venture capital deals in May was approximately 50, the lowest level since before 2021. Infrastructure and crypto financial services, historically the two most active categories, 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 magnitude seen in the 2021 and 2024 cycles.
Despite the slowdown in deal count, total funding raised hasn't fallen proportionally, indicating market consolidation rather than a full-scale contraction. For developers, the current environment offers significantly less competition than previous boom periods, and projects that demonstrate clear utility and growth momentum face the least competition in recent years. Whether deal counts rebound in the second half of the year will depend on new sectors beyond prediction markets and financial infrastructure sparking investor confidence.
Charles Schwab Launches 24/7 Crypto Futures Trading, Supporting Bitcoin and More
According to Bitcoin Magazine, Charles Schwab has launched 24/7 crypto futures trading services. Currently supported designated crypto futures products include Bitcoin, ETH, Solana, and XRP-related products.
Bitmine Plans to Raise $300M via Perpetual Preferred Stock Issuance, 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 dividends at an annual rate of 9.5%, paid weekly in cash; dividends will continue to accrue even if the company does not declare a dividend or temporarily lacks distributable funds. Bitmine has early redemption rights, allowing redemption at 110% of par value within 18 months of issuance, 105% of par value between 18 months and 3 years, and 100% of par value after 3 years, plus any accrued and unpaid dividends.
Project News
Strategy Preferred Stock STRC Drops Below $95, "De-pegging" Over 5% from $100 Target
Strategy's preferred stock STRC has fallen below $95, currently trading at $94.65, down 2.13% in 24 hours, "de-pegging" over 5% from the $100 target price.
Polymarket Daily Crypto Trading Volume Reaches $176M, Hitting 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 Swaps
Prediction market platform Kalshi announced the official launch of Bitcoin perpetual swaps. Reportedly, this is the first US regulatory-approved Bitcoin perpetual swap product, classified as a futures contract referencing the spot price of Bitcoin. The US Commodity Futures Trading Commission previously stated that after review, the BTCPERP contract complies with the Commodity Exchange Act and relevant 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 at a $3.1 billion valuation. The round was led by Peter Thiel's fund, Founders Fund, with continued participation from Abstract Ventures, Kleiner Perkins, NFDG, Eli Lilly Ventures, Valor Equity Partners, and others, while also bringing in new investors such as Thrive Capital, Greenoaks, and Quiet Capital.
In 2021, Brian Armstrong, along with former GV partner and bioengineer Blake Byers and stem cell biologist Jacob Kimmel, co-founded NewLimit in South San Francisco with an initial capital of $110 million.
Strive: Plans to Issue Additional SATA to Acquire 175,000 BTC
Strive's Jeff Walton (@PunterJeff) stated that Strive is raising capital at a rate of $8.1 million per day. If these funds are used to pay dividends, it could support a $15.5 billion issuance of SATA tokens. Jeff Walton indicated that this amount of capital would be equivalent to purchasing approximately 175,000 BTC at current prices, which would increase its total BTC holdings to 10 times their current size.
Stablecoin payment infrastructure platform WasabiCard announced the completion of a Pre-A funding round, with participation from Vision Plus Capital and 01VC, bringing total funding to nearly $10 million. The project primarily focuses on stablecoin payment infrastructure. The new funds will be used for expanding global payment infrastructure, stablecoin card and payout capabilities, enterprise customer acquisition, as well as compliance and product R&D, and will also advance 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 during a Senate Banking Committee hearing that the Treasury is making steady progress in establishing a Strategic Bitcoin Reserve. Simultaneously, Scott Bessent urged lawmakers to support the digital asset regulatory bill, the "Clarity Act," expressing hope it could pass this summer to bring US best practices home and make America the world's innovation capital.
Regarding the Strategic Bitcoin Reserve, Scott Bessent noted that while the process is complex, it is moving forward, ensuring best practices are employed throughout the complex process to ensure its longevity.
Russian Deputy Finance Minister Ivan Chebeskov stated that he does not want to allow dollar-denominated stablecoins to circulate in the Russian market.
Chebeskov pointed out that foreign stablecoin issuers like those behind USDT and USDC have the ability to freeze user wallet assets. Once such wallets transact with platforms licensed by the Central Bank of Russia, the risk of asset freezing for holders increases significantly. He revealed that there have been previous cases where US dollar stablecoins held by Russian legal entities were frozen by the issuer, whereas no similar instances have occurred with Bitcoin and Ethereum due to the lack of related technical capabilities.
The Russian Finance Ministry believes it is necessary to establish a regulatory framework specifically for stablecoins and to prioritize supporting stablecoins pegged to the Ruble and currencies of friendly nations, while also granting the Central Bank of Russia the authority to adjust the list of relevant assets.
Notable Voices
Bitwise CEO: SpaceX IPO Valuation Could Rival 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 capitalization of the entire cryptocurrency market excluding stablecoins. This suggests that the crypto market is still relatively early-stage and overall not very large in scale. Horsley also noted that the market's focus should not be on competition between individual 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 people and teams working towards this goal.
Arthur Hayes Remains Bullish on WLD: Expects Major Surge Driven by AI Narrative
Arthur Hayes stated that investors betting against WLD will face pressure and believes WLD will see a significant rally driven by the AI narrative. He also advised against exiting the market midway through this trend.
OKX market data shows WLD currently trading at 0.52 USDT, up 33.44% in 24 hours.
