7*24

Hot topic

Market

Activities

On June 19, Ethereum core developer Trent Van Epps published a lengthy analysis on the evolution of Ethereum's institutional structure, exploring its future political and economic pathways and the issue of "institutional inheritance." He pointed out that Ethereum is currently entering a critical institutional turning point, including legitimacy distribution, governance structure evolution, and a potential funding crisis for the protocol. The Ethereum Foundation has long adhered to a "subtraction" philosophy, aiming to reduce its centralized influence within the ecosystem, allowing value to be generated more externally. However, this strategy, while reducing power concentration, has also led to the problem of "unclear legitimacy boundaries," making it difficult for the ecosystem to naturally generate alternative institutional centers. On the funding front, Ethereum is approaching a potential "structural funding gap," including the conclusion of the protocol incentive program (CIP) in 2026 and the consumption of the Foundation's ETH reserves, which may lead to long-term pressure that could reduce core development funding to around $30 million. Without sustained funding mechanisms, the core development team and infrastructure capabilities may face the risk of attrition, affecting the network's long-term reliability and potentially creating an "unfunded protocol burden." After completing its early historical mission, the Ethereum Foundation's role is transitioning from a "single dominant entity" to a "institutional transition node," with the key issue for the next phase of the ecosystem being how to achieve a smooth inheritance from the existing institutions to the new governance structure.

[Ethereum Core Developer: Ethereum Enters Institutional Inheritance Phase, Facing Challenges of Funding and Legitimacy Redistribution]On June 19, Ethereum core developer Trent Van Epps published a lengthy analysis on the evolution of Ethereum's institutional structure, exploring its future political and economic pathways and the issue of "institutional inheritance." He pointed out that Ethereum is currently entering a critical institutional turning point, including legitimacy distribution, governance structure evolution, and a potential funding crisis for the protocol. The Ethereum Foundation has long adhered to a "subtraction" philosophy, aiming to reduce its centralized influence within the ecosystem, allowing value to be generated more externally. However, this strategy, while reducing power concentration, has also led to the problem of "unclear legitimacy boundaries," making it difficult for the ecosystem to naturally generate alternative institutional centers. On the funding front, Ethereum is approaching a potential "structural funding gap," including the conclusion of the protocol incentive program (CIP) in 2026 and the consumption of the Foundation's ETH reserves, which may lead to long-term pressure that could reduce core development funding to around $30 million. Without sustained funding mechanisms, the core development team and infrastructure capabilities may face the risk of attrition, affecting the network's long-term reliability and potentially creating an "unfunded protocol burden." After completing its early historical mission, the Ethereum Foundation's role is transitioning from a "single dominant entity" to a "institutional transition node," with the key issue for the next phase of the ecosystem being how to achieve a smooth inheritance from the existing institutions to the new governance structure.

Ethereum Core Developer: Ethereum Enters Institutional Inheritance Phase, Facing Challenges of Funding and Legitimacy Redistribution

HTX data monitoring shows that UNI has fallen below 3 USDT, currently reported at 2.99 USDT, with a 24H decline of 4.68%.

【UNI falls below 3 USDT】HTX data monitoring shows that UNI has fallen below 3 USDT, currently reported at 2.99 USDT, with a 24H decline of 4.68%.

UNI falls below 3 USDT

On June 19, the Swiss Foreign Ministry announced that the US-Iran talks originally scheduled for Friday will not proceed as planned. (Jinshi)

[Swiss Foreign Ministry: US-Iran Talks Scheduled for Friday Will Not Proceed as Planned]On June 19, the Swiss Foreign Ministry announced that the US-Iran talks originally scheduled for Friday will not proceed as planned. (Jinshi)

Swiss Foreign Ministry: US-Iran Talks Scheduled for Friday Will Not Proceed as Planned

On June 19, the Swiss Federal Department of Foreign Affairs announced that the US-Iran talks scheduled for Friday will not proceed as planned. (Jinshi)

[US-Iran Talks Scheduled for Friday Will Not Proceed as Planned]On June 19, the Swiss Federal Department of Foreign Affairs announced that the US-Iran talks scheduled for Friday will not proceed as planned. (Jinshi)

US-Iran Talks Scheduled for Friday Will Not Proceed as Planned

On June 19, according to reports from various Middle Eastern media outlets including Saudi media Hadass, Turkey's Anadolu Agency, and Iran's Islamic Republic News Agency, Israel has once again conducted airstrikes in the southern Lebanese regions of Dhour el Choueir, Harouf, and Nabatiyeh, resulting in casualties.

[Israel Continues Bombing Multiple Areas in Southern Lebanon]On June 19, according to reports from various Middle Eastern media outlets including Saudi media Hadass, Turkey's Anadolu Agency, and Iran's Islamic Republic News Agency, Israel has once again conducted airstrikes in the southern Lebanese regions of Dhour el Choueir, Harouf, and Nabatiyeh, resulting in casualties.

Israel Continues Bombing Multiple Areas in Southern Lebanon

On June 19, several Middle Eastern media outlets, including Saudi media Hadass, Turkish Anadolu Agency, and Iranian Islamic Republic News Agency, reported that Israel has once again conducted airstrikes in the southern Lebanese areas of Dhweir, Harouf, and Nabatiyeh, resulting in casualties.

[Israel Continues Bombing Multiple Areas in Southern Lebanon]On June 19, several Middle Eastern media outlets, including Saudi media Hadass, Turkish Anadolu Agency, and Iranian Islamic Republic News Agency, reported that Israel has once again conducted airstrikes in the southern Lebanese areas of Dhweir, Harouf, and Nabatiyeh, resulting in casualties.

On June 19, spot gold fell below $4,150 per ounce, with a daily decline of 1.49%. Spot silver touched down to $64 per ounce, experiencing a daily drop of 2.55%. (Jin Shi)

[Spot Gold and Silver Prices Continue to Decline]On June 19, spot gold fell below $4,150 per ounce, with a daily decline of 1.49%. Spot silver touched down to $64 per ounce, experiencing a daily drop of 2.55%. (Jin Shi)

Spot Gold and Silver Prices Continue to Decline

On June 19, Tang Jie, founder of Zhipu AI, stated on the X platform that after the official open-source release of GLM-5.2, it has achieved leading results in several international authoritative evaluations and competitive rankings. In the Artificial Analysis Intelligence Index comprehensive assessment, GLM-5.2 scored 51 points, placing it on par with Anthropic's Claude Opus 4.8. In the Code Arena front-end code generation adversarial test, it ranked second globally with an Elo rating of 1595, and in the DesignArena design and code integration scenario, it achieved a score of 1360, ranking first. Overall, Zhipu's GLM-5.2 continues to rank among the top globally in various real-world scenario evaluations such as front-end development, design generation, and software engineering, gradually narrowing the performance gap with leading models like OpenAI and Anthropic, while continuing to push the limits of model capabilities. Previously, in response to Musk's statement that Chinese large models may reach Anthropic's Fable level by the first quarter of next year, Tang Jie remarked that 'it will not take such a long time.'

[Founder of Zhipu AI, Tang Jie: GLM-5.2's Open Source Release Will Gradually Narrow Performance Gap with OpenAI and Anthropic]On June 19, Tang Jie, founder of Zhipu AI, stated on the X platform that after the official open-source release of GLM-5.2, it has achieved leading results in several international authoritative evaluations and competitive rankings. In the Artificial Analysis Intelligence Index comprehensive assessment, GLM-5.2 scored 51 points, placing it on par with Anthropic's Claude Opus 4.8. In the Code Arena front-end code generation adversarial test, it ranked second globally with an Elo rating of 1595, and in the DesignArena design and code integration scenario, it achieved a score of 1360, ranking first. Overall, Zhipu's GLM-5.2 continues to rank among the top globally in various real-world scenario evaluations such as front-end development, design generation, and software engineering, gradually narrowing the performance gap with leading models like OpenAI and Anthropic, while continuing to push the limits of model capabilities. Previously, in response to Musk's statement that Chinese large models may reach Anthropic's Fable level by the first quarter of next year, Tang Jie remarked that 'it will not take such a long time.'

Founder of Zhipu AI, Tang Jie: GLM-5.2's Open Source Release Will Gradually Narrow Performance Gap with OpenAI and Anthropic

On June 19, crypto analyst Murphy expressed strong agreement with @Guilin_Chen_'s viewpoint that the current decoupling of STRC can be seen as a limit test for the market. The decoupling has temporarily stripped STRC of its financing capabilities, and the timing of its re-pegging will influence market concerns regarding whether MSTR will sell coins again. Last time, MSTR sold only 32 BTC—though I believe this was more of a disguised expectation management rather than actual selling pressure—yet it shattered the psychological defenses of some long-term investors. The day after MSTR announced the coin sale, the net holdings of long-term holders (LTH) began to decline. The speed of distribution outpaced the accumulation of LTH and the conversion of short-term holders (STH), showcasing the ferocity of the momentum. The market, which was originally in a weak supply-demand equilibrium, was disrupted by this sudden excess supply, contributing to a rapid drop in BTC from 74,000 to 60,000. Therefore, the entire market is now focused on the 'STRC decoupling' event, which is essentially highly sensitive to whether MSTR will continue to sell coins. If it triggers another large-scale distribution by LTH, the current market demand would be unable to absorb it. Conversely, whenever the market experiences a cascading sell-off, the liquidity generated is most suitable for large funds to accumulate positions. Thus, when negative news is released but the price becomes increasingly difficult to push down, it indicates that a certain limit test may be nearing its end.

[Analyst: STRC Decoupling as a Limit Test for the Market]On June 19, crypto analyst Murphy expressed strong agreement with @Guilin_Chen_'s viewpoint that the current decoupling of STRC can be seen as a limit test for the market. The decoupling has temporarily stripped STRC of its financing capabilities, and the timing of its re-pegging will influence market concerns regarding whether MSTR will sell coins again. Last time, MSTR sold only 32 BTC—though I believe this was more of a disguised expectation management rather than actual selling pressure—yet it shattered the psychological defenses of some long-term investors. The day after MSTR announced the coin sale, the net holdings of long-term holders (LTH) began to decline. The speed of distribution outpaced the accumulation of LTH and the conversion of short-term holders (STH), showcasing the ferocity of the momentum. The market, which was originally in a weak supply-demand equilibrium, was disrupted by this sudden excess supply, contributing to a rapid drop in BTC from 74,000 to 60,000. Therefore, the entire market is now focused on the 'STRC decoupling' event, which is essentially highly sensitive to whether MSTR will continue to sell coins. If it triggers another large-scale distribution by LTH, the current market demand would be unable to absorb it. Conversely, whenever the market experiences a cascading sell-off, the liquidity generated is most suitable for large funds to accumulate positions. Thus, when negative news is released but the price becomes increasingly difficult to push down, it indicates that a certain limit test may be nearing its end.

Analyst: STRC Decoupling as a Limit Test for the Market

Bitcoin Fear and Greed Index is 15. Extreme Fear.
Current Price: $64031.0.

[Bitcoin Fear and Greed Index is 15]Bitcoin Fear and Greed Index is 15. Extreme Fear.
Current Price: $64031.0.

Bitcoin Fear and Greed Index is 15

Recent On-Chain Review: No Clear Narrative Under U.S. Stock Market Pressure, Just Hype

The Recursive AI Anthropic Warned About: Tian Yuandong's New Company Has Just Taken the "First Step"

"Agents' Last Exam", Claude Fable 5 Actually Loses to GPT 5.5

NEAR to Airdrop 330,000 Tokens, Betting on TVL Reaching $70 Million

The U.S. SEC Wants to Dismantle a 2005 Rule, What Tokenized Stocks Are Seeing

Bitcoin Puell Multiple Falls To 0.74 As Miner Revenue Slides

A $75 Billion Reallocation of Risk Assets: How SpaceX's IPO Will Impact U.S. Stocks and Bitcoin?

Strategy Adds 1,550 Bitcoin As Treasury Holdings Reach 845,256 BTC

Claude to Mandate "Face-Scan ID Verification", No ID No Service Starting July?

A Clod of Chinese Soil Chokes Two Japanese Giants

Article

LINK falls below 8 USDT

BTC falls below 64000 USDT

Bitcoin Fear and Greed Index is 15

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

Related Articles

All Comments0LatestHot

Trending Topics

Related Articles