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Today's Must Read
・孙正义公开“泼冷水”：马斯克的太空数据中心，只是一场违背常识的科幻炒作？・Arthur Hayes家办看好Collector Crypt：链上卡牌业务势头有望超eBay，CARDS夏季目标价4美元・PA日报 | 以太坊基金会裁员20%，今年将削减约40%预算；Cardano生态项目SecondFi发生安全事件
Computing Power Trading Market Ornn Completes $33 Million Seed Round Led by a16z Crypto
PANews June 25 news, according to Bloomberg, computing power trading market Ornn announced the completion of a $33 million seed round led by a16z Crypto, with participation from Galaxy Ventures, Nordstar and SV Angel, and follow-on investments from Vine Ventures, Crucible Capital, Link Ventures and Box Group. Ornn was founded in 2025 by two MIT graduates, aiming to create a computing power trading market. The company has previously developed an index tracking GPU computing costs.
PA一线
Global Crypto Industry Recruitment Market Analysis Report for the First Half of 2026Image
Crypto recruitment shrinks but compliance roles grow against the trend, with CEX and stablecoin sectors becoming the main hiring forces as the industry shifts from speculation to institutionalization.
Tiger Research
IOSG Founder's Nine-Year Investment Review: 6 Portraits of Failed Founders, the Life-and-Death Rules of Web3 Entrepreneurship, a Survival Guide Through Cycles...Image
Successful founders each have their own brilliance, but failed founders share striking similarities.
Foresight News
Stablecoin MIM Depegs to Approximately $0.5, Abracadabra Initiates Emergency Measures
PANews reported on June 25 that Abracadabra Finance announced it has acknowledged the MIM stablecoin depegging issue and is implementing emergency measures. Effective immediately, it will gradually increase the interest rates for all Cauldrons (including deprecated markets) to encourage debt repayment and reduce the circulating supply of MIM. The current depeg provides borrowers with a natural incentive to repay debts at a discount, helping to accelerate supply contraction. Until MIM restores its peg, direct incentives and Curve bribes will be suspended. The team stated it is evaluating additional recovery plans and will announce them promptly. Data shows that MIM is currently trading at $0.5027, with a 24-hour drop of 36.65%.
PA一线
Kalshi is seeking a new funding round at a valuation of $40 billion
PANews June 25 news, according to CoinDesk reports, prediction market platform Kalshi is seeking a new funding round at a valuation of approximately $40 billion, nearly double the previous round's $22 billion valuation, and could be completed as early as the third quarter. If the deal is reached, it will further widen its valuation lead over rival Polymarket. Kalshi's previous round attracted well-known institutions such as Coatue Management, Sequoia Capital, Andreessen Horowitz, and Morgan Stanley. Earlier yesterday, Kalshi CEO stated that the prediction market platform is preparing for an IPO, expected to go public after 2027.
PA一线
Micron Technology Third Fiscal Quarter Revenue $41.46 Billion, Net Profit $28.24 Billion
PANews June 25 news, according to Jiemian News, on June 24 local time, Micron Technology announced its fiscal 2026 third quarter results for the period ended May 28, 2026: revenue of $41.46 billion, compared to $23.86 billion in the previous quarter and $9.30 billion in the same period last year; under GAAP, net profit of $28.24 billion, diluted earnings per share of $24.67; operating cash flow of $25.39 billion, compared to $11.90 billion in the previous quarter and $4.61 billion in the same period last year. The company expects fourth fiscal quarter revenue of $49.0 billion to $51.0 billion, adjusted EPS of $30-$32.
PA一线
Analysis: Bitcoin miners face sustained pressure of narrowing profit margins, revenue already below production costs
PANews June 25 news, according to The Block report, Bitcoin miner revenue continues to decline, 7-day moving average has dropped to about $30 million daily, lower than last summer's over $50 million. Transaction fee contribution has become negligible, less than $250,000 per day. BTC current trading price around $62,500, far below JPMorgan's estimated production cost of about $78,000, this gap has persisted for five months, the longest in this cycle. Production cost has historically been seen as a soft price floor, currently about 20% of miners are operating at a loss. Network-level stress is emerging. Over the past six months, the beta of mining difficulty to BTC price has risen to 0.62, high-cost miners turn machines on and off based on price fluctuations rather than continuously operating at a loss. In the second week of June, difficulty dropped 10%, the second similar magnitude adjustment this year.
PA一线
当几十亿人开始习惯用语音操作一切，“全资产上链”还有多远？Image
你可能觉得这不过又是一个聊天机器人。但如果我们把视角拉远，这件事的意义远比表面看起来更大——它可能是互联网从”全民上网”走向”全资产上链”这一宏大叙事中，最关键的一块拼图。
EX.IO
Trump Refuses to Sign Bill Containing U.S. CBDC Ban, Presses for Election Bill Advancement
PANews June 24 news, according to CoinDesk, U.S. President Trump refused to sign a bipartisan housing bill containing a four-year ban on U.S. central bank digital currency (CBDC), temporarily canceling the originally scheduled signing ceremony and demanding Congress first pass his promoted SAVE AMERICA ACT election bill. The CBDC provision in the housing bill would prohibit the Federal Reserve from issuing a digital dollar before the end of 2030, originally seen as significant progress by the crypto industry.
PA一线
Strategy stock price falls below $99, hitting lowest since late February 2024
US stock market data shows that Strategy's stock price has fallen below $99, reaching this level for the first time since late February 2024.
PA一线
New Chair, Old Inflation, and a Stronger-Than-Expected Jobs Report: How Will Global Assets Be Repriced After Warsh’s Debut?Image
Interest rates haven’t changed, but the Fed’s policy script, market expectations, and the pricing framework for risk assets have all shifted.
MSX 研究院
Sports prediction app Onyx Odds raises $20 million, led by Kraken parent Payward
PANews June 24 news, according to Axios, sports prediction app Onyx Odds has completed a $20 million funding round, led by crypto exchange Kraken's parent company Payward, with a post-money valuation of approximately $220 million. Onyx Odds is currently expanding from sports event prediction into other trading products.
PA一线
Masayoshi Son pours cold water: Is Musk’s space data center just sci-fi hype that defies common sense?Image
Masayoshi Son dismisses Musk’s space data center vision, pointing out that the AI showdown will happen on land. This article breaks down the real cost structure of AI computing infrastructure, comparing 71% hardware depreciation against 9% electricity cost, and reveals the hundred-ton payload disaster caused by space vacuum cooling and the fatal blow of millisecond communication latency to microsecond-level training. Why must computing power siting ultimately be on land? Investors and industry observers need to see this hard engineering math clearly.
OmniTools
Arthur Hayes' Family Office Bullish on Collector Crypt: On-Chain Card Business Momentum Could Surpass eBay, CARDS Summer Target Price $4Image
Like Hyperliquid, CC did not succumb to high CEX listing fees but instead chose a strategy of prioritizing DEX development.
Maelstrom
U.S. DOJ Seizes Cloud Account Linked to Cambodia's Huione, Targeting Southeast Asian Crypto Money Laundering Network
PANews, June 24 - According to Decrypt, the U.S. Department of Justice announced the seizure of a cloud computing account used by a subsidiary of Cambodian conglomerate Huione Group. The account provided "backend infrastructure" for the Telegram marketplace Huione Guarantee, which is accused of facilitating the laundering of billions of dollars from crypto investment scams and cyber fraud. The DOJ described the account as the "technical backbone" of the fraud network, used to move and conceal funds and access the banking system. Huione Guarantee (also known as Haowang Guarantee) brokers stolen bank card and identity data, malware monetization, and crypto laundering services on Telegram, and has been identified by blockchain analytics firms as one of the largest illegal online markets, surpassing Silk Road in scale.
PA一线
Exclusive Interview with Strategy CEO: Can STRC Recover After Selling Bitcoin?Image
"Doing nothing" is one of our extremely important strategic options, and we are not worried that DeFi protocols built on STRC will trigger a cascade of collapses.
吴说区块链
IOSG Founder: Ethereum Doesn’t Need Another Technical Belief, It Needs a Musk-Style CompromiseImage
ETHLabs established, Ethereum Foundation receives a capital 'vote of no confidence'! Vitalik accused of lacking Musk-style business compromise, Ethereum urgently needs a real-world Killer App, or attention will flow to AI.
IOSG
Gate Launches New USD Ecosystem, Upgrading One-Stop USD Asset Management ServicesImage
Gate has officially launched a new USD ecosystem, upgrading the Gate Pay and Exchange product modules to further connect USD asset management, fund flows, and digital asset usage scenarios, bringing users a more convenient one-stop USD fund service.
Gate
Don’t Apply Blindly: A Cross-Comparison of Eight Mainstream Pathways to Hong Kong Residency in 2026Image
Hong Kong’s talent policies are undergoing intensive adjustments. A full analysis of the core logic and thresholds of eight mainstream residency routes, including the Top Talent Pass Scheme, Quality Migrant Admission Scheme, and Technology Talent Admission Scheme.
Biteye
SecondFi: 374 addresses lost about 16 million ADA, affected users can submit compensation claims
PANews reported on June 24 that Cardano wallet service provider SecondFi stated it has identified the root cause of the recent security incident and deployed patches for unaffected wallets, and is about to resume normal operations. SecondFi disclosed that there were four fund transfer events in total, three of which were carried out by external attackers, resulting in approximately 16 million ADA being transferred out from 374 addresses. To reduce further losses during the ongoing attack, SecondFi initiated an emergency transfer, moving about 129 million ADA to an independent third-party custodian for safekeeping, and hired an external accounting firm to conduct a special audit for subsequent reconciliation and return of assets to affected addresses.
PA一线
Latest News
币安将于7月9日进行现货API升级，预计持续约一小时
The 'Iron-Headed Bulls' Long 120,000 ETH Added $8 Million Margin in Early Hours, Unrealized Losses Surpass $77.04 Million
Computing Power Trading Market Ornn Completes $33 Million Seed Round Led by a16z Crypto
Suspicious attack on DLMC token on BSC chain, loss of approximately $222,600
Jiang Zhuoer: This round of Bitcoin bear market may bottom in Q4, target range $42,000 to $44,000

BTC Spot ETF Net Inflow

Industry Key Indicators

Total Crypto Market Cap$2.18T
Bitcoin Market Cap$1.22T
Ethereum Market Cap$195.48B
ETH/BTC Ratio0.03
Ethereum Gas PriceNaN gwei
DeFi TVL$130.32B
Fear and Greed Index12 (Extreme Fear)
Federal Reserve Balance Sheet$673.64T

Bill Market Peak Indicator

IndicatorCurrent ValueReference ValueHits
Bitcoin Ahr999 Index0.3 ▼ ≥4
Days of ETF Net Outflows5≥10
ETF-to-BTC Ratio11.92%≤3.5%
Bitcoin Bubble Index-7.3 ▼ ≥80
USDT Flexible Savings3.33%≥29%
Altcoin Season Index48 ▼ ≥75
Bitcoin Dominance58.20% ▲ ≥65%
Bitcoin 4-Year Moving Average1 ▼ ≥3.5
MicroStrategy's Avg Bitcoin Cost75.5K ▲ ≥155.7K
Bitcoin Terminal Price60.9K187.7K

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「」Plasma (XPL) unlocks approximately 88.89 million tokens, worth approximately $10.4 million. 「」US May Core PCE Price Index (Year-on-Year) and US May Personal Spending (Month-on-Month) Released 「」Binance supports the Polygon upgrade and hard fork, and has temporarily suspended deposit and withdrawal services on the network. 「」Base activated the Beryl hard fork upgrade on the mainnet, introducing the B20 native token standard. 「」Sahara AI (SAHARA) unlocks 1.025 billion tokens, worth approximately $35.58 million. 「」Binance adds spot trading pairs GIGGLE/JPY, MEME/JPY, and TRB/JPY.

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