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On June 11, independent research firm New Street Research initiated coverage on SpaceX, setting a target price of $165.

[New Street Research Initiates Coverage on SpaceX with Target Price of $165]On June 11, independent research firm New Street Research initiated coverage on SpaceX, setting a target price of $165.

New Street Research Initiates Coverage on SpaceX with Target Price of $165

As of June 11, the U.S. spot Bitcoin ETF has seen a net outflow of $2.1 billion this month, nearing the total outflow of $2.4 billion in May. On Wednesday alone, there was a net outflow of $214 million, indicating that the outflow trend is still ongoing. Since May 10, the total net assets of U.S. spot Bitcoin ETFs have decreased from $109 billion to $77 billion, a reduction of about $33 billion. During the same period, the price of BTC dropped from a high of $81,443 on May 10 to a low of $59,353, a decline of approximately 27%. Adam Haeems, head of asset management at Tesseract Group, stated that although the ETF is still experiencing outflows, the pace has 'significantly slowed', and the selling pressure appears to be exhausting rather than increasing. He believes that the outflows are primarily driven by three factors: leveraged funds redeeming spot ETFs and futures arbitrage positions, funds migrating out of the highest fee U.S. spot products, and capital rotating into AI stocks and upcoming tech IPOs. Koinly CEO Robin Singh noted that for the ETF outflows to stop, a rebound in spot demand and BTC returning to the $70,000 range is necessary. Haeems emphasized that the key to stopping the outflows lies in interest rate signals rather than a mere price rebound. He mentioned that the market has been holding near the 200-week moving average for the past week, and the likelihood of forming a weak bottom around this level is higher than a rapid rebound. He warned that if BTC clearly breaks below $60,000, the downside potential would be significantly greater than the upside potential from a corrective rebound.

[Analyst: Bitcoin ETF Outflows Continue but Pace Has 'Significantly Slowed', Selling Pressure is Exhausting]As of June 11, the U.S. spot Bitcoin ETF has seen a net outflow of $2.1 billion this month, nearing the total outflow of $2.4 billion in May. On Wednesday alone, there was a net outflow of $214 million, indicating that the outflow trend is still ongoing. Since May 10, the total net assets of U.S. spot Bitcoin ETFs have decreased from $109 billion to $77 billion, a reduction of about $33 billion. During the same period, the price of BTC dropped from a high of $81,443 on May 10 to a low of $59,353, a decline of approximately 27%. Adam Haeems, head of asset management at Tesseract Group, stated that although the ETF is still experiencing outflows, the pace has 'significantly slowed', and the selling pressure appears to be exhausting rather than increasing. He believes that the outflows are primarily driven by three factors: leveraged funds redeeming spot ETFs and futures arbitrage positions, funds migrating out of the highest fee U.S. spot products, and capital rotating into AI stocks and upcoming tech IPOs. Koinly CEO Robin Singh noted that for the ETF outflows to stop, a rebound in spot demand and BTC returning to the $70,000 range is necessary. Haeems emphasized that the key to stopping the outflows lies in interest rate signals rather than a mere price rebound. He mentioned that the market has been holding near the 200-week moving average for the past week, and the likelihood of forming a weak bottom around this level is higher than a rapid rebound. He warned that if BTC clearly breaks below $60,000, the downside potential would be significantly greater than the upside potential from a corrective rebound.

Analyst: Bitcoin ETF Outflows Continue but Pace Has 'Significantly Slowed', Selling Pressure is Exhausting

On June 11, research firm New Street Research assigned a 'Buy' rating to SpaceX, with a target price of $165.

[New Street Research Assigns 'Buy' Rating to SpaceX with Target Price of $165]On June 11, research firm New Street Research assigned a 'Buy' rating to SpaceX, with a target price of $165.

New Street Research Assigns 'Buy' Rating to SpaceX with Target Price of $165

On June 11, Bitcoin treasury company Nakamoto announced that it reduced its outstanding debt by approximately $45 million by liquidating part of its Bitcoin holdings and Bitcoin-related derivative positions. The repayment funds came from the sale of about 600 BTC and related derivative positions, with a net gain of approximately $48 million. After the transaction, the company still holds about 4,467 BTC on its balance sheet. Additionally, the Nakamoto board has authorized a stock repurchase plan of up to $25 million, effective until December 31, 2026. The company may repurchase common stock through open market purchases, privately negotiated transactions, block trades, and other methods.

[Nakamoto Sells Approximately 600 BTC and Related Derivative Positions]On June 11, Bitcoin treasury company Nakamoto announced that it reduced its outstanding debt by approximately $45 million by liquidating part of its Bitcoin holdings and Bitcoin-related derivative positions. The repayment funds came from the sale of about 600 BTC and related derivative positions, with a net gain of approximately $48 million. After the transaction, the company still holds about 4,467 BTC on its balance sheet. Additionally, the Nakamoto board has authorized a stock repurchase plan of up to $25 million, effective until December 31, 2026. The company may repurchase common stock through open market purchases, privately negotiated transactions, block trades, and other methods.

Nakamoto Sells Approximately 600 BTC and Related Derivative Positions

On June 11, The Information reported that due to capacity constraints, Google has turned to Samsung to seek future supplies of artificial intelligence chips.

[Google Turns to Samsung for Future AI Chip Supply Due to Capacity Constraints]On June 11, The Information reported that due to capacity constraints, Google has turned to Samsung to seek future supplies of artificial intelligence chips.

Google Turns to Samsung for Future AI Chip Supply Due to Capacity Constraints

On June 11, U.S. Republican Senator Graham stated that if there is no agreement, Trump's consideration to seize Halk Island is correct. Iran is not a reliable partner in negotiations.

[U.S. Republican Senator Graham: Trump's Consideration to Seize Halk Island is Correct]On June 11, U.S. Republican Senator Graham stated that if there is no agreement, Trump's consideration to seize Halk Island is correct. Iran is not a reliable partner in negotiations.

U.S. Republican Senator Graham: Trump's Consideration to Seize Halk Island is Correct

On June 11, U.S. President Trump stated: I am not frustrated by the Iran issue. (Regarding Iran) we have destroyed their radar and missiles. American planes are flying over Tehran, and they are completely unaware. Iran is not performing well in combat. They are negotiating with us for an agreement, but they are proud. I reiterate that Iran cannot buy or develop nuclear weapons.

[Trump: Iran is Negotiating with Us for an Agreement, but They are Proud]On June 11, U.S. President Trump stated: I am not frustrated by the Iran issue. (Regarding Iran) we have destroyed their radar and missiles. American planes are flying over Tehran, and they are completely unaware. Iran is not performing well in combat. They are negotiating with us for an agreement, but they are proud. I reiterate that Iran cannot buy or develop nuclear weapons.

Trump: Iran is Negotiating with Us for an Agreement, but They are Proud

On June 11, it was reported that SpaceX's IPO has garnered over $70 billion in retail subscription orders. SpaceX will allocate at least 20% of the IPO shares to retail investors. Less than 10% of the IPO shares will be allocated to international orders.

[SpaceX IPO Receives Over $70 Billion in Retail Subscription Orders]On June 11, it was reported that SpaceX's IPO has garnered over $70 billion in retail subscription orders. SpaceX will allocate at least 20% of the IPO shares to retail investors. Less than 10% of the IPO shares will be allocated to international orders.

SpaceX IPO Receives Over $70 Billion in Retail Subscription Orders

On June 11, the U.S. May PPI year-on-year was reported at 6.5%, compared to an expected 6.4%. The previous value was revised from 6.00% to 5.7%. (Jin10)

[U.S. May PPI Year-on-Year at 6.5%, Expected 6.4%]On June 11, the U.S. May PPI year-on-year was reported at 6.5%, compared to an expected 6.4%. The previous value was revised from 6.00% to 5.7%. (Jin10)

U.S. May PPI Year-on-Year at 6.5%, Expected 6.4%

According to Bitcoin.com, the province of Buenos Aires in Argentina will begin taxing cryptocurrency mining and possibly staking, in 2023. A new proposal modifies the tax law to introduce cryptocurrency mining as a taxable activity that will levy 4% on the income calculated via these operations. However, it is still unclear if staking will be taxed.

Detail

【Buenos Aires to tax cryptocurrency mining in 2023】According to Bitcoin.com, the province of Buenos Aires in Argentina will begin taxing cryptocurrency mining and possibly staking, in 2023. A new proposal modifies the tax law to introduce cryptocurrency mining as a taxable activity that will levy 4% on the income calculated via these operations. However, it is still unclear if staking will be taxed.

Buenos Aires to tax cryptocurrency mining in 2023

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BTC breaks through 62000 USDT

Buenos Aires to tax cryptocurrency mining in 2023

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

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