Cryptocurrency Market Capitalization Evaporates $20 Billion in Two Days
CryptoPotatoe, citing CoinGecko's data, reported that "the total cryptocurrency market capitalization has evaporated about $20 billion over the past two days, currently recording around $3.36 trillion." Related media added, "Due to intensifying US-China tensions, Bitcoin prices have been struggling over the past two days. The Bitcoin price rally that was showing unstoppable momentum after breaking through $11,000 has come to a halt. Bitcoin is currently trading around $103,000, and the altcoin market is in an even more dire situation."
US Government Deems IRS-Coinbase User Transaction Record Acquisition Procedure Legitimate
According to CoinTelegraph, the US government submitted an opinion to the Supreme Court stating that the IRS's acquisition of Coinbase user transaction records is justified. Previously, Coinbase user James Harper had filed a constitutional lawsuit, claiming that the IRS's request for his cryptocurrency transaction records was unconstitutional. John Sauer, the US Deputy Attorney General, submitted an opinion to the court stating that "James Harper has no constitutional right to protect his transaction records held by the exchange" and urged the dismissal of the lawsuit. The government further explained that "Harper voluntarily shared his data with Coinbase, and the IRS acquired the data through legitimate legal procedures." Meanwhile, Coinbase has filed a lawsuit arguing that the IRS's request for transaction records of hundreds of thousands of customers violates privacy laws.
ETH Spot ETF Sees $97.1 Billion Net Inflow
According to Passaید Investor, on the 30th (local time), $70.2 million (approximately 97.14 billion won) was net inflows into the US Ethereum (ETH) spot ETF. This marks the 10th consecutive day of net inflows. The entire $70.2 million was net inflows into BlackRock ETHA, with no other ETH ETF fund movements detected.
Former Coinbase Ventures Employee Says "Coinbase Should Acquire Circle"
Ryan Y Yi, a former investment executive at Coinbase Ventures, the investment arm of the largest US cryptocurrency exchange, posted on X, "Coinbase's USDC circulation share is rapidly expanding. As of Q1 2025 public data, about 23% of total USDC supply is circulating on Coinbase. USDC is the second-largest revenue source for Coinbase, and to improve profitability and efficiency, Coinbase should acquire Circle. The only issue is the acquisition price (conditions)." He explained, "Circle and Coinbase each keep 100% of USDC reserve revenue within their platforms. Platform external revenue is split 50:50. However, this creates an uneven revenue distribution. Coinbase holds 4 times more USDC than Circle but only earns 1.3 times more revenue. If Coinbase acquires Circle, it could attribute 100% of USDC-related revenue, gain protocol control, and strategically utilize products. Moreover, USDC can secure an advantageous position in regulatory aspects. Therefore, Coinbase should and likely will acquire Circle. The acquisition price will be determined by the market, but both sides are already aware of an appropriate valuation." Previously, Circle had refuted a Fortune report suggesting undisclosed acquisition negotiations with Coinbase and Ripple.
Cetus Transfers Frozen Funds to Multisig Wallet Following Hack
Cetus, a Sui-based DEX that suffered a $220 million hack, announced via its official X account that it has safely transferred the frozen funds related to the hack to a multisig trust wallet jointly managed by Cetus, Sui, and OtterSec. The funds will be held in trust in the wallet until returned to users. Cetus stated, "We have entered the next stage of recovering hacked funds. We are working 24/7 to fulfill the roadmap promised to the community, including contract upgrades, liquidity restoration, and relaunch preparation." Previously, the Sui community had approved a governance proposal for returning the frozen funds related to the Cetus hack, including the transfer to a multisig wallet.
Web3 Game Publisher Revolving Games Raises Investment from Pantera Capital
Web3 video game publisher Revolving Games announced via its official blog that it has closed a follow-on investment round led by Web3-focused investment firm Pantera Capital. Specific investment amount and investor details were not disclosed. Revolving Games has currently released four game titles, including 'War of Nova', and is preparing to launch a new game 'Skyborn: Phoenix Flight' in the third quarter.
OrcaMind.AI Launches Chat Feature, Prioritizing Whitelist
On-chain transaction AI agent platform OrcaMind.AI announced the launch of its chat feature through its official channel on the 31st. Through the chat function, users can send natural language commands to the AI agent, enabling interactions such as asset transfers, inquiries, and staking on the Arbitrum network. OrcaMind will initially provide chat feature experiences by selecting whitelist users on the Arbitrum (ARB) MCP server. In the future, the feature will support multiple MCP servers including Ethereum (ETH), BNB Smart Chain (BNB), Uniswap (UNI), Pump.fun, and PancakeSwap (CAKE). OrcaMind.AI has previously opened official service launch and whitelist registration. Whitelist registered users can acquire initial rewards such as points in the future.
$100 Million Liquidated Hyperliquid Whale Says "Will Return to Trading Soon"
Recently, Hyperliquid whale James Wynn, who is known to have been force-liquidated of assets worth about $100 million in the past week, said through his X, "I will soon return to trading, as I have always done." He added, "I made a large-scale calculated gamble to earn billions of dollars. Most of you would not even dare to try, nor would you be in a position to do so. You are incompetent and lack mindset. I earn more passive income every month than most of your annual salaries. I am freer now than ever before." James Wynn was previously known for large position betting primarily using 40x leverage on the decentralized perpetual futures exchange Hyperliquid (HYPE).
Hyperliquid Whale 'James Wynn' Loses $100 Million in a Week
On-chain analyst EmberCN analyzed that James Wynn, a notable whale on the decentralized cryptocurrency perpetual futures exchange Hyperliquid (HYPE), suffered a loss of about $100 million in the past week. He stated, "James Wynn once earned unrealized profits of $87 million, but ultimately consumed his principal of $17.67 million, demonstrating how to delete $100 million in a week." He further explained, "James Wynn just liquidated all his BTC and PEPE long positions. This time, he recorded a loss of $2.79 million. Now, he has only a $460,000 position left open with a $3.25 million margin."
Anonymous New Address Withdraws $4.53 Million Worth of TRUMP from Binance
According to on-chain lens, an anonymous new Solana (SOL) address has withdrawn a total of 425,764 TRUMP from Binance over three times in the past hour. This is approximately $4.53 million at the time of withdrawal. The new address had previously withdrawn 3,256 SOL (about $499,000) from exchanges like OKX before accumulating TRUMP.
Binance Alpha Adds TAIKO
Binance Alpha announced the addition of TAIKO. Tokens for Binance Alpha are selected reflecting community and market trends from early projects. Future listing is not 100% guaranteed.
24-Hour Cryptocurrency Perpetual Futures Liquidation Scale
Recent 24-hour cryptocurrency perpetual futures liquidation scale and liquidation ratio are as follows:
BTC Liquidation Scale: $159 million, Liquidation Ratio: Long 91.88%
ETH Liquidation Scale: $129 million, Liquidation Ratio: Long 84.69%
SOL Liquidation Scale: $35.41 million, Liquidation Ratio: Long 95.07%
Long-Short Ratio of BTC Perpetual Futures on Top 3 Futures Exchanges
Recent 24-hour BTC perpetual futures long-short position ratio based on open interest at the world's top 3 cryptocurrency futures exchanges:
Overall Exchanges: Long 48.06% / Short 51.94%
1. Binance: Long 48.63% / Short 51.37%
2. OKX: Long 47.43% / Short 52.57%
3. Bybit: Long 48.18% / Short 51.82%
