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On June 17, Sui announced on platform X that, according to blockchain security company CertiK, the Sui blockchain has processed nearly $65 billion in 0 Gas stablecoin transactions since June 10. Additionally, the total stablecoin transaction volume on the Sui network has exceeded $22.7 trillion since the beginning of 2024. Sui's 0 Gas stablecoin transactions 'eliminate a significant amount of additional costs that hinder adoption', allowing funds to flow as freely as messages.

[Data: Sui Processes Nearly $65 Billion in 0 Gas Stablecoin Transactions Since June 10]On June 17, Sui announced on platform X that, according to blockchain security company CertiK, the Sui blockchain has processed nearly $65 billion in 0 Gas stablecoin transactions since June 10. Additionally, the total stablecoin transaction volume on the Sui network has exceeded $22.7 trillion since the beginning of 2024. Sui's 0 Gas stablecoin transactions 'eliminate a significant amount of additional costs that hinder adoption', allowing funds to flow as freely as messages.

Data: Sui Processes Nearly $65 Billion in 0 Gas Stablecoin Transactions Since June 10

On June 17, the core narrative of the global market is gradually shifting from 'end of Middle Eastern wars' to 'post-war asset revaluation.' Details of the US-Iran memorandum of understanding continue to emerge, including the lifting of oil export bans, unfreezing of assets, and plans for private investment funds as high as $300 billion. The market has begun to trade in anticipation of Iran's return to the global energy and capital markets. However, the actual pace of recovery in the Strait of Hormuz remains uncertain, with European allies taking a cautious stance on mine clearance and escort operations, and shipping companies generally believing that a full return to normal passage will still take weeks or even longer. This indicates that while geopolitical risks have decreased, they have not completely vanished. The energy market has already begun to reflect this change. As the US may allow Iran to immediately resume oil exports, approximately 68 million barrels of Iranian crude oil stranded at sea are waiting to re-enter the market. Coupled with the potential expiration of Russian oil exemptions, the global energy supply landscape is being reshaped. In the short term, increased production from Iran may help lower oil prices and transportation costs, but if Russian exports are once again restricted, the energy market may still face new supply-demand tug-of-war in the future. This is also why gold demand has not significantly cooled due to peace expectations. A World Gold Council survey shows that an increasing number of central banks continue to accumulate gold reserves, essentially reflecting that the long-term defensive demand of central banks against geopolitical and global debt risks has not changed. Meanwhile, there is a clear divergence in global central bank policies. The Bank of Japan has raised interest rates to the highest level in 31 years at 1%, but simultaneously announced it would stop further reducing bond purchases next year; the Reserve Bank of Australia has paused interest rate hikes for the first time after consecutive increases. This represents a new phase where central banks are beginning to maintain high interest rates for a longer time while avoiding rapid liquidity contraction. The real focus of the market is on the first FOMC meeting tonight with the new Federal Reserve Chair Kevin Warsh. Recent surveys from Castle Securities, academia, and market pricing indicate that market expectations are gradually shifting from interest rate cuts to the re-emergence of interest rate hike risks. In other words, the market has been trading on the interest rate cut timetable for the past two years, and is now beginning to trade on the possibility of rising funding costs. Notably, even as expectations for high interest rates heat up, risk assets continue to attract capital. SpaceX has not only completed a $60 billion acquisition of Anysphere but has also briefly surpassed Microsoft and Amazon to become the fourth-largest company by market capitalization globally, with AI, space technology, and large tech capital expenditures still accelerating. However, this has also raised concerns about the risk of imbalance between valuations and liquidity. When the credit market maintains extremely low spreads and tech companies can finance at very low costs, the constraint of high interest rates on risk assets has not yet truly manifested. For the cryptocurrency market, the biggest variable is no longer the Middle East, but whether Warsh will reduce policy forward guidance and redefine future financial conditions. If the Federal Reserve maintains high interest rates but allows credit to continue expanding, market liquidity may still support the performance of risk assets; however, if it begins to manage the supply of funds through both balance sheet reduction and credit contraction, tech stocks, AI concepts, and the cryptocurrency market may face valuation reassessment pressure. Therefore, the current market is superficially trading on peace dividends, while in reality, it is waiting for the Federal Reserve to decide the direction of the next round of global liquidity, which will continue to reflect the market's true judgment on funding costs and liquidity prospects.

[Bitunix Analyst: US-Iran Agreement and Oil Price Plunge Are Just the Prelude, Risk Assets Face Ultimate Test of 'Real High-Interest Rate Era']On June 17, the core narrative of the global market is gradually shifting from 'end of Middle Eastern wars' to 'post-war asset revaluation.' Details of the US-Iran memorandum of understanding continue to emerge, including the lifting of oil export bans, unfreezing of assets, and plans for private investment funds as high as $300 billion. The market has begun to trade in anticipation of Iran's return to the global energy and capital markets. However, the actual pace of recovery in the Strait of Hormuz remains uncertain, with European allies taking a cautious stance on mine clearance and escort operations, and shipping companies generally believing that a full return to normal passage will still take weeks or even longer. This indicates that while geopolitical risks have decreased, they have not completely vanished. The energy market has already begun to reflect this change. As the US may allow Iran to immediately resume oil exports, approximately 68 million barrels of Iranian crude oil stranded at sea are waiting to re-enter the market. Coupled with the potential expiration of Russian oil exemptions, the global energy supply landscape is being reshaped. In the short term, increased production from Iran may help lower oil prices and transportation costs, but if Russian exports are once again restricted, the energy market may still face new supply-demand tug-of-war in the future. This is also why gold demand has not significantly cooled due to peace expectations. A World Gold Council survey shows that an increasing number of central banks continue to accumulate gold reserves, essentially reflecting that the long-term defensive demand of central banks against geopolitical and global debt risks has not changed. Meanwhile, there is a clear divergence in global central bank policies. The Bank of Japan has raised interest rates to the highest level in 31 years at 1%, but simultaneously announced it would stop further reducing bond purchases next year; the Reserve Bank of Australia has paused interest rate hikes for the first time after consecutive increases. This represents a new phase where central banks are beginning to maintain high interest rates for a longer time while avoiding rapid liquidity contraction. The real focus of the market is on the first FOMC meeting tonight with the new Federal Reserve Chair Kevin Warsh. Recent surveys from Castle Securities, academia, and market pricing indicate that market expectations are gradually shifting from interest rate cuts to the re-emergence of interest rate hike risks. In other words, the market has been trading on the interest rate cut timetable for the past two years, and is now beginning to trade on the possibility of rising funding costs. Notably, even as expectations for high interest rates heat up, risk assets continue to attract capital. SpaceX has not only completed a $60 billion acquisition of Anysphere but has also briefly surpassed Microsoft and Amazon to become the fourth-largest company by market capitalization globally, with AI, space technology, and large tech capital expenditures still accelerating. However, this has also raised concerns about the risk of imbalance between valuations and liquidity. When the credit market maintains extremely low spreads and tech companies can finance at very low costs, the constraint of high interest rates on risk assets has not yet truly manifested. For the cryptocurrency market, the biggest variable is no longer the Middle East, but whether Warsh will reduce policy forward guidance and redefine future financial conditions. If the Federal Reserve maintains high interest rates but allows credit to continue expanding, market liquidity may still support the performance of risk assets; however, if it begins to manage the supply of funds through both balance sheet reduction and credit contraction, tech stocks, AI concepts, and the cryptocurrency market may face valuation reassessment pressure. Therefore, the current market is superficially trading on peace dividends, while in reality, it is waiting for the Federal Reserve to decide the direction of the next round of global liquidity, which will continue to reflect the market's true judgment on funding costs and liquidity prospects.

Bitunix Analyst: US-Iran Agreement and Oil Price Plunge Are Just the Prelude, Risk Assets Face Ultimate Test of 'Real High-Interest Rate Era'

According to monitoring by Beating, MoE Capital, an early-stage venture capital fund co-founded by former AGI House members, has completed its first round of fundraising, securing $25 million. The uniqueness of this fund lies in its deep connections with active researchers from leading labs such as OpenAI, Anthropic, and xAI, who serve as limited partners (LPs) and advisors. In the context of intensifying competition for early AI investments, MoE Capital aims to establish an information advantage by building a close-knit community of researchers. Researchers working in mainstream labs can promptly recommend entrepreneurial-minded colleagues who are leaving, thereby securing high-value project sources. To enhance hardware and software collaboration, the team also organized a visit to Shenzhen this month to explore robotics supply chain vendors. Currently, MoE Capital has invested in Phylo, which develops AI entities for biomedicine, and Recursive Superintelligence, a company focused on achieving recursive superintelligence.

[MoE Capital Raises $25 Million with Investments from OpenAI, Anthropic, and xAI Researchers]According to monitoring by Beating, MoE Capital, an early-stage venture capital fund co-founded by former AGI House members, has completed its first round of fundraising, securing $25 million. The uniqueness of this fund lies in its deep connections with active researchers from leading labs such as OpenAI, Anthropic, and xAI, who serve as limited partners (LPs) and advisors. In the context of intensifying competition for early AI investments, MoE Capital aims to establish an information advantage by building a close-knit community of researchers. Researchers working in mainstream labs can promptly recommend entrepreneurial-minded colleagues who are leaving, thereby securing high-value project sources. To enhance hardware and software collaboration, the team also organized a visit to Shenzhen this month to explore robotics supply chain vendors. Currently, MoE Capital has invested in Phylo, which develops AI entities for biomedicine, and Recursive Superintelligence, a company focused on achieving recursive superintelligence.

MoE Capital Raises $25 Million with Investments from OpenAI, Anthropic, and xAI Researchers

On June 17, according to monitoring by Trader T, the US spot Ethereum ETF experienced a net inflow of $9.61 million yesterday.

[US Spot Ethereum ETF Sees Net Inflow of $9.61 Million Yesterday]On June 17, according to monitoring by Trader T, the US spot Ethereum ETF experienced a net inflow of $9.61 million yesterday.

US Spot Ethereum ETF Sees Net Inflow of $9.61 Million Yesterday

On June 17, the Nikkei 225 Index expanded its gains, once again surpassing 70,000 points, setting a new historical high.

[Nikkei 225 Index Expands Gains, Reaches New Historical High]On June 17, the Nikkei 225 Index expanded its gains, once again surpassing 70,000 points, setting a new historical high.

Nikkei 225 Index Expands Gains, Reaches New Historical High

According to monitoring by Dongcha Beating, OpenAI had a cash outflow of $3.7 billion in the first quarter of 2026, accounting for over 60% of its revenue of $5.7 billion for the quarter. Financial documents disclosed to shareholders indicate that both revenue and cash burn have tripled compared to the same period last year. Cash and cash equivalents at the end of the period increased from $40 billion at the end of December last year to over $73 billion. The financial statements show a net loss of over $21.3 billion for the quarter, but the loss was primarily influenced by a non-cash accounting adjustment amounting to nearly $12.4 billion (mainly related to the fair value changes of convertible equity and warrant liabilities). Excluding accounting impacts, the operating loss for the quarter was $9.3 billion, which included $2.3 billion in employee equity incentive expenses. Research and development expenses during the same period amounted to $8.6 billion. In terms of revenue costs, the expenditure for model services in the first quarter was $3.5 billion, with the gross margin rising from 33% in the same period last year to 39%. However, a larger hidden expense lies in computing power agreements. The disclosures for the first quarter indicate that cloud computing procurement commitments could reach as high as $66.5 billion by the end of 2025, with procurement contracts extending until 2030. Last week, OpenAI secretly submitted its application for an IPO.

[OpenAI Burns $3.7 Billion in Q1: Revenue Rises to $5.7 Billion, Cash Exceeds $73 Billion]According to monitoring by Dongcha Beating, OpenAI had a cash outflow of $3.7 billion in the first quarter of 2026, accounting for over 60% of its revenue of $5.7 billion for the quarter. Financial documents disclosed to shareholders indicate that both revenue and cash burn have tripled compared to the same period last year. Cash and cash equivalents at the end of the period increased from $40 billion at the end of December last year to over $73 billion. The financial statements show a net loss of over $21.3 billion for the quarter, but the loss was primarily influenced by a non-cash accounting adjustment amounting to nearly $12.4 billion (mainly related to the fair value changes of convertible equity and warrant liabilities). Excluding accounting impacts, the operating loss for the quarter was $9.3 billion, which included $2.3 billion in employee equity incentive expenses. Research and development expenses during the same period amounted to $8.6 billion. In terms of revenue costs, the expenditure for model services in the first quarter was $3.5 billion, with the gross margin rising from 33% in the same period last year to 39%. However, a larger hidden expense lies in computing power agreements. The disclosures for the first quarter indicate that cloud computing procurement commitments could reach as high as $66.5 billion by the end of 2025, with procurement contracts extending until 2030. Last week, OpenAI secretly submitted its application for an IPO.

OpenAI Burns $3.7 Billion in Q1: Revenue Rises to $5.7 Billion, Cash Exceeds $73 Billion

On June 17, according to monitoring by Trader T, the US spot Bitcoin ETF experienced a net inflow of $10.04 million yesterday.

[US Spot Bitcoin ETF Sees Net Inflow of $10.04 Million Yesterday]On June 17, according to monitoring by Trader T, the US spot Bitcoin ETF experienced a net inflow of $10.04 million yesterday.

US Spot Bitcoin ETF Sees Net Inflow of $10.04 Million Yesterday

On June 17, discussions around the popular trades related to the shortage in the AI supply chain may be nearing their conclusion, as some investors begin to shift from seeking the next shortage link to identifying companies that will maintain long-term competitiveness after the AI infrastructure cycle. Gavin Baker, managing partner at Altreides Management and an early investor in SpaceX, stated in an interview with TBPN that the market has been keen on chasing bottleneck assets in AI construction over the past year, including DRAM, storage chips, and key material suppliers. However, he believes that these 'AI bottleneck trades' are approaching their end. Baker pointed out that Ajinomoto in Japan has refused to raise the price of a key chip packaging insulation material, indicating that the pricing power of some supply chain bottlenecks may be starting to ease. This material is used to connect processors and the packaging layers of chips, which had previously drawn investor attention due to the surge in demand for AI chips. He noted that the past market game was to find the 'next bottleneck', but the more important question for the next phase is which companies will retain enduring franchise value after these bottlenecks dissipate. This perspective has cooled off the recent surge in storage and AI material stocks. Stocks like Micron and SanDisk have seen significant increases this year, driven by capital expenditures in AI data centers, HBM demand, and long-term procurement agreements leading to a reevaluation of supply and demand. However, as stock prices have risen rapidly, the market has begun to discuss whether the trades have become overcrowded. Baker also mentioned that the next main line of AI infrastructure may shift towards the actual capabilities of computing power and electricity. He highlighted SpaceX's potential in ground and orbital AI data centers, stating that the market will focus on the speed at which it can increase its 'gigawatts' level of computing power supply. This suggests that AI trades may transition from merely betting on shortages to a broader competition in infrastructure: those who can secure land, electricity, GPUs, and data center capabilities faster may find themselves in a more advantageous position in the next phase of the AI investment cycle.

[AI 'Bottleneck Trades' May Be Coming to an End, Early SpaceX Investor Says Market Focus Will Shift to Long-Term Value]On June 17, discussions around the popular trades related to the shortage in the AI supply chain may be nearing their conclusion, as some investors begin to shift from seeking the next shortage link to identifying companies that will maintain long-term competitiveness after the AI infrastructure cycle. Gavin Baker, managing partner at Altreides Management and an early investor in SpaceX, stated in an interview with TBPN that the market has been keen on chasing bottleneck assets in AI construction over the past year, including DRAM, storage chips, and key material suppliers. However, he believes that these 'AI bottleneck trades' are approaching their end. Baker pointed out that Ajinomoto in Japan has refused to raise the price of a key chip packaging insulation material, indicating that the pricing power of some supply chain bottlenecks may be starting to ease. This material is used to connect processors and the packaging layers of chips, which had previously drawn investor attention due to the surge in demand for AI chips. He noted that the past market game was to find the 'next bottleneck', but the more important question for the next phase is which companies will retain enduring franchise value after these bottlenecks dissipate. This perspective has cooled off the recent surge in storage and AI material stocks. Stocks like Micron and SanDisk have seen significant increases this year, driven by capital expenditures in AI data centers, HBM demand, and long-term procurement agreements leading to a reevaluation of supply and demand. However, as stock prices have risen rapidly, the market has begun to discuss whether the trades have become overcrowded. Baker also mentioned that the next main line of AI infrastructure may shift towards the actual capabilities of computing power and electricity. He highlighted SpaceX's potential in ground and orbital AI data centers, stating that the market will focus on the speed at which it can increase its 'gigawatts' level of computing power supply. This suggests that AI trades may transition from merely betting on shortages to a broader competition in infrastructure: those who can secure land, electricity, GPUs, and data center capabilities faster may find themselves in a more advantageous position in the next phase of the AI investment cycle.

AI 'Bottleneck Trades' May Be Coming to an End, Early SpaceX Investor Says Market Focus Will Shift to Long-Term Value

On June 17, according to an official announcement, in order to further reduce user trading costs and enhance the TradFi contract trading experience, BiyaPay has implemented a 0 fee policy for all TradFi perpetual contract trading pairs on the platform, effective immediately. Both Maker and Taker fees have been adjusted to 0%. Users engaging in TradFi perpetual contract trading will not be required to pay trading fees, whether they are placing limit orders or market orders. Other fee rules, such as the Funding Fee, will continue to follow the platform's current standards. For more details, please refer to the official announcement from BiyaPay.

[BiyaPay Launches 0 Fee Model for TradFi Perpetual Contracts]On June 17, according to an official announcement, in order to further reduce user trading costs and enhance the TradFi contract trading experience, BiyaPay has implemented a 0 fee policy for all TradFi perpetual contract trading pairs on the platform, effective immediately. Both Maker and Taker fees have been adjusted to 0%. Users engaging in TradFi perpetual contract trading will not be required to pay trading fees, whether they are placing limit orders or market orders. Other fee rules, such as the Funding Fee, will continue to follow the platform's current standards. For more details, please refer to the official announcement from BiyaPay.

BiyaPay Launches 0 Fee Model for TradFi Perpetual Contracts

火币HTX报道，6月16日，SpaceX涨超10%，市值达2.33万亿美元。

【SpaceX涨超10%，市值达2.33万亿美元】火币HTX报道，6月16日，SpaceX涨超10%，市值达2.33万亿美元。

SpaceX涨超10%，市值达2.33万亿美元

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SpaceX涨超10%，市值达2.33万亿美元

Isenção de responsabilidade：O conteúdo acima não representa as posições da HTX.，A HTX não faz quaisquer recomendações de negociação.。

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