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On June 5, the UK Financial Times published an article stating that the most notable aspect of the SpaceX IPO is the difficulty in assessing what the company will become in the next 10, 5, or even 2 years, which may be the state Musk intends to present. SpaceX confirmed on Wednesday that it is seeking a valuation of $1.78 trillion, which, if achieved, would make it the seventh-largest company by market value globally. However, the path to support this valuation is unclear. In February of this year, Musk merged SpaceX with xAI, making AI suddenly the most important business for SpaceX. Previously, SpaceX's core goal had been to make humanity a multi-planetary species; now, AI dominates the company's plans, with xAI contributing over three-quarters of capital expenditures in the first quarter, and 93% of the addressable market in the prospectus being AI-related. Musk is adept at continuously reshaping the narrative of his businesses according to market preferences. Previously, SolarCity was integrated into Tesla and rebranded as a renewable energy group, and Twitter later combined with xAI. Currently, SpaceX supports the xAI deal with a narrative that combines rockets and AI, aiming to surpass competitors by deploying AI data centers in space. However, SpaceX launched approximately 2,200 metric tons into orbit last year, while Musk stated that to participate in the orbital data center business, the company would need to launch 1 million tons annually. While SpaceX's rockets and Starlink satellite communication network are indeed significant achievements, Musk's true strength lies in crafting narratives. It is also noted that ultimately, real cash flow will remain the key to validating the valuation.

[Financial Times: SpaceX IPO Highlights Musk's Narrative Crafting Ability, but $1.78 Trillion Valuation Requires Real Cash Flow Validation]On June 5, the UK Financial Times published an article stating that the most notable aspect of the SpaceX IPO is the difficulty in assessing what the company will become in the next 10, 5, or even 2 years, which may be the state Musk intends to present. SpaceX confirmed on Wednesday that it is seeking a valuation of $1.78 trillion, which, if achieved, would make it the seventh-largest company by market value globally. However, the path to support this valuation is unclear. In February of this year, Musk merged SpaceX with xAI, making AI suddenly the most important business for SpaceX. Previously, SpaceX's core goal had been to make humanity a multi-planetary species; now, AI dominates the company's plans, with xAI contributing over three-quarters of capital expenditures in the first quarter, and 93% of the addressable market in the prospectus being AI-related. Musk is adept at continuously reshaping the narrative of his businesses according to market preferences. Previously, SolarCity was integrated into Tesla and rebranded as a renewable energy group, and Twitter later combined with xAI. Currently, SpaceX supports the xAI deal with a narrative that combines rockets and AI, aiming to surpass competitors by deploying AI data centers in space. However, SpaceX launched approximately 2,200 metric tons into orbit last year, while Musk stated that to participate in the orbital data center business, the company would need to launch 1 million tons annually. While SpaceX's rockets and Starlink satellite communication network are indeed significant achievements, Musk's true strength lies in crafting narratives. It is also noted that ultimately, real cash flow will remain the key to validating the valuation.

Financial Times: SpaceX IPO Highlights Musk's Narrative Crafting Ability, but $1.78 Trillion Valuation Requires Real Cash Flow Validation

On June 5, US mortgage rates saw a slight decline last week as sellers struggled to find buyers willing to accept their offers. According to Freddie Mac data, the average rate for a 30-year fixed mortgage fell from 6.53% to 6.48%. This rate was 6.85% at the same time last year. Economic uncertainty triggered by the Iran war has heightened inflation expectations, keeping housing loan rates high, which puts pressure on the sales season due to expensive borrowing costs. The growth rate of inventory has outpaced demand, making it difficult for many sellers nationwide to attract bids from buyers. Redfin real estate agent Patricia Ammann noted that the momentum for rising home prices is not as strong as it was five years ago, as high gasoline prices and rising living costs have made potential buyers less willing to drive up home prices.

[US Mortgage Rates Slightly Decrease Last Week]On June 5, US mortgage rates saw a slight decline last week as sellers struggled to find buyers willing to accept their offers. According to Freddie Mac data, the average rate for a 30-year fixed mortgage fell from 6.53% to 6.48%. This rate was 6.85% at the same time last year. Economic uncertainty triggered by the Iran war has heightened inflation expectations, keeping housing loan rates high, which puts pressure on the sales season due to expensive borrowing costs. The growth rate of inventory has outpaced demand, making it difficult for many sellers nationwide to attract bids from buyers. Redfin real estate agent Patricia Ammann noted that the momentum for rising home prices is not as strong as it was five years ago, as high gasoline prices and rising living costs have made potential buyers less willing to drive up home prices.

US Mortgage Rates Slightly Decrease Last Week

On June 5, U.S. Treasury Secretary Basant stated that the Iran conflict 'has been paused'.

[U.S. Treasury Secretary Basant: Iran Conflict 'Has Been Paused']On June 5, U.S. Treasury Secretary Basant stated that the Iran conflict 'has been paused'.

U.S. Treasury Secretary Basant: Iran Conflict 'Has Been Paused'

Federal Reserve official Daly stated that the productivity gains brought by artificial intelligence have not yet been reflected in the data.

[Fed's Daly: Productivity Gains from AI Not Yet Reflected in Data]Federal Reserve official Daly stated that the productivity gains brought by artificial intelligence have not yet been reflected in the data.

Fed's Daly: Productivity Gains from AI Not Yet Reflected in Data

On June 4, Lorenzo Valente, Director of Digital Asset Research at ARK Invest, published a statement indicating that there are numerous overlooked protocols in the current crypto market. Many projects have declined by 70% to 90% from their peak but continue to generate fees, maintain growth, and uphold their leading positions in their respective sectors. Valente noted that Aave has a price-to-earnings ratio of about 9, Solana around 12 with $6 billion in free cash flow, Ethereum approximately 17, and Uniswap about 8 times EBITDA. He also mentioned projects like Avalanche, Pendle, Ethena, and Morpho, stating that if these projects were evaluated in 2021, they would be preferred targets for venture capital at current valuations, yet they are now neglected by the market. Valente believes that current market funds are chasing HYPE and NEAR as they are the main trading lines at present, but the next significant trade may emerge from abandoned assets. He stated that investors do not become wealthy by buying already effective trades, but rather by purchasing assets that have temporarily lost value. The fundamentals of these projects have not dropped by 80%; what has declined is the narrative, and narratives will return, with fees continuing to compound.

[Opinion: AAVE, SOL, and Other Undervalued Crypto Assets May Present Next Opportunity]On June 4, Lorenzo Valente, Director of Digital Asset Research at ARK Invest, published a statement indicating that there are numerous overlooked protocols in the current crypto market. Many projects have declined by 70% to 90% from their peak but continue to generate fees, maintain growth, and uphold their leading positions in their respective sectors. Valente noted that Aave has a price-to-earnings ratio of about 9, Solana around 12 with $6 billion in free cash flow, Ethereum approximately 17, and Uniswap about 8 times EBITDA. He also mentioned projects like Avalanche, Pendle, Ethena, and Morpho, stating that if these projects were evaluated in 2021, they would be preferred targets for venture capital at current valuations, yet they are now neglected by the market. Valente believes that current market funds are chasing HYPE and NEAR as they are the main trading lines at present, but the next significant trade may emerge from abandoned assets. He stated that investors do not become wealthy by buying already effective trades, but rather by purchasing assets that have temporarily lost value. The fundamentals of these projects have not dropped by 80%; what has declined is the narrative, and narratives will return, with fees continuing to compound.

Opinion: AAVE, SOL, and Other Undervalued Crypto Assets May Present Next Opportunity

zest Surges 78.91% in 24H, Currently at 0.266193 USDT

【zest currently trades at 0.266193 USDT, up 78.91% in 24h, according to HTX market data.】zest Surges 78.91% in 24H, Currently at 0.266193 USDT

zest currently trades at 0.266193 USDT, up 78.91% in 24h, according to HTX market data.

zest Hits New High of 0.266193 USDT, Up 78.91% in 24H

【zest soared to 0.275571 USDT, a new high with a 24-hour increase of 78.91%. It currently trades at 0.266193 USDT on HTX.】zest Hits New High of 0.266193 USDT, Up 78.91% in 24H

zest soared to 0.275571 USDT, a new high with a 24-hour increase of 78.91%. It currently trades at 0.266193 USDT on HTX.

On June 4, U.S. Treasury Secretary Basant stated that the Iran conflict 'has been paused'. (Jinshi)

[U.S. Treasury Secretary Basant: Iran Conflict 'Has Been Paused']On June 4, U.S. Treasury Secretary Basant stated that the Iran conflict 'has been paused'. (Jinshi)

On June 4, Lorenzo Valente, Director of Digital Asset Research at ARK Invest, stated that there are many overlooked protocols in the current crypto market, with many projects down 70% to 90% from their highs, yet still generating fees, maintaining growth, and leading their respective sectors. Valente cited examples such as Aave with a price-to-earnings ratio of about 9, Solana at around 12 with $6 billion in free cash flow, Ethereum at approximately 17, and Uniswap at about 8 times EBITDA. He also mentioned projects like Avalanche, Pendle, Ethena, and Morpho, noting that if these projects were evaluated at current valuations in 2021, they would have been preferred targets for venture capital, but are now neglected by the market. Valente believes that current market funds are chasing HYPE and NEAR as they are the main trading narratives at the moment, but the real next trade may emerge from abandoned assets. He stated that investors do not become wealthy by buying already effective trades, but by purchasing assets that have temporarily lost their value. The fundamentals of these projects have not dropped by 80%; rather, it is the narrative that has changed, and narratives will return, while fees will continue to compound.

[Opinion: The Next Opportunity in the Crypto Market May Come from Currently Overlooked Assets]On June 4, Lorenzo Valente, Director of Digital Asset Research at ARK Invest, stated that there are many overlooked protocols in the current crypto market, with many projects down 70% to 90% from their highs, yet still generating fees, maintaining growth, and leading their respective sectors. Valente cited examples such as Aave with a price-to-earnings ratio of about 9, Solana at around 12 with $6 billion in free cash flow, Ethereum at approximately 17, and Uniswap at about 8 times EBITDA. He also mentioned projects like Avalanche, Pendle, Ethena, and Morpho, noting that if these projects were evaluated at current valuations in 2021, they would have been preferred targets for venture capital, but are now neglected by the market. Valente believes that current market funds are chasing HYPE and NEAR as they are the main trading narratives at the moment, but the real next trade may emerge from abandoned assets. He stated that investors do not become wealthy by buying already effective trades, but by purchasing assets that have temporarily lost their value. The fundamentals of these projects have not dropped by 80%; rather, it is the narrative that has changed, and narratives will return, while fees will continue to compound.

Opinion: The Next Opportunity in the Crypto Market May Come from Currently Overlooked Assets

HTX data monitoring shows that BTC has fallen below 62000 USDT, currently reported at 61966.5 USDT, with a 24H decline of 7.14%.

【BTC drops below 62000 USDT】HTX data monitoring shows that BTC has fallen below 62000 USDT, currently reported at 61966.5 USDT, with a 24H decline of 7.14%.

BTC drops below 62000 USDT

VVV Surges Over 10x This Year, Is the Base Ecosystem the Last Hope for Crypto AI?

Bitcoin Correction Pushes 580,000 BTC Into Loss Territory

One Article Deconstructs the Investment Methodology of 'Stock God Serenity'

Deconstructing the Investment Methodology of the 'Stock God Serenity' in One Article

Sharplink CEO: Ethereum's Future Is Playing Out Now

Kalshi and Coinbase Receive CFTC Approval, Ushering in the Most Regulation-Friendly Era for the Crypto Industry?

Weekly Token Unlocks: HYPE Unlocks $650M Worth of Tokens

A $300 Used Mining Rig Mined a $230,000 Bitcoin Block

Over $1 Billion in Cryptocurrencies Forced to Liquidate, Bitcoin Plunges 6% Below $67,000

Bulls Approach the Ceiling

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Global Semiconductor Market Expected to Exceed $1.5 Trillion by 2026

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BTC drops below 62000 USDT

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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