24H Hot Coins and Headlines｜HYPE price surpasses SOL, the latter falls to its lowest level since 2023; U.S. media says how to "pay compensation" to Iran becomes a sticking point in U.S.-Iran negotiations (June 4)
- Core viewpoint: The cryptocurrency market is showing a divergent trend, with mainstream coins generally declining, while AI narrative tokens like WLD surge against the trend; at the same time, crypto venture capital transaction volumes have hit a five-year low as the market undergoes structural adjustments, but emerging sectors like Polymarket have reached new highs in trading volume.
- Key elements:
- Among the top ten coins by trading volume on major CEXs, BTC, ETH, SOL, XRP, BNB, etc., generally fell by 4%-8%, while WLD rose over 30% against the trend, becoming the focus of capital.
- The monthly number of crypto venture capital transactions is approximately 50, the lowest since before 2021, but total funding has not plummeted simultaneously, indicating market consolidation rather than a broad contraction.
- Prediction market Polymarket's daily crypto trading volume reached $176 million, a historic high, showing that prediction markets have become one of the few active niche tracks currently.
- Hyperliquid's HYPE token price surpassed SOL to hit a record high, but SOL's market cap still leads, and its price has fallen to its lowest level since 2023.
- The U.S. Treasury is promoting a strategic Bitcoin reserve and hopes to pass the "Clarity Act" regulatory bill this summer; Russia, on the other hand, opposes USD stablecoins and prioritizes the development of a Ruble stablecoin.
1. Popular Tokens on CEX
CEX Trading Volume Top 10 and 24-Hour 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%
24-Hour 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%
24-Hour Crypto Stock 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 Hot Memes (Data from GMGN):
- CrazyBaby
- All Peace
- Spark to Prairie Fire
- RWA LS
- Wolf's Journey
Headlines
US Media: How to "Compensate" Iran Becomes a Stumbling Block in US-Iran Negotiations
According to a US official familiar with the negotiations, one of the remaining key stumbling blocks in US-Iran talks is the issue of economic compensation, as Trump is eager to reach an agreement perceived as superior to the deal struck under 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 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 damage inflicted on Iran—potentially eliminating or at least weakening a key leverage point Washington holds over Tehran. This leverage is crucial for the US to enter 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 avoid anything perceived as "delivering a suitcase full 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 as SOL Drops 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 an all-time high of $75.634 and is currently trading at $75.08, ahead of SOL's $71.82. Over the past month, HYPE has risen about 24%, making it one of the few gainers among the top 20 crypto assets, while Solana has dropped nearly 14% in the same period. By market capitalization, Solana still leads with approximately $42 billion compared to Hyperliquid's roughly $16 billion. In a valuation report released Tuesday, CoinShares 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 Drops to ~50, Lowest in Five Years
The number of monthly crypto venture capital deals in May was approximately 50, the lowest level since before 2021. The two historically most active categories—infrastructure and crypto financial services—are both near multi-year lows. Investor attention has structurally shifted toward AI, while the crypto space has failed to generate early-stage opportunities on the scale seen in the 2021 and 2024 cycles.
Although deal count has slowed, the total funding amount has not decreased sharply, indicating market consolidation rather than a full contraction. For developers, the current environment is far less competitive than previous boom periods, and projects that can demonstrate clear utility and growth momentum face the least competition in recent years. Whether deal activity rebounds in the second half of the year will depend on whether new sectors beyond prediction markets and financial infrastructure can spark 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 designated crypto futures products include those related to Bitcoin, ETH, Solana, and XRP.
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 annualized 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 it to redeem at 110% of par value within the first 18 months after issuance, at 105% of par value between 18 months and 3 years, and at 100% of par value after 3 years, with any accumulated unpaid dividends due upon redemption.
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, a 24-hour decline of 2.13%, and has "de-pegged" over 5% from its $100 target price.
Polymarket Daily Crypto Transaction Volume Reaches $176 Million, Hitting All-Time High
According to Artemis data, Polymarket's daily crypto transaction volume reached $176 million, setting a new all-time high.
Kalshi Announces Official Launch of Bitcoin Perpetual Contracts
Prediction market platform Kalshi announced the official launch of Bitcoin perpetual contracts. Reportedly, this is the first US regulatory-approved Bitcoin perpetual contract product. The product is a perpetual contract indexed 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 relevant regulatory requirements, including the core principles applicable to Designated Contract Markets.
Fundraising
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 new investors including 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 investment of $110 million.
Strive: Plans Additional SATA Issuance to Increase BTC Holdings by 175,000 BTC
Strive's Jeff Walton (@PunterJeff) stated that Strive is raising capital at a 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 capital would be equivalent to purchasing approximately 175,000 BTC at current prices, increasing its total BTC holdings to about 10 times its current size.
WasabiCard, a stablecoin payment infrastructure platform, announced the completion of a Pre-A funding round with participation from Vision Plus Capital and 01VC, bringing total 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 capabilities, enterprise customer acquisition, compliance and product R&D, and will 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 Department is steadily progressing towards establishing a Strategic Bitcoin Reserve. Concurrently, Scott Bessent urged lawmakers to support the digital asset regulatory bill, the "Clarity Act," expressing hope it would pass this summer to bring American best practices home and make the US the world's innovation hub.
Regarding the Strategic Bitcoin Reserve, Scott Bessent noted the process is complex but moving forward, ensuring best practices are employed in this intricate process to ensure its longevity.
Russian Deputy Finance Minister Ivan Chebeskov stated that he does not wish to allow USD-denominated stablecoins to circulate in the Russian market.
Chebeskov pointed out that issuers of foreign stablecoins like USDT and USDC have the ability to freeze assets in user wallets. 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 USD stablecoins held by Russian legal entities have previously been frozen by their issuers, while Bitcoin and Ethereum, lacking the relevant technical means, have not experienced similar situations.
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 Central Bank of Russia the authority to adjust the list of relevant assets.
Voices & Commentary
Bitwise CEO Hunter Horsley posted on X, suggesting 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 indicates the crypto market is still relatively early-stage and not yet large in overall size. Horsley also stated that the market's focus should not be on competition between assets or projects, but on whether they can create truly valuable products and services and promote 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, believing WLD will experience a significant rally driven by the AI narrative. He also advised against exiting the market midway through this trend.
OKX market data shows WLD is currently trading at 0.52 USDT, with a 24-hour gain of 33.44%.
