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Peng Fu, Chief Economist at Avenir Capital, stated on platform X: "Many Bitcoin holders, who have long been confined to the digital asset ecosystem, are now trying to allocate to S&P 500 ETFs and AI-related funds for the first time through this channel. This trend is shifting the market discussion from 'opposition' to 'complementarity', indicating that the future financial architecture will be more inclusive. BlackRock defines this deep integration across asset classes as the 'Great Convergence'. Cryptocurrency investors have participated in SpaceX IPO-related activities this month through pre-IPO perpetual futures and tokenized stocks, allowing users to speculate on the valuations of private companies before their public offerings, further breaking down the barriers between public and private markets. The trading volume of pre-IPO perpetual futures surged from about $1 billion in early May to nearly $22 billion within weeks.

[Peng Fu: Crypto Investors Accelerate Embrace of Traditional Assets, 'Great Convergence' Reshaping Financial Market Boundaries]Peng Fu, Chief Economist at Avenir Capital, stated on platform X: "Many Bitcoin holders, who have long been confined to the digital asset ecosystem, are now trying to allocate to S&P 500 ETFs and AI-related funds for the first time through this channel. This trend is shifting the market discussion from 'opposition' to 'complementarity', indicating that the future financial architecture will be more inclusive. BlackRock defines this deep integration across asset classes as the 'Great Convergence'. Cryptocurrency investors have participated in SpaceX IPO-related activities this month through pre-IPO perpetual futures and tokenized stocks, allowing users to speculate on the valuations of private companies before their public offerings, further breaking down the barriers between public and private markets. The trading volume of pre-IPO perpetual futures surged from about $1 billion in early May to nearly $22 billion within weeks.

Peng Fu: Crypto Investors Accelerate Embrace of Traditional Assets, 'Great Convergence' Reshaping Financial Market Boundaries

Peng Fu, Chief Economist at Avenir Capital, stated on platform X: 'Many Bitcoin holders, who have long been confined to the digital asset ecosystem, are now trying to allocate to S&P 500 ETFs and AI-related funds for the first time through this channel. This trend is shifting the market discussion from 'opposition' to 'complementarity', indicating that the future financial architecture will be more inclusive. BlackRock defines this deep integration across asset classes as the 'Great Convergence'. Crypto investors have participated in SpaceX IPO-related activities this month through pre-IPO perpetual futures and tokenized stocks, allowing users to speculate on the valuation of private companies before their public offerings, further breaking down the barriers between public and private markets. The trading volume of pre-IPO perpetual futures surged from about $1 billion in early May to nearly $22 billion within weeks.

[Peng Fu: Crypto Investors Accelerate Embrace of Traditional Assets, 'Great Convergence' Reshaping Financial Market Boundaries]Peng Fu, Chief Economist at Avenir Capital, stated on platform X: 'Many Bitcoin holders, who have long been confined to the digital asset ecosystem, are now trying to allocate to S&P 500 ETFs and AI-related funds for the first time through this channel. This trend is shifting the market discussion from 'opposition' to 'complementarity', indicating that the future financial architecture will be more inclusive. BlackRock defines this deep integration across asset classes as the 'Great Convergence'. Crypto investors have participated in SpaceX IPO-related activities this month through pre-IPO perpetual futures and tokenized stocks, allowing users to speculate on the valuation of private companies before their public offerings, further breaking down the barriers between public and private markets. The trading volume of pre-IPO perpetual futures surged from about $1 billion in early May to nearly $22 billion within weeks.

re Hits New High of 1.0727 USDT, Up 37.60% in 24H

【re soared to 1.0852 USDT, a new high with a 24-hour increase of 37.60%. It currently trades at 1.0727 USDT on HTX.】re Hits New High of 1.0727 USDT, Up 37.60% in 24H

re soared to 1.0852 USDT, a new high with a 24-hour increase of 37.60%. It currently trades at 1.0727 USDT on HTX.

Reeve Collins, co-founder of Tether, stated that the stablecoin industry is entering a '2.0 era.' He noted that the current stablecoin infrastructure still has structural issues, and the next generation of solutions needs to address the problem of users not being able to earn returns on reserve assets. The core logic of the stablecoin 1.0 model is 'users provide 1 dollar, and the issuer issues 1 token,' but users only gain convenience in payments and transfers without sharing in reserve earnings. In the future, financial services will gradually become infrastructure, where 'users will not care which bank sends the funds,' and AI agents may choose different financial ecosystems based on user interests. The next phase of competition in stablecoins will revolve around financial infrastructure and profit distribution models. Regarding regulatory issues, Reeve Collins revealed that he still holds Bitcoin for the long term, while also pointing out that USD stablecoins essentially remain an extension of the U.S. financial system, which carries regulatory reach risks and differs from central bank digital currency (CBDC) models, the latter of which may offer stronger programmability and financial monitoring capabilities.

[Tether Co-Founder: Stablecoins Entering 2.0 Era, Future Should Allow Users to Share Reserve Earnings]Reeve Collins, co-founder of Tether, stated that the stablecoin industry is entering a '2.0 era.' He noted that the current stablecoin infrastructure still has structural issues, and the next generation of solutions needs to address the problem of users not being able to earn returns on reserve assets. The core logic of the stablecoin 1.0 model is 'users provide 1 dollar, and the issuer issues 1 token,' but users only gain convenience in payments and transfers without sharing in reserve earnings. In the future, financial services will gradually become infrastructure, where 'users will not care which bank sends the funds,' and AI agents may choose different financial ecosystems based on user interests. The next phase of competition in stablecoins will revolve around financial infrastructure and profit distribution models. Regarding regulatory issues, Reeve Collins revealed that he still holds Bitcoin for the long term, while also pointing out that USD stablecoins essentially remain an extension of the U.S. financial system, which carries regulatory reach risks and differs from central bank digital currency (CBDC) models, the latter of which may offer stronger programmability and financial monitoring capabilities.

Tether Co-Founder: Stablecoins Entering 2.0 Era, Future Should Allow Users to Share Reserve Earnings

The dividend-paying preferred stock STRC, issued by Bitcoin treasury company Strategy, has recently fallen below the $100 par value, sparking discussions in the market about its capital structure and solvency. Key timeline events include: 
May 14: STRC closed at $100 before the ex-dividend date, while Bitcoin's price remained above $80,000, but market pressure was already evident. During the same period, Strive Asset Management announced that its competing product SATA would adopt a daily dividend mechanism, increasing its yield to 13%, further intensifying competitive pressure on STRC. 
May 15: Strategy announced a buyback of $1.5 billion in 2029 convertible bonds at an approximately 8% discount. The market subsequently noted that the company's cash reserves in USD, intended for dividends and debt support, were used for this transaction. 
May 26: Strategy confirmed that cash reserves participated in the bond buyback, reducing the fund size to approximately $871 million, which only covers about 6 months of STRC dividend payments, whereas the company's previous goal was to maintain a coverage capability of about 24 months. 
June 1: Strategy sold Bitcoin for the first time since 2022, selling 32 BTC to demonstrate its ability to support dividend payments through asset sales. Following the announcement, MSTR's stock price fell by 5.9%. 
June 5: Bitcoin fell below $60,000, and STRC dropped to around $90. 
June 8: Strategy's shareholders approved changing STRC to pay dividends twice a month, while the company disclosed that its USD reserves had rebounded to $1 billion. 
June 15: Strategy purchased an additional 1,587 BTC, raising its USD reserves to $1.1 billion. 
June 18: STRC fell below $83 during trading, approximately 17% lower than the target price, reaching a new low since its listing in July 2025, ultimately closing at $88.59. 
Analysts believe that STRC's core challenge lies in its high-yield preferred stock structure being highly correlated with the Bitcoin cycle. In a Bitcoin bear market environment, investors are not only reassessing BTC itself but also beginning to reevaluate the financial products and capital systems built around Bitcoin.

[STRC Falls Below Par Value: A Review of the Timeline from Bond Buybacks to BTC Decline]The dividend-paying preferred stock STRC, issued by Bitcoin treasury company Strategy, has recently fallen below the $100 par value, sparking discussions in the market about its capital structure and solvency. Key timeline events include: 
May 14: STRC closed at $100 before the ex-dividend date, while Bitcoin's price remained above $80,000, but market pressure was already evident. During the same period, Strive Asset Management announced that its competing product SATA would adopt a daily dividend mechanism, increasing its yield to 13%, further intensifying competitive pressure on STRC. 
May 15: Strategy announced a buyback of $1.5 billion in 2029 convertible bonds at an approximately 8% discount. The market subsequently noted that the company's cash reserves in USD, intended for dividends and debt support, were used for this transaction. 
May 26: Strategy confirmed that cash reserves participated in the bond buyback, reducing the fund size to approximately $871 million, which only covers about 6 months of STRC dividend payments, whereas the company's previous goal was to maintain a coverage capability of about 24 months. 
June 1: Strategy sold Bitcoin for the first time since 2022, selling 32 BTC to demonstrate its ability to support dividend payments through asset sales. Following the announcement, MSTR's stock price fell by 5.9%. 
June 5: Bitcoin fell below $60,000, and STRC dropped to around $90. 
June 8: Strategy's shareholders approved changing STRC to pay dividends twice a month, while the company disclosed that its USD reserves had rebounded to $1 billion. 
June 15: Strategy purchased an additional 1,587 BTC, raising its USD reserves to $1.1 billion. 
June 18: STRC fell below $83 during trading, approximately 17% lower than the target price, reaching a new low since its listing in July 2025, ultimately closing at $88.59. 
Analysts believe that STRC's core challenge lies in its high-yield preferred stock structure being highly correlated with the Bitcoin cycle. In a Bitcoin bear market environment, investors are not only reassessing BTC itself but also beginning to reevaluate the financial products and capital systems built around Bitcoin.

STRC Falls Below Par Value: A Review of the Timeline from Bond Buybacks to BTC Decline

The dividend-paying preferred stock STRC, issued by Bitcoin treasury company Strategy, has recently fallen below the $100 par value, sparking discussions in the market regarding its capital structure and solvency. Key timeline events include: 

May 14: STRC closed at $100 before the ex-dividend date, while Bitcoin's price remained above $80,000, but market pressure was already evident. During the same period, Strive Asset Management announced that its competing product SATA would adopt a daily dividend mechanism, increasing its yield to 13%, further intensifying competitive pressure on STRC. 

May 15: Strategy announced a buyback of $1.5 billion in convertible bonds due in 2029 at an approximate 8% discount. The market then noted that the company's dollar cash reserves, intended for dividends and debt support, were used for this transaction. 

May 26: Strategy confirmed that cash reserves were involved in the bond buyback, reducing the fund size to approximately $871 million, which only covers about 6 months of STRC dividend payments, whereas the company's previous target was to maintain a coverage capability of about 24 months. 

June 1: Strategy sold Bitcoin for the first time since 2022, selling 32 BTC to demonstrate its ability to support dividend payments through asset sales. Following this announcement, MSTR's stock price fell by 5.9%. 

June 5: Bitcoin dropped below $60,000, and STRC fell to around $90. 

June 8: Strategy's shareholders approved changing STRC to a bi-monthly dividend payout, while the company disclosed that dollar reserves had risen to $1 billion. 

June 15: Strategy bought back 1,587 BTC, increasing dollar reserves to $1.1 billion. 

June 18: STRC fell below $83 during trading, approximately 17% below the target price, marking a new low since its listing in July 2025, ultimately closing at $88.59. 

Analysts believe that the core challenge facing STRC lies in its high-yield preferred stock structure being highly tied to the Bitcoin cycle. In a Bitcoin bear market environment, investors are not only reassessing BTC itself but also beginning to reevaluate the financial products and capital systems built around Bitcoin.

[STRC Falls Below Par Value: A Review of the Timeline from Bond Buybacks to BTC Decline]The dividend-paying preferred stock STRC, issued by Bitcoin treasury company Strategy, has recently fallen below the $100 par value, sparking discussions in the market regarding its capital structure and solvency. Key timeline events include: 

May 14: STRC closed at $100 before the ex-dividend date, while Bitcoin's price remained above $80,000, but market pressure was already evident. During the same period, Strive Asset Management announced that its competing product SATA would adopt a daily dividend mechanism, increasing its yield to 13%, further intensifying competitive pressure on STRC. 

May 15: Strategy announced a buyback of $1.5 billion in convertible bonds due in 2029 at an approximate 8% discount. The market then noted that the company's dollar cash reserves, intended for dividends and debt support, were used for this transaction. 

May 26: Strategy confirmed that cash reserves were involved in the bond buyback, reducing the fund size to approximately $871 million, which only covers about 6 months of STRC dividend payments, whereas the company's previous target was to maintain a coverage capability of about 24 months. 

June 1: Strategy sold Bitcoin for the first time since 2022, selling 32 BTC to demonstrate its ability to support dividend payments through asset sales. Following this announcement, MSTR's stock price fell by 5.9%. 

June 5: Bitcoin dropped below $60,000, and STRC fell to around $90. 

June 8: Strategy's shareholders approved changing STRC to a bi-monthly dividend payout, while the company disclosed that dollar reserves had risen to $1 billion. 

June 15: Strategy bought back 1,587 BTC, increasing dollar reserves to $1.1 billion. 

June 18: STRC fell below $83 during trading, approximately 17% below the target price, marking a new low since its listing in July 2025, ultimately closing at $88.59. 

Analysts believe that the core challenge facing STRC lies in its high-yield preferred stock structure being highly tied to the Bitcoin cycle. In a Bitcoin bear market environment, investors are not only reassessing BTC itself but also beginning to reevaluate the financial products and capital systems built around Bitcoin.

On June 21, local time on the 20th, sources from Iraqi security forces reported that the residence of Iraqi Parliament Speaker Mohammed al-Halbousi was attacked by an unidentified drone. (CCTV News)

[Sources: Residence of Iraqi Parliament Speaker Targeted by Drone Attack]On June 21, local time on the 20th, sources from Iraqi security forces reported that the residence of Iraqi Parliament Speaker Mohammed al-Halbousi was attacked by an unidentified drone. (CCTV News)

Sources: Residence of Iraqi Parliament Speaker Targeted by Drone Attack

On June 21, local time on the 20th, sources from Iraqi security forces reported that the residence of Iraqi Parliament Speaker Mohammed al-Halbousi was targeted by an unidentified drone attack. (CCTV News)

[Sources: Residence of Iraqi Parliament Speaker Targeted by Drone Attack]On June 21, local time on the 20th, sources from Iraqi security forces reported that the residence of Iraqi Parliament Speaker Mohammed al-Halbousi was targeted by an unidentified drone attack. (CCTV News)

Hyperliquid announced that as part of the USDH exit plan, all USDH-priced markets on HyperCore have completed settlement. Users can immediately process their remaining USDH assets, including: exchanging USDH for USDC on the HyperCore spot order book, converting USDH to USDC on HyperEVM, withdrawing USDH from Borrow/Lend products, and repaying borrowed USDH by purchasing the USDH/USDC trading pair. Hyperliquid stated that users should promptly complete the relevant asset conversions and manage their lending positions to avoid impacts from the USDH exit process.

[Hyperliquid: All USDH-Priced Markets on HyperCore Have Completed Settlement]Hyperliquid announced that as part of the USDH exit plan, all USDH-priced markets on HyperCore have completed settlement. Users can immediately process their remaining USDH assets, including: exchanging USDH for USDC on the HyperCore spot order book, converting USDH to USDC on HyperEVM, withdrawing USDH from Borrow/Lend products, and repaying borrowed USDH by purchasing the USDH/USDC trading pair. Hyperliquid stated that users should promptly complete the relevant asset conversions and manage their lending positions to avoid impacts from the USDH exit process.

Hyperliquid: All USDH-Priced Markets on HyperCore Have Completed Settlement

On June 20, Tom Lee, chairman of BitMine, Ethereum's largest treasury, responded to claims made by former Ethereum Foundation contributor Trent Van Epps, who stated that the core development ecosystem of Ethereum may face a funding crisis in the next 3 to 9 months. Lee stated, 'In my view, the probability of this 'crisis' occurring for ETH is zero. The funds are already in place.' Previously, Van Epps had expressed concerns that as the foundation continues to push forward with its 'Subtraction governance' strategy, the treasury is gradually shrinking, and the four-year Client Incentive Program (CIP) expired in April this year, which could lead to a slowly brewing funding crisis for the Ethereum core development ecosystem in the coming months.

[Tom Lee Responds to Concerns of Ethereum Facing Funding Crisis: Probability is Zero, Funds are Secured]On June 20, Tom Lee, chairman of BitMine, Ethereum's largest treasury, responded to claims made by former Ethereum Foundation contributor Trent Van Epps, who stated that the core development ecosystem of Ethereum may face a funding crisis in the next 3 to 9 months. Lee stated, 'In my view, the probability of this 'crisis' occurring for ETH is zero. The funds are already in place.' Previously, Van Epps had expressed concerns that as the foundation continues to push forward with its 'Subtraction governance' strategy, the treasury is gradually shrinking, and the four-year Client Incentive Program (CIP) expired in April this year, which could lead to a slowly brewing funding crisis for the Ethereum core development ecosystem in the coming months.

Tom Lee Responds to Concerns of Ethereum Facing Funding Crisis: Probability is Zero, Funds are Secured

Ripple Launches XRPL AI Starter Kit For XRP And RLUSD Agent Payments

China's Export Controls to Japan Create Bottleneck; 'White-Haired Stock God' Serenity Claims South Korea's Foosung to Become a 'Big Winner'

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

A Clod of Chinese Soil Chokes Two Japanese Giants

The Calculation Behind Plasma's U Card with Free Claude Membership

U.S.-Iran Ceasefire: How Much of a Bitcoin Rally Can a Truce Agreement Support?

World Cup Upset! Polymarket User Loses Nearly $1 Million

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Tom Lee Responds to Concerns Over Ethereum's Funding Crisis: Probability is Zero, Funds are in Place

Tom Lee Responds to Concerns of Ethereum Facing Funding Crisis: Probability is Zero, Funds are Secured

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