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On June 5, reports from shipping data and analysts indicated that due to a U.S. Navy blockade, Iran's crude oil and condensate exports fell to the lowest level in at least six years in May, with daily exports far below 300,000 barrels. According to Vortexa data, Iran's average exports in May were approximately 209,000 barrels per day, a significant decline from 1.34 million barrels in April and nearly 1.9 million barrels in March, marking the lowest level since late 2019 to early 2020. Vortexa analyst Claire Jungman stated, "The main driving factors seem to include the turmoil around the Strait of Hormuz, the U.S. Navy's blockade of vessels entering and leaving Iranian ports, and the general reluctance of shipowners, shipping companies, insurers, and counterparties to expose vessels and crews to the current security environment." Another agency, Kpler, reported a similar decline but slightly adjusted May's export figure to 260,000 barrels per day, still the lowest in six years.

[Iran's Oil Exports Drop to Lowest Level in Six Years]On June 5, reports from shipping data and analysts indicated that due to a U.S. Navy blockade, Iran's crude oil and condensate exports fell to the lowest level in at least six years in May, with daily exports far below 300,000 barrels. According to Vortexa data, Iran's average exports in May were approximately 209,000 barrels per day, a significant decline from 1.34 million barrels in April and nearly 1.9 million barrels in March, marking the lowest level since late 2019 to early 2020. Vortexa analyst Claire Jungman stated, "The main driving factors seem to include the turmoil around the Strait of Hormuz, the U.S. Navy's blockade of vessels entering and leaving Iranian ports, and the general reluctance of shipowners, shipping companies, insurers, and counterparties to expose vessels and crews to the current security environment." Another agency, Kpler, reported a similar decline but slightly adjusted May's export figure to 260,000 barrels per day, still the lowest in six years.

Iran's Oil Exports Drop to Lowest Level in Six Years

On June 5, Axios reported that the Boston Fed believes that, in the face of an oil crisis similar to the 1970s, inflationary costs still exist, but the employment risks appear to be far less than they were 50 years ago. As tensions in Iran continue, early signs of recovery are emerging in the labor market. If the risk of job loss from energy supply disruptions is low, the central bank's challenge will shift from managing stagflation risks to preventing a new wave of price pressures. In its latest research, the Fed stated that an oil shock equivalent to that caused by the Iran war would lead to a significant rise in inflation but would have almost no impact on national employment. Economists noted, 'The US economy's vulnerability to oil shocks has not been eliminated but has transformed. Today, the challenges posed by oil shocks to monetary policy may be smaller, allowing policymakers to focus more on the greater risks posed by inflation.' Researchers estimate that the US-Iran conflict has led to a 33% increase in oil prices, a historically significant magnitude but not unprecedented. The current structure of the US economy differs from those during past energy crises, enabling it to absorb such shocks while causing much less damage to national employment.

[Boston Fed: Limited Impact of Iran War on US Labor Market]On June 5, Axios reported that the Boston Fed believes that, in the face of an oil crisis similar to the 1970s, inflationary costs still exist, but the employment risks appear to be far less than they were 50 years ago. As tensions in Iran continue, early signs of recovery are emerging in the labor market. If the risk of job loss from energy supply disruptions is low, the central bank's challenge will shift from managing stagflation risks to preventing a new wave of price pressures. In its latest research, the Fed stated that an oil shock equivalent to that caused by the Iran war would lead to a significant rise in inflation but would have almost no impact on national employment. Economists noted, 'The US economy's vulnerability to oil shocks has not been eliminated but has transformed. Today, the challenges posed by oil shocks to monetary policy may be smaller, allowing policymakers to focus more on the greater risks posed by inflation.' Researchers estimate that the US-Iran conflict has led to a 33% increase in oil prices, a historically significant magnitude but not unprecedented. The current structure of the US economy differs from those during past energy crises, enabling it to absorb such shocks while causing much less damage to national employment.

Boston Fed: Limited Impact of Iran War on US Labor Market

On June 5, Grayscale's research director Zach Pandl stated that the sale of 32 BTC disclosed by Strategy on June 1 triggered a new round of volatility in the BTC market. He pointed out that the scale of the sale itself is not significant, as Strategy still holds approximately 840,000 BTC on its balance sheet, valued at around $55 billion. However, as one of the largest digital asset treasury managers globally, its strategic shift has put pressure on market sentiment. Pandl believes that more importantly, the recent volatility has impacted the price of Strategy's variable-rate preferred stock tool, STRC. STRC is designed to maintain a price of about $100 per share, with a current dividend yield of 11.5%. If the stock price falls below $100, it indicates that investors are demanding a higher return. Strategy can increase the dividend, but this would raise future cash flow obligations and may lead to further BTC sales, thereby further suppressing BTC prices. Strategy's leveraged business model is under pressure, increasing volatility across the entire BTC market. At the current levels of STRC and MSTR stock prices, Grayscale believes that Strategy's ability to continue accumulating more BTC is limited. However, Grayscale believes that in the long term, reducing leveraged BTC on the digital asset treasury's balance sheet and allowing more BTC to be distributed across diversified corporate balance sheets will benefit the health of the Bitcoin ecosystem. Yet, before a sustainable bottom for BTC prices is formed, other buyers need to enter the market. Grayscale expects BTC prices to recover in the coming months, but in the short term, BTC's performance may lag behind other segments of the crypto market that directly benefit from regulatory clarity.

[Grayscale: Bitcoin May Enter 'Recovery Phase' in Coming Months, but Sustainable Bottom Requires New Buyer Support]On June 5, Grayscale's research director Zach Pandl stated that the sale of 32 BTC disclosed by Strategy on June 1 triggered a new round of volatility in the BTC market. He pointed out that the scale of the sale itself is not significant, as Strategy still holds approximately 840,000 BTC on its balance sheet, valued at around $55 billion. However, as one of the largest digital asset treasury managers globally, its strategic shift has put pressure on market sentiment. Pandl believes that more importantly, the recent volatility has impacted the price of Strategy's variable-rate preferred stock tool, STRC. STRC is designed to maintain a price of about $100 per share, with a current dividend yield of 11.5%. If the stock price falls below $100, it indicates that investors are demanding a higher return. Strategy can increase the dividend, but this would raise future cash flow obligations and may lead to further BTC sales, thereby further suppressing BTC prices. Strategy's leveraged business model is under pressure, increasing volatility across the entire BTC market. At the current levels of STRC and MSTR stock prices, Grayscale believes that Strategy's ability to continue accumulating more BTC is limited. However, Grayscale believes that in the long term, reducing leveraged BTC on the digital asset treasury's balance sheet and allowing more BTC to be distributed across diversified corporate balance sheets will benefit the health of the Bitcoin ecosystem. Yet, before a sustainable bottom for BTC prices is formed, other buyers need to enter the market. Grayscale expects BTC prices to recover in the coming months, but in the short term, BTC's performance may lag behind other segments of the crypto market that directly benefit from regulatory clarity.

Grayscale: Bitcoin May Enter 'Recovery Phase' in Coming Months, but Sustainable Bottom Requires New Buyer Support

On June 5, OpenAI announced the rollout of a more powerful and scalable ChatGPT memory synthesis system called Dreaming, aimed at improving the freshness, continuity, and relevance of memory, while addressing issues of obsolescence, accuracy, and scalability that arise when applying memory across millions of users over several years. OpenAI stated that the memory feature will help ChatGPT learn user preferences, projects, and limitations, allowing future conversations to build on shared context rather than starting from scratch. This update is now available to Plus and Pro users in the U.S., with plans to expand to more countries and Free and Go users in the coming weeks. The 'Save Memory' feature was first introduced in April 2024, allowing users to request ChatGPT to remember specific information. In April 2025, OpenAI launched the first version of Dreaming, enabling ChatGPT to reference chat history through backend processes, automatically organizing and synthesizing memory states. The newly released Dreaming V3 is a next-generation memory architecture built on this mechanism. OpenAI claims that the new system shows improvements in factual recall, preference adherence, and accuracy over time. Evaluations indicate that the success rate for factual recall tasks increased from 41.5% in 2024 to 82.8% in 2026; preference adherence success rate rose from 31.4% to 71.3%; and the success rate for maintaining correctness over time improved from 9.4% to 75.1%. OpenAI noted that recent improvements have reduced the computational power required to provide Dreaming to Free users by about five times, facilitating its rollout to Free users in the coming weeks and increasing memory capacity for Plus and Pro users.

[OpenAI Launches Next-Generation ChatGPT Memory System 'Dreaming' to Enhance Freshness, Continuity, and Relevance]On June 5, OpenAI announced the rollout of a more powerful and scalable ChatGPT memory synthesis system called Dreaming, aimed at improving the freshness, continuity, and relevance of memory, while addressing issues of obsolescence, accuracy, and scalability that arise when applying memory across millions of users over several years. OpenAI stated that the memory feature will help ChatGPT learn user preferences, projects, and limitations, allowing future conversations to build on shared context rather than starting from scratch. This update is now available to Plus and Pro users in the U.S., with plans to expand to more countries and Free and Go users in the coming weeks. The 'Save Memory' feature was first introduced in April 2024, allowing users to request ChatGPT to remember specific information. In April 2025, OpenAI launched the first version of Dreaming, enabling ChatGPT to reference chat history through backend processes, automatically organizing and synthesizing memory states. The newly released Dreaming V3 is a next-generation memory architecture built on this mechanism. OpenAI claims that the new system shows improvements in factual recall, preference adherence, and accuracy over time. Evaluations indicate that the success rate for factual recall tasks increased from 41.5% in 2024 to 82.8% in 2026; preference adherence success rate rose from 31.4% to 71.3%; and the success rate for maintaining correctness over time improved from 9.4% to 75.1%. OpenAI noted that recent improvements have reduced the computational power required to provide Dreaming to Free users by about five times, facilitating its rollout to Free users in the coming weeks and increasing memory capacity for Plus and Pro users.

OpenAI Launches Next-Generation ChatGPT Memory System 'Dreaming' to Enhance Freshness, Continuity, and Relevance

On June 5, according to AXIOS, the Boston Fed believes that while inflation costs remain in the face of a crisis similar to the oil crisis of the 1970s, the employment risks appear to be far less than they were 50 years ago. As tensions in Iran continue, early signs of recovery are emerging in the labor market. If the risk to employment from energy supply disruptions is minimal, the central bank's challenge will shift from managing stagflation risks to preventing a new wave of price pressures. In its latest research, the bank asserts that an oil shock equivalent to that caused by the Iran war would lead to a significant rise in inflation but would have almost no impact on national employment. Economists state, 'The US economy's vulnerability to oil shocks has not been eliminated, but has transformed. Today, the challenges posed by oil shocks to monetary policy may be smaller, allowing policymakers to focus more on the greater risks to inflation.' Researchers estimate that the US-Iran conflict has caused oil prices to rise by 33%, a historically significant magnitude, but not unprecedented. The current structure of the US economy differs from previous energy crisis periods, enabling it to absorb such shocks while causing much less damage to national employment.

[Boston Fed: Limited Impact of Iran War on US Labor Market]On June 5, according to AXIOS, the Boston Fed believes that while inflation costs remain in the face of a crisis similar to the oil crisis of the 1970s, the employment risks appear to be far less than they were 50 years ago. As tensions in Iran continue, early signs of recovery are emerging in the labor market. If the risk to employment from energy supply disruptions is minimal, the central bank's challenge will shift from managing stagflation risks to preventing a new wave of price pressures. In its latest research, the bank asserts that an oil shock equivalent to that caused by the Iran war would lead to a significant rise in inflation but would have almost no impact on national employment. Economists state, 'The US economy's vulnerability to oil shocks has not been eliminated, but has transformed. Today, the challenges posed by oil shocks to monetary policy may be smaller, allowing policymakers to focus more on the greater risks to inflation.' Researchers estimate that the US-Iran conflict has caused oil prices to rise by 33%, a historically significant magnitude, but not unprecedented. The current structure of the US economy differs from previous energy crisis periods, enabling it to absorb such shocks while causing much less damage to national employment.

On June 5, data revealed that the number of monthly venture capital transactions in the cryptocurrency sector fell to about 50 in May, returning to levels seen before 2021, when the industry's scale was much smaller. The contraction in transactions occurred across nearly all categories, with infrastructure and crypto financial services—previously the most active sectors—approaching multi-year lows. The report suggests that the cooling of financing is primarily influenced by two factors: first, investors' attention and funds are increasingly shifting towards AI, structurally squeezing financing in the crypto sector; second, the current lack of high-attractiveness early-stage projects, similar to those that emerged in the cycles of 2021 and 2024, has led investment institutions to be more selective.

[Cryptocurrency VC Transactions Hit Five-Year Low as Investors Exercise Caution]On June 5, data revealed that the number of monthly venture capital transactions in the cryptocurrency sector fell to about 50 in May, returning to levels seen before 2021, when the industry's scale was much smaller. The contraction in transactions occurred across nearly all categories, with infrastructure and crypto financial services—previously the most active sectors—approaching multi-year lows. The report suggests that the cooling of financing is primarily influenced by two factors: first, investors' attention and funds are increasingly shifting towards AI, structurally squeezing financing in the crypto sector; second, the current lack of high-attractiveness early-stage projects, similar to those that emerged in the cycles of 2021 and 2024, has led investment institutions to be more selective.

Cryptocurrency VC Transactions Hit Five-Year Low as Investors Exercise Caution

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'

On June 4, the Federal Reserve Beige Book indicated that overall, prices are rising at a moderate to strong pace, with most districts reporting inflation rates higher than in the previous report.

[Federal Reserve Beige Book: Overall, Prices Rise at a Moderate to Strong Pace]On June 4, the Federal Reserve Beige Book indicated that overall, prices are rising at a moderate to strong pace, with most districts reporting inflation rates higher than in the previous report.

Federal Reserve Beige Book: Overall, Prices Rise at a Moderate to Strong Pace

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

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Federal Reserve Beige Book: Overall, Prices Rise at a Moderate to Strong Pace

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