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On June 5, Greeks.live researcher Adam reported that today 25,600 BTC options are set to expire, with a Put Call Ratio of 0.56 and a maximum pain point at $70,500, representing a notional value of $1.62 billion. Additionally, 155,000 ETH options are expiring, with a Put Call Ratio of 0.92 and a maximum pain point at $2,000, with a notional value of $270 million. This week, Bitcoin faced a sharp decline, nearing $60,000, and due to the rapid drop, both BTC and ETH have moved away from their respective maximum pain support levels. The poor market conditions have exacerbated the already low market attention, with only 6% of options expiring this week, and market focus largely concentrated on the U.S. stock market. From the main options data, as prices continue to fall, GEX is distributed between $60,000 and $63,000, with a significantly negative skew. Due to the large market movements, implied volatility (IV) rebounded after last month's expiration, but BTC IV has only rebounded to around 40%. However, based on this year's market conditions, as long as prices stabilize, IV will quickly decline. The market is not making large bets on a one-sided crash, but there is a significant increase in demand for defensive positions. The next focus for the market is whether funds can flow back in and whether BTC can stabilize. Both BTC and ETH are operating below their maximum pain points, with bears dominating this week; the best strategy is not to bet on a rebound but to focus on risk reduction.

[Greeks.live: This Week's Crypto Market Dominated by Bears, BTC and ETH Below Maximum Pain Points]On June 5, Greeks.live researcher Adam reported that today 25,600 BTC options are set to expire, with a Put Call Ratio of 0.56 and a maximum pain point at $70,500, representing a notional value of $1.62 billion. Additionally, 155,000 ETH options are expiring, with a Put Call Ratio of 0.92 and a maximum pain point at $2,000, with a notional value of $270 million. This week, Bitcoin faced a sharp decline, nearing $60,000, and due to the rapid drop, both BTC and ETH have moved away from their respective maximum pain support levels. The poor market conditions have exacerbated the already low market attention, with only 6% of options expiring this week, and market focus largely concentrated on the U.S. stock market. From the main options data, as prices continue to fall, GEX is distributed between $60,000 and $63,000, with a significantly negative skew. Due to the large market movements, implied volatility (IV) rebounded after last month's expiration, but BTC IV has only rebounded to around 40%. However, based on this year's market conditions, as long as prices stabilize, IV will quickly decline. The market is not making large bets on a one-sided crash, but there is a significant increase in demand for defensive positions. The next focus for the market is whether funds can flow back in and whether BTC can stabilize. Both BTC and ETH are operating below their maximum pain points, with bears dominating this week; the best strategy is not to bet on a rebound but to focus on risk reduction.

Greeks.live: This Week's Crypto Market Dominated by Bears, BTC and ETH Below Maximum Pain Points

On June 5, Bankless co-founder David Hoffman, after liquidating his ETH holdings, purchased VVV, NEAR, ZEC, HYPE, and LIT. The altcoins in his portfolio have generally seen significant declines today. ZEC dropped over 32% in the last 24 hours, while NEAR, VVV, and LIT each fell by more than 20%. David Hoffman responded by stating, 'The only one actually at a loss is ZEC.' Previously, he disclosed the entry prices for NEAR, HYPE, ZEC, and LIT: 'NEAR was about $1.40, HYPE was about $45, ZEC was about $560, and LIT was about $1.35.'

[Bankless Co-Founder Responds to Plummeting Altcoins After Portfolio Shift: Only ZEC at a Loss]On June 5, Bankless co-founder David Hoffman, after liquidating his ETH holdings, purchased VVV, NEAR, ZEC, HYPE, and LIT. The altcoins in his portfolio have generally seen significant declines today. ZEC dropped over 32% in the last 24 hours, while NEAR, VVV, and LIT each fell by more than 20%. David Hoffman responded by stating, 'The only one actually at a loss is ZEC.' Previously, he disclosed the entry prices for NEAR, HYPE, ZEC, and LIT: 'NEAR was about $1.40, HYPE was about $45, ZEC was about $560, and LIT was about $1.35.'

Bankless Co-Founder Responds to Plummeting Altcoins After Portfolio Shift: Only ZEC at a Loss

On June 5, Grayscale's Chief Legal Officer Craig Salm stated that from a non-technical perspective, to believe that the ZEC vulnerability was exploited before it was fixed, one must believe that: (1) someone has studied the Zcash codebase more deeply than the combined efforts of ECC, ZODL, Shielded Labs, the Zcash Foundation, and other core Zcash developers and security contributors; (2) someone resisted the temptation to empty the Orchard pool and sell all fake ZEC during a historic bull market exceeding 20 times. In my view, this is unlikely. The real focus is that the Zcash development and security community is absolutely top-notch in the industry, far ahead of all other protocols in addressing AI risks. Given the current capabilities of the model, AI risks will eventually impact all protocols. Of course, it would be even better if a network upgrade allowed anyone to verify the integrity of Zcash supply and prove that there are no fake Zcash in the Orchard pool.

[Grayscale Chief Legal Officer: It's Unlikely the ZEC Vulnerability Was Exploited Before Fix]On June 5, Grayscale's Chief Legal Officer Craig Salm stated that from a non-technical perspective, to believe that the ZEC vulnerability was exploited before it was fixed, one must believe that: (1) someone has studied the Zcash codebase more deeply than the combined efforts of ECC, ZODL, Shielded Labs, the Zcash Foundation, and other core Zcash developers and security contributors; (2) someone resisted the temptation to empty the Orchard pool and sell all fake ZEC during a historic bull market exceeding 20 times. In my view, this is unlikely. The real focus is that the Zcash development and security community is absolutely top-notch in the industry, far ahead of all other protocols in addressing AI risks. Given the current capabilities of the model, AI risks will eventually impact all protocols. Of course, it would be even better if a network upgrade allowed anyone to verify the integrity of Zcash supply and prove that there are no fake Zcash in the Orchard pool.

Grayscale Chief Legal Officer: It's Unlikely the ZEC Vulnerability Was Exploited Before Fix

On June 5, on-chain detective ZachXBT issued a community alert recommending users to "avoid engaging with Rain Protocol (RAIN) at all costs." It stated that RAIN currently has a market capitalization of approximately $8.8 billion, ranking in the top 15, but as a prediction market, it has few users, limited product traction, and lacks well-known supporters. The team also has no verifiable track record in the crypto industry. After tracking the on-chain addresses of the RAIN team, it was found that the source of related funds is linked to Gems hot wallets and CEX deposit addresses, which have previously transferred funds for failed projects such as Data Ownership Protocol (DOP) and TOMI, indicating possible overlaps between the teams. ZachXBT also noted that there appear to be signs of on-chain manipulation of the RAIN price, with related addresses linked to the deployer through Uni V3 LP, while spot transfers are obfuscated via Gems hot wallets. It mentioned that RAIN has a DAT named Enlivex, which is a Nasdaq-listed company that announced a treasury strategy of $212 million in November 2025, but Rain Protocol lacks comparable metrics to support such scale compared to prediction market platforms like Kalshi or Polymarket. According to DeFiLlama data, RAIN's TVL on Arbitrum is $27.2 million, but it claims that this TVL is entirely composed of illiquid native tokens, with annual fees of about $1 million. ZachXBT pointed out that TOMI, DOP, and Sirin Labs can all be traced back to the controversial Israeli founder Moshe Hogeg, who was detained in 2021 for fraud and was charged by law enforcement in 2023 for involvement in a $290 million crypto fraud scheme, while also facing multiple lawsuits from former business partners and employees. It expressed concern over the recent trend of projects aggressively manipulating prices without accountability and advises against trading such tokens under any circumstances.

[ZachXBT Warns of Risks with Rain Protocol: Advises Against Engagement with the Platform, Potential On-Chain Manipulation of RAIN Price]On June 5, on-chain detective ZachXBT issued a community alert recommending users to "avoid engaging with Rain Protocol (RAIN) at all costs." It stated that RAIN currently has a market capitalization of approximately $8.8 billion, ranking in the top 15, but as a prediction market, it has few users, limited product traction, and lacks well-known supporters. The team also has no verifiable track record in the crypto industry. After tracking the on-chain addresses of the RAIN team, it was found that the source of related funds is linked to Gems hot wallets and CEX deposit addresses, which have previously transferred funds for failed projects such as Data Ownership Protocol (DOP) and TOMI, indicating possible overlaps between the teams. ZachXBT also noted that there appear to be signs of on-chain manipulation of the RAIN price, with related addresses linked to the deployer through Uni V3 LP, while spot transfers are obfuscated via Gems hot wallets. It mentioned that RAIN has a DAT named Enlivex, which is a Nasdaq-listed company that announced a treasury strategy of $212 million in November 2025, but Rain Protocol lacks comparable metrics to support such scale compared to prediction market platforms like Kalshi or Polymarket. According to DeFiLlama data, RAIN's TVL on Arbitrum is $27.2 million, but it claims that this TVL is entirely composed of illiquid native tokens, with annual fees of about $1 million. ZachXBT pointed out that TOMI, DOP, and Sirin Labs can all be traced back to the controversial Israeli founder Moshe Hogeg, who was detained in 2021 for fraud and was charged by law enforcement in 2023 for involvement in a $290 million crypto fraud scheme, while also facing multiple lawsuits from former business partners and employees. It expressed concern over the recent trend of projects aggressively manipulating prices without accountability and advises against trading such tokens under any circumstances.

ZachXBT Warns of Risks with Rain Protocol: Advises Against Engagement with the Platform, Potential On-Chain Manipulation of RAIN Price

According to monitoring by Beating, Anthropic proposed the establishment of a 'verifiable collaborative pause mechanism' globally, referencing nuclear arms control under the Intermediate-Range Nuclear Forces Treaty in its report titled 'When AI Builds Itself.' The report explicitly opposes unilateral pauses in research and emphasizes that only under globally verifiable conditions can leading laboratories synchronize their brakes. However, the concept of a collaborative brake is technically unfeasible. Nuclear arms control can monitor missile silos via satellites, but GPUs are small, easily concealed, and capable of distributed computing. The only way to verify if others are secretly training is through invasive monitoring of all GPU chips, power grids, and data centers worldwide. Comprehensive monitoring is not only politically impractical but also equates to advocating for computational totalitarianism. In the context where technical verification cannot be implemented, the proposal for a collaborative pause resembles a 'safety exemption card.' Just before the report's release, Anthropic completed a $65 billion financing round with a valuation nearing $1 trillion and submitted an IPO application. By setting the prerequisite for a pause as an impossible global verification, Anthropic paves the way for indefinite training while shifting the responsibility of an inability to halt to a regulatory mechanism that has yet to be established.

[Anthropic Proposes AI Development Pause Amidst High-Profile Financing and IPO: A Public Relations Move?]According to monitoring by Beating, Anthropic proposed the establishment of a 'verifiable collaborative pause mechanism' globally, referencing nuclear arms control under the Intermediate-Range Nuclear Forces Treaty in its report titled 'When AI Builds Itself.' The report explicitly opposes unilateral pauses in research and emphasizes that only under globally verifiable conditions can leading laboratories synchronize their brakes. However, the concept of a collaborative brake is technically unfeasible. Nuclear arms control can monitor missile silos via satellites, but GPUs are small, easily concealed, and capable of distributed computing. The only way to verify if others are secretly training is through invasive monitoring of all GPU chips, power grids, and data centers worldwide. Comprehensive monitoring is not only politically impractical but also equates to advocating for computational totalitarianism. In the context where technical verification cannot be implemented, the proposal for a collaborative pause resembles a 'safety exemption card.' Just before the report's release, Anthropic completed a $65 billion financing round with a valuation nearing $1 trillion and submitted an IPO application. By setting the prerequisite for a pause as an impossible global verification, Anthropic paves the way for indefinite training while shifting the responsibility of an inability to halt to a regulatory mechanism that has yet to be established.

Anthropic Proposes AI Development Pause Amidst High-Profile Financing and IPO: A Public Relations Move?

On June 5, according to HTX market data, the tokens disclosed by Bankless co-founder David Hoffman for reallocation have generally experienced significant declines today. Among them: ZEC has dropped over 32% in 24 hours, currently priced at $401.58; NEAR has fallen over 22%, currently at $2.136; VVV has decreased over 21%, currently at $15.79; LIT has also dropped over 21%, currently at $1.388; and HYPE has seen a decline of over 15%, currently priced at $62.5. Previously reported, David Hoffman indicated that after liquidating ETH, he immediately allocated about 50% of the funds to buy VVV, NEAR, ZEC, and HYPE; the remaining 50% was kept as cash reserves for gradual dollar-cost averaging, which has all been used to purchase LIT.

[Bankless Co-Founder Faces Plunge After Token Reallocation, ZEC Drops Over 32% in 24 Hours]On June 5, according to HTX market data, the tokens disclosed by Bankless co-founder David Hoffman for reallocation have generally experienced significant declines today. Among them: ZEC has dropped over 32% in 24 hours, currently priced at $401.58; NEAR has fallen over 22%, currently at $2.136; VVV has decreased over 21%, currently at $15.79; LIT has also dropped over 21%, currently at $1.388; and HYPE has seen a decline of over 15%, currently priced at $62.5. Previously reported, David Hoffman indicated that after liquidating ETH, he immediately allocated about 50% of the funds to buy VVV, NEAR, ZEC, and HYPE; the remaining 50% was kept as cash reserves for gradual dollar-cost averaging, which has all been used to purchase LIT.

Bankless Co-Founder Faces Plunge After Token Reallocation, ZEC Drops Over 32% in 24 Hours

On June 5, the 'New Stock Guru' Serenity stated that LeaderDrive (688017, 57.73 billion RMB) is their top pick in the humanoid robot sector. Their business includes harmonic reducers (reportedly holding over 60% of the domestic market share and serving more than 1,800 global clients), humanoid robot rotary joint reducers, linear actuators, motors/joints, and many other core components, and they are entering the planetary roller screw market. They currently dominate the market with over 60% domestic share and more than 1,800 global clients. Major customers include Universal Robots, UBTech, and Agibot, while Tesla, Figure, and most other humanoid robot developers are likely potential clients. If you look at the BOM (Bill of Materials) for these components, it is roughly estimated that they account for 4-15% of each humanoid robot developed, and this percentage may increase as they enter more niche markets. I believe no one can accurately model the finances of such companies; their prospects depend more on how many humanoid robots achieve mass production in the coming years. This is essentially a directional long on a company that can capture a significant share of each humanoid robot produced. In terms of scalable mass production, China is clearly the leader in this field, as many Western players cannot reduce costs to the level of LeaderDrive. As we move towards scalable physical AI, I am extremely optimistic about the robotics sector.

[New Stock Guru Serenity: Optimistic About LeaderDrive, Benefiting from Mass Production of Humanoid Robots]On June 5, the 'New Stock Guru' Serenity stated that LeaderDrive (688017, 57.73 billion RMB) is their top pick in the humanoid robot sector. Their business includes harmonic reducers (reportedly holding over 60% of the domestic market share and serving more than 1,800 global clients), humanoid robot rotary joint reducers, linear actuators, motors/joints, and many other core components, and they are entering the planetary roller screw market. They currently dominate the market with over 60% domestic share and more than 1,800 global clients. Major customers include Universal Robots, UBTech, and Agibot, while Tesla, Figure, and most other humanoid robot developers are likely potential clients. If you look at the BOM (Bill of Materials) for these components, it is roughly estimated that they account for 4-15% of each humanoid robot developed, and this percentage may increase as they enter more niche markets. I believe no one can accurately model the finances of such companies; their prospects depend more on how many humanoid robots achieve mass production in the coming years. This is essentially a directional long on a company that can capture a significant share of each humanoid robot produced. In terms of scalable mass production, China is clearly the leader in this field, as many Western players cannot reduce costs to the level of LeaderDrive. As we move towards scalable physical AI, I am extremely optimistic about the robotics sector.

New Stock Guru Serenity: Optimistic About LeaderDrive, Benefiting from Mass Production of Humanoid Robots

On June 5, ZEC experienced a significant drop of 30% due to the Orchard pool's infinite forgery vulnerability. Josh Swihart, the founder of ZODL, stated that the Orchard vulnerability lies within one of the rules, which was written too loosely, allowing the acceptance of false information while still passing validation. As a result, the engine may mistakenly consider fraudulent transactions as valid. In reality, someone may have forged ZEC within the Orchard transaction pool. This is a flaw in the handwritten rules, not in the underlying cryptography or the proof generation engine. The issue is how to ensure that such vulnerabilities do not occur again, and the best answer is formal verification. Tachyon is currently adopting formal verification in its construction, utilizing a more streamlined and unified rulebook. Compared to Orchard, there are fewer special cases and complex details, meaning the entire rulebook can be perfectly verified through mathematical proof. Multiple teams are already working on formally verifying the existing circuits of Orchard. If the verification is successful, launching a second Orchard pool soon may be the best option before Tachyon. While Tachyon is more streamlined, a formally verified Orchard pool could serve as an effective transitional measure.

[ZODL Founder: ZEC Vulnerability Not a Flaw in Underlying Cryptography or Proof Generation Engine]On June 5, ZEC experienced a significant drop of 30% due to the Orchard pool's infinite forgery vulnerability. Josh Swihart, the founder of ZODL, stated that the Orchard vulnerability lies within one of the rules, which was written too loosely, allowing the acceptance of false information while still passing validation. As a result, the engine may mistakenly consider fraudulent transactions as valid. In reality, someone may have forged ZEC within the Orchard transaction pool. This is a flaw in the handwritten rules, not in the underlying cryptography or the proof generation engine. The issue is how to ensure that such vulnerabilities do not occur again, and the best answer is formal verification. Tachyon is currently adopting formal verification in its construction, utilizing a more streamlined and unified rulebook. Compared to Orchard, there are fewer special cases and complex details, meaning the entire rulebook can be perfectly verified through mathematical proof. Multiple teams are already working on formally verifying the existing circuits of Orchard. If the verification is successful, launching a second Orchard pool soon may be the best option before Tachyon. While Tachyon is more streamlined, a formally verified Orchard pool could serve as an effective transitional measure.

ZODL Founder: ZEC Vulnerability Not a Flaw in Underlying Cryptography or Proof Generation Engine

On June 5, S&P Global announced that it will maintain its existing eligibility requirements for major benchmark indices like the S&P 500, rejecting proposals to expedite the inclusion of large companies such as SpaceX after their IPOs. On Thursday, S&P Index stated in a press release that it will not shorten the current 12-month 'maturity period' set for newly listed companies, nor will it waive existing profitability and public float requirements based on company size. This means that SpaceX will not be eligible for inclusion in the S&P 500 until at least one year after its IPO and must also meet the existing profitability and public float requirements of the index, which stipulate that the company must be profitable according to GAAP in the most recent quarter and over the last four quarters, with a public float of no less than 50%.

[S&P Global: Major IPOs like SpaceX Won't Be Quickly Added to S&P 500]On June 5, S&P Global announced that it will maintain its existing eligibility requirements for major benchmark indices like the S&P 500, rejecting proposals to expedite the inclusion of large companies such as SpaceX after their IPOs. On Thursday, S&P Index stated in a press release that it will not shorten the current 12-month 'maturity period' set for newly listed companies, nor will it waive existing profitability and public float requirements based on company size. This means that SpaceX will not be eligible for inclusion in the S&P 500 until at least one year after its IPO and must also meet the existing profitability and public float requirements of the index, which stipulate that the company must be profitable according to GAAP in the most recent quarter and over the last four quarters, with a public float of no less than 50%.

S&P Global: Major IPOs like SpaceX Won't Be Quickly Added to S&P 500

火币HTX报道，6月4日，CryptoQuant创始人兼首席执行官Ki Young Ju在X平台发文称，当前这一轮派发阶段看起来像是一场大规模筹码换手。比特币投资者的平均持仓成本大约在 5.3万美元。 
从历史上看，熊市通常只有在价格跌破已实现价格之后才会真正结束。我原本认为，在机构资金持续流入以及MicroStrategy几乎不出售比特币的背景下，重新回到这一水平将非常困难。但当前的价格走势表明，市场正面临异常强劲的抛售压力。 
是单纯的 
•自2023年1月以来，MicroStrategy共买入711,206枚BTC，仅卖出32枚BTC，相当于从市场流通中移除了 711,174枚BTC。 
•自2024年3月比特币价格同样位于约6.3万美元 时，美国现货比特币ETF累计吸纳了509,102枚BTC，而 MicroStrategy 又增持了 650,706枚BTC。这意味着两者合计吸纳了1,159,808枚BTC，但比特币价格如今却重新回到了相同水平。 
•作为参考，目前交易所储备约为270万枚BTC，而市场普遍估计 中本聪 持有约100万枚BTC。 
换句话说，被市场吸纳的比特币数量已经超过中本聪持仓规模，并接近交易所储备总量的一半，但价格依然回到了同样的位置。

【CryptoQuant创始人：ETF和Strategy累计流入BTC规模超过中本聪持仓，BTC价格仍承压】火币HTX报道，6月4日，CryptoQuant创始人兼首席执行官Ki Young Ju在X平台发文称，当前这一轮派发阶段看起来像是一场大规模筹码换手。比特币投资者的平均持仓成本大约在 5.3万美元。 
从历史上看，熊市通常只有在价格跌破已实现价格之后才会真正结束。我原本认为，在机构资金持续流入以及MicroStrategy几乎不出售比特币的背景下，重新回到这一水平将非常困难。但当前的价格走势表明，市场正面临异常强劲的抛售压力。 
是单纯的 
•自2023年1月以来，MicroStrategy共买入711,206枚BTC，仅卖出32枚BTC，相当于从市场流通中移除了 711,174枚BTC。 
•自2024年3月比特币价格同样位于约6.3万美元 时，美国现货比特币ETF累计吸纳了509,102枚BTC，而 MicroStrategy 又增持了 650,706枚BTC。这意味着两者合计吸纳了1,159,808枚BTC，但比特币价格如今却重新回到了相同水平。 
•作为参考，目前交易所储备约为270万枚BTC，而市场普遍估计 中本聪 持有约100万枚BTC。 
换句话说，被市场吸纳的比特币数量已经超过中本聪持仓规模，并接近交易所储备总量的一半，但价格依然回到了同样的位置。

CryptoQuant创始人：ETF和Strategy累计流入BTC规模超过中本聪持仓，BTC价格仍承压

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Bulls Approach the Ceiling

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Goldman Sachs: SpaceX AI Revenue Expected to Increase 100-Fold by 2030

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

CryptoQuant创始人：ETF和Strategy累计流入BTC规模超过中本聪持仓，BTC价格仍承压

Clause de non-responsabilité：Le contenu ci-dessus ne représente pas les positions de HTX.，HTX ne fournit pas de recommandations de trading.。

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