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Grayscale Research's research director Zach Pandl stated that rather than raising the STRC preferred stock dividend yield by 50 basis points, it would be better to sell over $3 billion in Bitcoin to meet cash payment obligations and restore market confidence. As an institutional researcher, Zach Pandl publicly suggested that Strategy's sale of over $3 billion in BTC has certain indicative significance.If Strategy ultimately implements a large-scale sale, it will bring considerable selling pressure to the market and may weaken the narrative of companies continuously hoarding Bitcoin. This viewpoint also reflects market concerns about Strategy's capital structure and its heavy reliance on the sustainability of its Bitcoin balance sheet. Attention should be paid to Strategy's official response and whether there are actual Bitcoin transfers in its on-chain wallet.

According to on-chain analyst Yu Jin's monitoring, Grayscale HYPE Spot ETF (HYPG) deposited 1.77 million HYPE (114 million USD) into staking 5 hours ago.

According to Arkham monitoring, in the past 2 hours, Grayscale has deposited a total of 8,697 ETH into Coinbase Prime, worth approximately 13.77 million USD.

According to Jinshi reports, Federal Reserve's Goolsbee stated that there are some hopeful signs of inflation in the service industry.

Grayscale posted the current protocol revenue rankings of the top 15 on-chain applications, with Hyperliquid (HYPE) ranking first with $871 million in 12-month protocol revenue, followed by Pump.fun (PUMP, $459 million) and PancakeSwap (CAKE, $322 million).The accompanying image shows that some leading applications already have real cash flow and lower operating costs, but their current valuation multiples remain low. For example, the revenue multiples for projects like PUMP, CAKE, and METEORA are only 1x, AERO is 4x, and LDO is 3x.Grayscale stated that in the context of the CLARITY Act potentially advancing in the coming weeks, these on-chain applications with real revenue and relatively reasonable valuations may become attractive investment opportunities.

Grayscale's research director Zach Pandl stated that if the Federal Reserve pauses interest rate hikes, Bitcoin may see an increase. Since the start of the Iran war at the end of February, U.S. stocks have risen by 9%, while Bitcoin has fallen by 1% and gold has dropped by 20%. Although significant spending related to AI has supported the stock market, Bitcoin and gold have underperformed, partly due to market expectations that the Federal Reserve may raise interest rates to combat inflation. Grayscale disagrees with this expectation, believing that the basic scenario is that the Federal Reserve will pause interest rate hikes. If correct, Bitcoin's price may catch up with stock performance.Zach Pandl noted that since the start of the Iran war, the one-year Federal Reserve interest rate expectations have risen by about 60 basis points, with about half of the Federal Reserve officials believing that a rate hike in 2026 may be appropriate. The European Central Bank has already raised interest rates. As a non-interest-bearing monetary asset, gold and Bitcoin compete with fiat currencies, and an increase in real interest rates will raise the opportunity cost of holding Bitcoin and gold, thereby suppressing demand.Bitcoin has a dual purpose in a portfolio: on one hand, it is a scarce digital commodity that can serve as a long-term store of value; on the other hand, it is a public chain asset that can provide exposure to the long-term growth of the cryptocurrency industry. Therefore, Bitcoin's function in a portfolio is similar but not entirely equivalent to that of gold and growth stocks. Zach Pandl stated that if the likelihood of interest rate hikes decreases, aligning with Grayscale's basic scenario, Bitcoin may catch up with stock performance.

According to "Du Jia," ByteDance's AI assistant "Doubao" is ramping up efforts in the instant travel sector. Currently, the Doubao App is conducting a grayscale test of the one-click ride-hailing feature for select users in Beijing and Hangzhou. After users input their travel needs via voice in the dialogue box, the system can automatically recognize the information and match it with available vehicles. Once confirmed, users can complete the order with one click, and the related ride-hailing services are provided by Cao Cao Mobility.It is reported that Cao Cao Mobility has integrated exclusive orders for Doubao and is offering additional service fees to drivers who complete these types of orders. Last week, Cao Cao Mobility launched its new RoboX strategy in Hong Kong, announcing a comprehensive AI transformation, establishing an AI division, and proposing a "Double 100,000 Plan" to deploy 100,000 Robotaxis and 100,000 Robovans by 2030.

According to foreign media reports, the board of ByteDance reached a consensus in early May 2026 to postpone its initial public offering (IPO) plan. Founder Zhang Yiming believes there is still room for valuation growth, and going public at this stage would transfer too many benefits to late-stage risk-free investors.Currently, the trading valuation of ByteDance in the over-the-counter gray market has exceeded $600 billion. A senior technology investment banker at Bank of America stated that the company's market value is expected to approach $1 trillion, setting a new industry benchmark.Policy and geopolitical risks have eased somewhat. In early 2026, Oracle Corporation reached an agreement with an investor consortium to jointly acquire 80% of TikTok's U.S. entity, effectively clearing most related regulatory pressures.In terms of AI business, the Doubao APP, as the largest chat assistant by user scale in the country, is adding paid tiers on top of its free service.

According to monitoring by Catcher Predict, in the predicted market event "Washington Nationals vs. Tampa Bay Rays" on Polymarket, the option "Washington Nationals" in the sub-market "Spread -1.5" experienced a sharp fluctuation in winning probability, plummeting from 30.5% an hour ago to the current 11.5% (a fluctuation of 19%). Please note the impact of related breaking news.

In response to recent community doubts about the Ethereum Foundation and the potential for a funding crisis, Grayscale Research Director Zach Pandl posted on the X platform, stating that in the long run, the current institutional adjustments being made by the Ethereum Foundation are positive for Ethereum for two main reasons: first, more development work will be transferred to commercial organizations, which can reduce the development responsibilities borne by the Foundation and may encourage more work to be driven by commercial entities, thereby improving the overall efficiency of the ecosystem; second, the structural adjustments help maintain Ethereum's core principles as a digital currency infrastructure, and a Foundation with clearer responsibilities and a more focused scope may be more beneficial in ensuring that Ethereum continues to adhere to the "CROPS" principles necessary for building a sound digital currency.If the Ethereum Foundation reduces its direct involvement in ecosystem development in the future and focuses on maintaining Ethereum's long-term core goals, it may help strengthen ETH's positioning as a decentralized digital asset infrastructure.

According to SoSoValue data, yesterday (Eastern Time June 17) the total net outflow of Ethereum spot ETFs was $29.3743 million.The Ethereum spot ETF with the highest single-day net outflow yesterday was Grayscale Ethereum Trust ETF ETH, with a single-day net outflow of $9.8926 million, and the historical total net inflow for ETH has reached $1.8556 billion. The second was Blackrock ETF ETHA, with a single-day net outflow of $8.9693 million, and the historical total net inflow for ETHA has reached $11.329 billion.As of the time of publication, the total net asset value of Ethereum spot ETFs was $9.576 billion, with an ETF net asset ratio (market value as a percentage of Ethereum's total market value) of 4.54%, and the historical cumulative net inflow has reached $11.189 billion.

Grayscale Research released a report stating that it believes the fair value of the AAVE token could rise to around $175 within a year, with the current price of $75 being undervalued.The report pointed out that DeFi protocols have generated nearly $25 billion in fees since 2023, becoming an asset class that produces real income. Grayscale categorizes crypto assets on a spectrum from pure commodities to cash flow-driven assets, with AAVE, UNI, and SKY being closer to cash flow assets. The report noted that Aave's protocol revenue has grown over 6.6 times in the past three years, with an operating profit margin of about 50%. The report expects Aave to earn about $60 million in revenue by 2026, and based on a fintech company price-to-earnings ratio of 20-25 times, the current fair value market cap is estimated at $1.2-1.5 billion, corresponding to a token price of $80-100. If regulatory clarity accelerates the adoption of tokenized assets, the fair value of AAVE could rise to $175 within a year.Grayscale also pointed out that the accumulation of DeFi value is usually achieved through burning, buybacks, rebates, and staking, and that protocol revenue alone is insufficient to determine token value.

Grayscale Research's latest report shows that Aave, as the leading protocol in the DeFi lending space, currently has a reasonable valuation range for the AAVE token of $80 to $100.The report points out that Aave's protocol revenue is expected to grow more than 6.6 times from 2023 to 2025, with an operating profit margin of about 50%, and there is still room for further improvement as the scale expands. The Aave DAO treasury has reached a maximum of $360 million, providing ample capital for the protocol's development.Grayscale believes that the current price of AAVE at around $75 implies an annualized growth rate of about 9% over the next 10 years, which is a relatively conservative expectation. If Aave can achieve an annualized growth rate of 25%, the corresponding price could reach $227; if it reaches 35%, it could reach $444.However, the report also emphasizes that Aave's future performance will still depend on the competitive landscape of DeFi lending, regulatory clarity, and the advancement of stablecoin and RWA tokenization businesses.

According to monitoring by Onchain Lens, Grayscale deposited 1,863 BTC into Coinbase, valued at approximately $123.66 million at current prices.

According to SoSoValue data, the total net outflow of Bitcoin spot ETFs is $64.0862 million. The Bitcoin spot ETF with the highest net inflow in a single day is Blackrock ETF IBIT, with a single-day net inflow of $66.4488 million, and the historical total net inflow of IBIT currently stands at $6.2181 billion. The second is Grayscale Bitcoin Trust ETF BTC, with a single-day net inflow of $10.5999 million, and the historical total net inflow of BTC currently stands at $2.309 billion.The Bitcoin spot ETF with the highest net outflow in a single day is Grayscale ETF GBTC, with a single-day net outflow of $124 million, and the historical total net outflow of GBTC currently stands at $26.975 billion. As of the time of publication, the total net asset value of Bitcoin spot ETFs is $83.329 billion, and the ETF net asset ratio (the market value compared to the total market value of Bitcoin) is 6.25%, with a historical cumulative net inflow of $5.356 billion.

According to monitoring by Catcher Predict, in the predicted market Polymarket for the event "Tampa Bay Rays vs. Los Angeles Dodgers," the "Tampa Bay Rays" option in the sub-market "Tampa Bay Rays vs. Los Angeles Dodgers" has experienced a sharp fluctuation in winning probability, dropping from 68.5% an hour ago to the current 41.5% (a fluctuation of 27%). Please note the impact of related breaking news.

Raydium core contributor InfraRAY posted on platform X, stating that the team has confirmed that the old version of the AMM V3 program, which was previously discontinued in 2021, has been attacked. The attacker unauthorizedly removed part of the liquidity, but this incident does not affect current Raydium users, and the related liquidity pools have been unable to interact through the official Raydium UI since being disabled. The Raydium SDK and DApp also do not support operations on the mainnet old version AMM V3 liquidity pools.The five affected liquidity pools include: Sollet USDT-RAY, Sollet ETH-RAY, SRM-RAY, USDC-RAY, and RAY-SOL. Preliminary statistics show that the stolen assets include approximately 150,177 RAY, 5,603 SOL, and 893,700 USDC, with a total value of about $1.34 million. The related losses will be fully compensated by the treasury.Investigations reveal that the vulnerability originated from insufficient verification of the LP token minting address. The attacker created new LP tokens and impersonated legitimate LP tokens, bypassing the protocol's ratio verification mechanism to extract funds. However, this incident is classified as an independent logical vulnerability and is not due to private key leakage or permission intrusion, and there is no risk of spread. Currently, all existing Raydium mainnet programs have not been affected.

According to monitoring by Catcher Predict, in the predicted market event "Boston Red Sox vs. Tampa Bay Rays" on Polymarket, the win rate of the sub-market "O/U 7.5" for the "Over" option has experienced significant fluctuations, dropping sharply from 48% an hour ago to the current 29% (a fluctuation of 19%). Please note the impact of related breaking news.

The Solana DeFi protocol Raydium officially confirmed that its legacy AMM V3 program pool, which was deprecated in 2021, suffered an unauthorized liquidity removal attack, involving five pools: Sollet USDT-RAY, Sollet ETH-RAY, SRM-RAY, USDC-RAY, and RAY-SOL. The loss amounts to approximately 150,000 RAY, 5,603 SOL, and 893,700 USDC, totaling about 1.34 million USD.Current users are not affected, the attacker's address has been flagged, and the Raydium treasury will cover all compensation.

According to Arkham monitoring, Grayscale deposited a total of 19,548 ETH into Coinbase Prime in the last hour, approximately worth 32 million dollars.