Headlines
▌US CLARITY Act Passes House Agriculture Committee
According to crypto journalist Eleanor Terrett, the CLARITY Act has successfully passed the House Agriculture Committee with 47 votes in favor and 6 votes against, after nearly three hours of line-by-line review. Currently, the bill has entered the House Financial Services Committee stage, with subsequent review work underway.
▌China-US Economic and Trade Consultation Mechanism Meeting: US and Chinese Negotiation Teams Reach Consensus on Trade Framework
According to Cointelegraph, after a two-day economic and trade consultation mechanism meeting in London, the US and Chinese negotiation teams have reached a consensus on the trade framework, with officials set to report progress to their respective leaders.
Market
As of filing, according to CoinGecko data:
BTC price is $110,248, 24-hour change +0.1%;
ETH price is $2,812.89, 24-hour change +4.9%;
BNB price is $673.50, 24-hour change +1.0%;
SOL price is $165.04, 24-hour change +2.4%;
Doge price is $0.1983, 24-hour change +1.8%;
XRP price is $2.31, 24-hour change -0.5%.
Policy
▌CLARITY Act Amendment "Prohibiting Trump from Profiting from Crypto Assets" Rejected
During the review of the US Digital Asset Market Clarification Act in the House Financial Services and Agriculture Committees, Amendment #2 "Prohibiting President Trump and his family from profiting from trading or promoting crypto assets" was rejected. Chairman Thompson stated that this is not the place to discuss presidential ethics. Other reviewed amendments include: Amendment #1 "Comprehensive Reauthorization of CFTC" was rejected; Amendment #6 "Allowing CFTC to collect more fees from market participants" was passed.
▌US SEC Initiates Procedure to Review Bitwise Bitcoin and Ethereum Hybrid ETF Listing Application
The US Securities and Exchange Commission (SEC) announced the initiation of a review procedure for the NYSE Arca exchange's Bitwise Bitcoin and Ethereum hybrid ETF listing application. The ETF plans to simultaneously hold Bitcoin and Ethereum, with asset allocation based on the relative market capitalization of the two cryptocurrencies (currently about 83% Bitcoin and 17% Ethereum). Bitwise Investment Advisers, LLC will be the trust's sponsor, with Coinbase Custody Trust Company responsible for crypto asset custody. The ETF will determine daily net asset value by referencing CME CF Bitcoin and Ethereum pricing benchmarks and allow authorized participants to make cash subscriptions and redemptions in 10,000-share units.
▌South Korea's New President Fulfills Campaign Promise, Gives Green Light for Stablecoin Issuance
South Korea's new president, Lee Jae-myung, is quickly fulfilling his campaign promise by allowing local companies to issue stablecoins, further promoting one of the world's most active digital asset markets. Lee has openly supported stablecoin adoption. On Tuesday, Lee's ruling Democratic Party proposed the "Digital Asset Basic Law" aimed at increasing transparency and encouraging competition in the crypto industry. According to the bill, South Korean companies can issue stablecoins if they have at least 500 million won ($367,876) in capital and ensure refunds through reserve funds. South Korea is already a greenhouse for cryptocurrency activity, with over one-third of the population (about 18 million people) participating in the digital asset market.
▌Reports Suggest US and Mexico Nearing Steel Tariff Agreement
According to informed sources, the US and Mexico are about to reach an agreement to remove Trump-era 50% tariffs on steel imports below a certain quantity. The negotiations, not directly involving Trump, are led by US Commerce Secretary Rouznick. According to current terms, US buyers can import Mexican steel duty-free as long as total shipments are kept below a level based on historical trade volumes. The new cap will be higher than a similar agreement allowed during Trump's first term.
Blockchain Applications
▌Uniswap Smart Wallet Upcoming Launch
Uniswap engineer Tarik stated that the Uniswap smart wallet is about to launch, integrating protocols, wallets, and DApps, supporting batch transactions and gas abstraction, with plans to enable more extended functions in the future.
▌Michael Saylor Refutes Quantum Computing Threat: Bitcoin More Secure Than Banks and Tech Giants
Bitcoin supporter and Strategy founder Michael Saylor, in a Bloomberg interview, expressed no concern about quantum computing threatening Bitcoin, calling it overhyped. Saylor believes quantum computing truly threatens traditional systems like Microsoft, Google, JPMorgan, and the US government, not Bitcoin. He emphasized that even if quantum technology makes breakthroughs in the next ten to twenty years, blockchain systems can fully upgrade to mitigate risks. Currently, phishing is a more realistic threat than quantum attacks.
▌Aave Launches on Sony-Backed Ethereum L2 Blockchain Soneium
Decentralized finance platform Aave announced its launch on Soneium, a Sony-backed Ethereum L2 blockchain, and will participate in liquidity incentive programs including the Astar chain. The Soneium ecosystem has already gathered over 7 million users and mainstream protocols like Uniswap v4 and Lido. The two are exploring using Aave's over-collateralized stablecoin GHO for payment, savings, and e-commerce scenarios. Aave founder Stani Kulechov stated that Soneium's consumer-facing positioning and Sony's global brand influence provide an excellent opportunity to attract mainstream users.
▌Bitwise Launches GameStop Options Yield ETF
Bitwise Chief Investment Officer Matt Hougan stated that Bitwise Investment has just launched its first GameStop-focused covered call options ETF (IGME), which generates income through options strategies without directly investing in GameStop stocks.
Cryptocurrency
▌US SEC Requests Solana ETF Issuers Submit Revised S-1 Form Next Week
Three informed sources stated that the US Securities and Exchange Commission (SEC) has requested potential Solana ETF issuers submit a revised S-1 form next week. Two sources added that the agency will comment on the S-1 filing within 30 days, requesting updates on physical redemption and issuer staking procedures. The SEC appears willing to include staking as part of the Solana ETF. Another source estimates these updates might enable Solana ETF approval within three to five weeks. Bloomberg's James Seyffart predicts approval this year, possibly as early as July.
▌ARK Report: Bitcoin Rise Not Speculative Frenzy, Funds Shifting to BTC
ARK Invest's latest report, led by Cathie Wood, noted Bitcoin's 11.1% rise in May, reaching a new high of $112,000, while the US real estate and automotive markets show clear fatigue. Housing supply exceeds demand, and car sales dropped from over 17 million in April to 15.6 million in May. ARK suggests Bitcoin's rise isn't accompanied by speculative frenzy, with ETF inflows reaching $5.5 billion, triple gold ETF inflows, indicating investors may view Bitcoin as a hedge asset and rationally reallocate during economic pressure.
▌Whale Increases Bitcoin Long Position 20-Fold, Position Value Exceeds $300 Million
According to Onchain Lens monitoring, a mysterious whale continues to increase its 20x leveraged long Bitcoin position, with a total position value exceeding $300 million and a floating profit of $4.6 million. Specifically, the position consists of 2,817.58 BTC, with an entry price of $108,100 and a liquidation price of $105,780.
▌Metalpha pledges 18,000 ETH as collateral to borrow $20 million in stablecoins, again depositing on Binance
According to Onchain Lens monitoring, Metalpha has deposited 18,000 ETH into Spark as collateral, borrowed 12 million USDS and 8 million Dai, converted them to $20 million USDC, and then deposited it back to Binance. Previously, the crypto asset management institution Metalpha withdrew 18,000 ETH (worth approximately $48.45 million) from Binance 2 hours ago.
▌Data: Staked Ethereum reaches 34.65 million, a historical high
According to Cointelegraph, the amount of staked Ethereum has reached a historical high of 34.65 million ETH, accounting for nearly 30% of the current circulating supply.
▌Strategy's Bitcoin holdings market value breaks through $64 billion, continuing to set new highs
According to SaylorTracker, Strategy's (formerly MicroStrategy) Bitcoin holdings market value has broken through $64 billion, continuing to set new highs. The latest data shows that Strategy currently holds 582,000 BTC, with a market value of approximately $64,000,156,710, and a return rate of 56.85% so far, with a profit of about $23.19 billion.
Important Economic Dynamics
▌99.9% probability that the Federal Reserve will maintain interest rates in June
According to CME "Fed Watch": There is a 99.9% probability that the Federal Reserve will maintain interest rates in June, with a 0.1% probability of a 25 basis point rate cut. The probability of maintaining interest rates in July is 85.5%, with a 14.5% probability of a cumulative 25 basis point rate cut.
▌US Dollar Index rises 0.16% on the 10th
The US Dollar Index rose 0.16% on the 10th, closing at 99.099 in the foreign exchange market.
▌UK interest rate futures price in a 46 basis point rate cut by the Bank of England for the remaining time this year
UK interest rate futures are pricing in a 46 basis point rate cut by the Bank of England for the remaining time in 2025, compared to the previous expectation of 39 basis points before the labor market data release.
Jinse Finance Encyclopedia
▌What is market depth in cryptocurrencies?
In cryptocurrency trading, market depth describes the market's ability to absorb large orders without significantly affecting the price.
It is a liquidity indicator that shows the number of buy and sell orders for a given cryptocurrency at different price points. So, how is market depth displayed? Depth charts are typically used to illustrate this data. One side plots buy orders (bids), and the other side plots sell orders (asks), reflecting price levels.
Disclaimer: Jinse Finance, as a blockchain information platform, publishes articles for informational purposes only and does not provide actual investment advice. Please establish a correct investment concept and be sure to improve risk awareness.
