PA Daily | Trump says his "relationship with Musk is over"; Binance Alpha launches Open Loot (OL)

Today's news highlights:

1. Macroeconomic Outlook for Next Week: CPI Data Tests the Federal Reserve's Patience Again, Gold Will Welcome Directional Signals

2. Argentina Anti-Corruption Office: Javier Milei's Libra tweet is a personal act and does not violate public moral regulations.

3. Trump claims that his "relationship with Musk has ended"

4. Hong Kong Financial Secretary Xu Zhengyu: Stablecoins can be used for payment functions through blockchain and other means, and the redemption requests of holders must be completed within one working day.

5. BiT Global, associated with Justin Sun, has withdrawn its lawsuit against Coinbase regarding wBTC.

6. The Cetus Protocol will be re-launched on June 8.

7. James Wynn opens a BTC long position again with 40x leverage.

8. Binance Alpha lists Open Loot (OL)

Regulation/Macro

The Japanese listed company Remixpoint announced the purchase of 44.8 bitcoins, worth 4.7 million dollars.

Japanese listed company Remixpoint announced the purchase of 44.8 bitcoins, worth 4.7 million dollars.

Previously, it was reported that the Japanese listed company Remixpoint announced in a board resolution on May 26 that it plans to purchase an additional 1 billion yen worth of Bitcoin, bringing the company's total investment in cryptocurrencies to 12 billion yen (approximately 83.98 million USD).

The Monetary Authority of Singapore, in conjunction with the police, plans to block the websites of unlicensed trading platforms Octa and XM starting from June 20.

The Monetary Authority of Singapore (MAS) and the police plan to block the websites of unlicensed trading platforms Octa and XM from June 20, after which users will not be able to access through Singaporean internet service providers.

In a joint statement, the Monetary Authority of Singapore (MAS) and the police pointed out that the two platforms violated the Securities and Futures Act 2001 by providing and promoting trading services, such as leveraged foreign exchange trading, commodities, indices and stocks, to local residents without obtaining licenses and qualifications. Octa is reported to be operated by Octa Markets and Uni Fin Invest, while XM is operated by XM Global.

Macroeconomic Outlook for Next Week: CPI Data Reassesses Federal Reserve's Patience, Gold to Receive Directional Signal

Major U.S. stock indexes closed higher this week, with the S&P 500 hitting a new high in more than three months on Friday, according to Golden Ten. The Dow Jones also rose to a three-month high. A better-than-expected non-farm payrolls report eased market concerns about the economy, while tech stocks continued to rally as Tesla (TSLA.O) rebounded from Thursday's sharp decline. However, as of June 4, U.S. equity funds saw outflows for the third week in a row due to persistent concerns about U.S. trade policy. On the commodities front, gold prices fell considerably on Thursday and Friday, but were still up overall for the week, closing at $3,311.68 an ounce. Notably, despite the slightly better-than-expected number of new non-farm payrolls in the U.S. in May, Trump once again put pressure on the Fed on social media to cut interest rates by 100 basis points. Here are the key points that the market will focus on in the new week:

• Monday 09:30, China's May CPI Year-on-Year;
• Monday 22:00, US April wholesale sales month-on-month rate;
• Monday 23:00, US May New York Fed 1-year inflation expectations;
• Tuesday, to be confirmed, China's M2 money supply year-on-year for May;
• Tuesday at 14:00, UK three-month ILO unemployment rate for April, unemployment rate for May, and number of jobless claims for May;
• On Tuesday at 15:10, ECB Governing Council member Villeroy will give a speech;
• Tuesday 18:00, US May NFIB Small Business Confidence Index;
• Wednesday 20:30, US May CPI data
• Wednesday 22:30, U.S. EIA crude oil inventories, Cushing crude oil inventories, Strategic Petroleum Reserve inventories for the week ending June 6
• Thursday at 14:00, UK April three-month GDP monthly rate, manufacturing output monthly rate
• Thursday 14:00, UK April seasonally adjusted goods trade balance, industrial output monthly rate
• Thursday 20:30, initial jobless claims in the U.S. for the week ending June 7, U.S. May PPI
• Friday 14:00, Germany May CPI MoM Final
• Friday 14:00, France May CPI MoM Final
• Friday 22:00, U.S. June one-year inflation rate expectation preliminary value, U.S. June University of Michigan consumer confidence index preliminary value.

The U.S. May CPI report to be released next Wednesday will test the market's optimistic sentiment towards interest rate cuts, as it may show a stagnation in the recent downward trend of inflation. In other economic data, the UK will release its three-month employment report up to April next Tuesday, and the market will be watching for signs of more layoffs.

Musk has deleted the relevant tweet about "Trump's documents in the Epstein case."

Musk has deleted the relevant tweet about "President Trump in the Epstein case documents."

Musk has deleted the relevant tweets about "President Trump's documents in the Epstein case."

Argentina's Anti-Corruption Office: Javier Milei's Libra tweet is a personal action and does not violate public morality regulations.

The Argentine Anti-Corruption Office (OA) stated that the country's president Javier Milei acted in a personal capacity when promoting the Libra cryptocurrency ($LIBRA) and did not violate the country's public morality regulations. The investigation report noted: "The promotional posts are unrelated to administrative actions, did not allocate public resources, nor did they receive institutional support, and should be interpreted as personal or private communication, without generating any form of official public policy direction."

Javier Milei initially promoted the Libra cryptocurrency on his personal X account as a way to support small businesses and start-ups in Argentina. But he deleted the post after the token's market cap plummeted 90% from its peak of more than $2 billion. The resulting scandal, dubbed "Cryptogate" by local media, led opposition politicians to call for Javier Milei's impeachment and sparked a lawsuit filed by the country's lawyers representing loss-making investors. Javier Milei asked the Argentine Court of Auditors (OA) to conduct an investigation to "determine whether there has been misconduct by any member of the national government, including the president himself."

Trump said that his "relationship with Musk has ended."

According to CCTV news reports, on June 7 local time, U.S. President Trump stated that if Tesla and SpaceX CEO Elon Musk funds Democratic candidates opposing the Republican budget proposal, there will be "very serious consequences."

Trump said: "If he does this, he will pay the price for it." But did not disclose specific measures. Trump added that he has no intention of repairing his relationship with Musk, "I think that relationship is over."

Recently, the two had a public clash on social media over the Republican-led budget proposal, with Trump stating that Musk "shows extreme disrespect for the presidential office." Previously, Musk criticized the massive tax and spending bill pushed by the U.S. government on the social media platform X and attacked Trump, even sharing content related to Jeffrey Epstein's past, which he later deleted.

Trump responded that the allegations regarding Epstein are "old news" and denied any association with him.

In addition, Trump has threatened to revoke government contracts and subsidies for Musk's companies, although no action has been taken on this so far. He emphasized that the Republican Party is unprecedentedly united and optimistic about the smooth passage of the budget.

viewpoint

Hong Kong Financial Secretary Paul Chan: Stablecoins can be used for payment functions through blockchain and other means, and the redemption requests of holders must be completed within one business day.

On June 6, the Hong Kong SAR government published the "Announcement on the Effective Date of the Stable Coin Ordinance (" in the Gazette, specifying August 1, 2025, as the implementation date of the "Stable Coin Ordinance" Chapter 656 ). On June 7, the Secretary for Financial Services and the Treasury, Christopher Hui, stated in an interview that the underlying asset of stablecoins is fiat currency, which can later be used as a payment function in the form of electronic assets through technologies such as blockchain.

Xu Zhengyu stated that the issuers of stablecoins are regulated by the Hong Kong Monetary Authority, and the main principles of regulation are similar to those for traditional financial assets. Relevant issuers must comply with regulations regarding reserve asset management and redemption, including the proper segregation of client assets. When stablecoin holders request redemption, it must be completed within one working day to meet user requirements.

When it comes to the future application scenarios of stablecoins, Xu Zhengyu cited an example. Due to the payment characteristics of stablecoins, when there are services or projects taking place in the "Belt and Road" region, and the local currency exchange rates are volatile or the financial system is not very mature, using the local currency for payment may pose certain risks. In such cases, the other party can use stablecoins for payment purposes.

James Wynn: HyperLiquid has never paid any rewards, and its referral program is very poor.

James Wynn tweeted that HyperLiquid has never paid any compensation. "I contacted HyperLiquid twice before, hoping to establish some form of partnership agreement to reciprocate the attention they have received, and although they seem appreciative, they have not offered such an agreement to anyone. Given that their platform is decentralized and operates differently from traditional exchanges, this makes sense."

James Wynn claims to have made about $34,000 through referrals on the HyperLiquid platform. However, "given the number of registered users and transaction volume I brought in, this is just terrible. Their referral program is awful. The referral programs of other platforms are much better."

Tether CEO: Excited about the company's next phase of growth, currently no need to go public.

In response to the analysis that Tether will reach a market capitalization of $515 billion if it goes public, surpassing Costco and Coca-Cola to become the 19th largest company in the world, Paolo Ardoino, CEO of Tether, said that this is a very beautiful number, but it may be a little pessimistic considering the current (and growing) Bitcoin + gold reserves, but it is deeply honored. At the same time, we are looking forward to the next phase of the company's growth, but there is no need to go public yet.

( Project Updates

The shared sorting network Astria will cease development work on Flame EVM.

The shared sorting network Astria tweeted that it will stop development work on Flame EVM and advised users to withdraw funds through Astria Bridge. All support for this network will end on September 30, 2025.

BiT Global, associated with Justin Sun, has withdrawn its lawsuit against Coinbase regarding wBTC.

Law firm BiT Global has agreed to drop a lawsuit against Coinbase for delisting wBTC just two months after launching the competing token cbBTC. According to the filing, BiT Global's attorneys agreed to drop the lawsuit, which means the lawsuit cannot be reopened. The two companies agreed to pay their respective attorneys' fees incurred as a result of the lawsuit. BiT Global, a law firm backed by Justin Sun, became a "strategic partner" with BitGo last year to launch wBTC.

Cetus Protocol will be relaunched on June 8.

According to the official announcement, Cetus Protocol will be relaunched on June 8, 2025, at 11:00 (UTC+8). All users will be able to use all of Cetus's features, including exchanging, managing LP positions, adding/removing liquidity, and receiving fees and rewards. Liquidity will primarily be supplemented through three channels:

• Assets recovered from the attacker: These assets are returned after the Sui validator successfully votes on-chain.
• Cetus team's funds: Cetus has invested 100% of its available cash reserves (approximately $7 million in mainstream assets) to bridge the liquidity gap.
• Sui Foundation's special loan: applied for a loan of 30 million USDC to support recovery.

If the user's LP holdings come from affected pools, the liquidity recovery rate for each pool will be between 85% and 99%, depending on the level of attack on each pool. Due to asset constraints, it is not possible to immediately restore 100% liquidity for all affected pools. The team will use CETUS tokens to compensate for liquidity losses, allocating 15% of the CETUS supply to the compensation contract (including 10% of the total supply from the team's remaining unallocated tokens). Of this, 5% will be available for immediate withdrawal upon restart, while the remaining 10% will be unlocked linearly on a monthly basis over the next 12 months (following the same schedule as the previous team's vesting timeline). The official commitment is not to issue additional tokens and to slightly adjust the release plan. Any assets recovered in the future will be used to continue compensating users or to repurchase CETUS.

Binance Alpha launches Open Loot )OL###

According to the official announcement, Binance Alpha has now launched Open Loot (OL). Eligible Binance users who have at least 233 Binance Alpha points can claim an airdrop of 1836 OL tokens on the Alpha event page starting from June 8 at 14:00 (UTC+8). Claiming the OL airdrop will consume 15 Binance Alpha points. Users need to complete the claim within 24 hours after the claim is opened, or it will be considered a waiver of the airdrop.

Binance: An additional 164 FLY tokens have been issued to users who successfully claimed the FLY airdrop.

According to the official announcement, Binance has issued an additional 164 FLY tokens to users who successfully received the FLY airdrop.

UniSat confirmed that a user's asset loss is an isolated incident, and the wallet platform was not compromised.

UniSat posted on platform X stating that it recently investigated a user’s asset loss case. The results show that the UniSat wallet or platform has not been compromised, and the related case is an isolated incident, with no other UniSat wallet users affected. The possible reason is that the victim's browser extension or remote device access was compromised. UniSat Wallet cannot access user funds or private keys, has no ability or authority to freeze assets, but will fully cooperate with law enforcement investigations.

UniSat added that, as the stolen assets involve brc-20 assets that can be traded on PizzaSwap, PizzaSwap services will strive to restrict the operations of known hacker addresses, including "Swap," "Add Liquidity," and "Withdraw," which will help prevent other UTXOs from being contaminated by UTXOs containing stolen assets after entering PizzaSwap.

( Important Data

In the past 7 days, NFT trading volume increased by 1.95% to 106.2 million USD, and trading volume on the Immutable network surged by over 100%.

CryptoSlam data shows that the NFT market has shown a modest recovery over the past week, with trading value increasing by 1.95% to $106.2 million. The number of NFT buyers increased by 55.08% to 826,992. At the same time, the number of NFT sellers increased by 18.12% to 257,017. However, the number of NFT transactions decreased by 24.94% to 1,651,758.

The Ethereum network maintained its lead with a trading volume of $30.3 million, but its trading volume decreased by 15.57% compared to the previous week. The Immutable network soared to second place with $16.4 million in transactions, a growth rate of 123.21%. The Bitcoin network was in third place with a trading volume of $15.1 million, up 17.81% from the previous month. Mythos Chain ranked fourth, with $14 million in transactions, up 3.26% from the previous quarter. The Polygon network transaction volume was $13.9 million, down 7.72% from the previous quarter. The Solana network transaction volume was $6.1 million, a decrease of 13.31%.

This week's high-value sales include:

• CryptoPunks #1831 was sold for 150 ETH ($389,846)
• CryptoPunks #9778 was sold for 150 ETH (377,958 USD)
• CryptoPunks #4868 sold for 76.5 ETH (201,933 USD)
• CryptoPunks #5586 was sold for 70.07 ETH ($185,292)
• CryptoPunks #7516 sold for 60 ETH (158,378 USD)

DWF Labs purchased a total of $6.43 million in 7 tokens within a month, with an overall unrealized loss of 13%.

According to on-chain analyst Yu Jin's monitoring, DWF Labs has extracted 7 types of tokens from CEX over the past month since announcing the secondary market purchase token wallet, with a total expenditure of 6.43 million USD. Currently, six projects are at a loss and one is in profit, with a combined floating loss of 850,000 USD (-13%). Among them:

• 51.15 million JST (1.89 million USD, average price 0.037 USD)
• 5 million MANTA (1.54 million USD, average price 0.309 USD)
• 4.73 million YGG (1.02 million USD, average price 0.216 USD)
• 137 million IOST (480,000 USD, average price 0.0035 USD)
• 21.28 million IOTX (440,000 USD, average price 0.021 USD)
• 3 million SIREN (540,000 USD, average price 0.18 USD)
• 3.5 million PHA (480,000 USD, average price 0.139 USD)

James Wynn opened a BTC long position again with 40x leverage.

According to Onchain Lens monitoring, James Wynn once again opened a long BTC position with 40x leverage. In addition, according to Ember Monitoring, this is the ant warehouse opened by James Wynn using rebate income. James Wynn received $475 in rebates, 40x long 0.177 BTC, worth $18,700, opening $105537 and clearing $104,190. James Wynn currently earns a total of $37,672 in rebate earnings, with 444 people using Hyperliquid through his code. James Wynn joked that the position was "all in".

According to previous news, James Wynn tweeted that HyperLiquid has never paid any compensation. He claims to have profited about $34,000 through referrals on the HyperLiquid platform. However, "given the number of registered users and the trading volume I brought in, this is simply terrible. Their referral program is awful. The referral programs on other platforms are much better."